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☆ Elon Musk's Crackdown at Twitter Offers Hope to Fellow Tech Founders
▼ + stars: | 2022-12-19 | by ( Melia Russell | ) www.businessinsider.com time to read: +9 min

But there's one group, almost unnoticed in the midst of the online firestorm, that has been cheering Musk on from the sidelines: other tech executives. To some founders, Musk is simply a monstrous version of the executive they wish they could be. Musk is getting rid of perks like free meals in the Twitter cafeteria — and other tech executives are taking note. Musk's slash-and-burn approach gives tech executives cover for making unpopular decisions. But now, as tech companies cut back to prepare for a recession, the "rough waters out there" have forced his staff to "reevaluate" their demands.

There's a reason investors are warned not to fight the Fed, but sometimes they still need to learn the hard way. When the second most powerful central bank in the world is standing shoulder to shoulder with the Fed too, markets are bound to get a bloody nose. And this is the economy into which central banks around the world are still jacking up interest rates? Annual core CPI inflation is expected to inch up to 3.7% in November from 3.6% in October, marking a fresh 41-year high. Will there be a Santa rally, even a mini one, in the last week before Christmas?

☆ Even Elon and Zuck don't have the juice to make an all-in-one 'super app' happen
▼ + stars: | 2022-12-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Mark Zuckerberg and Evan Spiegel harbor super app ambitions; Microsoft reportedly wants to build its take on a super app that would rival Google. At Facebook's parent company Meta, "super app" is a taboo word precisely because it's too abstract, Insider's Kali Hays reported last month. A newcomer super app has a tougher sell accessing this sophisticated, less trusting type of user. Silicon Valley's gatekeepers stand in the way of the super app dreamUS tech firms harboring super app ambitions will need to fend off their own regulators, overseas regulators, and Apple's App Store. As the CPP Investments white paper notes, super apps "can be thought of as operating platforms for mobile devices."

☆ Meta lawsuit: An Ethiopian professor was murdered by a mob. Son alleges Facebook fueled the violence
▼ + stars: | 2022-12-14 | by ( Eliza Mackintosh | ) edition.cnn.com time to read: +8 min

The case is a constitutional petition filed in Kenya’s High Court, which has jurisdiction over the issue, as Facebook’s content moderation operation hub for much of east and south Africa is located in Nairobi. “They have suffered human rights violations as a result of the Respondent failing to take down Facebook posts that violated the bill of rights even after making reports to the Respondent,” reads the complaint. The legal filing alleges that Facebook has failed to invest adequately in content moderation in countries across Africa, Latin America and the Middle East, particularly from its hub in Nairobi. In a statement to CNN, Meta did not directly respond to the lawsuit:“We have strict rules which outline what is and isn’t allowed on Facebook and Instagram. Last year, whistleblower Frances Haugen, a former Facebook employee, told the US Senate that the platform’s algorithm was “literally fanning ethnic violence” in Ethiopia.

☆ Trump's terrible, horrible, no good, very bad campaign kickoff
▼ + stars: | 2022-12-10 | by ( Brent D. Griffiths | Sonam Sheth | ) www.businessinsider.com time to read: +8 min

Trump pledged when he launched his 2024 campaign that "America's comeback starts right now." Senate Minority Leader Mitch McConnell also said Trump's actions make him less likely to be the party's nominee. Trump endorsed Florida Sen. Rick Scott in the contest, but McConnell handily defeated Scott, another sign of Trump's slipping hold on the Republican Party. The DA's office notched a huge victory this week when a jury convicted the Trump Organization of nine tax-fraud counts. US District Judge Beryl Howell has not made a final decision on the request to hold Trump's team in contempt of court, according to The Post.

☆ Group stage excels as World Cup just keeps giving - now for the serious bit
▼ + stars: | 2022-12-03 | by ( Martyn Herman | ) www.reuters.com time to read: +5 min

That debate will continue after the final ball is kicked, but as far as what has happened inside the eight gleaming stadiums, the World Cup has been a stunning spectacle. When Lionel Messi gave Argentina the lead from the penalty spot in their opening Group C match against Saudi Arabia, all seemed normal. But Saleh Al-Shehri and Salem Al-Dawsari sealed a 2-1 Group C win for the 51st-ranked Green Falcons that, according to data company Nielsen Gracenote, was the biggest statistical shock in World Cup history. Goals by Itsu Doan and Ao Tanaka gave Japan the lead and Costa Rica hit back to lead Germany. After probably the most memorable group phase of any World Cup, now for the serious business.

☆ Dollar heads for biggest monthly loss since 2010 ahead of Powell speech
▼ + stars: | 2022-11-30 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

LONDON, Nov 30 (Reuters) - The dollar eased from a one-week high on Wednesday ahead of a speech by Federal Reserve Chair Jerome Powell, while optimism over a possible loosening in China's COVID restrictions set it on course for its biggest monthly loss since late 2010. But after almost two years of near-relentless acceleration in inflation, markets could welcome any sign that the worst may be over. European assets got a lift on Tuesday after inflation in Spain and a number of major German states cooled. It has lost around 4.3% in November, marking its worst monthly performance since September 2010 , according to Refinitiv data. The offshore yuan gained ground against the dollar, which fell 1% to 7.0802.

☆ Australia stuns Denmark to reach World Cup knockout stages
▼ + stars: | 2022-11-30 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —Australia stunned Denmark – a team ranked 28 places above the Socceroos in FIFA’s World Rankings – to reach the World Cup knockout stages thanks to a brilliant goal from Mathew Leckie that secured a 1-0 victory. A goalless draw between Australia and Denmark and a Tunisia win would have put the Carthage Eagles through to the knockout stages. Just four minutes later, with their World Cup hopes hanging by a thread, the Socceroos counter-attacked from their box and Riley McGree found Leckie on a well timed run. Denmark continued to press but Australia hung on in a tense finish to secure its spot in the round of 16 and win back-to-back World Cup matches for the first time in its history. Serhat Cagdas/Anadolu Agency/Getty ImagesVictory over Tunisia on Saturday had given Australia an unlikely chance of progressing to the knockout stages and, despite its underwhelming start to the World Cup, Denmark could have also qualified in this winner-takes-all match.

☆ Trump brags that he 'openly and transparently' took government documents from the White House to Mar-a-Lago
▼ + stars: | 2022-11-28 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +3 min

Trump boasted about "openly and transparently" moving official government records to Mar-a-Lago. The DOJ is investigating if Trump broke federal law when he moved and refused to return the documents after leaving the White House. "When will you invade the other Presidents' homes in search of documents, which are voluminous, which they took with them, but not nearly so openly and transparently as I did?" Trump wrote on his social media website, Truth Social. The Justice Department is currently investigating whether Trump broke federal law by moving documents to Mar-a-Lago upon leaving the White House.

CNN —The World Cup match between Portugal and Uruguay was briefly interrupted by a pitch invader waving a rainbow flag on the field at the Lusail Iconic Stadium on Monday. A pitch invader runs onto the pitch wearing a t-shirt with a message saying: 'Respect for Iranian Woman' on the back and holding a rainbow flag. Molly Darlington/ReutersThe participation of Iran, who play the US Men’s National Team on Tuesday in a Group B match, in the World Cup has been played out against the backdrop of the country’s domestic turmoil. Meanwhile the issue of LGBTQ+ rights in Qatar has also been a constant theme at the World Cup. The victory means that Portugal has advanced to the next stage of the World Cup with a game to spare whereas Uruguay needs a victory from its final game against Ghana to have any hopes of progressing.

But you have to go back centuries in some cases to get anything nearly as bad as 2022 for 'safer' sovereign bonds. "2023 will be the year of the bond," claimed Chris Iggo, chair of the AXA IM Investment Institute. "Road to recession - bullish bonds and quality credit," was how SocGen entitled their view. And while stock volatility makes forecasters nervy, there's a clear attraction for long-term funds in seeking both the fixed income as well as the lift to bond funds when sub-par price discounts disappear into maturity for most high-quality names. "Long high quality bonds in the U.S. and Europe seems like an obvious strategy for 2023," said hedge fund manager Stephen Jen at Eurizon SLJ Capital.

☆ Online shoppers spent a record amount on Thanksgiving
▼ + stars: | 2022-11-25 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Thanksgiving Day online spending hit a record of $5.29 billion, an increase of 2.9% year over year, according to Adobe, which tracks sales on retailers' websites. Typically, shoppers spend about $2 billion to $3 billion online in a day, according to Adobe. Read more: Walmart overtakes Amazon in shoppers' search for Black Friday bargainsSo far, shoppers have been snapping up items. Online sales growth on Thanksgiving Day was more modest, however. Bigger holiday shopping days are yet to come.

☆ Black Friday online sales to hit new record, expected to top $9 billion
▼ + stars: | 2022-11-25 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Overall online sales for the day after Thanksgiving are expected to top $9 billion, according to Adobe, which tracks sales on retailers' websites. Typically, shoppers spend about $2 billion to $3 billion online in a day, according to Adobe. Adobe noted that mobile shopping also hit a record high this year, with sales from smartphones accounting for 55% of online sales on Thanksgiving Day. These sales are expected to account for 53% of total Black Friday sales, the company predicts. Cyber Monday is expected to be the biggest online shopping day, with sales slated to top $11.2 billion, the company forecast.

☆ Oil prices lower as outlook grows bearish. Traders fear weak China demand more than impact of Russian sanctions
▼ + stars: | 2022-11-21 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

Oil prices were volatile Monday as traders considered the possibility of weakening Chinese demand and a growing view that world could have sufficient supplies even with a European ban on Russian oil. The firm cited China's Covid restrictions and a lack of clarity on G-7 price caps on Russian crude for the new outlook. The European Union's ban on seaborne Russian oil starts Dec. 5. "Every fundamental signal in the crude market right now is bearish," she said. At least for now, the market expects there will be sufficient supplies even with Russian sanctions, Babin said.

The congressional races were seen as tests of what has become conventional wisdom and a GOP mantra: that Latino voters are shifting to the Republican Party after President Donald Trump made inroads in the region in 2020. Vallejo won 55.3% of the vote to De La Cruz’s 42.7%, according to unofficial results from the Texas secretary of state. Gilbert Hinojosa, the Texas Democratic Party chairman, said Wednesday that Republicans' "red wave didn’t materialize." In the 34th District, Democratic Rep. Vicente Gonzalez ended Republican Rep. Mayra Flores' short stint in Congress. Suzanne Gamboa / NBC NewsAs voter Benjamin Garza saw it, the Rio Grande Valley is a Democratic oasis in Republican Texas.

☆ U.S. securities regulator says crypto events underscore industry risks
▼ + stars: | 2022-11-09 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 9 (Reuters) - The turmoil in the cryptocurrency industry of the last few days underscores the risks inherent in the industry as intermediaries handle so many core functions, the head of the top U.S. markets regulator said on Wednesday. Securities and Exchange Commission (SEC) Chair Gary Gensler used the events of the last few days - centered on concerns over the financial healthy of major cryptocurrency exchange FTX - to emphasize the risks of a crypto industry that has been operating outside of traditional financial markets' oversight. "I've been saying this for well over a year now in this job: come in, get registered, come within the securities laws," Gensler said during a Healthy Markets Association event. Gensler noted risks from the "commingling" of key intermediary functions in the cryptocurrency world, in which the same firms serve multiple roles, such as exchanges and market makers. The SEC, which is investigating FTX's handling of client funds, has ratcheted up scrutiny of the crypto industry under Democratic leadership.

Here are some of the ways that China has changed under Xi. The taming of once-unruly borderlandsThe regions of Tibet, Xinjiang and Hong Kong, all far from Beijing, have long created headaches for China's ruling Communist Party. Average particulate matter, a common measure of air pollution, has gradually declined in China since 2017, when Xi Jinping began his second term in office. Extreme poverty eliminated, inequality persistsXi describes elimination of extreme poverty in China as one of the key Communist Party achievements of the past decade. Reuters GraphicsIn 2021, Xi Jinping declared victory over extreme poverty, currently measured as people living on less than $1.25 a day.

LONDON, Oct 27 (Reuters) - Having hiked mortgage rates after political turmoil drove up the cost of borrowing, British banks are now cutting home loan prices, albeit slowly, as markets calm since Liz Truss's government collapsed and Rishi Sunak took power. But as markets have stabilised and borrowing costs have fallen, the trickle of mortgage rate cuts has lagged behind. By contrast, average rates on two-year and five-year fixed-rate mortgages have fallen just 0.16 percentage points, Moneyfacts data shows. Reuters GraphicsFIXED RATESMortgage brokers say fixed-rate mortgage rates typically lag changes in swap rates, a trend which could be exacerbated this time as lenders focus on reintroducing products. Five-year mortgage rates have followed a similar pattern, Moneyfacts data shows.

While no final decisions have been reached, Wednesday's announcement resonated with investors who have been frustrated by Monro's sagging share price and the tight grip of the company's controlling investor, investment banker Peter Solomon. The company is currently valued at $1.5 billion and its stock price has tumbled 22% since January. Solomon, 84, is able to overrule votes from all other shareholders because he owns all of Monro's outstanding Class C Preferred shares. Pressure has been building on Monro since investment firm Ides Capital began pushing for changes two years ago. More recently, Ides called for a strategic review committee to be formed to explore alternatives for the company.

☆ U.S. mining sanctions take aim at Nicaragua's Ortega
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

U.S. President Joe Biden delivers remarks about student debt relief at Delaware State University in Dover, Delaware, U.S., October 21, 2022. REUTERS/Leah MillisOct 24 (Reuters) - U.S. President Joe Biden's administration ratcheted up economic pressure on Nicaraguan President Daniel Ortega's government on Monday through a series of steps targeting the country's mining, gold and other sectors. Biden signed an executive order that includes the authority to ban U.S. companies from doing business in Nicaragua's gold industry, while U.S. Treasury Department imposed sanctions the head of Nicaragua's mining authority, along with another top government official, the department said in a statement. The order's expanded sanctions powers could also be used to block new U.S. investment in certain other sectors in Nicaragua, the importation of certain Nicaraguan products or the exportation of certain items to Nicaragua, it added. The two sanctions announced on Monday target Nicaragua's General Directorate of Mines, a unit of the Nicaraguan Ministry of Energy and Mines that manages most mining operations in the country, and Reinaldo Gregorio Lenin Cerna Juarez, a close Ortega confidante, Treasury said.

LONDON/WASHINGTON, Oct 23 (Reuters) - A failure to secure meaningful progress on a debt relief for the world's poorest nations at the International Monetary Fund and World Bank annual meeting in Washington has left policymakers, campaigners and investors frustrated. Two years ago the Group of 20 launched the Common Framework - a mechanism designed to provide a swift and comprehensive debt overhaul to nations buckling under debt burdens after COVID-19 shock that would reach beyond temporary debt payment moratoriums. The Common Framework is a good start, but you need some fixes." China's role as a lender to poorer nations and Beijing's foot-dragging on debt relief drew much ire at the Washington meeting. JPMorgan's Joyce Chang, whose bank held an investor seminar alongside the IMF World Bank gathering, said asset managers had more discussions on repayment challenges and restructurings for emerging markets than at any time since the 1990s.

China co-chairs a committee of official bilateral creditors with France as part of a debt restructuring that Zambia is seeking under the Group of 20's Common Framework, a platform for highly indebted countries to rework their debt with bilateral creditors. At the end of 2021, China held about a third of Zambia's $17.27 billion international debt, according to Zambian government data. Musokotwane said negotiating with bilateral creditors including China before private creditors had "worked fairly well", but acknowledged there had been complaints from international investors who hold the country's sovereign bonds. It is now seeking a present value $6.3 billion debt reduction, or 49% of the external debt being restructured. "There is no point of pretending that there is something that is better, when doing so means that you leave Zambia still with an unsustainable debt situation," Musokotwane said.

But she said a more effective debt restructuring process was also needed, and China had a big role to play. The Paris Club creditor nations last month reached out to China and India seeking to coordinate closely on Sri Lanka's debt talks, but are still awaiting a reply. German Finance Minister Christian Lindner also joined the growing criticism of China's lack of timely participation in debt restructuring for lower-income countries. China has argued it would not take part in some cases unless the IMF and World Bank also took a haircut. Lindner told reporters he regretted that China had not accepted his invitation to participate in the G7 roundtable with African countries.

Register now for FREE unlimited access to Reuters.com RegisterIf the Fed follows through with two more 75-basis-point hikes this year, its policy rate would end 2022 in a range of 4.50%-4.75%. It is very possible that the data would come in a way that forces the (Federal Open Market) Committee higher on the policy rate. The possibility of a fifth larger-than-usual increase in December is "a little more frontloading than what I've said in the past," he added. Though some investors and economists expect the Fed will need to lift its policy rate even further, to 5% or higher, Bullard said, "I wouldn't predict that now ... Volatility in markets is to be expected when rates rise, he said, but may settle after a period of adjustment.

Their joint communique released by the U.S. Treasury late on Wednesday did give Japan something - but it was thin gruel. read more"Recognizing that many currencies have moved significantly this year with increased volatility, we reaffirm our exchange rate commitments as elaborated in May 2017," the G7 wrote. And, for the record, the 2017 phraseology was that excess volatility and disorderly currency moves have negative impacts on their economies and financial stability. read more"We cannot tolerate excessive volatility in the currency market driven by speculative moves," he opined after. The big question is whether this dollar surge is in fact a "short run" aberration or whether it is a more permanent feature of the global landscape.

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