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☆ The Winklevoss' Gemini terminates its yield product as dispute between the crypto exchange and DCG escalates
▼ + stars: | 2023-01-10 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Gemini told clients that the crypto exchange will terminate its interest-bearing product. Gemini cofounder Cameron Winklevoss accused Genesis, its parent company DCG, and founder Barry Silbert of fraud on Tuesday. The firm ended its master loan agreement and partnership between Gemini and crypto brokerage Genesis. Genesis' lending arm halted customer withdrawals in November, leaving $900 million of Gemini client money in the lurch. In an open letter to DCG's board on Tuesday, Gemini cofounder Cameron Winklevoss accused Genesis, DCG, and the holding company's founder Barry Silbert of accounting fraud.

☆ Laid-off Twitter employees left in the lurch waiting for severance payments 2 months down the line, report says
▼ + stars: | 2023-01-06 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk said each laid-off employee would get three months' severance. A lawyer told CNN the separation date for laid-off staff was Thursday but they remain in the lurch. He then followed up in a tweet to say that all laid-off workers were offered three months' severance. However, some former employees told CNN in a report published Thursday that Twitter has failed to send them any information about a severance agreement. A representative for Shannon Liss-Riordan, a lawyer who has filed 100 demands for arbitration on behalf of former Twitter employees, told CNN on Thursday that her clients hadn't received any details about severance from Twitter.

☆ Two months after mass Twitter layoffs, affected employees still waiting for severance offers
▼ + stars: | 2023-01-05 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Two months after Elon Musk laid off half of Twitter’s workforce, some employees affected say they have yet to receive any formal severance offer or separation agreement. As of early Thursday, however, the former employee said they had yet to receive any documents related to a severance agreement or offer. The company was recently sued by a commercial landlord and a private flight company alleging Twitter has failed to pay bills. At the time of the layoffs, Musk promised that “everyone exited was offered 3 months of severance,” a time period that appears to include the 60-days advanced notice Twitter was obligated to provide. She has also filed three claims against Twitter with the National Labor Relations Board on behalf of former employees.

☆ It's not just Taylor Swift. Musicians describe the 'demented struggle' of touring in a shrinking industry where one giant company sells the tickets for most major venues.
▼ + stars: | 2022-12-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +14 min

On top of that, the Justice Department is reportedly investigating the 2010 merger of industry leaders Ticketmaster and Live Nation. Live Nation Entertainment said in a statement that it owns and operates just over 100 of the nearly 4,000 total live music venues in the United States. "Put simply, artists, venues, and consumers should no longer be at the mercy of a single seller," Sens. At the same time, Live Nation Entertainment is seeing a record year due to more shows than ever. "We always welcome the opportunity to discuss important issues facing the live entertainment industry," Live Nation said in a statement.

☆ Binance to acquire bankrupt crypto exchange Voyager's assets for $1 billion, weeks after planned FTX deal failed
▼ + stars: | 2022-12-19 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Binance will acquire the crypto assets and customer deposits of Voyager Digital in a $1.02 billion deal, weeks after a planned FTX-Voyager acquisition failed as a result of FTX 's collapse and Sam Bankman-Fried's arrest. At the time of filing, the crypto exchange had approximately $1.3 billion in assets but was owed over $650 million by 3AC, compared to $5.8 billion worth of assets at the end of 2021. More than 1.7 million Voyager users were waiting to discover what would happen to their crypto. When FTX's deal was announced, users were to receive an account credit alongside custody of certain cryptocurrencies that FTX supported. But weeks later, after the exposure of a multi-billion dollar balance sheet hole forced FTX into bankruptcy, Voyager, like many other FTX acquisition targets, was forced into the lurch.

☆ Candidates empowered by labor shortages are ghosting prospective employers. Here's why.
▼ + stars: | 2022-12-19 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +4 min

In an October survey by ZipRecruiter, 21.6% of respondents said they'd "ghosted" a prospective employer during their latest job hunt. Kelly added that he thought labor shortages in both the US and Canada were empowering workers to cut off communication. Before accepting a job, Gray always checks out company reviews on sites like Glassdoor and examines the social-media profiles of the senior-leadership team. Gray once ghosted a prospective employer after an initial interview. She told Insider she's trying to become a "reformed ghoster" and make a conscious effort to offer specific feedback if she felt a prospective employer wasn't the right fit.

☆ High demand for children's medications shines a light on fragile US drug supplies
▼ + stars: | 2022-12-12 | by ( Brenda Goodman | ) edition.cnn.com time to read: +13 min

Even when demand is not sky-high, drugs shortages happen regularly – but usually more quietly – in the US. At any time, the reasons why shelves may be empty vary from place to place and from drug to drug. With children’s medications, drug manufacturers say they are running full-tilt, and they planned for some increase in sales over the winter months. The FDA tracks drug shortages too, taking reports directly from manufacturers, but it defines them differently than the pharmacists’ group. The White House says drug shortages are a priority for President Biden’s administration, too.

☆ How Big Tech Shakeup, Layoffs Leave Social-Media Creators Scrambling
▼ + stars: | 2022-12-08 | by ( Brooke Erin Duffy | ) www.businessinsider.com time to read: +12 min

Meanwhile, laborers who rely on social-media platforms for visibility, reputation burnishing, and income have been left reeling — from journalists and academics to freelancers and adult performers. Last month, a plus-size creator told me how self-censorship becomes a risk-reduction strategy for marginalized creators. As the journalist Paul Gallant argued, queer content creators face a continuous struggle to avoid "the wrath that comes from violating ever-changing and poorly explained terms of service." Even coverage of the influence on social-media creators has been more tuned in to those with the biggest followings. But the real pain from this tug-of-war for the future of social media will be felt by those who have long faced the greatest hurdles: marginalized creators.

☆ Arielle Charnas' company, Something Navy, is floundering amid dwindling sales, an employee exodus, and furious suppliers
▼ + stars: | 2022-12-08 | by ( Katie Warren | ) www.businessinsider.com time to read: +36 min

From the outside, it doesn't look as if Charnas' company is in trouble. Mark Sagliocco/Getty Images for Beach MagazineSeveral former employees told Insider they cut ties with Something Navy because they saw signs the company was struggling. Several current and former Something Navy employees told Insider they'd been inundated with emails since the spring from suppliers, freelancers, and models asking where their money was. In one email viewed by Insider, Scanlan told a supplier that cash was tight but promised payment was on the way. The current Something Navy employee said that based on data she'd seen, the retail locations most likely don't turn a profit.

☆ The iconic Wednesday Addams dance gets a cultural twist from Asian TikTok creators
▼ + stars: | 2022-12-05 | by ( Brahmjot Kaur | ) www.nbcnews.com time to read: +3 min

"Wednesday," a comedy horror show and the latest “Addams Family” spinoff, was released on the streaming service last week. It follows daughter Wednesday Addams, played by Jenna Ortega, as she navigates Nevermore Academy, her psychic abilities and a murder mystery. The dance scene, which shows Wednesday ghoulishly grooving at Nevermore Academy’s annual Rave’N dance, has mesmerized thousands on the app. She was also dressed in all black with a Polynesian dancing belt called a hip hei and her hair in a braided crown. The Addams Family consists of mother and father Gomez and Morticia; children Pugsley and Wednesday; butler Lurch; and extended family members Uncle Fester and Grandmama.

☆ Australian Parliament censures former prime minister
▼ + stars: | 2022-11-30 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

CANBERRA, Australia — Australia’s former Prime Minister Scott Morrison on Wednesday listed his achievements in government including standing up to a “bullying” China as he unsuccessfully argued against being censured by Parliament for secretly amassing multiple ministerial powers. A censure motion against Morrison, who remains an opposition lawmaker, has no effect other than to tarnish his political legacy. The censure motion said that by failing to inform his Cabinet, Parliament and the Australian people of his additional ministerial powers, Morrison had undermined responsible government and eroded public trust in Australia’s democracy. Morrison’s successor, Prime Minister Anthony Albanese, this month held Australia’s first official bilateral meeting with Chinese President Xi Jinping since Morrison’s predecessor, Prime Minister Malcolm Turnbull, in 2016. In calling for Morrison’s censure, Albanese said the former prime minister had demonstrated hubris, arrogance and denial but no contrition.

☆ Twitter Africa employees accuse Elon Musk of discrimination over severance terms
▼ + stars: | 2022-11-21 | by ( Larry Madowo | ) edition.cnn.com time to read: +4 min

But the staff of about a dozen were not offered severance pay, which they say is required by Ghana’s labor laws, based on their employment contracts. Several members of the team and their lawyer told CNN that there was no such negotiation on severance pay. They claim it was below what is required by law and contradicts what Musk tweeted that departing employees would receive. Twitter informed the Ghana-based employees in early November that they would be paid until their last day of employment — December 4. They are demanding 3 months’ gross salary as severance pay, repatriation expenses for non-Ghanaian staff, vesting of stock options provided in their contracts, and other benefits such as healthcare continuation that were offered to staff worldwide.

☆ How the crypto fallout could affect you
▼ + stars: | 2022-11-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN Business —The crypto industry is still reeling from last week’s shocking death spiral of digital currency exchange FTX. While these funds say they had limited exposure to FTX, their inclusion points to a growing but alarming trend that could affect you even if you’re not a buyer of crypto yourself. What’s happening: Pension funds are increasingly investing in alternative assets in search of bigger returns. In the United States, public pension funds are facing serious challenges that threaten the retirement plans of millions of state and local government employees. It’s not just a trend that’s happening in the United States.

The net effect was to catapult next year's implied Fed terminal rate well above 5%. Fed vs BoE Terminal RatesNIESR chart on UK variable mortgagesBANK "IN A HOLE"Although the BoE insisted further hikes from 3% would likely be needed, two of the nine person policymaking council voted for a smaller rate rise this week. State Street's EMEA macro strategist Tim Graf also thinks a terminal rate closer to 4% is now "the more likely end state for policy rates." The BoE needs to be super careful about the pound because another withering lurch will simply aggravate import and energy price inflation. by Mike Dolan, Twitter: @reutersMikeD; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business activity weakens again in October -S&P Global survey
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +3 min

S&P Global said on Monday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 47.3 this month from a final reading of 49.5 in September. "The decline was led by a downward lurch in services activity, fueled by the rising cost of living and tightening financial conditions." But the S&P Global survey may exaggerate the slowdown. The survey's flash manufacturing PMI fell to 49.9 this month, its first contractionary reading since June 2020, from 52.0 in September. The survey's flash services sector PMI fell to 46.6 from 49.3 in September.

☆ A view from Greenwich: Big investors from Bridgewater, Apollo, and Ares are preparing for when, not if, a recession hits
▼ + stars: | 2022-10-13 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

At the Greenwich Economic Forum on Tuesday, big investors said they expected a downturn. Many big investors anticipate a lighter recession than in the past as the Fed hikes interest rates. And while it's held in the hedge fund capital of the world, private credit dominated discussions. Some investors, like Lawrence Golub, chief executive of $55 billion credit asset manager Golub Capital, expect a period of low growth but no severe recession. It's going to be one where there's some economic growth in various parts of high-end consumer, or other areas," he said.

☆ Ray Dalio says buy forward the fundamental things you'll need, and shares 3 additional tips that can help investors navigate the current economic environment.
▼ + stars: | 2022-10-13 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Ray Dalio says we will be searching for a true store hold of wealth for the next 10 years. On Tuesday, Bridgewater Associates founder Ray Dalio took the stage during the Greenwich Economic Forum to discuss the state of the global economy. Central to his discussion was the belief that the Federal Reserve will need to navigate between inflation and a weak economy going forward. But the magnitude of the current economic crisis is not something we're used to, he noted. What is the true store hold of wealth will be the question of our time, Dalio said.

☆ Billionaire investor Ray Dalio warns the US faces a 'perfect storm' of problems - and predicts more pain for markets and the economy
▼ + stars: | 2022-10-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The US faces a "perfect storm" of debt, political strife, and an overseas war, Ray Dalio said. Dalio warned the Fed will have to hurt markets and the economy to conquer stubborn inflation. Dalio complained that "ridiculously stupid" interest rates and a flood of cheap money have inflated US asset prices and overstimulated the economy in recent years. "They will raise interest rates to the point that there's enough economic pain and financial market pain to deal with that," he said. Dalio, the founder of Bridgewater Associates, recently stepped down as the hedge fund's co-chief investor, and now serves as a mentor to its bosses.

☆ Bridgewater's Dalio warns of a 'perfect storm' for economy
▼ + stars: | 2022-10-11 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

GREENWICH, Conn., Oct 11 (Reuters) - Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world's biggest hedge funds, said a "perfect storm" is forming that will spread economic pain as the U.S. Federal Reserve raises interest rates. Domestic tension in the U.S. population caused by "irreconcilable differences" and a yawning wealth gap, combined with international conflicts, are contributing to the perfect storm, he said. Register now for FREE unlimited access to Reuters.com Register"The Fed and the government together gave enormous amounts of debt and credit and created a lurch forward. So now we're going to create a giant lurch backward," Dalio said at the Greenwich Economic Forum. read moreThe 73-year-old investor will keep his seat on Bridgewater's operating board of director and will mentor the firm's chief investment officers.

☆ Ticktock starts on Twitter’s board, too
▼ + stars: | 2022-10-07 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 7 (Reuters Breakingviews) - Like sands through the hourglass, so are the days of Twitter (TWTR.N) board members’ jobs. If he doesn’t close by Oct. 28, the judge will set a new trial for November. Investors in the social media firm are arguably worse off than they were last week. The delay gives Musk time to finance his $44 billion deal for the social media company. If Musk doesn’t close the deal by Oct. 28, the judge will schedule a trial for November.

☆ Credit Suisse bankers are preparing for 'Uli the Knife' to carve up the investment bank.
▼ + stars: | 2022-09-26 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

It's a tense time for many insiders at Credit Suisse. One person told me it's a case of "rinse and repeat," as Credit Suisse undergoes its second strategic review in less than a year. Law firm sued Credit Suisse over claims it misled investors on business dealings related to Russian oligarchs. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. Under Chief Executive Ulrich Körner, Credit Suisse wants to transform its investment bank into a "capital-light, advisory-led banking business."

☆ 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.

☆ Burger King's $400 million turnaround plan favors 800 top-performing restaurants. It's a 'Darwinian' move analysts say could leave hundreds of franchisees in the lurch.
▼ + stars: | 2022-09-14 | by ( Nancy Luna | ) www.businessinsider.com time to read: +6 min

Burger King unveiled a $400 million "Reclaim the Flame" turnaround plan last week. Burger King's $400 million "Reclaim the Flame" turnaround plan calls for upgrading 800 of the company's top restaurants, a "Darwinian" move that could hurt hundreds of poor-performing locations left without financial support, analysts say. Tim Powell, the managing principal at the consultancy Foodservice IP, said Burger King units were long overdue for modernization. Jose Cil, the CEO of Burger King's Restaurant Brands International, said the turnaround plan was directed at lifting sales for all restaurants. "All of that will lead to an output which is increased traffic, increased sales, increased restaurant-level profitability, and growth for the brand, from a systemwide sales standpoint.

☆ People are 'quiet quitting,' but their work isn't disappearing. Here's how to handle this tricky situation if you're feeling overworked.
▼ + stars: | 2022-09-10 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +4 min

If you're among the professionals who are still checked in, you may feel obligated to pick up projects, or you may be assigned extra work. If you're feeling the burden of extra work, you should speak up. Joyce said that conversation taught her that your manager doesn't always "know what your workload looks like day to day — they just know you're getting your job done." Jacinta Jiménez, a psychologist and speaker who wrote the book "The Burnout Fix," said the "quiet" in quiet quitting "already suggests that you're not going to communicate while you're stepping back." Some of your colleagues might be willing to take on extra work, especially if it will help their career prospects, as long as you ask them ahead of time.

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