Month: November 2022

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Politics

Jeffrey Epstein estate settles Virgin Islands sex trafficking situation for above $105 million

Jeffrey Epstein estate settles Virgin Islands sex trafficking situation for above 5 million


Jeffrey Epstein in Cambridge, MA in 1984.

Rick Friedman | Corbis Information | Getty Illustrations or photos

The estate of deceased intercourse offender Jeffrey Epstein and associated entities agreed to fork out the U.S. Virgin Islands extra than $105 million as portion of a settlement in a sexual intercourse trafficking and baby exploitation situation, the Section of Justice mentioned Wednesday.

The settlement also expected the defendants to spend the Virgin Islands fifty percent the proceeds from the sale of Very little St. James, the private island that was owned by Epstein and was allegedly a main hub for his yearslong felony sexual intercourse trafficking company, the DOJ mentioned.

The estate will also fork out $450,000 to address damages around a individual island Epstein owned, exactly where the DOJ explained it discovered that he “razed the continues to be of centuries’-old historic buildings of enslaved workers to make space for his advancement.”

And the Virgin Islands will recoup a lot more than $80 million in financial growth tax rewards “that Epstein and his co-defendants fraudulently obtained to gasoline his legal company,” the DOJ said.

The payments will be designed more than the time period of no far more than a single 12 months, the government mentioned. The settlement does not include admissions of wrongdoing by the estate, its co-executors, Darren Indyke and Richard Kahn, or the other defendants.

“This settlement restores the religion of the People of the Virgin Islands that its rules will be enforced, without panic or favor, towards these who break them,” Virgin Islands Attorney General Denise George reported in a push release Wednesday night. “We are sending a clear message that the Virgin Islands will not serve as a haven for human trafficking.”

Daniel Weiner, an legal professional for the Epstein estate, famous in a statement to NBC News that the settlement “does not contain any admission or concession of legal responsibility or fault by the Estate or any other parties, and the Co-Executors deny any allegations of wrongdoing on their aspect.”

“The Co-Executors finally concluded that the settlement is in the greatest pursuits of the Estate, which includes its collectors and claimants, to keep away from the time, price and inherent uncertainties of protracted litigation,” Weiner mentioned. “The settlement is dependable with the Co-Executors’ stated intent and practice due to the fact their appointments to people roles — to resolve statements relevant to any misconduct by Jeffrey Epstein in a method delicate to all those who suffered hurt.”

Weiner’s statement also observed that a fund to compensate Epstein’s victims has compensated over $121 million to 136 folks, and that the estate intends to “wind down its remaining actions” in the Virgin Islands “as soon as practicable.”

Epstein, the formerly rich and well-related financier who was close friends with former Presidents Monthly bill Clinton and Donald Trump, killed himself in a Manhattan jail 1 thirty day period just after his arrest in 2019 on legal intercourse trafficking fees.

The Virgin Islands brought civil claims from Epstein’s estate in 2020 under a regulation very similar to the federal RICO Act, which aims to beat organized criminal offense.

The scenario alleged that Epstein masterminded a legal company by means of which lots of “youthful women of all ages and female children have been sexual intercourse trafficked, raped, sexually assaulted and held captive” at Minor St. James, the island Epstein acquired in 1998. Some of people ladies have been as younger as 13 yrs aged, the DOJ’s lawsuit alleged.

The DOJ’s announcement Wednesday evening noted that proceeds from the sale of Epstein’s island will go toward a trust focused to funding attempts to aid victims of intercourse trafficking and sexual abuse.

Previous yr, a jury convicted Ghislaine Maxwell, Epstein’s shut associate and his accused procurer of younger girls, on numerous felony counts. A federal choose in April denied Maxwell’s ask for for a new trial.



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World

It’s been a lousy 12 months for tech. But best trader Paul Meeks is betting on these shiny spots

It’s been a lousy 12 months for tech. But best trader Paul Meeks is betting on these shiny spots




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World

UBS reveals world-wide stocks that will gain — or shed — when China reopens

UBS reveals world-wide stocks that will gain — or shed — when China reopens




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Categories
Business

Jim Cramer says to use Wednesday’s rally to reposition into profitable stocks

Jim Cramer says to use Wednesday’s rally to reposition into profitable stocks


CNBC’s Jim Cramer urged investors to use the market’s rally on Wednesday to recalibrate their portfolios.

“Use this moment to pivot yourself. Get out of the stocks I’ve been railing against for a full year,” he said, adding, “Get into the stocks of companies that make things and do stuff at a profit and return some of that to you.”

Stocks rose on Wednesday after Federal Reserve Chair Jerome Powell signaled that the central bank will ease back its brisk pace of interest rate increases as soon as December, though he maintained there’s still a way to go before prices stabilize.

Cramer reminded investors that while Powell’s remarks bode well for investors hoping the Fed will engineer a soft landing, it doesn’t mean that the macroeconomic headwinds battering companies’ balance sheets have disappeared.

In other words, investors should still exercise caution and avoid companies that are on the path to continue hemorrhaging cash.

“If your company has just laid off a bunch of people because it’s losing so much money, that’s not where you want to be. If your company doesn’t return capital because it doesn’t have any capital to return, that’s not where you want to be,” he said.

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World

Inventory futures tick higher after Wednesday’s rally

Inventory futures tick higher after Wednesday’s rally


Traders on the ground of the NYSE, Nov. 1, 2022.

Resource: NYSE

Inventory futures ticked larger in overnight investing Wednesday.

Futures tied to the Dow Jones Industrial Typical rose 13 details, or .04%, when those tied to the S&P 500 and Nasdaq 100 attained .25% and .21%, respectively.

Salesforce’s stock get rid of 8% in prolonged investing on news that co-CEO Bret Taylor is stepping down. Snowflake shares tumbled far more than 13% on mild merchandise earnings assistance.

The right away moves followed a sharp rally during typical investing, with the Nasdaq Composite and the S&P 500 snapping 3-day losing streaks as Federal Reserve Chair Jerome Powell appeared to confirm a slowdown in the central bank’s tightening — a problem that is lingered in the latest months.

“The marketplace is having ease and comfort in Powell’s well balanced tone – specifically the indicator of slowing curiosity level hikes ahead and ‘risk management’ to mitigate hazard of overtightening,” said Yung-Yu Ma, chief financial investment strategist at BMO Wealth Administration.

On Wednesday, the Dow Jones Industrial Normal jumped 737.24 factors, or 2.18%, to 34,589.77, though the tech-large Nasdaq Composite and S&P 500 surged 4.41% and 3.09%, respectively. All 11 S&P 500 sectors finished the working day higher, led by technologies stocks that have arrive beneath tension this yr on fears of slowing growth.

All the important averages finished November greater. The Nasdaq rose 4.37% — its second good month in a row for the to start with time considering the fact that a a few-thirty day period streak ending December 2021. Each the S&P and Dow rose 5.38% and 5.67%, respectively, to finish their 2nd consecutive thirty day period of gains for the initially time since August 2021.

Investors’ focus Thursday turns to initial jobless statements ahead of the a great deal expected November jobs report because of out Friday. The payrolls report is expected to give additional clarity on the labor marketplace, and whether it proceeds to amazing. Economists surveyed by Dow Jones estimate the economic climate additional 200,000 careers in November, down from 261,000 additions in Oct. They also foresee that the unemployment amount held steady from the prior month at 3.7%.

Personalized money and particular intake expenditure knowledge are also predicted, along with earnings from Kroger, Greenback Normal, and Ulta Natural beauty.



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Politics

White Household weighs future release of crisis heating, crude oil reserves as winter nears

White Household weighs future release of crisis heating, crude oil reserves as winter nears


An aerial of the Strategic Petroleum Reserve storage at the Bryan Mound website seen on October 19, 2022 in Freeport, Texas. The most important casualties who will put up with the brunt of significant strength prices is neither the United States nor Europe — but emerging and producing nations, explained the head of International Vitality Agency (IEA) Fatih Birol.

Brandon Bell | Getty Photos News | Getty Visuals

The Biden administration is looking at tapping further reserves of heating and crude oil as wintertime nears and uncertainty in excess of marketplace selling prices worsens, according to 4 individuals common with the subject.  

The U.S. presently retains about 1 million barrels of heating oil — a type of diesel gasoline utilized generally to warmth residences — in three commercially leased places in the New York and Connecticut. The White Home is weighing irrespective of whether to get in touch with on Congress to increase the storage limit, potentially doubling it, to create additional reserves the administration could launch if provide tightens or rates rise once more, in accordance to two sources familiar with the make a difference. 

“While improving upon, field-held gas inventories are however below ordinary and the administration continues to interact with marketplace on inquiring them to raise gasoline shares,” the Office of Electricity claimed in a assertion to CNBC. “The administration continues to work with lawmakers and field to determine all alternatives that can support American shoppers.”

Industry heating oil inventories have risen a little bit in recent months, now sitting down about 10% underneath the five-year typical, according to Electrical power Information and facts Administration. But with a 54% leap in heating oil costs in the past 12 months, any hiccup in source could suggest a headache for buyers. 

Crude oil, meanwhile, has dropped to charges previous seen in early 2022 in advance of Russia invaded Ukraine, major to speculation the administration could go to replenish the shares, which stand at fifty percent the total ability of the Strategic Petroleum Reserve, the least expensive amount considering that the mid-1980s. 

But the White Dwelling is bracing for a prospective price tag spike, with Europe’s oil embargo and the G7’s selling price cap on Russian oil probably disrupting source when they go into influence subsequent 7 days. Two senior administration officials say the possibility remains open to release added oil from the reserves in early 2023. 

“I feel we want to make guaranteed that we choose the suitable techniques in a measured way,” Amos Hochstein, a senior power advisor to President Joe Biden, reported on CNBC’s “Squawk Box.” “The goal has been dependable — to have costs that are fair to the marketplace but good to the people as very well.” 

The White Home could facial area extra strain from a Republican-led Household of Associates to replenish the Strategic Petroleum Reserve when the new Congress begins its session in January. In June, the main Republicans on the Dwelling Electricity & Commerce Committee recommended the Strategic Petroleum Reserve’s slipping level was turning into a national safety threat.

“It is imperative that DOE preserve the nation’s petroleum reserves in a manner that does not limit our capability to avoid or reduce the adverse impacts of genuine energy offer shortages,” wrote Reps. Cathy McMorris Rodgers, R-Clean., and Rep. Fred Upton, R-Mich.

The White Home has reported it programs to replenish the Strategic Petroleum Reserve when price ranges are concerning $67 and $72 a barrel, and it hopes to enter into fixed-value contracts with producers by the finish of 2023.  



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Finance

Stocks earning the greatest moves just after hours: Salesforce, Snowflake, Costco, 5 Down below and a lot more

Stocks earning the greatest moves just after hours: Salesforce, Snowflake, Costco, 5 Down below and a lot more


In this write-up

  • 5
  • Price
  • SNOW
  • CRM
Signage on a Saleforce business office constructing in San Francisco, California, U.S., on Tuesday, Feb. 23, 2021.
David Paul Morris | Bloomberg | Getty Images

Look at out the providers earning headlines just after the bell: 

Salesforce — Salesforce’s inventory shed 6.7% in spite of beating analysts’ expectations on each the top and base strains after saying the departure of co-CEO Bret Taylor.

Snowflake — The cloud inventory tumbled 6% after hours on gentle product revenue guidance regardless of a prime and bottom line defeat. Snowflake claimed it expects revenue to occur in among $535 million and $540 million in the fourth quarter, underneath estimates of roughly $553 million, in accordance to StreetAccount.

Costco Wholesale — The retail stock ticked about 3.2% decrease in extended investing just after putting up November income numbers. Costco mentioned internet gross sales for the period of time came in at $19.17 billion, up 5.7% yr above yr. E-commerce gross sales fell 10.1% throughout the time period.

Victoria’s Secret — The women’s clothing maker’s stock dove as substantially as 5% after hours on a disappointing fiscal fourth-quarter earnings forecast. Profits during the interval is expected to fall at a high-single-digit tempo year-over-year. Fiscal 3rd-quarter earnings defeat anticipations by 6 cents a share.

Okta —Shares surged 14% just after the business exceeded Wall Street’s anticipations on the top rated and base traces. The identity management software provider also shared far better-than-predicted direction for the fourth quarter.

Five Down below — Five Below’s inventory jumped 9% in prolonged trading following the worth retailer lifted its forecast immediately after beating fiscal 3rd-quarter estimates. In the hottest quarter, it acquired 29 cents a share on income of $645 million. Analysts anticipated earnings of 14 cents a share on $613 million in earnings.

Splunk —The program inventory received 7.9% after surpassing analysts’ estimates. Excluding products, Splunk posted earnings of 83 cents a share for the third quarter on income of $929.8 million, in accordance to StreetAccount.

PVH — Shares of the operator of Calvin Klein soared 10.4% on good quarterly benefits and solid forward advice. PVH topped Wall Street’s earnings and income anticipations, stating it expects full-12 months revenues to hit the bigger close of its envisioned array.

Elastic NV — Shares of the software program and details analytics enterprise slumped 16.7% even with exceeding Wall Street’s anticipations for the fiscal next quarter, in accordance to StreetAccount. Earnings direction, even so, arrived in lighter than predicted.



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World

‘I did not at any time try to commit fraud on any one,’ previous FTX CEO Sam Bankman-Fried claims

‘I did not at any time try to commit fraud on any one,’ previous FTX CEO Sam Bankman-Fried claims


Tom Williams | CQ-Roll Simply call, Inc. | Getty Visuals

Placing a contrite tone, former FTX CEO Sam Bankman-Fried claimed he “failed to do a good position” at upholding his obligations to regulators, shoppers, and investors in a hotly expected discussion with CNBC’s Andrew Ross Sorkin at the Dealbook Summit.

“I did not at any time try out to dedicate fraud on anyone,” Bankman-Fried explained. “I observed it as a thriving enterprise and I was shocked by what happened this thirty day period.”

Sorkin questioned Bankman-Fried why FTX and Bankman-Fried even had obtain to client dollars.

“I was not managing Alameda, I did not know just what was going on, I did not know the measurement of their placement,” Bankman-Fried stated. “A lot of these are issues I have uncovered above the past month [in the days leading up to bankruptcy.

Bankman-Fried appeared by video feed from the Bahamas, Sorkin said. Sorkin pressed Bankman-Fried on Alameda’s gambling on questionable cryptocurrencies, reading a letter out from an investor who lost his life savings of $2 million.

“The U.S. platform is fully solvent and funded,” Bankman-Fried said. “I believe withdrawals could be opened up today and be made whole.”

Bankman-Fried defended the fact that he was unaware of the Alameda exposure. In 2019, he said, 40% of FTX’s volume was from Alameda. By 2022, Bankman-Fried claimed, that number was down to 2%, which led him to believe that FTX’s exposure was lessened.

Sorkin continued to press Bankman-Fried on the lending of customer assets. Bankman-Fried demurred.

“In 2018, FTX didn’t have bank accounts,” Bankman-Fried said as justification for why users were asked to wire funds to an account in Alameda’s name instead of directly to FTX.

Rumors had flown since FTX’s November 11 implosion about whether Bankman-Fried would appear at the event. In a tweet last week, the former FTX CEO confirmed he’d sit down to talk with Sorkin.

Bankman-Fried’s FTX imploded in mid-November after Coindesk reported irregularities in FTX balance sheets. Since FTX filed for bankruptcy protection in Delaware on Nov. 11, Bankman-Fried has engaged with the media sporadically. “F*** regulators,” he told a Vox reporter in a Twitter message.

“I f***** up,” he wrote in another Tweet.

Semafor disclosed messages between Tesla CEO Elon Musk and Bankman-Fried, in which Musk invited the former crypto billionaire to roll over his $100 million stake in Twitter.

FTX was once hailed as the poster child of responsible crypto. Regulators and lawmakers looked to Bankman-Fried as the future of crypto regulation, a reputation that Bankman-Fried cultivated through appearances before Congress and deepened through generous political contributions.

Bankman-Fried was already known as one of the largest donors to Democratic candidates. He claimed in a recent interview that he gave equally generously to Republican causes, through so-called “dark pool” contributions.

Reporters, Bankman-Fried said, “freak the f*** out if you donate to Republicans.”

This is a developing story. Please check back for updates.



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Technology

Salesforce stock falls more than 5% on earnings and unexpected departure of co-CEO Bret Taylor

Salesforce stock falls more than 5% on earnings and unexpected departure of co-CEO Bret Taylor


Salesforce cofounder and co-CEO Marc Benioff speaks for the duration of the grand opening of the Salesforce Tower, the tallest creating in San Francisco, Calif., Tuesday, May well 22, 2018.

Karl Mondon | Bay Spot News Group | Getty Illustrations or photos

Salesforce reported earnings and income on Wednesday that defeat analyst anticipations. It also introduced that co-CEO Bret Taylor is stepping down. CEO and Salesforce co-founder Marc Benioff will the be sole person in cost of the corporation.

Salesforce inventory fell above 6% in prolonged buying and selling.

Here is how the business did compared to Refinitiv consensus estimates for the quarter ending in October:

  • EPS: $1.40, altered, as opposed to $1.21 predicted by analysts
  • Earnings: $7.84 billion versus $7.82 billion predicted by analysts

Salesforce explained it anticipated among $7.9 billion to $8.03 billion in income in the firm’s fourth fiscal quarter, lower at the midpoint than analyst anticipations of $8.02 billion in revenue in the fourth quarter. The firm also reported it would get a $900 million hit in profits simply because of overseas currency results.

Salesforce’s full earnings enhanced 14% yr-about-yr. Final quarter, Salesforce trimmed its year-close estimates for equally profits and earnings, citing a weaker economic cycle. It reaffirmed those people estimates on Wednesday.

Salesforce mentioned that its working dollars stream came in at $313 million for the quarter, which was a decrease of 23% 12 months-in excess of-yr.

Subscription and guidance profits, which features the company’s flagship Gross sales Cloud application and includes the greater part of the firm’s income, arrived in at $7.23 billion, which was up 13% year-above-year.

The Platform and Other category that contains Slack claimed $1.51 billion in product sales, an 18% boost 12 months-around-calendar year.

Salesforce invested $1.7 billion on share repurchases throughout the quarter, the enterprise explained.



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Business

Amazon CEO says Prime could become ‘standalone business,’ stands by layoffs

Amazon CEO says Prime could become ‘standalone business,’ stands by layoffs




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