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Good Morning,

Blackstone limited withdrawals from its $125B BREIT, several banks are slashing bonuses, Apple and Amazon are advertising on Twitter again, Twitter suspended Kanye again, NYT union members are threatening walk outs, the US was eliminated from the World Cup, SBF said he is willing to testify before congress, and Alex Jones filed for bankruptcy.

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Let's dive in.

Before The Bell

Markets

• US stocks inched slightly lower Friday as a better-than-expected jobs report reignited rate hike fears

  • All three major US indexes nonetheless posted a second straight weekly gain

• OPEC+ will stick to their decision to reduce oil production

• On Wednesday, we'll receive Bank of Canada's latest monetary policy decision and on Friday, November's producer-price index

Earnings

• What we're watching this week:

  • Tuesday: AutoZone

  • Wednesday: GameStop

  • Thursday: Broadcom, Costco, lululemon

  • Friday: Oracle

• Full calendar here

Headline Roundup

• US added 263k jobs in November, with unemployment rate steady at 3.7% (CNBC)

• US savings rate plunged to 2.3% in October to lowest level since 2005 (AX)

• Global equity funds recorded biggest weekly outflow in six weeks (RT)

• G7 coalition capped price of Russian oil to a $60 / bbl; Russia 'will not accept' (RT)

• US and Mexico plan to lure firms from abroad starting early 2023 (RT)

• India plans federal oversight of all real-money online games (RT)

• Blackstone limits withdrawals at $125B property fund as investors rush to exit (FT)

• JPMorgan, BofA and Citi will slash banker bonuses by up to 30% (BBG)

• Europe cuts gas demand by a quarter to shed reliance on Russia (FT)

• Twitter is offering incentives to bring back advertisers (RT)

• Amazon and Apple will resume advertising on Twitter (RT)

• India's Oyo cut 600 employees in corporate and tech departments (RT)

• Twitter suspended Kanye West's account again (RT)

• Evergrande's EV unit suspended mass production amid lack of orders (RT)

• Swiss engineering firm ABB will pay over $315M to resolve a bribery case (RT)

• 1k+ NYT union members threatened to walk out (AX)

• US was eliminated from World Cup after losing 3-1 to the Netherlands (AX)

• InfoWars founder Alex Jones filed for personal bankruptcy after $1.5B Sandy Hook verdict (AX)

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Deal Flow

M&A / Investments

• North American pipeline operator TC Energy is preparing to sell ~$3.7B in assets next year (RT)

• CVC Capital Partners is exploring strategic options for gaming peripherals maker Razer, less than a year after buying it for $3.2B (BBG)

• VC fund V Vendes agreed to buy Asian cryptocurrency exchange Zipmex Asia for $100M in digital coins and cash (BBG)

• Over 10 crypto giants, including Blockchain.com and Gemini, are interested in acquiring bankrupt FTX's derivatives arm LedgerX (BBG)

• Saudi Arabian Crown Prince MBS is preparing to invest ~$500M in Credit Suisse's investment bank spin out; CS shares rose ~7.5% on the news (BBG)

VC

• KreditBee, an Indian startup providing instant personal loans, raised an $80M Series D led by Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and more (TC)

• BeeHero, a startup building a data-driven pollination platform, raised a $42M Series B led by Convent Capital (BW)

• Plant Prefab, a startup developing custom-built homes for urban areas, raised $42M: $30M in equity from Brazilian steelmaker Gerdau and $12M in debt from Western Technology Investments and ATEL Capital (TC)

• Reach Power, a startup beaming electricity wirelessly, raised a $30M round led by DCVC (RT)

• Former FTX US president Brett Harrison is in talks with investors to raise $6M at a $60M valuation for a new crypto trading software startup (TI)

• Smoodi, a company building a robotic smart blender, raised a $5M Series A led by Keith Canning (TC)

• Kenyan skincare startup Uncover raised a $1M seed round from FirstCheck Africa, Samata Capital, Future Africa, and others (TC)

• Brooklyn-based coffee chain Blank Street Coffee is in talks to raise a new funding round at a potential ~$200M valuation (BBG)

IPO / Direct Listings / Issuances / Block Trades

• Saudi Aramco's base oil subsidiary Luberef expects to raise up to $1.32B in its IPO (RT)

• Indonesian movie theater operator Nusantara Sejahtera Raya is considering a Jakarta IPO that could raise ~$1.1B (BBG)

Debt

• China ordered its state-owned banks Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China to issue offshore loans to help developers repay overseas debt; $39B in debt is set to mature in Q1 '23 (RT)

Bankruptcy / Restructuring

• Cineworld creditors are considering a sale of the firm's eastern European assets for ~$1B (BBG)

Fundraising

• K2 Global, a VC firm focused on early-stage companies, closed $300M of committed capital to invest in tech startups (BW)

Crypto Corner

• SBF says he is willing to testify before Congress once he has "finished learning and reviewing what happened", but is unsure if it will happen by the House committee hearing on the 13th (RT)

• Genesis creditor groups' loans amount to $1.8B and counting (CD)

• Crypto exchange Gemini is trying to recover $900M from crypto lender Genesis (FT)

• Crypto meltdown comes as boon for bankruptcy lawyers (RT)

• DoJ's Trustee in the FTX bankruptcy case moved to appoint an independent examiner (AX)

• Crypto exchange Bybit to cut 30% of jobs in 'deepening bear market' (BBG)

Exec's Picks

• Has it been tough to do your day job while the World Cup is on? I totally get it. But just because you’re ditching your Bloomberg Terminal to watch a little footy, doesn’t mean you have to stop trading. Sporttrade is the ONLY sports trading exchange that lets you trade the soccer games just like trading securities. For today’s game, Croatia is priced at $63.5 to advance against Japan, which means they have a 63.5% chance of winning according to the market on Sporttrade. And if you don’t like that price, set a lower limit buy order and watch it fill if Croatia can’t seem to score at the onset of the game. Because on Sporttrade, you can trade in and out of a soccer game just like you do with stocks. Download on iOS anywhere. If you are in NJ or travel to NJ you can start trading today.

• This @jomaoppa video about how the FTX collapse *actually* happened is the funniest content you'll watch all week.

• Harvard student Brooks Anderson wrote an interesting opinion piece on administrative bloat at America's most reputable university.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

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