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☆ Shadow banks: The other financial firms worrying investors and regulators
▼ + stars: | 2023-04-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —The International Monetary Fund warned this week of “vulnerabilities” among so-called non-bank financial institutions, saying global financial stability could hinge on their resilience. The term encompasses financial firms, other than banks, that provide all manner of financial services, including lending to households and businesses. The sector has grown strongly since the global financial crisis in 2008, with its asset base expanding by 7% a year on average, according to FSB data. Non-banks that provide credit are known as “shadow banks,” although the term is often used imprecisely to mean all non-banks. Shadow banks now make up about 14% of the world’s financial assets and, like many non-banks, operate without the same level of regulatory oversight and transparency as banks.

☆ Diddy still pays Sting '$5,000 a day' for sampling his hit song 'Every Breath You Take' 26 years ago
▼ + stars: | 2023-04-06 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

The mogul, who sampled the smash hit for his 1997 " I'll Be Missing You " tribute to the late Notorious B.I.G., tweeted this week that he's still paying Police frontman Sting $5,000 in royalties each and every day. Sean "Diddy" Combs is still paying the price for sampling The Police's " Every Breath You Take ," and it's not cheap. In 2003, Sting told Rolling Stone that when Elton John heard "I'll Be Missing You" he told him "You're gonna be a millionaire!" DON'T MISS: Want to be smarter and more successful with your money, work & life? Take this survey and tell us how you want to take your money and career to the next level.

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 billion
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: +1 min

Aesop products sit on display for sale at their store on Abbott Kinney Blvd. French cosmetics group L'Oreal struck a deal with Brazil's Natura & Co to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal expands L'Oreal's presence in the luxury cosmetics market, while marking a financial relief for the Brazilian firm, burdened by shrinking margins and heavy debt. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement. For Natura, the deal adds to a broader organizational shakeup that saw former chief executive and executive chairman Roberto Marques step down in June last year, handing over the reins to Fabio Barbosa.

☆ L’Oréal buys Aesop in $2.5 billion deal, its biggest acquisition ever
▼ + stars: | 2023-04-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —L’Oréal is buying Australian brand Aesop in a deal that values it at $2.5 billion, in the biggest brand acquisition ever made by the French beauty giant. The sale was announced Monday by Aesop’s parent, Brazilian firm Natura & Co, which also owns The Body Shop and Avon. It brings Aesop, which is known for its luxury skin and body care products, under the same umbrella as brands such as Garnier and Maybelline. The deal would be L’Oréal’s largest acquisition of another brand on record, followed by its $1.7 billion purchase of YSL Beauté in 2008, according to data from Dealogic. “Aesop taps into all of today’s ascending currents,” L’Oréal CEO Nicolas Hieronimus said in the statement.

☆ Tech ripped higher to start the year. Here's how the pros are trading the sector in the new quarter
▼ + stars: | 2023-04-04 | by ( Samantha Subin | ) www.cnbc.com time to read: +10 min

After the worst year for tech since 2008 , many investors questioned whether the market could move higher in the new year without the sector's cooperation. Names such as Apple , Microsoft and Amazon gained about 27%, 20% and 23% in the first quarter, respectively, as yields pushed lower. Amid this backdrop, Alphabet shares gained 17.6% in the first quarter as the company launched it's Bard chatbot rival. Not all investors view big tech so optimistically heading into the new quarter. Much of the surge in tech stocks stems from the oversold conditions created during 2022's carnage, positioning many of these stocks for a bounce, Meeks said.

☆ L'Oreal plans to buy luxury skincare brand Aesop — known for its $90 serums and $40 hand wash that wealthy millennials can't get enough of — in a $2.5 billion deal
▼ + stars: | 2023-04-04 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

French cosmetics giant L'Oreal plans to buy Aesop for $2.5 billion. Aesop is an Australian skincare brand, known for its simple marketing and gender-neutral products. Aesop is an Australian brand that dates back to 1987 when founder Dennis Paphitis opened a Melbourne hair salon and began mixing essential oils into hair products. Today, it's known for luxurious home fragrances, hair oils, and skincare products, which are served up in apothecary-style brown bottles. It has become an aspirational brand for wealthy millennials who are happy to spend $40 on its hand wash to make their bathrooms look more upmarket.

☆ Jennifer Aniston spent $13,000 from her first 'Friends' paycheck on a vintage Mercedes-Benz that immediately broke down: 'It was a lemon'
▼ + stars: | 2023-04-04 | by ( Nicolas Vega | ) www.cnbc.com time to read: 1 min

When Jennifer Aniston made her first big splurge with her "Friends" paycheck, she also received a valuable lesson. In a recent interview with Popsugar while promoting her new film "Murder Mystery 2," the 54-year-old actress said that her first major purchase was a vintage cream colored Mercedes-Benz 280SL. "My first big splurge was on a Mercedes that had a for sale sign on it for almost two years," she said. Aniston would frequently pass the car while driving through Melrose in Los Angeles. Someday,'" she said.

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 bln
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of French cosmetics group L'Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo FuentesSAO PAULO, April 3 (Reuters) - French cosmetics group L'Oreal (OREP.PA) struck a deal with Brazil's Natura & Co (NTCO3.SA) to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal, L'Oreal's largest ever brand acquisition according to Dealogic data, expands the firm's presence in the luxury cosmetics market, while also providing the Brazilian company with some financial relief amid shrinking margins and heavy debt. The acquisition is also the third largest on record of an Australian company in the consumer products sector, the data showed. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement.

☆ NHL roundup: Bruins top Blues, reach historic 60-win mark
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +6 min

[1/5] Apr 2, 2023; St. Louis, Missouri, USA; Boston Bruins center Trent Frederic (11) takes the face-off against St. Louis Blues right wing Kasperi Kapanen (42) during the first period at Enterprise Center. St. Louis (35-35-7, 77 points) was eliminated from playoff contention with the result. The Blues received two goals from Jordan Kyrou, the second of which made it a 3-3 game with 25 seconds remaining in regulation. Brayden Schenn assisted on all three St. Louis goals. St. Louis native Trent Frederic collected two assists and Linus Ullmark recorded 35 saves.

☆ Venezuela arrests nine CVG officials over corruption probe
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

CARACAS, April 2 (Reuters) - Venezuelan authorities have taken nine officials from state-owned metals conglomerate Corporacion Venezolana de Guayana (CVG) - including from steel-maker subsidiary Sidor - into custody during corruption investigations, attorney general Tarek Saab said on Sunday. Prosecutors began investigating irregularities at CVG and Sidor on Friday, adding to investigations into alleged corruption at state oil company PDVSA and a government agency overseeing cryptocurrency transactions, both led by Tareck El Aissami who subsequently resigned as oil minister. Nestor Astudillo and Pedro Maldonado, the presidents of Sidor and CVG respectively, are under arrest, as well as four company vice presidents and three managers, Saab said on Twitter. Some 42 people have been arrested as part of investigations into corruption, Saab tweeted on Saturday night, without giving more details. Reporting by Mayela Armas Additional reporting by Deisy Buitrago Writing by Oliver Griffin Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

We view it as more important to get back raw materials from cars and other products," Chief Financial Officer Nicolas Peter said in an interview. Some, such as Volkswagen (VOWG_p.DE), are betting big on expanding their own battery production and investing in mines to secure control down the supply chain. Mercedes-Benz (MBGn.DE) said on Thursday it had made a "fundamental decision" to allocate capital to mining and had set up a raw material office in Canada, where it signed a raw materials agreement last year. "With our business development, we are creating the motivation to invest - but we do not need to develop big recycling facilities for battery cells ourselves." Investing in technologies requiring fewer critical raw minerals, including hydrogen-powered cars, is another way BMW plans to bring down costs.

We view it as more important to get back raw materials from cars and other products," finance chief Nicolas Peter said in an interview. BMW has its own battery cell research centre in Germany, but has left large-scale development to partners, placing multi-billion-euro orders with CATL (300750.SZ) and EVE Energy (300014.SZ) to produce battery cells in China and Europe. Mercedes-Benz said on Thursday it had made a "fundamental decision" to allocate capital to mining and had set up a raw material office in Canada, where it signed a raw materials agreement last year. Investing in technologies requiring less raw critical minerals, including hydrogen-powered cars, was another way to bring down costs, Peter said. The carmaker has a battery cell recycling facility via its joint venture in China, but does also not see the need to develop large cell recycling facilities of its own, Peter said.

☆ Trump and his sons say his indictment makes the US like a 'third world' country, but plenty of other democracies have prosecuted ex-leaders
▼ + stars: | 2023-03-31 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +5 min

Trump and his sons are decrying his indictment as a sign the US is now a "third world" country. But other democracies across the world have prosecuted, convicted, and even jailed former leaders. Trump's sons offered similar takes, portraying the charges against the former president as a political attack orchestrated by his opponents. Trump is the first former US president to be criminally charged, and his indictment comes amid a period of historic political polarization. The researchers said that in "mature democracies, prosecutions can hold leaders accountable and solidify the rule of law."

☆ Billionaire LeBron James is 'the cheapest guy in the NBA,' won't pay for Elon Musk's Twitter Blue
▼ + stars: | 2023-03-31 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

The 38-year-old Los Angeles Lakers star on Friday tweeted that he has no plans to pay for Elon Musk's Twitter Blue subscription, even if it means he loses his blue verification check mark on Apr. "Welp guess my blue ✔ will be gone soon cause if you know me I ain't paying the 5," James tweeted to his 52.8 million followers. Twitter Blue will actually cost $8 per month, not $5, though the distinction probably doesn't mean much to James, who once agreed that he was "the cheapest guy in the NBA." "I don't know how long this could last," James says in the film when asked why he won't pick up the tab. 1 as he pushes users to sign up for Twitter Blue.

☆ NHL roundup: Bruins clinch league's best record
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +7 min

Pastrnak took Hampus Lindholm's feed into the offensive zone and finished with the backhand for his 53rd goal of the season. Tyler Bertuzzi scored the lone Bruins goal of regulation, tying the game in the second period. Mario Ferraro had a goal and an assist and Oskar Lindblom and Tomas Hertl also scored for San Jose. Defenseman Henry Thrun, making his NHL debut after starring at Harvard, added two assists, and James Reimer finished with 23 saves. Blues 5, Blackhawks 3Brandon Saad scored one goal and set up another as St. Louis handed host Chicago its seventh straight loss.

Venezuelan oil resumed flowing to the U.S. in January under a Treasury Department license granted to Chevron that allowed it to expand output there and export the oil. Refiners including Valero and Phillips 66 (PSX.N) have bought cargoes from Chevron, according to U.S. Customs and shipping data. Chevron's license - and approvals granted to European firms Eni (ENI.MI) and Repsol (REP.MC) - allow only for oil or debt swaps. Chevron's resumption of Venezuelan crude imports has not led to an increase in the country's overall exports this year, according to PDVSA schedules and Refinitiv Eikon data. 2 U.S. oil company exported some 86,000 barrels per day of Venezuelan oil in February.

☆ MLB Opening Day 2023: Understanding the 3 major rule changes baseball is making this year
▼ + stars: | 2023-03-30 | by ( Nicolas Vega | ) www.cnbc.com time to read: +3 min

Baseball is a game that thrives off of routine and rhythms, but this year the league is shaking things up. As teams take the field on March 30 for Opening Day of the 2023 baseball season, keep an eye out for these three major changes. Brace Hemmelgarn | Getty Images Sport | Getty ImagesPerhaps the most noticeable change for fans will be the implementation of a formal pitch clock. Batters, meanwhile, will need to be in the batters' box before the pitch clock ticks down to the eight second mark or they will be given a strike. The pitch clock has on average reduced the length of games by an average of 26 minutes, the MLB said when announcing the new rule.

[1/6] Jorge Pedro Armoa, 67, works with metal in one of his three jobs to beat Argentina's over 100% inflation rate, in 9 de Abril, in the outskirts of Buenos Aires, Argentina March 21, 2023. REUTERS/Tomas CuestaBUENOS AIRES, March 30 (Reuters) - As Argentina's over 100% inflation rate saps earning power and outstrips wages, Jorge Pedro Armoa, 67, has found a painful solution: juggling three jobs as a metal worker, soccer coach and part-time salesman of medical creams, flip flops and honey. So sometimes it's not enough," said Armoa, a metal mold factory worker who is the technical director of a local soccer team and funds his own small business. Armoa, even with his three salaries and income from his wife, a teaching assistant, often struggles to get by. "You have to put a positive face on things, good energy and think that tomorrow things will be better."

☆ Tech leaders are urging caution on AI
▼ + stars: | 2023-03-30 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +4 min

Insider asked ChatGPT, the viral AI chatbot sweeping the internet, to whip up a layoff memo for a pretend tech company, Gomezon. Elon Musk, Steve Wozniak, researchers at Alphabet's DeepMind, and other AI leaders are calling for a pause on training AI models more powerful than OpenAI's GPT-4. My colleague Emilia David looked at why Elon Musk and other tech leaders are right: AI needs to slow down. An Apple Watch is an essential for many of us these days, but the right band can make all the difference. Check out Insider's review of the 18 best Apple Watch bands in 2023.

REUTERS/Daniel BecerrilLONDON, March 29 (Reuters) - Drugs that combat obesity could for the first time be included on the World Health Organization's "essential medicines list," used to guide government purchasing decisions in low- and middle-income countries, the U.N. agency told Reuters. A panel of advisers to the WHO will review new requests for drugs to be included next month, with an updated essential medicines list due in September. The request to consider obesity drugs was submitted by three doctors and a researcher in the United States. The majority – 70% - live in low- and middle-income countries. EXPANDING ACCESSIncluding obesity drugs among the WHO's essential medicines could have great significance for that population.

☆ Ramen for breakfast? Cup Noodles' new flavor tastes like egg, sausage and maple syrup pancakes
▼ + stars: | 2023-03-29 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

Cup Noodles has already cornered the lunch and dinner markets for people looking to dine on a dime. "Cup Noodles Breakfast" is a limited edition offering with bright, colorful packaging advertising it being "artificially flavored as maple syrup pancakes, sausage and egg." Like Cup Noodles' standard ramen flavors, the Breakfast noodles are designed to be prepared in its packaging. However, the breakfast noodles are sauce based rather than being a soup. "By adding Cup Noodles Breakfast to our line-up we are truly feeding cravings around the clock — morning, noon, night or late night."

☆ The political will to increase deposit insurance is not there, says Stifel's Brian Gardner
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe political will to increase deposit insurance is not there, says Stifel's Brian GardnerNicolas Veron, senior fellow at The Peterson Institute for International Economics, and Brian Gardner, Stifel chief Washington policy analyst, join 'Power Lunch' to discuss the SVB hearing, the need for congressional action on guaranteeing small bank deposits, and locating capital for insuring deposits.

☆ Watch CNBC's full interview with Stifel's Brian Gardner and The Peterson Institute's Nicolas Veron
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Stifel's Brian Gardner and The Peterson Institute's Nicolas VeronNicolas Veron, senior fellow at The Peterson Institute for International Economics, and Brian Gardner, Stifel chief Washington policy analyst, join 'Power Lunch' to discuss the SVB hearing, the need for congressional action on guaranteeing small bank deposits, and locating capital for insuring deposits.

☆ Venezuela's Maduro suspends PDVSA restructuring committee after minister quits
▼ + stars: | 2023-03-27 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, March 27 (Reuters) - Venezuela's President Nicolas Maduro suspended a committee he had appointed to restructure state oil firm PDVSA under the supervision of Tareck El Aissami, the oil minister who resigned last week amid an expanding anti-corruption probe into the company and the judiciary. The probe has led to 10 officials and 11 businessmen being arrested and 11 more wanted. PDVSA President Pedro Tellechea was appointed as the new oil minister last week, giving him wide control of the industry. Maduro said last week a new restructuring process must begin in PDVSA, formally known as Petróleos de Venezuela, S.A., to audit its accounts and uncover corruption. PDVSA's restructuring commission was created to adopt urgent measures to "protect the industry from imperialist aggression."

☆ Club Med owner is bullish on China's reopening, says resort is ‘definitely not for sale'
▼ + stars: | 2023-03-27 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +2 min

In this picture taken on October 12, 2016 a general view shows the Club Med resort in Sanya. Nicolas Asfouri | Afp | Getty ImagesClub Med is "very optimistic" about China's reopening, an executive from Fosun Tourism Group told CNBC Monday, adding that the luxury resort chain is "definitely not for sale." Bloomberg reported in November that Fosun International is exploring "strategic options" for Club Med as a means to reduce debt. "We are actually happy to see if … partners in different parts of the world can give synergy for us, but definitely Club Med is not for sale," said Xu, who is also the CEO of Club Med China. Hong Kong-listed shares of Fosun Tourism Group rose 0.93% while shares of Fosun International were 3% lower on Monday, marking the lowest levels it's seen since December.

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