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☆ Factbox: What are global companies saying about China's economy?
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

People cross a street near office towers in the Lujiazui financial district in Shanghai, China, February 28, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 29 (Reuters) - United States Commerce Secretary Gina Raimondo has said U.S. companies have raised concerns that China has become "uninvestible", pointing to fines, raids and other actions that have made it too risky to do business in the world's second-largest economy. Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery of the country's economy from a pandemic slowdown. Following are comments from some of the top firms on their China business during the latest reporting season:Compiled by Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni and Bhanvi Satija; Edited by Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gina Raimondo, Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni, Bhanvi, Shinjini Ganguli, Shounak Organizations: REUTERS, United States, Thomson Locations: Shanghai, China, U.S

☆ Commerce chief says US firms complain China is 'uninvestible'
▼ + stars: | 2023-08-29 | by ( David Shepardson | ) www.reuters.com time to read: +5 min

[1/4] U.S. Commerce Secretary Gina Raimondo and Chinese Premier Li Qiang have a light moment during a meeting at the Great Hall of the People in Beijing, China, August 29, 2023. "Increasingly I hear from American business that China is uninvestible because it's become too risky," she said. Raimondo insists the United States does not want to decouple from China. The United States and China used to be each other's largest trading partners but Washington now trades more with neighbors Canada and Mexico, while Beijing deals more with Southeast Asia. Reuters Graphics Reuters Graphics"All of that creates uncertainty and unpredictability," Raimondo said of recent Chinese actions.

Persons: Gina Raimondo, Li Qiang, Andy Wong, Raimondo, it's, Biden, John Ramig, Buchalter, Raimondo's, Mintz, JP Morgan, " Raimondo, David Shepardson, Joe Cash, Samuel Shen, Clarence Fernandez, Angus MacSwan, Mark Heinrich, Jonathan Oatis, Nick Macfie Organizations: . Commerce, of, People, REUTERS Acquire, Rights, U.S, chipmaker Micron Technology, Beijing, Companies, Micron, Intel, Boeing, Reuters Graphics Reuters, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Washington, United States, U.S, Canada, Mexico, Southeast Asia

☆ Commerce secretary says US firms complain China is 'uninvestable'
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: +2 min

U.S. Commerce Secretary Gina Raimondo arrives for a meeting with her Chinese counterpart Wang Wentao, at the Ministry of Commerce in Beijing, Monday, Aug. 28, 2023. U.S. Commerce Secretary Gina Raimondo said U.S. companies have complained to her that China has become "uninvestable," pointing to fines, raids and other actions against firms that have made it too risky to do business in the world's second-largest economy. The comments, made to reporters onboard a train as her delegation of U.S. officials headed from Beijing to Shanghai, provided a bleak picture of how U.S. firms view China and were the bluntest Raimondo has made on her trip. "Increasingly I hear from American business that China is uninvestable because it's become too risky," she said. "So businesses look for other opportunities, they look for other countries, they look for other places to go."

Persons: Gina Raimondo, Wang Wentao, Raimondo, it's, Premier Li Qiang, Biden, Li Organizations: Commerce, Ministry of Commerce, . Commerce, U.S, chipmaker Micron Technology, Beijing, Premier, of Locations: Beijing, China, Shanghai, United States

Hawaiian Electric CEO Shelee Kimura received a cash bonus in 2022 based on her performance against 10 measures including profit and customer satisfaction. Wildfire risk mitigation was not on the list, according to the utility’s pay disclosures. Wildfire risk had been a concern for several years before the blaze ripped through Lahaina, a historic resort town in Maui. Idacorp declined to comment on its pay practices and how they relate to wildfire mitigation. “You don’t want a wildfire disaster to be the catalyst for a change in public policy,” said Glazer, who supports linking executive pay to wildfire mitigation.

Persons: Mike Blake, ”, Alison Silverstein, Shelee Kimura, Kimura, “, Michael Cerasoli, Michael Underhill, Brian Buckham, ” Buckham, Idacorp, Larry Glazer, Glazer, Tim McLaughlin, Tom Hals, Peter Henderson, Noeleen Walder, Rich Valdmanis, Marguerita Choy Organizations: Workers, REUTERS, Hawaiian Electric, U.S . Federal Energy Regulatory, Electric, Hawaii Wildfire Management Organization, San Diego Gas &, Global Renewable Energy Income Fund, Reuters, Capital Innovations, SEC, Portland General Electric Co, Boston’s Mayflower Advisors, Thomson Locations: Lahaina, Maui, Hawaii, U.S, California, Honolulu, Maui ., Idaho , Oregon, Washington, Idaho

☆ Container ships are waiting at Asian ports as retailers struggle to shift excess stock
▼ + stars: | 2023-08-25 | by ( Lucy Handley | ) www.cnbc.com time to read: +5 min

As firms making goods from apparel to electronics hold excess stock, there's less of a demand to ship products. This means some vessels are waiting in ports because of sailings being "blanked," or canceled. "We are arranging a contingency plan with alternative services," MSC added. "If you fly to Singapore, you'll see all these ships outside the port … A lot of ships are parked there waiting till there are better yields," he added. Excess stockFlexport, which is at 10th place in CNBC's Disruptor 50 list, regularly surveys customers on how much stock they're holding.

Persons: Andrew Merry, It's, Sanne Manders, there's, Manders, Bernstein, Niels Rasmussen, Rasmussen, it's, Simon Heaney, Heaney Organizations: MSC, CNBC, CMA CGM, Maersk, Baltic and International Maritime Council, Shanghai Shipping Exchange, Blank, Drewry Locations: Singapore Strait, Asia, Europe, —, Singapore, East, North Europe, CNBC's

☆ Exclusive: Deputy Treasury chief Adeyemo says US well-prepared to weather China headwinds
▼ + stars: | 2023-08-24 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Adeyemo told Reuters during a visit to the Chickahominy Tribe in southeastern Virginia that the Treasury is closely monitoring economic developments in China, where growth is faltering amid a worsening property slump, weak consumer spending and tumbling credit growth. "You're seeing the Chinese economy demonstrate weakness that has global implications. Because of the decisions we've made, we're probably best prepared to deal with the headwinds that this has created," Adeyemo said, referring to the United States. These investments will help the U.S. economy overcome the headwinds created by slower growth and demand in China, the world's second-largest economy, he said. "We're going to continue to monitor what's happening there, but our goal really is to make sure that we take the steps here to make sure the American economy can grow despite the headwinds," Adeyemo said.

Persons: Wally Adeyemo, Adeyemo, we've, we're, David Lawder, Jonathan Oatis Organizations: ., Reuters, Treasury, COVID, U.S, Thomson Locations: PROVIDENCE FORGE , Virginia, U.S, Chickahominy, Virginia, China, United States, Asia, Beijing

☆ Putin says Prigozhin 'made serious mistakes' in first remarks since plane crash that likely killed the Wagner boss
▼ + stars: | 2023-08-24 | by ( Amanda Macias | ) www.cnbc.com time to read: +2 min

Yevgeny Prigozhin, owner of the Wagner Group military company, arrives during a funeral ceremony at the Troyekurovskoye Cemetery in Moscow, April 8, 2023. WASHINGTON — Russian President Vladimir Putin broke his silence Thursday in quick, impersonal remarks to the families involved in the fatal plane crash believed to have killed Wagner mercenary boss Yevgeny Prigozhin. "With regard to this plane crash, first of all, I want to express my sincere condolences to the families of all the victims. The Pentagon said Thursday that initial intelligence indicates that the Wagner chief died in the Wednesday plane crash. "No real surprise here, it's a marker of how lethal, and how deadly and how unscrupulous Vladimir Putin is," Stavridis added.

Persons: Yevgeny Prigozhin, WASHINGTON, Vladimir Putin, Wagner, Prigozhin, It's, Putin, we're, Pat Ryder, Ryder, Ben Rhodes, Rhodes, James Stavridis, Stavridis, Volodymyr Zelenskyy, Zelenskyy Organizations: Wagner Group, WASHINGTON —, Pentagon, Wednesday, . Air Force, CNBC, NBC News, MSNBC, Former U.S . Navy, NATO, Kyiv Locations: Moscow, WASHINGTON — Russian, Ukraine, Russian, St, Petersburg

☆ Tornado Cash founders charged with laundering more than $1 billion, including millions for North Korea
▼ + stars: | 2023-08-23 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Two founders of Tornado Cash, the widely known Russian cryptocurrency mixer, have been charged with laundering more than $1 billion in criminal proceeds. Charges in the indictment include conspiring to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business. The third co-founder, Alexey Pertsev, who is not mentioned in this action, faces trial in Amsterdam over his involvement with Tornado Cash. Tornado Cash is used by some people as a legitimate way to protect their privacy in the still-nascent crypto market. Using a crypto mixing service like Tornado Cash masks those details by anonymizing the funds and concealing the identity of the buyer.

Persons: Roman, Semenov, Storm, James Smith, Alexey Pertsev, Roman Semenov, Damian Williams, Brian Klein, Waymaker, Klein, Lazarus Organizations: Tornado, Lazarus, Justice Department, CNBC, Tornado Cash, Storm, Federal Bureau of Investigation, Foreign Assets, Lazarus Group, U.S . Treasury, Treasury Department Locations: Russian, Korean, Washington, York, Amsterdam, U.S, Harmony

In climate negotiations, "loss and damage" refers to existing costs incurred from climate-fueled weather impacts, such last year's devastating Pakistan flooding. The U.S. is part of a 24-country committee deciding how the fund will work before the COP28 climate summit in Dubai can officially adopt it this year. Both voted to approve new funding arrangements under the condition that the fund not be about liability for rich countries and compensation. Instead, both Washington and Brussels say the fund should be filled from myriad sources including industry taxes, philanthropic donations or other schemes. The world’s least developed nations want the fund to be limited to the neediest nations.

Persons: Akhtar Soomro, that's, ”, Sue Biniaz, Biniaz, Christina Chan, “, “ That’s, Avinash Persaud, Mia Mottley, Persaud, Dileimy Orzoco, Valerie Volcovici, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, . State Department, Reuters, The, State Department, EU, Nonprofit, Thomson Locations: Sehwan, Pakistan, U.S, Washington, The U.S, Dubai, Dominican Republic, Paris, Brussels, China, Barbados, Philippines

But that can take time, analysts say, since airlines must manually override automated systems that raise fares in the case of higher demand. Here is a look at how airlines deal with a sudden surge in demand on a particular route. DISASTERS VERSUS HIGH DEMANDAirlines set a range of ticket prices based on factors like purchase timing and demand. They then allocate seats to each fare, explained Chris Amenechi, founder of startup SeatCash, which offers subscribers a product that predicts future flight prices. Travel site Expedia Group (EXPE.O) said air partners set flight prices and availability on its site.

Persons: Chris Helgren, Chris Amenechi, ”, Amenechi, Robert Mann, Mann, Allison Lampert, Doyinsola, Denny Thomas, Josie Kao Organizations: REUTERS, Air Canada, HIGH, CAP, Air, Expedia, Airlines, WestJet Airlines, U.S, Amtrak, Thomson Locations: Okanagan, West Kelowna, British Columbia, Canada, Yellowknife, Air Canada, Calgary, Maui, Honolulu, U.S, Washington, New York

☆ 3 trends are dividing restaurant companies into winners and losers
▼ + stars: | 2023-08-18 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

In this article CMGMCDWENPZZA Follow your favorite stocks CREATE FREE ACCOUNTA McDonald's restaurant near Times Square, NYC on July 29th, 2023. Adam Jeffery | CNBCRestaurant companies navigating some of the same challenges in the second quarter fell into two categories: winners and losers. While most restaurant companies crushed earnings expectations, a number of them fell short of Wall Street's estimates for their quarterly revenue. McDonald's and Wingstop both reported second-quarter earnings, revenue and same-store sales growth that topped analysts' expectations, a rarity this quarter for restaurant companies. One fast-casual chain has struggled with consumers' value perception.

Persons: Adam Jeffery, hasn't, Papa John's, TD Cowen, Andrew Charles, Burger, Wendy's, Jeffrey Bernstein, bode, Chris Kempczinski, Todd Penegor, Wingstop, Michael Skipworth, Chipotle, Jack Hartung, Noodles Organizations: CNBC Restaurant, Promotions, Investors, CNBC, Restaurant Brands, Barclays, Company Locations: NYC, Chipotle, Texas

☆ U.S. approves shipments of F-16s to Ukraine in major gain for Kiev
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: +4 min

Even so, Air Force Gen. James Hecker, commander of U.S. air forces in Europe and Africa, told reporters in Washington he did not expect the F-16s to be a game-changer for Ukraine. Ukrainian air forces supporting infantry are using decades-old Soviet-era planes, which are vulnerable to air-to-air missile attacks from Russian fighter jets, Capt. Danish Defense Minister Jakob Ellemann-Jensen said Friday that the training of Ukrainian pilots is starting this month. A coalition of 11 Western countries — the Netherlands, Belgium, Canada, Denmark, Luxembourg, Norway, Poland, Portugal, Romania, Sweden and the United Kingdom — pledged in July to train Ukrainian pilots to fly F-16s. In other developments:— Russian air defenses stopped drone attacks on central Moscow and on the country's ships in the Black Sea, officials said Friday, blaming the attempted strikes on Ukraine.

Persons: James Hecker, Yevgen, Rakita, Jake Sullivan, State Anthony Blinken, Jakob Ellemann, Jensen, —, Joe Biden's, Abrams, Joseph Schulte Organizations: Air Force, NATO, NATO Air Policing, United, Kyiv, 18th Army Aviation Brigade, Associated Press, State, Danish, Sukhoi Locations: Netherlands, United States, Denmark, Ukraine, Washington, Europe, Ukrainian, U.S, Africa, Russia, Russian, Belgium, Canada, Luxembourg, Norway, Poland, Portugal, Romania, Sweden, United, Moscow, Hong Kong, Istanbul

☆ Andonovski steps down as U.S. women's national team coach
▼ + stars: | 2023-08-17 | by ( Amy Tennery | ) www.reuters.com time to read: +2 min

The former National Women's Soccer League (NWSL) coach took the reins in 2019 after the U.S. collected a second consecutive world title but they have failed to keep that momentum going. "It's been the honour of my life to coach the talented, hard-working players of the USWNT for the past four years," Andonovski, 46, said in a statement. Assistant coach Twila Kilgore will take the interim head coach role while U.S. Soccer searches for a permanent replacement. The team have a pair of friendlies against South Africa set for Sept. 21 and 24. "Vlatko worked tirelessly for this team and has been a strong and positive leader for our women's program," said U.S. Soccer Sporting Director Matt Crocker.

Persons: Vlatko, Hannah Mckay, Andonovski, It's, they've, Twila Kilgore, Matt Crocker, Jill Ellis, Ellis, Amy Tennery, Ken Ferris Organizations: Soccer Football, FIFA, World, United, United States women's, U.S, Soccer, National Women's Soccer League, Tokyo, South, Soccer Sporting, U.S . Soccer, Thomson Locations: New Zealand, Sweden, United States, Melbourne, Australia, U.S, South Africa, Sydney, New York

☆ Niger junta says open to talks as Putin, US stress peace
▼ + stars: | 2023-08-15 | by ( Felix Onuah | ) www.reuters.com time to read: +4 min

REUTERS/Souleymane Ag Anara/File Photo Acquire Licensing RightsAug 15 (Reuters) - Niger's junta on Tuesday said that it was open to talks to resolve a regional crisis caused by last month's military coup, while Russia and the United States called for a peaceful resolution. Singh declined to call the takeover a coup but said it "certainly looks like an attempted coup." Military leaders in Mali and Burkina Faso have kicked out troops from former colonial power France and strengthened ties with Moscow. Putin has called for a return to constitutional order in Niger, while Wagner chief Yevgeny Prigozhin welcomed the army takeover and offered his services. Support for Russia has appeared to surge in Niger since the coup, with junta supporters waving Russian flags at rallies and calling for France to disengage.

Persons: Mohamed Bazoum, Ali Mahamane Lamine Zeine, Mahamat Deby, Vladimir Putin, Putin, Assimi Goita, Sabrina Singh, Joe Biden's, Singh, Bola Tinubu, Russia's Wagner, Wagner, Yevgeny Prigozhin, Felix Onuah, Mahamat Ramadane, Idrees Ali, Nellie Peyton, John Stonestreet, Estelle Shirbon, Alexandra Hudson, Jonathan Oatis Organizations: REUTERS, West, Economic, West African States, ECOWAS, Islamic, Twitter, Military, Thomson Locations: Nigerien, Niamey, Niger, Russia, United States, Ghana, al Qaeda, Islamic State, West, Central Africa, Russian, West Africa's, Central Africa's, West Africa, Mali, Burkina Faso, France, Moscow, Bazoum, Western, U.S, Germany, Italy, Paris, Abuja, Chad, Washington

☆ Fact Check-John Kerry did not say US farmers should ‘go extinct’
▼ + stars: | 2023-08-14 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

U.S. climate envoy John Kerry did not say that farms, farmers or farming should be abolished during remarks at a climate summit in May, as suggested in social media posts that recirculated a misleading article headline claiming Kerry said U.S. farmers should become extinct. On May 10, the final day of the summit, Kerry said that cutting greenhouse gas emissions in agriculture was necessary to combat climate change, Reuters reported at the time (here). However, there is no record of Kerry having made a statement suggesting farmers should be eliminated and a State Department spokesperson said the claim is false. He does not say farmers should “go extinct”. John Kerry did not say, “it’s time for U.S. farmers to go extinct” at a climate summit in May.

Persons: John Kerry, Kerry, Joe Biden, Kerry’s, “ John Kerry, ‘, Read Organizations: Reuters, Republican, State Department, Agriculture Innovation, Climate Summit, U.S . Farmers, People’s Locations: Washington

☆ Insight: What happens when a $2 million gene therapy is not enough
▼ + stars: | 2023-08-12 | by ( Deena Beasley | ) www.reuters.com time to read: +13 min

Their experience raises broader questions around other high-cost gene therapies coming to market, sometimes after accelerated regulatory approvals, drug pricing experts said. Gene therapies work by replacing genes – the body's blueprint for its development. The gene Zolgensma delivers instructs the body to make a protein vital for muscle control. If gene therapies do fall short, it becomes harder to justify prices that researchers have argued are already poor value. More recently, the first hemophilia gene therapy approved by the U.S. Food and Drug Administration was priced by CSL Behring at $3.5 million; 26 more gene therapies are in late-stage development, according to IQVIA.

Persons: Elizabeth Kutschke, Ben, Zolgensma, Ben Kutschke, neurologists, Sitra Tauscher, Wisniewski, Ben's, Roger Hajjar, Brigham Gene, Kutschke, Vasant Narasimhan, Stacie Dusetzina, Roche's, Biogen, Roche, Maha Radhakrishnan, Steven Pearson, It's, Sree Chaguturu, Amanda Cook, Weston, Jackson, Cook, Elizabeth, Jerry Mendell, Russell Butterfield, –, Biogen's, Mendell, UMR, Spinraza, Eric Cox, Caroline Humer, Sara Ledwith Organizations: Reuters, U.S, Novartis, IQVIA Institute, Human Data, Novartis Gene Therapies, Mass, Cell Therapy, U.S . Food, Drug Administration, CSL Behring, CSL, Nashville's Vanderbilt University School of Medicine, Clinical, Economic, CVS Health, Aetna, SMA, Nationwide Children's Hospital, University of Utah Health, Children's, UnitedHealth, Thomson Locations: Oak Park, Berwyn , Illinois, Swiss, U.S, Lebanon , Virginia, United States, Columbus , Ohio, Russia, Kazakhstan, Chicago

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

☆ U.S., China agree to double weekly flights between countries
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: +4 min

Sources said U.S. airlines are not expected to immediately take advantage of all 18 weekly flights. China Eastern 600115.SS, Xiamen Airlines and China Southern 600029.SS also fly scheduled service to the U.S., while United Airlines UAL.N, American Airlines AAL.O and Delta Airlines DAL.N currently operate passenger flights to China. The 24 weekly flights are still a fraction of the more than 150 round-trip flights allowed by each side before restrictions were imposed in early 2020 due to the COVID-pandemic. Previously, only eight weekly flights by Chinese carriers were allowed. Reuters reported in June Chinese airlines were avoiding flying over Russian airspace in newly approved flights to and from the U.S. but still using Russian airspace for other flights.

Persons: New York John F, Biden, USDOT, Antony Blinken's, United, Today's Organizations: Air, Air China Boeing, New York, Kennedy International Airport, U.S . Transportation Department, Reuters, Embassy, State Department, . Air, SS, Xiamen Airlines, United Airlines UAL.N, American Airlines, Delta Airlines, Airlines for America Locations: Air China, New, Jan, U.S, China, Beijing, Washington, Japan, South Korea, Australia, . Air China, Los Angeles . China, Shanghai

☆ US, China agree to double weekly flights between countries
▼ + stars: | 2023-08-11 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Sources said U.S. airlines are not expected to immediately take advantage of all 18 weekly flights. China Eastern (600115.SS), Xiamen Airlines and China Southern (600029.SS) also fly scheduled service to the U.S., while United Airlines , American Airlines (AAL.O) and Delta Airlines (DAL.N) currently operate passenger flights to China. The 24 weekly flights are still a fraction of the more than 150 round-trip flights allowed by each side before restrictions were imposed in early 2020 due to the COVID-pandemic. Previously, only eight weekly flights by Chinese carriers were allowed. Reuters reported in June Chinese airlines were avoiding flying over Russian airspace in newly approved flights to and from the U.S. but still using Russian airspace for other flights.

Persons: Dado Ruvic, Biden, USDOT, Antony Blinken's, United, Today’s, David Shepardson, Marguerita Choy Organizations: REUTERS, U.S . Transportation Department, Reuters, Embassy, State Department, . Air China, Xiamen Airlines, United Airlines, American Airlines, Delta Airlines, Airlines for America, Thomson Locations: U.S, China, Beijing, Washington, Japan, South Korea, Australia, Los Angeles . China, Xiamen, Shanghai

☆ 'Potential minefield': Value investor Guy Spier talks U.S. bank risks, reveals his top stock to own
▼ + stars: | 2023-08-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Renowned value investor Guy Spier has said U.S. regional banks are a "potential minefield" in the current market environment. Moody's left the larger banks' ratings unchanged. Consolidation risks Spier explained that his view stems from the fact that the U.S. banking system remains highly fragmented, with around 12,000 banks nationwide. While not a "massive advantage," Spier believes larger money center banks like Bank of America have a slight edge in profitability over regional banks. Technology threat Aside from the risks highlighted by Moody's, Spier suggested that technology and innovation also pose major threats to regional banks.

Persons: Guy Spier, Spier, Warren Buffett, CNBC's, Moody's, he's Organizations: Bank of America, Spier . Technology, of America, Federal Reserve, U.S, JPMorgan, Citi, Asset Relief, CNBC Locations: Spier, U.S, Bank

☆ Japan ex-PM Aso's 'fight for Taiwan' remark in line with official view, lawmaker says
▼ + stars: | 2023-08-10 | by ( Kantaro Komiya | Thomson Reuters | Kantaro Writes About Everything Japan'S Economic Indicators To North Korea'S Missiles To Global Regulation On Ai Companies. His Previous Stories Have Been Published In The Associated Press | ) www.reuters.com time to read: +2 min

Japan's Former Prime Minister and current Vice-President of the ruling Liberal Democratic Party, Taro Aso, speaks during the Ketagalan Forum in Taipei, Taiwan August 8, 2023. Aso's speech angered China, which claims Taiwan as its territory. Keisuke Suzuki, an LDP lawmaker who accompanied Aso's Taiwan visit this week, told the BS Fuji talk show on Wednesday that Aso had discussed the issue with Japanese government officials, indicating that Aso's view did not deviate from the official position. "The comment was not lawmaker Taro Aso's personal remark, but a result of arrangements with government insiders", Suzuki said. Aso's visit, which marked the most senior Japanese political official to visit Taiwan since 1972, when Japan normalised diplomatic relations with China, came as tensions have risen over democratically governed Taiwan amid China's increasing military pressure on the island during the past three years.

Persons: Taro Aso, Carlos Garcia Rawlins, Taro Aso's, Aso, Keisuke Suzuki, Aso's, Suzuki, Joe Biden, White, Hirokazu Matsuno, Kantaro Komiya, Gerry Doyle Organizations: Liberal Democratic Party, REUTERS, Japanese, Beijing, Fuji, United, Taiwan, Thomson Locations: Taipei, Taiwan, TOKYO, Japan, United States, China, Aso's Taiwan, U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said, its first decline since February 2021. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners. The S&P 500 posted 16 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 60 new highs and 178 new lows.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Consumer, Index, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, National Bureau of Statistics, Dow Jones, Bank of America, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight acceleration from last year. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said on Wednesday, its first decline since February 2021. According to preliminary data, the S&P 500 (.SPX) lost 31.47 points, or 0.70%, to end at 4,467.91 points, while the Nasdaq Composite (.IXIC) lost 162.31 points, or 1.17%, to 13,723.96. Six of the top 11 S&P 500 sectors rose, with energy stocks (.SPNY) leading the gain. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Michelle Bowman, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, Index, Bank of America, National Bureau of Statistics, Dow Jones, Casino, Walt, Walt Disney's ESPN, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

International travel reached around 90% of pre-pandemic levels this year, according to the International Air Transport Association. Those trends lifted quarterly earnings of travel companies, with cruise operators like Royal Caribbean (RCL.N) reporting record results in recent weeks. Ticket prices, which in some cases have increased by double-digit percentages since the pandemic, are unlikely to plummet. She expects air fares on long-haul international routes to remain high until supply outpaces pre-pandemic levels, demand normalizes and jet fuel prices decline further. International inbound vs outbound in the U.S this yearAverage domestic airfare is currently $246 round-trip, down 8% from 2022, according to travel booking app Hopper.

Persons: Dan McKone, Amadeus, Jozsef Varadi, Hayley Berg, Hopper, that's, Glenn Fogel, Kathleen Oberg, Joanna Plucinska, Rajesh Kumar Singh, Doyinsola, David Gaffen, Matthew Lewis Organizations: International Air Transport Association, Consulting, Royal, Booking Holdings, Marriott, Lufthansa LHAG.DE, United Airlines, Wizz, Reuters, Holdings, International, U.S . National Travel, Tourism Office, British Airways, IAG, Thomson Locations: CHICAGO, Southern Europe, Britain, France, United States, Germany, Singapore, Royal Caribbean, Manila, Hong Kong, Taipei, Tokyo, Europe, Asia, COVID, U.S, Canada, London, Chicago, New York, Bengaluru

Delta Airlines passenger jets are pictured outside the newly completed 1.3 million-square foot $4 billion Delta Airlines Terminal C at LaGuardia Airport in the Queens borough of New York City, New York, U.S., June 1, 2022. REUTERS/Mike SegarAug 9 (Reuters) - Wheels Up Experience (UP.N) said on Wednesday there was "substantial doubt" about its ability to continue operations, even as it disclosed short-term funding from Delta Air Lines (DAL.N), sending its shares plunging 42%. North American business flights were down 3.6% compared with July 2022, according to data from Argus International. Delta said in a statement that it was providing a short-term capital infusion in the form of a secured promissory note to Wheels Up, which is pursuing strategic partnerships. Wheels Up, which canceled an earnings call scheduled for Wednesday, said U.S. private jet operator Airshare had entered into a non-binding agreement with the company to acquire its non-core aircraft management business.

Persons: Mike Segar, Delta, Ed Bastian, Airshare, Shivansh, Allison Lampert, Rajesh Kumar Singh, Vinay Dwivedi, Mark Potter Organizations: Delta Airlines, LaGuardia Airport, REUTERS, Delta Air Lines, Argus International, Delta, Airshare, Thomson Locations: Queens, New York City , New York, U.S, American, Bengaluru, Montreal

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