11.11 - News Briefing
Good to his word, Elon Musk has started to sell his Tesla interest. He has sold $1.1bn in a blind trading plan.. Only $19bn more to go..
Despite spending his first few months in office trying to kick start the economy, Joe Biden is now trying, (and struggling) to find ways to stop inflation soaring. There is a 6% gain in prices this October vs last, which means everything is more expensive to buy and puts pressure on low income families. He is trying to ease the bottlenecks on supply chains, talking to large retailers and even trying to increase production of oil.
The leading partner for Mckinsey advising Goldman Sachs on their acquisition of GreenSky has been charged with insider trading after being accused of using inside knowledge to turn a profit of $450,000. The accused allegedly googled "what happens to options when company is acquired” as he carried out the trades.
Guess what? Cryto is volatile as Coinbase found out after reporting less than expected revenue resulting in a 8.5% dip in the share price.
M&S is closing in on a return to the FTSE 100 after being relegated in 2019. The share price surged 16.5% as the retailer reported a profit in the first 6months of the year and increased its annual profits by £150m to £500m.
Good news, (sort of) for graduates as their entry salary increased by £833. Although employers are paying more for graduates, there in an increase in the number of applicants for each role.