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☆ Blackface, booze, and blurred lines at the $2 billion tech firm Rokt
▼ + stars: | 2023-03-16 | by ( Jack Newsham | Madeline Stone | ) www.businessinsider.com time to read: +25 min

A cropped version of an image shared with Rokt employees at the 2020 meeting. Buchanan told Insider. "We think it's important that we stand up and fight it," he told Insider when asked about that message. In an email, Viles told Insider that he hasn't had any day-to-day involvement with Rokt since 2020, when he did some contract work. Mert Alper Dervis/Anadolu Agency via Getty ImagesOne employee told Insider they were encouraged to post the photos and proclaim 2023 to be Rokt's "best year yet."

☆ Club meeting recap: Stocks rise, even as recession fears grow
▼ + stars: | 2023-03-16 | by ( Paulina Likos | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Recession fears grow Bullish on Qualcomm Stick with China-exposed stocks 1. Recession fears grow Stocks edged up in midday trading Thursday, with the S & P 500 rising more than 1%, even as recession fears continued to mount. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Zara owner Inditex's profit jumps in Marta Ortega's first year in charge
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, March 15 (Reuters) - Zara owner Inditex (ITX.MC) on Wednesday posted a 27% increase in net profits in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair. Between Feb. 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier. The 2022 revenues were in line with analysts' expectations as the company benefited from shoppers' appetite for fashion as COVID-19 lockdowns ended. The results may also lessen investor doubts about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired. Also on Wednesday, rival H&M (HMb.ST) reported a 12% increase in net sales for its December-February period.

Investors in Asia have a fairly packed data calendar themselves to get through on Wednesday, with the latest snapshots of Chinese retail sales, industrial production and fixed business investment the pick of the bunch. chartchartEconomists expect retail sales and industrial production to recover strongly, pointing to the economic recovery from COVID-19 lockdown gathering momentum. Yet growth in fixed business investment, a key plank of any recovery, is expected to slow from January. Note, however, that the retail sales and industrial production figures are for January and February, so they may be distorted. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ On the Covid-19 Lockdown’s Third Anniversary, Biden Has Moved On
▼ + stars: | 2023-03-11 | by ( Stephanie Armour | Sabrina Siddiqui | ) www.wsj.com time to read: 1 min

WASHINGTON—President Biden marked the first anniversary of the Covid-19 lockdowns two years ago with a high-profile speech, and his administration gave frequent briefings on the topic. Last year, he gave an address on the American Rescue Plan and the country’s economic recovery from the pandemic. On Saturday, the third anniversary of the shutdowns that were triggered by the pandemic, Mr. Biden has no public events planned and his White House has largely shifted focus away from a virus that continues to kill about 2,000 people a week but ranks low among priorities for the American public.

[1/4] China's newly-elected Premier Li Qiang takes an oath after being elected during the fourth plenary session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China on March 11, 2023. Previously the Communist Party chief in Shanghai, Li was confirmed as premier during the National People's Congress, charged with managing the world's second largest economy. "Officials know that Li Qiang is Xi Jinping's guy," he said. "He clearly thinks that Li Qiang is a very competent person and he has put him in this position because he trusts him and he expects a lot of him." American author Robert Lawrence Kuhn, who met Li and Xi together in 2005 and 2006, said the two shared an easy rapport.

☆ Take Five: A macro-packed punch for markets
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +5 min

1/ THE PRICE IS RIGHTU.S. inflation data have been pivot points for markets and Tuesday's report will likely be consequential as investors gauge whether the Federal Reserve will return to the jumbo-sized rate hikes that shook markets last year. The European Central Bank has raised rates by 3 percentage points since July to 2.5% and looks set for another half-point increase on Thursday. Austria's central bank chief Robert Holzmann wants half-point rises at each of the next four meetings. Riskier, more fragile emerging markets, especially those with twin deficits, could feel the heaviest punch if the Fed goes all the way to 6%. Emerging markets countries hiking (+) or cutting (-) their policy ratesCompiled by Amanda Cooper; Graphics by Pasit Kongkunakornkul, Kripa Jayaram and Vincent Flasseur; Edited by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Adidas CEO promises turnaround after costly Yeezy split
▼ + stars: | 2023-03-08 | by ( Alexander Hübner | ) www.reuters.com time to read: +5 min

Gulden said Adidas is still deciding what to do with its stock of unsold Yeezy footwear. One option could be for Adidas to donate proceeds from the sale of repurposed Yeezy stock to charity, Gulden said. The split cost Adidas 600 million euros ($632 million) in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion in revenue this year. Inventories came in at just under 6 billion euros at the end of December, up 49% from the previous year, including 400 million euros of Yeezy products. In the fourth quarter of last year, currency-neutral revenue declined by 1%, taking into account a 600-million-euro loss after it stopped selling Yeezy shoes.

☆ Adidas to slash dividend after Kanye West split
▼ + stars: | 2023-03-08 | by ( Alexander Hübner | ) www.reuters.com time to read: +2 min

[1/3] Adidas merchandise is seen in an Adidas store on the day the German company terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. REUTERS/Shannon StapletonBERLIN, March 8 (Reuters) - Adidas (ADSGn.DE) will slash its 2022 dividend, it said Wednesday, warning a split with rapper and fashion designer Kanye West could push it to its first annual loss in three decades this year. The company will recommend a dividend of 0.70 euros ($0.7374) per share at a May 11 annual general meeting, it said. Adidas is still dealing with the fallout from ending its partnership with West, which yielded the lucrative Yeezy sneaker line. Adidas said it is still deciding what to do with its stock of unsold Yeezy footwear.

☆ Logistics Giant Kuehne + Nagel Seeks Expansion
▼ + stars: | 2023-03-07 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Kuehne + Nagel CEO Stefan Paul. Photo: Kuehne + NagelAs a forwarder, Kuehne + Nagel helps companies move freight around the world by ocean, air and land and is a dominant player in the automotive, industrial, retail, aerospace, healthcare and high-tech industries. What do you see as potential growth areas for Kuehne + Nagel in the contract logistics space? Does that make it easier for a company like Kuehne + Nagel to jump in? How would that affect Kuehne + Nagel?

☆ E-Bike Battery Fires Are Soaring, Especially in New York
▼ + stars: | 2023-03-06 | by ( Scott Patterson | ) www.wsj.com time to read: 1 min

The electric-bike craze, which took off during Covid-19 lockdowns, now has a dark side: uncontrollable and deadly fires from the lithium-ion batteries that power them. The number of blazes is rising rapidly, triggering warnings from fire officials. The fires appear to be concentrated in New York City, where the number of blazes more than doubled last year to 216, according to the New York City Fire Department. Fires from e-bikes and other so-called micromobility devices such as electric scooters have injured 40 people and killed two this year, the fire department said.

☆ China gives itself easy GDP homework
▼ + stars: | 2023-03-06 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, March 6 (Reuters Breakingviews) - China aims to grow GDP by “around 5%” in 2023, which might seem low given last year’s 3% marked the country’s weakest performance in decades. Chen Long of Plenum China notes that the annual work report, usually an important window into the economy and official priorities for the year ahead, dedicates only six pages to discussing the future, compared to 22 pages last year. That may be because Premier Li Keqiang, who gives the work report, is on his way out along with other reformers. By keeping goals conservative and methods vaguer than usual, the government makes it harder for newcomers to fail. The government is aiming for a 2023 budget deficit target of 3% of gross domestic product, according to the report, widening from a deficit goal of around 2.8% last year.

☆ 'Everything Everywhere All at Once' editor never thought he'd get an Oscar nomination: 'That's not how I saw my career going'
▼ + stars: | 2023-03-04 | by ( Nicolas Vega | ) www.cnbc.com time to read: +6 min

"That's not how I saw my career going," Rogers tells CNBC Make It. Paul Rogers poses with the Editing Award for 'Everything Everywhere All At Once' during the 2023 EE BAFTA Film Awards. That's where he realized he had a passion for film editing – the process of putting a film's footage together into a finished product. "We never in our wildest dreams thought it was an Oscars type of film," Rogers says. " Everything from the production design to the performances to the camera work to the editing, and that's no accident.

☆ U.S. CDC issues advisory after confirmed measles case in Kentucky
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - The Centers for Disease Control and Prevention (CDC) said on Friday it was issuing a health alert advisory to notify clinics and public health officials to be watchful after a case of measles was confirmed at a large gathering in Kentucky. On Feb. 24, the Kentucky Department for Public Health identified a confirmed case of measles in an unvaccinated individual with a history of recent international travel, the CDC said. The CDC said doctors should consider measles as a diagnosis with anyone with clinically compatible symptoms. The agency also asked physicians to recommend measles, mumps and rubella shots for patients who are unvaccinated or not fully vaccinated. The advisory also recommends healthcare professionals to immediately notify local or state health departments about any suspected case of measles to ensure rapid testing following the CDC's testing recommendations.

☆ 'I can't get my money out': Billionaire investor Mark Mobius says China is restricting flows of capital out of the country
▼ + stars: | 2023-03-03 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Emerging markets investing veteran Mark Mobius says China is restricting capital outflows. Mobius said he's been unable to get an explanation about the "crazy" restriction. The government is restricting the flow of money out of the country," Mobius said on Thursday on the Fox Business show "Mornings with Maria". "So I would be very, very careful investing in China," the founder of Mobius Capital Partners said. The previous executive chairman of Templeton Emerging Markets Group said he's been able to get his money "in and out" of the financial center.

LONDON, March 3 (Reuters) - British former Prime Minister Boris Johnson will give evidence later this month to an inquiry into whether he intentionally misled parliament about illegal parties at his Downing Street office and residence during COVID-19 lockdowns. "Mr Johnson has accepted the Committee's invitation to give oral evidence in public in the week beginning 20 March," the Committee of Privileges said in a statement. He argues he was not aware that any of the events taking place at Downing Street broke COVID-19 rules. 'OBVIOUS'The committee said the evidence "strongly suggests that breaches of guidance would have been obvious" to Johnson at the time he was at the gatherings. There is evidence that those who were advising Johnson were concerned he was breaking the rules, it added.

March 1 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. How Asian markets trade on the second day of the month on Thursday may come down to which of these two forces retains the most momentum. chartSpiraling bond yields, rates and inflation expectations aren't confined to the U.S. - euro zone PMIs also highlighted stagflationary pressures, while euro zone inflation expectations are the highest in over a decade and, in a rare occurrence, pushing above U.S. equivalents. Can Asian markets withstand these pressures on Thursday and take their cue again from China's economic renaissance? There are no top-tier Asian economic data releases on tap - South Korean retail sales, Australian building approvals and Japanese consumer confidence - leaving flash February euro zone inflation as perhaps the biggest market-mover of the day.

☆ North Korea's Kim demands more farmland to boost food production
▼ + stars: | 2023-03-01 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] North Korean leader Kim Jong Un attends the 7th enlarged plenary meeting of the 8th Central Committee of the Workers' Party of Korea (WPK) in Pyongyang, North Korea, March 1, 2023 in this photo released by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERS/File PhotoSEOUL, March 2 (Reuters) - North Korean leader Kim Jong Un ordered improvements to infrastructure and expansion of farmland to ramp up food production, state media said on Thursday, amid warnings of an impending food crisis. South Korea has warned of an exacerbating food crisis in the isolated North, including a recent surge in deaths from hunger in some regions. North Korea's economy has been battered by floods and typhoons, sanctions over its nuclear and missile programmes, and a sharp decline in trade with China amid border closures and COVID-19 lockdowns. The Central Committee also discussed ways to improve the country's financial management, KCNA said, without elaborating.

☆ China spent years angrily trying to shut down the theory that COVID-19 came from its labs. It failed.
▼ + stars: | 2023-03-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

China has pushed another theory, suggesting the COVID-19 may have jumped to humans from frozen food shipped from elsewhere in the world. Lab leak theory initially dismissedThe suspicion that COVID-19 may have leaked from a Wuhan lab has circulated since the earliest days of the pandemic. Trump sought to use the pandemic to discredit China, using the xenophobic term "China virus" to describe the disease. A group of scientists criticised the WHO for dismissing the lab leak thesis too hastily, and pointed to gaps in the report's evidence. Yet the lab leak theory has continued to gain credibility, despite China's efforts, and scientists who once dismissed it now think it's a credible explanation.

☆ Hedge funds unimpressed by Chinese internet giants' peppy earnings
▼ + stars: | 2023-02-28 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 28 (Reuters) - A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news. Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell. Mark Dong, co-founder of Minority Asset Management, who is based in Hong Kong, says expectations for Chinese growth are clouded by doubts over how Beijing plans to stimulate the economy and deal with external risks. The internet sector index (.H11137) nearly doubled between late-October and January but has since fallen 20%. Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.

☆ Japan's factory output posts biggest fall in 8 months on weak autos, chips sectors
▼ + stars: | 2023-02-28 | by ( Kantaro Komiya | ) www.reuters.com time to read: +4 min

In contrast, retail sales posted their fastest growth in nearly two years, separate data showed, highlighting the divergent paths between soft manufacturing and robust service-sector activity. Factory output fell 4.6% in January from a month earlier on a seasonally adjusted basis, government data showed on Tuesday. Separate data showed Japanese retail sales rose 6.3% in January from a year earlier, beating a median market forecast for a 4.0% gain and posting an eleventh consecutive month of expansion. Despite the production cuts, retail sales of autos rose 19.3% year-on-year, suggesting strong pent-up demand among domestic consumers caused by delivery delays. Compared with the previous month, retail sales expanded 1.9% in January, following a 1.1% rise in December, the data showed.

REUTERS/Toby MelvilleLONDON, Feb 27 (Reuters) - British energy regulator Ofgem on Monday lowered its price cap on household energy bills from April, but it will offer little relief to consumers as costs continue to rise. The cap sets a maximum price suppliers can charge consumers for each kilowatt hour (kWh) of energy they use, but it has been superseded by a government-backed energy price guarantee (EPG) that limits the maximum costs of energy. "Although wholesale prices have fallen, the price cap has not yet fallen below the planned level of the Energy Price Guarantee. If wholesale prices continue to fall, the price cap could be lowered again in July, potentially reducing bills, the regulator said. British Gas owner Centrica (CNA.L) this month posted record annual profit of 3.3 billion pounds on soaring energy prices and production.

☆ North Korea's Kim convenes meeting to improve economy amid fears of food shortages
▼ + stars: | 2023-02-27 | by ( Josh Smith | ) www.reuters.com time to read: +2 min

KCNA via REUTERSSEOUL, Feb 27 (Reuters) - North Korean leader Kim Jong Un kicked off a meeting of ruling party officials to discuss improving the country's economy and agricultural sector, state media reported on Monday, as fears of food shortages and a humanitarian crisis grow. International experts say food insecurity has worsened in the isolated nation amid sanctions and COVID-19 lockdowns. Kim oversaw the seventh enlarged plenary meeting of the 8th Central Committee of the Workers' Party of Korea on Sunday as it reviewed rural development projects, state news agency KCNA reported. The North Korean food situation appears to have deteriorated, South Korea said this month, with officials in Seoul pointing to the meeting as a de facto acknowledgement of serious shortages. North Korea is under strict international sanctions over its nuclear weapons and ballistic missile programmes, and in recent years its limited border trade was virtually choked off by self-imposed lockdowns aimed at preventing COVID-19.

Sen. Dan Sullivan, R-Alaska, on Sunday called for "extensive public hearings" if the U.S. intelligence community conclusively determines that Covid-19 leaked from a Chinese laboratory. The committee is "reviewing the classified information provided," the spokesperson said. "There is a variety of views in the intelligence community. Some elements of the intelligence community have reached conclusions on one side, some on the other. "But right now, there is not a definitive answer that has emerged from the intelligence community on this question."

☆ Long Covid disabled them. Then they met a ‘broken’ Social Security disability process
▼ + stars: | 2023-02-25 | by ( Morgan Stephens | ) edition.cnn.com time to read: +12 min

And two Congressional bills addressing the long Covid crisis — The “Covid-19 Long Haulers Act,” which would’ve collected data on long Covid patients with the goal of creating better care and treatment, and “The Care For Long Covid Act” would’ve improved research, centralized data and resources for people with Long Covid — died without making it out of committee. Disabled by long Covid since March 2020, she lives with her spouse and their 7-year-old son in Portland, Ore. “We didn’t design our life to be a single-income household.”Other long Covid patients have rearranged their finances, too. His company’s private long-term disability insurance pays a smaller percentage of the monthly benefit payout when federal disability pays a portion. “They’re not only dealing with long Covid complications, but they’re dealing with financial complications,” she said of her clients.

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