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☆ IMF hikes global growth forecast as inflation cools and household spending surprises
▼ + stars: | 2023-01-30 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The International Monetary Fund on Monday revised upward its global growth projections for the year, but warned that higher interest rates and Russia's invasion of Ukraine would likely still weigh on activity. In its latest economic update, the IMF said the global economy will grow 2.9% this year — which represents a 0.2 percentage point improvement from its previous forecast in October. However, that number would still mean a fall from an expansion of 3.4% in 2022. "Growth will remain weak by historical standards, as the fight against inflation and Russia's war in Ukraine weigh on activity," Pierre-Olivier Gourinchas, director of the research department at the IMF, said in a blog post. The outlook turned more positive on the global economy due to better-than-expected domestic factors in several countries, such as the United States.

☆ IMF: Global economic outlook slightly 'less gloomy' than expected
▼ + stars: | 2023-01-30 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

London CNN —The global economy will weaken this year as rising interest rates and Russia’s war in Ukraine continue to weigh on activity. The International Monetary Fund said Monday that it now expects global growth will slow from 3.4% in 2022 to 2.9% in 2023. The IMF now forecasts growth in China will rebound to 5.2% this year, notably higher than its previous estimate. Global inflation is forecast by the IMF to ease from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024. “This time around, the global economic outlook hasn’t worsened,” Gourinchas wrote.

☆ Actor Alan Cumming gives back his OBE award over 'toxicity of empire'
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Alan Cumming performs extracts from 'Burn' ahead of the world premiere as part of the Edinburgh International Festival at the King's Theatre in Edinburgh, Scotland, Britain August 5, 2022. REUTERS/Russell Cheyne/File PhotoLONDON, Jan 27 (Reuters) - Scottish actor Alan Cumming said on Friday he was giving back his OBE - Officer of the Order of the British Empire - award, saying his eyes had been "opened" over "the toxicity of empire". Cumming said he was awarded the OBE for his work as an actor as well as "for activism for equal rights for the gay and lesbian community". Cumming, who has won two Tony awards and a Laurence Olivier award for his theatre work, got U.S. citizenship in 2008. I’m now back to being plain old Alan Cumming again," he said.

☆ Train maker Alstom's sales gain steam as orders beat estimates
▼ + stars: | 2023-01-25 | by ( Olivier Sorgho | ) www.reuters.com time to read: +1 min

[1/2] A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. REUTERS/Regis Duvignau/File PhotoJan 25 (Reuters) - French train maker Alstom (ALSO.PA) posted an 8% rise in third-quarter sales on Wednesday, helped by forecast-beating orders, particularly in Europe. Revenue in the October-December period, Alstom's fiscal third quarter, amounted to 4.22 billion euros ($4.60 billion), compared with 3.92 billion euros in the same period a year earlier. Quarterly orders, of which most came from Europe, increased by 13% to 5.15 billion euros, and were 11% ahead of a consensus cited by J.P.Morgan. Alstom's orders "highlight high level of activity in rail industry which is already visible in large order announcements of companies", J.P.Morgan analyst Akash Gupta said in a note to clients.

☆ Train maker Alstom's sales gain steam from European orders
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. REUTERS/Regis Duvignau/File PhotoJan 25 (Reuters) - French train maker Alstom (ALSO.PA) on Wednesday posted an 8% rise in third-quarter sales, helped by strong orders in Europe. The COVID-19 pandemic and the war in Ukraine have hiked input costs and worsened supply-chain problems for train manufacturers, but a ramp-up in orders has nonetheless fuelled Alstom's sales growth. Revenue in the October-December period, Alstom's fiscal third quarter, amounted to 4.22 billion euros ($4.60 billion), compared with 3.92 billion in the same period a year earlier. Quarterly orders increased by 13% to 5.15 billion euros, with majority of them coming from Europe, the company said.

Haley also tapped Betsy Ankney, a former political director for the National Republican Senatorial Committee, to run the PAC, according to Axios. Longtime Haley advisor Jon Lerner, will likely have leadership roles within a Haley presidential campaign, two of the people said. Haley has publicly hinted in two recent interviews with Fox News that she could be ready to run for president. Kevin Lemarque | ReutersTrump, who lost his reelection bid to Biden in 2020, is the only candidate so far to jump into the 2024 presidential race. She even said in 2021 that she wouldn't run for president in 2024 if Trump was on the ballot.

☆ French quantum computer startup PASQAL raises 100 million euros
▼ + stars: | 2023-01-24 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +2 min

OAKLAND, Calif. Jan 24 (Reuters) - Paris-based quantum computer startup PASQAL on Tuesday said it had raised 100 million euros ($109 million) and aims to deliver major commercial advantages over classical computers by next year using the fresh funds. The investment is the biggest private funding round for a quantum computer startup in Europe, according to Georges-Olivier Reymond, CEO and co-founder of PASQAL. It comes as the stock price collapse of three New York-listed quantum computer makers, IonQ Inc (IONQ.N), Rigetti Computing , and D-wave Quantum has made funding for the sector challenging. Scientists expect quantum computers could one day make certain calculations millions of times faster than the fastest super computers today. The number of qubits, or quantum bits, is an indication of the power of the quantum computer.

☆ I used to work on Mars rovers and now I develop self-driving cars. Here's how I made the pivot from NASA's JPL to Amazon's Zoox.
▼ + stars: | 2023-01-22 | by ( Alexa St. John | ) www.businessinsider.com time to read: +8 min

The former supervisor at NASA's Jet Propulsion Lab now works at AV startup Zoox. I figured after all the startups, why not work for a big company, and what better big company than NASA? ZooxThe AV space is the next frontier of robotics. What we're trying to do here in the AV space, it's extremely multidisciplinary. You're doing perception, you're doing planning, you're doing prediction, doing simulation.

☆ Thousands protest in Brussels demanding release of Belgian aid worker in Iran
▼ + stars: | 2023-01-22 | by ( Marine Strauss | ) www.reuters.com time to read: +1 min

[1/6] People hold pictures of Belgian aid worker Olivier Vandecasteele during a protest against his detention in Iran, as he was sentenced to 40 years in prison and 74 lashes on charges including spying, in Brussels, Belgium January 22, 2023. REUTERS/Yves HermanBRUSSELS, Jan 22 (Reuters) - Thousands of people took to the streets of Brussels on Sunday to protest against the detention in Iran of Belgian aid worker Olivier Vandecasteele, who was sentenced to 40 years in prison on charges including spying. "His life is in danger, contribute to his freedom," "#Free Olivier Vandecasteele," read banners held by protesters who included Vandecasteele's family, friends and colleagues. Belgium's constitutional court will next month hold a hearing on the legality of a Belgian prisoner exchange treaty with Iran. Reporting by Marine Strauss @StraussMarine, Clement Rossignol Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ How Charlie Javice's Frank Sale to JP Morgan Wound up in Allegations of Fraud
▼ + stars: | 2023-01-21 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +21 min

Her financial aid startup, Frank, was featured in the New York Times, CNBC and Wall Street Journal. After leaving the University of Pennsylvania's Wharton business school, Javice traded on her reputation, bolstered by glowing profiles, as a successful entrepreneur. In a 2018 interview with Insider, Javice claimed Frank secured an average of $28,000 for its users, and was helping students get "thousands off their tuition." "Charlie's first company fizzled after 18 months, so after losing all her investors' money, she convinced every one of them to fund her next company, Frank." At Frank, Javice admitted she sometimes painted a more positive picture of the company's health than was supported by the facts.

☆ NHL roundup: Connor McDavid lifts Oilers over Lightning
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +8 min

The Lightning received a goal and an assist from Brayden Point, and Brandon Hagel and Steven Stamkos scored. Victor Hedman posted two assists while Andrei Vasilevskiy stopped 28 shots but lost for the first time in five games. Kyle Connor scored for the Jets, who lost for the third time in their past 11 games. Matthew Tkachuk, who leads Florida with 24 goals, scored twice with the man advantage. Colton Sissons and Mattias Ekholm scored for the Predators, whose two-game win streak came to an end.

☆ Oilfield firm SLB beats Wall St. estimates for fourth-quarter profit
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Companies Schlumberger NV FollowJan 20 (Reuters) - SLB (SLB.N) beat Wall Street estimates for fourth-quarter profit on Friday, driven by strong demand for drilling services and equipment from operators as oil and gas prices remained elevated amid tight supplies. SLB had benefited from increased oil drilling and production activity in North America last year. The top oilfield services firm said revenue from North America rose 27% to $1.63 billion in the reported quarter. Average North America rig count, an early indicator of future output, for Oct-Dec 2022 quarter, rose to 965 from 720 a year earlier, according to data from Baker Hughes. Average international rig count for the quarter stood at 1,872, nearly 22% higher from the previous year.

BEIRUT, Jan 20 (Reuters) - Lebanese bankers told European prosecutors they believed that commissions now at the centre of a graft probe had been paid to the central bank, four sources said, while investigators suspect the cash illegally ended up with the governor's brother. They suspect central bank governor Riad Salameh and his brother Raja illegally took more than $300 million from the central bank between 2002 and 2015 and invested some of the funds in Europe. The bankers and officials told the visiting European prosecutors that they were not aware that the funds had gone to Forry Associates, the four sources said. The four sources said former central bank officials and private bankers had told the European prosecutors they first heard of Forry Associates when the investigation began and the name appeared in the media. A separate but related Lebanese probe charged Riad Salameh with illicit enrichment in March, which he has denied.

☆ France hit by nationwide strike as unions fight Macron’s plan to raise retirement age
▼ + stars: | 2023-01-19 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

French workers would have to work longer before receiving a pension under the new rules — with the nominal retirement age rising from 62 to 64. Many French workers expressed mixed feeling about the government’s plan and pointed to the complexity of the pension system. For those who do not fulfil that condition, like many women who interrupted their career to raise their children or those who studied for a long time and started working late, the retirement age would remain unchanged at 67. Those who started to work early, under the age of 20, and workers with major health issues would be allowed early retirement. Protracted strikes met Macron’s last effort to raise the retirement age in 2019.

Protests in major French cities, including Paris, Marseille, Toulouse, Nantes and Nice, brought transport services to a standstill. Eight of the biggest unions had called for a “first day of strikes and protests” against pension reforms unveiled by President Emmanuel Macron’s government. Train lines across France were seeing “severe disruption,” according to French rail authority SNCF. Macron’s proposed pension reforms come as workers in France, as elsewhere, are being squeezed by rising food and energy bills. The French government has said that raising the retirement age is necessary to tackle a pension funding deficit.

PARIS, Jan 18 (Reuters) - France's hardline CGT union has threatened to cut off electricity supplies to lawmakers and billionaires before a nationwide strike on Thursday, in an increasingly acrimonious showdown over the government's plan to raise the retirement age. "I suggest they also go see the nice properties, the nice castles of billionaires," Philippe Martinez, leader of the CGT, France's second-largest trade union, told France 2 television on Wednesday. In recent days, Sebastien Menesplier, of the hardline CGT's energy and mine branch, has also threatened electricity cuts targeting the offices of MPs, local media quoted him as saying. Government spokesman Olivier Veran said threats to cut electricity were "unacceptable." Seven out of 10 primary school teachers will walk off their job, as will many refinery workers, unions and transport operators said.

Eight of France’s largest unions - covering transportation, education, police, executives and public sectors - called for Thursday to be the “first day of strikes and protests” against the proposed pensions reform. Widespread strikes are expected, and it may be “a hellish Thursday” on public transport networks, Transport Minister Clement Beaune warned French broadcaster France 2 Tuesday. Paris’ transport authority predicts “very disrupted” service on the city’s transport network. But many have blasted the reforms as ill-timed at best; at worst, an insult to hard-working people in France. “This reform falls at a moment where there is lots of anger, lots of frustration, lots of fatigue.

☆ Truffle hunters in Italy are poisoning their competitors' dogs with snail bait in a war for the 'black gold' that goes for up to $5,000 per pound
▼ + stars: | 2023-01-15 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

Truffle foragers in Italy have long sought to get rid of competition in search of "black gold." "It's all about getting rid of the competition," The Wall Street Journal reported Saverio Dogliani, a 57-year-old truffle hunter whose dog, Floki, has been poisoned twice, said. PHILIPPE LOPEZ/AFP via Getty ImagesThe poisoned treats claim the lives of multiple dogs and wildlife such as deer and foxes, each year. A group of truffle hunters wearing camouflage searched the area where Brando was poisoned, hoping to rid the brush of leftover poison. "It's getting worse," Agent Emanuele Gallo told The Wall Street Journal.

☆ NHL roundup: Kraken use huge 2nd period to down Blackhawks
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +9 min

[1/4] Jan 14, 2023; Dallas, Texas, USA; Dallas Stars center Tyler Seguin (91) and Calgary Flames center Nazem Kadri (91) look for the puck in the Calgary zone during the second period at the American Airlines Center. Flames 6, Stars 5Nazem Kadri, Rasmus Andersson and Chris Tanev collected one goal and one assist apiece as visiting Calgary rode a four-goal second period to a victory over Dallas. Bruins 4, Maple Leafs 3Matt Grzelcyk scored with 1:16 left in the third period to lift host Boston past Atlantic Division rival Toronto. Grzelcyk scored his second goal of the season and first since Oct. 28, firing a bomb from above the left circle with David Krejci screening Maple Leafs goaltender Matt Murray. Paul Cotter, Keegan Kolesar and William Karlsson scored goals and Logan Thompson made 33 saves for Vegas.

☆ Hype is not a good reason to invest, CFA Institute says
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHype is not a good reason to invest, CFA Institute saysOlivier Fines, head of advocacy at the non-profit organization CFA Institute, discusses the importance of regulating cryptocurrency.

☆ JPMorgan CEO Jamie Dimon called the bank's acquisition of fintech Frank a 'huge mistake' after being grilled about it on an earnings call
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Mike Mayo Bloomberg TVIn response, Dimon said that JPMorgan has been "very disciplined" in its acquisition strategy, but added that the Frank acquisition was, "in one way or another, a huge mistake." Mayo has previously been critical of JPMorgan's spending plans, which also became a flashpoint for some JPMorgan investors in the run up to the bank's investor day last May. In 2020, Insider detailed how JPMorgan spun up a "rapid proof-of-concept" model to speed along startup investments within its corporate and investment banking division. That team was headed by Michael Elanjian, who now leads digital investment banking at JPMorgan, according to his LinkedIn. Or are you a shareholder with concerns about the bank's spending?

☆ JPMorgan's acquisition strategy is coming under fire. Here are the 15 fintech and consumer-focused deals done by the bank since 2020.
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Rebecca Ungarino | ) www.businessinsider.com time to read: +19 min

NutmegDeal details: JPMorgan announced the acquisition in June 2021, paying approximately $1 billion. cxLoyaltyDeal details: JPMorgan said it would buy cxLoyalty's global loyalty division in December 2020. ProxymityDeal details: JPMorgan, Citi, HSBC, and other firms together invested $20.5 million in Proxymity in May 2020. Viva WalletDeal details: JPMorgan said it would acquire 49% of Viva Wallet in January 2022, pending regulatory approval. Christian Petersen-Clausen/Getty ImagesRenovite TechnologiesDeal details: JPMorgan announced on September 12 it plans to acquire Renovite.

Companies JPMorgan Chase & Co FollowJan 12 (Reuters) - JPMorgan Chase & Co (JPM.N) on Thursday shut down the website of Frank, a college financial planning platform it acquired in 2021, after suing the startup's founder Charlie Javice and Chief Growth Officer Olivier Amar for creating nearly 4 million fake customer accounts. The largest U.S. bank by assets had paid $175 million for Frank in a bid to deepen its ties with students. The bank said it was led to believe more than 4.25 million students had created accounts on Frank. However, when JPMorgan sent marketing test emails to a list of Frank's customers that the company had provided, only 28% of them were delivered, the bank alleged. JPMorgan said it generally sees a delivery rate of 99% with similar campaigns.

☆ JPMorgan Bought College Financial-Aid Platform for $175 Million—and Now Says Most of Its Users Were Fake
▼ + stars: | 2023-01-12 | by ( Melissa Korn | David Benoit | ) www.wsj.com time to read: 1 min

JPMorgan Chase & Co. is suing the leaders of Frank, a financial-aid business it bought for $175 million in 2021, alleging they duped the bank by making up millions of fake student accounts to show it had a growing business. The bank filed a lawsuit late last month in a Delaware federal court against Frank executives Charlie Javice and Olivier Amar , alleging widespread fraud at a company that is marketed as helping families navigate the complex college financial-aid process. Frank offered a tool to simplify federal financial-aid forms, as well as listings of scholarships and low-cost college courses.

☆ JPMorgan sues the founder of the college financial-planning website it acquired, alleging she falsely inflated its user numbers
▼ + stars: | 2023-01-12 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

JPMorgan alleged that college financial-planning website Frank lied about its growth and users. JPMorgan's suit accused Frank's founder Charlie Javice and its former chief growth officer Olivier Amar of being in on a scheme to juice its user numbers. The pair used that list to make the inflated user numbers seem credible. The bank claimed that the startup provided the false user numbers while it was conducting due diligence when looking into acquiring the company. As of Thursday morning, JPMorgan had closed down Frank's website, a representative for the bank confirmed to Insider.

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