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☆ I worked in China for 8 years. These 3 differences set the work culture apart from the Western world.
▼ + stars: | 2024-06-25 | by ( Isabelle Aron | ) www.businessinsider.com time to read: +7 min

Read previewThis as-told-to essay is based on a transcribed conversation with Sue Campbell, 58, about relocating to China for work. I was often the liaison between international clients and the team in China, helping everyone understand each other better. Employees in China were very conscious of their place in the company hierarchyHierarchies were very apparent in Chinese work culture. In China, people seemed to take pride in their work and I think they didn't want to make themselves look bad. If anybody has the chance to work in Asia, I'd recommend it.

Persons: —, Sue Campbell, Louis Vuitton, I'd, who'd, KIND2 Organizations: Service, Louis, Business, consultancy's, Employees Locations: China, Hong Kong, Asia, Shanghai, Australia, consultancy's Asia

☆ Putin and Kim Jong Un's relationship is a marriage of convenience: Here's how it works
▼ + stars: | 2024-06-19 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

In this pool photograph distributed by the Russian state agency Sputnik, North Korea's leader Kim Jong Un (R) and Russian President Vladimir Putin meet in Pyongyang, early on June 19, 2024. What can North Korea get from Putin? In return, Russia is likely providing North Korea with food, fuel and military technology for its satellites and submarines, analysts say. Russian President Vladimir Putin is arriving to North Korea with a two-day visit. As such, North Korea offers Russia another source of military hardware.

Persons: Kim Jong Un, Vladimir Putin, Anthony Wallace, Vladimir Putin's, Kim Jong, Putin, KCNA, Kim, Putin's, —, Gavriil Grigorov, Rodger Baker, James Brady, Victor Cha, Pyongyang's, Putinon, Brady, Cha, Putin hasn't Organizations: Pyongyang Sunan International Airport, Afp, Getty, North, Sputnik, Applied, CNBC, North Koreans, Putin, . Workers, Center for Strategic, International Studies Locations: Pyongyang, Seoul, Korean, North Korea, Russia, North, Koreans, Russian, Ukrainian, Moscow, Ukraine, Korea, China, USSR

☆ History shows how a UK election can impact the country's stock market
▼ + stars: | 2024-05-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Labour leader Tony Blair arriving in Downing Street after his election victory with crowds waving flags in the background, 2nd May 1997. The more domestically-oriented FTSE 250 has tended to outperform the FTSE 100 following elections, with stronger outperformance following Labour victories, it said. Leon Neal | Getty Images News | Getty ImagesAccording to Capital Economics, the U.K. stock market has faltered on five occasions under past Labour governments. Higgins also observed that the relative performance of U.K. stocks has "generally been underwhelming since 2010," when the Conservatives took office. Three could be attributed to the "unsustainability of fixed exchange rate regimes" between the 1930s and 1970s, one to the Great Financial Crisis, and the fifth to the 1976 Debt Crisis, he said.

Persons: Tony Blair, Jeff, Rishi Sunak, Rachel Reeves, Sir Keir Starmer, Angela Rayner, Leon Neal, John Higgins, Higgins, Labour's, Keir Starmer, Reeves, Venkatakrishnan, Liz Truss, Sunak Organizations: BBC News, Current Affairs, Labour Party, Labour, Conservative Party, Citi, Conservative, Centre, Getty, Capital Economics, Conservatives, Shadow, Economic, Barclays, C.S, CNBC Locations: Downing, Purfleet, United Kingdom, Davos

It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor. Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff moved over to the new firm.

Persons: Loren Elliott, PwC, Lewis Jackson, Christopher Cushing, Robert Birsel Organizations: Westpac, Central Business District of, REUTERS, Rights, Westpac Group, PricewaterhouseCoopers, PwC's, Google, Uber Technologies, Facebook, Meta, PwC, Scyne Advisory, Scyne, Thomson Locations: Central Business District of Sydney, Australia, PwC Australia

Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff have moved over to the new advisory firm. It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor.

Persons: Lewis Jackson, PwC, Robert Birsel, Stephen Coates Organizations: REUTERS, Rights, Wednesday, Scyne Advisory, Scyne, Google, Uber Technologies, Facebook, Meta, WESTPAC, Westpac Group, Westpac, PwC's, Thomson Locations: Barangaroo, Australia

☆ Most of the world's biggest advertisers have stopped buying ads on Elon Musk's X, exclusive new data shows
▼ + stars: | 2023-10-23 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +4 min

An overwhelming majority of the world's biggest-spending advertisers have stopped advertising on X following Elon Musk's acquisition of the company, according to new data provided exclusively to Insider by the marketing consultancy Ebiquity. The number of Ebiquity clients advertising on X has steadily declined ever since, the data shows. The company drew its X data from its digital media solutions unit, through which it gathers digital media investment data from agencies and platforms. In the same interview she cited Visa, Nissan, and AT&T as among the "1,500" brands that had resumed spending on X. "We would welcome an official follow-up with supporting data in a time where trust and transparency are of critical importance," said Schreurs.

Persons: Ruben Schreurs, Ebiquity Ebiquity, Linda Yaccarino, Ebiquity's Schreurs, Schreurs Organizations: Elon, Twitter, Google, Walmart, Vodafone, General Motors, Ebiquity, Nissan, Amazon, Unilever, Coca, IBM, Bloomberg, Media, Visa

☆ UK house prices fall by most since 2009 as rate rises bite
▼ + stars: | 2023-09-07 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Halifax said house prices were 4.6% lower last month than in August 2022, when they were close to their peak. "House prices have proven more resilient than expected so far this year.... The Bank of England has raised interest rates 14 times since December 2021, taking rates to 5.25% in August. Rival mortgage lender Nationwide reported last week that house prices in August were 5.3% lower than a year earlier. Imogen Pattison, assistant economist at Capital Economics, said the bigger-than-expected fall in Halifax house prices supported the consultancy's forecast that house prices would drop a total of 10.5% by mid 2024.

Persons: Phil Noble, Halifax, Kim Kinnaird, Andrew Bailey, Imogen Pattison, David Milliken, Paul Sandle, Emelia Organizations: REUTERS, Halifax, Lloyds Banking Group, Bank of England, Nationwide, Capital Economics, Thomson Locations: Manchester, Britain, Halifax

These consultancies thrived by providing investors - from global hedge funds to private equity firms - access to industry experts and investigators who could obtain valuable corporate information. One private credit investor who used to join Capvision's calls with "industry experts" said clients did not want to pay top dollar for easily available public information. Many China-based consultancy firms also outsourced on the ground investigations to local contractors. Even before the latest raids on consultancy firms, some due-diligence firms were warned to stay away from Xinjiang related projects, sometimes by security authorities, according to industry sources. China denies abuses in Xinjiang, a major cotton producer that also supplies much of the world's materials for solar panels.

☆ China is home to one of the world's biggest luxury markets, and it's starting to make a comeback after the country's 3-year COVID lockdowns
▼ + stars: | 2023-04-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

China is an important luxury market. Bain expects these consumers will account for 46% of the global luxury market by 2025. However, Wu's comments echoed Bain's positive outlook for China's luxury market. China's consumer price index, or CPI — the monthly change in prices paid by consumers — showed bleak data for March. It could be the reason Bank of America's Wu told CNBC that strong recovery across China's consumer sector has not yet been seen.

☆ India to boost aviation infrastructure as demand booms
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, March 20 (Reuters) - India outlined plans on Monday to invest billions of dollars in airports, aircraft and recruitment as the world's fastest-growing economy seeks to meet booming air travel demand. Growth will include new airports, more regulators and air traffic controllers, and new flying schools, Civil Aviation Minister Jyotiraditya Scindia told an industry audience. "We need to put in place the civil aviation infrastructure and capabilities that by 2047 would be able to support a $20 trillion economy within India," Scindia told the CAPA India Aviation Summit in New Delhi. Where at one point we did not have passengers to fill our airplanes ... now we do not have enough airplanes to fly our passengers," Scindia said. Consultancy CAPA India expects at least 1,300 more orders from Indian airlines in the next 1-2 years, weeks after Air India announced a record order for 470 jets.

☆ The far-right is expected to win Italy's election in Rome's biggest political shift for decades
▼ + stars: | 2022-09-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

The Brothers of Italy party stands out from the crowd and is expected to gain the largest share of the vote for a single party. Giorgia Meloni, leader of the right-wing party Fratelli d'Italia (Brothers of Italy) holds a giant Italian national flag during a political rally on February 24, 2018 in Milan, Italy. The snap election follows the resignation of Prime Minister Mario Draghi in July, after he failed to unite a fractious political coalition behind his economic policies. An election win by Fratelli d'Italia could see the party's leader, Giorgia Meloni, become Italy's first female prime minister. Fratelli d'Italia has been pro-NATO and pro-Ukraine and supports sanctions against Russia, unlike Lega which is ambivalent about those measures.

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