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Tuesday, 28 June 2022

How Correlated is Crypto? Signs Point to Quite a Bit, Actually

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Monday, 27 June 2022

Wall Street: Finance's Roe v. Wade conundrum

Hi, Aaron Weinman here. The US Supreme Court voted to strike down Roe v. Wade on Friday, leaving the legal fate of abortion up to individual states.

Let's understand how Wall Street firms are responding. Some are touting pro-choice business decisions, while also expanding in the very states that have waited years for SCOTUS to overturn the divisive ruling.

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A collage of images related to abortion and the Supreme Court, including a courthouse, a gavel, a protest poster, and a protestor with a loudspeaker. — Jenny Chang-Rodriguez/Insider

1. SCOTUS struck down Roe v. Wade on Friday. The decision — which had been largely expected since an initial draft opinion was published by Politico in May — comes as Wall Street juggles the implementation of policies to support staff who seek abortions, without running afoul of pro-life clients and states where some firms are expanding their presence.

Bank of America, Goldman Sachs, and JPMorgan all agreed on Friday to cover travel costs for staff seeking abortions. Goldman's decision, outlined in this memo, was first reported by Insider. JPMorgan said it would cover travel expenses for abortion-seeking staff from July.

Citi was the first major US bank to make that commitment after new restrictions were put on abortions in states like Texas in March.

In an era of stakeholder capitalism, these firms walk a fine line, and risk alienating shareholders, employees, and clients — and losing their business — if they appear to support one cause over another.

Matt Rinaldi, the chairman of the Republican Party of Texas, called Citi's decision "appalling" in March, and urged Republicans to snub the US' fourth-largest lenders services.

Goldman's decision, meanwhile, comes just days after it revealed plans to occupy a new office tower in Dallas, Texas, that would house up to 5,000 staff.

Despite Wall Street banks' decision to cover travel expenses for abortions, Insider found that financial services companies — including Citi and JPMorgan — have given thousands of dollars in donations to sponsor bills that stifle access to legal abortion.

There's no question that financial-services firms have sought to position themselves as open, equitable workplaces. The industry's been long-dominated by white men, and firms have tried for years to broaden their appeal to women and communities of color.

Friday's SCOTUS decision — and Wall Street's reaction to it — will be closely watched.

Don't miss the below series of stories from Insider on how the overturning of Roe v. Wade impacts Wall Street and corporate America:

Here's how Wall Street is responding to the end of Roe v Wade.

For the full story on Wall Street's financial backing of anti-abortion lawmakers, check out this report from Rebecca Ungarino and Angela Wang.

Also, check out Goldman Sachs' memo on its updated healthcare policy.

Banks' biggest clients like Apple and Disney are also vowing to help employees impacted by SCOTUS' decision.

In other news:

GettyImages 530148986 — Co-founder of Robinhood, Vladimir Tenev.
Noam Galai/Getty Images for TechCrunch

2. A Congressional report has highlighted the confusion and chaos inside Robinhood during the meme-stock frenzy. Here's a peek at the 140-page report that unearthed surprise as the company execs sought to deal with a capital call.

3. SoftBank-backed View has revealed that it's been under the SEC's microscope since January. Here's why troubled companies that used the de-SPAC route to go public should take note of the glass maker's woes.

4. Hedge funds Haidar Capital, e360's Power Fund, and Odey's OEI European Fund are all up more than 100%. Here's how the three funds have soared despite rivals' struggles to navigate the current market slump.

5. Bankruptcy pro Mike Kramer's fielding more calls as the market sours. The feared banker, and founder of one of Wall Street's best-paying firms Ducera Partners, explained how he sees things panning out.

6. Goldman Sachs is looking to raise $2 billion to buy distressed assets from Celsius, according to Coindesk. The troubled crypto lender tapped Alvarez & Marsal to provide restructuring services.

7. Elon Musk asked Twitter for more data, so Twitter gave him more data. The social-media company has been "bending over backwards" to comply with Musk's demands, one person said. Here's how the billionaire is claiming that what's received so far is insufficient.

8. This year's reshuffling of the popular Russel indexes has caused panic. That's partially due to index-rebalance trading levels soaring at funds like Millenium and ExodusPoint. But then, that densely-populated strategy got torched. Here's what you need to know.

9. Vienna was just ranked the most-livable city in the world. Western Europe and Canada dominated the list, which featured no US cities in the top 10.

10. Eleven Madison Park — the newly vegan, understaffed restaurant — scrapped plans to raise pay after a negative New York Times review. Leaked documents revealed the famed venue knew it paid its staff "too little."

Done deals:

Private investment firms Hellman & Friedman and Permira have agreed to buy software firm Zendesk for $10.2 billion.
Blackstone has bought Australian casino and hotel operator Crown Resorts. The private-equity firm completed the deal for roughly $6.3 billion.
BC Partners has entered exclusive discussions to acquire French natural healthcare firm Havea from 3i Group for roughly $1.2 billion.

Curated by Aaron Weinman. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Lisa Ryan (tweet @lisarya) and Hallam Bullock (tweet @hallam_bullock).

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Stocks Extend Gains (Audio)

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Crypto Exchanges Hunker Down as Woes Pile Up in India

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Tech: Companies react to the fall of Roe v. Wade

Welcome back, readers. Jordan Parker Erb here, writing to you from New York. Companies in the tech world and beyond are responding to the Supreme Court's decision to overturn Roe v. Wade.

Let's get started.

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**Pro-life and abortion-rights advocates crowd the Supreme Court building after Roe v. Wade was overturned Friday morning.**
**Brandon Bell/Getty Images**

1. Companies are responding to the Roe v. Wade decision. The Supreme Court on Friday struck down Roe v. Wade, effectively cutting off abortion access in many parts of the US. Here's a look at how the tech industry is responding:

Amazon, which has previously said it will cover costs for employees seeking abortions in states where the procedure was made illegal, told staff to "be respectful of everyone's perspectives" after some celebrated Roe's defeat on internal Slack channels.
On Friday, Meta told its workers not to discuss the ruling on its internal system, and deleted messages that did so, The New York Times reported. Meta has also said it will reimburse employees traveling out of state for reproductive care.
Meanwhile, in the dating world, singles are using OkCupid's "pro-choice" profile badge to match with like-minded individuals. The company told Insider it will "unapologetically support this issue."
Tech firms are under pressure to protect users' information, as law enforcement could pursue access to history, geolocation, and other related data. Period and fertility tracking apps like Flo are taking steps to make the identity of users anonymous.

See how other top businesses have responded to the ruling.

In other news:

2. Job cuts are underway at Tesla. As the company begins imposing the cuts previously announced by Elon Musk, workers who started only months — or even weeks — ago have been let go, while others are seeing their offers withdrawn. Tesla employees have described being laid off.

3. Getir insiders worry the ultrafast delivery startup won't survive the year. Workers at the $12 billion startup describe a company that churns through staff, sends delivery people to the ER, and has "zero" chance at profitability. What workers told us about Getir's grueling internal culture.

4. Instagram is testing using face scans to confirm users' ages. In the trial, users who want to prove they are older than 18 can either upload a photo of their ID, ask three mutual friends to verify their age, or record a video selfie. What we know about the trial.

5. We spent a week at the Coachella of NFTs. Despite the crypto market downdraft, the NFT.NYC conference held last week was booming: Yacht parties were plentiful, VIP tickets sold for $1,999, and celebrities and CEOs mingled with guests. Get an inside look at NFT.NYC.

6. Bill Gates has apparently purchased a $13.5 million potato farm — and locals aren't pleased. North Dakotans are outraged over the purchase, and the state's attorney general's office is looking into it. Here's the latest.

7. Doorsey, a real estate startup backed by Adam Neumann, laid off more than half its staff. After struggling to raise new funding as venture investors pull back, Doorsey reduced its staff from 24 to nine people, a spokesperson confirmed. Get the rundown on Doorsey's layoffs.

8. You only have a few more weeks to watch these shows on Netflix. The streamer just announced which movies and series will be leaving in July, and they include classic films like "Forrest Gump" and series like "30 Rock." Here's everything leaving Netflix next month.

Odds and ends:

The Mercedes-Benz Vision EQXX.
Mercedes-Benz

9. An electric Mercedes-Benz drove 747 miles without recharging. The Vision EQXX, Mercedes-Benz's electric concept car, beat every electric vehicle on sale today — traveling nearly twice the range of Tesla's Model S without charging. Check out the Vision EQXX.

10. Tired of the same old Slack notification? We explain how to change it. For many, the default Slack notification noise comes with a feeling of dread. But with a number of different options (including someone saying "hummus"), you can change the sound so it doesn't haunt your dreams.

What we're watching today:

The Data + AI Summit is taking place today through June 30 in San Francisco and virtually.
Nike and others are reporting earnings. Keep up with earnings here.
Black Tech NOLA kicks off today in New Orleans.

Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.

Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.

Read the original article on Business Insider