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☆ U.S. Buyback Tax Could Hit More Foreign Firms Than First Expected
▼ + stars: | 2023-04-14 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Danish pharmaceutical company Novo Nordisk last month sent a comment letter to the Treasury Department objecting to two rules set out in December guidance on the 1% tax on stock buybacks. The U.S.’s new tax on stock buybacks has created a potential pain point for foreign companies: Those with stateside subsidiaries may find they are subject to the 1% levy on share repurchases. As initially written, the 1% tax on buybacks, which went into effect Jan. 1, would hit foreign companies in limited circumstances. Guidance from the government released in late December, however, changed expectations about the potential impact on foreign companies, stirring comment letters from businesses including Danish drugmaker Novo Nordisk A/S and groups representing multinational companies and global manufacturers.

☆ Hasbro Hires Harley-Davidson CFO to Lead Its Finances
▼ + stars: | 2023-04-12 | by ( Jennifer Williams-Alvarez | Sabela Ojea | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/hasbro-hires-harley-davidson-cfo-to-lead-its-finances-5189b65b

☆ MLB roundup: Ryan Mountcastle's 9 RBIs propel Orioles to win
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +11 min

Austin Hays also homered and went 4-for-5 as the Orioles won for the second night in a row. Kyle Schwarber hit a solo home run and Bryson Stott added two hits and two RBIs for Philadelphia. Guardians starter Hunter Gaddis (0-1) allowed eight runs on eight hits with three strikeouts and two walks in three-plus innings. Blue Jays 9, Tigers 3Alejandro Kirk hit a three-run home run and had four RBIs as Toronto won its home opener, beating Detroit. Detroit right-hander Matt Manning (1-1) allowed four runs on six hits with one walk and three strikeouts in six innings.

☆ Diaz to make boxing debut against Paul
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - YouTuber-turned-boxer Jake Paul and ex-UFC fighter Nate Diaz will meet in a boxing match on Aug. 5 in Dallas, organisers said on Wednesday. Diaz is an accomplished boxer who competed in the Ultimate Fighting Championship (UFC) until last year, where he twice fought former UFC champion Conor McGregor, while Paul boasts 20 million YouTube subscribers and has competed in seven professional fights since 2019. I'm the king of combat sports and then I'm headed back to get my UFC belts," Diaz was quoted as saying by Paul's promotion company Most Valuable Promotions. Paul, 26, will return to action after suffering the first loss of his boxing career at the hands of Tommy Fury in February. "My last fight didn't end the way I wanted, but the result was the best thing that could have happened to my professional boxing aspirations," Paul said.

☆ MLB roundup: Solo HR sends Rays to 10-0
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +11 min

Muncy also singled, all after Mookie Betts had led off the game with his second homer of the season for the Dodgers, who snapped a three-game losing streak. Reds starter Graham Ashcraft allowed two runs on six hits in six innings with seven strikeouts and three walks. Ryan Mountcastle drilled a two-run homer in the first inning and Austin Hays added a solo shot in the sixth. Alvarez drove in two runs to boost his major-league-leading RBI total to 16, plating a pair in the second inning with a single. Jake Cave hit a solo homer and double while Nick Castellanos added three hits and three RBIs.

BUENOS AIRES, April 10 (Reuters) - Argentina has patched up its wobbly economy with a so-called "soy dollar" preferential exchange rate to boost grains exports and bring in much-needed foreign currency, which analysts said would give the government breathing room, at least temporarily. "The 'farm dollar' will not create extra foreign currency, but at least will accelerate it coming in and so provide temporary relief," said economist Gustavo Ber, adding that foreign currency reserves had hit "critical levels." Reuters Graphics Reuters GraphicsThe so-called "soy dollar" was used twice last year and did help create a boost in exports, at least in the short-term helping ease availability of foreign currency. "This new measure aims to buy two months, which in the current context is not insignificant," Geretto told Reuters. Reporting by Walter Bianchi and Anna-Catherine Brigida; Editing by Adam Jourdan and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ MLB roundup: Rays crush A's, run opening win streak to 9
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +11 min

The Rays' matched the 2003 Kansas City Royals for the hottest streak to start a season in baseball's wild-card era. The Rays' plus-57 run differential through nine games is the largest ever in MLB since 1900. Padres starter Seth Lugo (2-0) gave up one run on five hits and four walks with five strikeouts over six innings to earn the win. Chicago starter Michael Kopech (0-2) gave up one run and two hits in six innings, with three walks and five strikeouts. Rangers starter Jon Gray (1-1) allowed Edwin Rios' two-run homer in the second inning.

☆ As Gen Z flounders at work and millennials struggle to buy a house, boomers are enjoying a golden moment
▼ + stars: | 2023-04-09 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

This week's dispatchThe Metals Company; Greenpeace; Luis Alvarez/Getty Images; Karl Hendon/Getty Images; Alyssa Powell/InsiderOptimists don't just dream — they do. Gen Zers and young millennials have soured on work just as much as everyone else — and that's bad news for companies everywhere. Also read:Tyler Le/InsiderOver the past few years, Lex Fridman has gone from an unknown academic researcher to a social-media celebrity and member of Elon Musk's inner circle. But recently, "The Lex Fridman Podcast" has become a haven for a growing and powerful sector looking to dismantle years of "wokeness." More on the rise of Lex Fridman.

☆ MLB roundup: Rays improve to 8-0 with rout of A's
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +11 min

Springs scattered three hits, struck out seven and walked three while logging seven innings. The Astros rallied in the ninth on Jeremy Pena's two-run homer against Jovani Moran. Adam Duvall blasted a two-run homer and a pair of doubles while scoring three times. Pete Alonso and Eduardo Escobar each hit two-run homers for the Mets, who have won five of six games against the Marlins. Perdomo had three RBIs and two hits as Arizona racked up season highs for runs and hits (17).

By offloading some of the risk on their loans, the banks can significantly reduce how much capital they need to set aside to cover potential losses, according to law firm Clifford Chance. A bank can normally transfer risks of losses equivalent to around 7% to 12% of a loan portfolio, two market sources said. With synthetic structures, a bank transfers the risk via credit derivatives or guarantees but keeps holding the underlying exposures. The IFC sold BNP a $50 million guarantee on $1 billion of loans to emerging markets, they said, without disclosing terms. While Europe has been at the forefront for risk transfers, the stock of loans covered by SRTs is small relative to European banks' balance sheets.

☆ Stock-Based Pay and Bonuses Fall Under Finance Chiefs’ Cost-Cutting Knife
▼ + stars: | 2023-04-05 | by ( Mark Maurer | Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Videogame company Unity Software is looking at reducing the number of shares it grants as part of compensation but hasn’t made any decisions yet. Some finance executives are tweaking compensation expenses—including stock-based pay and bonus eligibility—in the latest move among U.S. companies to cut costs from increasingly lean operations as recession concerns grow. Videogame company Unity Software Inc. and business-software firm Salesforce Inc. are among businesses weighing or moving ahead with bringing down stock-based compensation, while companies such as DSW Designer Shoe Warehouse parent Designer Brands Inc. and Facebook owner Meta Platforms Inc. are planning adjustments to worker bonuses. Firms like Google are making other trims to the employee experience by eliminating popular perks like snack bars and choosing software and equipment vendors based on cost.

☆ Ahead of Easter, Nicaraguan Catholics press on despite procession ban
▼ + stars: | 2023-04-04 | by ( Ismael Lopez | ) www.reuters.com time to read: +2 min

Ortega's tough stance on the church has been met by a mix of fear and determination among the Central American nation's Catholics. "What's most important is to live our faith," said Maria Flores, who noted that the canceled street procession this Friday - when Christians worldwide mark the crucifixion of Jesus - will be the first time in over four decades she will miss it. Eliseo Nuñez, a Nicaraguan political analyst in exile in neighboring Costa Rica, said government officials banned the processions to quash the prospect of further unrest. In 2005, former Marxist rebel Ortega converted to Catholicism ahead of winning the presidential election the following year. Reporting by Ismael Lopez; Writing by David Alire Garcia; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ MLB roundup: Padres go back-to-back in 9th, edge D-backs
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +11 min

The A's were down 10-8 when Seth Brown followed a walk to Aledmys Diaz with a two-run homer off Guardians closer Emmanuel Clase in the last of the ninth. Angels 7, Mariners 3Shohei Ohtani and Taylor Ward hit two-run homers as Los Angeles defeated host Seattle. Yankees 8, Phillies 1Anthony Rizzo ignited a five-run fifth inning with a two-run homer, and host New York cruised to victory over Philadelphia. His counterpart, Jose Berrios (0-1), allowed eight runs, nine hits and two walks while striking out seven in 5 2/3 innings. Ozzie Albies hit a two-run homer and Austin Riley had a solo shot for the Braves, who have won three of four games to start the season.

☆ MLB roundup: Trayce Thompson's 3 HRs power Dodgers' rout
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +10 min

Rangers 16, Phillies 3Mitch Garver hit a pair of three-run home runs in Texas' rout of Philadelphia in Arlington, Texas. Blue Jays starter Kevin Gausman (0-1) struck out seven and walked one in six innings. Nationals starter Josiah Gray (0-1) allowed five runs on seven hits -- including three home runs -- in five innings. Gray (1-0) allowed three hits, struck out one and walked four in the second game of the three-game series. The Rays scored the seven runs on six hits, and Yandy Diaz added two runs with a home run the following inning.

☆ Haaland's absence fails to stop Man City from hammering Liverpool
▼ + stars: | 2023-04-01 | by ( Lori Ewing | ) www.reuters.com time to read: +2 min

"Nothing changed," Guardiola said after his 100th win at Etihad with City. The club made an exceptional signing with him – he's a world champion alongside Lionel Messi because he has something." His fitness is unclear, although TV cameras caught him on his feet wildly celebrating Alvarez's goal. The City manager pumped his fists wildly after Alvarez's goal and then confronted Liverpool substitutes Kostas Tsimikas and Arthur Melo when they walked by him on the sidelines seconds later. "Manchester City are disappointed to have heard inappropriate chants from home fans during today's game," the team said.

☆ Soccer-Leaders Arsenal respond in style after Man City thrash Liverpool
▼ + stars: | 2023-04-01 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

Arsenal's seventh successive league win moved them to 72 points from 29 games with City, who still have to play the London club at home, on 64 having played one game less. Jean-Philippe Mateta's late goal sparked jubilation amongst the home fans as Palace moved into 12th place with 30 points, five points ahead of third-from-bottom Leicester. Pressure is intensifying on Leicester manager Brendan Rodgers as his side lost for the fifth time in six league games. Nottingham Forest and Wolverhampton Wanderers drew 1-1 at the City Ground as both clubs stayed far too close to the relegation zone for comfort. The result took both teams above Liverpool with Brighton in sixth place and Brentford in seventh.

☆ No Haaland, no problem as Man City thrash Liverpool 4-1 to keep up title chase
▼ + stars: | 2023-04-01 | by ( Lori Ewing | ) www.reuters.com time to read: +3 min

MANCHESTER, England, April 1 (Reuters) - Manchester City showed they can win without goal machine Erling Haaland as they put four past Liverpool at the Etihad on Saturday to keep their chase of Premier League leaders Arsenal very much alive. Julian Alvarez, Kevin De Bruyne, Ilkay Gundogan and Jack Grealish were all on target for Pep Guardiola's side in a goal-packed return to Premier League action after the international break. "We had a chat between ourselves and with the manager (at halftime) and he said we have to stay in the game," Grealish said. "The first minute to 93 ... really really good, the way we played." Looking ahead though, the England winger insisted that the fate of the Premier League this season is still in Arsenal's hands.

☆ New Corporate Minimum Tax Could Ensnare Some Firms Over One-Time Moves
▼ + stars: | 2023-03-30 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

The IRS building in Washington. The 15% corporate minimum tax applies to companies that report income averaging at least $1 billion over three years. A new corporate minimum tax is stoking concern among some companies that one-time activities, such as the sale of a business unit, will push them over the threshold for the levy even though the companies wouldn’t otherwise qualify. The 15% corporate minimum tax that went into effect at the beginning of this year applies to U.S.-based companies that report income to shareholders averaging at least $1 billion over three years. What’s more, once a company is subject to the levy, it remains that way even if profits decline unless certain conditions are met, such as a determination from the government that a company shouldn’t be subject to the minimum tax.

☆ Germany is overhauling its immigration rules to bolster a rapidly shrinking workforce
▼ + stars: | 2023-03-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +8 min

Currently, only people with EU passports, or those who have one parent from Germany, are eligible to hold German citizenship. Immigration reforms based on Canada's points system, meanwhile, will make it easier for skilled workers to enter the country without having professional qualifications recognized in Germany. A January survey showed that more than half of German companies are struggling to fill vacancies due to a lack of skilled workers. The number of people who can come and set up businesses will be huge and a huge benefit for the country. "The number of people who can come and set up businesses will be huge and a huge benefit for the country."

☆ Silicon Valley Bank became the go-to bank for startups with a network of top-tier VCs. Underrepresented founders say that created barriers to access for them.
▼ + stars: | 2023-03-23 | by ( April Joyner | Ben Bergman | ) www.businessinsider.com time to read: +7 min

But some early-stage founders told Insider they had trouble getting access to SVB's services. SVB's reliance on VC networks made it less accessible to some underrepresented founders, they said. With its focus on venture-backed startups, Silicon Valley Bank provided loans and lines of credit to businesses that often wouldn't qualify for such services at a larger bank. But the earliest-stage companies — those without significant venture funding or a notable VC backer — were still sometimes shut out, founders told Insider. Jean-Charles and Alvarez-Bailey said they didn't believe bias or discrimination was at play in SVB's decisions — they simply didn't meet the bank's VC funding threshold.

☆ A TikToker with 135K followers who posts about mental health has secured deals with brands like BetterHelp and Dove. Read his 2-page media kit.
▼ + stars: | 2023-03-22 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

Jorge Alvarez started posting on TikTok in April 2021 because he wanted more Latinx representation. He shares the 2-page media kit he uses to partner with brands like BetterHelp, Dove, and Taco Bell. Jorge Alvarez started posting mental-health content on TikTok in April 2021 because he didn't think there was enough Latinx representation on the social-media platform. Here is what a recent version of his media kit looks like. Page 1 of Jorge Alvarez's media kit.

☆ As Ford Carves Out Its EV Unit, Reporting by Region Gets Ditched
▼ + stars: | 2023-03-21 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

With Ford Motor Co. splitting its electric-vehicle business out as a separate division, it becomes the first of the Big Three auto makers in the U.S. to change how it reports its financial results to acknowledge the fast-growing EV future alongside the legacy business of making gasoline-powered vehicles. Ford has already been selling electric vehicles, including its Mustang Mach-E sport-utility vehicle and the F-150 Lightning, and it has said it would spend more than $50 billion on EVs through 2026. The Dearborn, Mich.-based auto maker also expects electric vehicles to account for one-third of global sales by 2026, or about two million EVs total, and half of its global sales by 2030, compared with a previous target of 40%.

☆ SVB Collapse Spurs Finance Executives to Re-Evaluate Cash Strategies
▼ + stars: | 2023-03-21 | by ( Mark Maurer | Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Many of SVB’s clients were startups with small finance teams, making it appealing as it also provided treasury services tailored to those businesses. Financial officers at companies with money held at Silicon Valley Bank are re-evaluating their cash-management strategies in the wake of the bank’s collapse, a reckoning that comes after many firms feared they also would go under without access to their funds. SVB , which catered to tech, private- equity and venture-capital firms, was taken over by federal regulators last Friday as depositors withdrew tens of billions of dollars over two days amid concerns about the bank’s liquidity. While regulators on Sunday unveiled emergency measures to ease fears and said SVB’s depositors would get all their money, the experience has served as a wake-up call for many executives.

☆ Virgin Orbit scrambles to avoid bankruptcy as deal talks continue
▼ + stars: | 2023-03-20 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

Virgin Orbit is scrambling to secure a funding lifeline and avoid bankruptcy, which could come as early as this week without a deal, CNBC has learned. Virgin Orbit CEO Dan Hart and other senior leadership held daily talks with interested parties through the weekend, according to people familiar with the matter, who asked to remain anonymous in order to discuss internal matters. At the same time, Virgin Orbit is bracing for a potential bankruptcy filing as soon as this week, one person said. A Virgin Orbit spokesperson declined to comment. Shares of Virgin Orbit have continued to fall since its pause in operations, with its stock slipping to near 50 cents a share in Monday trading.

☆ Virgin Orbit starts to plan for insolvency amid rescue talks, Sky News reports
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - Aircraft engineering company Virgin Orbit Holdings Inc (VORB.O) has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce, Sky News reported on Sunday. Richard Branson's Virgin Group is working with restructuring firms Alvarez & Marsal and Ducera about fallback plans if they cannot secure new funding, the report added. Last week, Reuters reported that Virgin Orbit Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy the company time to finalize a new investment plan to help pull it out of its financial woes, while the duration of the furlough remained unclear. Virgin Orbit did not respond to a Reuters request for comment. Reporting by Urvi Dugar in Bengaluru; Editing by Aurora Ellis and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

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