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May 3 (Reuters) - Goldman Sachs Group Inc (GS.N) has named Kim Posnett as the head of its global technology, media and telecommunications (TMT) investment banking group, according to an internal company memo. Posnett, who is currently the co-head of the One Goldman Sachs initiative at the bank, will continue to hold her existing responsibilities. The One Goldman Sachs initiative aims to integrate the bank's dealings with clients across teams. Posnett, who has also served as the global head of investment banking services at Goldman, is one of the few executives who spoke at the bank's investor day in February alongside its chief executive and finance head. In a separate memo sent out by Goldman's heads of global banking & markets, Ashok Varadhan, Dan Dees and Jim Esposito, Goldman also named Aasem Khalil as the new global head of its Investment Banking Services division.

"Japan may not need LNG for 20 years ... but other Asian countries need to replace coal with something and LNG will play an important role," he said, adding that JERA could supply fuel to those countries likely to need it. "We don't view LNG demand just for Japan, but for Asia as well," he said. Last December, JERA signed a key deal with Oman LNG to buy up to 12 cargoes, or about 800,000 tonnes a year for a decade, beginning from 2025. Asian spot LNG prices held at 22-month lows in April as demand stayed weak in the key north Asian markets of China, Japan and South Korea. Apart from its integrated gas-to-power business, which covers fossil fuel procurement through power generation, JERA is expanding use of renewable power to decarbonise.

☆ Travel news: Underwater metro routes and marine discoveries
▼ + stars: | 2023-04-29 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +5 min

Get the latest news in aviation, food and drink, where to stay and other travel developments. CNN —Incredible Italian home makeovers, jaw-dropping marine discoveries and ritzy new trains in Scotland and Taiwan: We’ve got all this and more in our latest roundup of news and features from CNN Travel. Massachusetts couple Doug and Leah Johnson renovated a 14th-century apartment in the town of Vasanello in Lazio that they bought for less than $14,000. Life on the railsAustralia and India are celebrating milestones in underwater travel. And on April 12, Kolkata’s new underwater metro route completed its maiden run, ahead of opening to the public in November.

☆ Watch CNBC's full interview with Exxon Mobil CEO Darren Woods on
▼ + stars: | 2023-04-28 | 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 Exxon Mobil CEO Darren Woods onExxon Mobil CEO Darren Woods joins 'Squawk Box' to discuss the company's first-quarter earnings results, production outlook, the establishment of a new global trading division, and more.

☆ TotalEnergies sheds Canadian oil sands, boosts output in lower-price environment
▼ + stars: | 2023-04-27 | by ( ) www.cnbc.com time to read: +1 min

TotalEnergies said its first-quarter adjusted net income fell 27% to $6.5 billion - in line with analyst expectations - due to lower oil and gas prices. French oil and gas major TotalEnergies said on Thursday it had accepted an offer to sell its carbon-heavy Canadian oil sands operations to Suncor Energy for $4.1 billion, with potential additional payments of up to $450 million. TotalEnergies said its first-quarter adjusted net income fell 27% to $6.5 billion - in line with analyst expectations - due to lower oil and gas prices. It confirmed it expected net investments of $16-18 billion this year, including $5 billion for low-carbon energies. But the margins on refining diesel will drop as Chinese exports increase and Russian volumes find new global buyers.

☆ He's played chess with Peter Thiel, sparred with Elon Musk and once, supposedly, stopped a plane crash: Inside Sam Altman's world, where truth is stranger than fiction
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

But, "you do at some point need to start having contact with reality," he told Insider. The plan was still only a rough sketch, Blania told Insider, but that didn't seem to matter to his host. "He always wanted to understand everything at a very deep level," Thrun told Insider in an email. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ Sam Altman is building his utopia, whether you want it or not
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

Altman told Insider, "We debate our approach frequently and carefully." "I don't think anyone can lose your dad young and wish he didn't have more time with him," Altman told Insider. Altman told Insider that his thinking had evolved since those posts. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ Yellen raps China for serving as 'roadblock' in debt restructuring process
▼ + stars: | 2023-04-20 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Yellen said the United States expected China to make good its pledge to work constructively on issues such as debt relief and climate change, noting that delays in restructuring raised costs for both borrowers and creditors. IMF chief Kristalina Georgieva said on Friday that the new Global Sovereign Debt Roundtable had made "tangible progress" on debt restructuring issues. "China's participation is essential to meaningful debt relief, but for too long it has not moved in a comprehensive and timely manner. The United States and China - as the world's largest economies - had a responsibility to work together to help emerging markets and developing countries facing debt distress, she said. Yellen said Washington was working with other stakeholders to improve the Group of 20's Common Framework process for low-income countries and the overall debt treatment process, adding, "Solving these issues is a true test of multilateralism."

☆ Scolding Isn’t a Foreign Policy
▼ + stars: | 2023-04-18 | by ( Walter Russell Mead | ) www.wsj.com time to read: +1 min

Internationally, it was another grim week for the Biden administration, the United States of America, and world peace. Indian officials reported that China is supporting the development of a military listening post on Myanmar’s strategic Great Coco Island in the Bay of Bengal. Farther south, a Sudanese military faction backed by Russia’s Wagner Group battles for control of Africa’s third-largest nation. The usual spinners and makeup artists are doing their best to make the disorderly unraveling of the American-led world order look like a visionary triumph of enlightened foreign policy, but former Treasury Secretary Larry Summers expressed a more cogent view. What we get from the United States is a lecture.’ ”

☆ Euro, dollar status should not be taken for granted -ECB's Lagarde
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, April 17 (Reuters) - The United States and the euro zone should not take the international status of their currencies for granted as countries such as China and Russia seek to create their own systems. "These developments do not point to any imminent loss of dominance for the U.S. dollar or the euro," Lagarde said in a speech. "So far, the data do not show substantial changes in the use of international currencies." "But they do suggest that international currency status should no longer be taken for granted," she said at the Council on Foreign Relations in New York. Around 60% of the world's foreign exchange reserves and international debt is denominated in dollars, with the euro a distant second at 20%, according to data compiled by the ECB.

☆ Singapore’s rate pause points to new reality
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, April 14 (Reuters Breakingviews) - Singapore’s surprise decision on Friday to keep its monetary policy unchanged leaves one thing unsaid. The Lion City, whose trade volumes dwarf the size of its economy, joins Australia, India and South Korea in standing pat. Singapore has repeatedly warned this would damage the Lion City’s growth outlook. Prime Minister Lee Hsien Loong said in 2019 that it should prepare for these consequences and adapt to new global realities. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ World Bank's new boss must push ahead on reforms, fight poverty-French minister
▼ + stars: | 2023-04-13 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"That means the poorest countries and their populations have to remain at the center of the agenda of the World Bank and of all of us." DE-RISKING INVESTMENTSZacharopoulou said that there was a major focus on bringing in private sector funds to scale up climate financing to the vast amounts needed to meet emissions reduction goals. We can use the public money to de-risk but the private sector has to come," she said. Banga was a "good match" for the World Bank job, with strong private sector finance and management experience. Zacharopoulou said Banga would be able to build on the work of World Bank staff who advanced the bank's initial reform steps in just six months.

☆ World Bank steering committee, Yellen urge more reforms at lender this year
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

"They expect the Board of Executive Directors and World Bank Group management to finalize a work plan with detailed actions to be taken," the committee's chair said in a statement. Members underscored their commitment to "ensuring that the World Bank Group has adequate financial capacity to respond to development challenges and support its expanded mission." Yellen said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Malpass told the committee he felt the bank had responded with "vigor and speed" to Yellen's call for reforms. Development Committee members thanked Malpass for his leadership of the WBG during a historically challenging period, including an unprecedented surge in financing in response to multiple crises.

☆ Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. Reuters reported Beijing was poised to drop its demand that multilateral development banks share in debt restructuring losses, partly in exchange for the IMF and World Bank providing earlier access to their debt sustainability analyses for countries receiving debt treatments. The statement said the debt roundtable participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

☆ Sovereign debtors, creditors agree steps to jumpstart debt restructurings
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data-sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. "The discussion focused on the actions that can be taken now to accelerate debt restructuring processes and make them more efficient, including under the G20 Common Framework," the statement said. Participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases, the statement said. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 Presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

☆ Yellen pushes for 'bold action,' more reforms at World Bank this year
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 12 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday called for the World Bank to implement further reforms this year to expand its ability to help developing countries meet global challenges such as climate change. Yellen said the changes already approved had sharpened the mission of the World Bank to ensure it was striving to end extreme poverty, boost shared prosperity and build resilience, but more progress and "bold action" was needed. Yellen said the changes were aimed at enhancing the bank’s work so it could better meet 21st century challenges like climate change, fragility and pandemics. Yellen gave no specifics, but said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Outgoing World Bank President David Malpass, who will leave his post on June 1, said the bank had responded with "vigor and speed" to Yellen's call for reforms.

☆ JPMorgan ends remote work for senior bankers
▼ + stars: | 2023-04-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN Business —America’s largest bank is ending pandemic-era hybrid work for its senior staff. “Our leaders play a critical role in reinforcing our culture and running our businesses,” JPMorgan Chase told staff in a memo. JPMorgan said it would maintain hybrid working options for thousands of employees who are required to have three days in the office. In the memo, the bank issued a warning to staffers who are struggling to hit that minimum. Another motivation for JPMorgan: A year ago, the bank unveiled a design for a new global headquarters in New York.

☆ Capital Group expands ETF lineup, including two new international funds
▼ + stars: | 2023-04-11 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Multi-trillion dollar asset manager Capital Group is expanding its ETF lineup after some of its first funds gained traction last year. The Los Angeles-based firm on Tuesday filed for three new active ETFs — International Equity ETF (CGIE), World Dividend Growers ETF (CGDG) and Core Balanced ETF (CGBL) — under the Capital Group banner. The new funds come a little more than a year after Capital Group — founded in the Depression and known for its American Funds — first dipped its toe into the ETF world. Our new ETF — CGIE — is more of a developed-market focused ETF," Davis said. Meanwhile, the new global dividend fund is in part a response to the success of the U.S.-focused Capital Group Dividend Value ETF (CGDV) , Davis said.

☆ China Warns Taiwan, With an Eye on Rest of the World
▼ + stars: | 2023-04-09 | by ( Jonathan Cheng | ) www.wsj.com time to read: 1 min

BEIJING—China is attempting to balance its fury over Taiwan with a desire to play the role of global peacemaker—a delicate two-step that comes as China seeks to sustain a burst of diplomatic momentum and establish itself as a new global counterbalance to Washington. By sending an aircraft carrier toward Taiwan and launching live-fire exercises, Beijing wants to send a stern message to Taipei after a groundbreaking U.S. meeting. But so far, it has held off on a more aggressive show of force that could tarnish its bona fides as a benign and responsible global power.

☆ Here's how EV batteries can be given a second life
▼ + stars: | 2023-03-29 | by ( Sydney Boyo | ) www.cnbc.com time to read: +6 min

China also accounts for over 70% of global EV battery production capacity, meaning the U.S. is heavily dependent on imports of batteries and battery minerals. It estimates that the lifetime of an EV battery is around 12 to 15 years in moderate climates. The company now has over 400 employees and offers what it calls a "one-stop solution" for used and faulty EV batteries. The company wouldn't disclose the number of battery packs it's capable of storing but said it handles on average 15 thousand battery packs and modules per month. "When I think about the future of EV battery recycling specifically, I see it as an increasingly competitive space," Malloy said.

The American EV market is small in comparison to operations in China and Europe. In 2021, the U.S. accounted for less than 10% of new global EV registrations, while China accounted for 50% and Europe 35%. China also accounts for 70% of the world's global EV battery production capacity, meaning that the U.S. is heavily dependent on imports of battery minerals. However, a number of companies are currently working on ways to recycle lithium-ion batteries including Spiers New Technologies, or SNT which focuses on remanufacturing, refurbishing, repurposing and recycling EV batteries. With the demand for critical minerals such as graphite, lithium and cobalt expected to increase by 2050, extending the life of an EV battery can be an important step to reduce the need for mining.

☆ Belt and Road Initiative: China spending billions to bail out megaproject's debtors
▼ + stars: | 2023-03-28 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

For one, China’s loans are far more secretive, with most of its operations and transactions concealed from public view. The PBOC requires an interest rate of 5%, compared to 2% for IMF rescue loans, the study said. There is also public concern in some countries over issues like excess debt and China’s influence. Accusations that Belt and Road is a broad “debt trap” designed to take control of local infrastructure, while largely dismissed by economists, have sullied the initiative’s reputation. In January, Chinese Foreign Minister Qin Gang rejected the accusations of China creating a “debt trap” in Africa, a major recipient of Belt and Road investments.

Kishida said there were four "pillars" to Japan's new Indo-Pacific plan: maintaining peace, dealing with new global issues in cooperation with Indo-Pacific countries, achieving global connectivity through various platforms, and ensuring the safety of the open seas and skies. Japan pledged $75 billion to the region by 2030 via private investment and yen loans and by ramping up aid through official governmental assistance and grants. "We plan to expand the cooperation of the free and open Indo-Pacific framework," Kishida told the Indian Council of World Affairs. China has ramped up its military presence in the Indo-Pacific and rapidly modernised its navy while promoting its Belt and Road Initiative. "Giving voice to the priorities of the Global South is an important pillar of our G20 presidency," Modi said after his talks with Kishida.

☆ What Is ChatGPT? What to Know About the AI Chatbot
▼ + stars: | 2023-03-17 | by ( Karen Hao | ) www.wsj.com time to read: 1 min

The release of OpenAI’s ChatGPT late November triggered a new global race in artificial intelligence. In March, the company’s AI model, GPT-4, which it used to update ChatGPT’s capabilities, upped the stakes even more. The chatbot is part of a wave of so-called generative AI—sophisticated systems that produce content from text to images—that has shaken up Big Tech and is set to transform industries and the future of work.

☆ Prudential says exposure to SVB minimal, sales to China travellers pick up
▼ + stars: | 2023-03-15 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, March 15 (Reuters) - Asia-focused insurer Prudential's (PRU.L) said its exposure to collapsed Silicon Valley Bank (SVB) is minimal, and expects little impact on its "conservative" balance sheet. "Our exposure to SVB is de minimis," Turner said. The insurer's stock price ended 1.18% lower in Hong Kong on Wednesday, while the broader market was up 1.52%. Its London-listed shares fell 4.7% by 9 a.m. GMTAnalysts say they expect a stronger pickup in sales from Chinese mainland visitors to Hong Kong, the insurer's key revenue centre. As China ended its Zero-COVID policy, border restrictions were removed last month allowing mainland visitors to go to Hong Kong and buy insurance again.

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