DIRS.INFO The most relevant business & tech news

☆ Global warming will hit Australian crop yields and GDP, treasurer says
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

Harvesting machinery can be seen behind a wheat crop in a paddock located on the outskirts of the South Australian town of Jamestown, in Australia, December 1, 2017. Global warming is leading to hotter and more extreme weather in Australia, one of the world's largest exporters of agricultural products. "The latest analysis out of Treasury tells us that disasters and a warming climate have big, economy wide effects," Chalmers told an agricultural conference in Queensland dedicated to drought. "If further action isn't taken, Australian crop yields could be 4 per cent lower by 2063 – costing us about A$1.8 billion in GDP in today's dollars." ($1 = 1.5569 Australian dollars)Reporting by Peter Hobson; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Jim Chalmers, Chalmers, Peter Hobson, Michael Perry Organizations: REUTERS, Thomson Locations: Jamestown, Australia, Queensland, decarbonisation

☆ Australia Abandons Efforts to Eradicate Deadly Honey Bee Parasite
▼ + stars: | 2023-09-20 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

Commercial crops including almonds, apples and avocados are dependent on pollination by European honey bees, with huge numbers of hives moved during spring flowering to bring bees to plants. "The potential to eradicate is no longer possible ... We now need to work collaboratively to manage and minimise the impact of Varroa." Varroa is a reddish-brown mite around 1 mm in diameter that attaches itself to European and Asian honey bees and feeds on them, weakening them and killing colonies. The mite also carries viruses and has caused the collapse of honey bee populations around the world. Varroa does not target native Australian honey bees.

Persons: Peter Hobson, Miral Fahmy Organizations: CANBERRA, National Management Group, New South, South Locations: Australia, New South Wales, South Wales

☆ Australia abandons efforts to eradicate deadly honey bee parasite
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Persons: Peter Hobson, Miral Organizations: CANBERRA, National Management Group, New South, South, Thomson Locations: Australia, New South Wales, South Wales

☆ Former Starbucks CEO Howard Schultz steps down from coffee chain's board
▼ + stars: | 2023-09-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Former Starbucks CEO Howard Schultz testifies before the Senate Health, Education, Labor, and Pensions Committee in the Dirksen Senate Office Building on Capitol Hill on March 29, 2023 in Washington, DC. Former Starbucks CEO Howard Schultz is stepping down from the coffee chain's board, the company said Wednesday. Schultz previously stepped down from Starbucks' board in June 2018 to prepare for a potential presidential run, before deciding against a bid. Zhang also previously held roles at News Corp China, CNBC China, Bain and General Electric. She is the third woman on Starbucks' nine-person board, which includes chair Mellody Hobson and Land O'Lakes CEO Beth Ford.

Persons: Howard Schultz, Schultz, Laxman Narasimhan, Kevin Johnson, Wei Zhang, Zhang, Alibaba, Bain, Ralph Lauren's, Mellody Hobson, Beth Ford Organizations: Starbucks, Health, Education, Labor, Washington , DC, CNBC, Alibaba Pictures, News Corp China, General, Land Locations: Dirksen, Washington ,, China, U.S, CNBC China

☆ These kids get free vacations thanks to their YouTube fame. But what happens behind the scenes?
▼ + stars: | 2023-08-15 | by ( Lilit Marcus | ) edition.cnn.com time to read: +13 min

McCarty started a campaign called Quit Clicking Kids, aimed at stopping people using children on social media for monetary gain, in 2022. Child labor rights in the United States, from the factory to the internet: A timeline 1904 The National Child Labor Committee is founded, with the goal of ending all child labor. 1916 The first child labor bill – the Keating-Owen Act – is passed, which bans the interstate sale of any article produced with child labor and regulates the number of hours a child could work. In May 2023, the US Surgeon General’s office issued an advisory about social media and kids’ mental health. And for too many children, social media use is compromising their sleep and valuable in-person time with family and friends.

Persons: Chris McCarty, McCarty, Myka Stauffer, Stauffer, it’s, –, Keating, Owen, Franklin Delano Roosevelt, Coogan, ”, Instagram, Carlotta Dotto, Lilit Marcus The Coogan, Jackie Coogan, aren’t, “, Vivek Murthy, ” Stacey Steinberg, what’s, Steinberg, Yukari Schrickel, Mom Brooke Morrison, Parker, McKenzie, Morrison, ” Caz Makepeace, Craig, you’re, ’ ” Makepeace, Alex Winter, Machelle Hobson, Hobson, Makepeace, vlogging, Caz, they’re, “ We’ve Organizations: CNN, Morrisons, University of Washington, Child Labor, US, Labor, California, UN, Education, Trust, Facebook, National Archives, US Department of Labor, Actors, The Federal Trade Commission, New York Department of Labor, Washington State Legislature, Center, Children, University of Florida’s Levin College of Law, YouTube, Credit, Apple, Google Locations: New Orleans, Arizona, London, Dominican Republic, United States, New York, Illinois, California, ”, Australia

☆ Ariel's John Rogers pulls off solid performance for 40 years with an eye on value
▼ + stars: | 2023-08-03 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

John Rogers' 40-year career at Ariel Investments is one marked by steady and stable performance, fueled by an eye for bargains in times of turmoil. The Ariel Fund that Rogers has managed since its inception in 1986 has racked up returns of almost 11% a year, according to Morningstar. Ariel managed $16.2 billion at the end of 2022. The Princeton grad is a value investor, who follows Warren Buffett's style of investing. He believes that value investing is making a comeback after growth stocks enjoyed a dominant decade during the last bull market.

Persons: John Rogers, Rogers, Morningstar, Ariel, Mellody Hobson, Warren Organizations: Ariel Investments, Ariel, Princeton, Garden Entertainment, Boyd Gaming Corp, Federal Reserve Locations: Chicago, Caribbean, Madison

☆ Kai Bird on Christopher Nolan's ‘Oppenheimer’ - The New York Times
▼ + stars: | 2023-07-17 | by ( Kai Bird | ) www.nytimes.com time to read: +2 min

Oppenheimer took the occasion to explain to Einstein that he was going to be absent from the Institute for some weeks. He was being forced to defend himself in Washington, D.C., during a secret hearing against charges that he was a security risk, and perhaps even disloyal. “He loved America,” said Verna Hobson, his secretary who was a witness to the conversation, “and this love was as deep as his love of science.”“Einstein doesn’t understand,” Oppenheimer told Ms. Hobson. But as Einstein walked back into his office he told his assistant, nodding in the direction of Oppenheimer, “There goes a narr [fool].”Einstein was right. Oppenheimer was foolishly subjecting himself to a kangaroo court in which he was soon stripped of his security clearance and publicly humiliated.

Persons: J, Robert Oppenheimer, Albert Einstein, Oppenheimer, Einstein, Oppenheimer “, ” Oppenheimer demurred, “, ”, Verna Hobson, ” Oppenheimer, Hobson, ” Einstein, Oppenheimer’s Organizations: Institute for, Study, Institute, Washington , D.C, Atomic Energy Locations: Princeton, N.J, Germany, Washington ,, America

☆ Why the US needs regional banks
▼ + stars: | 2023-05-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But those mega-banks lack the dexterity and regional specialization that small businesses crave, which is partly why Corporate America and policy makers alike are worried about the continued turmoil among regional banks. In just two months, a spark of panic has turned into a conflagration that has put America’s regional banks on notice. All of those banks share a status in common as a “regional” or “sector-specific” lender. By definition, regional banks are more specialized and focused. Without raising the cap, Hockett argues, we risk letting the Wall Street banks gobble up their smaller competition when those regional lenders fail.

☆ Banking turmoil means recession fears are creeping back
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +5 min

Here's what some closely watched market indicators say about recession risks:1/ CRUNCH TIME? Central bankers are closely monitoring the potential for banking stress, on top of lending conditions that were already tightening, to trigger a credit crunch. European Central Bank boss Christine Lagarde has also said the market turmoil may help fight inflation. Reuters Graphics3/ BANK STOCK ROUTWorld shares down just 0.1% in March and still sitting on gains this year seem to signal little recession risk, but worries are mounting under the surface. Global bank stocks, which had outperformed the MSCI World Stock Index before the turmoil, are down nearly 15% this month (.dMIWO0BK00PUS).

☆ Fact Check-‘I freed a thousand slaves’ quote falsely attributed to Harriet Tubman
▼ + stars: | 2023-03-21 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

A quotation attributed to Harriet Tubman about having “freed a thousand slaves” resurfaced on social media around the anniversary of the abolitionist icon’s death, but experts told Reuters there is no record of Tubman ever saying it. The quotation, “I freed a thousand slaves; I could have freed a thousand more if only they knew they were slaves,” has been shared on Twitter (here) and Facebook (bit.ly/3yCgfdh), (bit.ly/3Fpgyfh) following the 110th anniversary of Tubman’s death on March 10, 1913. “She wouldn’t have to convince anyone.”According to Kate Clifford Larson, who has written two books about Tubman (www.katecliffordlarson.com/), the fabricated quote started circulating in the late 20th and early 21st centuries. Clifford Larson also noted that Tubman did not free a thousand slaves. There is no evidence that Harriet Tubman ever said she freed a thousand slaves and would have freed a thousand more if only they knew they were slaves.

☆ Starbucks’ new CEO steps in two weeks early
▼ + stars: | 2023-03-20 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Starbucks’ new CEO Laxman Narasimhan has taken over the reins from interim CEO Howard Schultz, about two weeks sooner than planned. In addition to taking over as CEO, Narasimhan joined the board Monday. Incoming CEO Laxman Narasimhan speaks from the stage during Starbucks Investor Day, Tuesday, Sept. 13, 2022, in Seattle. He remains on the Starbucks board. During his time as interim CEO, Schultz laid out a “reinvention” plan that would update stores and, he said, improve conditions for workers.

☆ Switzerland sent $3.6 bln of gold to Turkey in Jan, the most since at least 2012
▼ + stars: | 2023-02-21 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

It shipped 188 tonnes of gold worth 10.1 billion Swiss francs last year to Turkey, up from only 11 tonnes in 2021. Switzerland's gold exports to Turkey have never previously exceeded 34 tonnes in a single month, Swiss data shows. India and China are the two biggest gold consumer markets and demand often rises when gold prices are low and falls when gold prices increase. Gold prices rocketed from a low of $1,615.59 an ounce in early November to as high as $1,959.60 on Feb. 2 before slipping back to around $1,840 by Tuesday. SWISS GOLD EXPORTS, MONTHLY (KG)EXPORTS TO KEY MARKETS, MONTHLY (KG)* Source: Swiss customs.

☆ Central banks bought the most gold since 1967 last year, WGC says
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Central banks bought 1,136 tonnes of gold in 2022Emerging economies were main buyersPurchases predicted to fall next yearTotal global gold demand highest since 2011LONDON, Jan 31 (Reuters) - Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, the World Gold Council (WGC) said on Tuesday. Gold also enables central banks to diversify away from assets like U.S. Treasuries and the dollar. Charting the change in global central bank gold holdings since 1950. But around two-thirds of the gold bought by central banks last year was not reported publicly, the WGC said. The central bank purchases took total gold global gold demand last year to 4,741 tonnes, up 18% from 2021 and the highest for any year since 2011.

☆ Abuses Proliferate in Police Squads Like Memphis's Scorpion Unit
▼ + stars: | 2023-01-28 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +27 min

Street Crime Unit. Jon Naso/NY Daily News Archive via Getty ImagesMemphis police chief Davis also has prior experience with special street crime units. Street crime squads are popular among politicians who say only aggressive policing will reduce violent crime. In the late 1990s, the Street Crime Unit tripled in size, amid a panic over a rising number of homicides. In a city grappling with violent crime, authorities touted the Street Crime Unit as a bright spot.

☆ Electric vehicles throw Palladium's mega-rally into reverse
▼ + stars: | 2023-01-27 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

(Graphic: Palladium's rally, )Powering the rally was rising demand from automakers who needed more palladium per vehicle to meet tightening emissions standards. Electric vehicles (EVs) that do not need palladium are gaining market share and automakers are substituting some palladium for cheaper platinum in combustion engine vehicles. (Graphic: Palladium supply from recycled vehicles, )That will shift the roughly 11 million ounce a year market to a surplus of nearly a million ounces in 2027, they said. (Graphic: Palladium market balance, )But it is too early to rule out short-term upward moves. (Graphic: Palladium speculators, )

☆ Switzerland sent 524 tonnes of gold to China last year, the most since 2018
▼ + stars: | 2023-01-24 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

Last year, it exported 524 tonnes of gold worth around $33 billion at current prices to mainland China and Hong Kong, up from 354 tonnes in 2021 and the most since 2018, Swiss customs data showed. Switzerland shipped 69 tonnes of gold to Singapore, up from 33 tonnes in 2021 and the most since 2017, and 92 tonnes to Thailand, up from 56 tonnes in 2021 and the most since 2013. Switzerland sent 224 tonnes of gold to India last year, down from 507 tonnes in 2021. But if prices remain high, India's appetite for gold will likely remain weak, he said: "They are real bargain hunters. SWISS GOLD EXPORTS, ANNUAL (KG)SWISS GOLD EXPORTS, MONTHLY (KG)* Source: Swiss customs.

☆ Gold prices seen rising towards record highs as rate rises near end
▼ + stars: | 2023-01-16 | by ( Peter Hobson | ) www.reuters.com time to read: +3 min

Fast-rising interest rates hammered gold prices last year, kicking them as low as $1,613.60 in September from a high of $2,069.89 in March - just shy of a record peak in 2020. ,Charting gold prices, the U.S. dollar index and U.S. inflation-adjusted 10-year bond yields. The weakening U.S. currency and bond yields "will become macro tailwinds for the yellow metal, pushing gold above $2,000/oz in the coming months," said analysts at Bank of America. Speculators who in November were betting gold prices would fall have amassed a net long position in COMEX futures of 8.3 million ounces of gold, worth $16 billion, helping push up prices. Charting gold prices and technical indicatorsReporting by Peter Hobson; Editing by Pratima Desai and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Russian gold taken out of exchange-traded fund stockpiles
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +4 min

In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.

☆ Analysis: Russian gold removed from some Western funds after Ukraine
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.

☆ Fight for control of the RNC turns heated as some members demand change
▼ + stars: | 2022-12-15 | by ( ) edition.cnn.com time to read: +15 min

CNN —Shortly before announcing her campaign against Republican National Committee chair Ronna McDaniel, Harmeet Dhillon, a well-connected conservative attorney, phoned an important ally to solicit his thoughts. Republican voters and local officials have bombarded committee members with emails and calls about the party’s next chair, often berating them directly for the GOP’s underwhelming performance in the midterms, according to four committee members who requested anonymity to describe their experience. During the same period, her law firm received nearly $900,000 from the RNC, federal election data shows. We are all independent thinkers, and we know what’s best for our states,” said Jeff Kent, a committee member from Washington. “It’s very hard to beat an incumbent RNC chair if that incumbent wants to stay,” said Bill Palatucci, a New Jersey committeeman.

☆ Analysis: Turbulence still haunts LME nickel, months on from trade debacle
▼ + stars: | 2022-12-12 | by ( Pratima Desai | ) www.reuters.com time to read: +5 min

Months after turbulence highlighted shortcomings in LME oversight, the nickel contract remains broken. Declining liquidity, together with low stocks, has led to high LME nickel prices this year, pushing up costs for industrial users already grappling with surging inflation. LIQUIDITY SLUMPSMany investors, traders, consumers and producers have abandoned LME nickel in the aftermath of the chaos in March. LME nickel typically trades at a discount to the Shanghai Futures Exchange (ShFE) contract because China is a net importer of nickel and the ShFE nickel price takes into account logistical costs and local taxes. "There's a major disconnect between LME nickel (futures) and the physical market," a nickel trader said.

☆ China's reported gold reserves rise for first time since 2019
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - China's central bank said on Wednesday it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019. The additions bring China's reported holdings at the end of November to 1,980 tonnes, worth around $112 billion. China has the world's sixth-largest official national gold reserves after countries including Russia, Germany and the United States, which is the biggest with 8,133.5 tonnes. China's reported holdings have risen to 1,980 tonnes worth around $112 billion. The reported increase in China's gold reserves was part of data released by the People's Bank of China showing its foreign exchange reserves rose more than expected in November.

☆ The Stock Market Has Been Full of Drama in 2022, and It’s Masking Investing Opportunities
▼ + stars: | 2022-12-05 | by ( Mellody Hobson | John W. Rogers Jr. | ) www.wsj.com time to read: 1 min

There has been no shortage of market drama this year. The breathtaking returns fueled by post-Covid enthusiasm have been drained from stocks as a bear market has taken hold. The drama is understandable. Instability grips the world as the pandemic lingers, inflation swells, violence against Ukraine rages, an energy crisis looms and China shelters. U.S. consumers are still buying, but their confidence is falling, as prices and escalating wages remain largely unaffected by the interest-rate increases meant to contain them.

First, we have to understand why our minds make it so hard to have a nuanced view. Then, we have to get beyond that.

☆ HSBC will have to share custody with JPMorgan of $52 bln in gold bars
▼ + stars: | 2022-12-01 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

[1/2] Gold bars are displayed during a photo opportunity at the Ginza Tanaka store in Tokyo September 7, 2009. HSBC had been the sole custodian for SPDR Gold Trust, also known as GLD, since it launched in 2004. The bank currently stores about 910 tonnes of gold for GLD in London -- around a quarter of all the gold held for ETFs globally. Cavatoni said the WGC's agreement with JPMorgan allowed it to store gold in the United States and Switzerland but for the time the fund intended continue storing all its gold in London. HSBC said: "We're pleased to continue acting as a custodian for the World Gold Council's SPDR Gold Trust."

Search resuls for: "Hobson"

25 mentions found