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☆ Will the Boom in Luxury and Wellness Travel Fizzle?
▼ + stars: | 2024-01-18 | by ( Elaine Glusac | ) www.nytimes.com time to read: +1 min

After the travel frenzy of 2023, all signs point to increasing interest in far-flung destinations, villa rentals, private jet bookings and personal pilgrimages in 2024. “The lust for luxury is real,” said Jack Ezon, the founder of the high-end travel agency Embark Beyond. “Travel provides the glue that pulls the family close together and unites it around a shared passion,” said Tom Marchant, a co-founder of Black Tomato, which plans pricey bespoke trips. This year, travelers are expected to choose faraway places and board small ships, according to Virtuoso, the consortium of luxury travel agencies. Black Tomato is planning private group treks to untrammeled destinations like the Mitre Peninsula in Argentina’s Patagonia region, priced at more than $60,000 per person.

Persons: ”, Jack Ezon, Tom Marchant Organizations: Consumers, “ Locations: Kimberley, Western Australia, Mitre, Patagonia

☆ 3-Year Cruise Passengers Seek Fraud Charges Over Cancellation
▼ + stars: | 2024-01-17 | by ( Ceylan Yeginsu | ) www.nytimes.com time to read: +1 min

By now, they were supposed to be well into the first leg of the three-year Life at Sea cruise, sailing from Ushuaia, Argentina, to Punta Arenas in Chilean Patagonia. On Tuesday, 78 would-be Life at Sea passengers sent a letter to Markenzy Lapointe, the U.S. attorney for the Southern District of Florida, asking him to investigate whether Miray, a Turkish cruise company, defrauded them out of millions of dollars. They claim that the company collected an estimated $16 million and used it toward a deposit to acquire a new ship that it did not end up purchasing. Dozens of passengers quit their jobs, sold their homes and withdrew their life savings to pay for what promised to be the adventure of a lifetime: a cruise with 382 ports of call over 1,095 days. But in late November, just days before the cruise was scheduled to depart, the voyage was canceled because Miray had failed to acquire a suitable ship.

Persons: Markenzy Lapointe, Mr, Lapointe, Miray Organizations: Punta Arenas, Southern, Southern District of Locations: Ushuaia, Argentina, Punta, Chilean Patagonia, Istanbul, Ecuador, U.S, Southern District, Southern District of Florida, Turkish

DAVOS, Switzerland (AP) — The top diplomats of Iran and the United States sit down for public — and separate — one-on-one chats while the U.N. chief and leaders of France, Argentina and Spain will deliver speeches as the World Economic Forum's annual meeting saunters into a busy second day on Wednesday. U.S. Secretary of State Antony Blinken, after a day of meetings Monday including one with Ukrainian President Volodymyr Zelenskyy, is on tap for a broadcast conversation with New York Times columnist Tom Friedman. Iranian Foreign Minister Hossein Amirabdollahian will speak with CNN's Fareed Zakaria. It came hours after one missile strike earlier Tuesday hit a U.S. vessel. “Please, strengthen our economy, and we will strengthen your security,” the Ukrainian leader said.

Persons: Antonio Guterres, Antony Blinken, Volodymyr Zelenskyy, Tom Friedman, Hossein Amirabdollahian, CNN's Fareed Zakaria, Emmanuel Macron, Pedro Sanchez, —, Javier Milei —, Guterres, Zelenskyy, Vladimir Putin Organizations: Ukrainian, New York Times, Iranian, Spanish Locations: DAVOS, Switzerland, Iran, United States, France, Argentina, Spain, Swiss, Davos, U.N, East, North Africa, U.S, Yemen, Gaza, Palestinian, Israel, Ukraine

☆ Argentina’s Milei tells Davos ‘heroes’ how it should be done
▼ + stars: | 2024-01-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The Argentine economy is in such bad shape that it has to be shaken up. President Milei and his team are doing exactly that,” she said during an interview in Davos. He has also devalued Argentina’s currency. However, some of Milei’s measures, such as the devaluation, are also likely to stabilize Argentina’s economy in the medium term, Sperrfechter said. Among his most radical plans, Milei has pledged to ditch the peso as Argentina’s official currency and replace it with the US dollar.

Persons: London CNN —, ” “, ” Javier Milei, ”, Milei, Juan Peron, Kristalina Georgieva, CNN’s Richard Quest Wednedsay, Milei’s, Kimberley Sperrfechter, Sperrfechter, It’s Organizations: London CNN, Economic, Council, Foreign Relations, Reuters, International Monetary Fund, IMF, Argentine, Capital Economics, CNN, “, US Federal Reserve Locations: Davos, Switzerland, Argentina, Argentine, US, “ Argentina

☆ A guy just signed a contract to rent an apartment using bitcoin, likely a world first
▼ + stars: | 2024-01-17 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +2 min

A landlord and tenant in Argentina signed the country's first-ever bitcoin-based rental contract. New regulation in Argentina allows bitcoin to be used as a valid currency in contracts. AdvertisementArgentina's and possibly the world's first-ever bitcoin-based rental contract has been signed, according to a report, marking a major milestone for crypto adoption. AdvertisementThe payments will be made via the Fiwind platform, which both parties are active members of, the company told Paginal12. A company spokesperson told Paginal12 that it is the first agreement of its kind, "at least in Argentina."

Persons: —, Argentina's, Paginal12, Florencia Feldman, it's, Javier Milei, Argentinians, cryptocurrencies Organizations: Service, SEC Locations: Argentina, Rosario, bitcoin

☆ Novak Djokovic struggles past home favorite Alexei Popyrin to reach Australian Open third round
▼ + stars: | 2024-01-17 | by ( Ben Morse | ) edition.cnn.com time to read: +4 min

CNN —It wasn’t pretty, but Novak Djokovic booked his spot in the 2024 Australian Open third round on Wednesday, beating Australian home favorite Alexei Popyrin in four sets 6-3 4-6 7-6(4) 6-3 in a hard-fought affair. 1 seed was able to race away during the second half of the match to continue his run for a record-extending 11th Australian Open men’s title. He deserves a big round of applause.”During his opening two matches at the Australian Open in Melbourne, Djokovic hasn’t played at the imperious levels we’ve come to expect from him. He dropped a set in his opening round match against Dino Prižmić and he struggled for consistency against Popyrin. “She has a big game, big serve, big shots, very athletic.

Persons: Novak Djokovic, Alexei Popyrin, Djokovic, “, Djokovic hasn’t, Dino Prižmić, Popyrin, Lillian Suwanrumpha, Ravi Ubha, haven’t, I’m, I’ll, Gauff, Coco Gauff, Caroline Dolehide, Leylah Fernandez, Issei Kato, ” Gauff, Sloane, Stephens, Maria, Sakkari, ” Organizations: CNN, Popyrin, Parks, Dolehide, Reuters Locations: Melbourne, AFP, Delray Beach

☆ ‘The Western world is in danger’: Argentina’s Milei, a self-described ‘anarcho-capitalist,’ urges Davos elite to reject socialism
▼ + stars: | 2024-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Argentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. "Today, I'm here to tell you that the Western world is in danger," Milei said in a special address at the World Economic Forum in Davos, Switzerland, according to a translation. "Rebuilding Trust" is the overarching theme of the annual WEF meeting. WEF founder Klaus Schwab introduced Milei to the stage in Davos by saying his "more radical methods" had "introduced a new spirit to Argentina." "The main leaders of the Western world have abandoned the model of freedom for different versions of what we call collectivism.

Persons: Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Milei, Donald Trump, WEF, Klaus Schwab Organizations: Economic, Getty, Reuters Locations: Davos, AFP, Switzerland, Swiss, Argentina

☆ FIFA Best Awards: Lionel Messi, Aitana Bonmatí, a green carpet and a mini tuxedo. Step inside the surreal world
▼ + stars: | 2024-01-16 | by ( Matias Grez | Ben Church | ) edition.cnn.com time to read: +8 min

The Spaniard went on to be crowned the Best Men’s Coach after guiding City to the treble last season. That is not normal – for anything in history.”Manchester City Pep Guardiola poses with the trophy after being named the best men's coach in 2023. Later, shortlists were determined by two separate panels of experts in men’s and women’s football. Players past and present were in attendance, including the likes of Brazilian great Ronaldo and the newly crowned Women’s Best Player, Aitana Bonmatí. I’m very happy about how women’s football has evolved in Brazil and in the world.

Persons: CNN —, Pep Guardiola, Romina Polenta, Polenta, Lionel Messi, Kylian Mbappé, Erling Haaland, “, Messi, ” Polenta, Manchester City Pep Guardiola, Michael Regan, Johanne Perraud, “ Kiki, ”, Perraud didn’t, murmurs, shortlists, Ronaldo, Aitana Bonmatí, Oussama Nacer, I’ve, Nacer, Thierry Henry, ” Johanne Perraud, Romina, Matias Grez, Spain’s Jennifer Hermoso, Luis Rubiales, Rubiales, Hermoso, Sarina Wiegman, Marta, “ There’ll, I’m, It’s, Hugo Íñiguez, Íñiguez’s, Íñiguez Organizations: CNN, FIFA, Manchester City, Spaniard, CNN Sport, Qatar, Inter Miami, MLS, Nacer, Royal Spanish Football Federation, Argentine, Colón, Salta Rodríguez Locations: London, Argentina, Qatar, Buenos Aires, France, men’s, Spain, Brazil, Salta

However strange it sounds, that contradiction fits snugly in explanations of what climate change is doing to Earth, scientists said. But when the polar vortex weakens, the arms start flailing out, the skater slips and “all the cold air then gets released away from the center of the polar vortex," Cohen said. The current cold outbreak is consistent with Arctic change and the polar vortex, Cohen said. Cohen and others have done studies that show the polar vortex outbreaks have become more frequent in recent decades. But another polar vortex looks like it's coming at the end of the month, though not as strong as this one, they said.

Persons: turvy, ”, Jennifer Francis, Judah Cohen, Cohen, Steve Vavrus, It's, Francis, Marshall Shepherd, “, Victor Gensini, Gensini, ___ Read, Seth Borenstein Organizations: North Dakota, NFL, Amplification, Atmospheric Environmental Research, University of Wisconsin, University of Georgia, Northern Illinois University, Associated Press Locations: United States, Asia, Africa, East, South America, North, Miami, Kansas City, Melbourne, Aruba, Curacao, Argentina, Oman, Iran, Texas, Boston, Madison, Chicago, Denver, Lincoln, Omaha , Oklahoma City, Dallas, Houston, AP.org

☆ I spent Christmas and New Year's Eve on a cruise with a few family members. I don't think I'd ever do it again.
▼ + stars: | 2024-01-16 | by ( Erin Yarnall | ) www.businessinsider.com time to read: +4 min

I spent the holidays away from home for the first time by going on a 22-day cruise over Christmas. I woke up on Christmas to views of Antarctica but missed my traditions and the rest of my family. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But this year, I spent Christmas and New Year's Eve on a 22-day Holland America cruise around South America and Antarctica. I traveled with my grandma and cousin, and our cruise began in Buenos Aires, Argentina, and ended in Santiago, Chile.

Persons: —, I've, Erin Yarnall Organizations: Service, Holland America, Southern Locations: Antarctica, Holland, South America, Buenos Aires, Argentina, Santiago , Chile, Aysén, Chile, Puerto Madryn, Chicago, Puerto Aysén, Santa, Antarctica's, Shetland

DAVOS, Switzerland (AP) — The Earth is heating up, as is conflict in the Middle East. They'll be among more than 2,800 attendees, which also include academics, artists and international organization leaders. OpenAI chief Sam Altman will be in Davos along with top executives from Microsoft, which helped bankroll his company's rise. TRYING AGAIN TO SAVE THE PLANETOf all the lofty hopes in Davos, the perennial one of late has been the search for creative and promising ways to fight climate change. “Davos is a powerful combination potentially, of a lot of concern about the environment, and a lot of high-powered finance present,” she said.

Persons: Isaac Herzog, Volodymyr Zelenskyy, They'll, Bronwen Maddox, Israel's, Herzog, Benjamin Netanyahu's, ”, Sam Altman, Vladimir Putin, Li Qiang, Ursula von der Leyen, Joe Biden's, Jake Sullivan, Emmanuel Macron, Antony Blinken, Javier Milei, Donald Trump —, Biden, John Kerry, Chatham House's Maddox Organizations: Young Swiss Socialists, Chatham House, Intelligence, Microsoft, European Commission, Chatham, “ Locations: DAVOS, Switzerland, Russia, Davos, Chatham, Gaza, Yemen, Qatar, Jordan, Lebanon, China, U.S, Dubai, “ Davos

☆ Pope Francis considers first trip home as pontiff to ‘suffering’ Argentina
▼ + stars: | 2024-01-15 | by ( Christopher Lamb | Kathleen Magramo | ) edition.cnn.com time to read: +1 min

CNN —Pope Francis on Sunday said he hopes to make his first trip to his homeland of Argentina since becoming pontiff more than a decade ago, as the South American nation grapples with an economic crisis. New Argentine President Javier Milei, who once called Francis “an envoy of Satan,” last week formally invited the pontiff to the country, which faces triple-digit hyperinflation and soaring poverty. It’s a difficult moment for the country,” the 87-year-old pope told talk show “Che Tempo Che Fa,” on Italian channel Nove. The “possibility of making a trip to Argentina in the second half of the year” is being considered, possibly after a visit in Polynesia in August, Francis said. “I would make the trip to Argentina if it can be done.

Persons: Pope Francis, Javier Milei, Francis “, Satan, ”, Francis, “ Organizations: CNN, Sunday, New, ”, Warner Bros, Discovery, “ Locations: Argentina, American, New Argentine, Polynesia, Nove, Ukraine

☆ Andy Murray says it’s a ‘definite possibility’ he’s played final Australian Open match after straight-set first-round loss
▼ + stars: | 2024-01-15 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

CNN —Andy Murray says there is a definite possibility he has played his final Australian Open match after a straight-set defeat in the first round of this year’s tournament. Just disappointed with the way I played and all of that stuff.”Murray (right) and Etcheverry shake hands after the Argentinan beat Murray at the Australian Open. Andy Wong/APMurray is a five-time finalist at the Australian Open and is a three-time grand slam winner. Murray plays a backhand return to Etcheverry during their first round match at the Australian Open. “They are very good servers.”21-year-old US tennis sensation Ben Shelton also advanced to the second round of the Australian Open on Monday, beating Roberto Bautista Agut in straight sets.

Persons: Andy Murray, Murray, Etcheverry, pensive, “, ”, you’re, ’, Wish, ” Murray, Andy Wong, Murray’s, It’s, that’s, Scot, AP Medvedev, Tsitsipas, Shelton, Daniil Medvedev, Terence Atmane, Frenchman, Medvedev, Atmane, Stefanos Tsitsipas, Zizou Bergs, I’ve, ” Tsitsipas, Sinner, Alexander Zverev, Ben Shelton, Roberto Bautista Agut Organizations: CNN, Australian, AP, cramping

☆ Venezuela Economy Grew 5% in 2023, Will Reach 8% This Year-Maduro
▼ + stars: | 2024-01-15 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Mayela ArmasCARACAS (Reuters) - Venezuela's economy grew more than 5% in 2023 and growth will reach 8% this year, President Nicolas Maduro said on Monday during his annual address to the government-allied legislature. Inflation reached just under 190% last year, according to the central bank, marking an easing from 234% the year before. "In 2024 we will continue the policy of stoking national production, of recovering national income, of recovering income for workers," Maduro told lawmakers. Oil income has previously been battered by low production due to deteriorated infrastructure and lack of investment. A date for the election has not been set, but it is expected in the second half of the year.

Persons: Mayela Armas, Nicolas Maduro, Maduro, PDVSA, Joe Biden, Julia Symmes Cobb, Deisy Buitrago Organizations: Mayela Armas CARACAS, Reuters, United Locations: State, U.S, United States

The women’s award finalists are 2023 World Cup winners Aitana Bonmatí and Jenni Hermoso of Spain, plus Linda Caicedo of Colombia. “The Best” awards represent FIFA’s version of the older and more prestigious Ballon d’Or prize. The awards ceremony at the Hammersmith Apollo theater in west London includes men's and women's awards for best coach, best goalkeeper and the Puskas Award for best goal. Messi, Mbappé and Haaland also comprised the shortlist for the Ballon d’Or award, which Messi won for an eighth time in October. The women’s eligibility period covered performances from Aug. 1, 2022 through the World Cup final last August.

Persons: —, Lionel Messi, Kylian Mbappé, Erling Haaland, Aitana Bonmatí, Jenni Hermoso, Linda Caicedo, “, Puskas, Messi, Mbappé, Haaland, Spain’s, Bonmatí, Ballon d’Or, Spain's Alexia Putellas, ___ Organizations: Ballon, Hammersmith Apollo, Messi’s, Mbappe’s, England, Barcelona, Spanish, Champions League, FIFA Locations: Spain, Colombia, London, Messi’s Argentina, Mbappe’s France, Qatar, Sydney, Australia

☆ Nasa astronomers says signal coming from outside our galaxy is 'unexpected and as yet unexplained'
▼ + stars: | 2024-01-14 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

NASA scientists have found a powerful new gamma-ray signal coming from outside our galaxy. AdvertisementNASA astronomers have discovered an unexpected "signal" coming from outside our galaxy, which they can't explain. The scientists were analyzing 13 years of data from the Fermi Gamma-ray Space Telescope when they noticed the mysterious signal. NASA's Fermi Gamma-ray Space Telescope, illustrated here, scans the entire sky every three hours as it orbits Earth. NASA's unexpected discovery could help astronomers confirm or challenge ideas about how the dipole structure is created.

Persons: —, Francis Reddy, NASA's, Alexander Kashlinsky, Fermi, Chris Smith, Chris Shrader, Pierre Auger, Fernando Atrio Organizations: NASA, Service, Fermi, NASA's Goddard Space Flight, University of Maryland, American Astronomical Society, Goddard Locations: Argentina

Pope Francis said Sunday that if he can, he'll visit his native Argentina in the latter part of 2024, a trip that would see him there for the first time in his nearly 11-year-old papacy and while his fellow Argentines are suffering economically. Francis hasn't been back to his homeland since he was elected pope in 2013. Political Cartoons View All 253 ImagesFrancis has long been dogged by questions about why he hasn't gone home since he became pope. The pope, who had a long conversation with Milei after he won, has indicated he has forgiven him for the campaign rhetoric. “I'd like to go,'' the pope added, making a reference to the ”10 years" since he has been away.

Persons: Pope Francis, he'll, Francis hasn't, Francis, ”, Javier Milei, hasn't, Milei, “ Organizations: Sunday, Argentine Locations: Argentina, Italian, Polynesia, Argentine

☆ The biggest risks US businesses face in 2024
▼ + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.

Persons: there’s, “, John Maynard Keynes, ”, ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan

☆ 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

☆ Pope Says He Hopes to Visit 'Suffering' Argentina This Year
▼ + stars: | 2024-01-14 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Philip PullellaROME (Reuters) - Pope Francis said on Sunday that the people of Argentina are suffering and that he hopes to be able make his first trip back to his homeland in the second half of this year. On Thursday, Argentine President Javier Milei's office said he had invited the 87-year-old Francis to visit, appearing to extend an olive branch after attacking the Catholic leader in recent years. He said an eventual trip to Argentina would take place after August, when he is planning to visit some countries in Polynesia. "After that, the trip to Argentina, if it can be done, but I would like to go. Francis has made more than 40 trips outside Italy, including many in Latin America, since his election nearly 11 years ago as the first Latin American pontiff but has yet to visit Argentina.

Persons: Philip Pullella ROME, Pope Francis, Javier Milei's, Francis, Milei, It's, imbecile, Philip Pullella, Diane Craft Organizations: Argentine, Catholic Locations: Argentina, Italian, Polynesia, Buenos Aires, Italy, Latin America

Over yerba mate and torta fritas, his mother, Ederlinda Miguelina Yelón, passed along the knowledge she had stored in Chaná, a throaty language spoken by barely moving the lips or tongue. The Chaná are an Indigenous people in Argentina and Uruguay whose lives were intertwined with the mighty Paraná River, the second longest in South America. They revered silence, considered birds their guardians and sang their babies lullabies: Utalá tapey-’é, uá utalá dioi — sleep little one, the sun has gone to sleep. Ms. Miguelina Yelón urged her son to protect their stories by keeping them secret. Scholars had long considered the language extinct.

Persons: Blas Omar Jaime, torta fritas, Ederlinda Miguelina, Utalá, Miguelina Yelón Locations: Chaná, Argentina, Uruguay, South America

☆ Longevity experts who have met over 1,000 centenarians share 3 key differences between the world's oldest people
▼ + stars: | 2024-01-13 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +5 min

AdvertisementThe world's oldest people tend to have certain habits in common, such as eating well, having a good work-life balance, and keeping active. AdvertisementIn Japan, supercentenarians have strict diets, while they're more indulgent in Latin American countriesVillatoro said that in Japan, supercentenarians are generally strict about eating everything in moderation. Supercentenarians are more religious in Latin American countries than in JapanVillatoro said that Latin American supercentenarians tend to be very religious, mostly Catholic. However, Villatoro said that he's noticed supercentenarians from Japan typically aren't as religious as their Latin American counterparts. But more of the older people Villatoro has met in Argentina live in retirement homes than in other countries.

Persons: —, Ben Meyers, Fabrizio Villatoro, Meyers, Villatoro, Fabrizio, Yumi Yamamoto, hara, aren't, Japan Villatoro, he's, Yamamoto Organizations: Service, Business, Japan, Research, American, Pan American Health Organisation, Inter, American Development Bank Locations: America, Japan, Ikaria, Greece, Loma Linda, Brazil, Columbia, Argentina

☆ Citigroup to cut 20,000 employees
▼ + stars: | 2024-01-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Citigroup will lay off 20,000 employees over the next two years, CFO Mark Mason said Friday. The reduction comes after the company reported a $1.8 billion net loss for the fourth quarter of 2023, its worst quarter in 15 years. The bank expects the reduction in headcount to save $2.5 billion over the long-term. These layoffs are part of Citi CEO Jane Fraser’s years-long effort to cut red tape at the company and boost lagging profits. Citigroup CEO Jane Fraser first announced her sweeping restructuring efforts last September.

Persons: Mark Mason, Jane Fraser’s, Fraser, ”, Manson, Jane Fraser, “ We’ll, ” Fraser Organizations: New, New York CNN, Citigroup, FactSet, Citi Locations: New York, Argentina

☆ Bank earnings look really bad this quarter. Here’s why
▼ + stars: | 2024-01-12 | by ( Nicole Goodkind | Krystal Hur | ) edition.cnn.com time to read: +2 min

JPMorgan’s profit was dragged lower by a one-time $2.9 billion charge the bank had to pay related to the crisis. Without that one-time payment, JPMorgan said its earnings would have come in closer to $3.97 per share, blowing estimates away. The bank reported fourth-quarter earnings of 35 cents per share, missing FactSet estimates of 53 cents per share. The bank said that without one-time fees, earnings for the quarter would have been about 70 cents per share. The bank reported an earnings loss of $1.16 per share for the fourth quarter, falling below earnings estimates of 11 cents per share, according to FactSet.

Persons: JPMorgan Chase, FactSet, ”, “ Organizations: New, New York CNN, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, Citigroup, FDIC, Citi, CNN, Federal Deposit Insurance, FS, ” Locations: New York, Argentina, United States

☆ Citigroup posts $1.8 billion fourth-quarter loss after litany of charges
▼ + stars: | 2024-01-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup on Friday posted a $1.8 billion fourth-quarter loss after booking several large charges tied to overseas risks, last year's regional banking crisis and CEO Jane Fraser's corporate overhaul. All told, the charges — so massive the bank preannounced their effect this week — hit quarterly earnings by $4.66 billion, or $2 per share, Citigroup said. Excluding their effect, earnings would've been 84 cents a share, the bank said. Revenue: $17.44 billion vs. $18.74 billion expected. Fraser called her company's performance "very disappointing" because of the charges but said Citigroup had made "substantial progress" simplifying the bank last year.

Persons: Jane, would've, Fraser, Mark Mason, Octavio Marenzi, Goldman Sachs, Morgan Stanley Organizations: Citigroup, LSEG, Revenue, Citi, Opimas, JPMorgan Chase, Bank of America, CNBC PRO Locations: Argentina

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