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☆ Some foreign finance execs in China spending nearly a third of their working time studying 'Xi Thought,' report says
▼ + stars: | 2023-09-17 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

The study of 'Xi Jinpeng Thought' in state-owned Chinese companies has been mandated. But now employees of foreign firms are being pulled into the 'study sessions' as well. First published in 2017, Xi Jinping thought lays out 14 principles by which China will prosper. China's President Xi Jinping Lintao ZhangIn addition to the pressure to study of Xi's doctrine, new laws have limited international banks' abilities to operate as normal in China. "Foreigners and foreign organisations in mainland China shall comply with Chinese law and must not endanger China's national security, harm the societal public interest, or undermine societal public order,'" the law states, per The FT.

Persons: Franklin Templeton, Xi, Xi Jinping, Mao Zedong, Deng Xiaoping, Jiang Zemin, Xi Jinping Lintao Zhang Organizations: CCP, Service, Blackrock, Bloomberg, BlackRock, Marxist, Deloitte Locations: Wall, Silicon, China

☆ FTC Chairwoman Lina Khan reportedly had to write her credit card number on a piece of paper to check in at the MGM Grand when its computers were down in the cyberattack
▼ + stars: | 2023-09-16 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

MGM Resorts suffered a cyberattack that affected its reservation system and casino games. Guests trying to check in at the MGM Grand Hotel in Las Vegas had to do so manually. Among those 45 patrons was FTC chairwoman Lina Khan, the outlet reported. The FTC didn't immediately respond to Insider's request for comment, but a spokesperson for the agency confirmed to Bloomberg that Khan was in Las Vegas. AdvertisementAdvertisement"MGM Resorts recently identified a cybersecurity issue affecting some of the Company's systems," a statement on MGM Resorts International's website reads.

Persons: Lina Khan, Khan, shrugged, FTC didn't Organizations: MGM Resorts, MGM, Service, Federal Trade Commission, Las, Bloomberg, Caesars Entertainment, FTC Locations: Las Vegas, Wall, Silicon

☆ Salesforce is hiring over 3,000 people, despite axing 10% of staff in brutal job cuts earlier in 2023
▼ + stars: | 2023-09-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Salesforce will look to hire around 3,000 new employees, CEO Marc Benioff told Bloomberg this week. The company announced plans to lay off 10% of its staff earlier this year in a major cost-cutting effort. Benioff is now urging former staff who joined other firms to return to the company. Millham told Bloomberg: "We have some very successful parts of our business right now, and we want a surge in those areas." Benioff told Bloomberg that he is hoping to attract significant numbers of "boomerangs" — employees who previously worked at Salesforce and moved to other firms — to return to the company in the new hiring drive.

Persons: Marc Benioff, Brian Millham, Millham, Ashley Stewart, Benioff Organizations: Bloomberg, Service, Bloomberg News, Employees Locations: Wall, Silicon, San Francisco, Salesforce

☆ Sam Bankman-Fried's dad helped market FTX's in-house cryptocurrency and became a key legal advisor, report says
▼ + stars: | 2023-09-14 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's dad has been funding his son's legal defense with a $10 million gift, lawyers say. But Joe Bankman has also been closely involved with FTX's operations, Bloomberg reports. Bankman became an employee at his son's company shortly afterwards, per Bloomberg. Former staff from Alameda, FTX's sister hedge-fund, told Bloomberg that Bankman also helped draft early legal documents. When there was any legal suggestion from an employee, SBF would say he needed to "call Joe" first, the person said.

Persons: Sam Bankman, Joe Bankman, FTX, SBF, Bankman, Larry David, FTT, CoinDesk, Fried, Joe Organizations: Bloomberg, Service, Stanford, FTT, FTX Locations: Wall, Silicon, Bahamas, Alameda

☆ Russian tycoons haul over $50 billion of assets back home under pressure from sanctions and the Kremlin
▼ + stars: | 2023-09-14 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Russian billionaires are re-domiciling their assets under pressure from Western sanctions and the Kremlin's moves. Over $50 billion of Russian wealth has been repatriated since the invasion of Ukraine, per Bloomberg. On the flip side of the coin, Putin is making it harder for foreign firms to exit Russia. Europe has for decades been the preferred destination for offshore Russian companies to base their funds, but this tradition could soon come to an end as the costs of keeping capital abroad rise. A timeline of the hurdles Russia has imposed on companies looking to flee its heavily sanctioned economy can be found here.

Persons: Putin, Vladimir Putin, Alexei Kuznetsov Organizations: Bloomberg, Service, Kremlin Locations: Ukraine, Russia, Wall, Silicon, Europe, Cyprus, Malta, Moscow, Russian

☆ Is Arm Holdings a smart way to play the booming AI market? Experts break down 2023's biggest IPO, and why you should invest with caution.
▼ + stars: | 2023-09-14 | by ( Mark Reeth | ) www.businessinsider.com time to read: +9 min

Arm Holdings, the British semiconductor and software maker, is set to go public on Thursday in the biggest initial public offering of 2023. This isn't the first time Arm shares have been available to the public. In its F-1 filing to go public, Arm said its CPUs "run the vast majority of the world's software." That would make Arm stock impressively expensive compared to peers in the tech sector. That said, while Arm shares are looking expensive today, if the company lives up to its high expectations, then the price begins to look more reasonable.

Persons: SoftBank, Arm, it's, Seth Farbman, ARM's, Farbman, Matt Bryson, he's, Bryson, Peter C, Earle, We've, It's Organizations: Arm Holdings, Bank of America, SoftBank, Taiwan Semiconductor Manufacturing, Nvidia, ARM, Apple, Google, AMD, Samsung, VStock, Intel, Wedbush Securities, American Institute for Economic Research, IPOs, China Arm's Locations: China

☆ Chinese EV subsidies will be investigated by EU over concerns they're distorting the market with cheaper prices
▼ + stars: | 2023-09-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

The European Commission president has announced an "anti-subsidy investigation" into Chinese EVs. Ursula von der Leyen said the EU's market was being distorted by "huge state subsidies." "And as we do not accept this from the inside, we do not accept this from the outside," Von der Leyen added. Chinese EV makers haven't yet brought their cars to the US, but they have become increasingly popular on the other side of the Atlantic. Not for a race to the bottom," Von der Leyen said.

Persons: Ursula von der Leyen, Von der Leyen, BYD, It's, Tesla, Forbes Organizations: European Commission, Bloomberg, Service, EV, Reuters, Volkswagen, Guardian Locations: Wall, Silicon, Europe, China, Germany

☆ Janet Yellen says she's 'feeling very good' about a soft landing, joining Paul Krugman and Larry Summers in cheering on the US economy
▼ + stars: | 2023-09-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Treasury Secretary Janet Yellen says she's "feeling very good" about chances of a US soft landing. "I think you'd have to say we're on a path that looks exactly like that," she said, per Bloomberg. Yellen joins Paul Krugman and Larry Summers in suggesting the US will avoid a recession. "I am feeling very good about that prediction," Yellen said on her way home from the G20 summit held in New Delhi, per Bloomberg. "I think you'd have to say we're on a path that looks exactly like that," she said, referring to hopes of a soft landing.

Persons: Janet Yellen, Yellen, Paul Krugman, Larry Summers, It's, Paul Krugman —, —, David Rosenberg, Leon Cooperman, Jeremy Grantham Organizations: Bloomberg, Service, Federal Reserve Locations: Wall, Silicon, New Delhi

☆ Florida's mega-rich could pay $600K for annual home insurance in elite enclaves as the state is slammed with increasingly severe hurricanes
▼ + stars: | 2023-09-09 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Insurance rates in Florida have tripled in recent years, according to Bloomberg. For the ultra-rich, insurance companies could sell five- to six- figure policies. Homeowners across Florida have seen rates increase threefold in the past few years, the report found. Weather risks, along with a combination of other factors, have caused insurance companies to pivot and stop issuing new policies in Florida. California, a state that is prone to wildfires and extreme weather, has also experienced an exodus of insurance companies.

Persons: Diddy, Jennifer Lopez, Ken Griffin, Idalia, Mark Friedlander, Oscar Seikaly Organizations: Bloomberg, Service, Homeowners, Citadel, Sunshine State, National Weather Service, Insurance Information Institute, Farmers Insurance, AAA, Farm, Allstate, NSI Insurance Locations: Florida, Wall, Silicon, Florida's, Star, Texas, . California, Napa Valley

☆ Russia will sell natural gas to China at almost a 50% discount compared to European buyers
▼ + stars: | 2023-09-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Russia expects to sell gas to China at almost half the price compared to European buyers, Bloomberg reported. Gas for China will average $271.6 per 1,000 cubic meters in 2024, versus $481.7 for buyers in Europe and Turkey. Buyers in Europe and Turkey, on the other hand, will face an average price of $481.7. AdvertisementAdvertisementThis year, meanwhile, Russia expects to sell gas to China at an average of $297.3 per 1,000 cubic meters, while the remaining clients in Europe and Turkey will pay an average of $500.6. Meanwhile, Moscow anticipates state-run energy giant Gazprom to supply natural gas to China on a $400 billion contract, via the Power of Siberia connection.

Persons: Mikhail Mishustin, Vladimir Putin, —, Jeffrey Sonnenfeld Organizations: Bloomberg, Service, Buyers, Gazprom, Yale Locations: Russia, China, Gas, Europe, Turkey, Wall, Silicon, Moscow, Siberia, Ukraine

☆ The founder of a failed crypto exchange was sentenced to 11,000 years in prison
▼ + stars: | 2023-09-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

A Turkish court sentenced Faruk Fatih Ozer, the founder of failed crypto exchange Thodex, to 11,196 years in prison. He was sentenced to 11,196 years in prison, according to a Bloomberg report. Ozer had founded his company in 2017 and it became one of Turkey's largest crypto exchanges. "I am smart enough to lead any institution on Earth," Ozer said in court, the state-run Anadolu Agency reported him as saying. Bankman-Fried's crypto exchange imploded in November 2022, sparking a chain reaction of bankruptcies and blow-ups that led many in the sector to name it crypto's "Lehman moment."

Persons: Faruk Fatih Ozer, Ozer, Sam Bankman, Lehman, Fried Organizations: Bloomberg, Service, Anadolu Agency, Prosecutors, Alameda Research Locations: Wall, Silicon, Albania, Turkey

☆ The US just imported its smallest share of Chinese goods in 17 years — and the big winners are Mexico and Vietnam
▼ + stars: | 2023-09-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The US is importing fewer goods from China, as supply chains shift away from the East Asian country. Goods imported from China into the US made up 14.6% of all imports in the 12 months through July, per a Bloomberg analysis. This is the lowest share of Chinese goods imported to the US since 2006. Mexico's share of goods imported into the US hit a record high of 15% in the 12 months through July, while Vietnam's share was 3.7%, just off a record high reached in 2022, per Bloomberg. At almost 16% share of the total trade, Mexico remained the US' top trading partner in July.

Persons: Donald Trump, It's, that's, Luis Torres, Torres Organizations: East, . Goods, Bloomberg, Service, Goods, Census Department, Bureau, Federal Reserve Bank of Dallas, Minth, Binzhou, Piston Locations: China, Wall, Silicon, Washington, Beijing, Mexico, Vietnam, Canada, US

☆ Vivek Ramaswamy's 'anti-woke' investment firm now manages assets worth more than $1 billion
▼ + stars: | 2023-09-06 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Republican presidential candidate Vivek Ramaswamy is the cofounder of an "anti-woke" ETF firm. The company was set up last year and now manages assets worth more than $1 billion. Ramaswamy's firm is a riposte to the ESG-centric policies of some big investment firms. Last month he said the "big three" investment firms – BlackRock, State Street, and Vanguard – represented "arguably the most powerful cartel in human history." Ramaswamy is vying with Florida governor Ron DeSantis for second place in opinion polls, but both lag some distance behind former President Donald Trump in the race for the Republican presidential nomination.

Persons: Vivek Ramaswamy, Ramaswamy, Eric Balchunas, Anson Frericks, It's, Vanguard –, Ron DeSantis, Donald Trump Organizations: Service, GOP, Bloomberg Intelligence, US Energy ETF, Energy ETF, Bloomberg, – BlackRock, Vanguard, Republican Locations: Wall, Silicon, BlackRock, ESG, Florida

☆ Thieves reportedly stole $500,000 of olive oil after drought boosted prices, turning it into 'liquid gold'
▼ + stars: | 2023-09-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Half a million dollars' worth of extra virgin olive oil was stolen in Spain last week, El Mundo reported. That's because Spain's olive oil production dropped by 50% this year compared to the previous harvest. The olive oil was stored in a warehouse waiting to be bottled when it was stolen, according to local newspaper Diario Córdoba. The cost of a bottle of extra virgin olive oil has jumped about 15% since mid-July in Spanish supermarkets, Bloomberg reported. "Everyone is worried because the price is going to keep climbing, and olive oil is truly becoming liquid gold," Parra said, per Bloomberg.

Persons: it's, Martin Parra, Parra Organizations: El Mundo, Service, country's Civil Guard, Diario Córdoba, Bloomberg, Olive Oil Times Locations: Spain, El, Wall, Silicon, Spanish, Córdoba, El Mundo

☆ Oil prices soar to 10-month high as Russia and Saudi Arabia commit to slash production for longer
▼ + stars: | 2023-09-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Oil prices climbed after Saudi Arabia and Russia committed to further production cuts until December. West Texas Intermediate crude oil, meanwhile, traded at about $87 a barrel, also a 10-month high. The jump in prices followed a statement published by state-run Saudi Press Agency that declared Saudi Arabia and Russia would prolong their oil production cuts for another three months until December. "This voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production," according to the media statement, per Bloomberg. Oil prices have remained tempered due to mounting concerns around China's economy.

Persons: Brent, Alexander Novak, Vladimir Putin Organizations: Service, West Texas, Saudi Press Agency, OPEC, Bloomberg, UBS, CNBC, bbl Locations: Saudi Arabia, Russia, Wall, Silicon, 4Q23, Riyadh, Moscow, Beijing

☆ Meet Colin Huang — the billionaire founder of shopping giant Temu's parent company Pinduoduo — who quit Google to become a serial entrepreneur
▼ + stars: | 2023-09-04 | by ( Grace Dean | Lu-Hai Liang | ) www.businessinsider.com time to read: +2 min

Colin Huang, the founder of ecommerce giant Pinduoduo, is currently China's fourth-richest person. Huang, who is worth $34 billion, owns 28% of Pinduoduo, the parent company of Temu. Huang was part of the team that launched Google China. Pinduoduo takes a small commission and charges sellers to promote their products on its app, but doesn't hold any stock. Just a year ago, Pinduoduo launched its cut-price shopping app Temu in the US.

Persons: Colin Huang, Huang, Colin Huang isn't, He's, Pinduoduo Organizations: Google, Morning, Sony, Bloomberg Locations: Google China, China, New York

☆ One economist still feels a recession is looming — because corporate borrowing costs could shoot up, thanks to rising interest rates
▼ + stars: | 2023-09-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Fidelity International's Salman Ahmed is predicting a recession on the back of high interest rates, per Bloomberg. AdvertisementAdvertisementThe increased cost of borrowing due to higher interest rates means companies may not be able to invest in growth. Consumer spending also typically falls when interest rates rise. By the end of 2008, its benchmark interest rate — the Fed Funds Rate was close to 0%. The Fed has been hiking interest rates relentlessly since March 2022 to combat red-hot inflation as the pandemic receded.

Persons: Salman Ahmed, Ahmed, Fidelity's Ahmed —, —, Ahmed isn't, David Rosenberg Organizations: Fidelity, Bloomberg, Service, Federal Locations: Wall, Silicon

☆ A tiny Caribbean island could reportedly add 10% to its GDP thanks to the AI boom because it's in charge of the sought-after .ai domain name
▼ + stars: | 2023-08-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

But it's also in charge of the .ai domain name. The software developer who manages the domain told Bloomberg it could generate $30 million this year. AdvertisementAdvertisementA tiny Caribbean island could make $30 million from the AI boom thanks to its unique internet domain, Bloomberg reported. Cate told the outlet that the AI boom could still generate $30 million in domain-registration fees for Anguilla this year alone. That means the .ai domain could be worth around 10% of its total domestic product.

Persons: it's, Elon Musk's xAI, Vince Cate, who's, Cate Organizations: Bloomberg, Internet Corporation, Facebook, Google, Microsoft, Anguilla Governor's Locations: Anguilla, British, Tuvalu

☆ Colin Huang, the founder of the company that owns Chinese shopping app Temu, got $4.3 billion richer after earnings smashed analysts' expectations
▼ + stars: | 2023-08-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The founder of Temu owner PDD saw his net worth jump $4.3 billion in one day, per Bloomberg's Billionaires Index. Colin Huang's fortune was boosted by a 15% surge in PDD shares after a bumper second-quarter earnings. The company reported second-quarter revenues of 52.28 billion Chinese yuan, or $7.2 billion — smashing analysts' average estimates of 43.7 billion yuan, per Refinitiv data. Huang was worth $32.8 billion as of August 30, per Bloomberg, making him the 41st richest person in the world. He launched the PDD app in May 2015 after raising $8 million from investors.

Persons: PDD, Colin Huang's, Huang, Colin Huang, Temu, PDD's Organizations: Service, Holdings, Bloomberg, Nasdaq, PDD, University of Wisconsin, Google, Shein's Locations: Wall, Silicon, PDD, Zhejiang, China, Google China

☆ Inside Citadel's $19,000-a-month summer internship, where math whizzes are coached on everything from coding to drafting emails
▼ + stars: | 2023-08-29 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Hedge fund Citadel selected 300 candidates from a pool of 69,000 applicants for its summer internship. AdvertisementAdvertisementHedge fund Citadel and trading firm Citadel Securities run a highly-coveted summer internship program that runs for 11 weeks. AdvertisementAdvertisementAccording to Bloomberg, Citadel brings in professional trainers to help them better communicate. During Citadel's summer programs, interns lodge at upscale hotels like Hong Kong's Fullerton Ocean Park Hotel, a Citadel spokesperson told Insider on Tuesday. AdvertisementAdvertisementKen Griffin, the majority owner of Citadel and Citadel Securities, is worth $37 billion, according to Bloomberg's Billionaires Index.

Persons: Kristina Martinez, Citadel's, Ken Griffin Organizations: Citadel, Bloomberg, Morning, Citadel Securities, Park, Stanford Locations: Hong

☆ Inside Citadel's $19,000-a-month summer internship, where interns are taught how to schmooze and are judged on the length of their emails
▼ + stars: | 2023-08-29 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Hedge fund Citadel selected 300 candidates from a pool of 69,000 applicants for its summer internship. AdvertisementAdvertisementHedge fund Citadel and trading firm Citadel Securities run a highly-coveted summer internship program that runs for 11 weeks. AdvertisementAdvertisementDuring Citadel's summer programs, interns lodge at upscale hotels like Hong Kong's Fullerton Ocean Park Hotel, a Citadel spokesperson told Insider on Tuesday. Ken Griffin, the majority owner of Citadel and Citadel Securities, is worth $37 billion, according to Bloomberg's Billionaires Index. Citadel posted its strongest results to date in 2022 when it made about $28 billion in revenue, while market maker Citadel Securities raked in $7.5 billion in revenue.

Persons: Kristina Martinez, Citadel's, Ken Griffin Organizations: Citadel, Bloomberg, Morning, Citadel Securities, Park, Stanford Locations: Hong

☆ SpaceX rocket explosion left craters a foot deep, started a fire and incinerated blue land crabs, report says
▼ + stars: | 2023-08-26 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The environmental damage caused by a SpaceX rocket explosion in April shocked officials. Bloomberg reported that seven bobwhite quail eggs and a group of blue land crabs were incinerated. Concrete chunks left massive craters around the launch site and ignited a fire covering 3.5 acres. That fire incinerated seven bobwhite quail eggs and a "collection of blue land crabs," while also leaving several craters a foot deep across tidal flats, per Bloomberg. Wildlife officials also questioned why SpaceX did not use the same flame-suppression technology that's regarded as the best available, Bloomberg reported.

Persons: deflector Organizations: SpaceX, Bloomberg, Service, FAA, Fish and Wildlife Service, CNBC, Environmental Protection Agency, Wildlife Locations: Wall, Silicon, Gulf, Mexico

☆ ChatGPT generates cancer treatment plans that are full of errors, study shows
▼ + stars: | 2023-08-25 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Study finds that ChatGPT provided false information when asked to design cancer treatment plans. The chatbot mixed correct and incorrect information together, making it harder to decipher. Researchers at Brigham and Women's Hospital – a teaching hospital of Harvard Medical School in Boston, Massachusetts – found that cancer treatment plans generated by OpenAI's revolutionary chatbot were full of errors. AdvertisementAdvertisementDespite ChatGPT's success, generative AI models are still prone to "hallucinations," where they confidently present information that is misleading or wildly incorrect. The company's terms of usage warn that their models are not designed to provide medical information, and should not be used to "provide diagnostic or treatment services for serious medical conditions."

Persons: ChatGPT, Boston , Massachusetts –, Bloomberg –, Danielle Bitterman, didn't, Goldman Sachs, Google's, Bard, James Webb, OpenAI Organizations: Brigham, Women's, Harvard Medical School, JAMA Oncology, Bloomberg, Comprehensive Cancer Network, Harvard Locations: Boston , Massachusetts

☆ Taylor Swift, Beyonce, and 'Barbenheimer' may boost US GDP by $8.5 billion
▼ + stars: | 2023-08-25 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Taylor Swift, Beyoncé, and the "Barbenheimer" phenomenon have given a sizable boost to consumer spending this year. Collectively, they may add an impressive $8.5 billion to the US economy in the third quarter, per Bloomberg. High-profile concert tours by Taylor Swift and Beyoncé, along with the twin-movie phenomenon that's come to be known as 'Barbenheimer', are projected to add $8.5 billion to US output in the third quarter, according to Bloomberg Economics. The Bloomberg economists warn, however, that the Hollywood boost for the economy may be short-lived. AdvertisementAdvertisementNeither Beyonce nor Swift have any concerts planned in the US in the last quarter of the year, and the economists described the success of 'Barbenheimer' as a "once-in-a-blue moon" event.

Persons: Taylor Swift, Barbie, Oppenheimer, Anna Wong, Eliza Winger, Swift, – Organizations: Bloomberg, Service, Bloomberg Economics, Revenue, Federal Reserve, Hollywood Locations: Wall, Silicon, Montenegro, Barbados

☆ Dedollarization suffers a blow as the greenback's share in global payments hits a record high
▼ + stars: | 2023-08-24 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The international drive to end the dollar's dominance has suffered a blow, with the greenback's role in global payments hitting a record high. SWIFT data showed as much as 46% of foreign-exchange payments in July via the messaging system involved the dollar. The jump in dollar usage comes at a time when countries including China and Russia are trying to move away from the greenback. AdvertisementAdvertisementThe jump in dollar-based SWIFT payments raises challenges to the movement to end the greenback's supermacy of global payments and fund transfers. Some market experts however have ridiculed the so-called dedollarization efforts, with one calling the proposed BRICS currency plan "embarrassing."

Persons: SWIFT Organizations: Service, Society, Worldwide Interbank Financial Telecommunication, Bloomberg Locations: China, Russia, Wall, Silicon, India, Ukraine

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