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☆ The Stripe founders' memo explaining its layoff plan to employees is a remarkably candid look at why so much of tech is in freefall
▼ + stars: | 2022-11-05 | by ( Travis Clark | ) www.businessinsider.com time to read: +6 min

Its memo to employees highlights the economic headwinds other tech companies are facing. From Meta to Shopify, tech companies are navigating an uncertain future. It over-hired during the pandemic"We over-hired for the world we're in," the founders wrote. It failed to keep other costs in checkThe founders' wrote: "We grew operating costs too quickly. The open question facing Stripe and other tech companies is what that recalibration looks like, beyond simply cutting costs.

Formerly a prodigious amateur, for eight years Brewerton had traveled the world competing at the summit of women’s professional golf. Regular top-10 finishes became fleeting, then non-existent, and as Brewerton’s ranking tumbled, so too did her income. Despite her struggles in the game, Brewerton never fell out of love with golf. Looking back, Brewerton believes she was often guilty of over-training, at the expense of working on the mental side of her game. Comfortably inside the top-20 ranked players on the LET, Brewerton is enjoying her best season in a decade, with three top-10 finishes highlighting a flurry of top-25 outings.

☆ Fintech startup Ampla buys Upside Financing to launch a buy now, pay later service for consumer-facing businesses
▼ + stars: | 2022-11-01 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

It closed the deal to buy Upside Financing, which extends payment terms for companies, in October. The new buy now, pay later service will be called Ampla Pay Later and be available soon. With funding to fintech startups in a freefall, acquisitions in the buy now, pay later space have started to heat up. Upside will bring all of its employees to Ampla, with Mares heading Ampla Pay Later. "And the larger the burden for brands, [BNPL] provides another option for consumer brands to grow more efficiently and responsibly."

☆ Stocks crashed 50% in the 2008 crisis. Here's how bad Jamie Dimon, Nouriel Roubini, Michael Burry, and other top commentators see it getting in the next recession.
▼ + stars: | 2022-10-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Here's how bad a the next downturn could hit the stock market, according to five top experts. The stock market cratered from 2008-2009, with the Dow Jones Industrial Average ending at a low of 6,594 in March 2009, down more than 50% from its peak before the recession. With warning signs piling up, here's what five experts have to say about the next recession and what's in store for the stock market. "This is just the beginning of that pain," Roubini said of a potential repeat of the 2008 recession. He's voiced concerns about financial stability, warning markets that the Fed could "break something" on the way to reducing inflation.

☆ Josh Brown buys Meta shares, betting Zuckerberg 'doesn't want to burn his own house down'
▼ + stars: | 2022-10-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Ritholtz Wealth Management CEO Josh Brown is taking advantage of Meta's stock plunge. He bought shares before the open Thursday, although it is not a substantial position, he said on CNBC's " Halftime Report ." Brown's move isn't necessarily an endorsement of the company or its CEO Mark Zuckerberg . "I can come in today and make the bet that this guy doesn't want to burn his own house down," Brown said. "The issues with Meta — the spending, the lack of focus, the lack of clarity — all of that stuff I think is fixable," Brown said.

☆ 3 charts showing the market turmoil wreaked during UK PM Liz Truss’ tenure
▼ + stars: | 2022-10-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

Dan Kitwood | Getty Images News | Getty ImagesLONDON — U.K. Prime Minister Liz Truss was in office for just 44 days before she announced her resignation on Thursday. Her time as leader may have been short, but the impact her tenure had on the British economy was huge. Here are three charts showing how markets behaved during Truss' brief time at 10 Downing Street. Soaring gilt yields Yields on U.K. government bonds – known as gilts – soared after the government announced its mini-budget, which means that prices have crashed as bond yields move inversely to prices. Gilt yields fell as Liz Truss delivered her resignation speech but they flattened out later in the day.

☆ A curious rally is occurring Tuesday in one of the hardest hit stock groups
▼ + stars: | 2022-10-18 | by ( Michael Santoli | ) www.cnbc.com time to read: +3 min

The bond market splashes some cold water on the stock market's attempt at upside follow-through to Monday's strong but familiar one-day pop. It happened just as the S & P 500 revisited the "island" left by its early-October rally. The October high of 3,806 remains an initial mile-marker with tests all the way up to the 200-day average around 4,150. This is a precondition for a serious rally that challenges the entrenched downtrend, but not in itself enough to make one happen. It's good to have a high wall of worry for stocks to climb, barring serious market instability.

☆ Felix Baumgartner: 10 years on, the man who fell to Earth is still awed by experience
▼ + stars: | 2022-10-14 | by ( Alasdair Howorth | ) edition.cnn.com time to read: +4 min

CNN —After six years of preparation, struggle and sacrifice, Felix Baumgartner found himself quite literally on the edge of the world. “I’m standing there on top of the world outside of a capsule in space and in the stratosphere. "The only thing that I didn't know when I landed was: did I break the speed of sound," says Baumgartner. “Once I was on my way, I slowly started to spin in one direction, then I start spinning in the opposite direction, and then I really started spinning faster and faster and faster,” Baumgartner explained. I was reconnected to the outside world, and that was a very happy moment.

☆ Sentiment in UK finance falls at fastest pace since 2019, survey
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 13 (Reuters) - Britain needs to restore stability to its finances to help reverse the fastest drop in financial sector sentiment in three years, a survey by business body CBI and consultants PwC said on Thursday. Profitability growth in the sector remains robust and is expected to increase at a faster pace in October to December, the CBI/PwC survey said. But sentiment in the third quarter to September fell at its fastest pace since September 2019, when it was hit by uncertainty around Brexit negotiations, the survey said. Employment in the sector is set to decline at a quicker pace in the current quarter, perhaps a reflection of the weaker sentiment, while the value of souring bank loans is expected to increase modestly, the survey said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Huw Jones Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Sentiment in UK finance falls at fastest pace since 2019 - survey
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

But France's BEA accident agency also revealed earlier discussions between Air France and Airbus about the reliability of the probes, and made dozens of safety recommendations from cockpit design to training and search-and-rescue. The relative roles of pilot or sensor error will be key to the trial, exposing differences that insiders say plunged Airbus and Air France into in-fighting behind the scenes for over a decade. We don't want Airbus or Air France to turn this trial into a conference of engineers," said lawyer Sebastien Busy. It is the first time French companies face trial for "involuntary manslaughter" following an air crash. It's their reputations...that's what's at stake for (Air France and Airbus)," said families lawyer Alain Jakubowicz.

But France's BEA accident agency also revealed earlier discussions between Air France and Airbus about growing problems with external "pitot probes" that generate the speed readings. We don't want Airbus or Air France to turn this trial into a conference of engineers," said lawyer Sebastien Busy. It is the first time French companies have gone on trial for "involuntary manslaughter" following an air crash. It's their reputations... that's what's at stake for (Air France and Airbus)," said families lawyer Alain Jakubowicz. Rigail expressed "the deepest compassion" after telling the court Air France would never forget its worst-ever accident.

☆ After 14 years, Lehman Brothers' brokerage ends liquidation
▼ + stars: | 2022-09-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +1 min

NEW YORK, Sept 28 (Reuters) - The liquidation of Lehman Brothers' brokerage unit has ended, 14 years and 13 days after its parent's bankruptcy helped trigger a market freefall and global financial crisis. U.S. Bankruptcy Judge Shelley Chapman in Manhattan closed the brokerage's estate on Wednesday and awarded final payments to the trustee who oversaw its liquidation and his law firm. Register now for FREE unlimited access to Reuters.com RegisterLehman's 111,000 customers received all $106 billion they were owed, and secured creditors also received full payouts. Lehman Brothers Holdings Inc, the brokerage's parent, had been Wall Street's fourth-largest investment bank before filing what remains by far the largest U.S. bankruptcy on Sept. 15, 2008. Giddens' law firm Hughes Hubbard & Reed was awarded $424 million as final compensation for 14 years of work on the case.

☆ JPMorgan doubles down on UK retail bank Chase
▼ + stars: | 2022-09-27 | by ( Iain Withers | ) www.reuters.com time to read: +4 min

JPMorgan said it had attracted one million customers and more than 10 billion pounds ($10.8 billion) of deposits to its UK mobile app bank since its launch last September. read more"We want to be international, starting with the UK," Sanjiv Somani, UK chief executive of Chase, said in an interview at the bank's UK headquarters in Canary Wharf in London on Friday. The retail banking revenue pool is in the trillions, even outside the U.S."He declined to say where Chase might launch next. Somani started his career in retail banking in India helping Citi launch a much simpler version of a 'digital bank' - one that would text you your bank balance. Germany's N26 quit the country after just two years, while Citi axed its UK retail bank last week.

☆ IMF says UK fiscal measures will 'likely increase inequality,' urges rethink
▼ + stars: | 2022-09-27 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

New British Chancellor of the Exchequer Kwasi Kwarteng walks outside Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Toby Melville/File PhotoWASHINGTON, Sept 27 (Reuters) - Fiscal measures adopted by Britain will likely increase inequality, a spokesperson for the International Monetary Fund said on Tuesday, urging UK authorities to consider providing more targeted support to affected families and businesses. "Given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at cross purposes to monetary policy," the spokesperson said in the IMF's first public reaction. The IMF understands that Britain's "sizable fiscal package" was intended to help residents deal with higher energy prices and to boost growth via tax cuts and supply measures, but such measures could put fiscal policy at cross purposes with monetary policy, the spokesperson said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Chizu Nomiyama and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Unstable cable
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +5 min

Supercharging an already rampant U.S. dollar around the globe, the sterling/dollar rate - nicknamed 'cable' by traders - went into virtual freefall at one point early on Monday. The pound's plunge comes ahead big auctions of both long-term and inflation-linked British government bonds this week and increasing liquidity issues in the gilt markets. read moreThe scale of the pound's losses and fiscal fears has many traders speculating about emergency rate rises by the Bank of England. Rate futures now price in a three-quarters-of-a-point hike to 3% on or before the BoE's next meeting on Nov. 2. read moreChina also acted in a different way on Monday to rein in yuan ongoing slump against the dollar.

☆ Sterling sinks to new low as 'mini budget' shatters investor faith in UK markets
▼ + stars: | 2022-09-26 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

"It also puts more pressure on the Bank of England to increase interest rates," she added. read moreScottish First Minister Nicola Sturgeon called for the Westminster parliament to be recalled to hold an emergency session. "It's hard to overstate the scale of the economic crisis caused by Friday's UK budget," she said on Twitter. read moreEYES ON BOEIn light of the rout, strategists and economists said the Bank of England needs to do something to calm markets and restore credibility. "The market is now treating the UK as if it's an emerging market.

☆ Sterling crumbles to all-time low, euro at 20-year low
▼ + stars: | 2022-09-26 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterBut it was sterling's slide that rippled across markets, down as much as 4.9% to an all-time low of $1.0327 . Sterling was also down 1% against the euro, having hit its lowest since September 2020 at 92.60 pence . The euro also touched a fresh 20-year trough at $0.9528 and was last down 0.5%. And the dollar index - where the basket includes sterling, the euro and the yen - reached 114.58 for the first time since May 2002, reflecting the greenback's broad strength. The risk-sensitive Australian dollar dropped to $0.64845, its lowest since May 2020, and the Canadian dollar touched 1.3638 to its U.S. counterpart, its weakest since July 2020.

☆ Sterling sinks to new low as 'mini budget' hits investor faith in UK markets
▼ + stars: | 2022-09-26 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

read moreOn Friday, he announced that he would cut a raft of taxes, but he did not detail how the government would fund it. , read moreIn light of the rout, strategists and economists said the Bank of England needs to do something to calm markets and restore credibility. The FTSE 100 (.FTSE) was roughly flat on the day, while the domestically focussed FTSE 250 (.FTMC) fell 1%. '1980S ON STEROIDS'Paul Dales, Capital Economics chief UK economist, said the central bank needed to take action. "The market is now treating the UK as if it's an emerging market.

☆ Sterling crumbles to all-time nadir, euro at 20-year low
▼ + stars: | 2022-09-26 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +3 min

Sterling also tumbled 1.3% against the euro, having hit its lowest since September 2020 at 92.60 pence . Kit Juckes, head of currency strategy Societe Generale in London, said markets had a tendency to overshoot but noted two points on sterling's slide. "The second is that the mini budget has allowed sterling to be the short of choice against the dollar." The euro also touched a fresh 20-year trough at $0.9528 , as the pound's slide rippled across markets. China's offshore yuan slid to a new low of 7.1728 per dollar, its weakest since May 2020.

☆ Market chaos forces UK lenders to pull mortgage products
▼ + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.

☆ Reactions: Britain's pound crumbles to record lows in firesale of UK assets
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +8 min

Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File PhotoLONDON, Sept 26 (Reuters) - Britain's pound plunged to record lows on Monday and bonds were slammed for a second day, as investors punished UK assets after the government's mini-budget announcement last week. The presentation of the mini-budget was received quite badly by the markets – sterling literally collapsed. The significant tax cuts announced by the Treasury Secretary cause concerns for the currency markets because of rising government debt." One is the loss of confidence in UK fiscal policy and that won't help sterling.

☆ Morning Bid: Pounded
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. On Friday, gilts suffered their heaviest selling in decades, and before that, the yen and U.S. interest rate futures have been roiled. Global tension is also mounting over the war in Ukraine, as Russia holds widely-criticised votes aimed at annexing territory it has taken by force. Besides sterling, Asian stock markets fell on Monday. European futures fell 0.3% and S&P 500 futures fell 0.6%.

☆ This market is not the dot-com crash or the financial crisis. Here's how to play it
▼ + stars: | 2022-09-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +21 min

The S & P 500 never really got out of control back then — and, relative to bonds, it didn't either. The Fed chairman, correctly, feared the economy was going to crash, and he would have been right. I think that's certainly how people act. I think that most participants have decided there's no hope and they are using an analogue that's 2000-2001 (dot-com bubble bursting) or even 2007 (before the financial crisis and the Great Recession). Autos have been hurt by supply chain but I think that's coming to an end.

☆ Britain's sudden lurch to 'Reaganomics' gets a thumbs down from the markets
▼ + stars: | 2022-09-24 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

Truss has now put the country on an economic road completely at odds with most, if not all, major global economies. Hannah Mckay | Reuterswatch nowU.K. bond markets went into a tailspin Friday as investors shunned the country's assets. And with bonds tanking, sterling was also sent into freefall after hitting 37-year lows against the dollar in recent weeks. Left-leaning The Guardian newspaper called it "a budget for the rich" on its front page Saturday, while The Times called it a "great tax gamble." The right-wing Daily Mail newspaper called it a "true Tory budget" while Kwarteng himself said it was a "very good day for the U.K.," declining to comment on the currency moves.

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