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VGK

Bank of England Governor Bailey has criticized stablecoins, stating they are not robust and do not meet the standards of safe money. He also warned that money held on deposit in a failed bank above 85,000 pounds may not retain all its value.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 3:16 pm

BABA

BTGOF

GSK

HNHPF

IEP

JNJ

META

NVO

SIVBQ

UBS

Meta's Threads app has reached 100 million users in five days, making it the fastest-growing consumer application in history. Nanobiotix has entered a global licensing, co-development, and commercialization agreement with Janssen Pharmaceutica, a unit of Johnson & Johnson, for the investigational radioenhancer NBTXR3. GSK's Arexvy vaccine for respiratory syncytial virus has been approved in the UK for older adults. BT Group's CEO Philip Jansen is stepping down within the next 12 months. Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Vedanta, impacting India's chipmaking plans. General Motors has reduced the starting price for the Cadillac Lyriq by 14% in China. SVB Financial Group is suing the U.S. Federal Deposit Insurance Corporation to recover $1.93 billion. Saudi National Bank's plan to increase its stake in UBS Group's Credit Suisse has been halted by Swiss regulator FINMA. Godrej Aerospace is planning to invest in General Electric's GE414 engine manufacturing operations. Carl Icahn has revised loan agreements and recovery strategy after a short-seller attack led to a 40% drop in Icahn Enterprises' shares. Novo Nordisk's weight-loss medications are under European investigation over suicidal risks. Alibaba's Youku is airing a series focusing on China's semiconductor leadership.

Portfolio Pulse from Vandana Singh

July 10, 2023 | 2:30 pm

FSR

Fisker Inc (NYSE:FSR) has signed a securities purchase agreement to offer $340 million of 0% senior unsecured convertible notes due 2025 to an institutional investor, with the potential to increase the aggregate principal amount to $680 million. The company intends to use the net proceeds for general corporate purposes, including working capital and an additional battery pack line to support growth in 2024. Fisker is also canceling the remaining balance of its at-the-market equity program, which was approximately $23.4 million as of June 30, 2023.

Portfolio Pulse from Shivani Kumaresan

July 10, 2023 | 2:17 pm

KBE

KRE

SPY

XLF

The Federal Reserve's Barr announced that changes to regulation and supervision are expected in the coming months. This includes higher capital requirements for the biggest banks, with new rules necessitating an extra $2 of capital for every $100 of risk-weighted assets.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 2:16 pm

IEP

According to an 8K filing, lenders are not giving Icahn any credit for the open market's premium to NAV. Icahn will be required to use any IEP distributions or unit sale proceeds to prepay his loans or be posted as additional collateral.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 2:10 pm

IEP

Carl Icahn has amended loan agreements for Icahn Enterprises, disconnecting his personal loans from the share price, increasing his collateral, and establishing a plan to repay the loans within three years. This has led to a rise in Icahn Enterprises' shares.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 1:21 pm

IEP

Icahn Enterprises shares are trading higher after a Wall Street Journal report suggested that Carl Icahn has untied his personal loans from the stock price. This was a concern raised in Hindenberg Research's short report on the stock issued in May.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 1:20 pm

BHC

IEP

ILMN

XRX

Carl Icahn, activist investor, has been struggling to recover after a short-seller attack led to a 40% drop in his investment company's shares, Icahn Enterprises L.P. (NASDAQ:IEP). Icahn and the banks that loaned him money have finalized amended loan agreements, disconnecting his personal loans from the trading price of his company's shares. Icahn owns approximately 85% of IEP, worth $18 billion before the report and $10.7 billion as of Friday. IEP's holdings include Illumina Inc (NASDAQ: ILMN), Xerox Holdings Corporation (NASDAQ: XRX), and Bausch Health Companies Inc (NYSE: BHC).

Portfolio Pulse from Vandana Singh

July 10, 2023 | 12:15 pm

IEP

Following a short-seller attack on his firm, Carl Icahn has amended loan agreements, providing more collateral and setting up a repayment plan. This move has given his firm some breathing room.

Portfolio Pulse from Charles Gross

July 10, 2023 | 9:04 am

UBER

An American couple vacationing in Costa Rica was mistakenly charged $29,994 for a single Uber ride, instead of the correct amount in Costa Rican colones. The couple's bank, Altura Credit Union, allowed the charge to go through despite it exceeding their daily limit due to a travel notice on their account. After several days, the issue was resolved and the couple received a refund and a free Uber ride as compensation. However, it remains unclear whether Uber or Altura Credit Union resolved the issue.

Portfolio Pulse from Bibhu Pattnaik

July 09, 2023 | 5:26 pm