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☆ Singapore picks Chia Der Jiun as central bank head from next year
▼ + stars: | 2023-09-04 | by ( ) www.cnbc.com time to read: +1 min

Singapore named Chia Der Jiun as chief of its central bank on Monday, replacing Ravi Menon, the city state's longest-serving central banker, the Monetary Authority of Singapore (MAS) said. Menon, who turns 59 this year, had been re-appointed as recently in May for two more years in his role but will retire from public service after more than a decade at the central bank, MAS said. Chia, a permanent secretary at Singapore's manpower ministry, had previously spent 18 years at the MAS and led major functions from implementing monetary policy to managing reserves. Singapore's central bank was one of the earliest to tighten monetary policy as the country of 5.6 million exited the COVID-19 pandemic. Regardless of who is at the helm the independence and high standing of the central bank is unlikely to change," said OCBC economist Selena Ling.

Persons: Chia Der Jiun, Ravi Menon, Menon, Chia, Selena Ling Organizations: Monetary Authority of Singapore, MAS Locations: Singapore

But it was justified in Musk’s mind because of his conviction that Twitter’s management had misled him. At 4:12 p.m. Pacific time, once they had confirmation that the money had transferred, Musk pulled the trigger to close the deal. But when his Twitter email was cut off, it took him a few minutes to get the document into a Gmail message. Hybrid work is winningChief executives aren’t letting up on their push to get workers back to the office. And even Zoom, a symbol of remote work, has ordered some of its employees to work in the office.

Persons: Twitter Elon Musk’s, Wall, Walter Isaacson, Isaacson, “, ”, Musk, Agrawal, Andy Jassy, Amazon’s, “ It’s, Organizations: Elon, Twitter Elon, Twitter, Wall Street, Mr, Meta, Labor Locations: ”

The magic of “badwill”When UBS agreed to buy its archrival, Credit Suisse, for a little over $3 billion this spring at the Swiss government’s behest, analysts and investors said that price represented a steep discount. UBS’s latest financial results reflect just how much of a steal it was. Today, the bank reported a $29 billion profit — yes, you read that right — for the second quarter, the biggest quarterly profit in banking history. But that paper gain belies the challenges that UBS faces as it moves to complete the largest takeover of a bank since the 2008 financial crisis. (It’s also known as “negative goodwill.”) UBS reported that its underlying profit for the quarter was just $1.1 billion.

Persons: “, It’s Organizations: UBS, Credit Suisse

☆ The US Air Force is tinkering with an unusual design for its biggest planes as it prepares for a potential long-range war with China
▼ + stars: | 2023-08-20 | by ( Christopher Woody | ) www.businessinsider.com time to read: +8 min

The US Air Force sees all those qualities as vital for success in a war in the Pacific region. US Air Force/Air Force AssociationThe design blends the wings and the fuselage, "decreasing aerodynamic drag by at least 30% and providing additional lift," the Air Force said in a release. A US Air Force flight engineer guides an R-11 Refueler next to a C-5M cargo plane at Dover Air Force Base in Delaware in March. A C-130 Hercules lands at Northwest Field, next to Andersen Air Force Base on Guam in February 2010. JetZero has already unveiled a Blended Wing design that the company says will provide a midmarket commercial airliner that's more efficient than the planes it seeks to replace.

Persons: Frank Kendall, Kendall, Air and Space Forces Association . Chaudhary, O'Leary, Tom O'Leary, JetZero, Marco Gomez, Ravi Chaudhary, we've, Tom Jones, Albert Miller, Andrew G, Miller, Jones, Chaudhary, Kathleen Hicks Organizations: Pentagon, US Air Force, Service, Air Force, Air and Space Forces Association ., Air Force Association, The Air Force, Dover Air Force Base, Staff, Northrop Grumman, China's, Air Mobility Command, Northwest Field, Andersen Air Force Base, Refueling, KC, Air Force's, Department Locations: Pacific, Wall, Silicon, China, Delaware, Guam

As valuations for National Basketball Association and National Football League teams have leaped beyond the reach of even some billionaires, pickleball offers, by comparison, a more affordable opportunity. Valuations of pickleball teams reportedly range anywhere from $1 million to $10 million. Pickleball proponents say the sport will eventually develop its own celebrity players. He pointed out that while pingpong has long been played by millions of people in multiple countries, it hasn’t become a commercial success. “I think that pickleball is going to confront some of the same issues,” he said.

Persons: pickleball, ”, Patrick Rishe, St . Louis, it’s, David Levy, Levy, Andre Agassi, John McEnroe, ” Andrew Zimbalist, DealBook, pingpong, hasn’t, “ Organizations: National Basketball Association and National Football League, Washington, Washington University, Turner, Horizon, ESPN, Smith College Locations: St .

Just a month ago, Wall Street was hailing the so-called “magnificent seven” for driving the gains this year in the S&P 500. As MarketWatch notes, four of the seven (Apple, Nvidia, Meta, and Microsoft) have fallen at least 10 percent from their highs in July. Tesla, the worst of the bunch, has tumbled more than 25 percent in that period, putting it in bear territory. On Thursday, alarm bells sounded on both sides of the Atlantic as investors sold government bonds en masse, sending yields to multiyear highs. Adding to the jitters, the renminbi hit a 16-year low against the dollar on Friday, prompting emergency moves to prop up the currency.

Persons: Tesla Organizations: Nvidia, Meta, Microsoft, SpaceX, Elon Musk’s, Nomura Locations: Hong Kong, United States, China

☆ Kohli is the solution to India's No 4 concerns, says Shastri
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Aug 17 (Reuters) - Fielding Virat Kohli at number four could address India's long-standing concerns about a settled batter at that crucial position, former coach Ravi Shastri has said. Kohli has amassed the lion's share of his 12,898 runs, which include 39 hundreds, batting at number three in 212 of his 275 innings. In his 42 appearances at number four, Kohli averaged 55.21, slightly below his overall 57.32, and has scored seven hundreds. Shastri, who was coach of the India team when Kohli was captain, and lost to New Zealand in the semi-finals of the 2019 World Cup, said those were impressive numbers for a number four batter. Shastri said during the 2019 World Cup, he considered changing Kohli's place "just to break that top heavy line-up".

Persons: Fielding Virat Kohli, Ravi Shastri, Rohit Sharma, Kohli, Shastri, Shreyas Iyer, Jasprit Bumrah, Amlan Chakraborty Organizations: India, New Zealand, Star Sports, Asia, Thomson Locations: DELHI, India, New, Ireland, Dublin, Multan, Sri Lanka, New Delhi

One area looks safe from the dreaded “R” word: the housing market. Goldman predicts home prices will rise even more next year, in part because housing supply is so constrained. Forecasts of a prolonged housing market slump haven’t materialized. Those moves have helped push mortgage rates to a 22-year high. “Home buyers have demonstrated behavior that, in our view, reflects unsustainable adaptations to elevated mortgage rates,” the Goldman Sachs strategists Roger Ashworth and Vinay Viswanathan wrote in a research note.

Persons: Goldman Sachs, Goldman, Bankrate, Roger Ashworth, Vinay Viswanathan Organizations: Fed Locations: U.S

The markets await a new testInflation fears are like a zombie menace stalking the markets this summer. Concerns that the Fed’s battle with rising prices may not be finished have roiled stocks and bonds this month, and investors will be glued to the release of Fed meeting minutes for July at 2 p.m. Eastern on Wednesday for clues on what’s next for rates. Since the last rate-setting meeting in July, economic data has showed that inflation is cooling, but that’s hardly calmed the markets. Tuesday’s strong retail sales data, and hawkish comments from some central bankers, have put the markets on edge. He said on Tuesday that he was seeing “positive signs” that inflation was easing, but warned: “I’m not ready to say that we’re done.”

Persons: Mary Ann Bartels, DealBook, ” Neel Kashkari, “, ” Organizations: Fed, “, Federal, Minneapolis Fed

Shares in Hong Kong and Shanghai closed lower again, but, unlike on Monday, the damage didn’t spread across Asia. China’s economy, the world’s second biggest, is in a prolonged slump. That poses a challenge for global growth. has previously forecast that China would account for 35 percent of global growth this year, but that’s looking less likely. The slowdown is hitting everything from commodities to construction, and some big U.S. companies that operate in China don’t expect a rapid turnaround.

Locations: China, Beijing, Hong Kong, Shanghai, Asia

But that bullish prediction is doing little to restore investors’ optimism, as concerns mount about consumer confidence and the health of global economy. Now, concerns are growing about China’s domestic property market after Country Garden, one of the country’s biggest developers, missed debt payments. Those ructions have sent the prices of global commodities, including Brent crude, tumbling on Monday. The group’s woes have sparked contagion fears for China’s shadow banking sector, and hit U.S. business. Despite better-than-expected corporate earnings and signs that inflation is cooling, investors have dumped stocks and bonds this month.

Persons: Goldman Sachs, Brent, Bonds Organizations: Deutsche Bank, Silicon Valley Bank, Treasury Locations: U.S, Stocks, Asia, Hong Kong, Silicon Valley

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

Disney’s next moveEven if Bob Iger, Disney’s C.E.O., didn’t have much to reveal about big-ticket M.&A. Streaming is Disney’s future, Mr. Iger said, but the era of pursuing breakneck growth in the business is over. The strategy now is to extract more money from subscribers via hefty price increases for Disney+, and hoping that those efforts don’t drive them away. While the latest figure was less than analysts had expected, that performance is still untenable in the long term, leading Mr. Iger to follow Netflix’s example and raise prices for Disney+ and Hulu. “We grew this business really fast, really before we even understood what our pricing strategy should be or could be,” he told analysts.

Persons: Disney’s, Bob Iger, Iger, don’t, ” Organizations: Disney

Dentons, the largest Western law firm in China in terms of staff, said yesterday it would separate from Dacheng, its unit there. The two firms merged in 2015, and Dentons even added Chinese characters to its logo to signal its commitment to the country. That made it impossible to follow legal industry standards and best practice, a person familiar with Dentons’ decision-making told DealBook. “Standards are diverging between China and Western economies,” Eswar Prasad, a trade policy professor at Cornell and a former head of the I.M.F.’s China division, told DealBook. Employees at financial firms operating in China have reportedly been forced to attend lessons in the ideology of President Xi Jinping.

Persons: Dentons, DealBook, Eswar Prasad, “, Xi Jinping Organizations: Cornell Locations: China, Western, ’, Sequoia

Goldman makes a big executive changeThe man who has been perhaps the most influential executive inside Goldman Sachs for more than a generation has begun to hand over some of his responsibilities. John Rogers, who over his quarter-century at the Wall Street bank has been known as a board and C.E.O. whisperer, will give his role as chief of staff to Russell Horwitz, his onetime deputy, Andrew and DealBook’s Lauren Hirsch are first to report. Rogers has an outsized influence and an intentionally understated public profile. He also wielded considerable influence outside the firm, helping Paulson become Treasury secretary in 2006.

Persons: Goldman, Goldman Sachs, John Rogers, Russell Horwitz, Andrew, DealBook’s Lauren Hirsch, Rogers, David Solomon, Reagan, George H.W, Bush, ” Rogers, Jon Corzine, Hank Paulson, Lloyd Blankfein, Solomon, Paulson Organizations: Goldman Locations: Washington

Mr. Gensler outlined some of his biggest concerns in an interview with DealBook’s Ephrat Livni. could be the next big systemic risk to the financial system. In 2020, Mr. Gensler co-wrote a paper about deep learning and financial stability. Mr. Gensler expects that the United States will most likely end up with two or three foundational A.I. “This technology will be the center of future crises, future financial crises,” Mr. Gensler said.

Persons: Gary Gensler, Gensler, DealBook’s Ephrat Livni, A.I, Mr Locations: United States

But the tech giants provided a snapshot of the state of the global economy: Consumers and companies are cutting back on some costs, but refusing to stop spending on increasingly essential services. Much of the revenue decline was caused by a drop in iPhone sales, which comprise half of Apple’s overall revenue. But revenue from services — including Apple Music, Apple TV+ and App Store sales — grew 8 percent, reaching a record $21 billion. In India, the company set a record for iPhone sales. The company enjoyed a surge in its core online retail business, showing that customers are still spending despite headwinds like rising interest rates.

Persons: they’re, Apple Organizations: Apple, Apple Music Locations: China, India

The fallout from Fitch’s downgrade continuesStocks appear set to open lower today, after falling yesterday in the wake of Fitch Ratings downgrading the United States’s AAA credit rating. But others have said Fitch’s move, while largely symbolic, still points to long-term troubles for the nation and its fiscal health. “There is no willingness on any side to really tackle the underlying challenges,” Mr. Francis said. But “it doesn’t really matter much,” Jamie Dimon, JPMorgan Chase’s C.E.O., told CNBC yesterday, echoing a common refrain to Fitch’s move. Critics of the move noted that according to criteria laid out last year by Fitch itself, including debt-to-G.D.P.

Persons: Richard Francis, Fitch’s, standoffs, ” Mr, Francis, ” Jamie Dimon, JPMorgan Chase’s, Fitch Organizations: Fitch, United States’s AAA, Wall, U.S, Times, JPMorgan, CNBC Locations: U.S

☆ Cognizant projects revenue above estimates, CFO to retire in 2024
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Cognizant Technology Solutions (CTSH.O) forecast third-quarter revenue above estimates on Wednesday as more businesses turn to the IT services provider to digitize their operations, sending its shares up more than 6% after the bell. The company also said CFO Jan Siegmund would retire in early 2024. The New Jersey-based company expects current-quarter revenue of between $4.89 billion and $4.94 billion, compared with analysts' estimates of $4.86 billion, according to Refinitiv data. The company now expects full-year adjusted profit per share in the range of $4.25 to $4.48, compared with an earlier estimate of between $4.11 and $4.34. The company reported adjusted profit of $1.10 per share, compared with estimates of 99 cents.

Persons: Dado Ruvic, Jan Siegmund, Ravi Kumar S, Jaspreet Singh, Devika Organizations: REUTERS, Technology Solutions, TCS, Accenture, Revenue, Thomson Locations: The New Jersey, Bengaluru

☆ DoorDash lifts core profit target for second time on rising orders
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

A DoorDash delivery person is pictured on the day they hold their IPO in the Manhattan borough of New York City, New York, U.S., December 9, 2020. REUTERS/Carlo AllegriAug 2(Reuters) - DoorDash (DASH.N) raised its annual core profit forecast for a second time and beat quarterly revenue expectations on Wednesday as orders for groceries and food surged despite higher prices, sending its shares up nearly 6% in extended trading. DoorDash expects a key measure of profitability, adjusted EBITDA, between $750 million and $1.05 billion, compared to the prior outlook of $600 million to $900 million. DoorDash's revenue rose 33% to $2.13 billion, beating expectations of $2.06 billion, according to Refinitiv data. Net loss narrowed to $170 million, or 44 cents per share, in the quarter, compared to $263 million, or 72 cents, a year ago.

Persons: Carlo Allegri, Ravi Inukonda, DoorDash, Granth, Arun Koyyur Organizations: REUTERS, DoorDash, Uber Technologies, Thomson Locations: Manhattan, New York City , New York, U.S, DoorDash, Bengaluru

It’s unlikely that the move — only the second downgrade in American history — will dent investor appetite for Treasury notes. But the decision is another sign that Wall Street is worried about political chaos, including brinkmanship over the debt limit that is becoming entrenched in Washington. The move came two months after Washington narrowly avoided a U.S. default, following a prolonged argument over the debt ceiling. (That said, some on Wall Street remain skeptical that the country is headed for a so-called soft landing.) Fitch’s own model shows the U.S. economy deteriorating during the Trump administration and recovering under President Biden.

Persons: Fitch, “, Trump, Biden Organizations: Fitch, United States ’ AAA, Washington, Social Security Locations: U.S, Washington

Mr. Jobs will still be dedicated to fighting cancer. “My dad succumbed to cancer when I was in college at Stanford,” Mr. Jobs said. “I was pre-med because I really wanted to be a doctor and cure people myself. But he returned to the field after completing his master’s degree and led Emerson’s health care division, which has invested in companies and given grants to labs. Of his career path, Mr. Jobs said: “I had never ever wanted to be a venture capitalist.

Persons: Jobs, “, ” Mr, you’re, — Organizations: Stanford Locations: Yosemite

has brought back two former heirs apparent, Kevin Mayer and Tom Staggs, to advise on the future of Disney’s legacy TV businesses were sure to get Hollywood talking. Mr. Mayer and Mr. Staggs will help Iger think about “linear” TV properties like ABC, according to Puck. Both men had once been tipped as potential successors to Iger — Mr. Mayer as head of M.&A. (Mr. Iger chose Bob Chapek to take over, but he was ousted after two years and replaced by … Mr. Mr. Mayer and Mr. Staggs now run Candle Media, an investment company that has bought an array of production studios.

Persons: Robert Iger, Kevin Mayer, Tom Staggs, Iger’s, Mayer, Staggs, Puck, Iger, Mr, Bob Chapek, … Mr Organizations: Disney, ESPN, Media

☆ Best Gifts for the Tea Lovers in Your Life
▼ + stars: | 2023-07-29 | by ( Sarah Rose | ) www.wsj.com time to read: +8 min

For masterful measuringOMABETA Portable Kitchen Tea Scale $16 at AmazonAs with baking, you will get best results when measuring tea leaves by weight rather than the spoonful. “Some teas are tightly rolled while others are fluffy and light,” explains Ben Marcus-Willers, of Red Blossom Tea Company, a San Francisco-based tea company that sells to consumers as well as Michelin three-star chefs. Desains suggests a porcelain tea pot clad in stainless steel to keep a quality tea warm for hours. Alternately, make a tea concentrate by doubling the amount of tea leaves in hot tea, then pouring it over ice. Tea will always taste best fresh and warm, and its taste will change—“often for the worse,” Kroesen notes—as it cools.

Persons: Sarah Rose, ”, “, Abigail St, Clair, St, Maria Uspenski, Ben Marcus, Willers, Steve Schwartz, Ottilie Cunningham, Fortnum, Mason, Alex Monroe, Franck Desains, Joshua Kaiser, Milwaukee’s Rishi, —, Cindy Sherman, Madame de Pompadour, French King Louis XV, Heidi Johannsen Stewart, Van, Brandon Friedman, Obama, ” Friedman, “ Matcha, Catherine Jue, Tekuno, Emeric Harney, Harney, Ravi Kroesen, Smith, Orla Kiely, Jessie Dean Organizations: Amazon, Tea Bella Tea Company, Red, Red Blossom Tea, Michelin, Blossom, Art, Mariages Freres, Desains, MET, Bellocq, Metropolitan Museum of, 187th, Tea, Asheville Tea Company Locations: China, Tampa , Fla, Clair, Darjeeling, it’s, Boulder, Colo, Red Blossom, San Francisco, chai In India, Los Angeles, Paris, Brooklyn, U.S, Iraq, Afghanistan, Dallas, New York, Portland ,, North Carolina

Twitter has flown awayBye-bye, blue bird: Twitter overnight began rebranding itself as X, replacing its longtime logo with a stylized symbol that was projected onto its San Francisco headquarters. X!” wrote Linda Yaccarino, the company’s C.E.O., as the social network starting rolling out its new branding. Gone is the stylized bird, once dubbed Larry T. Bird by the Twitter co-founder Biz Stone, which became one of the most famous internet logos — and which the company has described as its most recognizable asset. The platform’s about page hasn’t yet been updated, but Ms. Yaccarino repeatedly referred to X in a series of tweets outlining the company’s ambitions. Expect X to more fully pervade the company: Mr. Musk described an internal message to employees over the weekend as the last he’d send from Twitter, and he told a user that a post should be called an “x” instead of a tweet.

Persons: Elon, ”, Linda Yaccarino, Larry T, Stone, Yaccarino, Musk Organizations: Twitter, San Locations: San Francisco

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