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REUTERS/Agustin Marcarian/Illustration/File PhotoNEW YORK, Aug 15 (Reuters) - Investors in Argentina's financial markets, where bonds and the peso slid on Monday after central bank moves following a surprise primary election result, said the vote had a silver lining: it would likely hasten long-called-for economic reforms. The result initially introduced uncertainty into asset pricing, with traders selling stocks and dollar bonds - but prices later stabilized and the local stock market closed over 3% higher. Investors said this would outweigh any worries about Milei, despite some of his heterodox pledges, including to axe the central bank and dollarize the economy. Milei faces a significant challenge still to turn the primary election win into a successful run to the presidency. The central bank also increased the benchmark interest rate to 118% from 97%.

Persons: Agustin Marcarian, Javier Milei, Patricia Bullrich, Milei, Kimberley Sperrfechter, Sergio Massa, Cristina Fernandez de Kirchner, Milei's, Walter Stoeppelwerth, Shamaila Khan, Rowe Price, Samy Muaddi, Rodrigo Campos, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, REUTERS, Economics, Kimberley, Peronist, Investors, Gletir SA, Emerging Markets, Asia Pacific, UBS Asset Management, Jorgelina, Thomson Locations: Argentina, Argentine, MERV, Rosario

☆ Disney accused of withholding hundreds of millions of dollars from 'Avatar' sequel financier
▼ + stars: | 2023-08-15 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

Hollywood financer TSG Entertainment is suing Disney for breach of contract. TSG co-finances the production and marketing costs of films in exchanges for a share of the defined gross receipts after the film's release. The group has helped co-finance around 140 films produced by 20th Century Fox, which Disney acquired in 2019, including "Avatar: The Way of Water." Noticing a decline in profits, TSG requested an audit of a sampling of three of the films it financed for 20th Century Fox. "Most egregiously, this scheme triggered a provision in the [revenue participation agreement] that entitles Fox to a 50% share of TSG's profits after the winding-up of TSG's investment vehicle."

Persons: Fox, Jojo Rabbit, John Berlinkski, Bird Marella, Scarlett Johansson Organizations: Hollywood financer TSG Entertainment, Disney, Los Angeles Superior Court, TSG, Century Fox, Hollywood, Fox, TSG —, FX, Warner Bros, HBO, Street Journal Locations: Los Angeles

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

☆ Florida Gov. Ron DeSantis says he plans to axe federal footprint in D.C., including jobs
▼ + stars: | 2023-08-14 | 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 EmailFlorida Gov. Ron DeSantis says he plans to axe federal footprint in D.C., including jobs'Last Call' host Brian Sullivan sits down for an exclusive interview with Florida Governor and Republican Presidential Candidate Ron DeSantis for a wide ranging interview that touches on Disney, China, the race for the White House and more.

Persons: Ron DeSantis, Brian Sullivan Organizations: Florida, Florida Governor, Republican, Disney, White Locations: China

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianBUENOS AIRES/LONDON, Aug 14 (Reuters) - Argentina's markets face an election hangover on Monday after a shock primary vote win for far-right libertarian Javier Milei - who wants to axe the central bank and dollarize the economy - shook up the race towards presidential elections in October. Rock-singing, wild-haired economist and lawmaker Milei far outperformed forecasts to win some 30% of the vote, the largest share with over 90% of ballots counted. Latin America's third-biggest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, Milei, Diego Pereira, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Jorge Otaola, Adam Jourdan, Stephen Coates, Bernadette Baum Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Investment, JPMorgan, Reuters Graphics Reuters, Gross, Peronist, Economy, Analytica, International Monetary Fund, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, U.S, Argentine, refinance, Washington, Rosario

☆ Argentina markets face election hangover after far-right primary bombshell
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Argentina's markets face an election hangover on Monday after a shock primary election win for far-right libertarian Javier Milei, who wants to axe the central bank and dollarize the economy, shook up the race towards general elections in October. The primary to elect party candidates acts as a dress rehearsal for the general election in two months time. Markets had hoped for a strong performance by more moderate candidates, who had a bad night. After a similar primary election shock result in 2019, bonds and the currency crashed and remain in distressed territory, with the peso now held in check by capital controls the government has been unable to unwind. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Javier Milei, Milei, Dante Sica, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado Organizations: Markets, Peronist Locations: Argentine

☆ Argentina raises interest rate, devalues peso after shock primary election -official source
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. REUTERS/Agustin Marcarian/Illustration/File PhotoBUENOS AIRES, Aug 14 (Reuters) - Argentina's central bank will raise the benchmark interest rate to 118% from 97% previously, an official source said Monday, adding the country's currency will be devalued to 350 pesos per dollar in the aftermath of a shock primary election. The official peso plunged nearly 18% on Monday morning to just over 350 pesos per dollar and the source said the exchange would be fixed at this rate until the October presidential vote. Latin America's third-biggest economy is battling a severe economic crisis with sky-high inflation and dwindling central bank reserves. Reporting by Walter Bianchi, Jorge Otaola and Adam Jourdan; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Sunday's, Javier Milei, Walter Bianchi, Jorge Otaola, Adam Jourdan, Anthony Esposito Organizations: Argentine, REUTERS, Thomson Locations: BUENOS AIRES

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly SongSHANGHAI, Aug 11 (Reuters) - A growing number of healthcare companies in China are shelving their initial public offering (IPO) plans as its stock exchanges have stepped up scrutiny of the pharmaceutical industry's business practices amid an escalating anti-corruption drive. Vaccine maker Shanghai Rongsheng Biotech Co terminated its IPO plan this week, after the company's high proportion of sales expenses drew attention from regulators. The company's sales expenses over the past three years amounted to nearly half of its revenue. Another banker said drugmakers are stepping on the brakes of their IPO plans due to the rising uncertainty.

Persons: Aly Song SHANGHAI, Rongsheng, drugmakers, Fujian Mindong, Jason Xue, Tom Westbrook, Muralikumar Organizations: REUTERS, Pharmaceuticals, Shanghai Rongsheng Biotech Co, Shanghai Stock Exchange, Rejuenation Pharmaceutical Co, Shenzhen Stock Exchange, HIT, National Health Commission, Thomson Locations: Shanghai, China, Fujian, Rongsheng, Shenzhen, Singapore

☆ UBS rejigs investment bank in bid to better compete with Wall Street
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoLONDON, Aug 7 (Reuters) - UBS (UBSG.S) announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse. Sergio Ermotti is seizing on the opportunity presented by the rescue takeover of Credit Suisse in March to reorganize UBS' investment bank to better compete against Wall Street firms. Hundreds of Credit Suisse bankers have already left to other institutions and UBS has been laying off employees from Credit Suisse's investment bank around the globe. Hong Kong makes up Credit Suisse's biggest share of investment bankers in Asia.

Persons: Denis Balibouse, Sergio Ermotti, David Kostel, Tom Churton, Christian Lesueur, Nestor Paz, Galindo, Marc, Anthony Hourihan, Michael Santini, Marc Warm, David Slade, Scott Lindsay, Robin Rankin, Andres Gonzalez, Oliver Hirt, Elisa Martinuzzi, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Wall Street, Global, Staff, Reuters, TMT Investment, Global Banking, Credit, Suisse's, Debt, Thomson Locations: Zurich, Switzerland, Credit, Swiss, Hong Kong, Asia

☆ Fans of a thrice-indicted Trump are once again floating violent rhetoric about hanging Mike Pence: 'I want to watch his toes dangle in the breeze'
▼ + stars: | 2023-08-04 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Die-hard Trump supporters are threatening to kill former Vice President Mike Pence — again. The calls for violence were made on "The Donald," a popular internet forum for Trump supporters. But when Trump was indicted this week, those violent calls to kill Pence rang out again — this time on "The Donald," a popular extremist pro-Trump internet forum. According to the final report on the Capitol riot by the House January 6 committee, The Donald forum users "openly discussed surrounding and occupying the U.S. Pence, for his part, has had a strained relationship with Trump ever since he defied Trump, and certified the 2020 vote.

Persons: Mike Pence —, Donald, It's, Donald Trump, Mike Pence, Trump, Pence, he's Organizations: Trump, Service, Donald, U.S . Capitol, Washington , D.C, Capitol, Washington Post Locations: Wall, Silicon, United States, Washington ,

☆ Trump's GOP allies vent about Hunter Biden after latest special counsel indictment
▼ + stars: | 2023-08-02 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +6 min

Special counsel Jack Smith's second indictment against Trump alleges he unlawfully tried to overturn his election loss to President Joe Biden in the 2020 election. One day earlier, a former business partner of Hunter Biden testified that the younger Biden put his father on the phone during business meetings about 20 times, according to U.S. House members. Numerous GOP lawmakers and other supporters of Trump were quick to link the timing of Archer's testimony to Smith's indictment. White House spokesman Ian Sams posted that Archer "appears to have actually testified that President Biden wasn't involved and didn't discuss their business dealings. As they did following his first federal indictment in June, Trump's defenders attacked Smith and questioned his credibility.

Persons: Kevin McCarthy, Giorgia Meloni, Donald Trump's, Biden, Jack Smith's, Trump, Joe Biden, Hunter Biden, Devon Archer, Dan Goldman, niceties, Hunter, Goldman, " McCarthy, Steve Scalise, Elise Stefanik, Joe Biden's, White, Ian Sams, Archer, Biden wasn't, didn't, Republicans –, –, Hunter Biden's, Trump's, Smith, Jack Smith, Marjorie Taylor Greene, Byron Donalds, General Merrick Garland, Donald Trump Organizations: Republican, Italian, House, GOP, Department, Justice Department, New York, Republicans, Department of Injustice, Trump, Washington , D.C, DOJ Locations: California, Washington ,, United States, U.S, America, New, Washington, Manhattan

Going "car-lite" and cutting nonessential car travel can be an affordable, impactful choice. That may sound expensive, but even a used car in the US now costs about $32,000. Even a brand-new, high-end bike costs about 90% less than the average used car. Public transit costs vary, but one household can save $10,000 a year by using public transportation instead of a car. Smart's research shows that families with a car experience an average income growth of 1% every two years.

Persons: Sonja Langford, Charlotte , North Carolina —, Langford, she's, Peter Krull, Krull, Michael Smart, Smart, Langford isn't Organizations: Service, University of North, Transportation, Earth Equity Advisors, Tesla, Rutgers University, Subaru, Charlotte, Bloomberg, Research Locations: Wall, Silicon, Charlotte , North Carolina, University of North Carolina, Asheville , North Carolina, Los Angeles

☆ Hunter Biden to plead guilty to federal tax crimes on Wednesday
▼ + stars: | 2023-07-26 | by ( Marshall Cohen | ) edition.cnn.com time to read: +5 min

As part of the plea agreement, Justice Department prosecutors are expected to recommend a sentence of probation for the president’s son. While the investigation was ongoing, Hunter Biden fully paid his federal tax bill, along with interest and penalties, his lawyers have previously said. Federal investigators also looked into Hunter Biden’s unpaid taxes and lavish spending, which came amid a struggle with addiction. In a late twist, the judge threatened to sanction Hunter Biden’s lawyers over the matter. House Republicans have zeroed in on Hunter Biden’s finances as part of their broader oversight probes into the Biden family.

Persons: Joe Biden’s, Hunter Biden, Maryellen Noreika –, Donald Trump, Hunter, Joe Biden, David Weiss, Hunter Biden’s, Jason Smith, Trump, Biden, Weiss, General Merrick Garland, –, ’, “, Garland, They’ve, ” Organizations: Delaware CNN, Justice Department, Senate, CNN, White House, -, Trump, Republican, GOP, House Republicans Locations: Wilmington, Delaware, Wilmington , Delaware, politicization

☆ A severe recession is on the horizon - and the Fed will axe interest rates to limit the fallout, DoubleLine's chief investor says
▼ + stars: | 2023-07-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

The US economy is barreling toward a serious recession, DoubleLine Capital's Jeffrey Sherman says. Sherman predicts an embattled Fed will cut interest rates by a whole percentage point in response. "A multitude of economic indicators we look at are flashing either warning or recessionary signals," Jeffrey Sherman told Bloomberg. "The bond market is telling the Fed that they've overtightened and they will have to cut rates," Sherman said. "I think one signal to watch now is the rising default rate within the loan market," Sherman noted.

Persons: DoubleLine Capital's Jeffrey Sherman, Sherman, Jeffrey Gundlach, DoubleLine, Jeffrey Sherman, He's Organizations: Service, Federal Reserve, Bloomberg, Fed Locations: Wall, Silicon

☆ Ford's dividend quality, J&J's split-off, cost basis discipline — what we think about all these
▼ + stars: | 2023-07-21 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Thank you, Denise The quickest way to determine the sustainability of a company's dividend is to consider it in relation to earnings and/or cash flow. The dividend payout divided by the earnings number is referred to as the "payout ratio" — below 100% is generally considered sustainable (so long as it's positive). First, earnings fluctuate and therefore so does the payout ratio (assuming a non-variable dividend payment). That's because all the numbers are positive in the "adjusted EPS payout ratio" line (2021 and 2022 actual results and 2023 and 2024 estimated results) and each of them is below 100%. As you stated, our discipline is to not violate our cost basis and we stick to that as much as possible.

Persons: Jim Cramer, Denise The, it's, Johnson, Larry, Jim, Denise Organizations: investingclubmailbag, Ford, Kenvue, Johnson, Nvidia, CNBC Locations: FactSet, IOUs, JNJ

[1/3] Foreign tourists participating in DMZ tour walk past a military fence near the demilitarized zone separating the two Koreas, in Paju, South Korea July 19, 2023. REUTERS/Kim Hong-JiPAJU, South Korea, July 19 (Reuters) - Only hours after U.S. Most infamously, axe-wielding North Korean soldiers in the DMZ in 1976 murdered two U.S. soldiers who were cutting down a tree to secure a clear view. In 2017, a North Korean soldier was riddled with bullets by his comrades, but ultimately survived as he made a dash into the South. He must have done it not knowing exactly what North Korea is like," Lee told Reuters at the observation point.

Persons: Kim Hong, Ji PAJU, Travis T, King, Felicia, Lee Sang, Lee, Soo, hyang Choi, Gyun Kim, Hongji Kim, Ed Davies, Sharon Singleton Organizations: REUTERS, Joint Security Area, South Korean, United Nations Command, UNC, ITC, North, American, Reuters, Thomson Locations: Paju, South Korea, North Korea, Korea, U.S, North Korean, Seoul, Minwoo

☆ Factbox: Site of US national's crossing into North Korea has history of diplomatic, military drama
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +3 min

Most infamously, axe-wielding North Korean soldiers in the DMZ in 1976 murdered two U.S. soldiers who were cutting down a poplar tree to secure a clear view. In 2017, a North Korean soldier was riddled with bullets by his comrades but ultimately survived as he made dash into the South. Following are some facts about the 250 km-long DMZ, which separates North and South Korea. - It is 60 km (37 miles) from Seoul and 210 km (130 miles) from the North Korean capital of Pyongyang. - South Korea estimates the North operates about 160 guard posts along the DMZ and the South has 60.

Persons: U.N, Josh Smith, Tomasz Janowski Organizations: U.S, Joint Security Area, North, North Korea, Command, North Korean, Thomson Locations: SEOUL, North Korea, North Korean, North, South Korea, China, United States, Seoul, Korean, Pyongyang, Panmunjom, Korea, Geneva

☆ 2,000-year-old human skulls, oil lamps, and bronze daggers reveal possible necromancer's portal to the underworld in Jerusalem
▼ + stars: | 2023-07-16 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

Israeli researchers discovered possible evidence of "ritual magic" in a deep cave in the Judaean hills. Human skulls were arranged in patterns near oil lamps, with daggers and axe heads nearby. "Some crevices contained groups of oil lamps mixed with weapons and pottery vessels from earlier periods or placed with human skulls." In addition to the oil lamps, weapons including daggers and axe heads were located along with three human skulls. Oil lamps in particular, such as the 120 found within the cave's crevices, were used to lure spirits to the realm of the living.

Persons: Eitan Klein, Boaz Zissu, Klein, Zissu, —, thunders, necromancy, Constantius II Organizations: Service, Harvard Theological, Cambridge University Press, Israel Antiquities Authority, Bar, Ilan University, Roman Locations: Wall, Silicon, Cave, Jerusalem

☆ Children addicted to video games ran away from home in the middle of the night to find WiFi when parents turned their internet connection off, says expert
▼ + stars: | 2023-07-15 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Children addicted to video games run away from home in search of WiFi and turn violence, per a doctor. Many games involve loot boxes, typically unknown items unlocked through additional gameplay or paid for with real-world or in-game money. Video game companies EA and Respawn have faced criticism for expensive loot boxes in Apex Legends, with one axe totaling $178 in microtransactions when it was released. "To spend money, these children need to borrow money from parents or use monetary gifts received for birthdays and Christmas. Last year, then-Culture Secretary Nadine Dorries opted not to regulate loot boxes as gambling.

Persons: Henrietta Bowden, Jones, Bowden, Nadine Dorries Organizations: for Gaming Disorders, National Centre for Gaming Disorders, Guardian, EA, Apex, Gambling Locations: microtransactions, Austrian, Belgium, Australia

☆ 'OG Mark' is back – and some think Zuck has Elon Musk to thank for his new attitude
▼ + stars: | 2023-07-15 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

Mark Zuckerberg's new attitude is being hailed by Meta insiders as "OG Mark," per the WSJ. In many ways, Zuckerberg might have his rival Elon Musk to thank for Meta's turnaround. The much-hyped launch of Threads, Meta's Twitter killer, might have a particularly Musky scent to it — but this time, it could be coming from Meta's CEO. Encouraged by the chaos at Twitter since Musk's takeover, he launched "Project 92" to create Threads, Meta's own text-based app, the Journal reported. Mark Zuckerberg with UFC legends Isreal Adesanya and Alex Volkanovksi.

Persons: Mark Zuckerberg's, he's, Zuckerberg, Elon Musk, Meta, Zuck, Musk, Zuckerberg's, Mark Zuckerberg, Isreal Adesanya, Alex Volkanovksi, Elon Organizations: Meta, Wall Street, Facebook, Social Network, Twitter, UFC, MMA

European travellers are already on high alert over worries about air traffic control problems arising from both the reduced air space available due to the Ukraine war, plus staffing issues and industrial action at some locations. "Given the scale of the industrial action, disruption, delays and cancellations are inevitable across the airport," Unite said in its statement. Concerns over air traffic control delays already prompted easyJet to axe 2% of its summer flight schedule, mostly from Gatwick, on Monday. On the strike-affected days, 4,410 flights are due to depart from Gatwick, equating to over 840,000 potential passengers, according to aviation analytics firm Cirium. Britain's busiest hub, Heathrow Airport, agreed a pay deal with security workers in June, avoiding multiple days of walk-outs throughout the summer which had been planned by Unite.

Persons: EasyJet, easyJet, William James, Sarah Young, Sachin, Mark Potter Organizations: Gatwick, Menzies Aviation, DHL Services, Gatwick's, British Airways, DHL, Airlines, Financial Times, Heathrow Airport, Unite, Thomson Locations: Ukraine, London, TUI, Gatwick, Europe

☆ India's slow progress in becoming a chipmaking powerhouse to rival China is bad news for Apple
▼ + stars: | 2023-07-12 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Apple has long depended on China for manufacturing, but the relationship is getting complex. Two recent developments suggest India's push to become a viable alternative to China — and benefit Apple — are mixed. "Foxconn has determined it will not move forward on the joint venture with Vedanta," Foxconn said in a statement to Reuters. That's a critical blow to Modi, who set out chip manufacturing as a strategic part of his ambitions to level up India. Vedanta chairman Anil Agarwal tweeted that the joint venture meant "India's own Silicon Valley is a step closer now."

Persons: Foxconn, —, China's, Luxshare, JP Morgan, Tim Cook, Modi, Madhuri Dixit, Mukesh Ambani, Narendra Modi, That's, Europe's, Anil Agarwal, Agarwal Organizations: Apple, Apple ., Tata Group, Bloomberg, Vedanta, Reuters Locations: China, India, Asia, China's hawkishness, Taiwan, Vietnam, Beijing, Mumbai, iPhones, Karnataka, Modi's, Gujarat, Cupertino

☆ US job gains smallest in 2-1/2 years; labor market still tight
▼ + stars: | 2023-07-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Nonfarm payrolls increased by 209,000 jobs last month, the smallest gain since December 2020, the survey of establishments showed. Government employment remains 161,000 below its pre-pandemic levels. Leisure and hospitality employment remains 369,000 below its pre-pandemic levels. The household survey from which the unemployment rate is derived showed employment rebounding 273,000, reversing the 310,000 decline in May. Reuters Graphics"Though demand for labor remains unmatched, the labor shortages that employers sighed over a year ago have definitely subsided some," said Andrew Flowers, lead labor economist at Appcast.

Persons: Sean Snaith, payrolls, Selcuk Eren, Andrew Flowers, Lucia Mutikani, Daniel Wallis, Chizu Nomiyama, Andrea Ricci Organizations: Reserve, Labor, University of Central Florida's Institute, Economic, Reuters, Manufacturing, Institute for Supply, Treasury, Companies, Conference Board, Thomson Locations: WASHINGTON, U.S, Washington

☆ US layoffs halve in June as tech job cuts ease - report
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

Despite the drop in job cuts in the month, layoffs in June were higher than the corresponding month a year earlier, the report said. Technology companies continue to lead job cut announcements with 141,516 layoffs in the first half of the year, compared with about 6,000 in the same period last year. The sector laid off nearly 5,000 employees last month, the report said. After a round of multiple rate hikes, the Fed unanimously kept its interest rates steady at the central bank's June meeting that could freeze layoffs and allay fears of employees. Reporting by Akash Sriram and Jaspreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: stoking, Andrew Challenger, Stuart Cole, Akash Sriram, Jaspreet Singh, Maju Samuel Organizations: Christmas Inc, Corporate America, Federal Reserve, Technology, Fed, Equiti, Thomson Locations: United States, Bengaluru

☆ UBS overhauls leadership at wealth management division
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 6 (Reuters) - UBS's (UBSG.S) flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank's takeover of Credit Suisse. Former Credit Suisse executive Michael Marr will become the head of Global Wealth Management Australia at UBS, according to a person familiar with the matter. The move marks the re-entry of UBS's wealth management business into Australia after several years. The decisions had been based on "fairness and meritocracy," said Iqbal Khan, the president of UBS Global Wealth Management, in a memo seen by Reuters. Thursday's announcement follows a raft of management changes UBS announced last month when it formally completed the takeover of its former rival.

Persons: Michael Marr, Puneet Matta, Lisa Golia, Morgan Stanley, Iqbal Khan, Khan, Sergio Ermotti, Ruben Mangold, Oliver Hirt, John Revill, David Evans Organizations: Credit Suisse, Former Credit Suisse, Global Wealth Management, UBS, UBS Global Wealth Management, Reuters, Credit Suisse's, Shipping Finance, Thomson Locations: ZURICH, Swiss, Australia, India, Dubai, London, Singapore, United States, Credit Suisse's Swiss

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