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☆ Shares and bonds ride high after soothing euro zone data
▼ + stars: | 2023-03-31 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Government bonds have gained as much as 5%, gold is 8% higher, while oil is down and the dollar has barely budged. The euro zone inflation numbers showed consumer prices rising 6.9% in March after an 8.5% increase in February, representing the sharpest deceleration since Eurostat started collecting data in 1991. Japan's Nikkei (.N225) also jumped 1% on Friday，as inflation data for the capital Tokyo highlighted broadening price pressures. The euro , which hit a one-week high against the dollar overnight on sticky German inflation data, dipped back under $1.09 again after the euro zone data but was still set for a 3% monthly rise. U.S. crude futures were flat at $74.40 per barrel, while Brent crude futures slipped 0.1% to $78.52 per barrel.

☆ Asian shares ride high in Q1 but keep vigil on inflation
▼ + stars: | 2023-03-31 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The buoyant mood is likely to run into resistance in Europe, with caution setting in ahead of the euro zone inflation data. The pan-region Euro Stoxx 50 futures was flat, while S&P 500 futures eked out a gain of 0.2%. It is on course for a quarterly gain of 3.6%, after surging 12% in the three months that ended in December. Japan's Nikkei (.N225) also leaped 1%，as inflation data for the capital Tokyo highlighted broadening price pressures. That compared with an overwhelming bet on a 25 basis point hike a month ago before the banking volatility started.

[1/3] A meatball made from flesh cultivated using the DNA of an extinct woolly mammoth is presented at NEMO Science Museum created by a cultured meat company, in Amsterdam, Netherlands March 28, 2023. REUTERS/Piroschka van de WouwAMSTERDAM, March 28 (Reuters) - A giant meatball made from flesh cultivated using the DNA of an extinct woolly mammoth was unveiled on Tuesday at Nemo, a science museum in the Netherlands. The meatball was made of sheep cells inserted with a singular mammoth gene called myoglobin. While creating cultured meat usually means using blood of a dead calf, Vow used an alternative, meaning no animals were killed in the making of the mammoth meatball. Vow hopes to put cultured meat on the map in the European Union, a market where such meat as food is not regulated yet.

☆ Angry youths challenge Macron and his pension law
▼ + stars: | 2023-03-27 | by ( Yonathan Van Der Voort | ) www.reuters.com time to read: +3 min

REUTERS via Reuters TVPARIS, March 27 (Reuters) - Teenager Charles Chauliac is angry that French President Emmanuel Macron plans to delay the retirement of hard-working folk like his parents, and that he bypassed parliament to do so. Most evenings for the past few weeks, the 18-year-old has taken to the streets of Paris to try and force a U-turn. Marching through Paris, dodging police, he joins other young people in spontaneous protests, chanting: "We are here, we are here, even if Macron does not want it, we are here." Tags sprayed on the walls of Paris in recent days have targeted Macron, or simply read: Democracy. While some protesters have torched bins, thrown rocks at police or smashed shop windows and bus stops, Chauliac insists he hasn't.

The fresh price falls in Europe came as investors were looking to see how far U.S. authorities would go to shore up the banking sector, particularly fragile regional lenders. REUTERS/Dado Ruvic/Illustration/File Photo 1 2CDS surge on banking sector turmoilUBS CHALLENGESThe global banking sector has been shaking since the sudden collapse this month of SVB and Signature Bank. But the worries spread quickly, and on Sunday UBS (UBSG.S) was rushed into taking over Swiss rival Credit Suisse after it lost the confidence of investors. Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus. Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday the wipeout of Credit Suisse bondholders had "profound" implications for global bank regulations.

☆ European banks face renewed selling pressure
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +8 min

So people are acting with their feet and continuing to sell bank stocks. ING ECONOMICS TEAM (emailed) "Most European banks are impacted by these events mainly via the more cautious market sentiment. "It seems like post what happened to Credit Suisse last weekend, two things might be at play here. “European banks probably suffered from contagion from what was going on in the US, where the regional banks seem to be under pressure in the rising rate environment. European banks have, in fact, had no fundamental issues whatsoever.

[1/5] The logo of Raiffeisen Bank International (RBI) is seen on their headquarters in Vienna, Austria, March 14, 2023. REUTERS/Leonhard FoegerVIENNA, March 23 (Reuters) - The European Central Bank is pressing Austria's Raiffeisen Bank International (RBIV.VI) to unwind its highly profitable business in Russia, five people with knowledge of the matter told Reuters. One person said such a plan could include the sale or closure of its Russian bank. A Raiffeisen spokesperson said that it was examining options for its Russia business "including a carefully managed exit" and that it was "expediting" its assessment, adding that it had also reduced lending in the country. HIGH STAKESIn January, the U.S. sanctions authority launched an inquiry into Raiffeisen over its business related to Russia.

☆ TikTok CEO set for grilling in House hearing. But U.S. lawmakers also face questions
▼ + stars: | 2023-03-23 | by ( Lauren Feiner | ) www.cnbc.com time to read: +15 min

U.S. tech platforms including Meta's Facebook and Instagram, Google's YouTube , Twitter and Snap's Snapchat have raised similar fears for lawmakers and users. Evaluating a potential banThere's little appetite in Washington to accept the potential risks that TikTok's ownership by Chinese company ByteDance poses to U.S. national security. The interagency panel tasked with reviewing national security risks stemming from ByteDance's ownership has threatened a ban if the company won't sell its stake in the app. Trahan said members should ask about national security risks of the app, but those questions should be substantive. Bowman noted lawmakers haven't received a bipartisan congressional briefing from the administration on national security risks stemming from TikTok.

☆ Van der Poel solos to emotional Milan-Sanremo victory
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

March 18 (Reuters) - Dutchman Mathieu van der Poel won the Milan-Sanremo on Saturday to claim the first Monument of the season, 62 years after his grandfather won the race. However, Van der Poel launched his attack on the summit of the Poggio with 5.5km to go and stormed into the lead, extending it as they entered the city with the other three riders fighting it out for second place. The victory was Van der Poel's third after winning the Tour of Flanders in 2020 and 2022, following in the footsteps of his French grandfather Raymond Poulidor who won the race in 1961. It's one Monument every rider wants to win one day," Van der Poel said with a smile. Milan-Sanremo is the longest Monument race at 294 kilometres this year.

☆ Imperious Ireland beat England to clinch Six Nations Grand Slam
▼ + stars: | 2023-03-18 | by ( Padraic Halpin | ) www.reuters.com time to read: +4 min

DUBLIN, March 18 (Reuters) - Ireland completed their fourth Six Nations Grand Slam with a 29-16 victory over England at a pulsating Aviva Stadium on Saturday, emphatically underlining their status as the world's top-ranked team heading into September's World Cup. What a group of coaches," Ireland captain Johnny Sexton, playing in his final Six Nations game, said in a pitchside interview. If it looked like Ireland would cruise towards a Grand Slam in Dublin, following success in Twickenham (2018), Cardiff (2009) and Belfast (1948), England had other ideas and another Owen Farrell penalty after the break made it 10-9. "We've built some foundations over the course of the Six Nations but clearly we want to be a better team." The defeat consigned England to fourth place in the table and a third successive Six Nations with more defeats than victories after winning the championship in 2020.

☆ Top EU judge expects a wave of litigation from tech giants against new tech law
▼ + stars: | 2023-03-17 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

REUTERS/Andrew KellyBRUSSELS, March 17 (Reuters) - Tech giants will likely challenge a new European Union law aimed at reining in their power with the first cases in a potential wave of litigation expected by year-end, one of the EU's top judges said on Friday. Those disagreeing with the label and requirements are likely to take their complaint to the Luxembourg-based General Court within months, its president Marc van der Woude said. But van der Woude said the DMA was still evolving. He said areas of dispute will likely focus on the gatekeeper designation, specifications of their obligations and during enforcement of the DMA. A contentious area is likely to be the requirement on gatekeepers to notify their acquisitions to the Commission and whether such deals meet the threshold for regulatory scrutiny, van der Woude said.

☆ Dutch farmers' protest party scores big election win, shaking up Senate
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: +2 min

The Dutch farmers' protest party shakes up the Senate in the Netherlands. A farmers' protest party shook up the political landscape in the Netherlands on Wednesday, emerging as the big winner in provincial elections that determine the make-up of the Senate. The BBB or BoerBurgerBeweging (Farmer-Citizen Movement) party rode a wave of protests against the government's environmental policies and looked set to have won more Senate seats than Prime Minister Mark Rutte's conservative VVD party. Rutte's government has not had a Senate majority since the previous provincial elections in 2019 and must negotiate deals with mostly left-wing opponents. BBB won a single Lower House seat in 2021, but its popularity has surged on the back of growing distrust of the government and anger over issues such as immigration.

☆ America's immigration system is a nightmare, and it's forcing tech companies to move jobs outside of the country
▼ + stars: | 2023-03-14 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +7 min

Leaders like Salesforce CEO Marc Benioff have begun walking back their initial praise of remote work, worrying that it leads to employee underperformance. The most existential question raised by remote work, however, is whether working from home makes workers more replaceable. But remote work has just been a facilitator, they suggest, and the real culprit may very well be America's broken immigration system. The flawed US immigration system is forcing companies to hire elsewhereIt's no secret that the US immigration system is flawed. Remote work makes it possibleRemote work makes it all possible, says Job Van Der Voort, founder of Remote, a startup that helps companies hire workers internationally.

☆ TikTok introduces new paywalled 20-minute video feature
▼ + stars: | 2023-03-07 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News. The new feature, called Series, will allow select creators to share longer videos that will be available for purchase behind a paywall. Users have previously only been able to share 15-second, 1-minute, 3-minute or 10-minute videos on TikTok. The new feature will further heat up the competition with platforms like YouTube — which is known for its long-form videos. In August 2021, YouTube introduced YouTube Shorts as a direct alternative to TikTok.

☆ Standards organization says 99% of Singapore-listed companies adopt its 'GRI standards'
▼ + stars: | 2023-03-07 | 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 EmailStandards organization says 99% of Singapore-listed companies adopt its 'GRI standards'Eelco van der Enden of the Global Reporting Initiative says Singapore is "performing extremely well" in that regard, and the region's average uptake is about 70%.

☆ Singapore ride-hailing firm Grab beats on revenue, pulls forward profitability timeline
▼ + stars: | 2023-02-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Revenue for the fourth quarter of 2022 grew 310% to $502 million, up from $122 million a year ago. We should be getting back to pre-Covid levels by fourth quarter this year. The company said that it is bringing forward its group adjusted EBITDA breakeven guidance to the fourth quarter of 2023, half a year earlier than its previous guidance. Deliveries reboundDeliveries revenue increased to $268 million in fourth quarter 2022, up from $1 million in the same period in 2021. Incentives dropped to 8.2% of gross merchandise volume in the fourth quarter from 9.4% in the previous quarter.

☆ Young VCs thought the good times would never end. They did, and now they're pissed.
▼ + stars: | 2023-02-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Stephanie Palazzolo and Madeline Renbarger have a fascinating report on how young venture capitalists who came from investment banking and consulting are not having a good time. I encourage you to read Stephanie's and Madeline's story, which has all the juicy details about the current environment for young VCs. I've written a lot about how young investment bankers view their jobs as a means to an end, as opposed to an actual career. Timing has a lot to do with why young VCs are feeling like they've gotten such a raw deal. Click here to read more about why some young investment bankers are regretting their move to venture capital.

While law firms sometimes negotiate fixed fees on transactions, market participants said such deals would be unlikely on transactions that faced the amount of legal uncertainty of Rogers-Shaw. The Rogers-Shaw deal is expected to be the tenth-largest deal in Canadian history since 1995, according to data from Dealogic. Law firms Lax O’Sullivan Lisus Gottlieb represented Rogers, while Davies Ward Phillips & Vineberg and Wachtell are lawyers for Shaw. None of the law firms responded to Reuters queries on the legal fee. Rogers and Shaw on Friday extended the closing deadline for the fourth time to March 31.

☆ A Balloon Engineer Explains What’s Up
▼ + stars: | 2023-02-18 | by ( Ben Cohen | ) www.wsj.com time to read: 1 min

There are few people anywhere in the world who have had a weirder month at work than Russ Van Der Werff. He’s in the business of high-altitude balloons. His job at a South Dakota defense contractor is to lead a team of engineers responsible for designing, building and operating the kinds of stratospheric balloons that can be used for improving telecom infrastructure, monitoring agricultural crops, responding to disasters—and spying.

☆ Global Sustainability Disclosure Standards for Companies Set to Take Effect in 2024
▼ + stars: | 2023-02-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

The International Sustainability Standards Board said it has agreed to rules that would harmonize corporate environmental disclosures across the globe. More than 150 countries follow the IFRS, and the group will promote its sustainability disclosure standards to market regulators. For example, the ISSB standards require companies to report emissions from their direct operations, energy purchases and from their value chains, including suppliers. The ESRS is also more exacting than the ISSB standards, disclosure professionals say. “For companies reporting under multiple frameworks, this will make reporting less challenging.”Write to Dieter Holger at dieter.holger@wsj.com

☆ Household debt, credit card balances and delinquencies all rose last quarter
▼ + stars: | 2023-02-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —Americans continued to add to their debt at the end of last year — and grew their credit card balances at record rates, according to data released Thursday by the Federal Reserve Bank of New York. Total US household debt hit $16.9 trillion during the fourth quarter, an increase of $394 billion, or 2.4%, from the prior three-month period, according to the Fed’s latest Quarterly Report on Household Debt and Credit. While the lion’s share of the debt is attributable to mortgages, the report showed that not only are credit card balances swelling at record levels, delinquencies are on the rise as well. Credit card balances increased nearly 6.6% to $986 billion during the quarter, the highest quarterly growth on record, according to New York Fed data that goes back to 1999. And as debt is growing, Americans are having more trouble meeting payment obligations: The share of current debt becoming delinquent increased across nearly all debt types, with credit cards and auto loans showing delinquency transparency rates of 0.6 and 0.4 percentage points, respectively.

☆ Consumer debt hits record $16.9 trillion as delinquencies rise as well
▼ + stars: | 2023-02-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Consumer debt hit a fresh record at the end of 2022 while delinquency rates rose for several types of loans, the New York Federal Reserve reported Thursday. Debt across all categories totaled $16.9 trillion, up about more than $1.3 trillion from a year ago as balances rose across all major categories. Auto loan debt delinquencies rose 0.6 percentage point to 2.2% while credit card debt jumped 0.8 percentage point to 4%. Student loan debt also increased for the month after staying flat during much of the pandemic amid government-backed amnesty for borrowers. Auto loan debt edged higher to $1.55 trillion while credit card balances rose to just shy of $1 trillion.

☆ U.S. household debt jumps to $16.90 trillion
▼ + stars: | 2023-02-16 | by ( Lindsay Dunsmuir | ) www.reuters.com time to read: +3 min

Feb 16 (Reuters) - U.S. household debt jumped to a record $16.90 trillion from October through December last year, the largest quarterly increase in 20 years, as mortgage and credit card balances surged amid high inflation and rising interest rates, a Federal Reserve report showed on Thursday. Household debt, which rose by $394 billion last quarter, is now $2.75 trillion higher than just before the COVID-19 pandemic began while the increase in credit card balances last December from one year prior was the largest since records began in 1999, the New York Fed's quarterly household debt report also said. Mortgage debt increased by $254 billion to $11.92 trillion at the end of December, according to the report, while mortgage originations fell to $498 billion, representing a return to levels last seen in 2019. Meanwhile credit card balances increased by $61 billion in the fourth quarter while auto loan balances rose by $28 billion, the report said. However, younger borrowers appear to be struggling more to make repayments for both credit card and auto loans.

☆ Senators pressure CFIUS to wrap up TikTok probe with strict restrictions, potentially even separating it from its Chinese parent company
▼ + stars: | 2023-02-16 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News. The company has said U.S. user data is not stored in China and that it continually tests its security measures. That kind of access would be particularly worrying since China's national security laws allow it to compel companies based there to hand over internal information if the government believes there is a national security issue at play. The group is empowered to investigate foreign investments and transactions with potential national security risks. "CFIUS is committed to taking all necessary actions within its authority to safeguard U.S. national security," a Treasury spokesperson said in a statement.

☆ China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
▼ + stars: | 2023-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +10 min

But the country reversed some major policies in response to the abysmal GDP growth. China's GDP grew by 3% in 2022 — the worst since the chaotic Cultural Revolution ended. Most recently, after three years of pandemic lockdowns and isolation, China abruptly reversed course and abolished its zero-COVID policy — leaving the world guessing why. China's GDP grew only 3.0% in 2022 — the worst in nearly half a century since the chaotic Cultural Revolution ended. China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade.

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