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☆ The $21 billion influencer industry has gone completely off the rails
▼ + stars: | 2024-05-01 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +9 min

Influencer marketing is booming, and brands spend billions to promote products with a personal touch. But these days, the industry of influencer marketing is completely off the rails. Since 2016, the dollars driving the influencer marketing industry have ballooned from $1.6 billion a year to an estimated $21.1 billion in 2023, according to Influencer Marketing Hub. Marketers, brands, influencers, and platform companies all have opportunities to exploit one another to varying degrees of harm." It's not great for consumersDespite the money flying around, the FTC only provides basic guidelines about disclosure requirements for influencer marketing to protect consumers of their content.

Persons: —, Emily Hund, Hund, David Camp, Michael Jordan, George Foreman, Brooke Shields, Calvin Klein, isn't, It's, Kim Kardashian, influencer Chiara Ferragni, Lindsay Lohan, DJ Khaled, Naomi Campbell, Kardashian, Dylan Mulvaney, Bud Light, Ben Shapiro, Donald Trump Jr, Camp Organizations: Service, Business, Social Media, Harvard Business, CBS News, Nike, Salton, FTC, SEC, Consumer, NBC Locations: influencers, California

☆ Venice Biennale: Pope makes landmark visit and proclaims that ‘the world needs artists’
▼ + stars: | 2024-04-28 | by ( Christopher Lamb | ) edition.cnn.com time to read: +5 min

Venice CNN —Pope Francis has become the first pontiff to visit Venice’s contemporary art festival during a trip which saw him visit a female prison and rehabilitate the reputation of a pioneering American nun artist. Francis began his Venice trip by greeting each of the approximately 80 inmates in the prison courtyard, several of whom are involved in the exhibition. For 2024, the Venice Biennale has taken the theme “Foreigners Everywhere” and seeks to highlight artists from marginalized backgrounds. The Venice Biennale was first held in 1895 and takes place every other year, with each country having their own pavilion (the Vatican is the world’s smallest sovereign territory). For 2024, it has taken the theme “Foreigners Everywhere” and seeks to highlight artists from marginalized backgrounds.

Persons: Venice CNN — Pope Francis, Pope, Chiara Parisi, Bruno Racine, —, Francis, Marco Perego, Zoe Saldaña, Saldana, ” Francis, ” Pope Francis, ”, Corita Kent, Kent –, Frida Kahlo, Louise Bourgeois —, ” Kent, Mary, James McIntyre, Saint Mark, Cardinal José Tolentino de Mendonça, Maurizio Cattelan, Pope John Paul II Organizations: Venice CNN, Vatican Media, Getty, Immaculate, Vatican, biennale Locations: American, Italian, Venice, Los Angeles, St, Portuguese

☆ Italy fines TikTok $11 million for failing to protect minors
▼ + stars: | 2024-03-14 | by ( Maisie Linford | ) edition.cnn.com time to read: +1 min

London CNN —Italy’s competition authority has fined TikTok €10 million ($11 million) for failing to control the spread of content that it said threatened the safety of minors and other vulnerable people. The antitrust agency, AGCM, said Thursday that TikTok, which is owned by China’s ByteDance, had failed to take into account the specific vulnerabilities of adolescents using its platform, such as a tendency toward copying group behaviors. The trend involved TikTok users pinching their own cheeks to leave a lasting bruise, Reuters reported last month. A TikTok spokesperson told CNN that it disagreed with the AGCM’s decision. “We long ago restricted visibility of this content to (under-18s).”This is a developing story and will be updated.

Persons: London CNN —, TikTok, China’s ByteDance, Angelica Chiara Yazbeck Organizations: London CNN, Reuters, CNN

VATICAN CITY (AP) — The Vatican on Monday unveiled its groundbreaking project for the upcoming Venice Biennale of Art: A multimedia installation located inside Venice’s women’s prison, created with the active participation of inmates and artists and open to the public under strict security conditions. But at the unveiling Monday, officials stressed the absolute novelty of this year’s Vatican pavilion, given the unprecedented permission from Italian judicial authorities to allow Vatican curators to mount the exhibit in the Giudecca prison and involve the inmates in the works. Half a dozen artists will work alongside them, reflecting Francis’ belief in the value of dialogue, solidarity and fraternity. Most notably, Maurizio Cattelan is producing what curators described as a “large outdoor artwork” on the façade of the prison chapel. The Vatican’s culture minister, Cardinal José Tolentino de Mendonça concurred that the decision to house the Holy See pavilion in the prison was “unexpected."

Persons: Pope Francis, Francis ’, Maurizio Cattelan, Cattelan's, Nona Ora, Pope John Paul II, Cardinal José Tolentino de Mendonça, Francis, Corita Kent, Marco Perego, Zoe Saldana, Chiara Parisi, Claire Tabouret, Simone Fattal, Giovanni Russo, ’, ” Organizations: VATICAN CITY, Venice Biennale, Catholic, Italian Justice Ministry Locations: Venice, American

Opinion What Sourdough Taught Me, in the Pandemic and BeyondInside one tablespoon of active sourdough starter, the fermented culture made of flour and water used for thousands of years to leaven bread, there are billions of microorganisms. How to create a sourdough starter Repeat until bubbling with life. Add flour, water and salt. Add flour, water and salt. To avoid this exponential growth, a portion of sourdough starter is traditionally discarded at every feeding, which means there’s plenty to go around.

Persons: ”, —, Seamus Blackley, . Kan, they’ve, “, Caesar, cura, Jesus, John, we’ve, Thomas White, Gazans, Alice Spearman, Germany Chiara G, Netherlands Anna Celda Czechia Veronika Moravcikova, Allie Wist, we’re Organizations: U.S, International New York, Penn, Ala . Iowa Miss, Okla . Texas Colo, Okla . Texas Colo . Puerto Rico Wyo, Utah Idaho Mexico Ariz, Great, Netherlands France Belgium Denmark, Poland Latvia Slovenia, Poland Latvia Slovenia Italy Croatia, . Connecticut Massachusetts Rhode Island New Jersey New Hampshire Vermont Pennsylvania, . Connecticut Massachusetts Rhode Island New Jersey New Hampshire Vermont Pennsylvania Maryland Delaware D.C, Maine Virginia, Maine Virginia West Virginia Ohio, Maine Virginia West Virginia Ohio North Carolina Michigan Indiana South, Maine Virginia West Virginia Ohio North Carolina Michigan Indiana South Carolina Kentucky Tennessee Wisconsin Illinois, Alabama Iowa Mississippi Minnesota Florida Arkansas, Canada Louisiana Nebraska Kansas Oklahoma, Canada Louisiana Nebraska Kansas Oklahoma Texas Colorado, Canada Louisiana Nebraska Kansas Oklahoma Texas Colorado Puerto Rico Wyoming, Portugal Spain, Supermarkets, United Nations, BBC, Alice Spearman Canada Locations: Barthelme, Conn, R.I . N.J, N.H . Vt, Md, Del, D.C, Maine Va, W.Va . Ohio N.C, Mich, Ind, S.C . Ky, Tenn, Wis, Ill, Ala . Iowa, Minn, Fla, Canada, Okla . Texas, Okla . Texas Colo . Puerto Rico, Mont, N.M, Utah Idaho Mexico, Ore, Calif, Iceland, Portugal Spain, Netherlands France Belgium, Netherlands France Belgium Denmark Luxembourg Sweden Germany Brazil Switzerland, Poland Latvia, Poland Latvia Slovenia Italy, Poland Latvia Slovenia Italy Croatia Hungary Bulgaria Greece Hawaii, Argentina, China Bhutan India South Africa, Malaysia Singapore, Australia, . Connecticut Massachusetts Rhode Island New Jersey New Hampshire Vermont, . Connecticut Massachusetts Rhode Island New Jersey New Hampshire Vermont Pennsylvania Maryland Delaware, Maine, Maine Virginia West Virginia, Maine Virginia West Virginia Ohio North Carolina, Maine Virginia West Virginia Ohio North Carolina Michigan Indiana South Carolina Kentucky Tennessee Wisconsin, Maine Virginia West Virginia Ohio North Carolina Michigan Indiana South Carolina Kentucky Tennessee Wisconsin Illinois Georgia, Alabama Iowa Mississippi Minnesota, Canada Louisiana Nebraska Kansas Oklahoma Texas, Canada Louisiana Nebraska Kansas Oklahoma Texas Colorado Puerto Rico, Canada Louisiana Nebraska Kansas Oklahoma Texas Colorado Puerto Rico Wyoming Montana New Mexico, Utah Idaho Mexico Arizona Nevada Washington Oregon California Iceland, Portugal, Portugal Spain France The Netherlands Belgium Denmark Luxembourg Sweden Germany Brazil Switzerland, China Bhutan India, Africa, Uruk, France, Tunisia, Egypt, Syria, Ukraine, Gaza, Germany, Netherlands

☆ Investing in Space: Pentagon's satellite constellation awards near $10 billion
▼ + stars: | 2024-01-18 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +11 min

Now we're pushing $10 billion in awards, to build more than 400 satellites, with seven companies in the mix. York Space has been tapped to make more satellites than anyone but Northrop Grumman, to the tune of $1.3 billion. – The Wall Street Journal / Deere Hyperspectral satellite imagery company Pixxel opens Bengaluru facility, a 30,000-square-foot facility in India for satellite manufacturing. – KeyBancBoldly goingKurt Vogel named as NASA associate administrator for the agency's space technology directorate, effective immediately, previously having been the director of space architectures at the agency. – NASAfor the agency's space technology directorate, effective immediately, previously having been the director of space architectures at the agency.

Persons: Yasin Ozturk, CNBC's Michael Sheetz, – Northrop, Lockheed Martin, L3Harris, Northrop Grumman, you've, Momentus, John Plumb, –, Artemis, – SpacePolicyOnline, Tom Mueller's, Redwire, KeyBanc, Kurt Vogel, Chiara Pedersoli, Marco Fuchs, – OHB, – OHB Frank Di Pentino Organizations: SpaceX, . Space Force, Cape Canaveral Space Force, Anadolu Agency, Getty, Space Force, Space Development Agency, – Northrop Grumman, Lockheed, York, Space, Lab, Sierra Space, CNBC, CNBC NASA, Boeing, NASA, NASA ESA, Science, Technology, Industry, ISS, – NASA SpaceX, Deere, Street, Deere Deere, KKR Locations: Cape, Florida, United States, U.S, Brazil, Bengaluru, India

☆ Inside the rise of Chiara Ferragni, the social media mega-star who's been accused of misleading followers into buying a charity cake
▼ + stars: | 2024-01-10 | by ( Andrew Lloyd | Charissa Cheong | ) www.businessinsider.com time to read: +6 min

Chiara Ferragni is an Italian influencer with just under 30 million followers on Instagram. Here's how the digital entrepreneur shot to social media superstardom. The item was packaged with a pink box featuring Ferragni's name and logo, as well as an illustration of the social media star. AdvertisementBut how did Ferragni become such a social media superstar and build her empire — amid this controversy? Amid the recent scandal, Ferragni's massive online presence continues to span social media.

Persons: Chiara Ferragni, Here's, —, Ferragni, Balocco, Louis Vuitton, Gucci, Federico Leonardo Lucia, Leone, Fedez, ferragnez, Lapresse, Eugenio Fusco, Alessandra Balocco Organizations: Service, Regina Margherita Hospital, Italian Competition Authority, Authority, Associated Press, Milan's Bocconi University, Financial Times, Teen Vogue, Forbes, Harvard Business School, Prada, AP Locations: Italian, Turin, Italy, Balocco, Milan, Venice, TikTok

☆ The influencer who was fined $1 million over 'misleading' charity campaign is now being investigated by prosecutors
▼ + stars: | 2024-01-09 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +3 min

An influencer is under investigation regarding "misleading" posts about a charity partnership. Chiara Ferragni , who has 29.5 million Instagram followers, partnered with the Italian cake brand Balocco in November 2022 to launch a pink-packaged Christmas cake. In addition to fining Ferragni's companies 1.075 million euros, or $1.1 million, the authority find Balocco 420,000 euros, or $460,000. Ferragni's publicist confirmed the investigation, according to the AP. She also apologized and said she would donate 1 million euros to the hospital in Turin.

Persons: weren't, —, Chiara Ferragni, Ferragni, Alessandra Balocco, Fedez, Balocco Organizations: Authorities, Service, Italian Competition Authority, Prosecutors, Associated Press Locations: Turin, Italy, Milan, Italian, Instagram

Israel says Hamas killed some 1,400 people including children and took more than 200 hostages in its Oct. 7 rampage. "I welcome the growing global consensus for a humanitarian pause in the conflict. INTERMEDIARY NEEDEDEven among Israel's allies, there is no consensus on what is meant by a humanitarian pause. She said "ceasefire" tends to refer to a general suspension of fighting while humanitarian pauses or corridors are more limited. "If that's what it requires, then we absolutely will try to get such pause or pauses in place."

Persons: Khan Younis, Abu Mustafa, Israel, Yoko Kamikawa, Antonio Guterres, Guterres, Gilad Erdan, Chiara Gillard, John Kirby, U.N, Stephane Dujarric, Dan Williams, Andrew Gray, Michelle Nichols, Emma Farge, Steve Holland, Sakura Murakami, Frank Jack Daniel, Cynthia Osterman Organizations: Hamas, REUTERS, EU, Foreign Ministry, White, General, Oxford Institute for Ethics, Law, . National Security, UN, Thomson Locations: Israel, Palestinian, Gaza, United States, Japan, New York, Brussels, Spain, Egypt, Rafah, rearm, Jerusalem, Geneva, Washington, Tokyo

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - The steepest jump in interest rates in decades will spark a domino effect on corporate defaults in the years ahead, asset manager Janus Henderson Investors said in a report on Friday. Rising borrowing costs are back in stark focus following a rout in government bonds since September as investors adjust to the prospect of interest rates staying persistently high, which has also raised corporate bond yields. "The credit cycle tends to turn only if three conditions are present: high debt loads, lack of access to capital, and an exogenous shock to cash flow. These conditions ... are all present today," Janus' global head of fixed income Jim Cielinski said. But as inflation starts slowing and higher rates are here to stay, headwinds are mounting, and the risk is that the increase in borrowing costs could outpace revenue growth, it added.

Persons: Wolfgang Rattay, Janus Henderson, Janus, Jim Cielinski, ”, Chiara Elisei, Yoruk Bahceli, Mark Potter Organizations: European Central Bank, European Union, REUTERS, Janus Henderson Investors, P Global Market Intelligence, Thomson Locations: Frankfurt, Germany

☆ Big central banks hit pause, with rate cuts far off
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +5 min

On Oct. 23, Fed Chair Jay Powell said a strong economy and tight jobs market could warrant more rate rises. Interest rate futures show traders believe the BoE will not cut rates, now at their highest since 2008, until at least June 2024. "The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions," the ECB said, adding it would follow a "data-dependent" approach and future decisions would be based on incoming data. Prime Minister Jonas Gahr Stoere told parliament last week interest rates may have peaked. Reuters Graphics Reuters Graphics8) AUSTRALIAThe Reserve Bank of Australia held rates steady at 4.1% for a fourth meeting in October.

Persons: Jonathan Ernst, Jay Powell, BoE, Jonas Gahr Stoere, Michele Bullock, Naomi Rovnick, Harry Robertson, Alun John, Yoruk Bahceli, Samuel Indyk, Chiara Elisei, Kripa Jayaram, Pasit, Riddhima, Sumanta Sen, Vineet, Amanda Cooper, Giles Elgood Organizations: . Federal, REUTERS, European Central Bank, Federal Reserve, Bank of England, UNITED, Reuters, Reserve Bank of New Zealand, BRITAIN, Bank of Canada, BoC, ECB, Norges Bank, Reuters Graphics Reuters, Reserve Bank of Australia, Bank of Japan, Thomson Locations: Washington, Japan, hawkish, dovish, NORWAY, SWEDEN Sweden, SWITZERLAND, Swiss, Gaza, JAPAN

NEW YORK (AP) — The first thought that comes to mind when you enter the Balloon Museum for the “Let’s Fly” exhibit is the massive scale of the art. But it's the adventure of a theme park attraction that can awaken the childlike wonder in all of us. “The idea of Balloon Museum is to create a space where artists meet the public and they meet by meaning everybody from the smallest to the oldest,” said Smigla-Bobinski. While the exhibition varies in content from each city the Balloon Museum takes up residency, there’s one constant, Balloon Street, where guests can be fully immersed and become part of the installations. Premiering in Rome in 2020, the Balloon Museum has toured through Europe with its curation focused on inflatable art installations.

Persons: That's, Chiara Caimmi, ” Caimmi, Cyril Lancelin, Sir Isaac Newton, Hyperstellar ”, Karina Smigla, ”, Ada Lovelace, Charles Babbage, Michael Shaw, Tadao Organizations: Museum, Balloon Museum, Tadao Cern Locations: New York City, Vegas, Polish, Lithuanian, Lithuania, Rome, Europe

A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. The council said all three jurisdictions either lacked tax information or failed to deliver on commitments regarding governance and transparency reforms. Barring Russia, it said in a statement, the EU list only includes "small and vulnerable countries like Belize yet fails to include any EU member state" which were given the same Global Forum rating. Oxfam's EU tax expert Chiara Putaturo also slammed the list as "toothless" for not screening the United States, the UK, or EU states such as Luxembourg and Malta, adding "countries deemed too big to be listed can no longer escape scrutiny." The EU Council did not immediately respond to a request for comment.

Persons: Jon Nazca, Chiara Putaturo, Sarah Morland, Alvaro Murillo, Jose Sanchez, Bill Berkrot, Stephen Coates Organizations: REUTERS, European Union, OECD's, Transparency, Information, EU, Marshall, Thomson Locations: Granada, Spain, Seychelles, Caribbean, Belize, Antigua, Barbuda, Russia, Panama, EU, United States, Luxembourg, Malta, British Virgin Islands, Costa Rica, Mexico City, San Jose, Belmopan

[1/2] Chairman Anthony Thomson (L) and Vice Chairman Vernon Hill pose with a dog outside the first branch of Metro Bank in Holborn in central London July 29, 2010. Metro declined to comment on Tuesday. A Starling spokesperson said the lender was making inroads into the big banks' market dominance. Metro is not the only smaller bank to have faced problems. One option is for smaller banks to gain scale through mergers and acquisitions.

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Jaime Gilinski, Dorita, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Alexander Smith Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, Starling, Metro, Colombian

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Jaime Gilinski, Dorita, Gilinski, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Nelson Bocanegra, Alexander Smith, Jonathan Oatis Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Harvard, Forbes, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, BOGOTA, Starling, Colombian, Latin America, Metro, Bogota

[1/2] A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. The shares were heading for their worst one-day drop in over 20 years as of 1140 GMT, down 37%, which wiped some 3 billion euros ($3.16 billion) from Alstom's market value. The group said it now expects a cash outflow of 500-750 million euros over the full year, after a preliminary first-half outflow of 1.15 billion euros, well above the consensus for a 152 million euro outflow cited by Jefferies. The cost of insuring Alstom's debt against the risk of default shot to its highest since last November, according to data from S&P Global Market Intelligence. Citi analysts were less concerned about liquidity, but said "the past track record on cash means cash improvement is now very much a 'show me' story".

Persons: Regis Duvignau, Jefferies, Angelo Meda, JP Morgan, Olivier Sorgho, Danilo Masoni, Chiara Elisei, Amanda Cooper, Alexander Smith Organizations: Alstom, REUTERS, Banor SIM, Deutsche Bank, P Global Market Intelligence, Traders, Citi, Thomson Locations: Semeac, Tarbes, France, Paris, Milan, Britain

A calmer tone set in later on Wednesday, with bond yields retreating. In the U.S. Treasury market -- considered the bedrock of the global financial system -- 10-year yields have jumped as much as 20 basis points (bps) to 4.8% this week alone. Bond yields move inversely to prices, and many asset managers who had held bonds expecting prices to rally are now throwing in the towel. Australian and Canadian 10-year bond yields have surged over 20 bps each this week , , and British 30-year government bond yields hit a fresh 25-year high above 5% on Wednesday . , ,World stocks (.MIWD00000PUS) hit their lowest since April on Wednesday, and the cost of insuring exposure to a basket of European corporate junk bonds hit a five-month high, according to data from S&P Global Market Intelligence.

Persons: Bond, Juan Valenzuela, Artemis, Kevin McCarthy, Jason Lee, Michael Metcalfe, Vikram Aggarwal, that's, Everybody's, you've, Richard McGuire, McGuire, Dhara Ranasinghe, Naomi Rovnick, Alun John, Yoruk Bahceli, Chiara Elisei, Marc Jones, Andy Bruce, Kim Coghill, Toby Chopra Organizations: bund, U.S . Treasury, Federal Reserve, Reuters, ADP, U.S . House, Congress, Hong, REUTERS, Street Global Markets, P Global Market Intelligence, Jupiter, New York Fed, Rabobank, Thomson Locations: Treasuries, British, U.S, Hong Kong, London

In the U.S. Treasury market -- considered the bedrock of the global financial system -- 10-year yields have jumped 20 basis points (bps) to 4.8% this week alone. Bond yields move inversely to prices, and asset managers who had held bonds expecting prices to rally are now throwing in the towel. Australian and Canadian 10-year bond yields have surged over 20 bps each this week , , and British 30-year government bond yields hit a fresh 25-year high above 5% on Wednesday . In a further sign of investor nervousness, the closely-watched MOVE bond volatility index is at a four-month high. (.MOVE)Rise in global yields beyond 10yr average levels Rise in global yields beyond 10yr average levelsRIPPLESGovernment borrowing costs influence everything from mortgage rates for homeowners to loan rates for companies.

Persons: Jason Lee, Bond, Juan Valenzuela, Artemis, Vikram Aggarwal, that's, Everybody's, you've, Richard McGuire, Dhara Ranasinghe, Naomi Rovnick, Alun John, Yoruk Bahceli Chiara Elisei, Andy Bruce, Kim Coghill, Toby Chopra Organizations: Hong, REUTERS, U.S . Treasury, Federal Reserve, Reuters, P Global Market Intelligence, Jupiter, New York Fed, Rabobank, Thomson Locations: Hong Kong, Treasuries, British

☆ Lampedusa: EU chief pledges action while visiting Italian island hit by soaring migrant arrivals
▼ + stars: | 2023-09-17 | by ( Eve Brennan | ) edition.cnn.com time to read: +3 min

CNN —EU chief Ursula von der Leyen has pledged action to help Italy’s crisis-hit island of Lampedusa during a visit on Sunday, after the island was left struggling to cope with an influx of migrants. Von der Leyen visited a migrant reception center on the island after the Italian Prime Minister called on European leaders to help more. The island has recently seen an uptick in migrant crossings, with Italian authorities saying Thursday that 7,000 people had arrived in just two days, prompting the local mayor and the United Nations refugee agency to warn the Italian island is becoming overwhelmed. The Italian prime minister and EU chief met Sunday to “offer a coordinated response by the Italian and European authorities,” according to von der Leyen. Meanwhile, von der Leyen championed legal pathways and humanitarian corridors as measures to counter “smugglers’ lies.”“We will offer migrants real alternatives through this humanitarian admission.

Persons: Ursula von der Leyen, Von der Leyen, Giorgia Meloni, von der Leyen, “, von der, ” Lampedusa, Cecilia Fabiano, LaPresse, ” Meloni, ’, ”, Von der, Filippo Mannino, agency’s, San Marino, Chiara Cardoletti Organizations: CNN, EU, Italian, European Union, United Nations, European Commission, UN, UNHCR, International Organization for Migration Locations: Lampedusa, Italian, Africa, Europe, European, Italy, San, Tunisia, Libya

Swedbank estimates the current shortfall for Heimstaden Bostad could be roughly 30 billion crowns ($2.7 billion). Sweden's financial regulator launched an inquiry into why and how Alecta had invested $4.5 billion in the property giant, in the first place. "If interest rates continue to rise and it's coupled with unemployment, that's what we are afraid of." With interest rates still climbing, analysts such as Marcus Gustavsson of Danske Bank, believe the worst is not yet over. "With rising interest rates, that funny money has turned into real money and it is painful."

Persons: Heimstaden Bostad, Alecta, Christian Dreyer, Karolina Ekholm, Heimstaden's Dreyer, we're, Dreyer, Niklas Wykman, Heimstaden, David Perez, Marcus Gustavsson, Andreas Cervenka, Sweden, Simon Johnson, Johan Ahlander, Greta Rosen Fondahn, Chiara Elisei, John O'Donnell, Hugh Lawson Organizations: International Monetary Fund, GOVT, Sweden's, Financial, Reuters, SBB, Danske Bank, Thomson Locations: STOCKHOLM, Nordic, Stockholm, Berlin, Sweden, Heimstaden, Germany, Gdansk, London

CNN —Lampedusa has seen an influx of migrants with 7,000 people arriving in two days, prompting its mayor and the United Nations refugee agency to warn the Italian island is becoming overwhelmed. Alessandro Serranò/AFP/Getty ImagesMigrants from a migrant housing centre on Lampedusa are guided by a security official. The island of Lampedusa is struggling to cope with an influx of migrants. “The over 130 operators and volunteers of the Italian Red Cross are doing beyond the impossible to ensure basic necessities. However, Flavio Di Giacomo, from IOM, said the number of arrivals in Lampedusa now was much higher than before.

Persons: CNN — Lampedusa, Filippo Mannino, ” “, ” Mannino, agency’s, San Marino, Chiara Cardoletti, ” Cardoletti, Lampedusa, Alessandro Serranò, Gerard Darmanin, Darmanin, “, ”, ” Darmanin, Rosario Valastro, ” Valastro, Flavio Di Giacomo, Infrastructure Matteo Salvini, Giorgia Meloni’s, Ursula Von der Leyen Organizations: CNN, United Nations, RTL, UN, UNHCR, International Organization for Migration, Getty, European Union and, Red Cross Italy, Interior Ministry, Libyan Coast Guard, Italy’s, Infrastructure, Italy’s Foreign Press Association, EU, RAI Locations: Africa, Italy, San, Tunisia, Libya, AFP, Germany, Lampedusa, Ventimiglia, Menton, Great Britain, European Union and Great Britain, Europe, Meloni, Brussels

☆ Crunch time after string of aggressive central bank rate hikes
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +5 min

Major central banks have confounded economists with a string of interest rate rises that, so far, have moderated inflation without causing global recession. So far, nine developed economies have raised rates by a combined 3,915 bps in this cycle. Reuters Graphics2) NEW ZEALANDThe Reserve Bank of New Zealand lifted its cash rate to a 14-year high of 5.5% in May and has kept it there since. Reuters Graphics7) AUSTRALIAThe Reserve Bank of Australia kept rates steady at 4.1% for a third consecutive meeting in September, the last under former Governor Philip Lowe. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, meets next week.

Persons: BoE, Macklem, Philip Lowe, Lowe's, Michele Bullock, Naomi Rovnick, Harry Robertson, Samuel Indyk, Nell Mackenzie, Alun John, Yoruk Bahceli, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ranasinghe, Sharon Singleton Organizations: European Central Bank, U.S . Federal Reserve, UNITED, Reuters, Federal Reserve, Reserve Bank of, BRITAIN, of England, CANADA Bank of Canada, Bank of Canada, ECB, Norges Bank, SWEDEN Traders, Swiss, Bank of Japan, Thomson Locations: U.S, Japan, Reserve Bank of New Zealand, NORWAY, Reserve Bank of Australia, SWEDEN, Swedish, SWITZERLAND Swiss, JAPAN

☆ Corporate defaults jump, highest August monthly tally since 2009 - S&P
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 13 (Reuters) - The number of new corporate defaults globally reached 16 in August, the highest August monthly number since 2009, S&P said in a report released on Wednesday, the latest sign that corporate stress is building. While defaults tend to slow down during the summer, last month's number was well above the 8.6 average for August seen in previous years. This brought the global corporate default tally to 107, with most of the defaults coming from Europe and the United States. Sector-wise, media and entertainment accounted for one third of defaults in the United States and 25% of the total defaults in August, while the consumer products sector was the most hit in Europe, S&P noted.

Persons: Brendan McDermid, Chiara Elisei, Dhara Ranasinghe Organizations: REUTERS, Thomson Locations: New York City, U.S, Europe, United States, America

Fundraising and deal-making have dropped sharply at European private debt funds, new data shows. Faisal Ramzan, a partner at law firm Proskauer Rose who advises private credit funds, said he was not seeing default. "There's plenty of dry powder," said Fidelity International's head of private credit strategies Michael Curtis, referring to capital raised already. Joanna Layton, managing director of European private credit at Alcentra, one of Europe's largest private debt managers, added there was "no rush" to deploy capital. High rates have also made private credit less appealing to institutional investors, analysts said.

Persons: Henry Nicholls, Francesco Sandrini, BoE, Andrew Cruickshank, Cruickshank, Pictet, Patrick Marshall, Faisal Ramzan, Proskauer Rose, Michael Curtis, Joanna Layton, Mark Brenke, Ardian, Chris Sier, Sier, Dhara Ranasinghe, Catherine Evans Organizations: City, REUTERS, Reuters Graphics Reuters, The Bank of, European Central Bank, Graphics, Deloitte, Fitch, Federated Hermes, Fidelity International, ClearGlass, Thomson Locations: London's, London, Britain, The Bank of England

☆ Europe's weaker economy limits fallout of US bond rout
▼ + stars: | 2023-08-30 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Last week, U.S. 10-year Treasury yields touched their highest relative to Germany's since December. For rate-sensitive short-dated German bond yields yields are even down 17 bps in August as weak data has raised expectations of a European Central Bank rate hike pause in September. SPILLOVERBofA, Goldman Sachs and Barclays expect Treasury yields to end the year slightly below current levels. Barclays's Khanna estimates German bond yields would have been 50-60 bps lower had they only been driven by domestic factors. The spillover from higher Treasury yields is more challenging elsewhere.

Persons: Dado Ruvic, Mauro Valle, Valle, Salman Ahmed, Rohan Khanna, Fitch, Mondher, SPILLOVER BofA, Goldman Sachs, Jackson, Barclays's Khanna, Frederik Ducrozet, Ataru Okumura, Yoruk, Chiara Elisei, Junko Fujita, Kevin Buckland, Dhara Ranasinghe, Tomasz Janowski Organizations: REUTERS, Generali Investment Partners, European Central Bank, Fidelity International, U.S, Fitch, AAA, Vontel Asset Management, Barclays, Treasury, Federal Reserve, ECB, Pictet Wealth Management, of Japan, Nikko Securities, Yoruk Bahceli, Thomson Locations: U.S, United States, Europe, Germany, Britain, Germany's, It's, Italy, France, Japan, Amsterdam, London, Tokyo

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