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☆ How UBS can cling on to its Swiss purchase
▼ + stars: | 2023-07-06 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

The Swiss bank is under pressure to offload Credit Suisse’s local business to ease a political backlash in its home market. UBS acquired the subsidiary known as Credit Suisse (Schweiz) AG as part of its rescue of the ailing lender in March. Many lawmakers and voters dislike the tie-up, in part because taxpayers provided $10 billion of insurance against possible losses on Credit Suisse assets. Ermotti, who previously ran UBS between 2011 and 2020, now favours keeping the business, according to Swiss media reports. If Ermotti can avoid large-scale job losses in the coming years, he may be able to hang onto his Swiss purchase.

Persons: Sergio Ermotti, Ermotti, Ralph Hamers, Lukas Gähwiler, GRACE, Peter Thal Larsen, Katrina Hamlin Organizations: Reuters, UBS boss’s, UBS, Credit Suisse, AG, Swiss National Bank, Reuters Graphics Reuters, Credit Suisse Schweiz, Suisse, Reuters Graphics, Credit, JPMorgan, Schweiz, Thomson Locations: Swiss, Schweiz, Switzerland’s, Switzerland, Europe, Ermotti

☆ It looks like Netflix's cheapest ad-free plan, Basic, might be getting the axe. It's already gone in Canada.
▼ + stars: | 2023-07-05 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Netflix dropped its "Basic" ad-free $9.99 a month membership plan in Canada at the end of June. There are signs the streaming giant will sunset its "Basic" plan in the US as well. The removal of the "Basic" plan may signal Netflix's move to boost sign-ups for its ad-tier. There are also signs that the streaming giant may be sunsetting its "basic" membership plan for new US customers. Only time will tell whether Netflix's removal of its 'Basic' plan will leave a lasting impact on the streaming giant's bottom line.

Organizations: Netflix, Morning, Apple Locations: Canada, New York, America, Africa, Asia, Eastern Europe

The pan-European STOXX 600 index (.STOXX) closed 0.7% higher, tracking overnight gains in Wall Street. Shares of Sage Group Plc (SGE.L) gained 5.1% to a 23-year high after J.P. Morgan upgraded its rating on the stock to "overweight" from "neutral". Shares of chip equipment maker ASML Holding (ASML.AS) rose 2.3% while Nordic Semiconductor (NOD.OL) jumped 6.4%, making technology (.SX8P) among the top European sectoral gainers. Semiconductor shares were in focus after a report stated the U.S. was considering new restrictions on exports of artificial intelligence chips to China. Also boosting the STOXX 600, Roche Holding (ROG.S) gained 1.5% after the U.S. health regulator declined to approve Regeneron's (REGN.O) Eylea drug.

Persons: Christine Lagarde, Jerome Powell, what's, Danni Hewson, AJ Bell, Morgan, Hewson, Roche, Morgan Stanley, Christian Klein, Matteo Allievi, Subhranshu Sahu, Sherry Jacob, Phillips, Alex Richardson Organizations: Sage Group, UBS, CS, . Federal, ASML, Nordic Semiconductor, Semiconductor, Carrefour, Credit Suisse, SAP, Thomson Locations: Wall, U.S, China, Swiss, Gdansk, Amruta, Bangalore

☆ UBS looks to axe 30% of staff and keep Credit Suisse's domestic business - source
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

UBS could axe around 30% of its combined workforce, which has expanded to 120,000 following the state-brokered rescue earlier this year, that person told Reuters on Wednesday. UBS declined to comment, while Credit Suisse did not immediately respond to a request for comment. Such plans indicate that UBS wants to absorb Credit Suisse's domestic business, streamlining operations and cutting costs in the process, a controversial decision which could trigger concerns about the bank's domestic market dominance. Earlier this month, UBS Chief Executive Sergio Ermotti warned of painful decisions about job cuts following the takeover of Credit Suisse, but provided no numbers. Reuters reported last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China.

Persons: Sergio Ermotti, Oliver Hirt, Tomasz Janowski Organizations: UBS, Credit Suisse, Reuters, Wednesday, Bloomberg, Thomson Locations: Swiss, Zurich, Switzerland, Asia, Australia, China

[1/2] The HSBC headquarters is seen in the Canary Wharf financial district in east London February 15, 2015. The ripple effects of so many companies slashing office space has significantly impacted wider markets. 'GENIE OUT OF THE BOTTLE'HSBC for its part has one of the most aggressive targets to cut office space among major employers, with a commitment to axe around 40% globally. Canary Wharf Group, the Docklands commercial landlord, declined to comment. One of the Canary Wharf estate's newer developments, the YY building - a recently completed redevelopment of Thomson Reuters' former headquarters opposite Canary Wharf station - remains vacant, Bloomberg has reported.

Persons: Peter Nicholls, Tony Travers, Travers, Knight Frank, Weil, Gerardine Davies, HSBC's, Moody's, YY, Andrew Mawson, Iain Withers, Chiara Elisei, Sinead Cruise, Paul Sandle, Mark Potter Organizations: HSBC, REUTERS, Companies, London School of Economics, of, Perenna Capital Management, BT, UBS, City of London Corporation, Canary, Canary Wharf Group, Docklands, Thomson Reuters, Bloomberg, Workplace Associates, Employees, Thomson Locations: Canary, London, St Paul's Cathedral, of London, Real, Sweden, Aldgate, City, Swiss, Docklands, Canary Wharf

☆ South Korea aims to curb private education spending, axe 'killer questions'
▼ + stars: | 2023-06-26 | by ( Hyunsu Yim | ) www.reuters.com time to read: +3 min

"We will cut the vicious cycle of killer questions in exams, which leads to excessive competition among students and parents in private education," education minister Lee Ju-ho told a briefing. The ministry also vowed to crack down on private education "cartels" by ramping up efforts to monitor what it termed false and exaggerated advertising by private schools targeting exam preparations. Local media have reported on alleged connections between the private education industry and government education officials in drawing up college entrance exams that require private tutoring to master. Nearly eight in 10 students use in private education products such as cram schools, known as "hagwons", according to the report. Shin So-young, an activist at civic group The World Without Worry About Private Education, said the planned changes may not be enough to contain the competition.

Persons: Yoon Suk, Lee Ju, Yoon, Shin, Woongjin Thinkbig, 1,302.0300, Soo, hyang Choi, Hyunsu Yim, Jack Kim, Ed Davies, Gerry Doyle Organizations: South Korea, Education, Thomson Locations: South, SEOUL, South Korea's, South Korea, KS, MegaStudyEdu

☆ Stonehenge-like 4,000-year-old sanctuary found in the Netherlands
▼ + stars: | 2023-06-22 | by ( ) edition.cnn.com time to read: +2 min

CNN —Archaeologists have discovered a 4,000-year-old sanctuary made up of ditches and burial mounds in the central Netherlands that they believe may have served a similar purpose to Stonehenge. “This sanctuary must have been a highly significant place where people kept track of special days in the year, performed rituals and buried their dead. Rows of poles stood along pathways used for processions.”While excavating the site in 2017, archaeologists also discovered several graves. The archaeologists took six years to research more than a million excavated objects dating from the Stone Age, the Bronze Age, the Iron Age, the Roman Empire and the Middle Ages. Some of the discoveries will be showcased in a local museum in Tiel and in the Dutch National Museum of Antiquities.

Persons: ” Organizations: CNN —, Reuters, Zuma Press, Dutch National Museum of Antiquities Locations: Netherlands, England, Tiel, Rotterdam, Iraq, Roman

HONG KONG, June 21 (Reuters) - UBS (UBSG.S) will start cutting Asia investment banking jobs at Credit Suisse next month, three people with knowledge of the matter said, as the banks move towards integrating businesses. In the Asia Pacific region, there will be significant reduction in Credit Suisse investment bankers covering Australia and China, where the two banks overlap most, two of the sources said. UBS is also looking to axe most of Credit Suisse's Asia consumer and retail and general industrial group coverage teams, the two sources said. Both UBS and Credit Suisse declined to comment. The bulk of Credit Suisse investment bankers in Southeast Asia have left, said one of the three sources and a fourth person with knowledge of the matter.

Persons: Kane Wu, Selena Li, Yantoultra Ngui, David Goodman Organizations: UBS, Credit Suisse, Credit, Former Credit Suisse, Thomson Locations: HONG KONG, Asia, Credit Suisse, Australia, China, Credit, South Korea, Thailand, Vietnam, India, Southeast Asia, Hong Kong, Singapore

☆ Man with axe attacks Chinese restaurants in New Zealand, injuring four
▼ + stars: | 2023-06-19 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, June 20 (Reuters) - A man wielding an axe entered three Chinese restaurants on Monday night in New Zealand’s largest city Auckland, sending four people to hospital, authorities and local media reported. One victim was discharged and three remain in stable condition, North Shore and Auckland hospital spokespeople said on Tuesday. Local media reported that the man went into three Chinese restaurants — Zhangliang Malatang, Yues Dumpling Kitchen and Maya Hotpot — and started randomly attacking people with an axe around 9 p.m. on Monday night. A witness told local news organisation Radio New Zealand that she was eating at Maya Hotpot with a friend when a man came at her friend with the axe. New Zealand Police said they had arrested a 24-year-old man and he was due to appear in court on Tuesday on a charge of wounding with intent to cause grievous bodily harm.

Persons: spokespeople, Hotpot —, Hotpot, Lucy Craymer, Lisa Shumaker Organizations: Local, Radio New Zealand, New Zealand Police, Police, Thomson Locations: New Zealand’s, Auckland, North Shore

☆ Huwara: The settler attack on this West Bank town was called a 'pogrom' by Israel's military. Videos show soldiers did little to stop it
▼ + stars: | 2023-06-15 | by ( Gianluca Mezzofiore Celine Alkhaldi Abeer Salman Nima Elbagir | Gianluca Mezzofiore | Celine Alkhaldi | ) edition.cnn.com time to read: +22 min

Smoke rises over Huwara after Israeli settlers rampaged through the town, setting fire to homes, businesses and cars. Videos chronolocated at 8:25 p.m. show fire trucks and ambulances being stopped by Israeli soldiers at the roundabout leading to Huwara’s main street. Soon after, they returned with a group of Israeli soldiers in tow, Abdalmenem said. Israeli soldiers are now on permanent patrol of the town, periodically closing roads and forcing shops to shutter, according to residents, who said it is impacting their livelihoods. A man inspects the damage to a restaurant following a reported attack by Israeli settlers in Huwara on March 28.

Persons: ”, Herzi Halevi, “, Bezalel Smotrich, Nawal Dumeidi, Eyal Warshavsky, Hillel Menachem Yaniv, Ya’acov, Hillel, Yagel, Ilia Yefimovich, Kfar Tapuach, FakeReporter, Limor Son, —, Itamar Ben Gvir’s Otzma, Zvi Sukkot, Gil Cohen, Achiya Schatz, Huwara, Ronen Zvulun, ” Schatz, Hisham K, Abu Shaqra, Ziad Dumaidi, Dumaidi, Hana Abu Saris, Ronaldo Schemidt, ” Dumeidi, Sameh, Abdalmenem, Aqtash, Benjamin Netanyahu, Jaafar Ashtiyeh, won’t, Tzvi, Sukkot’s, Gabòr Friesen, Chris Osieck, ” Dumaidi, What’s Organizations: CNN, West Bank, Israel Defense Forces, IDF, Israel Border Police, Zionism, Magen, Getty, Reuters, Anadolu Agency, Palestine, Palestinian Civil Defense, Red Crescent Society, Israeli, United Nations, Twitter, “ Locations: Huwara, ”, Har Bracha, Nablus, Palestinian, Yitzhar, Samaria, ” Israel, Judea, Tapuach, Jerusalem, AFP, Israel, WhatsApp, “, Dubai, Za’tara, Kfar Tapuach, West

☆ Neo-Nazi groups multiply in a more conservative Brazil
▼ + stars: | 2023-06-13 | by ( Steven Grattan | ) www.reuters.com time to read: +6 min

[1/5] Items seized from a neo-Nazi group who call themselves Crew 38 are displayed in Florianopolis, Santa Catarina state, Brazil April 24, 2023. "Santa Catarina is a land of WHITE PEOPLE, FOR WHITE PEOPLE," the anonymous sender wrote, signing off with the Nazi salute "SIEG HEIL." Researchers at Sao Paulo state's Unicamp university have tracked a more than 10-fold rise in the number of neo-Nazi cells in Brazil since 2015. SOUTHERN HATEThe problem of neo-Nazism is particularly acute in Santa Catarina, a state where many have German and Italian ancestry. The state has the largest proportion of white residents in Brazil, with 84% declaring as white in the last census.

Persons: Cristiano Estrela, Andrea Muller, Jair Bolsonaro's, Adolf Hitler, Bolsonaro, Flavio Dino, CONIB, Guilherme Franco de Andrade, Bolsonaro's, Arthur Lopes, Lopes, Luis Eduardo de Quadros, de Almeida, Steven Grattan, Gabriel Stargardter, Deepa Babington Organizations: Nazi, REUTERS, Reuters, Reuters Graphics, Federal Police, Nazism, Santa, Brazil's, Sao Paulo state's Unicamp, Federal University of Mato, Blacks, Haitian, Thomson Locations: Florianopolis, Santa Catarina state, Brazil, Itajai, Santa Catarina, Haiti, Nazi, Federal University of Mato Grosso, Sul, U.S, United States, Europe

☆ CNN Chairman and CEO Chris Licht is out after a brief and tumultuous tenure
▼ + stars: | 2023-06-07 | by ( Oliver Darcy | ) edition.cnn.com time to read: +7 min

New York CNN —Chris Licht, the embattled chief executive and chairman of CNN, whose brief one-year tenure at the network was stained by a series of severe missteps, departed the company on Wednesday. “I met with Chris and he will be leaving CNN,” David Zaslav, the chief executive of parent company Warner Bros. But it became increasingly clear that Licht’s tenure as the chief executive was not tenable and quickly coming to an end. The CNN chief had, in effect, lost the room. Hundreds of CNN employees were laid off in late November and early December.

Persons: Chris Licht, “, Chris, ” David Zaslav, Jeff Zucker, Stephen Colbert ”, Kevin Mazur, Tim Alberta, Licht, David Leavy, Zaslav, ”, ” Zaslav, “ It’s, Amy Entelis, Virginia Moseley, Eric Sherling, Joe ”, Licht’s, Zucker, Brian Stelter, Don Lemon, Poppy Harlow, Kaitlan Collins, Lemon, Donald Trump, Christiane Amanpour Organizations: New, New York CNN, CNN, Warner Bros, CNN Worldwide, Discovery, CBS, Columbia Journalism School, Licht Locations: New York, CNN’s Hudson, Alberta

☆ How to build a cheap DIY underground bunker to protect you from nuclear fallout, in 6 steps
▼ + stars: | 2023-06-03 | by ( Adam Barnes | ) www.businessinsider.com time to read: +10 min

In a pinch, this DIY fallout shelter would be better than an above-ground building, an expert said. Turns out, if a nuclear attack is imminent, you can build your own DIY fallout shelter for relatively cheap. Equipment you'll need for a DIY fallout shelterPhoto taken in 1961 of a 77-year-old man who built his own fallout shelter in his backyard. How to build a DIY fallout shelter for cheap in 6 stepsFirst, scout out a location for your fallout shelter. How this DIY fallout shelter would protect youSoil is a great shield from radioactive fallout.

Persons: —, Michael Ochs, Stringer, Cresson H, it's, Sun, bomba, Alex Wellerstein, MAXIM ZHURAVLEV Organizations: Service, Michael Ochs Archives, National Laboratory, Laboratory, Getty, University of Nevada, United States National Locations: Oak, Kearny, Nes, Las Vegas

☆ Securonomics is fuzzy new lodestar for investors
▼ + stars: | 2023-06-02 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

During the era of free trade and financial liberalisation, the politicians danced to the economists’ tune. President Joe Biden’s National Security Advisor explained that the era of unqualified support for free markets is over. The state will explicitly subsidise “specific sectors that are foundational to economic growth (or) strategic from a national security perspective,” Sullivan explained. Internationally, meanwhile, free trade is no longer the pole star. Sullivan’s 5,000-word speech devoted just three sentences to the World Trade Organization.

Persons: Rachel Reeves, Jake Sullivan, Joe Biden’s, ” Sullivan, Jacob Soll, Jean, Baptiste Colbert, Alexander Hamilton, Adam Smith, securonomics, Colbert, Hamilton, Christine Lagarde, Lagarde, ”, Soll, Peter Thal Larsen, Pranav Kiran Organizations: Reuters, Labour, Bank of England, White, U.S . Treasury, U.S . Trade Representative, Joe Biden’s National, Biden, offshoring, World Trade Organization, Industries, BAE Systems, Dow, Aerospace, Defense, U.S, Treasury, University of Southern, European Central Bank, Soviet, Russia, Thomson Locations: Washington, Tellingly, States, French, Scottish, University of Southern California, China, United States, Europe, Saudi Arabia

☆ CEOs see ChatGPT as an 'Ozempic' miracle drug that can cut costs and boost efficiency. Right now, they're wrong.
▼ + stars: | 2023-05-30 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Ozempic and ChatGPT have blown up in the year of the cure-all. As Justine Moore, investment partner at Silicon Valley VC firm a16z, tweeted this month: "By 2025, America is going to run on Ozempic and ChatGPT." CEOs running businesses that have nothing to do with AI are talking about ChatGPT during their quarterly earnings calls. But like Ozempic, AI comes with side effects. Samsung banned its employees from using generative AI tools after finding some of its engineers accidentally leaked internal source code by uploading it to ChatGPT in April.

☆ Not just Disney: DeSantis brings history of business battles to the presidential campaign
▼ + stars: | 2023-05-24 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +8 min

Ron DeSantis officially launched his presidential campaign Wednesday, putting his blend of pro-business conservativism and culture-war populism to the test at the national level. In the most recent legislative session, DeSantis signed a bill that stopped union dues from being automatically deducted from public employees' paychecks. Ron DeSantis, a critic of environmentally sensitive investing, didn't succeed in protecting his constituents from the ravages of Hurricane Ian, which may have been intensified by global warming. DeSantis signed a bill in early May barring state and local officials from making ESG-based investment decisions. The Disney sagaApparel promoting Florida Governor Ron DeSantis sit on a table before a book tour event at the North Charleston Coliseum on April 19, 2023 in North Charleston, South Carolina.

☆ David Axelrod: After Barack Obama, America will never be the same
▼ + stars: | 2023-05-20 | by ( David Axelrod | ) edition.cnn.com time to read: +7 min

David Axelrod, a CNN senior political commentator and host of “The Axe Files,” was a senior adviser to former President Barack Obama and chief strategist for the 2008 and 2012 Obama presidential campaigns. CNN —In all the years I worked for Barack Obama, I didn’t think enough about the burdens of being America’s first Black president – in part because he bore them so gracefully. The president asked me to chat with her and assess how she would hold up under the pressures of the confirmation process and that weighty history. Jacob Philadelphia, the son of a White House staff member, touches then- President Barack Obama's hair in the Oval Office of the White House. It was a moving, spontaneous scene captured by the splendid White House photographer Pete Souza.

☆ Analysis: Investment banking faultlines trigger European job shake-up
▼ + stars: | 2023-05-19 | by ( Sinead Cruise | ) www.reuters.com time to read: +5 min

Applications for financial services roles globally rose by 67% in the first quarter of 2023 against the same period last year, according to eFinancialCareers. Britain has already said it will scrap a cap on bank bonuses under plans to attract global financial sector talent. Worries about possible contagion triggered by the frailty of the U.S. regional banking system have also put some bank staff on a quest for more secure employment, sources say. Duncan Finlayson, managing director of the FinTech & Financial Services practice at Raines International, said some wanted meetings with chief financial officers to better understand the financial health of prospective employers. "Without a doubt some of the more established financial services platforms are under more heavy scrutiny," he said.

LAKE CHARLES, La., May 18 (Reuters) - In Washington, Republican U.S. Representative Clay Higgins has been a vocal advocate for spending cuts. As a member of the hard-right Freedom Caucus, Higgins was an early advocate for dramatic spending cuts, many of which ended up in the House bill. He hopes the spending cuts backed by Higgins won't affect local efforts to provide affordable housing. When it comes to spending, Higgins has been a solid "no" in Washington. For some local residents, Higgins' push for spending cuts in the face of so much need remains incomprehensible.

☆ Eton v Harrow: Why this centuries-old schoolboy match has been the cause of division and debate in England
▼ + stars: | 2023-05-13 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

The Marylebone Cricket Club (MCC), which owns Lord’s, sought to axe the match from the ground’s schedule before granting it a reprieve after some of its members protested. As a compromise, the MCC announced in March that it would host both the Eton vs. Harrow and Oxford vs. Cambridge fixtures for another five years, before another consultation with members. Schoolboys look on from the grandstand during the Eton vs. Harrow cricket match at Lord's on Friday. Glyn Kirk/AFP/Getty ImagesThe club will also host the finals of the UK’s school and university cricket competitions, rather than only the historic fixtures. They took to the field on Friday and Harrow emerged victorious by just four runs.

☆ Tech CEOs threaten to end remote work, infuriating workers hit by mass layoffs and dwindling perks
▼ + stars: | 2023-05-05 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Tech workers could soon find themselves back in the office as bosses threaten to axe remote work. Tech CEOs are backtracking on remote working as they face pressure to improve performance. Unfortunately for tech workers, the changes might not end there. A shift that could backfireMany companies in tech have been exploring the idea of shifting away from full remote work for several months. Tech firms that championed remote work, but are now back-tracking, may soon have to face a furious reckoning from their beleaguered employees.

☆ Volvo Cars to axe 1,300 jobs as it steps up cost cuts
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] lectric-powered Volvo XC40 cars are seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland November 10, 2022. REUTERS/Arnd WiegmannCOPENHAGEN, May 4 (Reuters) - Volvo Cars (VOLCARb.ST) will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based auto maker said on Thursday. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. Volvo Cars shares were down 3.87% at 0848 GMT.

Companies would also have to pay content providers and copyrights on material posted on their sites. The Brazilian proposal is shaping up to be one of the world's strongest legislations on social media, comparable to the European Union's Digital Services Act enacted last year. They also say it will endanger free posting services for users while allowing censorship as practiced in authoritarian societies. Brazil's Justice Minister Flavio Dino has asked the consumer protection authority to investigate whether the companies engaged in "abusive practices" in campaigning against the bill. The bill was fast tracked in the lower house after a series of fatal attacks in schools which social media allegedly encouraged, and new articles added to the bill have not been debated in Congressional committees before going to the vote.

☆ Moyes thankful for West Ham stability, says clubs too quick to axe managers
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

LONDON, May 2 (Reuters) - West Ham United manager David Moyes says he is thankful for having a chairman who 'did not buckle' and show him the door when results were going against the London club this season. West Ham and Nottingham Forest are the only clubs in the bottom half of the standings who have kept faith with the man who started the season at the helm. Several clubs in the basement battle have 'interim managers', namely Dean Smith at Leicester City and Ruben Selles at bottom club Southampton. "I don't think I can ever remember the Premier League having as many interim managers in different roles and different changes," said Moyes, who is in his second spell at West Ham. Some West Ham fans were calling for Moyes to be sacked in January after six defeats in seven league games saw them drop into the relegation zone.

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