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☆ Tesla's board faces a 'tornado situation' after Elon Musk's $55 billion pay package was struck down, analysts say
▼ + stars: | 2024-02-02 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +3 min

Tesla's board is at a crossroads after a hefty pay plan for Elon Musk was rejected, analysts said. After the Delaware ruling, Musk announced a shareholder vote to move Tesla's incorporation to Texas. AdvertisementTesla's board has its work cut out for it following a judge's surprise ruling against Elon Musk's massive payday, analysts said. "It now creates a tornado situation for Tesla's Board in the next move, with [Wall] Street closely watching this poker move and potential statement," the report said. "Musk is Tesla and Tesla is Musk," Dan Ives, managing director at Wedbush, told Business Insider.

Persons: Elon Musk, Musk, —, Tesla, Kathaleen McCormick, Wedbush, Dan Ives, Ives Organizations: Elon, Tesla, Service, Wedbush Securities, Board, Company, Investors, Reuters Locations: Delaware, Texas, Tesla

ATHENS, Greece (AP) — Greece completed a major privatization Friday, selling its 30% stake in the biggest airport operator in the tourism-reliant country during an initial public offering, officials said. Shares in Athens International Airport are expected to begin trading on the Athens stock exchange starting Wednesday, the airport said in a statement. Finance Minister Costis Hadzidakis said the listing of a new blue chip stock would provide a strong boost to Greek capital markets. The initial public offering drew demand that exceeded the number of shares available, raising 785 million euros ($848 million) for Greece's state HRADF privatization fund. Photos You Should See View All 45 ImagesSome 32 million tourists visited Greece in 2023, up from about 28 million a year earlier.

Persons: Costis Hadzidakis, HRADF Organizations: —, Finance Locations: ATHENS, Greece, — Greece, Athens

☆ Bao Fan: Missing Chinese banker resigns from China Renaissance for ‘health reasons’
▼ + stars: | 2024-02-02 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Bao Fan, a star Chinese tech banker who disappeared a year ago amid Beijing’s anti-corruption crackdown, has formally resigned from the firm he founded, the company said. CNN has contacted China Renaissance for comment. China Renaissance announced a management reshuffle to replace its chairman and CEO, along with other top positions. He founded China Renaissance in 2005 in Beijing and made it one of the top dealmakers for Chinese tech firms. Shares in China Renaissance were suspended from trading last April because of issues related to Bao’s status.

Persons: Hong Kong CNN — Bao Fan, Bao, ”, Xie Yi Jing, Deloitte Touche Tohmatsu, “ Organizations: Hong Kong CNN, China Renaissance, Company, CNN, Economic Observer, Communist Party, Deloitte Locations: China, Hong Kong, Bao, Beijing, Dianping

☆ China is reportedly scrubbing the internet of negative coverage of its economy
▼ + stars: | 2024-02-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Reports this week from The New York Times and The Wall Street Journal detail efforts by Chinese authorities to scrub the internet of negative takes on the state of its economy. According to the NYT, The Ministry of State Security said in its official WeChat account that citizens should not believe the "false narratives" about the trajectory of China, and instead should believe in President Xi Jinping's vision. The WSJ similarly reported that some of the nation's top officials have reiterated the importance of promoting the "bright prospects of China's economy." The NYT said tech platform Weibo had restricted dozens of accounts from posting after they had shared bleak economic realities with other users. The platform also warned its users in November, the report said, not to be "maliciously pessimistic" about China's economy.

Persons: Xi, Li Xunlei Organizations: The New York Times, Ministry of State Security, Zhongtai Securities, Weibo Locations: China, Beijing

☆ AMD bets on AI-powered PCs as artificial intelligence race with Nvidia, Intel heats up
▼ + stars: | 2024-02-02 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

SHANGHAI, CHINA - JULY 28, 2023 - Photo taken on July 28, 2023 shows the AMD logo at the 2023 ChinaJoy in Shanghai, China. U.S. chip giant Advanced Micro Devices is betting on AI PCs to take on rivals including Nvidia and Intel as the AI race heats up. "[The market for] AI PCs is going to continue to expand," said Victor Peng, president of AMD, in an exclusive interview with CNBC on Thursday. He added that the firm expects more adoption of AI PCs in the second half of the year. IDC expects the integration of AI capabilities into PCs to serve as a catalyst for upgrades, hitting shelves this year.

Persons: Victor Peng, Enrique Lores Organizations: Nvidia, Intel, AMD, CNBC, ChatGPT, HP, International Data Corporation, IDC Locations: SHANGHAI, CHINA, Shanghai, China . U.S

☆ Jeff Bezos may cash out billions in Amazon stock this year
▼ + stars: | 2024-02-02 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Amazon founder Jeff Bezos plans to sell up to 50 million shares of Amazon stock over the next year, according to a regulatory filing posted on Friday. Bezos’ planned stock sale was included in Amazon’s annual report published on Friday due to a Securities and Exchange Commission rule requiring such disclosures. Amazon shares tumbled in 2022 amid a whiplash in pandemic-induced demand for e-commerce and broader macroeconomic uncertainty. Moreover, Bezos’ recent move to Florida from Washington state would mean he could avoid state capital gains taxes on the stock sale. Bezos’ home state of Washington upheld a capital gains tax measure last year, according to the Seattle Times.

Persons: Jeff Bezos, Bezos, fiancé Lauren Sanchez, Andy Jassy Organizations: CNN, Amazon, Securities and Exchange, Origin, Seattle Times Locations: Florida, Washington

☆ IMF expects new housing demand in China to drop by around 50% in the next decade
▼ + stars: | 2024-02-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Demand for new housing in China is set to drop by around 50% over the next decade, making it harder for Beijing to quickly bolster the country's overall growth. China's real estate sector and related industries have accounted for about a quarter of the country's gross domestic product. Zhang said China's housing demand would remain large, and policy support would gradually kick in. "Therefore, a significant decline in housing demand is very unlikely to happen," he said. The IMF report compared housing demand and new starts from the 2012 to 2021 period with estimates for 2024 to 2033.

Persons: Zhengxin Zhang, Zhang, Evergrande, Sonali Jain, Chandra, Nir Klein Organizations: Nurphoto, Getty, International Monetary Fund's, IMF, U.S ., People's Bank of China Locations: Huai'an, China, BEIJING, Beijing, Evergrande, Hong Kong, Asia, Pacific

☆ Wings, shrimp and booze: Super Bowl party hosts budget carefully this year
▼ + stars: | 2024-02-01 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +6 min

“The only time I use my grill that’s outside on my deck is for my Super Bowl party,” said Steward, in an interview with CNN. Tricks to manage the costThis year is the 26th year that San Francisco resident Amy Larson and her husband are throwing their Super Bowl party. “Super Bowl every year is my excuse to make him tailgating food, in particular hot wings,” she said. Over the years, Larson has perfected a few tricks to manage her Super Bowl food budget. “I also usually buy spirits and other drinks but I’m not sure about that either because of the higher prices,” Steward said.

Persons: Tod Steward, He’s, It’s, ”, Steward, Steward hasn’t, “, haven’t, that’s, ” Tod Stewart, Tod Steward There’s, Debbie Downer, ” Michael Swanson, Swanson, ” Swanson, Amy Larson, Larson, Amy Larson's, Amy Larson “, ” Larson, he’s, ” Steward, –, Alicia Wallace Organizations: New, New York CNN, Super Bowl, CNN, Wells Fargo, San, Bowl, Super Locations: New York, Seattle, Wells, San Francisco, Bay

Many of the “over-reported records” in the audit were because of bad data entry processes, "rather than intentional falsification of traffic stop data,” said the report, commissioned by Gov. The investigators, however, also said they found “significant failures” by state police in reporting accurate traffic stop information to a statewide databased used to analyze any potential racial profiling by police. The audit said 130 troopers had been identified as having a significant disparity between traffic stop information submitted to the database compared with the court system. State police have been reviewing the traffic citation data. What we have seen is information that provides explanations for why some of the data may have been inaccurate.”

Persons: “, ”, Ned Lamont, Attorney Deidre Daly, —, Lamont, Ken Barone, ” Barone Organizations: Gov, U.S, Attorney, University of Connecticut, UConn, Justice, Transportation Locations: HARTFORD, Conn, Seven Connecticut

☆ We won't meddle in the 2024 election, China's Xi Jinping told Biden: report
▼ + stars: | 2024-02-01 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

Chinese leader Xi Jinping promised President Joe Biden in a brief in-person exchange in November that Beijing would stay out of the 2024 US election, CNN reported. AdvertisementBiden was the one who broached the subject with Xi, one of the sources told CNN. Foreign election interference has increasingly been in the spotlight in the US, especially in the wake of the Russian hacking controversy in the 2016 election. We oppose making China an issue based on election politics," the Chinese Foreign Ministry told CNN when asked for comment. AdvertisementAt the time, China's Foreign Ministry called the accusations "groundless and fabricated out of thin air."

Persons: Xi Jinping, Joe Biden, Xi, Biden, Wang Yi, Jake Sullivan, Sullivan, Wang Wenbin Organizations: CNN, Economic Cooperation, Chinese, White House National, Foreign Ministry, Foreign, Ministry Locations: Beijing, Asia, San Francisco, China, Bangkok, United States, Iran, Russia, Cuba

BANGKOK (AP) — Asian shares were mixed on Thursday after Wall Street fell to its worst loss since September as the Federal Reserve indicated cuts to interest rates are not imminent. On Wednesday, Big Tech stocks burned by the downside of high expectations triggered a sharp slide. The slide for Big Tech stocks dragged the Nasdaq composite to a market-leading loss of 2.2%. The Dow Jones Industrial Average, which has less of an emphasis on tech, fell a more modest 0.8%, to 38,150.30. Three more Big Tech stocks will report results on Thursday: Amazon, Apple and Meta Platforms, the parent company of Facebook and Instagram.

Persons: Dan Ives, ” Tesla, Elon Musk, “ We’re, ”, Jerome Powell, “ It’s, Powell Organizations: Federal Reserve, Nikkei, Big Tech, Nasdaq, Dow Jones, Microsoft, Wedbush Securities, ”, Apple, Facebook, Fed, Wednesday, Treasury, ADP Research, U.S, New York Mercantile Exchange, Brent Locations: BANGKOK, U.S, Shanghai, Seoul, Australia, India, Louvre, Delaware

☆ China's defense budget was reported as 3 times smaller than America's, but 2 analysts say the Pentagon is underselling Beijing's true military strength
▼ + stars: | 2024-02-01 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewBeijing's military spending and threat are likely far higher than portrayed by the Pentagon, which recently reported figures that indicate China's defense budget was nearly four times smaller than America's, two US analysts said on Monday. Peters and Beaver wrote that the Pentagon's assessment failed to account for China's military research spending. "Confusingly, the report does not attempt to account for either of these significant considerations in its treatment of China's defense budget topline," Peters and Beaver wrote. China's reported GDP for 2023 was around $17.8 trillion. "We should avoid overreacting to what seems to be this more accurate data of China's military push," Stavridis wrote.

Persons: —, Robert Peters, Wilson Beaver, Peters, Beaver, Sen, Dan Sullivan, James Stavridis, Stavridis Organizations: Service, Pentagon, Business, Allison Center for National Security, Heritage Foundation, The Defense Department, Beaver, Beijing's, National Atlantic Treaty Organization, Bloomberg, China's Locations: China, Beijing, Taiwan, United States, Alaska

Virginia is not the only state grappling with skill games, but the efforts there reflect points in a larger debate nationwide as they have exploded in popularity. It is also backed by skill games producer Pace-O-Matic, which has given hundreds of thousands of dollars in campaign donations to legislators in recent years. It would tax skill games revenue at 15% and would not explicitly limit the total number of machines that could exist. The skill games debate is a rare issue that doesn't split along partisan lines, and lawmakers have gone around and around on it for years. The General Assembly voted in 2020 to ban skill games, taking on the issue at the same time they were clearing the way for casinos for the first time.

Persons: ”, Sen, Aaron Rouse, Louise Lucas, Pace, Rouse, Chris Cylke, Ahmed Makhani, —, ” Cylke, Mark Peake, “, ” Peake, Democratic Sen, Jeremy McPike, Prince William County, McPike, Matt Hortenstine, Hortenstine, Lucas, Glenn Youngkin's, Christian Martinez, Ralph Northam Organizations: Senate Finance Committee, ABC, American Gaming Association, Republican, Democratic, Virginia Lottery Board, J Ventures, Accel Entertainment, Republican Gov, General, Virginia Supreme Locations: RICHMOND, Va, Virginia, Virginia Beach, Commonwealth, Lynchburg, Georgia, Illinois

☆ Trump PACs spent an estimated $50 million of donor money on attorney fees and related expenses in 2023: report
▼ + stars: | 2024-01-31 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

In 2023 alone, former President Donald Trump was staring down 91 felony charges. A recent NYT report said two pro-Trump PACs spent $50 million funding his legal battles in 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The report noted the embattled former president's legal fees were primarily paid not from his own account, but instead from the coffers of Save America, a Trump-supporting political action committee, and the Make America Great Again PAC. As of August 2023, he'd only publicly received $340,000 in reimbursement from a Trump PAC.

Persons: Donald Trump, —, Joe Biden, Trump's, Rudy Giuliani, he'd Organizations: Trump, Service, District of Columbia, New York Times, Federal, Commission, Save, Associated Press, Save America PAC, National Republican Senatorial Committee, Democratic National Committee, Republican National Committee, White, New York City Mayor, Trump PAC Locations: New York

☆ US Needs to Build Marshall Islands' Trust Over Cold War Nuclear Dump -US Agency
▼ + stars: | 2024-01-31 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

The U.S. conducted 67 nuclear bomb tests on the Marshall Islands from 1946 to 1958. In the late 1970s it deposited radioactive soil and debris from six of the islands into an unlined crater created by one of the tests. The Department of Energy, which in the report concurred with the recommendation, did not immediately respond to a request for comment. The Marshall Islands embassy in Washington did not immediately respond to a request for comment. It also examines radioactive contamination in Greenland resulting from U.S.

Persons: Timothy Gardner WASHINGTON, Tom Carper, Timothy Gardner, David Brunnstrom, Leslie Adler Organizations: U.S, Office, U.S . Congress, RMI, Department of Energy, DOE, GAO, Marshall, Democrat Locations: U.S, Republic, Marshall, Washington, Spain, Greenland

Mark Robinson remained the top fundraiser in the GOP primary campaign for North Carolina governor entering 2024, but a recent rival has used his own personal fortune to compete with him monetarily. Political Cartoons View All 253 ImagesMorgan’s campaign report said it raised $119,300 during the second half of 2023 and had $32,100 in cash entering January. Graham's campaign finance report said it had $161,600 in cash starting the new year. He was sitting on almost $1.3 million in cash entering January, which came in large part from $1 million he loaned his campaign last June. Robinson, in turn, has attacked Graham in speeches about his lawsuits involving hog farm operations in eastern North Carolina.

Persons: Mark Robinson, monetarily, Bill Graham, Graham, Josh Stein’s, Mike Morgan, Roy Cooper, Stein, Josh Stein, Robinson, Donald Trump, Dale Folwell, — Gary Foxx, Marcus Williams, Chrelle Booker —, weren’t, Folwell, Sen, Thom Tillis Organizations: — Republican, Gov, GOP, North Carolina, State Board, Republican, Associated Press, Democratic, Current Democratic, Israel Locations: RALEIGH, N.C, North, Salisbury, North Carolina

☆ China ousts top rocket scientist from key political body in widening military purge
▼ + stars: | 2024-01-31 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has expelled a leading rocket scientist from its top political advisory body, the latest sign of a widening purge in the Chinese military’s missile force and aerospace contractors. Wang, 54, until recently led the China Academy of Launch Vehicle Technology (CALT), a prestigious state-run institute known as the birthplace of China’s aerospace industry. Wang spent his nearly three-decades-long career designing rockets at the CALT, a subsidiary of the main contractor of the Chinese space program, the state-owned China Aerospace Science and Technology Corporation. In December, three aerospace executives, including the chairman of China Aerospace Science and Technology Corporation – were stripped of their roles in the CPPCC. In July, the Rocket Force abruptly replaced its two leaders, the commander and the political commissar, with no explanation.

Persons: Wang Xiaojun, Wang, Xi Jinping, Xi, ” Wang, Qian Xuesen Organizations: Hong Kong CNN, Political Consultative, Xinhua, China Academy of Launch Vehicle Technology, China Aerospace Science, Technology Corporation, People’s Liberation Army, Rocket Force, Communist Locations: Hong Kong, China, Beijing, “, Hunan

☆ A Houthi missile got so close to a US destroyer the warship turned to a last-resort gun system to shoot it down: report
▼ + stars: | 2024-01-31 | by ( Ella Sherman | Jake Epstein | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA Houthi anti-ship cruise missile fired into the Red Sea came within a mile of a US Navy destroyer on Tuesday, a report said, close enough that the American warship turned to its close-in weapons system — a last line of defense. AdvertisementFor several months, the Iran-backed rebels have relentlessly fired one-way attack drones and missiles into key waterways off the coast of Yemen. The USS Gravely, an Arleigh Burke-class guided-missile destroyer in the US Navy, transits during a passing exercise off the coast of Greenland. Advertisement"We're certainly taking aggressive action against the Houthis to try to defend shipping in the Red Sea," John Kirby, the White House National Security Council spokesperson, said this week.

Persons: —, Centcom, Arleigh Burke, Jessica Dowell, Andrew Albin The, Aden —, John Kirby Organizations: Service, US Navy, CNN, Business, US Central Command, Raytheon, System, US, White House National Security Council Locations: American, Yemen, Iran, Greenland, Gulf, Aden, Red

☆ Samsung Electronics' operating profit falls 34.57% in the fourth quarter, in line with guidance
▼ + stars: | 2024-01-31 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

(Photo by Jakub Porzycki/NurPhoto via Getty Images) Jakub Porzycki | Nurphoto | Getty ImagesSamsung Electronics on Wednesday posted a 34.57% drop in operating profit in the fourth quarter from a year ago, in line with its guidance issued earlier this month. Here are Samsung's fourth-quarter results versus estimates: Revenue: 67.78 trillion Korean won (about $51 billion), vs. 69.27 trillion Korean won expected by LSEG analysts67.78 trillion Korean won (about $51 billion), vs. 69.27 trillion Korean won expected by LSEG analysts Operating profit: 2.82 trillion Korean won, vs. 3.43 trillion Korean won expected by LSEG analysts Samsung's revenue for the quarter ending December fell 3.8% from a year ago, while operating profit dropped 34.57% in the same period. In its earnings guidance earlier this month, Samsung said it expected operating profit for the October-December quarter to be 2.8 trillion South Korean won ($2.13 billion), down 35% from the same period a year ago when the firm reported an operating profit of 4.31 trillion won. Daiwa Capital Markets in a Jan. 9 report said Samsung's revenue and operating profit estimates were "lower than our market estimates." "We aim to establish Samsung as the leading brand in the AI smartphone market," said Samsung.

Persons: Jakub Porzycki, SK Kim, Apple, Bryan Ma, Ma Organizations: Samsung, Getty, Nurphoto, Samsung Electronics, Korean, South Korean, Daiwa, SK, Apple, International Data Corporation, IDC Locations: Krakow, Poland

☆ Oppenheimer says bank stocks are ‘significantly undervalued’ and gives its top picks
▼ + stars: | 2024-01-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

It's time for investors to shake off the fear of bank stocks created by last year's deposit outflows and regional bank failures, according to Oppenheimer. Analyst Chris Kotowski said in a report to clients on Tuesday that bank stocks are "significantly undervalued," highlighting that the KBW Bank Index finished 2023 down 4.8% for the year, or 29 percentage points behind the S & P 500. That gap is too large to justify even with the collapse of a few regional banks such as Silicon Valley Bank, Kotowski said. The firm's top two bank stocks are Goldman Sachs and Jefferies , both of which can serve as a bet on a rebound in the capital markets business. Kotowski also recommended several other large bank stocks, including Bank of America , JPMorgan Chase and U.S. Bancorp .

Persons: Oppenheimer, Chris Kotowski, Kotowski, Goldman Sachs, David Solomon, Jefferies, Goldman, JPMorgan Chase, —, CNBC's Michael Bloom Organizations: KBW, Silicon Valley Bank, Jefferies, Goldman, LSEG, Bank of America, JPMorgan Chase, U.S . Bancorp, JPMorgan Locations: Silicon, LSEG

The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.

Persons: Brock Silvers, haven't, Silver, ”, Seng, David Goodman, —, Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, ”, Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore

☆ Symptoms from excessive screen time cost the U.S. $73 billion a year, study finds
▼ + stars: | 2024-01-30 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

American workers are spending too much time looking at screens. As a result, symptoms of "excessive screen time," or more than seven hours of screen time a day, are costing the U.S. $73 billion per year, the report said. The figure was determined by analyzing the direct financial costs incurred by health systems, the symptoms' impact on productivity at work, and their perceived impact on an individual's well-being. Just two hours of screen time per day can induce these symptoms, and if left untreated, the study found they can "lead to decreased productivity, exacerbate other undiagnosed eye conditions and may affect an individual's sleep quality and mental health." The study found that people with excessive screen time exposure could save as much as $1,920 per person by seeing an optometrist and managing their symptoms.

Persons: Ronald Benner Organizations: Deloitte Economics Institute, American Optometric Association, U.S Locations: U.S

☆ The US ramped up arms exports by more than 50% in 2023, cutting into Russia's own weapons trade: Politico
▼ + stars: | 2024-01-30 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

The US increased its arms exports by more than 50% in 2023, compared to 2022, while also damaging Russia's own defense trade, Politico reported . In a fact sheet citing the numbers, the Department of State specified that arms exports rose to $80.9 billion in 2023, a 55.9% increase from $51.9 billion in 2022. "We see that because Russia's defense industry is denied the resources that come from exports, that helps to contribute to Russian strategic failure on the battlefield," she said. Resnick cited a $1.8 billion arms deal that the US struck with India last year, and "real tough decisions" in Global South countries about abandoning Russian equipment. Since the early 2010s, Russian arms exports have declined in part due to China and India's efforts to ramp up their own domestic arms production, along with earlier Western sanctions packages meant to dissuade third countries from buying Russian weapons.

Persons: Mira Resnick, Resnick Organizations: Politico, NATO, Department of State, Reuters, State Department, Department's Office, Regional Security, Stockholm International Peace Research Institute, Center for Strategic, International Studies Locations: Ukraine, Germany, Poland, Moscow, India, Global South, Stockholm, China, Russia

BERLIN (AP) — Efforts to fight public sector corruption are faltering around the world, in part because a “global decline in justice and the rule of law since 2016," according to a corruption index released Tuesday. Transparency International, which compiles the annual Corruption Perceptions Index, found 23 countries at their worst level since the global ranking began almost three decades ago, including both high-ranking democracies and authoritarian states. The global average was unchanged at 43 for the 12th consecutive year, and more than two-thirds of countries scored below 50. Arab countries’ average score on the index hit an all-time low of 34, and sub-Saharan Africa remained stagnant at 33. Transparency International said that the government's “pervasive control of public institutions facilitates the widespread abuse of power without accountability" while judicial independence is eroding.

Persons: ”, François Valérian, party's Organizations: BERLIN, Transparency, World Bank, Economic, European Union Locations: Iceland, Netherlands, Sweden, Britain, Iran, Russia, Venezuela, Denmark, Finland, New Zealand, Norway, Singapore, Switzerland, Germany, Luxembourg, United States, Somalia, South Sudan, Syria, Yemen, Equatorial Guinea, Haiti, North Korea, Nicaragua, Asia, Pacific, Latin America, Caribbean, Saharan Africa, Europe, Poland, Hungary, Ukraine

☆ How 'quiet luxury' is subtly taking over investor portfolios
▼ + stars: | 2024-01-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

So what is "quiet luxury"? Quiet Luxury's outperformance over Loud Luxury in 2023. "Hence, in 2023, quiet luxury companies notably outperformed their loud peers by 23% points. According to DBS, a company fall under its categorization of "quiet luxury" if it's understated and focused on high quality, while maintaining exclusivity and scarcity. Loud luxury not in vogue

Persons: Karin Teigl, Kelly, Baum, Jeremy Moeller, Miu Miu, Brunello, Hou Wey Fook, Hermes, LVMH Moët Hennessy Louis Vuitton, Markus Hansen, Hansen, Goldman Sachs, — Organizations: Getty, DBS Bank, Financière Richemont, Swatch Group, DBS, Richemont, Swatch, CNBC, U.S Locations: VIENNA, AUSTRIA, Asia, South Korea, Japan, India

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