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☆ Left and right prey on weak French government as it prepares 'austerity' budget
▼ + stars: | 2024-10-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

French Prime Minister Michel Barnier (C) ahead of his general policy statement to the French National Assembly in Paris on October 1, 2024. The budget is being widely previewed as an "austerity" budget that will see the government of new Prime Minister Michel Barnier present tax-hiking and cost-cutting measures that could rile opposition parties on both the left and right, and even the centrists that put him in power. In sum, Barnier's government is a fragile one and vulnerable to predatory challenges from the left and right of the political spectrum. But such a large dose of austerity may make even 1.1% growth difficult to achieve," he said in emailed analysis. "Finally, even if the budget is passed and does not dent economic growth too much, France's fiscal position would still be precarious.

Persons: Michel Barnier, Alain Jocard, Barnier, Antoine Armand, France's, —, La France Insoumise, Remon Haazen, Emmanuel Macron, Macron, Andrew Kenningham, Kenningham, Marine Le Pen, Carsten Nickel, Nickel, Tom Weller, voigt, Benoit Tessier Organizations: French, French National Assembly, EU, Afp, Getty, National Assembly, Finance, European Commission, Republique, La, Populaire, Capital Economics, Republicans, Stade de France, Olympic Games Locations: Paris, France, La France, Europe, French

☆ Bitcoin rally helps create more than 84,000 new crypto millionaires in a year
▼ + stars: | 2024-08-27 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in Paris, France, on March 5, 2024. Chesnot | Getty Images News | Getty ImagesThe population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report. There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners. There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report. As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.

Persons: Robert Frank, bitcoin, Andrew Amoils, Zhao, Changpeng Zhao, Binance, Benoit Tessier Organizations: Chesnot, Getty, Wealth, Henley & Partners, Forbes, Viva Technology, Porte de Locations: Paris, France, Henley, U.S, Porte

☆ Do Olympians get paid? Everything you need to know about prize money – for some – at Paris Games
▼ + stars: | 2024-07-16 | by ( Ben Morse | ) edition.cnn.com time to read: +9 min

On the line are Olympic medals – gold, silver and bronze – as well as the recognition that comes with them. But, unlike many other professional sports, financial reward isn’t necessarily a prize awarded to Olympic athletes in the past. Here’s everything you need to know about Olympic athletes and the compensation they can receive. A Paris 2024 Olympic Games gold medal (top) is seen on display with Paralympic Games gold (right) and silver medals (left). “And they do so and then many of them reward the athletes with prize money for winning medals or diplomas or whatever.

Persons: James B, Connolly, Louis, Benoit Tessier, “, Mark Conrad, ” Conrad, Umar Kremlev, Thomas Bach, Bach, Gabriel Monnet, –, ” Bach, Conrad, Simone Biles, Sha’Carri Richardson, Biles, ” Organizations: CNN, Olympic, Olympic Games, Eiffel, Paralympic Games, International Olympic Committee, IOC, National Olympic Committees, International Federations, NOC, Fordham University Gabelli School of Business, Games, Olympics, Athletics, WA, Los, Association of, International Boxing Association, IBA, Getty, “, Paralympic, Forbes Locations: Massachusetts, St, Paris, AFP, Beijing, “

☆ Travel news: Pan Am will return to the skies in 2025
▼ + stars: | 2024-07-13 | by ( Lilit Marcus | ) edition.cnn.com time to read: +4 min

Get the latest news in aviation, food and drink, where to stay and other travel developments. Now, there’s a chance to fly Pan Am again, provided you have deep pockets. Pan Am Brands, which owns the former airline’s licensing rights, will fly a special Pan Am-branded private jet on a 12-day trip from New York City in June 2025. But if you’d rather get out of the city, there’s no shortage of great things to do. Video Ad Feedback Here’s where you can snowshoe, hike an island, blow glass and shuck oysters – all in the same day 02:00 - Source: CNNAmerican spotlight: TacomaCNN Travel recently unveiled its top 10 best towns to visit for 2024.

Persons: there’s, Pan, Benoit Tessier, Roland Garros, CNN’s Richard Quest, Michel, Anthony Bourdain, Frank Herbert, Dale Chihuly, It’s, Lorena Sopêna, Silvio Berlusconi, Silkworm Organizations: CNN, France, Am Brands, Reuters, UNESCO, Saint, Pacific, Tacoma CNN Travel, Tacoma, Rainier, Europa Press, Locals Locations: Pacific Northwest, New York City, Bermuda, Lisbon, Marseille, London, Foynes, Ireland, Pan, Paris, France, of, Europe, Polynesia, Tacoma , Washington, Grit, ”, Barcelona, Spain, Swiss, Lauterbrunnen, Venice, Notting Hill, Milan, Harbin, China

☆ How Delta made itself America's luxury airline — and what United wants to do about it
▼ + stars: | 2024-06-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +16 min

Rival United Airlines — second to Delta in net profit margins — is circling. Delta plans to open Delta One lounges in Boston and Los Angeles later this year, and is studying airports where it could open others. Like other airlines, Delta accepted billions in federal aid to weather the pandemic. Luxury air travel and the United States didn't go together for many years — and might not still, if you ask well-heeled globetrotters. And at Delta and other airlines, many of the perks for luxury flyers come through lounges.

Persons: Benoit Tessier, Ed Bastian's, Bastian, Ed Bastian, John F, Raymond James, Savanthi Syth, Andrew Nocella, Patrick Quayle, Quayle, Richard Anderson, Anderson, Delta, Barack Obama's, They're, Shai Weiss, Claude Roussel, Joe Biden, United States didn't, Henry Harteveldt, Scott Kirby Organizations: Airbus, Delta Air Lines, Reuters Delta Air Lines, Transportation Department, Rival United Airlines —, CNBC, Delta Air Lines Inc, Bloomberg, Getty, American Express, Kennedy International Airport, United, Boeing, U.S, Labor, Southwest Airlines, U.S ., JetBlue Airways, Delta, Corporate, Northwest Airlines, Endeavor, Virgin, American, Sky Club, New, LaGuardia, Etihad Airways, Singapore Airlines, Atmosphere Research, Airlines, Sky Clubs, Los Angeles International Airport, JFK, American Airlines, JPMorgan, Consumer Electronics, Starbucks Locations: punctuality, New York, Delta, Chicago, Boston, Los Angeles, Dubrovnik, Croatia, Amman, Jordan, Cape Town , South Africa, Atlanta, U.S, Queens, N.Y, United, Tokyo, York, United States, Las Vegas

☆ Olive oil may lower risk of dementia-related death
▼ + stars: | 2024-05-06 | by ( Kristen Rogers | ) edition.cnn.com time to read: +5 min

CNN —A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists. Olive oil can be a healthy, tasty addition to foods such as sandwiches and salads. Replacing 5 grams — around 1.2 teaspoons — of margarine or mayonnaise consumed daily with olive oil was associated with an 8% to 14% lower risk of death from dementia. “It is also possible that olive oil has an indirect effect on brain health by benefiting cardiovascular health,” she added. Besides cooking with olive oil, you can also use it to make salad dressings or vinaigrettes, mayonnaise, pesto or bread dip.

Persons: Anne, Julie Tessier, Harvard University’s T.H, “, Duane Mellor, ” Mellor, Tessier, ”, David Curtis, Mellor, Curtis, Olive, it’s Organizations: CNN, Harvard, JAMA, American Society, Harvard University’s, of Public Health, Nurses, Health, Aston Medical School, Aston University, University College London Locations: Chan, North America, United Kingdom

☆ Blades fall off Moulin Rouge windmill in Paris
▼ + stars: | 2024-04-25 | by ( Joseph Ataman | Amarachi Orie | ) edition.cnn.com time to read: +2 min

CNN —The blades of the windmill atop the famous Parisian dancehall the Moulin Rouge fell off overnight, damaging the facade of the building, it was reported Thursday. Benoit Tessier/ReutersThe blades will be put back in place “very, very soon,” Moulin Rouge director general Jean-Victor Clerico told BFM. Located in Paris’ Montmartre district and established in 1889, the Moulin Rouge is one of the world’s most famous cabaret clubs. What the world famous cabaret club usually looks like when its eponymous red windmill is securely intact. Benoit Tessier/ReutersOver the years, the venue has endured fires and undergone renovations to maintain its grandeur, according to the Moulin Rouge website.

Persons: Rouge, Moulin, Benoit Tessier, Jean, Victor Clerico, BFM, Moulin Rouge, Henri de Toulouse, Nicole Kidman – Organizations: CNN, BFMTV Locations: Paris, Moulin Rouge, Paris ’ Montmartre, Moulin

☆ Jonathan Levin, Dean of Business School, Is Stanford’s New President
▼ + stars: | 2024-04-04 | by ( Stephanie Saul | ) www.nytimes.com time to read: +1 min

Stanford University’s next president will be Jonathan Levin, an economist who currently serves as dean of the graduate business school and whose association with the university dates back to his undergraduate days in the 1990s. Dr. Levin’s selection, announced on Thursday, was based partly on his deep understanding of the university’s culture, the school said. His appointment is also viewed as a stabilizing force, as Stanford faces turmoil stemming from protests over the Israel-Hamas war, as well as controversy over a predecessor, Marc Tessier-Lavigne, who resigned as president last summer amid questions about the quality of scientific research that was conducted in labs he supervised. Jerry Yang, the technology entrepreneur who is the chair of Stanford’s board of trustees, said that the selection committee chose Dr. Levin, 51, as someone who could chart a course for the university during these politically fraught times.

Persons: Stanford University’s, Jonathan Levin, Marc Tessier, Lavigne, Jerry Yang, Levin Locations: Stanford, Israel

☆ Duke's 3-year fraud investigation into Dan Ariely has ended, and the star professor still has a job. Does he want it?
▼ + stars: | 2024-02-22 | by ( Kate Taylor | ) www.businessinsider.com time to read: +17 min

For years, the Duke professor Dan Ariely was at the top of his game. Three professors behind the blog Data Colada reported evidence of fake data in a 2012 paper Ariely coauthored on honesty pledges. "When people do take a risk and they succeed, everybody enjoys it," Ariely told BI. In 2010, Ariely told NPR that two dentists examining the same teeth for cavities would agree only 50% of the time, citing research from Delta Dental. While the board originally said it would "unanimously stand in support of President Gay," Gay stepped down in early January in response to the backlash.

Persons: Dan Ariely, Dan Ariely's, Jesse L, Martin, Ariely, Duke, sniffed, they'd, James B, —, they're, Francesca Gino, Ariely's, Marc Tessier Lavigne, Claudine Gay, Prince Andrew ., he's, Brad Swain, He's, Gordon Pennycook, Sean Gallup, Nick Brown, who's, Michael Sanders, who'd, Sanders, Gino, Aimee Drolet Rossi, Rossi, she'd, Amir, wasn't, hasn't, I've, haven't, isn't, would've, Claudine Gay's, Andrew Lichtenstein, Bill Ackman, Gay, Harvard, doesn't, Gay should've, Brown, Cornell Watson, who've, wouldn't Organizations: Google, NBC, UCLA, Duke, Business, Harvard Business, TED, Irrational, Cornell, Getty, Burda, King's College London, New York Times, NPR, Delta Dental, Higher Education, Hartford, Ariely, Harvard, University, Universities, BI, Colorado's, King's College Locations: Buckingham Palace, British, Hartford, Gaza, Montana

☆ Paris 2024 Olympic medals to feature iron from the Eiffel Tower
▼ + stars: | 2024-02-08 | by ( Oscar Holland | ) edition.cnn.com time to read: +3 min

CNN —The medals at this year’s Olympics in Paris were not only inspired by the Eiffel Tower — they each contain an original piece of the 19th-century landmark. The design was overseen by French jeweler Chaumet, whose parent company LVMH signed a major sponsorship deal with Paris 2024 last summer. The Paralympics medal, meanwhile, is decorated with a graphical representation of the Eiffel Tower, as if viewed from below. From right: Tony Estanguet, president of the Paris 2024 Olympics organising committee on the Eiffel Tower with French cyclist Marie Patouillet, fencer Sara Balzer and athlete Arnaud Assoumani holding Olympic and Paralympic Games medals. In a statement announcing the designs, Paris 2024 President Tony Estanguet said the decision represented a “coming together” of the two events.

Persons: Chaumet, LVMH, Benoit Tessier Benoit Tessier, Clémentine Massonnat, Schaller, ” Massonnat, Tony Estanguet, Marie Patouillet, Sara Balzer, Arnaud Assoumani, Benoit Tessier, ”, Massonnat, Mathieu Lehanneur’s, Louis Vuitton, Moët Hennessy Organizations: CNN, Eiffel, Paris, Nike, Paralympic Games, Chaumet’s, Paralympic, Reuters, Olympic, Olympics, Dior Locations: Paris, Athens, French

☆ King Charles’ cancer diagnosis: How much should the public be told?
▼ + stars: | 2024-02-07 | by ( Lauren Said-Moorhouse | Max Foster | ) edition.cnn.com time to read: +26 min

King Charles and Queen Camilla are seen leaving Clarence House in London on February 6, the day after it was announced King Charles had been diagnosed with cancer. But Queen Elizabeth and King Charles, they do not want to become the story, they still want to serve their public. In the fullness of time, I would like to think King Charles will talk about his treatment.”Britain's King Charles III poses for a portrait in Buckingham Palace's Throne Room after his official coronation in May 2023. From left are Camilla, Duchess of Cornwall; Prince Charles; Queen Elizabeth II; Prince Philip; Prince William; and Catherine, Duchess of Cambridge. From left are Prince Charles; the Queen; Prince Louis; Catherine, the Duchess of Cambridge; and Princess Charlotte.

Persons: London CNN — Britain’s King Charles III, Buckingham, Charles, King Charles, Queen Camilla, Clarence, Toby Melville, King, Rishi Sunak, Sunak, “, Sunak’s, Charles ’, Chris Jackson, ”, Kate Williams, Joe Biden, Matthew Chattle, survivorship, “ Jill, “ You’re, Anil Rustgi, Herbert, ” Rustgi, Sally Bedell Smith, George VI, ” King George VI, Prince Charles, Prince Harry, Emily Nash, It’s, Princes William, Harry, Andrew, Edward, Anne, Beatrice, Nash, Princess, Wales, She’s, hasn’t, Catherine, ” Williams, Kristina Kyriacou, ITV’s, They’ve, Kyriacou, she’d, Queen Elizabeth, ” Britain's King Charles III, Hugo Burnand, Princess Elizabeth, Elizabeth, Prince Philip, Prince Charles and Princess Anne, Eddie Worth, Margaret, Hulton, Sir Gerald Creasy, Paul Popper, Princess Margaret, Queen Elizabeth II, Prince, Popperfoto, Prince Edward, Princess Anne, Richard Nixon, William Lovelace, Serge Lemoine, David McFall, Anwar Hussein, Tim Graham, Camilla Parker Bowles, Lady Diana Spencer, Princess Diana, William, Diana, David Levenson, Johnny Eggitt, Nelson Mandela, David Thomson, Princess Diana's, Jayne Fincher, Thomas Coex, Adrian Dennis, Chris Ison, Prince of, Camilla, Matt Dunham, Prince William, Kate Middleton, James Devaney, FilmMagic, Andrew Milligan, Barack Obama, Chris Radburn, Duchess of Cornwall, Catherine , Duchess of Cambridge, Dominic Lipinski, Alessandro Bianchi, Mohd Rasfana, Andrew Parsons, Prince Charles , Prince Andrew, Duchess Camilla, Meghan Markle, Jonathan Brady, Max Mumby, He's, Prince George, Princess Charlotte, Prince Louis, Meghan, PoolAP Charles, Tim P, Paul Chiasson, Ben Stansall, Duchess, Cambridge, Hannah McKay, Reuters Charles, Liz Truss, Yui Mok, Queen Consort, Victoria Jones, Volodymyr Zelensky, Zelensky, Aaron Chown, Handout, Dan Kitwood, Andrew Matthews, Sarah Tilotta, Toby Hancock, CNN Charles, Giles, Jane Barlow, Emmanuel Macron, Benoit Tessier, Peter Nicholls, Britain's King Charles III, Estelle Paranque Organizations: London CNN, Clarence House, Reuters, CNN, BBC, British, Getty, Royal, Publishing, Macmillan Cancer, Cancer Research, Herbert Irving Comprehensive Cancer, Presbyterian, Columbia University Irving Medical Center, Topical Press Agency, Royals, CNN’s Royal, Buckingham Palace, Central Press, Hulton, Hulton Deutsch, Westminster Abbey, Keystone, Royal Navy, Queen, Trinity College , Cambridge, Bettmann, Hulton Royals, Cheshire Regiment, Spice, Westminster Hall, Royal Horticultural Society's, Chelsea, London Palladium, BBC Scotland's, Office, Zephyr, Army Air Corps, Sandringham, Royal Air Force, Whitby, Imperial State Crown, Royal Military Academy Sandhurst, Cathedral, Scotland, King, London Clinic, Northeastern University London Locations: London, British, Dubai, United Arab Emirates, Buckingham Palace, United Kingdom, NewYork, Queen, Windsor, Wales, Buckingham, Malta, Westminster, France, Washington, Kenya, West Berlin, Canada, Cirencester, England, Canterbury, India, Manchester, Papua New Guinea, Toronto, AFP, Balmoral, Balmoral , Scotland, Paris, Ashbourne, Ranville, Prince of Wales, Amatrice, Borneo, St, John's, Newfoundland, Labrador, Nyamata, Rwanda, St James's, Hamburg, Germany, Edward's, Edinburgh, Scotland, of Versailles, Versailles

☆ The Next Battle in Higher Ed May Strike at Its Soul: Scholarship
▼ + stars: | 2024-01-14 | by ( Anemona Hartocollis | More About Anemona Hartocollis | ) www.nytimes.com time to read: +1 min

Marc Tessier-Lavigne, president of Stanford, resigned in August after an investigation found serious flaws in studies he had supervised going back decades. Claudine Gay, president of Harvard, resigned as the new year dawned, under mounting accusations of plagiarism going back to her graduate student days. Then Neri Oxman, a former star professor at M.I.T., was accused of plagiarizing from Wikipedia, among other sources, in her dissertation. The attacks on the integrity of higher education have come fast and furious over the last few years. The affirmative action lawsuit against Harvard exposed how Asian American students must perform at a higher standard to win entry.

Persons: Marc Tessier, Lavigne, Claudine Gay, Neri Oxman, Bill Ackman, Gay’s, ’, Sally Kornbluth Organizations: Stanford, Harvard, federal Varsity Blues Locations: résumé, Israel

☆ Meta was our second-best stock performer last year. Here's what we see in store for 2024
▼ + stars: | 2024-01-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Meta Platforms ' savvy use of artificial intelligence and untapped potential in business messaging are reasons why we see more upside ahead for the stock in 2024. The stock nearly tripled last year and was the second-best performing Club stock behind Nvidia . Here's a timeline of Meta's stock performance around earnings in 2023. Outside of AI, Meta continues to grow its successful business messaging across its services. Given that TikTok's Chinese owner ByteDance is facing backlash from U.S. officials, a potential TikTok ban in the U.S. would be a major catalyst for Meta stock.

Persons: Meta, Mark Zuckerberg, Zuckerberg, Jim Cramer, We're, ByteDance, Jim Cramer's, Jim, Benoit Tessier Organizations: Nvidia, Meta, Facebook, UBS, Hamas, Reality Labs, Meta's, Apple, CNBC, Inc, Viva Technology, Porte de Locations: U.S, Porte, Paris

☆ Sanofi CEO under pressure to woo investors after spending shock
▼ + stars: | 2023-12-05 | by ( Ludwig Burger | ) www.reuters.com time to read: +5 min

[1/2] Paul Hudson, chief executive officer of Sanofi, speaks during the annual results news conference at the company's headquarters in Paris, France, February 4, 2022. The market's shock reaction, compounded by a lack of details of the spending push, overshadowed Sanofi's plan to list its consumer unit, in line with an industry trend. David Song, a portfolio manager and investment partner at Tema ETF, said: "The narrative of Sanofi has been a margin expansion, earnings-driven story for a lot of investors." "Shouldn't investors give credit to managements who care about long-term shareholder value creation?," said Song. ($1 = 0.9206 euros)Reporting by Ludwig Burger; Editing by Josephine Mason and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Hudson, Sanofi, Benoit Tessier, Hudson, Dan Lyons, Janus Henderson, Markus Manns, David Song, Fabian Wenner, Julius Baer, Union's Manns, Janus Henderson's Lyons, Johnson, Song, Ludwig Burger, Josephine Mason, Emelia Organizations: REUTERS, Reuters, Janus Henderson Investors, Germany's Union Investment, Tema, Thomson Locations: Paris, France, British, Hudson, Denver, Swiss, Tema

☆ Salesforce raises annual profit view on steady cloud demand
▼ + stars: | 2023-11-29 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 29 (Reuters) - Salesforce (CRM.N) raised its annual profit forecast and its third-quarter results beat Wall Street targets on Wednesday, benefiting from a strong demand for its cloud and business products in an uncertain economy. Salesforce expects fourth-quarter adjusted profit in the range of $2.25 to $2.26 per share compared with estimates of $2.17. It forecast revenue between $9.18 billion and $9.23 billion, the midpoint of which exceeded estimates of $9.21 billion, according to LSEG data. The company's third-quarter revenue of $8.72 billion narrowly beat expectations, while adjusted profit of $2.11 per share beat estimates by 5 cents. It also raised the lower end of its annual revenue forecast to $34.75 to $34.8 billion.

Persons: Porte, Benoit Tessier, Salesforce, Charlie Miner, Einstein, Slack, Zaheer Kachwala, Arun Koyyur Organizations: Viva Technology, Porte de, REUTERS, Wall, Thomson Locations: Paris, France, Bengaluru

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Anticipation of easing U.S. borrowing costs and a possible U.S. spot bitcoin exchange-traded fund have lifted crypto prices since the summer, with market bitcoin gaining by about half since the end of August. Ether , the layer 1 token linked to the Ethereum blockchain on which most layer 2 tokens are based, has leapt 13.8% to $2,028.80 in the past month. They are often among the last ones to catch a bid when broader crypto market rises and among the first ones to sell off when sentiment is shaken. Numerous projects and their tokens were launched as the crypto market boomed in 2020, before sinking during the crypto winter of 2022.

Persons: Benoit Tessier, It's, Matteo Greco, Joshua Peck, Peck, Alyse Killeen, Fineqia International's, Lisa Mattackal, Medha Singh, Tom Wilson Organizations: La Maison du, REUTERS, Fineqia, Reuters, Thomson Locations: La, Paris, France, U.S, Stillmark, Bengaluru

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 27 (Reuters) - Former Binance chief Changpeng Zhao must stay in the United States for the time being, a federal judge said on Monday, after the founder of the world's largest cryptocurrency exchange pleaded guilty to violating U.S. anti-money laundering laws. U.S. District Judge Richard Jones in Seattle said he would review whether Zhao should have to stay in the United States after the U.S. government appealed a decision by another judge allowing Zhao to return to the UAE before his Feb. 23 sentencing hearing. Last week, Zhao conceded: "I made mistakes, and I must take responsibility." The government had said it may be unable to secure Zhao's return to the United States given it has no extradition treaty with the UAE. Lawyers for Zhao disputed that he was a potential flight risk, noting that he paid a "substantial" bail package and voluntarily came to the United States to accept responsibility for his actions.

Persons: Zhao Changpeng, Binance, Benoit Tessier, Changpeng Zhao, Zhao, Richard Jones, Chris Prentice, Hannah Lang, Michelle Price, Bill Berkrot Organizations: Viva Technology, Porte de, REUTERS, United Arab, District, U.S, UAE, Binance Holdings, Justice, Lawyers, Thomson Locations: Porte, Paris, France, United States, Seattle, United Arab Emirates, Canada, Binance, New York, Washington

☆ Why Stamping Out Crypto Bros Could Help Bitcoin
▼ + stars: | 2023-11-24 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

Changpeng Zhao, founder and CEO of Binance, has pleaded guilty to money-laundering violations. PHOTO: REUTERS/Benoit TessierSuch is the wackiness of the crypto world that a regulatory crackdown might actually revive investor optimism. Earlier this week, Binance Chief Executive Changpeng Zhao pleaded guilty to money-laundering violations and agreed to pay a criminal fine of $50 million. Then, his company will pay $4.3 billion to, among other things, settle civil allegations related to sanctions evasion.

Persons: Changpeng Zhao, Benoit Tessier Organizations: Binance

Zhao's lawyers in a Thursday filing asked U.S. District Judge Richard Jones in Seattle not to reverse bail conditions set by a magistrate judge on Tuesday that would allow him to leave the U.S. while awaiting sentencing. Zhao, a citizen of the UAE and Canada, stepped down as CEO of Binance on Tuesday after pleading guilty to willfully causing the global cryptocurrency exchange to fail to maintain an effective anti-money laundering program. Allowing Zhao to return to the UAE would allow him to take care of his partner and three children and prepare them for his sentencing, defense lawyers argued. The Justice Department did not respond to a request for comment on Friday. Reporting by Nate Raymond in Boston, Editing by Alexia Garamfalvi and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhao Changpeng, Binance, Benoit Tessier, Changpeng Zhao, Richard Jones, Zhao, Jones, Brian Tsuchida, Nate Raymond, Alexia Garamfalvi, Marguerita Choy Organizations: Viva Technology, Porte de, REUTERS, United Arab Emirates, U.S, District, Islamic, U.S . Commodity Futures Trading Commission, Justice, Thomson Locations: Porte, Paris, France, Seattle, U.S, UAE, Canada, Binance, al Qaeda, Islamic State, Iraq, Syria, Boston

☆ U.N.-led talks weigh goal to reduce aviation emissions thorough less-polluting fuels
▼ + stars: | 2023-11-24 | by ( Allison Lampert | ) www.reuters.com time to read: +2 min

A TotalEnergies tanker truck with sustainable aviation fuel (SAF) is pictured during the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 19, 2023. ICAO's third Conference on Aviation and Alternative Fuels (CAAF) runs this week ahead of the COP28 U.N. climate summit in Dubai, which starts on Nov. 30. CAAF delegates from more than 100 countries are debating ways to boost supply of sustainable aviation fuel (SAF) made from materials like used cooking oil. SAF is key to lowering emissions from aviation, but remains costly and in short supply. Making access to financing more readily available to developing countries, another conference goal, is needed to bolster SAF production outside of the United States and Europe.

Persons: Benoit Tessier, Haldane Dodd, CAAF, Francis Mwangi, Mwangi, Allison Lampert, Jonathan Oatis Organizations: Paris, REUTERS, United Nations, International Civil Aviation Organization, Aviation, Alternative Fuels, SAF, Air Transport Action, Kenya's Civil Aviation Authority, Thomson Locations: Le Bourget, Paris, France, Dubai, United States, Europe, Mombasa, Kenya, Montreal

Zhao's lawyers in a Thursday filing asked U.S. District Judge Richard Jones in Seattle not to reverse bail conditions set by a magistrate judge on Tuesday that would allow him to leave the U.S. while awaiting sentencing. Zhao, a citizen of the UAE and Canada, stepped down as CEO of Binance on Tuesday after pleading guilty to willfully causing the global cryptocurrency exchange to fail to maintain an effective anti-money laundering program. Allowing Zhao to return to the UAE would allow him to take care of his partner and three children and prepare them for his sentencing, defense lawyers argued. The Justice Department did not respond to a request for comment on Friday. Reporting by Nate Raymond in Boston; Editing by Alexia Garamfalvi and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to violating anti-money-laundering requirements in the U.S. and agree to pay $4.3 billion in fines. Photo: Benoit Tessier/ReutersThe king of crypto’s largest outlaw empire told employees for years that he would never turn himself in. But on Tuesday, a jittery Changpeng Zhao showed up in a Seattle federal court to plead guilty to violating U.S. money-laundering rules. So this is new to me,” Zhao told a judge.

Persons: Benoit Tessier, Zhao, “ I’ve, I’ve, ” Zhao Locations: U.S, Seattle

☆ How Binance Melted Down in Less Than a Year
▼ + stars: | 2023-11-21 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

How Binance Melted Down in Less Than a YearBinance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to a criminal charge in the U.S. and agree to pay $4.3 billion in fines. Here’s how the same strategy behind the company’s rise brought it crashing down. Photo: Benoit Tessier/Reuters

Persons: Benoit Tessier Locations: U.S

Here’s how the strategy behind Binance’s rise under Changpeng Zhao brought it crashing down. Photo: Benoit Tessier/ReutersThe chief executive of Binance , the largest global cryptocurrency exchange, stepped down and pleaded guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that might preserve the company’s ability to continue operating, according to court documents. Changpeng Zhao appeared in Seattle federal court Tuesday and entered his plea, according to court records. Prosecutors accused Binance, which Zhao owns, of facilitating transactions with sanctioned groups. Binance encouraged U.S. users to obscure their location so the firm could avoid complying with U.S. anti-money-laundering laws, prosecutors said.

Persons: Changpeng Zhao, Benoit Tessier, Binance, Zhao Organizations: Binance, Prosecutors Locations: Seattle

The deal to acquire investment firm Carlyle's (CG.O) 28% holding in the burger chain's China business, which also includes its stores in Hong Kong and Macau, will see McDonald's stake rise to 48%. Since 2017, the number of McDonald's stores in China has doubled to 5,500 and the country has become its second-largest market. McDonald's made an unsolicited offer for Carlyle's stake in the China operations in recent weeks and the deal was struck quickly, said the sources. Reuters reported in August that Trustar Capital was planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China. In contrast to McDonald's, U.S. meat and processed food maker Tyson Foods (TSN.N) plans to sell its China poultry business, sources have said.

Persons: Benoit Tessier, Chris Kempczinski, McDonald's, Carlyle, Trustar, Jim Sanderson, Reckitt, Kane Wu, Granth, Deborah Sophia, Roxanne Liu, Edwina Gibbs Organizations: REUTERS, HK, CITIC, Trustar, Northcoast Research, Reuters, Tyson Foods, Primavera Capital, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, CITIC, U.S, McDonald's China, British, Bengaluru, Beijing

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