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Feb 16, 2023

From Math Camp to Handcuffs: FTX’s Downfall Was an Arc of Brotherhood and Betrayal Biden Offers Rare Praise for Musk as Tesla Opens Charger Network Auctioneer Phillips Expands in Hong Kong as Art Wins in ‘Unusual’ Times Goldman Growth Fund Boosts Bets on India as China Interest Cools ‘50 Cent’ VIX Trader Returns as Volatility Hedging Back in Vogue Ex-JPMorgan Executive’s Jeffrey Epstein Emails Revealed in Lawsuit Against Bank UK Minister Hopes to Pay Farmers to Collaborate on Nature Goals SEC Shortens Stock Settlement Time After Meme Stock Frenzy US Solar Surge Collides With Higher Rates and Shifting Economics NHS’s Deal for Private Pandemic Help Yielded Little, BMJ Says China’s $2 Trillion LGFV Market Flashes Warning as Funding Drops Newcrest Rejects Newmont’s $17 Billion Takeover Offer Shopify Drops as Revenue Forecast Misses Analysts’ Estimates Manulife net income slips in Q4 but up for 2022 as a whole McDonald's debuts plant-based McNuggets Fidelity to Hire 4,000 for New Roles, Bucking Industry’s Firings Verizon Doubles Internet Speeds, Heating Up Race With Comcast World Bank President David Malpass Plans to Step Down Early Japan’s Trade Deficit Smashes Record Amid Global Slowdown Biden Offers Rare Praise for Musk as Tesla Opens Charger Network UK Minister Hopes to Pay Farmers to Collaborate on Nature Goals US Solar Surge Collides With Higher Rates and Shifting Economics New Zealand Searches for Missing as Cyclone Death Toll Rises Newcrest Rejects Newmont’s $17 Billion Takeover Offer Bird Flu Sent Egg Prices Soaring. Now the Threat Moves to Chicken Eni, Repsol Push Maduro for More Control in Venezuela Oil Fields Australia Set to Reveal Gender Pay Gaps as Progress Remains Slow Texas State Park May Disappear as Vistra Sells Land to Developer One-Day Options Binge Making Market Macro Tea Leaves Unreadable Oil swings between growing U.S. supplies and China demand outlook Elliott Target Suncor Draws Regulatory Safety Probe After Deaths Barrick CEO Says Inflation Not Over as Costs Weigh on Results California Judge Proposes Nixing Sunnova Plan for Off-Grid Power Oil Hedging Ramps Up in Sign Market Is Stabilizing Iceland Strikes Threaten Fuel Supplies, Tourism in Capital Area Turkey Asks Banks to Set Spread on Gold Amid Surging Demand Europe Gas Futures Indicate Energy Crisis May Linger for Months The Daily Chase: Suncor reports profit increase; Barrick sees production increase TSX recap: Index closes slightly higher after small gains in energy U.S. officials float even higher rates after brisk inflation data MPs summon big grocery store CEOs to testify in Ottawa over food inflation U.S. Fed officials float even higher rates after brisk inflation data The Daily Chase: Tim Hortons parent company announces new CEO; TC Energy hikes dividends Higher interest rates pinch consumers, bolstering Bank of Canada pause ​Nearly half of all insolvencies last year were filed by millennials: Study The Daily Chase: Millennials grapple with insolvencies; Markets point to flat open TSX recap: Index finishes slightly higher amid gains in energy stocks Unlikely that central banks will cut rates this year: Mark Carney Bank of Canada seeks 'new thinking' with outsider at rate table WATCH: Exclusive interview with former BoC governor Mark Carney Canada crushes expectations, adding 150,000 jobs in January The Daily Chase: Canada adds 150,000 jobs in January; Magna misses Q4 estimates The Daily Chase: Canopy Growth to cut 800 jobs; Bombardier forecasts increased jet demand Report urges windfall tax to recover CEWS funds from large corporations BoC considered not raising rates last month, but hot economy swayed decision TSX recap: Index finishes lower amid losses in tech, utilities NHS’s Deal for Private Pandemic Help Yielded Little, BMJ Says Pence Vows to Fight Subpoena in Special Counsel Probe of Trump ASML Stolen Data Came From Detailed Repository for Chip Machines Ukraine Latest: EU Sanctions Due, NATO Urged to Spend More Venezuela Opposition Plans for October Primary to Appoint Leader Republicans’ Balanced-Budget Aim Clashes With Fiscal Realities Toronto Mayor’s Pledge to Resign Derails $12 Billion Budget Vote Texas State Park May Disappear as Vistra Sells Land to Developer Colombian Economy Slows After Agressive Interest Rate Hikes Gaetz Sex Trafficking Probe Closed by DOJ With No Charges Filed Biden Eyes Fed Vacancy With Goolsbee Reported to Be in Mix George Santos Gets Warning to Tell Truth About His Campaign Finances DeSantis Wants to Be the GOP’s Most Gun-Friendly Candidate. It Could Cost Him in 2024 Nikki Haley Kicks Off 2024 Bid Trying to Find Niche in GOP Trump DNA Offer in Rape Accuser’s Battery Suit Rejected by Judge Sturgeon’s Resignation Shock Will Play Out at Next UK Election Midwest US Ethanol Push Seen to Lift Pump Prices by 12 Cents a Gallon Ukraine to Receive Fewer Battle Tanks From Allies Than Promised Colombia President Slams ‘Two Bankers’ He Says Control Pension System From Math Camp to Handcuffs: FTX’s Downfall Was an Arc of Brotherhood and Betrayal Biden Offers Rare Praise for Musk as Tesla Opens Charger Network Goldman Growth Fund Boosts Bets on India as China Interest Cools Shopify Drops as Revenue Forecast Misses Analysts’ Estimates Verizon Doubles Internet Speeds, Heating Up Race With Comcast Cisco Rallies After Forecast Shows Tech Spending Holding Up ASML Stolen Data Came From Detailed Repository for Chip Machines NBA Makes Backup Plans as Local Sports Channels Face Bankruptcy Bitcoin Jumps to Highest Since August as Regulatory Concern Ebbs Ukraine Latest: EU Sanctions Due, NATO Urged to Spend More A Thousand Year-Old Hebrew Bible Could Sell for $50 Million at Auction Apple Pushes Back Mixed-Reality Headset Debut Two Months to June Coinbase Says It Already Complies With SEC’s Crypto Custody Proposal Bankman-Fried Bail Guarantors Are Stanford Faculty Members Canadian fintech investments dropped last year amid downward pressure on valuations: Report Palantir’s CEO Says European Nations Need to ‘Get Serious’ About Tech Development Amazon to Push Out Europe Middlemen in Latest Cost-Cutting Move Uber introduces audio recording feature for Canadian riders, drivers Crypto Platforms’ Ties to Hedge Funds Under Fire in SEC Proposal The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Turkey Stocks Surge as State Support Underwrites Reopening Boost Activist Investor Engine No. 1 Launches Supply Chain ETF Morgan Stanley Doubles Down on ESG Despite the Politics Vanguard to Liquidate a Mutual Fund for First Time Since 2020 Turkey Plans Tax Waiver for Share Buybacks on Stock Exchange After Trading Halt George Soros Loaded Up on Corporate Bonds Ahead of 2023 Rally Biotech Went Through Its IPO Boom. Now the Shakeout Is Underway Wall Street’s Mutual Fund-to-ETF Magic Trick Is Failing to Wow World’s Riskiest EM Bonds in Play as Distressed Makes a Comeback ETFs Used for Nearly $3 Billion of Insider Trading, Study Shows It’s Too Soon for Stock Investors to Call Victory on Inflation How State Street Has Used AI to Find ‘Hidden Gems’ Since 2018 Gas ETF Gains $518 Million in Flows Despite Price at Record Low How Wall Street Is Using Artificial Intelligence to Build ETFs Crypto Gives Way to Vanguard as ETFs Get ‘Back to Basics’ Vanguard’s One-of-a-Kind Fund Design Is About to Get Some Competition Turkey Risks Inflation Surge, Budget Breach as Quake Costs Mount MSCI Reviews ‘Free Float’ of Adani Stocks Amid Investor Concerns Turkey Suspends Trading in Stock Market After Rout Deepens Restaurant Brands' CEO change is 'all about accelerating growth': Executive chairman Restaurant Brands' CEO change is 'all about accelerating growth': Executive chairman Reed Hastings explains why he's stepping down as Netflix CEO in blog post Bankman-Fried says in court that he's ready for U.S. extradition SBF sent back to Bahamian jail after catching lawyer off guard with U.S. extradition plan Disney's Iger returns to reckon with his own 15-year Legacy Women making small gains, but still troublingly under-represented in the C-suite Gerry Schwartz to step down as CEO at Onex, Bobby Le Blanc named next CEO Dominic Barton on Canada-China relations, future at Rio Tinto 'We’re serving Canadians better' following the pandemic: McKesson Canada CEO Rebecca McKillican World's richest family loses US$11.4B in Walmart rout 'Fine balance': Rania Llewellyn on fitting her long-term inclusion goals into Laurentian's revamp First female bank CEO in Canada leads with younger self in mind ​Company holiday parties are making a comeback, but many employers have a plan B Elon Musk and Jeff Bezos now worth almost half a trillion dollars Jane Fraser has a plan to remake Citigroup while tormenting rivals ‘Forever changed’: CEOs are dooming business travel — maybe for good National Bank names Laurent Ferreira CEO, succeeding Vachon The remote-work czar is the new shortcut to the C-Suite Akayla Gardner, Bloomberg News The Tesla Inc. Gigafactory in Shanghai in June 2022. , Photographer: Qilai Shen/Bloomberg (Bloomberg) -- President Joe Biden hailed Elon Musk’s decision to open part of Tesla Inc.’s charging network to other electric vehicles as a “big deal,” flashing a potential thaw in an otherwise frosty relationship between the billionaire and White House. “In building our EV charging network, we have to ensure that as many chargers work for as many drivers as possible,” Biden tweeted Wednesday, citing an agreement announced earlier in the day that 7,500 of Tesla’s charging stations across the US would be available to all electric vehicle users by the end of 2024. “That’s a big deal, and it’ll make a big difference,” Biden said, alluding to the famous phrase he uttered nearly 13 years ago when he was vice president to Barack Obama and they secured enactment of the historic health care law. The comments offered rare praise for Musk, the chief executive officer of Tesla, who has had a combative relationship with the president since he took office. “Thank you, Tesla is happy to support other EVs via our Supercharger network,” Musk replied to Biden. Biden has rarely mentioned Musk or Tesla even when discussing the automobile industry or his administration’s efforts to champion electric vehicles. Events at which the White House promoted electric cars without acknowledging Tesla’s role in the market have rankled Musk. In a 2022 tweet, he accused Biden of being “unable to say the word ‘Tesla.’” After Biden invited the CEOs of Ford Motor Co. and General Motors Co. to the White House, without extending an invitation to Musk’s Tesla, the billionaire tweeted that “Biden is treating the American public like fools.” He added that the president is “a damp sock puppet in human form.” As Musk jabbed Biden about the economy, Biden last June shot back that he wished Musk “lots of luck on his trip to the moon.” And after Musk purchased Twitter Inc. late last year, Biden said it was worth investigating the billionaire’s relationships with other countries. Musk’s consortium to purchase Twitter included foreign investors, and Tesla derives 25% of its revenue from China. He also accused the social network of spreading falsehoods. “Now what are we all worried about? Elon Musk goes out and buys an outfit that sends and spews lies all across the world,” Biden told donors at a Democratic fundraiser in November. Musk has offered praise for many of Biden’s political adversaries. Last year, he encouraged Americans to support Republican candidates in the midterm elections. Earlier: Musk Breezes Through Washington as Smooth CEO, Not Twitter Troll He is a longtime donor to Republican House Speaker Kevin McCarthy and attended a conference with him last year. In November, Musk said he would back Florida Governor Ron DeSantis, who is expected to run for president, if he made that move. “My preference for the 2024 presidency is someone sensible and centrist. I had hoped that would the case for the Biden administration, but have been disappointed so far,” Musk said. Yet Musk has also indicated he is savvy Washington operator. In January, he held meetings with both McCarthy and with House Democratic Leader Hakeem Jeffries. During his Washington visit, Musk also met with two top Biden White House officials, John Podesta, a senior adviser on clean energy innovation and implementation, and Mitch Landrieu, a senior adviser and coordinator on infrastructure. By making its Supercharger network interoperable, Tesla is now eligible for funding as part of the bipartisan infrastructure law passed last year. ©2023 Bloomberg L.P.