Author: Anthony M. Orbison

(Bloomberg) — Billions of dollars have exited China’s largest money market exchange-traded funds just as billions more flowed into ETFs tracking equities, signaling that Beijing has finally drawn skeptical investors back to the country’s struggling stock market.Most Read from BloombergLast week, China’s 10 largest money market ETFs saw combined outflows of $4.1 billion, while the 10 biggest equity ETFs lured $6 billion in new capital. This shift followed fresh stimulus measures that spurred the best week for mainland stocks since 2008.The outflows were concentrated in two of the largest cash funds: the Yinhua Traded Money Market Fund, which lost $2.4…

PepsiCo.  (PEP)  which owns top food brands such as Lays, Quaker, Gatorade, etc., has its eyes locked on adding another popular brand to its portfolio, but some consumers are fearful of the outcome of the acquisition.The food giant announced in a press release on Oct. 1 that it is set to buy Siete Foods, a Mexican-American brand that is popular for having clean ingredients in its products, which include cookies, snacks, tortillas, spices, etc.Don’t miss the move: Subscribe to TheStreet’s free daily newsletterPepsiCo is putting down a whopping $1.2 billion to acquire the brand, and the deal is expected to…

A memecoin built on the Ethereum (ETH) layer-2 scaling solution Base is up nearly 128% in the past 24 hours after being added to Coinbase’s listing roadmap. Degen (DEGEN) is trading at $0.009 at time of writing, up from around $0.004 one day ago. The memecoin, which launched on Base in January, serves as a reward token for Farcaster, a blockchain protocol for building social networks. The project aims to give users of Farcaster’s ecosystem the ability to reward those “posting quality content” and bridge “the gap between online contributions and real-world value.” Coinbase also added the Solana (SOL)-based altcoin…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A strike that closed US east and Gulf coast ports will be suspended after the dockworkers’ union and the group representing ocean carriers reached an agreement on Thursday. The agreement extends the International Longshoremen’s Association’s employment contract, which had expired, until January 15. It will allow them to return to work for the first time in three days, the union and the shipping lines’ group said in a joint statement.Negotiations, which had been at an “impasse” over wages and automation for months,…

By Julie Zhu, Amy-Jo Crowley and Hadeel Al Sayegh HONG KONG/LONDON (Reuters) -Shein is set to hold informal investor meetings in the coming weeks for its planned London initial public offering (IPO), three sources with knowledge of the matter said, pushing ahead with preparations as it awaits UK regulatory approval. The China-founded online retailer plans to hold informal roadshows mainly across Europe, one of the sources said, during which an IPO-bound company fields large investors’ questions and tests their investment appetite. The sources declined to be identified as they were not authorised to speak to the media. A spokesperson for…

Visa has announced a new platform to help banks issue and manage fiat-backed tokens on blockchain networks, with BBVA set to pilot the platform by 2025. Global payment network Visa has unveiled a blockchain-based platform to help financial institutions integrate fiat-backed tokens, aiming to bridge traditional banking and blockchain technology. In an Oct. 3 press release, Visa said the so-called Visa Tokenized Asset Platform will enable financial institutions to mint, burn, and transfer tokens backed by fiat currencies, such as stablecoins, with BBVA, a Spanish multinational banking giant, set to pilot the technology on the public Ethereum (ETH) blockchain in…

The 5,000 financial institutions that originated a home loan in the U.S. are obliged by law to collect information about race. This policy is designed to help flag potential discrimination against borrowers, and has generated reams of data used by researchers, academics and the lenders themselves to halt it. The significance of the data, which is collected pursuant to the Home Mortgage Disclosure Act, is further reflected in the fact it has, in the past year alone, been cited by the Consumer Financial Protection Bureau, the Federal Financial Institutions Examinations Council, the Office of the Comptroller of the Currency, among…

Since Liberty Media acquired Formula 1 in 2017, the iconic auto racing competition has become one of the world’s most popular annual sporting series.Not only is Formula 1 a well-known event that is recognized worldwide, but it is also a highly profitable business.Don’t miss the move: Subscribe to TheStreet’s free daily newsletterAccording to Liberty Media’s Q2 earnings report for 2024, Formula 1 generated nearly $988 million in total revenue, a 36.5% growth from the year prior.LVMH is a French luxury group that owns multiple renowned luxury brands in various sectors, including wines and spirits, fashion and leather goods, perfumes and cosmetics, watches…

Global asset manager Franklin Templeton has officially filed for a Bitcoin and Ethereum Index ETF. Indeed, the firm submitted a proposal for the fund to the US Securities and Exchange Commission (SEC). The fund will reportedly hold both BTC and ETH indirectly, offering exposure to the top two cryptocurrencies.The fund will feature no staking and has custody provided by BNY Melon and Coinbase. Ultimately, it appears as though potential approval will rely on fraud prevention and the futures market. For now, Franklin Templeton is awaiting updates from the SEC on its submitted proposal.Also Read: Asset Manager Franklin Templeton files for…

Michael M. Santiago/GettyIndexes edged lower Thursday as investors assessed jobless claims and geopolitical tensions.Jobless claims climbed to 225,000, surpassing forecasts of about 221,000.On Friday, investors will get a fresh labor-market update from the September nonfarm-payrolls report.US stocks inched lower on Thursday, fueled by an uptick in jobless claims ahead of a key jobs report and continued tensions in the Middle East.Weekly jobless claims rose by 6,000 to 225,000, according to Labor Department data released Thursday.That surpassed forecasts of about 221,000, but weekly claims remained low, with the four-week moving average falling to its lowest point since June.Investors are also focused…