Citigroup says it will close Russian consumer business [Reuters via Yahoo!]
"We have explored multiple strategic options to sell these businesses over the past several months," Titi Cole, Citi's chief executive officer of legacy franchises, said in a statement. "It’s clear that the wind-down path makes the most sense given the many complicating factors in the environment…."
Citigroup also said on Thursday it will continue to support its multinational institutional clients, particularly those which are undergoing the complex task of winding down their operations in Russia.
Amazon is shutting down its telehealth service, Amazon Care [CNBC]
“Although our enrolled members have loved many aspects of Amazon Care, it is not a complete enough offering for the large enterprise customers we have been targeting, and wasn’t going to work long-term….” Last month, Amazon acquired boutique primary care provider One Medical for $3.9 billion. It also has sought to develop at-home medical diagnostics. And earlier this week, The Wall Street Journal reported Amazon is bidding for home health services provider Signify Health.
Jay Powell faces tough crowd in Jackson Hole after inflation errors [FT]
“Powell wants to do the right thing, and he’s not out there to make a mistake,” said [former Fed adviser Ellen] Meade, who is now a professor at Duke University. “But if he loses this one, this is the whole ball game.”
Crypto ATM Firm Bitcoin Depot Strikes $885 Million SPAC Deal to Go Public [WSJ]
Founded in 2016, Bitcoin Depot says it is the largest provider of bitcoin ATMs in North America, with more than 7,000 kiosks in the U.S. and Canada at stores such as Circle K…. Despite the cryptocurrency bear market that has sent bitcoin prices about 70% below their November peak, Bitcoin Depot says it has continued growing.
NFTs Are Increasingly Targeted by Criminals, Report Says [WSJ]
More than $100 million worth of these blockchain-based assets were reported stolen in scams over the past year, according to the study. Over 4,600 NFTs were stolen in July, the most in any month since Elliptic began tracking the data in 2017, the report said…. The report recommended proactive risk management to fend off criminal actors and highlighted the need to screen for sanctioned entities and keep them from using NFT platforms.
Texas Blacklists BlackRock, UBS and Other Financial Firms Over Alleged Energy Boycotts [WSJ]
In addition to banks and fund managers, Texas also identified specific funds that could be subject to a state-mandated sale, including funds controlled by investment powerhouses Fidelity Investments and Vanguard Group…. [Texas Comptroller Glenn] Hegar used publicly available ESG ratings, which rank companies as ESG leaders or laggards, as a starting point for his investigation, his office said. Financial companies that scored higher than their peers were investigated, along with those that had made climate-related commitments.