U.S. markets / Binance leaves Canada / Hertz going electric

Plus, U.S. dollar has best week in three months

Inside Business For May 14, 2023

1 S&P 500: The S&P 500 closed down 0.3% last week, ending at 4,124.08. This was its second consecutive weekly decline. The index is now up 7.41% year-to-date. Dow Jones: The Dow Jones Industrial Average closed down 1.1% last week, ending at 33,301.00. This was also its second consecutive weekly decline; the index is now up 0.46% year-to-date. Nasdaq: The Nasdaq was up 0.4% last week, ending at 12,285.18. It is up 17.37% year-to-date.

2 Currency Exchange Rates The U.S. dollar had its biggest single-week gain in nearly three months last week. Investors continued to move out of higher-risk currencies in favor of safe haven assets like the U.S. dollar due to concerns about the response of the global economy to U.S. monetary policy and the debt ceiling crisis.  New data shows that the U.S. consumer price index is 4.9%, less than previously reported.  The U.S. jobs market remains tight despite higher-than-expected jobless claims last week, with 1.6 job openings per unemployed person (as of the most recent data from March). The British pound and the euro were also under significant pressure last week following rate hikes by their respective central banks.  The U.S. dollar index was up 1.4% on the week.  U.K. (GBP) £0.80 -0.14% Europe (EURO) €0.91 0.00% Canada (Canadian Dollar) $1.35 -0.86% Japan (Yen) ¥135.64 -0.08% *Exchange rates as of 7 a.m. ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

3 Binance has announced its decision to withdraw from the Canadian market due to new regulations surrounding stablecoins and investor limits. The company cited these regulations as the reason for the move, claiming that the Canadian market is "no longer tenable" for Binance. More: Binance had previously postponed this move to explore potential alternatives but ultimately concluded that the regulatory landscape left it no choice. The exchange's decision to leave Canada marks a significant shift in the country's cryptocurrency market, as Binance is one of the largest platforms operating in the space. Binance's departure highlights the challenges cryptocurrency exchanges face in navigating evolving regulatory frameworks, which can directly impact their ability to serve specific markets. Binance said it would continue to work with Canadian regulators in the hopes of being able to return to the country in the future. Its statement read, "We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets."

4 Rhys Mendes has been appointed as the deputy governor of the Bank of Canada. This is a significant milestone as he becomes the first individual from a non-white background to join the central bank's interest-rate-setting governing council. More: Mendes will assume the position on July 17 and oversee the bank's economic and financial research, as well as analyze international economic developments. Additionally, he will serve as the deputy for both the Group of Seven and Group of 20, solidifying his role in shaping Canada's engagement with global economic affairs. This appointment signifies a significant step towards promoting diversity and inclusion within the Bank of Canada, highlighting the institution's commitment to fostering a more representative leadership. By appointing Mendes, the bank aims to enhance its understanding of a diverse range of perspectives and experiences, which is crucial in formulating effective monetary policies that reflect the needs of all Canadians. This is notable for Americans as last Friday, President Joe Biden nominated Adriana Kugler, who could become the first Latina member of the Federal Reserve's board of governors, and Philip Jefferson, who could become the second Black vice chairman of the Federal Reserve.

5 Hertz has made a strong commitment to electric vehicles (EVs) following its emergence from bankruptcy, which is poised to have significant implications for the EV, auto, and rideshare markets. This strategic shift aligns with the growing demand for sustainable transportation options and reflects the company's efforts to adapt to the evolving automotive landscape. More: By embracing EVs, Hertz aims to address environmental concerns, capitalize on the expanding EV market, and cater to the preferences of environmentally conscious consumers. Hertz's objective is to have 25% of all its cars be electric by the end of 2024. The company has already reached the 10% threshold and has signed deals with Telsa, Polestar, and GM to purchase more electric vehicles.  The company is also expecting that the price of EVs will continue to decline in the coming years, making the transition more affordable.  The company forecasts that it will have ~2 million EV rentals this year compared with ~400,000 last year.

6 Chipotle and Papa John's have taken steps to align their bonus compensation with Environmental, Social, and Governance (ESG) goals. This signifies a growing trend among companies to integrate sustainability and ethical considerations into their compensation structures. More: By tying bonuses to ESG performance, these companies aim to incentivize responsible practices and foster a stronger focus on sustainability throughout their organizations. Chipotle is tying up to 15% of its executive bonuses solely to ESG metrics such as buying locally produced ingredients or composting in restaurants.  43% of Russell 1000 companies have some level of executive pay tied to ESG metrics.  Papa Johns's is extending the practice to lower-level employees, not just executives.

7 Quick Hits: Germany's Allianz posted a 329% increase in profits year over year.  U.K. GDP was up 0.1% in Q1 2023 despite a 0.3% contraction in March.  The yield on the U.S. 10-year Treasury increased by 0.064%, reaching 3.459%. The yield on the U.S. 2-year Treasury is 3.994%. Silver was down 7% last week, its worst weekly performance in seven months.

Upcoming Events MAY 17 Monthly Meditation guided by Nicholas Whitaker Virtual Register Here MAY 23 Advance your security program and win more deals by joining this Vanta webinar Virtual Register Here MAY 25 Inside.com Book Club - Zero To One by Peter Thiel Virtual Register Here * This is a sponsored event

Knowledge Hub Term of the Day January Effect: The January Effect is a seasonal increase in stock prices that tends to happen in January. Read More Question of the Week How do you approach networking, and what advice can you give others looking to build their professional connections? Join the conversation

INSIDE BUSINESS LEADERBOARD (7 DAYS) 🥇 Muhammad Ahmed (16) 🥈 Alex Munoz (5) 🥉 Venkata Keerthi (4)

Liam Gill Contributor Liam Gill is a lawyer who previously founded Fumarii Technologies, a venture-backed startup ranked in the top 20 cloud computing startups by Yahoo Finance. He now teaches founders how to pitch persuasively to investors.  This newsletter was edited by Aaron Crutchfield

Discover more on inside.com/business Thanks for reading today's issue of Inside Business. Explore Explore

Share Email Share on Twitter Open in Browser Open in Browser Open in Browser

Did someone forward this email to you? Get your free subscription here. Interested in sponsoring this newsletter? Connect with our sales team here. You received this email because you are subscribed to Inside Business. Manage your subscription or unsubscribe here. 767 Bryant St. #203, San Francisco, CA 94107 Copyright © 2023 Inside.com

                                                           

Watch Try This One for Size Full Movie Online Streaming

Try This One for Size Full Movie

Try This One for Size Movies, tell story about

Lau Kai Cho is a Hong Kong journalist in Vietnam chasing a story. Getting involved in a motor accident, Lau Kai Cho is handed a prison sentence and has to serve in a strict and unforgiving prison.

Watch Try This One for Size Full Movie For Free, Please Click button bellow!

Similar with Try This One for Size Movies

Akyat bahay gang

Roberto Razzi, skeptical and convinced atheist, is the conductor of the Futuro program, in which he unmasks the most common tricks and deceptions that make the miracle cry out to everyone.

Home Is Where the Hart Is

This cinematic adaptation of the autobiography of Anna Wimschneider depicts her life's experiences and workaday routines as a woman born on a farm in lower Bavaria, Germany in the 1920s. ... See full summary »

Stars and Roses

During the apartheid era in South Africa, a young naive soldier is assigned to a unit of racist white soldiers. After they annihilate a remote village led by a witch doctor, the spirits of those they've killed target them.

Sono un fenomeno paranormale

A widow's former husbands' ghosts conspire to set her up with a radio personality.

Vediamoci chiaro

A well-known gangster is released from prison, and decides look for his daughter with the help of a troubled young woman.

Mario

Christoph Waltz plays the role of Markus Dorn, a young man clearly unhappy in his home life. His mother has a boyfriend he does not like, and she has chosen her paramour over her son's ... See full summary »

Watch Scorpio Nights Full Movie Online Streaming

Scorpio Nights Full Movie

Scorpio Nights Movies, tell story about

While in Thailand to avenge his brother who was crippled in a fight with a corrupt Thai boxer, a man gets caught up in a web of fate, Buddhism and black magic.

Watch Scorpio Nights Full Movie For Free, Please Click button bellow!

Similar with Scorpio Nights Movies

Monsieur Hire

A video store clerk stumbles onto an alien plot to take over Earth by brain-washing people with a bad '50s science fiction movie. He and his friend must find a way to stop the aliens before... See full summary »

The Naked Face

A prison riot breaks out at the moment of a serial murderer's execution by electrocution, 18 months later, a team of filmmakers converge on the prison to film a women-in-prison exploitation flick.

Red Surf

The Green Knight challenges King Arthur's knights. But only young Gawain accepts and decapitates him. The knight takes his head and now gives Gawain one year to learn about virtues, knighthood and then face the challenge himself.

Howl of the Devil

Piel, a 7 or 8 year old boy, is alone on the desert planet Perdide, only survivor of an attack by giant hornets. Calling for help, Piel's father's friend Jaffar keeps contact with the kid and hurries across space toward Perdide.

Deathstalker and the Warriors from Hell

A small time arms dealer in South America to sell weapons to the revolutionaries, winds up negotiating the sale of an experimental plane to the nation's dictator.

Joy of Sex

A Cincinnati college student breaks off his engagement to his wealthy fiance after he falls in love with a backwoods Kentucky girl he meets at a party. She claims to be 20 years old, but ... See full summary »