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☆ Biocredits Could Help Save the Earth. But a Market Is Some Way Off.
▼ + stars: | 2023-09-05 | by ( Joshua Kirby | ) www.wsj.com time to read: +7 min

Biodiversity credits could be key to funding the conservation of the Earth’s ecosystems, but setting up a functioning market to buy and sell these payment tokens won’t be easy. The World Economic Forum is working on bringing together stakeholders, but admits that a scaled-up market is still some way in the future. It follows the lead of so-called voluntary carbon credits that allow firms to buy credits to offset their own emissions. Those global carbon credit markets are now worth some $2 billion, up from $200 million five years ago, according to environmental-finance data provider Ecosystem Marketplace. “I feel a bit of ‘carbon envy’ when I look at the carbon markets,” Cornell’s Tobin said, noting that biodiversity markets lack a universal metric that can apply to every project, unlike carbon markets where each credit represents one metric ton of carbon dioxide.

Persons: John Tobin, de la Puente, Tobin, don’t, Cornell’s Tobin, ” Tobin, JULIAN HABER, Zoe Balmforth, ‘, ’ ”, Balmforth, ”, ” Nestlé, Nestlé, biocredits, Markus Mueller, ” Mueller, Joshua Kirby, joshua.kirby@wsj.com Organizations: Economic, Paulson Institute, Cornell University, Credit Suisse, Companies, UN, REUTERS, Sustainable Business, Unilever, Deutsche Locations: Australia, Switzerland, biocredits

☆ Screw it, I solved the student debt forgiveness debate
▼ + stars: | 2023-09-05 | by ( Walt Hickey | ) www.businessinsider.com time to read: +8 min

The government should reduce the interest rate on federal student loans, and forgive any that's accrued. Half of Americans support forgiving up to $20,000 in federal student loan debt, a figure that soars to 83% among those who have student loans. Forgiving all student loan debt still maintains 39% support, a remarkably high figure for a fiscal policy that even a decade ago would have been an utter non-starter politically. Americans owe just south of $1.6 trillion in student loan debt. As a result, an equitable solution is this: retroactively adjust the interest rate on federal student loans to be at or near zero.

Persons: that's, Uncle Sam, Luke O'Neill, hasn't, Jesus Christ, you've, vig, RANDI LYNN BEACH, They'll Organizations: Service Locations: Wall, Silicon, United States

While breezy bitcoin has bounced back, leaping by about 55% this year, investments in crypto startups have dropped for the fifth straight quarter. VC crypto bets totaled just under $2.3 billion in April-July this year, the lowest quarterly level for over three years, according to data firm PitchBook. In the first half of 2023, investments were down by almost three-quarters from a year ago to $5 billion. Those that are raising capital now are probably doing it because they have to," said Adam Reeds, CEO of Toronto-based crypto finance company Ledn. VC crypto investments have correlated with crypto asset prices with a lag of roughly three to six months, according to PitchBook, and if current trends continue, VC investment would rise during the second half of 2023.

Persons: Dado Ruvic, Tal Elyashiv, Crypto, Cameron Peake, Adam Reeds, Alyse Killeen, Medha Singh, Lisa Pauline Mattackal, Tom Wilson, Pravin Organizations: REUTERS, Arrows Capital, Restive Ventures, LayerZero, Thomson, Reuters Locations: Toronto, Bengaluru

☆ Opna helps corporates invest in carbon removal. It just raised $6.5 million with this 11-slide pitch deck.
▼ + stars: | 2023-09-05 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Opna, a startup that helps carbon removal projects get funded, just raised $6.5 million. Opna, which helps corporations invest in carbon removal or reduction projects, has just secured $6.5 million from European venture capital firm Atomico. The London-based startup, founded in 2022 as Salt, helps corporations find, fund, and monitor carbon removal projects. Carbon removal projects generate carbon credits, one of which represents one ton of Co2 removed from or prevented from entering the atmosphere. This led to market hesitation and a subsequent move to fund carbon removal projects directly via forward-purchasing and long-term off-take agreements.

Persons: Shilpika Gautam, Gautam, Opna, Tiny Organizations: Stripe's Frontier Fund Locations: London, India, Gaumukh, Atomico

A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. Barclays distributed a presentation on its domestic merchant acquiring unit to potential bidders - mainly specialist payments providers - over the summer, two of the people said, but plans may still be altered or dropped entirely. Our businesses continue to perform well and growing our global payments business is a priority for us." The group drafted in consultants to prepare separate financials for its domestic merchant acquiring operation in an initiative known internally as Project Hyperion, one of the people said. Barclays is also gauging interest in its German consumer finance operations, known as Barclaycard Germany.

Persons: Stefan Wermuth, Sanpaolo, Amy, Jo Crowley, Pablo Mayo, Milana, Lawrence White, Elisa Martinuzzi, Susan Fenton Organizations: Barclays, REUTERS, Barclays Plc, Reuters, Chief, CS Venkatakrishnan, Spain's Banco Sabadell, Italy's, Pablo Mayo Cerqueiro, Thomson Locations: London, Britain, Germany, New York

☆ ‘It brought back memories of Syria.’ For refugees in Sudan, war is a reminder of the terror they left behind
▼ + stars: | 2023-09-01 | by ( Sana Noor Haq Nadeen Ebrahim Celine Alkhaldi | Sana Noor Haq | Nadeen Ebrahim | ) edition.cnn.com time to read: +14 min

It brought back memories of Syria,” Abad reflected. After settling in Khartoum, Shadi fled to Port Sudan in April when the conflict started – almost exactly six years after he first stepped foot in Sudan in search of stability. We have not received any confirmed report of casualties among Syrian refugees due to the conflict,” the spokesperson said in a statement. The agency has received reports of many Syrian refugees who self-relocated to safe areas, including over 2,000 in Port Sudan, the spokesperson added. But when I sit still, I start getting thoughts about (the war) in Khartoum and Syria,” Shadi, who works as a barista in Port Sudan, said.

Persons: CNN — Abad, ”, Abad, Bashar al, Assad, ” Abad, ‘, George Ourfalian, “, Uzair, ’, Stringer, they’re, Shadi, SANA, it’s, ” Shadi Organizations: CNN, UNHCR, Sudanese, Eritrean, Rapid Support Forces, Getty, “, ”, United, United Arab Emirates, Crescent, International Committee, UN, Port Sudan, Saudi Locations: Aleppo, Syria, Sudan, Sukkari, AFP, UNHCR, Khartoum, Port Sudan, Damascus, United Arab, UAE, Russia, Homs, Port, Saudi Arabia, Jordan, Algeria, Egypt

☆ Here are Friday's biggest analyst calls: Amazon, Dell, Apple, Chevron, Broadcom, Tesla & more
▼ + stars: | 2023-09-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley names Dell a top pick Morgan Stanley said Dell is its new top pick in place of Apple after the company's earnings report on Thursday. " Bank of America reiterates Amazon as buy Bank of America is bullish on the company's partnership with Shopify. UBS reiterates Broadcom as buy UBS said in a note on Friday that Broadcom is a "prime" AI beneficiary. Baird downgrades PagerDuty to neutral from outperform Baird said shares are in the penalty box after Thursday's disappointing earnings report. Wedbush upgrades Papa John's to outperform from neutral Wedbush, in an upgrade of Papa John's , called the stock cheap.

Persons: Morgan Stanley, Apple, Dell, DELL, Tesla, Evercore, Needham, Goldman Sachs, Goldman, Eddie, Baird downgrades PagerDuty, Baird, Canaccord, Raymond James, Ferguson, Papa, Papa John's Organizations: Apple, DELL, SMRT, Bank of America, Shopify, Logistics, Service, Amazon Shipping, Citi, Holdings, Inc, JPMorgan, of America, Tesla's, UBS, Broadcom, TAP, Chevron, FedEx Locations: China

☆ Warren Buffett turns 93 today. Here are 6 of the investing icon's best birthday stories.
▼ + stars: | 2023-08-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

"On August 30, 2030 — my 100th birthday — I plan to announce that Geico has taken over the top spot, " Buffett said in his 2015 shareholder letter. AdvertisementAdvertisementIn his 1999 shareholder letter, Buffett credited Huggins' "fanatical insistence on both product quality and friendly service" for See's generating $857 million in pre-tax income since Berkshire took over. During the party, Dinsdale revealed he had attended a directors' meeting at Kansas Bankers Surety, an insurance firm that Buffett had long admired. "I'm now scheming to get invited to Jane's next party," Buffett joked. He illustrated the point in his 1990 shareholder letter, using a story about his granddaughter Emily's fourth birthday party a few months earlier.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Geico, he's, Huggins, Law Buffett, Charlie Munger, Chuck Huggins, See's, Charlie, Mrs B, Rose Blumkin, Mrs, Jane Rogers, Roy Dinsdale, Dinsdale, I'm, Jane's, Emily's, Emily, Gee, B's Organizations: Berkshire, Apple, Service, Progressive, Allstate, AlphaSense, Nebraska Furniture Mart, Kansas Bankers Locations: Wall, Silicon, Nebraska

☆ What's good for bitcoin might not necessarily be good for Coinbase, analysts say
▼ + stars: | 2023-08-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Many see the news as a strong signal that a U.S. bitcoin ETF will inevitably be green lit, which would help boost adoption of bitcoin. "If crypto trading transfers away from trading Coinbase directly and into ETFs (which, for many investors, might be the preferable way to get exposure), trading activity at Coinbase could decline further." Coinbase shares rallied nearly 15% Tuesday following the news, but the stock was down nearly 1% in trading Wednesday. "We believe a bitcoin ETF could increase competition and put pricing pressure on retail take rates. Plus, COIN's reliance on bitcoin revenue has only increased, from 31% of transaction revenue in 2Q22 to nearly 40% in 2Q23."

Persons: Bitcoin, —, Benjamin Budish, Coinbase, Mizuho, Dan Dolev, Dolev, Mark Palmer, Palmer, Michael Bloom Organizations: U.S . Securities, Exchange Commission, U.S ., Appeals, SEC, Barclays, ETF Locations: U.S, Bitcoin, 2Q22, 2Q23

☆ Here are Wednesday's biggest analyst calls: Apple, Netflix, Nvidia, Alphabet, FedEx, Tesla & more
▼ + stars: | 2023-08-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

While this reads through positively for spot BTC ETF approvals, it remains unclear if this will be a net positive for Coinbase's P & L." Citi reiterates FedEx as a top pick Citi said FedEx has "parcel pricing power." Wells Fargo reiterates Spotify as buy Wells said it's standing by its overweight rating on shares of the streaming company. Citi reiterates Apple as buy Citi said it's bullish heading into Apple's iPhone event on Sept. 12. Wells Fargo reiterates Netflix as overweight Wells said it's standing by its overweight rating on the streaming giant. "We initiate coverage of Atour with an Overweight rating and a price target of US$36, implying > 80% potential upside."

Persons: Morgan Stanley downgrades Centene, Morgan Stanley, TD Cowen downgrades Ambarella, Wells, it's, Bernstein, Melius, Guggenheim, Tesla, Evercore Organizations: Wednesday, Barclays, SEC, BTC, Citi, FedEx, UPS, Transports, FLNC's Services, HSBC, Spotify, Apple, Texas, Rockwell Automation, ROK, UW, Netflix, Nvidia, Bank of America, Google, Tesla, Energy Locations: China, Europe, Ohio Utica, Oklahoma

☆ VinFast’s volatile stock has an easy, painful fix
▼ + stars: | 2023-08-30 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On Tuesday the Vietnamese nascent electric-car maker’s shares capped a flighty first fortnight as a publicly traded company by tumbling 44%. Yet the unprofitable manufacturer still sports a racy $107 billion market capitalisation courtesy of the previous eightfold rocketing of its stock since its merger with a blank cheque company in mid-August. Even with the wild swings, the stock trades almost five times higher than what already looked like a punchy valuation when the merger was announced in May. Granted, VinFast might not be desperate for cash – parent Vingroup (VIC.HM) and Vuong injected $2.5 billion in April. Absent a rapid rise in car sales, though, VinFast’s zippy valuation is heading for more crashes anyway.

Persons: Steve Marcus, David Mansfield, Le Thi, –, Pham Nhat Vuong, Vuong, it’s, VinFast, Una Galani, Thomas Shum Organizations: VinFast Global, Las Vegas Convention, REUTERS, Rights MELBOURNE, Reuters, VinFast Auto, Finance, Vietnam’s, Ford, GM, Thomson Locations: Las Vegas , Nevada, U.S

The new requirement would bring large regional banks more in line with the largest global banks, which already have their own debt requirement. The proposal follows a tumultuous spring for regional banks, which saw three collapse, forcing regulators to backstop deposits to stave off a broader panic. The proposal would mean banks have to raise their long-term debt issuance by roughly 25%, or $70 billion, according to the FDIC. “These banks will have to go into the market issuing capital to meet the capital proposal and then issuing long-term debt to meet the long-term debt proposal," said Matthew Bisanz, a partner at Mayer Brown. The proposed rules were approved by the FDIC at a meeting Tuesday, giving the industry the opportunity to critique the approach.

Persons: Brian Snyder, Martin Gruenberg, Matthew Bisanz, Mayer Brown, Gruenberg, JPMorgan Chase, Ian Katz, ” Rob Nichols, Pete Schroeder, Megan Davies, Philippa Fletcher, Andrea Ricci Organizations: First Republic Bank, REUTERS, Rights, U.S, Federal Deposit Insurance Corporation, FDIC, Financial Services Group Inc, Fifth Third Bancorp, Citizens Financial, Silicon Valley Bank, JPMorgan, FDIC's, Insurance Fund, Capital Alpha Partners, Federal Reserve, American Bankers Association, Thomson Locations: Boston , Massachusetts, U.S, Silicon

☆ Opinion | How Do We Manage China’s Decline?
▼ + stars: | 2023-08-29 | by ( Bret Stephens | ) www.nytimes.com time to read: +3 min

Optimists think the crisis won’t affect Western countries too badly because their exports to China account for a small share of their output. Real estate and its related sectors account for nearly 30 percent of China’s gross domestic product, according to a 2020 paper by the economists Ken Rogoff and Yuanchen Yang. Last month Donald Trump described the rule of China’s president, Xi Jinping, as “smart, brilliant, everything perfect.” The truth is closer to the opposite. China’s richest people have also left the country in increasing numbers during Xi’s tenure — a good indication of where they think their opportunities do and do not lie. President Biden was off the cuff but on the mark this month when he said of China’s leaders that “when bad folks have problems, they do bad things.” In other words, as China’s economic fortunes sink, the risks to Taiwan grow.

Persons: don’t, Optimists, Ken Rogoff, Yuanchen Yang, Donald Trump, Xi Jinping, Xi, “, ”, Xi’s, Biden Locations: China, Taiwan, South China, United States, Ukraine, Russia, Beijing, Taiwan Strait

☆ How much do weddings cost? This one in Las Vegas is just $15
▼ + stars: | 2023-08-29 | by ( Quek Jie Ann | Marylou Costa | ) www.cnbc.com time to read: +3 min

A picture taken in 1953 of a sign outside the Chapel of the Flowers promoting its $15 wedding packages. The discounted wedding package is part of a celebration commemorating 70 years since Las Vegas was first given that moniker, according to a campaign promoting Las Vegas as the "Wedding Capital of the World." Other inexpensive optionsOther venues in Las Vegas are also discounting wedding packages, according to the campaign. An Elvis impersonator performs a remote vow renewal ceremony during the pandemic at Graceland Wedding Chapel in Las Vegas, Nevada. Ethan Miller | Getty Images News | Getty ImagesFor $700, couples can exchange vows 900 feet above the city's famous Strip atop The Strat Hotel, Casino & Tower, the tallest structure in Las Vegas.

Persons: Cynthia Sharpe, Sharpe, Elvis, Ethan Miller Organizations: BBC, Las Vegas, CNBC, U.S . News, Getty Locations: United States, Vegas, Las, Las Vegas, Nevada, U.S, Las Vegas , Nevada

☆ Stock Market Today: Dow Futures Hover
▼ + stars: | 2023-08-29 | by ( ) www.wsj.com time to read: +1 min

Stock futures wavered ahead of today’s consumer-confidence and job-openings data. Later this week, investors will eye the Federal Reserve’s preferred gauge of inflation—the personal-consumption expenditures price index—and the August employment report. In other market news:Chinese stock indexes rose again after China’s government on Sunday cut a tax on trading and said it would take more steps to revive its sagging capital markets. Shares of Hawaiian Electric rose 7% in premarket trading, extending gains after it pushed back against claims its power lines caused the deadly Lahaina wildfire. Europe’s benchmark natural-gas index fell 4%, even after workers at two Australian natural-gas operations run by Chevron set a date for stoppages.

Persons: Jerome Powell Organizations: Computer, HP, Chevron Locations: U.S

☆ Embedded finance, FinOps, and treasury management are grabbing VC attention right now despite a collapse in fintech funding, investors say
▼ + stars: | 2023-08-29 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +6 min

Global VC fintech funding has been cut in half to $23 billion so far this year, per S&P data. Fintech startups focused on solving business issues have remained somewhat resilient. Globally venture capital funding to fintech companies dropped 49% year-on-year to $23 billion in the first half of 2023, according to S&P data. Within that, investment in consumer-facing fintech startups, such as banking and trading apps, has endured an even more torrid year, sliding by 73.8% to $1.9 billion in Q2. Insider spoke to four fintech investors who identified the areas within B2B fintech that are capturing their attention right now.

Persons: Khalil Hefaf, fintech, Hefaf, Uber, Banks, Alix Brunet, Europe's, Weavr, Griffin cofounders Allen Rohner, David Jarvis Griffin, Dan Chaplin, Kaushik Subramanian, Payrails cofounders Emre Talay, Orkhan Abudullayev, Nicolas Thouzeau Payrails, Chaplin Organizations: Target, Mass Mutual Ventures, Griffin, Dawn Capital, Treasury, Payrails, EQT Ventures, London, UBS Locations: Europe, digitize, London, Germany, Payrails

☆ Jim Cramer: This is my thinking behind Monday's buys of two very unloved stocks
▼ + stars: | 2023-08-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +7 min

We have waited for Estee Lauder (EL), too. Estee Lauder is a huge employer in China and a favored one. Estee Lauder remains a great answer for them. Disney and Estee Lauder are battles and we have waited until our adversaries seem spent and the time is right. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jeff Marks, we've, that's, Estee Lauder, —, Bob Iger, Estee's Fabrizio Freda —, Iger, Freda, Xi, Gina Raimondo, Monday, Wang Wentao, Lauder, It's, Jim Cramer's, Jim Cramer, Jim, Disney Bob Iger, Kevin Dietsch Organizations: Disney, ESPN, Hulu, NBC, Comcast, DIS, Fox, Netflix, Apple, Federal Trade Commission, Paramount, Warner Brothers Discovery, Hollywood, United State, Cosmetics, U.S, Commerce, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley Conference, Getty Locations: Hulu —, China, United, Hainan, South Korea, Iger, Sun Valley , Idaho

☆ Morgan Stanley names cash-rich global stocks with 'better downside protection'
▼ + stars: | 2023-08-28 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Morgan Stanley named a raft of European stocks with strong balance sheets, lots of cash or high shareholder returns. High cash flow and shareholder returns The bank also screened for companies with "resilient high free cash flow." "Self-financing companies should be better able to weather any prolonged macroeconomic weakness, deploying capital effectively and seizing opportunities that come along the way," Morgan Stanley said. "Cash-rich companies with high free cash flow yields should also have better downside protection, while providing upside potential if management is able to deploy its cash effectively," the bank said. Those firms also have "positive free cash flow and net income growth expected over the next 2 years," the bank said.

Persons: Morgan Stanley, Burberry, — CNBC's Michael Bloom Organizations: CNBC, JD Sports, Sanofi, Airbus, MTU Aero Engines, SAP, WPP, Publicis Groupe, InterContinental Locations: Europe

☆ US Commerce chief seeks trade, tourism boost in China talks
▼ + stars: | 2023-08-27 | by ( David Shepardson | ) www.reuters.com time to read: +5 min

[1/4] U.S. Commerce Secretary Gina Raimondo, shakes hands with Lin Feng, Director General of China Ministry of Commerce as U.S. Republicans in Congress have criticized the possibilityRaimondo will establish a working group with China during the visit to discuss U.S. semiconductor export controls. China's ambassador to the United States, Xie Feng, who met Raimondo last week, said China seeks "mutual respect, peaceful coexistence and win-win cooperation". 'MANY CHALLENGES'Raimondo, the fourth high-level U.S. official to visit China recently, is the first commerce secretary to make the trip in seven years. China and the United States agreed this month to double the number of flights permitted between them - still a fraction of the number before the pandemic.

Persons: Gina Raimondo, Lin Feng, China Nick Burns, Andy Wong, Raimondo, I'm, Mintz, " Raimondo, China Nicholas Burns, Joe Biden, Xie Feng, Wendy Cutler, Xi Jinping, Walt Disney, David Shepardson, Michael Martina, Robert Birsel, Bill Berkrot Organizations: . Commerce, China Ministry of Commerce, Beijing Capital International Airport, REUTERS Acquire, Rights, Micron Technology, U.S, Chinese Commerce Ministry, Republicans, Asia Society Policy Institute, United, Walt, Shendi Group, Reuters, Boeing, Thomson Locations: China, Beijing, Rights BEIJING, United States, Shanghai, America, U.S, Washington

☆ Gang in Haiti opened fire on church-led protest, killing at least 7 people, human rights groups say
▼ + stars: | 2023-08-27 | by ( Michelle Velez | ) edition.cnn.com time to read: +3 min

CNN —At least seven people are dead after a gang opened fire on a church-led protest in a suburb of Haiti’s capital on Saturday, according to local human rights groups. Hundreds of people gathered by a Christian church leader, marched in Canaan, a northern suburb of capital Port-au-Prince, and rallied against gang violence when a local gang opened fire with machine guns, Marie Yolène Gilles, director of human rights group Fondasyon Je Klere, told CNN. The number of people killed is likely higher, given the number of parishioners at the march, said Center for Analysis and Research in Human Rights director Gédéon Jean. A video shared with CNN by a local human rights group shows bloody bodies on the ground, wearing shirts with the religious group’s logo. Gang violence in HaitiWaves of crime and unrest have hit Haiti since the assassination of former President Jovenel Moïse in 2021.

Persons: Marie Yolène Gilles, Gédéon Jean, ” Jean, Jean, Jovenel Moïse, Ariel Henry, Prince, Kale ”, María Isabel Salvador Organizations: CNN, Analysis, Human, Haitian National Police, United Nations Locations: Haiti’s, Canaan, Port, Haiti

☆ Bank of America: Hedge funds are unusually bullish about these 20 stocks as they brace for tough times in markets
▼ + stars: | 2023-08-26 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Here are 20 stocks that hedge funds are gravitating toward in this uncertain market. Although several economic signals have offered investors reasons for optimism right now, hedge funds can't seem to shake their cautious convictions. Bank of AmericaManagers of hedge funds and long-only funds have shifted toward defensive stocks over the last few years, according to Bank of America. 20 stocks hedge funds love nowWhile hedge funds are playing defense until further notice, that's not to say they're bearish. Below are the 20 stocks that hedge funds are unusually bullish about along with the ticker, sector, and net relative weight in hedge funds for each.

Persons: Savita Subramanian, defensives, Subramanian, that's Organizations: Bank of America, BofA's, Equity Locations: defensives, —

☆ Exclusive: China plans to cut stamp duty on stocks by up to 50% to revive confidence-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such reduction since 2008, the two people said. China's securities regulator also met with representatives from top Western asset managers on Friday to reassure them about the country's economic prospects, Reuters reported citing sources. China's fiscal revenue totalled 20.37 trillion yuan ($3.02 trillion) last year, with 276 billion yuan or 1.35% contributed by stamp duty on securities transactions, official data showed. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades. "Cutting stamp duty doesn't solve the problems that hamper China's economic growth."

Persons: Aly, Xie Chen, Huang Yan, Huang, Sumeet Chatterjee, Lincoln, Kim Coghill Organizations: REUTERS, Regulators, Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Shanghai Jianwen Investment Management Co, Bond, Reuters, Bloomberg, Shanghai QiuYang, Shanghai, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hong Kong

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Moscow already demands a 50% discount on all foreign deals after consultants selected by the Russian government have valued the business. But three people familiar with the exit process for foreign companies said that some deals are facing demands for additional discounts before the government gives a green light. Another person, who works on M&A transactions and with foreign companies, said deals exceeding $100 million were at particular risk of being denied. In its biannual financial stability review, the central bank said foreign companies under pressure to leave Russia were doing so on "unfavourable" terms.

Persons: Evgenia, Carlsberg's, Intesa, Vladimir Putin's, Suren Gortsunyan, Rybalkin, Gortsunyan, Alexey Kupriyanov, Elena Fabrichnaya, Alexander Marrow, Victor Goury, Josephine Mason, Jane Merriman Organizations: REUTERS, Reuters, Heineken, Arnest, Companies, Nasdaq, Russia, Dyakin, Partners, Aspring, Nato, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, Russian, London, Laffont, Gdansk

☆ Egypt hopes BRICS entry will lure foreign cash, but analysts counsel patience
▼ + stars: | 2023-08-25 | by ( Patrick Werr | ) www.reuters.com time to read: +3 min

The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to join, and Egypt immediately welcomed the offer. "The group's aim of reducing dollar transactions will lower the foreign currency pressure in Egypt," the cabinet said in s statement on Thursday. Monica Malik of ADCB said BRICS membership may eventually help Egypt attract more investment. "Egypt has two deep needs - FDI and a cheaper debt burden - and BRICS membership can help with both," Robertson said. The BRICS group on Thursday also invited Saudi Arabia, Iran, Ethiopia, Argentina and the United Arab Emirates to join.

Persons: Egypt Mostafa Madbouly, MARCO LONGARI, Abdel, Fattah, Sisi, Monica Malik, ADCB, Charles Robertson, " Robertson, Robertson, James Swanston, Patrick Werr, Nafisa Eltaher, Sarah El Safty, Giles Elgood Organizations: Rights, New Development Bank, FIM Partners, United, Capital Economics, Thomson Locations: Egypt, Sandton, Johannesburg, South Africa, Rights CAIRO, Brazil, Russia, India, China, Ukraine, Saudi Arabia, Iran, Ethiopia, Argentina, United Arab Emirates, Saudi, UAE

☆ Man Accused in 9/11 Plot Is Not Fit to Face Trial, Board Says
▼ + stars: | 2023-08-25 | by ( Carol Rosenberg | More About Carol Rosenberg | ) www.nytimes.com time to read: +1 min

The finding is the latest setback to prosecution efforts to bring the long-running capital cases at Guantánamo Bay to trial. Last week, a military judge threw out the confession of a man accused of plotting the U.S.S. The question of Mr. bin al-Shibh’s sanity, and capacity to help his lawyers defend him, has shadowed the Sept. 11 conspiracy case since his first court appearance in 2008. He has disrupted pretrial hearings over the years with outbursts, and in court and in filings complained that the C.I.A. The five men are accused of conspiring in the plane hijackings in 2001 that killed nearly 3,000 people in New York City, at the Pentagon and in Pennsylvania.

Persons: Ramzi bin al, bin, Khalid Shaikh Mohammed Organizations: Pentagon Locations: Cole, New York City, Pennsylvania

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