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☆ Ukraine war expected to have bigger impact on European economies - Swiss study
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The Swiss National Bank (SNB) building is seen near the Limmat river in Zurich, Switzerland March 23, 2023. Since Russia invaded Ukraine in February 2022, Europe has seen a surge in energy prices, financial market turmoil and a sharp contraction in the economies of both Russia and Ukraine, the report said. "The negative consequences of the war are likely to be far greater in the medium-to-long term, especially with regard to the real economy," the study said. France would have seen inflation 0.3% lower and GDP 0.1% higher without the conflict, while Italian inflation would have been 0.2% lower and GDP 0.3% higher. Swiss GDP would have been 0.3% higher and inflation 0.4% lower without the war, the study added.

Persons: Denis Balibouse, John Revill, Alex Richardson, Gareth Jones Organizations: Swiss National Bank, REUTERS, Rights, Thomson Locations: Zurich, Switzerland, Ukraine, Russia, Europe, Germany, Britain, France, Italy, Swiss

☆ Home values could collapse as rising climate dangers wreak havoc on insurance markets, study says
▼ + stars: | 2023-09-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

US home values could collapse as climate change boosts insurance costs, a study from First Street Foundation said. First Street estimated that 39 million homes are still insured at prices that don't match the climate risks they face. Either way, insurance costs are rising, and First Street estimated the impact they will have on a home's value by way of its income potential. For example, a home in California currently valued at $296,000 would see a 39% drop after repricing for estimated insurance risk. Still, despite the climate risks, the housing affordability crisis has boosted migration to areas vulnerable to floods, wildfires, and extreme heat.

Organizations: First Street Foundation, First, Service, Foundation Locations: Wall, Silicon, California, West Palm Beach , Florida, Louisiana, Plaquemines Parish

☆ Toyota to speed up EV production, aims for over 600,000 vehicles in 2025, Nikkei reports
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Toyota EV car is seen at the Bangkok International Motor Show in Bangkok, Thailand, March 30, 2022. REUTERS/Soe Zeya Tun Acquire Licensing RightsCompanies Toyota Motor Corp FollowTOKYO, Sept 22 (Reuters) - Toyota Motor (7203.T) will speed up production of electric vehicles of its Toyota and luxury Lexus brands, the Nikkei newspaper reported on Friday. The Nikkei report said the Japanese automaker was likely to step up production of battery-powered vehicles over the coming years to reach annual output of more than 600,000 vehicles in 2025. The company has previously said it targets sales of 1.5 million EVs annually by 2026 and 3.5 million, or about one-third of current global volume, by 2030. It sought to raise EV production to about 150,000 vehicles in 2023 and gradually increase it further to the 190,000-vehicle range next year, Nikkei said.

Persons: Soe Zeya, Daniel Leussink, Himani Sarkar, Jane Merriman Organizations: Toyota, REUTERS, Rights, Toyota Motor Corp, Lexus, Nikkei, Thomson Locations: Bangkok, Thailand

“Russia’s thinly veiled threats to use nuclear weapons remind the world that escalation of the conflict – by accident, intention, or miscalculation – is a terrible risk. New Construction at Russia's Novaya Zemlya nuclear test site, June 22, 2023. Lop Nur nuclear test site. “The Chinese test site is different than the Russian test site,” Lewis said. Both countries keep their strategic nuclear arsenals on “hair-trigger” alert, meaning that nuclear weapons can be launched on short notice.

Persons: Jeffrey Lewis, James Martin, ”, Cedric Leighton, “, Vladimir Putin, ” Lewis, Lewis ’, António Guterres, ” Guterres, Dmitry Medvedev, Putin, Alexander Lukashenko, Sergei Shoigu, Lewis, we’ve, Leighton, they’d, ” Leighton, Nur, Hans Kristensen, Kristensen, Israel –, Dyess, Frederic J . Brown, Fiona Cunningham, Yang Kun, ” Daryl Kimball, Kimball, Michael Frankel, James Scouras, George Ullrich, Soviet Union –, Russia –, We’re Organizations: CNN, James, James Martin Center, Nonproliferation Studies, Middlebury Institute of International Studies, US, US Air Force, Atomic Scientists, Soviet Union, United Nations, Russia’s Security, Russian Defense Ministry, Planet Labs PBC, Middlebury, Science and Global Security, Novaya, Middlebury Institute, China Observer, China’s Foreign Ministry, Planet Labs, Nevada National Security, National Security Administration, US Department of Energy, Office, National Security Council, International Monitoring, Federation of American Scientists, Stockholm International Peace Research Institute, Missile Defense, Center for Strategic, International Studies, Columbia, Northrop Grumman's Air Force, Getty, Control Association, ACA, NGO, PLA, Nuclear, Carnegie Endowment, International, Arms Control Association, Johns Hopkins Applied Physics Laboratory, Soviet Locations: Russia, United States, China, Xinjiang, Nevada, . China, Moscow, Washington, Ukraine, Soviet, Belarus, Minsk, Novaya Zemlya, Zemlya, Soviet Union, Lop Nur, Japan, Lop, Beijing, Stockholm, United Kingdom, France, India, Pakistan, North Korea, Israel, Ellsworth, Palmdale , California, AFP, Yuli County, Mongol Autonomous Prefecture, Xinjiang Uygur Autonomous Region, Baltimore, Russian, Hiroshima

☆ The average amount of time it takes for a Russian mobilized soldier to die in Ukraine is 4 and a half months: report
▼ + stars: | 2023-09-22 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Russian draftees killed in the war lasted an average four and a half months, per a new report. It used open source data on the deaths of 3,000 mobilized troops over the past year. AdvertisementAdvertisementConflict Intelligence Team analysts said the varying intensity of the fighting over different months heavily influenced the life expectancy of mobilized troops. Mobilized troops have repeatedly reported being sent to the front lines as cannon fodder or abandoned by their commanders. Almost 500,000 Ukrainian and Russian troops have been killed or wounded in the war, US officials said in August.

Persons: —, Igor, Dmitry Dadanov, Igor Dadanov, Vladimir Putin Organizations: Service, Conflict, Kremlin, The New York Times, Russia's Ministry of Defense Locations: Wall, Silicon, Ukraine, Russian

☆ UK's Jeremy Hunt plans ISA overhaul to boost share ownership, Financial Times reports
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. ISAs enable people to hold savings and investments without paying tax on interest or capital gains. According to the FT report one radical option being considered is an additional ISA allowance for investing in UK companies. Other options being discussed include enabling cash savings and stock market investments to be held within a single ISA, rather than separately as they are now, enabling people to save and invest tax-efficiently, the report said. The UK's Treasury did not immediately respond to a Reuters' request for comment on the report.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Akanksha, Leslie Adler Organizations: Financial Times, Treasury, ISA, Thomson Locations: London, Britain, REUTER, Bengaluru

☆ EU trade chief seeks more balanced economic ties on China visit
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Trade Commissioner Valdis Dombrovskis will take part in a joint economic and trade dialogue, meet Chinese officials and European companies active in China and deliver two speeches during his Sept. 23-26 trip to Shanghai and Beijing. For the European Union, the visit is designed to renew dialogue with China after its COVID-19 closure and as EU wariness grows over Beijing's closer ties with Moscow following Russia's 2022 invasion of Ukraine. The EU blames its 400 billion euro ($426.32 billion) trade deficit partly on Chinese restrictions on European companies and says the EU market is largely open. The European Union Chamber of Commerce in China said in a report on Wednesday that Chinese authorities were sending contradictory messages to foreign businesses. The EU is also expected to be asked during the visit to clarify what it means by "de-risk" in the context of China.

Persons: Valdis, Francisco Seco, Valdis Dombrovskis, Dombrovskis, Philip Blenkinsop, Barbara Lewis Organizations: European Commission, Rights, Beijing, Trade, European Union, EU, European Union Chamber of Commerce, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, China, Shanghai, Beijing, Moscow, Ukraine, EU

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. "While the dot plots suggest upside risks to interest rates, we retain our expectations that the hike cycle is likely done and for the Fed not to raise rates again," Mark Haefele Chief Investment Officer, UBS Global Wealth Management, said in a note. Meanwhile, weak performance of recent listings after their debut highs has dampened hopes of a likely revival in the initial public offering market amid high interest rates and broader market declines. Arm Holdings also fell 3.0% to $51.3 premarket, nearing its IPO price of $51 per share while Instacart (CART.O) lost 1.4%. ET, Dow e-minis were down 188 points, or 0.54%, S&P 500 e-minis were down 34.75 points, or 0.78%, and Nasdaq 100 e-minis were down 160.75 points, or 1.06%.

Persons: Brendan McDermid, Mark, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, FedEx, Broadcom, Google, Dow, Nasdaq, Federal Reserve, Apple, Nvidia, Wall, UBS Global Wealth Management, Arm Holdings, Dow e, Marvell Technology, Marvell, Warner Bros Discovery, Paramount Global, Writers Guild of America, WGA, Thomson Locations: New York City, U.S, Bengaluru

☆ Broadcom falls on report Google discussed dropping firm as AI chip supplier
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

The report said Google's deliberations follow a standoff between the company and Broadcom over the price of the TPU chips. Broadcom, Google and Marvell did not immediately respond to Reuters' requests for comment. Broadcom is seen as the second-biggest winner from the generative AI boom after Nvidia (NVDA.O). Google co-designs its AI chips with Broadcom and tech giant has already lined up the semiconductor firm for its sixth generation processor, the analysts said. That push has accelerated this year after prices surged for Nvidia's H100, the chip that powers most generative AI apps, to nearly double its original cost of $20,000.

Persons: Dado Ruvic, Marvell, Hock Tan, Morgan, Kanjyik Ghosh, Aditya Soni, Savio D'Souza, Nivedita Bhattacharjee, Krishna Chandra Organizations: Broadcom, REUTERS, Google, Microsoft, Marvell Technology, Nvidia, Meta, Nvidia's, Thomson Locations: J.P, Bengaluru

☆ Here are Thursday's biggest analyst calls: Meta, Amazon, Costco, Uber, Sunrun, Alphabet, Exxon & more
▼ + stars: | 2023-09-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Thursday's biggest calls on Wall Street: Baird reiterates Meta as outperform Baird said it's bullish heading into Meta's Connect event next week. Bank of America upgrades Nutanix to buy from neutral Bank of America said it sees numerous positive growth drivers ahead for the computer software company. " Guggenheim reiterates Sunrun as buy Guggenheim said Sunrun is the best positioned solar company. Bank of America reiterates Marriott as buy Bank of America said it's bullish heading into Marriott's analyst day next week. Wells Fargo reiterates Amazon as overweight Wells said it sees several "discreet headwinds" for Amazon that investors may not know about.

Persons: Baird, it's, NTNX, Guggenheim, Sunrun, Evercore, Goldman Sachs, Goldman, Jefferies, Wedbush, Uber, JPMorgan, rideshare, Piper Sandler, Piper, Marriott, Wolfe, Wells, Morgan Stanley, Howmet, Truist Organizations: Meta's, Meta, Qualcomm, Bank of America, of America, Costco, Google, JPMorgan, Disney, Petrobras, CF, Microsoft, monetization, UBS, Walmart, Deutsche Bank, Wax Center, Exxon, ExxonMobil, " Bank of America, Citi, Energy, Micron, MU, Aerospace Locations: Howmet's Whitehall

☆ F-35 stealth fighter jets are only capable of flying missions a little over half the time, watchdog finds
▼ + stars: | 2023-09-21 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

A new government watchdog report reveals that the F-35 program is plagued by maintenance issues. "Maintenance challenges negatively affect F-35 aircraft readiness," the GAO report said. AdvertisementAdvertisementAn F-35 taxis from the runway onto the flightline after successfully completing a sortie, Dec. 14, 2015, at Luke Air Force Base. A US Air Force F-35 Lightning II flies over the US Central Command area of responsibility, July 17, 2020. US Air Force photo by Airman 1st Class Duncan C. BevanThere are three variants of the Lockheed Martin F-35.

Persons: —, Duncan C, Bevan, Lockheed Martin Organizations: Service, Government, Office, Fighter, US Marines Corps, GAO, Luke Air Force Base, US Air Force, Pentagon, US Central Command, Lockheed, Air Force, Navy, Marine Corps, Marines Locations: Wall, Silicon, South Carolina

☆ U.S. revives Cold War submarine spy program to counter China
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +21 min

The original network of fixed spy cables, which lie in secret locations on the ocean floor, was designed to spy on Soviet submarines seven decades ago, the three people said. China, meanwhile, is working on its own maritime spy program, known as the Great Underwater Wall, two U.S. Navy sources told Reuters. Sense of urgencyAmerica’s underwater espionage program was launched in the 1950s with a submarine detection system known as the Sound Surveillance System. The U.S. Navy’s Undersea Surveillance System The United States is expanding and upgrading its anti-submarine surveillance capabilities as tensions rise with China. Japan also operates a fleet of three ocean surveillance ships, fitted with U.S. SURTASS cables, the two U.S. Navy sources said.

Persons: Captain Stephany Moore, Richard Seif, Moore, Seif, ”, Tim Hawkins, Mariana Trench, Brent Sadler, We're, Sadler, ” Jon Nelson, Phillip Sawyer, Sawyer, United States –, SOSUS, SubCom, Stephen Askins, Lockheed Martin, Chuck Fralick, Leidos, ” Fralick, Hawkins, Richard Jenkins, Saildrone, Joe Brock, Mohammad Kawoosa, Simon Scarr, Edgar Su, Catherine Tai Design, Eve Watling, Marla Dickerson Organizations: U.S . Navy, Navy, Undersea Surveillance Command, Undersea Surveillance, United, Submarine Force U.S . Pacific Fleet, Reuters, U.S . 5th Fleet, U.S, Pacific, China Academy of Sciences, China’s Ministry of Defense, Foreign, China Naval, U.S . Naval Forces Korea, The Heritage Foundation, Department of Defense, Naval Air Station Whidbey, Processing, Undersea, Undersea Warfare, Naval Postgraduate School, Taiwan, Ships, Titan, Navy’s, CS, U.S . Department of Defense, Lockheed, U.S . State Department, An Australian Defense, Self, Defense Force, Leidos Locations: Seattle, U.S, Whidbey, China, Taiwan, Beijing, United States, Australia, Pacific, South China, Mariana, Yap, Federated States, Micronesia, Guam, Russian, Ukraine, Washington . U.S, Washington, Soviet Union, Washington State, Virginia Beach , Virginia, Monterey , California, Japan, India, States, London, Taiwan Strait, Virginia, San Francisco

[1/2] Visitors look at displays of military aircraft and a ground-to-ground missile at the Military Museum of the Chinese People's Revolution in Beijing, China October 8, 2022. A Chinese military expert told Reuters the high-powered engine, shown for the first time, is key to China's development of medium- and heavyweight helicopters. It could be used as an aircraft carrier escort. Western analysts have noted that China has lagged behind in anti-submarine warfare, which are vital to protect long-range aircraft carrier operations. A media report quoted a Chinese military expert as saying the new frigate can serve as a "mini destroyer".

Persons: Florence Lo, Albee Zhang, Greg Torode, Ryan Woo, Gerry Doyle Organizations: Military Museum of, REUTERS, NEW, Reuters, China, WS, PREPPING, People's Liberation Army Navy, Thomson Locations: Beijing, China, Taiwan, Tianjin, Hong Kong, Shanghai, Guangzhou, U.S, South Korea, Japan, Guam, Fujian

☆ Russia's economy is headed for stagnation as the path of monetary policy is being chosen 'very poorly,' economists say
▼ + stars: | 2023-09-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia's economy is stumbling and could be headed for stagnation, economists said. Higher rates can help achieve those goals by tightening financial conditions, but that spells bad news for the rest of Russia's economy, which is already struggling. Russia's economic situation ran into trouble not long after it began its "special military operation" in Ukraine early last year. Prices could fall to just 5.6% in September, the center's economists forecasted, still around 1.5 times Russia's 4% targeted inflation rate. Western scholars and researchers, meanwhile, say that under-the-radar statistics of Russia's economy show a far weaker picture of Moscow's finances than Putin has let on.

Persons: Putin Organizations: Service, Russian Center Locations: Wall, Silicon, Ukraine, Russia

The move suggests the company is taking a more cautious approach to how much money it can charge online sellers, the Bloomberg report said. Effective Oct. 1, Amazon was planning to impose a new 2% fee on every sale by third-party sellers that ship their products themselves, according to media reports in August. The FTC is expected to file a lawsuit against Amazon later this month after the company did not offer concessions to settle antitrust claims, the Wall Street Journal reported. The FTC began probing the company during the Trump administration, when it also launched investigations into other tech majors. Amazon has been criticized for allegedly favoring its own products over those from outside sellers on its platform.

Persons: Pascal Rossignol, Trump, Deborah Sophia, Pooja Desai Organizations: REUTERS, Bloomberg, U.S . Federal Trade Commission, FTC, Amazon, Wall Street Journal, Thomson Locations: Bengaluru

☆ 'Thrown to the wolves': How private investors are jacking up rents and ripping off college students
▼ + stars: | 2023-09-20 | by ( James Rodriguez | ) www.businessinsider.com time to read: +19 min

The eye-popping numbers are part of a longer-term shift toward private college housing. Moody's Analytics recently warned of an "affordability crisis" for college students, noting that since 2019, rents for student housing in a sample of notable college towns had grown faster than those of regular apartments. Student housing goes privateThe gold rush in student housing is a relatively new phenomenon. Back in the 1980s and '90s, most college students either lived in bland, cinder-block-walled dorms or in conventional apartments farther from campus. Even with his frugality, he came to realize that the prices in West Campus were "impossible to rationalize" for a college student.

Persons: behemoth Blackstone, Evan Scope, UT Austin who's, Carl Whitaker, Austin Kristian Alveo, Whitaker, Mark Austin, Kristian Alveo, David Willson, Willson, Gina Cowart, Cowart, David Kanne, lounging, Ann, Kanne, Lu Chen, RealPage, Donald Cohen, Cohen, Graham Sowden, Dan Allen, Allen, Austin, James Rodriguez Organizations: Waterloo, University of Texas, Wall Street's, American, Communities, National, Housing, Evan Scope Crafts, UT Austin, University, UT, LV, UTs, Crafts, American Campus, HBO, West, haven't, State College ,, Moody's, Power, Middlebury College, University of Tennessee, Arizona State University, Urban Institute, Investors, Power Five, RREAF Holdings Locations: Austin, Wall, Waterloo, UT Austin, Rio, Villas, West, West Campus, Gainesville , Florida, Ann Arbor , Michigan, State College , Pennsylvania, Knoxville, South

☆ 4 in 5 employees in Asia have moderate to high mental health risk, study shows
▼ + stars: | 2023-09-20 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Employees in Asia are under "significant mental health strain," with 82% having a moderate to high risk of developing mental health issues, according to a new report from insurance broker Aon and TELUS Health. Employees in Asia are under "significant mental health strain," with 82% having a moderate to high risk of developing mental health issues. That's according to a new report from insurance broker Aon and TELUS Health, which found that 35% of workers in Asia have a high mental health risk profile, and 47% have a moderate risk. "More than half of respondents said they would be concerned about career options being limited if they had a mental health issue that their employer was aware of." 1 in 3 have no emergency savingsOther than stress, anxiety and burnout being important factors that impact employees' productivity — financial insecurity also goes "hand-in-hand with high mental health risk," said the report.

Persons: Asia —, Jamie MacLennan, MacLennan, Tim Dwyer Aon, Tim Dwyer Organizations: TELUS Health, Employees, CNBC, Hong, Singapore, TELUS Health Asia Mental Health, U.S, Aon Locations: Asia, Pacific, Korea, Malaysia, Japan, Hong Kong, China, India, Vietnam, Taiwan, Philippines, Thailand, Indonesia, Asia Asia, Europe, Singapore, Aon Asia

☆ Russian Military Says It Destroys 19 Ukrainian Drones Over Crimea, Black Sea
▼ + stars: | 2023-09-20 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Russian anti-aircraft units destroyed 19 Ukrainian drones over the Black Sea and the annexed Crimean peninsula and three more over other parts of Russia, the Defence Ministry said early on Thursday. "In the night from 20th to 21st September, an attempt by the Kyiv regime to commit a terrorist attack with lethal drones on sites in the Russian Federation was intercepted," the ministry said on the Telegram messaging app. The ministry report said the three other drones were downed over Kursk, Belgorod and Orlov regions in central and southern Russia. Ukrainian forces are launching attacks with increasing frequency on targets in Crimea, seized and annexed by Russia in 2014. But on Wednesday, the Ukrainian military said its forces struck a Russian Black Sea fleet command post near Sevastopol in Crimea.

Persons: Ron Popeski, Sandra Maler Organizations: Reuters, Defence Ministry, Russian Federation Locations: Russian, Crimean, Russia, Kyiv, Kursk, Belgorod, Orlov, Crimea, Ukraine, Sevastopol

☆ Global debt stock hit a record $307 trillion in the first half of 2023, top trade body says
▼ + stars: | 2023-09-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The global debt-to-GDP ratio now sits at around 336%, which is up from 334% in the fourth quarter of 2022, the report said. The ratio had experienced seven consecutive quarters of decline, before resuming its upward trajectory in the first half of 2023. The stock of global debt rose $10 trillion in the first half of 2023, bringing it to a new record high of $307 trillion, according to a report by the Institute of International Finance released Tuesday. Worldwide spikes in inflation were the main factor causing the decline in debt ratio, helped by higher borrowing costs and tighter lending standards. Consumer debt meanwhile remains "largely manageable" in mature markets, the IIF said, with the household debt ratio dropping to its lowest level in two decades in the first half of 2023.

Persons: — Organizations: Institute of International Finance, Federal, Group Locations: U.S, Japan, France, China, India, Brazil

☆ A jet on the bottom of the Mediterranean shows why even small parts can cause big problems for the F-35
▼ + stars: | 2023-09-20 | by ( Michael Peck | ) www.businessinsider.com time to read: +5 min

A British F-35B crashed during takeoff from the aircraft carrier HMS Queen Elizabeth in late 2017. An investigation found the accident was caused by an air intake cover that was lodged in the intake. A Royal Air Force F-35B takes off of HMS Queen Elizabeth in August 2021. Royal Navy/LPhot Unaisi LukeInvestigators determined that the accident was caused by an air intake cover that became lodged in the intake before takeoff. An F-35B on the Mediterranean seafloor after crashing off HMS Queen Elizabeth in November 2021.

Persons: Elizabeth, HMS, LPhot, Luke, Queen Elizabeth, —, Michael Peck Organizations: Service, US Marine Corps, Britain's Ministry of Defence, Royal Navy, Royal Air Force, Luke Investigators, British Ministry of, Gear, British Ministry of Defence, US Air Force, Marine Corps, US Navy, Defense, Foreign Policy, Twitter, LinkedIn Locations: British, Wall, Silicon, South Carolina, Forbes

☆ More than a third of Gen Z is working both a full-time job and a side hustle — and many still don't feel financially secure
▼ + stars: | 2023-09-20 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Nearly four in 10 Gen Zers are working side hustles on top of another job, per new EY research. Gen Zers are also overwhelmingly mistrustful of large businesses and the government. Gen Z workers are particularly mistrustful of large businesses — just 34% trust that large businesses do what's right. And given a majority of Gen Z believes most people can't be trusted, the adoption of AI in the workforce could push Gen Z further away from certain companies. Additionally, even though Gen Z has been savvy with side gigs and freelance opportunities, less than half say they can live comfortably by 30.

Persons: Zers, It's, EY, Gen Zers, Gen Z, Gen, Z, Oliver Wyman Organizations: Service, US Bank, Gen Locations: Wall, Silicon

☆ China says Britain's plans to disrupt Hong Kong 'doomed to fail'
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Jason Lee/File photo Acquire Licensing RightsHONG KONG, Sept 20 (Reuters) - China's foreign ministry in Hong Kong slammed a six month report on the financial hub by Britain, saying it ignored "good" societal conditions, a more stable business environment and instead supported "anti China" chaos. While some Western governments have criticised the laws as curbing social and political freedoms in the city, both Chinese and Hong Kong officials have said they were vital to restore stability. Hong Kong, which returned to China in 1997 from Britain, has had "universal success" in implementing the practise of 'one country, two systems', China's foreign ministry said. "Plans to disrupt Hong Kong are doomed to fail." The British report said that authorities continue to try to use legal routes to suppress the protest anthem 'Glory to Hong Kong' while media tycoon Jimmy Lai's national security trial has been further delayed.

Persons: Mao Zedong, Theresa May, Jason Lee, Hong, Jimmy Lai's, Farah Master, Michael Perry Organizations: British, REUTERS, Thomson Locations: China, Beijing, HONG KONG, Hong Kong, Britain

☆ Bankrupt drugmaker Mallinckrodt considers sale of opioid business - WSJ
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

Bottles of prescription painkillers Oxycodone Hydrochloride, 30mg pills, made by Mallinckrodt sit on a counter at a local pharmacy, in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey/File Photo Acquire Licensing RightsSept 18 (Reuters) - Bankrupt drugmaker Mallinckrodt is in talks with major investors about selling some or all of its business units, which could lead to its exit from the opioid business, the Wall Street Journal reported on Monday, citing people familiar with the discussions. Some investors, poised to take control through the company's ongoing bankruptcy proceedings, are suggesting Mallinckrodt break up its business units, the report said. Mallinckrodt did not immediately respond to a Reuters request for comment. Reporting by Akanksha Khushi and Jyoti Narayan in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Mallinckrodt, George Frey, Akanksha Khushi, Jyoti Narayan, Janane Organizations: REUTERS, Wall Street, Securities and Exchange Commission, Attorney's, Western, of, U.S . Drug, Administration, Thomson Locations: Provo , Utah, U.S, Ireland, United States, of Virginia, Bengaluru

The financial services trade group said in a report that global debt in dollar terms had risen by $10 trillion in the first half of 2023 and by $100 trillion over the past decade. It said the latest increase has lifted the global debt-to-GDP ratio for a second straight quarter to 336%. Prior to 2023, the debt ratio had been declining for seven quarters. Slower growth, alongside a deceleration in price increases, were behind the debt ratio rise, the report said. "As higher rates and higher debt levels push government interest expenses higher, domestic debt strains are set to increase," the IIF said.

Persons: Florence Lo, Rodrigo Campos, Karin Strohecker, Alexander Smith Organizations: U.S, REUTERS, Institute of International Finance, Reuters, Federal, Thomson Locations: United States, Japan, Britain, France, China, India, Brazil, Korea, Thailand, U.S

☆ Ukraine's capture of two villages shows 'severe degradation' of Russia's defending troops, experts say
▼ + stars: | 2023-09-19 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Ukrainian soldiers retook two villages south of Bakhmut in eastern Ukraine, a think tank reported. The attacks inflicted "severe" damage to Russian troops, The Institute for the Study of War said. The respected Institute for the Study of War said Ukrainian troops breached a strategic defensive line that Russian forces tried to hold onto in the area south of Bakhmut, citing Ukrainian military officials. The Ukrainian recapture of the villages — Klishchiivka and Andriivka — likely left Russian forces battle-worn and less able to fight. Ukraine's advance into new villages is the latest example of its steady but costly progress in the monthslong counteroffensive.

Persons: Andriivka —, Budanov, Mark Milley, aren't, Milley, Michael Kofman Organizations: Institute, Service, Russian, Reuters, US Army, Joint Chiefs of Staff, BBC News, Carnegie Endowment, International Peace, Kyiv Independent Locations: Bakhmut, Ukraine, Wall, Silicon

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