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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin tumbles 3%, and IMF warns against making crypto legal tender: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Lee Reiners, policy director at the Duke Financial Economics Center, explains why crypto's harms outweigh its benefits.

☆ Domino's stock tumbles 10% as delivery problems persist
▼ + stars: | 2023-02-23 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

“We experienced significant pressure on our U.S. delivery business in 2022,” CEO Russell Weiner wrote in a statement discussing financial results Thursday. Domino's said its delivery business struggled last year. “Every day, delivery customers will be deciding where to spend their hard-earned dollars. And it raised the price of its “mix and match” deal for delivery orders, but not carryout. And while staffing has improved somewhat, “there is more work to do on staffing that part of the business,” Weiner said of delivery.

☆ Real-Estate Deal Making Slows as Bank Lending Tumbles
▼ + stars: | 2023-02-21 | by ( Peter Grant | Rebecca Picciotto | ) www.wsj.com time to read: 1 min

Regent Properties in March closed on the purchase of the Trammell Crow Center, the tower in the center, in Dallas. Wall Street is tightening the loan spigot on the commercial real-estate industry, which is putting a squeeze on deal making and values. Banks are lending less and charging higher interest rates for the loans they make to owners and buyers of office buildings, shopping centers and other commercial real estate. The tightening is a response to the sharp increase in interest rates this year triggered by high inflation as well as concerns of a possible recession that would lead to an increase in defaults.

☆ China's Lenovo Q3 revenue tumbles 24% as PC demand slumps
▼ + stars: | 2023-02-17 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, Feb 17 (Reuters) - China's Lenovo Group Ltd (0992.HK) reported a 24% revenue decline for the third quarter, its second consecutive decline as global demand for computers and smartphones continued to slump. The world's largest maker of personal computers (PCs) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 24% from the same quarter a year earlier. However, demand has begun to fall and Lenovo's revenue started contracting in the July-September quarter last year. Net income attributable to shareholders for the October-December quarter also plunged 32% to $437 million. PC shipments are likely to slide 6.8% this year after falling 16% in 2022, Gartner said.

☆ France tears down beach apartment block as rising sea bites
▼ + stars: | 2023-02-15 | by ( Stephane Mahe | ) www.reuters.com time to read: +3 min

Today, the hulk of the 80-flat Le Signal apartment block perches precariously on a dune just metres from the water and local authorities are tearing it down before it tumbles. By 2010, the ocean was lapping at the dune on which Le Signal was built. "Le Signal's situation is largely symbolic for what is happening in terms of coastal erosion France," he said. He said ever-rising sea levels and increasingly violent storms made it impossible to let people live in Le Signal without costly shore protection measures that could also have negatively impacted nearby shorelines. "Le Signal is a warning for what could happen in other zones and for the need to prepare for it now," he said.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin tumbles as regulators order Paxos to stop minting Binance stablecoin: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Robert Le of PitchBook lays out the fourth quarter trends for venture capital firms investing in crypto projects.

☆ Lyft tumbles on poor guidance
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLyft tumbles on poor guidanceCNBC's Deirdre Bosa joins CNBC's 'Squawk on the Street' to report on Lyft after shares plunged following weak guidance in its earnings report Thursday.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 8, 2023. Crude prices eased, with gold firmer as the dollar index fell 0.18%, while MSCI's U.S.-centric index of stock performance in 47 countries (.MIWD00000PUS) shed 0.44%. China's blue chips (.CSI300) rose 1.3%, pulling away from a one-month trough, while Hong Kong's Hang Seng Index (.HSI) gained 1.6%. Crude prices eased as oil infrastructure appeared to have escaped serious damage from the earthquake that devastated parts of Turkey and Syria, while U.S. inventories swelled and investors worried about central bank rate hikes. Gold prices rose for a fourth straight session as the dollar faltered, even as Fed officials indicated more rate hikes are warranted to rein in inflation.

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4, data showed. In late morning trading, the dollar index fell 0.7% to 102.74 . The euro , the biggest component in the dollar index, climbed 0.6% to $1.078, while sterling rose 0.9% to $1.2179 , with both boosted by improving risk sentiment across markets. The dollar fell 0.4% against the Japanese yen to 130.92 .

☆ Earnings, M&A chatter lift FTSE 100 to record high, Entain tumbles
▼ + stars: | 2023-02-09 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.7% to touch a record high of 7,943.68, while the midcap FTSE 250 index (.FTMC) inched up 0.1%. AstraZeneca (AZN.L) jumped 4.3%, set for its best day in nearly a year, after the drugmaker forecast earnings growth in 2023. Unilever (ULVR.L) rose 0.4% after the consumer goods giant reported quarterly underlying sales growth above expectations. Watches of Switzerland Group (WoS) (WOSG.L) slumped 13.1% after it gave its quarterly trading update. (This story has been corrected to say Watches of Switzerland Group gave quarterly trading update, not full-year in the third bullet and last paragraph.)

☆ A top Wall Street analyst warns that more biotech cuts are coming as funding tumbles to start 2023
▼ + stars: | 2023-02-09 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +2 min

Jefferies analysts said that if things don't improve, we'll see more layoffs and R&D cutsIt's a not so happy new year. That's according to Jefferies analysts, who said in a Wednesday note that 2023 was off to a rocky start, as funding dried up for biotech companies. They added that many biotech companies have pulled back their ambitions and cut their spending to preserve cash. Only two companies went public in the US in January, raising $22 million — a 98% decrease from the same month last year. San Francisco-based Structure Therapeutics went public last week, raising $161 million.

☆ SoftBank tumbles to loss as Vision Fund in red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +4 min

The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the fiscal third quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier. SoftBank said the Vision Fund unit had significantly curtailed new investments and was continuing to sell some older ones as part of "prudent defensive financial management" amid the challenging market environment. GOOD ARMThe bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies. Son invested heavily in artificial intelligence and other high-tech startups through the Vision Fund in recent years, delivering both record profits and heady optimism about future valuations.

☆ See the 10-slide presentation a hot mental-health startup used to win over Cigna Ventures and raise $34 million
▼ + stars: | 2023-02-07 | by ( Blake Dodge | Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

NOCD in January raised $34 million as digital-health funding tumbles. In a brutal time to raise money from investors, the mental-health startup NOCD, which provides care for people with obsessive-compulsive disorder, just raised $34 million. Cigna Ventures, the health-insurance giant's venture-capital arm, and 7wireVentures, a prominent healthtech venture-capital firm, co-led the round, bringing NOCD's total funding to $84 million. NOCD shared with Insider the presentation that helped it land $34 million from Cigna Ventures and 7wireVentures. Here's the deck NOCD used to raise $34 million from top investors.

☆ Tyson Foods Profit Tumbles as Costs Rise and Demand Weakens
▼ + stars: | 2023-02-06 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson said consumers are spending more on its less expensive food products. Tyson Foods Inc. reported its biggest percentage drop in quarterly profit in over a decade, signaling how higher costs and slackening demand are squeezing the U.S. meat industry. Executives of the Springdale, Ark., company, the largest U.S. meat processor by sales, said that meat supplies have been growing, while consumers shift their purchasing in response to a softening U.S. economy. Meatpackers meanwhile continue to pay more for transport, animal feed and plant worker wages, cutting into profits.

☆ The 15 billion-dollar healthcare startups facing a make-or-break year in 2023
▼ + stars: | 2023-02-02 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +2 min

Billion-dollar healthcare startups could take a hit to their valuations if they fundraise this year. These are the 15 highest-valued healthcare startups that could be hit by the market contraction. Throughout the year, 85 healthcare companies hit valuations of $1 billion or higher worldwide, according to CB Insights. Of the 15 startups with the highest valuations in healthcare, 11 companies haven't announced funding rounds since 2021. Here are the 15 highest-valued healthcare startups to watch.

☆ The Fed Keeps Hiking Interest Rates. Here’s Why You Should ‘Absolutely’ Act Now for Better Savings and CD Rates
▼ + stars: | 2023-02-01 | by ( ) www.wsj.com time to read: +6 min

By Martha C. WhiteThe Fed is set to send savings and CD rates higher yet again. On Wednesday, the Fed announced a quarter-percentage-point interest rate increase to its benchmark federal-funds rate, following its Jan. 31-Feb.1 meeting. Policy makers’ economic projections released in December show that Fed officials don’t expect inflation to hit 2.1% until 2025. “It’s going to be slow, but I think the trend is going to be higher” rates. If that’s your bank, he adds, you “absolutely should be taking advantage of a higher rate savings account.”

"Samsung, in a roundabout way, is saying production will decrease slightly," said analyst Kim Yang-jae at Daol Investment and Securities. CHIP PROFIT TUMBLESEarlier on Tuesday, Samsung reported its lowest quarterly profit since 2014 and said persistent macroeconomic uncertainty will make for a tough first half of this year, though it expects demand to start recovering in the second half. At 4.3 trillion won ($3.49 billion), October-December operating profit was Samsung's lowest quarterly profit in eight years. Some analysts expect the chip business to book a loss in the first quarter, pulling overall profit below that of the fourth. In mobile, Samsung said fourth-quarter profit fell to 1.7 trillion won from 2.66 trillion won a year earlier, as a decline in low- and mid-end smartphone sales was greater than expected.

☆ Bookmaker 888 tumbles as CEO quits, Middle East VIP service suspended
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies CEO Itai Pazner to step down immediatelyVIP activities suspended in Middle EastShares tumble as much as 14.4%Jan 30 (Reuters) - 888 Holdings (888.L) Chief Executive Officer Itai Pazner will step down immediately, the British bookmaker said on Monday, adding that it will suspend VIP activities in the Middle East pending an internal investigation. The company's shares tumbled as much as 14.4% on the news, before recovering a little to stand about 11% lower by 0815 GMT. The company's shares have fallen almost 40% during Pazner's tenure. The bookmaker also said that some anti-money laundering and Know Your Client processes were not followed for its VIP customers in the Middle East region. Reporting by Radhika Anilkumar in Bengaluru; Editing by Uttaresh.V and Sherry Jacob-Phillips, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Fashion retailer H&M's profit tumbles as costs bite
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +3 min

Operating profit in the period, the world's second-biggest fashion retailer's fiscal fourth quarter, was 821 million crowns ($79.7 million) against 6.26 billion a year earlier and a mean forecast of 3.67 billion in a Refinitiv poll of analysts. The hit from quitting Russia, higher raw material, freight and energy costs, currency translation effects and the restructuring charge totalled around 5 billion crowns, Chief Executive Helena Helmersson said. H&M in September launched a drive to cut costs by 2 billion crowns annually, with savings from layoffs and other measures expected to start showing from the second half of 2023. The group flagged in November it would cut around 1,500 jobs and book a roughly 800 million crown restructuring charge in the fourth quarter for the programme. Britain's Superdry (SDRY.L) on Friday cut its profit forecast for this year as its wholesale business underperformed.

☆ Fashion retailer H&M's profit tumbles more than expected as costs bite
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

Operating profit in the period, the world's second-biggest fashion retailer's fiscal fourth quarter, was 821 million crowns ($79.7 million) against 6.26 billion a year earlier and a mean forecast of 3.67 billion in a Refinitiv poll of analysts. The hit from quitting Russia, higher raw material, freight and energy costs, currency translation effects and the restructuring charge totalled around 5 billion crowns, Chief Executive Helena Helmersson said. H&M in September launched a drive to cut costs by 2 billion crowns annually, with savings from layoffs and other measures expected to start showing from the second half of 2023. The group flagged in November it would cut around 1,500 jobs and book a roughly 800 million crown restructuring charge in the fourth quarter for the programme. H&M proposed a dividend for 2022 of 6.50 crowns per share, unchanged from the year before, roughly matching expectations.

☆ Intel stock tumbles over 10% after brutal results
▼ + stars: | 2023-01-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Pat Gelsinger, CEO, of Intel Corporation, testifies during the Senate Commerce, Science, and Transportation hearing on semiconductors titled Developing Next Generation Technology for Innovation, in Russell Senate Office Building on Wednesday, March 23, 2022. Intel shares continued to slide on Friday, falling 10% in premarket trading, after the company reported dismal quarterly and full-year results. The chipmaker's tepid quarterly numbers, with a 32% year-over-year revenue decline and a net loss of $664 million for the fourth quarter of 2022, took both analysts and investors by surprise. Analysts did not mince words, cutting price targets almost across the board. Rosenblatt maintained its sell rating for Intel and lowered its price target from $20 to $17.

☆ Euro zone lending growth tumbles as higher rates bite
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman holds Euro banknotes in this illustration taken May 30, 2022. Lending to businesses in the currency bloc expanded by 6.3% in December after an 8.3% reading a month earlier, while household credit growth slowed to 3.8% from 4.1%. "Now we see sharp declines in (corporate) borrowing occurring, which is in fact more of a recessionary sign." The monthly flow of loans to companies was a negative 16 billion euros after a minus 4 billion euro reading a month earlier. Growth in the M3 measure of money circulating in the euro zone, often seen as an indicator of future economic expansion, meanwhile dropped to 4.1% from 4.8%, coming well below expectations for 4.6% in a Reuters survey.

Its customers are also scaling back investments, especially within its key vacuum division which counts the major semiconductor producers as its main clients. In the fourth quarter, order intake at its vacuum business fell 22% to 8.48 billion crowns, once again denting results. On an organic basis, or like-for-like, orders at the vacuum division fell 33%, while for the group as a whole they dropped 7%. JPMorgan said the poor order intake for the vacuum division was expected. Atlas as a group delivered an operating margin of 19.5% compared with 18% at its vacuum division.

☆ U.S. economy losing momentum as retail sales post biggest drop in 12 months
▼ + stars: | 2023-01-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The second straight monthly decrease in retail sales, which are mostly goods, is undercutting production at factories. Retail sales plummeted 1.1% last month, the biggest drop since December 2021. REUTERS/Jeenah Moon 1 2Retail salesMANUFACTURING OUTPUT FALLSExcluding automobiles, gasoline, building materials and food services, retail sales fell 0.7% last month. The weakness in core retail sales is likely to be offset by anticipated gains in services spending. The government reported last week that monthly consumer prices fell for the first time in more than 2-1/2 years in December.

"This step will allow us to push down longer-term interest rates, without directly affecting supply and demand of the cash Japanese government bond (JGB) market," Kuroda told a news conference. Following its two-day policy meeting, the BOJ kept intact its yield curve control (YCC) targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, by a unanimous vote. Reuters Graphics Reuters GraphicsThe central bank also made no change to its guidance that allows the 10-year bond yield to move 50 basis points either side of its 0% target. "By showing its resolve to use market tools more flexibly, the BOJ wanted to signal to markets it won't make big monetary policy changes under Kuroda." Market attention is already shifting toward monetary policy under Kuroda's successor, who will need to steer an orderly exit from decades of ultra-low rates.

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