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PayPal Is Said to Be in Talks to Buy Pinterest in $45 Billion Deal [NYT]
PayPal has offered around $70 a share for Pinterest, the people said, a 25 percent increase from Pinterest’s opening share price on Wednesday.
If completed, the deal would be the largest in the consumer internet industry over the past decade, topping Microsoft’s $26 billion purchase of LinkedIn in 2016 and Salesforce’s $27.7 billion acquisition of Slack last year, according to the data service firm Dealogic. It would also be among the largest deals for PayPal, which was spun off from eBay in 2015 and has snapped up payments companies globally.

Barclays profits double as CEO brushes off inflation and supply chain fears [Guardian]
The British bank’s profit before tax in the three months to September rose from £1.1bn a year ago, taking its year-to-date profit to an all-time high of £6.9bn…. Jes Staley, the chief executive, said: “While the corporate and investment bank performance continues to be an area of strength for the group, we are also seeing evidence of a consumer recovery and the early signs of a more favourable rate environment….”
“The recovery from the pandemic has been quite robust,” Staley said, adding that annual inflation running at up to 4% would be manageable. “If it’s driven by economic growth that could be positive. A level of inflation driving a response from the bond market and interest rates moving up would be quite positive for Barclays.”

Chinese Regulators Nudge Didi Toward Hong Kong Listing [WSJ]
The Cyberspace Administration of China, which in July started data security reviews into apps operated by the three companies, broached the idea in recent conversations with executives from Didi, logistics platform Full Truck Alliance Co. and online recruitment firm Kanzhun Ltd., the people said. The three companies went public in June after raising nearly $7 billion in total…. The cybersecurity reviews, which were launched days after Didi went public in the U.S., are part of a broader crackdown on China’s internet industry, one that has swept up technology giants Alibaba and Tencent Holdings Ltd.

JPMorgan Says Bitcoin’s Record Run Is Being Driven by Inflation [Bloomberg]
“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” wrote strategists including Nikolaos Panigirtzoglou, referring to the ProShares Bitcoin Strategy ETF. “Instead, we believe the perception of Bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into Bitcoin funds since September.”

Crypto Exchange FTX Reaches $25 Billion Valuation [WSJ]
FTX Trading Ltd., the exchange’s parent company, said Thursday that it had raised just over $420 million in the new round. The news came three months after FTX closed a previous round at a valuation of $18 billion…. Singapore’s sovereign-wealth fund Temasek Holdings Pte. Ltd. joined the new funding round, along with Silicon Valley venture-capital firms Sequoia Capital—an existing investor in FTX—and IVP. Other investors included New York-based Tiger Global Management and Iconiq Growth, an affiliate of Iconiq Capital LLC, which has managed money for Mark Zuckerberg and other tech billionaires.

Fed Ethics Office Warned Officials to Curb Unnecessary Trading During Rescue [NYT]
Officials might want to avoid unnecessary trading for a few months as the Fed dived deeper into markets, the Board of Governors’ ethics unit suggested in an email, a message that was passed along to regional bank presidents by their own ethics officers…. The recommendation, which was confirmed by a person who saw the email, did not go far enough to prevent a trading scandal that is now engulfing the Fed and being leveraged against its chair, Jerome H. Powell, as the White House mulls whether to reappoint him before his leadership term expires early next year.

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