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☆ I left the publishing industry after 20 years and made my eBay hobby a full-time job. My store makes 6 figures.
▼ + stars: | 2024-04-21 | by ( Matt Ringler | ) www.businessinsider.com time to read: +7 min

I've always loved to shop at thrift stores, estate sales, and yard sales, and often sold on eBay. I decided to leave publishing entirely and take my eBay store full-time. AdvertisementMatt Ringler bought items at yard sales, estate sales, and thrift stores to sell on eBay. I left publishing entirely and decided to take my eBay store full-timeI wasn't sure of much except that no publishing company was getting a résumé from me. While I figured my life out, I had savings — and my eBay store kept going.

Persons: I've, —, I'd, Matt Ringler, Krug, chunky LL Bean, Fred Sanford's, I'm Organizations: eBay, Service, brac, Nintendo, Salvation Army Locations: New York, Europe

☆ Gold has broken through the $2,300 level, and one market veteren has a bullish call looking ahead
▼ + stars: | 2024-04-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The precious metal has hit successive record highs this year, including another on Thursday when spot gold broke above $2,300 before easing slightly. Juerg Kiener, chief investment officer at Swiss Asia Capital, told CNBC's "Street Signs Asia" on Wednesday that his forward curve analysis for gold "looks fantastic." "If you look at your forward curve for a year it's about 26 [$2,600]. He added that an inventory collapse in the gold market is putting "a lot of derivative structures at risk." Kiener also cited geopolitics, a shift to a "multipolar world," and changing international trade structures as reasons for his bullishness on the gold price.

Persons: Kiener, CNBC's, —, We've Organizations: Swiss Asia Capital, U.S . Federal Locations: Gaza, Ukraine, Asia

☆ I flew on the world's best business class that can cost over $8,500 for a round trip. Here's what it was like.
▼ + stars: | 2024-02-13 | by ( Kaila Yu | ) www.businessinsider.com time to read: +4 min

I used points from credit-card bonuses to pay for an $8,605 business-class flight on Qatar Airways. AdvertisementBut it was all worth it — I enjoyed my Qatar Airways flight even more than my first trip to Spain. Kaila YuI had been looking forward to Qatar Airway's business class because of the Qsuite, which comes with a bed and a flight attendant on call. Kaila YuI got dinner shortly after takeoff through the on-demand menu, which you can order from at any time. Kaila YuI also appreciated never having to wait in line for the bathroom, which is a huge pet peeve of mine in economy class.

Persons: —, Kaila Yu, Kaila Yu I, Yu Organizations: Qatar Airways, Service, Castello Monte Locations: Spain, Los Angeles, Barcelona, Doha, Qatar, Castello, Vecchio, earplugs

☆ ‘True Detective’ Season 4, Episode 4 Recap: The Monster Under the Bed
▼ + stars: | 2024-02-04 | by ( Scott Tobias | ) www.nytimes.com time to read: +2 min

It is a realistic, down-to-earth police procedural that’s swarming with supernatural beings and lots of storytelling bric-a-brac. One of the great strengths of “Night Country” — and the three Nic Pizzolatto seasons of “True Detective” before it — is how beautifully it can conjure these modern noir images from distinct locales. And yet, so little narrative real estate was given over to Julia until this final episode that her death feels more like a device than an emotional payoff. In a pre-credits scene, we witness Danvers’s compassion in scooping her off the streets and bringing into the station, which brings her closer to Navarro. As for Navarro herself, the heaviness of this loss is a family curse that now threatens to swallow her, too.

Persons: ”, Issa López, there’s, Navarro’s, Julia, Aka, Nic Pizzolatto, scooping, Navarro Organizations: brac Locations: Navarro

☆ Celsius Network faces roadblocks in pivot to bitcoin mining
▼ + stars: | 2023-11-30 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsNEW YORK, Nov 30 (Reuters) - Crypto lender Celsius Network may have to seek a new creditor vote on its proposed transformation into a bitcoin mining business, a U.S. bankruptcy judge said during a court hearing on Thursday. Celsius said last week that it had reduced its post-bankruptcy business plans to focus only on bitcoin mining, citing the skepticism of the U.S. Securities and Exchange Commission (SEC) about its other planned business lines. The SEC did not definitively object to Celsius' bankruptcy plan before it was approved, but Celsius said the agency was unwilling to approve crypto lending and staking activity that the agency has opposed in the past. Celsius attorney Chris Koenig argued at Thursday's hearing that Celsius's court-approved bankruptcy plan gave the company flexibility to pivot to a mining-only business. Celsius creditors can expect a 67% recovery under the new plan, an increase from 61.2% under the Fahrenheit deal, according to court documents filed on Thursday.

Persons: Dado Ruvic, Martin Glenn of, Glenn, Chris Koenig, Koenig, Arrington, BRIC, Dietrich Knauth, Alexia Garamfalvi, Grant McCool Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Bankruptcy, US Bitcoin Corp, Arrington Capital, Recovery Investment, US, Thomson Locations: U.S, Martin Glenn of New York

☆ China and India are so far into frenemy zone that they may never join forces to topple the dollar
▼ + stars: | 2023-10-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The economist who coined the "BRIC" acronym said the currency idea seemed "crazy." The bloc is helmed by the major emerging nations of Brazil, Russia, India, China, and South Africa. It also appears that it's just Russia and Brazil that have really pushed for a BRICS common currency. But even if a BRICS currency comes to pass, its use could be limited. AdvertisementAdvertisementPrakash said a BRICS currency would be used in "very narrow and vertical settings, or for BRICS projects."

Persons: —, Washington, Joseph Sullivan —, There's, Jim O'Neill, Goldman Sachs, O'Neill, Xi Jinping, Narendra Modi, Xi, didn't, Li Qiang, Liu Pengyu, Modi, Liu, there's, Abishur Prakash, it's, China hasn't, Palit, Prakash Organizations: Service, White House, Indian, Monetary Fund, China's, UN, China, Institute of South Asian Studies, National University of Singapore, Affairs Ministry Locations: China, India, Russia, Ukraine, Brazil, South Africa, Europe, Africa, Beijing, New Delhi, Johannesburg, China's Washington, DC, BRICS

☆ Julianne Moore’s Montauk Sanctuary
▼ + stars: | 2023-09-21 | by ( Nick Haramis | ) www.nytimes.com time to read: +34 min

— HANYA YANAGIHARASpeak Softly In a wild meadow by the sea, Julianne Moore and Bart Freundlich’s Montauk house uses just a few materials to say many things. In Moore’s office, a Pierre Jeanneret desk and chair, an Alvar Aalto stool and a Willy Van Der Meeren cabinet. In the oak-paneled living room of Justinian Kfoury’s apartment in a townhouse on Washington Square Park, an Audubon-style print and a Hans Wegner Papa Bear chair. A view of the double-height living room from the curved balcony on the third floor. A sculpture by Huma Bhabha and a configuration of five Isamu Noguchi L7 pendants in the landing that separates the primary suite from the living room.

Persons: it’s, Mishan, there’s, —, Julianne Moore, Bart Freundlich’s Montauk, Bart Freundlich’s, Moore, Tom Volk, Oliver Freundlich, Anne’s, Pierre Jeanneret, Alvar Aalto, Willy Van Der, Ori Gersht, she’s, ” It’s, ”, “, Bart Freundlich, Tomas Maier, Bottega, Andrew Geller, Norman Jaffe, Freundlich, ” Moore, Moore’s, Liv, Caleb, Robert Gurr, Isamu Noguchi, Pierre, Noguchi, Alma Allen, Joseph Dirand, Oliver, “ I’m, ” Oliver, grins, MOORE, Anne Love Smith, Massimiliano Locatelli, Daniel Romualdez, Vincent Van Duysen, Charlotte Perriand, Pierre Chapo, Willy Van Der Meeren, Friedrich Kunath, Mark Wilson, Donald Judd, Wilson, Mario Bellini, Karl Springer, Rogan Gregory, Nancy Pearce, Oscar, Alice ”, Alexander Calder, Andrea Zittel, JB Blunk, AFTRA, Hope, It’s, ‘ You’re, ’ ”, Justinian, Hans Wegner Papa Bear, Paavo, Marc Hundley, that’s, Adriana Lara, Nicholas Krushenick, Justinian Kfoury, downtowners, He’d, Trish Goff, Kfoury, Leonid Berman, Jelto ”, Tomma Abts, Paul Cadmus, Edith Wharton, Henry James, Paul van der, ” Kfoury, Joe Roberts, Mary Cameron Goodyear, Kfoury’s, He’s, Wolfgang Tillmans, they’d, Lorna Simpson, Misha Kahn, Michael Anastassiades, Glenn Ligon’s, Frank Bowling, Piet Hein Eek, Miriam Cahn, Paul Pfeiffer’s, Leah Panlilio, Tal Schori, Rustam Mehta, Adam Pogue, Constantino Buccolieri, Michael Kirkland, Cy Twombly’s, Ho, Huma Bhabha, Nairy Baghramian, Coco Fusco, Robert Vinas Jr, Duro Olowu, Mark Ellison, Adam Marelli, Bob Chan, Isamu Noguchi Akari, Danh Vo, Nairy, ‘, Laura Mac Donald, Theaster Gates, Frank Lloyd, Kirkland, Ettore, Parsons, Jasper Johns, Merce Cunningham Organizations: Manhattan’s, Yorkers, that’s, Hamptons, WHO, Writers Guild of America, SAG, “, Audubon, Washington, East Village, brac, AS, Fifth, Fort Standard, GRT Architects, Architects, Walt Disney Concert Hall, Soane Britain Locations: New York, Paris, London, Rome , New York, It’s, Washington, Manhattan, Harlem, Montauk, American, Chinatown, York, N.Y, Summerhill, Long, Fort Pond, New York City, Pond, North Carolina, Morentz, Scottish, Japanese American, Belgian, East Hampton, Japan, “, California, Swiss, New York’s Washington, Kennebunkport, England, East, Boston, Lebanon, Maine, Vermont, Venice, Moroccan, North, Kfoury’s, New York’s Harlem, Westchester County, Brooklyn, Italian, Finnish, Rome, Los Angeles, Korean, Berlin, Iranian, Chicago

☆ Inside the Elaborate, Enviable Design of Three New York Homes
▼ + stars: | 2023-09-21 | by ( ) www.nytimes.com time to read: +34 min

If You Can Make It Here Great design for a great city (New York, of course — where else?) In the oak-paneled living room of Justinian Kfoury’s apartment in a townhouse on Washington Square Park, an Audubon-style print and a Hans Wegner Papa Bear chair. “She was eccentric, grand, but not afraid of making weird decisions about design.” In the living room, a 1975 Leonid Berman painting of the Venice Lagoon hangs between the French doors. A view of the double-height living room from the curved balcony on the third floor. A sculpture by Huma Bhabha and a configuration of five Isamu Noguchi L7 pendants in the landing that separates the primary suite from the living room.

Persons: it’s, Mishan, there’s, —, Justinian, Hans Wegner Papa Bear, Paavo, Marc Hundley, that’s, Adriana Lara, Nicholas Krushenick, ”, Justinian Kfoury, downtowners, He’d, Trish Goff, Kfoury, “, Leonid Berman, Jelto ”, Tomma Abts, Paul Cadmus, Edith Wharton, Henry James, Paul van der, ” Kfoury, Joe Roberts, Mary Cameron Goodyear, Kfoury’s, He’s, Wolfgang Tillmans, they’d, It’s, Lorna Simpson, Mario Bellini, Misha Kahn, Michael Anastassiades, Glenn Ligon’s, Frank Bowling, Piet Hein Eek, Miriam Cahn, Paul Pfeiffer’s, Leah Panlilio, Tal Schori, Rustam Mehta, Adam Pogue, Constantino Buccolieri, Michael Kirkland, Alvar Aalto, Cy Twombly’s, Ho, Huma Bhabha, Isamu Noguchi, Nairy Baghramian, Coco Fusco, Robert Vinas Jr, Duro Olowu, Mark Ellison, Adam Marelli, Bob Chan, Isamu Noguchi Akari, Danh Vo, Nairy, ‘, Laura Mac Donald, Theaster Gates, Frank Lloyd, Kirkland, Ettore, Parsons, Jasper Johns, Merce Cunningham, Julianne Moore, Bart Freundlich’s Montauk, Bart Freundlich’s, Moore, Tom Volk, Oliver Freundlich, Anne’s, Pierre Jeanneret, Willy Van Der, Ori Gersht, she’s, ” It’s, Bart Freundlich, Tomas Maier, Bottega, Andrew Geller, Norman Jaffe, Freundlich, ” Moore, Moore’s, Liv, Caleb, Robert Gurr, Pierre, Noguchi, Alma Allen, Joseph Dirand, Oliver, “ I’m, ” Oliver, grins, MOORE, Anne Love Smith, Massimiliano Locatelli, Daniel Romualdez, Vincent Van Duysen, Charlotte Perriand, Pierre Chapo, Willy Van Der Meeren, Friedrich Kunath, Mark Wilson, Donald Judd, Wilson, Karl Springer, Rogan Gregory, Nancy Pearce, Oscar, Alice ”, Alexander Calder, Andrea Zittel, JB Blunk, AFTRA, Hope, ‘ You’re, ’ ” Organizations: Manhattan’s, Yorkers, that’s, Audubon, Washington, East Village, brac, AS, Fifth, Fort Standard, GRT Architects, Architects, Walt Disney Concert Hall, Soane Britain, Hamptons, WHO, Writers Guild of America, SAG, “ Locations: New York, Paris, London, Rome , New York, It’s, Washington, Manhattan, Harlem, Montauk, American, Chinatown, York, New York’s Washington, Kennebunkport, England, East, Boston, Lebanon, Maine, Vermont, Venice, Moroccan, North, Kfoury’s, New York’s Harlem, Westchester County, N.Y, Brooklyn, Italian, Finnish, Rome, Los Angeles, Korean, Berlin, Iranian, Chicago, North Carolina, California, Summerhill, Long, Fort Pond, New York City, Pond, Morentz, Scottish, Japanese American, Belgian, East Hampton, Japan, “, Swiss

☆ Western sanctions on Russia could push the BRICS alliance closer
▼ + stars: | 2023-09-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Michele Spatari | Afp | Getty ImagesSINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore. "Looking at the oil markets today ... the Western sanctions on Russia are working. The BRICS alliance includes Russia, as well as Brazil, India, China and South Africa. The BRICS nations have had different brushes in their relationships with the West. BRICS is the candidate," Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.

Persons: Michele Spatari, Russell Hardy, Hardy, Argentina —, Fereidun Fesharaki, Moscow leapfrogging, Fesharaki Organizations: Afp, Getty, SINGAPORE —, West, European Union, UAE, U.S ., U.S, Treasury, Global Energy Locations: South Africa, Brazil, Russia, India, China, Sandton, Johannesburg, SINGAPORE, Singapore, Ukraine, European, Western, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, Moscow

☆ A Summer of Live Music, From Stadiums to Clubs
▼ + stars: | 2023-08-29 | by ( ) www.nytimes.com time to read: +3 min

The Canadian dream-pop band Alvvays played first; its last album, “Blue Rev,” was one of my favorites of 2022, and I especially love this fuzzed out, gently melancholic second track. Tanya Tucker: “Delta Dawn”When I traveled to the Gorge in Washington earlier this summer to catch Brandi Carlile’s Echoes Through the Canyon festival — and, you know, a certain very, very special headliner — I was lucky enough to catch an early evening set by the country icon Tanya Tucker. My first favorite part was when Tucker uncorked a bottle of her signature tequila and passed it around the front row. Each Highwoman played a solo cover during the set, and Shires wowed me with a poignant rendition of “Always on My Mind,” which she dedicated to Bobbie Nelson. Luckily, you didn’t just have to be there: The studio recording of the song, on which Nelson played piano shortly before she died last year, is gorgeous, and quite close to the version Shires played live.

Persons: Alvvays, ”, Alex G, “ Gretel ”, Taylor Swift, Archer ”, Taylor, Tanya Tucker, Brandi Carlile’s, —, Tucker, Amanda Shires, Bobbie Nelson, “, Carlile, Maren Morris, Natalie Hemby, Nelson Organizations: Spotify, BRIC Arts, YouTube, Philadelphia, “, Delta, Shires Locations: Prospect, Brooklyn, Washington

☆ Over 40 countries sick and tired of the Western-led world order are clamoring to join a group where China and Russia are members
▼ + stars: | 2023-08-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Over 40 countries are interested in joining Brazil, Russia, India, China, and South Africa in the BRICS bloc, Reuters reported. However, the BRICS bloc faces challenges from rivalry between China and India, and Russia's war in Ukraine. South Africa is hosting the 15th summit of the BRICS bloc in Johannesburg from Tuesday to Thursday. Still, the BRICS group does face challenges, including the long-standing rivalry between China and India, China's economic slowdown, and Russia's war in Ukraine. The bloc was formed in 2009 with its first summit, and South Africa joined in 2011, making the grouping BRICS.

Persons: South Africa hasn't, Rob Davies, South, It's, Evan Freidin, Vladimir Putin, Putin —, Goldman Sachs, Jim O'Neill, dollarization Organizations: Reuters, Service, South, United, Australian Institute of International Affairs, Criminal, South Africa, New Development Bank Locations: Brazil, Russia, India, China, South Africa, Ukraine, Wall, Silicon, Johannesburg, Iran, Venezuela, Southeast, Indonesia, Saudi Arabia, United Arab Emirates, Russian, Shanghai, Africa's

☆ What is BRICS, which countries want to join and why?
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

All the BRICS countries are part of the Group of 20 (G20) of major economies. WHICH NATIONS WANT TO JOIN BRICS AND WHY? It has received backing from Russia and Brazil to join the BRICS. Bolivia's President Luis Arce has expressed interest in BRICS membership and is expected to attend the summit. Algeria said in July it has applied for BRICS membership and to become a shareholder in the New Development Bank, the so-called BRICS Bank.

Persons: Commerce Wang, Competition Ebrahim Patel, Goldman Sachs, Jim O'Neill, Luis Arce, Bhargav Acharya, Olivia Kumwenda, Tomasz Janowski Organizations: Commerce, Africa's, Trade, Industry, Competition, of Trade, Economic, United Nations, World Bank, of, Petroleum, WHO, Democratic, U.S, New Development Bank, BRICS Bank, Thomson Locations: South Africa, China, JOHANNESBURG, Brazil, Russia, India, Johannesburg, United States, United, Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan, Cape Town

☆ India's central bank urges lenders to de-dollarize trade with the UAE using local currencies
▼ + stars: | 2023-08-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

India's central bank is asking lenders to promote local currencies when trading with the UAE, Reuters reported. The central bank hopes to stem India's outflow of greenbacks and help promote the rupee internationally, according to the report. A central bank official delivered the message to foreign exchange dealers during a seminar this month, Reuters said. The request from the central bank comes as India and the UAE have set themselves on a de-dollarization path. Meanwhile, banks are also offering smaller companies discounted service charges to incentivize local currency transactions.

Persons: South Africa —, Jim O'Neill Organizations: UAE, Reuters, Service, Reserve Bank of India, United Arab, Abu Dhabi National Oil Company, — Locations: India, UAE, Wall, Silicon, United Arab Emirates, Abu Dhabi, Ukraine, Russia, — Brazil, China, South Africa

☆ Factbox: Key facts about the BRICS 2023 summit
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +3 min

Here are some key facts about the summit. It will be the first in-person BRICS summit since the COVID-19 pandemic. Perhaps the most important and controversial issue the leaders are expected to discuss is BRICS expansion by adding new members, including the admission criteria and guiding principles. But divisions among BRICS members over criteria for admitting new members may preclude any major announcements at the summit, as the bloc operates by consensus. Twenty three countries have formally applied to become new BRICS members, including Saudi Arabia, Iran, United Arab Emirates, Argentina, Indonesia, Egypt and Ethiopia.

Persons: Cyril Ramaphosa, Xi Jinping, Luiz Lula da Silva, Narendra Modi, Vladimir Putin, Putin, Sergei Lavrov, Naledi Pandor, Wendell Roelf, Olivia Kumwenda, Alistair Bell Organizations: WHO, Indian, International, Russian, South African Foreign, United Nations, African Union Commission, New Development Bank, Business, Thomson Locations: JOHANNESBURG, Brazil, Russia, India, China, South Africa, Johannesburg, Africa, Ukraine, Moscow, Latin America, Asia, Caribbean, South, United States, Saudi Arabia, Iran, United Arab Emirates, Argentina, Indonesia, Egypt, Ethiopia

☆ Budapest: The beautiful city with the darkest of pasts
▼ + stars: | 2023-07-04 | by ( Richard Quest | Joe Minihane | ) edition.cnn.com time to read: +9 min

CNN —Carved through and framed by the mighty River Danube, Budapest and its beautiful skyline make it one of Europe’s finest and most compelling cities. The Ruin Bar District has seen its success spread too, with other bars appearing in ruined buildings across the city. CNNIt’s a sobering fact that, just 35 years ago, Budapest had a much different feel compared with its current vibrant air. That’s not to say, however, that the country, and Budapest in particular, does not have a strong independent streak. If Bakancsos Piac is imbued with the spirit of Budapest, then so too is the game of button football.

Persons: Katinka Orosz, ”, Fuge, Andrassy, Imre Horvath, Bakancsos Piac, He’s, Horvath, Mark Pataki, “ Organizations: CNN, Bars, Bar, Nazi, Soviet, Eastern Bloc, Park, Button, CNN Today’s, European Union, NATO, brac, Football, Budapest Pinball Locations: Budapest, Buda, Pest, Austro, Hungarian, VII, Hungary, Soviet, Soviet Union, CNN Today’s Hungary

☆ In Scotland, Taking the Traditional and Making It New
▼ + stars: | 2023-07-04 | by ( Amy Tara Koch | ) www.nytimes.com time to read: +2 min

This being the Highlands, the great outdoors beckons. “Ghillies,” or local guides, are on tap for horseback riding, fly-fishing, birding and hiking in Cairngorms National Park (doubles from £600 per night). ToursWith its widely spread out attractions, wind-whipped landscape and lack of public transport, Scotland can be challenging to tackle on your own, especially if the thought of driving on the “wrong” side is daunting. Rabbie’s Tours offers one-day (£54) and four-day (£209‌ without lodging) “Outlander”-themed tours centered on filming locations. Beyond activities‌‌, the company can secure tucked-away lodging and car transfers‌ (starting at $1,000 per day for a couple, including hotel, guide and experiences, but excluding dining).

Persons: Manuela, Iwan Wirth, Wirth, Zhang Enli, Queen Victoria, Elsa Schiaparelli, Flora Macdonald, “, Harry Potter, Skye, Outlander, Ben Nevis Organizations: Hauser, Jacobite, brac, Hogwarts Express, Rabbie’s Locations: Fife, Highlands, Braemar, Scotland, Orkney, Isle

☆ Ethiopia asks to join BRICS bloc of emerging economies
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Ethiopia, one of Africa's fastest-growing economies, has asked to join the BRICS bloc of emerging markets, the foreign ministry said on Thursday. The term BRIC was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the rise of Brazil, Russia, India and China. South Africa joined in 2010. Ethiopia will continue to work with international institutions that can protect its interests, he said. BRICS countries account for more than 40% of the world's population and about 26% of the global economy.

Persons: Goldman Sachs, Jim O'Neill, Meles Alem, Vladimir Putin, Hereward Holland, Deepa Babington Organizations: International Monetary Fund, West ., Thomson Locations: Ethiopia, Brazil, Russia, India, China, South Africa, ENA, Africa, Argentina, West, West . South Africa

☆ Toyota gets activism, without the activists
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 5 (Reuters Breakingviews) - It’s one thing to be targeted by pushy activists looking for a quick return. It’s perhaps more embarrassing to receive the wholesale disapproval of American pension funds who are long-term stewards of capital. That’s the position the board of $200 billion carmaker Toyota (7203.T) finds itself in. The pair also favoured a resolution brought by Danish and Dutch pension funds urging Toyota to improve disclosure of its lobbying on climate change. Toyota insists its board adheres to the Tokyo Stock Exchange’s independence standards.

Persons: Akio Toyoda, Katrina Hamlin, Pete Sweeney, Pranav Kiran Organizations: Reuters, Toyota, New York, California Public Employees, Danish, Tokyo Stock, Twitter, Thomson Locations: SINGAPORE, New York City, Una, Saudi, East

☆ Knocked-down EQT pet buyout will get over the line
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Private equity firm EQT (EQTAB.ST) on Friday announced a new deal that values the Cheshire-based company at 4.9 billion pounds ($6.1 billion) including debt. The offer took a 5% bite out of the original bid from April, mainly because Dechra subsequently released a poor trading update. Shares in the target, led by company veteran Ian Page, shot up on Friday but are 6% below the EQT takeout price. For starters, board directors have backed the deal and committed to tender their, admittedly small, slither of shares. Breakingviews calculated in April that the buyer would earn a so-so 17% gross return at the original price, even using very generous growth assumptions.

Persons: Dechra, Ian Page, Liam Proud, Aimee Donellan, Streisand Neto Organizations: Reuters, Dechra Pharmaceuticals, RBC, Twitter, Toyota, Thomson Locations: Cheshire, Saudi, East

☆ Pru CFO exit adds urgent task to new CEO’s agenda
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, May 31 (Reuters Breakingviews) - Anil Wadhwani's honeymoon period as Prudential’s (PRU.L) boss has ended abruptly. Just as he prepares to mark 100 days in the role, his Chief Financial Officer James Turner has unexpectedly resigned after an investigation into “a recent recruitment situation”. Worse, Turner’s previous assignment was as Prudential’s chief risk and compliance offer, a position he held for more than four years. Following China’s reopening, mainland visitors purchasing insurance products in Hong Kong helped boost its quarterly annual premium equivalent, a measure of new sales, by 35% year-on-year in the three months to March. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Anil Wadhwani's, James Turner, Turner, Katrina Hamlin, Robyn Mak, Streisand Neto Organizations: Reuters, Prudential, Twitter, Toyota, Lufthansa, Thomson Locations: HONG KONG, Hong Kong, London, Saudi, East, Italy

☆ Debt deal sacrifices $140 bln return on investment
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

The budget deal agreed to by President Joe Biden and top congressional Republican Kevin McCarthy would move $20 billion away from the Internal Revenue Service over the next two years. The change shores up cash for other agencies, but projections suggest the IRS funding would’ve made a significant step toward closing the government’s $925 billion budget gap. Biden approved $80 billion of new cash for the IRS in 2021, arguing the funding would strengthen enforcement and increase revenue collected by Uncle Sam. The CBO estimated in 2021 that for every $1 increase to IRS funding the government would recoup $6.40 to $7.10. The $20 billion being diverted from the agency could therefore raise as much as $142 billion through 2031.

Persons: Joe Biden, Kevin McCarthy, would’ve, Biden, Uncle Sam, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Internal Revenue Service, Office, CBO, IRS, White, Twitter, Toyota, Lufthansa, Thomson Locations: Saudi, East, Italy

☆ Toyota governance fight gets stuck in traffic
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 30 (Reuters Breakingviews) - Governance campaigns against Japanese companies have a hard enough time gaining traction as it is. ValueAct Capital’s two-year campaign against Seven & i (3382.T) culminated last week with at best just a third of shareholders backing its four board candidates. Glass Lewis asserts just three of Toyota’s 10 board candidates are unaffiliated, fewer than the one-third the advisory sets as a floor. Toyota insists its board meets the Tokyo Stock Exchange’s independence standards. He should go in any event: having the former CEO of 14 years lead the board is bad governance.

☆ Saudi is a BRIC in crumbling East-West money wall
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, May 29 (Reuters Breakingviews) - Middle East money is the answer to plugging the growing financial gaps created in Asia by Western investment restrictions, or at least that’s the very wishful thinking of the regions’ financiers and governments. Even if the NDB might have teamed up with Saudi regardless of sanctions on Russia, any deal will be high on symbolism. It makes sense for petrodollar countries to look East given Asia’s growing oil demand. Bankers also want Middle East companies to come and list in Hong Kong as those from elsewhere stay away and economists believe Middle East funds will step up investments into China as global funds retreat. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Its oil deals with Russia are seen as undermining Western sanctions by allowing Russia to continue benefiting from energy revenues. A French presidential source told reporters that Brazil's Luiz Inacio Lula da Silva would also meet Zelenskiy while in Hiroshima. [1/9] Ukrainian President Volodymyr Zelenskiy arrives at Hiroshima airport for attending the G7 leaders' summit in Mihara, Hiroshima prefecture, western Japan May 20, 2023., in this photo released by Kyodo. A Chinese foreign ministry statement accused the G7 of attacking China and interfering in its internal affairs, including Taiwan. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

HIROSHIMA, Japan, May 20 (Reuters) - Ukraine's Volodymyr Zelenskiy brought his call for support against Russia's invasion to a Group of Seven (G7) summit on Saturday to Japan, where leaders agreed to tighten sanctions against Moscow and pare back exposure to China. 'MEETINGS WITH FRIENDS'[1/7] Ukrainian President Volodymyr Zelenskiy arrives at Hiroshima airport for attending the G7 leaders' summit in Mihara, Hiroshima prefecture, western Japan May 20, 2023., in this photo released by Kyodo. As well as bilateral meetings with G7 leaders, Zelenskiy will also meet the leaders of India and Brazil, two countries that have not distanced themselves from Moscow. Zelenskiy is due to hold a session on Sunday with the G7 before a broader session with the Global South attendees. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

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