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☆ Britain's post-Brexit asset management revamp eyes liquidity, tokenisation
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Until Britain's departure from the European Union in 2020, rules for the UK funds sector were written in Brussels. The sector has fallen short in dealing with stresses in recent years in Britain and elsewhere due to inadequate liquidity, prompting scrutiny globally. "The regulatory framework contains rules around liquidity management. "But the growth of the fund industry means that liquidity management in funds is also relevant to the good functioning of markets," the discussion paper out for public consultation said. The FCA said it wants to see fund managers complying with liquidity stress testing guidelines issued by the EU's securities watchdog ESMA, which will be converted into UK rules.

☆ Britain begins post-Brexit asset management revamp, focus on liquidity
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Britain set out plans on Monday for a post-Brexit review of its rules for the 11 trillion pound ($13.2 trillion) asset management sector, with a focus on bolstering liquidity after a near meltdown in funds used by pension schemes last September. Until Britain's departure from the European Union, rules for the UK funds sector were written in Brussels. "The regulatory framework contains rules around liquidity management. "But the growth of the fund industry means that liquidity management in funds is also relevant to the good functioning of markets," the discussion paper said. The FCA said it wants to see fund managers carrying out effective liquidity management by complying with stress testing guidelines issued by the EU's securities watchdog ESMA.

☆ Travel demand is hot, but some prices may cool: These are the stocks for spring break and beyond
▼ + stars: | 2023-02-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +9 min

Last week, Hilton Worldwide CEO Chris Nassetta said, "The demand trends here and now are really strong." In the home-rental space, Airbnb also said it was seeing continued strong demand at the start of 2023. China's reopening from its Covid lockdown is also helping propel travel demand, as well as the tick up in business travel, she said. "The trends have been really strong since January," he said. Airlines like Delta, American Airlines and United Airlines cited strong travel demand and higher fares for fueling their strong fourth-quarter earnings — as well as for forecasts for this year.

☆ Citi says buy 3 stocks tied to the consumer for the same reasons we own them
▼ + stars: | 2023-02-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

What Citi thinks Analysts at Citi chose our three Club holdings among their top-rated picks — initiating coverage in U.S. beverages, household and personal care products. STZ YTD mountain Constellation Brands (STZ) YTD performance Citi also said it's time to buy Constellation Brands, the company behind Mexican beers Corona, Modelo and Pacifico. Analysts at Citi have a $265 price target on the stock, which fell slightly lower Friday to just under $227. EL YTD mountain Estee Lauder (EL) YTD performance Citi also estimates "strong topline/margin recovery" from Estee Lauder as China's economy continues to reopen. Buy Estee Lauder."

The conventional wisdom holds that a resurgent China will be inflationary for the global economy as demand for energy, commodities and resources increases. The MSCI Asia ex-Japan index is on course for its third weekly fall, a cold reality check on the heels of a five-week winning streak. Chinese stocks are also on track for a third weekly fall, snapping a winning run of four. There are already indications that the outlook for Sands China is brightening - gambling revenue in Macau surged more than 80% in January and shares of Macau gaming companies like Sands China have more than doubled in the past three months. chartThe People's Bank of China (PBOC) has been ramping up liquidity injections this year to assist the post-COVID recovery, and loan growth is expected to continue also.

☆ Fact Check-Video of London Ambulance blocked by ‘low traffic neighbourhood’ filters is from 2021
▼ + stars: | 2023-02-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Footage of an ambulance navigating around wooden roadblocks during a “low traffic neighbourhood” (LTN) trial in Ealing, West London, is from 2021 but is being shared online as if new. “This footage is of a low traffic neighbourhood scheme that was removed in May 2021, so it’s not contemporaneous footage,” an Ealing Council spokesperson told Reuters. The area of Ealing is identifiable by visible road signs indicating the area is a controlled parking area in the area called “Zone GG” (here). Reuters previously addressed misleading narratives about a traffic filter scheme in Oxford, including that it is a “climate lockdown” here and here . The video of a London Ambulance rerouting around traffic filters is not new but was filmed during a low traffic neighbourhood trial in Ealing, which finished in 2021.

Nicola Sturgeon announced her resignation as Scottish first minister in a surprise press conference in Edinburgh on Wednesday, saying her departure is not the result of short-term pressures. Sturgeon has been Scotland's longest-serving first minister, acting in the position and as leader of the Scottish National Party since 2014. In November, the U.K.'s highest court ruled that any second Scottish independence vote would have to be approved by the U.K. government. Stewart McDonald, a SNP member of parliament, said on Twitter, "Nicola Sturgeon is the finest public servant of the devolution age. She will be an enormous loss as First Minister and SNP leader."

☆ UK regional airline Flybe to wind down as rescue talks collapse
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Flybe to wind down business as rescue talks endFurther 25 jobs affectedFeb 15 (Reuters) - British regional airline Flybe will wind up its business after rescue talks fell through, its joint administrators said on Wednesday, a month after the company cancelled all flights and entered insolvency proceedings for a second time in three years. The pandemic and resulting lockdown pushed Flybe into administration for the first time in March 2020, affecting 2,400 jobs. After administrators were appointed again in late January 2023, Birmingham Headquartered Flybe made 276 workers redundant. Flybe, which operated flights on 21 routes to 17 destinations across the UK and Europe, said a further 25 jobs would now be affected. Lufthansa declined to comment on the matter on Wednesday, while Air France-KLM did not immediately respond to a request for comment.

China’s official count 0 2.5 million 83,150 deaths Model based on Shanghai outbreak 1.6 million deaths LOW ESTIMATE HIGH ESTIMATE Estimate using travel patterns 970,000 deaths Estimate using recent testing data 1.5 million deaths Estimate based on U.S. death rates 1.1 million deaths China’s official count 0 2.5 million 83,150 deaths Model based on Shanghai outbreak 1.6 million deaths LOW EST. But China’s official Covid death toll for the entire pandemic remains strikingly low: 83,150 people as of Feb. 9. Four separate academic teams have converged on broadly similar estimates: China’s Covid wave may have killed between a million and 1.5 million people. Why official data underrepresents China’s outbreak83,150 deaths China’s official count on Feb. 9 0 2.5M 83,150 deaths China’s official count on Feb. 9 0 2.5 millionChina has a narrow definition of what counts as a Covid-19 death. But the work was unwavering in its ultimate conclusion: Ending the “zero Covid” policy was likely to overwhelm the health care system, producing an estimated 1.6 million deaths.

☆ Twitter owner Elon Musk says CEOs and politicians should take a leaf out of his book and be more authentic on social media
▼ + stars: | 2023-02-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk says other CEOs and leaders should run their own social media accounts. Musk is famed for his frequently wacky tweets and has sometimes gotten into trouble over his posts. Musk said criticism is "really not that bad" and encouraged others to be authentic on social media. Speaking at the World Government Summit in Dubai on Wednesday, the billionaire said he encourages CEOs, legislators, ministers, and other leaders to "speak authentically" on social media. Musk, who has often run into trouble over his tweets, said getting criticism is "really not that bad."

BENGALURU/MELBOURNE, Feb 14 (Reuters) - Australia's iron ore giants BHP Group, Rio Tinto and Fortescue are set to report a steep drop in their earnings, which is set to compress their payouts to shareholders, after China's COVID lockdown drove down iron ore prices. Average realised prices for iron ore fell sharply in the six months to December, hitting earnings. First-half net profit at Fortescue, reporting on Feb. 15, is seen declining to $2.34 billion from $2.78 billion. Underlying half-year profit at Rio Tinto, which reports on a calendar year cycle, is seen declining 48% to $4.77 billion from $9.21 billion. Rio will report on Feb. 22.

☆ Kyle Cooke, star of Bravo's 'Summer House,' shares the playbook his hard tea brand used to compete with legacy brands and generate $38 million in sales
▼ + stars: | 2023-02-14 | by ( Dorothy Cucci | ) www.businessinsider.com time to read: +7 min

'Summer House' star Kyle Cooke founded Loverboy, a sparkling hard tea brand, in 2018. He found the right niche and built a strong direct-to-consumer relationship though 'Summer House.' This as-told-to essay is based on a conversation with Kyle Cooke, 39-year-old Loverboy founder and star of Bravo's 'Summer House.' When we filmed the first season of 'Summer House' in 2017, I was working on a nutrition coaching app. We were able to sell to our fans directly because we'd built a strong relationship with our consumer base through 'Summer House.'

☆ IMF chief says markets have good reasons to be more upbeat on economy
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

DUBAI Feb 13 (Reuters) - The head of the International Monetary Fund (IMF) said on Monday that financial markets have good reason to be more upbeat, pointing to the U.S. economy likely avoiding recession and China's reopening from pandemic controls. Positive factors were resilient U.S. and EU labour markets, China's reopening and "surprisingly good results of central banks tightening up financial conditions and inflation finally trimming down, although the fight is not yet won", she added. Asked whether there would be more doses of monetary tightening, Georgieva said the Fund expected monetary tightening this year but did not project it would continue "way into" 2024. The IMF chief was speaking in an onstage interview at the annual summit hosted by Dubai in the United Arab Emirates (UAE). Georgieva lauded Gulf Arab oil and gas producers for "relentlessly" pursuing fiscal reforms, including diversifying revenue sources by introducing new taxes.

Surging Shanghai metal stocks have injected an element of doubt into the bull narrative and the LME Index is now showing year-to-date gains of only 3% after a February pull-back. Shanghai Futures Exchange stocks of aluminium, copper and zincSEASONAL SURGEMetals bulls have been nervously watching the fast build in Shanghai Futures Exchange (ShFE) stocks over the past few weeks. Copper stocks have grown equally dramatically, from 69,268 tonnes to 242,009 tonnes over the same period. It is currently assessed by Shanghai Metal Market at a bombed-out $22.50 a tonne, down from an October high of $152.50. WAIT AND WATCHIt's difficult to say until China's seasonal stocks pattern plays out in full.

☆ Anheuser-Busch InBev’s Super Bowl Ad Reflects a Shift in Strategy
▼ + stars: | 2023-02-10 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Squeezed by inflation, people are drinking at home again. The shift is causing whiplash for companies like Budweiser brewer Anheuser-Busch InBev SA, which had to pivot during the pandemic when consumers were stuck at home in lockdown and then flocked back to bars and restaurants when restrictions were lifted. Consumers in December said they were dining out less and eating at home more than they had over the past year, and they planned to eat at home even more in the coming month, according to a survey across 15 countries by Ipsos, a survey-based research company. AB InBev, which charts consumer trends through online panels, has received similar feedback.

The company also predicted a return to growth in China, one of its key markets, after reporting a second consecutive quarter of growth even as prices remain under pressure. Sales of its best-selling cancer drugs — Tagrisso, Imfinzi and Lynparza — came in just below estimates from Cowen analysts. Sales started to pick up in the second half of 2022 and in the fourth quarter grew by 3% at constant currency rates. Of key interest to investors is the experimental cancer drug, datopotamab deruxtecan, being evaluated in a keenly anticipated late-stage trial involving lung cancer patients. Partner Daiichi Sankyo (4568.T) this month said results of that study have been delayed to the second quarter from the first quarter of 2023.

☆ U.S. composer Burt Bacharach dies at age 94
▼ + stars: | 2023-02-09 | by ( Bill Trott | ) www.reuters.com time to read: +6 min

Bacharach and David had 30 Top-40 hits in the '60s alone. I'd hear his melodies and I'd hear lyrics. I'd hear rhymes, I'd hear thoughts and I'd hear it almost immediately." Bacharach and David scored the Neil Simon Broadway musical "Promises, Promises," which won them two Tonys and a Grammy. While star performers made his songs hits, Bacharach said he also enjoyed performing himself and making a personal connection with smaller audiences.

Click to unmute A global city needs a global soundtrack, and in New York, you can find nearly anything you want. Over the past several months, we followed several New York musical scenes that reflect the city’s creative soul, thriving in community centers, local bars and public parks. The sight of a new generation encouraged Mr. Joseph, who sees the band as preserving traditional culture in the modern city. It becomes part of you.” New York itself is as much a player as any musician, transforming traditional tunes into something new. The people who embraced Mateo and his mother when they moved from Boston to New York in 2016 now consoled her.

☆ Pressure on China’s factories grows as U.S. demand falls
▼ + stars: | 2023-02-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China News Service | China News Service | Getty ImagesBEIJING — For some factories in China, it's not full steam ahead after the end of zero-Covid. The official Lunar New Year holiday in China ended Jan. 27, but the travel period runs until Feb. 15. He expects U.S. consumer demand to pick up later this year. China's exports to the U.S. barely grew in 2022, and the U.S. economy is expected to slow further in 2023. watch nowWhen asked by CNBC in January, China's customs administration acknowledged the pressure on China's exports from slowing external demand, and noted rising risks of a global recession.

Citi's economic surprises index for China is now at its highest level since May last year. This may surprise no one, given how beaten down expectations were before Beijing's sudden 180 degree turn on its zero-COVID policy in December. Inflation and inflation expectations around the world may be moderating, but policymakers continue to talk tough. India's central bank on Wednesday raised rates as expected, but surprised markets by leaving the door open to further tightening, following Australia's example on Tuesday. Meanwhile, lending figures in the coming days are expected to show a significant increase in activity in January.

☆ UK house prices stabilise after four-month fall, Halifax says
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters) - British house prices were unchanged in January after falling in month-on-month terms in each of the previous four months after borrowing costs rose, mortgage lender Halifax said on Tuesday. The annual rate of house price growth slowed to 1.9%, the weakest increase in three years, Halifax said. Kim Kinnaird, a director at Halifax Mortgages, said the trend of higher borrowing costs hitting demand was likely to continue in 2023. "Lower house prices and the potential for interest rates to peak below the level being anticipated last year should lead to an improvement in home-buying affordability over time." Rival mortgage lender Nationwide said last week its measure of house prices dropped by a bigger-than-expected 0.6% in January and was 3.2% below its peak in August.

☆ Bernstein upgrades Diageo, says spirits giant can rally nearly 30%
▼ + stars: | 2023-02-06 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

He also hiked his price target on the company's U.S.-listed shares to $225 from $215. The U.S. spirits market broadly experienced exceptional growth during the Covid lockdown era, from which it has started to come down. Further potential headwinds include a recession in Europe, normalization in the U.S. spirits market after the pandemic boom, and a CEO handoff likely in the later half of the year. However, Stirling remains optimistic about the company's outlook. Diageo's U.S.-listed shares are down slightly year to date.

☆ The biggest risks in procrastinating on iPhone, Android software updates
▼ + stars: | 2023-02-05 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +6 min

watch nowNot all software updates offer an array of new features, but when they do it can feel like you are getting a new phone without added cost. Yet, many users still do whatever they can to put off the 30 minutes that a software update can take. Discomfort often stems from the perception that software updates will require users to relearn how to use certain features on their device and threatens their current habits. When 30 days have passed, the system then prompts the user to install the system update. When a major security update comes out, everyone should act relatively fast.

☆ China Jan services activity expands for first time in five months - Caixin PMI
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global services purchasing managers' index (PMI) rose to 52.9 in January from 48.0 in December, above the 50-point mark which indicates expansion in activity, marking an end to a four-month contraction. The reading mirrored the results of a larger official services PMI published earlier this week, adding to evidence of a rebound in activity in the world's second-largest economy as disruptions from reopening fade. "Improving expectations, restoring confidence, increasing income, expanding consumption, and stimulating domestic demand will be among the priorities," Wang said. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, rose to 51.1 in January from 48.3 the previous month, marking the first expansion in five months. The Caixin PMI is compiled by S&P Global based on responses to questions sent to purchasing managers in China.

☆ I'm a virtual therapist who booked $350,000 in revenue last year. Here's how I built my business with patients, coaching clients, and social media.
▼ + stars: | 2023-02-03 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Kelly McKenna started her own virtual therapy practice in February 2021. Her longing for customer connection and her experience with telehealth prompted McKenna to launch a virtual therapy practice in February 2021 called Sit With Kelly. The telehealth industry grew in popularity during the pandemic, and virtual therapy and mental-health services saw substantial increases. There has never been a better time to start a virtual practice, McKenna said. The course comes in three tiers, which focus on specific aspects of running a virtual business.

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