Streetbeat News

Regulatory

PEP

New York State Attorney General Letitia James has taken legal action against PepsiCo, accusing the company of contributing to environmental damage and public health risks through plastic pollution. The lawsuit alleges that PepsiCo has violated state laws by failing to reduce plastic use and misleading consumers about its recycling practices. This action is part of a broader initiative to hold companies accountable for environmental harm.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 4:56 pm

USDCUSD

Circle, the issuer of USDC, has launched the Circle Alliance Program to promote the use of its stablecoin and Web3 services globally. Despite a 5% drop in USDC's market cap and a narrowing market share to less than 19%, Circle aims to revitalize USDC amidst stiff competition, especially from Tether. The company is also considering an IPO in 2024. Circle has introduced Circle Mint in Singapore, a zero-fee minting facility, following the acquisition of an MPI license from MAS.

Portfolio Pulse from Khyathi Dalal

November 15, 2023 | 4:46 pm

ARKK

COIN

Cathie Wood of Ark Invest predicts Bitcoin could reach $1.5M in a bull case scenario. She remains bullish despite the FTX bankruptcy, highlighting Bitcoin's decentralized nature. Wood also suggests a spot Bitcoin ETF could boost Bitcoin's price by simplifying investment access. Ark's top holding in ARKK is Coinbase, which faces an SEC lawsuit. Wood is confident Coinbase would appeal any negative ruling to the Supreme Court. Bitcoin is up 119% YTD.

Portfolio Pulse from Adam Eckert

November 15, 2023 | 4:38 pm

SPY

The Biden-Harris Administration has announced a $3.5 billion investment to bolster domestic battery manufacturing. This initiative is part of the Bipartisan Infrastructure Law and aims to enhance the supply chain for electric vehicles (EVs) and energy storage. The funding will be allocated to build and expand facilities that produce batteries and components, as well as for recycling old batteries. This move is expected to reduce reliance on foreign supply chains and create jobs in the United States.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 3:59 pm

PEP

New York State has filed a lawsuit against PepsiCo, as reported by Reuters based on court documents. The lawsuit pertains to an environmental matter, although specific details of the allegations or the nature of the environmental issue were not provided in the article.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 3:51 pm

BK

JPM

MUFG

The Monetary Authority of Singapore (MAS) is advancing asset tokenization through Project Guardian, partnering with 17 financial institutions to test five new applications. These include digital asset trading improvements (Citi, T. Rowe Price, Fidelity International), cross-border FX payment solutions (BNY Mellon, OCBC), and a treasury management system (Ant Group). MAS is also developing the Global Layer One (GL1) initiative with BNY Mellon, DBS, JP Morgan, and Mitsubishi UFJ Financial to support tokenized assets trading. The IMF is involved in providing policy insights, and a whitepaper on the Interlinked Network Model (INM) has been released.

Portfolio Pulse from Murtuza Merchant

November 15, 2023 | 3:43 pm

BAC

Central banks around the world are exploring the development of Central Bank Digital Currencies (CBDCs), with Bank of America reporting that banks representing 98% of global GDP are involved. The Federal Reserve is piloting CBDCs but requires executive and Congressional support to issue one. CBDCs could improve payment systems, aid monetary policy, and enhance financial inclusion, but also pose risks like bank runs and loss of monetary sovereignty. Bank of America is optimistic about CBDCs' transformative potential. The Swiss National Bank is piloting a wholesale CBDC with SIX Digital Exchange and six commercial banks.

Portfolio Pulse from Murtuza Merchant

November 15, 2023 | 3:19 pm

CBSTF

MSOS

MSOX

The article discusses the current state and potential growth of the U.S. cannabis industry, highlighting the challenges such as taxation and stock custody issues. It mentions the sequential growth of TerrAscend and the resolution of a lawsuit in New York that could expedite the opening of new dispensaries. The New Jersey cannabis market is approaching $1 billion in sales, and Ohio is discussing marijuana legalization law amendments. A survey suggests cannabis is preferred over other sleep aids. The U.S. hemp industry's future hinges on the Farm Bill extension. Cannabis stocks showed volatility, with MSOS experiencing a significant rally. The article also touches on international developments in cannabis legalization and the need for policy change at the federal level.

Portfolio Pulse from Todd Harrison

November 15, 2023 | 3:16 pm

YNDX

Yandex NV (NASDAQ:YNDX), often referred to as 'Russia's Google', is considering a complete sell-off of its Russian assets. The Dutch holding company aims to finalize the deal by the end of the year and refocus on international business lines. The potential deal value is estimated to be around 560 billion roubles ($6.18 billion), with previous bids for half the company at $7 billion. Yandex has faced challenges due to geopolitical tensions and pressure from the Kremlin, leading to the sale of certain assets to VK and a corporate restructuring to depoliticize its operations. A board meeting in Dubai is scheduled for the end of November to discuss the deal, which requires shareholder and Russian government approval.

Portfolio Pulse from Vandana Singh

November 15, 2023 | 2:58 pm