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☆ I'm EY's global chairman and CEO. Here are the 3 most important lessons I've learned through my career.
▼ + stars: | 2023-06-03 | by ( Carmine Di Sibio | ) www.businessinsider.com time to read: +8 min

It's also when business graduates think about the positive impact they would like to make on the working world. Here are three lessons that are never too late for anyone to put into practice no matter where you are in your career. By day, I worked at Arthur Young — one of predecessor member firms of the EY organization. Recently the EY organization decided not to move forward with Project Everest. The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.

Persons: Carmine Di Sibio, Di Sibio, —, It's, EY, I've, Arthur Young —, we've, you'll Organizations: Service, NYU Stern, Technology, NYU, Microsoft, World

Banks typically sold these perpetual bonds - known as AT1 bonds - with five years before an option to repay was triggered. In the past, investors got their money back, and banks replaced the bonds with new ones, but some are changing tack. The banks' actions show how the wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion. "The AT1 market is splitting," said Alessandro Cameroni, a portfolio manager at asset manager Lemanik. SHOCK ABSORBERThe AT1 bonds were designed to help banks absorb losses, and they count towards their capital buffers.

Persons: Kai Pfaffenbach, Banks, Alessandro Cameroni, Lemanik, Peter Harvey, Federated Hermes, Italy's, Morgan Stanley, Karsten Junius, J . Safra Sarasin, Chiara Elisei, Carlo Giovanni Boffa, Jane Merriman Organizations: REUTERS, Suisse, Raiffeisen Bank, Reuters, Deutsche, Aareal Bank, Credit Suisse, Investors, Federated, Lloyds, Societe Generale, UBS, Santander, J ., Thomson Locations: Frankfurt, Germany, Ukraine, Swiss, Schroders, Russia

☆ The Italian beaches putting a daily cap on summer visitors
▼ + stars: | 2023-06-01 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +9 min

“We can no longer afford thousands of daily sunbathers all squeezed in one spot as in the past, it’s unsustainable.”Four beaches are affected. Cala dei Gabbiani and Cala Biriala both now have a daily cap of 300 visitors in place, while Cala Goloritze has a limit of 250 visitors per day, and Cala Mariolu, the largest of the beaches, has a daily limit of 700 people. Visitors to Cala Goloritze, which is only accessible by foot or boat, will be charged an entrance fee of six euros (US$6.5.) The entrance fee for Cala Goloritze can either be paid online, or with cash at the entrance to the inlet. Beach towel banBeach towels will not be permitted at La Pelosa Beach in Stintino, Sardinia this summer, according to local authorities.

Persons: ” Stefano Monni, Cala Biriala, Cala Goloritze, Cala Mariolu, Beachgoers, Legambiente, it’s, ”, Monni, Cala Mariuolo, he’s, pelosi, We’ve, Stintino’s, Rita Limbania Vallebella, they’d, ” Keen, Alberto Pizzoli, Filippo Mannino, Martello, Mannino, Isola, “ Organizations: CNN, Cala Locations: Sicily, Sardinia, Orosei, Baunei, Ogliastra, Cala, Italian, sunbathers, La Pelosa, Stintino, La, Isola, Italy, Pelosa, Saline, Isola dei, Lampedusa, Pelagie, AFP, Martello, Giglio, Isola del Giglio, Tuscany

☆ Yogi Berra: ‘It Ain’t Over’ documentary reassesses baseball great’s remarkable career and life
▼ + stars: | 2023-05-31 | by ( Don Riddell | ) edition.cnn.com time to read: +11 min

CNN —Yogi Berra famously said “It ain’t over ‘til it’s over,” but one of the greatest careers in baseball history might have been over before it had even begun. He was injured during the attack, he pulled bodies out of the water, and he learned that in comparison to war, baseball would be easy. In a file photo -- September 28, 1955 -- Jackie Robinson (R) is safe under an attempted out by Yankee catcher Yogi Berra, on a steal home from third. I don’t think anything that anyone said or wrote took any of that joy away from him. I don’t think Grandpa meant to be a civil rights activist,” explained Lindsay, “He just did the right thing.

Persons: Yogi Berra, Berra, ”, Lindsay, “, Bob Costas, Granny Hamner, Don Larsen, Billy Crystal, Yogi, ” Berra, Joe Di Maggio, Mickey Mantle –, Jackie Robinson, Frank Kellert, Larry Berra, Barack Obama, Alex Wong, ” Lindsay, ’, ‘ we’re, ’ ”, “ There’s, grandpa, ESPN’s, he’d, Grandpa, you’ve, Jon Matlack, Robinson, “ Grandpa, Jackie, Kathy Willens Organizations: CNN, Yankee, Yankees, Philadelphia Phillies, New York Yankees, AP, Life Magazine, Bettmann, American, Observers, Dodgers, Getty, White, Mets, ” New York Yankees Hall of Fame, Toronto Blue Jays, Steinbrenner, “ Locations: Normandy, American, New York, Washington , DC, Europe, ”, Tampa , Fla, Maryland

☆ Florists, caterers...Tiktokers? Content creators are bringing in up to $150/hour filming weddings for social media
▼ + stars: | 2023-05-28 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +7 min

Wilkins, 29, of Fayetteville, Ark., says social media plays a large role in her life as a small business owner. She thinks hiring wedding content creators makes sense in addition to hiring traditional wedding photographers and videographers. For one, she says, "No matter what media you use to take the pictures, they're going to end up on social media." Lanise Harris was always good at capturing social media content at weddings. Alejandra Hernandez wedding content creator, Always a Bride Events

☆ Danish painters in the 19th century used beer brewing leftovers to prepare their canvases, scientists found
▼ + stars: | 2023-05-25 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

The masters used the byproduct of beer brewing to prep their canvases so paint wouldn't seep through, new research found. That suggests painters were turning to byproducts from local breweries to prepare canvases, they reported Wednesday in the journal Science Advances. "Then, by surprise, we found something completely different," said Andersen, a paintings conservator at the Royal Danish Academy. Instead, the Royal Danish Academy of Fine Arts, which prepared canvases for its artists, likely bought leftover mash from local breweries. This kind of recycling wasn't uncommon, Andersen added: Artists also used bits of sails for their canvases and boiled leather scraps for their glue.

☆ Isolating China will be 'impossible and dangerous,' analyst says, as the G-7 gets tough on Beijing
▼ + stars: | 2023-05-22 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The G-7 issued its strongest ever message to China over the weekend, but an analyst warned that isolating Beijing is "impossible" and "dangerous." The coronavirus pandemic shed light on the intricacies of critical supply chains, but the ongoing war in Ukraine has further exacerbated this reality. In the wake of the G-7 announcement, China summoned the Japanese ambassador and ordered companies to stop buying from American chipmaker Micron. Giuliano Noci, vice-rector for China for Politecnico di Milano, on Monday told CNBC's "Squawk Box Europe" that the G-7 showed a "unitarian" perspective against China. "It should be clear that isolating China will be not only, on the one hand, impossible but also, on the other hand, dangerous," Noci said.

☆ It's almost impossible to decouple from China, professor says
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's almost impossible to decouple from China, professor saysGiuliano Noci, vice-rector for China at Politecnico di Milano, discusses the Group of Seven's aim of de-risking, rather than decoupling, from China.

CNN —Deadly floods that have engulfed the northern Italian region of Emilia Romagna, killing at least 14 people, are another sign of the accelerating climate crisis, according to researchers. The floods come after years of severe drought in the region, which has compacted the soil, reducing its ability to abemsorb rainfall. Researchers say the devastation is linked to the climate crisis. The town of Lugo, pictured on Thursday, was left under water following floods that left at least 14 people dead. The climate crisis “is affecting territories with increasingly intense extreme events, with risks to people’s lives, and impacts on the environment and the economy.

LONDON, May 17 (Reuters) - Holders of credit insurance linked to Credit Suisse (CSGN.S) bonds will not get a payout after a committee that adjudicates on disputes in the derivatives market said on Wednesday the bank's state-engineered merger with UBS did not constitute a credit event. The CDDC said it had come to the conclusion following an examination of the ranking clauses for the AT1 bonds listed in the request made by the investor. The investor said the AT1 bonds were pari passu, in other words ranking at the same level, with the reference bond underlying the CDS contracts, which included a subordinated bond that matured in 2020. A panel of eleven finance companies, including Barclays, Citibank, Deutsche Bank and Goldman Sachs as well as Elliot Investment Management and PIMCO came to a unanimous decision, the CDDC statement said. Credit Suisse, which is still listed as a member of the EMEA CDDC on the group's website, was not listed as having taken part in the decision.

☆ Italy's birth rate is at a record low. Young Italians say they can't afford to have babies
▼ + stars: | 2023-05-17 | by ( Barbie Latza Nadeau Valentina Di Donato Antonia Mortensen | Barbie Latza Nadeau | Valentina Di Donato | ) edition.cnn.com time to read: +8 min

The birth rate in Italy has been declining steadily since the economic crisis in 2008, for reasons demographers agree is rooted in economic insecurity. In France, the birth rate is higher at 1.8 children per woman, according to figures for 2022 from its national statistics agency. The Catholic Church, which is a predominant political force, and the right-wing government under Meloni have both lamented the low birth rate, but have put up roadblocks to ways to remedy the situation. De Luca blames the government for not doing enough for the younger generation, in part because decades of low birth rates have made the youth a minority. Testa fears that the low birth rate is contagious.

☆ Chile's firefighting goats protect a native forest from deadly blazes
▼ + stars: | 2023-05-14 | by ( Juan Gonzalez | ) www.reuters.com time to read: +2 min

The goats have already saved the native forest of the Bosques de Chacay once, preventing the park from being consumed by February forest fires - fueled by heatwaves and a punishing drought - that left dozens dead, thousands injured and almost 440,000 hectares destroyed in south-central Chile. The technique, also used in Portugal and Spain, relies on grazing goats to control dry pastures and other vegetation that fuel forest fires in the summer. Cruces started the project after deadly wildfires in 2017. Her flock has since grown from 16 goats to 150 and she hopes to inspire others to follow suit. "These animals can help us a lot," Di Napoli said, adding that other organizations should "evaluate where it can be applied, find where there's fuel and have the goats eat it."

Rome/London CNN —Italy’s government convened crisis talks Thursday to investigate the reasons behind a surge in prices for pasta, one of the country’s most beloved and culturally important foods. Pasta inflation moderated a bit in April but prices were still up 16.5% over 12 months. Pasta prices have soared despite the price of wheat — the main ingredient — falling in recent months. The price of durum wheat — a type of wheat popular among Italian pasta-makers — has fallen 30% since May 2022. Making pasta only requires mixing water with the wheat, the group said, giving “little justification” for the huge increase in retail prices.

There are some signs that the broader $275 billion AT1 market is recovering. Reuters GraphicsLast month, Japan's Sumitomo Mitsui Financial Group (8316.T) was the first major global bank to sell AT1s since the March rout. With time, analysts expect UBS to sell AT1s aplenty to meet its capital requirements. It has a 700 million Singapore dollar ($755 million) AT1 bond repayable in November followed by a heftier $2.5 billion bond in January. RATINGS GAMEInvestor appetite for a UBS AT1 could also hinge on its future credit profile.

☆ They bought a huge rundown Italian castle and transformed it into a luxury retreat
▼ + stars: | 2023-05-09 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +8 min

“And to think that we never wanted a castle, never wanted to own one.”Castle homeMax and Joy Ulfane spent years renovating neglected Tuscan fortress Castello di Fighine into a luxury retreat. Although it was dilapidated and filled with rubble, the Ulfanes saw huge potential in Castello di Fighine and felt it was the right place for them. Castello di FighineThe Ulfanes later decided to purchase some of the rundown houses in the surrounding hamlet, and began renovating them once they’d completed most of the work on Castello di Fighine. They went on to purchase the hamlet’s old village school, and have since transformed it into a high-end restaurant, Ristorante Castello di Fighine. Built in the 11th century as a military lookout, Castello di Fighine is connected to the main road by one single unpaved public path.

LONDON, May 9 (Reuters) - Ecuador sealed the world's largest "debt-for-nature" swap on record on Tuesday, selling a new "blue bond" that will funnel at least $12 million a year into conservation of the Galapagos Islands, one of the world's most precious ecosystems. Tuesday's $656 million "Galapagos Bond," as it has been dubbed, will run until 2041 and gave investors that bought it a 5.645% "coupon" or interest rate, its bankers said. Ecuador sovereign bonds currently yield from 17% to 26%, but the new bond has an $85 million 'credit guarantee' from the Inter-American Development Bank and $656 million of political risk insurance from the U.S. International Development Finance Corp (DFC), effectively making it less risky. The driver has been the remote Galapagos Islands, some 600 miles (970 km) off Ecuador's mainland coast, that inspired Charles Darwin's Theory of Evolution. Scott Nathan, the chief executive of DFC, said people needed to "stay tuned" for similar deals in other countries and the Galapagos deal had been a long time coming.

The dollar remained relatively weaker against most of its major peers, even as the dollar index rose 0.059% and the euro fell 0.15% to $1.1002. Friday's robust U.S. payrolls report prompted investors to dial back their expectations for the timing and size of the Fed's first interest rate cut. The two-year Treasury yield, which typically moves in step with interest rate expectations, rose a touch above 4.0%. The dollar rose 0.18% against the yen. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.

In Europe, the broad pan-regional STOXX 600 index (.STOXX) rose 0.34% on expectations non-U.S. stocks will outperform in the months ahead. Sterling , which has gained 4.4% against the dollar this year, earlier hit a 12-month high of 1.2668 ahead of an expected Bank of England rate increase on Thursday. The dollar rose 0.01% against the yen. "The survey should point to further broad-based tightening in bank lending standards," said Bruce Kasman, head of economic research at JPMorgan. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.

ROME, May 5 (Reuters) - Italy's Treasury is open to reducing its 64% stake in Monte dei Paschi di Siena (MPS) (BMPS.MI) through one or more share sales on the market, three people briefed on the matters told Reuters. After rescuing MPS at a cost of 5.4 billion euros ($6 billion) for taxpayers, Rome pumped another 1.6 billion into the Tuscan bank last November when it covered 64% of a 2.5 billion euro capital raise. MPS had to raise fresh capital to fund staff exits and replenish its capital reserves after the Treasury failed to clinch a sale of the bank to UniCredit (CRDI.MI) in 2021. Prime Minister Giorgia Meloni said several times that MPS's privatisation should foster the creation of several large banking groups in the country. ($1 = 0.9081 euros)Reporting by Giuseppe Fonte in Rome and Valentina Za in Milan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Best rice dishes: 20 delicious specialties from around the world
▼ + stars: | 2023-05-04 | by ( Terry Ward | ) edition.cnn.com time to read: +16 min

And while famous rice dishes such as sushi, fried rice and paella are among the most prominent in the global spotlight, there are so many more rice recipes out there to put on your radar – and seek out on your travels. Wali wa kukaanga, KenyaWali wa kukaanga is Kenya’s answer to fried rice, and translates to just that in Swahili. So it’s no surprise that the Polynesian island country’s most popular rice dish, alaisa fa’apopo, has ties to the coconut, too. Thai fried rice (Khao Pad), ThailandThai fried rice uses the layering of flavors that's characteristic of the country's cuisine. ArenaCreative/Adobe StockWhen it comes to fried rice, the Chinese version tends to steal the spotlight.

☆ Italy pushes to limit executive pay in listed state-run firms
▼ + stars: | 2023-05-04 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Top managers' multi-million euro salaries and handsome bonuses have come into focus at a time when Italian families are struggling with an inflation rate that neared 9% in April, well above the euro zone average. According to the government draft, the Treasury will work to "contain management costs" when shareholders vote on remuneration policies at state-controlled listed companies. Monte dei Paschi already applies curbs to executives' pay as a bank that was bailed out by the state in 2017. Under terms agreed with European Union authorities, the total remuneration of any MPS executive may not exceed 10 times the average salary of its employees in 2022. Additional reporting by Gavin Jones; Editing by Gavin Jones and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Napoli on brink of Serie A title before Udinese trip
▼ + stars: | 2023-05-02 | by ( Tommy Lund | ) www.reuters.com time to read: +4 min

Luciano Spalletti emphasised how sluggish his once invincible squad were after a tough month in April where they managed only two wins in seven games in all competitions and crashed out of the Champions League. JUVE DRY SPELLAfter having their 15-point deduction overturned in April, Juventus now find themselves in a very different position as they jumped from seventh to third, reigniting their Champions League qualification hopes. We were involved in three competitions until last week, which means the season is going well," manager Massimiliano Allegri said. Maurizio Sarri will have an almost complete squad at his disposal against Sassuolo, including striker Ciro Immobile and defender Luca Pellegrini. AS Roma, AC Milan and Inter Milan are all on 57 points as they battle it out for the final Champions League spot.

☆ Pretty Yende, South African opera star will perform at King Charles' coronation
▼ + stars: | 2023-04-28 | by ( Gertrude Kitongo | ) edition.cnn.com time to read: +7 min

CNN —“Pretty, are you sitting down?” South African soprano Pretty Yende was performing in Vienna last December when she received a call from her manager. She had just been booked for the biggest gig of her life: a performance at the coronation of King Charles III. As one of three soloists at the ceremony, it’s thought that Yende is the first African to be invited to perform solo at a British coronation. The coronation will not be the first time King Charles has watched Yende perform; he saw the soprano sing at the Royal Philharmonic Orchestra’s 75th anniversary gala, held at Windsor Castle in April 2022. Pretty Yende performs in "Lucia Di Lammermoor" at the Bastille Opera House in Paris in October 2016.

Even gaining qualifications in Italy didn't help Abhishek, a 26-year-old migrant from India who got a master's degree in mechanical engineering at Turin's Polytechnic University last year. Italy, which is also contending with an exodus of skilled nationals to stronger economies, needs qualified immigrants to fill growing skilled labour shortages, many economists say. In 2023, work permits will be granted to around 83,000 non-EU migrants, according to government data, less than a third of the 277,000 who applied for them. Barbera at Turin University said the lack of migrants in skilled professions has become entrenched and hard to reverse. "Migrants in Italy have virtually no access to the middle class," he said.

☆ Russian Attack on Ukraine Kills at Least 12 People: Live Updates
▼ + stars: | 2023-04-28 | by ( Marc Santora | Victoria Kim | ) www.nytimes.com time to read: +5 min

Evidence is piling up about the steady disintegration of Russia’s vital natural gas export industry since the country’s invasion of Ukraine. With this success behind them, European leaders are contemplating widening their attack to include imports of liquefied natural gas from Russia. Russian L.N.G. energy commissioner, has urged members of the bloc and European energy companies to stop buying Russian L.N.G. On the other hand, having largely gone cold turkey on Russian pipeline gas, European leaders may calculate that “going without Russian L.N.G.

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