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☆ Why are so many Western firms staying put in Russia, despite the rising risks?
▼ + stars: | 2023-07-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. Both companies had been finalizing sales to local buyers when President Vladimir Putin signed an order nationalizing their local assets earlier this month. Spurred by sweeping Western sanctions, oil companies, automakers, technology firms, consultancies and banks led the initial wave of departures.

Persons: —, Vladimir Putin, Carlsberg, Maria Shagina, Andrey Rudakov, Konstantin Zavrazhin, Hein Schumacher, Schumacher, ”, ” Procter, Gamble, ” Mondelez, Fortum Oyj, Jeffrey Sonnenfeld, ” Sonnenfeld, — Olesya Dmitracova Organizations: London CNN, Nestlé, Heineken, Companies, Danone, Carlsberg, Breweries, International Institute for Strategic Studies, CNN, Bloomberg, Getty, Yale University, Yale, Unilever, UL, Procter, Gamble, Treasury, Foreign, Control, Carlsberg — Locations: Russia, Ukraine, Lyubuchany, Rosneft, Moscow, Russian

☆ Wells Fargo announces $30 billion buyback, shares rise
▼ + stars: | 2023-07-25 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Wells Fargo shares popped Tuesday after the bank said it would buy back $30 billion in stock. The company also said its board of directors approved a previously announced dividend increase, to 35 cents per share from the previous 30 cents. Wells Fargo's stock rose more than 3% in extended trading Tuesday. The moves come after the bank beat second-quarter earnings and revenue expectations, driven by a 29% increase in net interest income. "Even with these significant investments, our capital levels are strong and we expect them to remain so, allowing us to return excess capital to our shareholders," Wells Fargo CEO Charlie Scharf said in a statement accompanying the bank's announcement.

Persons: Wells, Charlie Scharf Organizations: Federal Reserve, Democratic Locations: U.S

☆ Alaska and West Virginia have the worst economies of all US states and are more at risk of recession, study finds
▼ + stars: | 2023-07-14 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Michelle Mishina for InsiderHawaii received 145 out of 360 points in CNBC's 2023 economy score. Getty ImagesConnecticut and Iowa both received 141 out of 360 points in CNBC's 2023 economy score. North DakotaDenis Tangney Jr./GettyNorth Dakota received 108 out of 360 points in CNBC's 2023 economy score. Tim Graham/Getty ImagesRhode Island and West Virginia both received 99 out of 360 points in CNBC's 2023 economy score. sarkophoto/iStock/Getty Images PlusAlaska was found to have the worst economy in the US, with a score of 57 out of 360 points.

Persons: Michelle Mishina, Jonathan D, Dakota Denis Tangney Jr, Richard T, Tim Graham Organizations: CNBC, Service, Hawaii, Iowa State Capitol, Getty Images, . New, Getty, Dakota, Getty Images Mississippi, Alaska Train Locations: Florida, Texas, Alaska, West Virginia, Wall, Silicon, States, Florida , Texas, North Carolina, Hawaii Kauai, CNBC's, Connecticut, Iowa, Getty Images Connecticut, ., . New Hampshire, Littleton , New Hampshire, Hampshire, Louisiana New Orleans, Goforth Louisiana, Dakota, . Mississippi Gulfport , Mississippi, Rhode Island, West Virginia New England, Rhode, Fairbanks , Alaska

☆ These 10 states are running America's best economies for residents
▼ + stars: | 2023-07-13 | by ( Scott Cohn | ) www.cnbc.com time to read: +8 min

To determine which states have the best economy, we look at overall economic growth and annual job growth on a percentage basis, as well as the health of state finances. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. IndianaWhile the Hoosier State's economy is hardly a barnburner, Indiana offers stability. The state's debt rating is solid. UtahThe Beehive State's economy just keeps buzzing.

Persons: Christina, Dupont De Nemours, Incyte Carlos Hernandez, Eileen T, Meslar, Eli Lilly, Kyle Green, Lucas Jackson, George Frey, Zions, Tim Aeppel, —, Justin Sullivan, Lindsey Nicholson, Matthew Busch, payrolls, Jim Watson Organizations: Companies, Business, Getty, Bureau, AAA, Reuters, Indiana, Hoosier, Federal Housing Finance Agency, National Association of Realtors, Simon Property, Bloomberg, Gem, Data Solutions, Micron Technology, Lamb Weston Holdings, South, South Carolina, Union Pacific, Automotive Designs, . Tennessee The Volunteer State, Headquarters, FedEx, Tractor, Delta Airlines, Peach State, Assurant, Intercontinental Exchange, Universal, North, Bank of America, Duke Energy, Just Energy Group, Texas, Lone Star State, Oracle, Tesla, AFP Locations: U.S, States, Wilmington , Delaware, Delaware, Middlebury , Indiana, , Indiana, CBH, Calvary Springs, Nampa , Idaho, Idaho, California, York County , South Carolina, South Carolina, Palmetto, South, Salt Lake City , Utah, Utah, Bristol , Indiana, Tennessee, Alpharetta , Georgia, Georgia, Denver , North Carolina, North Carolina, Houston , Texas, The Texas, Texas, New York, Miami , Florida, Florida

☆ Amazon, Apple, and 12 other major companies that have restricted employees from using ChatGPT
▼ + stars: | 2023-07-11 | by ( Aaron Mok | ) www.businessinsider.com time to read: +2 min

Some major corporations are limiting their employees' access to OpenAI's ChatGPT. Companies like Amazon and Apple have expressed concerns that AI may put them at-risk of data leaks. But some big companies are restricting its employees from using the AI chatbot. While some companies are hiring employees with ChatGPT expertise, others are putting the brakes on integrating the AI into their employees' workflows because of privacy concerns over feeding the tech confidential data. After all, privacy concerns have been a major pain point for OpenAI.

Persons: ChatGPT, Sam Altman's, OpenAI Organizations: Apple, Morning, Workers

☆ With A.I., top CFOs are more likely to see it as a job destroyer
▼ + stars: | 2023-06-30 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

But given the choice of potential futures, just 18% of CFOs say they see AI as a job creator. But given the same choice as CFOs making the financial and cost decisions for companies, tech executives are the ones more likely to have an optimistic view. Another 18% said their firms are planning no new AI investments. For tech executives, AI is the clear priority. "My first reaction was one of horror," Higgins said of the 18% of CFO respondents who said their firms are planning no new AI investments.

Persons: CFOs, Matt Higgins, CNBC's, Higgins Organizations: Workers, CNBC, SurveyMonkey, CNBC Technology, RSE Ventures

SYDNEY, June 19 (Reuters) - Australia's Senate passed legislation on Monday that paves the way for the country to hold a landmark referendum later this year on whether to recognise its Indigenous people in the constitution. Support for the constitutional change has been wavering in the recent weeks. Getting constitutional change is difficult in Australia. In the past there have been 44 proposals for constitutional change in 19 referendums, and only eight of these have passed. Independent Indigenous Senator Lidia Thorpe, who has also been a vocal opponent of the bill, said the change will only create a "powerless advisory body".

Persons: Anthony Albanese, Albanese, Malarndirri McCarthy, Jacinta Nampijinpa Price, Lidia Thorpe, Praveen Menon, Michael Perry Organizations: SYDNEY, Australia's, Labor Party, Liberal Party, Independent, Thomson Locations: Torres, Australia's, Australia

☆ Company execs used to trumpet their diversity and climate efforts. Now not so much
▼ + stars: | 2023-06-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Just 74 members of the S&P 500 even mentioned “ESG” in their first quarter earnings calls, according to new FactSet data. ESG funds have also lost popularity with investors. Total assets under management in ESG funds fell by about $163.2 billion globally during the first quarter of 2023 from the year before, according to data provider Lipper. The Congressman asked whether the company’s diversity initiatives were “directing resources away from the important things like greasing wheel bearings?”Companies “see that certain terms have become lightning rod terms. “You can say you’re increasing diversity initiatives just for the optics, but without data to back it up, you’ll eventually get called out by stakeholders,” he said.

Persons: New York CNN —, George Floyd, “, “ ESG, It’s, —, Lipper, What’s, Bud Light, influencer Dylan Mulvaney, Mike Collins of, ”, Douglas Chia, Chia, they’re, ” It’s, David Duffy, they’ll, you’ll, ’, Powell, Bryan Mena, Jerome Powell, ” Powell, Dow, Stocks, Beyoncé, Anna Cooban, Michael Grahn, ” Grahn, Bruce Springsteen, Grahn, that’s Organizations: CNN Business, Bell, New York CNN, InBev, Silicon Valley, Norfolk Southern, Conference Board’s ESG, . Firms, Securities and Exchange Commission, Federal Reserve, KPMG, Corporate Governance Institute, “, Nasdaq, Danske Bank, Reuters, CNN Locations: New York, Ukraine, United States, America, Silicon, Mike Collins of Georgia, East Palestine , Ohio, Denmark, Stockholm, Sweden, Swedish, Gothenburg

☆ The message top corporate CFOs are sending directly to Fed presidents isn't a bullish one
▼ + stars: | 2023-06-13 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +9 min

The Fed remains focused on the labor market and cooling wage growth while raising unemployment as the key to bringing hot services inflation down. "I shared with him [a regional Fed president] that they should stop, not pause," said another CFO on the call. "The consumer is being smart," the CFO said, but the Fed focus on bringing unemployment up can break the consumer. "I gave this message to him [a Fed president]: we can manage through this with unemployment below 4%." CFOs said the labor market remains tight and the wage gains, while slowing, have created a higher wage base which can't be turned back.

Persons: Jerome Powell, Drew Angerer, That's, Wall, Randy Kroszner, CFOs, Sara Eisen, Kroszner, it's Organizations: Federal Reserve, Federal, Market, Fed, CNBC, CNBC Fed Survey, Chatham House, Corporations, University of Chicago Booth School of Business Locations: Washington ,

☆ Support dips for Indigenous recognition referendum in Australia, poll shows
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

About 46% will vote yes to having the new advisory body, called the Indigenous "Voice to Parliament", while 43% would vote no, according to the Newspoll survey published in the Australian newspaper on Monday. The poll comes just days after the referendum legislation cleared its first parliamentary hurdle as it was passed in the House of Representatives. This is the first survey to poll voters on the precise question they will be asked at the ballot box when the referendum is held, expected between October and December. Another poll last month found the yes vote dipping to 53% from 58% earlier this year. While a majority of Indigenous people support the Voice, others argue it is a distraction from achieving practical and positive outcomes.

Persons: Read, Anthony Albanese, Praveen Menon, Ediring, Michael Perry Organizations: Australian, Torres Strait, Thomson Locations: Rio Tinto, Perth, Australia, SYDNEY, Australia's

☆ Ark Invest: These 2 A.I. stocks are being overlooked by the market
▼ + stars: | 2023-06-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Two firms specializing in artificial intelligence — UiPath and Twilio — are being underappreciated by investors, according to Frank Downing of Ark Investments. UiPath, a business process automation firm, is one of the companies that Downing views as overlooked. ARKW 1Y line He thinks this could mean fewer manual human interventions, substantially improving efficiency at UiPath for its customers. PATH 1Y line Twilio Twilio, a cloud communications platform founded in 2008, was also flagged by Downing as a potentially undervalued stock. Still, the director of research believes companies such as Twilio and UiPath are likely to capture the next wave of growth as AI is increasingly commoditized.

Persons: Frank Downing, Downing, OpenAI, ChatGPT . Downing, Siti Panigrahi, TWLO Organizations: Ark Investments, Mizuho, Microsoft, Google Locations: ChatGPT .

☆ Why Texas Republicans Are Targeting Renewable Energy - The New York Times
▼ + stars: | 2023-05-30 | by ( Paul Krugman | ) www.nytimes.com time to read: +2 min

The prices producers receive, and hence their profits, are determined more by global events like Russia’s invasion of Ukraine than by where Texas gets its electricity (although this obviously matters for the owners of power plants). So I don’t think Texas’s rejection of its own energy success is entirely, or even mainly, about greed. Right-wingers like Elon Musk and Ron DeSantis have become fond of citing the alleged power of the “woke mind virus” to explain why major corporations are tolerant of and even cater to social liberalism. They need to invoke this mysterious contagion to avoid accepting the obvious explanation: Most Americans have become relatively liberal on social matters — look at the transformation of attitudes on same-sex marriage — and corporations have been adjusting to their customer base. But while talk of the woke mind virus manages to be both sinister and silly, I’d argue that there really is what we might call an anti-woke mind virus — a contagion that spreads not across people but across issues.

Persons: Ron DeSantis’s, Elon Musk, Ron DeSantis, there’s Organizations: Texas, Disney, Republican Party Locations: Ukraine

☆ The average startup CEO now makes $142,000 — down from $150,000 last year
▼ + stars: | 2023-05-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

CEOs of early-stage startups now make, on average, $142,000 — down from $150,000 last year, WSJ reports. CEOs in crypto, e-commerce, and direct-to-consumer industries are most impacted by the pay cuts. In the first quarter of 2023, global venture funding reached $58.6 billion — a 13% drop from the same quarter last year, according to a report from CB Insights, a research firm. CEOs on the losing end of the funding spectrum will feel the brunt of the pay cuts. The consulting firm's findings on salary cuts come as CEOs across major corporations are taking pay cuts this year.

☆ Major Financial institutions warn of "devastating scenario" if Biden and Congress do not raise debt ceiling
▼ + stars: | 2023-05-16 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

In an open letter to President Biden and top Congressional leaders Tuesday, nearly 150 business leaders urged the two sides to act – or face “a devastating scenario … and potentially disastrous consequences,” the letter states. Much worse will occur if the nation defaults on our debt obligations, which would weaken our position in the world financial system,” the letter states. A default on the nation’s debt could send the economy into a recession, and the stock market could tank. In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June,” Secretary Yellen wrote Monday. “This cannot be allowed to happen,” the letter states.

☆ Vivek Ramaswamy's firm courts GOP officials as he pushes businesses to stay out of politics
▼ + stars: | 2023-05-12 | by ( Brian Schwartz | ) www.cnbc.com time to read: +14 min

Scott Olson | Getty ImagesRepublican presidential hopeful Vivek Ramaswamy built his White House bid around urging companies to stay out of politics. The messages show Ramaswamy's firm actively engaged with GOP state leaders who have defended the fossil fuel industry and criticized environmentally conscious investment standards. Ramaswamy on Thursday defended the firm's engagement with GOP officials, saying bigger firms BlackRock, Vanguard and State Street have conducted similar practices with state officials across the country. Strive has become one of the more vocal opponents of ESG investing and has gained enough notoriety to challenge the likes of fossil fuel giant ExxonMobil . Ron DeSantis, have often attacked ESG investing standards and corporations that support social causes — an increasingly common refrain within the GOP.

☆ Big Tech jobs are on the line after Google, IBM, and Dropbox say they're leaning into AI
▼ + stars: | 2023-05-06 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

A number of corporations across tech, media, and finance have made major staff cuts this year. At the same, many companies are pivoting to invest more in AI — some even citing it as a reason for cutting jobs. Here are how some major companies are pivoting — and axing jobs — as part of an AI push. At the same time, the focus on AI could mean some jobs are wiped out entirely. It's hard to ignore that AI tools have already become proficient at several professional tasks that once fell under the domain of humans like writing emails, analyzing data, and even coding.

☆ DeSantis collects wins as Florida Legislature caps whirlwind session, teeing up possible White House bid
▼ + stars: | 2023-05-05 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +10 min

Florida Governor Ron DeSantis speaks during a conference titled "Celebrate the Faces of Israel" at Jerusalem's Museum of Tolerance, on April 27, 2023. Measures like the restrictive abortion law DeSantis signed could help him in a GOP primary, but may reduce his appeal in a general election. Lawmakers have also passed multiple measures that could help clear DeSantis' path to the White House, if and when he decides to run. "The entire session was focused on Governor DeSantis' run for president," said Jim Clark, a University of Central Florida senior lecturer and political commentator, in an interview. On top of those issues, DeSantis in March waded into the "school choice" debate by signing a bill expanding Florida's school voucher system.

☆ Problems are mounting in the economy, big companies say, and another Fed rate hike may be one too many
▼ + stars: | 2023-05-03 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +8 min

While that's good for them, it also means "we're definitely moving towards a slowdown," one CFO said. "They are trying to fight a problem but there's evidence around the U.S. that says the economy is slowing. One concern voiced by CFOs is that the top end of the consumer market has been masking deeper problems in the economy, with companies tracking a rise in credit delinquencies, and that is now starting to spread. But inside major corporations, executives say they see signs of mounting trouble for the economy and as another interest rate hike looms, it may be time for the Fed to stop. While traders are betting on rate cuts before year-end, the CNBC Fed Survey shows a belief from economists and money managers that the Fed will hold rates higher for eight months.

☆ Uganda parliament passes harsh anti-LGBTQ bill mostly unchanged
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The legislation now heads back to President Yoweri Museveni, who can sign it, veto it or return it again to parliament. It was not immediately clear if the new bill satisfied his requests, and his office was not available for comment. Proponents of the bill say broad legislation is needed to counter what they allege, without evidence, are efforts by LGBTQ Ugandans to recruit children into homosexuality. Western governments suspended aid, imposed visa restrictions and curtailed security cooperation in response to another anti-LGBTQ law Museveni signed in 2014. The U.S. government said last week that it was assessing the implications of the looming law for activities in Uganda under its flagship HIV/AIDS programme.

☆ I'm a Gen Z marketer who ditched my résumé and used my TikTok account to land a new job
▼ + stars: | 2023-04-30 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

After graduating from the University of Virginia in May 2020, Dube spent 16 months building her personal brand online. Not only have I built an online brand as an entrepreneur, but my TikTok also helped me land a full-time job. But I knew that a social-media agency in Los Angeles would be much more open to this type of application. In LA, they want you to be on social media, to be creative, and to be out of the box. Growing up with social media has given many people in Gen Z the ability to be effective marketers.

☆ What Bard said when Google VC asked the A.I. about the value of corporate diversity
▼ + stars: | 2023-04-20 | by ( Carolyn Chun | ) www.cnbc.com time to read: +4 min

Stewart asked Bard, Google's first public version of a generative AI chatbot — and a rival to Microsoft -funded OpenAI ChatGPT — about the value of corporate diversity. The AI generated many of the points she makes in pushing the case for greater diversity in the workplace. Gradient is looking for founders that are building this AI "data moat" and "go-to expertise" into their businesses, she said. But she stressed that as AI is adopted, it is important that the development of the tech reflects diversity in development. Thinking about generational diversity may be as important as ethnic, racial and gender diversity as AI goes mainstream, too.

☆ I advise real-life 'Logan Roys' — here's where the 'Succession' CEO went wrong and the game plan I would've given him instead
▼ + stars: | 2023-04-02 | by ( Daniel Scott | ) www.businessinsider.com time to read: +7 min

The series highlights how a prenuptial agreement and succession plan can protect your company. You absolutely need a succession plan for your businessOkay, if there were a succession plan, then there probably wouldn't be a show. A succession plan ensures a smooth transition upon a CEO's resignation, death, or incapacity and helps avoid the risks of lost revenue, decreased productivity, or a damaged reputation. Money does not buy happinessI don't know about you, but I do not desire to be a member of the Roy family. We don't know why Logan Roy created Waystar Royco or what the company's mission is.

☆ CEOs are quietly backtracking on remote work—and more companies could follow
▼ + stars: | 2023-03-30 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

More companies are backtracking on earlier pledges to let employees work from home on a full or part-time basis. Across industries, major corporations including Disney, Twitter and Starbucks are requiring employees to spend more time at the office. Marc Benioff, CEO of Salesforce, is the latest leader to appear to reverse course after embracing remote work and criticizing return-to-office mandates. "Our hybrid approach empowers leaders to make decisions for their teams about how and where they work," a Salesforce spokesperson said in a statement. "And if leaders at big companies are adjusting their return to office policies, others will see that and think, 'I can do the same.'"

CNBC: You were the first Hispanic woman to serve on one of the top five Fortune 100 corporate boards, but as of 2022, corporate boards continue to remain majority white and male. What do you see as the biggest obstacle to diversifying corporate boards? Ford director Kimberly Casiano was the first Hispanic woman to serve on a Fortune 100 top five corporate board. I also believe entrepreneurs, who have much more limited resources and leverage than major corporations, are better at compromise and subtle persuasion. Casiano: It is important to remember that gender diversity on corporate boards came years before ethnic diversity started to show its head.

☆ Whole Foods co-founder John Mackey, who is worth $75 million, says that business is 'judged and attacked' by society. 'We are the real value creators in the world.'
▼ + stars: | 2023-03-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Whole Foods co-founder John Mackey thinks business is "judged and attacked" by society. Mackey spoke at a conference, in one of his first appearances since stepping down as Whole Foods CEO. "I always felt that business is misunderstood by society," Mackey said during the presentation, according to industry publication Baking Business. "Entrepreneurs are the true heroes in a free-enterprise economy, driving progress in business, society, and the world," he wrote. Now, he plans to start a chain of health restaurants in Southern California called Love.Life!, according to Baking Business.

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