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☆ UK PM Sunak fires party chairman Zahawi over tax affairs
▼ + stars: | 2023-01-29 | by ( ) www.cnbc.com time to read: +1 min

British Prime Minister Rishi Sunak fired the Conservative Party chair Nadhim Zahawi from government on Sunday after an investigation into his tax affairs found a serious breach of the ministerial code. Sunak had ordered independent adviser to investigate questions over the tax affairs of Zahawi, who was briefly finance minister during a period of political turmoil in Britain last year. Zahawi has said Britain's tax authorities ruled he had been "careless" with his declarations but hadn't deliberately made an error to pay less tax. The independent adviser Laurie Magnus found that Zahawi had been misleading when he said that reports last July over his tax affairs were "clearly smears." "Mr. Zahawi's conduct as a Minister has fallen below the high standards that, as Prime Minister, you rightly expect from those who serve in your government," he said.

☆ NHL roundup: Martin Necas, Hurricanes tie Sharks late, win in OT
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +6 min

[1/8] Jan 27, 2023; Raleigh, North Carolina, USA; Carolina Hurricanes center Martin Necas (88) celebrates his overtime goal against the San Jose Sharks at PNC Arena. San Jose's Michael Eyssimont scored a go-ahead goal with 8:45 remaining in what was a wild third period. Eyssimont's second goal of the season combined with an assist earlier in the third period had the Sharks on the verge of snapping a three-game losing streak. Kings 4, Panthers 3Adrian Kempe and Viktor Arvidsson scored short-handed goals, leading Los Angeles to a win over Florida in Sunrise, Fla. Devils 3, Stars 2 (OT)Jack Hughes scored his second goal of the game 20 seconds into overtime to give New Jersey a road victory over Dallas.

The Swedish firm expects input costs to stabilise this year except for energy, which it expects to rise further. Rystedt said that without subsidies, energy prices would weigh even more on the group's earnings in the first quarter. Essity said it raised its prices by 13.3% on average in the fourth quarter, and would raise them further in 2023. In an interview with Reuters, Groth said Essity had lost "a few customers" due to the price increases. Essity's fourth quarter adjusted core earnings (EBITA) rose to 4.08 billion crowns, topping the 3.64 billion expected by analysts polled by Refinitiv Eikon.

☆ Bank of America announced a new class of managing directors — here are all 87 names in corporate and investment banking
▼ + stars: | 2023-01-26 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Bank of America has announced a new class of 360 managing directors. Insider has the list of the 87 new MDs for the firm's Global Corporate and Investment Bank. It's managing director promotion day at Bank of America. On Thursday, the class of 360 managing directors across the firm were announced internally, up 15% from the 314 promoted in 2022.Insider has the list of the 87 employees who were promoted in the firm's Global Corporate and Investment Bank — the division responsible for dealmaking. That's down 17% from 105 new MDs last year in the division, likely a reflection of a difficult year in investment banking across Wall Street that saw revenues drop in excess of 50%.

☆ NHL roundup: Connor McDavid leads streaking Oilers past Kraken
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +6 min

[1/4] Jan 17, 2023; Edmonton, Alberta, CAN; Edmonton Oilers forward Connor McDavid (97) carries the puck up ice during the first period against the Seattle Kraken at Rogers Place. Mandatory Credit: Perry Nelson-USA TODAY SportsJanuary 18 - Connor McDavid scored his NHL-leading 38th goal of the season as the Edmonton Oilers defeated the visiting Seattle Kraken 5-2 on Tuesday night. Derek Ryan, Warren Foegele, Ryan McLeod and Zach Hyman also tallied for the Oilers, who extended their winning streak to four games. Kyle Connor scored for the Jets, who had a three-game win streak come to an end. Carter Verhaeghe, Anton Lundell and Josh Mahura also scored goals for Florida.

☆ NHL roundup: Caps rally for OT win over Islanders
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +8 min

Lightning 4, Kraken 1Andrei Vasilevskiy made 22 saves as Tampa Bay put an end to visiting Seattle's franchise-record, eight-game winning streak. Penguins 4, Ducks 3 (OT)Jake Guentzel scored off a two-on-one with Sidney Crosby 33 seconds into overtime to give Pittsburgh a win over visiting Anaheim. Jamie Benn, Joel Kiviranta, Ryan Suter and Tyler Seguin scored goals for Dallas, which snapped a two-game losing streak. Flyers goalie Carter Hart was pulled in the second period as Philadelphia had a three-game win streak snapped. Ottawa is mired in a 1-4-0 rut and has scored six goals in its past four games.

☆ My company made $1 million in its first year during the 2008 financial crisis. My advice for entrepreneurs is to start now — here's why.
▼ + stars: | 2023-01-17 | by ( Emma Magnus | ) www.businessinsider.com time to read: +5 min

He saw the 2008 financial crisis as a chance to recruit talent and clients looking to make a change. Allen started his company in 2008 and turned over $1 million in the first year of operation. When I saw the financial crisis starting to develop back in 2008, it felt like the right moment to start my own brand-consultancy business. In January 2008, I bit the bullet and gave up a comfortable WPP package to start my own consultancy business, Brandpie. We ended up making about £1.1 million, over $1 million, in revenue in our first year.

☆ NHL roundup: Alex Tuch, Sabres knock off Bruins in OT
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +9 min

Ukko-Pekka Luukkonen made 37 saves for Buffalo, facing 11 shots in the second period and 19 more in the third. Nic Dowd had a goal and an assist, while Dylan Strome, Anthony Mantha and Garnet Hathaway also scored. Emil Bemstrom and Kirill Marchenko also scored for the Blue Jackets in the comeback victory over the NHL's last-place team. They netted goals three times in the second, including Alex Killorn's go-ahead breakaway goal for a 4-3 lead. Stamkos scored his 498th career goal and had an assist, and Brayden Point notched a goal and a helper.

☆ NHL roundup: Wings escape 4-goal hole, top Pens in OT
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +4 min

Dylan Larkin, Joe Veleno, Jonatan Berggren and David Perron also scored and Lucas Raymond had two assists for the Red Wings, who won their second straight game. In Tampa Bay's fifth straight home victory, Alex Killorn and Brandon Hagel tallied while Victor Hedman had two assists. Flames 3, Kraken 2Jonathan Huberdeau scored the tiebreaking goal with eight minutes remaining as Calgary won at Seattle. Adam Henrique scored two goals for Anaheim, the 25th multi-goal game of his career, while Terry and Zegras each assisted on both goals. Mark Stone and Ben Hutton scored for the Golden Knights, who lost consecutive road games for the first time this season.

☆ FTX t-shirts and swag were stashed away in trash bags during Miami's Art Basel, and some crypto diehards took them home as souvenirs
▼ + stars: | 2022-12-08 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

The Solana Embassy, once backed by Sam Bankman-Fried, gave away free FTX t-shirts at Art Basel. Among the stash were close to 1,000 FTX Miami t-shirts, FTX bean bags, a framed Miami Heat jersey that featured an FTX logo, and a signed poster of chess grandmaster Magnus Carlsen who took part in an FTX-sponsored tournament. Solana tweeted about its events in Miami and said it had "about 1,000 FTX Miami shirts to get rid of." The t-shirts were originally only supposed to be free for those who opened FTX accounts at the Solana Embassy. The Solana Embassy previously housed an FTX Lounge, and the exchange was its biggest financial sponsor, according to Norby.

“Spoiler Alert” opened in U.S. theaters Dec. 2. “Women Talking” opened in select U.S. theaters Dec. 2. “The Whale” opens in U.S. theaters Dec. 9. “Babylon” opens in U.S. theaters Dec. 23. “I Wanna Dance With Somebody” opens in U.S. theaters Dec. 23.

☆ Chess.com, Magnus Carlsen Court Filings Fire Back at Hans Niemann’s Allegations in Cheating Lawsuit
▼ + stars: | 2022-12-02 | by ( Andrew Beaton | ) www.wsj.com time to read: 1 min

Lawyers for world champion Magnus Carlsen and Chess.com moved to dismiss a lawsuit filed by Hans Moke Niemann, the teenage American grandmaster who is facing bombshell cheating allegations, writing in court filings Friday that Niemann’s claims are a public relations ploy with no factual or legal basis. Chess.com’s filings say that Niemann’s complaint presents no evidence for any sort of conspiracy to damage his career, and that Niemann has failed to plausibly show how anything Chess.com has said about him is false.

☆ Debt woes and zero-Covid: China's cities are running out of cash to pay huge bills
▼ + stars: | 2022-12-02 | by ( Laura He | ) edition.cnn.com time to read: +9 min

They spent 11.8 trillion yuan ($1.65 trillion) more than they raised in revenue between January and October, borrowing heavily to do so, according to data from China’s Ministry of Finance. Andy Wong/AP‘Widest in history’For nearly three years, local governments have borne the brunt of enforcing pandemic controls. The weak fiscal position of local governments has been a drag on the country’s overall financial standing. Kevin Frayer/Getty ImagesLow income, high costsWhy are local governments in this parlous state? In May, Beijing told local governments that they had to bear the costs for regular Covid testing in their regions.

☆ China's cities are running out of money to pay huge COVID lockdown bills, report says
▼ + stars: | 2022-12-02 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

China's zero-COVID strategy is having a big financial impact on local governments, CNN reported. China's strict strategy involves mass testing and locking down major cities. And local governments have had to pay for much of this, CNN reported. As a result, some local governments have delayed or suspended payments to coronavirus test providers and some are now asking residents to pay for their own coronavirus tests, CNN reported. The zero-COVID strategy has harmed China's economy more widely, by restricting movement and tourism and locking down cities of millions of people, which has also at times meant shutting down factories and manufacturing sites.

☆ I was laid off from Lehman Brothers right before it collapsed. Here's what the final chaotic weeks were like from the inside.
▼ + stars: | 2022-12-01 | by ( Emma Magnus | ) www.businessinsider.com time to read: +5 min

Adam Taylor had been working in M&A at Lehman Brothers in London for 2½ years in 2008. I had started working at Lehman Brothers in the summer of 2005, when I was 25. In retrospect, there were warning signs before it collapsedAt the time, nobody thought Lehman Brothers would go under in 2008. I had friends who bought shares in Lehman Brothers when they were really low, thinking they were only going to go up, but they lost their money. I lost the sense of identity I had linked to the companyFor 2½ years, I'd been "Adam Taylor who works at Lehman Brothers."

☆ From giant kites to foldable wings, here's what container ships could look like by 2050 as companies race to decarbonize their supply chains
▼ + stars: | 2022-11-23 | by ( Hannah Towey | ) www.businessinsider.com time to read: +6 min

Shipping giants are racing to find scalable green alternatives to gas-guzzling container ships. Other shipping giants are betting big on green methanol fuel derived from agricultural waste. Courtesy of VeerBut the real challenge, Fagerheim said, is convincing clients to get onboard with the boat's slower transit time compared to a traditional container ship. By comparison, conventional container ships can handle loads of over 38,000 tonnes. ©PIRIOU / courtesy of TransOceanic Wind TransportBut as more shoppers prioritize sustainability, some big name brands are pledging to use sustainable cargo ships once the designs become a reality.

☆ Austrian central bank defends compulsory mortgage-lending standards
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

VIENNA, Nov 22 (Reuters) - Austria should keep its recently introduced compulsory standards for mortgage lending, the Austrian National Bank (ONB) said on Tuesday, despite a recent call by the conservative finance minister for those standards to be reviewed. Faced with a sustained housing boom and banks' widespread flouting of recommendations on mortgage lending aimed at limiting risk, Austria introduced the compulsory standards in August, though banks are still allowed to deviate from them in up to 20% of cases. With interest rates now rising, however, Finance Minister Magnus Brunner has asked that the decision to introduce the compulsory standards be reviewed to make lending easier. "The newly adopted regulation contributes to safeguarding financial stability by curbing excessive developments in residential real estate lending," the ONB said in a statement on its semi-annual Financial Stability Report, referring to the binding standards. The regulation introducing those standards was issued by the Financial Market Authority (FMA), though the standards were developed by the Financial Market Stability Board, which brings together officials from the Finance Ministry, ONB and FMA.

[1/2] U.S. House of Representatives Minority Leader Kevin McCarthy (R-CA) arrives as House Republicans gather for leadership elections at the U.S. Capitol in Washington, U.S., November 15, 2022. REUTERS/Leah Millis/File PhotoWASHINGTON, Nov 22 (Reuters) - The top Republican in the U.S. House of Representatives, Kevin McCarthy, on Tuesday called on Homeland Security Secretary Alejandro Mayorkas to step down, warning that the House may try to impeach him when Republicans take the majority next year. "Our country may never recover from Secretary Mayorkas' dereliction of duty," McCarthy told reporters in El Paso, Texas, on Tuesday after speaking with border officials. "If Secretary Mayorkas does not resign, House Republicans will investigate every order, every action and every failure (to) determine whether we can begin (an) impeachment inquiry," he said. He became the first Latino and foreign-born Homeland Security chief when he was confirmed to the role in February 2021.

☆ Austria announces windfall tax on energy companies
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Companies Omv Ag FollowVerbund AG FollowVIENNA, Nov 18 (Reuters) - Austria's government on Friday announced plans to introduce a windfall tax on energy companies that will be of up to 40% for oil and gas firms. The tax will apply retroactively from July 1 of this year until the end of next year, it added. The threshold can be increased to 180 euros if those companies invest in renewables, the statement said. Kogler said the tax rate then would be 90%. That tax will apply from Dec. 1 of this year until the end of 2023, the statement said.

☆ Republicans grill Biden homeland chief in possible preview of next Congress
▼ + stars: | 2022-11-15 | by ( Ted Hesson | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 15 (Reuters) - Republicans at a congressional hearing on Tuesday chastised U.S. While Tuesday's hearing before the House Homeland Security Committee was titled "Worldwide Threats to the Homeland," Republicans focused intensely on the southwestern border. [1/6] A general view of a House Homeland Security Committee hearing on "Worldwide Threats to the Homeland" on Capitol Hill in Washington, U.S., November 15, 2022. Higgins said there were rumors that Mayorkas would resign before the start of the new Congress on Jan. 3. Reporting by Ted Hesson in Washington; Editing by Howard Goller, Kristina Cooke and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Top U.S. homeland official faces lawmakers after border chief resigns
▼ + stars: | 2022-11-14 | by ( Ted Hesson | ) www.reuters.com time to read: +2 min

Homeland Security Secretary Alejandro Mayorkas will testify before lawmakers on Tuesday, three days after the country's top border official, Chris Magnus, resigned under what he said was pressure from Mayorkas. Magnus, who held the role of U.S. Customs and Border Protection commissioner since December 2021, resigned in a letter on Saturday to President Joe Biden. A day earlier, Magnus said he had been pressured by Mayorkas to step down or be fired. It was the most significant staffing shakeup in Biden's Democratic administration to follow last week's U.S. midterm election vote and signals that record border crossings remain a concern under Biden, a Democrat. FBI Director Christopher Wray and National Counterterrorism Center Director Christine Abizaid will also testify in the U.S. House Homeland Security Committee hearing, which focuses on security threats.

☆ Chris Magnus Resigns as Customs and Border Protection Commissioner
▼ + stars: | 2022-11-13 | by ( Michelle Hackman | ) www.wsj.com time to read: 1 min

Customs and Border Protection Commission Chris Magnus is stepping down amid a rift with other Biden administration officials. WASHINGTON—The Biden administration’s top border official, Customs and Border Protection Commissioner Chris Magnus , has resigned after days of internal pressure, White House press secretary Karine Jean-Pierre said. “The President thanks Mr. Magnus for his service at CBP and wishes him well,” she said in a statement.

Nov 12 (Reuters) - President Joe Biden has accepted the resignation of U.S. Customs and Border Protection Commissioner Christopher Magnus, the White House said in a statement on Saturday. The White House statement comes a day after U.S. media reported that Magnus had been asked to resign or was fired in a sign of tensions within Biden's administration over a record number of migrant crossings at the U.S.-Mexico border. "I am submitting my resignation effective immediately but wish you and your administration the very best going forward. Magnus, 62, was confirmed in December as commissioner of the CBP, a 60,000-strong agency that oversees border security, trade and travel. When Biden nominated Magnus for the role in 2021, the White House touted him as a reformer focused on establishing community trust in law enforcement and holding officers accountable.

☆ US Customs and Border Protection chief resigns after initially declining Biden administration request to step down
▼ + stars: | 2022-11-13 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Chris Magnus resigned as chief of Customs and Border Protection on Saturday, per the White House. "Thank you for the opportunity to serve as your Senate confirmed Commissioner of US Customs and Border Protection over the past year. "We are thankful to Commissioner Magnus for his contributions over the past year and wish him well," Mayorkas wrote in his letter. Magnus, the former police chief in Richmond, Calif., and Tucson, Ariz., had overseen over 60,000 employees who were largely focused on border security and counterterrorism issues. Border security has become a major issue for Biden, with Republicans and even some Democrats needling the administration over the level of undocumented migrants being caught by agents.

☆ Customs and Border Protection chief refusing request to step down, DHS official says
▼ + stars: | 2022-11-12 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Rebecca-Shabad-Circle-Byline-Template.Jpg | Rebecca Shabad | ) www.nbcnews.com time to read: +2 min

WASHINGTON — The commissioner of U.S. Customs and Border Protection, the federal agency in charge of border security, is refusing to step down from his job after a request by the Biden administration, an official from the Department of Homeland Security told NBC News. As the head of CBP, Chris Magnus, 62, oversees more than 60,000 employees whose missions focus on counterterrorism, border security and trade enforcement. The Los Angeles Times was first to report the news that Magnus was asked to resign. Magnus has served in the role since Dec. 2021 after being narrowly confirmed by the Senate in a 50-47 mostly party-line vote. He had previously served as chief of police in Tucson, Ariz., from 2016 to 2020, resigning after a civilian died while in police custody.

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