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REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. There is no guarantee that Scaramucci, Bankman-Fried's father Joseph Bankman or his brother Gabriel Bankman-Fried will testify during the trial, which is expected to last six weeks and kicked off on Tuesday with jury selection. Prosecutor Danielle Sassoon read the list of dozens of names - which included both proposed prosecution and defense witnesses - to see if any prospective jurors knew them. Scaramucci's alternative investment firm SkyBridge Capital once owned a stake in FTX, Bankman-Fried's cryptocurrency exchange which declared bankruptcy in November 2022 amid a flurry of customer withdrawals. The now-bankrupt fund is fully owned by Bankman-Fried and former FTX executive Gary Wang, court filings show.
Persons: Sam Bankman, Fried, Christian Everdell, Jane Rosenberg, Donald Trump's, Anthony Scaramucci, Joseph Bankman, Gabriel Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Bankman, Kaplan, Gary Wang, Nicolas Roos, Caroline Ellison, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: Federal Court, REUTERS, SkyBridge, Alameda Research, District, Insight Partners, Bankman, Manhattan U.S, Thomson Locations: FTX, New York City, U.S, Alameda, Alameda ., New York
Activist investor Bill Ackman on Monday told CNBC he had not spoken with Elon Musk about a deal involving X, formerly known as Twitter, but that he likes the business and Musk and suggested a deal with X would be welcome if Musk wanted it. The billionaire CEO of Pershing Square Holdings was discussing his new carve-out vehicle, which he called a SPARC, or special purpose acquisition rights company. The product is similar to a SPAC, but Ackman said that Pershing's structure would only invest in companies it views as long-term investments. Ackman made waves in a Sunday interview with the Wall Street Journal, where he said he would "absolutely" invest in X through his new SPARC structure. If part of X were to debut on the market, it would likely be at a valuation far below the $44 billion that Musk paid for it.
Persons: Bill Ackman, Elon Musk, Musk, he's, Ackman, CNBC's Andrew Ross Sorkin, SPACs, Linda Yaccarino's, maven Organizations: Monday, CNBC, Elon, Pershing Square Holdings, SPARC, Financial Times, Wall Street, Meta Locations:
"There is a subset that simply cannot do that," she said of paying down credit card debt going forward as rates rise. "In those tails and subsets I think you're going to have really unusual delinquencies, and just horrible recovery rates." You're going to see defaults increase." Delaney also emphasized being defensive, and said he likes corporate bonds, but those with floating rates, meaning they move with the market rate. The iShares 10-20 Year Treasury Bond ETF (TLH) is one way to gain exposure to long-term government bonds.
Persons: Dawn Fitzpatrick, Katie Koch, haven't, it's, Mark Delaney, Suni Harford, I'd, Brad Gerstner, Jerome Powell, Volcker, Koch, , We're, Rick Rieder, he's, Delaney, Fitzpatrick Organizations: CNBC's, Alpha, Federal Reserve, Soros Fund Management, TCW, UBS, Management, BlackRock, JPMorgan, Corporate, Treasury Bond ETF, Vanguard Energy, DB Oil Fund Locations: Europe, Saudi Arabia
The Federal Reserve sent a strong signal this week that interest rates will stay higher for longer. "Interest rates are to the prices of all assets like gravity is to the function of the earth," the Berkshire Hathaway CEO said in a 2012 interview. "Everything is based off interest rates... Buffett, the so-called "Oracle of Omaha," believes that when interest rates are low, they make any stream of earnings from investments worth more. "The most important item over time and in valuation is obviously interest rates," Buffett once said.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, I'd, You've Organizations: Federal Reserve, Berkshire, Tokyo, Treasury Locations: It's, Omaha
The SEC this week charged a small New York hedge fund with acting as an unregistered investment advisor. Concord Management earned tens of millions of dollars advising a Russian tycoon, the SEC said. The New York Times said the businessman in question was the former Chelsea FC owner Roman Abramovich. The regulator added that since 1999, Concord had made over $80 million managing the client's assets, which, as of January 2022, were worth $7.2 billion. The New York Times reported Tuesday that Concord had managed money for the oligarch Roman Abramovich, citing a person familiar with the matter.
Persons: Roman Abramovich, Michael Matlin, Matlin, Abramovich, Vladimir Putin Organizations: SEC, Concord Management, The New York Times, Chelsea FC, Service, Securities and Exchange Commission, Russian, Russian Federation, New York Times, Concord, European Union, English Locations: York, Russian, Wall, Silicon, Moscow, Westchester County, Concord, United Kingdom, Chukotka, Russia, Kremlin, Ukraine
The US's $32 trillion debt mountain may not be as bad as it seems. Still, economists say debt problems could arise in the future given the current rate of spending. But experts say that there are major misconceptions floating around the US debt problem that could make the nation's debt load appear more dire than it actually is. America's debt problem is uniqueRising debt levels is a worldwide issue. "This is more of a broader sovereign debt problem that's starting to develop.
Persons: Paul Krugman, there's, that's, Mark Zandi, Zandi Organizations: Service, Congressional, Office, Management, Moody's, Atlanta Fed, International Monetary Fund Locations: Wall, Silicon, Great Britain
"As cash yields remain elevated and inflation has cooled significantly from last year's levels, cash yields moved into positive territory on a real, inflation-adjusted basis after a few years of negative real yields," said Veronica Willis, global investment strategist at the firm. The pros weigh in on whether it's a good idea to stay in cash for the remainder of the year. Cash to 'outperform' stocks In a Sept. 7 note, Barclays said it believes cash will, in the fourth quarter, outperform stocks for a second straight quarter. So, for a second straight quarter, we prefer the company of cash over stocks and bonds," Barclays wrote, describing major asset classes as "still unattractive." "If short-term interest rates fall, short-term investments or cash investors will need to reinvest at a lower rate, reducing future returns.
Persons: it's, Veronica Willis, Cash, David Kostin, CNBC's, JPMorgan, Ray Dalio, Willis, Schroders, , Balakrishner, Michael Bloom Organizations: U.S . Federal, Treasury, Fargo Investment Institute, Barclays, Billionaire, Bridgewater Associates, Milken Institute Asia Summit, Wells, Wells Fargo Investment Institute Locations: Fargo, U.S, Singapore, Wells Fargo
WASHINGTON (AP) — The Biden administration plans to increase scrutiny of the investment plans of foreign-owned companies operating in the United States. “National security is a foremost priority, and we deploy a wide range of tools to safeguard it,” Treasury Secretary Janet Yellen said Thursday. The federal government reviews and can block business activity of non-U.S. companies through the Committee on Foreign Investment in the United States, also known as CFIUS. At a conference dedicated to the committee, Yellen emphasized that CFIUS is adapting to a changing global economy as national security issues related to China are a primary consideration. “As new threats and vulnerabilities emerge, our national security priorities shift in response,” Yellen said.
Persons: , Biden, Janet Yellen, Yellen, ” Yellen, “ We've, ByteDance, LIV, Paul Rosen, ” Rosen, Joe Biden, Donald Trump, , Patrick McHenry Organizations: WASHINGTON, Foreign Investment, State, Justice, Energy, Commerce, Twitter, PGA, U.S, Washington, Financial Locations: United States, U.S, China, Beijing, R
Flood insurance swamps US government
  + stars: | 2023-09-11 | by ( Ben Winck | ) www.reuters.com   time to read: +4 min
REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Sept 11 (Reuters Breakingviews) - The U.S. government’s flood coverage could soon find itself financially underwater. The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch. A FEMA report seen by the Associated Press estimated another 1 million fewer Americans will buy flood insurance by the end of the decade, further starving the program of much-needed funds. The program’s flood fund lost nearly $1.9 billion in fiscal 2022, up from a $236 million loss the year prior. Follow @BenWinck on XCONTEXT NEWSCongressional authorization for the U.S. National Flood Insurance Program is set to lapse on Sept. 30 if lawmakers don’t approve a new extension.
Persons: Joe Biden, Jill Biden, Evelyn Hockstein, Hurricane Lee, Lee, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Rights, Reuters, Flood Insurance, National Association of Realtors, FEMA, Associated Press, National Oceanic, Atmospheric Association, U.S, National Flood Insurance, Federal Emergency Management Agency, National Hurricane Center, Thomson Locations: Oak, Florida, U.S, United States, Singapore, East Coast
FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Declining oil production and revenue this year could see Saudi Arabia's economy shrink for the first time since 2020 at the height of the COVID-19 pandemic, although a hefty dividend from state oil producer Saudi Aramco (2222.SE) should provide a cushion for public finances. Last year the Saudi economy grew 8.7% and generated a fiscal surplus of 2.5% of GDP, its first surplus in nine years as oil soared to highs near $124. "Certainly, we see no signs that the Public Investment Fund's acquisition streak is cooling," RBC Capital Markets said in a note.
Persons: Ahmed Jadallah, Justin Alexander, Monica Malik, Alexander, James Swanston, PIF, Neil Quilliam, Quilliam, Rachna Uppal, Yousef Saba, Ahmad Ghaddar, Susan Fenton Organizations: REUTERS, Saudi Aramco, OPEC's, Khalij Economics, Abu, Abu Dhabi Commercial Bank, PMI, GlobalSource Partners, Capital Economics, International Monetary Fund, IMF, Public Investment Fund, Saudi, Public Investment, RBC Capital Markets, Reuters, Chatham House, Aramco, Riyadh bourse, Thomson Locations: Aramco, Saudi, Saudi Arabia, DUBAI, Riyadh, Ukraine, Abu Dhabi, Saudi Aramco, London, PIF
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomy looks more and more 'tricky' for Fed to manage, says Kamal BhatiaKamal Bhatia, Principal Asset Management global head of investments, joins 'Squawk on the Street' to discuss investment positioning in preparation for a short and shallow economic slowdown, growing momentum in EM investments, and the resilience of stock prices amid a recession.
Persons: Kamal Bhatia Kamal Bhatia Organizations: Fed, Management
European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Italy's shock tax on banks continues to prove controversial, even as the government insists it can improve it. "It's a very stupid law," Carlo Calenda, national secretary of the Azione political party, told CNBC over the weekend. Italy's Economy Minister Giancarlo Giorgetti said at Ambrosetti that the bank tax "can certainly be improved upon...but I do not accept that it is considered an unfair tax," according to Reuters. Antonio Tajani, the country's foreign minister and leader of the centre-right Forza Italia party, said the government is stable and the bank tax is not creating tensions.
Persons: Carlo Calenda, Italy's, CNBC's Steve Sedgwick, Giancarlo Giorgetti, Antonio Tajani, CNBC's Sedgwick Organizations: CNBC, House Ambrosetti, Brothers, Italy's, Reuters, Forza Italia Locations: Rome, Italy, Europe, Ambrosetti
There's plenty of information available about how to reach financial independence and retire early. That's not the route I take with my financial planning clients who want to set a goal to retire early. When our clients want to retire early, we support that choice — and we want to build a realistic plan for doing so. It might not be all you hoped for, however, if you're trying to retire early just because you hate your job. If someone has values like Contribution, Community, and Meaningful Work — then early retirement might be a terrible goal!
Persons: That's, It's, Robinhood, Organizations: Service, Robinhood Locations: Wall, Silicon
As Hankwitz was looking for yields, he came across the NEOS S&P 500 High Income ETF (SPYI). It's also attractive to those who may want to supplement their regular income, Hankwitz said. "Normally, you'll see anywhere between 2 to 4% for most of these dividend stocks," Hankwitz said. "But for a long-term investor like myself, I do want to have that deep exposure to the S&P 500. Global X S&P 500 Covered Call ETF (XYLD) is a similar fund that holds the S&P 500 stocks.
Persons: Austin Hankwitz, Hankwitz, It's, Troy Cates, Cates, it's, XYLD, SPYI, We've Organizations: Medicis, Broadcom, MasterCard, SPYI, JPMorgan, Internal Revenue Service, hasn't, Treasury Locations: SPYI
When it comes to picking stocks, Hannah Gooch-Peters of asset management firm Sanlam Investments UK avoids chasing trends. She said she believes investors need to look beyond the "Magnificent Seven," referring to Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — tech stocks that have made massive gains this year. Sanlam's $5 billion-plus Global High Quality Fund invests in global stocks with a "high quality bias." The companies her firm picks have rather low capital expenditure as a percentage of their sales, she said. It also has a "mortgage-signing technology service which is "really, really exciting," she said.
Persons: Hannah Gooch, Peters, Gooch, We're, it's, you've, That's Organizations: Sanlam Investments, Apple, Microsoft, Nvidia, Tesla, CNBC, Quality Fund, Peters . Services, Yum Brands, KFC, Taco Bell, Intuit, SAP, Intercontinental Exchange, Samsung Electronics
A trader works on the floor of the New York Stock Exchange during opening bell in New York City on August 21, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Artificial intelligence, human controlArtificial intelligence must be "subject to human control," Microsoft's president and vice-chairman Brad Smith told CNBC in an exclusive interview. Monetizing Google Maps dataGoogle is planning to license solar and environment data to companies, CNBC has learned.
Persons: Hong, Goldman offloads, Goldman Sachs, Goldman, David Solomon, Brad Smith, Smith Organizations: New York Stock Exchange, CNBC, Nikkei, Creative Planning, United Capital Financial Partners, Google, Tesla Energy, Aurora, Nvidia, Sanlam Investments Locations: New York City, Asia, Pacific
South Korean giant Samsung Electronics has an edge over other semiconductor companies, according to Hannah Gooch-Peters of asset management firm Sanlam Investments UK. Semiconductor firms have "to massively invest," Gooch-Peters said. Samsung produces dynamic random access memory chips and NAND chips. And you know … if you've got generative AI you need these memory chips to be able to use it," she added. It also has its very stable smartphone business, Gooch-Peters said.
Persons: Hannah Gooch, Peters, Gooch, Samsung's, it's, you've Organizations: Samsung Electronics, Sanlam Investments, CNBC, Semiconductor, Samsung, Taiwan Semiconductor, Qualcomm, Tesla, Intel, Sony, Korea Exchange, London Stock Exchange, Luxembourg Stock Exchange, Korea ETF, BetaShares Asia Technology Tigers Locations: Korea, Asia
REUTERS/Ann Wang Acquire Licensing RightsLONDON/NEW YORK, Aug 28 (Reuters) - Hedge funds hold record exposure to the seven biggest tech stocks by market capitalization, according to data released on Friday by Goldman Sachs, in a week Nvidia (NVDA.O) hit an all-time high after beating revenue expectations. The largest seven U.S. stocks collectively now make up about 20% of the total net market value held by hedge funds tracked by Goldman Sachs. Last week, Nvidia reported record quarterly revenue fueled by strong demand for its artificial intelligence (AI)-focused chips and said the AI boom has legs. Hedge funds will be forced into capturing these returns regardless of analysis," said Jim Neumann, chief investment officer of Sussex Partners. Goldman Sachs, which runs one of Wall Street's largest prime brokerages, is able to track trends in flows.
Persons: Ann Wang, Goldman Sachs, Jim Neumann, Bruno Schneller, Schneller, Daniel Loeb, Nell Mackenzie, Sharon Singleton, Paul Simao Organizations: REUTERS, Nvidia, Microsoft, Apple, Tesla, Nasdaq, Reuters, Sussex Partners, INVICO Asset Management, Thomson Locations: Taipei, Taiwan, Wall, Carolina
Today's "niche" companies and those seen as AI leaders are unlikely to be the biggest winners for long-term investors, said Barry Glassman, a certified financial planner and member of CNBC's Advisor Council. "I've been through this enough to see that the niche players early on may not, in fact, be the long-term plays," Glassman said. Dan Romanoff, senior equity analyst with Morningstar Research Services, echoed that sentiment, saying investors would be hard-pressed to find a good "pure play" AI company in which to invest today. I would ask the question: What company isn't an AI company nowadays? However, it's unclear if such companies will remain among the AI leaders as the technology develops, experts said.
Persons: Jaap Arriens, Barry Glassman, I've, " Glassman, OpenAI, chatbot, Glassman, DocuSign, Dan Romanoff, Romanoff Organizations: Getty, San, Wealth, AOL, Cisco, Morningstar Research Services, Microsoft, Nvidia Locations: San Francisco, Vienna , Virginia, North Bethesda , Maryland
Nvidia shares, which had run up in the days leading up to its report, climbed more than 6% on Thursday but pared gains to end the day little changed. However, Nvidia's stock buyback - the fifth-biggest repurchase announcement among U.S.-based companies this year, according to EPFR - surprised some investors. Despite the staggering dollar amount, Nvidia's buyback amounted to only 2.1% of its nearly $1.2 trillion market value, or buyback yield, as of Wednesday. Indeed, some investors welcomed Nvidia's buyback decision. "It’s a show of confidence," said Francisco Bido, senior portfolio manager for F/M Investments' large cap focused fund, which holds Nvidia shares.
Persons: Dado Ruvic, Lip, Daniel Morgan, Morgan, Refinitiv, Tom Plumb, Plumb, buyback, Howard Silverblatt, Dow, Daniel Klausner, Houlihan Lokey, Nvidia's, Francisco Bido, Lewis Krauskopf, Chibuike Oguh, Lance Tupper, Echo Wang, Stephen Nellis, Ira Iosebashvili, Matthew Lewis Organizations: NVIDIA, REUTERS, Nvidia, Companies, Wealth Management, Synovus, Plumb Funds, Arm Holdings, Dow Jones, Apple, Tech, Investments, Thomson Locations: New York, San Francisco
Nvidia shares, which had run up in the days leading up to its report, climbed more than 6% on Thursday but pared gains to end the day little changed. However, Nvidia's stock buyback - the fifth-biggest repurchase announcement among U.S.-based companies this year, according to EPFR - surprised some investors. Despite the staggering dollar amount, Nvidia's buyback amounted to only 2.1% of its nearly $1.2 trillion market value, or buyback yield, as of Wednesday. Indeed, some investors welcomed Nvidia's buyback decision. "It’s a show of confidence," said Francisco Bido, senior portfolio manager for F/M Investments' large cap focused fund, which holds Nvidia shares.
Persons: Dado Ruvic, Lip, Daniel Morgan, Morgan, Refinitiv, Tom Plumb, Plumb, buyback, Howard Silverblatt, Dow, Daniel Klausner, Houlihan Lokey, Nvidia's, Francisco Bido, Lewis Krauskopf, Chibuike Oguh, Lance Tupper, Echo Wang, Stephen Nellis, Ira Iosebashvili, Matthew Lewis Organizations: NVIDIA, REUTERS, Nvidia, Companies, Wealth Management, Synovus, Plumb Funds, Arm Holdings, Dow Jones, Apple, Tech, Investments, Thomson Locations: New York, San Francisco
Gooch-Peters said ICE has tapped the huge amount of data from its exchanges arm to boost its data analytics. Gooch-Peters also called its mortgage-signing technology "really, really exciting." "We think the runway for growth, particularly on that mortgage technology side is really exciting. Its $5 billion-plus Global High Quality Fund invests in global stocks with a "high quality bias." "You've got this sort of inherent resilience of very high quality companies, their earnings streams are more resilient.
Persons: Hannah Gooch, Peters, Gooch, they've, it's, You've Organizations: Intercontinental Exchange, Sanlam Investments, CNBC, ICE, New York Stock Exchange, Quality Fund
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Pro Talks: This analyst is betting on ‘high quality’ stocks instead of chasing trendsCNBC’s Joumanna Bercetche spoke to Hannah Gooch-Peters of asset management firm Sanlam Investments UK. The global equity investment analyst discussed the firm’s $5 billion-plus Global High Quality Fund, which invests in global stocks with a “high quality bias.”
Persons: Bercetche, Hannah Gooch, Peters Organizations: Sanlam Investments, Quality Fund
They will discuss companies outside the U.S. showing growth prospects that are "far larger over time" than that of some mega-caps, historically. That includes being able to avoid chasing trends, not overpaying for quality companies, and much more. She will discuss the firm's $5 billion-plus Global High Quality Fund, which invests in global stocks with a "high quality bias." Join CNBC Pro Talks on Wednesday, August 23, at 12 p.m. BST / 7:00 p.m. SGT / 7:00 a.m. Here's where he's investing Related coverage from Pro: Here are 7 beaten-up global stocks that analysts expect will double Annuities, stocks or Treasurys?
Persons: Hannah Gooch, Peters, Gooch, Guy Spier, Buffett Organizations: Sanlam Investments, Quality Fund, Yum Brands, Nvidia, Bank of America Locations: U.S, Downside
The JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is dominating the competition. Of course, Reiner and his colleagues, Eric Moreau and Andrew Stern, aren't complaining about their fund's 22.6% rise in 2023. It's hard to poke holes in JPMorgan's growth-focused income ETF. JPMorgan's income-focused ETF uses an AI model that gathers and sorts through a treasure trove of information, especially financial statements, to help find suitable investments. Other than putting a premium on income and using AI to find standout stocks, a pair of traits that make JPMorgan's income ETF sing are its transparency and its liquidity.
Persons: Hamilton Reiner, Reiner, Eric Moreau, Andrew Stern, aren't, what's, it'll, Morningstar, , I'm, Moreau, Stern didn't, they've, Bonds, — it's, it's, Moreau spotlighted, he's Organizations: JPMorgan Nasdaq Equity, Nasdaq, JPMorgan, NXP Semiconductors, NextEra Energy, NextEra Locations: Netherlands, Florida
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