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BEIJING (Reuters) - China opposes the cutting of supply chains and is willing to build closer ties with all, Premier Li Qiang said on Tuesday, as a growing number of countries voice concerns at the dependence of their supply chains on China. Speaking at China's first ever China International Supply Chain Expo (CISCE), Li said that China will continue to create an international and rule of law-based business environment. The expo, organised by the state-run China Council for the Promotion of International Trade, is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Li's speech comes amid calls over the past year from the United States and the European Union to "de-risk" their supply chains and reduce overdependence on China in certain sectors, as well as efforts to cut off Chinese enterprises from some advanced semiconductors. (Reporting by Eduardo Baptista and Joe Cash; Editing by Jamie Freed and Miral Fahmy)
Persons: Li Qiang, Li, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China, Chain, China Council, Promotion of International Trade, European Union Locations: BEIJING, China, United States, Ukraine, Taiwan, India, Mexico, Vietnam
With their well-entrenched businesses, high sales growth, and strong balance sheets he believes they will continue to outperform next year. Thankfully, Kostin wrote that "equity valuations appear less stretched in absolute and relative terms after adjusting for record high market concentration." "In a recession, we expect the S&P 500 would end 2024 at 3700 (-18%)," Kostin wrote. First, Kostin wrote investors should "own growth stocks with high returns on capital that typically outperform given stable economic growth and interest rates." To that end, Kostin shared Goldman Sachs' basket of 50 stocks the analysts there believe are the highest quality on the market.
Persons: Goldman Sachs, David Kostin, Kostin isn't, Kostin, Altman Organizations: Business
With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Savings & Money Market Account BonusBMO Relationship Plus Money Market AccountEarn up to $4,100 with qualifying transactions: Open a Relationship Plus Money Market account and maintain an eligible balance to earn up to a $3,500 bonus. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, , Cash, we've Organizations: Bank, BMO, Cash Locations:
With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Savings & Money Market Account BonusBMO Relationship Plus Money Market AccountEarn up to $4,100 with qualifying transactions: Open a Relationship Plus Money Market account and maintain an eligible balance to earn up to a $3,500 bonus. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, , Cash, we've Organizations: Bank, BMO, Cash Locations:
"A land value tax would fix that" has become a popular, and sometimes comedic, Twitter response to a range of policy conundrums among urbanists and YIMBYs. It would incentivize landowners to maximize the revenue from their property — building an apartment building instead of, for example, a parking lot. And because rich individuals and corporations own most land in cities and towns, land taxes would disproportionately fall on the wealthiest. Pure Georgists advocate for abolishing all taxes besides land value taxes. Instead, they want to see more regressive levies — like sales taxes — or those that penalize investment — like property taxes — reduced.
Persons: , Henry George, George, Stephen Hoskins, BZ5X3Lh7mU — Daryl Fairweather ⛅, Mike Duggan, Gregor Schwerhoff, Shane Phillips, Scott Olson, Phillips, Hoskins Organizations: Service, urbanists, Resource Justice, Lawmakers, Detroit, International Monetary Fund, Lewis Center for Regional Policy Locations: America, Pennsylvania, Pittsburgh , Harrisburg, Allentown, Detroit, Minnesota, Hamtramck , Michigan, American
Our experts answer readers' investing questions and write unbiased product reviews (here's how we assess investing products). As a financial planner, I've witnessed plenty of big investment mistakes. In my opinion as a financial planner, you need to invest if you want to grow wealth. Avoiding investments altogetherThere's no shortage of investment mistakes you can make. Have a strategic way to determine how much cash you truly need on hand — then consider investing the rest.
Persons: I've, , Get, they'll, Warren Buffett Organizations: Service, SEC, Invest
[1/5] Russian President Vladimir Putin delivers a speech during a plenary session of the Artificial Intelligence Journey 2023 international AI and machine learning conference in Moscow, Russia November 24, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS Acquire Licensing RightsSummaryCompanies Putin to approve new AI strategy soonChina and U.S. lead on AI currentlyRussian AI has been set back by Ukraine war, sanctionsPutin calls Russia to up its game on AIMOSCOW, Nov 24 (Reuters) - President Vladimir Putin on Friday warned that the West should not be allowed to develop a monopoly in the sphere of artificial intelligence (AI), and said that a much more ambitious Russian strategy for the development of AI would be approved shortly. "In all spheres of our life, humanity is beginning a new chapter of its existence," Putin said of AI, adding that Russia needed to up its game on AI both in ambitions and execution. Russia, he said, would have to change laws, boost international cooperation, and ensure much more investment for the development of AI. He told Putin in June that Sberbank was making around $3 billion annually from $1 billion in AI investments.
Persons: Vladimir Putin, Mikhail Klimentyev, Putin, Gref, Sberbank, Guy Faulconbridge, Gareth Jones, Mark Potter Organizations: Artificial, Sputnik, REUTERS Acquire, MOSCOW, Thomson Locations: Moscow, Russia, Kremlin, China, U.S, Russian, Ukraine, United States, India, Israel, South Korea, Japan
REUTERS/David Swanson/File photo Acquire Licensing RightsNov 24 (Reuters) - Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles. A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda. Clean energy experts interviewed by Reuters say the mounting setbacks will make the United States' ambitious targets to decarbonize by mid-century even harder to reach. Solar energy facilities account for two thirds of those delays due in part to U.S. import restrictions. "These are the normal ups and downs of clean energy development and deployment," Reicher said.
Persons: David Swanson, Joe Biden’s, Biden, John Hensley, Wood Mackenzie, , Ali Zaidi, Prakash Sharma, that's, Vic Abate, it's, Robert Walther, Walther, Dan Reicher, Reicher, Nichola Groom, Richard Valdmanis, Alistair Bell Organizations: REUTERS, Soaring, Ford, Reuters, American Clean Power Association, United Nations, White, Dominion Energy Inc, TEN, GE, Biden, Treasury Department, Trump, Stanford University, Thomson Locations: Palm Springs , California, U.S, Washington, Nations, Egypt, Dubai, United States, Paris, Virginia, Gulf of Mexico
Novo Nordisk makes Ozempic and Wegovy, two hit drugs that treat obesity. In the past two weeks, it's announced more than $8 billion in manufacturing investments. AdvertisementNovo Nordisk, maker of the popular anti-obesity drugs Ozempic and Wegovy, is investing billions to ramp up production capacity amid surging demand. The move comes just after Novo Nordisk unveiled plans to shell out over $6 billion to expand manufacturing capacity in Denmark. That money will go toward increasing production capacity for semaglutide, the key ingredient in Ozempic and related medications.
Persons: it's, , Ozempic, Emmanuel Macron, Eli Lilly, David Ricks, Lilly, Goldman Sachs Organizations: Novo Nordisk, Service Locations: France, Chartres, Denmark, Europe, Novo
With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Savings & Money Market Account BonusBMO Relationship Plus Money Market AccountEarn up to $4,100 with qualifying transactions: Open a Relationship Plus Money Market account and maintain an eligible balance to earn up to a $3,500 bonus. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, , Cash, we've Organizations: Bank, BMO, Cash Locations:
The 44 Best Black Friday Mattress and Bedding Deals 2023
  + stars: | 2023-11-22 | by ( Samantha Sharf | ) www.wsj.com   time to read: +6 min
Luckily, some popular mattress and bedding brands—including Saatva, Parachute, Avocado and Lunya—are offering steep discounts for Black Friday. Keep reading for the best Black Friday mattress sales and bedding deals. BrooklinenBrooklinen first got famous for sheets (Buy Side particularly likes its linen set). SaatvaBuy Side has recommended more products from Saatva than any other mattress brand. Saatva also has our picks for best pillow for back sleepers, best cooling mattress topper and best linen sheets for hot sleepers, among others.
Persons: Samantha Sharf, Brooklinen Brooklinen, Casper, Fido, , we’ve, Coyuchi, Herman Miller — Organizations: Black, Casper, Nelson Locations: Amalfi, Italy
The Hugging Face website on a laptop arranged in New York, US, on Thursday, Aug. 17, 2023. "We should encourage all companies to build on disruption-proof AI technology that only open source can offer." To be clear, big bets made on open source AI pre-date last Friday when news first broke of Sam Altman's removal as OpenAI CEO, and those bets include an open source AI model controlled by one dominant tech company, Meta Platforms ' Llama. Open source and AI governanceFormer Google CEO Eric Schmidt is behind Mistral AI, another open source rival to OpenAI's ChatGPT. A third open source AI startup, Poolside AI, recently pulled in $126 million co-led by French telecom and internet billionaire Xavier Niel and U.S. VC firm Felicis Ventures.
Persons: Gabby Jones, Eric Schmidt, Sam Altman, Microsoft —, Mike Gualtieri, Forrester, Marc Benioff, Delip Rao, Sam Altman's, Thomas Wolf, We've, Wolf, Linus Torvalds, Paul Drews, OpenAI's, Arthur Mensch, Mistral, Xavier Niel Organizations: Nvidia, Bloomberg, Getty Images Tech, Salesforce, Qualcomm, Microsoft, Twitter, Google, Meta, IBM, Intel, Sequoia Capital, Salesforce Ventures, Mistral, alums, Lightspeed Venture Partners, French, . VC, Felicis Ventures Locations: New York, France
Monzo, a British fintech bank, is in talks with Alphabet's private investment arm Capital G to raise what is primed to be its last funding round before a public listing. The bank touts around 8.5 million customers in the UK and is best known for its bright coral pink bank cards. Fintech funding in Europe dropped 70% to $5 billion from $17.1 billion in the first half of 2023, compared with 2022, according to Finch Capital. The prospective funding round is set to be the fintech's last private raise before a mooted public debut that would likely take place in late 2024 or 2025. The British bank reported £116.3 million in losses last year despite more than doubling its revenue.
Persons: Monzo, Catalyst, Monzo's, Cash, Conor Walsh, Anil Organizations: Business, Sky News, Abu Dhabi Growth Fund, Silicon, VC, fintech, Finch, London, Starling Bank Locations: British, London, Abu Dhabi, New York, Europe, Monzo, Starling
M&G Investments discusses Japan's stock market and AI
  + stars: | 2023-11-22 | 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 EmailM&G Investments discusses Japan's stock market and AICarl Vine, co-head of Asia-Pacific equities at M&G Investments, says "the creation of large language models and generative AI is giving Japan an opportunity to catch up" and companies in the country are "taking that opportunity to heart."
Persons: Carl Vine Organizations: G Investments Locations: Asia, Pacific, Japan
SummaryCompanies UK business investment has lagged since Brexit"Largest business tax cut" in modern history-HuntTax break costs 11 bln stg a yearOBR forecasts 3 bln stg a year investment boostLONDON, Nov 22 (Reuters) - Britain's finance minister Jeremy Hunt made a tax break for business investment permanent on Wednesday, aiming to kickstart growth in the country's sluggish economy. Hunt hopes that by making permanent the tax break known as "full expensing", companies will spend more on new kit and technology, lifting productivity. This is the largest business tax cut in modern British history," Hunt said in his Autumn Statement on Wednesday. BT (BT.L), a beneficiary of the tax break as it is investing billions in building a new fibre network, welcomed Hunt's move. British business investment has trailed that of other developed economies, according to research from the International Monetary Fund.
Persons: Jeremy Hunt, Hunt, Hunt's, Philip Jansen, Jessica Taylor, Handout, Stephen Phipson, Robert Forrester, David Milliken, Kylie MacLellan, Sarah Young, Kate Holton, Alex Richardson Organizations: LONDON, BT, Labour, Conservatives, Britain's, REUTERS Acquire, International Monetary Fund, Vertu, BBC Radio, Thomson Locations: Britain, London, British
With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? See more savings account bonuses »Leading Savings & Money Market Account BonusBMO Relationship Plus Money Market AccountEarn up to $4,100 with qualifying transactions: Open a Relationship Plus Money Market account and maintain an eligible balance to earn up to a $3,500 bonus. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, , Cash, we've Organizations: Bank, BMO, Cash, Products, Secure Savings, Mission Valley Bank, Newtek, United States, Federal Credit Union, Technology Credit Locations:
The deal to acquire investment firm Carlyle's (CG.O) 28% holding in the burger chain's China business, which also includes its stores in Hong Kong and Macau, will see McDonald's stake rise to 48%. Since 2017, the number of McDonald's stores in China has doubled to 5,500 and the country has become its second-largest market. McDonald's made an unsolicited offer for Carlyle's stake in the China operations in recent weeks and the deal was struck quickly, said the sources. Reuters reported in August that Trustar Capital was planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China. In contrast to McDonald's, U.S. meat and processed food maker Tyson Foods (TSN.N) plans to sell its China poultry business, sources have said.
Persons: Benoit Tessier, Chris Kempczinski, McDonald's, Carlyle, Trustar, Jim Sanderson, Reckitt, Kane Wu, Granth, Deborah Sophia, Roxanne Liu, Edwina Gibbs Organizations: REUTERS, HK, CITIC, Trustar, Northcoast Research, Reuters, Tyson Foods, Primavera Capital, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, CITIC, U.S, McDonald's China, British, Bengaluru, Beijing
The government expects economic output to rise 2.9% next year following a 2.4% expansion this year, partly with the help of European Union recovery funds. Investment is seen growing by about 15.1% in 2024 more than double compared with this year. Greece has recently regained investment grade status for its debt attracting investment as its economy strengthens after a decade-long economic crisis. Its strong economic performance is also reflected in higher than expected tax revenues. Athens also expects to raise 5.77 billion euros from state asset sales in 2024, the budget said.
Persons: Costas Baltas, Thanos Petralias, Lefteris Papadimas, Robert Birsel Organizations: REUTERS, Rights, Investment, Thomson Locations: Athens, Greece
With a name like the Needham Aggressive Growth Fund, you'd be forgiven for assuming portfolio manager John Barr hunts for growth at any cost. So yes, it's growth investing informed by value investing." The Needham Aggressive Growth Fund has returned over 25% year-to-date according to Morningstar, making it the best-performing small-cap fund on the market. Barr, a one-time software salesman turned investing pro, told Business Insider what he looks for in his investments, the market themes he's watching, and his favorite stock picks right now. But it's Barr's primary investment criteria that sets him apart from other growth-focused fund managers: finding "hidden-to-quality compounders."
Persons: you'd, John Barr, Barr, that's, Charlie Munger, Warren Buffett, Morningstar, I've, there's, , they've Organizations: Berkshire Hathaway, Business, Fund, Micro, Google, Vishay, Vishay Group, Parsons Corporation, Missile Defense Agency, Department of Defense
EU fiscal pact ignores green elephant in the room
  + stars: | 2023-11-21 | by ( Lisa Jucca | ) www.reuters.com   time to read: +8 min
REUTERS/Henry Nicholls Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - The European Union’s troubled fiscal pact, once branded as "stupid" by former European Commission President Romano Prodi, has reached its sell-by date. Average EU debt has been consistently above the 60% target. NEW COURSEThe proposed revamp of the fiscal pact, now under discussion, is an improvement. BRAVE NEW DEBT WORLDFor all of Brussels’ reforming zeal, Europe’s future debt rules ignore a giant elephant in the room: climate change. Another option is to remove green investments from the fiscal rules’ deficit calculations.
Persons: Henry Nicholls, Romano Prodi, Christian Lindner, Giorgia Meloni, Breakingviews, Bruno Le Maire, Olaf Scholz’s, Mario Draghi, Francesco Guerrera, Thomas Shum Organizations: Trust, REUTERS, Reuters, European, Reuters Graphics Reuters, European Commission, French Finance, EU, Intel, European Central Bank, Italian, Union, Thomson Locations: Green Park, London, Britain, Maastricht Treaty, Germany, it's, Italy, Greece, Brussels, EU, United States, Spain, Europe
Hong Kong CNN —Another business leader in China is being probed by the country’s anti-graft watchdog, in a sign of an ongoing crackdown in the world’s second largest economy. Zhou Jun, president of state-owned Shanghai Industrial Investment, is under investigation by the Shanghai Municipal Commission for Discipline Inspection, a branch of the Central Commission for Discipline Inspection (CCDI), according to a CCDI statement Monday. Shanghai Industrial Investment’s business spans infrastructure, property and pharmaceuticals. Just this month, the CCDI said it was investigating Zhang Hongli, a former senior executive vice president at the Industrial and Commercial Bank of China. That was followed by a report by Chinese state-owned media outlet Cover News that tech entrepreneur Chen Shaojie had become unreachable, citing unconfirmed reports that he was being investigated.
Persons: Zhou Jun, CCDI, Zhou, , Zhang Hongli, Chen Shaojie, Chen, Tencent, Fred Hu Organizations: Hong Kong CNN, Shanghai Industrial Investment, Shanghai Municipal Commission, Central Commission, Shanghai Industrial, Industrial, Commercial Bank of China, CNN, International, Bloomberg, Primavera Capital Locations: China, Hong Kong, Shanghai
Prices topped $80 a pound as demand for nuclear power gains momentum. Uranium production has recently run into hurdles, but investor interest remains solid. AdvertisementA nuclear power renaissance is fueling investor interest in uranium, helping to drive the price of the key energy commodity to a 15-year high. Uranium futures tracking a form of uranium called "yellowcake" hit $80.25 a pound on Monday, Bloomberg reported. Prices have been on the rise this year after a decade of trading sideways, due to growing demand for nuclear power.
Persons: Organizations: Bloomberg, Service, Crux, Terra Capital, Segra, Argonaut Capital Partners, Bloomberg Intelligence Locations: Kazakhstan, Canada, Australia, Canadian, Niger, Europe
They said some battery operators are already supplying back-up power to grids at a price competitive with gas power plants, meaning gas will be used less. British independent Carlton Power dropped plans for an 800 million pound ($997 million) gas power plant in Manchester, northern England, in 2016. MODELS UNDER SCRUTINYDevelopers can no longer use financial modelling that assumes gas power plants are used constantly throughout their 20-year-plus lifetime, analysts said. Many countries world-wide, but especially in Europe, provide payments for standby power plants through capacity markets. In Europe, 40 million electric vehicles are expected by 2030, capable of displacing around one third of the region's gas power capacity, according to Kaluza.
Persons: Andrew Boyers, Carlton Power, Keith Clarke, Clarke, Carlton, Nigel Scott, Banks, Simon Virley, Helen Sanders, Sanders, Carlton's Clarke, Sarah McFarlane, Susanna Twidale, Simon Webb, Barbara Lewis Organizations: REUTERS, U.S, Global Energy Monitor, Power Ventures, Carlton, Carlton Power, Reuters, Sumitomo Mitsui Banking Corporation, Investors, Electricity, KPMG, Union, Octopus Energy, Thomson Locations: Finedon, Britain, Europe, United States, New Jersey, Manchester, England, London
Fusion could have an important advantage over today's nuclear fission plants that split atoms, as it does not produce long-lasting radioactive waste. The former secretary of state will announce his plan to lay out the strategy - which foresees commercialization within years, not decades - on Monday on a tour of fusion company Commonwealth Fusion Systems near Boston. "I will have much more to say on the United States’ vision for international partnerships for an inclusive fusion energy future at COP28," Kerry said in a statement. Some critics say fusion will be too expensive and take too long to develop to help in the fight against climate change in the foreseeable future. In 2023, international fusion companies have garnered about $1.4 billion in investments for a total of about $6.21 billion in mostly private money, the Fusion Industry Association said, down from about $2.83 billion in new investment last year.
Persons: John Kerry, Kerry, Claudio Descalzi, Valerie Volcovici, Timothy Gardner, Jan Harvey Organizations: Eni, WASHINGTON, Commonwealth Fusion Systems, Fusion, Massachusetts Institute of Technology, Commonwealth, United, U.S, National, Fusion Industry Association, FIA, Thomson Locations: U.S, Dubai , U.S, Boston, California, United States, COP28, Germany, Japan, China, Australia
Anne Richards steps down as Fidelity International CEO
  + stars: | 2023-11-20 | by ( ) www.reuters.com   time to read: +1 min
Anne Richards, CEO of Fidelity International, attends the Global Financial Leaders' Investment Summit, in Hong Kong, China November 8, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNov 20 (Reuters) - Asset manager Fidelity International announced on Monday that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company. Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. “Over the last five years Anne has accomplished a tremendous amount for our organisation in service of our clients," Chair of Fidelity International, Abby Johnson, said. In her new role as vice chair, Richards will help the company with its external relationships and strategic partnerships, Fidelity said in a statement.
Persons: Anne Richards, Tyrone Siu, Richards, Brian Conroy, Anne, Abby Johnson, Pritam Biswas, Pooja Desai Organizations: Fidelity International, Global Financial, Investment, REUTERS, G Investments, Fidelity, Aberdeen Asset Management, Thomson Locations: Hong Kong, China, Bengaluru
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