The daily business briefing: November 3, 2023

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TheWeek The Week US Edition US UK SUBSCRIBE & SAVE Less than $3 per week × Search Sign in View Profile Sign out Daily Briefing Talking Points The Week Recommends Newsletters Cartoons From the Magazine The Week Junior More Politics World News Business Health Science Food & Drink Travel Culture History Personal Finance Puzzles Photos All Categories Newsletter sign up Newsletter Business The daily business briefing: November 3, 2023 Jury convicts Sam Bankman-Fried for FTX fraud, Eric Trump denies working on documents that inflated property values, and more Newsletter sign up Newsletter Sam Bankman-Fried guilty on all counts (Image credit: Yuki Iwamura / Bloomberg via Getty Images) Jump to category: 1. Sam Bankman-Fried convicted in FTX fraud trial 2. Eric Trump denies working on father’s financial documents 3. Moderna shares fall as falling Covid shot demand hurts earnings 4. Ukraine slams Nestlé for Russia operations 5. Stock futures struggle ahead of jobs report By Harold Maass, The Week US published 3 November 2023 1. Sam Bankman-Fried convicted in FTX fraud trial A federal jury in New York on Thursday found FTX founder Sam Bankman-Fried guilty of stealing billions of dollars from the collapsed cryptocurrency exchange’s customers. The conviction on all seven counts completed a spectacular fall for Bankman-Fried that started with the exchange’s sudden collapse a year ago. The 31-year-old former crypto mogul agreed to return to the United States from his home in the Bahamas to face a host of fraud charges. He testified in his own defense, a risky move. Prosecutors had expected to win after depicting Bankman-Fried as a greedy billionaire who lied to customers and pressured underlings to commit crimes. The Wall Street Journal 2. Eric Trump denies working on father’s financial documents Eric Trump said in court Thursday he “did not work” on financial statements at the heart of allegations that former President Donald Trump and the Trump Organization fraudulently inflated property values to get favorable loans. In sometimes combative testimony, Eric Trump, who now runs the company, acknowledged emailing information to the company’s controller, but said that was just for the company’s general financial records. A day earlier, his older brother, Donald Trump Jr., also testified he wasn’t involved in his father’s financial statements. An expert witness called by New York Attorney General Letitia James’ office said the inflated valuations helped the company get loan rates that saved it $168 million. ABC News, The Hill 3. Moderna shares fall as falling Covid shot demand hurts earnings Moderna shares fell as much as 18% before recovering and trading down 9% early Friday after the drugmaker reported a bigger third-quarter loss than expected as demand fell for its Covid-19 vaccine. Moderna also issued a disappointing forecast for the rest of the year. The Boston-based biotech company said it lost $3.6 billion or $9.53 per share in the quarter. Analysts had expected a loss of $1.79 per share. The company recorded a big writedown due to its unused Covid shots. Revenue, however, came in at $1.8 billion, beating analysts’ expectations of $1.4 billion. Financial Times, CNBC Subscribe to The Week Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives. SUBSCRIBE & SAVE Sign up for The Week’s Free Newsletters From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. Sign up 4. Ukraine slams Nestlé for Russia operations Ukraine’s anti-corruption agency has designated Nestlé as an “international sponsor of war” for continuing to operate and pay taxes in Russia despite Moscow’s ongoing “aggression against Ukraine.” Kyiv added the Swiss consumer-goods giant, which makes popular food items like Maggi bouillon cubes and KitKat candy bars, to a list that includes other large companies like Mondelez International, PepsiCo and Unilever, the National Agency on Corruption Prevention told Bloomberg. Nestlé, which isn’t violating any Russia sanctions, has said it stands with Ukraine. It has halted advertising and investing capital in Russia, and stopped selling most of its products there. Bloomberg 5. Stock futures struggle ahead of jobs report U.S. stock futures struggled early Friday ahead of the October jobs report. Futures tied to the Dow Jones Industrial Average were little changed at 7 a.m. ET. S&P 500 and Nasdaq futures were down 0.2% and 0.4%, respectively. Apple shares were down 3% after the iPhone maker reported better-than-expected earnings but issued a weak revenue outlook for the fourth quarter. Investors are awaiting a federal October employment report that economists surveyed by Dow Jones expect to show a gain 170,000 jobs, down from September’s massive 336,000 increase. The Dow, the S&P 500 and the Nasdaq jumped at least 1.7% on Thursday in a second day of gains after the Federal Reserve signaled it might be done raising interest rates. CNBC, The Wall Street Journal Explore More Business News Business Briefing Breaking News Continue reading for free We hope you’re enjoying The Week’s refreshingly open-minded journalism. sign up to continue reading Already have an account ? Sign in here Subscribed to The Week? Register your account with the same email as your subscription. Sign up to our 10 Things You Need to Know Today newsletter A free daily digest of the biggest news stories of the day – and the best features from our website Contact me with news and offers from other Future brandsReceive email from us on behalf of our trusted partners or sponsorsBy submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over. Harold Maass, The Week US Social Links Navigation Harold Maass is a contributing editor at TheWeek.com. He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons. Latest Ukraine calls for unity after Italian PM tells prank callers of war fatigue Speed Reads Giorgia Meloni’s unwitting admission will ‘please Russia’ By Chas Newkey-Burden, The Week UK Published 3 November 23 Sam Bankman-Fried found guilty: where does crypto go from here? Today’s Big Question Conviction of the ‘tousle-haired mogul’ confirms sector’s ‘Wild West’ and ‘rogue’ image, say experts By Chas Newkey-Burden, The Week UK Published 3 November 23 Properties of the week: idyllic houses in the north of England The Week Recommends Featuring a manor house in County Durham and a farmhouse near the Yorkshire Dales By The Week UK Published 3 November 23 You might also like The daily business briefing: November 2, 2023 Business Briefing The Federal Reserve holds interest rates steady, Toyota raises pay, and more By Harold Maass, The Week US Published 2 November 23 The daily business briefing: November 1, 2023 Business Briefing Toyota doubles its investment in a North Carolina EV battery factory, WeWork shares tumble on bankruptcy reports, and more By Harold Maass, The Week US Published 1 November 23 The daily business briefing: October 31, 2023 Business Briefing The United Auto Workers and GM reach a deal to end strike, Meta announces subscription option for European teens, and more By Harold Maass, The Week US Published 31 October 23 The daily business briefing: October 30, 2023 Business Briefing Biden plans to announce AI restrictions, Halloween spending expected to hit record level, and more By Harold Maass, The Week US Published 30 October 23 The daily business briefing: October 27, 2023 Business Briefing Economic growth accelerates despite rising borrowing costs, Amazon profits triple as leaders predict AI windfall, and more By Harold Maass, The Week US Published 27 October 23 The daily business briefing: October 26, 2023 Business Briefing The UAW and Ford reach a tentative deal on ending strike, the Nasdaq falls into correction territory, and more By Harold Maass, The Week US Published 26 October 23 The daily business briefing: October 25, 2023 Business Briefing Dozens of states accuse Meta of making social media addictive, the UAW expands its strike to GM’s biggest plant, and more By Harold Maass, The Week US Published 25 October 23 The daily business briefing: October 24, 2023 Business Briefing UAW expands its strike to Stellantis Ram pickup plant, Tesla says DOJ is looking into its business practices, and more By Harold Maass, The Week US Published 24 October 23 View More ▸ TheWeek About Us Contact Future’s experts Terms and Conditions Privacy Policy Cookie Policy Advertise With Us The Week is part of Future plc, an international media group and leading digital publisher.Visit our corporate site. © Future US, Inc. 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