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☆ Credit Suisse raises 2.24 billion Swiss francs in second part of capital hike
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 8 (Reuters) - Credit Suisse (CSGN.S) on Thursday announced the final result of its 4 billion Swiss franc ($4.25 billion) capital raise, saying 98.2% of shareholder rights to buy stock at a discount had been taken up in the second part of the fundraising. Switzerland's second biggest bank said subscription rights for 872.9 million new shares had been used in the capital hike, intended to fund an overhaul of the scandal-plagued lender. This meant 2.24 billion francs had been raised by Credit Suisse, as expected, in addition to the 1.8 billion francs raised from an earlier placing of stock with a group of institutional investors led by Saudi National Bank. ($1 = 0.9406 Swiss francs)Reporting by John Revill; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Premarket stocks: The corporate world has a succession problem
▼ + stars: | 2022-12-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It’s been a nasty year for Fortune 500 companies and top executives are paying for it: CEOs are exiting in droves. CEO exits eased in the third-quarter, but the C-suite door seems to be revolving again as a slew of Fortune 500 CEOs have said their goodbyes this month. Looking back: One way to avoid the succession problem is to recycle an old CEO. On average, the annual stock performance of companies led by boomerang CEOs was 10.1% lower those with a first-stint leader, he found. Shares of movie theater chain AMC (AMC) have also plummeted 55% this year.

NEW YORK, Dec 7 (Reuters) - Sonnedix and Cubico, two renewable energy developers, are competing to buy Chilean solar power assets that Italy's Enel (ENEI.MI) has put on the block to help trim debt, sources familiar with the matter told Reuters. Consisting of around 500 megawatts (MW) of operating and newly built sites, the portfolio is expected to fetch up to 1 billion euros ($1 billion). Enel and Cubico declined to comment. Pension and infrastructure funds have been buying stakes in low-carbon energy generation for many years, attracted by their predictable returns. Additional reporting by Valentina Za and Francesca Landini in Milan; editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Each new B-21 is pegged at roughly $729.25 million, and the U.S. Air Force expects to procure at least 100 of them. Factoring in inflation, it’s half the price of the exorbitantly expensive B-2 stealth bomber it’s meant to replace. Factoring in inflation, it’s half the price of the exorbitantly expensive B-2 stealth bomber it’s meant to replace. (China’s military grasps the benefit of long-range stealth bombers in the Pacific context and is developing its own Raider-like stealth bomber intended to expand its strike range.) That isn’t to say the Raider program should be written a blank check.

☆ Tesla's stock is suffering from Musk's Twitter takeover, Morgan Stanley survey of investors finds
▼ + stars: | 2022-11-29 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Elon Musk's involvement in Twitter hasn't been good for Tesla 's stock, according to a Morgan Stanley survey of institutional investors and industry experts. Nearly 75% of those surveyed by the firm believe the Twitter situation has accounted for at least a significant portion of Tesla's recent share price underperformance, the survey showed. Morgan Stanley received 43 responses to its Nov. 23 survey. "While difficult to quantify, we believe there must be some form of sentiment 'circuit breaker' around the Twitter situation to calm investor concerns around Tesla." "In a slowing economic environment, we believe Tesla's 'gap to competition' can potentially widen, particularly as EV prices pivot from inflationary to deflationary," he said.

☆ New York governor signs first-of-its-kind law cracking down on bitcoin mining — here's everything that's in it
▼ + stars: | 2022-11-23 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

Kathy Hochul signed a law Tuesday banning certain bitcoin mining operations that run on carbon-based power sources. "The bitcoin mining industry is actually leading in terms of compliance with that Act." "Our customers are being scared off from investing in New York state," said Foundry's Zhang. "Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities. "Other blue states often follow the lead of New York state and this would be giving them an easy template to replicate," said Foundry's Zhang.

☆ 'Easy to bully': A corporate landlord in Cincinnati is aggressive in trying to evict tenants, critics say
▼ + stars: | 2022-11-22 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +13 min

“We had the exact same story and the exact same company — VineBrook Homes,” Allen told NBC News. VineBrook Homes Trust Inc., which owns over 3,000 single-family homes in the Cincinnati area, is one of the most aggressive landlords in bringing eviction proceedings against its residents, they say. A big institutional owner of over 24,000 single-family homes in mostly lower-income areas, VineBrook Homes is a real estate investment trust (REIT) with properties in 18 states, including Alabama, Indiana, Missouri and Mississippi. “I left in Dec. 2021,” Jenkins told NBC News. Vinebrook Homes owns over 3,000 single-family homes in the Cincinnati area, including many in suburbs like North College Hill.

☆ Insiders detail how Wall Street is preparing for a post-FTX world, from heightened scrutiny on crypto deals to rethinking hiring plans
▼ + stars: | 2022-11-22 | by ( Morgan Chittum | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +12 min

Most Wall Street firms have executed big crypto and blockchain initiatives. The ties between Wall Street, Main Street, and digital assets have never been tighter. Some traditional firms have chosen crypto custodians to do that for them, while others offer it themselves. Fidelity also has its own digital assets custody offering, and reportedly had plans to continue building out its digital-asset team as recently as late October. 121, which requires most SEC registrants to record the fair value of custodied digital assets as a liability.

Parker Grey stopped going to the LGBTQ nightclub Club Q about a year and half ago “because of the growing hatred for our community that started in” Colorado Springs, Colorado. While no motive in the shooting has been disclosed by authorities, the violence comes amid heightened tensions for the LGBTQ community. The movement that advocated for that amendment started in Colorado Springs, they said. "I don’t know that we ever believe that we’ve fully grown out of that," Smith, 32, a longtime Colorado Springs resident, said. Most recently, in Colorado Springs, a transgender girl was kicked out of the homecoming dance because she wore a dress, Smith added.

☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
▼ + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com time to read: +22 min

Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.

☆ A powerful rally has been driven largely by short covering, but valuations are now very rich
▼ + stars: | 2022-11-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

It's a sign of how powerful this recent market rally has become. While long buying has been a factor in the rally, "I am seeing short covering recently as the market is surging," he told me. In the second week of November, he saw traders cover $22.1 billion in short bets on S & P 500 stocks. "It is now consensus the Fed will be almost done in the next few months, that China's zero Covid [policy] will be eased, so that is priced into the market," Johnston told me. "If you think the upside for stocks is only 4% [in the near future], you might as well buy a money market fund," Johnston said.

☆ Macau Under Spotlight Amid U.S. Inspections of China-Based Audits
▼ + stars: | 2022-11-13 | by ( Mark Maurer | ) www.wsj.com time to read: +8 min

The PCAOB, which began inspections of China-based audits in September, will decide by year-end whether China is complying with the agreement. “We do not know if these firms, especially in the U.S., have been adequately supervising the Macau firms,” she said. The Macau firms’ work isn’t immune from PCAOB inspection. PwC Macau is a separate legal entity, but it is run as part of the firm’s China operations, a spokesman said. “The China firm is taking responsibility, treating it as a branch office,” Ms. McKenna said.

The S&P is 10.6% above its Oct. 12 closing low for 2022, though still down 17% for the year. "If you're sitting in cash and the market rallies, you might think you were greedy waiting for a bigger discount." Institutional investors' exposure to stocks was low going into Thursday's inflation report. Last month's fund manager survey from BofA Global Research showed investors' cash levels at their highest since April 2001. Lewis said he had not seen so-called real money – a term for mutual funds, pension funds and other non-leveraged market investors – participating in Thursday's rally, though he saw no evidence of selling from that cohort, either.

☆ Factbox: Sam Bankman-Fried: The crypto mogul whose empire came crashing down
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Nov 11 (Reuters) - Sam Bankman-Fried on Friday resigned from his role as chief executive of FTX and the crypto exchange said it will initiate bankruptcy proceedings in the United States, capping off a tumultuous week for the industry. Following are some facts about the co-founder and former CEO:EDUCATION AND VENTURES BEFORE FTXBorn in 1992, Sam Bankman-Fried grew up in California. Bankman-Fried later graduated from the Massachusetts Institute of Technology (MIT) with a degree in physics. After a more than three-year stint at the New York-based firm, he moved to crypto trading and founded Alameda Research in 2017. The company offered trading on crypto tokens and derivatives, while also boasting of a robust risk management system.

☆ Wall Street pushed into digital assets. Now investors are paying the price as FTX's crisis raises questions of a ripple effect in cryptoworld.
▼ + stars: | 2022-11-11 | by ( Rebecca Ungarino | Danielle Walker | ) www.businessinsider.com time to read: +8 min

FTX, the crypto exchange in crisis, found backers in BlackRock, VanEck, and Ontario Teachers. The solvency crisis facing the exchange and its famous CEO raises questions of a ripple effect. Now, in the middle of crypto winter, FTX is in the middle of a solvency crisis. Binance, a rival crypto exchange that was initially going to buy FTX, backed out. "What we like about it is that we're not really speculating on whether prices of crypto assets, bitcoin or otherwise, are going up or down.

(Reuters) - The shooting death of teenager Michael Brown by a Ferguson, Missouri, police officer prompted the U.S. Justice Department's most significant investigation of policing practices since the beginning of the Black Lives Matter movement. The DOJ also pointed out that “police departments in surrounding municipalities and the County” have practices similar to Ferguson, although that issue was “beyond the scope” of the investigation. In fact, federal officials even considered opening another investigation of the St. Louis police department for similar problems, Reuters reported in October 2020. Ferguson officials expressed concerns that the reforms required to stop exploitative policing in their city would “cripple city finances,” Reuters reported in March 2016. (A measure to institute a modest property tax increase to fund the reforms didn't get the required two-thirds majority vote.)

☆ Nike execs have become some of the hottest hires in sportswear, triggering a talent war among rivals like Lululemon, North Face, and Columbia — and raising fears of a brain drain
▼ + stars: | 2022-11-07 | by ( Matthew Kish | ) www.businessinsider.com time to read: +9 min

Nike alums lead numerous brands, including Lululemon, Allbirds, Columbia Sportswear, and The North Face. Tim Sheerin, the senior vice president of global wholesale at Columbia Sportswear, at an investor day event this year. The trend has accelerated in recent years, with competing sportswear companies including Lululemon and Allbirds opening offices in Portland, Oregon. While sportswear companies are a natural fit for former Nike executives, nonathleticwear companies also have hired from Nike's top ranks. Crocs, which named the former Nike vice president Emma Minto the senior vice president of the Americas in 2020, also has been on a hot streak.

☆ 2 real estate experts break down the implications of institutional investors and crowdfunding platforms entering the crowded housing market, and what it means for potential homebuyers
▼ + stars: | 2022-11-06 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +9 min

Institutional investors have been under fire lately for eating up real estate market share. "Investors gone wild"According to independent real estate market analyst John Wake, the pandemic-induced era of easy money brewed the perfect storm for a land grab in the housing market. He believes that the most important trend in today's housing market is the sheer amount of capital chasing new homes. The influx of these institutional investors has only exacerbated the massive supply-demand imbalance the real estate market currently faces, Wake said. So the idea was to provide an alternative source of funding to encourage public investments in real estate," he explained.

☆ Investors will reap billions if Kroger takes over Albertsons. Workers and shoppers may not be as happy.
▼ + stars: | 2022-11-05 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +11 min

Wealthy investors in Safeway’s parent, Albertsons Companies, have done better. And next week, they were slated to reap a $4 billion cash dividend in connection with a proposed $25 billion takeover of Albertsons by rival Kroger. Based on that stake and the amount of the dividend, Cerberus stands to receive roughly $1 billion of the dividend payout. Six of Albertsons’ 14 directors who voted for the dividend are affiliated with the major investors. This is the last, best and final hope for a truly unionized chain.”Nervous about the pensionThe proposed $4 billion cash dividend is large by many measures.

In the aftermath of the 2020 election, local election officials became frequent targets of supporters of former President Donald Trump who supported his false claims of election fraud. Election officials also said that the courts could inject chaos into the process if results are contested for weeks following the vote. Droves of election workers throughout Georgia quit their positions following the 2020 election. And in Pennsylvania, nearly 50 top election officials have left their post within the past two years. “Election workers and election officials leave or stop coming in, more errors can occur as a result, which in turn can fuel disinformation,” he said.

Seoul, South Korea CNN —ln a cavernous Seoul gymnasium Tuesday, grieving families inspected neat rows of belongings left behind at the scene of the deadly street crush in Itaewon. Another younger woman, wearing a cast on her left arm, walked into the gymnasium to find her lost shoe. This woman, who didn’t want to be named, said she was in front of a bar in the alley when the crush happened. Police walk among personal belongings retrieved from the scene of a fatal Halloween crowd surge. Anthony Wallace/AFP/Getty ImagesOn Tuesday, South Korea’s Prime Minister Han Duck-soo said a “lack of institutional knowledge and consideration for crowd management” was partly to blame for the crowd crush.

☆ A quarter of institutional investors continue to buy into crypto
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA quarter of institutional investors continue to buy into cryptoCNBC's Kate Rooney joins 'TechCheck' to discuss institutional investors buying into crypto despite the downturn, key tailwinds for prices and investor sentiment that the price volatility of crypto is the biggest barrier to entry.

☆ Online real-estate investment firm Fundrise is paying way over housing-market value for some build-to-rent communities. Here's why it says it's still a winning strategy.
▼ + stars: | 2022-10-24 | by ( Alex Nicoll | Lisa Kailai Han | James Rodriguez | ) www.businessinsider.com time to read: +14 min

Build-to-rent communities skip the intermediary and go straight to the homebuilder. While typical single-family rental strategies, pioneered by Blackstone in the aftermath of the Great Recession, are inherently tied to the housing market, build-to-rent is not. In the eyes of private equity, there's no difference between build-to-rent communities and apartment blocks. If you value Cypress Bay as an apartment building, instead of a collection of homes, Fundrise got a good deal. Fundrise is still working on deals, Miller said, with a deal pipeline stretching out to 2025.

☆ Crypto bank deposits have dropped in this bear market. Why JPMorgan says it's a ‘small blip’ over the long term
▼ + stars: | 2022-10-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

The outlook for crypto banks is surprisingly strong given a drop-off in customer deposits in the wake of depressed prices and low volatility , according to JPMorgan. Both Silvergate Bank and Signature Bank , two commercial banks that serve the cryptocurrency industry, reported their third-quarter financial results this week. Signature's crypto deposits fell 12% on a quarterly basis, but the bank added 116 digital currency clients, bringing its total crypto customer base to 1,677. Its crypto deposits tend to come from crypto exchanges and stablecoin companies. At Silvergate, crypto deposits decreased by 11%, and its crypto customer base increased by 92 to reach 1,439.

☆ October is a historically strong month for bitcoin, but price action this month has been oddly lackluster
▼ + stars: | 2022-10-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The month of October, celebrated as "Uptober" by long-time crypto investors, has historically churned out some big gains for bitcoin. In seven of the last 10 years, bitcoin has posted a positive month. For four of the last six years, ether has ended the October trading month higher, according to Kaiko. Bitcoin was lower for the month by 0.3% as of Tuesday, while ether was down 1.4%, according to Coin Metrics. "Crypto market volatility has dipped to multi-year lows over the past month, with bitcoin's 20-day volatility now equal to that of the Nasdaq equity index," Kaiko head of research Clara Medalie told CNBC.

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