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Beijing CNN —US Secretary of State Antony Blinken sat down with China’s top diplomat on the final day of a high stakes visit to Beijing aimed at stabilizing relations, with all eyes on whether Washington’s envoy will meet Chinese leader Xi Jinping later in the day. Blinken and China’s top diplomatic counterpart Wang Yi began talks Monday morning, posing for photos at Beijing’s Diaoyutai State Guesthouse before heading into closed door discussions. Whether Blinken also meets with Xi will be a key indicator of China’s interest in taking steps to rebuild that rapport. “Profound differences” between the US and China, however, were also clear during the meeting, the official added. While Qin holds the title of foreign minister, he wields less power than Wang, who directs China’s foreign policy through his position among the party’s core leadership.

Persons: Antony Blinken, Xi Jinping, Wang Yi, Blinken’s, Qin Gang, Blinken, Xi, “, Qin, ”, Wang, ” Blinken’s, Joe Biden, China’s Xi, –, Nancy Pelosi Organizations: Beijing CNN —, Chinese Foreign, United, United States ’, State Department, Communist Party, senior State Department, US Locations: Beijing, loggerheads, China, Moscow, Washington, United States, Taiwan, Bali

☆ Some advertisers are requiring their agencies to disclose when they use generative AI
▼ + stars: | 2023-06-17 | by ( Lara O'Reilly | Ryan Joe | ) www.businessinsider.com time to read: +4 min

Some big advertisers want to know exactly when their agencies are using generative AI. And in its current form, generative AI can create derivative content. And WPP ad agency Ogilvy is advocating for advertisers and social media platforms to disclose the use generative AI in influencer campaigns, The Financial Times reported. "You need to sit down with your agency and ask how they are using generative AI." He said he's in active conversations with the heads of all the agencies the alcohol giant works with about how they are experimenting with generative AI tools.

Persons: Reed Smith, Ruben Schreurs, Schreurs, — Andrew Robertson, —, Ogilvy, Keri Bruce, Bruce, L'Oréal, we've, Asmita Dubey, Edward Pilkington, Lesley Klein Organizations: BBDO, Ad, WPP, Financial Times, of National, Diageo, Diageo North Locations: Diageo North America

☆ Toyota shareholders make 15% the new win-win
▼ + stars: | 2023-06-16 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

Both Glass Lewis and ISS reckon there aren’t enough properly independent directors on the board, even though Toyota complies with the requirements laid down by the Tokyo Stock Exchange. Yet ISS held back from advising shareholders vote against them because it would risk “increasing management dominance of the board”. Toyota is a laggard on both and is now under pressure to get powerful investors back onside. CONTEXT NEWSMore than 15% of voting shareholders were against reappointing Chairman Akio Toyoda to Toyota Motor’s board at its annual meeting on June 14, the Japanese carmaker said on June 15. About 15% of shareholders who voted supported a resolution asking the company to issue an annual review of its climate lobbying activities.

Persons: Akio Toyoda, Glass Lewis, Glass Lewis plumped, Toyoda, Masahiko Oshima, carmaker, Pete Sweeney, Thomas Shum Organizations: MELBOURNE, Reuters, Toyota, ISS, Tokyo Stock Exchange, Sumitomo Mitsui Financial, Nikkei, California Public, New York, New York City Comptroller, Twitter, Thomson Locations: New York City

Then, a deep dive into MrBeast and what his YouTube empire says about the future of the internet. Reddit came along and said, oh, we need to protect Reddit from the rise of these large language models. So I don’t think they’re totally out of the woods. But I don’t think people would say it was a golden age for how safe the platforms fell to use. But I want to challenge you on this, because I don’t necessarily think that it’s a bad thing if we have past peak trust and safety.

Persons: kevin roose, you’ve, casey newton, casey newton Yes, I’ve, there’s, kevin roose I’m, Kevin Roose, ” casey newton, Casey Newton, Casey, Reddit, casey newton Right, roose, Steve Huffman, you’re, Kevin, It’s, They’re, casey newton Well, they’ve, we’re, Huffman, “, Redditors, We’ve, Everyone’s, we’ve, I’m, let’s, Sam Walton, Max, kevin roose Hey, kevin roose Oh, kevin roose Max Read, MrBeast, it’s, Jimmy Donaldson, He’s, Willy Wonka, he’s, somethings, haven’t, kevin roose We’ll, We’ll, kevin roose She’s, she’s, kevin roose MrBeast, Jeremiah, jeremiah howard, Jeremiah Howard who’s, Jimmy, Burger, You’re, Stefan Molyneux, PewDiePie, Paul, Let’s, Raman, kevin roose It’s, MrBeast financials, doesn’t, Logan Paul, they’re, Vincent Miller, Jon Hamm’s, Matthew Weiner’s, kevin roose Max, Will, Max Read, ” kevin roose, casey newton Max, Robert F Kennedy, COVID, Kennedy, Instagram, Connor Roy, Marjorie Taylor Greene, Robert F Kennedy Jr, Elon, Donald Trump, We’re, Jim Jordan, kevin roose Totally, Alex Jones, casey newton Totally, Kate Kalanick, Trump, Tucker Carlson, aren’t, — casey newton, hasn’t, Rachel Cohn, Jen Poyante, Caitlin Love, Alyssa Moxley, Dan Powell, Elisheba Ittoop, Marion Lozano, Sofia Lanman, Rowan Niemisto, Paula Szuchman, Tam, Nell Gallogly, Kate LoPresi, Jeffrey Miranda Organizations: The New York Times, Twitter, YouTube, Lamborghini, Netflix, Walmart, News, Producers, Meta, Instagram, COVID, Democratic, Washington Post, Apple, Republicans, Facebook, 4chan, Republican Party, Trump, Fox News, Stanford, Davis Locations: Hawaii, Reddit, Greenville , North Carolina, hysterics, New Jersey, New York, Greenville, North Carolina, Central, United States, Bay, San Francisco, Stanford

☆ Here are Friday's biggest analyst calls: SoFi Technologies, AutoZone, Nvidia, Meta and more
▼ + stars: | 2023-06-16 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Bank of America downgrades SoFi Technologies to neutral from buy The downgrade follows SoFi' s recent rally. Our C$51 Price Target is 39% above the current stock price and we see close to 3:1 upside/downside skew." UBS upgrades AutoZone to buy from neutral Analyst Michael Lasser raised the price target to $2,900 from $2,800. Wells Fargo initiates Neogen Corporation at overweight and $22 price target Wells Fargo said it liked the company's improving margins. Wells Fargo initiates Bio-Rad Laboratories Inc. at overweight and $550 price target Wells said Bio-Rad's valuation is attractive at current levels.

Persons: Jefferies, John Hecht, LendingClub, Morgan Stanley, Mauricio Serna, Aritzia, Michael Lasser, Carvana, it's, Wells, Ph3, Wells Fargo, Piper Sandler, TD Cowen downgrades, LOE, Michael Bloom Organizations: . Bank of America, Technologies, Nvidia, Bank of America, UBS, West Pharmaceutical Services, Stevanato, MorphoSys, Neogen, Rad Laboratories Inc, SoFi Technologies, Health Companies Locations: EBITDA, 4Q23, BLCO

☆ The EU is losing patience with European banks still making money in Russia. A top official is now pressuring them to exit the market 'as soon as they can.'
▼ + stars: | 2023-06-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A top ECB official called on EU banks still operating in Russia to exit the market asap. His comments followed news that some Western firms are still operating in Russia, despite sweeping sanctions. It's unclear how many Western banks are still doing business in Russia. The Financial Times reported in January that just a handful of the 45 Western banks with subsidiaries in Russia have managed to exit. Still, EU banks have managed to reduce their exposures to Russian counterparties by 37% in 2022, he said.

Persons: —, Russia —, Andrea Enria, Enria, it's Organizations: ECB, Service, European, European Central Bank, European Financials Conference, Financial Times, Novaya Gazeta Europe, Austria's, Raiffeisen, Reuters, Yale University, Russia Locations: Russia, Ukraine, Novaya

☆ Some European banks are still making money in Russia. The EU is losing patience and pressuring them to exit the market ASAP.
▼ + stars: | 2023-06-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

☆ Citi CFO says 1,600 job cuts will boost second-quarter expenses
▼ + stars: | 2023-06-14 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, June 14 (Reuters) - Citigroup Inc (C.N) in the second quarter will book severance costs associated with around 1,600 job cuts, Chief Financial Officer Mark Mason said on Wednesday. Since the start of the year, the bank has incurred costs related to a 5,000 headcount reduction taking place across the firm, largely in banking, markets and functions. One person with knowledge of the matter said the job cuts include people that worked in units Citi decided to divest, but did not specify the number. He said markets revenues fell 20% so far this quarter from a year earlier. Goldman Sachs Group Inc (GS.N) expects trading revenue may slump 25% this quarter, that bank's president said last week.

Persons: Mark Mason, Mason, Tatiana Bautzer, Cynthia Osterman, David Gregorio Our Organizations: YORK, Citigroup Inc, Citi, Goldman Sachs Group Inc, Thomson Locations: New York

☆ How Yotam Ottolenghi Comes Up With a New Recipe
▼ + stars: | 2023-06-14 | by ( Yotam Ottolenghi | ) www.nytimes.com time to read: +2 min

First: the hand with the wooden spoon. Peppers and eggplants, tomatoes and tomato paste, my happy place. Keeping the tomatoes raw, I could make a sandwich in a pita, adding roasted eggplant, some tahini and parsley sauce. Spin the wheel, and Segnit will remind you of pairings you know work well. “Their favorite meat is lamb, their chosen yogurt sheep’s.”) She also tells you why they work.

Persons: “ Locations: Moroccan, Olive

☆ EU officials accuse Google of antitrust violations in its ad tech business
▼ + stars: | 2023-06-14 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —Google’s advertising business should be broken up, European Union officials said Wednesday, alleging that the tech giant’s involvement in multiple parts of the digital advertising supply chain creates “inherent conflicts of interest” that risk harming competition. The formal accusations mark the latest antitrust challenge to Google over its sprawling ad tech business, following a lawsuit by the US Justice Department in January that also called for a breakup of the company. For example, the commission claims, advertisers who used Google’s ad buying tools frequently had their purchases routed to AdX instead of to rival ad exchanges. One proposed solution by the commission would spin off Google’s ad exchange and publisher tools from the ad-buying tools it provides to advertisers. Google remains committed to creating value for our publisher and advertiser partners in this highly competitive sector,” Taylor said.

Persons: ”, Margrethe Vestager, Dan Taylor, ” Taylor Organizations: Washington CNN, European Union, Google, US Justice Department, EU, —, CNN Locations: AdX

REUTERS/Dado Ruvic/Illustration/File PhotoLOS ANGELES, June 14 (Reuters) - The Netflix (NFLX.O) romantic comedy "XO, Kitty" is returning for a second season, becoming the No. 1 streaming service's first television series to be spun-off from an original Netflix film, the "To All the Boys I've Loved Before" movie trilogy. "XO, Kitty" has a Korean lead character and "Queen Charlotte" features a Black actor in the title role. The 2016 science fiction series "Stranger Things" was its first successful entertainment franchise, with related merchandise and plans for a spin-off series and a stage play. The "XO, Kitty" brand has a partnership with Sanrio, a Japanese entertainment company, and American fashion retailer Forever 21 for a clothing line.

Persons: Dado Ruvic, Charlotte, Charlotte ", Kitty, Julia Quinn's, Queen Charlotte, Quinn, Shonda, Danielle Broadway, Richard Chang Organizations: Netflix, REUTERS, New York Times, Sanrio, Thomson Locations: Korean, Republic of, Los Angeles

☆ What Wheel of Fortune can do, Wall Street can, too
▼ + stars: | 2023-06-14 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, June 13 (Reuters Breakingviews) - “Wheel of Fortune” is finally going to get a new host. The charade that unfolds nightly on traditional American television has similarities to Wall Street. And earlier this year Sajak’s daughter replaced White as the letter-turner for one game where White became a contestant. And while “Wheel of Fortune” fans and behind-the-scenes crew may feel as if the wheels won’t turn in quite the same way without their leading man around, it’s likely that Sajak – and his Wall Street counterparts – can step aside knowing the game will still go on. Follow @thereallsl on TwitterCONTEXT NEWSPat Sajak, host of gameshow "Wheel of Fortune," plans to retire at the end of his upcoming record 41st year, he said on June 12.

Persons: ”, Pat Sajak, He’s, Sajak, Vanna White, Jamie Dimon, Larry Fink, White, –, I've, It's, John Foley, Streisand Neto Organizations: YORK, Reuters, Entertainment, Twitter, Thomson Locations: U.S, gameshow’s

☆ Western companies still operating in Russia were so profitable in 2022 that their corporate taxes contributed almost $4 billion to the country's revenues
▼ + stars: | 2023-06-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 100 largest Western companies still operating in Russia posted $13 billion in profits in 2022, per Novaya Gazeta. Profits jumped 54% from 2021 and the firms contributed $3.5 billion in corporate taxes in 2022. The top 100 Western companies that remained in Russia made so much money that they contributed nearly 288 billion rubles, or $3.5 billion, in corporate taxes in 2022, according to a June 8 report from Novaya Gazeta Europe. The biggest taxpayers were US, UK, and French companies who paid 40 billion, 47 billion, and 55 billion rubles, respectively. Like TotalEnergies, BP, and Raiffeisen Bank, many Western companies are still trying to leave Russia.

Persons: —, TotalEnergies Organizations: Novaya Gazeta, Companies, Raiffeisen Bank, Service, Novaya Gazeta Europe, Austria's, Bank, Reuters, Yale University, Financial Times Locations: Russia, Novaya, Ukraine, Moscow, Europe, TotalEnergies

☆ ECB urges banks in Russia to leave quickly
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 13 (Reuters) - Euro zone banks in Russia should leave quickly, the bloc's top supervisor said on Tuesday, making a rare explicit call on those lenders to wind down operations more than a year after Russia's invasion of Ukraine. "I think that it is important that banks remain very focused on reducing further their exposures and, ideally, exiting the market as soon as they can," Andrea Enria, the European Central Bank's chief supervisor, told a conference. More than a year into the war in Ukraine, a handful of European banks, including Austria's Raiffeisen Bank International (RBIV.VI) and Italy's UniCredit (CRDI.MI), are still making money in Russia. Raiffeisen and UniCredit, which both say are shrinking their businesses in Russia, play an important role for Russia's economy, which is grappling with sweeping Western sanctions. Raiffeisen, the most important Western bank in Russia, has said it is examining a spin-off or sale.

Persons: Andrea Enria, Italy's, Enria, Raiffeisen, Balazs Koranyi, John O'Donnell, Andrew Heavens, Emelia Organizations: Central Bank's, Austria's Raiffeisen Bank, Thomson Locations: FRANKFURT, Russia, Ukraine, Moscow

☆ PREVIEW Cricket-Australia braced for England storm with Ashes on the line
▼ + stars: | 2023-06-13 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

England made a first-day record 506 runs in 75 overs in the first test against Pakistan in Rawalpindi. "Every Ashes series gets the juices flowing but there's added excitement this time around," former England skipper Nasser Hussain told The Metro. "That's because of the brand and style of cricket this England side are playing. "I think England are marginal favourites just because Australia haven't won over here for such a long time but it's very hard to call. All I know is there won't be too many draws," former England captain Michael Atherton said.

Persons: Brendon, Baz, McCullum, Ben Stokes, Stokes, Pat Cummins, Steve Smith, Marnus, Travis, Mitchell Starc, Josh Hazlewood, Nasser Hussain, Stuart Broad, Ollie Pope, Broad, James Anderson, Ollie Robinson, Mark Wood, Moeen Ali, England's, Jack Leach, Australia haven't, Michael Atherton, Martyn Herman, Christian Radnedge Organizations: Australia, Pakistan, New Zealand, England, India, Cummins, Metro, Thomson Locations: England, India, New Zealand, South Africa, Pakistan, Rawalpindi, Edgbaston, Australia, London, Lord's

☆ Early humans left Africa earlier than previously thought, fossil discovery reveals
▼ + stars: | 2023-06-13 | by ( Katie Hunt | ) edition.cnn.com time to read: +5 min

DNA analysis of present-day human populations has supported the hypothesis that early modern humans left Africa around 50,000 to 60,000 years ago, and archaeologists have thought our early ancestors likely followed coastlines and islands through southeast Asia toward Australia. However, a growing number of older human remains discovered in China and the Levant show that this chapter in the human story is more complicated than first thought. The cave was occupied by early humans for about 50,000 years, archaeologists believe. At a nearby site, known as Cobra Cave, a tooth believed to belong to a Denisovan, an elusive early human, has been found. The team expects to unearth more human fossils from the region.

Persons: sapiens, ”, Kira Westaway, ” Westaway, Westaway, Tam Pa Ling, Tam Pà Ling Organizations: CNN, Macquarie University, UNESCO, Heritage, Nature Communications Locations: Africa, Laos, Australia, Asia, China, Tam Pa, Sumatra, Philippines, Borneo, Indonesia

☆ Novartis buys Chinook for $3.5 bln in race to treat rare kidney disease
▼ + stars: | 2023-06-12 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

June 12 (Reuters) - Novartis (NOVN.S) said it has agreed to acquire U.S. biotech firm Chinook Therapeutics (KDNY.O) for up to $3.5 billion to boost its late-stage drug development line-up, raising the stakes in the race for a rare kidney disease treatment. The other drug hopeful is iptacopan, which is being trialled against a number of rare genetic disorders, including IgAN and another kidney disease. IgAN is a progressive autoimmune disease that mostly affects young adults and which can lead to kidney failure that requires dialysis or organ transplantation. IgAN is the most common cause of kidney failure in Caucasian young adults, Novartis added. Additional reporting by Miranda Murray; Editing by Kim Coghill, Sonali Paul and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Novartis, Vas Narasimhan, Narasimham, atrasentan, Narasimhan, Kisqali, Roche, Vera, Muddy Waters, Miranda Murray, Kim Coghill, Sonali Paul, Alexander Smith Organizations: Novartis, Chinook Therapeutics, Vera Therapeutics, Sandoz, Chinook, Thomson Locations: Seattle, United States

☆ Inside Solo Per Due in Italy, 'world's smallest restaurant'
▼ + stars: | 2023-06-12 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +7 min

Solo Per Due – “Just for Two” in Italian – is no ordinary restaurant, and not just because of its tiny size. Its owners claim it is the smallest fine-dining establishment not only in Italy but in the world, too. Guests are required to arrive at a specific time agreed by the owners, who prepare and serve the elaborate food. “This is not a restaurant – we offer a unique, intimate experience which is at the core of our decades-long reputation. Upon request, a private driver can be arranged to pick up guests, and fireworks can be staged in the garden.

Persons: we’ll, Stanley Tucci, –, Silvia Marchetti, Antonello Nusca, you’ve, That’s, it’s, ”, Mr, Remo, he’s, Horace, “, He’s Organizations: CNN, intel Locations: Italy, Vacone, Rome

☆ Novartis to buy Chinook for up to $3.5 bln in boost to late-stage pipeline
▼ + stars: | 2023-06-12 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

June 12 (Reuters) - Novartis (NOVN.S) has agreed to acquire Seattle-based biotech firm Chinook Therapeutics (KDNY.O) for up to $3.5 billion to boost its late-stage drug development line-up with a new treatment for a rare severe kidney disease. Chinook is also working on zigakibart, another experimental IgAN treatment that is injected, and plans to start a Phase 3 trial in the third quarter of 2023. IgAN is a progressive autoimmune disease that mostly affects young adults and which can lead to dialysis or kidney transplantation. IgAN is the most common cause of kidney failure in Caucasian young adults, the company added. Additional reporting by Miranda Murray; Editing by Kim Coghill and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Swiss drugmaker, Vas Narasimhan, atrasentan, Narasimhan, Kisqali, Soliris, Miranda Murray, Kim Coghill, Sonali Paul Organizations: Novartis, Seattle, Chinook Therapeutics, Chinook, Swiss pharma, Sandoz, Thomson Locations: Swiss, IgAN, United States

☆ A 34-year-old created 2 bachelorette-themed Airbnbs that have brought in a combined $243,000 this year. Take a look inside the successful listings that he spent months and hundreds of thousands of dol
▼ + stars: | 2023-06-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Kent He bought his first investment property in 2021 and turned it into a bachelorette-themed Airbnb. He and his wife bought their first investment property in August 2021 and spent three months converting it into a bachelorette-themed Airbnb. He owns three investment properties, two of which are bachelorette-themed Airbnb properties in Scottsdale. The bachelorette-themed Airbnb includes a beauty bar. Courtesy of Kent HeWhen Airbnb users have so many options to choose from, you want your property to stand out.

Persons: Kent, Scottsdale , Arizona —, PriceLabs, He, Kent He, — Locations: Scottsdale , Arizona, Scottsdale, niching

☆ Where Presidential Hopes Go to Die - The New York Times
▼ + stars: | 2023-06-12 | by ( Gail Collins | Bret Stephens | ) www.nytimes.com time to read: +2 min

But speaking of forest fires, shall we get to that latest Trump indictment? Gail: We’re obviously in history-making territory — first former president indicted in a criminal case brought by the federal government. And this one, which involves trying to stash away official papers he’d been told were government property, is certainly a classic Trump combination of shocking and stupid. That may be about as close to a slam dunk, legally speaking, as we’re ever going to get in a case like this. Bret: The second thought is that a special counsel appointed by President Biden’s attorney general is bringing a criminal case against the president’s presumptive opponent in next year’s election.

Persons: Gail, We’re, he’d, Bret, I’m, ” Gail, Jack Smith, Trump, Biden’s, Damon Organizations: Georgia

☆ Morning Bid: Markets in a spin ahead of interest rate decisions
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

It's a big week for markets with interest rate decisions from the three major central banks coming one after another. And one take away from last week's surprise rate increases in Canada and Australia, is not to take anything for granted. The European Central Bank is tipped to deliver a quarter-point rate hike on Thursday, while on Friday the Bank of Japan is expected to maintain ultra-loose monetary policy. Last week's rate decisions support this idea -- the Bank of Canada hiked rates last Wednesday to a 22-year high of 4.75%, having held rates steady since January. A day earlier, Australia's central bank raised rates by a quarter point to an 11-year high and warned of further tightening ahead.

Persons: Sergio Ermotti, Dhara Ranasinghe, Ed Osmond Organizations: Wall, U.S . Federal Reserve, European Central Bank, Bank of, Bank of Canada, Citi, Federal Reserve, U.S . Treasury, Treasury, UBS, Credit Suisse, Thomson Locations: U.S, Dhara, It's, Canada, Australia, Bank of Japan, Europe, Swiss, Switzerland

☆ UN chief backs idea of global AI watchdog like nuclear agency
▼ + stars: | 2023-06-12 | by ( Michelle Nichols | ) www.reuters.com time to read: +2 min

UNITED NATIONS, June 12 (Reuters) - U.N. Secretary-General Antonio Guterres on Monday backed a proposal by some artificial intelligence executives for the creation of an international AI watchdog body like the International Atomic Energy Agency (IAEA). "Alarm bells over the latest form of artificial intelligence – generative AI – are deafening. But on Monday he added: "I would be favorable to the idea that we could have an artificial intelligence agency ... inspired by what the international agency of atomic energy is today." British Prime Minister Rishi Sunak has also supported the idea and said he wants Britain to be home to global AI safety regulation. He said he plans to appoint in the coming days a scientific advisory board of AI experts and chief scientists from U.N. agencies.

Persons: Antonio Guterres, ChatGPT, Guterres, OpenAI, Rishi Sunak, Michelle Nichols, Mark Heinrich Our Organizations: UNITED NATIONS, International Atomic Energy Agency, IAEA, United Nations, British, Thomson Locations: Vienna, Britain

☆ Glencore’s Teck coal approach sends two signals
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters Breakingviews) - At first sight, the latest Teck Resources (TECKb.TO) chess move by Glencore (GLEN.L) is slightly confusing. While that approach still stands, Glencore on Monday said it has now also submitted a cash offer to buy only Teck’s coal unit. Teck’s coal arm is expected to make $2.9 billion of EBITDA in 2024, according to analysts’ estimate polled by Refinitiv, which on the 3 times multiple at which its steelmaking coal peers trade implies an $8.5 billion valuation. Yet Glencore is already offering cash for the coal arm in its punt for the whole company. One is to try to encourage Teck’s board to engage in discussions, given the coal arm has already received interest from Nippon Steel (5401.T) and billionaire Pierre Lassonde.

Persons: Glencore, Gary Nagle’s, Pierre Lassonde, Bunge, Nagle, Karen Kwok, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, Teck Resources, Refinitiv, Nippon Steel, Twitter, Brookfield, Thomson Locations: China

☆ Putin admits the Russian military needs more modern weapons to win the war in Ukraine — a rare admission of fault
▼ + stars: | 2023-06-12 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Russian President Vladimir Putin conceded that Russia needed more modern weapons. He said that this was due to the "the right command of the troops and the high effectiveness of Russian weapons, especially modern weapons." He then conceded that Russia needed to increase its supply of modern weapons, a significant remark in the light of reports that Russian troops on the front line were using outdated, Soviet-era equipment. We are intensively building up production of modern weapons," Putin said. Putin's concession is a sharp departure from his previous remarks on Russia's military arsenal, with the Russian president last August boasting that they were "years, perhaps even decades" ahead of rivals.

Persons: Vladimir Putin, He'd, —, Putin Organizations: Service, Western, NATO, Associated Press Locations: Russia, Ukraine

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