Meet our 2022 conference speakers
We’re excited to announce the lineup for our DealBook Summit on November 30th at Lincoln Center in New York City. Andrew hosts a series of conversations with the biggest newsmakers in the world of business, politics and culture.
Among the speakers: President Volodymyr Zelensky Ukraine; Minister of Finance Janet Yellen; Mark Zuckerberg, Co-Founder, Chairman and CEO of Meta. Show Choo Choo CEO of TikTok. Mike Pence Former Vice President of the United States. Andy Jassy CEO of Amazon. Reed Hastings Co-Founder and Co-CEO of Netflix.Mayor Eric Adams of New York; Larry FinkChairman and CEO of BlackRock. Sam Bankman-Fried, CEO of FTX.When Priscilla Sims BrownCEO of Amalgamated Bank
You can register directly here.
this is what is happening
Continental Resources stock soars on founder’s takeover offer. Oil billionaire Harold Hamm said Monday he plans to buy 17% of Continental that he doesn’t own about $4.3 billionHowever, the company’s largest outside shareholder, Smede Capital, The price of $74.28 per share was too low.
ExxonMobil says Russia forcibly took the largest oil field there. The oil giant said it had completely withdrawn from the country and accused Moscow of: expropriation of shares At the Sakhalin 1 oil and gas project. The declaration may indicate that Exxon is seeking damages in international arbitration.
The EU is reportedly considering helping Ukraine pay for its Starlink service. European civil servants Create options According to The Financial Times, it will fund the use of SpaceX’s satellite internet service. Elon Musk said over the weekend that SpaceX would cover the costs, but the EU is reportedly worried he might change his mind.
Moderna plans to secure up to 100 million Covid vaccines for poor countries. Pharmaceutical companies say they will market doses that target coronavirus subspecies Vaccine Alliance Gavi At the lowest price shown. The shots will be distributed through Covax, a WHO-backed initiative that has already supplied 1.8 billion doses.
Intel Said to Lower IPO Valuation for Self-Driving Division The company believes in Mobileye’s value less than $20 billionThe number of shares sold in the business is down from more than $50 billion, according to The Wall Street Journal. .
Britain is back from the financial brink — for now
The British pound and government bonds remained stable on Tuesday after Jeremy Hunt, Britain’s new finance minister, withdrew a package of outstanding tax cuts and promised to strengthen Britain’s finances.But according to the country’s central bank Movement shows that there is still work to be done.
Bank of England likely to delay ‘quantitative tightening’ The sale of government bonds worth billions of pounds, according to the Financial Times. delayThis is the second time in many months after the central bank was forced to intervene and halt the sale of government bonds by pension funds, aimed at keeping the so-called gold coin market stable. increase. (The Bank of England hadn’t decided that Whether to delay the sale of bonds. )
Aftermath of Hurricane Ian
Meanwhile, Prime Minister Liz Truss remains under pressure, Despite the recent market calm. Truss apologized for the confusion the proposed tax cut had spurred — she had left.”too far too fast‘, she told the BBC, but insisted she would continue to lead the ruling Conservative Party.
But Truss was barely present in yesterday’s congressional session, even though allies insisted she wasn’t.hide under the desk”
Business leaders said they remained concerned about government stability. Hunt has withdrawn his most controversial tax cut, pointing out that he has yet to lay out a more substantive plan for the future. Reducing UK public spendingAnd economists now believe the UK A deeper recession than previously predictedas A direct result of confusion Caused by the now dead tax cuts.
A dump of China’s economic data that wasn’t
China-watchers and economists are trying to make sense of Beijing’s surprising move to delay the release of key economic data, including third-quarter GDP, which was due to be released on Tuesday. We considered whether the second largest economy is doing even worse than expected.
Such delays do not actually occur. “In nearly half a century of monitoring data releases, I have never encountered a situation where a huge number of statistical reports were deferred, even in times of epidemic or conflict.” told The Times.
Under Xi, the Communist Party has reasserts its control over the economy, and he mentioned Marx over markets in his keynote address last Sunday.
“The most important thing is not the economy, but the party convention,” Hongbin Li, co-director of the Stanford Center for China’s Economy and Institutions, told DealBook.
The economy is taking a hit. China hit by economic slowdown real estate sectoraccounting for up to a quarter of GDP, due to Covid lockdowns.
The lag suggests that third-quarter data could be even worse than economists’ forecasts. The full-year 2022 growth target of 5.5% will be the slowest growth in 30 years.
“The fact that they haven’t released the numbers makes them very pessimistic and difficult to get even slightly positive,” said Victor Shi, a China fiscal policy expert at the University of California. It means something,” he said. , San Diego.
why not go to market reacted? “We know that China is no longer the main growth engine in the world and we do not expect China to return to its previous growth trend in the future,” said Holger Schmieding, chief economist at Berenberg Bank. rice field.
“Parents recognize that fencing is one of the best sports to get their kids into good colleges because good schools, especially Ivy League schools, have fencing.”
— Yuri GermanThe founder of the Manhattan Fencing Center explains why some parents are willing to put up with the high cost of enrolling their children in a fencing program.
Credit Suisse’s Recent Headache: Private Investors
Last month, the Memestock Army found a new toy called Credit Suisse, Switzerland’s oldest bank. The 166-year-old lender is a relatively easy target after decades of scandals involving hedge fund Archegos Capital Management, which collapsed last year. Investors are waiting for the turnaround plan to be announced next week. Bloomberg reported this morningcould involve the sale of its US asset management business and the resignation of investment bank CEO Christian Meissner.
Stocks have recovered nearly 15% after hitting record lows last month. One possible explanation for the volatility is retail investors banding together on stock forums such as Reddit’s WallStreetBets talking about bank prospects. Up When under Since the beginning of October, according to Breakout Point, which tracks social media mentions of the stock.
Maureen Farrell, Emily Flitter, and Joe Rennison of The Times tracked down a social media user who identified himself as Wall Street Silver on Twitter. He issued a tweet questioning the bank’s viability, which was viewed thousands of times. Breakout He Point founder IvanĆosović was surprised to find that the social media team at Credit Suisse is so focused on Switzerland that he even calls it “David Suisse.”
“It was/is an interesting meme case,” Ćosović told DealBook. “Private investors were crazy about developing CS.”
Treasury bears climate risk in Ian aftermath
As homeowners and businesses continue to tally losses from Hurricane Ian last month, the Department of Treasury’s Insurance Division has released data on climate-related financial risks to insurers under the Dodd-Frank Wall Street Reform Act of 2010. You are exercising your right to collect from for the first time. In a proposal first shared with DealBook, the Federal Insurance Administration gathered information from major property and casualty insurers for every zip code nationwide for the past five years to find out how climate change could make insurance affordable for property owners. He said he plans to identify locations that are not priced. or inaccessible.
Last year, the Financial Stability Oversight Council, a group of regulators tasked with assessing risks to stability, viewed climate change as an “emerging and growing threat” to the financial health of countries.
However, there are few comprehensive data On how the rise in extreme weather is changing the insurance industry, Treasury officials said, and given the recent storms in Florida, this information is vital to mitigating risks.
This morning, insurance company Swiss Re told investors The company estimated $1.3 billion in customer claims from Hurricane Ian and was forced to post an expected loss of $500 million each quarter.
Hurricane Ian made landfall in Florida and South Carolina in September may become one of the most expensive such a storm on recordand Florida is one of the places where it’s getting harder to get insurance.. Experts say climate risk pricing will become increasingly complex as extreme weather returns, but the Treasury said getting more information will help the federal government better assess this threat. Treasury Secretary Janet Yellen said in a statement, “The recent impact of Hurricane Ian on Florida has increased our understanding of the importance of this work and the vulnerability of insurance markets. It shows the need,” he said.
speed lead
bargain
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Private equity firms are went public during the pandemic-era stock boom —and have seen their share price collapse since then. (FT)
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Carlos HernandezThe executive chairman of JPMorgan Chase’s Investment and Corporate Banking division plans to retire next year. (WSJ)
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Engine No. 1 is reportedly an activist investor who has won a seat on ExxonMobil’s board of directors. Plans to push Coca-Cola Step up efforts to recycle all cans and bottles. (semaphore)
policy
best of the rest
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The International Banking Union said its members could ignore suggestions It would require companies to stop funding fossil fuel companies. (Bloomberg)
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of CEO of Gloryfiwas a banking start-up that pitched to conservatives and resigned amid the company’s struggling business. (WSJ)
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How Salem Media Became a Conservative Radio Juggernaut (NYT)
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LVMH billionaire CEO Bernard Arnault said: rent a private jet So the public can’t track corporate planes. “Nobody can see where I’m going.” (Bloomberg)
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