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New York CNN —A federal judge is set to consider a gag order on former FTX CEO Sam Bankman-Fried after prosecutors accused him of leaking his former girlfriend and business partner’s personal writings to the New York Times. US District Court Judge Lewis Kaplan was expected to rule on a so-called gag order that would prevent Bankman-Fried from discussing his case publicly. At a previous bail hearing, Kaplan alluded to the possibility of revoking Bankman-Fried’s bail deal and forcing him to await trial in jail. In February, Judge Kaplan tightened restrictions on Bankman-Fried’s bail after prosecutors flagged a direct message Bankman-Fried sent to a former FTX employee, raising concerns about potential witness-tampering. While his lawyers said they would comply with any gag order, they pushed back on prosecutors’ allegations of witness-tampering.

Persons: Sam Bankman, Fried, Prosecutors, Caroline Ellison, Lewis Kaplan, Kaplan, ”, Palo, Judge Kaplan, Ellison Organizations: New, New York CNN, New York Times, Bankman, Google, Alameda Research Locations: New York, Palo Alto , California, Alameda, FTX

☆ Hollywood’s absolutely bizarre accounting tactics are under renewed scrutiny
▼ + stars: | 2023-07-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

But the unique accounting standards that the industry has long relied on to make those calculations is anything but straightforward. “Hollywood accounting,” as a concept, is so specific to the entertainment business it has its own Wikipedia page. And while experts say this kind of creative accounting is perfectly legal, the tactics involve some of the most fantastical fictions ever devised in Tinseltown. To actually make the movie, the subsidiary inevitably takes on expenses — crew wages, craft services, set design, props etc. That means all of these “creative” expense allocations shouldn’t affect what net profits the studio’s shareholders see.

Persons: CNN Business ’, “ Forrest Gump ”, ”, Harry Potter, United States ’, Stephen Glaeser, Glaeser, ” Glaeser, it’s, Bridget Stomberg, “, Mark Young, ” Young, Tommy Lee Jones, Will Smith, Ed Solomon, Solomon, Sony didn’t, you’ll Organizations: CNN Business, New York CNN, United, University of North, University of Indiana’s Kelley Business School, University of Southern California’s Marshall School of Business, Sony Pictures, Sony, CNN Locations: New York, United States, Tinseltown, University of North Carolina

☆ If you win the lottery, here’s what you should (and shouldn’t) do
▼ + stars: | 2023-07-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. “Find an attorney who has experience dealing with people with this level of wealth, because it is different,” says Herzig. Next up, you’ll need an accountant and a financial adviser to protect your wealth from “creditors and predators,” as Herzig puts it. But there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health.

Persons: you’ll, “, ” Belinda Herzig, ”, Gary, who’s, Herzig, you’re Organizations: New York CNN, Mellon Wealth Management, CNN, lotto Locations: New

☆ Crypto scores a key legal victory in long-running regulatory feud
▼ + stars: | 2023-07-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The news sent the price of XRP, a token designed for cross-border payments, up some 70% to about 92 cents. Torres’ ruling did fall partly in the SEC’s favor, as she found that some of Ripple’s sales — to hedge funds and other sophisticated buyers — did violate securities laws. Gensler has said that most crypto tokens — with bitcoin as a notable exception — are securities that fall under the SEC’s jurisdiction. ‘Some much needed sunlight’Despite the nuance of Torres’ ruling, crypto investors are cheering it as a long overdue win. “This ruling, although nuanced, provides some much needed sunlight and cheer into the altcoin space, those non-Bitcoin tokens.”

Persons: Analisa Torres, XRP, Gary Gensler, Torres ’, Stuart Alderoty, ”, “ XRP, “ We’ll, Gensler, Teresa Goody Guillén, Coinbase, Torres, Sam Bankman, Alex Mashinsky, Mashinsky, Antoni Trenchev Organizations: New, New York CNN, Securities and Exchange Commission, Southern, of, SEC Locations: New York, of New York, United States

☆ Inflation fever is finally breaking. The Fed’s soft landing may be in sight
▼ + stars: | 2023-07-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

But I can’t help imagine him quietly fist-pumping the moment he got wind of the latest inflation data. For context, a year ago the CPI peaked at 9.1% — the worst inflation in more than 40 years. After a punishing stretch of rising prices, “the fever is breaking,” wrote Bill Adams, chief economist for Comerica Bank. In other words, the Fed may actually pull off the “soft landing” — lowering inflation without tanking the economy — that few believed was doable even six months ago. “The odds of achieving a soft landing just went up drastically,” Dan Alpert, managing director of Westwood Capital, told me.

Persons: CNN Business ’, Jerome Powell, he’d, Jay won’t, ”, Bill Adams, Jay Powell, “ We’ve, Lael Brainard, Joe Biden’s, “, Brainard, hadn’t, ” Dan Alpert, “ I’m, Jamie Dimon, you’ll Organizations: CNN Business, New York CNN, Consumer, Comerica Bank, Fed, Westwood Capital, JPMorgan Chase Locations: New York

☆ Travel in America is a crasphoot, and it won't get better anytime soon
▼ + stars: | 2023-06-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Passengers weave through JFK International airport on Friday, which is expected to be the busiest day for air travel since the start of the pandemic. Unfortunately, it’s not going to get better anytime soon. This summer, airfare is expected to remain higher than pre-pandemic levels, though a bit lower than their 2022 levels, according to travel research site Hopper. Demand for air travel roared back faster than airports and airlines could rehire staff. When demand for travel roared back faster than expected, the airlines couldn’t hire fast enough.

Persons: David Dee Delgado, it’s, Scott Olson, ” Biden, airfare, Hopper, Mario Tama Organizations: New, New York CNN, Transportation Security, JFK International, Biden, Amtrak, Jet, McKinsey Locations: New York, United States, Europe, Asia

☆ Judge denies Sam Bankman-Fried’s motion to dismiss charges
▼ + stars: | 2023-06-27 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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☆ The ultra-wealthy have dangerous pastimes. Who pays when they need saving?
▼ + stars: | 2023-06-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

This past spring, five people, including 56-year-old Czech billionaire Petr Kellner, died in a crash while heliskiing in Alaska. And when people need saving in some of the world’s most unforgiving places, those rescue costs can add up, fast. Canadian Forces/Handout/ReutersAfter an especially deadly season, Furtenbach says, demand for the following season tends to spike. Should people be prevented from taking on such incredible risk if it raises the possibility of an expensive rescue? “No one talks about people spending thousands of dollars to go to amusement park destinations or other tourist locations,” Vescovo said.

Persons: —, Petr Kellner, Everest —, ”, Lukas Furtenbach, Furtenbach, Jon Krakauer, ” Furtenbach, Sebastien Berger, Philippe Brown, Brown, ” Brown, “, haven’t, Philip Stone, ” Stone, Victor Vescovo, Vescovo, ” Vescovo Organizations: New, New York CNN, Royal Canadian Air Force, Canadian Forces, Reuters, Getty, OceanGate, Titan, US Coast Guard, French, Institute for Dark Tourism Research, University of Central, Coast Guard, National Park Service Locations: New York, Mount Everest, Czech, heliskiing, Alaska, Hudson, University of Central Lancashire, United States, New Hampshire, Oregon

The company also boasted of collaborations with reputable institutions that have since denied partnering with OceanGate on the submersible in question. The interior of OceanGate's Titan submersible is seen in 2018. It “hasn’t been used in a crewed submersible ever before,” he said in a video last year. OceanGate appears to have also overstated its relationships with two institutions widely respected for their innovation: Boeing and University of Washington. OceanGate had partnered with UW to create a different submersible before parting ways, the university said in a statement.

Persons: Stockton Rush, “, ” Rush, Rush, OceanGate, ” Rachel Lance, ” OceanGate, ’, Paul Henri, Nargeolet, David Pogue, ”, Pogue, Stockton, ” Stockton, don’t, Don’t, David Lochridge, Lochridge, OceanGate’s, Victor Balta, Balta, Guillermo Sohnlein, wasn’t, Anderson Cooper, Will Kohnen, ” Kohnen, Sal Mercogliano, ” Mike Reiss, ” Reiss, ” It’s, John Mauger, “ You’ve, CNN’s Gabe Cohen, Brad Lendon, Greg Wallace, Veronica Miracle, Allison Morrow, Rob Frehse, Paul Murphy, Celina Tebor Organizations: CNN, Stockton, US Coast Guard, Duke University, KOMO, OceanGate Expeditions, CBS, Getty, Boeing, University of Washington, OceanGate Inc, University of Washington’s, Physics Laboratory, UW, UW School of Oceanography, Titan, Marine Technology, Campbell University, Coast Guard Locations: Stockton, North Carolina, AFP

☆ Stockton Rush: What we know about the Titan submersible's pilot
▼ + stars: | 2023-06-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Rush has approached his dream of deep-sea exploration with child-like verve and an antipathy toward regulations — a pattern that has come into sharp relief since Sunday night, when his vessel, the Titan, went missing. But in 2004, he told Smithsonian, the dream shifted after Richard Branson launched the first commercial aircraft into space. “I had this epiphany that this was not at all what I wanted to do,” Rush told the magazine. The commercial sub industry is “obscenely safe” he told Smithsonian, “because they have all these regulations. He also asked Rush about what the vessel’s “MacGyvery” components — like the plastic PlayStation controller and LED lights that Rush bought from an RV retailer.

Persons: Jacques Cousteau, Rush, MacArthur, you’re, ” Rush, Alan Estrada, ”, Richard Branson, Kirk, OceanGate, Greg Gilbert, Estrada, “, David Lochridge, OceanGate hasn’t, David Pogue, You’re, Pogue, plumb, Nick D’Annunzio, TARA, Celina Tebor, Sam Delouya Organizations: New, New York CNN, Stockton Rush, verve, Princeton, Smithsonian Magazine, McDonnell Douglas Corporation, UC Berkeley, Smithsonian, Enterprise, OceanGate, Everett, NASA, CBS, Boeing, University of Washington, USA, Michelin Locations: New York, Seattle, Washington

☆ Fox News stirs outrage after labeling Biden a ‘wannabe dictator.’ The network says it ‘addressed’ the situation
▼ + stars: | 2023-06-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Fox News on Wednesday acknowledged that an onscreen banner calling President Joe Biden a “wannabe dictator” was inappropriate and said it had taken steps to address the situation internally. “The chyron was taken down immediately and was addressed,” a Fox News spokesperson told CNN in a statement. “WANNABE DICTATOR SPEAKS AT THE WHITE HOUSE AFTER HAVING HIS POLITICAL RIVAL ARRESTED,” the onscreen text read. Biden and his White House have repeatedly stressed that he does not involve himself in Justice Department investigations and have said that the DOJ works independently of the White House’s influence. But Fox is fighting another defamation case from Smartmatic, another voting technology company, which is seeking a staggering $2.7 billion in damages.

Persons: Joe Biden, ”, Fox, KAI, ron, Biden, Donald Trump, Trump, “, Brian Kilmeade, Tucker Carlson, 4u3meRzXUY — Oliver Darcy, Hillary, Carlson Organizations: New, New York CNN — Fox, Fox News, CNN, Department, DOJ, Fox, MSNBC, Trump, National Archives, Dominion Voting Systems Locations: New York, Biden’s Washington, DC, Wilmington , Delaware, Washington

☆ Who wins in the PGA-LIV tie-up? Hint: It’s not the golfers
▼ + stars: | 2023-06-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

A bit of background for the uninitiated:Men’s pro golf in North America has been dominated by the PGA Tour for decades. Last year, the Saudi sovereign wealth fund spent an estimated $2 billion to form a rival league, LIV Golf, to challenge PGA’s dominance. LIV attracted many of the sport’s top players away from the PGA Tour and Europe’s DP World Tour by offering more prize money. A long legal battle followed, and LIV golfers were banned from established tours. It is pronounced like “live.” As in, “Please don’t kill me, I want to live.”Oh, yeah — that brings me to the whole “why you should care” bit, and why many pro golfers and fans are apoplectic over the tie-up.

Persons: CNN Business ’, LIV Golf, LIV, “ LIV ”, Jamal Khashoggi, sportswashing, Phil Mickelson, Greg Norman, soccer’s Cristiano Ronaldo —, Chris Isidore, Bloomberg, it’s, ”, Peter Coy, “, you’ll Organizations: CNN Business, New York CNN, PGA Tour, PGA, Bloomberg, US Justice Department, Tour, US Federal Trade Commission, New York Times Locations: New York, North America, Saudi, Saudi Arabia

☆ Crypto crackdown: Is there anywhere safe left for crypto investors in the US?
▼ + stars: | 2023-06-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

“Look, we don’t need more digital currency,” Gensler told CNBC on Tuesday. “We already have digital currency: It’s called the US dollar. Many crypto investors appear to be abandoning so-called “alt-coins” and sticking with the relatively more reliable OG virtual currency, wrote Ed Moya, a senior market analyst with Oanda. Bottom line: “The SEC looks like it is playing Whac-A-Mole with crypto exchanges,” Moya wrote. Because of that, crypto investors will have to decide whether they are confident that the offerings on various exchanges will remain available to trade.

Persons: CNN Business ’, Binance, ”, Matt Levine, I’ll, Coinbase, Brian Armstrong, Gary Gensler, ” Gensler, “, It’s, Crypto, TD Cowen, Reena Aggarwal, Aggarwal, bitcoin, Ed Moya, ” Moya, —, you’ll Organizations: CNN Business, New York CNN, Securities and Exchange Commission, SEC, CNBC, Georgetown, Psaros, Financial Markets, Chicago Mercantile Exchange, Oanda Locations: New York, United States, “, cryptos

☆ SEC sues Coinbase, calling it an unregistered crypto broker
▼ + stars: | 2023-06-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

On Tuesday, the US Securities and Exchange Commission sued Coinbase, America’s largest crypto exchange, for allegedly acting as an unregistered broker. “Since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities,” the SEC said in a press release. The Coinbase lawsuit comes on the heels of a similar SEC complaint against Binance, which is by far the world’s biggest crypto exchange. Since then, digital asset prices have tanked and regulators have stepped up their scrutiny of the industry. “It should get crypto closer to final rules of the road regardless of how the judge rules.”

Persons: Coinbase, “ Coinbase, ”, “, Binance, Nansen, Cowen Organizations: New, New York CNN, US Securities and Exchange Commission, Binance, SEC, CNN, Binance.US Locations: New York

☆ SEC sues crypto platform Binance
▼ + stars: | 2023-06-05 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

☆ Premarket stocks: The uber-wealthy are doing just fine and Wall Street is cashing in
▼ + stars: | 2023-06-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But that’s not the case for everyone: The ultra-wealthy are doing just fine, and Wall Street firms are taking advantage of that. Germany, the largest economy in Europe, has slipped into recession as energy price shocks took their toll on consumer spending. In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day, Mary Erdoes, head of asset and wealth management at the bank, told investors last week. Dollar General customers turn to food banksDollar General (DG) stock had one of its worst days ever on Thursday.

Persons: New York CNN —, that’s, JPMorgan Chase, Andy Cohen, Mary Erdoes, It’s, Goldman Sachs, Louis Vuitton, Dom Pérignon, Dior, Huw Roberts, Hermes —, Roberts, ”, Erwan, “, Gregory Daco, Allison Morrow, Jeff Owen, Owen, Cash, They’re, Elisabeth Buchwald, Treasury hasn’t, Biden Organizations: CNN Business, Bell, New York CNN, Wall, JPMorgan, Bloomberg, JPMorgan Global Wealth Management, Citigroup, International Monetary Fund, Lamborghini, HSBC, EY, Dollar, Treasury, US Treasury Locations: New York, China, United States, Germany, Europe, BlackRock

Sen. Peter Welch, Sen. Joni Ernst, and Sen. Mitt Romney. Mariam Zuhaib/AP; Amanda Andrade-Rhoades/Bonnie Cash/ReutersSenators from both parties on Thursday night defended their decision to support the debt ceiling deal, despite their concerns about the legislation. Sen. Peter Welch, a Democrat, noted that while he had some concerns about the deal, he planned to vote for it anyway. “I'd like to get rid of the debt ceiling, because this hostage-taking sort of approach is becoming institutionalized, very dangerous to the country. I think that Kevin McCarthy negotiated a good deal – for now,” the Iowa Republican said.

Persons: Sen, Peter Welch, Joni Ernst, Mitt Romney, Mariam Zuhaib, Amanda Andrade, Rhoades, Bonnie Cash, “, Welch, Biden, ” Sen, Kevin McCarthy, “ It’s Organizations: Reuters, White, Iowa Republican, Republican Locations: Vermont

☆ Dollar General customers are turning to food banks, CEO says
▼ + stars: | 2023-06-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Dollar General’s stock just had one of its worst days ever on Wall Street. But Dollar General’s worse-than-expected results point to a more-troubling reality for the nation’s consumer-dependent economy. When Dollar General’s core customers feel strained, they pull back completely. “Unfortunately, our customers are saying they’re having to rely more on food banks, savings, credit cards,” CEO Jeff Owen said on a call with analysts Thursday. Dollar General’s downbeat earnings also underscore the extreme disparity in how inflation is felt among high-income versus low-income shoppers.

Persons: CNN Business ’, Jeff Owen, Owen, haven’t, you’ve, That’s, ”, Neil Saunders, you’ll Organizations: CNN Business, New York CNN, Dollar, Macy’s, Costco, Target, Walmart, National Bureau of Economic Research, Consumers, US Locations: New York, West Elm

☆ Philip Morris International CEO aims to make its stock an ESG investment, FT reports
▼ + stars: | 2023-05-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The majority of those sales come from PMI’s “heated tobacco” products, which use electricity to warm, rather than burn, tobacco. “This requires system-level change.”Philip Morris International, headquartered in Switzerland, is the multinational firm that sells Marlboro brand cigarettes in non-US markets. It was spun off in 2008 from Altria Group, which controls Philip Morris USA. That’s especially true in Europe, where ESG accounted for 65% of all flows into ETFs in 2022, according to Morningstar data. Olczak touted PMI’s ESG bona fides on transparency, though he also acknowledged that the use of child labor in tobacco supply chains harmed his company’s ESG rating.

Persons: Philip Morris, Jacek Olczak, ” Olczak, “ I’m, Philip Morris …, ”, ” Philip Morris, ESG, Olczak, “ Organizations: New, New York CNN, Tobacco, Philip Morris International, Financial Times, CNN, ” Philip Morris International, Marlboro, Altria Group, Philip Morris USA, drillers, Morningstar Locations: New York, Switzerland, Europe

☆ Disney’s fight with DeSantis masks a bigger problem: Its business is struggling
▼ + stars: | 2023-05-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The company’s latest salvo in the back-and-forth with DeSantis came Thursday, when it pulled the plug on its Lake Nona office complex. For Team Disney, the move is just the latest in which the company is relentlessly dunking on a relatively inexperienced politician who picked a fight with the wrong conglomerate. If you’re on Team DeSantis, shutting down Lake Nona reflects the desperation of a company whose stock is tanking and whose core businesses face serious headwinds. But Disney’s financial problems have much more to do with its money-guzzling streaming business and its rapidly dwindling profit from traditional cable TV. Disney’s stock is down more than 5% this year, while the S&P 500 is up 2%.

☆ Premarket: Turkey's big economic gamble looks set to continue
▼ + stars: | 2023-05-19 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

In an exclusive interview with CNN on Thursday, Erdogan promised to continue cutting interest rates to tackle soaring prices if he is re-elected on May 28, my colleague Olesya Dmitracova reports. “Please do follow me in the aftermath of the elections, and you will see that inflation will be going down along with interest rates,” Erdogan told CNN’s Becky Anderson. “I have a thesis that interest rates and inflation, they are directly correlated. As price hikes started to accelerate around the world in late 2021, Erdogan ordered Turkey’s central bank to slash interest rates. The weekly claims attributed to Massachusetts fell by 14,042 on a non-seasonally adjusted basis, representing three-quarters of the decline of 18,605 claims.

CNN —Disney is scrapping plans to build a new campus that would have brought thousands of employees to Florida, citing “changing business conditions,” according to a memo provided by a Disney spokesperson. It’s also tense time for Disney as the media industry grapples with a difficult advertising environment and a massive writers strike. The campus in Lake Nona, Florida, in the greater Orlando area, was expected to add 2,000 jobs. Before the Florida government selected the board in February, Disney had reached agreements with the outgoing board that limited the power of DeSantis’ appointees. Last month, Disney CEO Bob Iger told investors that he believed DeSantis’ actions to punish Disney were “anti-business.”Disney’s stock rose slightly after its announcement.

☆ Sam Zell, billionaire real estate investor, dead at 81
▼ + stars: | 2023-05-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

Equity Residential, the company he founded decades ago, did not provide a cause of death but described Zell as an “iconic figure in real estate and throughout the corporate world.”Among his wide-ranging portfolio of investments were distressed assets in real estate and in media, including an ultimately disastrous bet on the Tribune Company. Zell had a personal net worth of $5.9 billion, according to the Bloomberg Billionaires Index. Zell had a penchant for scooping up cheap real estate and selling it later at a profit, a strategy he outlined in a 1978 article titled “The Grave Dancer,” which became his nickname in the industry. But Zell’s impressive track record of successful bets was marred by a brief, unsuccessful foray into media in 2007 when he orchestrated the $8.2 billion leveraged buyout of Tribune Company. In 2018, during the rise of the #MeToo movement, Zell sparked outrage by making a lewd comment about hiring women.

U.S. Treasury Secretary Janet Yellen during a news conference at the Treasury Department in Washington on April 11. (Elizabeth Frantz/Reuters)It’s still likely that the US could default on its obligations early next month – possibly as soon as June 1 – if Congress doesn’t act, Treasury Secretary Janet Yellen reiterated Monday. President Joe Biden is expected to meet again on Tuesday with House Speaker Kevin McCarthy and other top congressional leaders. Still, the actual date could be a number of days or weeks later, depending on how much revenue the federal government collects and how much it has to pay out in coming weeks, Yellen said. Yellen once again urged Congress to act as soon as possible, noting that Treasury’s borrowing costs have increased substantially for securities maturing in early June.

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