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☆ Michelin starred hotels around the world, from Italy to Vietnam
▼ + stars: | 2023-07-10 | by ( Chris Dwyer | ) edition.cnn.com time to read: +24 min

Courtesy CoteArgentinian maestro Mauro Colagreco was the first ever non-French chef to earn three Michelin stars in France, at Mirazur on the famed French Riviera. Gastronomic restaurant Plénitude by chef Arnaud Donckele marked an extraordinary debut by being awarded the pinnacle of three Michelin stars just six months after opening. Since 2021, they have held three Michelin stars for their cuisine, which celebrates peerless produce from their sustainable farm just seven miles away. Lung King Heen, Four Seasons Hong KongLung King Heen was the first Chinese restaurant to hold three Michelin stars. Capella Hotels & ResortsFinally to Vietnam, where Michelin published its first ever guide in June 2023.

Persons: Winston Churchill, Albert Einstein, it’s, Heiko Nieder, carne ”, Ben Benoliel, Alex Nietosvuori, Ally Thompson, Hjem, morel, Cigliutti Enrico Crippa, Piazza, Crippa, Ferran Adrià, Mauro Colagreco, Côte, Raymond Blanc, Paul Wilkinson Chef Raymond Blanc, Lady Gaga, Queen Elizabeth II, ”, ” Blanc, Luke Selby, Plénitude, Cheval Blanc, France Plénitude, Sylvie Becquet, Blanc Paris, chef Arnaud Donckele, Chopin, Maxime Frédéric –, Aled Williams, Gareth Ward, Il Ristorante Niko Romito, Ristorante Niko Romito, Niko Romito, Romito, Giacomo Amicucci, Kyle, Katina, Michel Bras, Le Saint, Martin, Château Saint, France Le Saint, Chef Jean, Luc Lefrançois, Saint, –, sommelier Vincent Arhuro, King Heen, Hong Kong Lung King Heen, Heen, who’s, Chan Yan Tak, Rome Cavalieri, Pergola, Heinz Beck, Hatta, Ushikubo, Raby Hunt, Raby Hunt's Michelin, James Close, Maria, Chef Maria, Lorenz Adlon Esszimmer, Germany Lorenz Adlon Esszimmer, Lorenz, Young, Reto, Thomas Edison, Henry Ford, John D, Waku, Ghin, Tetsuya Wakuda, There’s, Tetsuya, they’re, kinome, It’s, Denmark There's, Jean Marchal, Maria Coppy, Jakob de Neergaard, iberico, Sven Wassmer, “, Lumnezia, Douglas, Koki, Hiroshi Yamaguchi, Bill Bensley, Chris Dwyer Organizations: CNN, Michelin, Duomo, Capella, Rosewood, of, Notre Dame, Resorts, Dubai Michelin, Resort Dubai, Reale, peerless, ”, Le Saint, Hong, Hong Kong Lung, Seasons Hong, Rockefeller, Sands, Royal Suite, Royal, Swiss, Koki, Capella Hotels, Capella Hanoi Locations: Bangkok, Piedmont, Hanoi, Tokyo, Zurich, Switzerland, Northumberland, Hadrian's, Swedish, England, Wall, Piazza Duomo, Alba, Italy, Japan, Spanish, Capella Bangkok, Thailand, France, Mirazur, Thai, Rosewood Hong Kong, Hong Kong, Chaat, Oxfordshire, ”, Cheval Blanc Paris, of Light, City of, Powys, Wales, Bulgari, Dubai, UAE, Italy’s Abruzzo, SingleThread, California, Healdsburg, Sonoma, Toya, Le, Provence, French, Vence, Marseille, Seasons Hong Kong, Yunnan, Peking, La, Rome, Eternal, County Durham, Darlington, romaine, Berlin, Germany, Brandenburg, Young Swiss, Europe, Marina, Sands, Singapore, Australia, Shizuoka, Hokkaido, d’Angleterre, Copenhagen, Denmark, Marchal, Hibana, Capella Hanoi, Vietnam

☆ Largest federal transportation grant ever awarded to critical NY-NJ tunnel project
▼ + stars: | 2023-07-06 | by ( Gregory Wallace | ) edition.cnn.com time to read: +2 min

CNN —The replacement for a crumbling underwater tunnel connecting New York City and New Jersey that carries up to 200,000 people daily just received the largest-ever federal transportation grant, according to Senate majority leader Chuck Schumer. In all, some 24 trains per hour and 200,000 people daily (at pre-pandemic levels) pass through the tunnel, according to Amtrak. Gardner said the rail line and others have applied for $10 billion in federal grants, including for the Gateway project. “A future of rail transportation for passengers really across the entire east coast, and our connections to the west.”The project has political complications. President Donald Trump opposed spending so much federal funding on the project – back when it was expected to cost only $13 billion – according to the then-Transportation Secretary, Elaine Chao.

Persons: Chuck Schumer, Sandy, Stephen Gardner, ”, Gardner, “, Donald Trump, Elaine Chao Organizations: CNN, Amtrak, US Transportation Department, Development Commission, Transportation Locations: New York City, New Jersey, New York, America, ”

☆ Asia lobby group pushes for easing of China's offshore listing rules
▼ + stars: | 2023-06-27 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.

Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China

SHANGHAI/HONG KONG, June 27 (Reuters) - China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive. Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country. The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed. However, ASIFMA said the data security rules have made operating in China "very painful" for some of its members. One major complaint from firms operating in China is that Chinese data rules are ambiguous, the lobby group said.

Persons: Alice Law, Lyndon Chao, ASIFMA, Chao, Neuberger Berman, They've, Law, Samuel Shen, Selena Li, Sumeet Chatterjee, Sonali Paul Organizations: Asia Securities Industry, Financial Markets Association, BlackRock, Fidelity International, Thomson Locations: SHANGHAI, HONG KONG, China, Beijing, U.S

☆ Restaurants like Panera and Fogo de Chao joining CAVA with upcoming IPO offerings
▼ + stars: | 2023-06-22 | 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 EmailRestaurants like Panera and Fogo de Chao joining CAVA with upcoming IPO offeringsCNBC's Kate Rogers and Bob Pisani join 'The Exchange' to discuss what is next for the IPO market, expectations for Gen restaurant groups upcoming IPO filing, and the state of the IPO market in general.

Persons: Chao, CAVA, Kate Rogers, Bob Pisani Locations: Fogo

☆ Green shoots for the IPO market, but investors ask where are unicorns like Instacart, Klarna
▼ + stars: | 2023-06-22 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

At the midpoint this would raise $298 million, with a fully diluted market value of $2.1 billion, according to Renaissance Capital. At the midpoint of the proposed range, that would raise $328 million with a market value of $1.5 billion. "The IPO market is definitely opening up," he said. Goldman Sachs' David Kostin has also noted an improved IPO market. The bad news: the stock dropped the day after the IPO to roughly $38 and has remained in that range.

Persons: IPOs, Matt Kennedy, Goldman Sachs, David Kostin, Kostin, Lynn Martin, That's, Santosh Rao, Rao Organizations: NYSE, Insurance, Renaissance, Kodiak Gas Services, Renaissance Capital, Goldman, Foods, CNBC, Manhattan Venture Partners Locations: Renaissance Capital, U.S, Canada, Cava, Fogo, Chao

☆ Donald Trump, who claimed to only hire the best people, was thoroughly asked why so many key players of his administration do not want him to be president again.
▼ + stars: | 2023-06-20 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +3 min

Baier reminded Trump he said he was going to hire the "best" people to his administration in 2016. He then pointed out much of Trump's former administration doesn't support his 2024 White House bid. Look, we had the best economy we've ever had, the world has ever seen." This week, you called your White House Chief of Staff John Kelly 'weak and ineffective' and 'born with a very small brain.' You called your acting White House Chief of Staff Mick Mulvaney a 'born loser.'

Persons: Donald Trump, Bret Baier, Baier, Trump, —, Bret Baier's, Mike Pence, Nikki Haley, she's, Mike Pompeo, he's, John Bolton, He's, Bill Barr, Barr, John Kelly, Mick Mulvaney, Rex Tillerson, James Mattis, Kayleigh McEnany, you've, Elaine Chao, Mitch McConnell's, I'm Organizations: Fox News, Service, White, United Nations, State, Getty, ISIS Locations: Mitch McConnell's China

☆ China seen cutting key lending benchmarks as economy slows
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +3 min

The People's Bank of China (PBOC) lowered short- and medium-term policy rates last week, signalling it is about to embark on another round of loosening in monetary settings in a push to rev up the recovery. In a poll of 32 market watchers, all participants predicted cuts to both the one-year loan prime rate (LPR) and the five-year tenor . "However, the biggest risk is that rate cuts can be ineffective when households and businesses are excessively conservative, busy deleveraging and paying off debt." China's cabinet met on Friday to discuss measures to spur growth in the economy and pledged to roll out more policy support. Despite strong consensus of cuts to the LPR on Tuesday, market participants are divided on the size of the reductions.

Persons: David Chao, Chao, Li Hongwei, Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, Reuters, Asia Pacific, Citi, Thomson Locations: SHANGHAI, SINGAPORE, China, Invesco

☆ Migrants’ Perilous Route to Europe Is at Its Busiest—and Deadliest—in Years
▼ + stars: | 2023-06-15 | by ( Chao Deng | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, 260dd49b

☆ Mediterranean restaurant chain Cava is going public. More restaurants could follow its lead
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

As Cava prepares to make its public market debut Thursday, other restaurant companies will be watching closely while they decide whether to follow in the Mediterranean restaurant chain's footsteps. The last 18 months have marked the slowest initial public offering market since the financial crisis. Cava's IPO could help break that drought, as a handful of restaurants watch to see how the chain fares as they mull whether to jump into the public market themselves. "A successful IPO from Cava should open the door to more restaurant IPOs," said Matt Kennedy, senior strategist at Renaissance Capital. That bodes well for the restaurant companies waiting in the wings to go public.

Persons: Cava, Matt Kennedy, Kennedy, Kevin McCarthy, Neuberger Berman Organizations: U.S, Renaissance, Cava, New York Stock Exchange, CNBC, Group, Brands Locations: Ukraine, U.S, Cava, Chão

☆ Mediterranean restaurant chain Cava stock soars as much as 107% in market debut
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. The stock trades on the New York Stock Exchange under the ticker symbol "CAVA." The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion. Shares of Mediterranean restaurant chain Cava soared as much as 107% in its market debut Thursday morning before giving up some of those gains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.

Persons: Zoes, It's, Brett Schulman, Chipotle Organizations: New York Stock Exchange, Group, Brands Locations: Cava, New York City, Chao

☆ A 'string of successes' fueling the IPO market, and the ETF that tracks it
▼ + stars: | 2023-06-14 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +2 min

"We do see a light at the end of the tunnel," Matt Kennedy, Senior IPO Market Strategist for Renaissance Capital, told CNBC's Bob Pisani on "ETF Edge" on Monday. Kennedy's firm runs the Renaissance Capital IPO ETF (IPO), which tracks the performance of newly public company stocks. According to Renaissance Capital, holdings in the IPO ETF cycle out three years after being listed on the market. The 10-year average of capital raised for new initial public offerings is $55 billion, but only $7.7 billion was raised last year, according to Renaissance Capital. Nearly the same amount has already been raised so far this year ($7.3 billion), fueling anticipation that the market is finally getting back on track.

Persons: Matt Kennedy, CNBC's Bob Pisani, Kennedy, They're Organizations: Renaissance Capital, Capital, Renaissance, ARM, Foods Locations: Snowflake, Airbnb, Cava, U.S, Fogo de Chao, Klarna

☆ Green shoots for the IPO market? More companies are looking at going public
▼ + stars: | 2023-06-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The Great IPO Drought has gone on for 18 months, but some are hopeful that may be ending. It still is a mid-sized deal, but it's getting more attention than usual because there is some hopes the Great IPO Drought may have a shot at ending. "A market rise is a necessary precursor for a rebound in IPOs," Matt Kennedy, senior IPO market strategist for Renaissance Capital, told me. Kennedy would know: Renaissance Capital runs the Renaissance Capital IPO ETF, a basket of recent IPOs. It's a long slog back to a 'normal' IPO market As bad as it has been in 2023, it's better than it was in 2022.

Persons: Matt Kennedy, Santosh Rao, Kennedy, DoorDash, Kenvue, Johnson, It's, it's, Cava, Rao Organizations: NYSE, Renaissance Capital, Manhattan Venture Partners, Capital, ARM, Foods, Saks Locations: Cava, IPOs, Snowflake, Palantir, Chao

☆ China may cut rates further in H2, government researcher says
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 6 (Reuters) - China will likely further cut banks' reserve ratio and interest rates in the second half of this year to support the economy, the China Securities Journal reported on Tuesday, citing policy advisors and economists. China's economy rebounded faster than expected in the first quarter but lost momentum at the beginning of the second. Zhang Ming, a researcher at the Chinese Academy of Social Sciences, a top government think tank, told the state newspaper that low inflationary pressures in China will provide room for monetary easing. China can consider further rate cuts and target the reserve requirement ratio (RRR) cuts to lower lending costs, said Zhang. Li Chao, chief economist at Zheshang Securities, also expects potential rate cuts and RRR cuts in the second half of this year, the report said.

Persons: Zhang Ming, Zhang, Li Chao, Ziyi Tang, Ryan Woo, Shri Navaratnam Organizations: China Securities, Chinese Academy of Social Sciences, Zheshang Securities, U.S . Federal Reserve, United, Thomson Locations: BEIJING, China, Beijing, United States

But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican lawmakers said on Monday they would oppose the bill, though it is expected to pass. The pan European STOXX 600 index (.STOXX) fell 0.2% after recording on Friday its biggest weekly decline in two months. U.S. 10-year bond yields dropped 9.7 basis points to 3.72%, while 30-year yields fell 8 bps to 3.89%. The dollar index , which measures the greenback against six peers, fell 0.26% at 104.03 after rising to a two-month high in earlier trading. Elsewhere, euro zone bond yields fell after Spanish inflation data came in lower than expected, raising hopes that the European Central Bank may raise interest rates less than previously feared.

☆ Asian stocks dip as investors question consequences of US debt deal
▼ + stars: | 2023-05-30 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The package still has to be approved by the Republican-controlled House of Representatives and Democratic-controlled Senate before the debt limit is reached, likely by next Monday. The bond market is implying there is an extreme 70% probability on a U.S. recession in the next year. Australian shares (.AXJO) were down 0.11% while the Nikkei stock index (.N225) rose 0.36%, after the Japanese benchmark hit a 33-year high on optimism over the U.S debt deal and a weaker yen, which helps the country's exporters. Benchmark 10-year yields dropped 6 basis points during Asian trade to 3.7616% while thirty-year yields fell 6.3 bps to 3.9134%. With the debt deal heading to Congress for approval, JB Were analysts said there could be up to $600 billion worth of bill issuance in the next six to eight weeks.

The latest surge of dark fleet ships began after Russia invaded Ukraine and the West tried to limit Moscow’s oil revenue with sanctions. The ships most likely sell their Russian oil to China above a price limit set by the sanctions. “The price cap is achieving its dual goals: restricting Russia’s oil revenues while keeping Russian oil flowing, and markets stable and well-supplied,” a U.S. Treasury spokesperson told The Times. The spoofing tankers using American insurance show that the practice is not limited to Russian oil alone. The company, Gatik Ship Management, owns a fleet of 50 newly acquired tankers dedicated to the Russian oil trade, the report said.

Persons: ”, David Tannenbaum, it’s, Samir Madani, Daniel Tadros, Russia Lady Ella, Russia Snow, Price, Konstantin Zavrazhin, Tannenbaum, Mr, Tadros, what’s, Min Chao Choy Organizations: Cathay, Labs, Copernicus Sentinel, Maxar Technologies, The New York Times, The Times, U.S . Treasury, Times, American Club, Club’s, Alma, Cargo, Russia Cathay Phoenix, Hong, International Maritime Organization, American, ”, AIS, telltale, Treasury’s, Foreign, Control, Maritime, C4ADS, Gatik Ship Management Locations: Japan, Kozmino, China, U.S, Russia, Venezuela, Iran, Ukraine, ”, Hong Kong, Niigata, Russia Ginza, Varna, Bulgaria, Taman, Niigata Port, Siberia, Cathay Phoenix, O.F.A.C, South Korea, Washington, Ginza, Oman, India

☆ 'It can't get much worse than this': A trail of portfolio managers have resigned or been liquidated as the once lush index-rebalance strategy dries up
▼ + stars: | 2023-05-11 | by ( Alex Morrell | ) www.businessinsider.com time to read: +5 min

Heavyweight multi-strategy hedge funds aren't known for their patience. It seems their patience has run out on the index-rebalance strategy, one of the most popular and sought-after hedge fund moneymakers in recent years. Representatives for the hedge funds declined to comment or did not respond to requests for comment. While hedge funds are allocating their capital elsewhere, they haven't given up on index-rebalance trading. Do you know more about the index-rebalance trade?

☆ Chinese company earnings reveal lopsided economic recovery
▼ + stars: | 2023-05-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155%, data from China International Capital Corp (CICC) showed. Food-and-beverage sector earnings jumped 18% and automobiles were up a smaller 8%. Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. Refinitiv data forecasts full-year earnings growth of 26% for companies listed on the Shanghai Stock Exchange. The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60%, respectively.

☆ This 44-year-old founder and CEO is stepping down to go on a 3-year religious mission. 'I feel such confidence that this is the right thing.'
▼ + stars: | 2023-04-30 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +11 min

Davis Smith founded Cotopaxi, an outdoor gear company and certified B Corporation, in 2014. In July, he will step down as CEO to go on a 3-year religious mission in Brazil. Damien Huang, Cotopaxi's president who joined the company from Eddie Bauer, where he was CEO, will move into the role. "But I feel such confidence that this is the right thing." And we don't do that by isolating ourselves or saying, "We're better than you," or "You're not doing it right."

☆ China automating mines to improve safety as coal output grows
▼ + stars: | 2023-04-28 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangYULIN, China, April 28 (Reuters) - China is pushing automated technology to improve the safety and efficiency of its coal mining industry, the world's largest, which has long been plagued by safety lapses. The nearby Xiaobaodang mine, also owned by Shaanxi Coal, has cut its underground staff by 42%. Coal mines in China, which produced more than half the world's coal last year, are among the deadliest, with accidents causing almost 250 deaths in 2022, a six-year high. China's National Energy Administration is urging miners to accelerate their adoption of "smart mining" technology in a bid to improve safety and efficiency as coal output grows with Beijing's efforts to bolster energy security even as it expands its use of renewable sources. Huawei says the Hongliulin mine spent about 200 million yuan on installing intelligent mining.

☆ Libya Seeks U.S. Help in Fresh Effort to Recover Gadhafi Billions
▼ + stars: | 2023-04-23 | by ( Benoit Faucon | Chao Deng | ) www.wsj.com time to read: 1 min

A study estimates that as much as $120 billion in Libyan state assets was looted. Artifacts at a museum in Shahat, Libya. Photo: Abdullah Doma/Agence France-Presse/Getty ImagesLibya’s United Nations-backed government is asking Washington to help it recover tens of billions of dollars in state assets that it alleges were stolen by the country’s former dictator Moammar Gadhafi and his cronies and stashed around the world. Gadhafi ruled the oil-rich country for 42 years before he was ousted and killed and Libyan officials say family members and others close to him looted government coffers of cash, gold and rare antiquities. A 2016 study by Berlin-based Transparency International estimates as much as $120 billion was taken.

☆ Egyptians Struggle to Afford Food This Ramadan as Crisis Worsens
▼ + stars: | 2023-04-19 | by ( Chao Deng | Menna Farouk | ) www.wsj.com time to read: 1 min

CAIRO—Struggling to buy food for her family to break their fast one recent evening this Ramadan, Noura Ayad took her three children for a meal provided by a local charity in the historic part of the capital. “We ran out of chicken on the 10th day,” said Ms. Ayad. Her family lives on her husband’s meager driver’s income, which is quickly shrinking, hit by Egypt’s soaring inflation and collapsing currency. “We’re hardly surviving this crisis.”

☆ Saudi Arabia, Gulf Countries Want Better Returns for Bailing Out Egypt
▼ + stars: | 2023-04-07 | by ( Summer Said | Chao Deng | ) www.wsj.com time to read: 1 min

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☆ China imposes further sanctions on Taiwan's U.S. representative
▼ + stars: | 2023-04-07 | by ( ) www.cnbc.com time to read: +2 min

China has imposed further sanctions on Hsiao Bi-khim, Taiwan's de facto ambassador to the United States, prohibiting her and family members from entering the mainland, Hong Kong and Macao, state media reported on Friday. The sanctions, announced by China's Taiwan Affairs Office, also prohibit investors and firms related to Hsiao from cooperating with mainland organizations and individuals. They come after Taiwanese President Tsai Ing-wen's meeting with U.S. House Speaker Kevin McCarthy during a stopover in the United States this week. Others on the August sanctions list also include Taiwan foreign minister Joseph Wu and Secretary-General of Taiwan's National Security Council Wellington Koo, and DPP politicians. Chinese sanctions will have little practical impact as senior Taiwanese officials do not visit China while Chinese courts do not have jurisdiction in Taiwan.

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