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☆ New York overtakes Hong Kong as the most expensive city in the world for expats, new survey shows
▼ + stars: | 2023-06-08 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

Hong Kong has ended its four-year reign as the most expensive city globally for expatriates, according to a survey — as New York surpasses it to first place. Hong Kong has ended its four-year reign as the most expensive city globally for expatriates — surpassed by New York which took first place, according to a new survey. Hong Kong fell in our rankings as the increase in prices of day-to-day goods and services was tempered by falls in accommodation costs in the city. Lee Quane ECA InternationalStill, Hong Kong retained its position as the most expensive location in Asia. Reports suggest residents of Hong Kong left the city in droves last year — due to Covid-19 restrictions and what they see as an erosion of democratic norms.

Persons: —, Lee Quane Organizations: New, ECA, assignees, Lee, Asia, U.S . Federal, Urban Land Institute, ULI, Asia Pacific Centre for Housing, U.S ., San Locations: Hong Kong, New York, Asia, Singapore, Asia Pacific, Asia Hong Kong Singapore Seoul Tokyo Shanghai Guangzhou Shenzhen Beijing Taipei Yokohama, Shanghai, Guangzhou, Tokyo, Japan, York, U.S, San Francisco

☆ Royal Caribbean's new world's largest cruise ship is almost finished construction — see what it looks like now compared to what the cruise line is promising
▼ + stars: | 2023-06-04 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

Icon of the Seas — Royal Caribbean's next world's largest cruise ship — will begin sailing in January 2024. Meyer Turku shipyard will deliver the Icon of the Seas to Royal Caribbean in October. See what the ship looks like about 70% complete compared to what Royal Caribbean has been promising. When complete, the over $2 billion project will be the first ship in Royal Caribbean's new Icon-class. In late October 2022, over a year after construction first began, Royal Caribbean gave the public a glimpse of the ship and its amenities.

Persons: Meyer Organizations: Seas, Royal Caribbean, Royal, Morning Locations: Meyer Turku, Royal, Royal Caribbean, Caribbean

☆ Walmart reiterates goal of doubling international gross merchandise in five years
▼ + stars: | 2023-06-03 | by ( Siddharth Cavale | ) www.reuters.com time to read: +3 min

The analysts meeting and a press presentation by Walmart CEO Doug McMillon were held on Friday in conjunction with the retailer's annual shareholders meeting in Bentonville. Five years ago, Walmart International generated about $120 billion in GMV. Walmart's business model has evolved over the past few years, with a greater focus on omni-channel - a strategy that ties together its e-commerce business, delivery services, advertising and marketplace business. McKenna said Walmart's huge size and technological breadth will give it the leverage to scale this strategy more quickly. Walmart's omni-channel efforts have been a boon for the retailer as recession fears push more Americans to seek bargains in groceries.

Persons: Judith McKenna, Doug McMillon, McKenna, McMillon, Siddharth Cavale, Will Dunham Organizations: Walmart, Bentonville ., Walmart International, International Monetary, omni, Thomson Locations: BENTONVILLE , Arkansas, Mexico, India, Fayetteville , Arkansas, Bentonville, Brazil, Argentina, Japan, United Kingdom

☆ China's economy isn't rebounding as fast as anyone expected
▼ + stars: | 2023-05-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

While I personally won't be flying internationally anytime soon, we're diving into China's lethargic economy for today's newsletter. The much-anticipated economic rebound hasn't quite materialized for China in the way many had expected. The sluggish recovery has embedded itself in nearly every corner of the world's second-largest economy, even in some of the most obscure commodities markets. The CSI 300 index has slipped over recent weeks, and luxury brands reliant on China's large consumer base have tumbled. What's your outlook on China's economy for the rest of 2023?

Persons: I'm Phil Rosen, Jamie Dimon, Tesla, China Tuul, Bruno Morandi, Rockefeller International's Ruchir Sharma, Nicholas Lardy, Lardy, Filip De Mott, Tweet, Sheldon Cooper, Nordstrom, Goldman Sachs, there's, that's, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: JPMorgan, Peterson Institute for International Economics, Getty, World Gold, Fed, Nvidia, Microsoft, Saudi Aramco Locations: Elon, China, Washington, Shanghai, Shenzhen, . Utah , Colorado, Scottsdale, Saudi, New York, Los Angeles, London

☆ China can continue to outgrow the US economy, and Americans shouldn't delude themselves, former Treasury official says
▼ + stars: | 2023-05-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China has demonstrated its economy can continue outgrowing the US, Steven Rattner wrote. "Most important, we should not delude ourselves with the fantasy that China is going to fall under its own weight." The former counselor to the Treasury secretary during the Obama administration acknowledged that China's rebound following the end of China's strict COVID policies has fallen short of high expectations. In fact, fresh manufacturing data Wednesday added to fears over China's economy. "Most important, we should not delude ourselves with the fantasy that China is going to fall under its own weight," Rattner concluded.

Persons: Steven Rattner, That's, —, Obama, Rockefeller International's Ruchir Sharma, Rattner Organizations: Service, Privacy, China, The New York Times, Trump, Biden Locations: China, South, America

☆ Ukraine authorities expose piles of cash in Supreme Court corruption probe
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Ukrainian Supreme Court building is seen in central Kiev, Ukraine, March 5, 2016. REUTERS/Valentyn OgirenkoMay 15 (Reuters) - Ukrainian anti-graft authorities said on Monday they were investigating large-scale corruption in the country's Supreme Court system and shared a photograph of piles of dollars neatly lined up on a sofa. The National Anti-Corruption Bureau of Ukraine (NABU) did not name anyone accused of corruption, but two local media organizations reported Supreme Court Chief Justice Vsevolod Kniaziev had been detained on suspicion of receiving a $3 million bribe. "NABU and SAP have exposed large-scale corruption in the Supreme Court, namely a scheme for the leadership and judges of the Supreme Court to receive bribes," the bureau said in the post. It said another 18 Supreme Court judges who heard the Ferrexpo case were now being searched.

☆ Investment consortium to take Syneos private for $4.46 billion
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to take Syneos Health Inc (SYNH.O) private for $4.46 billion, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The acquisition is valued at $7.1 billion including debt. Syneos, which helps pharmaceutical companies with clinical trials and marketing their drugs, currently carries a debt of nearly $3 billion. The company reported a total backlog of contracts of $9.83 billion, as of March 31, 2023, down from $11.63 billion at the end of the first quarter of 2022.

Both hiked interest rates a quarter point - but only the ECB said more was to come. Without committing to it, the Fed signalled a pause in its 13-month, five percentage point tightening campaign. Money markets do partly agree with Lagarde - seeing one more quarter point rate rise in the pipeline. They now see the so-called terminal ECB rate at 3.5% in September - still a chunky 175 bps below peak Fed rates if you assume that at 5.25%, those have now reached the end of the line. "The extent of policy tightening delivered by the ECB to date is already sufficient to cause a recession," said Fidelity International's Anna Stupnytska.

☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
▼ + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."

☆ Prebiotic soda Olipop approaches $200 million in annual sales — and CEO says Coca-Cola and PepsiCo have already come knocking
▼ + stars: | 2023-04-29 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

Prebiotic soda maker Olipop is set to cross $200 million in annual sales this year, just five years after it arrived on grocery store shelves. Olipop had raised $55.4 million as of Jan. 2, at a reported valuation of $199.8 million, according to Pitchbook data. Consumers are also increasingly interested in "gut health," one of the latest wellness trends. Both Olipop and Poppi have leaned into influencer marketing on TikTok, where gut health became a trending topic last year. But Olipop's Goodwin is confident that consumers are willing to pay more for the drinks he formulates.

☆ The Warren Buffett of China, whose company just posted a 95% dip in annual profits, is selling billions of dollars of assets — but he says it's 'only pathetic if no one wants what we offer'
▼ + stars: | 2023-04-25 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

The company posted a 95% year-on-year dip in annual 2022 profits. "It's not pathetic that we are selling assets," he said at an entrepreneur forum in March, per Bloomberg. Hong Kong stock exchange-listed Fosun International's shares have rebounded to 5.4 Hong Kong dollars, or $0.7, apiece on Tuesday, from a low of 4.6 Hong Kong dollars in September. They're still down from about 7.8 Hong Kong dollars in late January. Fosun International's market capitalization is around 44 billion Hong Kong dollars now.

☆ 'I screamed so loud, I blacked out': Afghans tell of the Taliban's return to their old torture playbook
▼ + stars: | 2023-04-19 | by ( Zahid Mahmood | ) edition.cnn.com time to read: +11 min

"There were about 12 Taliban members surrounding me, they tied me to a chair and started beating me from all sides," Zafri told CNN. He added: "I screamed so loud, I blacked out because of the trauma." Fereshta Abbasi, a researcher at Human Rights Watch, told CNN that, since the Taliban's comeback, a local journalist told her how bleak the media landscape is, threatening free speech. "Freedom of speech and media in Afghanistan was one of the country's biggest achievements, which has now unfortunately gone." Meanwhile, Zafri remains stuck in Afghanistan despite repeated attempts to leave following his detention and torture by the Taliban.

☆ Chipotle unveils sustainable-restaurant design as it aims to cut carbon footprint in half by 2030
▼ + stars: | 2023-04-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Next year, more than 100 of the burrito chain's new locations will use all-electric equipment and some additional elements from the new design. Chipotle Mexican Grill on Tuesday unveiled a new all-electric restaurant design aimed at helping the company reach its goal of cutting greenhouse gas emissions in half by 2030. Chipotle isn't the only restaurant chain looking to its restaurants to cut down on greenhouse gas emissions. And a year earlier, its archrival, Restaurant Brands International's Burger King, revealed a new restaurant design that features solar panels. The company's goal to halve greenhouse gas emissions by 2030 is based on its 2019 baseline of 1.4 million tons of carbon dioxide equivalent across its supply chain and restaurants.

☆ Half of the 10 busiest airports in the world are in the US, with Atlanta topping the chart once again
▼ + stars: | 2023-04-06 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Atlanta's airport is the busiest hub in the world for 2022 with 93 million passengers. In third place, Denver is one of the only airports to have caught up with pre-pandemic levels. Five of the busiest airports in the world are in the US, with Hartsfield-Jackson Atlanta International Airport topping the list for the second year in a row. Last year, US airports accounted for eight of the 10 busiest airports. Take a closer look at the top 10 busiest airports in the world.

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 bln
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of French cosmetics group L'Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo FuentesSAO PAULO, April 3 (Reuters) - French cosmetics group L'Oreal (OREP.PA) struck a deal with Brazil's Natura & Co (NTCO3.SA) to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal, L'Oreal's largest ever brand acquisition according to Dealogic data, expands the firm's presence in the luxury cosmetics market, while also providing the Brazilian company with some financial relief amid shrinking margins and heavy debt. The acquisition is also the third largest on record of an Australian company in the consumer products sector, the data showed. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement.

☆ Fact Check-Altered image shows Donald and Melania Trump standing with Stormy Daniels
▼ + stars: | 2023-03-27 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

An image appearing to show former U.S. President Donald Trump and his wife Melania Trump standing alongside adult film star Stormy Daniels is digitally altered. The image is altered and juxtaposes a photograph of the Trumps taken in 2005 with an image of Daniels standing by herself captured in 2006. The original image of the Trumps shows Donald and Melania Trump standing alongside Ivanka Trump and was taken at The Fashion Group International's Night of Stars in New York on Oct. 27, 2005. A similar image showing Melania and Donald Trump standing with Ivanka to their left and Vanessa Haydon, Donald Trump Jr taken at a slightly different angle is viewable (here). The image is altered to juxtapose two separate images and make it appear as if Donald and Melania Trump were standing with Stormy Daniels.

☆ Wealth managers ramp up staff in Hong Kong to chase Chinese demand
▼ + stars: | 2023-03-24 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, March 24 (Reuters) - Wealth management firms are expanding operations aggressively in Hong Kong to meet pent-up demand from rich Chinese individuals looking to invest more money overseas after three years of COVID-19 curbs, industry sources said. Noah Holdings (NOAH.N), the largest independent wealth management firm in China, was among five private banks and wealth management firms Reuters talked to that said they held client events in the city and organised private art tours. Hywin Holdings (HYW.O), another Chinese wealth manager, invited 30 ultra-high-net worth clients to workshops, fund manager visits and even a yacht party in Hong Kong last week. Chinese financial institutions are vying for this growing wealth management business in Hong Kong. Chinese Everbright Bank and Hua Xia Bank set up private banking departments in Hong Kong in the past few months, according to sources familiar with their plans.

☆ Europe bank regulators remained on sidelines after SVB, says CLS Bank International's Dino Kos
▼ + stars: | 2023-03-24 | 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 EmailEurope bank regulators remained on sidelines after SVB, says CLS Bank International's Dino KosDino Kos, CLS Bank International special advisor to CEO, joins CNBC's "Squawk Box" to discuss the turmoil hitting banks and what it means for markets.

☆ Traveling to Asia for work? This city is its most expensive business destination
▼ + stars: | 2023-03-22 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Hong Kong has been named the most expensive location in Asia for business travelers — for the second year in a row, according to a new report. watch nowTokyo, which dropped from second- to third-most expensive city in Asia, also experienced a 5% rise in daily costs for business travelers in local currency terms. "With average daily costs of $424 per day [in Tokyo], business travel to the city is now almost 20% cheaper than first-placed Hong Kong." "Even a tourist hub like Bangkok, which typically receives many business travelers, only saw a moderate 4% increase in business travel costs," Quane added. World's most expensive placeFor yet another year, New York received the dubious honor of being the most expensive place in the world for business travelers.

☆ Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
▼ + stars: | 2023-03-20 | by ( Carter Johnson | Casey Sullivan | Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The fate of Credit Suisse's investment bank hangs in the balance after being sold to UBS. The investment bank's planned spinoff has been put on hold and bankers are bracing for job cuts. People said they expect Credit Suisse's planned spinoff of its investment banking operations, announced last year, to be scuttled. Over at 11 Madison Ave., where Credit Suisse's NY operations are headquartered, emotions were running hot on Monday. Now, the proposed CS First Boston deal hangs in the balance, with both industry experts and Credit Suisse employees uncertain whether it will go through.

☆ We are moving toward a post-U.S.-dollar world, says Rockefeller International's Ruchir Sharma
▼ + stars: | 2023-03-17 | 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 EmailWe are moving toward a post-U.S.-dollar world, says Rockefeller International's Ruchir SharmaRuchir Sharma, Rockefeller International chairman, joins 'Closing Bell: Overtime' to discuss the geopolitical risk to the market and the future of the U.S. dollar as the world's reserve currency.

☆ Ukrainian journalists fight another kind of war - against graft
▼ + stars: | 2023-03-09 | by ( Dan Peleschuk | ) www.reuters.com time to read: +5 min

According to Transparency International's 2022 Corruption Perceptions Index, Ukraine ranked slightly better than Russia but still well below the global average. Their focus also shows civil society is embracing its role as a government watchdog even as the war grinds on. Many journalists are also turning their attention to uncovering Russian war crimes and assets in Ukraine. PUBLIC PARTNERSHIPSuch reports play a key role in Ukraine's fledgling anti-corruption system, created after the 2014 Maidan revolution toppled pro-Russian president Viktor Yanukovych. Romaniuk, director of the Institute of Mass Information, an NGO in Kyiv, said Ukrainian journalists' role as anti-corruption activists will become increasingly important as Kyiv maps out a more transparent future.

☆ Founder of nanotechnology company went from professor to billionaire
▼ + stars: | 2023-03-07 | 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 EmailFounder of nanotechnology company went from professor to billionaireShi Xu, Nanofilm Technologies International's founder and chairman, discusses with CNBC's Christine Tan the company's transformative coating technology.

☆ Nanotechnology company explains why it's banking on hydrogen energy
▼ + stars: | 2023-03-07 | 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 EmailNanotechnology company explains why it's banking on hydrogen energyShi Xu, Nanofilm Technologies International's founder and chairman, tells CNBC's Christine Tan why he believes hydrogen is the company's new growth pillar.

☆ Watch CNBC's full interview with Rockefeller International's Ruchir Sharma
▼ + stars: | 2023-03-06 | 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 EmailWatch CNBC's full interview with Rockefeller International's Ruchir SharmaRuchir Sharma, Rockefeller International chairman and Breakout Capital founder and CIO, joins 'Squawk Box' to discuss China's economic picture, how far out Sharma's expectations for China go and more.

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