Monthly Archives: January 2023
Odey’s flagship hedge fund up record 152% on inflation wager
(Hedgeweek) Multi-millionaire investor Crispin Odey’s flagship European Inc hedge fund recorded its best performance last year since launching back in 1991 driven largely by a series of winning bets on spiralling inflation, according to a report by Bloomberg. To read […]
Creator of CoinDeal Crypto Scheme and Seven Others Charged in Connection with $45 Million Fraud
(HedgeCo.Net) The Securities and Exchange Commission charhasged Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC for their involvement in a fraudulent investment scheme named CoinDeal that raised more than […]
Amazon says it will cut over 18,000 jobs, more than initially planned
(CNBC) Amazon said Wednesday it will cut over 18,000 jobs, a bigger number than the e-retailer initially said it would be eliminating last year. The Wall Street Journal reported on the cuts earlier, which Amazon said preempted its planned announcement. […]
Salesforce is cutting 10% of its personnel, more than 7,000 employees
(CNBC) Salesforce is cutting 10% of its personnel and reducing some office space as part of a restructuring plan, the company announced Wednesday. The company employed more than 79,000 workers as of December. In a letter to employees, co-CEO Marc […]
Fed officials see higher rates for ‘some time’ ahead
(CNBC) Federal Reserve officials are committed to fighting inflation and expect higher interest rates to remain in place until more progress is made, according to minutes released Wednesday from the central bank’s December meeting. At a meeting where policymakers raised […]
Samsung expected to post lowest quarterly profit in years due to memory chip ‘market carnage’
(CNBC) Samsung’s profit could nosedive when it reports fourth-quarter earnings guidance this week as prices for key memory chips continue to plunge amid weak demand. Analysts expect Samsung to report 7.18 trillion South Korean won ($5.64 billion) in operating profit […]
Nonprofit financed by billionaire George Soros quietly donated $140 million to political causes in 2021
(CNBC) A nonprofit financed by billionaire George Soros quietly donated $140 million to advocacy organizations and ballot initiatives in 2021, plus another $60 million to like-minded charities. Soros, who personally donated $170 million during the 2022 midterms to Democratic candidates […]
SEC Charges Former SPAC CFO for Orchestrating $5 Million Fraud Scheme
(HedgeCo.Net) The Securities and Exchange Commission has announced fraud charges against Cooper J. Morgenthau, the former CFO of African Gold Acquisition Corp., a SPAC or special purpose acquisition company, for orchestrating a scheme in which he stole more than $5 […]
Apple and Amazon lost a ‘staggering’ $800 billion in market cap in 2022. Here’s what that looks like
(CNBC) Sometimes a little perspective is needed to really drive home the magnitude of a specific statistic. That’s the case with the gigantic losses tallied by Apple and Amazon last year. The two stocks were the biggest losers of market […]
Apple’s market cap falls under $2 trillion as sell-off continues
(CNBC) Apple shares fell more than 3% trading on Tuesday, giving the iPhone maker a market capitalization under $2 trillion for the first time since May. Apple fell $3.74% to a price of $130.20 per share, a 52-week low, giving […]
Sam Bankman-Fried pleads not guilty to federal fraud charges in New York
(CNBC) Sam Bankman-Fried pleaded not guilty in New York federal court Tuesday to eight charges related to the collapse of his former crypto exchange FTX and hedge fund Alameda Research. The onetime crypto billionaire was indicted on charges of conspiracy […]
Regulators warn U.S. banks on crypto risks including ‘fraud and scams’ after FTX collapse
(CNBC) U.S. banking regulators warned financial institutions on Tuesday that dealing with cryptocurrency exposes them to an array of risks, including scams and fraud. “The events of the past year have been marked by significant volatility and the exposure of […]