Ryan Hogg

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A little-known hedge-fund manager's huge bet on inflation earned him $859 million and propelled him into the top 10 list

• The manager of a little-known hedge fund was the 6th highest paid manager last year, per Bloomberg. • Said Haidar made a huge leveraged bet on interest rates rising last year, and took home $859 million. • Citadel's Ken Griffin was the highest-paid manager, earning $4.1 billion, per Bloomberg. The manager of a little-known hedge fund took home $859 million last year, after a huge bet on inflation paid off and catapulted him into Bloomberg's top 10 earners list. Haidar Capital Management del
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Binance expects to pay a fine to get regulators off its back after Kraken stumped up $30 million for just that

• Binance, the world's biggest crypto exchange, expects to pay a fine to settle an investigation into its compliance practices. • Crypto firm Kraken stumped up $30 million this week to settle with a different regulator, the SEC. • It's still a "very confusing time" for Binance to understand how U.S. regulators want to oversee the crypto market, its CSO said. Binance expects to pay a fine to settle an investigation by law enforcement and regulators, a report says, as one of its executives decri
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Celsius customer received $67,000 tax bill for funds lost in crypto lender's bankruptcy, report says

• A Celsius Network customer was hit with a $67,000 tax bill for funds lost by the bankrupt lender. • Doug Stringer had more than $2 million tied up with the lender when it froze withdrawals. • Customers remain subject to charges on the high interest income promised by the bankrupt lender. A Celsius Network customer was hit with a $67,000 tax bill on funds lost in the crypto lender's bankruptcy last year, as tax filings bring up grim memories and new complications for wronged investors. Bloom
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SEC steps up its crypto crackdown with proposed tough rules that could block investment advisors from holding such assets

• The SEC's crypto crackdown has widened to fund managers, and could stop them holding such assets on behalf of clients. • Proposed rule changes would require crypto to be registered with state-certified banks or brokers. • It may make crypto harder to hold onto, as the asset could fail traditional compliance measures. The Securities and Exchange Commission (SEC) has stepped up its crackdown on the crypto sector with a proposed rule change that could block investment advisors from holding cryp
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Things are looking brighter for the US economy and it will dodge even a 'soft' hit to growth as inflation falls, Ed Yardeni says

• The US economy will likely avoid a recession or even a slowdown as inflation cools, according to Ed Yardeni. • "I'm not in the recession camp. I'm in the soft landing camp now and I'm wondering whether it should be in the no landing camp," Yardeni told CNBC. • Many analysts and market commentators have predicted a recession this year following a surge in interest rates. The outlook for the US economy is cheerier than Wall Street would have you believe, and the country will likely avoid a rec
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Reddit reportedly revives plans to go public, but it's likely to be worth way less than the $15 billion it once hoped for

• Social media platform Reddit is looking to go public later in 2023, The Information reported Tuesday. • But it's likely worth much less than the $15 billion hoped for when it filed its IPO in December 2021. • Reddit's growth exploded in early 2021 as the incubator for the meme stock craze for retail investors. Reddit, the birthplace of the meme stock craze, is reviving its plan to go public, The Information reported — but the social media platform is likely to be worth way less than its once
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FTX promised students in Africa up to 40% commission for getting their friends to trade on the now-bankrupt crypto exchange

• FTX recruited students in Africa to get their friends to sign up to trade crypto on its platform, per CNBC. • The now-bankrupt crypto exchange promised "brand ambassadors" the chance of up to 40% commission. • Meanwhile, FTX told African customers that investing in crypto would protect them from inflation. Collapsed crypto exchange FTX recruited students in Africa to sign their friends up to trade on its platform, telling them they had the chance of earning as high as 40% commission. The pu
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Ex-Gazprom official says decades of the Russian gas giant's work has been 'flushed down the toilet', with export revenues expected to halve this year

• Gazprom's years of work on exporting Russian gas have been "flushed down the toilet," an ex-official said. • An ex-manager at the gas giant bemoaned the impact of the Ukraine war to Reuters after gas prices fell close to two-year lows. • Gazprom's overseas revenues are nearly $3 billion lower than they were a year ago, per Reuters. Decades of work by Gazprom to build up Russia's natural-gas exports have gone to waste, a former official at the state-run energy giant has said, as Ukraine war s
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Drake scooped up a $512,000 profit in bitcoin after betting on the Kansas City Chiefs to win the Super Bowl

• Drake scooped up a $512,000 profit in bitcoin after betting on the Kansas City Chiefs to win the Super Bowl. • The rapper bet a total of $965,000 in bitcoin through a partnership with Stake, losing 6 of his 7 bets. • His $300,000 bitcoin profit last year would be worth about half as much today after the cryptocurrency dropped. Drake scooped up $512,000 in bitcoin winnings after placing several bets on Sunday's Super Bowl, but it took a lot more of the cryptocurrency than last year to take hi
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Tesla faces a $7.5 billion ultimatum: Open up its charging network to rivals or be locked out of Biden's EV subsidies, report says

• New US requirements will put Tesla under pressure to open up its EV charging network to rivals, per Reuters. • If it doesn't, it could miss out on getting in on the $7.5 billion in charger subsidies planned by Biden. • Tesla's 40,000+ EV chargers can only be used by its cars, but officials told Reuters that could change. Tesla could find itself locked out of $7.5 billion in Biden administration subsidies if it fails to open its EV charging network up to competitors, according to a Reuters re
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Crypto firm Paxos ordered to stop minting Binance dollar-pegged token as SEC's crackdown widens

• Paxos has been ordered by regulators to stop issuing Binance's dollar-pegged stablecoin. • The crypto firm will stop minting BUSD next week, as it reportedly faces a lawsuit from the SEC. • BUSD is the world's third largest stablecoin, but the SEC has called it an unregistered security, per WSJ. Crypto firm Paxos has been ordered to halt issuing Binance's dollar-pegged coin, amid a wider regulatory crackdown that follows a reported lawsuit by the Securities and Exchange Commission (SEC). A
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Larry Summers tells investors to brace for turbulence as Fed and inflation reality comes crashing in

• Larry Summers sees turbulent times ahead for investors, who are too convinced inflation is cooling. • The former Treasury Secretary said the Fed could tighten more than expected to hit its inflation goal. • He laid out why the Fed could go further than the two 25-basis-point interest-rate hikes now priced in. Larry Summers has warned investors have a bumpy ride ahead of them as reality sinks in about what the Federal Reserve still has to do to combat inflation. Markets are too complacent th
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Tesla does a flip-flop by lifting Model Y car prices in China just a month after cutting them

• Tesla has raised the base price of its Model Y crossover in China, just a month after making cuts. • The price of a rear-wheel Model Y rose 0.8% to 259,900 yuan ($38,195.87) in the country. • Tesla has seen a surge in demand since it cut prices by up to 13.5% last month to stoke output. Tesla has raised the starting price of its Model Y crossovers in China, just weeks after bringing in huge cuts that helped stoke demand among buyers in the reopening country. The electric-vehicle maker has s
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Superstar boy band BTS's agency moves in on top K-pop rival by offering to snap up a leading stake

• Iconic boy band BTS's agency has offered to buy a majority stake in a key K-pop rival. • Hybe Co. purchased a 14.8% stake in SM Entertainment and has offered to buy a further 25% share. • SM's founder Lee Soo-man has backed the purchase as he fights against his own shareholders. The agency behind iconic K-pop band BTS is seeking to snap up a controlling stake in a key rival as it aims to come out on top in an increasingly ugly battle for South Korea's music industry. A filing shared ahead o
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Crypto exchange Kraken is embroiled in an SEC probe over whether it sold unregistered securities, report says

• The SEC is investigating Kraken over whether it offered unregistered securities for sale, per Bloomberg. • The crypto exchange and the SEC could come to a deal over the probe in coming days, the report said. • The crypto industry is facing intensified scrutiny after the spectacular demise of major exchange FTX. Crypto exchange Kraken is under investigation by the Securities and Exchange Commission over whether it broke rules by selling unregistered securities to US customers, according to a
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The 10 richest people in the world have seen their combined fortunes swell by $140 billion in just 6 weeks - more than Starbucks' entire market value

• The 10 richest people in the world have added $140 billion to their wealth in 2023, per Bloomberg data. • That combined total outstrips the market value of major companies like Starbucks and Boeing. • Elon Musk's personal fortune has grown the most, up $44.8 billion in the first six weeks of the year. Elon Musk and Bernard Arnault are among the world's 10 richest people who have added billions of dollars to their personal wealth this year so far, for a combined total that outstrips the marke
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Former Coinbase staffer pleads guilty to insider trading in landmark cryptocurrency case, weeks after brother sentenced

• An ex-Coinbase employee pleaded guilty to 2 counts of wire fraud, the first case of its kind. • Ishan Wahi co-ordinated with his brother and another accomplice to preempt new listings on Coinbase. • The group made about $1.5 million in profit from 14 Coinbase announcements, per prosecutors. An ex-Coinbase employee has pleaded guilty in the first-ever insider trading trial linked to cryptocurrencies, weeks after his brother was sentenced in the same case. The Department of Justice (DOJ) said
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Fed official says he looks at the price of Stouffer's frozen lasagna to gauge inflation

• A Fed official has an interesting metric for gauging inflation: the price of frozen lasagna. • Minneapolis Fed president Neel Kashkari told CNN Stouffer's frozen lasagna has increased from $16 to around $21. • Kashkari said it wasn't impossible to avoid an economic downturn while taming inflation, but expressed doubts. A Fed official thinks he can tell inflation is still too high for interest-rate cuts using an unconventional metric: the price of frozen lasagna. In an interview with CNN, Ne
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Earthquake-hit Turkey's stock exchange halts trading until February 15 as a deepening selloff knocks $35 billion off its key index

• Turkey's stock exchange halted trading on its key index Wednesday until Feb 15 after losses deepened, per media reports. • Turkish stocks have shed $35 billion in a 16% selloff the wake of back-to-back earthquakes Monday. • Turkey and Syria were hit by two devastating earthquakes which have so far claimed about 11,000 lives. Turkey's stock exchange halted trading for 5 sessions Wednesday as a deepening rout wiped $35 billion in value off its flagship exchange after devastating earthquakes hi
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Amazon bursts back into the trillion-dollar club as the stock rally allows Big Tech to retake top slots among most valued companies

• Amazon has returned to the trillion-dollar market-cap club as it continues to rebound after a dismal 2022. • The boost to Amazon's market cap comes alongside the resurgence of Big Tech stocks this year. • Securities firms including JMP, Truist and Evercore continue to predict further upside for the stock. Amazon has reclaimed its place in the highly exclusive club of companies with market cap exceeding a trillion dollars, in a sign of Big Tech's resurgence that some analysts expect to extend
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