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☆ US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive'
▼ + stars: | 2023-03-01 | by ( Andrea Shalal | ) www.reuters.com time to read: +1 min

WASHINGTON, March 1 (Reuters) - U.S. President Joe Biden's pick to head the World Bank, ex-Mastercard CEO Ajay Banga, met on Wednesday with executive directors at the bank as he launched a "charm offensive" to win the post, sources familiar with the plans said. Biden last week nominated the 63-year old Indian-born business executive to run the global development bank and jump-start the 77-year-old institution's overhaul to better address climate change. Barring any last-minute challenges, Biden's nomination of Banga, 63, now a U.S. citizen, all but assures he will assume a job that oversees billions of dollars of funding to help developing countries. As the World Bank's largest shareholder with 16.35% of its voting power, the United States wields strong influence over the bank's policies, and the lender's president works closely with the Treasury Department. The World Bank declined to comment on Banga's meetings since the nominating process continues through March 29, and other candidates could still be put forth by other member countries.

☆ UAW leadership faces historic upheaval ahead of union negotiations with Detroit automakers
▼ + stars: | 2023-02-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – As the United Auto Workers prepares for what are expected to be highly contentious negotiations with the Detroit automakers later this year, the union's leadership is undergoing its largest upheaval in decades. The shuffle follows a years-long federal investigation that uncovered systemic corruption involving bribery, embezzlement and other crimes among the top ranks of the organized labor group. A reform group called UAW Members United has successfully campaigned to elect five new representatives to the 14-member board, but not all seats are settled. For investors, UAW negotiations are typically a short-term headwind every four years that result in higher costs. Canadian union Unifor will also be simultaneously negotiating this year with the Detroit automakers, adding even more complexity and competition for investments and jobs.

☆ BTS member j-hope begins process to join South Korea's military
▼ + stars: | 2023-02-27 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

REUTERS/Jeenah MoonSEOUL, Feb 27 (Reuters) - A second member of Korea's BTS - the first K-pop band nominated for a Grammy - has begun the enlistment process for mandatory military service, a management official confirmed on Monday, two months after the group's oldest member began his service. "We would like to inform our fans that j-hope has initiated the military enlistment process," the statement said. "We ask you for your continued love and support for j-hope until he completes his military service and safely returns." All able-bodied South Korean men ages 18-28 must serve in the military for about two years. South Korea's defence minister has said BTS could perform overseas while its members serve.

☆ WPP, Like Ad-Company Rivals, Says It Expects 2023 Growth
▼ + stars: | 2023-02-23 | by ( Megan Graham | ) www.wsj.com time to read: +2 min

WPP PLC is the latest major advertising holding company to say it expects continued growth in 2023 as clients keep spending on its services. PREVIEWWPP said like-for-like revenue less pass-through costs increased 6.9% in 2022 and 6.4% in the fourth quarter. Total revenue in 2022 was £14.4 billion, equivalent to about $17.3 billion, while revenue less pass-through costs was £11.8 billion. Chief Executive Mark Read said that consumers have continued to spend, and clients have continued to invest in their brands. Omnicom Group Inc. and Publicis Groupe SA both said they expect organic revenue growth this year of 3% to 5%.

☆ Here are the top AI stock picks for 2023, according to Futurum Group's Daniel Newman
▼ + stars: | 2023-02-23 | 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 EmailHere are the top AI stock picks for 2023, according to Futurum Group's Daniel NewmanDaniel Newman, Futurum Group CEO, joins 'Squawk Box' to discuss the companies Newman favors in the artificial intelligence space, why Microsoft moved so fast in its AI rollout and the cost of computing power for AI.

☆ My laundry side hustle makes me $30,000 a year and only takes 15 hours a week — here's how I built it as a stay-at-home mom
▼ + stars: | 2023-02-22 | by ( Dorothy Cucci | ) www.businessinsider.com time to read: +5 min

Laurie Fulford is a stay-at-home mom who makes makes extra cash washing people's clothes on SudShare. Fulford signed up for the on-demand laundry service app in 2021 and now makes $30,000 a year. Giving great customer service helped her rise up the ranks and stand out among the competition. This as-told-to essay is based on a conversation with Lori Fulford, a 39-year-old stay-at-home mom and SudShare user in Myrtle Beach, South Carolina. Now, I make $30,000 a year washing other peoples' laundry and have fun doing it.

☆ FDA fines e-cigarette makers for selling products illegally in ‘wakeup call’ to tobacco manufacturers
▼ + stars: | 2023-02-22 | by ( Jen Christensen | ) edition.cnn.com time to read: +3 min

BAM Group LLC, Great American Vapes LLC, The Vapor Corner Inc and 13 Vapor Co LLC did not immediately respond to CNN’s request for comment. “Holding manufacturers accountable for making or selling illegal tobacco products is a top priority for the FDA,” said Dr. Brian King, director of the FDA’s Center for Tobacco Products. “These actions should be a wakeup call that all tobacco product manufacturers – big or small – are required to obey the law,” King said. The agency can seize products, file injunctions to not sell the products, and the companies can face criminal prosecutions. “With these fines, FDA is finally speaking a language these manufacturers understand,” Sward told CNN.

Reuters/Mike SegarFeb 21 (Reuters) - A daughter of Malcolm X, the civil rights activist assassinated 58 years ago to the day on Tuesday, has filed notices that she intends to sue the FBI, the CIA, New York City police and others for his death. Ilyasah Shabazz accused various federal and New York government agencies of fraudulently concealing evidence that they "conspired to and executed their plan to assassinate Malcolm X." "For years, our family has fought for the truth to come to light concerning his murder," Shabazz said at a news conference at the site of her father's assassination, now a memorial to Malcolm X. Malcolm X rose to prominence as the national spokesman of the Nation of Islam, an African-American Muslim group that espoused Black separatism. Soon after, some associates of Malcolm X said they believed various government agencies were aware of the assassination plan and allowed to it happen.

☆ Minority directors reach milestone 20% of Russell 3000 board seats
▼ + stars: | 2023-02-21 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Still, most minority groups hold a smaller share of board seats than their share of the total U.S. population. Often the investors have found receptive audiences, but slow turnover on corporate boards has limited the pace of change, recruiters say. The biggest gain over the four-year period was for Black or African-American directors, who nearly doubled their share of board seats to 8.3% from 4.4% in 2019. They were most represented in the utility sector, with 12% of board seats, and least represented among information technology, energy and healthcare companies, each at 6%. Compared to Hispanics' total share of the U.S. population, their 3.6% share of board seats "isn't anywhere near where it's supposed to be," she said.

☆ Amplats shares fall after power outages dim outlook
▼ + stars: | 2023-02-20 | by ( Nelson Banya | ) www.reuters.com time to read: +3 min

Amplats' shares were down 3.1% by 1130 GMT, having hit their lowest since early October 2020 earlier in the session. Amplats Chief Executive Officer Natascha Viljoen on Monday said South Africa's electricity crisis and the impact of Russia's invasion of Ukraine would lead to a decline in global PGM supply. Rising interest rates and a strong dollar typically result in lower prices for PGM, especially platinum, Amplats said. South Africa, the world's top PGM producer, is experiencing extended electricity cuts as coal-fired generating plants suffer frequent breakdowns, meaning Amplats's refined PGM output could fall by 5% in 2023, Viljoen said. Amplats declared a total dividend of 115 rand per share, down from 300 rand per share last year, returning $1.66 billion to shareholders.

☆ Get paid up to $10,000 to move? That's great for remote workers, but economists say it's not a good investment for the cities footing the bill
▼ + stars: | 2023-02-19 | by ( Robert Davis | ) www.businessinsider.com time to read: +13 min

The more than 2,000 people who received Tulsa Remote grants have a median income of more than $85,000. For starters, he found the income generated by recipients of the Tulsa Remote program was just a sliver of the $80 billion the 468,000-plus workers in the Tulsa metro area generated in 2021. A Brookings Institution analysis of the Tulsa Remote program published in September found that the program was generally effective at bringing high-skilled labor to the area. He compared the impact of the incentive program to the opening of a Honda manufacturing plant in Greensburg in 2007. A previous audit from Hoffer's office in 2019 identified two major flaws in the Think Vermont program.

☆ A 28-year-old Amazon seller who sold $5 million worth of wallets in 12 months shares 4 keys to running a successful e-commerce business
▼ + stars: | 2023-02-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Joe Reeves scaled his Amazon business from $63,000 worth of revenue to over $1 million. Joe Reeves scaled his e-commerce business from $63,000 worth of revenue to over $1 million in a little over a year. While there's no blueprint for success when it comes to making money on Amazon, Reeves shared four keys to his success that anyone can implement. Reeves' wallets are "simple and sleek," he said. In e-commerce, that means having "good branding, good images, and good copy," said Reeves.

☆ Biden and Republican senators join forces in attack on Big Tech at Supreme Court
▼ + stars: | 2023-02-18 | by ( Lawrence Hurley | David Ingram | ) www.cnbc.com time to read: +7 min

A person walks in front of the U.S. Supreme Court building during rainy weather, in Washington, U.S. January 17, 2023. WASHINGTON — President Joe Biden and some of his most prominent Republican adversaries in Congress have become allies, of sorts, in an upcoming Supreme Court showdown between Big Tech and its critics. Biden took a shot at tech companies in his State of the Union address earlier this month, although he did not mention Section 230. "I think this is an opportunity for the Supreme Court to disentangle some of the knots that the courts themselves have woven here into the law," he said in an interview. "The rhetoric is that these are bad powerful tech companies that are harming ordinary people and causing a lot of harm and injustice," Rathi said.

In this article LUV Follow your favorite stocks CREATE FREE ACCOUNTGenaro Molina | Los Angeles Times | Getty ImagesWill the majority of travelers forgive Southwest Airlines and start buying tickets on the major U.S. air carrier again? Southwest Airlines accepted the blame for its technological meltdown during the holidays, and it has committed over $1 billion to fixing it. He pointed to $29 fare sales, "something I haven't seen Southwest offer in a long time," he said. The Southwest spokeswoman said the airline has a long history of innovation and pioneering technology in the airline industry. BALTIMORE, MD - DEC 27: Hundreds of passengers wait in line to handle their baggage claim issues with Southwest Airlines at Baltimore/Washington International Thurgood Marshall Airport in Baltimore, Maryland on December 27, 2022.

☆ Companies Are Slow to Adopt Robot-Operated ‘Dark’ Warehouses
▼ + stars: | 2023-02-17 | by ( Liz Young | ) www.wsj.com time to read: +5 min

More companies are exploring ways to staff warehouses with robots but may have to wait a few years for the technology to catch up. It makes the automation much easier to justify,” said Sean Wallingford, president and chief executive of the Americas region for warehouse technology company Swisslog Holding AG. A robotic arm picks and packs orders at online pharmacy company Apo.com’s automated warehouse in the Netherlands. Photo: RIGHTHAND ROBOTICSAbout 20% of warehouses in 2022 used some form of robotics, up from 15% in 2018, according to research firm Interact Analysis. Mr. Jensen said the company made changes after the first fire in 2019, limiting damage from later fires.

☆ Fashion Faces Recycling Fees Similar to Other Industries
▼ + stars: | 2023-02-16 | by ( Dieter Holger | ) www.wsj.com time to read: +7 min

Electronics and packaging companies have banded together to help pay for recycling programs under government rules. EPR programs charge producers tiny fees—often a fraction of a penny—on individual items to fund waste collection and recycling. The fees from the relevant products, such as packaging, electronics or clothing, then fund recycling, including infrastructure, collection, sorting and public communications. Recycling successEPR programs can significantly boost recycling rates, according to a study published this month from the Recycling Partnership, a nonprofit group. It is expanding its textile recycling beyond its customer network, which includes Levi Strauss & Co. and VF Corp. -owned The North Face.

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Northvolt's stock market debut would come in an IPO market that has gradually recovered from a major slump in 2022, which was driven by stock market volatility and fears of an economic slowdown. Northvolt has so far raised billions in debt to fund its factory investments, including a $1.1 billion raise last year in convertible notes. Northvolt has used the money from convertible bonds to increase liquidity and ramp up production at its gigafactory in Skelleftea, Sweden. Northvolt has raised about $8 billion in debt and equity to date from a wide range of investors, including Baillie Gifford and Folksam Group. (This story has been corrected to say that Northvolt 'has used the money from convertible bonds', not 'has refinanced its convertible bonds', in paragraph 7)Reporting by Anirban Sen in New York and Supantha Mukherjee in Stockholm; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Feb 16 (Reuters) - Two U.S. lawmakers have sent letters to the country's top egg companies seeking answers for why egg prices have ballooned to record highs in recent months, according to copies of the letters seen by Reuters. The letters were sent Thursday morning to the CEOs of Cal-Maine Foods (CALM.O), Hillandale Farms, Rose Acre Farms, Daybreak Foods, and Versova Management. But a farm group recently asked federal regulators to investigate whether egg companies were price gouging. The lawmakers said the spike in prices raises concerns about anti-competitive conduct and requested information on executive compensation, profit margins, avian flu impacts, and whether companies have communicated with one another about egg prices. The lawmakers requested responses by March 1.

☆ Hong Kong: National security warning now a part of land sales
▼ + stars: | 2023-02-15 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Hong Kong real estate is the most expensive in the world, but it wasn’t eye watering prices that took investors by surprise this week. Hong Kong authorities have repeatedly claimed the law has restored order and stability after the city’s 2019 anti-government, pro-democracy protests. Lee said the legal provision is “an obvious thing” for Hong Kong to add to safeguard national security. “Safeguarding national security is the shared responsibility of the entire Hong Kong society,” it said. Developers and investors bidding on land sales are not normally involved in activities that violate the national security law, she said.

☆ A 28-year-old sold over $5 million worth of wallets on Amazon in the last 12 months. He shares the first steps he took and how he went from breaking even to profiting over $100,000 per month.
▼ + stars: | 2023-02-15 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +12 min

Joe Reeves started selling men's wallets on Amazon in 2021 as a way to make some extra side money. In August 2021, Reeves started selling men's wallets on Amazon. Reeves started his e-commerce business shortly after his son was born as a way to supplement his day job income. If you want to sell on Amazon, go into the process knowing that "it's not going to be cheap," he advised. "The more money you're willing to spend on it, the faster it'll blow up."

☆ Shut out from their top destinations, Chinese travelers are turning to other places
▼ + stars: | 2023-02-14 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +5 min

Chinese travelers favored Southeast Asia for trips during the Lunar New Year holidays, which ended in early February, according to Trip.com Group's Chinese language booking website, Ctrip. Overseas hotel bookings by mainland Chinese travelers quadrupled from last year too, Ctrip said. He said of the 30 million tourists Thailand is expecting this year, 12 million to 15 million may come from China. South Korea announced last week it would resume issuing short-term visas to Chinese travelers, according to Reuters. Visas aside, Chinese travelers are also worried about getting sick, said Lee.

☆ Investors turn picky in Asia after easy wins from China’s reopening
▼ + stars: | 2023-02-09 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

Herald van der Linde, HSBC's head of equity strategy for Asia Pacific, points out that travel and gaming stocks have already benefited. That has led investors to hunt for sectors and companies with depressed valuations outside China. Reuters GraphicsMSCI China Vs MSCI Asean vs MSCI Asia excluding JapanGLOBAL PUSH OR CHINA PULL? After a torrid 2022, investors have been betting that a swift recovery in China's economy will somewhat cushion the impact of a global slowdown and possible recession. "China and its reopening trade, on the other hand, are in early stages and may be the additional tailwind for Asian equities later this year."

☆ Globus Medical's $3 bln deal for NuVasive to fortify spinal business spooks investors
▼ + stars: | 2023-02-09 | by ( Raghav Mahobe | ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Globus Medical Inc (GMED.N) said on Thursday it would acquire peer NuVasive Inc (NUVA.O) in an all-stock deal valued at about $3 billion to build scale in the competitive market for spinal devices. NuVasive shareholders will receive 0.75 of Globus shares, implying a per-share offer of $57.72 and a premium of about 26% to Wednesday's close. Shares of Globus Medical fell more than 17%, with analysts raising concerns around deals in spinal device space. "We both have very rich product portfolios to still develop," said Globus Medical Chief Executive Officer Daniel Scavilla. NuVasive shareholders will own about 28% of the combined company, while Globus shareholders will own the rest.

☆ IPG Posts 3.8% Organic-Revenue Growth, Flags Tech-Sector Challenges
▼ + stars: | 2023-02-09 | by ( Megan Graham | ) www.wsj.com time to read: +3 min

Interpublic Group of Cos. reported organic-net-revenue growth of 3.8% for the fourth quarter, saying that growth continued—albeit at a slower pace—despite a more cautious marketing and media environment due to macroeconomic and geopolitical factors worldwide. Net revenue in the fourth quarter of 2022 was $2.55 billion, relatively flat when compared with the fourth quarter of 2021. For all of 2022, IPG reported organic-net-revenue growth of 7%. “As expected, growth slowed in the fourth quarter, consistent with global macroeconomic and geopolitical crosswinds which we are all aware of,” Chief Executive Philippe Krakowsky said on the company’s earnings call Thursday. Earlier this week, IPG competitor Omnicom Group Inc. reported organic-revenue growth of 7.2% for the fourth quarter.

☆ Here are Credit Suisse's favorite stocks for February
▼ + stars: | 2023-02-09 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Credit Suisse refreshed its "top of the crop" stock picks for February, as the market tries to build on its strong start to the year. Despite the uncertain market backdrop, Credit Suisse highlighted several stocks it thinks can outperform going forward. Credit Suisse has a price target of $27 per share, implying upside of 18.2%. Credit Suisse also sees strong gains for software stock ServiceNow, with the bank's price target of $575 implying upside of more than 20%. Credit Suisse set its target price for shares at $830, implying a 15.2% upside from Tuesday's close.

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