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☆ Years in the making, Venice approves a tax on daytrippers
▼ + stars: | 2023-09-13 | by ( Monica Pitrelli | Poonam Binayak | ) www.cnbc.com time to read: +2 min

Venice's city council on Tuesday approved a long-awaited regulation to tax day visitors 5 euros ($5.38) to visit the city. Overnight travelers are exempt, though they're subject to a separate tourist tax implemented in 2011. Why is Venice taxing day visitors? The new tax is an attempt to "protect the city from mass tourism," Luigi Brugnaro, Venice's mayor, posted on X, formerly known as Twitter. The city of Venice currently fines visitors who eat or drink on the ground, sit on monuments and bridges, or swim in its canals, according to the city's website.

Persons: Luigi Brugnaro, overtourism, Tatyana Tsukanova, Tsukanova, Miguel Medina Organizations: EHL Hospitality Business School, Venice, Afp, Getty Locations: Venice's, Venice, Belgium, Lausanne, Switzerland, Bhutan

☆ A Spectacular Marble Cube Rises at Ground Zero
▼ + stars: | 2023-09-13 | by ( Michael Kimmelman | More About Michael Kimmelman | ) www.nytimes.com time to read: +1 min

The new Perelman Performing Arts Center is the most glamorous civic building to land in New York in years. You may have noticed the building under construction if you were near the World Trade Center in Lower Manhattan during the past year or so. A floating, translucent marble cube, it nestles at the foot of One World Trade Center, just eight stories high, a runt in a herd of mega-tall commercial skyscrapers but impossible to miss. Back then, the city was all-consumed by grief and fear, its economy in free-fall, ground zero still a smoldering gravesite. We were reminded just this week of the toll when the names of the thousands of dead were again read aloud.

Persons: Osama bin Laden Organizations: Perelman Performing Arts Center, World Trade Center Locations: New York, Lower Manhattan

Mike Rizzo spent his first five years with the Washington Nationals painstakingly assembling a roster designed to make the club competitive enough to win a World Series. Washington signed Rizzo to a multiyear extension on Wednesday that will give the 62-year-old a chance to see if history can repeat itself. Jackson Rutledge, a first-round pick by Washington in 2018, will make his major league debut on the mound Wednesday. “Nobody aims to win 70 games in a season, they want to win 90 games in a season. “They’re looking forward to coming out the other end and start being a contender in this league,” Rizzo said.

Persons: Mike Rizzo, Washington, Rizzo, ”, Max Scherzer, Trea Turner, Juan Soto, C.J . Abrams, Soto, MacKenzie Gore, Jake Irvin, Jackson Rutledge, “, ” Rizzo, That's, Davey Martinez, Davey, Stephen Strasburg, Scherzer, Lerner, Patrick Corbin, — Organizations: Washington Nationals, Nationals, D.C, ”, Houston, NL East, Pittsburgh, Washington, Atlanta, Strasburg Locations: Washington, “, San Diego, Philadelphia, Strasburg

In later years, she stepped over the White House threshold as a visiting senator and Cabinet member, but never in the long-sought role of Madam President. She fell short each time, and kept her distance from the White House during the Trump years. She again was a regular presence at the White House, with a seat next to Obama at the Cabinet table. She and President Clinton first celebrated the Praemium Imperiale prizes at the White House in 1994. She also showcased American sculpture in the first lady's garden at the White House.

Persons: Hillary Clinton, ”, Clinton, —, She's, Obama, Madam, Jill Biden, she’s, Lisa Caputo, Clinton's, Bill Clinton, Ellen Fitzpatrick, Jacqueline Kennedy’s, John F, Kennedy, Richard Nixon, Hillary, Fitzpatrick, “, “ I’ve, I’ve, Monica Lewinsky, Chelsea, Miss Lewinsky, Sen, Barack Obama, Osama bin Laden, Melanne Verveer, Hillary Clinton’s, Verveer, I’m Organizations: WASHINGTON, Vogue, Japan Art Association, White, Trump, University of New, White House, U.S, Senate, Democratic, National Endowment, Arts, Humanities Locations: Arkansas, U.S, University of New Hampshire, Massachusetts, Martha’s, New York

☆ Wall Street gains, dollar eases ahead of CPI report
▼ + stars: | 2023-09-11 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. The relatively languid session appeared to be the calm before a storm of U.S. economic data this week, with Wednesday's crucial consumer prices report (CPI) paramount. "Investors are focusing on how they will respond to Wednesday's CPI report," Stovall added. Emerging market stocks rose 0.48%. Gold prices headed higher in opposition to the dollar.

Persons: Brendan McDermid, Sam Stovall, Stovall, Kazuo Ueda, Sterling, Brent, Stephen Culp, Amanda Cooper, William Maclean, Angus MacSwan Organizations: New York Stock Exchange, REUTERS, Bank of, Nasdaq, Tesla Inc, CFRA Research, CPI, U.S, Financial, Bank of Japan, Dow Jones, Bank's, Japan's Nikkei, Treasury, Thomson Locations: New York City, U.S, Bank of Japan, New York, U.S . Federal, Japan, Asia, Pacific, Russian, Saudi, London

☆ US marks Sept. 11 attacks with Pentagon, World Trade Center site events
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

[1/6] A person holds a flag, on the day of the 22nd anniversary of the September 11, 2001 attacks on the World Trade Center at the National September 11 Memorial & Museum, in New York City, U.S., September 11, 2023. REUTERS/Andrew Kelly Acquire Licensing RightsWASHINGTON, Sept 11 (Reuters) - Americans paused on Monday to remember the Sept. 11, 2001, attacks, 22 years after Islamist hijackers seized control of jetliners and crashed them into the twin towers of New York's World Trade Center and the Pentagon. Biden's decision to hold the event in Alaska, instead of Washington or New York, was a departure from what has been presidential custom. Across the Potomac River from Washington, Pentagon officials held the traditional event at the U.S. military's headquarters. The 9/11 attacks were the worst assault on U.S. soil since the 1941 Japanese attack on Pearl Harbor, Hawaii, where 2,400 people were killed.

Persons: Andrew Kelly, Joe Biden, Kamala Harris, Douglas Emhoff, George W, Bush, al, Osama bin Laden, Bin, Barack Obama, Steve Holland, Heather Timmons, Jonathan Oatis Organizations: World Trade Center, & Museum, REUTERS, Rights, Trade Center, Pentagon, Thomson Locations: New York City, U.S, Alaska, India, Vietnam, Anchorage, Washington, New York, Afghanistan, Pakistan, Pearl Harbor, Hawaii

☆ Flood insurance swamps US government
▼ + stars: | 2023-09-11 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Sept 11 (Reuters Breakingviews) - The U.S. government’s flood coverage could soon find itself financially underwater. The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch. A FEMA report seen by the Associated Press estimated another 1 million fewer Americans will buy flood insurance by the end of the decade, further starving the program of much-needed funds. The program’s flood fund lost nearly $1.9 billion in fiscal 2022, up from a $236 million loss the year prior. Follow @BenWinck on XCONTEXT NEWSCongressional authorization for the U.S. National Flood Insurance Program is set to lapse on Sept. 30 if lawmakers don’t approve a new extension.

Persons: Joe Biden, Jill Biden, Evelyn Hockstein, Hurricane Lee, Lee, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Rights, Reuters, Flood Insurance, National Association of Realtors, FEMA, Associated Press, National Oceanic, Atmospheric Association, U.S, National Flood Insurance, Federal Emergency Management Agency, National Hurricane Center, Thomson Locations: Oak, Florida, U.S, United States, Singapore, East Coast

☆ Pakistan says Taliban forces building 'unlawful' structure in border dispute
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Trucks loaded with supplies to leave for Afghanistan are seen stranded at the Michni checkpost, after the main Pakistan-Afghan border crossing closed after clashes, in Torkham, Pakistan September 7, 2023. The Torkham border crossing between the neighbouring nations has been closed since Wednesday after forces from both sides exchanged fire, stranding hundreds of trucks laden with goods and thousands of travellers. The Taliban administration foreign ministry at the weekend criticised the closure of the border and said Pakistan security forces had fired on its troops when they were fixing an old security outpost near the border. Disputes linked to the 2,600 km (1,615 mile) border have been a bone of contention between the neighbours for decades. The Taliban administration denies it allows the use of Afghan soil for militancy and says Pakistan's security is an internal matter for the Pakistani government.

Persons: Fayaz Aziz, Mumtaz Zahra Baloch, Charlotte Greenfield, William Maclean Organizations: REUTERS, Rights, Thomson Locations: Afghanistan, Pakistan, Afghan, Torkham, Rights ISLAMABAD, Taliban

Along with ramping up its domestic arms production, Moscow is turning to an old ally with a vast arsenal — North Korea. That would be a remarkable reversal from the 1950-53 Korean War, when the Soviet Union provided the communist North with weapons and ammunition. Shoigu became the first Russian defense chief to visit North Korea since the 1991 collapse of the Soviet Union. “Russia is hoping that North Korea could swiftly establish support channels to provide it with war materials like ammunition, bombs and other supplies,” Hong said. U.S. officials have cast Moscow’s reach for North Korean weapons as a reflection of Russian military problems.

Persons: Kim Jong, Vladimir Putin, Sergei Shoigu, Putin, Kim Jong Un, ”, Alexander Gabuev, Shoigu, Kim, Dmitry Peskov, ” Kim, Hong Min, Hong, Wagner, Jake Sullivan, ” Sullivan, embolden Kim, Dmitry Medvedev, “, Emma Burrows, Kim Tong Organizations: United, North, Soviet Union, Russian Defense, Carnegie Russia Eurasia Center, Kremlin, Moscow, Korean People’s Army, Seoul’s Korea Institute for National Unification, House, Washington, Strategic, International Studies, Ukrainian, Russian, Royal United Services Institute, Russia’s Security, Associated Press Locations: Ukraine, Russia, Moscow, North Korea, United States, Soviet, Soviet Union, Pyongyang, Korea, Russian, Hong, U.S, United Nations, ” Washington, Iran, Ukrainian, Tallinn, Estonia, Seoul

☆ Afghan Taliban criticises closure of main border crossing with Pakistan
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

Trucks loaded with supplies to leave for Afghanistan are seen stranded at the Michni checkpost, after the main Pakistan-Afghan border crossing closed after clashes, in Torkham, Pakistan September 7, 2023. REUTERS/Fayaz Aziz/file photo Acquire Licensing RightsKABUL, Sept 10 (Reuters) - The Afghan Taliban criticised the closure of its main border crossing with Pakistan this week after clashes between security forces, saying the halt in trade would see heavy losses for businesses. The busy Torkham border crossing closed on Wednesday after Pakistani and Afghan Taliban forces started firing at each other, according to local officials. The statement said the incident had started after Pakistani security forces fired at Afghan Taliban forces fixing an old security outpost near the border. Disputes linked to the 2,600 km (1,615 mile) border have been a bone of contention between the neighbours for decades.

Persons: Fayaz Aziz, Mohammad Yunus Yawar, Charlotte Greenfield, Michael Perry Organizations: REUTERS, Rights, Afghan Taliban, Taliban administration's Ministry of Foreign Affairs, Thomson Locations: Afghanistan, Pakistan, Afghan, Torkham, Rights KABUL, Islamic Emirate

☆ Elon Musk's biographer changed a major detail about how the SpaceX CEO stopped Ukraine sinking a chunk of the Russian navy
▼ + stars: | 2023-09-09 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +3 min

Elon Musk's biographer clarified a key detail from his upcoming book on the SpaceX CEO. It had said that Musk thwarted a Ukrainian offensive by turning off Starlink coverage near Crimea. His biographer clarified that "Ukrainians THOUGHT coverage was enabled all the way to Crimea, but it was not." Musk had come under fire for reportedly foiling the Ukrainian plot to strike the Russian fleet in Sevastopol in occupied Crimea. The botched attack, which happened in 2022, required Musk's Starlink satellites, which have been active in parts of Ukraine almost from the outbreak of Russia's full-scale invasion.

Persons: Elon, Musk, Walter Isaacson's, Isaacson, Walter, Starlink Organizations: SpaceX, Service, Russian, The Washington, Media Locations: Crimea, Wall, Silicon, Russian, Sevastopol, Ukraine, Crimean

It was his Lauren's first NY Fashion Week show since 2019. “For them, if you wore Ralph Lauren, you had made it, you know, and so that became popularized in my house with Polo Ralph Lauren. “Some of my favorite Ralph sweaters are 15, 20 years old,” the actor said, “beautiful cashmere sweaters. We're having a conversation about sustainable fashion right now, and .you can have less things if they're beautiful and they last a long time." “Through the years and years ... he’s stayed true to his designs and the kind of woman that he dresses," she said.

Persons: Ralph Lauren, Jennifer Lopez, Julianne Moore, Diane Keaton, Mindy Kaling, Gabrielle Union, James Marsden, Lauren, Christy Turlington, lacy, Lopez, Moore, Keaton, Amanda Seyfried, Keaton grooving, Keri Russell, Matthew Rhys, Ariana DeBose, Rachel Brosnahan, Robin Wright, Sheryl Crow, Thom Browne, Anna Wintour, Lauren’s, filet mignon, Kaling, she'd, “, Polo Ralph Lauren, ” Brosnahan, Ralph, Sofia Richie, he’s Organizations: Brooklyn, NY, Huntington Library, Brooklyn Navy, Associated Press, Vogue, Colorado — Locations: Bronx, New York, San Marino , California, Kaling, Colorado

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ Musk says he refused Kyiv request for use of Starlink in attack on Russia
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsWASHINGTON, Sept 8 (Reuters) - Elon Musk said he refused a Ukrainian request to activate his Starlink satellite network in Crimea's port city of Sevastopol last year to aid an attack on Russia's fleet there, saying he feared complicity in a "major" act of war. "The obvious intent being to sink most of the Russian fleet at anchor," Musk wrote. The Russian fleet fires cruise missiles at Ukrainian civilian targets, and Kyiv has launched attacks on Russian ships using maritime drones. The Pentagon said in June that SpaceX's Starlink had a Department of Defense contract to buy satellite services for Ukraine.

Persons: Elon Musk, Tingshu Wang, Musk, Walter Isaacson's, Simon & Schuster, SpaceX's Starlink, David Brunnstrom, Jonathan Landay, Phil Stewart, Don Durfee, Cynthia Osterman Organizations: REUTERS, Rights, CNN, Twitter, Russian, SpaceX, Ukrainian, Pentagon, Department of Defense, Department, Thomson Locations: Beijing, China, Sevastopol, Crimean, Ukraine, Russia, Crimea, Russian, Kyiv, Ukrainian, Novorossiysk

☆ Mural of Joy Division's Ian Curtis returns to Manchester
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] Artist Akse P19 works on a mural of singer Ian Curtis of Joy Division in Manchester, Britain, September 8, 2023. REUTERS/Phil Noble Acquire Licensing RightsMANCHESTER, England Sept 8 (Reuters) - The northern English city of Manchester welcomed back a mural of its late music icon Ian Curtis on Friday, newly restored after it had been painted over last year to outcry from local residents. Aitch said he had no control over the location of the Amazon Music billboards and was "fuming" at the decision to paper over the mural. The restoration of the mural precedes World Suicide Prevention Day on Sunday. Manchester's Joy Division produced two studio albums before Curtis' death but they cast a long shadow over British pop music.

Persons: Ian Curtis, Phil Noble, Curtis, Akse, Aitch, Andy Burnham, Manchester's, Andy Bruce Organizations: Joy Division, REUTERS, Rights, Star, Mental, Manchester, Amazon, Amazon Music, Thomson Locations: Manchester, Britain, Rights MANCHESTER, England, English, British

☆ What $50 Million Can Buy: Inside the Sleek New White House Situation Room
▼ + stars: | 2023-09-08 | by ( Michael D. Shear | More About Michael D. Shear | ) www.nytimes.com time to read: +1 min

The walls, built from sustainably harvested wood, hide what officials say are the most sophisticated technologies in the American arsenal for keeping the room secure. Computer monitors and servers that seemed modern in 2006 — the year before the iPhone was announced — had become old and creaky. Movies and spy novels describe the Situation Room as a single place where presidents meet with their aides to make top-secret decisions in a crisis. In fact, it is a warren of rooms that represents what White House officials describe as the most technologically secure spaces in the country. The reception room feels like entering the lobby of a luxury hotel, with the White House seal etched into a marble slab sourced from a Virginia quarry.

Persons: —, Barack Obama, Osama bin Laden, Gustafson Organizations: Computer, Defense Department, White Locations: China, Russia, Virginia

☆ The room where Obama watched the Bin Laden raid was stripped out of the White House and will be rebuilt at his Chicago library
▼ + stars: | 2023-09-08 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

The small conference room where Obama watched the Bin Laden room has been preserved. The room once part of the White House was sent in its entirety to Obama's library in Chicago. Its removal came amid a massive $50 million renovation of the White House Situation Room complex. The preservation of the room came amid reports about the future of the Situation Room. AdvertisementAdvertisementObama's presidential library previously made waves by moving to exclude the actual "library" part of the presidential center.

Persons: Obama, Barack Obama, Osama Bin, George W, Bush, Pete Souza's, Joe Biden, Hillary Clinton, Souza's, Donald Trump's, Michelle Organizations: White, Service, PBS, Air Force, Obama White House, National Archives, Records Administration, Obama Foundation, Presidential Locations: Chicago, Wall, Silicon

WASHINGTON (AP) — The White House Situation Room — a space of great mystique and even greater secrecy — just got a $50 million facelift. Behind that is the main conference room, known as the “JFK room." A room once taken up by computer servers has become a smaller conference room. That took place around the corner from the JFK room in a smaller conference room that no longer exists. While the area was closed for renovation, White House officials used other secure spots on the campus.

Persons: Barack Obama, Osama bin Laden, Donald Trump, Abu Bakr al, Lyndon Johnson, Joe Biden, Marc Gustafson, “, ” Gustafson, Kennedy, John F, Nixon, Henry Kissinger, Gustafson, Leather, Obama, Hillary Clinton, Biden, It's, Gustafson didn't Organizations: WASHINGTON, Islamic, House, Air Force, JFK, Workers, White, Trump, Seals Locations: Vietnam, Maryland, Virginia, stow, U.S, Washington, Russia, Ukraine, JFK

☆ South China soaks as rains from Haikui continue to pound region
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows flooded villages in Minhou county after heavy rains brought by typhoon Haikui, in Fuzhou, Fujian province, China September 5, 2023. cnsphoto via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - The remnants of Typhoon Haikui drenched China for a third day since making landfall, as moisture-laden clouds dumped rain onto the country's south despite weakening cyclonic winds. Later this week, the storms are expected to continue in Guangxi bringing the southwestern region extreme rainfall on Friday and Saturday before potentially dissipating on Sunday. Haikui's storms flooded parts of southeastern Fujian province where it landed early on Tuesday, forcing 294,100 people to evacuate, inundated 9,949.7 hectares (24,586.24 acres) of crops and damaged nearly 2,540 homes. Intense rains in the city of Fuzhou shattered 12-year-old rainfall records, surpassing the amount brought by Typhoon Doksuri late July.

Persons: Typhoon Doksuri, Liz Lee, Christian Schmollinger Organizations: cnsphoto, Rights, China Meteorological Administration, Authorities, Thomson Locations: Minhou county, Fuzhou, Fujian province, China, CHINA, Rights BEIJING, downpours, Guangdong, Tangxi, Jiangxi, Hunan province, Guangxi, Hainan, Guilin, Laibin, Fujian, Xiamen, Shanghai

☆ Investors’ China aversion is bad for everyone
▼ + stars: | 2023-09-07 | by ( Una Galani | ) www.reuters.com time to read: +7 min

FIERCE RESTRAINTAs a country on the cusp of high-income status, China ought to be a magnet for overseas investors. Companies in the MSCI China Index trade at 10 times their expected earnings for the next twelve months, half the level of the S&P 500 Index. However, assets following these mandates remain insignificant compared to the $1.3 trillion benchmarked to MSCI’s Emerging Markets Index. However, they have played a bigger role in the past decade funding Chinese companies through Hong Kong and U.S. listings. Chinese equities have a combined market value of $15 trillion, greater than Japanese, French, Indian and British stocks combined.

Persons: Xi Jinping, Goldman Sachs, Gavekal Dragonomics, Gavekal, Tesla, John Welling, Dow, Xi, Peter Thal Larsen, Thomas Shum Organizations: Reuters, U.S . Federal, People’s Bank of, Treasury, HK, Companies, Apple, Microsoft, BlackRock, China, WHO, International, U.S, Reuters Graphics Reuters, Dow Jones, Global, Thomson Locations: MUMBAI, China, People’s Republic, People’s Bank of China, United States, Hong Kong, U.S, Gulf, Asia, North America, Shanghai, Shenzhen

An advertising board is seen during the first demonstration of the technology 5G in Lisbon, Portugal June 4, 2018. The review by the banks, including Lazard, BNP Paribas, Morgan Stanley and Goldman Sachs, will involve some of Altice's major assets in the region, including SFR, France's second-biggest telecoms group, the person said. Altice, Morgan Stanley and BNP declined to comment, while spokespeople for Lazard and Goldman Sachs weren't immediately available for comment. Drahi told investors in August he felt "shocked" and "betrayed" by the ongoing corruption probe in Portugal, which led to the suspension of fifteen employees in Portugal, France and the United States and dozens of suppliers. Altice is already close to a deal to sell its data centres in France to Morgan Stanley Infrastructure Partners, French newspaper Les Echos reported on Wednesday.

Persons: Rafael Marchante, Altice, Lazard, Morgan Stanley, Goldman Sachs, France's, Goldman Sachs weren't, Patrick Drahi, Armando Pereira, Drahi, Les Echos, Mathieu Rosemain, Sharon Singleton Organizations: REUTERS, Rights, BNP, Lazard, Altice, Morgan Stanley Infrastructure Partners, Thomson Locations: Lisbon, Portugal, Dominican Republic, Altice France, France, United States

He learned Saudi Arabia's largest telecoms operator, STC Group, aimed to be Telefonica's biggest shareholder, with an interest of 9.9%. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure. As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio Our Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ China’s Economic Pain Is a Test of Xi’s Fixation With Control
▼ + stars: | 2023-09-06 | by ( Chris Buckley | More About Chris Buckley | ) www.nytimes.com time to read: +1 min

But he may have to relinquish some of that control, as that strategy comes under pressure. The economic setbacks are eroding Mr. Xi’s image of imperious command, and emerging as perhaps the most sustained and thorny challenge to his agenda in over a decade in power. “The worse things get for China’s economy, the more likely it is that Xi Jinping has to make some course correction.”Earlier this year, Mr. Xi started his third term as China’s president, appearing indomitable. He was committed to taming the debt-laden real estate sector even as home sales fell. And he had a new Communist Party leadership team of loyalists poised to push through his growth plans.

Persons: ” Neil Thomas, Xi Jinping, Xi Organizations: Communist Party, Asia Society’s Center for Locations: Asia Society’s Center for China

☆ CNBC Daily Open: Bitcoin’s still struggling to gain acceptance
▼ + stars: | 2023-09-05 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China's Shanghai Composite lost 0.72% as the country's service sector logged its slowest expansion in eight months, according to a Caixin survey. Overinvestment in ChinaChina is "overinvested," said Jitania Kandhari, a managing director and deputy chief investment officer at Morgan Stanley. By contrast, India is underinvested, Kandhari said, giving its economy and markets investment opportunities.

Persons: Narendra Modi, China —, Jitania Kandhari, Morgan Stanley, Kandhari, Weizhen Tan Organizations: CNBC, Labor, Shanghai, Indian, BMW, Ford, Mercedes Locations: Miami Beach , Florida, U.S, Asia, Pacific, India, Russia, China, China China, Munich, Germany

☆ China may now never take the US's crown as the world's largest economy
▼ + stars: | 2023-09-05 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

China may now never become the world's largest economy, according to Bloomberg Economics. Forecasters expect its GDP to briefly pass the US's in the mid-2040s, before "falling back behind". Beijing has struggled to revive growth and shore up its crisis-hit property sector this year. "The post-Covid rebound has run out of steam, reflecting a deepening property slump and fading confidence in Beijing's management of the economy. The economists – who previously saw China overtaking the US in the 2030s – believe that GDP growth in the world's most-populous country will slow from its current level of over 6% to just 1% by 2050, revised down from an earlier prediction of 1.6%.

Persons: China's, Joe Biden, – Organizations: Bloomberg Economics, Service, Bloomberg Locations: China, Beijing, Wall, Silicon

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