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☆ Satya Nadella says Microsoft just wants stability and good governance at OpenAI— not a board seat
▼ + stars: | 2024-01-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Satya Nadella said he's "not interested" in a seat on OpenAI's board. "I'm comfortable, I have no issues with any structure, what we just want is good stability and as I said we don't even need, I'm not interested in a board seat," he said. The comments come after a tumultuous week at OpenAI in November in which CEO Sam Altman was ousted, only to return a week later. AdvertisementThe Microsoft chief doubled down on his comments regarding an OpenAI board seat: "It doesn't matter to me right, I mean the board seat is not the critical path at all for us." Microsoft didn't immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: Satya Nadella, I'm, Sam Altman, Altman, Nadella Organizations: Service, Bloomberg, Economic, Microsoft, Business, OpenAI, Markets Authority, European Commission, EU, Apple Locations: Davos, OpenAI

☆ Climate deniers are turning to new tactics, spreading a wave of misinformation on YouTube, watchdog says
▼ + stars: | 2024-01-16 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +6 min

Researchers gathered transcripts from more than 12,000 videos posted between 2018 and 2023 across 96 YouTube channels that have promoted climate denial and misinformation. “The climate movement has won the argument that climate change is real, and that it is hurting our planet’s ecosystems,” he told CNN. As the impacts of the climate crisis — from scorching heat waves to fierce storms — affect a broader swath of the global population, narratives that deny the existence of climate change are becoming less effective. “There aren’t many companies that would be happy about seeing their advertising appear next to clear climate denial content,” Ahmed said. “We’re asking other platforms that claim to be green in one breath not to profit from, to revenue share, and therefore, reward or to amplify clear climate denial content that contradicts scientific consensus,” Ahmed added.

Persons: you’ve, Imran Ahmed, CCDH, it’s, ”, ” Ahmed, Charlie Cray, Michael Mann, ” Mann, “ We’re Organizations: CNN, YouTube, Pew Research Center, Greenpeace, University of Pennsylvania, Google

☆ Christian Nationalists Could Put Trump Back in the White House: Expert
▼ + stars: | 2024-01-15 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +19 min

In the US, the immediate crisis is the phenomenon of Donald Trump and the strong conservative Christian support for Trump, which continues to this day. Can you tell me a little bit more about the reasons that you've found why Donald Trump has such a significant base among Christian conservatives? What's interesting is evangelicals have had to learn how to hold their nose and support Trump. There are state-level Christian theocrats who are in some ways implementing as much of an authoritarian reactionary Christian agenda as they can. And when this ferocious backlash begins on the white Christian side, it's very tightly connected to the civil rights era.

Persons: David Gushee, Donald Trump, we're, I'm, it's, I've, you've, Ronald Reagan, Reagan, Trump, Christian, they're, It's, Robustly, he's, Vladimir Putin, George W, Bush, Mike Pence, Pence, theocrats, there's, William Barber, Jim Crow, Barack Obama Organizations: Mercer University, GOP, Trump, Republican Party, House, Officially, Christian, Black Locations: America, United States, England, Russia, West, Christianity

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

☆ One of the most well-funded federal agencies has lost track of billions of dollars worth of military aid
▼ + stars: | 2024-01-12 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

The Pentagon hasn't kept proper tabs on $1 billion in weapons the US sent to Ukraine, a watchdog report found. More than $1 billion of a $1.69 billion worth of weapons sent to Ukraine remain "delinquent." The Defense Department inspector general's report comes as Republicans in Congress have been blocking new aid to Ukraine. Advertisement"Things are showing progress, but it's not enough," Defense Department Comptroller Mike McCord told reporters at the time, according to Reuters. Update January 12, 2024: This story has been updated with comments made by Pentagon press secretary Maj. Gen. Patrick Ryder at a press conference Thursday evening.

Persons: Pentagon hasn't, It's, —, General's, Vladimir Putin, general's, Patrick Ryder, Ryder, Mike McCord Organizations: Pentagon, Department of Defense, Service, Russian, Defense, Ukraine, The Defense, US, Department, Amnesty International, Office, Washington Post, Reuters Locations: Ukraine, States, Iraq, Kuwait, Yemen, Afghanistan

☆ Former Chinese central banker took ‘extraordinarily massive’ bribes, state media says
▼ + stars: | 2024-01-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. It described how he had received “extraordinarily massive” payments from executives of various companies in exchange for favors after taking up the PBOC’s second-highest position. “I wanted to possess great power, and at the same time, to be rich,” Fan said in the documentary. “I made a huge mistake.”According to CCTV, Fan accepted payments from businesspeople through his brother’s investment company. In addition to Fan’s case, the CCTV documentary exposed graft at a state-owned energy investment group and at the highest levels of Chinese sport.

Persons: Fan, Xi Jinping, “, Qian Long, Liu Liange, Wang Bin, Tang Shuangning, Tang, Wang Yongsheng, Wang, Li, China’s Organizations: Hong Kong CNN, People’s Bank of China’s, Central Commission, Xinhua, Communist Party, National Supervisory Commission, of China, China Life Insurance, China Everbright, China Development Bank, China Daily, soccer team, China’s Twitter Locations: China, Hong Kong, Xinhua, Weibo

☆ Your tax dollars are getting spent on weight-loss drugs like Ozempic, and the total is adding up
▼ + stars: | 2024-01-11 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

AdvertisementConnecticut was quick to experience the impact of weight loss drugs on its economy last year. Politico reported in November that the state's employee health plan was set to spend $30 million on drugs like Ozempic and Wegovy. Comptroller Sean Scanlon told BI that that was up from $8 million in 2020. Connecticut began testing out a method to offer those seeking weight loss drugs access to a program with online tools for weight management. In North Carolina, the State Health Plan has put a moratorium on new users of GLP-1 drugs for weight loss.

Persons: Sean Scanlon, Scanlon, it's, Dale Folwell, Folwell, Shelby Livingston, Eli Lilly, that'll, Nik Modi Organizations: Service, Business, Bloomberg, Medicaid, Politico, BI, State, North, State Health, Novo Nordisk, Wall Street, University of Texas System, UT, RBC Capital Markets Locations: Connecticut, Wegovy, . Connecticut, North Carolina, Novo, Netherlands, United States

☆ iRobot shares plunge 19% on report Amazon won't offer concessions to resolve EU probe
▼ + stars: | 2024-01-10 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Shares of iRobot closed down 19% on Wednesday, after a report said Amazon will not offer concessions to Europe's antitrust watchdog in a bid to clear its planned $1.7 billion acquisition of the Roomba maker. Representatives from iRobot and the European Commission did not immediately respond to CNBC's request for comment. Shares of Amazon closed up 1.5% on Wednesday. The European Commission opened an in-depth probe into the purchase last July and is expected to rule on the deal by Feb. 14. Amazon announced its intention to acquire iRobot in August 2022 for $61 per share in an all-cash deal.

Organizations: Politico, European Commission, Amazon, iRobot, U.S . Federal Trade Commission, Markets Authority, CNBC PRO Locations: iRobot

☆ SEC approves bitcoin ETFs for some investment firms
▼ + stars: | 2024-01-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. The SEC had a deadline of January 10 to offer a decision for just one of the 11 firms that applied to offer bitcoin ETFs. Bitcoin ETFs, like bitcoin, carry risks for investorsFor those considering jumping on the bitcoin bandwagon, it’s important to note that the price of a bitcoin will be just as volatile whether you invest in it directly yourself or through an ETF. Those sentiments have been echoed by many financial advisers and the investor watchdog group Better Markets, which strongly opposed the SEC’s approval of bitcoin ETFs. The full list of companies that got SEC approval to launch bitcoin ETFs are: Ark Invest together with 21 Shares; Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Hashdex, Invesco, WisdomTree, Valkyrie and VanEck.

Persons: Gary Gensler, bitcoin, ”, Gensler, Dennis Kelleher, “, Sheila Warren, Franklin Templeton Organizations: New, New York CNN, Securities and Exchange Commission, SEC, FBI, Investments, Better, Street, Crypto, Innovation, Fidelity Locations: New York, BlackRock

☆ Coinbase secures crypto license in France, pushing deeper in Europe amid rift with the SEC
▼ + stars: | 2023-12-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

POLAND - 2023/08/01: In this photo illustration, a Coinbase logo displayed on a smartphone with stock server lights in the background. France's AMF watchdog gave Coinbase a virtual asset service provider (VASP) approval, which is effectively a green light for the company to operate digital currency services in France. The VASP registration will allow Coinbase to offer custody of digital assets, buying or selling digital assets in legal tender, trading of digital assets against other digital assets, and operating a digital asset trading platform, the company said in a statement Thursday. The European Union has been working to introduce its Markets in Crypto Assets (MiCA) regulation, which would create a harmonized framework for crypto companies to operate in a regulated way in the bloc. Under MiCA, rather than having to secure registration in every EU market, crypto companies will eventually be able to use their VASP license in one country and "passport" into other countries to offer their services across the EU.

Persons: Omar Marques, Coinbase Organizations: Getty, France's AMF, European, Crypto Locations: POLAND, France, Europe, European Union

of X Elon Musk speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City. Elon Musk on Sunday reinstated the account of conspiracy theorist Alex Jones on X, formerly Twitter, reneging on a year-ago vow to keep Jones off the social network. Users of the Elon Musk-led X social media platform had anticipated the reinstatement of Jones since at least Thursday, when Musk said he would consider reinstating Jones. Musk said Jones "cannot break the law," but that if he does spread misinformation, X's community notes feature will correct him. X has allowed Tate to monetize his account and Tate has said that he generated tens of thousands of dollars on X, previously.

Persons: Tesla, X Elon Musk, Elon Musk, Alex Jones, Jones, Sandy, Sandy Hook, Infowars, Musk, Andrew Tate —, Tate, monetize, Travis Brown, Jack Sweeney, Aaron Greenspan, MMfA, he's, Donald Trump Organizations: SpaceX, New York Times, Elon, Twitter, Elementary, Sandy Hook Elementary School, Associated Press, Media, America Locations: New York City, Sandy, Newtown , Connecticut, Texas and Connecticut, Romania, New York

☆ Barclays shares slip after major backer Qatar cuts stake
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Qatar Investment Authority, the state sovereign wealth fund which owns Qatar Holding, did not respond to a request for comment. The share sale comes as Barclays embarks on a shake-up to cut costs and revive its share price, which has halved since Qatar first invested in 2008. Barclays' stock fell as much as 4.5% in early trading and was last down 2.5% at 1007 GMT. Qatar became Barclays' largest shareholder during the 2008 financial crisis when it injected 4 billion pounds into the UK bank in a deal that helped avert a taxpayer bailout. Britain's financial watchdog later fined Barclays $55 million for fees paid to Qatari entities in the 2008 fundraising, which Barclays said it would appeal.

Persons: Venkatakrishnan, Vekatakrishnan, Iain Withers, Sinead Cruise, Pablo Mayo Cerqueiro, Lawrence White, Danilo Masoni, Andrew Mills, Kirsten Donovan, Emelia Organizations: Barclays, Qatar, Reuters, Qatar Investment Authority, Qatar Holding, Thomson Locations: Qatar, Germany, London, Milan, Doha

NEW YORK (AP) — By airing the fourth Republican presidential primary debate scheduled for Wednesday — again, minus Donald Trump — the young NewsNation television network will almost certainly reach the largest audience in its history. A NETWORK STILL SEEKING AN AUDIENCEPolitical Cartoons View All 1277 ImagesThe debate is to air from 8 to 10 p.m. ET and will also be shown on the CW network, which like NewsNation is owned by the Nexstar Media Group. A HIGH-PROFILE DEBATE HEADLINERIn awarding the rights to televise Wednesday's debate, the Republican National Committee chose the debate moderators. Kelly's experience working debates during the 2016 Republican presidential nominating process shot her to fame through her feud with Trump.

Persons: —, Donald Trump —, Megyn Kelly, ”, Cherie Grzech, NewsNation's, NewsNation, Chris Cuomo, Dan Abrams, Ashleigh Banfield, Leland Vittert, Abrams, Joe Berkowitz, “, cursorily, Chris Stirewalt, Bill Shine, Grzech, haven't, I've, Elizabeth Vargas, Eliana Johnson, Kelly, It's, Kelly hasn't, hasn't, She's, Ron DeSantis, ” Kelly, Nikki Haley's, “ cringy, Chris, Christie, you've, Vivek Ramaswamy's, she's, Tom Jones, ” Jones, Grezch, Trump, ___ David Bauder Organizations: Republican, Nexstar Media Group, CW, WGN America, CNN, ABC News, MSNBC, Fox News, Nielsen, Hollywood Reporter, Media, Daily, Fox, Republican National Committee, Washington Free Beacon, Trump, NBC News, Walt Disney Corp, Poynter Institute, Associated Press Locations: Florida

☆ Amazon latest to criticise Microsoft in UK cloud market probe
▼ + stars: | 2023-12-05 | by ( Martin Coulter | ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsLONDON, Dec 5 (Reuters) - Amazon (AMZN.O) has told Britain's antitrust authority its rival Microsoft (MSFT.O) uses business practices that restrict customer choice in the cloud computing market, the second major company to criticise the U.S. tech giant's operations. Britain's Competition and Markets Authority (CMA) launched an investigation into the country’s cloud computing industry in October, following a referral from media regulator Ofcom that highlighted Amazon and Microsoft’s dominance of the market. “To use many of Microsoft’s software products with these other cloud services providers, a customer must purchase a separate license even if they already own the software,” Amazon said. In its own submission to the CMA, Microsoft said Britain's cloud computing market remained competitive. "There are many sources of competition in the cloud market in the UK.

Persons: Fabian Bimmer, Amazon, Martin Coulter, Jane Merriman, Mark Potter Organizations: Microsoft, Hannover Messe, REUTERS, Britain's, Markets Authority, CMA, Ofcom, ”, Reuters, Google, Oracle, IBM, Thomson Locations: Hanover, Germany

☆ COP28: Fossil fuel industry has nearly quadrupled registrations at climate summit since last year, watchdog report says
▼ + stars: | 2023-12-05 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

The report was not able to count how many fossil fuel representatives are actually in attendance, though it has shown registration numbers have been increasing over the years. COP28 President Sultan Al Jaber, also an oil executive, has argued the fossil fuel industry should be involved in the summit. The analysis from the coalition, which this year organized under the name Kick Big Polluters Out, looked at the provisional list of COP participants to identify registrants with self-declared ties to fossil fuel companies or organizations with fossil fuel interests or foundations owned or controlled by a fossil fuel company. “The hallways and negotiating rooms of this climate conference are flooded with the largest number of fossil fuel lobbyists ever,” said Lili Fuhr, director of the fossil fuel energy program at the Center for International Environmental Law. Governments must “remain focused on delivering an outcome that supports and mandates a full phase out of fossil fuels while protecting public policy-making from fossil fuel interests,” she told CNN.

Persons: Sultan Al Jaber, ”, Lili Fuhr, Al Jaber Organizations: CNN, United Arab Emirates, Global, Dubai, United Nations, Center for International Environmental Law Locations: Dubai, Brazil, Egypt, COP27, COP28

☆ AI could judge if user is of porn-watching age under new UK guidance
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. The legal age to watch porn in Britain is 18 or over. The regulator described its suggestion on facial age estimation as using AI to analyse a viewer's features. The watchdog said its proposed guidance also included photo identification matching, requiring a user to upload a photo ID such as passport or driving licence to prove their age, and credit chard checks. The regulator said weaker methods such as self-declaration of age, online payment methods that do not require a person to be 18, and disclaimers or warnings, would no longer meet the standards in its new guidance.

Persons: Dado Ruvic, Melanie Dawes, chard, Muvija, Paul Sandle, Richard Chang Organizations: REUTERS, England, of Economic Affairs, Ofcom, Thomson Locations: Britain

☆ AI Could Judge if User Is of Porn-Watching Age Under New UK Guidance
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +2 min

LONDON (Reuters) - Britain proposed new age-check guidance on Tuesday to protect children from accessing pornography online, including a suggestion to use AI-based technology to see if a viewer looks to be of legal age. The legal age to watch porn in Britain is 18 or over. The regulator described its suggestion on facial age estimation as using AI to analyse a viewer's features. The watchdog said its proposed guidance also included photo identification matching, requiring a user to upload a photo ID such as passport or driving licence to prove their age, and credit chard checks. The regulator said weaker methods such as self-declaration of age, online payment methods that do not require a person to be 18, and disclaimers or warnings, would no longer meet the standards in its new guidance.

Persons: Melanie Dawes, chard, Muvija, Paul Sandle, Richard Chang Organizations: England, of Economic Affairs, Ofcom Locations: Britain

☆ Florida GOP chairman's hunt for a threesome results in sexual assault allegation
▼ + stars: | 2023-12-04 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +7 min

But a recent rape allegation against Christian Ziegler undermines the principles they tout. Christian Ziegler, however, still showed up at the woman's apartment and raped her, the woman told Sarasota police, according to the Post. AdvertisementMeanwhile, the rape allegation against Christian Ziegler is a profound step away from the "pro-family" values his supporters have celebrated him for. An attorney for Christian Ziegler did not immediately respond to a request for comment sent during the weekend. A GOP power coupleFlorida GOP chairman Christian Ziegler greets former president Donald Trump at the Republican Party of Florida Freedom Summit.

Persons: Bridget Ziegler, Christian Ziegler, —, Ziegler, Bridget, Bridget Ziegler's, Donald Trump, Joe Burbank, they've, Sen, Rick Scott, Florida's, Scott, John Stemberger, Stemberger, Ziegler's, Ron DeSantis, DeSantis, Gavin Newsom, Christian Zeigler, Spencer Roach, Roach Organizations: Service, Florida GOP, Liberty, Sarasota Police, Florida Center, Government, Washington Post, GOP, Republican Party of Florida Freedom Summit, Orlando Sentinel, Tribune, Getty Images, Florida Politics, Republican Party, Business, Gov, Central, Board, Disney, Sarasota County School, Republican Party of Sarasota, California Gov, Post, Associated Press Locations: Florida, Sarasota, Sarasota County, Iowa, Central Florida

☆ UK military faces $22 billion equipment shortfall, watchdog says
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 4 (Reuters) - Britain's armed forces face an equipment funding shortfall of 17 billion pounds ($21.6 billion) over the next 10 years, a public spending watchdog said on Monday, a concern for defence chiefs at a time of heightened geopolitical risks. The National Audit Office (NAO) put the estimate for the budget for new weapons and equipment at 305.5 billion pounds for 2023-2033, 16.9 billion pounds over budget, the largest deficit since its first report in 2012. Russia's war in Ukraine has highlighted the need for extra military spending across Europe, with Britain an important ally and provider of military equipment to Kyiv. The government raised spending on defence by an extra 5 billion pounds earlier this year, increasing it to about 2.25% of gross domestic product this year and next. "The Ministry of Defence acknowledges that its Equipment Plan for 2023–2033 is unaffordable," NAO head Gareth Davies said in a statement.

Persons: NAO, Grant Shapps, Shapps, Gareth Davies, Sarah Young, Bernadette Baum, Timothy Organizations: Audit, Soaring, Ministry of Defence's, Defence, Ministry, Timothy Heritage, Thomson Locations: Britain, Ukraine, Europe, Kyiv

☆ Global regulators propose tougher scrutiny of voluntary carbon markets
▼ + stars: | 2023-12-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Dec 3 (Reuters) - A global securities watchdog proposed 21 safety measures on Sunday to improve integrity, transparency and enforcement in voluntary carbon markets (VCMs) in a sector of growing importance to efforts to combat climate change. VCMs cover pollution-reducing projects, such as reforestation, renewable energy, biogas and solar power, that generate carbon credits companies buy to offset their emissions and meet net-zero targets. National regulators could require companies to disclose their use of carbon credits, and platforms that trade credits to have better anti-fraud and market manipulation safeguards, IOSCO said. VCMs are separate from government-regulated carbon markets, such as the emissions trading scheme in the European Union, the world's largest. Good practice could include "comprehensive disclosures on the project development process, verification and auditing methodologies, and the entities responsible for measurement, reporting, and verification," IOSCO said.

Persons: Rodrigo Buenaventura, IOSCO, Morgan Stanley, Huw Jones, Barbara Lewis Organizations: Sunday, European Union, Reuters, Thomson Locations: Asia, Europe, Latin America, United States, Dubai

☆ Explainer: How will the Supreme Court reshape US opioid epidemic relief?
▼ + stars: | 2023-12-03 | by ( John Kruzel | ) www.reuters.com time to read: +5 min

The settlement also would shield the Stamford, Connecticut-based pharmaceutical company's wealthy Sackler family owners from lawsuits brought by opioid victims. A U.S. bankruptcy court approved that restructuring plan in 2021. Lawsuits against Purdue and Sackler family members accuse them of fueling the opioid epidemic through deceptive marketing of its pain medication. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The administration also has said Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to the opioid settlement.

Persons: OxyContin, Sackler, Department's, Joshua Silverstein, Silverstein, Joe Biden's, John Kruzel, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, WASHINGTON, U.S, Supreme, Purdue, U.S ., District of Columbia, University of Arkansas, Justice Department, Thomson Locations: Stamford , Connecticut, United States, U.S, Little, New York

☆ China regulator to speed reform of smaller financial institutions
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

Li Yunze, director of China's National Financial Regulatory Administration (NFRA), speaks at the Lujiazui Forum in Shanghai, China June 8, 2023. REUTERS/Jason Xue/File Photo Acquire Licensing RightsBEIJING, Dec 3 (Reuters) - A key Chinese financial regulator said on Sunday it would accelerate reform of small and midsize financial institutions as it steps up its oversight of the sector. The National Financial Regulatory Administration (NFRA) will collaborate with the General Administration of Financial Supervision to tighten supervision of the financial industry other than the securities market, director Li Yunze said in an interview with state media Xinhua. It will promote small and midsize banking institutions to optimise their structure, improve quality and increase efficiency, Li said. “At present, the operation of China's financial sector is generally stable and the overall risk resistance is strong,” he said.

Persons: Li Yunze, Jason Xue, Li, ”, Mei Mei Chu, Christopher Cushing, William Mallard Organizations: China's, Financial Regulatory Administration, REUTERS, Rights, Administration, Financial, Xinhua, NFRA, Thomson Locations: Shanghai, China, Rights BEIJING

STOCKHOLM (AP) — Many Western arms companies failed to ramp up production in 2022 despite a strong increase in demand for weapons and military equipment, a watchdog group said Monday, adding that labor shortages, soaring costs and supply chain disruptions had been exacerbated by Russia’s invasion of Ukraine. “Many arms companies faced obstacles in adjusting to production for high-intensity warfare,” said Lucie Béraud-Sudreau, director of the independent institute's Military Expenditure and Arms Production Program. SIPRI said the revenues of the 42 U.S. companies on the list — accounting for 51% of total arms sales — fell by 7.9% to $302 billion in 2022. Of those, 32 recorded a fall in year-on-year arms revenue, most of them citing ongoing supply chain issues and labor shortages stemming from the COVID-19 pandemic. ”However, despite the year-on-year drop, the total Top 100 arms revenue was still 14% higher in 2022 than in 2015 — the first year for which SIPRI included Chinese companies in its ranking.

Persons: ”, Lucie Béraud, SIPRI, Nan Tian, Lockheed Martin, ” SIPRI, Sudreau Organizations: STOCKHOLM, Stockholm International Peace Research Institute, Lockheed, Raytheon Technologies, ” Companies Locations: Ukraine, Stockholm, U.S, Asia, Israel, South Korea

☆ COP28: Exxon Mobil CEO rebuffs IEA criticism of carbon capture strategy
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +3 min

Darren Woods, CEO of ExxonMobil, reacts at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. "So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar. The future role of carbon capture technology and fossil fuels is a key issue at the conference. Exxon has announced $17 billion of investment in its low carbon business, which includes carbon capture, and has argued that greenhouse gas emissions are the problem causing climate change, not the fossil fuels themselves. Woods declined to provide details of the contracts, but said U.S. subsidies in last year's Inflation Reduction Act of up to $85 a ton for carbon capture and sequestration would make the investments profitable.

Persons: Darren Woods, Carlos Barria, Woods, EVs, We're, Richard Valdmanis, Katy Daigle Organizations: ExxonMobil, Economic Cooperation, REUTERS, Rights, Exxon Mobil, International Energy, Reuters, Exxon, IEA, Thomson Locations: Asia, San Francisco , California, U.S, Dubai, Gulf of Mexico, United States

☆ George Santos Reveals One Truth: It’s Easy to Abuse Campaign Finance Laws
▼ + stars: | 2023-12-02 | by ( Rebecca Davis O Brien | More About Rebecca Davis O Brien | ) www.nytimes.com time to read: +1 min

Perhaps no federal officeholder in modern American history has been accused of ignoring, testing or breaking as many aspects of campaign finance law so flagrantly, in such a short span of time, as George Santos has. But his case, while sensational, illustrates the profound weaknesses of the system, and its potential for abuse. For years, campaign finance laws have eroded, while the watchdogs responsible for their oversight have been weakened by limited powers, underfunding and political stalemate. “He is an extreme example of something that is happening all the time in campaign finance,” said Saurav Ghosh, a former Federal Election Commission enforcement lawyer who is now the director of federal campaign finance reform at the Campaign Legal Center, a watchdog group. Mr. Santos, he suggested, was able to take advantage of “the overall under-regulation of money that is raised and spent on election influence.”

Persons: George Santos, Santos, ”, Saurav Ghosh Organizations: Commission

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