With an array of recent news stories capturing our attention, it’s important to stay informed about a variety of topics. In this blog post, we will explore updates on Thanksgiving costs, China’s President Xi, the FDIC Chair, CQS’s sale, and the SEC’s decisions on Spot Bitcoin ETF and Grayscale Ether Futures filings. Let’s delve into the details!
Thanksgiving Costs Show a Dip:
This Thanksgiving, consumers can breathe a sigh of relief as the cost of dinner is projected to decrease. According to the American Farm Bureau Federation, the average price for a traditional Thanksgiving feast for 10 people is estimated at $61.17, which aligns with a 4.5% decline from last year’s record-high expenditure. Although turkey and eggs are cheaper this year compared to the previous one, market research firm Circana predicts an overall 2% increase in spending for Thanksgiving dinner.
Mixed Reactions to Xi’s Reception:
Chinese President Xi Jinping recently addressed a gathering of prominent U.S. business leaders. Notably, CEOs from Apple, BlackRock, Qualcomm, and other major companies were in attendance. While some applauded the speech and stood up for a standing ovation, doubts lingered among a few attendees. Critics argue that President Xi offered no indication of potential trade concessions or increased investment opportunities in China. The event left some American business executives questioning the intentions and motives behind Xi’s address.
FDIC Chair’s Leadership Style Under Scrutiny:
The temperamental leadership style of Martin Gruenberg, former chairman and current member of the FDIC, has been the center of attention. With a reputation for explosive outbursts and bullying, Gruenberg has allegedly berated employees, questioned their loyalty, and created a hostile work environment. Moreover, his micromanagement approach has hindered effective communication within the agency, causing multiple officials to leave. Despite his calm demeanor during congressional hearings, Gruenberg’s behavior behind closed doors has raised concerns.
CQS Founder Embarks on a New Path:
The founder of CQS, a renowned hedge fund, is concluding his journey with the firm amidst challenges. Following double-digit losses in 2020, the CQS flagship hedge fund will continue under a new entity, helmed by the founder himself. Simultaneously, Manulife is set to acquire the CQS credit platform, along with the CQS brand, in a deal expected to be finalized early in 2024. This transition marks the end of an era for the hedge fund veteran.
Sculptor Capital’s Path to Resolution:
After a year-long process aimed at resolving tensions between its founder and CEO, Sculptor Capital (formerly Och-Ziff Capital Management) is on the verge of a shareholder vote. The vote, scheduled for Thursday, is expected to pave the way for a smoother future. The sale process seeks to alleviate the strained relationship between billionaire founder Daniel Och and one-time protégé turned CEO Jimmy Levin.
SEC Delays Decisions on Crypto Investments:
The SEC recently announced the deferral of decisions on Spot Bitcoin ETF and Grayscale Ether Futures filings until 2024. This delay follows a trend observed for several other hopefuls seeking approval for exchange-traded funds. The regulatory body is taking time to carefully evaluate the implications and ramifications associated with these crypto investments.
Market Capital Research 