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Customers enjoy food at a new Costco store in Shanghai on the first day of its trial operation on March 10. China News Service | China News Service | Getty ImagesBEIJING — If retail sales slowed this summer, it hasn't felt that way in parts of China. In the weeks around early July, New York residents David and Susan Schwartz visited three Costco stores, known as warehouses, on the outskirts of Shanghai and the neighboring city of Suzhou. China's retail sales slowed to a 2.5% year-on-year increase in July, adding to growing uncertainty about the country's future growth. Chris Reitermann CEO, Ogilvy Asia Pacific and Greater ChinaThe massive property market, where the majority of household wealth is stored, accelerated its decline in July.
Persons: hasn't, Susan Schwartz, David Schwartz, David, Susan, Malin, Goetz, Kate Spade, they're, Chris Reitermann, Ogilvy's Reitermann, Daniel Zipser Organizations: Costco, China News Service, Getty, BEIJING, U.S, Ogilvy Asia Pacific, CNBC, McKinsey Global Institute, Media, McKinsey Locations: Shanghai, China, New York, Suzhou, U.S, Hangzhou, Ningbo, York, Greater China
Chess-Carlsen and Niemann settle dispute over cheating claims
  + stars: | 2023-08-29 | by ( ) www.reuters.com   time to read: +2 min
Magnus Carlsen of Norway sits in front of a chess board during a game. Chess.com banned Niemann and later published a report saying he had likely cheated more than 100 times in online games. Niemann has admitted to cheating online when he was 12 and 16-years-old, but denied any wrongdoing while contesting over-the-board games. Weeks after the Sinquefield Cup, Carlsen refused to play in an online game against Niemann, opting instead to resign after just one move. "I am willing to play Niemann in future events, should we be paired together."
Persons: Magnus Carlsen of Norway, Pavel Mikheyev, Norway's Magnus Carlsen, Hans Niemann, Niemann, Carlsen, Chess.com, Hikaru Nakamura, Magnus, Weeks, Hritika Sharma, Peter Rutherford Organizations: FIDE, REUTERS, Sinquefield, American, Thomson Locations: Almaty, Kazakhstan, U.S, St, Louis , Missouri, Hyderabad
People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.
Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru
As the statement made clear, all parties in the litigation will now be allowed to “talk openly about their views,” meaning without fear of legal repercussions. It would not be surprising if people in the chess world, including Carlsen, Nakamura and Niemann, continued to weigh in. In addition, there is a looming investigation from the International Chess Federation, the game’s governing body, into the matter. At the time, the federation said it would release the report in October. We always strive to do what is best for chess, and we believe this decision to move forward together is good for the game.”
Persons: Carlsen, Niemann, , Magnus, Nakamura, Louis, Erik Allebest, Chess.com, Organizations: International Chess Federation Locations: St
Plastic levels in Swiss-French lake as high as world's oceans
  + stars: | 2023-08-25 | by ( ) www.reuters.com   time to read: +2 min
FOUNEX, Switzerland Aug 25 (Reuters) - Lake Geneva, nestled at the foot of the Alps, has long been considered as a near-pristine body of water, but new research has found that its plastic pollution levels are as high as those in the oceans. Oceaneye, a Geneva-based non-profit that has for more than a decade been scouring the seas to collect plastic fragments, has turned its attention closer to home to landlocked Switzerland. [1/5]A boat of NGO Oceaneye collects plastic fragments in the water of Lake Leman in Founex near Geneva, Switzerland August 21, 2023. Microplastics derive from the breakdown of various consumer and industrial plastic waste over time and their concentrations are accumulating in the world's oceans. "When we began working on this 12 years ago and talked about plastic fragments in water, people took us for wackos and now it is a recognised problem."
Persons: Pascal Hagmann, Denis Balibouse, Hagmann, Cecile Mantovani, Emma Farge, Sharon Singleton Organizations: REUTERS, Thomson Locations: Switzerland, Lake Geneva, Geneva, Lac Leman, Lake Leman, Founex, Leman, Europe, France, Switzerland's, Evian
The firm raised its price target from $800 to $1,100 — a new high among Wall Street analysts — after the chipmaker beat second-quarter estimates and issue optimistic guidance. Rosenblatt had already hiked its price target heading into this week . The new price target implies more than 133% upside from Wednesday's close. Analyst Hans Mosemann described Nvidia's AI growth story as "the mother of all cycles." However, he forecasts constraints lifting in 2025, which would then raise the company's earnings per share power to a degree not reflected in the current valuation — and justifying the price target increase.
Persons: Rosenblatt, , Hans Mosemann, Mosemann, Hopper, L40S, Michael Bloom Organizations: Wall Street, Nvidia
The rise is in contrast to a growing number of countries that will experience population declines. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyIt was recently World Population Day. "The population growth is, of course, partly explained by improvement in level and access to public health," Amare said. Michael Herrmann, an economic adviser with the United Nations Population Fund, told Africa News that without proper planning, it could be difficult to care for, educate, and employ a population growing that fast. "They want to create full employment for the people, and a growing population can raise the stakes in these efforts.
Persons: António Guterres, it's, Tighisti Amare, Amare, Michael Herrmann, Hermann Organizations: Service, United Nations, Google, Africa, Chatham House, United Nations Population Fund Locations: Nigeria, Wall, Silicon, India, China, Japan, Germany, Pakistan, Indonesia, Texas, Africa, London
NVDA YTD mountain NVDA has surged in 2023 Ahead of earnings Wednesday, analysts are weighing in on the forthcoming report and how to trade the earnings. Oppenheimer's Rick Schafer maintained an outperform rating on Nvidia and raised his price target to $500 per share up from $420. Elsewhere, Citi analyst Atif Malik reiterated both a buy rating and a $520 per share price target in a note last week. However, Deutsche Bank analyst Ross Seymour is more cautious on Nvidia stock heading into earnings, and reiterated a hold rating in Tuesday note. Seymour maintains a $440 per share price target, which forecasts roughly 2% upside from the stocks current trading levels.
Persons: Hans Mosesmann, Mosesmann, Oppenheimer's Rick Schafer, " Schafer, Wolfe, Chris Caso, " Caso, Atif Malik, Wall, Malik, Ross Seymour, Seymour, — CNBC's Michael Bloom Organizations: Nvidia, Rosenblatt Securities, Wolfe Research, Citi, Deutsche Bank, LT
The Lanzador concept, which the company said is a "concrete vision" of the production version of the all-electric Lambo, debuted at Monterey Car Week. Lamborghini Lanzador concept LamborghiniA new tech halo for LamboThe Lanzador previews a slew of new technology for the sports car brand. Lamborghini Lanzador concept LamborghiniLambo heads into an electric futureLamborghini's Lanzador electric car is the first step into the brand's all-electric future. In addition to Lanzador, Lamborghini will also sell plug-in hybrid replacements for the Aventador and Huracan supercars, as well as the Urus SUV. Lamborghini Lanzador concept LamborghiniProduction is slated for the company's Sant'Agata Bolognese factory, which will require expansion and additional employees, the company said.
Persons: Lamborghini, Stephan Winkelmann, Winkelmann Organizations: Morning, Monterey Car, Lamborghini, Huracan
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.6% to just a whisker above a nine-month low hit the previous day. That brought the total loss for the week to 3.4% and marked the third straight week of declines for the index. Shares of Chinese property developers (.HSMPI) listed in Hong Kong fell 1.2%, after China Evergrande (3333.HK) filed for protection from creditors in a U.S. bankruptcy court. "At the start of the year China's economy was powering ahead. Brent crude futures dipped 0.2% to $83.94 per barrel and U.S. West Texas Intermediate crude futures was flat at $80.36.
Persons: Yuan, HSI, China Evergrande, Jonas Goltermann, Goltermann, Padhraic Garvey, Sam Holmes, Jacqueline Wong Organizations: SYDNEY, Nasdaq, Nikkei, Bank of, Technology, HK, Capital Economics, ING, Atlanta Federal, U.S ., U.S, Brent, . West Texas, Thomson Locations: Japan, Europe, Asia, Pacific, Bank of Japan, Hong Kong, China, U.S, Beijing, Americas
CNN —The Lamborghini Lanzador is only a concept car for now, but the Italian supercar maker says it offers a preview of the brand’s very first fully electric model which will go into production in 2028. With no space needed for a gas engine — in a gas-powered Lamborghini sports car, it would be behind the seats — the Lanzador has small back seats. Other automakers, like Rimac and Automobili Pininfarina (which uses Rimac technology), already sell electric two-seat supercars costing millions of dollars. Porsche — which like Lamborghini is part of the Volkswagen Group — took a similar approach with its first EV. Lamborghini has committed to selling only “electrified vehicles,” meaning either plug-in hybrid or fully electric, by the end of 2024.
Persons: Lamborghini, It’s, Stephan Winkelmann, Winkelmann, Rimac, Organizations: CNN, Lamborghini, luxe, Pininfarina, Porsche, Volkswagen Locations: Italian, Urus
Why Maui’s rebuilding effort will be so expensive
  + stars: | 2023-08-18 | by ( Chris Isidore | ) edition.cnn.com   time to read: +4 min
All told, doing business in Hawaii is about 30% more expensive than the cost of doing business in the rest of the United States, according to Moody Analytics. “Based on similar historical events, this is likely conservative, as building delays and supply and demand cause additional pressures on reconstruction costs,” said Verisk. Construction permitting generally takes longer in Hawaii than most mainland locations, said Jessica Leorna, CEO of the state’s Building Industry Association. That’s especially true for construction workers, who were in short supply even before the fires, according to the state’s Building Industry Association. And workers from elsewhere in the state or the Southeast could drive home on weekends,” he said.
Persons: , Beau Nobmann, Jae C, ” Jason Thies, Nobmann, Jessica Leorna, Jones, it’s, Adam Kamins, there’s, Ian, “ That’s Organizations: New, New York CNN, Moody Analytics, HPM, Homes, Industry Association, Labor, Labor Department, state’s, Moody’s Analytics, Moody’s Locations: New York, Maui, United States, Hawaii, Lahaina , Hawaii, Canada, Asia, West Coast, California, Washington, Hawaii’s, Florida
And last month, the E.P.A. In his first interview since his July 20 confirmation, Mr. Uhlmann said he was intent on increasing the number of administrative actions as well as the criminal and civil cases that the E.P.A. brings for violations of environmental law. intends to announce enforcement priorities, with a new emphasis on greenhouse gas emissions. The agency said it would focus on making sure that oil and gas wells, landfills and other facilities did not leak methane, a powerful greenhouse gas.
Persons: Uhlmann, Organizations: University of Michigan Law School Locations: Louisiana, E.P.A, America, United States
At 89, Still Making Art (and Bread) With a Message
  + stars: | 2023-08-15 | by ( Bob Morris | ) www.nytimes.com   time to read: +1 min
“To live in a war and be a refugee is a lifelong education,” Schumann said of a childhood in which he experienced bombings in Germany’s Silesia region, which is now part of Poland. “There’s no equivalent to it in the U.S.”The printing press posters, chapbooks and calendars he designs drive his messages home and come from an uncompromising faith in “Cheap Art.” His manifesto about it states the importance of its unimportance — cheap, lightweight, undermining the sanctity of affluence and in opposition to the money-hungry “business of art.” For decades, his wife, Elka Schumann, who died in 2021, on a Sunday in August, oversaw the printing press that turns out countless pieces, all drawn with his bold and expressionistic hand and celebrating life while questioning abuses of power. (One poster of an iris reads “Resistance to the Empire”; a chapbook on courage urges “Dig through the dirt.”)But for all the questions firing like flares at society, with Schumann’s humor and pathos, there is one — far more insular in focus — on the minds of those around him: What will happen to his company when he is gone? “It’s been an ongoing conversation for 15 years, and we’re still figuring it out,” said his son Max Schumann, 59, an artist and the departing executive director of Printed Matter, a nonprofit based in New York City that sells artists’ books.
Persons: ” Schumann, , , Elka Schumann, It’s, we’re, Max Schumann Locations: Germany’s Silesia, Poland, U.S, New York City
[1/2] Storelv river flows through Hoenefoss Center as the extreme weather "Hans" is expected to cause significant water damage in the coming days, in Hoenefoss, Norway, August 9, 2023. NORWAY OUT. Strong winds, intense rain and landslides hit the Nordic region earlier this week, knocking out power lines and bringing public transport to a standstill. According to the institute, data shows that precipitation in Norway has increased by around 18% over the last 100 years, with the biggest rise taking place in the last 30-40 years. Jana Sillmann, a research director at the Oslo-based Centre for International Climate Research, said extreme weather events, such as the torrential rain seen this week, will be more frequent as the climate warms.
Persons: NTB, Annika Byrde, Read, Ingvild Villa, Jana Sillmann, heatwaves, El, Sillmann, Terje Solsvik, Christina Fincher Organizations: Center, Norwegian Meteorological Institute, International Climate Research, UN, El Nino, Thomson Locations: Hoenefoss, Norway, NORWAY, OSLO, Oslo, Sweden, Nordic
A frigid apocalypse doomed early humans in Europe
  + stars: | 2023-08-10 | by ( Will Dunham | ) www.reuters.com   time to read: +5 min
REUTERS/David Mdzinarishvili REUTERS/File PhotoAug 10 (Reuters) - Long before our species Homo sapiens trekked out of Africa, earlier human species also spread to other parts of the world. The frigid interval - comparable in intensity to the more recent ice ages - appears to have rendered Europe inhospitable for the bands of early human hunter-gatherers, as extreme glaciation deprived them of food resources. Fossils and stone tools indicate that Homo erectus established a foothold in Eurasia and later southern Europe relatively early in its history. The human species who subsequently colonized Europe proved more resilient amid persistent glacial conditions. "The study provides insights into the initial vulnerability of early human species to environmental changes and how eventually they adapted to increasing glacial climatic stress," Timmermann said.
Persons: David Lordkipanidze, David Mdzinarishvili, Chris Stringer, Stringer, Axel Timmermann, Chronis Tzedakis, erectus, Homo, sapiens, Timmermann, Will Dunham, Rosalba O'Brien Organizations: Georgian Academy of Sciences, REUTERS, David Mdzinarishvili REUTERS, Pusan National University, University College London, Thomson Locations: Dmanisi, Tbilisi, Africa, Europe, Spain, London, South Korea, Eurasia, Georgia, Italy, Germany, Washington
The Mega Millions jackpot grew to more than $1.6 billion on Aug. 9, 2023. Justin Sullivan | Getty ImagesThere's finally a winner for the massive Mega Millions jackpot — but the lucky ticketholder may face unexpected pitfalls, experts say. A single ticket sold in Florida matched all six numbers Tuesday night, marking the game's largest prize in history, according to Mega Millions. While Florida doesn't tax lottery winnings, there's an upfront 24% federal tax withholding that goes to the IRS. 'The curse of the lottery is real'In addition to taxes, the Mega Millions winner will likely encounter other obstacles, experts say.
Persons: Justin Sullivan, there's, they'll, Andrew Stoltmann, Let's, Stoltmann, Warren Racusin, Lowenstein Sandler, Sam Organizations: Mega, Stoltmann Law, Republicans Locations: Florida, Chicago
Nitiana Mann, the F.B.I. legal attaché for Australia, stressed the global nature of the battle against child abuse. At a joint news conference between the two countries’ law enforcement agencies in Australia, Ms. Mann said that the F.B.I. had made 79 arrests in the United States, resulting in 65 indictments and 43 convictions. She added that the bureau had sent information and evidence related to the pedophile ring to law enforcement agencies in scores of countries.
Persons: Nitiana Mann, , Mann Locations: Florida, , United States, Australia
CNN —A total of 98 people have been arrested in connection with child sex abuse, and 13 children rescued from harm, US and Australian authorities said Tuesday, more than two years after two FBI agents were killed investigating an alleged international pedophile ring. Two FBI agents investigating the alleged ring were shot dead in 2021 while executing a search warrant for a computer programmer suspected of possession of child abuse material, CNN previously reported. The alleged child abuse ring was a “peer to peer network” with “some offenders committing offenses for over 10 years,” said Australian Federal Police Commander Helen Schneider. Australian investigationThe Australian police investigation began in 2022 when the FBI passed on details of Australian members of a peer-to-peer network allegedly sharing child abuse material on the dark web. “The complexity and anonymity of these platforms means that no agency or country can fight these threats alone.”Most of the Australian alleged offenders had jobs that required advanced IT skills, police said in a statement.
Persons: , Helen Schneider, , ” Schneider, Nitiana Mann, Schneider, Mann, Daniel Alfin, Laura Schwartzenberger, George Piro Organizations: CNN, FBI, Federal Bureau of Investigation, Australian Federal Police, AFP, Miami FBI Locations: Australia, Canberra, , Florida
Emilija Manevska | Moment | Getty ImagesConsumers may soon be able to access $14,000 or more of federal rebates for making energy-efficient upgrades to their home. The IRA devotes a total of $8.8 billion for two initiatives: the Home Efficiency Rebates program (which offers up to $8,000) and the Home Electrification and Appliance Rebates program (up to $14,000). However, consumers may be able to pair rebates with certain clean energy tax credits, which are currently available. How the Home Efficiency Rebates program worksIn dollar terms, larger rebates are generally available to the lowest earners. How the Home Electrification and Appliance Rebates program works
Persons: Emilija, Joe Biden, Kara Saul Rinaldi, We've, Jennifer Amann, Amann Organizations: Getty, Energy, AnnDyl, Home Energy, American Council for, Weatherization, U.S . Department of Housing, Urban Locations: Florida
Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.
Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug
CNN —Rising temperatures have sucked more than 10 trillion gallons of water out of the Colorado River Basin between 2000 and 2021 – a volume about the size of Lake Mead – according to a recent study. The Tier 1 shortage took effect in January 2022; a Tier 2 shortage – due to even lower water levels at Lake Mead, the nation’s largest reservoir – was implemented in January 2023. Last summer in particular set off alarm bells when the water level in Lake Mead dropped an astonishing 20 feet over the course of four months. Mead, fed by the Colorado River, fell to its lowest level to-date in July 2022, with lake elevation of 1040 feet. “Even though there’s been a wet winter, there’s still going to be that 10% reduction in runoff.”The Colorado River flows through the Grand Canyon on the Hualapai reservation.
Persons: Lake Mead –, ” Benjamin Bass, , John Locher, Lake Mead, Mead, ” Bass, Bass, there’s, Ethan Gutmann, , ” Gutmann Organizations: CNN, UCLA, Water Resources Research, AP State, National Center for Atmospheric Research, National Oceanic, Atmospheric Administration Locations: Colorado, Lake, American, Lake Mead, snowier
The Italian brand, a subsidiary of Germany's Volkswagen (VOWG_p.DE), sold 5,341 cars between January and June, up 4.9% on the same period last year. Chairman and CEO Stephan Winkelmann said it was not easy to make forecasts due to market uncertainties, including with raw materials, but added that selling 10,000 cars this year was a "feasible goal". Rival Ferrari (RACE.MI), whose headquarters is less than 40 kms (25 miles) away, shipped more than 13,200 cars last year. Lamborghini is investing 1.9 billion euros to 2027 in its shift to hybrid and electric cars, but further investments are expected. The line-up is set to become all hybrid next year with the new Urus and a new sports car replacing the Huracan.
Persons: Stephan Winkelmann, Winkelmann, Ferrari, Lamborghini, Giulio Piovaccari, Mark Potter Organizations: EMEA, Lamborghini, Germany's Volkswagen, Huracan, Ferrari, Thomson Locations: U.S, H1 MILAN, United States, Europe
“There are many checks on the legislative and executive branches, but there are simply no checks on the Supreme Court,” Kontorovich said, without citing examples. Video Ad Feedback Hear Netanyahu respond to judicial overhaul plans amid protests 03:17 - Source: CNNUnlike many democracies, Israel does not have a written constitution. While they are a minority in Israel, they have different reasons for backing the judicial plan. The prime minister in his Thursday interview with CNN failed to confirm whether he’d accept a Supreme Court ruling that struck down the “reasonableness” law. Following backlash from the opposition, however, Netanyahu in a statement attempted to reassure the public, saying that Israeli governments “always respect” court decisions.
Persons: Benjamin Netanyahu’s, Eugene Kontorovich, Kontorovich, Netanyahu, ” Kontorovich, Israel “, , Tommy Lamm, Ronnie Lottner, , Naftali Bennett’s, Tamar Hermann, ” Hermann, Gideon Rahat, Bennett, Yair Lapid, Hermann, Israel Democracy Institue Organizations: CNN, White, Israel’s, West Bank, Israel Democracy Institute, Hebrew University of Jerusalem’s, Israel Democracy Locations: Israeli, Israel,
July 28 (Reuters) - Goldman Sachs (GS.N) executive Julian Salisbury will join investment firm Sixth Street as a partner and co-chief investment officer early next year, his incoming firm said, marking yet another high-profile exit from Goldman. Salisbury will reunite with Goldman alums in his new role, including Sixth Street CEO Alan Waxman. Salisbury became a partner in 2008 and previously served as global co-head of the asset management unit before it was combined with wealth management under Marc Nachmann last year. Goldman's asset management division has promoted 11 partners and hired nine new managing directors focused on investing this year, a company spokeswoman said. Salisbury has "done a great job putting together all these asset management businesses over the last few years," Nachmann said in an interview.
Persons: Goldman Sachs, Julian Salisbury, Salisbury, Goldman alums, Alan Waxman, Marc Nachmann, Julian, Waxman, Dina Powell McCormick, Gregg Lemkau, Katie Koch, Goldman, Nachmann, It’s, David Solomon, Lloyd Blankfein, Manya Saini, Niket, Lananh Nguyen, Vinay Dwivedi, Matthew Lewis Organizations: Sixth, Goldman, MSD Partners, TCW, Reuters, Thomson Locations: Goldman, Salisbury, London, Moscow, New York, Russia, China, Bengaluru, Lananh
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