Author: Chief Editor

FTX bought a 10% stake in IEX with an option to acquire 100% FTX spent $2 billion on ‘acquisitions for regulatory purposes’ Documents show FTX saw its regulatory status as a way of luring new capital from major investors Before it collapsed this month, FTX stood apart from many rivals in the largely unsupervised crypto industry by boasting it was the “most regulated” exchange on the planet and inviting closer scrutiny from authorities. Now, company documents seen by Reuters reveal the strategy and tactics behind founder Sam Bankman-Fried’s regulatory agenda, including the previously unreported terms of a deal announced earlier…

Hundreds of Twitter Inc employees are estimated to have decided to quit the beleaguered social media company following a Thursday deadline from new owner Elon Musk that staffers sign up for “long hours at high intensity,” or leave. The departures highlight the reluctance of some of Twitter’s 3,000 or so employees to remain at a company where Musk earlier fired half of the workforce including top management, and is ruthlessly changing the culture to emphasize long hours and an intense pace. Musk took to Twitter late on Thursday and said that he was not worried about resignations as “the best…

Meta Platforms Inc (META.O) Chief Executive Mark Zuckerberg told employees on Thursday that WhatsApp and Messenger would drive the company’s next wave of sales growth, as he sought to assuage concerns about Meta’s finances after its first mass layoffs. Zuckerberg, addressing pointed questions at a company-wide meeting a week after Meta said it would lay off 11,000 workers, described the pair of messaging apps as being “very early in monetizing” compared to its advertising juggernauts Facebook and Instagram, according to remarks heard by Reuters. “We talk a lot about the very long-term opportunities like the metaverse, but the reality is that business messaging…

Twitter has had a bumpy ride since new owner Elon Musk took charge last month. The world’s richest person halted plans to charge $8 for the sought-after blue check mark as fake accounts mushroomed, while bringing back the “official” badge for some users just days after he “killed” it. Twitter has also cut staff by half, while Musk has raised the possibility of the social media platform going bankrupt. Advertisement · Scroll to continue Musk recently told employees to consider whether they wanted to stay on “working long hours at high intensity” or take a severance package of three months…

Atletico Madrid forward Matheus Cunha will be allowed to leave the club amid interest from Manchester United, as per Marca. The Red Devils pursued a potential deal for Cunha, 23, this past summer as Erik ten Hag looked to bolster his attacking options. No move for the Brazilian to Old Trafford ensued, but Manchester United’s interest is there. Cunha has managed just two assists in 17 appearances across competitions this season. He is dealing with the disappointment of missing out on a spot in Brazil’s 26-man squad for the 2022 FIFA World Cup. Atleti are prepared to part ways with Cunha in the January transfer…

Financial technology companies, long seen as a threat by the likes of JPMorgan Chase & Co (JPM.N), are increasingly becoming acquisition targets for traditional U.S. banks as rising interest rates and falling valuations crimp their expansion. The valuations of listed financial technology firms have plunged 70% in 2022, analysts at Jefferies Group said in a note last week. In the same period, the valuations of banks in the S&P 500 are down 33%, while valuations for the S&P 500 (.SPX) are down 23%, according to data from Refinitiv IBES. Reuters Graphics The decline presents an opportunity for Main Street banks to buy companies…

lon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organizational restructuring this week. Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc (TSLA.O) was based on easy to achieve performance targets and was approved by a compliant board of directors. However Musk later said in a tweet that he will continue to run Twitter until it is in a strong place, though it will “take…

South African civil servants will march to the National Treasury in the administrative capital Pretoria and in the country’s other eight provinces next Tuesday to pressure the government over a wage dispute. The largest trade union federation in the country, COSATU, and other federations representing the majority of the more than 1 million public sector workers told a news conference on Thursday that they would continue to protest until the government improves its 3% salary increase offer. Wage negotiations between unions and the government collapsed in early October, with the government subsequently saying it would unilaterally implement the 3% increase…

The dollar rose on Thursday as investors digested mixed U.S. economic data, while the British pound changed direction and slipped ahead of the government’s budget update. The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve officials have suggested that the central bank can soon slow the pace of its punishing interest rate hikes. Yet the dollar rose on Thursday after U.S. retail sales data for October, released on Wednesday, came in stronger than expected. The euro was down 0.33% against the dollar at $1.036 at 1045 GMT, after hitting its highest level since July at $1.048…

Burberry’s (BRBY.L) new chief executive Jonathan Akeroyd will on Thursday set out his plan to finish the job started by his predecessor: boosting growth at the British luxury brand to the levels of its European rivals. Akeroyd, who took over in April, will present his strategy alongside first-half results that will show the lingering impact of lockdown restrictions in China, Burberry’s biggest market. He has already made his key appointment in choosing Daniel Lee to replace Riccardo Tisci as chief designer at the 166-year-old label. Burberry has lagged competitors like Gucci, Prada and Loewe in creating a sharp brand in recent years…