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☆ Germany welcomes China's support for G20 debt restructuring framework
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

German Finance Minister Christian Lindner speaks during a session of the lower house of parliament, Bundestag, at the Reichstag building, in Berlin, Germany September 27, 2023. REUTERS/Liesa Johannssen/File Photo Acquire Licensing RightsBERLIN, Oct 1 (Reuters) - Germany has welcomed a show of support from China for the G20 debt restructuring framework for poorer countries in a joint statement after their financial dialogue in Frankfurt over the weekend. Neither provided further details on the rules for the restructuring plans and the joint statement did not give specifics. "This creates opportunities on both sides for more responsible trade and investment," German Finance Minister Christian Lindner said on Sunday. The meeting took place in Frankfurt, as Germany want to further strengthen this city as an European hub for financial services, the finance minister said.

Persons: Christian Lindner, Liesa, Sunday's, Lindner, ” Lindner, Maria Martinez, Alison Williams Organizations: Bundestag, REUTERS, Rights, Reuters, Thomson Locations: Berlin, Germany, China, Frankfurt, Africa, Asia, Beijing, European

☆ Owners of 14 Subway restaurants made teenagers use dangerous equipment, suffer burns, and work unlawful hours, says DOL
▼ + stars: | 2023-09-30 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +3 min

A Department of Labor investigation found the operators of 14 Subway restaurants violated labor laws. The employers also didn't pay their employees regularly and stole tips, the DOL said. AdvertisementAdvertisementThe operators of 14 Bay Area Subway restaurants "endangered children" by making its teenage employees as young as 14 use dangerous equipment and work unlawful hours, an investigation by the US Department of Labor's Wage and Hour Division found. AdvertisementAdvertisementInvestigators found that several Subway workers at the 14 restaurants had suffered burns and other injuries, having operated ovens, toasters, cardboard balers and other dangerous equipment, the DOL said. AdvertisementAdvertisementThe investigation and litigation included these 14 Subway restaurants:

Persons: DOL, —, John Meza, Jessica, Hamza Ayesh, Arkady Itkin, Ruben Rosalez, Labor Marc Pilotin Organizations: of Labor, Service, US Department of Labor's, Court, Northern, Northern District of, Subway, The Press Democrat, Department of Labor, Labor Locations: DOL, Northern District, Northern District of California, San Francisco

☆ I Paid for My Dream Honeymoon With Credit Card Points—Here’s How I Did It
▼ + stars: | 2023-09-28 | by ( Emily Sherman | ) www.wsj.com time to read: +6 min

Our first year of dating, we took a spontaneous trip to Iceland paid for with points from a Chase Sapphire Preferred card (his) and Capital One Venture X Rewards Credit Card (mine). Capital One Venture X Rewards Credit Card Learn More Base rewards rate: 2xBonus rewards: 10x on hotels and rental cars, plus 5x on flights, if booked through Capital One; 10,000-mile annual bonus. After researching a number of hotel-branded cards, the $99 a year IHG One Rewards Premier Credit Card emerged as the best fit for this trip. Sign-up bonus: 140,000 bonus points after you spend $3,000 in the first three months. With a few weeks to go before the big day, I’m excited to say our trip is booked and paid for almost entirely with credit card points.

Persons: Emily Sherman, I’ve Organizations: Texas Capitol, Chase Sapphire, Venture, Air Tahiti, Intercontinental Tahiti Locations: Texas, Iceland, Austin , Texas, Maldives, Polynesia, IHG

☆ Chattanooga is the 'all-around best city' to retire in the South
▼ + stars: | 2023-09-28 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

Southern Living and Investopedia named the best cities in the South to retire. The best all-around city to retire in the South: Chattanooga, TennesseeChattanooga, Tennessee is the best overall city for retirees in the South. Southern Living and Investopedia named Chattanooga, Tennessee the best all-around city to retire. Margaretw | Istock | Getty ImagesBeaufort, North Carolina, was named the best town for healthy living. Ocean Springs, Mississippi, was named the best city in the South for home buying.

Persons: Investopedia, Lorraine Boogich, Nicholas Sparks Organizations: Southern, ., Southern Living, Getty Images Tennessee, Census Bureau, North Carolina, Enthusiasts, , North Carolina Best, Greenville , South Carolina Best, Lexington , Kentucky Best, Arts and Culture, Istock, Getty Locations: Florida, . Southern, Investopedia, South, Chattanooga , Tennessee Chattanooga , Tennessee, Nashville, Atlanta , Georgia, Birmingham , Alabama, Smoky, Chattanooga , Tennessee, Chattanooga, Livability, Beaufort, North, Abingdon, Virginia, Springs , Mississippi, , North, Greenville , South, St, Augustine , Florida, Eureka Springs , Arkansas, Lexington , Kentucky, Savannah, Georgia, Huntsville, Alabama, Fort Worth , Texas Beaufort, North Carolina, Southern, Savannah , Georgia, Charleston , South Carolina, Ocean Springs , Mississippi

People are seen outside the main gate of the Pegatron facility following a fire incident at the facility near Chennai, India, September 26, 2023. A company spokesperson declined to say whether manufacturing has been resumed partially or fully. Pegatron had halted the assembly of iPhones for the past two days at its factory in Tamil Nadu state after a fire broke out on Sunday. It has previously said the incident "does not have significant financial or operational impact". Reporting by Munsif Vengattil in Bengaluru and Praveen Paramasivam in Chennai, Editing by Louise Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Praveen, Pegatron, Munsif, Louise Heavens, Bernadette Baum Organizations: REUTERS, Rights, Apple, Reuters, Thomson Locations: Chennai, India, Tamil Nadu, Bengaluru, Praveen

☆ The 10 most in-demand hybrid jobs companies are hiring for right now—some pay over $100K
▼ + stars: | 2023-09-27 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

Remote jobs might be getting harder to find, but the hybrid job market is thriving. Recent data from workforce solutions company ManPower Group shows that all industries are offering more hybrid roles month-over-month. To help jobseekers find the best flexible gigs, FlexJobs has identified the most in-demand hybrid jobs companies are hiring for by analyzing its database for the hybrid jobs with the highest volume of postings between September 2022 and August 2023. Tech, accounting and finance, and marketing are among the top fields hiring for hybrid roles. Check out:The top 10 companies hiring for hybrid jobs right now—they're not all in techWant to be smarter and more successful with your money, work & life?

Persons: jobseekers, FlexJobs Organizations: Group, U.S . Bank, Verizon, CNBC Locations: Milwaukee

CHENNAI, Sept 25 (Reuters) - Apple supplier Pegatron temporarily halted iPhone assembly at its facility in south India on Monday after a fire on Sunday night, three sources familiar with the matter told Reuters. Pegatron accounts for 10% of Apple's iPhone production in India, according to research firm Counterpoint. Apple has bet big on India since it began iPhone assembly in the country in 2017 via Wistron (3231.TW) and later Foxconn (2317.TW), as the Indian government pushed for local manufacturing. Pegatron, which started iPhone assembly in India in September last year, is also in talks to open a second Indian contract facility for Apple near the existing one in Tamil Nadu. In February, a fire at a south Indian facility of Foxlink for iPhone charging cables forced it to halt production.

Persons: TW, Pegatron, Ben Blanchard, Praveen, Munsif Vengattil, Aditi Shah, Sarah Wu, Toby Chopra, Susan Fenton, Mark Potter Organizations: Apple, Pegatron, Reuters, Local, Thomson Locations: CHENNAI, India, Chennai, Tamil Nadu, Wistron, Indian

☆ 'Cash-flow' podcaster made off with millions in Ponzi scheme, SEC alleges
▼ + stars: | 2023-09-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

But Motil's self-described success was an elaborate façade, according to regulatory filings and Ohio bankruptcy proceedings. In a 29-page complaint, the SEC laid out how Motil issued "promissory notes" fully collateralized by property across Ohio to dozens of investors. "Nearly everything about his scheme was a lie," the financial regulator's complaint read. In one instance, according to the SEC, Motil managed to get more than $1 million from 20 different investors for just one single-family home valued at no more than $130,000. Motil and his wife, Amy, profited handsomely from the scheme, the SEC alleged.

Persons: Matt Motil, Motil, Amy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, SEC, CNBC, U.S, Trustee, Federal Trade Commission Locations: Washington ,, An Ohio, Ohio

India mandates a notice period of 6-12 months for pilots which some pilot organisations are challenging in court. Akasa argues its contractual obligations with pilots remain in force, and is suing the regulator for not intervening in the public interest. The DGCA "does not have any power or delegated authority to interfere in any employment contract," it said. Akasa has accused the DGCA of being "unwilling to take any action" which resulted in "significant financial and operational hardship" to the airline. The 6,000 member Federation of Indian Pilots have also responded to Akasa's plea, saying flight cancellation numbers were "unsubstantiated" and that the DGCA can not interfere in the dispute.

Persons: Akasa, Arpan Chaturvedi, Aditya Kalra, Mike Harrison Organizations: Akasa Air, Civil Aviation, Court, Reuters, of Indian Pilots, Thomson Locations: DELHI, India, Delhi

NICKELS & STEAMROLLEREstimating the size of hedge funds' basis trade bets is difficult because transparency and visibility around hedge funds is so low at the best of times, especially with regard to their more complex activities and strategies. Many analysts look at leveraged funds' position in Treasuries futures, and the Aug. 30 Fed paper also noted speculators' repo borrowings. This is a fairly reliable sign of basis trade activity, the Aug. 30 Fed paper says. Overnight repo rates have steadily tracked the fed funds policy rate since March 2022. Basis trade liquidation, as funds got squeezed out of their positions through margin and collateral calls as volatility rocketed, likely contributed to that dislocation.

Persons: Steven Zeng, Christoph Schon, Jamie McGeever, Paul Simao Organizations: Fed, Bank for International, Deutsche Bank, STEAMROLLER, Futures, Reuters, Thomson Locations: ORLANDO, Florida, U.S

Identify your financial habits and adjust if need be"Your financial habits will strengthen or weaken your financial health," Jean-Baptiste writes, "and your biggest and smallest life decisions impact your financial habits." She continues: "You have to intentionally develop financial habits that will be the foundational blocks that you build into your daily routines." I had to look at my financial habits and determine if my habits were putting me in a position to save." This piece of advice really resonated with me because I also had to develop financial habits that made room for me to save money. Jean-Baptiste writes, "Saving money is a skill that is developed with practice and steady financial habits.

Persons: Melissa Jean, Baptiste, —, Jean, Uber, I've Organizations: Service

Meanwhile, failed uprisings in Bahrain and eastern Saudi Arabia were followed by years-long crackdowns and a continuing civil war in Syria. “What we’re beginning to see in Saudi Arabia right now is the emergence of a new social contract. Saudi Arabia is the world’s biggest exporter of crude oil, and nearly two-thirds of its income still comes from selling fossil fuels. If Saudi Arabia can become a hub for major sporting events, then that’s a way of attracting interest to the country,” said Maguire. In response to previous criticism about Saudi Arabia’s purported “sportswashing,” the kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal said: “People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years.

Persons: Hilal, Kylian Mbappé, Germain, Neymar Jr, Ballon d’Or, Cristiano Ronaldo, Nassr, Patricia de Melo Moreira, it’s, Saudi Crown Prince Mohammed bin Salman –, Leon Neal, Ballon, Karim Benzema, Al Hilal, spender, –, Carlo Nohra, Jordan Henderson, Henderson, “, ’ ” Simon Chadwick, “ We’ve, ” Chadwick, King Salman bin Abdulaziz Al Saud, Al Nassr, Stringer, you’re, Kieran Maguire, they’re, Everybody’s, ” Maguire, Chadwick, Ronaldo, Maguire, … Mohammed bin Salman, ” James Dorsey, ”, Chadwick –, Mohammed bin Salman, Saudi Arabia’s, Prince Abdulaziz bin Turki Al, Faisal, don’t, they’ve, LIV Golf, Jimmy Dunne, LIV, Dunne, Aleksander Ceferin, Erling, Haaland, Jurgen Klopp, Michael Emenalo, Steven Gerrard, Nohra, ” “ They’ve Organizations: CNN, Saudi, Al, Paris Saint, PSG, Saudi Pro League, Ligue, Liga, Serie, Bundesliga, English Premier League, Deloitte, Investment Fund, AFP, Getty, SPL, Saudi Crown, Spanish, Arsenal, CNN Sport, English, Newcastle United, Liverpool, The Athletic, SKEMA Business School, Argentina, Zamalek, King Fahd Sports City, Anadolu Agency, Chelsea, Manchester United, Manchester City, Football, AFC Asian, FIFA, Greece, Royal Spanish Football Federation, Spanish Super, ”, Amnesty International, Amnesty, Middle East Soccer, Saudi Ministry, Sport, PGA Tour, European, UEFA, Premier League, Ettifaq Media, Reuters New Saudi Pro League, Major League Soccer, La Liga, Peterson Institute for International Economics, Russian Direct Investment Fund, Investigations, PGA Locations: Saudi Arabian, Brazil, Saudi, Ittihad, Al, Ahli, Real Madrid, England, France, Germany, Spain, Italy, Saudi Arabia, Liverpool, China, Qatar, Taif, Egypt, Spanish, East, North Africa, Libya, Yemen, Tunisia, Bahrain, Syria, “, ”, Europe, ” Liverpool

The zoo is run by the local government, which was said to be running out of money and therefore unable to feed its charges. These vehicles are legal entities created by Chinese cities to circumvent borrowing restrictions imposed by the central government in Beijing. “Why hurt small businesses which are the weakest?”Noodle sellers in Shanghai have been fined for adding cucumber to their dishes. Last year, Beijing issued a directive forbidding local governments from imposing “arbitrary fines” to generate income, and dispatched inspection teams to check that the policy was being followed. The scale of financial stress among China’s local governments is so big that “creative” sources of income can only cover a relatively small shortfall, he said.

Persons: hadn’t, Xi Jinping’s, ”, Willy Lam, Lam, “, Aly Song, Jiemian, Logan Wright, hasn’t, Li Qiang, Steve Tsang, Joseph Cheng, —, Martha Zhou Organizations: Hong Kong CNN, Species Fund, CNN Local, China Newsweek, ” CNN, China National Radio, Washington, Jamestown Foundation, CNN, ”, Weibo, “, SOAS China, SOAS University of London, City University of Hong Locations: China, Hong Kong, Dongshan, Liaoning, Beijing, Shanghai, Henan, Huizhou, Nanchang, Qingdao, City University of Hong Kong

☆ Here are 3 things to consider before making a Roth conversion to save on future taxes
▼ + stars: | 2023-09-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Prapass Pulsub | Moment | Getty ImagesAs year-end approaches, some investors may be weighing a Roth individual retirement account conversion to save on future taxes. The strategy transfers your pretax or non-deductible IRA funds to a Roth IRA, which kick-starts future tax-free growth. But you have to plan for the upfront tax bill. Here are some key factors to consider before making a Roth conversion, according to financial experts. Assess the short-term tax consequencesWhile a Roth conversion may offer long-term tax benefits, there's potential for shorter-term consequences, Lawrence warned.

Persons: Prapass, Roth, Ashton Lawrence, Lawrence, Jeremy Finger Organizations: Roth IRA, Mariner Wealth Advisors, Riverbend Wealth Management, Riverbend Wealth, Republicans Locations: Greenville , South Carolina, Myrtle Beach , South Carolina

Finland is a European Union member that supports sanctions on Russia and the most recent to join NATO. Both Turkey and the UAE have condemned Russia’s invasion of Ukraine but have not joined Western sanctions and sought to maintain ties with Russia. The latest sanctions package targets Russian companies that repair, develop and manufacture weapons, including the Kalibr cruise missile. Turkey, meanwhile, has tried to balance its close ties with both Russia and Ukraine, positioning itself as a mediator. Including the latest sanctions, the U.S. has targeted almost 3,000 businesses and people since Russia invaded Ukraine in February 2022, according to State.

Persons: Vladimir Putin’s, ” James O’Brien, Putin, O’Brien, “, ” O’Brien, ”, Richard Connolly, Alexander, Lukashenko, ” Connolly, Denis Manturov, Connolly, Tom Keatinge, Andrei Bokarev, Sergei Shoigu, Iskander Makhmudov, Alexei Krivoruchko, Wagner, Otar, Partskhaladze, Antony Blinken, Suzan Fraser, Jon Gambrell, Antony Blinken’s Organizations: United Arab, State, Treasury, NATO, State Department’s Office, Associated Press, State Department, European Union, The State Department, Russia’s Ministry of Defense, Oxford, Western, Russian Industry, Trade, Centre for Financial, Security, Royal United Services Institute, “, U.S, Russian Defense, Russian, Federal Security Service Locations: States, Russia, Turkey, United Arab Emirates, Georgia, Ukraine, U.S, UAE, Russia’s, Moscow, Finland, European, Belarus, Russian, ”, London, North Korea, Georgian, State, Ankara, Dubai

☆ Car insurance rates just had their biggest annual jump in 47 years. This is why
▼ + stars: | 2023-09-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

While that insurance is for a 2022 Porsche Taycan, even friends of his who drive lower-end models are paying more for car insurance, he told CNN. Yet he's seen his car insurance rates increase from $140 a month in 2020 to his current rate of $278 a month. Car insurance rates are increasing for a variety of reasonsTwo months ago, Nationwide notified Darnell Coates-Clark, 55, an EMT based in Baltimore, that he would be hit with a 33% increase in his car insurance. He acknowledged he doesn’t have “stellar credit,” which is known to impact car insurance rates. Darnell Coates-Clark saw his monthly car insurance rates double over the past two years.

Persons: Kyle Barone, Barone, didn’t, USAA, He’s, “, ”, hasn't, he's, haven’t, Darnell Coates, Clark, Coates, ’ ” Coates, hasn’t, Ryan Ankrom, Clark USAA, Andrew Femath, Stephen Crewdson, Hurricane Ian, Robert Passmore, Crewdson, ” Crewdson, Betsy Stella, Insurify, what’s, “ I’ve, “ I’m, I’ve Organizations: New, New York CNN, Volvo, CNN, Porsche Taycan, Norwegian Cruise Line, Kyle Barone Drivers, Sunshine State, Nationwide, P Global Market Intelligence, Casualty Insurance Association, National, Traffic Safety Administration Locations: New York, United States, Florida, Jacksonville , Florida, Tampa, Norwegian, Sunshine, Southwest Florida, Baltimore, Maryland, Hurricane

☆ Asia apparel hubs face $65 billion export hit from extreme weather, study shows
▼ + stars: | 2023-09-12 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

The study also mapped out the supply chains of six unidentified global apparel brands operating in the four countries studied - Bangladesh, Cambodia, Pakistan and Vietnam - and found all six would be hit materially. There are some [apparel] brands not disclosing the factory locations of their suppliers," said Angus Bauer, Schroders' head of sustainable investment research. Using projections, the researchers analysed future heat and flooding levels to estimate what would happen under a "climate adaptive" scenario and a "high heat and flooding" scenario. Flooding will also force factories to close in the four countries, which account for 18% of global apparel exports and employ 10.6 million workers in apparel and footwear factories. By 2050, lost export earnings would reach 68.6% and there would be 8.64 million fewer jobs.

Persons: Jason Judd, Judd, Angus Bauer, Schroders, Bauer, Tommy Reggiori Wilkes, Mark Potter Organizations: Cornell University, Reuters, Cornell Global Labor Institute, Thomson Locations: Bangladesh, Cambodia, Pakistan, Vietnam

☆ Prenups should be a part of every marriage, not just among celebrities and the wealthy, financial experts say
▼ + stars: | 2023-09-11 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +3 min

Financial experts, however, say that's not the case, and that all couples should consider them. They said prenups can be like insurance or a financial safety net. Financial experts, though, see a different side to the agreements and think all couples should consider them. Theresa Viera, an attorney based in South Carolina, told NPR that prenups are financial safety nets, not harbingers of separation. Prenups can protect you from being responsible for your spouse's debt, Orman added, and protect your property both before and after the marriage.

Persons: that's, Theresa Viera, Viera, Suze Orman, —, they've, Orman, prenups Organizations: Service, NPR, CNBC, Harris Interactive Locations: Wall, Silicon, South Carolina

☆ Regulator sues AustralianSuper over multiple pension accounts
▼ + stars: | 2023-09-08 | by ( Roushni Nair | ) www.reuters.com time to read: +2 min

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSept 8 (Reuters) - The Australian securities regulator said on Friday it initiated a lawsuit against the trustee of AustralianSuper, citing the country's largest superannuation fund failed to have adequate policies to identify members who held multiple accounts. The Australian Securities and Investments Commission (ASIC) started civil penalty proceedings alleging that AustralianSuper did not have substantial procedures for almost 10 years to help merge multiple accounts of a single member. AustralianSuper has more than 2.87 million members and A$258 billion ($164.48 billion) in member assets, as of June 30, 2022, according to the ASIC. "AustralianSuper regrets that its processes to identify and combine multiple accounts did not cover all instances of multiple member accounts. As of June 2022, three million people had multiple superannuation accounts in Australia, ASIC stated, adding that a significant proportion of these multiple accounts were held within the same fund.

Persons: Loren Elliott, AustralianSuper, Sarah Court, Hebe Chen, unreservedly, Roushni Nair, Devika Syamnath, Sherry Jacob, Phillips Organizations: REUTERS, Australian Securities and Investments Commission, IG Markets, Reuters, Thomson Locations: Sydney, Australia, Australian, Bengaluru

☆ Saudi Arabia wants to buy its way into a major 6th-gen fighter jet project, but not all its potential partners are welcoming
▼ + stars: | 2023-09-07 | by ( Paul Iddon | ) www.businessinsider.com time to read: +6 min

Saudi Arabia reportedly wants to join the effort, but Japan is said to be wary of letting Riyadh in. A senior British defense told The Financial Times that the UK views "Saudi Arabia as a key partner in the fighter program and we are working to ensure strong progress as soon as possible." AdvertisementAdvertisementJapan also fears Saudi Arabia might want to export the cutting-edge jet to adversaries, such as China and Russia, or use its veto power to prevent Tokyo from exporting it to one of its allies. Indonesia, for example, has joined South Korea's KF-21 Boramae project, which aims to produce a quasi-stealth fighter jet by the late 2020s. AdvertisementAdvertisementOn the other side of Asia, Azerbaijan recently joined Turkey's TF Kaan stealth fighter project.

Persons: Bill Bostock, milch, Shigeto Kondo, Pascal Rossignol, GCAP, Tempest, China's, Paul Iddon Organizations: Service, Global Combat Air Program, The Financial Times, Financial Times, Britain's Telegraph, Japanese Institute of, Eastern, Al, KF, Indo, Getty, South Korea's KF, Turkey's TF, JF, 51st Paris Air Show, REUTERS, Rafale Locations: Italy, Japan, Saudi Arabia, Riyadh, Wall, Silicon, Tokyo, British, London, Saudi, China, Russia, Jakarta, AFP, Indonesia, Asia, Azerbaijan, Ankara, Pakistan, Baku

☆ I give all my employees August off on full pay. Here's how it works and why it's boosted productivity.
▼ + stars: | 2023-09-02 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

Jo Hunter was already offering her employees remote working and a four-day week. Hunter repeated the move this year and says taking a month off is a revelation – and good for business. During the pandemic, we moved to working a four-day workweek and remote working to support our employees. The company had grown from four to seven employees over the last few years and demand for our creativity workshops increased. Right now, CEOs of some of the world's biggest companies are pointing to productivity data to call their employees back to offices.

Persons: Jo Hunter, Hunter, –, I'm, Jo, We've, hardwired, Jo Hunter I'm Organizations: Service, Artists, Staff Locations: Wall, Silicon, Finland, France, Spain

☆ Chinese banks should step up lending to private sector, central bank official quoted
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported. The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said. Investment by private companies shrank 0.5% in the first seven months of the year, bigger than the 0.2% decline for the first half. The Shanghai and Shenzhen bourses, major banks including the Industrial and Commercial Bank of China (601398.SS) and China Construction Bank (601939.SS) as well as at least 11 private firms participated the meeting, according to Yicai financial news.

Persons: Tingshu Wang, Ma Jianyang, Yicai, Ellen Zhang, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, REUTERS, Rights, Securities Times, Investment, Industrial, Commercial Bank of China, China Construction Bank, Titan Wind Energy, Longfor Group, HK, Seazen Holdings, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Shenzhen

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Catalent named three pharma industry executives and a senior Elliott executive to its board and said John Greisch, who has served on the board since 2018, will become executive chairman. Elliott, whose stake in Catalent became public last month, has been engaging with the company behind the scenes for months. Two of the directors were picked by Elliott, while two were mutually agreed by Elliott and Catalent. Catalent is also forming a new strategic and operational review committee which Greisch will chair.

Persons: Yves Herman, Elliott, Catalent, Alessandro Maselli, John Greisch, Max, William Blair, Maselli, Steven Barg, Goldman Sachs, Frank D'Amelio, Stephanie Okey, Michelle Ryan, Greisch, Merck KGaA, Svea Herbst, Bayliss, Maggie Fick, Sriparna Roy, Shinjini Ganguli, Catherine Evans, Mike Harrison Organizations: REUTERS, Catalent Inc, Elliott Investment Management, Reuters, Novo, pharma, U.S . Food, Drug Administration, Pfizer, Johnson, Catalent, Svea, Thomson Locations: Brussels, Belgium, ., Danish, Novo, United States, Catalent, GLP, Boston, London, Bengaluru

A record 38 QDII funds had been launched this year until August 17, outpacing the 31 funds launched in 2022, Morningstar data shows. Tianhong, which is planning new QDII products, obtained a $120 million fresh QDII quota in July, less than it had hoped for. Rather than foreign capital selling China equities, this time it's Chinese investors’ outbound investment,” Liu said. HUGE DEMANDThe QDII program, launched in 2006, remains a key outbound investment channel for mainland Chinese investors, alongside the Qualified Domestic Limited Partnership (QDLP) programme. Tracy Liu, an individual investor working in the information technology industry, invested in an India-focused QDII fund in March.

Persons: Aly, Ivan Shi, Liu Dong, Becky Liu, Liu, ” Liu, Desiree Wang, Tracy Liu, Summer Zhen, Samuel Shen, Jason Xue, Vidya Ranganathan Organizations: REUTERS, Morningstar, Domestic Institutional, Nasdaq, Ben Advisors, Connect, Bond, U.S, Dow Jones, State Administration of Foreign Exchange, Tianhong, Management, Ant Financial, Standard Chartered Bank, Reuters, Qualified Domestic Limited, Asset Management Association of China, Guangfa NASDAQ, Technology, Morgan Asset Management, Morgan Asset Management China, Thomson Locations: Shanghai, Shenzhen, China, U.S, HONG KONG, SHANGHAI, Hong Kong, Vietnam, India, outflows, Japan, Russia

This, regulators say, makes it harder for banks to cut costs and absorb losses in a downturn. But many bankers are expected to resist swapping guaranteed pay for potentially higher bonuses, which can swing wildly across economic cycles. UK Finance, the industry body for banks in Britain, did not respond to the public consultation, leaving individual members to comment if they wanted to. Others warned against overplaying the significance of bonuses in Britain's battle to grow its financial sector, still reeling from the loss of big-ticket listings, such as Arm Holdings. "Compensation is a small point in the grand scheme of things of a vibrant financial sector.

Persons: Toby Melville, Luke Hildyard, there'll, Suzanne Horne, Paul Hastings, Horne, Simon Patterson, Edelmann, Oliver Wyman, Sinead Cruise, Huw Jones, Tomasz Janowski Organizations: City of, Regulators, European Union, Bank of England, Financial, Bankers, Reuters, European Banking Authority, International Employment, Britain, EU, Finance, Arm Holdings, Thomson Locations: City, City of London, Britain, Banks, European, New York, Singapore, EU, Paris, Frankfurt, United States, Japan, Switzerland, London, Europe

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