DIRS.INFO The most relevant business & tech news

☆ Amazon CEO Andy Jassy says he's committed to cost cutting while investing in AI in shareholder letter
▼ + stars: | 2024-04-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +41 min

This work diminished short-term revenue, but was best for customers, much appreciated, and should bode well for customers and AWS longer-term. We're also making progress on many of our newer business investments that have the potential to be important to customers and Amazon long-term. Being intentional about building primitives requires patience. Customers building their own FM must tackle several challenges in getting a model into production. Customers' AI models contain some of their most sensitive data.

Persons: Andy Jassy, Jassy, Jeff Bezos, he's, we've, Martha Stewart, Clinique, we're, We've, bode, We're, I've, iterating, We'd, we'd, Fox, affordably, you've, They're, Anthropic, that's, Claude, Dana, debugs, Slack Organizations: Amazon, Services, AWS, Deal, Prime, MGM, Savings, Regions, Citadel, Target, Storage Service, Netflix, Disney, Max, Paramount, CIA, . Intelligence, Amazon Freight, Carrier, Amazon Shipping, Foods, Drones, Amazon Pharmacy, Amazon Clinic, Robotics, Nvidia, Ricoh, NatWest, FMs, Meta, Bridgewater Associates, Farber Cancer Institute, Delta Air Lines, Intuit, KT, Lonely, LexisNexis, Netsmart, Pfizer, PGA, Rocket Companies, Siemens, Media, Inc Locations: North America, U.S, Europe, India, Brazil, Australia, Mexico, Middle East, Africa, Malaysia, New Zealand, Kingdom of Saudi Arabia, Thailand, Berlin, Hulu, Amdocs, Genomics England, GoDaddy, GenAI

☆ Modelo maker Constellation Brands is primed for market share gains but we still see one issue with the company
▼ + stars: | 2024-04-07 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

Constellation Brands stock is looking like it could be ready to break out, with its strong beer business well-positioned for market share gains in the upcoming fiscal year. Morgan Stanley anticipates Constellation to continue gaining market share at the expense of Bud Light during this period. Since Constellation tends to boast industry-leading results in its beer business, we're confident it will deliver strong numbers again next week. Over the past few years, Constellation has been trying to boost sales in its wine and spirits business — shifting from lower-priced brands to more premium names. While wine and spirits make up a small part of Constellation's overall business, Jim has said it must go.

Persons: It's, Jim Cramer, Morgan Stanley, Jeff Marks, Jim, Bud Light, Marks, Piper Sandler, Newlands, Kim Crawford, Eli Lilly, Elliott, Jim Cramer's, Justin Sullivan Organizations: Constellation Brands, Anheuser, Busch Inbev, Modelo, Nielsen, Cinco de Mayo, Bud Light, Constellation, Piper, Elliott Investment Management, CNBC Locations: Corona, Pacifico, U.S, GLP, Modelo, San Rafael , California

☆ Disney's Iger says Peltz proxy battle was a 'distraction,' board is focused on picking his successor
▼ + stars: | 2024-04-04 | by ( Sarah Whitten | ) www.cnbc.com time to read: +1 min

Iger noted that the activism has not changed Disney's succession process. Chapek held the post for more than two years before Iger returned to it. "Obviously, we all learn from the past, and we're prepared for this process to be successful," Iger said. In an interview with CNBC on Thursday, Peltz said he did not have any personal vendetta against Iger but wanted to ensure the company had a leadership plan in place. "The only issue I had with Bob was the succession plan, which again is at the feet of the board," he said.

Persons: Nelson Peltz's, Bob Iger, Iger, Bob Chapek, Chapek, we're, Peltz, Bob Organizations: Disney, CNBC

☆ A trusted indicator is fueling recession warnings from Jeremy Grantham and other gurus. What you should know about the Leading Economic Index.
▼ + stars: | 2024-02-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The Leading Economic Index fell for the 22nd consecutive month in January. This story is available exclusively to Business Insider subscribers. The Leading Economic Index brings all of those together to gauge the future state of the economy across multiple dimensions, from growth and unemployment to consumer demand and homebuilding. Here's a screenshot showing the index's historic decline, from The Conference Board's latest release:AdvertisementThe Leading Economic Index has consistently declined ahead of previous recessions. There's no guarantee these four market veterans are right about the Leading Economic Index.

Persons: —, Here's, joblessness, David Rosenberg, Merrill Lynch, Jeremy Grantham, Jeffrey Gundlach, Gary Shilling, There's Organizations: Service, Business, Conference Board, Treasury, Manufacturers, Institute, Supply, The Conference, Board, Rosenberg Research, North, DoubleLine, Conference Locations: North American

☆ Brexit Britain has 'significantly underperformed' other advanced economies, Goldman Sachs says
▼ + stars: | 2024-02-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Pro-EU demonstrators protest outside Parliament against Brexit on the fourth anniversary of Britain's official departure from the European Union in London, United Kingdom on January 31, 2024. LONDON — Post-Brexit Britain has "significantly underperformed" other advanced economies since the 2016 EU referendum, according to new analysis from Goldman Sachs, which aims to quantify the economic cost of the Leave vote. Goldman Sachs attributed the economic shortfall to three key factors: reduced trade; weaker business investment; and labor shortages as a result of lower immigration from the EU. The U.K. voted 52% to 48% to leave the EU on June 23, 2016, but officially exited the union on Jan. 31, 2020. Over that period until today, U.K. goods trade has underperformed other advanced economies by around 15% since the Leave vote, according to the bank's estimates, while business investment has fallen "notably short" of pre-referendum levels.

Persons: Goldman Sachs Organizations: EU, Brexit, European Union, LONDON Locations: London, United Kingdom, LONDON —

☆ I quit my $400,000 Morgan Stanley job to become a startup founder. Loneliness was the biggest challenge, but I don't regret it.
▼ + stars: | 2024-02-13 | by ( Ellen Nguyen | ) www.businessinsider.com time to read: +6 min

I decided to leave investment banking because I'd lost the meaning and purpose of my work, and I wanted to find it. Becoming a managing director wasn't a specific goal when I started in investment banking. I realized money is just part of the puzzle. The biggest expense isn't the business investment but the opportunity cost and covering my living expenses while extending my financial runway. I don’t have fixed commitments, like a mortgage or children, which gave me the flexibility to leave my banking career.

Persons: —, Valeri Gervaziev, Morgan Stanley, I'd, wasn't, could’ve, HENRY, I’ve, I've, Lauryn Haas Organizations: Service, Barclays, Business, lhaas@businessinsider.com Locations: London, Bulgaria

☆ Renowned economist Claudia Sahm breaks down why her famous recession indicator won't be triggered this year — and why the last mile of the Fed's inflation battle could be the easiest
▼ + stars: | 2024-02-07 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Read previewClaudia Sahm, the former Federal Reserve economist who developed the Sahm Rule recession indicator, believes the US economy will likely avoid a downturn this year. We solved the labor shortage by getting more labor," Sahm said. "The foreign-born labor force has made a disproportionate contribution to reducing the jobs-workers gap. This has been driven by two factors: above-trend immigration growth and greater foreign-born labor force participation," said Jan Hatzius, the chief US economist at Goldman Sachs, in an August 2023 client note. "Growth in the foreign-born labor force has accelerated by 50k to 160k per month this year, lifted by a surging foreign-born labor force participation rate," Hatzius added.

Persons: —, Claudia Sahm, Sahm, doesn't, Jan Hatzius, Goldman Sachs, Hatzius, Jerome Powell, Powell Organizations: Service, Federal Reserve, Business, National Bureau of Economic, US, Labor, Board, Bureau of Labor Statistics, Fed Locations: flatlining

☆ The inventor of the market's most famous recession indicator says 3 factors will ensure a coming downturn isn't too painful
▼ + stars: | 2024-02-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The inverted yield curve means that a recession is still likely, the indicator's inventor wrote this week. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe inverted yield curve has been flashing red for 15 months, but don't think that ongoing economic strength makes it a false signal, Campbell Harvey wrote in a Research Affiliates note. "The yield curve indicator suggests growth will substantially slow in 2024. On the business side, past experience with the inverted yield curve has led entities to take preventive action when Treasury rates flip.

Persons: —, Campbell Harvey, Harvey Organizations: Service, Duke University, Federal Reserve, Fed

FRANKFURT, Germany (AP) — Europe’s economy failed to expand at the end of 2023, with the stagnation now lasting for more than a year amid higher energy prices, costlier credit and lagging growth in powerhouse Germany. Zero economic growth for the October-to-December period of last year follows a 0.1% contraction in the three months before that, according to figures released Tuesday by EU statistics agency Eurostat. That extends a miserable run of economic blahs: The 20 countries that use the euro currency have not shown significant growth since the third quarter of 2022, when the economy grew 0.5%. With higher shipping costs and delays to products from clothes to keyboard components, concerns are growing of new consumer price spikes if the conflict in Gaza drags on or escalates. The trade disruption could add as much as 0.5% to core inflation, which excludes volatile fuel and food prices, Oxford Economics said.

Persons: ”, Holger Schmieding, Yemen's Houthi Organizations: EU, Eurostat, European Central Bank, Oxford Economics, ECB, Hamas, Oxford Locations: FRANKFURT, Germany, Suez, Asia, Europe, Berenberg, United States, Russia, Ukraine, Red, Africa, Gaza

☆ Premarket stocks: Regional banks could be on the rocks again
▼ + stars: | 2024-01-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Stocks of small US lenders are still in the doldrums nearly a year after the regional banking crisis. The KBW Nasdaq Regional Banking index, which tracks the performance of regional lenders and thrifts, has fallen more than 2.4% this year compared to the benchmark S&P 500’s 2.6% gain. “This development is likely to … challenge the health of regional banks,” wrote José Torres, senior economist at Interactive Brokers, in a note on Thursday. Regional bank stocks struggled for much of 2023 after the collapses of Silicon Valley Bank and Signature Bank sparked a flight on deposits and sent shockwaves through the stock and bond markets. High interest rates threatened to put pressure on regional banks’ bond portfolios and squeeze their bottom lines, creating a good old-fashioned bank run.

Persons: Huntington, PNC Financial Service’s, ”, José Torres, Alex McGrath, “, McGrath, Samantha Murphy Kelly, David McQueen, ” Read, Bryan Mena Organizations: CNN Business, Bell, New York CNN, Nasdaq, PNC Financial Services, PNC, Comerica Inc, US Bancorp, Citizens, PNC Financial, Federal Reserve, Interactive Brokers, Valley Bank, Signature Bank, First, Bank, Microsoft, Apple, ABI Research, Gross, Commerce Department Locations: New York, China

When Nikki Haley was a South Carolina legislator, she backed budgets boosted by federal aid. Now, Haley is running against Trump for the 2024 Republican nomination saying he is an agent of chaos. The daughter of Indian immigrants, she defeated a 30-year legislative veteran in the Republican primary. As governor, Haley had disputes with fellow Republicans that often seemed personal. But she reminds Republican primary voters that the deals were always for non-union shops.

Persons: Nikki Haley, Haley, Donald Trump, ”, Doug Brannon, “, Bill Clinton, Slick Willie ”, Trump, Roe, Wade, I’m, Rob Godfrey, ” Godfrey, ” Haley, Hillary Clinton, Gresham Barrett, Whit Ayres, Barrett, Sarah Palin, ” Ayres, Palin, Mitt Romney, Romney, “ She’s, Kay Koonce, Haley burnished, Godfrey, Godfrey said, Koonce, Barack Obama’s, Obama, Florida Sen, Marco Rubio, Jan, Ayres, Chris Christie’s, ’ ” Ayres, Christie, Haley “, “ Chris Christie, ” Koonce, ’, Holly Ramer Organizations: Trump, GOP, firebrand, Republican, today's Republican Party, Fox, New York Times, U.S, Rep, Wall Street titans, Gubernatorial, Democratic National Committee, Conservative, House Republicans, Republicans, Florida, Capitol, New, Associated Press Locations: South Carolina, Washington, Charleston, New Hampshire, Columbia, China, New York, Trump, Iowa, New Jersey, Concord , New Hampshire

☆ Barclays CEO says difference in Labour and Conservative economic policy is 'fairly minimal'
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesPolitical risk in the U.K. is "far less than it's ever been" as the difference between the ruling Conservative Party and main opposition Labour on economic policy is "fairly minimal," Barclays CEO C.S. The U.K. is set to hold a General Election later this year, and the latest polling consistently suggests a landslide Labour victory, bringing an end to fourteen years of Conservative rule. "I think the political risk in the U.K. is far less than it's ever been," Venkatakrishnan told CNBC at WEF. The difference in economic policies between the two, and they're both striving to say so, are fairly minimal," he said, referencing two former British leaders.

Persons: Keir Starmer applauds, Paul Ellis, Venkatakrishnan, Keir Starmer, Rishi Sunak's, Rachel Reeves, Margaret Thatcher, James Callaghan, Labour's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Conservative Party, Labour, Barclays, C.S, Conservative, Labour's Shadow, Economic, CNBC Wednesday, CNBC, WEF, British Locations: Liverpool, England, Davos, Switzerland

☆ Markets are underestimating the potential for an economic slowdown, and 'greedflation' won't help investors anymore, Societe Generale says
▼ + stars: | 2024-01-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewInvestors are underestimating the risk of an economic slowdown, and "greedflation" among companies can't prop up the market any longer, Société Générale said in a note this week. Firms hiking prices likely helped avoid a deeper slump in profits stemming from a slowing economy, Société Générale strategist Albert Edwards said. "The Greedflation driven surge in margins helped stop the profits slowdown turning into a deep downturn. A recession still poses a decent risk to the economy, though investors have warmed up to the prospect of a soft-landing.

Persons: —, Société Générale, they're, Société, Albert Edwards, Greedflation, Edwards, –, Evercore, quant, Andrew Lapthorne, David Rosenberg Organizations: Service, Business, Bureau of Labor Statistics, Federal Reserve, New, Fed, Institute of Supply, Evercore ISI

☆ CNBC Daily Open: The COP28 heat is on
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The S&P 500 ticked down 0.09% to end at 4,550.58, and the Nasdaq Composite slipped by 0.16% to 14,258.49. The force is risingSalesforce shares rose 7% in extended trading on Wednesday after the cloud software vendor's third-quarter earnings topped analysts' estimates. [PRO] Beware crowded tradesThe S&P 500 is up more than 8% in November, putting it on track for its biggest monthly gain since July 2022.

Persons: Dow Jones, Jensen, Jensen Huang, CNBC's Andrew Ross Sorkin, Huang, Morgan Stanley, Russell Organizations: Expo, CNBC, Dow Jones, Dow, Nasdaq, Commerce Department, Gross, Federal Reserve, United Auto Workers, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volkswagen, Volvo, General Motors, Nvidia Locations: Dubai, United Arab Emirates, U.S, China

☆ US economy grows 5.2% in third quarter; higher interest rates eroding momentum
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The growth pace, which was the quickest in nearly two years, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. Inventory investment added 1.40 percentage points to GDP growth, instead of the 1.32 percentage points estimated last month. Higher wages contributed to the economy growing at a 1.5% rate last quarter, the fastest in a year, when measured from the income side. That suggested trade could be a drag on GDP growth this quarter after being a neutral factor in the April-June period.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Conrad DeQuadros, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Gross, Commerce Department's, Analysis, Reuters, Federal, United Auto Workers, Treasury, Brean, BEA, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Charlotte , North Carolina

☆ US third-quarter growth revised higher; corporate profits rise strongly
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The quickest growth pace in nearly two years reported by the Commerce Department on Wednesday, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. The upward revision to growth last quarter reflected upgrades to business investment on structures, mostly warehouses and healthcare facilities. Inventory investment added 1.40 percentage points to GDP growth. Profits rose at a 0.8% rate in the second quarter.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Gregory Daco, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, WASHINGTON, Commerce Department, Gross, Commerce Department's, Reuters, Federal, United Auto Workers, Treasury, Federal Reserve, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, New York, EY, Charlotte , North Carolina

The economy was even hotter in the third quarter than initially believed, according to an update Wednesday from the Bureau of Economic Analysis. Increased investment and government spending drove the higher estimate. in 3Q23, up from initial estimate of +4.9% … personal consumption revised lower while business investment revised higher,” Liz Ann Sonders, chief investment strategist at Charles Schwab, posted on social media. “Ultimately, excess savings accumulated during the pandemic helped boost consumer spending and delay the onset of recession,” BCA Research wrote on Wednesday. “However, the tailwind from excess savings is ebbing.

Persons: ann, Liz Ann Sonders, Charles Schwab, Consumers, Monday’s Organizations: Gross, BEA, “, Federal Reserve Bank, Atlanta’s, Research, San Francisco Fed, BCA, Federal Reserve, Fed Locations: 3Q23, U.S

☆ The US economy grew by 5.2% in the third quarter, even faster than previously estimated
▼ + stars: | 2023-11-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year. Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%. Fourth-quarter spending likely won’t be as piping hot, however. Fed officials pay close attention to various facets of the US economy when deliberating monetary policy, including growth.

Persons: ”, Gregory Daco, “, Christopher Waller, American Enterprise Institute . Waller, Michelle Bowman Organizations: DC CNN, Gross, Commerce, Consumer, Adobe Analytics, Institute for Supply Management, Employers, Atlanta Fed, Federal, ”, American Enterprise Institute ., Fed Locations: Washington, EY, Salt Lake City

☆ Bill Ackman says the US economy faces a real risk of a 'hard landing' if the Fed doesn't cut interest rates soon
▼ + stars: | 2023-11-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Bill Ackman said in a Bloomberg podcast he expects the US Federal Reserve to cut rates soon. He said the US economy risks a sharp downturn if the Fed doesn't cut interest rates soon. AdvertisementBill Ackman expects the US Federal Reserve to cut rates as early as the first quarter of next year. The Fed needs to cut interest rates soon to avoid a sharp downturn in the US economy, the billionaire investor said on Bloomberg's "The David Rubenstein Show: Peer-to-Peer Conversations." The Fed has raised interest rates 11 times since March 2022 in an effort to cool soaring inflation.

Persons: Bill Ackman, —, David Rubenstein, That's, Ackman, Rubenstein, There's Organizations: Bloomberg, US Federal Reserve, Service, Carlyle Group, Deutsche Bank, European Central Bank, UBS Locations: Israel, Swiss

☆ U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated
▼ + stars: | 2023-11-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. economy grew at an even stronger pace then previously indicated in the third quarter, the product of better-than-expected business investment and stronger government spending, the Commerce Department reported Wednesday. Gross domestic product, a measure of all goods and services produced during the three-month period, accelerated at a 5.2% annualized pace, the department's second estimate showed. Primarily, the upward revision came from increases in nonresidential fixed investment, which includes structures, equipment and intellectual property. However, consumer spending saw a downward revision, now rising just 3.6%, compared with 4% in the initial estimate. The personal consumption expenditures price index, a gauge the Federal Reserve follows closely, increased 2.8% for the period, a 0.1 percentage point downward revision.

Persons: Dow Jones Organizations: Commerce Department, Gross, Federal Reserve, CNBC PRO Locations: U.S

WASHINGTON (AP) — A key Federal Reserve official said Tuesday that he is “increasingly confident” that the Fed's interest rate policies will succeed in bringing inflation back to the central bank's 2% target level. The official, Christopher Waller, a member of the Fed's Board of Governors, cautioned that inflation is still too high and that it's not yet certain if a recent slowdown in price increases can be sustained. Waller's remarks follow Chair Jerome Powell's more cautious comments earlier this month, when Powell said “we are not confident” that the Fed's key short-term interest rate was high enough to fully defeat inflation. Inflation, measured year over year, has plunged from a peak of 9.1% in June 2022 to 3.2% in October. Slower spending and hiring, he said, should help further cool inflation.

Persons: “, Christopher Waller, ” Waller, Jerome Powell's, Powell, Waller Organizations: WASHINGTON, Federal Reserve, Fed's, of Governors, American Enterprise Institute Locations: Washington

☆ UK's Sunak hails $37 billion investments before FDI summit
▼ + stars: | 2023-11-26 | by ( Alistair Smout | ) www.reuters.com time to read: +4 min

Australian funds IFM Investors and Aware Super will pump 10 billion pounds and 5 billion pounds, respectively, into projects ranging from infrastructure and energy transition to affordable housing, Sunak's Downing Street office said in a statement. Spanish power giant Iberdrola (IBE.MC) will add 7 billion pounds to its investment plans in Britain, which include transmission and distribution electricity networks, it said. France last year overtook Britain as the European country with the highest number of new FDI projects. French President Emmanuel Macron announced 13 billion euros ($14.18 billion)of investment commitments in his country at a similar FDI gathering in May. It wants to deal with one person," investment minister Dominic Johnson told Reuters ahead of Monday's event at Hampton Court.

Persons: Rishi Sunak, Ian Forsyth, Sunak's, Sunak, Emmanuel Macron, Stephen Schwarzman, David Solomon, Goldman Sachs, Jamie Dimon, JP Morgan Chase, Dominic Johnson, Jeremy Hunt, IFM, William Schomberg, Alistair Smout, Louise Heavens Organizations: Britain's, Nissan, IFM, Microsoft, Britain, Blackstone, Hampton Court, Thomson Locations: Sunderland, Britain, Spanish, Hampton, London, France, Germany, England, British

☆ Crypto scam: Inside the billion-dollar ‘pig-butchering’ industry
▼ + stars: | 2023-11-23 | by ( Reuters Graphic | ) www.reuters.com time to read: +11 min

Of that, at least $9.1 million came from a crypto wallet that U.S. blockchain analysis firm TRM Labs said was linked to pig-butchering scams. Neither did the Thai government, the Thai police or the Bangkok-based trade group Wang represented, the Thai-Asia Economic Exchange Trade Association. The crypto account registered to Wang was held at Binance, the world’s largest crypto exchange, according to three blockchain analysis firms. In April, the U.S. Department of Justice said it seized about $112 million worth of crypto linked to pig-butchering scams, without identifying suspects. The crypto account in Wang’s name was registered in November 2020, according to the financial records Reuters reviewed.

Persons: Wang Yicheng, Wang, Emma, Lisa Wolk, Erin West, Jessica Jung, West, “ I’ve, Jeremy Douglas, Binance, Bitmain, ” Organizations: Thai, Reuters, TRM Labs, Asia Economic Exchange Trade Association, U.S . Federal Bureau of Investigation, Secret Service, FBI, Secret, Global, U.S . Department of Justice, U.S . Treasury, United Nations Office, Drugs, Workers, KK Park, Commerce Company, Cultural Exchange Center, Overseas, United, Washington, Cultural Exchange Locations: California, Bangkok, Thai, Asia, Southeast Asia, U.S, Binance, United States, Thailand, China, Myanmar, KK, Ningbo, China’s, Xiamen

[1/2] British Prime Minister Rishi Sunak speaks during the opening session of the Global Food Security Summit at Lancaster House in London, Britain November 20, 2023. Years of political churn - with five prime ministers and a non-stop ministerial carousel since the 2016 Brexit vote - have shaken Britain's reputation for stability among investors. Some executives say the country, long a magnet for FDI, has simply taken them for granted. But companies and investors say that a focus by regulators on limiting costs for bill-payers in sectors such as water, telecoms and energy has crimped investment. British investment minister Dominic Johnson said the government would be in listening mode at the gathering on Nov. 27 to hear how it can remove hurdles.

Persons: Rishi Sunak, Dan Kitwood, Sunak, Emanuel Macron, Jack Paris, Paris, Jeremy Hunt, EY, Alina Osorio, Mikhail Taver, Richard Harrington, Harrington, Dominic Johnson, Johnson, Kate Holton, Sinead Cruise, Andy Bruce, Alexander Smith Organizations: British, Global Food Security, Lancaster House, Hampton Court, Partners, Reuters, European Union, United, Labour Party, India's Tata Group, Britain, AstraZeneca, Ireland, Thomson Locations: London, Britain, Hampton, France, Versailles, European, Germany, United States, Europe, Delaware

LONDON (AP) — Britain's Conservative government will try to win favor with voters by cutting taxes but avoiding worsening inflation in a budget statement Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Sunak said Monday that his government would “cut tax and reward hard work” but would “avoid doing anything that puts at risk our progress in controlling inflation." Political Cartoons View All 1262 Images“Now that inflation is halved and our growth is stronger — meaning revenues are higher — we can begin the next phase and turn our attention to cutting tax,” he said. The election must be held by January 2025, with speculation focusing on May or sometime next fall. Arguably, cutting personal taxes will make that “journey” more difficult because it would likely raise consumer spending, thereby ratcheting up price pressures.

Persons: —, Rishi Sunak, Sunak, Jeremy Hunt's, ”, “, ” Sunak, Liz Truss, Hunt, There's, hasn't, “ Hunt, Kallum Pickering, Andrew Bailey Organizations: Conservative, Conservative Party, Labour Party, Bank of, Bank of England Locations: Ukraine, Berenberg

Search resuls for: "Business Invest"

25 mentions found