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Giant container ship that blocked Suez Canal set free [AP]
Helped by the peak of high tide, a flotilla of tugboats managed to wrench the bulbous bow of the skyscraper-sized Ever Given from the canal’s sandy bank, where it had been firmly lodged since last Tuesday….
It remained unclear when traffic through the canal would return to normal. At least 367 vessels, carrying everything from crude oil to cattle, have piled up on either end of the canal, waiting to pass.
Data firm Refinitiv estimated it could take more than 10 days to clear the backlog of ships.

Amazon-backed Deliveroo cuts IPO target range after investor backlash [CNBC]
The Amazon-backed company announced Monday that it will now sell shares for £3.90 ($5.40) to £4.10 each instead of £3.90 to £4.60 each…. Deliveroo said it’s reacting to market conditions, which have taken a turn for the worse in the last week. Half of the tech IPOs in the U.S., and in Europe, the Middle East, and Africa, priced in the bottom third of their announced ranges last week….
Several large investors said they plan to shun the Deliveroo IPO on April 7 over workers’ rights and the company’s share ownership structure, which gives CEO Will Shu over 50% of the voting rights.

Cathie Wood’s ARK Invest launches a space exploration ETF, to begin trading Tuesday [CNBC]
ARKX, the firm’s eighth ETF, comes as an increasing number of private space companies prepare to go public later this year…. Wood has garnered a large following after Ark Innovation returned nearly 150% last year. However, her flagship fund, Ark Innovation, is down nearly 9% this year. Amid the recent rotation out of technology names and into value stocks from the pressure of rising interest rates, Wood has stayed the course.

Visa moves to allow payment settlements using cryptocurrency [Reuters]
The company told Reuters it had launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year…. The USD Coin is a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar….
If a customer chooses to use a Crypto.com Visa card to pay for a coffee, the digital currency held in a cryptocurrency wallet needs to be converted into traditional money.
The cryptocurrency wallet will deposit traditional fiat currency in a bank account, to be wired to Visa at the end of the day to settle any transactions, adding cost and complexity for businesses.

Ex-SEC Chairman Clayton to Advise Brevan-Backed Firm on Crypto [Bloomberg]
[Jay] Clayton will be one of three advisers to One River founder and Chief Executive Officer Eric Peters. The other two are Kevin Hassett, who served as chairman of the Council of Economic Advisers under President Donald Trump, and Jonathan Orszag, an economic consultant who previously worked in the Clinton administration….
“The digitization of our financial ecosystem isn’t just is coming, it’s already here,” Clayton said in an interview. “Three years ago, I didn’t believe we would be where we are today -- the number of respected investors who have embraced digital assets. I would not have predicted this level of take-up.”

Leon Black to Step Down as MoMA Chairman [NYT]
The news that Mr. Black did not plan to run for re-election as the museum’s chairman in June was the latest fallout from the revelation earlier this year that he had paid $158 million to Mr. Epstein for tax and estate advisory services — payments that began several years after Mr. Epstein had pleaded guilty in 2008 to soliciting prostitution from a teenage girl…. Mr. Black decided to tell the executive committee that as a longtime supporter of MoMA, he did not want to become a distraction to the institution by seeking another term, said two people briefed on his decision. He is expected to remain on the board after stepping down as chairman.

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Davos Money Men Say World Emerges From Doldrums Fretting Relapse (Bloomberg) “Optimism, but with a sober tone,” was how Bank of America Chief Executive Officer Brian T. Moynihan characterized the mood pervading the World Economic Forum’s annual meeting, even as investors were lifting the Standard & Poor’s 500 Index above 1,500 for the first time since 2007. Fed To Keep Money Spigot Open (WSJ) Federal Reserve officials are likely to continue their easy-money policies when they gather this week to weigh a mixed economic outlook and a recent run of low inflation. The Fed has said it would maintain its $85 billion bond-buying programs, aimed at boosting the economy by lowering long-term interest rates, until it sees substantial progress in labor markets. It has also said it would keep short-term interest rates near zero until the jobless rate drops to at least 6.5%, as long as inflation remains steady. Beneath the Calm, SAC Works to Contain Fallout From Inquiry (NYT) "This has always been a stressful place to work," said an SAC employee who requested anonymity because he was unauthorized to speak publicly about the fund. "Now it's just more stressful." Mr. Cohen's fund was dealt a blow last week when a Citigroup unit that manages money for wealthy families disclosed that it was withdrawing its $187 million investment. The move by the bank was the most prominent client departure since November, when the multiyear investigation into SAC's trading practices entered a more serious phase. Citigroup's withdrawal represents a tiny percentage of SAC's $14 billion in assets under management. The fund has said it expects total investor redemptions for the first quarter of up to $1 billion, a number that an SAC spokesman has said will not adversely affect its business...Still, the Citigroup decision stung, say peopleclose to SAC's business, because of the longstanding and lucrative relationship between the bank and the fund. Another concern, said these people, is that the move could influence other large SAC investors currently weighing whether to keep their money at the fund. For Citigroup, its withdrawal of money from SAC carries substantial business risk. The bank has a vast relationship with SAC, earning revenue by providing the fund with financing and trading services. SAC could exact retribution on Citigroup by terminating, or at least scaling back, its broader relationship with the bank. An SAC spokesman declined to comment. Credit Suisse Could Owe $2 Billion Over Fraud (Reuters) Credit Suisse Group faces a potential $2 billion of exposure over fraud that occurred a decade ago at National Century Financial Enterprises, a result of a federal judge's determination on how to apportion responsibility. Friday's decision by U.S. District Judge James Graham could expose the Swiss bank to hundreds of millions of dollars of added liability over the activities of Lance Poulsen, who co-founded National Century in 1990 and was its chief executive. He is now serving a 30-year prison term and is presumed insolvent. Goldman Raising $1 Billion From ICBC Share Sale (WSJ) The Wall Street company is selling the Hong Kong-listed shares in a block trade at 5.77 Hong Kong dollars (US$0.74) each, the people said, without disclosing the number of shares. The price represents a 3.0% discount to ICBC's HK$5.95 closing price Monday. 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Dean Metropoulos, a veteran food exec, were vying with Grupo Bimbo, the Mexico-based baker, for the right to be the preferred, or stalking horse, bidder for Twinkies, Ho Ho’s, Ding Dongs and other Hostess snacks. Bank of America Moves $50 Billion of Derivatives to UK (FT) Bank of America has begun moving more than $50bn of derivatives business out of its Dublin-based operation and into its UK subsidiary, according to people close to the operation. The move, part of the group's global drive to rationalize its operations, has been encouraged by regulators but will also allow BofA to benefit from tax breaks stemming from the accumulated losses in its UK business. Singer Backs Off Aggressive Stance In Dealings With Buenos Aires (NYP) After a decade of aggressively pursuing $1.44 billion he claims the country owes him and a group of bondholders, including successfully pressing Ghana to seize a locally docked Argentine naval vessel to help pay down the debt, the billionaire New York hedge fund mogul is sounding like Bobby McFerrin in “Don’t Worry, Be Happy.” Singer’s Elliott Management now feels Argentina will do the right thing, according to recent court filings. It’s quite a change from last fall’s legal arguments, in which Singer urged a federal judge to hurry up and force Buenos Aires to put some of the monies owed into escrow, citing the country’s president’s plot to avoid the debt payment. 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