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☆ Global climate change protests demand compensation ahead of COP27
▼ + stars: | 2022-09-23 | by ( Kate Abnett | ) www.reuters.com time to read: +5 min

They are timed to coincide with global leaders meeting in New York City at the U.N. General Assembly this week. REUTERS/Brendan McDermid Read More'DEVASTATING CONSEQUENCES'Irreparable damage caused by climate change has heightened developing countries' demands for "Loss & Damage" compensation at COP27 in Egypt in November. "The Least Developed Countries are bearing the brunt of the devastating consequences of climate change," Senegal's environment minister Abdou Karim Sall told a meeting in Dakar last week. The United States and 27-country European Union have historically resisted steps that could require rich nations to pay compensation for causing climate change. Malpass later clarified he was not a climate change denier, after facing a flurry of calls to resign.

☆ Analysis: Credit markets see less risk of recession, earnings may challenge that
▼ + stars: | 2022-09-23 | by ( Karen Brettell | ) www.reuters.com time to read: +5 min

“Credit spreads are too tight, they are not adequately reflecting the risk of recession. Leveraged loans and junk bonds are high-risk corporate debt. Their borrowing rates have been held in check by solid liquidity while default rates are near historical lows and not seen likely to spike significantly near-term. Earnings were better than expected in the second quarter on average, but higher rates and slowing growth are expected to make a bigger dent in profits soon, which could bring rating downgrades and higher default risk. “For now the credit market's still taking comfort from in place fundamentals and a slow pace of deterioration.

Standard Chartered (STAN.L), a competitor of HSBC in emerging markets, said earlier this year it would end all direct coal financing for clients by 2032. The Global Coal Exit List, which tracks finance firms' ties to the coal sector, said HSBC's fund arm exposure was $3.4 billion at end-November. HSBC said it will have engaged with all listed companies in its actively managed portfolios with more than 10% of revenues from thermal coal by next year. HSBC said in its 2021 annual report that the bank's thermal coal loan exposure was $1 billion, or 0.2% of its total wholesale loan book. When it comes to holding the boards of companies with significant thermal coal exposure to account, HSBC said its fund arm would vote against the election of board chairs at companies planning to expand production and use of thermal coal.

☆ France's Deezer pledges to turn a profit by 2025
▼ + stars: | 2022-09-21 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

REUTERS/Benoit TessierPARIS, Sept 21 (Reuters) - French music streaming platform Deezer (DEEZR.PA)'s first-half adjusted gross profit rose 9.1% from a year earlier, led by a surge in sales in its home country that firmed up its goal to turn a profit by 2025, the company said on Wednesday. Gross profit increased to 45 million euros ($44.4 million) from 42 million a year earlier, while total sales rose by 12% over the period to 219 million euros, Deezer said in a statement. Deezer's number of direct subscribers in France, where it generates about 60% of its consolidated revenue, rose to 3.3 million from 3 million a year earlier. Yet the total number of subscribers fell by close to 3% to 9.4 million. read moreThe stock has lost 65% of its value since its first trading day, valuing the company at 472 million euros ($466.38 million), compared to Spotify's market capitalisation of $18.7 billion.

☆ Jay Powell just went full Volcker
▼ + stars: | 2022-09-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +10 min

But in just a few months, that sizable jump has become the norm, and it’s almost certainly sealed Jay Powell’s status as the Paul Volcker of the 2020s. “Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment,” Warren tweeted. Bottom line: Powell continues to draw from the Volcker playbook, which means he’s unlikely to waver on the Fed’s target rate of 2% inflation, lest the central bank’s credibility take another blow. Only time will tell whether that 40-plus-year-old playbook still applies in an economy that’s fundamentally different from the one Volcker confronted. Trump also lied about the square footage of his Trump Tower triplex apartment to inflate the value at over $300 million, James alleges.

☆ $57 billion Millennium just tapped a Goldman Sachs alum to build out its Miami tech hub as the battle for talent in the Sunshine State heats up
▼ + stars: | 2022-09-21 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Millennium Management has tapped Olga Naumovich to lead its technology team in Miami. The war for local investing and tech talent is heating up as more hedge funds move South. Izzy Englander's $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund's plans told Insider. "I can see how there would be an increased demand for tech talent as firms start to run their footprint there." "Needless to say, the market for technology talent is intensely competitive at this time," Englander said.

The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby MelvilleLONDON, Sept 20 (Reuters) - Investment banks are likely to be hit by a dip in trading revenue next year and will be counting on a bounce back in advisory fees to support their finances, Barclays' CEO C.S. A trading surge has helped investment banks report robust results this year and helped to offset a dire year for fees on company flotations and M&A deals amid global market turbulence. Register now for FREE unlimited access to Reuters.com Register"Trading revenue pools will probably shrink a bit and investment banking revenue pools will probably rise. And so the declining trading revenue pools seasonally adjusted is more likely to happen in the second half of next year."

☆ UK pay deals hold at 4% for fifth month - XpertHR
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterBefore this year, pay deals were last as high as 4% in 1992. However, XpertHR said pay deals were much bigger in 1990, the last time inflation was near current levels, when the median pay deal stood at 9.4%. "While inflation dipped very slightly this month, the consensus remains that we're by no means out of the woods and employees will continue to see a real-terms pay cut," XpertHR pay and benefits editor Sheila Attwood said. XpertHR's data is based on the median pay settlement across 99 deals reached in the three months to the end of August, which affected more than 1 million workers. Pay deals averaged 4% in the services sector and 3.5% in manufacturing.

☆ Bonus cap scrap would be dubious Brexit dividend
▼ + stars: | 2022-09-15 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

A person points to the City of London financial district from a viewing platform in London, Britain, October 22, 2021. REUTERS/Hannah McKayLONDON, Sept 15 (Reuters Breakingviews) - UK finance minister Kwasi Kwarteng wants to make the City more competitive. That means UK banks and foreign ones operating in London might have to keep their compensation policies broadly the same to retain staff. Bringing the highly charged issue to the fore means Kwarteng might have less cover to push ahead with more meaningful changes, like getting rid of the bank levy. CONTEXT NEWSBritish finance minister Kwasi Kwarteng is seeking to scrap Britain’s cap on bankers’ bonuses, the Financial Times reported on Sept. 14.

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