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☆ Prudential's full year profit up 8%, COVID curbs removal a boost: CEO
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 15 (Reuters) - Asia-focused insurer Prudential's (PRU.L) operating profit rose 8% in 2022, boosted by new insurance sales despite the coronavirus pandemic, and its new boss said on Wednesday sales had picked up further since China lifted its COVID-19 curbs. Adjusted operating profit from the London and Hong Kong dual-listed company came in at $3.38 billion on a constant exchange rate basis, up from $3.23 billion in 2021, Prudential said in a statement. The result beat a forecast of around $3.34 billion from 22 analysts' forecasts provided by the company. The insurer has now completed the move of its entire senior management team from London to Hong Kong - its new global headquarters - which is closer to its revenue sources. Reporting by Selena Li Editing by Shri Navaratnam and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

But production is running at least a third below plan, keeping the Ariya from shipping to new customers, according to three of the people and production planning notes reviewed by Reuters. Implementation has proved "an extremely, extremely high challenge" and the advanced paint line has become a persistent headache, one of the people said. In a statement to Reuters, Nissan said Ariya production had faced challenges including supply of semiconductors, disruptions in components shipments and the factory's paint line. EVs accounted for just 4.5% of Nissan's global sales of 3.2 million vehicles in 2022. Output over the next two months is expected to fall short of that, according to production planning notes from last month reviewed by Reuters.

☆ Biden's budget recycles tax hikes that failed to pass when Democrats controlled Congress
▼ + stars: | 2023-03-09 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Biden administration's 2024 budget relies almost entirely on additional revenue created by raising taxes on the wealthiest Americans and corporations and by letting the Trump-era tax cuts expire. The top individual income tax bracket would rise to 39.6%, and a new global minimum tax would seek to collect levies on income earned overseas. The budget would also close what the White House calls "Medicare tax loopholes" in order to make the Medicare Trust Fund solvent for more than two decades. But it was unclear Thursday whether any of Biden's tax proposals might win enough Democrats and Republicans to become law. Biden's 2024 reelection campaign, which could be announced in the coming weeks, looms large over the 2024 budget tax proposals — many of which were popular with Democratic voters when he ran in 2020.

☆ Credit Suisse 'seriously breached' obligations in Greensill case, Swiss regulator says
▼ + stars: | 2023-02-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The logo of Credit Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023.Credit Suisse "seriously breached its supervisory obligations" in the context of its business relationship with financier Lex Greensill and his companies, Swiss regulator FINMA concluded Tuesday. Credit Suisse CEO Ulrich Körner welcomed the conclusion of the FINMA investigation in a statement Tuesday. In March 2021, Credit Suisse closed four supply chain finance funds at short notice related to Greensill companies. FINMA announced Tuesday that it has ordered remedial measures and opened four enforcement proceedings against former Credit Suisse managers. Credit Suisse noted that all of the requirements identified by the regulator "are being addressed through the organizational measures already underway."

☆ Reshoring is accelerating—These stocks should benefit as companies return to the U.S.
▼ + stars: | 2023-02-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Reshoring declarations are amping up, as more companies look to return operations to the United States from overseas. Corporate reshoring announcements jumped 17% in the fourth quarter compared with the prior quarter and are now tracking nearly 300% higher than the fourth quarter of 2021, according to UBS. In fact, reshoring and foreign direct investments jobs reached a record of at least 360,000 jobs last year, according to the Reshoring Initiative. The move back to the U.S . can also be seen in corporate earnings, said Ron Graziano, managing director of global accounting and tax for Credit Suisse. The company's equipment is needed for big semiconductor manufacturing plants as companies test chips as they are produced, Snyder said.

The key to it all, of course, is money, and as organized and funded now, the World Bank would be stretched to meet those goals. He also serves on the advisory board of Beyond Net Zero, a climate finance fund. This will be especially difficult for the World Bank's top shareholder, the United States, due to political brawling between the Biden administration and the Republican-majority House of Representatives. The House has major sway over the country's purse strings and its leaders are not disposed to widen the World Bank's role in fighting climate change. In fiscal 2022, the World Bank committed more than $104 billion to projects around the globe, according to the bank's annual report.

☆ Ukraine war live updates: Putin rallies support ahead of war anniversary; Ukraine faces 'creeping encirclement' around Bakhmut
▼ + stars: | 2023-02-23 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Medvedev repeated a Russian claim that the U.S. "wants the defeat of Russia" and that the world is on the brink of a new global conflict. "If the United States wants to defeat Russia, then we have the right to defend ourselves with any weapon, including nuclear," Medvedev said. We, in addition, have accumulated experience in tracking what is happening in the United States, and not only in the United States, in this area, using other possibilities. The New Start treaty allowed for mutual inspections of each other's nuclear weapons sites, although in practice, these have been suspended since the Covid-19 pandemic and have not resumed since the war in Ukraine began. Russia has also said it wants to see Britain and France's nuclear arsenals counted in any future Start treaty.

☆ Ukraine war live updates: Moscow unrepentant after suspending nuclear arms treaty with U.S., with officials saying it was 'overdue'
▼ + stars: | 2023-02-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

☆ SpaceX invites customers to try global roaming Starlink service, which costs $800 upfront and works almost anywhere on land
▼ + stars: | 2023-02-20 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

SpaceX unveiled in an email to customers its global roaming service for Starlink internet. The service costs $200 per month and $599 for the Starlink kit, emails appear to show. "Global Roaming services are contingent on regulatory approvals," SpaceX said in the email, linking to its map, which shows where Starlink is authorized. PC Mag reported that SpaceX also sent the email to waitlist customers in countries where the satellite internet service isn't available yet, including Greenland. The rollout of the $200 roaming service comes after SpaceX said it had struggled to fund Starlink, especially during the Ukraine war.

☆ Privacy Regulators Step Up Oversight of AI Use in Europe
▼ + stars: | 2023-02-16 | by ( Catherine Stupp | ) www.wsj.com time to read: +6 min

European privacy regulators are intensifying their scrutiny of companies’ use of artificial intelligence, hiring experts and opening new units to crack down on data violations. “AI is appearing in all sectors,” said Kari Laumann, head of a division for research, analysis and policy at Norway’s data protection authority. The regulator’s office has worked with 64 companies to test AI initiatives under its supervision, in a program started in 2020. Regulators have fined companies for privacy failings in their AI applications in recent years, but European data protection officials and privacy analysts say it is still unclear how to apply some aspects of European privacy law to the technology. Mr. Jairaj said he expects the EU’s coming legislation to force companies to look closely at third-party suppliers of AI products.

☆ What Is ChatGPT? What to Know About the AI Chatbot That Will Power Microsoft Bing
▼ + stars: | 2023-02-08 | by ( Karen Hao | ) www.wsj.com time to read: 1 min

Within weeks of its launch, OpenAI ‘s ChatGPT triggered a new global race in artificial intelligence. The chatbot is part of a fresh wave of so-called generative AI—sophisticated systems that produce content from text to images—that is set to be one of the most disruptive forces in a decade to Big Tech, industries and the future of work. Microsoft Corp. has added the technology to its products, including search engine Bing, while competitors Google and Baidu are pushing to launch similar tools. Despite its sudden burst in popularity, the technology currently has serious limitations and potential risks that include spewing misinformation and infringing on intellectual property.

Hong Kong's new global promotional campaign will "kickstart" the city's reopening to international travelers, the Hong Kong Tourism Board told CNBC's "Squawk Box Asia" on Friday. As part of the "Hello Hong Kong" campaign, which was launched on Thursday, 500,000 air tickets will be given away over the next six months, starting in March. The tickets will be given out through three Hong Kong's carriers — Cathay Pacific, HK Express and Hong Kong Airlines. "[But] you want to kickstart and … tell the world in a clear message that Hong Kong and then mainland — we have finally reopened." Some 80,000 tickets have also been reserved for Hong Kong residents which authorities aim to give out in the summer.

☆ Airbnb's 13 most wish-listed properties in the world for 2023—including an $18 million home
▼ + stars: | 2023-01-30 | by ( Celia Fernandez | ) www.cnbc.com time to read: +8 min

Airbnb's most wish-listed new global listings for 2023Modern Smoky Mts Getaway Cabin - Gatlinburg, TennesseeThis cabin is nestled in the Smoky Mountains in Gatlinburg, Tennessee, United States. Luxury Glass Tiny House - Warren, VermontLocated in the heart of the Green Mountains in Vermont, this tiny home is just 200 square feet. AirbnbThis tiny home, with a jaw-dropping view, sits in the heart of the Green Mountains in Vermont. AirbnbThis cabin at Highlands Hideaway in Blue Ridge, Georgia, has three bedrooms, a bunk room, and three full bathrooms. AirbnbThis tiny home in Hawson, South Australia, Australia, was built between 2018 and 2019.

☆ Bank of America CEO says capitalism needs cleaning up with new global ESG rules
▼ + stars: | 2023-01-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Bank of America Chief Executive Brian Moynihan said Wednesday that current efforts to produce a set of official global standards on ESG issues were vital to "align capitalism with what society wants from it." He said it was now important to "go to the official side" and was supporting the new International Sustainability Standards Board set up by non-profit the IFRS. This is due to comprise a set of general non-financial sustainability disclosure requirements for companies, and a set specifically on climate. Moynihan also said it was crucial that sustainability and ethical standards became official and global. "Which, at the end of the day, will align capitalism with what society wants from it and get us going faster."

☆ Over 200 millionaires urge Davos elite to up taxes on the ultra-rich
▼ + stars: | 2023-01-18 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Over 200 millionaires are urging the elite echelons in attendance at this week's World Economic Forum in Davos to "tackle extreme wealth" and "tax the ultra-rich" to help relieve the cost-of-living strain off ordinary households. The letter questions the mission of the World Economic Forum in absence of concrete measures:"The current lack of action is gravely concerning. A meeting of the 'global elite' in Davos to discuss 'Cooperation in a Fragmented World' is pointless if you aren't challenging the root cause of division. CNBC has reached out to the Davos World Economic Forum for comment. Just one leader of the Group of Seven global economic — German Chancellor Olaf Scholz — was set to attend the Davos proceedings this week, as several of his counterparts battle the cost-of-living crisis.

☆ Just 40% of people say their lives will be 'better off' in the next 5 years, a new global survey finds, with trust in business growing and trust in government falling
▼ + stars: | 2023-01-17 | by ( Reed Alexander | Read More | Read Less | ) www.businessinsider.com time to read: +4 min

Just 40% of respondents in a new global survey believe they'll be "better off" in the next five years. The annual Edelman Trust Barometer also found growing trust in business versus the public sector. Just four in 10 respondents who participated in the Edelman Trust Barometer for 2023 predicted that they and their families will be "better off" in five years — a dramatic 10-point reduction from last year. Edelman published its 2023 Trust Barometer this weekend, coinciding with a constellation of other warning signs that further economic pain may be on the way. The Edelman Trust Barometer, which this year polled more than 32,000 respondents in 28 countries, found that trust is tilting away from the public sector.

☆ The richest 1% of people amassed almost two-thirds of new wealth created in the last two years, Oxfam says
▼ + stars: | 2023-01-16 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

Over the last two years, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, a new report from Oxfam says. A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the top 1% of the ultra-rich, according to the report. The remaining 99% of the global population collected just $16 trillion of new wealth, the global poverty charity says. It suggests that the pace at which wealth is being created has sped up, as the world's richest 1% amassed around half of all new wealth over the past 10 years. It's time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow 'trickling down' to everyone else," Bucher said.

☆ Here are Friday's biggest analyst calls: Tesla, Apple, Amazon, AMC, Netflix, Caterpillar & more
▼ + stars: | 2023-01-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Friday's biggest calls on Wall Street: Bank of America upgrades Caterpillar to buy from neutral Bank of America said in it sees a multiyear growth story for the industrial giant. Guggenheim downgrades Tesla to sell from neutral Guggenheim said numbers are too optimistic ahead of Tesla 's earnings later this month. Deutsche Bank downgrades Logitech to hold from buy Deutsche said it's concerned about weakening PC demand trends. Bank of America reiterates Alphabet as buy Bank of America said it's standing by its buy rating on the stock, but that it sees further headcount reductions this year. Bank of America names Netflix a top pick Bank of America said Netflix is one of the best positioned media company's for the permanent shift to streaming.

☆ IMF chief heading to Zambia, says new debt 'roundtable' to meet in February
▼ + stars: | 2023-01-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Georgieva, the first person from an emerging market economy to head the International Monetary Fund, told reporters debt relief was critical for heavily indebted nations to avoid cuts in social services and other repercussions. The Bulgarian economist, who has pushed hard for quicker movement on debt relief, said she would travel to Zambia in two weeks, and hoped the African country would become the second nation after Chad to complete a debt treatment process under the Common Framework. China, for its part, argues that multilateral institutions should also required to accept reductions in the debt they are owed. "The main objective of the roundtable ... (is to) bring everybody around the table at the most senior levels," she said. Additional meetings were expected in April at the spring meetings of the IMF and World Bank, she said.

☆ World Bank warns global economy could tip into recession in 2023
▼ + stars: | 2023-01-10 | by ( David Lawder | ) www.reuters.com time to read: +4 min

REUTERS/Andrew KellyWASHINGTON, Jan 10 (Reuters) - The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter. The development lender said it expected global GDP growth of 1.7% in 2023, the slowest pace outside the 2009 and 2020 recessions since 1993. In its previous Global Economic Prospects report in June 2022, the bank had forecast 2023 global growth at 3.0%. It forecast global growth in 2024 to pick up to 2.7% -- below the 2.9% estimate for 2022 -- and said average growth for the 2020-2024 period would be under 2% -- the slowest five-year pace since 1960. China's growth in 2022 slumped to 2.7%, its second slowest pace since the mid-1970s after 2020, as zero-COVID restrictions, property market turmoil and drought hit consumption, production and investment, the World Bank report said.

☆ World Bank warns global economy could easily tip into recession in 2023
▼ + stars: | 2023-01-10 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 10 (Reuters) - The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter. The development lender said it now expected global GDP growth of 1.7% in 2023 -- the slowest pace outside the 2009 and 2020 recessions in nearly three decades. In its previous Global Economic Prospects report, in June 2022, the bank had forecast 2023 global growth at 3.0%The bank said major slowdowns in advanced economies, including sharp cuts to its forecast to 0.5% for both the United States and the euro zone, could foreshadow a new global recession less than three years after the last one. China's growth in 2022 slumped to 2.7%, its second slowest pace since the mid-1970s after 2020, as zero-COVID restrictions, property market turmoil and drought hit consumption, production and investment, the World Bank report said. The World Bank noted that some inflationary pressures started to abate as 2022 drew to a close, with lower energy and commodity prices, but warned that risks of new supply disruptions were high, and elevated core inflation may persist.

☆ How Netflix has changed the global entertainment industry
▼ + stars: | 2022-12-26 | by ( Ashley Rodriguez | Elaine Low | ) www.businessinsider.com time to read: +7 min

Since Netflix began its worldwide expansion in 2016, the streaming service has rewritten the playbook for global entertainment — from TV to film, and, more recently, video games. Still, Netflix's impact on the global TV industry is undeniable. More on Netflix's effect on global TV:The streamer's executive team was rebuilt with a global focusIn recent years, Netflix reoriented its leadership around its new global model. Peters also hired a new talent chief with international experience, former PepsiCo executive Sergio Ezama, to lead Netflix's global workforce. More on Netflix's corporate structure:Netflix has seen its first wide layoffs, though it continues to growThe corporate restructuring hasn't been without obstacles.

Policymakers hope an ambitious deal can spur nature conservation in the same way that an international pact in Paris in 2015 helped mobilize efforts to limit planet-warming carbon emissions. However, the text mentions only that $20 billion to $30 billion per year comes from developed countries by 2030. "Probably we will have to reach an agreement between $30 billion and $100 billion," Colombia's Muhamad told reporters. The draft deal does not mention setting up a separate facility. Lastly, risks from pesticides and highly hazardous chemicals would be reduced by at least half, but the text does not address slashing their overall use.

The presidency of the Montreal summit is held by China, which is responsible for releasing the draft text, based on the last two weeks of negotiations, as the best compromise for parties to discuss going forward. However, the 30-by-30 target does not contain a global goal and makes limited mention of the ocean, which could leave international waters unprotected. Financial mobilization has remained another key sticking point at the talks, and the draft puts forward allocating $200 billion per year for conservation initiatives - a target seen as critical for the successful implementation of any deal. The draft does not mention setting up a new facility. Lastly, the text does not address slashing the use of pesticides but does say that the risks from pesticides and highly hazardous chemicals should be reduced by at least half.

☆ Explainer: What the world's nature-rich nations want out of a global conservation deal
▼ + stars: | 2022-12-17 | by ( Gloria Dickie | ) www.reuters.com time to read: +6 min

REUTERS/Nacho Doce/File PhotoMONTREAL, Dec 17 (Reuters) - Tangled expanses of Amazon rainforest, high mountains of the Himalayas, and cloud-shrouded forests are just some of the unique landscapes contained within the world's most nature-rich nations. Governments are trying to work out a new global agreement to guide conservation and wildlife protection through 2030 at a U.N. summit in Montreal this week. Of the nearly 200 countries assembled, five are considered to be among the world's most biodiverse nations — measured in the number of unique species. That's more than a third of all the world’s flowering plants, and more than half of all bird and mammal species on Earth. Here's what some of the world's most nature-rich nations want to happen at the talks.

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