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☆ Brexit an 'economic disaster' for UK and German trade - DIHK
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 22 (Reuters) - Brexit has been an "economic disaster" for trade and investment ties between the United Kingdom and Germany, leading to a fall in German direct investment and seeing the UK decline in importance as a trading partner, German economists said. "Brexit is an economic disaster for both sides of the channel," Volker Treier, head of foreign trade at the German Chamber of Industry and Commerce (DIHK), told Reuters on Thursday. According to the DIHK, some 2,163 German companies are now active in the UK, 5.2% fewer than in 2016. Germany Trade and Invest (GTAI), an organisation that helps international companies set up business in Germany, has counted more than 1,000 new businesses from the UK since the Brexit vote. Germany's size and central location are an advantage when it comes to attracting UK companies, he added.

Persons: Volker Treier, Treier, Robert Hermann, Rene Wagner, Maria Martinez, Emma Rumney Organizations: European Union, German Chamber of Industry and Commerce, Reuters, Germany Trade, Invest, EU, Thomson Locations: BERLIN, United Kingdom, Germany, Britain, U.S, Switzerland

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

☆ Bain Capital makes $3.2 bln offer for SoftwareOne, board says it's too low
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

ZURICH, June 15 (Reuters) - Bain Capital Private Equity has made an offer for SoftwareOne (SWON.S) which values the Swiss software management company at 2.9 billion Swiss francs ($3.21 billion), Bain said on Thursday. In its response, SoftwareOne board, said the offer "materially undervalues" the company and was not in its best interest or that of the majority of its shareholders. Bain has made an all cash offer of 18.50 Swiss francs per share to take the company private, it said. The company's shares, which closed at 15.17 Swiss francs on Wednesday, were up 19.8% in pre-market trade. In its statement, SoftwareOne confirmed that the "indicative, unsolicited and non-binding offer from Bain Capital" it had received was supported by those shareholders.

Persons: Bain, SoftwareOne, Daniel von Stockar, Rene Gilli, von Stockar, John Revill, Tomasz Janowski Organizations: Bain Capital Private Equity, Microsoft, Adobe, IBM, Bain Capital, Bain, Thomson Locations: ZURICH, Swiss, Stans, Switzerland

☆ Chief of staff to new top Democrat on antitrust subcommittee lobbied for Apple, Amazon
▼ + stars: | 2023-06-15 | by ( Lauren Feiner | ) www.cnbc.com time to read: +3 min

UNITED STATES - FEBRUARY 28: Rep. Lou Correa, D-Calif., walks down the House steps after the last votes of the week on Friday, Feb. 28, 2020. The chief of staff to the new top Democrat on the House Judiciary subcommittee on antitrust lobbied on behalf of Amazon and Apple as recently as 2022, including on the very issues the ranking member will oversee in his new role, CNBC found based on public disclosures. René Muñoz has served as chief of staff to Correa since November 2022, according to Congress tracking site LegiStorm. Before that, Muñoz worked at the lobbying firm Federal Street Strategies beginning in May 2020, according to LinkedIn, where his clients included Amazon and Apple, along with other corporations. Rep. Ken Buck, R-Colo., later became the top Republican on the subcommittee and was a significant ally to Cicilline in championing the tech antitrust bills.

Persons: Lou Correa, California Democrat Lou Correa's, René Muñoz, Correa, Muñoz, David Cicilline, Ken Buck, Buck, Thomas Massie, Maria Langholz, Cicilline, He's Organizations: UNITED STATES, Democrat, Amazon, Apple, CNBC, California Democrat, LinkedIn, Rhode, Rhode Island Democratic, Google, Facebook, Republican, Progress, Democrats, Staff Locations: California, Rhode Island, Ky, Orange County

☆ China encourages Arm to deepen cooperation with its research institutions, companies
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 1 (Reuters) - China Vice Minister of Science and Technology Zhang Guangjun encouraged Softbank-owned British chip technology firm Arm to deepen its cooperation with Chinese research institutions, colleges and companies, his ministry said on Thursday. In a meeting with Arm CEO Rene Haas in Beijing on Tuesday, Zhang said Arm's potential for development in the Chinese market is big, and the ministry will continue to provide services and support for high tech enterprises operating in the country. Reporting by Beijing Newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Technology Zhang Guangjun, Softbank, Rene Haas, Zhang, Tom Hogue Organizations: China, Science, Technology, Beijing, Thomson Locations: BEIJING, British, Beijing

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEx-SEC official warns influencers against promoting crypto, and Bybit exits Canada: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Rene Reinsberg, co-founder of Celo and president of the Celo Foundation, weighs in on where crypto markets are headed and discusses the impact of global regulatory developments.

Persons: explainers, Rene Reinsberg, Celo Organizations: Ex, SEC, CNBC Crypto, CNBC, Celo Locations: Canada

☆ Jane Fonda says director asked to sleep with her before filming sex scene
▼ + stars: | 2023-05-19 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +3 min

“Was it a sloppy pass?” asked Andy Cohen, host of the show. “It was a beautiful moonlit night,” said Fonda, who described him as having been “skinny.”Garbo had dived into freezing cold water, Fonda recalled. As his first question, Cohen asked which of those nominations she felt was “most deserving” of the title. She chose the 1982 movie “On Golden Pond,” in which she starred alongside her father, Henry Fonda. Finally, Cohen asked: “After your decades working in the entertainment industry, who do you think is the biggest misogynist in Hollywood?”“Oh my God,” Fonda replied in mock horror.

☆ Buy this resilient regional bank trading at a 50% discount, Bank of America says
▼ + stars: | 2023-05-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

M & T Bank is well positioned for a downturn and is a bargain for investors looking to take advantage of its selloff this year, Bank of America said in a note Thursday. Regional banks have been slammed since the banking crisis began in March with the collapse of Silicon Valley Bank. While M & T Bank isn't immune to headwinds from worsening credit quality, rising fund costs and increased regulation, its management team is operating from a position of strength, Bank of America analyst Ebrahim Poonawala said. "In an industry where market share consolidation (organic or via M & A) is likely to continue, we view the bank as a relative winner," Poonawala said. Shares are trading at 7.7 times price-to-earnings for 2023 and 7.9 times for 2024, he pointed out.

☆ Evelyne Axell was a trailblazer of erotic pop art in the 1960s. Then she died
▼ + stars: | 2023-05-17 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +7 min

CNN —Throughout Evelyne Axell’s short but radical career, the Belgian artist revered the female body in psychedelic hues rendered in gleaming enamel. In 1972, only a handful of years into painting, she died in a car crash and faded into relative obscurity. But such sales for Axell are infrequent, according to Sara Friedlander, Christie’s deputy chairman of post-war and contemporary art. Her stylistic approach — a mix of pop art influences and dreamy surrealist settings — is still underrecognized, according to Morris. “She acts as a historical bridge (between surrealism and pop art),” she said.

☆ German exports to Russia's neighbours fuel sanctions evasion fears
▼ + stars: | 2023-05-16 | by ( Rene Wagner | ) www.reuters.com time to read: +4 min

Although they remain relatively modest in value, German exports to Georgia rose by 92%, while those to Kazakhstan rose 136%, to Armenia 172% and to Tajikistan 154%. An 11th package of EU sanctions, currently being negotiated, will also focus on people and countries circumventing existing trade restrictions. "The circumvention of sanctions against Russia is unacceptable," German Finance Minister Christian Lindner said in Brussels on Tuesday. That came after a six-fold rise in German exports to Kyrgyzstan last year following Russia's February 2022 invasion of Ukraine. "But because Turkey does not participate in EU sanctions, EU goods are further exported from there to Russia."

CNN —Hundreds of jewels once owned by late Austrian billionaire Heidi Horten have fetched a combined 176 million Swiss francs ($196 million) to become the most expensive private jewelry collection ever to appear at auction. Heidi Horten pictured wearing the Briollete of India necklace, which sold for 6.3 million Swiss francs ($7 million). The most valuable lot, a ruby and diamond Cartier ring that is “pigeon blood” in color, fetched just over 13 million Swiss francs ($14.5 million), despite Christie’s expecting bids as high as 18 million Swiss francs ($20 million). A 90-carat “Briolette of India” diamond necklace by jeweler Harry Winston also came in below estimate, selling for 6.3 million Swiss francs ($7 million). courtesy Christie'sElsewhere, however, a Bulgari diamond ring more than doubled its high estimate to fetch 9.1 million Swiss francs ($10.1 million).

☆ Tunisia synagogue attack toll up to 6, local media says
▼ + stars: | 2023-05-10 | by ( Tarek Amara | ) www.reuters.com time to read: +3 min

[1/5] Members of the security forces stand near the entrance of Ghriba synagogue, following an attack, in Djerba, Tunisia May 10, 2023. REUTERS/StringerTUNIS, May 10 (Reuters) - A Tunisian security officer who was wounded in Tuesday's shooting attack outside a synagogue on the Tunisian island of Djerba has died, hospital sources said, bringing the death toll to six including the shooter. Israel's Foreign Ministry described the attack as a "lethal shooting incident", with a spokesperson saying it was still under investigation. The United States and France said Tunisian security forces had responded quickly. The pilgrimage has had tight security since al Qaeda militants attacked the synagogue in 2002 with a truck bomb, killing 21 Western tourists.

☆ An executive coach who worked with Nelson Mandela and the last leader of the Soviet Union, says CEOs must realize they will always upset 'a large bunch of people every day'
▼ + stars: | 2023-04-24 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +6 min

René Carayol, an executive coach for more than 20 years, said CEOs can never make everyone happy. He told Insider the chief executive role is "the toughest job in the company." Carayol has a high-profile list of clients, including world leaders and CEOs at Fortune 500 and FTSE 100 companies. He's advised four former CEOs of Barclays Bank and even former Soviet leader, Mikhail Gorbachev. Inherent and implicit in the role is you are upsetting a large bunch of people every day.

☆ Airbus tells shareholders Europe needs to 'get its act together' on autonomy
▼ + stars: | 2023-04-19 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

The chairman of Europe's largest aerospace group, Rene Obermann, told investors last year's invasion of Ukraine by Russia had been a wake-up call. "It has highlighted the essential role that defence plays in society and that European nations need to get their act together for higher levels of strategic autonomy. "We are committed to playing a role of enabler for more co-operation in defence, which we believe is one of the key prerequisites to make sure that Europe maintains its strategic autonomy, Obermann said. He also cited sovereign capabilities for which Europe does not want to depend on the United States. DEFENCE DIVIDENDFrench President Emmanuel Macron is pursing an agenda to beef up Europe's "strategic autonomy" separate from the U.S.-led NATO umbrella, with eastern allies trusting the United States more for their defence.

The so-called Joint Economic Forecasts, to be presented in Berlin on Wednesday, expect a 0.1% expansion in gross domestic product in the first quarter. The five economic institutes which prepare the Joint Economic Forecasts predict GDP growth in Germany of 0.3% in 2023, up from a predicted contraction of 0.4% in the autumn, two sources familiar with the data told Reuters. The economics ministry will update its forecasts incorporating the results of the Joint Economic Forecasts this spring. The economic institutes predict inflation of 6.0% in 2023, before slowing to 2.4% in 2024. The Joint Economic Forecasts are prepared by the Ifo Institute, the Halle Institute for Economic Research, the Kiel Institute for the World Economy, the RWI – Leibniz Institute for Economic Research and the Austrian Institute of Economic Research.

Multiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems. Evidence of sophisticated malware in the Pinduoduo app comes amid intense scrutiny of Chinese-developed apps like TikTok over concerns about data security. Pinduoduo has previously rejected “the speculation and accusation that Pinduoduo app is malicious.”CNN has contacted PDD multiple times over email and phone for comment, but has not received a response. Google Play is not available in China, and Android users in the country download their apps from local stores. Engineers also found their access to big data, data sheets and the log system revoked, the source said.

The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at Deutsche Bahn (DBN.UL) and bus companies. Verdi has called on around 120,000 employees in the transport and infrastructure sectors, including ground and air traffic service providers, shipping, motorways and municipal ports, to join the strikes. We want a negotiable offer," said Martin Burkert, the chairman of the EVG union, which represents workers at 50 transport companies, including railway operator Deutsche Bahn. German airport association ADV also condemned the strikes expected to hit around 380,000 air travellers on Monday as all airports across Germany, except Berlin, would come to a virtual standstill.

☆ German 'wise ones' see inflation uptick if banking woes halt rate rises
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

[1/2] Members of the German economic expert council attend a news conference to present the economic prognosis 2022/23, in Berlin, Germany March 22, 2023. "The recent increase in financial market risks has made it more difficult for central banks to fight inflation," the five "wise ones" who advise Berlin on economic policy said in their biannual report. "If the monetary policy response is too weak due to these trade-offs, inflation could remain high for longer than expected or even pick up again," they added. Turmoil in the banking sector culminated in the Swiss regulator-backed takeover of Credit Suisse by rival UBS at the weekend. Inflation will come in at 6.6% in 2023 and 3.0% in 2024, the council predicted.

☆ Spring training roundup: A's yield inside-the-park HR, rally past Angels
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

Taylor Ward scored an inside-the-park home run for the Angels in the first inning. Ward's liner to center got past a diving Esteury Ruiz, and the A's were slow to chase it down. Jake Cave hit his third homer of spring training for Philadelphia, while Pirates veteran Andrew McCutchen hit his first of the spring, a two-run shot. Washington got a two-run homer from Victor Robles and outhit St. Louis 15-6. The Giants had 16 hits, hanging six hits and six runs on Dodgers starter Noah Syndergaard (1-2) over 4 1/3 innings.

☆ Bill CEO on new offerings after SVB and effects from reduced lending
▼ + stars: | 2023-03-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBill CEO on new offerings after SVB and effects from reduced lendingRene Lacerte, Bill CEO, joins 'Closing Bell: Overtime' to discuss the ripple effects from reduced lending in banking.

☆ British chip giant Arm chooses New York listing in a blow to London
▼ + stars: | 2023-03-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

City workers in Paternoster Square, where the headquarters of the London Stock Exchange is based, in the City of London, UK, on Thursday, March 2, 2023. British chip designer Arm, owned by Japan's SoftBank, and building materials group CRH intend to shun London and pursue stock market listings in the U.S., dealing a blow to the U.K.'s post-Brexit vision. Arm said in a statement Friday that it was seeking to pursue a U.S.-only listing this year. It comes shortly after CRH, one of the FTSE 100 's biggest companies, said it plans to move its primary stock market listing to New York. The news is likely to bolster fears that the U.K. stock market is losing out to international rivals.

☆ SoftBank's Arm rebuffs London by choosing U.S. listing
▼ + stars: | 2023-03-03 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

The company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO there in due course, without providing further details. London worked hard to get the listing, with Prime Minister Rishi Sunak and Arm Chief Executive Rene Haas meeting in Downing Street last month, according to reports. The loss follows a decision by Dublin-based building materials giant CRH on Thursday to move its primary listing from London to the United States. Arm has pushed into markets beyond smartphones, such as data center servers, where its low-power designs can cut energy use. It immediately identified New York as its preferred destination, where the company will join the likes of Intel, Qualcomm and Nvidia.

☆ SoftBank's Arm to pursue U.S.-only listing this year
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: +1 min

The logo of British semiconductor and software design company Arm is pictured at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on March 2, 2023. (Photo by Josep LAGO / AFP) (Photo by JOSEP LAGO/AFP via Getty Images)British chip technology firm Arm, owned by Japanese conglomerate SoftBank , said on Friday it will pursue a U.S.-only listing this year, ending speculation about a primary or a secondary listing in the U.K. Still, the company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO there in due course, without providing further details. Arm is the world's biggest supplier of chip design elements used in smartphones, selling intellectual property to companies such as Apple and Qualcomm . "After engagement with the British Government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a U.S.-only listing of Arm in 2023 is the best path forward for the company and its stakeholders," Arm Chief Executive Officer Rene Haas said in a statement.

☆ In the three-way battle between YouTube, Reels and TikTok, creators aren't counting on a big payday
▼ + stars: | 2023-02-27 | by ( Zach Vallese | ) www.cnbc.com time to read: +6 min

Several told CNBC still earn higher monthly payouts on YouTube than on other platforms, including TikTok and Reels. Since the launch of YouTube Shorts' new partnership program on February 1, the results have been mixed. MrBeast's ongoing multi-million dollar investments in his YouTube videos demonstrate the platform's potential for generating strong returns, attracting influencers with significant followings. Creators' past criticism of YouTube Shorts paymentCreators had been expressing dissatisfaction with YouTube's approach to paying them for Shorts. TikTok pays its creators through its own TikTok Creator Fund, which the company has pledged to grow from $200 million to $1 billion over the next three years.

☆ Russian 2023 budget deficit to widen as price caps take effect - Scope
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 24 (Reuters) - Lower revenues from oil and gas exports will significantly widen Russia's budget shortfall this year, according to an analysis from the European ratings agency Scope obtained by Reuters on Friday. Scope expects the deficit to rise to 3.5% of gross domestic product (GDP), significantly wider than the government's forecast of 2% of GDP, according to the analysis. Another way to plug the deficit is to issue domestic bonds to state-owned banks, backed by liquidity provided by the Bank of Russia. Western countries want caps on the price of Russian oil to reduce income for the Kremlin's war chest for its invasion of Ukraine, which entered its second year on Friday. Reporting by Rene Wagner; Writing by Friederike Heine; Editing by Rachel More and Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

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