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☆ India's growth is set to power ahead. Analyst names sectors with the 'best value'
▼ + stars: | 2023-06-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Birds flying over the corridor of the Jama Masjid at sunrise in New Delhi on October 27, 2016. India's growth is looking like a "bright spot" as the country's outsourcing sector remains robust on top of an increasing trend of tech companies moving their manufacturing lines to the country, according to the CEO of Destination Wealth Management. The International Monetary Fund recently released its forecast for India's economy to expand by 5.9% in 2023. A large part of this is driven by India's outsourcing sector being on pace to keep its momentum, said the CEO. Many companies are opting to outsource software development projects to India for quality at reasonable costs, according to Krina Mehta, a co-founder of U.S.-based offshore software development company Fortune Infosys.

Persons: Michael Yoshikami, he's, Krina Mehta, Yoshikami Organizations: Destination Wealth Management, Monetary Fund, U.S, Fortune Infosys Locations: Jama, New Delhi, India

☆ China’s real estate slump predicted to last for years, threatening to spill into the wider region
▼ + stars: | 2023-06-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesWeakness in China's real estate sector could be a drag on the economy for years to come and could even impact countries in the wider region, Wall Street banks have warned. "We only assume an 'L-shaped' recovery in the property sector in coming years," they said. watch nowGoldman Sachs economists also noted there are expectations for China's government to introduce more housing stimulus packages to support the sector. If the challenges in the property sector deepen and bring risk aversion in the financial system and affect consumer confidence, this will cause a deeper slowdown in China. watch nowHui said the government's push to cap property prices at a certain level could be missing a big chunk of potential buyers.

Persons: Goldman Sachs, Lisheng Wang, Goldman, Tai Hui, Morgan Stanley, Hui, CNBC's, that's Organizations: Future Publishing, Reuters, Market Locations: CHINA, Nanning, South, Guangxi Zhuang, Wall, China, Asia

☆ Tomb Raider games group Embracer to slash spending
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, June 13 (Reuters) - Swedish games group Embracer (EMBRACb.ST) announced on Tuesday a restructuring programme to slash costs and investments, including in the development of new products, boosting the company's shares. Embracer has been hit by development delays, weaker demand, bad reception for some new games and, last month, the fall-through of a large planned strategic partnership. Shares in the developer, which last year bought several development studios and the intellectual property rights to a new Tomb Raider edition and other games, on Tuesday rose 4% by 0705 GMT. "The figures include capex related to internal and external game development projects and other intangible assets, as well as tangible assets," it said in a statement. The group's earnings could be hit by one-offs such as potential severance payments and writedowns related to game development projects as part of the restructuring, it said.

Persons: Embracer, Anna Ringstrom, Terje Solsvik Organizations: Thomson Locations: STOCKHOLM

☆ Nio cuts prices for its cars — and delays business expansion plans
▼ + stars: | 2023-06-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Tesla and other electric car companies in China had cut prices earlier this year in a bid to attract buyers. The analysts cut their rating on Nio shares to hold, from buy. Looking ahead, Nio said that it aimed to deliver at least 20,000 cars a month in the second half of the year. watch nowNomura analysts said they expected the car company can improve its deliveries with new models, like the ES6 SUV and ET5 touring sedan. Nio's cash and cash equivalents fell below $1 billion at the end of 2019.

Persons: William Li, Hector Retamal, Nio, William Li's, Tesla, Li, Nomura, Mizuho Organizations: HK, Afp, Getty, China Merchants Bank International, Monday, Nomura, State Council, EV, Mizuho Securities Locations: Shanghai, BEIJING, China, EU

The budget deficit is estimated at a record 64.36 trillion Iraq dinars, more than double the last budget deficit in 2021, according to a budget document and lawmakers. The budget sets the exchange rate for oil revenues in U.S. dollars at 1,300 dinars per dollar. It will remain valid through 2025, though it is subject to amendment, including to the oil price it uses given its near-total dependence on oil revenue. To break even, Iraq required an oil price of $96 bpd, it said, while the price averaged $71.3 bpd in May. Baghdad previously had no say over Kurdistan's expenditure of oil revenues, with Kurdistan unilaterally exporting crude via Turkey despite Baghdad's objections.

Persons: Mohammed Nouri, Ahmed Tabaqchali, Ahmed Rasheed, Timour, Shri Navaratnam, Robert Birsel Organizations: Media, REUTERS, London School of Economics Middle East Center, Monetary Fund, Thomson Locations: Baghdad, Iraq, REUTERS BAGHDAD, Kurdistan, Iraqi, Turkey, Erbil, Iraq's, Kurdish, Ankara

☆ Boris Johnson's honours list includes aides tied to ex-UK PM's 'Partygate' scandal
▼ + stars: | 2023-06-09 | by ( Andrew Macaskill | ) www.reuters.com time to read: +3 min

LONDON, June 9 (Reuters) - Boris Johnson awarded his political aides and allies with some of Britain's highest honours to mark his resignation as prime minister, including some who attended parties in government buildings during COVID-19 lockdowns. Martin Reynolds, a senior civil servant and Johnson's former principal private secretary, was given an Order of the Bath award for public service. Labour Party deputy leader Angela Rayner called Johnson's honours list a "sickening insult". A Conservative member of parliament, who asked not to be named, said the list was "deeply embarrassing" and showed Johnson's lack of remorse. The former prime minister also approved honours for Conservative party politicians who have recently been caught in other scandals.

Persons: Boris Johnson, Martin Reynolds, Reynolds, Johnson, Dan Rosenfield, Jack Doyle, Angela Rayner, Ben Houchen, Conor Burns, Jacob Rees, Mogg, Simon Clarke, Priti Patel, Theresa May, David Cameron, Andrew MacAskill, Michael Holden, Mark Potter, Paul Simao Organizations: Bath, Labour Party, Conservative, Thomson Locations: COVID, Britain, British, Downing, lockdowns, Tees Valley

☆ EU launches 8.1 bln euro microelectronics projects with 56 companies
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, June 8 (Reuters) - Fourteen European Union countries will grant up to 8.1 billion euros ($8.7 billion) in public support to 56 companies working together on projects in microelectronics and communication technologies, the European Commission said on Thursday. The projects concern "research and development projects covering microelectronics and communication technologies across the whole value chain from materials and tools to the chip designs and manufacturing processes," the EU executive said. ($1 = 0.9314 euros)Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Foo Yun Chee Organizations: Union, European Commission, Thomson Locations: BRUSSELS

☆ Matt Onofrio quickly made millions as a real-estate influencer. Then he was indicted for bank fraud.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

That was the verdict a top tech executive shared with me recently, describing the impact he predicted AI would have on the workforce. The unfolding situation has the potential to cast Onofrio as a real-estate confidence man for the influencer age. Also read:Wall Street's new normalPeople walk by a Lamborghini car along Wall Street in Manhattan. In that environment, any fool — or anyone on Wall Street — could buy almost any asset, sit back, and watch its value increase. Wall Street is hoping that — and investing like — we're going back to that era sometime soon.

Persons: Matt Turner, Nicholas Braun, Greg Hirsch, AI's, Lance McMillan, Matt Onofrio, he'd, Spencer Platt, There's, Insider's Linette Lopez, ANDREW CABALLERO, REYNOLDS, OPMs, Spriha Srivastava, OpenAI, Nicole Miranda, Elizabeth Holmes, Hallam Bullock, Bob Bryan, Hana R, Alberts Organizations: Toronto Star, Getty, Lamborghini, Getty Images, Tech Locations: California, Midwest, Manhattan, Washington ,, Florida

☆ Commercial and multifamily mortgage delinquencies rose in the first part of 2023
▼ + stars: | 2023-06-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Commercial and multifamily mortgage delinquencies increased in the first quarter of 2023, according to a new report from the Mortgage Bankers Association. “Ongoing stress caused by higher interest rates, uncertainty around property values, and questions about fundamentals in some property markets are beginning to show up in commercial mortgage delinquency rates,” said Jamie Woodwell, MBA’s head of commercial real estate research. Freddie Mac had a delinquency rate of 0.13%, an increase of 0.01 percentage points from the fourth quarter of 2022. Commercial mortgage-backed securities had a delinquency rate of 3%, an increase of 0.10 percentage points from the end of 2022. The FDIC delinquency rates for bank and thrift held mortgages reported here do include loans backed by owner-occupied commercial properties.

Persons: ”, Jamie Woodwell, ” Woodwell, Fannie Mae, Freddie Mac, Banks, thrifts Organizations: DC CNN —, Mortgage, Association, Federal Reserve Locations: Washington

☆ New warning signs emerge for China's property market
▼ + stars: | 2023-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Construction on a real estate development project gets underway near the Bund in Shanghai, China, on May 25, 2023. BEIJING — New data show China's massive property sector is still struggling to turn around, despite signs of recovery earlier this year. Beijing has eased its pressure on real estate developers in the last year, following a crackdown on their debt levels in August 2020. The property sector and related industries have accounted for more than a quarter of China's economy, according to Moody's estimates. Both weeks' sales volume was lower than during the same period in 2019, prior to the pandemic, the report said.

Persons: That's, Ting Lu Organizations: Bund Locations: Shanghai, China, BEIJING, U.S, Beijing

☆ Chinese organisations launched 79 AI large language models since 2020 - report
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 30 (Reuters) - Chinese organisations launched 79 large-language models (LLMs) in the country over the past three years as they doubled down on efforts to develop artificial intelligence (AI) algorithms, a report by state-run research institutes said. In 2020, Chinese organisations released 2 LLMs, compared with 11 in the United States, but in 2021 there was a total of 30 LLMs released in each country, said the report published on Sunday. U.S. organisations in total released 37 LLMs the following year, to China's 28, according to figures compiled in the report, whose co-authors include the Institute of Scientific and Technical Information of China. "The United States has always ranked first in the world in terms of the number of large-language models." The report comes when the country's AI industry faces significant challenges as U.S.-led export controls restrict Chinese organisations from accessing semiconductors used to train LLMs, among other advanced computing tasks.

☆ India's top female wrestlers detained in New Delhi as Modi inaugurates new Parliament
▼ + stars: | 2023-05-29 | by ( Rhea Mogul | ) edition.cnn.com time to read: +8 min

According to Malik, one of India’s most celebrated female wrestlers, some protesters were peacefully marching to Parliament when scuffles broke out with police. Indian wrestlers Sangeeta Phogat and Vinesh Phogat struggle as they are detained by the police while attempting to march to India's new parliament in New Delhi on May 28, 2023. Indian wrestler Sakshi Malik is detained by the police while attempting to march to India's new parliament in New Delhi on May 28, 2023. Indian wrestler Vinesh Phogat is detained by the police while attempting to march to India's new parliament in New Delhi on May 28, 2023. Prime Minister Narendra Modi addresses at the inauguration ceremony of the new Parliament House, in New Delhi on Sunday, May 28, 2023.

☆ Disney scrapping a $1 billion campus in Florida could screw over adjacent developers banking on it to build their own projects: report
▼ + stars: | 2023-05-29 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Disney's decision to scrap its $1 billion campus could affect projects nearby. CoStar Group told The Wall Street Journal that thousands of homes were built after Disney announced its campus in 2021. However, the development group that owns the land says that Disney's decision will not affect it. Hundreds of employees set to work at the new campus had already moved to Lake Nona before Disney announced they would be abandoning the plan. They also told the Journal that 95% of the multifamily housing at Lake Nona is currently being occupied.

☆ Modi inaugurates controversial new parliament building in India
▼ + stars: | 2023-05-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

A cyclist rides past the construction site for the new Parliament building in January 2021. Controversial projectThe new triangular parliament building is part of a major overhaul of New Delhi’s colonial-era administrative center dubbed the Central Vista Redevelopment Project. The rush was widely thought to have resulted from hopes of opening the parliament building by the 75th anniversary of Indian independence in August 2022. Capacity is also limited — a concern magnified by growing calls to increase the number of MPs sitting in India’s parliament. A photo of the parliament's interior taken during a visit to the building by Modi earlier this year.

☆ Factbox: Ford strikes multiple lithium deals to ramp up EV production
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

COMPASS MINERALS (CMP.N):Ford signed a five-year supply agreement to obtain battery-grade lithium carbonate from Compass' lithium brine development project in Ogden, Utah. Under the agreement, Compass Minerals will deliver up to 40% of its planned, phase-one battery-grade lithium carbonate to Ford once production begins. NEMASKA LITHIUM:Nemaska Lithium, owned by Investissement Québec and Livent (LTHM.N), will supply lithium products, including lithium hydroxide, to Ford over an 11-year period. ENERGYSOURCE MINERALS:EnergySource Minerals will supply lithium hydroxide produced at its Imperial Valley, California site which is expected to be operational in 2025. SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. (SQM):Chile's SQM (SQMA.SN) and Ford have agreed to a long-term lithium supply agreement, the Chilean lithium miner said in a statement Monday.

☆ A 26-year-old developer whose firm owns 40 acres of land in Richmond explains why he's betting on the capital of Virginia — and why he would personally invest in real estate there
▼ + stars: | 2023-05-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Meanwhile, "the DC market was considerably faster-moving, especially the condominium market." So I developed single-family homes on those myself and it turned out pretty successful." Thakker bought land in Richmond in 2020 and developed three, single-family homes, including the one pictured, on the lot. Across their three major projects in Richmond, Dorado has acquired 40 acres of land, which is equivalent to over 40 football fields. The interior of one of the single-family homes Thakker built and sold in Richmond.

☆ World Bank suspends $1 bln worth of project funding in Congo
▼ + stars: | 2023-05-16 | by ( Sonia Rolley | ) www.reuters.com time to read: +3 min

The suspension will affect more than 600,000 beneficiaries, including victims of sexual violence, the World Bank told Congo's finance minister last week in a letter seen by Reuters. A World Bank spokesperson confirmed its authenticity. On May 4, Congolese President Felix Tshisekedi dissolved the structure, the "Social Fund of the Democratic Republic of Congo", by presidential order and created another public fund. A spokesperson for Congo's finance ministry said he was waiting for the go-ahead from the presidency before he could comment. Four of Congo's main opposition politicians wrote to the leaders of the International Monetary Fund, the World Bank and the African Development Bank last week asking them to conduct an audit of their funds in Congo, saying they suspected misuse.

☆ After prison, getting banking services is hard. This startup wants to change that.
▼ + stars: | 2023-05-15 | by ( Paige Hagy | ) www.businessinsider.com time to read: +6 min

FRSH is a banking solution for the formerly incarcerated community. "We are justice-impacted and we know this is the best solution," Sam told Insider. FRSH offers banking products and services to help returning citizens — those who have been released from jails and prisons, per the US Department of Justice — establish financial stability. Sam, Daniel Feldman, and Chris Heckler, all of whom were formerly incarcerated, founded the fintech. The startup also trains caseworkers and case managers to teach financial-education courses and offer FRSH as a banking solution for returning citizens.

☆ A 30-year-old financially independent real estate investor details her 2-part strategy for finding good deals in 'undervalued areas' — and shares the markets where she's currently looking to buy
▼ + stars: | 2023-05-02 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

When looking for markets with potential, she first asks: 'Can I see myself here?' 30-year-old real estate investor Julia Lemberskiy, who works at a start-up full-time and manages five Airbnb properties on the side, has her own unique strategy for finding good deals. When she first decided to buy property, she figured she'd own where she lived: in New York City. Those day trips led to her stumbling upon Walden, which is about 70 miles north of New York City and where she ended up buying her first home. She's also looking to buy something in Europe and is looking in Madeira, Portugal, which would be a six-hour flight from New York.

☆ Tokyo plan likened to putting skyscrapers in Central Park
▼ + stars: | 2023-04-29 | by ( ) www.cnbc.com time to read: +4 min

People protest against the Tokyo metropolitan governments redevelopment project for the Meiji Jingu Gaien district in Tokyo on February 12, 2023. "This is like building skyscrapers in the middle of Central Park in New York," Professor Mikiko Ishikawa told the Associated Press. She studied landscape architecture and Central Park's history and said the park was an inspiration for the Japanese – as were European designs – when Jingu Gaien was completed in 1926. "Jingu Gaien is a public place, and you should think of it as a commons," she said. Koike addressed Jingu Gaien several months ago at news conference.

[1/2] Gas prices are advertised at a Chevron station as rising inflation and oil costs affect the consumers in Los Angeles, California, U.S., June 13, 2022. Exxon's net hit $11.4 billion while Chevron earned $6.6 billion and with analysts expecting the strong results to continue this year. Exxon CEO Darren Woods says he is happy to see cash balances rise so the company is well-positioned for a cycle downturn. "The question is obviously when, but that will come," Woods said, after saying he would "expect to see cash balances higher" in times when the markets are on the top end of the cycle. "We don't intend to hold $15-plus billion of cash on our balance sheet," he said, describing too much cash on the books as "economically inefficient for us to hold it, and it is not our cash, it is our shareholders' cash."

☆ A 30-year-old tech worker who brings in up to $20,000 in monthly Airbnb revenue from 5 units explains her strategy for renting in expensive NYC and buying in 'undervalued' areas elsewhere.
▼ + stars: | 2023-04-28 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +10 min

When Julia Lemberskiy moved to New York City in 2018, she wanted to buy property. Today, she owns three Airbnb properties that bring in up to $20,000 a month in revenue. Her overall investing strategy is to buy "undervalued properties" in "undervalued areas," which she finds by looking at approved development projects in the community. For starters, the purchase prices in New York City are astronomical. While buying property in New York City was off the table, buying property in general was not, especially once Lemberskiy decided to settle down in the States.

☆ The EU outlined its plan to equalize drug access and lower prices. Pharma firms are not happy
▼ + stars: | 2023-04-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

A molecular biologist examines wastewater samples for pathogens in the safety laboratory at the Max Delbrück Center for Molecular Medicine in Mitte. One of the EU's key aims is to deliver more timely and equitable patient access to medicines across the 27-nation bloc. The group also found 92% of "innovative medicines" were available in Germany, compared with 30% in smaller and Eastern European EU member states. Companies can extend it up to 10 years if they launch the drug in all 27 EU member states within two years. However, pharmaceutical firms and lobby groups say the move could hamper innovation and the overall availability of drugs.

The country nationalised its copper sector in 1971, provoking international outrage, particularly in the United States. President Gabriel Boric's lithium "nationalisation" is a more benign version, using an even earlier copper model. THE COPPER MODEL - GOOD AND BADIf President Boric's lithium policy is an echo of past copper policy, the comparison is with the "Chileanisation" programme of the Eduardo Frei Montalva administration in the late 1960s. Even the neo-liberals of the Augusto Pinochet regime kept the national jewel in the crown as they opened the rest of the country's' copper sector up to the private sector. It is now Codelco that is tasked with taking control of the country's lithium sector.

Listed miners with lithium projects in South America suffered, however, on concerns other governments may follow Chile's lead. Elsewhere in Asia, lithium prices stabilised on an improved demand outlook, and Japan acted to shore up its EV minerals supply by announcing a swathe of industry subsidies. Bucking the regional trend were Australian-listed miners with projects in South America's lithium triangle which spans Chile, Argentina and Bolivia, on concerns other governments may follow Chile's footsteps. Shares in miners with Argentine projects fell. Lithium Power International, (LPI.AX) whose Maricunga brine project is Chile's largest permitted, proposed project welcomed the new policy which it said would "positively transform" Chile's lithium industry.

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