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☆ EY Lays Out U.S. Governance Overhauls After Failed Split
▼ + stars: | 2023-11-06 | by ( Mark Maurer | Alexander Saeedy | ) www.wsj.com time to read: 1 min

Ernst & Young’s global executive board is preparing to vote on a successor to Carmine Di Sibio, the global chairman and chief executive, in coming weeks. Photo: tolga akmen/Agence France-Presse/Getty ImagesErnst & Young is stepping up its U.S. governance overhaul efforts, a bid to give partners there a greater voice in firm strategy, following the failed separation of its audit and advisory businesses earlier this year. The proposal comes as the Big Four accounting firm continues to work to untangle the mess left by its decision in April to scrap plans to split auditing and consulting into two different firms. EY spent $600 million and more than a year working on the split.

Persons: Ernst, Carmine Di Sibio, tolga, Young, EY Organizations: Agence France, Getty, Ernst, Big

☆ Foreign Firms Pull Billions in Earnings Out of China
▼ + stars: | 2023-11-06 | by ( Jason Douglas | Weilun Soon | ) www.wsj.com time to read: 1 min

Beijing’s chilly relations with the West have pushed global companies to rethink their exposure to China. Photo: wang zhao/Agence France-Presse/Getty ImagesSINGAPORE—For years, foreign companies plowed the profits they made in China back into China, using the cash to finance new hiring and investment as its giant economy expanded rapidly. Now, as growth slows and tensions between Beijing and Washington rise, they are pulling those profits out.

Persons: wang zhao Organizations: Agence France, Getty Locations: China, SINGAPORE, Beijing, Washington

☆ LVMH to Buy Eyewear Brand Favored by the Stars
▼ + stars: | 2023-11-05 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Bernard Arnault, head of LVMH, has a net worth larger than those of Elon Musk and Jeff Bezos. WSJ’s Nick Kostov explains how the French business magnate amassed his fortune and how he plans to keep that wealth under family control. Photo: Nicholas Kamm/Agence France-Presse/Getty ImagesPARIS— LVMH Moët Hennessy Louis Vuitton has agreed to buy Los Angeles-based eyewear maker Barton Perreira , part of the luxury conglomerate’s push to extend its reach to goods with mass-market appeal. Eyewear has emerged in recent years as one of the first purchases that aspiring luxury consumers make before moving on to more expensive items such as handbags. That is prompting LVMH and other luxury-goods companies to wean themselves off licensing agreements with third-party manufacturers and develop in-house eyewear operations.

Persons: Bernard Arnault, Elon Musk, Jeff Bezos, Nick Kostov, Nicholas Kamm, LVMH Moët Hennessy Louis Vuitton, Barton Perreira, LVMH Organizations: Agence France, PARIS Locations: Los Angeles

☆ Storm Ciaran Rips Through Western Europe, Killing at Least 11
▼ + stars: | 2023-11-03 | by ( Gareth Vipers | ) www.wsj.com time to read: 1 min

Montemurlo, Italy, suffered damage as it was hit by Storm Ciaran. Photo: federico scoppa/Agence France-Presse/Getty ImagesViolent winds battered much of Western Europe, leaving at least 11 people dead, dozens injured and millions without power. The storm, named Storm Ciaran by the U.K.’s Met Office, brought high winds and torrential rain to large parts of France, Germany, Belgium, the Netherlands, the U.K., Italy and Spain, forcing school closures and disruption to rail and air travel.

Persons: Storm Ciaran ., federico scoppa, Storm Ciaran Organizations: Agence France, U.K Locations: Montemurlo, Italy, Western Europe, France, Germany, Belgium, Netherlands, Spain

☆ U.S. Targets Russian Businesswoman, Saying She Helped Oligarchs Evade Sanctions
▼ + stars: | 2023-11-03 | by ( Angus Berwick | Andrew Duehren | ) www.wsj.com time to read: 1 min

Moscow’s international business center, where Garantex is based. Photo: Agence France-Presse/Getty ImageThe U.S. Treasury Department sanctioned a Russian businesswoman Friday who it said helped Russian oligarchs and cybercriminals use cryptocurrencies to evade U.S. sanctions. Ekaterina Zhdanova, 37, used digital currencies to facilitate large cross-border transactions, taking advantage of platforms with weak compliance controls such as a Russian crypto exchange called Garantex that the U.S. sanctioned last year, Treasury said in a statement.

Persons: Ekaterina Zhdanova Organizations: Agence France, . Treasury Department, Treasury Locations: Russian

☆ Rebels Kidnapped Father of Liverpool Soccer Star Luis Díaz, Colombian Government Says
▼ + stars: | 2023-11-02 | by ( Juan Forero | ) www.wsj.com time to read: 1 min

Cilenis Marulanda, left, was also abducted but was rescued soon after. Photo: lismari machado/Agence France-Presse/Getty ImagesBOGOTA, Colombia—A leftist guerrilla group that embarked on peace talks with President Gustavo Petro ’s administration has been deemed responsible for kidnapping the father of European soccer star Luis Díaz , the government said Thursday. The National Liberation Army, which has operated since the 1960s and entered into a cease-fire agreement with the government in August, kidnapped Diaz’s parents, Luis Manuel Díaz and Cilenis Marulanda , on Saturday in the town of Barrancas in northeast Colombia near the Venezuelan border, said Otty Patiño , the government’s lead negotiator in talks with the group.

Persons: Cilenis Marulanda, lismari machado, Gustavo Petro ’, Luis Díaz, Diaz’s, Luis Manuel Díaz, Cilenis, Otty Patiño Organizations: Agence France, Getty Images, National Liberation Army Locations: Getty Images BOGOTA, Colombia, Barrancas, Venezuelan

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

☆ Americans Can Stick More Cash in Their 401(k)s Next Year, Thanks to Inflation
▼ + stars: | 2023-11-01 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The IRS also raised the limit on contributions to an individual retirement account by $500 to $7,000. Photo: STEFANI REYNOLDS/Agence France-Presse/Getty ImagesWASHINGTON—Most workers will be able to put up to $23,000 into their 401(k)s and similar workplace retirement plans in 2024, up $500 from this year, the IRS said Wednesday. The tax agency announced the inflation-adjusted limits for retirement plans, following formulas set out in the law.

Persons: STEFANI REYNOLDS Organizations: IRS, Agence France, Getty, WASHINGTON

☆ The Economy Is Great. Why Are Americans in Such a Rotten Mood?
▼ + stars: | 2023-11-01 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

The unemployment rate is at 3.8%, marginally above where it stood in January 2020. Photo: stefani reynolds/Agence France-Presse/Getty ImagesLast week we learned that the economy, far from sliding toward recession as economists had predicted over the past year, has actually picked up steam thanks to indefatigable consumers. Not only has economic output made up all the ground lost during the pandemic, but it is also above where it would have been had the pandemic never happened, judging by what the Congressional Budget Office projected in early 2020.

Persons: stefani reynolds Organizations: Agence France, Congressional

Meta and Facebook logos are seen in this illustration taken February 15, 2022. The ban on such advertising, which targets users by harvesting their data, is a setback for U.S. tech giant Meta Platforms (META.O), the owner of the two social media services, which has opposed efforts to curb the practice. The Norwegian data regulator, Datatilsynet, in September said it had referred the ongoing fine to the European regulator, as its fine was valid in Norway only and due to expire on Nov. 3. Norway is not a member of the EU but is part of the European single market. The decision affects some 250 million Facebook and Instagram users in Europe, Datatilsynet said.

Persons: Dado Ruvic, EDPB, Datatilsynet, Gwladys Fouche, Terje Solsvik, Tomasz Janowski Organizations: Meta, REUTERS, EU, Facebook, European Union, European Economic, European Data Protection, Reuters, Economic, Big Tech, Thomson Locations: Norway, Ireland, Norwegian, Europe

Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. He, 68, replaced internationally respected Liu He as one of China's four vice premiers during its annual parliament session in March. The full scope of his portfolio had been largely unclear until Sunday when state media referred to him as the director of a powerful Communist Party economic body. "He Lifeng mainly implements policies from the top leader," said a policy adviser who spoke on condition of anonymity, referring to Xi. "Now under the leadership of the Party ... there will be closer cooperation among the top economic planner, central bank and the finance ministry."

Persons: Lifeng, Florence, Xi Jinping's, Liu, Xi, Liu He, Li Keqiang, Peng Liyuan, Kevin Yao, Laurie Chen, Joe Cash, Ellen Zhang, Marius Zaharia Organizations: REUTERS, Rights, Communist Party, Central Financial Commission, Harvard, Investors, State Council, Party, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, China's, Washington, Europe, Quanzhou, Fujian, Xiamen, Tianjin, Lincoln

☆ Bank of Japan Backs Away From Rate Cap Amid Persistent Inflation
▼ + stars: | 2023-10-31 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

The Bank of Japan decision came with an acknowledgment that inflation in the country is more long-lasting than the central bank had expected. Photo: richard a. brooks/Agence France-Presse/Getty ImagesTOKYO—The Bank of Japan said on Tuesday that it would consider its cap on government bond yields as a reference point rather than a hard boundary, backing away from a seven-year-old policy amid persistent inflation. Since 2016, the Bank of Japan has prevented the yield on 10-year Japanese government bonds from rising above a certain level, part of a policy known as yield-curve control. In July, it raised the hard cap to 1% from 0.5%.

Persons: richard Organizations: Bank of Japan, Agence France, Getty, The Bank of, Bank of Locations: TOKYO, The Bank of Japan, Bank of Japan

☆ Japan’s Seven-Year Experiment in Extreme Interest-Rate Control Is Coming to an End
▼ + stars: | 2023-10-31 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

The Bank of Japan acknowledged that inflation in the country is more long-lasting than it had expected. Photo: richard a. brooks/Agence France-Presse/Getty ImagesTOKYO—The Bank of Japan edged closer to a new era in which it ends the unconventional monetary easing it has long pursued, although Gov. Kazuo Ueda wasn’t ready to declare the old era over yet. The central bank said Tuesday that its 1% cap on the 10-year government bond yield would now be considered a reference rather than a hard limit. It sharply raised its price forecast, saying the inflation rate would likely stay near 3% until early 2025.

Persons: richard, Kazuo Ueda wasn’t Organizations: Bank of Japan, Agence France, Getty, The Bank of Japan Locations: TOKYO

☆ China’s Economy Shows Fresh Signs of Slowing
▼ + stars: | 2023-10-31 | by ( Jason Douglas | ) www.wsj.com time to read: 1 min

Workers at a factory in Nantong, in China’s eastern Jiangsu province. Photo: str/Agence France-Presse/Getty ImagesSINGAPORE—China’s economy suffered a setback as surveys showed factory orders shrank and construction activity slowed, reigniting growth concerns just as activity appeared to be stabilizing. The closely watched surveys show the world’s second-largest economy isn’t out of the woods as it contends with challenges including a slowdown in growth overseas and a drawn-out property bust at home.

Organizations: Agence France, Getty, SINGAPORE Locations: Nantong, China’s, Jiangsu

☆ ‘Disappointed Again’: Ad Companies Suffer as Tech Firms Clip Spending
▼ + stars: | 2023-10-30 | by ( Megan Graham | ) www.wsj.com time to read: 1 min

Ad agency holding companies say they are being hurt by more cautious technology advertising. At Meta Platforms, for instance, outlays for marketing and sales decreased 24% in the third quarter. Photo: kena betancur/Agence France-Presse/Getty ImagesSome of the major advertising holding companies are still feeling the impact of lower spending from technology clients—with some hit harder than others. Recent quarterly results from Interpublic Group , Omnicom Group , WPP and Publicis Groupe showed that many of their units are seeing more caution from some advertisers, slower project work, delayed starts of new business or other signs of a pullback.

Persons: kena Organizations: Agence France, Interpublic, Omnicom, WPP, Publicis Groupe

☆ Meta Pauses Ads for Users Under 18 in Europe as It Rolls Out Subscriptions
▼ + stars: | 2023-10-30 | by ( Sam Schechner | ) www.wsj.com time to read: 1 min

Meta’s plan would temporarily suspend showing ads to all users under 18 in the EU and parts of Europe that follow EU rules. Photo: tobias schwarz/Agence France-Presse/Getty ImagesMeta Platforms will stop showing ads to European teens as part of a plan announced Monday to launch new subscription-based versions of its social-media products to comply with the continent’s regulations. The plan would temporarily suspend showing ads to all users under the age of 18 in the European Union and parts of Europe that follow EU rules.

Persons: tobias schwarz Organizations: Agence France, European Union Locations: Europe

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Oct 30 (Reuters) - China will send Wu Zhaohui, a Vice Minister of Science and Technology, to a global summit on artificial intelligence this week in Britain, two sources familiar with the matter said. Former Prime Minister Tony Blair visited Beijing earlier this month and met Chinese Foreign Minister Wang Yi, as Beijing seeks to boost ties with the Labour party ahead of a general election likely next year. China's science ministry and foreign ministry, as well as the Chinese Academy of Sciences, did not respond immediately to faxed requests for comment. Wu was appointed to his role in the science ministry in December 2022. Like many countries around the world, China has been caught up in a global craze over generative AI following the popularity of OpenAI's ChatGPT last year.

Persons: Dado Ruvic, Wu Zhaohui, James, Boris Johnson, Tony Blair, Wang Yi, Wu, Xi Jinping, OpenAI's ChatGPT, Laurie Chen, Brenda Goh, Miral Organizations: REUTERS, Rights, Science, Technology, Labour, Chinese Academy of Sciences, HK, Foreign, Commonwealth, Development, Thomson Locations: Rights BEIJING, SHANGHAI, China, Britain, Beijing, British, London, Hong Kong, United States, Shanghai

☆ Wars Push Up Demand for Weapons, Sparking Fears of Shortages
▼ + stars: | 2023-10-29 | by ( Daniel Michaels | Doug Cameron | ) www.wsj.com time to read: 1 min

An Israeli soldier adjusts the tip to an artillery shell near the border with Lebanon. Photo: Jalaa Marey/Agence France-Presse/Getty ImagesARLANDASTAD, Sweden—Western defense officials worry that with Israel going to war as the West battles Russia by proxy in Ukraine, there won’t be enough artillery shells and other weapons to keep both allies in the fight. The issue is concerning NATO planners even though Israel isn’t a member of the alliance and few European countries supply it with military equipment.

Persons: Jalaa, Israel, Israel isn’t Organizations: Agence France, NATO Locations: Israeli, Lebanon, Sweden, Russia, Ukraine

☆ Does Strong Growth Fuel Inflation? Fed Debates Whether Old Model Still Applies
▼ + stars: | 2023-10-29 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

Federal Reserve Chair Jerome Powell has said that the labor market is tight but loosening. Photo: saul loeb/Agence France-Presse/Getty ImagesSince Federal Reserve officials last raised interest rates in July, the economy is doing two things that central bankers don’t think it can sustain much longer: revving up activity and at the same time slowing inflation. It has set off a debate within the central bank about how closely it should follow its traditional models of the economy. The debate is unlikely to affect the outcome of its meeting this week, when the Fed is set to hold interest rates steady to provide more time to see the effects of their rapid increases over the past two years.

Persons: Jerome Powell, saul loeb Organizations: Agence France, Federal

The Al Shifa hospital was lit up in Gaza City on Tuesday. But to the Israeli military, it is a threat, and, perhaps, a target. Among Al Shifa’s current patients are about 130 newborns who were orphaned just as they were born, according to doctors at Al Shifa. Born premature, they were placed in incubators in Al Shifa’s neonatal intensive care unit. Video A doctor treating premature babies at Al Shifa Hospital said that many of the newborns were now orphaned.

Persons: Al Shifa, Al, ”, Daniel Hagari, Salama Marouf, Israel, Hagari, Dawood Nemer, “, I’ve, Tamir Kalifa, The New York Times Al Shifa’s, Al Shifa’s, obstetricians, Bisan, Mohammed Al, Masri, Ghassan Abu Sittah, —, ” Iyad Abuheweila, Isabel Kershner Organizations: Agence France, Shifa, The New York Times, Population, Al Shifa Hospital, Reuters, Al, CNN Locations: Gaza City, Gaza, Al, —, Tel Aviv, Israel, Hamas’s, British, Palestinian, Lebanese

☆ Live updates: Israel says it is expanding ground operations in Gaza as war with Hamas rages
▼ + stars: | 2023-10-28 | by ( Tara Subramaniam | Andrew Raine | ) edition.cnn.com time to read: +2 min

Abed Zagout/Anadolu/Getty ImagesThe Israel Defense Forces (IDF) told international news organizations that they cannot guarantee the safety of journalists reporting from Gaza, according to a Reuters report published Friday. International news agencies Reuters and Agence France Presse (AFP) contacted the Israeli military this week for assurance their journalists on the ground in Gaza would not be targeted by Israeli airstrikes. The letter also said Hamas deliberately put military operations "in the vicinity of journalists and civilians," Reuters wrote. Reuters and AFP have both expressed concern over the safety of journalists in Gaza, Reuters stated. CNN is a client of Reuters and AFP, regularly using live and recorded video feeds from the news agencies.

Persons: Abed Zagout, Phil Chetwynd Organizations: Getty, Israel Defense Forces, International, Reuters, Agence France Presse, Hamas, IDF, AFP, AFP Global, CNN Locations: Khan Yunis, Gaza, Anadolu

☆ X Launches Two New Premium Tiers in Bid for Subscription Revenue
▼ + stars: | 2023-10-28 | by ( Alexa Corse | ) www.wsj.com time to read: 1 min

Elon Musk took over X a year ago and its advertising business continues to struggle. Photo: Josh Edelson/Agence France-Presse/Getty ImagesX Corp. said it is launching two new subscription tiers, representing the latest effort by Elon Musk to boost the company’s subscription revenues while its advertising business continues to struggle. On Friday, X, formerly known as Twitter, began offering a $16 monthly tier called Premium+, which is more expensive than its previously existing option and offers the benefit of not showing the user ads in the For You or Following feeds. It also includes a host of other features such as boosted visibility, the ability to edit posts and post longer videos, and others.

Persons: Elon Musk, Josh Edelson Organizations: Agence France, X Corp, Twitter

☆ Inflation Trends Likely to Keep Fed Rate-Hike Pause on Track
▼ + stars: | 2023-10-27 | by ( Harriet Torry | ) www.wsj.com time to read: +2 min

Moderately higher inflation in September would keep Fed officials on track to hold interest rates steady at its Oct. 31-Nov. 1 policy meeting. They are closely watching underlying price trends to gauge whether they have raised short-term interest rates enough to slow the economy and tame inflation. The Fed over the past 20 months has raised interest rates at the fastest pace in four decades. The Fed last raised rates in July, lifting its benchmark federal-funds rate to a range between 5.25% and 5.5%, a 22-year high. Has recent inflation progress stalled?

Persons: WSJ’s Dion Rabouin, Li Jianguo, saul loeb Organizations: Zuma, Wall, Fed, Agence France, Commerce, Commerce Department

☆ Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest.
▼ + stars: | 2023-10-27 | by ( Josh Zumbrun | ) www.wsj.com time to read: 1 min

Home purchases are helping to create a growing upper middle class. Photo: Roberto Schmidt/Agence France-Presse/Getty ImagesLast week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019. Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values.

Persons: Roberto Schmidt Organizations: Agence France, Federal Reserve

☆ Amazon Beefs Up Bottom Line as AI Battle Shapes Up
▼ + stars: | 2023-10-27 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Results for Amazon Web Services, the company’s cloud-computing division, were more closely watched than normal this quarter. Photo: Pau Barrena/Agence France-Presse/Getty ImagesAmazon might not yet be the clear winner in the race among tech giants over artificial intelligence. Total revenue of $143.1 billion was up 13% from the same period last year, which exceeded the 11% growth Wall Street was expecting. And operating income soared, hitting a record $11.2 billion compared with $2.5 billion in last year’s third quarter—exceeding analysts’ consensus target by nearly half. That was helped by sharp growth in advertising and third-party seller services—both of which offer superior profit margins compared with Amazon’s more typical retail sales.

Persons: Pau Organizations: Amazon Web Services, Pau Barrena, Agence France

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