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🌎 World & Economics

Peloton's Ex-CEO Loses Fortune and Sells Personal Assets

Yahoo Finance

Peloton experienced a meteoric rise during the pandemic, with sales increasing by 250% and stock prices soaring more than 400%. However, as demand dwindled post-pandemic and amid a critical scene in the "Sex and the City" reboot where a main character suffers a heart attack while on a Peloton, stock prices plummeted, drastically reducing the company’s market cap from $50 billion to around $1.8 billion. Co-founder John Foley's wealth dissipated from $1.9 billion to $225 million, forcing him to sell valuable assets and downsize his lifestyle. Despite these challenges, Foley has launched a new venture, a direct-to-consumer rug company, and is determined to rebuild his financial status by targeting significant cash flow by 2030.

China's Gold Market Influences Global Trends Amid Investment Surge

ECNS Business

The Chinese gold market, currently the world's largest consumer and producer of gold for over a decade, is anticipated to play an increasingly significant role in shaping the global gold industry, according to the CEO of the World Gold Council. Despite a notable decline in jewelry consumption, which fell to its lowest level since 2009, investment demand for gold bars and coins surged 62 percent year-on-year in the second quarter, reaching 80 tons. The first half of 2023 saw total investment requirements increase by 65 percent, driven by factors such as geopolitical uncertainties, strong central bank purchases, and sustained consumer demand in Asia. The upward trend in gold prices, which reached an average of $2,338 per ounce in the second quarter, is expected to continue, with predictions that the dip in jewelry demand will be temporary.

Asian Markets Recover Slightly Amid Tech Concerns and Inflation Data Expectations

Money Control

Asian stock markets showed slight rebounds after initial losses, with Japanese and South Korean stocks rising marginally and Australia also gaining. Concerns arose from the impact of major tech companies dragging down US stocks, highlighted by a 1.2% decline in a measure of leading tech stocks. Anticipation builds for Nvidia's upcoming earnings, with expectations that a positive report could elevate market sentiment regarding artificial intelligence demand. In broader economic indicators, US inflation data is expected to support upcoming interest rate cuts, despite mixed sentiments about inflation risks among Federal Reserve officials.

 📈 Stocks / Finance

Busey Bank and CrossFirst Bank to Merge in $916.8 Million Deal

Banking Dive

Busey Bank and CrossFirst Bank will merge in a $916.8 million all-stock deal, expected to finalize in the first half of 2025. The merger will establish a financial institution with a presence across 10 states, encompassing 77 locations and approximately $20 billion in assets. Busey will expand into six new states, enhancing its capabilities in commercial banking and wealth management, while retaining the Busey name and maintaining its headquarters in Illinois. Leadership will centralize around Busey’s CEO Van Dukeman and CrossFirst’s CEO Mike Maddox, ensuring that both banks’ strategic goals align post-merger.

CME Introduces Bitcoin Futures Targeting Retail Investors on Fridays

Coin Telegraph

CME Group is set to introduce Bitcoin Friday futures (BFF) on September 30, offering contracts sized at one-fiftieth of a Bitcoin, appealing to both retail and institutional investors amid growing interest in cryptocurrency futures. The contracts will be cash-settled each Friday, providing a benchmark against the CME CF Bitcoin Reference Rate New York Variant. With over 30,000 contracts of open interest in existing Bitcoin futures on CME as of August 20, the new BFF contracts aim to allow traders to fine-tune their exposure to Bitcoin and enhance their trading strategies. The introduction of these smaller, weekly-expiring contracts positions CME Group to compete with platforms like Coinbase while responding to the demand for more accessible investment options in the cryptocurrency market.