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☆ Losses in banking sector can be attributed to Fed policies, says strategist
▼ + stars: | 2023-03-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLosses in banking sector can be attributed to Fed policies, says strategistMarvin Barth, founder of Thematic Markets, says "the systemic losses we're seeing are exactly related to [quantitative easing] and forward guidance."

Chief Financial Officer Lutz Meschke, however, warned that supply chain issues, geopolitical strains and rising inflation still presented a challenge for the industry. Porsche AG, historically a huge money spinner for the Volkswagen Group (VOWG_p.DE), which owns 75% minus one ordinary share of the group, is targeting a margin of 17-19% this year with a long-term goal of 20%, it said in a statement. Porsche reported a 27.4% rise in annual operating profit to 6.8 billion euros on revenue of 37.6 billion, slightly undershooting a consensus 6.86 billion in earnings and 38.3 billion in revenue expected by 19 analysts polled by Refinitiv. The logo of German carmaker Porsche AG is seen before the company's annual news conference in Stuttgart, Germany, March 17, 2017. He also said the company was investing 20 billion euros in digitalisation in the next five years.

☆ Are Butterflies Wildlife? Depends Where You Live.
▼ + stars: | 2023-03-04 | by ( ) www.nytimes.com time to read: +10 min

The creatures are simply left out of state conservation statues, or their situation is ambiguous. “State agencies are really at the forefront of conservation for wildlife,” said Scott Black, executive director of the Xerces Society, a nonprofit group that advocates for insect conservation. Sometimes, aquatic insects come under the purview of state wildlife agencies. But across the states without insect authority, officials are often reluctant to broach adding it, Mr. Winton said. Seven of the states without insect conservation authority are in the West, which has felt the effects of climate change intensely.

☆ A Googler laid off after 15 years said she sees it as a chance to break out of the company's 'golden handcuffs'
▼ + stars: | 2023-02-21 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Jennifer Vaden Barth told Insider she'd been playing it "extremely safe" at the company. "Not for nothing, these layoffs hit women particularly hard, especially women over 40 including me," she wrote. Vaden Barth told Insider that after being laid off she experienced a "roller-coaster of emotions" and "a series of mourning and grief." Google offered "golden handcuffs," Vaden Barth said, referring to financial incentives which made leaving the company difficult. She said: "It made me start playing things extremely safe because of how healthcare is done in America and things of that nature.

☆ BMW sales recover in fourth quarter as supply chain issues ease
▼ + stars: | 2023-01-10 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Full-year deliveries were down 4.8%, with Europe and China hardest hit by supply chain troubles that curbed output, particularly in the first half of the year. But sales bounced back in the fourth quarter as the group rejigged supply chains in Europe and lockdowns were lifted in China. Sales of fully electric vehicles also performed well, more than doubling to 215,755 over the year. BMW weathered the early days of the COVID-19 pandemic better than competitors, achieving record sales in 2021. The carmaker now plans to to move to a direct sales model in 24 European markets, with agents acting as sales representatives, it said in Tuesday's trading update.

☆ Norway says fund to reduce Amazon deforestation in Brazil back in business
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

"He has reinstated strategies to make this happen, and appointed ministers with substantial knowledge and expertise in the area," Barth Eide said. In 2008 in an earlier term as president, Lula set up the fund to receive international contributions to Brazil's efforts to stop deforestation. He also signed decrees re-establishing Brazil's strategies to reduce Amazon deforestation, the rate of which surged to a 15-year high under Bolsonaro. Re-establishment of the fund "is globally significant," Barth Eide said. "The Amazon Fund gives the international community a great opportunity to contribute."

☆ Explainer: What the world's nature-rich nations want out of a global conservation deal
▼ + stars: | 2022-12-17 | by ( Gloria Dickie | ) www.reuters.com time to read: +6 min

REUTERS/Nacho Doce/File PhotoMONTREAL, Dec 17 (Reuters) - Tangled expanses of Amazon rainforest, high mountains of the Himalayas, and cloud-shrouded forests are just some of the unique landscapes contained within the world's most nature-rich nations. Governments are trying to work out a new global agreement to guide conservation and wildlife protection through 2030 at a U.N. summit in Montreal this week. Of the nearly 200 countries assembled, five are considered to be among the world's most biodiverse nations — measured in the number of unique species. That's more than a third of all the world’s flowering plants, and more than half of all bird and mammal species on Earth. Here's what some of the world's most nature-rich nations want to happen at the talks.

☆ Wirecard bosses' fraud trial begins after scandal that rocked Germany
▼ + stars: | 2022-12-08 | by ( Jörn Poltz | ) www.reuters.com time to read: +5 min

The trial is taking place in Munich's largest and newest courtroom, a bomb-proof underground hall built in the Stadelheim prison complex. Braun, an Austrian born in Vienna, has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge. [1/8] Wirecard's former CEO Markus Braun looks on at a courtroom as his trial begins, after the German payments company collapsed in the wake of a fraud scandal in 2020, in Munich, Germany, December 8, 2022. The fraud let Wirecard managers siphon money out of the company with no proper checks and balances. "All three defendants worked together to make Wirecard appear as an extremely successful FinTech company," said Anne Leiding, a spokesperson for the prosecutors.

☆ Wirecard ex-boss on trial for fraud in scandal that rocked Germany
▼ + stars: | 2022-12-08 | by ( Jörn Poltz | ) www.reuters.com time to read: +5 min

The trial is taking place in Munich's largest and newest courtroom, a bomb-proof underground hall built in the Stadelheim prison complex. Braun has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge. [1/7] Wirecard's former CEO Markus Braun looks on at a courtroom as his trial begins, after the German payments company collapsed in the wake of a fraud scandal in 2020, in Munich, Germany, December 8, 2022. The fraud let Wirecard managers siphon money out of the company with no proper checks and balances. Scholz also criticised Wirecard's auditor, EY, for failing to detect the fraud.

The Amazon Fund, started under leftist Lula's first administration from 2003-2010, bankrolled conservation projects and counts Norway and Germany as its biggest donors. Right-wing President Jair Bolsonaro froze the fund, citing unspecified spending irregularities among fund-backed projects run by nongovernmental organizations, without providing evidence. The British embassy said its government was studying the invitation to join the Amazon Fund. Izabella Teixeira, Lula's former environment minister and current climate change adviser, told Reuters she had met with Norwegian and German officials on Monday about restarting the fund. Deforestation soared to a 15-year high under Bolsonaro, who called for more farming and mining in the Amazon region.

[1/10] Delegates applaud as COP27 President Sameh Shoukry delivers a statement during the closing plenary at the COP27 climate summit in Red Sea resort of Sharm el-Sheikh, Egypt, November 20, 2022. "We had to fight relentlessly to hold the line of Glasgow," a visibly frustrated Alok Sharma, architect of the Glasgow deal, told the summit. He listed off a number of ambition-boosting measures that were stymied in the negotiations for the final COP27 deal in Egypt: "Emissions peaking before 2025 as the science tells us is necessary? Another section of the COP27 deal dropped the idea of annual target renewal in favour of returning to a longer five-year cycle set out in the Paris pact. "I recognise the progress we made in COP27" with the loss and damage fund, Aminath Shauna told the plenary.

☆ Historic compensation fund approved at U.N. climate talks
▼ + stars: | 2022-11-20 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

The decision establishes a fund for what negotiators call loss and damage. Early Sunday morning, delegates approved the compensation fund but had not dealt with the contentious issues of an overall temperature goal, emissions cutting and the desire to target all fossil fuels for phase down. This year’s talks “were very focused on the fund and less on the mitigation (cutting emissions) part,” Eide added. However, that fight was overshadowed by the historic compensation fund. But like all climate financials, it is one thing to create a fund, it’s another to get money flowing in and out, she said.

[1/5] A general view of the entrance to the Sharm El-Sheikh International Convention Centre grounds, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. Kunal Satyarthi, a negotiator for India, said he thought the loss and damage deal would "certainly" pass, and thanked other countries for their flexibility. Norway's climate minister, Espen Barth Eide, meanwhile, said his country was happy with the agreement to create a loss and damage fund. But the possible breakthrough on loss and damage was significant, and "I don't think that should be lost in the mix," he said. For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

☆ How underground farms grow mushrooms in coffee grounds
▼ + stars: | 2022-11-14 | by ( Dylan Barth | Emily Newman | ) www.businessinsider.com time to read: 1 min

Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app

"Brazil is ready to retake its leadership in the fight against the climate crisis," Lula told a crowd of supporters in Sao Paulo. Silva said that Brazil would demand rich countries provide financing to poor countries to respond to climate change and give compensation for permanent "loss and damage" from climate change. Under Lula, Brazil will also discuss expanding its national targets for cutting climate-related emissions, said Silva, his former environment minister from 2003 to 2008. The firm, with roughly 237 billion euros ($234 billion) in assets under management, only owned about 100 million euros in Brazilian sovereign bonds when the prohibition took effect. Environmental advocates also cheered Lula's proposals for the Amazon, but cautioned that his agenda would face enormous political resistance.

☆ BMW chief warns against setting gas-powered phase-out date
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

BMW CEO Oliver Zipse seen in a file photo at the BMW plant in Munich, Germany, January 20, 2022. Speaking ahead of the announcement of a $1.7 billion electric vehicle (EV) investment in South Carolina, Zipse said in an interview that BMW has not set a date to end production of gas-powered vehicles and cautioned against banning their sale. Rival automaker General Motors (GM.N) has said it plans to end sales of gas-powered passenger vehicles by 2035. President Joe Biden has called for 50% of all new vehicle sales by 2030 to be EVs or plug-in hybrids but has not endorsed a phase-out date. BMW, which expects at least 50% of its sales by 2030 to be zero-emission, says it will more than double EV sales this year.

☆ Junk-Rated Companies Search for the Right Time to Tap Investors
▼ + stars: | 2022-10-16 | by ( Nina Trentmann | ) www.wsj.com time to read: +8 min

While there is limited pressure overall as many businesses refinanced in 2020 and 2021 when funding was cheaper and investor appetite stronger, high-yield companies with immediate financing needs have to find the right time to tap investors, corporate bankers say. Adding loans and revolving-credit facilities, speculative companies have maturities of around $1.47 trillion through 2027, ratings firm Moody’s Investors Service said last week. And the high-yield bond market isn’t closed, it has just become more expensive, bankers said. Movie theater chain AMC Entertainment Holdings Inc. on Friday said that its subsidiary Odeon Finco PLC priced a $400 million bond. Bankers said they have received few calls from triple C-rated companies in recent months looking for maturity extensions.

☆ G7 reaffirms warning against excess FX volatility
▼ + stars: | 2022-10-12 | by ( Leika Kihara | ) www.reuters.com time to read: +1 min

FILE PHOTO: A sign is pictured during the G7 leaders summit at the Bavarian resort of Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, June 27, 2022. REUTERS/Lukas Barth/PoolWASHINGTON (Reuters) -Finance leaders of the Group of Seven advanced economies said on Wednesday they will closely monitor “recent volatility” in markets, and reaffirmed their commitment that excessive exchange-rate moves were undesirable. The G7 finance leaders met on Wednesday on the sidelines of the G20 and International Monetary Fund (IMF) meetings held in Washington this week. Under the commitment agreed on May 2017, the G7 agreed that excess volatility and disorderly currency moves have negative impacts on their economies and financial stability. Japan has been pushing hard to include a warning on recent currency moves in the G7 statement, as it struggles to address the yen’s slide to 24-year lows against the dollar.

☆ Factbox: What is the G7, who are its members, and what does it do?
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

A sign is pictured during the G7 leaders summit at the Bavarian resort of Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, June 27, 2022. The G7 is an informal grouping of wealthy Western nations. Register now for FREE unlimited access to Reuters.com RegisterWHO ARE ITS MEMBERS? The G7 is made up of the United States, Britain, Canada, France, Germany, Italy and Japan. The G7 was founded following the 1973 OPEC oil embargo as a forum for the richest nations to discuss crises affecting the world economy.

☆ Ukraine refugees push German population to all-time high
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

A soldier leads people during the "Schneller Adler" or "Fast Eagle" exercise of evacuation of refugees at an airport in Barth, North Germany May 5, 2022. Germany recorded net immigration of 750,000 people from Ukraine over the same period. In 1992, refugees from the war in former Yugoslavia helped swell the population by 700,000. In 2015, Germany let in almost a million refugees from war in the Middle East. Germany's female population grew by 1.2%, significantly more than its male population, which increased by 0.8%, reflecting the fact that mainly women and children fled the war in Ukraine.

☆ Thematic Markets explains why the U.S. Fed needs to be aggressive
▼ + stars: | 2022-09-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThematic Markets explains why the U.S. Fed needs to be aggressiveMarvin Barth, founder of Thematic Markets, discusses the different things that central banks are reacting to.

☆ BMW CEO warns against electric-only strategy
▼ + stars: | 2022-04-14 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

[1/2] BMW CEO Oliver Zipse speaks during a visit of the German Economic and Climate Protection Minister at the BMW plant in Munich, Germany, January 20, 2022. He has long advocated against all-out bans on combustion engine car sales in the face of rising pressure from regulators on the auto industry to curb its carbon emissions and environmental impact. Offering more fuel-efficient combustion engine cars was key both from a profit perspective and an environmental perspective, Zipse argued, pointing to gaps in charging infrastructure and the high price of electric vehicles. "How much energy you need and use, and circularity, is important - for environmental reasons but even more for economic reasons." Reporting by Doyinsola Oladipo; Writing by Victoria Waldersee; Editing by Christoph Steitz and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

☆ Hat weaving has kept one Ecuadorian village in business for 150 years, but the tradition is now at risk of dying out
▼ + stars: | 2021-01-11 | by ( Dylan Barth | Cristina Muñoz | ) www.businessinsider.com time to read: 1 min

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☆ How one of the last remaining dyehouses in Egypt has kept its ancient tradition alive as competition ramps up
▼ + stars: | 2020-12-18 | by ( Dylan Barth | Hossam Seliem | ) www.businessinsider.com time to read: 1 min

☆ WATCH: Meet the last family practicing this 400-year-old Indian art form
▼ + stars: | 2020-12-02 | by ( Dylan Barth | ) www.businessinsider.com time to read: +3 min

Today, the Khatri family says they are the only artisans left in the world practicing this traditional craft. "The perfect thread out of this color, which can run on cloth, is in the mind of the artist," Khatri told Business Insider. Khatri told Business Insider, "Now we are just waiting and watching to see what will happen next." "I remember at that time I promised him that I'll dedicate my whole life to this art," Khatri told Business Insider. Since then, the Khatri family has brought rogan art to the international level.

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