Finance

Phony Amazon representatives stole $27 million from customers from July 2020 through June 2021, the Federal Trade Commission said Wednesday.
About 96,000 people reported being targeted in such “business impersonator” scams involving fake Amazon employees over that time. That’s a fivefold increase and made the company a “runaway favorite” for criminals, the FTC said.
Here are some of the ways criminals trick consumers and how the public can avoid scams.

Karl Tapales | Moment | Getty Images

Con artists pretending to be Amazon employees scammed Americans out of $27 million from July 2020 through June 2021, the Federal Trade Commission said Wednesday.
These fraudsters were part of a “business impersonator” scam. Criminals pose as someone the consumer trusts — in this case, a purported Amazon representative — to dupe them into sending money.

Reports about Amazon impersonators increased fivefold over the year, according to the FTC.
About 96,000 people reported being targeted by an Amazon-related scam during that time — accounting for 35% of all consumer complaints about business impersonators, according to the agency, which called posing as Amazon a “runaway favorite” ploy for scammers. (Apple impersonators accounted for 6%, or 16,000, of the complaints.)
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About 6,000 victims of fake-Amazon cons said they lost money, according to the FTC. The typical person was out $1,000.
(Since these instances are all self-reported by consumers, the true number and value of the scams could be much higher.)

Older adults over age 60 are more at risk. They were over four times more likely than younger people to report losing money to scammers pretending to be Amazon; the typical older victim lost almost double the amount ($1,500) as their younger counterparts, according to the FTC.

How it works

Here are a few examples of how criminals steal money, according to the federal agency.
In some cases, phony Amazon reps call about suspicious activity or unauthorized purchases on a customer’s account. They ask for (and are given access to) the consumer’s computer or phone to “fix” the problem and provide a refund. The imposter then supposedly pays too large a refund and asks the customer to return the difference.
Sometimes, criminals beg for help — and say they’ll be fired if they don’t get the money back.

Other cases involve gift cards. Scammers tell people to buy gift cards and send pictures of the numbers on the back; they explain that sharing the numbers (sometimes called “blocking codes” or “security codes”) can stop hackers who supposedly pirated the customer’s account.
However, providing the numbers lets scammers steal the card’s value.
Criminals also send text messages claiming consumers won a raffle for a free Amazon product — but ask for credit card information to pay for shipping.
Sometimes, consumers have found a bogus phone number for Amazon listed online when trying to call about an issue. Scammers are the ones who answer the phone call.

How to avoid scams

Here are ways consumers can avoid business impersonation scams, according to the FTC.

Don’t use phone numbers from unexpected calls, texts, e-mails or social media messages. Don’t click on any links.
Go directly to a company’s website to find out how to reach them. Don’t trust results in Google or other online searches.
Never give someone remote access to your device unless you contacted the company first, using its real number.
Never pay by gift card or send pictures of gift cards to anyone who asks you to.

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Paul Tudor Jones
Michael Nagle | Bloomberg | Getty Images

Billionaire hedge fund manager Paul Tudor Jones believes that inflation is here to stay, posing a major threat to the U.S. markets and economy.
“I think to me the number one issue facing Main Street investors is inflation, and it’s pretty clear to me that inflation is not transitory,” Jones said on CNBC’s “Squawk Box” Wednesday. “It’s probably the single biggest threat to certainly financial markets and I think to society just in general.”

Jones said the trillions of dollars in fiscal and monetary stimulus is the culprit for inflation to run hotter for longer. To rescue the economy from the Covid-19 pandemic, the Federal Reserve has been buying more than $3 trillion in its open-ended quantitative easing program, while the U.S. government has unleashed over $5 trillion in fiscal stimulus.
“Inflation can be much worse than what we fear. We have the demand side of the equation … and that is $3.5 trillion greater than what it normally would have … just sitting in liquid deposits,” Jone said. “They can go into stocks, or crypto, or real state, or be consumed, so that’s a huge amount of dry powder just sitting waiting to be utilized at some point, which is why inflation is not going away.”
The longtime trader said price pressures will continue to rise in the coming months. Inflation ran at a fresh 30-year high in August amid supply chain disruptions and extraordinarily strong demand.
The core personal consumption expenditures price index, which is the Fed’s preferred measure of inflation, increased 0.3% for the month and was up 3.6% from a year ago.
“It’s absolutely dead for a 60/40 portfolio, for a long stock, long bond portfolio. So the real question is how you defend yourselves against it,” Jones said.

The founder and chief investment officer of Tudor Investment Corporation said it’s time to double down on inflation hedges including commodities and Treasury Inflation-Protected Securities, and that investors should avoid fixed income in this inflationary and low-rate environment.
“You don’t want to own fixed income. You don’t want to hold that whatsoever. What they are telling you by their actions is that they will be slow in fighting inflation,” Jones said.
Still, the legendary investor didn’t sound too dire about stocks, saying that they could be a decent bet amid persistent inflation. Jones said if the Fed moves to address inflation, it could compress equity multiples.
“Equities are interesting. Certainly in an inflationary world, they are a much better bet than fixed income,” Jones said.
The S&P 500 is up about 20% in 2021, sitting less than 1% from its all-time high reached early September.
Jones shot to fame after he predicted and profited from the 1987 stock-market crash. He is also the chairman of non-profit JUST Capital, which ranks public U.S. companies based on social and environmental metrics.

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The investment bank is leaning on the biggest global issuer of business charge cards in its quest to displace competitors that handle trillions of dollars in deposits and payments for corporations.
The move could help Goldman accelerate growth in its nascent business because users of corporate AmEx cards — the dominant player with relationships with almost 60% of the Fortune Global 500 — will now have reason to switch to the Goldman product.
Goldman reached $50 billion in commercial deposits by the third quarter this year, several years ahead of target, CEO David Solomon told analysts last week.

A Goldman Sachs logo is seen displayed on a smartphone screen.
Omar Marques | SOPA Images | LightRocket | Getty Images

Goldman Sachs is partnering with American Express to upgrade its digital cash management offering, CNBC has learned.
The investment bank is leaning on the world’s biggest issuer of business charge cards in its quest to displace rivals that handle trillions of dollars in deposits and payments for corporations. By integrating virtual card technology from AmEx into its platform, Goldman has automated the cumbersome process of sorting and paying bills to vendors and suppliers, according to executives of the two firms.

“This a one-stop solution to a highly fragmented business-to-business payments landscape for large corporates,” Hari Moorthy, Goldman’s global head of transaction banking, said in a phone interview. “It lets CFOs and treasurers have better financial planning because now you have a seamless way to track the flow of funds, irrespective of the payment rails used.”

Hari Moorthy, Goldman Sachs global head of transaction banking.
Source: Goldman Sachs

Cash management — the business of holding companies’ deposits and helping them make payments — is the commercial counterpart to Goldman’s better-known efforts to break into retail banking.
Introduced in early 2020 as part of CEO David Solomon’s plans to add more stable sources of revenue, the transaction banking business has already begun gaining traction. Goldman reached $50 billion in deposits by the third quarter this year, several years ahead of target, Solomon told analysts last week.
Built using cloud technology to offer a slick experience for users, Goldman’s platform employs algorithms to help decide which payment form is best to use — card, wire, or Automated Clearing House — to save companies time and maximize card rewards. It also offers greater visibility into the status of payments and levels of cash.
That’s an upgrade from the patchwork of decades-old systems used by competitors, which force users to shuttle between multiple programs to manage thousands of daily payments, according to Dean Henry, executive vice president of global commercial services at AmEx. Citigroup, JPMorgan Chase and other global banks are the dominant players in cash management.

“These large companies in the Fortune 250 are dealing with big banks that tend to have legacy, more fragmented solutions that don’t provide the capabilities that Goldman Sachs and American Express can provide,” Henry said.
Some of the companies’ clients are already using the platform, which will be more broadly available early next year. The two firms were set to announce their collaboration later Wednesday.

Fending off fintechs

The project took roughly nine months to complete, according to people with knowledge of the matter. Top executives at the two financial giants — whose headquarters are across the street from each other in downtown Manhattan — had been casting about for ways to collaborate, the people said.
Both companies get something out of it.
The move could help Goldman accelerate growth in its nascent business because users of the ubiquitous AmEx business card will now have reason to switch to the Goldman platform. AmEx says it has relationships with more than half the Fortune Global 500 companies.
For AmEx, companies that sign up for Goldman’s software will have less reason to one day switch to the new generation of fintech providers of business software and charge cards.
Start-ups including Brex and Ramp have rapidly gained eye-popping valuations this year by peeling off clients of established players like AmEx. The disruptors began with corporate charge cards but have rapidly expanded offerings in an attempt to provide all-in-one business management solutions.
The fintech players have mostly targeted start-ups rather than the big corporations Goldman and AmEx are seeking. But at some point, they could begin to make gains there as well.
“There are fintechs attempting this style of solution, but American Express and Goldman Sachs have the brand, the trust and the balance sheet to really help these big companies, and that’s what fintechs don’t have,” Henry said.

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A customer enters a Verizon store in San Francisco, California, U.S., on Tuesday, July 20, 2021.
Bloomberg | Getty Images

Check out the companies making headlines before the bell:
Anthem (ANTM) — The health insurer reported adjusted quarterly profit of $6.79 per share, beating the $6.37 per share consensus estimate from Refinitiv, with revenue also topping forecasts. Anthem also raised its full-year outlook amid higher premiums for its Medicare and Medicaid businesses. 

Biogen (BIIB) — The drug maker’s stock rose 2.2% in the premarket after the company beat estimates on the top and bottom lines and raised its full year forecast. Biogen earned an adjusted $4.77 per share for the quarter, compared with a consensus estimate of $4.11 per share. The company is still optimistic about prospects for its Alzheimer’s drug Aduhelm, despite slower than expected adoption.
Novavax (NVAX) — The drug maker’s shares tumbled 26.1% in the premarket following a Politico report saying it was having trouble meeting Food and Drug Administration quality standards for its Covid-19 vaccine.
Winnebago (WGO) — The recreational vehicle maker beat estimates by 56 cents with adjusted quarterly earnings of $2.57 per share, while revenue exceeded estimates as well. Results were helped by strong consumer demand, which allowed the company to raise prices amid higher input costs. Winnebago added 2.4% in premarket trading.
Verizon (VZ) — Verizon beat estimates by 5 cents with an adjusted quarterly profit of $1.41 per share, though revenue was slightly below Street forecasts. Verizon also increased its full-year guidance, as growing 5G adoption boosts sales. Verizon rose 1% in the premarket.
Netflix (NFLX) — Netflix reported quarterly earnings of $3.19 per share, beating the Refinitiv consensus estimate of $2.56 per share, with revenue in line with forecasts. Netflix added 4.4 million new subscribers during the quarter, exceeding expectations, but it did forecast current quarter earnings below consensus. Netflix fell 2.2% in premarket action. 

United Airlines (UAL) — United lost an adjusted $1.02 per share for the third quarter, smaller than the loss of $1.67 per share that Wall Street had anticipated. United said the spread of the Covid delta variant has slowed, but not derailed, its recovery. United shares were up 1.6% in the premarket.
Canadian National Railway (CNI) — The railroad’s CEO Jean-Jacques Ruest will retire at the end of January. Investors had been calling for his exit after the company’s failed bid for Kansas City Southern (KSU). The stock rallied 3.3% in the premarket.
Brinker International (EAT) — Brinker said its profit margins have been dented by higher labor and commodities costs. The parent of Chili’s and other restaurant chains said the surge in the Covid delta variant exacerbated those issues. Brinker tumbled 13.7% in premarket trading.
WD-40 (WDFC) — WD-40 shares slumped 11% in the premarket after the lubricant maker reported a lower-than-expected profit and revenue for its latest quarter. CEO Garry Ridge said the pandemic had created abnormal swings in the company’s sales results.
Tegna (TGNA) — Tegna gained 1.2% in premarket trading following a Bloomberg report that media mogul Byron Allen has received additional backing for his $23 per share offer for the TV broadcasting company. 

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Click on the stream above to watch to CNBC’s Sustainable Future Forum. Wednesday’s session from Europe focuses on the industry’s response.

It’s time to talk targets and check the promises that companies set. Are the goals achievable and what should happen if they’re missed?
As we race toward a Sustainable Future, it’s vital that we meet the needs of different industries. From the big tech giants to the specific sectors such as agriculture and fashion. All industry has part to play but will some step up faster than others?
The lineup for Wednesday’s sessions are below, and click here for the full schedule of the week.

Fireside: A sustainable future for aviation6:30 p.m. SGT/HK | 11:30 a.m. BST
Michael O’Leary, CEO of RyanAir.
Until electric or hydrogen-powered planes become a viable alternative, could alternative fuels or more efficient aircraft hold the key to reducing the aviation industry’s carbon emissions? Michael O’Leary, the CEO of Ryanair, joins us to talk about his vision of flying in a more sustainable way.
Add to calendar

Panel: How big business can become more sustainable6:45 p.m. SGT/HK | 11:45 a.m. BST
Mario Greco, CEO of Zurich Insurance, Dolf van den Brink, CEO of Heineken, and Carolan Lennon, CEO of Eir.
From net-zero targets to carbon tax and even linking executives’ pay to action on climate change, each sector is looking at different ways to become more sustainable. Joining us to share their insights on what it means for industry to become greener are Mario Greco, the CEO of Zurich Insurance, Carolan Lennon the CEO of Eir and Dolf van den Brink, who’s the CEO of Heineken.
Add to calendar

Fireside: Driving Nissan to a greener future7:15 p.m. SGT/HK | 12:15 p.m. BST
Makoto Uchida, CEO of Nissan.
The auto industry is undergoing a seismic transformation as it responds to demands to reduce CO2 emissions and a dependency on fossil fuels. Nissan has announced it will electrify all of its new models in key markets by the early 2030s. CEO Makoto Uchida joins us to discuss how the automaker is fulfilling its sustainability goals, what investments they are making in electrification and recycling and what the wider industry response has been.
Add to calendar

Fireside: Is the tide turning for sustainable fashion?7:30 p.m. SGT/HK | 12:30 p.m. BST 
Livia Firth, founder and creative director of Eco-Age.
Acclaimed sustainability activist Livia Firth has long been critical of the fashion industry’s greenwashing. She will be joining us to talk about whether the pandemic has caused a rethink into how we dress, whether circular fashion is more than a marketing tool and the launch of her new Renaissance Awards to honor young leaders in sustainability.
Add to calendar

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CNBC’s Sustainable Future Forum Asia on Wednesday focused on the industry’s response.
It’s time to talk targets and check the promises that companies set. Are the goals achievable and what should happen if they’re missed?

As we race toward a Sustainable Future, it’s vital that we meet the needs of different industries. From the big tech giants to the specific sectors such as agriculture and fashion. All industry has part to play but will some step up faster than others?
The lineup for Wednesday’s sessions are below, and click here for the full schedule of the week.

Fireside: Protecting the world’s precious water resources2 p.m. SGT/HK | 7 a.m. BST
Takeshi Niinami, CEO of Suntory Holdings.
For Suntory Holdings, one of the world’s leading producers of whisky and other beverages, the supply of water is vital to business. Takeshi Niinami, the company’s CEO, joins us to talk about protecting the world’s precious water resources and setting ambitious goals to reduce carbon emissions.
Add to calendar

Fireside: The diversity dividend2:15 p.m. SGT/HK | 7:15 a.m. BST
Suneeta Reddy, managing director of Apollo Hospitals. 
As managing director of Apollo Hospitals Group, Suneeta Reddy is one of the biggest names in India’s health care sector, and a trailblazer for business women across the world. She’ll join us to talk about how diversity on the Apollo board has driven growth, how to encourage greater gender parity in leadership and how Apollo Hospitals is incorporating ESG into its long-term strategy.
Add to calendar

Fireside: A sustainable future for aviation6:30 p.m. SGT/HK | 11:30 a.m. BST
Michael O’Leary, CEO of RyanAir.
Until electric or hydrogen-powered planes become a viable alternative, could alternative fuels or more efficient aircraft hold the key to reducing the aviation industry’s carbon emissions? Michael O’Leary, the CEO of Ryanair, joins us to talk about his vision of flying in a more sustainable way.
Add to calendar

Panel: How big business can become more sustainable6:45 p.m. SGT/HK | 11:45 a.m. BST
Mario Greco, CEO of Zurich Insurance, Dolf van den Brink, CEO of Heineken, and Carolan Lennon, CEO of Eir.
From net-zero targets to carbon tax and even linking executives’ pay to action on climate change, each sector is looking at different ways to become more sustainable. Joining us to share their insights on what it means for industry to become greener are Mario Greco, the CEO of Zurich Insurance, Carolan Lennon the CEO of Eir and Dolf van den Brink, who’s the CEO of Heineken.
Add to calendar

Fireside: Driving Nissan to a greener future7:15 p.m. SGT/HK | 12:15 p.m. BST
Makoto Uchida, CEO of Nissan.
The auto industry is undergoing a seismic transformation as it responds to demands to reduce CO2 emissions and a dependency on fossil fuels. Nissan has announced it will electrify all of its new models in key markets by the early 2030s. CEO Makoto Uchida joins us to discuss how the automaker is fulfilling its sustainability goals, what investments they are making in electrification and recycling and what the wider industry response has been.
Add to calendar

Fireside: Is the tide turning for sustainable fashion?7:30 p.m. SGT/HK | 12:30 p.m. BST 
Livia Firth, founder and creative director of Eco-Age.
Acclaimed sustainability activist Livia Firth has long been critical of the fashion industry’s greenwashing. She will be joining us to talk about whether the pandemic has caused a rethink into how we dress, whether circular fashion is more than a marketing tool and the launch of her new Renaissance Awards to honor young leaders in sustainability.
Add to calendar

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IN 2012 Mario Draghi, then head of the European Central Bank (ECB), vowed to do “whatever it takes” to keep Europe’s single currency together. His biggest foe in this endeavour was not the bond vigilantes sending yields spiralling in Greece and Italy—they were soon cowed—but a sceptical colleague. Jens Weidmann, who as head of the Bundesbank was one of the strongest voices on the ECB’s governing council (where central-bank governors from euro-zone members sit), responded to Mr Draghi’s gambit with a homily on the dangers of money-printing drawn from Goethe’s Faust. He threatened to resign.Nine years later, he has done so. On October 20th, just two years into his second eight-year term as Bundesbank president, Mr Weidmann unexpectedly announced that he would step down at the end of the year. His departing statement, which warned about the side-effects of loose monetary policy, hinted at his unhappiness about the ECB’s bond-buying. Mr Weidmann has long feared that the bank’s activism underplayed inflationary risks and eased pressure on indebted southern European countries to reform.Such positions often left Mr Weidmann in a hawkish minority. He had hoped to take over from Mr Draghi in 2019, but the EU’s leaders gave the job to Christine Lagarde, a former French finance minister. Mr Weidmann’s unease extended to the ECB’s decision later that year to restart quantitative easing. But he later backed the results of the bank’s strategy review, as well as a €1.85trn ($2.15trn) bond-buying programme set up at the start of the pandemic, and Ms Lagarde’s growing focus on climate change. Sharp, well-briefed and courteous, Mr Weidmann found favour even among his doveish colleagues.Mr Weidmann’s replacement at the Bundesbank will take over at a crucial moment. In December the ECB may confirm that its pandemic purchase scheme will expire in March. But the council is undecided on how much flexibility and firepower to grant an older bond-buying scheme in its place. Beyond that lie deeper divisions over how to interpret inflation, now running at 3.4% in the euro area. Rate rises are not imminent, but unease is growing—especially in Germany, where energy-price spikes are helping drive inflation towards 5%.Germans who valued Mr Weidmann’s leanings lamented his decision. Others say his reluctance to defend the ECB’s policies to a sceptical German public sapped their potency. “A new head of the Bundesbank willing to take on Germany’s conservative consensus would help give the ECB cover in the critical months ahead,” says Christian Odendahl of the Centre for European Reform, a think-tank in Berlin.Mr Weidmann delayed announcing his decision until after Germany’s election in September. Appointing his replacement will fall to the next government. Possible names include Isabel Schnabel, a member of the ECB’s board; and Claudia Buch, Mr Weidmann’s deputy. The resignation injects an extra degree of complexity into the coalition talks just beginning in Berlin. More

CRYPTO SEASONS are not what they used to be. In 2017, just as bitcoin was nearing $20,000 for the first time, a regulatory crackdown triggered a crypto “winter”—a period of depressed prices—that lasted nearly three years. In May this year frost set in after China clamped down on crypto transactions, bringing bitcoin down by half from its peak of $64,900. But after just a few icy months, things are warming up again. On October 20th bitcoin touched $67,000—a new record.The latest heat reflects a much-awaited event: the listing of America’s first bitcoin-linked exchange-traded fund (ETF) on the New York Stock Exchange. Run by Pro­Shares, a maker of specialist investment products, it got a green light of sorts after the Securities and Exchange Commission (SEC), America’s main markets watchdog, let a deadline to approve or reject it lapse without objection. The listed fund offers investors exposure not to the cryptocurrency itself but to bitcoin futures, and specifically to contracts traded on the Chicago Mercantile Exchange (CME). Depending on who you ask, the launch is either a landmark moment, a way for regulators to retain control, or a disappointment.For crypto entrepreneurs and conventional financiers, the launch is a breakthrough. Over the past decade many sought approval for all manner of bitcoin ETFs, only to be denied or fobbed off. But in August Gary Gensler, the SEC’s boss, signalled that he would favour funds that tracked futures, which led to a wave of filings. Three could start trading later this month. Others, including ones run by giant asset managers, could follow.In expectation of all this, existing crypto investors have poured money into derivatives markets (see chart). “Open interest”—the capital tied up in futures contracts—is at an all-time high. The bet is that ETFs will lure retail investors, who are numerous, and institutions, which have big money. The former, long put off by the hassle of opening an account at crypto-exchanges, now only need a brokerage account. The latter, nervous about the custody of digital assets, no longer have to own any in order to sell products to their clients. There was certainly a lot of early enthusiasm: the price of shares in the ETF rose by 4% on their debut.Still, new investors may not come in the droves that bulls expect. For years now individuals have been able to buy bitcoin through mobile wallets, such as PayPal, or online brokers, such as Robinhood. Institutions can gain exposure through vehicles like the Grayscale Bitcoin Trust, a private fund that allows investors to trade shares in trusts that own bitcoin, which manages $52bn. A growing cast of firms, including Wall Street stalwarts such as BNY Mellon and State Street, are lining up to offer institutional-grade bitcoin custody.Purists, meanwhile, would have preferred an ETF that holds bitcoin directly. A futures-linked fund needs to roll forward futures contracts as existing ones expire, which is costly; so is the requirement to park hefty collateral at the CME. Both will eat into returns. A straight bitcoin ETF, however, is some way off. Permitting futures ETFs allows the SEC to direct investors to regulated exchanges like the CME, which enables the regulator to intervene to prevent wrongdoing. By contrast, bitcoin trades in a variety of venues, many of which are out of the SEC’s reach, and is notoriously volatile. Crypto spring it may be, but the weather can always turn. More