UK sanctions Russia’s biggest bank
The UK has added Russian financial major Sber to its sanctions list in connection with Moscow’s ongoing military operation in Ukraine, blocking the bank’s access to the British pound.As stated in the document published by Britain's Treasury on Tuesday, sanctions were imposed against correspondent accounts of Sber, and the bank is also prohibited from clearing operations in sterling.“PJSC Sberbank participates in the acquisition of benefits from the Russian government or supports it,” the document states. It also emphasizes that Sber, being the largest Russian bank in terms of assets, is “an exceptionally significant player in the Russian financial services sector, which is of strategic importance to the Russian government.” … [READ MORE...]
Bad Bunny Has the Biggest Week of 2022 on the Chart, for Now
The streaming total for “Un Verano” — which accounted for about 95 percent of its consumption in the United States — was certainly big, but it was less than half that of Drake’s “Certified Lover Boy,” which opened with 744 million last September. As a digital album, “Un Verano” sold only 12,000 copies.Not so long ago, a common chart tactic was to bundle copies of albums, as downloads or CDs, with sales of concert tickets or merchandise. But after an industry uproar that such deals were distorting the picture of fan demand and skewing the charts, Billboard changed its rules two years ago to prevent most such deals from affecting chart positions.Even without the rule change, appetites for albums, purchased whole, have been declining for years. Adele’s latest, “30,” opened last year with … [READ MORE...]
‘Legacy’ Pot Dealers in New York Want to Go Legal. Can They?
Buddy’s Versus the ‘Chads and Brads’In 2018, Mr. Cantillo started to notice designer pot strains, sold in stylized mylar bags, gaining a kind of cult status in California. “Cannabis culture is very similar to sneaker or streetwear culture, where a certain brand has a lot of clout,” Mr. Cantillo said. So he persuaded Mr. Bronson to buy supply from some of those brands, and he set up an Instagram page to market them. The products sold out immediately. That’s when they adopted the name Buddy’s Bodega, and the business has been growing ever since.For Buddy’s, a major benefit of legalization is conducting normal business activities — contracting creative agencies, meeting with landlords, licensing specialized software — without hiding what they do.However, it also comes with complications. … [READ MORE...]
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Economic Headwinds Mount as Leaders Weigh Costs of Confronting Russia
Russian gas shipments “underpin the competitiveness of our industry,” Martin Brudermüller, the chief executive of the chemical giant BASF, said at the company’s annual general meeting last month.While calling to decrease its dependence, Mr. Brudermüller nevertheless warned that “if the natural gas supply from Russia were to suddenly stop, it would cause irreversible economic damage” and possibly force a stop in production.Russia-Ukraine War: Key DevelopmentsCard 1 of 4In Mariupol. The bloodiest … [Read More...]
What Higher Interest Rates Could Mean for Jobs
“I think that lending rates might be less important right now,” said Kenneth D. Simonson, chief economist for the Associated General Contractors of America. “An increase in either credit market or bank rates isn’t sufficient to choke off demand for many types of projects.”The tech sector, which feeds on venture capital that is more abundant in low-interest-rate environments, has drooped in recent months. Under pressure to burn less cash, some companies are looking to offshore jobs that before … [Read More...]
Treasury Secretary Yellen Looks to Get Global Tax Deal Back on Track
“I think the reality of turning a political commitment into binding domestic legislation is a lot more complex,” said Manal Corwin, a Treasury official in the Obama administration who now heads the Washington national tax practice at KPMG. “The E.U. has moved and gotten over most of the objections, but they still have Poland and it’s not clear whether they’re going to be able to get the last vote.”With President Emmanuel Macron of France heading the European Union’s rotating presidency until … [Read More...]
Stocks Return to Earth, With the S&P 500 Nearing a Bear Market
But the downdraft has sunk the share prices of companies that represent innovation and the future, too; Amazon is down more than 30 percent since the start of the year and Alphabet, Google’s parent, is off about 20 percent, as investors rethink those companies’ real value.Virtually no stocks have been spared from losses. The market decline has “gone on and on, and it’s depressing,” Ms. Hill said.Perhaps no one understood that emotional symbolism of the market better than Mr. Trump.“The reason … [Read More...]
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Small Business
‘Legacy’ Pot Dealers in New York Want to Go Legal. Can They?
Buddy’s Versus the ‘Chads and Brads’In 2018, Mr. Cantillo started to notice designer pot strains, sold in stylized mylar bags, gaining a kind of cult status in California. “Cannabis culture is very similar to sneaker or streetwear culture, where a certain brand has a lot of clout,” Mr. Cantillo said. So he persuaded Mr. Bronson to buy supply from some of those brands, and he set up an Instagram … [Read More...]
Bolt Built $11 Billion Business With Inflated Metrics and Eager Investors
A Fund-Raising GuruStill, Mr. Breslow has become something of a legend in the Valley, for his fund-raising prowess and his outspoken behavior. Last summer, he self-published a 58-page book on fund-raising, described on Amazon as an “essential playbook” for start-ups. “Fund-raising is purely a matter of momentum,” he wrote.Jack Burlinson, an entrepreneur who attended Stanford, said Mr. Breslow … [Read More...]
Your Money
Student Loan Borrowers Don’t Deserve ‘Forgiveness.’ They Deserve an Apology.
Still not convinced that the nation should ask debtors for absolution, and not the other way around? Consider the facts.First, there’s the Free Application for Federal Student Aid, or FAFSA, which for decades has yoked millions of students and families each year to its cumbersome form, confusing questions and confounding — and infuriating — “expected family contribution.” New legislation brings … [Read More...]
Think Twice Before Taking Out a Private Student Loan
Factors like customer service should also be considered, Mr. Kantrowitz said. Is there a help line if you need to reach someone on the weekend? Can you update your address or contact information online?Student Loans: Key Things to KnowCard 1 of 4Debt reduction. President Biden said that he is considering wiping out some student loan debt and will make a final decision “in the coming weeks.” The … [Read More...]