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☆ Without climate change, these extreme weather events would not have happened
▼ + stars: | 2023-06-15 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +13 min

People often want to know if an extreme weather event happened because of climate change, said Friederike Otto, climate scientist and co-lead of the World Weather Attribution initiative. And, more often than not, they are finding the clear fingerprints of climate change on extreme weather events. “We’re always going to have extreme weather, but if we keep driving in this direction, we’re gonna have a lot of extreme weather,” said Ted Scambos, a glaciologist at the University of Colorado-Boulder. Alexander Nemenov/AFP/Getty ImagesSiberian heat wave, 2020In 2020, a prolonged, unprecedented heat wave seared one of the coldest places on Earth, triggering widespread wildfires. A study from the journal Nature Climate Change found the period from 2000 to 2021 was the driest the West has ever been in 1,200 years, noting human-caused climate change made the megadrought 72% worse.

Persons: Friederike Otto, Otto, We’re, we’re, ”, Ted Scambos, Alexander Nemenov, Andrew Ciavarella, Kathryn Elsesser, San Salvador de la, Aitor De Iturria, ” Otto, Mamunur Rahman Malik, “, Fadel Senna, Debarchan Chatterjee, Saeed Khan, koalas, David Paul Morris, Lake Powell, Hurricane Ian, Ricardo Arduengo, Ian, Lawrence, Abdul Majeed, António Guterres Organizations: CNN, University of Colorado -, Getty, UK’s Met, Oregon Convention, Northern, World Health Organization, South Asia, Bloomberg, Western, Stony Brook University, Lawrence Berkeley National Laboratory ., UN Locations: University of Colorado - Boulder, Siberia, AFP, Oregon, Portland, Pacific, . Oregon, Washington, Canada, British Columbia, Canadian, Lytton, San Salvador de, Cercs, Catalonia, Spain, North America, Europe, China, Dahably, Wajir County, Kenya, Africa, Horn of Africa, Somalia, Ethiopia, Masseoud, Morocco, Portugal, Algeria, Kolkata, India, South Asia, South, Vietnam, Myanmar, Laos, Bangladesh, Thailand, New South Wales, Australia, Oroville, Oroville , California, States, California, Lake Oroville, Lake Mead, Lake, Nevada, Arizona, Mexico, Hurricane, Matlacha , Florida, Caribbean, Florida, Swat, Bahrain, Khyber Pakhtunkhwa, Pakistan, Sindh, Balochistan

☆ These ETFs could be winners if the Federal Reserve skips a rate hike
▼ + stars: | 2023-06-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

But for investors worried that more Fed rate hikes in the coming months could tip the economy into recession, fixed income might be a more attractive bet. "Municipal bond issuers appear well poised to weather a possible recession in 2023/24. Bank of America has the equivalent of a buy rating on several municipal bond ETFs, including JPMorgan Ultra-Short Municipal Income ETF (JMST) and the iShares National Muni Bond ETF (MUB) . Some large funds that could fit that description include the iShares 3-7 Year Treasury Bond ETF (IEI) , the Schwab Intermediate-Term US Treasury ETF (SCHR) and the Vanguard Intermediate-Term Corporate Bond ETF (VCIT). The actively managed Flexible Income ETF (BINC) launched in May and has about $76 million in assets so far, according to FactSet.

Persons: Michelle Cluver, Andrew Slimmon, Slimmon, Russell, Jared Woodard, Woodard, Cluver, Rick Rieder Organizations: Federal, Global, Morgan Stanley Investment Management, RSP, Nasdaq, Bank of America, JPMorgan Ultra, Muni Bond ETF, Treasury Bond ETF, Treasury, BlackRock

[1/4] A Palestinian rides a cart drawn by a horse wearing a diaper, to keep the Gaza streets clean, in Deir Al-Balah, central Gaza Strip June 5, 2023. REUTERS/Ibraheem Abu MustafaGAZA, June 13 (Reuters) - On the crowded streets of Gaza, horse-drawn carts continue to carry goods and agricultural produce, providing a vital service but creating a sanitary problem that one group wants to solve with diaper-style bags to keep the roads clear of manure. As well as the smell and flies they attracts, piles of manure are an unsightly blight, said municipal sanitary worker Saher Khattab, who drives a horse-drawn cart to collect garbage. "We are keen to preserve a clean environment, keep our streets clean, and maintain a civilized situation," said Anwar Al-Ghawash, one of a group of activists promoting the initiative in Deir Al-Balah town in the southern Gaza Strip. Reporting by Nidal AlmughrabiOur Standards: The Thomson Reuters Trust Principles.

Persons: Abu, Saher Khattab, Anwar Al, Nidal Organizations: REUTERS, Thomson Locations: Palestinian, Gaza, Deir Al, Abu Mustafa GAZA, Balah

☆ The scarcity of water is emerging as a global economic threat. With China and India looking the most at risk
▼ + stars: | 2023-06-13 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +6 min

Ghosh warned that water scarcity must not be viewed as a sectoral issue, but one that "transcends the entire economy." Asian economies "must understand that it is a regional common good and it is in their own interest to mitigate the risks that come their way in order to prevent the economic shocks that severe water scarcity will impose," he said. India, now the world's most populous nation, will be the hardest hit from water scarcity. "Water scarcity is not particularly problematic to these industries because a lot of the water can be recycled. The Gezhouba dam water conservancy project of the Yangtze River after heavy rain in Yichang, Hubei Province, China.

Persons: Ritesh Shukla, Arunabha Ghosh, It's, Ghosh, Shanshan Wang, Wang, Wayne Middleton, Arup Organizations: Getty, Council, Energy, CNBC, World Bank, Lowy Institute, Arup, Visual China, Getty Images, Water, Future Publishing Locations: Peth, India, China, Asia, Philippines, Singapore, Kunming, Yunnan Province, Getty Images India, Taiwan, Yichang, Hubei Province

☆ The year is half over. Here are three considerations to make sure your portfolio is on track
▼ + stars: | 2023-06-13 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Rebalance your portfolio Tech's remarkable bounce in 2023 could result in a significant portfolio tilt toward that sector — and an overconcentration that could hurt in the event there's a downturn. That means it's time to trim down a few of those oversized positions and make sure your asset allocation is properly reflecting your goals. Check in with cash Cash is another asset that requires your attention, especially in an era when investors have a host of options of where keep those funds. Cash you don't need for many years can go right back into your stock portfolio so you can keep ahead of inflation, Pearce said. "Make sure you have an appropriate amount of cash, and make sure you're not sitting on an enormous pile of cash that's doing nothing," he added.

Persons: Jorrell Bland, Josh Brown, Tony Roth, haven't, Wilmington Trust's Roth, Roth, Cash, Jerrod Pearce, Goldman Sachs, Marcus, Pearce, — CNBC's Michael Bloom Organizations: Nasdaq, Federal Reserve, Mitlin, Ritholtz Wealth Management, Wilmington Trust Investment Advisors, JPMorgan Equity, Wilmington, Creative Planning, Bread, Bread Financial, Citizens Financial, Treasury Locations: Wilmington, Treasurys

☆ Kosovo PM presents plan to defuse tensions in Serb-majority area
▼ + stars: | 2023-06-13 | by ( Fatos Bytyci | ) www.reuters.com time to read: +3 min

Around 200 Serbs gathered in North Mitrovica to protest against the arrest, with Kosovo Albanian police in anti-riot gear standing a few hundred metres away. During the operation to arrest Milun Milenkovic, three Kosovo Albanian policemen were lightly injured, Interior Minister Xhelal Svecla said on his Facebook page. Kurti said nothing about setting up the association of Serb municipalities which would ensure greater autonomy for the Serb majority area. Serbian President Aleksandar Vucic urged Kosovo last week to grant more autonomy to Serbs before organising a new vote. NATO bombing drove out Serbian security forces but Belgrade continues to regard Kosovo only as its southern province.

Persons: Kurti, Milun Milenkovic, Xhelal Svecla, Albin Kurti, Quint, Aleksandar Vucic, Petar Petkovic, Milenkovic, Fatos, Ivana Sekularac, Mark Heinrich Our Organizations: KFOR PRISTINA, Kosovo Albanian, NATO, KFOR, European Union, U.S, Serbia, Serbian, Thomson Locations: Kosovo, North Mitrovica, U.S, United States, Republic of Kosovo, Italy, France, Germany, Britain, EU, Serbian, Brussels, Serbia, Belgrade

CompaniesCompanies Law Firms Airbnb Inc FollowNEW YORK, June 12 (Reuters) - The City of New York will delay enforcing a new municipal law that Airbnb Inc (ABNB.O) said could limit the number of people who can host rentals in the city, a Friday court filing showed. Under the law, hosts must be permanent occupants of the units being rented and must register with the Mayor's Office of Special Enforcement (OSE) before posting rentals. The office of New York City Mayor Eric Adams did not immediately respond to a request for comment. Airbnb said that in the first week of July, more than 5,500 short-term rentals are reserved to host more than 10,000 guests in New York City. The case is Airbnb Inc. v New York City Mayor's Office of Special Enforcement in New York State Supreme Court in Manhattan.

Persons: Eric Adams, Airbnb, Karen Dunn, Paul, Weiss, Doyinsola Oladipo, Richard Chang Organizations: Airbnb, Mayor's, Special Enforcement, New York City, Inc, New York, New York City Mayor's Office, Enforcement, Court, Thomson Locations: New York, New York City, Manhattan

☆ Now is very good time for investors to grow muni portfolios, says Neuberger Berman's Jamie Iselin
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow is very good time for investors to grow muni portfolios, says Neuberger Berman's Jamie IselinJamie Iselin, Neuberger Berman head of municipal fixed income, joins 'The Exchange' to discuss tax-free yield from municipal bonds, muni bond yield estimates, and credit quality assessments in muni markets.

Persons: Neuberger Berman's Jamie Iselin Jamie Iselin, Neuberger Berman Locations: muni

☆ China records fewest marriages in more than three decades as population crisis looms
▼ + stars: | 2023-06-12 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +5 min

Some 6.83 million couples married in 2022, according to data released by China’s Ministry of Civil Affairs on Friday. That’s down around 10.5% from the 7.63 million marriage registrations in 2021 and marks a record low since 1986, when the ministry began releasing statistics, according to state media. Chinese officials see a direct link between fewer marriages and falling births in the country, where social norms and government regulations make it challenging for unmarried couples to have children. Efforts from Chinese officials in recent years to reverse trends of falling marriages and births have yet to see results amid the looming economic and social issues at play. The Ministry of Civil Affairs’ recent data release also showed a slight fall in divorce registrations, with 2.1 million couples divorced in 2022, down from 2.13 million couples the previous year.

Persons: That’s, – Organizations: Hong Kong CNN, China’s Ministry of Civil Affairs, Communist, United Nations, Authorities, Communist Party, Communist Youth League, China Family Planning, Ministry, Civil Affairs, China isn’t Locations: Hong Kong, China, Beijing, Communist China, India, Japan, South Korea

☆ New York City to delay enforcing law against Airbnb hosts
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: +1 min

Supporters of Airbnb hold a rally on the steps of New York City Hall showing support for the company on October 30, 2015 in New York City. The City of New York will delay enforcing a municipal law that Airbnb said could limit the number of people who can host rentals in the city, a Friday court filing showed. The short-term rental company filed a lawsuit against the city on June 1 over the law it called a "de facto ban" against short-term rentals set to go into effect on July 1. Under the law, hosts must be permanent occupants of the units being rented and must register with the Mayor's Office of Special Enforcement before posting rentals. Airbnb said that in the first week of July, more than 5,500 short-term rentals are reserved to host more than 10,000 guests in New York City.

Persons: Airbnb, Jonah Allon, Eric Adams, Karen Dunn, Paul, Weiss Organizations: New York, Mayor's, New York City, Garrison Locations: Airbnb, New York City, The City, New York, Rifkind, Wharton

☆ Freight train derails near Russia's border with Ukraine, governor says
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 11 (Reuters) - Fifteen cars of an empty freight train derailed in Russia's southern Belgorod region bordering Ukraine, the local governor said late on Saturday, adding there was no immediate information about the cause. "According to preliminary information, there are no casualties," the governor, Vyacheslav Gladkov, said on the Telegram messaging app. The accident happened near a train station in the Alexeyevsky municipal district and the train was empty, Gladkov said. Ukraine almost never publicly claims responsibility for attacks inside Russia or on Russian-controlled territory in Ukraine. Reporting by Lidia Kelly in Melbourne; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Vyacheslav Gladkov, Gladkov, Lidia Kelly, Cynthia Osterman Organizations: Reuters, Thomson Locations: Russia's, Belgorod, Ukraine, Alexeyevsky, Russia, Melbourne

☆ A cluster of ancient neolithic standing stones in France were bulldozed to make way for a DIY store
▼ + stars: | 2023-06-09 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

39 ancient monoliths were swept away from a site in France to make room for a DIY store. The stones, thought to date back 7,000 years, are in a region famed for its standing stones. Montaubin is on the edge of the Carnac region of France famed for its menhirs, or ancient standing stones. The nearby tourist sites of Ménec, Kermario, and Kerlescan, which collectively hold around 3,000 ancient stones, are carefully managed. Mr BricolageThe UNESCO application, if it goes through, will see the sites more closely regulated.

Persons: —, Christian Obeltz, Olivier Lepick, Louise Chaulin, Mr Bricolage, Bricolage, Lepick, Obeltz Organizations: Service, UNESCO, Brittany Cultural Affairs Office, Agence France, Local Locations: France, Montaubin, Ouest, Carnac, Ménec, Brittany, UNESCO

☆ Opinion | On the Smoke Crisis, New York City’s Mayor Chokes
▼ + stars: | 2023-06-09 | by ( Mara Gay | ) www.nytimes.com time to read: +2 min

He could have coordinated with the governor to use the subway system announcements to communicate about the smoke with residents. The mayor could have worked quickly to distribute high-quality N95 masks — and critically, information — to New Yorkers, especially in the city’s most vulnerable communities. The city’s Fire Department, which reports to the mayor, finally said on Twitter Thursday it would have masks available at certain locations. The city could have opened designated clean air centers, deploying air purifiers to school gyms or libraries, offering vulnerable New Yorkers a similar refuge during the smoke crisis. He could have led by example by clearly directing city workers to do the same, if their job allowed.

Persons: Adams, Kathy Hochul Organizations: Yorkers, Gov, Fire Department, Twitter, of Education Locations: New Yorkers

☆ Thousands evacuated in China's Tianjin after cracks appear near high-rises
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

As of June 3, a total of 3,899 residents from at least three 25-storey high-rise buildings were evacuated to nearby hotels, state-backed Global Times quoted the district government as saying. The Tianjin government called the incident a "sudden geological disaster" following preliminary information from geological experts and several government departments after they did surveying, mapping and monitoring at the site. "The situation is very rare," according to an expert questioned about the incident at the Tianjin government municipal headquarters. Experts said the high-rise buildings facing the street were affected to varying degrees. Roads could be seen buckled and warped in photos on social media, while others showed a section of wall tile from a building collapsed on the floor.

Persons: Bernard Orr, Raju Gopalakrishnan Organizations: Global Times, Thomson Locations: BEIJING, Tianjin, Tianjin's Jinnan, China

Section 1983 gives people the power to sue in federal court when state officials violate their constitutional or statutory rights. In a 2019 lawsuit, his wife, Ivanka Talevski, said Talevski was subjected to harmful psychotropic drugs and unlawfully transferred to an all-male facility. A law called the Federal Nursing Home Reform Act places limits the use of physical or chemical restraints and on transferring patients. President Joe Biden's administration had urged the justices to reject a broad limitation on lawsuits pursued under Section 1983. Reporting by Nate Raymond in Boston; Additional reporting by Andrew Chung; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Ketanji Brown Jackson, Gorgi, Clarence Thomas, Samuel Alito, Ivanka Talevski, Talevski, Joe Biden's, Nate Raymond, Andrew Chung, Will Dunham Organizations: U.S, Supreme, Indiana, Health, Hospital Corp, Ku Klux Klan, Americans, Conservative, Valparaiso Care, Rehabilitation, Health and Hospital Corp, Federal Nursing Home, Thomson Locations: Indiana, Marion County, Valparaiso, Boston

☆ Citi CEO commits to China expansion, Beijing says
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The CEO also held meetings with Citi staff and clients, which include some of the largest U.S. multinational companies with presence in China, a Citi spokesperson said. Fraser's first trip to China since taking up the CEO role in March 2021 follows a visits by JPMorgan's chief Jamie Dimon last week and by other global financial executives in March. Sequoia said on Tuesday it plans to spin off its Chinese business as part of wider changes at the U.S. venture capital giant. Li told Fraser that China will open up its financial sector further. Citi is in the process of getting approval to set up a securities brokerage in China, having submitted its application in late 2021.

Persons: Jane Fraser, Fraser, Li Yunze, Li, NFRA, Fraser's, Jamie Dimon, Sequoia, Selena Li, Nivedita Bhattacharjee, Navaratnam, Alexander Smith Organizations: National Financial Regulatory Administration, Citi, U.S, United States . International, Beijing, Thomson Locations: HONG KONG, BEIJING, U.S, Beijing, China, United States, China's, Hong Kong

☆ Citigroup CEO pledges to Beijing to continue China expansion
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

Fraser held a meeting with the head of China's new financial regulator on Monday, the National Financial Regulatory Administration (NFRA) said in a statement on Wednesday. Most of the CEOs were reluctant publicly express their enthusiasm in growing their China business, as they tread a fine line between showing commitment to China and not antagonizing the United States. Citi currently offers corporate and institutional banking, global markets, wealth businesses and other banking services in China. The U.S. lender started winding down its retail banking business in China last December due to a global strategy shift, a move set to impact about 1,200 local staff. China will open up its financial sector further, Li Yunze, chief of China's financial regulator told Fraser.

Persons: Jane Fraser, Fraser, Morgan's, Jamie Dimon, Li Yunze, Li, Selena Li, Nivedita Bhattacharjee Organizations: National Financial Regulatory Administration, Citi, Beijing, Thomson Locations: BEIJING, China, J.P, United States, The U.S, China's, Hong Kong

☆ The History Behind Debates Around Affirmative Action - The New York Times
▼ + stars: | 2023-06-07 | by ( Randall Kennedy | ) www.nytimes.com time to read: +3 min

Johnson vetoed the act in part because the citizenship provision would immediately make citizens of native-born Black people while European-born immigrants had to wait several years to qualify for citizenship via naturalization (which was then open only to white people). In 1875, Congress enacted legislation that prohibited racial discrimination in the provision of public accommodations. Segregationist Southerners were not the only ones who railed against anti-discrimination laws on the grounds that they constituted illegitimate preferences for African Americans. In 1945, the New York City administrator Robert Moses inveighed against pioneering municipal anti-discrimination legislation in employment and college admissions. Displaying more anger at the distant prospect of racial quotas than the immediate reality of racial exclusions, Moses maintained that anti-discrimination measures would “mean the end of honest competition, and the death knell of selection and advancement on the basis of talent.”

Persons: Johnson, ” Johnson, disapprovingly, Franklin D, Roosevelt, Jamie Whitten, Robert Moses inveighed, Moses, ” Organizations: Civil, Employment, Commission, New Locations: Mississippi, New York City

☆ Opinion | The Suburbs Are Still Driving American Politics, but Where Are They Taking Us?
▼ + stars: | 2023-06-07 | by ( Thomas B. Edsall | ) www.nytimes.com time to read: +3 min

In 1990, 33.9 percent of Black Americans in what are known as metropolitan statistical areas lived in the suburbs. The suburbs are arguably at the frontline of America’s ‘diversity explosion,’ where economic integration and cultural assimilation occur or are contested. In this context, Lichter, Thiede and Brooks contend thatThe idea of “melting-pot suburbs,” which signals residential integration, hardly seems apt. To be sure, the largest declines in Black-white segregation over the past decade were found in the suburbs. In fact, Black exposure to Whites in the suburbs seems to have declined, at least in those parts of the suburbs where most of the metro Black population lives.

Persons: Mast, Brooks, ” Organizations: Whites, Blacks, ” Locations: Black, —, Lichter, ”

☆ El Salvador slashes size of Congress ahead of elections
▼ + stars: | 2023-06-07 | by ( Nelson Renteria | ) www.reuters.com time to read: +2 min

[1/2] El Salvador's President Nayib Bukele delivers a speech to mark his fourth year in office, in San Salvador, El Salvador June 1, 2023. REUTERS/Jessica Orellana/File PhotoSAN SALVADOR, June 7 (Reuters) - El Salvador's Congress passed an electoral reform in the early hours of Wednesday to reduce the lawmaking body's size by nearly a third, a move the ruling party says will reduce spending and critics say consolidates power ahead of elections. The reform, announced last week by President Nayib Bukele in an address marking four years in government, cuts the unicameral Congress' size from 84 lawmakers to 60. Presidential and legislative elections will be held in February, with municipal and regional Central American Parliament elections scheduled for March. In 2021, El Salvador's top court, whose members are appointed by Congress which is controlled by the president's party, ruled that Bukele could stand for re-election, a decision that drew international condemnation.

Persons: Nayib Bukele, Jessica Orellana, Bukele, Anabel Belloso, Nelson Renteria, Kylie Madry, Bill Berkrot Organizations: El, San Salvador , El, REUTERS, SALVADOR, Salvador's Congress, FMLN, Central American, Thomson Locations: San Salvador ,, San Salvador , El Salvador, Congress, El

The warnings came as U.S. and EU envoys concluded visits to Kosovo and Serbia to calm tensions that flared into violence last week, wounding dozens of NATO peace-keeping soldiers and Serb protesters in northern Kosovo. He and the EU's Miroslav Lajcak did not elaborate on what other consequences Kosovo Prime Minister Albin Kurti's ethnic Albanian-dominated government might face if it did not accede to their demands. "I don't think that these things are resolved with pressure and by mentioning consequences and even sanctions," Kurti told reporters on Wednesday. "We have challenges with EU and U.S. envoys but our bilateral relations with the EU and U.S. are excellent." Lajcak said on Monday that the envoys presented proposals to Kurti to de-escalate the situation in northern Kosovo, adding they had a "long, honest, difficult discussion".

Persons: Balkans Gabriel Escobar, Escobar, Miroslav Lajcak, Albin Kurti's, Kurti, Lajcak, Vjosa Osmani, Peter Stano, Lajacak, Josep Borrell, Emelia Sithole Organizations: Kosovo’s, Kosovo PM, European Union, Kosovo, NATO, U.S, EU, United, Reuters, Washington, Europe, Thomson Locations: PRISTINA, BRUSSELS, United States, Kosovo, Serbia, Balkans, Belgrade, U.S, EU

NEW YORK, June 6 (Reuters) - Subway reached an agreement with a master franchisee to open nearly 4,000 new sandwich shops across mainland China over the next 20 years, it said on Tuesday. Other companies are also beefing up their presence in China, including Starbucks, which plans to open 3,000 new stores there by 2025. Subway's deal with master franchisee Shanghai Fu-Rui-Shi Corporate Development Co Ltd (FRS) is the largest such agreement in Subway's history. FRS will get exclusive rights to manage and develop all Subway locations in China. "China is a key market with significant long-term growth opportunity, and we look forward to bringing the Subway experience to even more guests in the region," Subway Chief Executive John Chidsey said in a statement.

Persons: John Chidsey, Hilary Russ, Lincoln Organizations: YORK, Starbucks, Shanghai Fu, Corporate Development Co, Asia Investment Capital, Thomson Locations: China, U.S

That month, it announced five new agreements with multi-unit operators to condense and transfer more than 230 existing restaurants. "There is strong interest in growth opportunities with Subway from multi-unit operators," Subway said in a statement to Reuters for this story. Klein, the franchise attorney, said that since 2022, his firm examined three multi-unit Subway deals on behalf of clients interested in investing in the chain for the first time. Of the 100 largest multi-unit U.S. restaurant franchisees by revenue in 2022, none had a Subway in their portfolio, according to a ranking by Franchise Times magazine. Instead, top franchisees owned hundreds of Wendy's (WEN.O), Yum Brands' (YUM.N) Pizza Hut and Taco Bell, Restaurant Brands' Burger King, Dine Brands' (DIN.N) Applebee's and other chains.

Persons: Justin Klein, John Gordon, Klein, it's, Gordon, Burger, Alicia Miller, Hilary Russ, Matthew Lewis Organizations: YORK, Subway, Reuters, QSR Magazine, Restaurant Brands International Inc, Times, Yum Brands, Bell, Restaurant Brands, Catalyst Insight, Thomson Locations: United States, U.S, Miami, Jersey, New York, Nevada, New Mexico

☆ Brazil lawmakers propose reforms combining consumption taxes
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

The report represents an early step in a reform considered crucial by President Luiz Inacio Lula da Silva's administration. Lawmakers will now craft a formal text in greater detail to be put to a vote. Congressman Aguinaldo Ribeiro, the lawmaker in charge of the working group report, said the lower house of Congress would vote on a bill in the first week of July, citing a timeline approved by House Speaker Arthur Lira. This adjustment is expected to benefit wealthier and more populous states, and the working group proposed a transition period of "some years" for implementation. Under no circumstances will there be an increase of the tax burden," the report said.

Persons: Luiz Inacio Lula da Silva's, Aguinaldo Ribeiro, Arthur Lira, Marcela Ayres, Jamie Freed Organizations: Lawmakers, Thomson Locations: BRASILIA

☆ Meredith Whitney is back. Here's her latest market call
▼ + stars: | 2023-06-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Famed analyst Meredith Whitney has ended a self-imposed exile from a finance world that she said had become "like watching paint dry." "Why I say there's no risk for an immediate downturn is because there's no forced selling," Whitney told CNBC's Sara Eisen during a " Squawk on the Street " interview. That forecast came after she had left Oppenheimer to start the Meredith Whitney Advisory Group, which she eventually shuttered to launch a hedge fund that no longer exists. Finance "was like watching paint dry, and things started to change about 18 months ago," Whitney said. In the current landscape, Whitney thinks the problems plaguing regional banks are collective "one-offs" that won't cause systemic damage.

Persons: Meredith Whitney, Whitney, CNBC's Sara Eisen, Oppenheimer Organizations: CNBC, Lehman, Citigroup, Meredith Whitney Advisory Group, Finance Locations: Silicon, Republic

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