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He has encouraged the team to make a concerted effort to host his events at smaller, less costly venues, according to conversations with multiple Trump advisers. Mismatched and functional is the decor of the Trump campaigns’ offices,” a senior Trump adviser told CNN. And those figures don’t even include his mounting legal bills as he faces 91 charges in four criminal indictments. This fund, which reported raising $1.5 million through the end of last year, will continue to be utilized, Trump’s advisers say. One RNC member recently authored a resolution that seeks to ban the RNC from paying Trump’s legal bills.

Persons: Donald Trump, Joe Biden, Susie Wiles, Uber, Susie, Wiles, Chris LaCivita, ” LaCivita, you’re, Trump, that’s, ”, “, Jean Carroll, CNN Trump, Trump’s, —, Michael Whatley, Lara Trump, Brian Snyder, Reuters LaCivita Organizations: CNN, Trump, Save America PAC, Make, Inc, White, Save America, Republican, GOP, Biden, Democratic National Committee, Republican National Committee, America, Patriot Legal Defense, RNC, North Carolina, Reuters Locations: New York, York, Manhattan, America, —, Durham , New Hampshire

☆ Why Republicans are fighting the basic-income programs many cities and states are adopting: 'Is money a birthright now?'
▼ + stars: | 2024-03-03 | by ( Noah Sheidlower | Allie Kelly | ) www.businessinsider.com time to read: +9 min

Read previewAs guaranteed basic-income programs get more popular, opposition is also on the rise. Several lawmakers, like Arizona's Gillette, believe that income programs would discourage work and could raise taxes. A recently introduced bill in South Dakota would ban basic-income programs at the state level and prevent municipal governments from creating local programs. AdvertisementDespite opposition, basic-income program participants have seen benefitsPilot income programs have remained divisive with policymakers, but several major cities have seen positive results. In 2020, former Twitter CEO Jack Dorsey pledged $15 million to Mayors for a Guaranteed Income, which helped 25 cities and towns nationwide begin basic-income programs.

Persons: —, Dia Broncucia, Justin Searls, John Gillette, Gillette, Arizona's Gillette, Lupe Diaz, Steve Holt, Skyler Wheeler, Sen, John Wiik, Paul Bettencourt, Bettencourt, Harris, I've, Ivanna Neri, Neri, UpTogether, Tony Evers, Austin, Stephanie Hendon, Louis, Jack Dorsey, Mark, Anthony Middleton Organizations: Service, Business, Income, Austin, BI, Republican, Republicans, GOP, Social Security, Iowa GOP, Houston Public Media, Gov, Madison Forward Fund, Madison Locations: Denver, Arizona, Arizona , Iowa, South Dakota , Texas, Wisconsin, Phoenix, Iowa, South Dakota, Texas, Houston, UpTogether, Harris, Madison, Minneapolis , Northern Virginia, Boston, St, Oregon, Durham

☆ Austin gave low-income residents $1,000 a month with no strings attached. One participant said the payments helped her get her first permanent apartment.
▼ + stars: | 2024-02-24 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

The program provides $1,000 monthly to low-income families, who spent much of their payments on housing. She applied for the Austin Guaranteed Income Pilot, which gave 135 low-income families $1,000 monthly with funding from the City of Austin and philanthropic donations. An analysis by the Urban Institute think tank found that participants predominantly spent their $1,000 payments on housing and food. Still, the Austin pilot — and dozens of others nationwide — have not been entirely successful for every participant. I'm working, and when I got down here, I landed a job within a month," Hendon said.

Persons: Stephanie Hendon, —, Austin, Jessica Nairns, Ivanna Neri, Hendon, bachelor's, Stephanie Hendon Stephanie Hendon, We're, didn't, I'm Organizations: Austin, Service, Urban Institute, Hendon Locations: Austin, City of Austin, Texas, Austin's, UpTogether, Detroit, Hendon, Michigan

☆ The new FAFSA rollout has faced several obstacles and delays—what students and families can do
▼ + stars: | 2024-02-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Since its rollout at the end of December, the 2024-25 Free Application for Federal Student Aid has run into a number of speed bumps. All of which has culminated in delayed financial aid packages for current and incoming college students. To help alleviate some of the issues, ED announced this week it will deploy a "FAFSA College Support Strategy." The department will send resources, including funding and personnel, to college campuses to support financial aid administrators processing incoming FAFSA forms. "Students and families should keep in mind that, although the current circumstances are certainly stressful, everyone applying for financial aid is in the same situation."

Persons: they're, they'll, Jill Desjean Organizations: Federal, Aid, Department of Education, The Department, National Association of Student Financial, CNBC

He replaced Yi Huiman, who presided over months of turmoil as share markets slumped, losing trillions of dollars of value. Earlier this week, the CSRC said that it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. A state investment fund pledged to step up buying of exchange-traded funds and regulators also imposed limits on short-selling. Prolonged weakness in the property market and share prices has dented consumer confidence, hindering that transition. Given the selloff in the stock market, “many could be tempted to take their loss and walk away in the slightest recovery.

Persons: Wu Qing, Yi Huiman, Swissquote, Wu, “, Xi Jinping, ” Ozkardeskaya Organizations: Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency, Investors, ”, Authorities Locations: BANGKOK, Wu, China, Shanghai, Shenzhen, Beijing

☆ Disney is set to report earnings after the bell. Here's what to expect
▼ + stars: | 2024-02-07 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

LOS ANGELES — The Walt Disney Company will report fiscal first-quarter results after the bell Wednesday as its board battles again with activist investor Nelson Peltz and Blackwells Capital. The media behemoth will also post earnings a day after it announced its sports network ESPN would partner with Fox and Warner Bros. Disney stock has climbed nearly 9% this year. Entertainment contains all of Disney's streaming and media operations, sports includes ESPN and experiences includes the company's theme parks, hotels, cruise line and merchandising efforts. Tune in: CNBC's Julia Boorstin is set to interview Disney CEO Bob Iger at 4:05 p.m.

Persons: Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Julia Boorstin Organizations: ANGELES, Walt Disney Company, Blackwells, ESPN, Fox, Warner Bros, Netflix, Disney, Star, Entertainment

BEIJING (AP) — China replaced the head of its market watchdog Wednesday in an apparent attempt to restore confidence in financial markets following a prolonged downturn. Official media said Wu Qing, a former chairman of the Shanghai Stock Exchange, would replace Yi Huiman as chairman and Communist Party chief of the China Securities Regulatory Commission. Chinese stocks have been trading near 5-year lows despite various measures to stabilize the markets. Earlier this week, the CSRC said it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. The appointment came during a week that has seen wild swings in share prices and despair among investors who have seen their investments evaporate.

Persons: Wu Qing, Yi Huiman, Wu, “, Butcher ”, Swissquote, ” Ozkardeskaya, Yi, monthslong Organizations: BEIJING, Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency Locations: China, Shanghai, Shenzhen, Beijing

☆ Loud budgeting is in, quiet luxury is out. Meet the TikToker who started the financial trend
▼ + stars: | 2024-02-05 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

“Loud budgeting is a new concept I am announcing for 2024, it’s the opposite of quiet luxury,” he said in the TikTok post, posted on December 29. In this screen grab taken from a viral video by Lukas Battle, the comedian talks about the 'loud budgeting,' trend, versus 'quiet luxury.' In an online world where luxury and opulence are constantly on display — and unattainable for most people — “loud budgeting” makes being on a budget cool and acceptable. It’s the inverse of “quiet luxury,” which flourished on social media last year and promoted not flaunting your wealth or being understated about it. But loud budgeting could be a reckoning for brands who have found success in social media marketing.

Persons: Lukas Battle, Lukas, It’s, ”, they’re, Vivian Tu, Rich, ” Tu, Giovanna Gonzalez, “, Gonzalez, “ I’m, Michael Hershfield, Tu, it’s Organizations: New, New York CNN, CNN, TIAA Institute, Wall, P Global Market Intelligence, “ Locations: New York, Cabo, “

☆ French Farmers’ Unions Urge End to Roadblocks Amid Government Proposals
▼ + stars: | 2024-02-01 | by ( Aurelien Breeden | ) www.nytimes.com time to read: +1 min

France’s main farmer’s unions called on Thursday for an end to roadblocks across the country after expressing cautious satisfaction with a flurry of new government announcements to appease them, in the first sign of a possible reprieve after more than a week of protests disrupted traffic nationwide. It was not immediately clear whether the approximately 10,000 farmers at the 100 or so barricades would heed the union leaders’ call and go home after days of blocking key roads with tractors and bales of hay, including in Paris, to express a wide range of deeply rooted grievances. The unions said that they would monitor closely the government’s promises of new financial aid and a loosening of regulations in the run-up to a major farming trade fair scheduled for this month in Paris. “The action is not ending,” Arnaud Rousseau, president of the National Federation of Farmers’ Unions (the FNSEA), France’s largest and most powerful farmers’ union, said at a news conference in Paris. “It is transforming.”

Persons: ’, “, ” Arnaud Rousseau, ” Organizations: National Federation of Farmers ’ Unions Locations: Paris, “

These days, however, conspiracy theories and those who believe them seem to be playing an outsize role in politics and culture. On the left, Robert F. Kennedy Jr. has exploited conspiracy theories about vaccines to wage his own campaign for the presidency this year. The Associated Press has examined the history of conspiracy theories in the United States. “I was suicidal before I got into conspiracy theories,” said Antonio Perez, a Hawaii man who became obsessed with Sept. 11 conspiracy theories and QAnon until he decided that they were interfering with his life. Russia, China, Iran and other U.S. adversaries have worked to amplify conspiracy theories as a way to destabilize democracy further.

Persons: Robert F, Kennedy Jr, ”, John Llewellyn, Melissa Sell, Antonio Perez, “, I’ve, they've, —, Nash, peddlers, Trump, Timothy Caulfield Organizations: Associated Press, Illuminati, Wake Forest University, AP, Sandy, Elementary, Capitol, Business, U.S, University of Alberta Locations: United States, Pennsylvania, Connecticut, Hawaii, U.S, Russia, China, Iran

☆ Ceezer just raised $11 million to bring transparency to carbon credits. Check out 12-slide pitch deck it used to secure the funds.
▼ + stars: | 2024-01-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewGerman startup Ceezer, which helps companies plan, buy, and manage their carbon credit portfolio, has just raised 10.3 million euros, around $11.2 million, in Series A funding. Carbon credit marketplaces and accounting tools boomed in 2021 as large companies rushed to understand and offset their emissions. They were all vying for a slice of the projected $250 billion voluntary carbon market by 2050 , where private companies buy and sell carbon credits. Carbon credits are typically bought after achieving their stated impact, but this requires project developers to have cash upfront to get started, Drewelies said. AdvertisementThe fresh funding, led by HV Capital, will be used to launch new financial products so that project developers can unlock pre-financing.

Persons: —, Magnus Drewelies, Drewelies, Ceezer Organizations: Service, Business, Siemens, HV Capital, Norrsken, Picus, Partners Locations: Berlin, New York

☆ Chipotle wants to hire 19,000 workers for busy spring season, will offer new financial perks
▼ + stars: | 2024-01-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

A "Now Hiring" sign is displayed in front of a Chipotle restaurant on October 07, 2022 in Washington, DC. Hundreds of thousands of restaurant jobs disappeared as bars and eateries shuttered, either temporarily or permanently. But even before Covid, restaurants struggled to hire and retain younger workers, who often seek internships instead. Chipotle on Wednesday also touted new benefits that aim to help those younger workers tackle financial challenges. Additionally, Chipotle workers can also sign up for a Credi.ai debit card, which builds credit without fees or interest.

Persons: Chipotle Organizations: Industry, of Labor Locations: Washington ,, Covid

☆ Chipotle is going after Gen Z workers with new perks like help with paying off student debt
▼ + stars: | 2024-01-24 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

Read previewChipotle is boosting its worker benefits to attract Gen Z workers as the chain seeks 19,000 new hires in the coming months. One carrot they're dangling before Gen Z applicants is a new perk that will help workers save for retirement while also paying off student loans. Private and federal loans are eligible for the student loan match, Chipotle said. Advertisement"If the employee is paying at least 5% of their salary toward the student loan, Chipotle will match 4% into their 401(k)," Chipotle told BI. The new 401(k) match incentive program is one of four new benefits introduced this week by the chain to help its Gen Z workforce.

Persons: —, Chipotle, Forbes, it's Organizations: Service, Business, Employees

☆ Use this tool to better prioritize your happiness, expert says: 'Think about time strategically'
▼ + stars: | 2024-01-23 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +1 min

The first step of building a new financial budget is usually taking a detailed account of what you are spending. Recording where resources are being allocated is key to understanding what exactly you need to shift about your habits. The same can be said if you want to change how you prioritize your time as it pertains to personal goals, says Rainer Strack, senior partner emeritus at Boston Consulting Group. "Time is the only asset that we can't multiply," Strack tells CNBC Make It. It's a scarce resource, and therefore, you have to understand what you want to do with this kind of resource, concretely."

Persons: Rainer Strack, Susanne Dyrchs, Allison Bailey Organizations: Boston Consulting Group, CNBC

☆ Everton Faces Second Points Penalty in New Financial Case
▼ + stars: | 2024-01-15 | by ( Tariq Panja | ) www.nytimes.com time to read: 1 min

Everton, which tumbled down the Premier League standings after receiving a record 10-point deduction in November, faces the prospect of a second points penalty for new violations of the competition’s financial regulations. Everton confirmed the new case in a statement on Monday, as did a second team, Nottingham Forest, that was charged with its own violations of the league’s so-called profit and sustainability regulations. The rules were drawn up to keep teams from overspending and risking their financial futures to maintain their places in the Premier League, one of the world’s richest domestic sporting competitions. The Premier League said the cases would be heard by separate, closed-door commissions operating independent of the league. Those commissions, it said, would determine any penalties, which could include fines, points deductions or other restrictions.

Organizations: Everton, Premier League, Nottingham Forest

☆ 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

In this year's gleaming host city of Dubai, billboards advertise the benefits of wind energy, climate ambition and Exxon Mobil's (XOM.N) carbon capture projects. This is seen by some as a sign of success and by others as a dangerous distraction from the business of combating climate change as over nearly three decades global oil demand, carbon emissions and temperatures have marched steadily upward. "It's a lobby fest where polluters can schmooze with politicians, all under the guise of tackling climate change," Pascoe Sabido, a researcher at the Corporate Europe Observatory, which scrutinizes corporate influence on policy-making, said. Delegates walk at the Dubai's Expo City during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 4, 2023. For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Exxon Mobil's, Pascoe Sabido, Alden Meyer, Meyer, Lisa Jacobson, Jacobson, Thaier, We're, –, Daniel Lund, Joko Widodo, COP28, Jake Schmidt, Darren Woods, General Antonio Guterres, Al Gore, Valerie Volcovici, Katy Daigle, Kate Abnett, Sarah McFarlane, Bernadette Christina, Richard Valdmanis, Alexander Smith Organizations: Exxon, Corporate, Observatory, United Nations, Business Council, Sustainable Energy, Global Strategic Communications Council, Change, United Arab Emirates, REUTERS, Natural Resources Defense, Exxon Mobil, Drillers, U.S, Reuters, Thomson Locations: DUBAI, Dubai, Berlin, The Hague, COP28, United Arab, Fiji, Indonesia, China, UAE

☆ UK's Petrofac looking to sell some assets; warns on cash flow
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

Dec 4 (Reuters) - Oilfield services firm Petrofac Ltd (PFC.L) said on Monday it was in discussions over the sale of its non-core assets and that it will no longer be able to meet its full-year guidance of "broadly neutral free cash flow" due to payment delays. "While the group has made progress in reaching contractual settlements and unwinding working capital, given delays in securing advance payment guarantees, it no longer expects to receive these advances before the year-end," Petrofac said in a statement. The company added it is exploring potential new financial options across all its classes of capital, and is actively engaged in discussions with investors to take a non-controlling position in certain other components of its business portfolio. Last week, shares in London-listed Petrofac dropped to a record low as analysts flagged concerns over its balance sheet due to payment delays. Reporting by Eva Mathews in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Petrofac, Eva Mathews, Nivedita Organizations: Petrofac, Thomson Locations: London, Bengaluru

☆ Swiss Re targets higher 2024 net income of $3.6 bln
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann/File Photo Acquire Licensing RightsZURICH, Dec 1 (Reuters) - Swiss Re (SRENH.S) expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day. The world's second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023. The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024. "Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today."

Persons: Arnd, Christian Mumenthaler, John Revill, Rachel More Organizations: Swiss, REUTERS, Rights, IFRS, Thomson Locations: Zurich, Switzerland, Swiss

☆ Emirati Fund to Invest Billions in U.S. Firms for Climate Projects
▼ + stars: | 2023-11-30 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: 1 min

An Emirati financial firm is planning to invest at least $30 billion in a new climate fund in partnership with some of the biggest names in North American finance, according to three people familiar with the plans. The move comes as the United Arab Emirates, this year’s host of the annual United Nations climate talks that opened in Dubai on Thursday, is under pressure to prove it is committed to tackling global warming despite the fact that its economy is based on oil production. Lunate Capital, a new financial firm overseen by the Abu Dhabi royal family, launched just months ago with at least $50 billion in assets. On Friday, Lunate is expected to announce it will set up the new climate fund with a handful of prominent asset managers including TPG, BlackRock and Brookfield Asset Management, the three people said.

Persons: Abu, Lunate Organizations: United Arab, United Nations, Lunate, TPG, Brookfield Asset Management Locations: American, United Arab Emirates, United, Dubai, Abu Dhabi, BlackRock

You can keep your Apple Savings Account until we know what happens next or switch to another high-yield savings account. How the end of this partnership impacts Apple Savings Account usersIf Apple and Goldman Sachs part ways, Apple would need to partner with a new financial institution to continue to offer the Apple Savings Account. You might prefer an alternative high-yield savings account if you need to take money out of your savings account often. The Apple Savings Account only lets you transfer money through Apple Cash or an external bank account, which could take a few business days. The best high-yield savings accounts pay significantly more than standard savings accounts, and some pay more than the Apple Savings Account.

Persons: Apple, Goldman Sachs, Apple Cash Organizations: Apple, Wall Street, Apple Savings

☆ CNBC Daily Open: AI schadenfreude is real
▼ + stars: | 2023-11-29 | by ( Clement Tan | ) www.cnbc.com time to read: +3 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. Munger's family said he died peacefully Tuesday morning at a California hospital, according to a press release from Berkshire Hathaway. Bob the builderDisney Chief Executive Officer Bob Iger told employees Tuesday during an internal town hall that he was looking forward to "building again" after spending 2023 mending parts of the business that "needed attention." [PRO] Defense winnersMany countries have beefed up their defense budgets as geopolitical threats mount in the Asia-Pacific region and elsewhere in the world.

Persons: China's CSI300, Korea's KOSPI, Munger, Charlie Munger, Warren Buffett's, Munger's, Berkshire Hathaway, Buffett, Bob, Bob Iger, Iger, Goldman, Apple, Goldman Sachs, CNBC's Leslie Picker, AllianceBernstein Organizations: CNBC, Hong, Nikkei, Federal Reserve, Berkshire Hathaway, Berkshire, Disney, ESPN, Apple Locations: Frankfurt, Germany, Hong Kong, Asia, Pacific, California

☆ Apple is trying to unwind its Goldman Sachs credit card partnership
▼ + stars: | 2023-11-28 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

It would also mean that Apple would need to find a new financial partner for its popular credit card, Apple Card, and its high-yield savings accounts under the Apple brand. While Apple offers both its credit card and savings account through the wallet app on iPhones, the banking backend is handled by Goldman Sachs. When Apple first launched the Apple Card in 2019, Goldman Sachs CEO David Solomon was in attendance at a glitzy Apple launch event at its California campus. But the partnership has been rocky in recent years as Goldman Sachs, under CEO David Solomon, has retreated from its previous consumer banking ambitions as costs stacked up. Earlier this year, Goldman Sachs said that it would "consider strategic alternatives" for its consumer banking business.

Persons: David Solomon, Goldman Sachs, The Beverly Hilton, CNBC's Leslie Picker, Goldman, It's, Apple, Steve Kovach Organizations: Milken Institute Global, The Beverly, The Beverly Hilton Hotel, Apple, CNBC, Wall Street Locations: Beverly Hills , California, California

☆ Britain's Hunt broadens push to unlock pension pots for growth
▼ + stars: | 2023-11-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

By 2030, the majority of workplace DC savers will have their pension pots managed in schemes of over 30 billion pounds, and by 2040, all local government pension funds will be invested in pools of 200 billion pounds or more," Hunt told parliament. Hunt said such changes could help unlock an extra 75 billion pounds ($93.46 billion) of financing for high growth companies by 2030, and improve returns for pensioners. The British Business Bank will set up a new growth fund for schemes to invest in growth companies, and there will be a consultation on giving the Pension Protection Fund a new role to help consolidate direct benefit schemes, he said. The government also wants to allow certain portions of shares - fractional shares - within ISAs. ($1 = 0.8025 pounds)Reporting by Huw Jones Editing by Frances Kerry and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt, Hannah McKay, Hunt, PIMFA, William Wright, Huw Jones, Frances Kerry, Bernadette Baum Organizations: REUTERS, British, London Stock Exchange's, Aquis Exchange, DC, British Business Bank, Local, ISA, Labour Party, Labour, New, Thomson Locations: London, Britain, New York, ISAs

☆ What do we know about China's new financial watchdog?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.

Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln

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