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☆ Meta oversight board urges Cambodia PM's suspension from Facebook
▼ + stars: | 2023-06-29 | by ( Katie Paul | ) www.reuters.com time to read: +3 min

[1/2] Cambodia's Prime Minister Hun Sen attends a celebrations marking the 66th anniversary of the country's independence from France, in central Phnom Penh, Cambodia, November 9, 2019. The board, which is funded by Meta but operates independently, said the company had been wrong not to remove the video after it was published in January. Meta, in a written statement, agreed to take down the video but said it would respond to the board's recommendation to suspend Hun Sen after a review. Any suspension would silence the prime minister's Facebook page less than a month before an election in Cambodia. Phil Robertson, deputy Asia director for Human Rights Watch, said Hun Sen had finally been called out for inciting violence.

Persons: Hun Sen, Samrang, Hun, Meta's, Donald Trump, Meta, Phil Robertson, Katie Paul, Michael Perry, Andrew Heavens Organizations: Cambodia's, REUTERS, Meta, Cambodian, Facebook, United States, Cambodian People's Party, Human Rights, Big Tech, Thomson Locations: France, Phnom Penh, Cambodia, United, U.S, Asia

WASHINGTON, June 29 (Reuters) - The International Monetary Fund's executive board on Thursday completed its first review of Ukraine's $15.6 billion loan program, allowing Kyiv to immediately withdraw $890 million for budget support as it mounts a major offensive against Russia's invasion. The IMF said Ukrainian authorities have made "strong progress" toward meeting reform commitments under "challenging conditions," meeting quantitative performance criteria through April and structural benchmarks through June. IMF Ukraine mission chief Gavin Gray told reporters the IMF is continuing to study the social, environmental and economic impacts of the destruction of the Kakhovka Dam earlier this month, which caused widespread flooding in southern Ukraine. The IMF expects to carry out its next review of Ukraine's program in late November or early December, the official added. Gray said Ukrainian authorities also needed to continue work on strengthening governance and fighting corruption, with new legislation passed by the end of September.

Persons: Kristalina Georgieva, Georgieva, Gavin Gray, Gray, David Lawder, Andrea Shalal, Leslie Adler, Deepa Babington, Richard Chang Organizations: Monetary Fund's, IMF, Thomson Locations: Kyiv, Ukraine, IMF Ukraine

☆ Morning Bid: China supports, peak rate haze
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +4 min

It made its displeasure at further yuan weakness clear on Tuesday, lifting official daily targets while state banks sold dollars. Even though investors seemed to bat away the bizarre weekend events in Russia, the murky Western interest rate picture continues to hamper European and U.S. stocks. Central bankers meeting at an annual European Central Bank forum in Portugal dissuaded markets from betting on a peak in the interest rate cycle just yet. While those comments are likely more directed at European policymakers, where disinflation is lagging, markets also still expect the Fed to push ahead with at least one more interest rate rise next month. The hawkish rate picture didn't deter demand for two-year Treasury notes at Monday's auction, however, and 2-year yields slipped below 4.70% on Tuesday.

Persons: Mike Dolan, Li Qiang, Hong Kong's, Christine Lagarde, Lagarde, Gita Gopinath, Morgan Stanley, Emelia Sithole Organizations: Federal, Economic, Bank of Japan, European Central Bank, ECB, Conference, University of Michigan's, Dallas Federal, Richmond Fed, Central Bank, Treasury, Walgreens, Reuters, Thomson Locations: U.S, China, Beijing, Tianjin, Shanghai, Russia, Portugal, Sintra

☆ Amid falling inflation, recent signs show fewer Americans are living paycheck to paycheck
▼ + stars: | 2023-06-26 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

After leaning heavily on their paychecks as prices spiked over the last year, households are finally feeling some relief. As of May, 57% of consumers said they were living paycheck to paycheck, down from 61% the month earlier, according to a new LendingClub report. Workers last month saw their buying power improve for the first time in two years, as inflation eased off the pandemic-era peak. Households report. The share of adults doing at least OK financially fell sharply in 2022, to the lowest level since 2016, the report found.

Persons: LendingTree Organizations: Workers, Finance, Federal Locations: U.S

DOYLESTOWN, Pennsylvania, June 24 (Reuters) - On May 12, the library coordinator for Pennsylvania's Central Bucks School District sent an email to colleagues that some conservative parents and Christian advocacy groups had long prayed to see. Liberal groups say the effort amounts to censorship and even bigotry, with disproportionate harm to LGBT students and those in other minority groups. Dana Hunter, a Republican and the chair of the school board, said she sought advice from Jeremy Samek, senior counsel at the Independence Law Center and the Pennsylvania Family Institute. "There are things that everybody would agree, including the ACLU, that you shouldn't be giving to kids," said Samek, who does not live in the school district. Dell'Angelo, one of the board's Democrats, said it was wrong to involve groups that oppose LGBT rights in public school policy, and unethical to do so in secret.

Persons: Maia Kobabe, Juno Dawson, curriculums, Tabitha Dell'Angelo, Dana Hunter, Jeremy Samek, Hunter, Dell'Angelo, Samek, Hannah Beier, Leo Burchell, Shannon Harris, Harris, Jonathan Allen, Paul Thomasch, Claudia Parsons Organizations: Pennsylvania's Central Bucks School District, Republican, Liberal, Family Research Council, Independence Law Center, Pennsylvania Family Institute, Reuters, Republicans, American Association of School Librarians, Liberty, Museum, American, REUTERS, American Civil Liberties Union of Pennsylvania, U.S . Department of Education's, Civil Rights, U.S, ACLU, Pennsylvania Family, Family Research, Thomson Locations: DOYLESTOWN , Pennsylvania, Philadelphia, Bucks, Pennsylvania, Philadelphia , Pennsylvania, U.S, Central Bucks

Can that real wage growth persist if the jobs market now loosens with a lag from the swingeing five percentage points of rate hikes in just 15 months? What's more, other surveys have yet to show inflation expectations falling so sharply or lifting confidence. The possibility of a disinflation spur to demand at this juncture may complicate that picture considerably. Importantly, the slower fall in inflation in both Britain and the euro zone means real wage growth remains negative - unlike the latest twist stateside. Bank of America chart on investor survey growth outlookReuters GraphicsThe opinions expressed here are those of the author, a columnist for Reutersby Mike Dolan, Twitter: @reutersMikeD.

Persons: it's, Goldman Sachs, Dom Wilson, Mike Dolan, Alexander Smith Organizations: University of, U.S . Federal Reserve, Bank of America, Bank of, UBS Global Wealth Management, Fed, Reuters, Twitter, Thomson Locations: Michigan, Europe, Britain

☆ Op-ed: In battle with activist Jana Partners, Freshpet unleashes the dogs of war
▼ + stars: | 2023-06-17 | by ( Kenneth Squire | ) www.cnbc.com time to read: +9 min

Morris's employment agreement does not have such a provision. Section 7 of his employment agreement governs non-competition and non-solicitation. Basto resigned from Freshpet's board, effective May 31, according to a filing with the Securities and Exchange Commission. Jana attempted to address this by talking to Freshpet about improving corporate governance and adding new directors identified by Jana to the board. The Freshpet board should have looked at this as a gift from heaven.

Persons: Jana Partners, Freshpet, Jana, Scott Morris, Laurence Tribe, Morris, Richard Kassar, J, David Basto, Olu Beck, Basto, Jana directors, –, Shakespeare, Ken Squire, Squire Organizations: Hive Brands, Freshpet, Company, Securities and Exchange Commission, Institutional, Services, 13D Locations: Freshpet, Delaware

☆ 'Fundamentals still matter': A portfolio manager at a firm managing $17 billion warns stocks are due to sink 15% as AI hype fuels the current rally and drowns out recession alarm bells
▼ + stars: | 2023-06-17 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Stocks are once again in a bull market, with the S&P 500 now up more than 20% since October's lows. Nearly all of the recent rally can also be attributed to the index's top 10 stocks, he said. "During the late-90s tech bubble, over one-third of returns came from these mega-cap stocks," Wool said. "In the recent bull run, by contrast, almost the entire market return was accounted for by just ten companies' performance." A 15% decline would put the S&P 500 at 3,800.

Persons: Stocks, Rayliant's Phillip Wool, Wool, Phillip Wool, Solita, Louis, …, Lauren Goodwin, Morgan Stanley's Mike Wilson, it's, Morgan Stanley's Wilson, Piper Sandler's Michael Kantrowitz Organizations: UBS, LPL Financial, Conference, Federal Reserve Bank of St, Louis The Conference, Wool, Treasury, Federal Reserve, New York Life Investments, CME Group

☆ Disney CFO Christine McCarthy, who was seen as a possible successor to Bob Iger, is stepping down
▼ + stars: | 2023-06-15 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Disney CFO Christine McCarthy is stepping down and taking a family medical leave, the company announced. McCarthy has been instrumental in helping CEO Bob Iger tackle Disney's challenges since his return as CEO in 2022. Disney SVP and CFO Christine McCarthy, who was seen as a contender to replace CEO Bob Iger, is stepping down to take a family medical leave of absence, the company announced. Kevin Lansberry, EVP and CFO of Disney Parks, Experiences and Products, will serve as interim CFO, starting July 1. McCarthy joined Disney in 2000 and served as treasurer before becoming CFO in 2015.

Persons: Christine McCarthy, Kevin Lansberry, McCarthy, Bob Iger, Iger, he's, Bob Chapek, Chapek's, he'd, She's Organizations: Disney, Longtime Disney, Morning, Disney Parks, Walt Disney Company, Wall Locations: America

U.S. District Judge Sunshine Sykes said Artikal Sound System failed to argue that the writers of "Levitating" ever had access to the group's 2017 song "Live Your Life." Sykes gave the group an opportunity to file a new complaint. Representatives for Lipa and Artikal Sound System did not immediately respond to requests for comment. Sykes on Monday agreed with Lipa that Artikal Sound System's complaint failed to show that the defendants could have encountered its song before writing "Levitating." Sykes said this was not enough to demonstrate the song was widely disseminated enough that the "Levitating" songwriters could have heard and copied it.

Persons: Florion, Lipa's, Sunshine Sykes, Sykes, Sandy Linzer, Russell Brown, Don Diablo, Blake Brittain, Richard Chang Organizations: Singer Dua, Skanderbeg, REUTERS, Dua Lipa, Warner Records, U.S, District, Thomson Locations: Tirana, Albania, British, Los Angeles, Florida, New York, Lipa, Washington

☆ Oklahoma approves first publicly funded Catholic school in US
▼ + stars: | 2023-06-05 | by ( Brad Brooks | ) www.reuters.com time to read: +2 min

June 5 (Reuters) - An Oklahoma school board on Monday approved the Catholic Church's application to create the first taxpayer-funded religious charter school in the U.S. Oklahoma's Statewide Virtual Charter School Board approved the plan to create the St. Isidore of Seville Catholic Virtual School in a 3-2 vote. Charter schools are publicly funded, independently run schools established under the terms of a charter with a local or national authority. The school would cost Oklahoma taxpayers up to $25.7 million over its first five years of operation, its organizers said. The law school at the University of Notre Dame, a Catholic institution in Indiana, helped with the application.

Persons: Isidore of, Isidore, Brad Brooks, David Gregorio Our Organizations: U.S, Charter School Board, Isidore of Seville Catholic Virtual School, Roman, Supreme, Catholic Archdiocese of, Catholic Archdiocese of Oklahoma City, University of Notre Dame, Thomson Locations: An Oklahoma, Isidore of Seville, Maine and Montana, Oklahoma, Catholic Archdiocese of Oklahoma, Indiana, Lubbock , Texas

☆ A top Wall Street investment strategist breaks down why stocks are setting up for a 22% drop in the second half of the year — and shares 2 signs that show a recession is likely
▼ + stars: | 2023-06-03 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Piper Sandler's Michael Kantrowitz says a recession is hurtling toward the US economy. He pointed to stocks falling in lockstep with rising unemployment claims in 2007, 2000, 1990, 1981, 1973, and 1969. Today, investors are again doing a poor job of forecasting rising unemployment claims in the months ahead, Kantrowitz believes. Underpinning Wilson's call is an earnings recession this year that investors aren't pricing in. "We first started talking about the coming earnings recession a year ago and received very strong pushback, just like today.

Persons: Piper Sandler's Michael Kantrowitz, Kantrowitz, Michael Kantrowitz doesn't, Piper Sandler, it's, Louis, Greg Boutle, Cantor Fitzgerald's Eric Johnston, Venu Krishna, Morgan Stanley's Mike Wilson, Wilson, Albert Edwards Organizations: Energy, Survey, Federal Reserve Bank of St, BNP, Barclays, Conference, Board, National Federal, Independent, of Labor Statistics, Generale's Locations: lockstep

☆ CNBC Daily Open: The A.I. rally is too narrow
▼ + stars: | 2023-05-31 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

Everyone else, however, is a bystander reaping no benefits — and that could have implications for broader markets. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Everyone else, however, isn't so much a loser, but a bystander reaping no benefits — and that could have implications for broader markets. Subscribe here to get this report sent directly to your inbox each morning before markets open.

Persons: Wood, We're, Andrew Smith, Javed Mirza, Ataman Ozyildirim, we've Organizations: NVIDIA, CNBC, . Semiconductor, Nvidia, Marvell, Broadcom, Big Tech, Apple, Microsoft, Delos Capital Advisors, Conference, The Conference Board Locations: Taipei, Dallas, Canada, U.S

☆ CNBC Daily Open: The A.I. rally's too narrow
▼ + stars: | 2023-05-31 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

Persons: Jensen Huang, Wood, We're, Andrew Smith, Javed Mirza, Ataman Ozyildirim, we've Organizations: Nvidia, CNBC, . Semiconductor, Marvell, Broadcom, Big Tech, Apple, Microsoft, Delos Capital Advisors, Conference, The Conference Board Locations: Taipei, Dallas, Canada, U.S

☆ US consumer confidence dips to six-month low, labor market views soften
▼ + stars: | 2023-05-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The Conference Board's consumer confidence index slipped to 102.3 this month, the lowest level since last November, from an upwardly revised 103.7 in April. The cutoff date for the survey, which places more emphasis on the labor market, was May 22. The survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, fell to 31.0, the lowest since April 2021, from 36.9 in April, suggesting the labor market was loosening up. More timely data like first-time applications for state unemployment benefits suggests the labor market remains tight, but is gradually easing. "Investors should expect Friday's job report to reveal emerging cracks in the labor market."

Persons: Christopher Rupkey, Joe Biden, Kevin McCarthy, Jeffrey Roach, Nicole Bachaud, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Labor, Conference, Social Security, Medicare, Reuters, University of, Republican U.S . House, Sunday, U.S . Labor Department, LPL, Treasury, Federal Reserve, National Association of Realtors, Federal Housing Finance Agency, Thomson Locations: WASHINGTON, New York, North Carolina, U.S, Seattle

☆ A notorious market bear who called the 2000 and 2008 crashes warns the S&P 500's 17% surge since October is a bear market rally — and that stocks are ripe for a decline of up to 60%
▼ + stars: | 2023-05-27 | by ( William Edwards | ) www.businessinsider.com time to read: +7 min

Since October 2022, the S&P 500 is up 17% following a 25% decline as the Fed embarked on its rate-hiking cycle. The median S&P 500 price target for the end of the year is 4,000. Predicted in 2000 that the S&P 500 would likely see negative total returns over the following decade, which it did. Predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up 1.1% over the past year.

☆ This jet-propelled, self-inflating paddleboard is making a splash
▼ + stars: | 2023-05-22 | by ( Rochelle Beighton | ) edition.cnn.com time to read: +3 min

CNN —In the world of water sports, stand-up paddleboarding (SUP) has been riding a wave of popularity in recent years. In 2016, he founded SipaBoards in Kamnik, Slovenia, and created the world’s first jet-propelled, self-inflating paddleboard. Although electric and self-inflating boards exist separately, Sitar’s design was the first to incorporate both features in one board. It has an easy-to-remove cover so you can access the batteries, recharge the board, and hit the water,” Sitar said. “We want to create a social network for electric water sports, where people can share their experiences, create new paddle routes, and connect with other riders,” Sitar said.

☆ Buybacks are a great tool to reward shareholders — but the timing has to be right
▼ + stars: | 2023-05-21 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Now, as all good businesses do, it comes time for XYZ to start returning cash to its shareholders. Of course, for a buyback to make financial sense for a company, shares need to be purchased at an appropriate price. Assume that XYZ Corp. generated $10 billion in sales with a 10% net profit margin and has 1 billion shares outstanding, resulting in EPS of $1. The structure aligns management with shareholders, as their compensation is tied to the success of the company and, therefore, the stock. While that's a net positive for shareholders, it's not the same as, say, Apple' s (AAPL) approach to buybacks.

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ Morgan Stanley CEO plans to step down within the year, sparking Wall Street succession race
▼ + stars: | 2023-05-19 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

James Gorman said Friday he plans to resign as Morgan Stanley 's CEO within the year, setting off a succession race atop one of Wall Street's dominant firms. Since taking over in 2010, Gorman has pulled off one of the more successful transformations on Wall Street. Through a series of savvy acquisitions, Morgan Stanley rebounded after nearly capsizing during the 2008 financial crisis to become a wealth management juggernaut. The bank began that journey in 2009, when Morgan Stanley purchased Smith Barney from Citigroup in the throes of the financial crisis, gaining thousands of financial advisors. Shares of Morgan Stanley have tripled during Gorman's tenure.

☆ Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
▼ + stars: | 2023-05-19 | by ( Rebecca Ungarino | Alex Morrell | Dakin Campbell | ) www.businessinsider.com time to read: +11 min

Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.

USC, the NCAA and the Pac-12 Conference, which is also named in the complaint, did not immediately respond to requests for comment on Friday. The board in December had said it found merit to charges filed by a group of USC players seeking to be treated as employees, and said it would issue a complaint absent a settlement. The U.S. Supreme Court in 2021 struck down the NCAA's limits on non-cash compensation for athletes, such as scholarships and paid internships. Several states including California have passed laws letting college athletes profit from their name, image and likeness rights. The USC case is the first filed by the board since its top lawyer, in a 2021 memo, asserted that college athletes should be classified as employees because they provide services that generate profits controlled by their schools.

FRANKFURT, May 17 (Reuters) - Deutsche Bank (DBKGn.DE) investors on Wednesday questioned the sustainability of the lender's growth plans and called for a shift of resources from the investment bank, even as they praised CEO Christian Sewing for stabilising the bank. Andreas Thomae of the Deutsche Bank investor Deka said that the bank's targets require a "tailwind" from the markets to be achievable, and rising interest rates have been "pure adrenaline" for the bank. Reuters GraphicsShe called on the bank to shift capital from its investment bank to other areas in the bank that yield higher returns. "Deutsche Bank is one of the European banks most dependent on investment banking, a poorly predictable, opaque business that is driving down its stock valuation," she said. Sewing, who won kudos from some of the investors for restoring profitability, responded that the bank was "robustly and sustainably profitable".

May 16 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk warned on Tuesday that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months. "We'll try out a little advertising and see how it goes," said Musk, who is also CEO of Twitter. Last week he announced that NBCUniversal's former advertising head, Linda Yaccarino, will succeed him as Twitter CEO and that he will focus on products and technology at the company. Tesla logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/IllustrationOne shareholder asked about rumors that he would step down as Tesla CEO, adding "Say it ain't so."

May 16 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk on Tuesday warned that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months. At the meeting, shareholders voted to appoint the company's co-founder and former chief technology officer, JB Straubel, to the board. They also rejected a proposal to publish a report that sought to establish succession plans for Chief Executive Elon Musk. Tesla shareholders on Tuesday swiftly voted with the board's recommendations on nearly all proposals. In November, Tesla director James Murdoch testified in court that Musk had identified someone as a potential successor.

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