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☆ Activist investor Elliott seeks ouster of NRG CEO - WSJ
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Activist investor Elliott Investment Management is increasing pressure on NRG Energy (NRG.N) and seeking to oust its CEO Mauricio Gutierrez, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Elliott is in talks with potential candidates to replace the U.S. power company's CEO as well as other top executives, the report said. In a statement to Reuters, an NRG spokesperson said that the company's board "fully supports NRG's CEO Mauricio Gutierrez and management team," adding that the company will be discussing its strategic plan with shareholders at its investor day. The report comes after Elliott sent a letter to NRG's board last month, pushing for a boardroom overhaul. The activist investor had urged the company to conduct a review of its home services strategy and add new independent directors.

Persons: Mauricio Gutierrez, Elliott, Rahat Sandhu, Rishabh Jaiswal, Krishna Chandra Eluri, Maju Samuel, Subhranshu Organizations: Investment Management, NRG Energy, Wall Street, Reuters, NRG, Elliott Investment, Thomson Locations: U.S, Bengaluru

☆ Bill would give Biden new powers to prepare for the next pandemic
▼ + stars: | 2023-06-22 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —The Covid-19 pandemic exposed glaring weaknesses in America’s medical supply chains, causing a frantic scramble for masks, respirators and other gear needed to fight the virus. Now, a bipartisan effort in Congress is attempting to boost medical supply chain resilience and ease the country’s reliance on less friendly nations like China for critical medical supplies – before the next disaster strikes. The bill aims to improve supply chain resilience by giving the White House the ability to diversify and expand supply networks while simultaneously eliminating unneeded trade barriers. Earlier this month, the White House hailed the end of the supply chain nightmare that had sent consumer prices surging and left some store shelves empty. The administration released a scorecard that indicated dozens of recommendations from a 2021 supply chain review have been implemented, including some related to strained medical supply chains.

Persons: Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, Joe Biden, America’s “, “, ” Carper, Tillis, Carper, ” Tillis Organizations: New York CNN Business, Democratic, Republican, CNN, White House, International Trade, Global Competitiveness, National Academies of Sciences, Engineering, Medicine, Reliance, Trade Organization, GE Healthcare, House, Department of Health, Human Services, United States Trade, Trade, Force Locations: China, United States, America, Covid, Mexico, Malaysia, Shanghai

☆ Adani Group statements to investors draw US regulatory scrutiny, Bloomberg reports
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - The U.S Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to investors with large holdings in Adani Group, focused on what the Indian ports-to-power giant told them, Bloomberg News reported on Thursday. The U.S. Securities and Exchange Commission also has a similar probe underway, Bloomberg reported, citing two people familiar with the matter. The authorities are looking into the representations that Adani made to its American investors following short-seller Hindenburg's report, the Bloomberg report said. India's markets watchdog in May had "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group and a Supreme Court-appointed panel said its ongoing pursuit of the case could be a "journey without a destination". Adani Group and the U.S. Attorney General's office did not immediately respond to requests for comment.

Persons: Adani, General's, Chandni Shah, Maju Samuel Organizations: U.S Attorney's, Adani Group, Bloomberg, U.S . Securities, Exchange Commission, Hindenburg Research, SEC, Eastern, of New York U.S, Attorney’s, Adani, U.S, Thomson Locations: Brooklyn , New York, Bengaluru

☆ Qatari fund buys passive stake in Wizards parent, Sportico reports
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] Apr 7, 2023; Washington, District of Columbia, USA; Washington Wizards center Jay Huff (34) dunks the ball against the Miami Heat in the fourth quarter at Capital One Arena. Mandatory Credit: Geoff Burke-USA TODAY Sports/File PhotoJune 22 (Reuters) - The Qatar Investment Authority (QIA) is buying a passive minority stake in Monumental Sports & Entertainment, the parent of the Washington Wizards and the Washington Capitals, Sportico reported on Thursday, citing people familiar with the matter. Monumental declined to comment, while QIA did not respond to a Reuters request for comment. The report comes weeks after another deal in the sporting world that involved a Middle Eastern country. Reporting by Granth Vanaik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Jay Huff, Geoff Burke, Sportico, QIA, LIV, Granth, Maju Samuel Organizations: District of Columbia, Washington Wizards, Miami Heat, Capital, USA, Qatar Investment Authority, Monumental Sports & Entertainment, Washington Capitals, Basketball Association's Washington Mystics, NBC Sports Washington, PGA, Thomson Locations: Washington, District, USA, Saudi, Bengaluru

☆ Congress Spotlights ‘Serious’ Forced Labor Concerns With Chinese Shopping Sites
▼ + stars: | 2023-06-22 | by ( Ana Swanson | Claire Fu | ) www.nytimes.com time to read: +1 min

The number of de minimis packages entering the United States has exploded in recent years, to 720 million in 2021, from 220 million in 2016. Based on data submitted by the companies, the report said that Temu and Shein alone are likely responsible for almost 600,000 packages shipped to the United States daily under the de minimis rule. Among teenagers, Shein was the third most popular e-commerce site behind Amazon and Nike, according to a Piper Sandler report issued this spring. As their popularity has grown, so has congressional scrutiny of the firms given their ties to China. Temu, which is based in Boston, is a subsidiary of PDD Holdings, which moved its headquarters to Ireland from China this year.

Persons: Earl Blumenauer, ”, Shein, Piper Sandler Organizations: United States, Customs, Nike, PDD Holdings Locations: United States, United, China, Oregon, Singapore, Boston, Ireland

☆ Quality of new vehicles in US declining on more tech use, study shows
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

Build quality of certain parts such as audio systems and cup-holders have resulted in quality issues, the report said, which collected data from 93,380 purchasers and lessees of 2023 model-year vehicles. Problems per 100 vehicles (PP100) rose 30 PP100 during the past two years, the report said. A lower score reflects higher vehicle quality. The wide range of quality problems in the automotive industry is "a phenomenon not seen in the 37-year history of the Initial Quality Study", said J.D Power's senior director of auto benchmarking Frank Hanley. Dodge ranked the highest overall in terms of initial quality, while Chrysler and Volvo were jointly ranked lowest, according to J.D.

Persons: Bing Guan, J.D Power's, Frank Hanley, Hanley, Nathan Gomes, Shilpi Majumdar Organizations: Tesla Inc, Dodge, Chrysler, Volvo, Thomson Locations: United States, Carson , California, U.S, Bengaluru

☆ Russian troops still build battlefield defenses like they did in World War II, and it's one of their rare successes in Ukraine, experts say
▼ + stars: | 2023-06-22 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

Russian troops have spent the past several months constructing intricate fortifications in Ukraine. Ukrainian troops now have the tough task of fighting their way through those trenches and barriers. Current Russian fortification doctrine has seen "little methodological change" since the Cold War, according to the RUSI report. BEN STANSALL/AFP via Getty ImagesClearing minefields is difficult because Russian mines have multiple triggers and anti-tampering devices. In addition, Russia did not sign the 1997 Ottawa Treaty banning anti-personnel mines, which has allowed its forces to "freely utilize victim-initiated" anti-personnel mines, RUSI said.

Persons: —, Doce, BEN STANSALL, Ukraine isn't, Dominika Zarzycka, RUSI, Obama, Trump, Biden, Michael Peck Organizations: Service, Red Army, Britain's Royal United Services Institute, Technologies, Russian, REUTERS, Bradley, Getty, US, Pentagon, Defense, Foreign Policy, Twitter, LinkedIn Locations: Ukraine, Stalingrad, Velyka Blahovischenka, Kherson Oblast, Russia, Luhansk, Crimea, Posad, Kherson, Ukrainian, England, AFP, Russian, Finland, Nemishaieve, Bucha, Ottawa, North, South Korea, Forbes

☆ The 11 world cities with the best quality of life
▼ + stars: | 2023-06-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Vienna is still the most livable city in the world, according to the Economist Intelligence Unit's Global Liveability Index for 2023. That's according to this year's Global Liveability Index from the Economist Intelligence Unit (EIU) that was just published. The index is based on five categories measuring various aspects of the quality of life in each city, such as healthcare and infrastructure. The infrastructure category for instance includes things like the "quality of public transport," and the "availability of good quality housing," per the report. 1 last year too out of 172 cities instead of 173 cities, as Kyiv, Ukraine, wasn't part of the ranking last year.

Persons: — Organizations: Economist Intelligence, Service, Economist Intelligence Unit, Vienna, Osaka Locations: Vienna, Osaka, Japan, Auckland , New Zealand, That's, Kyiv, Ukraine, Copenhagen, Denmark, Vancouver, Canada, Auckland, Melbourne, Australia

CNN —Residents of El Geneina, the capital of war-torn West Darfur, are struggling to bury their dead as violence rages across the city. Activists say 500 bodies across the city have been identified, and that they believe “thousands” more remain unburied on streets and inside homes. Fighting erupted in mid-April between Sudan’s Armed Forces and its Rapid Support Forces paramilitary group. Sudanese refugees gather as Doctors Without Borders (MSF) teams assist the war wounded from West Darfur, Sudan, in Adre hospital, Chad June 16, 2023. MSF did not name the party responsible for the killing, but Kamal Al Din blamed the Rapid Support Forces (RSF) for the attacks on those fleeing.

Persons: El Geneina, Health Haitham Ibrahim, Ibrahim, Mohammad Ghannam, Kamal Al Din, Mohamed Hamdan Dagalo Organizations: CNN —, Darfur Bar Association, CNN, United Nations Office, Humanitarian Affairs, Health, Sudan’s Armed Forces, Rapid Support Forces, Reuters, Radio Dabanga, MSF, Sudanese Armed Forces Locations: El, Darfur, Sudan, Saudi, West Darfur, Adre, Chad, Adré

☆ Harvard researchers share 7 charts that show the struggles of buying and renting a home in America today, and their recommendations for solving them
▼ + stars: | 2023-06-22 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

The Harvard Joint Center for Housing Studies released their State of The Nation's Housing report. Harvard Joint Center for Housing StudiesOn top of that, mortgage rates have surged from around 3.3% in early 2022 to just under 7% today. Harvard Joint Center for Housing StudiesBlame that in part on falling building rates. Harvard Joint Center for Housing Studies"The construction slowdown in 2022 raised concerns about the nation's large and ongoing housing shortfall. To boost homeownership rates among minority groups, the researchers also proposed lowering credit score minimums for mortgages and taking into consideration other indicators of creditworthiness that aren't reflected in a credit score.

Persons: it's, homeownership Organizations: Harvard Joint Center for Housing Studies, National Association of Realtors . Harvard Joint Center for Housing, Harvard Joint Center for Housing, Harvard, Center for Housing

How India Profits From Its Neutrality in the Ukraine War The Gulf of Kutch in India is home to the world’s largest oil refinery. After Russia invaded Ukraine, tankers laden with Russian oil are an increasingly common sight along this inlet of northwestern India. China and India are buying so much Russian oil now that Moscow is selling more crude than it was before it invaded Ukraine. Russian crude shipments in the Gulf of Kutch this year Total barrels shipped between through May 2023. In December, S. Jaishankar, India’s foreign minister, was asked in Parliament about India’s decision to buy Russian crude.

Persons: Narendra Modi, Modi, Biden, Ukraine Price, —, Mukesh Ambani, India’s, Copernicus, ” Organizations: New York Times, Western, Ukraine, International Energy Agency, European Union, Argus Media, Jamnagar, Reliance Industries, Nayara Energy, Rosneft, Port, Southeast, Center, Research, Energy, Clean, United Arab Emirates, Modi government’s Locations: India, Ukraine, Kutch, Russia, SynMax, United States, Europe, Moscow, West, India China, China, Kpler, East, Jamnagar, Gujarat State, Russian, Gulf, Pipeline, Panipat, Mundra, Vadinar, Jamnagar Port Vadinar Refinery Jamnagar, Port, Nayara, Southeast Asia, Africa, Finland, Turkey, Singapore, Sikka, Asia Europe

☆ Swiss National Bank calls for new measures after Credit Suisse crash
▼ + stars: | 2023-06-22 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, June 22 (Reuters) - The Swiss National Bank (SNB) on Thursday said it was crucial to draw lessons from the Credit Suisse crisis that led to the bank's downfall and forced rescue by rival UBS (UBSG.S) and consider measures that would prevent such events in the future. Switzerland's largest bank recently grew even bigger, following its rescue of embattled Credit Suisse in a takeover engineered by Swiss authorities in March and formalised by UBS on June 12. The SNB said it was not yet able to judge how resilient the newly merged bank would be. The central bank said there were, however, three key observations to come from the crisis, including that compliance with capital requirements is necessary but not sufficient to ensure confidence in a bank. The SNB also said that the scale and pace of deposit outflows at Credit Suisse that resulted from the loss of confidence were unprecedented and more severe than assumed under the liquidity regulations.

Persons: Noele Illien, John Revill, Tomasz Janowski Organizations: Swiss National Bank, Credit Suisse, UBS, Swiss, Thomson Locations: ZURICH, Switzerland, Swiss

☆ China’s new EV subsidies might not be enough to bolster slowing growth
▼ + stars: | 2023-06-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Cadillac advertises for its electric car in Shanghai on May 23, 2023. Hugo Hu | Getty Images News | Getty ImagesBEIJING — Subsidies for electric cars aren't enough to boost growth in China's slowing economy. One of the few detailed stimulus plans Beijing has announced this year extends tax breaks for electric car purchases, according to documents released Wednesday. He was speaking about the electric car market in general. China still leads globally in the installation of public fast charging stations – almost 90% of the global growth in such chargers last year, the IEA said.

Persons: Hugo Hu, China haven't, Craig Zeng, Zeng, Nomura Organizations: Getty, CNBC, International Energy Agency, State Council Locations: Shanghai, BEIJING, Beijing, China

☆ These endangered leopards could be about to disappear in Cambodia
▼ + stars: | 2023-06-22 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —The Indochinese leopard is dangerously close to becoming extinct in Cambodia, according to wild cat conservationists, who spent more than a decade looking for the creatures and found just 35. During that period, they only spotted 35 adult Indochinese leopards, and when they returned in 2021, not a single leopard could be seen. Historically, the Indochinese leopard was found throughout Indochina – spanning Cambodia, Laos, Myanmar, Thailand, Vietnam and parts of southwestern China – but almost all the territory they once roamed has disappeared due to human encroachment. Only 35 adult Indochinese leopards were seen between 2009 to 2021 in Cambodia, conservationist group Panthera found. While leopards are vanishing from Cambodia, their numbers in the wild along the Thailand-Myanmar border are likely less than 900, Rostro-García added.

Persons: Oxford University’s WildCRU, Hun Sen, ”, Susana Rostro, Gareth Mann Organizations: Hong Kong CNN, Oxford, Biological Conservation, WWF, FA Cambodia, Global Forest Watch, IUCN Locations: Hong Kong, Cambodia, Indochina, Laos, Myanmar, Thailand, Vietnam, China, WWF Cambodia, Malaysia

☆ Vienna is the world's most livable city — again. Here are the other top spots
▼ + stars: | 2023-06-22 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +3 min

Austria's Vienna has come up on top again as the best city to live in globally, according to a report by the Economist Intelligence Unit (EIU). Austria's Vienna has come up top again as the best city to live in globally, according to a report by the Economist Intelligence Unit (EIU). Copenhagen also retains its position as the second most livable city in the world, while Australian cities Sydney and Melbourne broke into the top five. Hong Kong also moved 13 places up the rank to 61st most livable city in the world. Decline in stability scoresWhile health-care, education, infrastructure, culture and entertainment scores saw improvements in the past year, stability saw a "marginal decline," said the EIU.

Persons: New Zealand's Wellington, CNBC's, EIU Organizations: Austria's, Economist Intelligence Unit, Melbourne, Germany's Locations: Austria's Vienna, Copenhagen, Sydney, Vienna, Austria, Denmark, Melbourne, Australia, Vancouver, Canada, Zurich, Switzerland, Calgary, Geneva, Toronto, Osaka, Japan, Auckland, New Zealand, Asia, Pacific, New Zealand's, Hong Kong, Western Europe, Germany's Frankfurt

☆ Euro holds ground on world stage despite Russia slashing use -ECB
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +3 min

The euro kept or even increased its share of the world's foreign exchange reserves (20.5%), international debt (22%) and loans (27.6%), as well as foreign exchange turnover last year, the report said. But the rouble's usage on the SWIFT system collapsed after Russian banks were disconnected from that network, the world's largest. It cited evidence from Europe itself, where the euro has replaced the dollar as an invoicing currency in countries neighbouring the euro zone since it was launched in 1999. "International currency status should not be taken for granted," ECB President Christine Lagarde said in a statement accompanying the report. The report also showed London remained the main venue for foreign exchange trading in euros and that Britain's importance for international financial activities in euros had not changed materially since Brexit.

Persons: renminbi, SWIFT, Christine Lagarde, Fabio Panetta, Francesco Canepa, Gareth Jones, Catherine Evans Organizations: European Central Bank, U.S ., European Union, London, Thomson Locations: FRANKFURT, Russia, China, India, Brazil, Ukraine, Europe

☆ Disney's diversity chief Latondra Newton leaves firm - Variety
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Disney’s chief diversity officer and senior vice president, Latondra Newton, is leaving her role after more than six years, Variety reported on Tuesday, citing an internal memo. Newton will be joining the corporate board of another company soon and plans to devote more time to her self-owned creative company, the report said, citing a person with knowledge of the situation. Newton has, since 2017, led Disney's diversity and inclusion initiatives, coordinating with various teams to produce entertainment "that reflects a global audience and sustains a welcoming and inclusive workplace for everyone," as per a profile on the company's website. Disney's "The Little Mermaid," released last month, featured Black American singer Halle Bailey as Princess Ariel, highlighting the firm's effort at promoting diversity. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Latondra Newton, Newton, Halle Bailey, Princess Ariel, didn't, Kanjyik Ghosh, Dhanya Ann Thoppil Organizations: Variety, Thomson Locations: Bengaluru

☆ Business in China is getting harder for European companies despite the end of Covid controls
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING – European businesses in China are finding it harder to operate in the country, even after it has re-opened from Covid, the EU Chamber of Commerce in China found in its latest member survey, released Wednesday. Mainland China ended its stringent Covid controls in December, and authorities pledged to support more business travel in and out of the country. "Zero-Covid has ended, but other headwinds will need to be addressed if China is to regain its attractiveness," the Chamber's report said. While the survey noted part of those were due to Covid controls, the outlook remains grim. There's "no expectation that the regulatory environment is really going to improve over the next five years," Jens Eskelund, president of the EU Chamber of Commerce in China, told reporters in a briefing.

Persons: Ole Kaällenius, Zhimin Qian, Li Qiang, Olaf Scholz, Covid, Jens Eskelund Organizations: State Power Investment Corporation, EU Chamber of Commerce Locations: People's Republic of China, BEIJING, China, Covid, Mainland China

☆ A giant snail that eats plaster and is a threat to human health was spotted in a Florida county, forcing it into quarantine
▼ + stars: | 2023-06-21 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +2 min

A giant African land snail was spotted in Broward County, forcing part of it into quarantine. The snail is among the world's most invasive species and lays thousands of eggs at a time. The giant snail is among the most invasive species in the world; it eats plaster, paint, and stucco, poses significant threats to vegetation, according to CBS. The portion of Broward County under quarantine covers Fort Lauderdale and is about 3.5 square miles, the report said. It's illegal to import or possess the giant African land snail in the US; the snail was first spotted in Miami in 1969, according to ABC News.

Persons: — Organizations: Service, CBS News, CBS, Florida's Department of Agriculture, Consumer Services, ABC News Locations: Broward County, Florida's Broward County, Florida, Fort Lauderdale, Miami

☆ An Iraqi historian was slain after being labeled a spy on Facebook. Exclusive emails show catastrophic delays in removing threatening posts.
▼ + stars: | 2023-06-21 | by ( Tekendra Parmar | ) www.businessinsider.com time to read: +12 min

Hisham al-Hashimi reached out to his friend Aws al-Saadi, a Meta Trusted Partner, to ask him to take down posts endangering his life. "One of the reasons for his killing was Meta," al-Saadi told Insider. "Mainly because they assumed that the slow response times had to do with a high volume of cases." Aws al Saadi, a Meta trusted partner, outside the Erbil Citadel in Iraq. Internews hopes this might help create a trusted-partner channel with improved communication, more transparency, and faster response times.

Persons: Hisham al, Hashimi, Saadi, Saadi Al, Meta, al, Saadi isn't, Meta's, Internews, Paul Barrett, University's, Barrett, Rafiq Copeland, Internews Rafiq Copeland, Copeland, Thaier, Sudani Internews, Copland, Meareg Amare, Reem Makhoul Organizations: ISIS, Facebook, Meta, Center for Business, Human Rights, NYU Stern School of Business Meta, Partners, University's Stern School of Business, Global, Internews, Ukrainian, Ethiopian, Erbil Citadel Locations: Baghdad, Iraq, al, Myanmar, Ethiopia, New, Ukraine, Tigray, Hashimi, Iraqi, Erbil, Netherlands

SYDNEY, June 21 (Reuters) - The chair of an Australian senate committee looking into PricewaterhouseCoopers' leak of a confidential government tax plan has called for an international investigation into the matter. Earlier this month, PwC Australia listed in an unpublished letter to the senate committee at least 67 current and former staff who may have known of the 2015 leak of confidential government tax plans. Acting CEO Kristin Stubbins apologised for the leak on behalf of the firm in an open letter last month. The report also called on PwC to cooperate fully with a current Australian Federal Police investigation. ($1 = 1.4778 Australian dollars)Reporting by Lewis Jackson; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Richard Colbeck, PwC, Kristin Stubbins, Lewis Jackson, Edwina Gibbs Organizations: SYDNEY, PricewaterhouseCoopers, Australian Federal Police, Thomson Locations: Australia

☆ Exclusive: Taiwan on alert for Chinese-funded election interference
▼ + stars: | 2023-06-21 | by ( Yimou Lee | ) www.reuters.com time to read: +5 min

"They hope to influence Taiwanese people by reaching out to the grassroots," said one Taiwan security official with direct knowledge of the matter. "They hope to influence swing voters who don't have particular political affiliation and would vote for whoever gives them benefits." It is illegal under Taiwanese law for an election campaign to receive money from "external hostile forces," including China. The report said the underground banking systems in Taiwan, which are widely known but difficult to regulate, could provide foreign exchange support. Some Taiwanese have been prosecuted in recent years over receiving illicit support from China in election campaigns.

Persons: Tsai Ing, China's, Wellington Koo, Tsai, Yimou Lee, Gerry Doyle Organizations: Reuters, National Security Council, Chinese Communist Party, Taiwan Affairs Office, Democratic Progressive Party, Mainland Affairs Council, Thomson Locations: TAIPEI, China, Beijing, Taiwan, Wellington, New Taipei City

☆ Ron DeSantis blasts Biden for being 'out of touch' amid reports that DeSantis and his wife flew on a donor-funded private jet at least 12 times
▼ + stars: | 2023-06-21 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +3 min

Ron DeSantis' campaign blasted Joe Biden as an "out of touch executive" in a fundraising email. The email came an hour after The Washington Post reported that the DeSantis' flew on a private jet funded by a wealthy donor at least 12 times. Ron DeSantis put out a fundraising email Wednesday accusing President Joe Biden of being an "out of touch executive." The email came one hour after The Washington Post reported that DeSantis and his wife, Casey, flew on a private jet funded by a wealthy donor at least a dozen times. The report said that Mori Hosseini, a prominent home developer in Florida, lent the DeSantis' his private jet as recently as February.

Persons: Ron DeSantis, Joe Biden, DeSantis, —, Casey, Mori, Elon Musk, Weeks, Musk's Tesla, Donald Trump —, Biden Organizations: Washington Post, Service, Gov, Twitter Locations: Florida, New Hampshire

☆ Saudi sovereign wealth fund PIF sells McLaren stake to Bahrain -Sky News
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds ($510.48 million) in carmaker McLaren from Saudi Arabia's Public Investment Fund (PIF) and Ares Management (ARES.N), Sky News reported on Wednesday. The transaction will not lead to any new money being injected into McLaren, the Sky News report said, adding that an announcement from Mumtalakat on the deal will come on Thursday. The purchase will expand Mumtalakat's majority stake in McLaren group, which includes the British supercar maker as well as McLaren Racing. In July 2021, global investment firm Ares Management and Saudi's PIF provided much of a 550 million-pound equity investment in the McLaren group. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.

Persons: carmaker McLaren, PIF, Ares Management, McLaren, Khalid Al Rumaihi, Bharat Govind Gautam, Chris Reese, Matthew Lewis Organizations: Saudi Arabia's Public Investment Fund, Ares Management, Sky News, McLaren, British, McLaren Racing, Reuters, Thomson Locations: Mumtalakat, Bengaluru

BEIJING, June 21 (Reuters) - A slowdown in both the Chinese and global economies is the biggest issue affecting European firms in China, beating political tensions with the United States and decoupling, according to the European Chamber of Commerce in China. The number of European firms that see China as a top-three destination for future investment was at its lowest total on record, the chamber's annual position paper released on Wednesday said. As rising interest rates and inflation squeeze demand in Europe and the United States, companies in China are in contrast battling a sharp decline in prices as the risk of deflation weighs on the world's second-largest economy. BASF (BASFn.DE), Maersk (MAERSKb.CO), Siemens (SIEGn.DE), and Volkswagen (VOWG_p.DE) are among the members of the chamber. The chamber's findings, which were based on the views of members from February to early March, revealed that a record number of companies had lost business last year due to market access and regulatory barriers.

Persons: Xi, Ursula von der Leyen, Joe Cash, Angus MacSwan Organizations: European Chamber of Commerce, BASF, Maersk, Siemens, Volkswagen, Thomson Locations: BEIJING, China, United States, Europe

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