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☆ Mexico security forces 'collaborated' in student disappearances, report says
▼ + stars: | 2023-07-25 | by ( Lizbeth Diaz | ) www.reuters.com time to read: +3 min

[1/6] Carlos Martin Beristain and Angela Buitrago, members of the Interdisciplinary Group of Independent Experts (GIEI), attend the last press conference on the 43 missing students of the Ayotzinapa Teacher Training College, in Mexico City, Mexico July 25, 2023. REUTERS/Raquel CunhaMEXICO CITY, July 25 (Reuters) - Mexican security forces at local, state and federal level knew about the 2014 abduction of 43 student teachers and were complicit in their disappearances, a report prepared by an independent investigatory panel said on Tuesday. "They all collaborated to make them disappear," GIEI panel member Carlos Beristain told a press conference ahead of the presentation of the group's final fact-finding report. The gang then killed the students and burned their bodies, their report said. In the crucial hours after the students went missing, at least 500 calls about the incident were recorded at a government security surveillance center, the report said.

Persons: Carlos Martin Beristain, Angela Buitrago, Raquel Cunha MEXICO, Carlos Beristain, Andres Manuel Lopez Obrador, Julio Cesar Mondragon, GIEI, Lizbeth Diaz, Kylie Madry, Rosalba O'Brien Organizations: Interdisciplinary Group, Independent, Training College, REUTERS, Raquel Cunha MEXICO CITY, Inter, American, Human Rights, Army, Navy, Ayotzinapa Rural Teachers ' College, Thomson Locations: Mexico City, Mexico, Iguala, Guerrero, cahoots

☆ TikTok to launch e-commerce platform in US to sell China-made goods - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - TikTok is planning to launch in early August an e-commerce platform to sell China-made goods in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan. TikTok did not immediately respond to a Reuters request for comment. The reported move comes at a time when TikTok is facing heightened scrutiny from U.S. officials over concerns about data security. The company is fighting to prevent a ban in the country after lawmakers introduced a bill that would grant the Biden administration authority to ban apps that pose security risks. (This story has been refiled to add source in the headline)Reporting by Zaheer Kachwala; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: TikTok, Zaheer Kachwala, Shailesh Organizations: Wall Street, Biden, Thomson Locations: China, United States

☆ Apple aims to keep iPhone shipments steady - Bloomberg News
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

July 24 (Reuters) - Apple (AAPL.O) is asking suppliers to produce about 85 million units of the iPhone 15 this year, roughly in line with the year before, Bloomberg News said on Monday citing people familiar with the matter. The company is aiming to hold shipments steady despite a projected decline in the overall smartphone market, the report said, adding Apple is considering raising the price for Pro models. Apple did not immediately respond to a Reuters request for comment. Shares of the iPhone-maker inched higher in trading before the bell. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Samrhitha, Krishna Chandra Organizations: Bloomberg, Apple, Thomson Locations: Bengaluru

☆ Adidas swamped with $565 mln in orders for unsold Yeezy shoes- FT
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Adidas (ADSGn.DE) got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company's "most optimistic forecast," the Financial Times reported on Monday. Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments. Adidas declined to comment saying it was in a "quiet period" ahead of its quarterly results due Aug. 3. Adidas Yeezy shoes are seen in a store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. Adidas had forecast a loss this year before announcing its intentions to sell leftover Yeezy stocks.

Persons: Ye, Kanye, Kanye West, Shannon Stapleton, Bharat Govind Gautam, Juby Babu, Savio D'Souza, Nivedita Organizations: Adidas, Financial Times, REUTERS, Thomson Locations: Garden City , New York, U.S, China, Bengaluru

☆ China's earnings season is just getting started. Here are some winners to watch
▼ + stars: | 2023-07-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Their screen found that home appliances, media and software sectors were among those that fit the bill. When it comes to individual stocks, HSBC looked for names where their estimates were most above the consensus. Top on the list is software company 360 Security, which HSBC's earnings estimate for the year is double the consensus. Baosight, another software company, also made the top 10, as did home appliance company Sanhua. But not all software stocks made the cut.

Persons: Price, That's, Ding Wenjie, There's, Ant, Didi, Ding, Goldman Sachs, Lei Meng, Meng, Steven Sun, iFlytek Organizations: HSBC, That's, China Asset Management, CNBC, Alibaba, UBS Securities China Equity, CSI, HSBC Qianhai Securities Locations: China, Beijing, Shanghai, Shenzhen

CNN —A boat crashed into a home near the Lake of the Ozarks on Saturday night, injuring all eight people on board and extensively damaging the house, according to Missouri law enforcement. The boat’s occupants were thrown from the vessel when it crashed at the 1.5-mile mark of the main channel, Missouri State Highway Patrol said on Twitter. Missouri State Highway PatrolThe driver of the boat, aged 46, was arrested for boating while intoxicated, the highway patrol said. “The home sustained extensive damage,” according to the highway patrol. Troopers are reconstructing the crash scene using a drone, the highway patrol said Sunday.

Persons: “ Organizations: CNN, Highway Patrol, Twitter, Patrol, Regional Hospital Locations: Missouri, Osage Beach

☆ Cheese full of cocaine seized by customs and border officials at Texas border
▼ + stars: | 2023-07-23 | by ( Lauren Mascarenhas | ) edition.cnn.com time to read: +2 min

An X-ray scan of the cheese revealed “anomalies,” which upon further inspection turned out to be 17.8 pounds of cocaine concealed inside the wheels, Customs and Border Protection said in a statement. Officials seized the drugs and the truck. “The thorough and extensive inspections performed by CBP officers stopped this unusual drug load from reaching its intended destination.”U.S. Customs and Border Protection officers seized wheels of cheese filled with cocaine at the Texas border. Customs officers in El Paso seized 146 pounds of cocaine hidden in an ice cream maker last month. Combined by weight, seizures of cocaine, methamphetamine, heroin, fentanyl, and marijuana increased 7% from May to June, according to Customs and Border Protection.

Persons: ” Daniel Mercado, John F Organizations: CNN, Presidio Port, Protection, Customs, CBP, U.S . Customs, Border Protection, New York, Kennedy International Locations: Mexico, Presidio, Texas, U.S, El Paso, New

☆ India rejects BYD's $1 bln factory proposal -Economic Times
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 22 (Reuters) - India has rejected Chinese automaker BYD Co's (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday. Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company. Reuters could not independently verify the contents of The Economic Times' report. India's Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the investment proposal, the report said. "Security concerns with respect to Chinese investments in India were flagged during the deliberations," the report quoted an Indian official as saying.

Persons: BYD, Sarita Chaganti Singh, Jason Neely Organizations: Engineering, Infrastructure Ltd, Economic Times, Reuters, India's Department of Commerce, Department, Promotion of Industry, Internal, Thomson Locations: DELHI, India, Hyderabad

☆ Cities brace for floods as heavier-than-usual storms drench China
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 21 (Reuters) - Rescue services braced for flooding as heavier-than-expected summer storms rolled across China as forecast on Friday, drenching Beijing and other major cities. Historically, China enters its peak rainy season in late July, but extreme weather has made storms more intense and unpredictable, exposing heavily built-up megacities with poor drainage to sudden floods and waterlogging. In Beijing, authorities have deployed this week over 2,600 people to drain 87 pumping stations in advance and clear thousands of water drainage outlets along roads, municipal authorities said in a statement on Friday. In July 2021, extreme rain in the central Henan city of Zhengzhou killed nearly 400 people, including 14 who drowned in a submerged subway line. Reporting by Ryan Woo and Liz Lee in Beijing; Editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: drenching, Ryan Woo, Liz Lee, Miral Organizations: Beijing Public Transport, Authorities, Xinhua, China Meteorological Administration, Thomson Locations: BEIJING, China, drenching Beijing, Beijing, Tianjin, Hebei, Inner Mongolia, Shanxi, Henan, Hubei, Jiangsu, Wuxi city, Gansu, Zhengzhou

☆ Europe heat wave: Struggling outdoor workers threaten strikes and walkouts
▼ + stars: | 2023-07-21 | by ( Caolán Magee | ) edition.cnn.com time to read: +6 min

CNN —As swaths of southern Europe continue to swelter under a deadly heat wave, for many outdoor workers, it’s turning into a brutal endurance test. “When it comes to protecting the health of outdoor workers during extreme heat events, there are really just three fundamental pieces — water, shade and rest,” Dahl told CNN last week. Yet some experts say many countries are far from prepared for dealing with extreme heat. Extreme heat also reveals a deep divide in the labor market, between those forced to be outside and those able to retreat to air-conditioned offices, the report added. Many workers in the global supply chain will be highly vulnerable to climate change impacts like heat, Parsons said.

Persons: Marina Calderone, Simona Granati, “, Stelios Misinas, ”, Laurie Parsons, Kristina Dahl, ” Dahl, Parsons Organizations: CNN, Acropolis, Reuters, Royal Holloway, University of London, “, Union of Concerned, European Trade Union Institute, European Union, Nature Medicine Locations: Europe, Rome, Naples, Italy, Greece, Athens, Saronida, Italian, Lodi, Royal

☆ China is drilling some of the world’s deepest holes in hunt for natural resources
▼ + stars: | 2023-07-21 | by ( Chris Lau | ) edition.cnn.com time to read: +4 min

The hole will eventually reach 10,520 meters (34,514 feet) into the ground at the Sichuan Basin in southwest China, according to state-run news agency Xinhua. The region is a major area for gas production and engineers expected to find a natural gas reserve there, the report said. These ultradeep holes stretch greater than Mount Everest measuring from top to bottom, which is about 8,800 meters (28,871 feet) tall. Drilling deep allows scientists to learn more about how the Earth was formed with the crust acting like a geological timeline of or world’s formation. China, the world’s second largest economy and the world’s biggest carbon emitter, has huge energy needs.

Persons: Chen Lili, ”, Xi Jinping, John Kerry, Xi, – Organizations: Hong Kong CNN, Xinhua, China National Petroleum Corporation, Sinopec Corp, Reuters, Kerry Locations: Hong Kong, Sichuan, China, Tarim, China’s, Xinjiang, Russia, Soviet, Xinhua, Beijing

☆ A space race on the Korean Peninsula
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +13 min

It was not until 2013 that it became the first South Korean rocket to place a satellite in orbit. SPACE CENTRES Russia also helped South Korea build its Naro Space Center while training and launching the first South Korean astronaut on a mission to the International Space Station. In his first summit with former U.S. President Donald Trump in 2018, North Korean leader Kim Jong Un promised to dismantle Sohae, but as talks stalled, North Korea expanded the site. North Korea faces the same challenges, and must avoid flying over South Korea. “The road from South Korea to space has opened now,” President Yoon Suk Yeol said after the 2022 Nuri launch.

Persons: Kim Jong, Moon Jae, Nuri, Jonathan McDowell, Markus Schiller, Schiller, “, ”, ” Schiller, Robert Schmucker, Pyongyang’s, McDowell, KARI, Donald Trump, Kim Jong Un, Dave Schmerler, James Martin, “ Sohae, ” McDowell, Korea’s Nuri, Yoon Suk Yeol Organizations: North, South Korean, U.S, Harvard – Smithsonian Center for Astrophysics, REUTERS, Elon, SpaceX, South, Soviet, Federation of American Scientists, Carnegie Endowment, International Peace, Space Center, International Space, Korea Aerospace Research, James, James Martin Center, Nonproliferation Studies, International Maritime Organization Locations: Seoul, Pyongyang, South Korea, North Korea, Korean, Japan, China, Korea, Washington, United States, Russia, Naro, Europe, U.S, Britain, Switzerland, Soviet Union, Soviet, Cholsan County, South Korean, South, Tonghae, North Korea’s, Sohae, Indonesia, Philippines, Okinawa

☆ Bain Capital raises SoftwareOne takeover offer to $3.7 billion, Bloomberg reports
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Bain Capital has increased its offer for SoftwareOne Holding AG to about 3.2 billion Swiss francs ($3.72 billion), Bloomberg News reported on Thursday, citing people with knowledge of the matter. The private equity firm has tabled a new proposal of around 20 francs per share for the Swiss software management company, the report said. SoftwareOne and Bain Capital declined to comment on the report. The reported new offer is at a premium of 43.6% from SoftwareOne's last close on May 31, when Bain first presented an offer to the Swiss firm valuing it at $3.2 billion. SoftwareOne helps companies manage software purchases from vendors such as Microsoft, Adobe and IBM.

Persons: SoftwareOne, Bain, Daniel von Stockar, Rene Gilli, Kanjyik Ghosh, Paul Arnold, David Evans, Jan Harvey, Frances Kerry Organizations: Bain Capital, SoftwareOne, Bloomberg, Microsoft, Adobe, IBM, Thomson Locations: Swiss, SoftwareOne's, Bengaluru, Zurich

☆ Former Commanders owner Snyder fined $60 million
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

July 20 (Reuters) - The National Football League has fined former Washington Commanders owner Dan Snyder $60 million after an investigation into allegations of misconduct and financial improprieties, the league said on Thursday after approving his sale of the team. Goodell later expanded White's review to include alleged financial misconduct at the club, after those allegations were first raised before a Congressional committee. Johnston, a former cheerleader and marketing manager for the Commanders, told members of a House Oversight Committee that Snyder made sexual advances on her. The investigators also concluded that the Commanders withheld about $11 million in revenue, and possibly more, that should have been shared with other NFL teams. The report said it was unable to determine the total amount of improperly shielded revenues as Snyder failed to fully cooperate with the investigation.

Persons: Dan Snyder, Roger Goodell, Mary Jo White, Snyder, Tiffani Johnston, Goodell, Johnston, Johnston's, Ms, White, Frank Pingue, Pritha Sarkar Organizations: National Football League, Washington, NFL, U.S . Securities, Exchange, Congress, Philadelphia 76ers, New Jersey Devils, Thomson Locations: Toronto, Lincoln

☆ North Korea threatens nuclear retaliation over US displays of military force
▼ + stars: | 2023-07-20 | by ( Hyunsu Yim | ) www.reuters.com time to read: +3 min

[1/2] U.S. and North Korean national flags are seen at the Capella Hotel on Sentosa island in Singapore June 12, 2018. The comments raise the stakes as each side steps up displays of military force in a standoff over the isolated country's nuclear weapons and ballistic missile programmes. The KCNA report came after a U.S. soldier crossed the border into North Korea on Tuesday at a time of heightened tension between the two Koreas and the United States. North Korea has yet to comment on the incident involving the U.S. soldier. Last year, the reclusive state codified a new, expansive nuclear law declaring its status as a nuclear-armed state "irreversible".

Persons: Jonathan Ernst, Kang Sun Nam, Ankit, Panda, Hyunsu Yim, Josh Smith, Bernadette Baum, Mike Harrison, Tom Hogue Organizations: North Korean, Capella, REUTERS, U.S, Nuclear Consultative, DPRK, Democratic People's, South Korea's Ministry of National Defense, USS, Korean, U.S ., Carnegie Endowment, International, South, Thomson Locations: Sentosa, Singapore, SEOUL, North Korea, South Korea, United States, Democratic People's Republic of Korea, Ohio, Busan, USS Kentucky, Korea, U.S, Washington

☆ NFL owners approve sale of Commanders, former owner fined $60 mln
▼ + stars: | 2023-07-20 | by ( Frank Pingue | ) www.reuters.com time to read: +4 min

July 20 (Reuters) - National Football League owners have unanimously approved the sale of the Washington Commanders franchise to a group led by the co-owner of the NBA's Philadelphia 76ers and the NHL's New Jersey Devils, the league said on Thursday. Financial terms of the deal to purchase the Commanders from Dan Snyder, who was fined $60 million by the NFL for workplace misconduct after the approval was announced, were not disclosed. Former NBA great Johnson wrote on Twitter that he is both "honored and ecstatic" to be a co-owner of an NFL team. The investigation also concluded that the Commanders withheld about $11 million in revenue, and possibly more, that should have been shared with other NFL teams. In 2021 the NFL fined the Commanders $10 million after an independent counsel review found the workplace demonstrated "a general lack of respect" towards women.

Persons: Dan Snyder, Josh Harris, Mitchell Rales, Magic Johnson, Harris, Johnson, Snyder, Frank Pingue, Deepa Babington Organizations: National Football League, Washington Commanders, Philadelphia 76ers, New Jersey Devils, NFL, Harris Blitzer Sports & Entertainment, Fame, Los Angeles Lakers, 76ers, Devils, Premier League soccer, Crystal, Apollo Global Management, Washington, NBA, Twitter, Congress, Forbes, U.S . House, Thomson Locations: Maryland, U.S, Toronto

IMPORTED ASSEMBLY KITSAfter a chaotic decade following the collapse of the Soviet Union in 1991, Russia encouraged Western carmakers to build factories. "Undoubtedly, the expansion of Chinese carmakers on the Russian market will continue," said Andrey Olkhovsky, the head of dealership chain Avtodom. It is a radical change of fortunes for Chinese carmakers in Russia. Production of Chinese vehicles only began in Russia in 2019 with the arrival of Chinese automotive company Great Wall Motor (601633.SS). LESS LOCAL INPUTUnder the partnership with Chinese firms, less of the production at former Western factories is currently conducted in Russia, the sources said.

Persons: Jetour, Maxim Shemetov, Moscow's, Sergei Sobyanin, French carmaker, JAC, Sehol, Moskvich, capitalising, Vladimir Bespalov, Vladimir Putin, Andrey Olkhovsky, Olkhovsky, Wall, Sollers, Avtovaz, Denis Manturov, Gleb Stolyarov, Alexander Marrow, Zhang Yan, Daniel Flynn Organizations: REUTERS, French, French carmaker Renault, Moscow Automobile Factory, JAC Motors, Reuters, Renault, Nissan, Russia's Industry, Trade Ministry, Wall, Chery, Geely, HK, Argo, Ford Transit, Nissan's St, Lada, China's FAW Group's, FAW, Western, Trade, Thomson Locations: Lyubertsy, Moscow Region, Russia, Soviet, Moscow, Anhui, Ukraine, Soviet Union, Western, Tula, Autostat, Tatarstan, Nissan's, Nissan's St Petersburg, St Petersburg, Leningrad, Japan, Europe, China, Shanghai

☆ US Ambassador to China hacked in China-linked spying operation, Wall Street Journal reports
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - Hackers linked to Beijing accessed the email account of the U.S. ambassador to China, Nicholas Burns, in an attack that is believed to have compromised at least hundreds of thousands of individual U.S. government emails, Wall Street Journal reported on Thursday. Daniel Kritenbrink, the assistant secretary of state for East Asia, was also hacked in the cyber-espionage attack, the report said citing people familiar with the matter. Reporting by Shubhendu Deshmukh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Nicholas Burns, Daniel Kritenbrink, Shubhendu Deshmukh Organizations: Wall Street, Thomson Locations: Beijing, U.S, China, East Asia, Bengaluru

☆ Some workers are going thousands of dollars into debt to pay for their own training. A federal watchdog is scrutinizing the practice of chasing employees for money after they leave.
▼ + stars: | 2023-07-20 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

A new report from the Consumer Financial Protection Bureau looks at employer-driven debt. The report finds that employers are saddling workers with thousands in debt for training and supplies. On Thursday, the Consumer Financial Protection Bureau released a report detailing the impact of training repayment agreement provisions, or TRAPs. The watchdog said it will continue to evaluate how companies are using TRAPs to determine whether they are violating consumer financial laws. "TRAPs impose significant financial burdens on workers and foster monopsony in labor markets by reducing worker mobility and bargaining power.

Persons: onboarding, hasn't, Nurse E, E, …, Persis Yu Organizations: Consumer Financial, Service, Biden, Federal Trade Commission, FTC, Protection Locations: Wall, Silicon, America

The NYPD will pay $13 million to settle allegations of widespread brutality at George Floyd protests in 2020. An image from citizen cellphone video compiled in a class action lawsuit alleging NYPD misconduct during George Floyd protests in the summer of 2020. An image from citizen cellphone video compiled in a class action lawsuit alleging NYPD misconduct during George Floyd protests in the summer of 2020. An image from citizen cellphone video compiled in a class action lawsuit alleging NYPD misconduct during George Floyd protests in the summer of 2020. Complicating this, the NYPD brought in officers from specialized units that more typically handle terrorism or riot situations, Cohen said.

Persons: George Floyd, Elena Cohen, Cohen, Mott, Plaintiff Dara Pluchino, Pluchino, Wylie Stecklow, Gideon Orion Oliver, Beldock Levine, Hoffman, Mott Haven kettling Organizations: Service, NYPD, New, Cohen & Green, Barclay Center, Police, Barclay, Force, Research, Human Rights Watch Locations: Wall, Silicon, New York City, York City, Mott Haven, Bronx, Queens , New York, Brooklyn

☆ 87% of classic video games are 'critically endangered.' As a millennial, I'm worried it means a huge chunk of my childhood will disappear.
▼ + stars: | 2023-07-20 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Almost 90% of classic video games are critically endangered, according to a new study. My first video game console was the Game Boy, a portal to many hours of adventure and excitement. The study was conducted by checking the availability of 1,500 randomly selected video games released before 2010 across every type of console and PC. The study's author says the availability of these classic video games is even worse than the survival rate of silent-era films. The next discussion over video games' copyright law is slated for 2024, and the clock is ticking.

Persons: I'm, — Organizations: Software Preservation Network, Federal Trade Commission

☆ US government agencies target purchasing 9,500 EVs in 2023
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, July 19 (Reuters) - U.S. government agencies are targeting buying 9,500 electric vehicles in the 2023 budget year, but face supply issues and higher costs, a federal report said on Wednesday. The Government Accountability Office said 26 agencies with approved EV acquisition plans estimated they would need over $470 million for vehicle purchases and almost $300 million in estimated costs to design and install the necessary infrastructure and for other expenses. The vehicles purchase would cost almost $200 million more than the lowest-priced comparable gasoline-powered vehicles. Reporting by David Shepardson; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: David Shepardson, Leslie Adler Organizations: Office, Thomson

☆ Consolidation in wealth management industry to accelerate, Citi survey finds
▼ + stars: | 2023-07-19 | by ( Xie Yu | ) www.reuters.com time to read: +1 min

HONG KONG, July 19 (Reuters) - Consolidation within the global wealth management sector will speed up while managers continue to face regulatory challenges, a report based on a global survey by Citigroup showed. As many as 69% of the almost 170 participants across wealth management and private banking industries agreed that industry consolidation will continue to accelerate, the report, dated July 18 but not made public earlier, said. Large wealth providers will be able to sell a wider range of products and services across different wealth tiers, and would likely benefit the most from the consolidation by winning a larger market share, the Citigroup's "Disruption and Transformation in Wealth" report added. Smaller providers will have to move beyond passive products and further differentiate themselves with technologies, said the report. Survey respondents also laid out other factors like the ongoing uncertainty in the global macroeconomic, geopolitical and regulatory environment, which has increased business costs and exacerbated margin pressures for wealth managers, said the report.

Persons: Xie Yu, Nivedita Organizations: Citigroup, Thomson Locations: HONG KONG

☆ Apple stock pops on report it's developing its own equivalent of ChatGPT
▼ + stars: | 2023-07-19 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Apple stock popped briefly Wednesday after a Bloomberg News report said the company was developing its own artificial intelligence large language model internally. The move signals Apple is taking recent advances in AI technology seriously and is considering integrating them into future products. For the past year, technologists and investors have been enamored of large language models, an AI technology that can turn out text or code that looks like a human wrote it. Some Apple staffers believe the company is aiming for a significant AI announcement next year, according to the report. Aside from LLMs, Apple uses a lot of machine learning in its products, from Siri speech recognition to the ability of the Photos app to detect faces and pets.

Persons: Siri Organizations: Apple, Bloomberg, Ajax, Microsoft, Google, Meta, Qualcomm

☆ 'Massive shift': Older people will exceed a quarter of G7's workforce by 2031, report says
▼ + stars: | 2023-07-19 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

In the Group of Seven countries, Bain predicts, older and experienced workers will make up more than quarter of the workforce by 2031. "That's a massive shift," Andrew Schwedel, partner at Bain & Company, told CNBC's "Squawk Box Asia" on Tuesday. What older workers wantIn recent years, countries around the world have been increasing retirement ages — but not without pushback. "That speaks to some of the different things that companies need to do if they're trying to appeal to younger workers versus older workers." How to retain older workersIt is also crucial for companies to design workplace experiences that tap into the motivations of older workers, said Schwedel.

Persons: Bain, Andrew Schwedel, CNBC's, Schwedel Organizations: Bain & Company, Companies Locations: Japan, Europe, U.S, France

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