US Corporate Earnings Will Increasingly Signal Recession Risk: US corporate earnings trends, historically a leading indicator of recessions, will continue to weaken through 2023, Fitch Ratings says.
Fitch Ratings Slashes Global GDP Forecasts on Supply Shocks, Faster Rate Rises: The eurozone and UK are now expected to enter recession later this year and Fitch forecasts that the US will suffer a mild recession in mid-2023.
Peloton, the Troubled Fitness Company, Loses Another Top Executive - The New York Times: The company’s chief marketing officer announced her departure on the heels of a management shake-up that included the exit of two of its founders.
New York City’s Empty Offices Reveal a Global Property Dilemma: The rise of remote work will hurt older buildings, leaving landlords in the lurch
Interpol seeks arrest of failed crypto-firm boss Do Kwon - BBC News: Agency asks police forces around the world to seek and detain the South Korean businessman.
California, New York Join Several States Ordering Crypto Lender Nexo to Halt Yield Product: Seven states have ordered a halt to Nexo’s “Earn Interest Product” accounts, accusing the company of improperly offering unregistered securities.
DFPI Joins Other State Securities Regulators To Bring Actions Against Another Crypto Interest Account Provider | The Department of Financial Protection and Innovation: Nexo has offered annual interest rates of up to 36% on investors’ deposited crypto assets, which are significantly higher than rates for short-term, investment-grade, fixed-income securities or bank savings accounts. The DFPI determined that Nexo offered its Earn Interest Product accounts to California residents without first qualifying these accounts as securities.
Attorney General James Sues Cryptocurrency Platform for Allegedly Operating Illegally and Defrauding Investors | New York State Attorney General: Today’s lawsuit — filed in New York County State Supreme Court — alleges that Nexo promoted and sold securities in the form of an interest-bearing virtual currency account called the Earn Interest Product with promises of high returns for participating investors, while failing to register as a securities broker or dealer as required by state law.
Remote Work Drove Over 60% of US House-Price Surge, Fed Study Finds - Bloomberg: The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco.
National CineMedia Lenders Tap Banker Amid Murky Theater Outlook: A group of National CineMedia Inc.’s creditors have hired Centerview Partners to explore options as some debt maturities are fast approaching and the outlook for theaters remains cloudy, according to people with knowledge of the situation.
Faraday Future Secures Financing, Strikes Deal With Shareholder - WSJ: The electric-car startup has secured up to $100 million to fund operations after reaching a deal to resolve a governance dispute.
Celsius Official Committee of Unsecured Creditors - Virtual Town Hall: On Wednesday 9/28 at 12 noon (ET), the Celsius Official Committee of Unsecured Creditors will hold its 1st virtual town hall event on YouTube Live to answer the community’s questions. Feel free to share your questions in advance in the comment section. The link will get posted on Wednesday morning.
Voyager Completes Successful Auction and Announces Agreement for FTX to Acquire Its Assets: FTX US's bid is valued at approximately $1.422 billion, comprised of (i) the fair market value of all Voyager cryptocurrency at a to-be-determined date in the future, which at current market prices is estimated to be $1.311 billion, plus (ii) additional consideration that is estimated as providing approximately $111 million of incremental value. The Company's claims against Three Arrows Capital remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate's creditors.