According to court filings, the attorneys working for Elizabeth Holmes say she hasn't paid them and they no longer want to represent her. Yahoo Finance's Zack Guzman and Emily McCormick discuss with Barron's Senior Writer Alexandra Scaggs on YFi PM.
According to court filings, the attorneys working for Elizabeth Holmes say she hasn't paid them and they no longer want to represent her. Yahoo Finance's Zack Guzman and Emily McCormick discuss with Barron's Senior Writer Alexandra Scaggs on YFi PM.
WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from formally branding them as manipulators. In the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen, the Treasury said it will commence "enhanced engagement" with Taiwan and continue such talks with Vietnam and Switzerland after the Trump administration labeled the latter two as currency manipulators in December.
(Bloomberg) -- The Nordic region is losing its edge in green Bitcoin mining, just as the industry faces growing scrutiny for its carbon emissions and everyone from Elon Musk to mom-and-pop investors pile in.Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power. China, where most coins are mined, relies mainly on coal. That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy.“There could be very little excess energy in 2021 and 2022,” said Hordur Arnarson, chief executive officer at Landsvirkjun, Iceland’s national utility. “Because of the climate issues we see a lot of very interesting segments that are growing rapidly, and several of them need electricity.”The coins are mined by computers that process complex algorithms in halls as big as airport hangars. That makes electricity one of the key inputs, consuming as much power as thousands of households. And it keeps growing. Bitcoin mining now uses 66 times more electricity than in 2015, and carbon emissions from the process may face increasing regulation, Citigroup Inc. said in a recent report.Emissions from mining coins in China are expected to peak in 2024, releasing as much carbon dioxide into the atmosphere as all of Italy, according to a study published in Nature Communications.Iceland was the pioneer in green mining. Until four years ago, it hosted as much as 8% of global Bitcoin production, the nation’s Blockchain foundation said, a figure that’s now down to less than 2%. The University of Cambridge put the contribution even lower at 0.35% in April 2020, the most recent data available. By comparison, China accounted for 65% then.Growing concern about China’s cryptocurrency clout is fueling demand for mining locations elsewhere. Kevin O’Leary, the chairman of O’Leary Funds Management LP, told CNBC earlier this month that two kinds of Bitcoin will emerge, “blood coin” from China and “clean coin” mined using sustainable hydroelectricity, where the provenance can be proven, and that he would opt for the green one.Iceland’s biggest electricity consumers are the giant smelters built decades ago to benefit from the cheap power. With aluminum prices surging, plants owned by Rio Tinto Plc and others will consume more electricity after a slowdown in 2020, according to Landsvirkjun.Bitcoin RushIt’s unclear exactly how many cryptocurrency miners operate in the region. Hive Blockchain Technologies Ltd. from Canada has expanded mining at home as well as in Iceland and Sweden this year. Hong Kong-listed Genesis Mining Ltd. has facilities in Sweden and Iceland. Bitfury Holding BV has also been active on the volcanic island. None of them responded to questions about the region’s future role.Gisli Kr. Katrinarson, chief commercial officer at AtNorth, Iceland’s biggest data center operator and home to some miners, says he doesn’t see an energy shortage.As Bitcoin sailed through $60,000 for the first time this month, Daniel Fannar Jonsson, the CEO at new mining company GreenBlocks, is bullish. He cites Iceland’s prominent history in the industry and says carbon-free power is still a big plus.Elsewhere in the Nordic region, new green and energy-intensive industries will produce everything from carbon-free steel to hydrogen and ammonia. Their selling point is that they boost the economy by creating thousands of jobs while helping to reduce emissions. Bitcoin mining, on the other hand, offers little back to society.Bitcoin mining is problematic as “it leads to an almost infinitely increasing energy demand,” said Espen Barth Eide, the Norwegian Labor party’s top energy lawmaker. “It will displace other far more productive industries.”Norway’s electrification program will boost power demand 30% by 2040, according to grid manager Statnett SF. The country, known as Europe’s green battery because of its vast hydro resources, is poised to send more electricity to the continent through new cables, which will curb availability for new large users.The Nordic power surplus, excluding Iceland, is expected to shrink by 90% from 2023 to the end of the decade, according to industry consultant Volue Insights AS. New demand will mainly be for hydrogen production and data centers.Rocky PathWhile Iceland built a separate hydropower plant to allow for a new smelter in 2008, that courtesy won’t extend to Bitcoin miners, according to Arnarson, the utility chief.“Nobody would build a power plant for Bitcoin,” he said. “There’s a lot of uncertainty about the future development.”Cryptocurrencies emerged as an alternative investment in the last decade, but have famously whipsawed investors. A spectacular crash three years ago left it ice cold. It’s been spurned by billionaire investors including Warren Buffett, and loved by business mavericks such as Musk.It’s on a tear again, having doubled in value this year.Goldman Sachs Group Inc. and Morgan Stanley plan to offer their clients access to crypto investments. Tesla Inc. earlier this year disclosed a $1.5 billion investment in Bitcoin and now accepts it as payment for its electric cars.Back on Iceland, Johann Snorri Sigurbergsson, business development manager at the HS Orka power plant, says the nation is closer to an energy shortage than a glut. His company is busy adding capacity on the Reykanes peninsula in the southwest.While he’s open to eventually taking on more customers, right now the price would need to be “pretty high.”“We would need to buy some energy from the market to be able to serve them,” he said. “But that kind of business case is not the price the miners are looking for.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
U.S. technology and growth stocks have taken the market's reins in recent weeks, pausing a rotation into value shares as investors assess the trajectory of bond yields and upcoming earnings reports. Technology has been the top-performing S&P 500 sector in April, rising 8% versus a 5% rise for the benchmark index. Big tech-related growth stocks in other S&P 500 sectors such as Amazon Inc, Tesla Inc and Google-parent Alphabet Inc have also charged higher.
In a new interview, BNY Mellon Wealth Management CEO Catherine Keating tamped down concern about inflation, saying the price hikes will be temporary. She pointed to two trends that predate the pandemic: an aging population and rising debt.
(Bloomberg) -- British industrialist Sanjeev Gupta’s companies seemed to be prospering until his main lender, Greensill Capital, imploded last month. But long before Greensill collapsed, several banks had cut off the commodity trading business of Gupta’s Liberty House Group.Four banks stopped working with Gupta’s commodity trading business, starting in 2016, after they became concerned about what they perceived to be problems in bills of lading – shipping receipts that give the holder the right to take possession of a cargo – or other paperwork provided by Liberty, according to interviews with 18 people directly involved in the trades, as well as internal communications seen by Bloomberg News. The banks include Sberbank PJSC, Macquarie Group Ltd., Commonwealth Bank of Australia and ICBC Standard Bank. Goldman Sachs Group Inc. also stopped working with Gupta’s companies around that time.In 2018, Sberbank sent a team to scour the brightly colored containers stacked in the port of Rotterdam, looking for the ones full of nickel that the bank had financed on behalf of Liberty. Yet each time investigators located one of the containers, they found it had already been emptied, according to two people involved in the matter. After checking about 10 of them, they gave up, the people said. Sberbank confronted Gupta at a meeting weeks later. He promised that his company would pay back the roughly $100 million it owed, the people said.“At some point certain discrepancies were spotted within documentation and logistical data, which made Sberbank discontinue all operations with the company,” the bank said in an emailed statement. “The issue was settled in pre-trial format. Thanks to the existing control systems, we incurred no financial losses through these operations and managed to unwind all transactions in the spring of 2019.”GFG Alliance, which is made up of the companies controlled by Gupta and his family, including Liberty, said in an emailed statement sent by a spokesman that it refutes any suggestion of wrongdoing.“An internal investigation was conducted in 2019 by Liberty Commodities Limited (LCL)’s external legal advisors following enquiries regarding alleged rumours of double pledging,” GFG Alliance said in the statement. “The investigation found no evidence to substantiate the rumours, nor was LCL ever subject to further complaints or proceedings.”Double pledging is the practice of improperly raising funds more than once using the same collateral. As several banks dropped Gupta’s commodity trading unit, GFG Alliance came to rely more on Greensill Capital for loans – ultimately racking up debts of nearly $5 billion to Lex Greensill’s trade finance company by March 2021, according to a presentation seen by Bloomberg News. Gupta’s commodity trading business alone has $1.04 billion of debt, of which $846 million is owed to Greensill, according to the presentation. “LCL has ongoing banking relationships with separate financial institutions,” GFG Alliance said in the statement. “Its reliance on Greensill was a natural consequence of the competitive nature of the trade finance market, which has been hugely challenging for all but the very largest commodities traders in recent years.”Now, with Greensill in insolvency and its German subsidiary under a criminal complaint after the regulator said it found irregularities in how the banking unit booked assets tied to GFG Alliance, Gupta is trying to find new financing. But it’s been tough. After Gupta searched for would-be financial backers for weeks, Credit Suisse Group AG – which became a major lender to Gupta’s companies by buying debt packaged by Greensill – moved last month to push Liberty Commodities Ltd. into insolvency. Gupta said in interviews on BBC Radio 4 and Sky News on April 1 that the action made no sense and that he’d litigate it if needed.Lending RisksTraders in the world of commodities have long relied on banks to help finance the flow of goods on their journey from origin to destination. From the banks’ point of view, this type of financing is generally considered low risk. Should the trader run into financial difficulties, the bank can seize its collateral – the cargo – and easily recoup its money. That holds true so long as the shipping paperwork used, such as a bill of lading, is accurate.ICBC Standard Bank stopped financing Liberty’s commodity trading unit by early 2016, after discovering it had presented the bank with what seemed to be duplicate bills of lading, according to two people with direct knowledge of the matter. Commonwealth Bank of Australia pulled the plug on lending to Gupta’s trading business the same year after the bank financed a cargo of metal for Liberty, only to be presented with what appeared to be the same bill of lading a short time later by another trader seeking a loan, according to three people directly involved.Then, in late 2016, Goldman Sachs, which had extended a credit line of about $20 million to Liberty to finance its nickel trade, stopped dealing with Gupta’s trading company after being warned of alleged paperwork problems by a contact in the warehousing industry, according to three people familiar with the matter.Spokespeople for Goldman Sachs, Commonwealth Bank of Australia and ICBC Standard Bank all declined to comment.“No financial institution has been left out of pocket as a result of lending money to LCL,” GFG Alliance said in the statement, referring to Liberty Commodities Ltd. “On the contrary, they have received substantial commercial returns.”By 2016, Liberty had already become one of the world’s largest traders of nickel, according to an interview with Gupta in Metal Bulletin. Still, Liberty’s containers of nickel would sometimes take an unusually long time to travel between Europe and Asia – instead of the normal sailing time of about one month, the voyage would take several months, stopping off at ports along the way for weeks at a time, six people said.Metals trader Red Kite Capital Management, which also cut ties with Liberty, did so because it had become “uncomfortable” with some of the trades, said Michael Farmer, the company’s founder who is also a member of the U.K’s House of Lords. “It was difficult to work out the commercial sense of some of the shipments, which resulted in our decision to err on the side of caution and discontinue such trades,” said Farmer, who is one of the world’s best-known metal traders. “We had no proof of any misdoings.”Savior of SteelGupta was born in Punjab, India, the son of a bicycle manufacturer. He moved to the U.K. as a teenager to attend boarding school and set up Liberty House, his commodities trading business, in 1992 while he was still an undergraduate student at Trinity College, Cambridge. He first hit the headlines in Britain in 2013 when he bought a troubled steel mill in Newport, South Wales, and restarted production at a time when many other steel plants were being closed down. He went on to buy a string of other struggling steelworks, earning him the nickname “the savior of steel.”Gupta’s GFG Alliance isn’t a consolidated group, but a loose conglomerate of more than 200 different entities. The common thread running through both sides of his business, according to six former employees, was a chronic shortage of cash and intense pressure to find new ways to generate financing.On the industrial side of the business, that meant buying one asset after another in rapid succession, including unloved aluminum and steel plants in Yorkshire, England, northern France and South Australia, then borrowing against the business’s own inventory, equipment and customer invoices, often from Greensill.On the trading side of the business, that often meant nickel. Used as an alloying element in the production of stainless steel, nickel is among metals deliverable on the London Metal Exchange, which means that its price can easily be hedged and that banks are usually willing to lend against it; and nickel is expensive, meaning a relatively small amount of space in a ship can hold a valuable cache of metal.The commodity trading business grew rapidly. Revenue rose to $8.41 billion in the 15 months to March 2019, from $1.67 billion in 2012, according to the accounts of Liberty Commodities Group Pte, a Singapore holding company for the trading operations.Delayed DeliveryMacquarie became concerned about the paperwork underpinning some of Liberty’s trades some four years ago, according to four people with direct knowledge of the events as well as written communications seen by Bloomberg News.In one instance, the bank realized that nickel that it was supposed to have received in Antwerp, according to the shipping documentation, wasn’t at the port, according to two people. Liberty eventually delivered the nickel to Macquarie, but at a different port and about two weeks later than was listed in the paperwork.It wasn’t the only time Macquarie’s team had discovered discrepancies in Liberty’s paperwork, the people said.At a meeting in Macquarie’s London offices, executives from the bank grilled Gupta and his top lieutenants about the inner workings of the commodity trading business, three of the people said. Macquarie remained unsatisfied with the explanations, and by mid-2017, the bank had made the decision to stop all financing for Liberty, the people said.A spokesman for Macquarie declined to comment on the matter.After that banking relationship ended in acrimony, Gupta’s companies turned to Sberbank. When that link, too, soured, they became even more reliant on Greensill.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The S&P 500 and the Dow hit record highs on Friday after Morgan Stanley wrapped up bumper quarterly earnings reports from big U.S. banks, while optimism about a solid economic rebound put the main indexes on course for weekly gains. Nine of the 11 S&P indexes were higher, with only the information technology and the energy indexes edging lower after outperforming in the previous session. The benchmark S&P 500 and the blue-chip Dow are on course for their fourth straight week of gains, while the technology-heavy Nasdaq is less than a percent below its own all-time closing high on the back of upbeat economic data and a solid start to the first-quarter corporate earnings season.
Also, ether continued to move higher after the Berlin Fork.
(Bloomberg) -- Gold rose to the highest since late February, putting the metal on course for a second straight weekly gain on help from declines in the dollar and bond yields.A gauge of the dollar fell as much as 0.2%, and 10-year Treasury yields slumped to lowest in a month. The declines came after U.S. retail sales accelerated in March by the most in 10 months as business reopenings, increased hiring and a fresh round of stimulus checks emboldened shoppers, while U.S. March industrial production rose less than expected.“Gold finally trades above recent highs behind a cocktail of lower yields, a soft dollar and a weaker-than-expected industrial production and capacity-utilization report,” said Tai Wong, head of metals derivatives trading at BMO Capital Markets. The production report “indicates the real economy remains uncertain, while the strong retail sales report was purely stimulus-based and transitory.”Bullion has been confined to a narrow trading range this month, with shifts largely driven by movements in the dollar and bond yields. The precious metal has declined more than 7% this year as gold-backed exchange-traded funds witnessed sustained outflows, after playing a crucial role in 2020’s record rally. Net sales continued yesterday.“Gold is unable to make any further significant and sustainable gains due to a lack of support from financial investors,” Daniel Briesemann, an analyst at Commerzbank AG, wrote in a note. “There is still no sign of any trend reversal in gold ETFs.”Spot gold rose as much as 1.9% to $1,769.67 an ounce, the highest since Feb. 26. Futures for June delivery on the Comex rose 1.8% to settle at $1,766.80 an ounce. Spot silver, platinum and palladium also advanced. The Bloomberg Dollar Spot Index declined 0.1%.Bullion rose above its 50-day moving average, but “a decisive move above $1,760 is still required to open a path to $1,800,” said BMO’s Wong.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
NEW YORK/LONDON (Reuters) -Gold prices hit a seven-week high and global stocks scaled new records on Friday after strong U.S. and Chinese economic data bolstered expectations of a solid global recovery from the coronavirus pandemic. Government stimulus, strong corporate earnings from U.S. banks and in Europe, along with signs of economic recovery in countries leading the COVID-19 vaccination race have all helped push stock market indexes to new heights this week. MSCI's broadest gauge of world stocks rose 0.42% to an all-time peak, lifted by surging European shares and lesser gains on Wall Street where both the Dow Industrial and benchmark S&P 500 posted their fourth week of successive gains.
(Bloomberg) -- The U.S. economy’s comeback is firing on all cylinders with employment, retail spending and manufacturing exhibiting strong gains.Thursday’s barrage of economic data showed that some parts of the economy, like retail sales, have returned to or exceeded pre-pandemic levels. Applications for unemployment benefits, while still elevated, hit the lowest in 13 months.The rebound in demand reflected a wave of business reopenings last month, increased vaccination rates and a fresh round of stimulus checks to households. In addition, the bounce back follows a harsh winter and surge in Covid-19 cases in many parts of the U.S. that curbed activity.“We think the momentum continues into the second quarter” as the economy continues to reopen and vaccinations accelerate, said Brett Ryan, senior U.S. economist at Deutsche Bank Securities Inc. “It shows that the economy has significant momentum going into the summer.”The 9.8% increase in March retail sales was the second-largest in government data back to 1992. A separate report showed initial state jobless claims fell by almost 200,000 last week, partly reflecting a significant drop in California.Other reports Thursday showed manufacturing is powering ahead too. A Federal Reserve Bank of New York index of factory activity in the state jumped to the highest level since 2017. A Philadelphia Fed manufacturing gauge improved to the strongest reading since 1973.Additionally, production at U.S. factories increased in March by the most in eight months following the weather-related setback in February and an April measure of homebuilder sentiment improved.U.S. stocks rose to record highs and Treasury yields fell as investors cheered the data and earnings reports.While the economy has shown signs of roaring back, Fed officials have cautioned in recent days that the U.S. has a long road to recovery -- with many Americans still out of work and the virus still percolating.Initial jobless claims are more than double pre-pandemic levels and there are an estimated 8 million fewer jobs than in February 2020. The recovery has also been uneven, with the service industry hit the hardest, leaving many lower-income and minority Americans out of work.Retail BumpThe government’s retail sales report -- which was better than expected -- showed all 13 categories posting gains in March. The total value of retail receipts in each category, with the exception of restaurants, are above where they were in February of last year.Receipts at restaurants rose 13.4% in March, while sales at apparel retailers jumped 18.3% -- both the strongest advances since June of last year.“With consumers still sitting on a pile of accumulated savings combined with the expected reopening of the service economy this summer, our forecast looks for a consumer spending boom this year that will rival any in living memory for most Americans,” Tim Quinlan and Shannon Seery, economists at Wells Fargo Securities, said in a note.Businesses that have been strong throughout the pandemic, including furniture outlets and building material merchants, experienced solid March sales. E-commerce sales also rebounded.Ray Blanchette, chief executive officer of restaurant chain TGI Friday’s, said comparable sales, a key indicator in the restaurant industry, turned positive in March and April over 2019 figures.“Stimulus checks helped,” Blanchette said. “There’s a lot of pent-up demand. And when folks get out they want to enjoy themselves. In many cases, it’s the first time they’ve done it in some time.”While federal stimulus payments provided a temporary spending boost in the month, their impact in the longer term remains to be seen. Reports in the coming months will show whether job growth and overall consumer confidence will be enough to allow for such huge monthly sales gains.Further, as the economy continues to reopen, consumers may steer their spending away from merchandise and more toward travel and other services, which could lead to more moderate retail sales.Gas station receipts rose 10.9%, at least in part reflecting higher fuel prices, which averaged $2.88 per gallon at the end of March, compared with $2.72 at the end of February. The retail figures aren’t adjusted for price changes.Sales at car and motor vehicle parts dealers advanced 15.1% in March, even as automakers faced production constraints due to the global semiconductor shortage.(Adds economist’s comment)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Morgan Stanley surprised investors with a $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit.“The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of the quarter related to the same event,” Morgan Stanley said Friday in its first-quarter earnings statement.The hit was related to Archegos, Chief Executive Officer James Gorman said on a call with analysts. The CEO called the matter a “very complex event,” and said he was pleased with how the company handled it.The firm’s philosophy is to “cauterize bad stuff” and deal with it as quickly as possible, Gorman said. Archegos won’t change how Morgan Stanley views its prime-brokerage business, but it will be looking hard at certain types of family offices and the adequacy of their financial disclosures, he said.The Archegos hit leaves Morgan Stanley as the only major U.S. bank to be nursing losses from the flameout of Bill Hwang’s family office. The New York-based bank was one of the early backers of Archegos despite the legal taint tied to Hwang, who was previously accused of insider trading and in 2012 pleaded guilty to wire fraud on behalf of his predecessor hedge fund, Tiger Asia Management.“This amount is material and should have been disclosed earlier, especially given the degree of attention prior to earnings,” Mike Mayo, an analyst at Wells Fargo & Co., said in a note to clients. “We expect more from Morgan Stanley when it comes to governance, and are incrementally concerned about complacency based on the tone from today’s conference call.”Shares of the company fell 3.4% to $78.05 at 1:57 p.m. in New York, paring this year’s gain to 14%The Archegos collapse rattled investment banks across continents, with Credit Suisse emerging as the worst hit with almost $5 billion in losses from its exposure to the family office.In the wake of Archegos, Morgan Stanley’s equity traders gave up their No. 1 spot, falling behind Goldman Sachs Group Inc. and JPMorgan Chase & Co., which posted big trading wins earlier this week off a wild quarter for markets.Equities-trading revenue at Morgan Stanley nevertheless rose 17% to $2.88 billion, compared with the $2.6 billion average estimate of analysts surveyed by Bloomberg. Goldman Sachs and JPMorgan have been clawing away at Morgan Stanley’s lead in that business, but until now the firm has managed to stay ahead of the pack. Both rivals posted equities revenue in excess of $3 billion for the quarter.Gorman’s PayIn January, Gorman leaped past JPMorgan’s Jamie Dimon as the best-paid CEO of a major U.S. bank, after being awarded $33 million for the firm’s performance in 2020 while running a firm that’s a third the size of JPMorgan.One reprieve for Gorman’s firm was the timing of the fund’s blowup. In any other quarter, the losses would have stood out more starkly. Instead, the hit came at a time when the bank and all its major peers have smashed one record after another, helping dull the pain.“Such a shame we have to talk about the” Archegos hit, given the strong results throughout the rest of the firm, Glenn Schorr, an analyst at Evercore ISI, said in a report titled, “Other Than That, It Was a Great Quarter, Mrs. Lincoln.”Fixed-income trading revenue at Morgan Stanley rose 44% to $2.97 billion, compared with the $2.2 billion analysts were predicting before earnings season kicked off.Morgan Stanley’s investment bankers pulled in $2.61 billion in fees, compared to the $2 billion analyst estimate, as equity underwriting quadrupled. The quarter proved particularly lucrative with the continued explosion in blank-check companies, better known as SPACs, as well as public offerings from technology companies.Banks are also having to fend off fierce demand for their top talent, with venture-capital firm General Catalyst this month luring away Paul Kwan, Morgan Stanley’s head of West Coast technology investment banking.Wealth-management revenue totaled $5.96 billion, up from $5.68 billion in the previous quarter.The acquisition of E*Trade last year also proved timely, as average daily trading surged in the first quarter, well above its fourth-quarter record. The firm also announced the completion of the Eaton Vance takeover last month, adding another business likely to throw off consistent fee-based revenue.(Updates with analyst’s comment in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Dow hits new high, J&J asks other vaccine makers to investigate blood clots, and other news to start your day.
The IRS sent out COVID-19 relief checks to nearly 2M more Americans, including over 700,000 'plus-up' payments for people eligible for more money.
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Turkey's crypto ban sets a bad precedent for other countries mulling similar moves.
Dogecoin was worth as much as $55 billion on Friday, nearly tripling on the day. At current levels, it’s worth about as much as Ford and Marriott.
Citibank has hinted there won't be any possible layoff and closure of physical branches in the countries it is exiting.
(Bloomberg) -- Coinbase Global Inc. got a jump start on its first day of trading from the retail crowd. And the early enthusiasts likely walked away with a few bruises.Day traders purchased a net $57 million of the cryptocurrency exchange’s shares during its debut Wednesday on the Nasdaq Stock Market, according to data from VandaTrack. That total accounted for 7% of the $822 million individual investors spent on all U.S. stocks and exchange-traded funds on the day, and made Coinbase the fifth-most popular debut with the demographic since 2017.They didn’t wait long to jump in.Nearly a third of all retail dollars spent on Coinbase Wednesday poured in during the first 20 minutes of trading as the shares soared by 13% from the opening price of $381 to an intraday high of $429.54. Retail buying tapered off as the initial euphoria waned and the shares paired their gains to finish the day below the opening trade price.Coinbase gained as much as 6.4% in early trading Thursday on news of a $246 million investment from Cathie Wood’s Ark Investment Management and positive analyst coverage, though the shares remained below their opening price.Tayo Kuku, a 27-year old photographer based in Washington, D.C., is among the cohort of investors who bought in. But within 10 minutes of purchasing the stock at $394 and a few conversations with his friends who are also buyers, it “made me realize that I probably didn’t make the best decision jumping in that quickly,” he said.“I obviously knew the risk of jumping in on a company as soon as it went public, but it just seemed like an obvious investment considering cryptocurrency has been the ‘next big thing’ for young investors like me.”Fortunately for Kuku, he managed to sell at a profit at $415. Though he left unscathed, he still plans to “keep an eye out and may possibly dip my feet back in in the next few weeks.”The debut of the first cryptocurrency exchange to list on a U.S. public market was widely hailed as ushering in a new era for the oft-mocked asset class. That drew the attention of retail traders who piled in at a level not seen since the debut of Rocket Cos., the parent of the mortgage giant founded by billionaire Dan Gilbert, making it the fifth most- popular new listing among the group since 2017.“It is pretty surprising to see such strong buying,” said Viraj Patel, global macro strategist at Vanda Research. “There was obviously a lot of hype around this and certainly Coinbase will be almost the best proxy for trading the crypto theme in the coming years.”On Fidelity’s platform Coinbase was the most traded stock on the day. More than 148,000 shares changed hands there, nearly nine times more than runner-up Tesla Inc., according to data from the brokerage.“What is fascinating about Coinbase is this is the first way in which individuals can take part in this new market for cryptocurrencies without being subject themselves to the volatility those currencies have,” Michael Wolf, the chief executive officer and co-founder of Activate, a technology consulting firm, said on Bloomberg Television. “We are going to see that Coinbase is going to be held widely -- at this market cap, it’s going to be held by index funds. It will allow small investors as well as individuals to take part in this entire move toward cryptocurrencies.”But for all the fanfare, Coinbase wasn’t the top pick of at-home traders on Wednesday. That honor went to the ProShares UltraPro QQQ exchange-traded fund (ticker TQQQ), a three times levered tracker of the Nasdaq 100 Index, which saw $72 million of net retail buying on the day despite plunging by 3.5%.(Updates for Thursday trading in the fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The total market value of the EV charging stocks amounts to roughly $15 billion, a tiny fraction of the near-trillion-dollar market valuation of all the EV maker stocks combined.
The IRS chief tells Congress the child tax credit payments will arrive on time after all.