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☆ McCarthy may need Democrat support to pass the debt ceiling deal and a secret group of moderates may be there to catch him if the GOP revolts, report says
▼ + stars: | 2023-05-28 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

President Biden and House Speaker McCarthy reached a debt ceiling agreement yesterday. The proposal must pass in the House, where some GOP members have said they won't support it. A group of Democrats has formed to help carry the bill if GOP members revolt, Politico reported. "We'll protect him if he does the right thing," Politico reported one of the House Democrats involved in the talks said. "I don't think McCarthy's the kind of guy who wants this to be his kind of legacy," Politico reported the representative said.

☆ Sologamy: Why these women married themselves
▼ + stars: | 2023-05-28 | by ( Faith Karimi | ) edition.cnn.com time to read: +11 min

Its adherents may be on to something, this expert saysThe concept of self-marriage, or sologamy, has been around for years. No data exists on how many people celebrate sologamy with ceremonies, but the practice has been explored in a handful of recent news articles. CNN talked to four women who’ve married themselves. Sologamy is not legally binding in the US and is not recognized by the laws of any country. Fideli’s message to younger women struggling with self-esteem issues: It’s never too late to love yourself.

Foxconn's turnaround efforts initially paid off: by 2018, Sharp was back in the black. Moreover, analysts estimate assembling iPhones and other Apple (AAPL.O) gadgets still brings in more than half of Foxconn’s annual sales. The troubled unit was once a joint venture between Sharp, Foxconn and an entity tied to Gou. The company attributed the slump to a non-operating loss of T$19.7 billion related to its 34% stake in Japanese electronics maker Sharp. Sharp reported a 220-billion-yen ($1.6 billion) impairment loss in the quarter, mostly from buildings, machinery and goodwill relating to display businesses.

☆ Australian minister discusses China's Australia barley tariffs
▼ + 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 EmailWe're hopeful for a favorable decision on China's Australia barley tariffs: Australian ministerDon Farrell, Australian minister for trade and tourism, says "these issues didn't occur overnight, they're not going to be resolved overnight, but my sense is … that there's a feeling of goodwill between the two countries."

The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.

☆ Singapore Airlines gives staff bonus of 8 months' salary after record results and pandemic sacrifices
▼ + stars: | 2023-05-18 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Singapore Airlines will give eligible staff a huge bonus of up to eight months' salary. That's thanks to a formula based on a deal with its staff union, and the airlines' record profits. It includes an extra bonus of up to 1.5 months, which senior management won't get. Singapore Airlines will pay some staff a huge bonus of more than eight months' salary after posting the highest profits in its 76-year history, Bloomberg first reported. Eligible employees will receive a bonus of 6.65 months based on Singapore Airlines' record profit in the last financial year.

☆ UBS flags $17 bln hit from Credit Suisse takeover
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

May 16 (Reuters) - UBS Group AG (UBSG.S) expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG (CSGN.S), the bank said in a presentation early on Wednesday as it prepares to complete the rescue of its struggling Swiss rival. The Swiss state is backing the deal with up to 250 billion Swiss francs in public funds. Switzerland's government is providing a guarantee of up to 9 billion francs for further potential losses on a clearly defined part of Credit Suisse portfolio. Credit Suisse faces certain restrictions in its ability to do business until its acquisition by UBS is completed, according to a regulatory filing on Tuesday. Following the legal closing of the transaction, UBS Group AG plans to manage two separate parent companies – UBS AG and Credit Suisse AG, UBS said last week.

☆ Credit Suisse faces restrictions on business till deal closure
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Credit Suisse Group AG faces certain restrictions in its ability to do business until its acquisition by rival UBS Group AG (UBSG.S) is completed, according to a regulatory filing on Tuesday. In certain cases, without prior UBS approval, Credit Suisse cannot grant a new credit facility or credit line in an amount exceeding 100 million Swiss francs ($113 million) to investment grade borrowers or more than 50 million francs to non-investment grade borrowers, the filing showed. In addition, Credit Suisse cannot undertake any capital expenditure of more than 10 million francs or enter into certain contracts worth more than 3 million francs per year. The filing also showed Credit Suisse cannot order any "material amendments" to its employee terms and conditions, including remuneration and pension entitlements, while the merger is underway. UBS estimated a "negative goodwill" of $34.8 billion from its acquisition of Credit Suisse.

☆ IQE's annual revenue falls 2% on weak orders
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - British chip components maker IQE Plc (IQE.L) reported a 2% drop in its annual revenue on Wednesday, hit by reduced orders amid weak demand for consumer electronics. Revenue on a constant currency basis fell to 151.2 million pounds ($190.83 million) for the full-year ended December 2022, from 154.1 million pounds a year earlier. The Cardiff-based company reported a wider operating loss of 73 million pounds, driven by non-cash impairment of goodwill of 62.7 million pounds relating to its wireless operating segment. London-listed IQE said current trading was impacted by temporary semiconductor industry setbacks entailing subdued customer forecasts, orders and related revenue. It expects revenue for the half year ending June 30 to be between 50 million pounds and 56 million pounds.

☆ UBS expects $17 billion hit from Credit Suisse rescue, flags hasty due diligence
▼ + stars: | 2023-05-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. UBS estimates a financial hit of around $17 billion from its emergency takeover of Credit Suisse , according to a regulatory filing, and said the rushed deal may have affected its due diligence. In the amended F-4 filing, UBS also highlighted that the short time frame under which it was forced to conduct due diligence may have affected its ability to "fully evaluate Credit Suisse's assets and liabilities" prior to the takeover. Swiss governmental authorities approached UBS on March 15 while considering whether to initiate a sale of Credit Suisse in order to "calm markets and avoid the possibility of contagion in the financial system," the filing revealed. The bank had until March 19 to conduct its due diligence and return with a decision.

☆ Sea’s rising tide gets a harsh reality check
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, May 17 (Reuters Breakingviews) - Sea (SE.N) was sailing strong. The $41 billion Southeast Asian internet giant retreated from overseas markets, slashed marketing spend, and shed thousands of jobs. Still, that wasn’t enough for the company to meet earnings estimates on Tuesday. Li is assuring the market that the company he built – once valued at over $200 billion -- is more self-sufficient. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UBS sets aside $4 bln for potential lawsuits on Credit Suisse deal
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Swiss bank UBS Group AG (UBSG.S) has set aside $4 billion in provisions for potential litigation and regulatory issues stemming from its takeover of Credit Suisse (CSGN.S), the bank said in a filing on Tuesday, as it prepared to complete the rescue of its Swiss rival. UBS estimated a "negative goodwill" of $34.8 billion from its acquisition of Credit Suisse (CSGN.S). The transaction's massive one-off gain, a result of "negative goodwill" attached to the 167-year-old bank that has struggled for years with scandals and losses, will allow UBS to absorb one-off losses related to the takeover. Since UBS has yet to gain full insight in Credit Suisse's books, the numbers may change in coming months. Reporting by Manya Saini in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ UBS flags $17 billion hit from Credit Suisse takeover
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +3 min

Meanwhile, UBS has implemented a number of restrictions on Credit Suisse while the takeover is underway. Credit Suisse also cannot undertake capital expenditure of more than 10 million francs or enter into certain contracts worth more than 3 million francs per year. The filing shows Credit Suisse cannot order any "material amendments" to its employee terms and conditions, including remuneration and pension entitlements, till deal closure. The Swiss state is backing the deal with up to 250 billion Swiss francs in public funds. Following the legal closing of the transaction, UBS Group AG plans to manage two separate parent companies – UBS AG and Credit Suisse AG, UBS said last week.

☆ Australia trade minister flies to China to lobby for 'full' restoration of exports
▼ + stars: | 2023-05-12 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Trade Minister Don Farrell arrived in Beijing on Thursday for a three-day visit to meet with his counterpart, Wang Wentao, according to the Chinese commerce ministry. It’s the first visit to China by an Australian trade minister since 2019. “I will be advocating strongly for the full resumption of unimpeded Australian exports to China — for all sectors — to the benefit of both countries,” he added. As a result, Australian exports to China fell by 13% in 2022, compared to the previous year, according to Chinese customs data. In March, Australia’s exports to China hit a record high, with the value of shipments reaching 19 billion Australian dollars ($12.8 billion).

☆ Rebuilding Ukraine depends on luring private money
▼ + stars: | 2023-05-10 | by ( Pierre Briancon | ) www.reuters.com time to read: +7 min

KYIV, May 10 (Reuters Breakingviews) - Oleksandr Gryban is already thinking of the moment when Ukraine can build again. But the real challenge is to convince sceptical private investors both at home and abroad that Ukraine is a good destination for their cash. Investors can take solace that the team tasked with rebuilding Ukraine has proven competent and resourceful. There is a bull case for private investment in Ukraine. The other factor that might lure private capital involves Ukraine helping itself, by completing reforms initiated in the last few years.

☆ Catalent shares tank on warning of $400 mln cut to annual revenue forecast
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

May 8 (Reuters) - Catalent Inc (CTLT.N) expects to cut by more than $400 million both its full-year revenue and core profit forecasts, the contract drug manufacturer said on Monday, sending its shares tumbling 27% to a three-year low. In April, Catalent had flagged productivity issues and warned that a slower-than-expected ramp up in production capacity would hit quarterly results. Catalent had been the sole contract manufacturer for Novo Nordisk's (NOVOb.CO) weight-loss drug Wegovy, but the Danish company last month unveiled a second contract manufacturer to help meet sky-rocketing demand. Catalent in February forecast full-year net revenue of $4.63 billion to $4.88 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.22 billion to $1.30 billion. Reporting by Sriparna Roy in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Diane Keaton Likes a Messy Comedy
▼ + stars: | 2023-05-06 | by ( Chris Kornelis | ) www.nytimes.com time to read: +1 min

“I did what I could, you know, sort of.”The 77-year-old Oscar-winning actress talked about Goodwill fashion, Miley Cyrus and tortillas. My mom and I would go around to the Goodwill and we would buy old clothes — an old skirt, a blouse — and she would make it into a better version of that. 3The BeachMy father loved the ocean. For almost a year, I’ve been trying to buy a beach house. It’s not like it’d be a grand beach house, but everybody’s holding on to their homes.

☆ The Coronation of King Charles: Order of Service
▼ + stars: | 2023-05-06 | by ( ) edition.cnn.com time to read: +46 min

The Archbishop saysI here present unto you King Charles, your undoubted King: Wherefore all you who are come this day to do your homage and service, are you willing to do the same? Christopher Finney GC saysI here present unto you King Charles, your undoubted King: Wherefore all you who are come this day to do your homage and service, are you willing to do the same? We praise thee, we bless thee,we worship thee, we glorify thee,we give thanks to thee for thy great glory,O Lord God, heavenly King, God the Father Almighty. O clap your hands together, all ye people;O sing unto God with the voice of melody. The King touches the Ring and the Archbishop saysReceive this Ring, symbol of kingly dignity and a sign of the covenant sworn this day, between God and King, King and people.

☆ King Charles III Coronation: Church of England changes wording of public declaration, following backlash
▼ + stars: | 2023-05-06 | by ( Florence Davey-Attlee Max Foster Richard Quest | Florence Davey-Attlee | Max Foster | ) edition.cnn.com time to read: +1 min

CNN —The Church of England has changed the wording of its invitation to the public to pledge allegiance to King Charles during his coronation, following a public backlash. The Archbishop of Canterbury will now give people the option of saying just “God save King Charles” rather than making the full pledge of allegiance. The move follows widespread criticism of the proposed pledge. So help me God.”In a previous version of the text, published in April, the archbishop was to “call upon all persons of goodwill in the United Kingdom of Great Britain and Northern Ireland, and of the other realms and the territories to make their homage, in heart and voice, to their undoubted king, defender of all.”The earlier version had been described as “ill-advised” by a prominent friend of the King. Sign up for CNN’s Royal News, a weekly dispatch bringing you the inside track on the royal family, what they are up to in public and what’s happening behind palace walls.

☆ Airport blunder leads to Frontier Airlines passenger being flown to a foreign country 900 miles away with no passport
▼ + stars: | 2023-05-06 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

Beverly Ellis-Hebard told ABC7 news that she was directed to the wrong plane and didn't have a passport with her. In the confusion, Ellis-Hebard had also cut her hand when she loaded her hand luggage, she told ABC7 News. Ellis-Hebard told ABC7, "I laughed. The woman at the gate did not do her job," Ellis-Hebard told ABC7. Frontier Airlines told ABC7: "We extend our utmost apologies to Beverly Ellis-Hebard for this unfortunate experience.

☆ DC Studios' future begins with Marvel's 'Guardians of the Galaxy Vol 3'
▼ + stars: | 2023-05-04 | by ( Sarah Whitten | ) www.cnbc.com time to read: +15 min

And, for once, the success of a Marvel film could bode well for the future of its longtime adversary. On the theatrical side, DC Studios has announced five new projects that will roll out starting in 2025 with Gunn's own "Superman: Legacy." "And I think Marvel Studios, sooner rather than later, needs to tell us what's going on with Spider-Man." He sees this as the result of predictable plotlines within the genre that are repeated across both studios' films. Marvel Studios

☆ Russia to launch Friendship Games after 40-year gap, sports minister says
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Russia plans to relaunch the multi-sport Friendship Games next year, 40 years after its first edition, Sports Minister Oleg Matytsin has told President Vladimir Putin. Matytsin said the event would be held after the Paris Olympics, which will run from July 26-Aug. 11 next year. "We continue to fulfil your (Putin's) instruction to organise the World Friendship Games in the autumn of 2024. FRIENDLY TIESLast year, Russia held a competition called the Solidarity Games with the aim of "strengthening of international friendly ties between states". The Friendship Games were first organised in 1984 in the Soviet Union and eight other socialist states which boycotted the 1984 Summer Olympics in Los Angeles.

☆ A 30-year-old part-time real estate investor brings in up to $20,000 a month from Airbnb. She shares 3 strategies she used to start making money on the platform in less than a year.
▼ + stars: | 2023-05-04 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Real estate investor Julia Lemberskiy brings in up to $20,000 a month in Airbnb revenue. The first property that Julia Lemberskiy bought was meant to be a weekend getaway home. "But it got really, really good reviews." The first property Lemberskiy bought was meant to be a weekend getaway. Here are three strategies that Lemberskiy used to hit $20,000 in monthly revenue on Airbnb in less than a year.

☆ Saudi Arabia wants to be a bigger player in the Middle East — this time with diplomacy
▼ + stars: | 2023-05-03 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

“And that can only reflect well on the Kingdom.”This new diplomacy comes as Saudi Arabia prioritizes economic growth at home, which requires regional stability to succeed. Saudi efforts at revamping its image as a peace-broker may face credibility challenges, however, given its near decade-long combative foreign policy and the bad press it attracted. That group is party to the Sudan conflict that Saudi Arabia is trying to help end. Despite its controversial past, Saudi Arabia may still carry enough influence to bring quarreling parties to the negotiating table, analysts say. “Saudi (Arabia) does not pretend to be an impartial mediator but its voice carries weight with many parties in the region,” Shihabi said, adding that where it can, Saudi Arabia wants to use that influence to reduce tensions.

☆ Cate Blanchett calls for more support for refugee host countries
▼ + stars: | 2023-05-03 | by ( Marie-Louise Gumuchian | ) www.reuters.com time to read: +2 min

LONDON, May 3 (Reuters) - Actor Cate Blanchett, a goodwill ambassador for the UN refugee agency, has called for more support for countries hosting people forcibly displaced from their homes to prevent "a forgotten crisis." Blanchett, appointed a UNHCR goodwill ambassador in 2016, said it "was easy to forget" there were protracted conflicts around the world leading people to seek refuge elsewhere. "When you think that 74% of refugees are sheltered by lower to middle income countries, it's not the wealthiest countries in the world that are bearing that responsibility. [1/3] UNHCR Goodwill Ambassador Cate Blanchett visits a TIGER workshop in the community centre in District 2 of Zaatari refugee camp, in Mafraq, Jordan, April 25, 2023. Blanchett reunited with families in Amman and travelled to Zaatari refugee camp, created soon after the Syrian conflict erupted in 2011 and where some 80,000 people now live.

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