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☆ Handwringing over Biden's age has Democrats worried about a repeat of Ruth Bader Ginsberg's refusal to step down
▼ + stars: | 2024-02-18 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +11 min

Read previewAt 81 years old, President Joe Biden is facing criticism from Republicans and Democrats alike that he's too old to be president again. Many draw parallels between Biden and the late Supreme Court Justice Ruth Bader Ginsburg, who refused to step down from her lifetime appointment to the court while President Barack Obama was in office. The current Supreme Court is comprised of 6 conservative justices and 3 liberals, though Chief Justice John Roberts is often considered a swing vote. Bill Clinton's choice for Supreme Court vacancy, on Capitol Hill, June 15, 1993. Supreme Court justices are appointed, not elected, and the confirmation of Obama's nomination of Garland was blocked by Republicans in the Senate in the wake of Antonin Scalia's death in 2016.

Persons: —, Joe Biden, Jon Stewart, Ezra Klein —, Donald Trump, Biden, Ruth Bader Ginsburg, Barack Obama, Ginsburg, Obama, Merrick Garland, shoring, Trump, Amy Coney Barrett, John Roberts, Justin Buchler, Pres, Bill Clinton's, Marcy Nighswander, Garland, Antonin Scalia's, Hillary Clinton, Clinton, she'd, Roe, Christian Grose, Daniel Patrick Moynihan, Dean Phillips, Grose, Buchler, Kamala Harris, Gavin Newsom —, Harris, Newsom, Lyndon Johnson, Hubert Humphrey, Richard Nixon, Robert Hur, I've, flubs, Abdel Fattah al, Nikki Haley, Nancy Pelosi, Peter Loge, Younger, Ron DeSantis, Vivek Ramaswamy, Phillips, let's, I'm, we'll, Ron Sachs Organizations: Service, Democrats, Business, Supreme, Democratic, Case Western Reserve University, Committee, Capitol, AP, Trump, Wade, CNBC, University of Southern, Research, California Gov, Washington Post, Democrat, Biden, Republicans, GOP, Politico, Minnesota, Time, NBC News, Reuters, US, Judiciary, Washington DC Locations: Biden's, University of Southern California, California, Mexico, South Carolina, Trump, Capitol Hill, Washington

☆ The Fed probably won’t cut rates in March. Here’s what that means for markets
▼ + stars: | 2024-02-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Investors now expect that the Fed will begin easing back rates in May or June, according to the CME FedWatch Tool. Before the Bell: What does the Fed’s signal that it won’t cut rates in March mean for markets? I think what’s important for the markets themselves is the fact that the Fed has signaled they’re going to cut rates. So, they’re going to cut rates at some point this year, probably May or June is going to be the first cut that we get. There’s a lot of areas where your earnings … start to reaccelerate higher, and that’s a good thing.

Persons: Stocks, Jerome Powell, Bell, Matt Orton, I’ve, We’re, it’s, Matt Egan, Read, Price Organizations: CNN Business, Bell, New York CNN, Investors, Fed, Raymond James Investment Management, The Conference, Conference, Avis Budget Group, Hasbro, Cola, Molson Coors, The, Labor Statistics, Kraft, Heinz, The Commerce Department, National Association of Home Builders, University of Michigan Locations: New York, Wells Fargo

WASHINGTON (AP) — The nation’s cybersecurity agency has launched a program aimed at boosting election security in the states, shoring up support for local offices and hoping to provide reassurance to voters that this year's presidential elections will be safe and accurate. Officials with the U.S. Cybersecurity and Infrastructure Security Agency planned to introduce its new election security adviser program Thursday to the National Association of State Election Directors and on Friday to the National Association of Secretaries of State. For state and local election officials, the list of security challenges keeps growing. The CISA program includes 10 new hires, all of whom join the federal agency with extensive election experience. CISA Director Jen Easterly announced plans for the program at a July meeting of the state election directors in South Carolina.

Persons: Jen, Cait Conley, ” Conley, Keith Ingram, Spencer Wood, David Stafford, “, ”, Lori Augino, CISA, Al Schmidt, Karen Brinson Bell, Brinson Bell Organizations: WASHINGTON, U.S, Cybersecurity, Infrastructure Security Agency, National Association of State, National Association of, State, Ohio, State’s, North Carolina State Board Locations: New Hampshire, Fulton County , Georgia, Russia, South Carolina, Texas, Escambia County , Florida, Washington, ”, “

DENVER (AP) — Deion Sanders and the Colorado Buffaloes are closing in on adding Cincinnati Bengals secondary coach Robert Livingston as defensive coordinator, a person familiar with the decision told The Associated Press on Wednesday. The person spoke to the AP on condition of anonymity because the team has not finalized the hiring. Livingston is set to inherit a Colorado defense that surrendered 34.8 points and 453.3 yards per game in Sanders' first season in charge. Livingston started as a scout with the Bengals in 2012 before later joining their coaching staff. In Colorado, he would work with a secondary that includes Travis Hunter, a first-team All-Pac-12 defensive back who also plays wide receiver, and Shilo Sanders.

Persons: — Deion Sanders, Robert Livingston, Livingston, Charles Kelly, who's, Sanders, He's, Travis Hunter, Shilo Sanders, Sean Lewis, Pat Shurmur, Lewis, Deion Sanders, Shedeur, Jordan Seaton Organizations: DENVER, Colorado Buffaloes, Cincinnati Bengals, Associated Press, Auburn, Bengals, Colorado, Buffaloes, San Diego State, The Buffaloes, ___, AP Locations: Colorado

WASHINGTON (AP) — For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported to the United States. At the same time, the value of Chinese imports imports tumbled 20% to $427 billion. The last time that Mexican goods imported to the United States exceeded the value of China's imports was in 2002. The Trump administration began imposing tariffs on Chinese imports in 2018, arguing that Beijing's trade practices violated global trade rules. Supply-chain disruptions related to the COVID-19 pandemic also led U.S. companies to seek supplies closer to the United States ("near-shoring'').

Persons: Trump, Joe Biden, Biden, — Organizations: WASHINGTON, U.S . Commerce Department, Democrats, Canada Trade, United States Locations: Mexico, China, United States, Washington, Beijing, U.S, Canada, North America, United

The number of affordable units — with rents under $600 — also dropped to 7.2 million that year, 2.1 million fewer than a decade earlier. Photos You Should See View All 45 ImagesThose factors contributed to a dramatic rise in eviction filings and a record number of people becoming homeless. "It just hits you like, ‘This is for nothing.’"In Auburn, Massachusetts, pervasive rent hikes have already hit the last bastion of affordable housing. Just off an interstate alongside a pond, residents at the American Mobile Home Park face rent increases upwards of 40%. The group Lawyers For Civil Rights has sent a letter to the landlord accusing it of “unconscionable rent increases," and failing to provide critical services like adequate garbage and snow removal.

Persons: Caitlyn Colbert, Colbert, “, ”, —, Whitney Airgood, Obrycki, ” Colbert, haven’t, Amy Case, Ann Urbanovitch, Zach Neumann, Monique Gant, Gant, Nick Graetz, ” Graetz, Chris Herbert, Jared Polis, ___ Casey, ___ Organizations: DENVER, Harvard Joint Center for Housing Studies, Harvard, Habitat, Humanity, American Mobile, Civil Rights, Associated Press, Colorado Judicial, Community Economic Defense, Princeton, ”, Colorado Gov, America Statehouse News Initiative, America Locations: Denver, U.S, ”, Auburn , Massachusetts, Colorado, Washington, Massachusetts, Boston

President Joe Biden is beta testing a new message on the campaign trail and in the White House. Biden’s response: Send the immigration bill to my desk to sign and I’ll shut down the border right now. The newly aggressive messaging is likely a necessary tone for an issue that’s overtaken the economy as the No. That's why you're seeing him try to talk and act tougher about border security. I think Biden has started thinking about how to reframe it.”The clock is ticking.

Persons: Joe Biden, Donald Trump, I’d, ”, “, Biden, Matthew Wilson, Trump, ” Wilson, it's, they’re, Lanae Erickson, That’s, ” Erickson Organizations: Congress, Republican, Senate, GOP, House Republicans, Southern Methodist University, New, AP, Trump, New York City Police Department Locations: Ukraine, Israel, South Carolina, Iowa, New Hampshire, United States, U.S, Washington ,, Denver, New York City

☆ Mexico's one big advantage over the US right now could stall the 'Made in America' push
▼ + stars: | 2024-01-20 | by ( Jacob Zinkula | Matt Turner | ) www.businessinsider.com time to read: +7 min

Read previewThe push by US businesses to make more stuff in America has an ongoing challenge: It's hard to find workers. Ulbrich says this stands in sharp contrast to Mexico, whose growing manufacturing base could entice companies to make supply chain investments there, rather than in the US. Even as the pandemic-era labor shortage has eased, the demand for construction and factory workers has continued to exceed supply. Mexico's median age is roughly 30, he added — compared to nearly 40 in China — which has contributed to a strong labor supply. Compared to Mexico, manufacturing in the US would likely offer businesses reduced supply chain disruptions and lower transportation costs.

Persons: —, Christian Ulbrich, Ulbrich, Matt Turner, Biden, Houthi, Tesla, Susan Golicic, Andres Abadia, Abadia, Luis Torres, Colorado State's Golicic, Golicic Organizations: Service, Business, Economic, General Motors, Intel, Companies, Ford, Reuters, Colorado State University, US, Pantheon Macroeconomics, Federal Reserve Bank of Dallas Locations: America, Mexico, Ukraine, Taiwan, Canada, China, Asia, shoring, San Antonio, Tennessee, Alabama, Colorado

☆ Apple offers rivals access to mobile payment tech in EU antitrust case
▼ + stars: | 2024-01-19 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Apple has offered to give rivals the ability to access and interoperate with its contactless payment tech in an effort to appease antitrust regulators in Europe. Apple Pay, the company's mobile wallet feature, allows users to make purchases by simply tapping their iPhones, which run on Apple's operating system called iOS. Since Apple controls this operating system exclusively, third-party mobile wallet developers' access to its payment technology has previously been restricted. Apple said it will allow third-party developers to gain access to the mobile payment technology, provide new features for users like defaulting to preferred payment apps and apply "non-discriminatory eligibility criteria" for rival developers. If Apple's commitments assuage European regulators' competition concerns, the Commission will adopt them and legally require Apple to implement the changes.

Persons: Tim Cook, Apple Organizations: Apple, National Committee, China Relations, China Business Council, Economic Cooperation, APEC, European Commission, Economic, CNBC, Department of Justice, Bloomberg, DOJ Locations: Asia, San Francisco , California, Europe, U.S

I don’t know. ross douthatIt’s true that he didn’t want the vice president to have a sort of separate political agenda. I don’t think that it was a fait accompli —ross douthatThat’s true. He would legitimately sabotage, kneecap his own vice president, just to prove no one else could do it. carlos lozadaLet’s just say, I will be your vice president, Michelle, anytime.

Persons: michelle cottle, I’m Michelle Cottle, ross douthat I’m Ross Douthat, carlos lozada I’m Carlos Lozada, lydia polgreen, Lydia Polgreen, ross douthat, carlos lozada, That’s, Ross, Michelle, what’s, — carlos lozada Oh, ”, Donald John Trump, it’s, Lozada, LYDIA, — carlos lozada Selena, michelle cottle We’re, they’re, Selena Meyer, michelle cottle Ross, Carlos, ross, Joe Biden, Biden, Obama, — carlos lozada Super, haven’t, Dick Cheney, carlos lozada Pence, Pence, Cheney, Kamala Harris, — carlos lozada, carlos lozada Weirdly, won’t, Richard Nixon, Al Gore, — ross douthat, lydia polgreen —, Kamala Harris —, Mike Pence, ross douthat They’re, Harris, George H.W Bush, Ronald Reagan, Nelson Rockefeller, Gerald Ford, Clinton, Joe Lieberman, Lieberman, — carlos lozada Joementum, michelle cottle Joementum, Gore, Trump, Newt Gingrich, It’s, michelle cottle Let’s, carlos lozada Well, Elaine Kamarck, J.F.K, Southern L.B.J, Carter, Mondale, Bush, Jules Witcover, lydia polgreen Scintillating, Quayle, Jesus, carlos lozada Right, Dan Quayle, George H.W, lydia polgreen Hah, V.P.s, Truman, — ross, ross douthat Really, — Yup, carlos lozada Biden, lydia polgreen Richard Nixon, Spiro Agnew, George H.W . Bush, Dan, John McCain, Sarah Palin, — michelle cottle, gosh, Palin, lydia polgreen “, Tina Fey, carlos lozada The Palin, We’ve, John the Baptist, Donald Trump’s, lydia polgreen Wow, michelle cottle Oh, ross douthat Sarah, Jimmy Carter, White, carlos lozada Jimmy Carter, michelle cottle Fine, polgreen, michelle cottle Alrighty, hasn’t, CARLOS SIGHS, lydia polgreen Boy, michelle cottle Carlos, Donald Trump, who’s, Marjorie Taylor Greene, Kari Lake, carlos lozada I, michelle cottle He’s, he’s, —, lydia polgreen That’s, lydia polgreen MAGA King, Lydia, — michelle cottle That’s, let’s, there’s, Nikki Haley, MICHELLE, Haley, There’s, carlos lozada Doesn’t, George W, Bush’s, michelle cottle Dick Cheney, ross douthat I’m, — michelle cottle You’re, Vivek, Nikki Haley’s, I’m, Ron DeSantis, Kristi Noem — lydia polgreen, Michelle — michelle cottle —, Kristi Noem, Rushmore, CARLOS, it’ll, Sarah Huckabee Sanders, MAGA, Vance, michelle cottle There’s, Elise Stefanik, doesn’t, ross douthat Trump, we’ll, — lydia polgreen, ross douthat —, carlos lozada —, Mueller, Nikki doesn’t, ROSS, don’t, can’t, Nikki, Nikki —, Peter Baker, Susan Glasser — michelle cottle, carlos lozada It’s, michelle cottle Hey, carlos lozada There’s, Walter Mondale, michelle cottle Can’t, carlos lozada Oh, carlos lozada Whoa, michelle cottle Woohoohoo, carlos lozada Potato, lydia polgreen Oh, MICHELLE GASPS, lydia polgreen Oooh, I’ve, michelle cottle That’s, michelle cottle I’d, michelle cottle Don’t, carlos lozada Let’s, Phoebe Lett, Sophia Alvarez Boyd, Derek Arthur, Alison Bruzek, Kate Sinclair, Mary Marge Locker, Michelle Harris, Efim Shapiro, Carole Sabouraud, Pat McCusker, Shannon Busta, Kristina Samulewski, Rose Strasser, carlos lozada — “, ” Jimmy Carter’s, lydia polgreen Woo, Frank Church, Scoop Jackson, John Glenn, Ed Muskie, Adlai Stevenson, Pete Rodino, Muskie, ross douthat We’re, — carlos lozada It’s, — carlos lozada Yes, Lord Jesus Organizations: New York, Iowa Republicans, ross douthat Real, HBO, Hollywood, Bush, Republican, Trump, Biden, Republicans, Southern, Conservative, Democratic, “, carlos lozada Central, Heritage Foundation, Supreme, State, New Hampshire, Michigan, University of Notre Dame, Irish, Associated Press, Notre Dame, hashtag Locations: Iowa, Minnesota, California, ‘, Massachusetts, Clinton, Gore, Cheney, America, George H.W ., Russia, —, New Spain, South Dakota, New, American, Michigan, Washington, Plains

☆ A sports drinks turf war could determine whether beverage stocks bounce back in 2024
▼ + stars: | 2024-01-06 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

The rise of Prime comes at a time when key beverage stocks are struggling for traction. PEP 1Y mountain Shares of Pepsico have fallen over the past 12 months, along with its two main peers. Pepsi, for instance, is pushing newer versions of Gatorade with Gatorade Zero, G-Fit and Gatorlyte, as well as the Fast Twitch energy drink. Where to invest The exact impact of sports drinks on beverage stocks can be hard to determine. The big three companies do not break out the financials for their sports drink brands individually, and any impact could be outweighed by other categories, like Pepsi's snack foods.

Persons: Ramon Laguarta, —, Logan Paul —, Laguarta, Dr Pepper, Lauren Lieberman, Lieberman, There's, Z'ers, Gerald Pascarelli, Pascarelli, Keurig Dr Pepper, Electrolit Organizations: Pepsico, YouTube, Pepsi, Gatorade, Coca, PEP, Barclays, Holdings, CNBC, Nielsen, Grupo PiSA, Keurig Locations: United States, Mexican, Electrolit, LSEG

☆ The S&P 500 could close at record on final trading day - that is a very rare market event
▼ + stars: | 2023-12-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

What little suspense is left in the year revolves around whether the S & P 500 can close at a historic high. Closing the year at a historic high is a fairly rare event — it's only happened eight times since 1926, and only four times since 1963, according to S & P Global: 2020, 2013, 1999, 1991, 1963, 1958, 1954, 1928. So far, the S & P is up 0.9% in these first four of the seven days. The S & P internals are almost the opposite of where they were a year ago. S & P 500: overbought and expensive: Relative Strength Indicator (RSI): 72 (overbought) % stocks over 50-day- moving average: 89% (high, overbought) Forward earnings P/E: 19.6 (expensive) Earnings growth: 11% (high) Markets are positioned very bullish.

Persons: Santa Claus, Ingersoll Rand, Parker, Eaton, General Mills, Hendrik Bessembinder, It's Organizations: Mastercard, Capital, American Express, Union Pacific, General, Nike, FedEx, Global, CFA, U.S Locations: Santa, Eaton, Hannifin, Wayfair, United States

When there’s a global crisis, wealthy countries tend to find money. That was the case in the United States when big banks were bailed out to soften a global financial crisis. But the climate crisis? This weekend, Vice President Kamala Harris visited the United Nations climate summit in Dubai, in the United Arab Emirates, and promised $3 billion for the Green Climate Fund, which benefits poorer nations. One of the big tests facing this summit, known as COP28, is whether it will fare any better than earlier climate talks at shoring up anything close to the money that’s needed.

Persons: Kamala Harris, John Kerry, Biden’s Organizations: United Arab, Green Climate Fund, Biden, Walmart, Pepsi, McDonalds Locations: United States, Ukraine, United Nations, Dubai, United Arab Emirates

☆ Biden administration announces new financial strike force to curb deadly fentanyl trade
▼ + stars: | 2023-12-04 | by ( Sam Fossum | ) edition.cnn.com time to read: +5 min

“The Treasury Department’s Counter-Fentanyl Strike Force will allow us to bring the Department’s unrivaled expertise in fighting financial crime to bear against this deadly epidemic. The strike force will be led by the department’s top sanctions official, Brian Nelson, and the chief of the Internal Revenue Service’s criminal investigations unit, James Lee. It will “redouble Treasury’s existing work streams, including using financial intelligence to understand risks and map transnational criminal organization (TCO) financial networks,” according to a news release. Several key units within the Treasury Department that specialize in financial crimes, sanctions, and tracking terrorist and illicit financing will be part of the new strike force. The new strike force will also help streamline the Treasury Department’s efforts to coordinate with local and federal law enforcement bodies on potential financial leads.

Persons: Janet Yellen, Brian Nelson, James Lee, ” Nelson, Xi Jinping, Joe Biden, Biden, Yellen, Nelson, “ Organizations: Washington CNN, Monday, Treasury Department, Treasury, Network, Foreign Assets Control, of Intelligence, US Treasury Department, Strike Force, Department, Drug Enforcement Agency, Department of Homeland Security, Department of Justice, US Centers for Disease Control, CNN, Mexican, Biden Locations: United States, China, Ukraine, Mexico

☆ Morningstar: The top 10 stocks to buy in December as the market rally continues into the new year
▼ + stars: | 2023-12-03 | by ( Mark Reeth | ) www.businessinsider.com time to read: +2 min

That's a far-cry from where many Wall Street pros thought stocks would end the year. Others, like analysts at Bank of America, BMO, and Deutsche Bank believe the market could roar to new all-time highs . Rather than try to guess where the market is heading next, investors would be better off finding high-quality stocks to invest in for the long run. Thankfully, Morningstar's Margaret Giles recently compiled a list of the stocks to buy now, drawn from analysts' larger collection of the best companies to own. These stocks have "predictable cash flows and are run by management teams that have a history of making smart capital-allocation decisions," she wrote.

Persons: Taylor Swift, JP Morgan, Morningstar's Margaret Giles Organizations: Business, JP, Bank of America, BMO, Deutsche Bank

☆ Ukraine war live updates: Zelenskyy calls for fortifications, U.S. helps with winter assault preparations
▼ + stars: | 2023-12-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Ukrainian servicemen of a drone hunting team stand next to an anti-aircraft twin-barreled autocannon that they use to target Russian launched drones, in the outskirts of Kyiv, on November 30, 2023, amid the Russian invasion of Ukraine. Ukrainian President Volodymyr Zelenskyy on Thursday called for quicker fortifications in key battlegrounds that face assaults from Russian forces, particularly in eastern Ukraine. Russia's navy reported early Friday morning that it destroyed a Ukrainian navy vessel without crew that was heading towards Crimea, which Russia annexed in 2014. Separately, Russia's presence at a European security meeting taking place Thursday caused a stir. Russian Foreign Minister Sergei Lavrov attended the annual meeting of the Organization for Security and Cooperation in Europe, with Baltic nations and Ukraine refusing to attend as a result.

Persons: Volodymyr Zelenskyy, Zelenskyy, John Kirby, Sergei Lavrov Organizations: . National Security, Russian, Organization for Security, Cooperation Locations: Kyiv, Ukraine, Russian, Ukrainian, Russia, Crimea, Washington, Europe, Baltic

☆ The Newsom-DeSantis debate talked about 2024 — but it really sets the stage for 2028
▼ + stars: | 2023-12-01 | by ( Lloyd Lee | Matthew Loh | ) www.businessinsider.com time to read: +5 min

"I'm here to tell the truth about the Biden-Harris record," Newsom said in the early minutes of the debate. "It was more of a spectacle than a debate," Akhavan said. DeSantis has also taunted Newsom to "throw his hat in the ring" and run for president in 2024 against President Joe Biden. According to a FiveThirtyEight average of national Republican presidential polls, Trump leads 60% while DeSantis sits at 12.6%. In April, a group of wealthy GOP donors appeared to sour on their support for DeSantis, questioning his presidential prospects.

Persons: Gavin Newsom, Ron DeSantis, They're, Sean Hannity, —, Gavin Newsom sparred, aren't, DeSantis, Donald Trump, Nikki Haley, Newsom isn't, Newsom, Kambiz Akhavan, Akhavan, Joe Biden, Kamala Harris, Harris, Trump, Biden, Hannity, It's, Thomas Peterffy Organizations: Florida Gov, TV, Service, California Gov, Fox, USC Center, Biden, Trump, Republican, GOP Locations: California, Florida, America

☆ Australia walks a tight rope on trade with China as security concerns mount
▼ + stars: | 2023-11-29 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Chinese President Xi Jinping meets with Australian Prime Minister Anthony Albanese at the Great Hall of the People in Beijing, capital of China, Nov. 6, 2023. While trade compulsions have forced the Asia-Pacific nation to reach out to China, security concerns over Beijing's South China Sea claims have prevented a reset in ties. Trade talksPart of Beijing's calculus is rooted in Australia economic dependence on China. According to the Australian government, China is its largest trading partner, accounting for nearly a third of the country's total trade with the world. Australia is already closely watching potential flashpoints in the South China Sea, and in regard to Taiwan," Economist Intelligence Unit analysts said in a note.

Persons: Xi Jinping, Anthony Albanese, Ding Haitao, coronavirus, Darren Lim, Lee McLean, McLean, we've, Albanese, We've Organizations: Australian, of, People, Getty Images, Xinhua, Agency, Xinhua News Agency, Getty, Australian National University, Labor, Australia, U.S ., China Hub . Trade, CNBC, Sky News Australia, Economist Intelligence, U.S Locations: Beijing, China, Xinhua, Australia, Asia, Pacific, Canberra, U.S, South China, Taiwan, The Hague, Philippines

"This COP we need to see accelerated action from all parties," Matt Bell, EY Global Climate Change and Sustainability Services Leader, said. The business and finance sectors have long called for a global carbon emissions price that they say would level the playing field for polluters and make the switch to low-carbon more cost-effective. Confidence in voluntary carbon markets has fallen this year as critics question the environmental credibility of projects. "The last 10% of a (corporate) carbon reduction plan will always include some carbon removal credits," Leggett said, adding that "the market needs clarity on what that means." Reporting by Simon Jessop and Tommy Reggiori Wilkes; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Matt Bell, Bell, Sultan Al Jaber, Virginie Derue, Katherine Dixon, Victoria Leggett, Leggett, Simon Jessop, Tommy Reggiori Wilkes, Barbara Lewis Organizations: REUTERS, United Nations, Sustainability Services, Reuters, ESG Research, AXA Investment, Accenture, Bain & Company, UBP, Thomson Locations: Dunkirk, France, Dubai, COP28, Paris, China, United States

A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. The lender said earnings in the 2024 fiscal year to Oct. 31 would be impacted by "slowing economic growth across its markets and increasing regulatory capital requirements" but it would also benefit from interest-earning assets. "We expect a challenging environment will persist for consumers and businesses," Chief Risk Officer Phil Thomas told analysts, citing muted Canadian economic growth, continued inflationary pressures and uncertain prospects for rate cuts. Finance chief Raj Viswanathan said deposit and loan growth were also expected to moderate from 2023 levels, noting savings levels have started coming down in Canada with inflation at multi-year highs, leaving consumers with less cash in hand. Its efforts to streamline operations resulted in a restructuring charge of C$258 million, Scotiabank said.

Persons: Carlos Osorio, Phil Thomas, Raj Viswanathan, Mike Rizvanovic, Scott Thomson, Niket, Balu, Krishna Chandra Eluri, Tomasz Janowski Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Finance, Bank of Canada, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, Bengaluru, Toronto

☆ Alibaba's stock dropped so much that Jack Ma reversed a plan to sell shares for his other investments
▼ + stars: | 2023-11-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Alibaba cofounder Jack Ma walked back on plans to sell the company's stock. The Chinese tech giant's stock crashed last week after it nixed a plan to spin off its $11 billion cloud business. AdvertisementAlibaba cofounder Jack Ma reversed plans to sell the company's stock following a slump in its stock price last week. The company's stock sank in response, wiping out $26 billion in value over two days. But Ma isn't selling the stock since its current value is lower than its actual value, she said in the memo.

Persons: Jack Ma, —, Alibaba, Ma, Jane Jiang Fang, Jiang, Ma's Organizations: Service, Reuters, Bloomberg, South China Morning, Big Tech, Baidu, Business Locations: Beijing, China, —

☆ So many kids are falling sick in China that a children's hospital said it saw 13,000 cases in a single day
▼ + stars: | 2023-11-23 | by ( Matthew Loh | Kim Schewitz | ) www.businessinsider.com time to read: +6 min

Northern China is struggling with a wave of respiratory illnesses among its children. Cities like Beijing and Tianjin have been hit hard by cases of flu and pneumonia, hospitals said. Children wait on the stairs at a children hospital in Beijing on November 23, 2023, with some administered with drips. "All the children have respiratory illnesses." Children receive a drip at a children hospital in Beijing on November 23, 2023.

Persons: —, Liu Wei, Liu, imploring, JADE GAO, Mi Feng, they're, It's, JADE GAOJADE, Hu Xijin, Hu, David Heymann, Francois Balloux Organizations: Service, Beijing Aviation General, Management, drips, Getty, Changjiang, Health, Business, Global Times, Health Organization, London School of Hygiene, Tropical Medicine, UCL Genetics Institute Locations: Northern China, Cities, Beijing, Tianjin, China, Tianjian, Wuhan, Hubei, Chongqing, Weibo

☆ Geopolitical instability and a packed election calendar have strategists wary of 2024
▼ + stars: | 2023-11-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

In a global risk survey carried out among 130 businesses last month by Oxford Economics, almost two fifths of respondents viewed the Israel-Hamas war as a very significant risk to the global economy over the next two years. "Deglobalisation and persistently higher oil prices, both of which could be triggered by an intensification of geopolitical tensions, are also fairly prominent in the latest survey," Oxford Economics researchers said. "Rising geopolitical tensions could trigger more trade restrictions across the globe, resulting in further economic fragmentation. "Ongoing geopolitical conflicts and tensions are likely to depress growth further, while adding to inflationary pressures that are beyond the control of central banks." "Early 2024 Taiwan elections will set the stage for the rest of the year.

Persons: Gil Cohen, Deglobalisation, Goldman, Roland Temple, Lazard Organizations: Hamas, magen, AFP, Getty, Oxford Economics, NATO, Oxford, Monetary Fund, Asset Management, West, Democratic Progressive Party, Kuomintang, KMT Locations: Gaza, Israel, China, Taiwan, Russia, U.S, South Africa, India, Ukraine, Ukrainian, Iran, Hormuz, United States, Beijing

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Beijing needs to pull "multiple levers" at the same time to address the "vulnerabilities" in the financial system, local government financing, as well as consumer sentiment, said Edward Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle, which owns Country Garden bonds. China property sector slumpShoring up confidence is the biggest challenge facing Beijing and is key to getting homebuyers spending again, which analysts says isn't likely to happen soon given an uncertain economic outlook. Reuters reported last week that Chinese authorities have asked domestic financial behemoth Ping An Insurance Group to take a controlling stake in Country Garden. "You need to fix the macro environment first; if you don't earn enough how do you buy a property?," said Xu, whose firm holds China property dollar bonds.

Persons: Aly, Edward Al, isn't, Morgan Stanley, Ping, Ping An, Elliot Hentov, Steven Xu, Xu, Raymond Cheng, Goldman Sachs, Clare Jim, Davide Barbuscia, Karin Strohecker, Summer Zhen, Rae Wee, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Columbia, Reuters, HK, Economic Work Conference, Reuters Graphics, HIT, Insurance Group, State Street Global Advisors, Country, Harmonia, Bloomberg, China, CIBM Securities, Thomson Locations: Shanghai, China, HONG, Beijing, outflows, Hong Kong, New York, London, Singapore

LONDON (AP) — Russia's State Duma took a step forward Wednesday towards approving its biggest-ever federal budget which will increase spending by around 25% in 2024, with record amounts going on defense. Part of the Russian budget is secret as the Kremlin tries to conceal its military plans and sidestep scrutiny of its war in Ukraine. Analysts suggest Russia is in third place globally for defense spending behind China and the United States, which spends around $850 billion a year. The main driver of that growth is Russia's war in Ukraine, which is now as important to the Kremlin economically as it is politically. If there is a reduction in military spending, or a need to reduce spending which impacts living standards, it could send shockwaves through the Russian economy and significantly impact ordinary people.

Persons: Vladimir Putin, ”, Richard Connolly, Farida Rustamova, Maksim Tovkaylo, Alexandra Prokopenko, Anton Siluanov, “, Connolly, they’ve, ” Prokopenko, Prokopenko, — — David McHugh Organizations: —, Duma, Kremlin, Royal United Services Institute, Independent, Carnegie Russia Eurasia Center, Russian Central Bank, Finance, Defense, Central Bank Locations: — Russia's, Russia, Ukraine, London, China, United States, Russian, West, India, Berlin, Frankfurt

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