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☆ Australia keep Kerr on the bench for Denmark clash
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

[1/5] Soccer Football - FIFA Women’s World Cup Australia and New Zealand 2023 - Round of 16 - Australia v Denmark - Stadium Australia, Sydney, Australia - August 7, 2023 Australia's Sam Kerr in action REUTERS/Carl RecineSYDNEY, Aug 7 (Reuters) - Matildas captain Sam Kerr was left out of the starting team for Australia's last 16 clash against Denmark in the Women's World Cup on Monday, despite being back in full training after a calf strain. Striker Kerr has not played a single minute at the tournament so far after sustaining the injury a couple of days before Australia's opening match. Coach Tony Gustavsson said on Sunday he would make a late call on whether his best player started, and how many minutes she would play at Stadium Australia. Twice UEFA Player of the Year Pernille Harder starts as captain for Denmark. Reporting by Nick Mulvenney Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Kerr, Carl Recine SYDNEY, Striker Kerr, Tony Gustavsson, Swede, Caitlin Foord, Mary Fowler, Hayley Raso, Harder, Nick Mulvenney, Christian Radnedge Organizations: Soccer Football, FIFA, Stadium, Australia's, Denmark, Australia, Canada, Thomson Locations: New Zealand, Australia, Denmark, Stadium Australia, Sydney

CNN —Roared on by the majority of the 75,784 crowd inside Sydney’s Stadium Australia, co-host Australia reached the Women’s World Cup quarterfinals after an impressive 2-0 victory over Denmark in Sydney. “I felt a little bit disrespected because it’s not about me, it’s about the team and they’re preparing for a World Cup,” she said. Denmark came roaring back though, putting the Australian defense under pressure, with captain Pernille Harder at the forefront of most of its good attacking work. Try as Denmark may, it was Australia who got the next goal to effectively book its spot in the quarterfinals. “We’re feeling really, really happy, really positive,” Australian defender Clare Hunt told CNN after the victory.

Persons: CNN —, Sam Kerr, “, it’s, ” Kerr, Kerr, ”, we’ve, I’m, Mary Fowler, Caitlin Foord, Lene Christensen, Hayley Raso, Fowler, Christensen, Pernille Harder, Foord, David Gray, Emily van Egmond, Clare Hunt, ” Hunt Organizations: CNN, Sydney’s, Australia, Denmark Locations: Australia, Sydney, Denmark, France, Morocco, AFP, Raso

☆ Kerr returns off the bench as Australia down Danes to reach quarter-finals
▼ + stars: | 2023-08-07 | by ( Nick Mulvenney | Thomson Reuters | Leads Coverage Of Sport Across The Asia-Pacific. Still Reports On The Full Panoply Of Sport. Many Olympics World Cups World Championships Grand Slams Grands Prix | ) www.reuters.com time to read: +2 min

SYDNEY, Aug 7 (Reuters) - Co-hosts Australia welcomed captain Sam Kerr to the fray for the first time in the tournament as they beat Denmark 2-0 to reach the quarter-finals of the Women's World Cup at Stadium Australia on Monday. Caitlin Foord and Hayley Raso scored the goals either side of halftime before Kerr, who has been absent with a calf injury, came on as a 78th-minute substitute to a huge roar from the crowd of 75,784. Foord's touch took the ball to the edge of the six-yard box, where she slid it between the legs of Denmark goalkeeper Lene Christensen for her first goal of the tournament. A huge roar went up four minutes later when Kerr was shown on the big screen putting on a match shirt but Australia had doubled their lead before she came on. Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Kerr, Caitlin Foord, Hayley Raso, Kerr, Pernille, Danes, Fowler, Lene Christensen, Emily van Egmond, Van Egmond, Raso, Nick Mulvenney, Christian Radnedge Organizations: SYDNEY, Australia, Thomson Locations: Denmark, Australia, France, Morocco, Brisbane

☆ Why tiny homes could be a big deal
▼ + stars: | 2023-08-06 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

It's easy to look at these tiny homes as undersized gimmicks, but there are real use cases. Others are leaning on tiny homes to house homeless veterans. Denver changed its zoning laws to make ADU construction easier, allowing two-story units in some parts of the city. Tiny homes won't fix that, but innovation in zoning and construction, taken with recent data pointing to a surge in residential construction, offer reasons for hope. Why tiny homes could be a big dealThis first appeared in the Insider Today newsletter.

Persons: Joyce Higashi, Katie Sandoval, Clark, Maggie, John Randolph, crumbles Karl Maasdam, Lawrence D, Thornton, Rebecca Zisser, Francesca Gino, Gino, she's, Read, Morgan Stanley, Arantza Pena Popo, Who's, James Gorman, Ted Pick, Morgan Stanley copresident, Insider's Hayley Cuccinello, Pick, Andy Saperstein, Ted Pick Big, Tyler Le, Brad Setser, Tess Turner, Stack, coders, — Jasmine Hyman, Doc Martens, Matt Turner, Hallam Bullock, Lisa Ryan Organizations: Service, Harvard, Big Pharma Locations: Wall, Silicon, California, San Jose, New Hampshire, Denver, Austin's, New York City

☆ Meet Ted Pick, the hard-charging 'deal junkie' who looks poised to succeed James Gorman as CEO of Morgan Stanley
▼ + stars: | 2023-08-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Morgan Stanley's hard-charging trading boss Ted Pick is the frontrunner to succeed CEO James Gorman. Morgan Stanley veteran Ted Pick is in the running to succeed chief executive James Gorman. Though Wall Street has dressed down over the last few years, he sticks to his suits and Hermès ties. While Morgan Stanley currently trades at a premium among its Wall Street peers, but its enviable success isn't thanks to Pick. He's a lot more like John Mack than James Gorman in terms of style," an ex-managing director said, referring to Gorman's sharp-elbowed predecessor.

Persons: Morgan Stanley's, Ted Pick, James Gorman, Morgan Stanley, Pick, Gucci loafers, Blackstone, Tony James, Morgan, it's, Andy Saperstein, Dan Simkowitz, Gorman, John Mack, Bill Parcells, Ted Organizations: Archegos Capital Management, NFL

☆ Here are six ways the rich save big on taxes, from putting mansions in trusts to guaranteeing inheritance for future generations
▼ + stars: | 2023-08-04 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. The heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

Persons: Uncle Sam, Trump, Robert Strauss, Weinstock Manion, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI Organizations: Taxpayers, IRS, Biden, Blackstone, Lombard International, Federal Reserve Locations: Cayman Islands, Bermuda, Florida, Wyoming, Plenty

REUTERS/Christian Hartmann/File PhotoSINGAPORE, Aug 3 (Reuters) - Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Ratings agency Fitch downgraded the main U.S. credit rating, the world's biggest oil consumer, reflecting an expected fiscal deterioration as well as a high and growing government debt burden. Both benchmarks were trading near their highest since April on Wednesday, but closed down 2% after the ratings downgrade. "Since oil had a steady rise over the past month, it was ripe for a pullback. The oil market will remain tight over the short-term, but prices could be still vulnerable for a deeper drop," said Edward Moya, an analyst at OANDA.

Persons: Christian Hartmann, Fitch, Brent, Edward Moya, refiners, Tina Teng, Andrew Hayley, Sudarshan, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Energy, Administration, Organization of, Petroleum, Reuters, CMC Markets, Thomson Locations: Scheibenhard, Strasbourg, France, SINGAPORE, U.S, Saudi Arabia, China

☆ Oil rises marginally as markets weigh inventory data, US ratings downgrade
▼ + stars: | 2023-08-03 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. Both benchmarks had been trading at near their highest levels since April on Wednesday, but closed down 2% amid risk-off investor sentiment following the ratings downgrade. Wall Street's three main indexes closed lower and Treasury yields rose on Wednesday as uncertainty rippled through financial markets. U.S. crude stocks fell by a record 17 million barrels last week as refiners stepped up runs and exports topped 5 million barrels per day (bpd), the Energy Information Administration said on Wednesday. The inventory drawdown, which dramatically exceeded analysts' expectations in a Reuters poll of 1.4 million barrels, pointed to global demand outpacing supply as deep cuts from major producers continue.

Persons: Christian Hartmann, Fitch, refiners, Andrew Hayley Our Organizations: REUTERS, Brent, U.S, West Texas, AAA, U.S ., Energy Information Administration, Organization of, Petroleum, Reuters, Thomson Locations: Scheibenhard, Strasbourg, France, BEIJING, U.S, Saudi Arabia, Russia, Moscow

☆ The average Chick-fil-A franchise makes nearly $8.7 million in sales and has one of the lowest fast-food franchise startup fee — here's how to open one
▼ + stars: | 2023-08-03 | by ( Hayley Peterson | Dominick Reuter | Nancy Luna | ) www.businessinsider.com time to read: +7 min

Chick-fil-A 's fee for a new restaurant is $10,000 – one of the lowest of any major fast-food brand. In 2022, most locations average nearly $8.7 million in sales per year, up from $8.1 million a year ago, according to the chain's 2023 Franchise Disclosure Document. McDonald's, for example, requires potential franchisees to pay from $1.5 million and $2.5 million in startup costs — including a $45,000 franchise fee, according to the chain's 2023 FDD. Total costs to launch a franchised Chick-fil-A restaurant ranges from $518,385 to $2,803,435, according to the 2023 FDD documents. No transfer or sale of a Chick-fil-A business is allowed, not even family inheritance in the event of death or disability.

Persons: Mark Kalinowski, Chick, McDonald's, Noam Galai, Jay Reed Organizations: Service, Business, Taco Bell Locations: Wall, Silicon, York

☆ German tourists blamed for toppling 150-year-old Italian statue
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

ROME, Aug 3 (Reuters) - A group of young German tourists posing for pictures to post on social media have been accused of toppling a valuable statue at a villa in northern Italy, the villa's manager said on Thursday. Golferini said he had lodged a complaint with the local police against all 17 German tourists who were in the group renting the villa. They have left Italy since the incident on Monday that was captured by the villa's surveillance cameras. There was anger in Italy in June when a tourist from England was pictured on social media scribbling the graffiti "Ivan + Hayley 23" on a wall at the Colosseum in Rome. ($1 = 0.9158 euros)Writing by Keith Weir; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Enrico Butti, Bruno Golferini, Villa Alceo, Golferini, Domina, Ivan, Hayley, Keith Weir, Barbara Lewis Organizations: Thomson Locations: Italy, Viggiu, England, Rome

☆ China gallium, germanium export curbs kick in; wait for permits starts
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Aug 1 (Reuters) - China's export controls on some gallium and germanium products take effect on Tuesday, with traders braced for a drop in international supply in August and September while exporters sort out newly required permits. China, the world's top supplier of the two minor metals used to make semiconductors, announced restrictions on the exports of eight gallium and six germanium products in early July, citing national security reasons. At the same time, the export restrictions are expected to result in a growing surplus of the products in China. Chinese exports of wrought germanium and germanium products in the first half totalled 27,825 kg, up 75.5% from a year earlier, customs data showed. Exports of wrought gallium and gallium products totalled 17,565 kg, down 53.5%.

Persons: Willis Thomas, CRU's Thomas, Andrew Hayley, Florence Tan, Jason Neely, Jan Harvey Organizations: China's Ministry of Commerce, Reuters, Commerce, China Nonferrous Metals Industry Association, Beijing Newsroom, Thomson Locations: BEIJING, China, London, Rotterdam, Beijing

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ Women's World Cup roundup: Australia routs Canada
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/4] Soccer Football - FIFA Women’s World Cup Australia and New Zealand 2023 - Group B - Canada v Australia - Melbourne Rectangular Stadium, Melbourne, Australia - July 31, 2023 Australia's Hayley Raso celebrates scoring their second goal REUTERS/Asanka Brendon RatnayakeJuly 31 - Hayley Raso recorded a first-half brace on Monday as Australia advanced to the knockout round with a 4-0 victory over Canada in a Group B clash at the Women's World Cup in Melbourne, Australia. Kailen Sheridan made two saves for Canada (1-1-1), which was unable to take advantage of a 5-4 edge in corner kicks. The Japanese will face Norway in the knockout round on Saturday in Wellington. Misa Rodriguez made one save for Spain (2-1-0), which will challenge Switzerland on Saturday in Auckland, New Zealand. Zambia 3, Costa Rica 1Lushomo Mweemba, Barbra Banda and Racheal Kundananji each scored a goal to lift Zambia to its first-ever win at the Women's World Cup at Hamilton, New Zealand.

Persons: Hayley Raso, Asanka Brendon Ratnayake, Raso, Mary Fowler, Steph Catley, Kailen Sheridan, Nnadozie, Uchenna Kanu, Courtney Brosnan, Hinata Miyazawa, Miyazawa, Riko Ueki, Mina Tanaka, Misa Rodriguez, Mweemba, Barbra Banda, Racheal Kundananji, Catherine Musonda, Melissa Herrera Organizations: Soccer Football, FIFA, REUTERS, Canada, Australia, Ireland, Brisbane, Japan, Spain, Costa Rica, Thomson Locations: New Zealand, Canada, Melbourne, Australia, Nigeria, Japan, Spain, Wellington , New Zealand, Norway, Wellington, Auckland , New Zealand, Zambia, Costa Rica, Hamilton , New Zealand

☆ Canada's early exit came down to pressure and belief, says coach Priestman
▼ + stars: | 2023-07-31 | by ( Lori Ewing | ) www.reuters.com time to read: +3 min

"You're coming into a very difficult group (B at the World Cup). And I think that's the difference ... it's belief and pressure for me." FINAL APPEARANCEMonday marked the final appearance for Sophie Schmidt, who said she will retire after this, her fifth World Cup. Canada's 40-year-old talisman Christine Sinclair, the world's leading international scorer with 190 goals, was never a threat and substituted at the break for what was likely her final World Cup appearance. Priestman believes Canada can learn and grow from their disappointing World Cup performance.

Persons: Bev Priestman, I'm, Priestman, you've, Australia's Hayley Raso, I've, Sophie Schmidt, Christine Sinclair, Christine Sinclair's, that's, Lori Ewing, Ken Ferris Organizations: MELBOURNE, Melbourne, Olympic, Nigeria, Ireland, Australia, Thomson Locations: Tokyo, Canada, Australia

☆ China's oil and uranium business in Niger
▼ + stars: | 2023-07-31 | by ( Andrew Hayley | ) www.reuters.com time to read: +4 min

China's total foreign direct investment (FDI) into Niger stood at $2.68 billion as at the end of 2020, according to the U.S. Embassy in Niger. The pipeline investment is twinned with a second phase of development of the Agadem field. Taken together, total investment into the pipeline and second phase development is expected to reach $4 billion, according to China's Ministry of Commerce. URANIUM MINEIn 2007, state-owned China National Nuclear Corporation (CNNC) (601985.SS) entered a joint venture with the Nigerien government to develop the Azelik uranium mine in the centre of the country. Niger, which has Africa's highest-grade uranium ores, produced 2,020 metric tons of uranium in 2022, about 5% of world mining output, according to the World Nuclear Association.

Persons: Niger's, Mohamed Bazoum, PetroChina, CNNC, Andrew Hayley, Aizhu Chen Organizations: U.S, Embassy, Nigerien, China's Ministry of Commerce, Reuters, China National Nuclear Corporation, Hong Kong Stock Exchange, World Nuclear Association, Thomson Locations: BEIJING, China, France, West, Niger, PetroChina, Niamey, Zinder, Nigeria, Nigerien, Cotonou, Africa, Beijing, Singapore

☆ Australia crush Canada 4-0 to reach World Cup knockouts
▼ + stars: | 2023-07-31 | by ( Ian Ransom | ) www.reuters.com time to read: +3 min

MELBOURNE, July 31 (Reuters) - Hayley Raso scored a first half brace and Mary Fowler struck after the break as Australia crushed Canada 4-0 on Monday to storm into the last 16 of the Women's World Cup and send the Olympic champions spinning out of the tournament. Australia topped Group B on six points, one ahead of Nigeria, who also advanced after a 0-0 draw against Ireland. They almost made it 2-0 minutes later, but Raso's shot was well saved by goalkeeper Kailen Sheridan. It scarcely mattered as five minutes later, Raso was celebrating her second strike after Sheridan failed to clear the ball from a set-piece. But another Australian raid minutes later ended with Fowler slotting in a cross from Caitlin Foord to blow out the lead.

Persons: Hayley Raso, Mary Fowler, Raso, Sam Kerr, Fowler, Steph Catley, Kerr, Canada's talismanic, Christine Sinclair, Bev Priestman, Kailen Sheridan, Sheridan, Sophie Schmidt, Caitlin Foord, Jessie Fleming clattered, Katrina Gorry, Ian Ransom, Christian Radnedge Organizations: MELBOURNE, Olympic, Melbourne, Australia, Ireland, Raso, Thomson Locations: Australia, Canada, Denmark, Nigeria, Melbourne

☆ Australia emphatically beats Canada to reach Women’s World Cup last 16, eliminating reigning Olympic champion
▼ + stars: | 2023-07-31 | by ( Matias Grez | ) edition.cnn.com time to read: +1 min

Women’s World Cup 2023: Live scores, fixtures, results, tables and top scorers. CNN —Australia is through to the round of 16 of the Women’s World Cup thanks to an emphatic 4-0 win over Canada, eliminating the reigning Olympic champion in the process. Nigeria’s goalless draw with the Republic of Ireland in Group B’s other match ensured the Super Falcons progressed in second place, a point ahead of Canada, to reach the last 16 for the second World Cup in a row. Hayley Raso’s first-half brace, a second-half goal for Mary Fowler and a Steph Catley penalty secured an eye-catching victory for the co-host and thrilled a raucous crowd of 27,706 inside the Melbourne Rectangular Stadium. More to follow…

Persons: Hayley Raso’s, Mary Fowler, Steph Catley Organizations: CNN —, Canada, Olympic, Republic of Ireland, Super Falcons Locations: CNN — Australia, Republic of, Canada, Melbourne

Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week - a fifth straight week of gains. The benchmarks are on track to gain over 13% for the month. In an interview on Friday, Exxon Mobil (XOM.N) chief Darren Woods said he expected record oil demand this year and next. On the supply side, U.S. oil rigs fell by one to 529 this week, their lowest since March 2022, energy services firm Baker Hughes (BKR.O) said on Friday. Saudi Arabia is expected to extend the voluntary oil output cut for another month to include September, five analysts said, to provide additional support for the oil market.

Persons: Brent, Phil Flynn, Jerome Powell's, Tamas Varga, Darren Woods, Baker Hughes, Stephanie Kelly, Natalie Grover, Laura Sanicola, Andrew Hayley, Deepa Babington, Kirsten Donovan Organizations: drillers, U.S . Federal Reserve, European Central Bank, U.S, West Texas, Price Futures, Federal, Exxon Mobil, Thomson Locations: France, Spain, China, OPEC, United States, U.S, Saudi, Saudi Arabia, New York, London, Washington, Beijing

☆ China's gasoline demand peak nears as EV boom hastens transition
▼ + stars: | 2023-07-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +5 min

The International Energy Agency (IEA) and consultancy Rystad Energy have brought forward forecasts of China's peak gasoline demand by about a year to 2024, while Chinese state majors PetroChina and Sinopec (600028.SS) see it in 2025. The earlier halt in gasoline demand growth in the world's No. Reuters GraphicsAs a result of accelerating EV sales, Paris-based IEA now expects Chinese gasoline demand to peak in 2024 at about 3.7 million barrels per day (bpd), bringing forward an earlier projection of demand plateauing in 2025/2026. The research arm of China's state refiner CNPC expects gasoline demand to peak in 2025, citing accelerating sales of EVs, and sees gasoline demand shrinking 2.3% annually between 2026 and 2030. China's massive move into petrochemicals is already causing a glut globally, prompting companies to shift investments to high-end energy transition materials.

Persons: Aly, refiners, Toril Bosoni, EV's, Gaurav Batra, Mukesh Sahdev, Ma Yongsheng, Mohi Narayan, Carman Chew, Matthew Chye, Chen Aizhu, Zoey Zhang, Andrew Hayley, Florence Tan, Sonali Paul Organizations: Porsche, Auto Shanghai, REUTERS, International Energy Agency, Rystad Energy, China Association of Automobile Manufacturers, Reuters Graphics, Reuters, China, Shenghong Petrochemical, Energy, Graphics, Thomson Locations: Shanghai, China, Jan, Sinopec, Asia, Reuters Graphics China, Paris, U.S, North America, India, Sun, New Delhi, Singapore, Beijing

☆ Inheritance for your dog: How the rich put millions into trusts with very specific purposes, from taking care of pets to cryogenically freezing their bodies
▼ + stars: | 2023-07-28 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider. Purpose trusts set up to maintain art collections usually include a timeline for liquidating or donating the artworks, according to lawyer Neil Solarz of Weinstock Manion.

Persons: Leona Helmsley, Naomita Yadav, Uncle Sam, Yadav, perpetuities, Neil Solarz, Weinstock Manion, Solarz, that's, Samantha, someone's, Shepherd Organizations: Siberian huskies, huskies Locations: Withersworldwide, California

July 28 (Reuters) - Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts. Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase. U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase. But recent interest rate increases from global central banks seeking to tame stubborn inflation raised questions about long term demand. Earlier this week oil fell after data showed U.S. crude inventories fell less than expected.

Persons: Brent, Jerome Powell's, Baden Moore, Jim Ritterbusch, Laura Sanicola, Andrew Hayley, Lincoln, Sonali Paul Organizations: . West Texas, Commerce Department, Federal, Organization of, Petroleum, bbl, National Australia Bank, U.S . Federal Reserve, European Central Bank, Ritterbusch, Associates, Thomson Locations: U.S, 3Q23, Saudi, Galena , Illinois, Washington, Beijing

"Chinese Exim bank rolled over principal amounts totalling $2.4 bln which are due in next 2 fiscal years," he said in a post on messaging platform X, formerly known as Twitter. "Pakistan will make interest payments only over the next two years," Dar said, meaning the wavier is only for the principal loan amount. "In principle, China and Pakistan have close cooperation in economic and financial sectors, and we will continue to advance cooperation with Pakistan to support the country in achieving stability and development," Chinese Foreign Ministry spokesperson Mao Ning said. The IMF team this month met the leadership of all political parties, including former Prime Minister Imran Khan, to seek a continuation of its bailout objectives irrespective of who comes to power. Reporting by Asif Shahzad; Additional Reporting by Andrew Hayley in Beijing; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Ishaq Dar, Dar, Mao Ning, Shehbaz Sharif, Imran Khan, Asif Shahzad, Andrew Hayley, Tom Hogue, Christopher Cushing Organizations: Pakistan Finance, Reuters, Foreign Ministry, Longtime, Beijing, Initiative, International Monetary Fund, United, United Arab Emirates, IMF, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, China, Saudi Arabia, United Arab, Beijing

The new market-based pricing system will also encourage distributors like ENN and China Gas that are expanding into global gas trading to look at importing LNG. "The policy will help the whole (gas) distribution sector and restore utilities' profitability," said Tan Yuwei, general manager of capital management at China Gas Holdings. Shares for listed gas utility companies briefly reversed this year's trend downwards after the policy was announced, but they remain under pressure from lacklustre industrial demand and China's struggling economy. China in recent years has liberalized natural gas prices by allowing distributors to pass costs on to industrial and commercial customers, although Beijing maintained tight control over household prices to avoid a consumer backlash. "This policy reform will result in more reasonable downstream gas prices in China, which will encourage city gas utilities to increase purchases from upstream importers," said Yi Cui, an analyst with consultancy Rystad Energy, referring to Chinese national oil companies.

Persons: COVID, Tan Yuwei, Tan, Yi Cui, Chen Aizhu, Emily Chow, Andrew Hayley, Tom Hogue Organizations: ENN Energy Holdings, HK, China Gas Holdings, China Resources Gas, Shanghai Gas, Chongqing Gas, Changchun Gas, China Gas, National Development, Reform Commission, China Gas Association, Rystad Energy, Beijing, Thomson Locations: SINGAPORE, BEIJING, China, Changchun, Qingdao, Nanjing, Shijiangzhuang, Lanzhou, Hubei, Guizhou, Shaanxi, Beijing, Hebei, Singapore

☆ How the rich put millions into trusts to take care of their pets and pay for cryogenic freezing after they die
▼ + stars: | 2023-07-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

The rich can use trusts to devote millions to pets, art collections, and even cryogenic freezing. Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider.

"The oil market is starting to slowly price in a looming supply crunch," Price Futures Group analyst Phil Flynn said. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. A shutdown of the grain corridor could hit supplies of ethanol and biofuels that are blended with oil products at a time that global grain markets are already tightening, which would lead to refiners using more crude oil, Flynn said. Meanwhile, U.S. energy firms this week reduced the number of oil rigs by seven, their biggest cut since early June, energy services firm Baker Hughes said. At 530, the U.S. oil rig count, an early indicator of future output, is at its lowest since March 2022.

Persons: WTI, Phil Flynn, Flynn, Baker Hughes, Suhail, Mazrouei, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Brent, U.S . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, Bengaluru, London, Houston, Beijing

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