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☆ Credit Suisse settles French tax probe for 238 mln euros
▼ + stars: | 2022-10-24 | by ( Tangi Salaün | ) www.reuters.com time to read: +2 min

PARIS, Oct 24 (Reuters) - Credit Suisse Group (CSGN.S) settled a tax fraud and money laundering case in France on Monday with a 238 million euro ($234 million) payment to the state, putting another legal headache behind it as it readies to unveil a strategic overhaul. The agreement, announced in a French court and confirmed buy the bank in a statement, resolves the investigation in France over whether the Swiss bank helped clients avoid paying tax on their wealth. The alleged scheme, which prosecutors say took place in several countries between 2005 and 2012, caused a fiscal damage of over 100 million euros to the French state, the prosecution office said. One of Switzerland's systemically important banks, Credit Suisse is scheduled to release details of a much-anticipated strategic review alongside third-quarter results on Oct. 27. The U.S. Justice Department is also reportedly investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.

☆ Chesapeake Energy trims workforce ahead of oil properties sale
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Companies Chesapeake Energy Corp FollowOct 24 (Reuters) - U.S. shale gas producer Chesapeake Energy Corp (CHK.O) last week cut about 3% of its workforce, according people familiar with the matter, as it readies a sale of South Texas oil properties. The company this year said it would exit oil-producing properties in the Eagle Ford shale region of Texas to focus on its mainstay natural gas operations. A Chesapeake Energy spokesperson declined to comment. Oil prices fell the following year, a drop that helped send Chesapeake into restructuring. It emerged from Chapter 11 bankruptcy last year as natural gas prices began to rise.

☆ Row over Mussolini photo as Italy's Meloni readies for power
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +3 min

Leader of Brothers of Italy party Giorgia Meloni attends the fourth voting session to elect the new speaker, at the lower house of parliament, in Rome, Italy, October 14, 2022. The Mussolini portrait will be taken down "to avoid polemics and manipulations," the industry ministry said in a statement. The statement noted that another picture of Mussolini hangs in Palazzo Chigi, the prime minister's office, along with portraits of other Italian heads of government. Earlier, former centre-left leader and industry minister Pier Luigi Bersani chafed at being hung alongside Italy's late dictator. The public sector chapter of the CGIL, Italy's largest trade union, was also outraged, condemning the "deplorable" display and calling for its immediate removal.

☆ EU Readies New Proposals to Drive Down Energy Costs
▼ + stars: | 2022-10-12 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

BRUSSELS—The European Union’s executive arm said it would propose new measures to intervene in the bloc’s energy market next week in an effort to provide relief for consumers and businesses squeezed by high electricity and natural-gas prices. EU Energy Commissioner Kadri Simson said Wednesday that the proposals would be aimed at lowering prices and ensuring that Europe has enough gas to keep its factories running and its homes heated through the winter. The potential moves are a response to Russia’s decision to wield its gas supply as a weapon of economic war, cutting the flow to gas to the continent and pushing many of its manufacturers to the brink.

She also outlined steps to boost the military including with mass production of precision missiles and warships. Xi is widely expected to win his third term at the one-every-five-years party congress. "When we say achievement, for Taiwan it's definitely not a good sign, it's not a good thing," Lin said. One senior Taiwanese security official said Xi's third term would bring "unpredictable tensions" across the strait. But China has refused to speak to his successor, Tsai, since she was first elected in 2016, believing her to be a separatist.

☆ Security, red banners and COVID curbs: Beijing readies for 20th Congress
▼ + stars: | 2022-10-11 | by ( Eduardo Baptista | ) www.reuters.com time to read: +5 min

REUTERS/Thomas PeterBEIJING, Oct 11 (Reuters) - Beijing has stepped up security and COVID curbs and decorated the capital Beijing with red political banners as it gears up for a Communist Party congress where President Xi Jinping is poised to become China's most powerful leader since Mao Zedong. The 20th party congress, which opens on Oct. 16, occurs every five years and brings together 2,300 party members, mostly behind closed doors, at the vast Great Hall of the People on Tiananmen Square. One hashtag about Beijing "pop-up windows" started on Oct. 5 and generated over 12 million views by Tuesday. A lockdown in Beijing during Congress would be an even larger dent on Xi and the Party's unwavering commitment to zero-COVID. Besides the COVID "pop-up windows", Beijing authorities recently introduced a series of measures to show their commitment to keeping the Congress virus-free, from reinforcing COVID monitoring teams at key airports and railway stations to increasing the frequency of COVID testing for office workers.

☆ Atlantic Equities downgrades Meta on concerns of shrinking revenue growth, rising costs
▼ + stars: | 2022-10-11 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Cordwell said Meta will see about 11% growth in digital advertising excluding ad-search compared to topping 20% in previous years. That marks a turn from growth in market share before the pandemic and holding steady during it. Cordwell said growth in Instagram Reels is a reason for optimism, but that does not outweigh competitive pressure in other areas. Meanwhile, Meta is struggling to limit costs that will weigh on the bottom line more substantially as revenue growth slows, Cordwell said. "Our revised $160 YE23 PT requires a 14x FY24 PE, a ~10% discount to the market," Cordwell said.

☆ U.S. Congress readies stopgap bill to avert shutdown, aid Ukraine
▼ + stars: | 2022-09-27 | by ( Richard Cowan | ) www.reuters.com time to read: +5 min

President Joe Biden's Democrats, who control both chambers of Congress, are expected to avoid an embarrassing partial government shutdown just six weeks before the Nov. 8 midterm elections, when control of Congress will be at stake. The bill, which would extend overall government funding through Dec. 16, was facing resistance because of an energy permitting reform measure. The spending provisions include $12.3 billion in new money to help Ukraine turn back Russia's invasion, House of Representatives Appropriations Committee Chairwoman Rosa DeLauro said in a statement. In addition, it authorizes Biden to direct the drawdown of up to $3.7 billion for the transfer to Ukraine of excess weapons from U.S. stocks. The last time Congress allowed funding to lapse was in December 2018, when Democrats balked at paying for then-President Donald Trump's U.S.-Mexico border wall, leading to a record, 35-day impasse and partial government shutdown.

☆ Italian state lender CDP readies offer for TIM's network after national vote
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/IllustrationMILAN, Sept 27 (Reuters) - Italian state lender CDP is readying a preliminary offer for Telecom Italia's landline grid, it said on Tuesday, as it presses ahead with plans to create a single broadband company with Open Fiber after a general election on Sunday. CDP is now expected to submit a non-binding offer in the first half of October, two sources familiar with the matter said, cautioning deliberations are ongoing. Register now for FREE unlimited access to Reuters.com RegisterTIM (TLIT.MI) and CDP reached a preliminary agreement in May aimed at creating a unified broadband champion merging TIM's assets with those of Open Fiber under CDP control. Under the preliminary agreement sealed in May, CDP and TIM aimed for a binding deal by the end of October.

☆ Germany Readies Electricity Price Cap as Economic Pain Mounts
▼ + stars: | 2022-09-26 | by ( Bojan Pancevski | Kim Mackrael | ) www.wsj.com time to read: 1 min

BERLIN—Germany is preparing to introduce a national electricity price cap this fall if the European Union fails to agree on a similar move for the entire bloc, according to government officials. The cap would shield consumers and businesses from further increases in energy prices triggered by the economic war between Russia and the West over Moscow’s invasion of Ukraine.

☆ Germany Readies Energy-Price Caps as Economic Pain Mounts
▼ + stars: | 2022-09-26 | by ( Bojan Pancevski | Kim Mackrael | ) www.wsj.com time to read: 1 min

BERLIN—Germany is drawing up plans to cap the price of electricity and gas that could be rolled out in the coming weeks, according to government officials. The caps would be aimed at shielding consumers and businesses from further increases in energy prices triggered by the economic war between Russia and the West over Moscow’s invasion of Ukraine.

☆ The Fed's rate hike was just the beginning as banks around the world adjust policy - but the uncertainty doesn't mean the market can't rally.
▼ + stars: | 2022-09-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The Federal Reserve's Wednesday rate hike was just the beginning of the world's fight against inflation. A smattering of other central banks have followed suit, while some others took a different course. For now, pain fueled by central banks is likely to continue. The Fed's 75 basis-point rate hike on Wednesday was the first of many such moves this week as the policymakers globally confront surging prices. Three investing experts explained how to adjust your portfolio to benefit from the Fed's rate hike and rising inflation.

Three EU diplomats in Brussels said new sanctions would centre around an oil price cap to match that agreed by the G7 most industrialised global powers - a gathering where EU states France, Germany and Italy also sit. The person added the oil cap should take effect from December, along with the EU's embargo on Russian coal, while tighter export restrictions for high-tech products are meant to hamstring Russia's battlefield capabilities. Further curbs on luxury goods exports to Russia were also on the table. Others, however, warned the latter was unlikely to get the unanimous backing of all EU countries necessary to introduce sanctions. Register now for FREE unlimited access to Reuters.com RegisterWriting by Gabriela Baczynska; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Here’s why understanding de-risking is key as the Fed readies another rate hike and earnings loom
▼ + stars: | 2022-09-21 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Put another way, this hike has been de-risked but additional aggressive rate increases in the near term likely have not. The market wants to understand at what terminal rate the Fed will hold. If the Fed goes with a 75-basis-point hike Wednesday, that would bring the target range for the central bank's key fed funds rate to 3%-3.25%. On that note, current estimates for S & P 500 earnings are roughly $222 in 2022 and $240 for 2023. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Confidence in UK assets on thin ice, investors warn - Reuters poll
▼ + stars: | 2022-09-21 | by ( Andy Bruce | ) www.reuters.com time to read: +4 min

Slightly more than half - 55% - of the international banks and research consultancies polled by Reuters last week said there was a high risk confidence in British assets would deteriorate sharply in the coming three months. Register now for FREE unlimited access to Reuters.com RegisterFifteen out of 29 respondents said the risk was high, including three primary dealers of British government bonds. These shifts in part reflect investors' worry that Britain's reliance on imported energy will leave it exposed to higher inflation for longer. "But the new, inexperienced government faces great challenges and could easily make missteps which add to investors' concerns." "If higher inflation becomes a more structural phenomenon... yields could also turn out to be structurally higher," Rabobank's Bas Van Geffen said.

And other up-and-coming ‘machine-health tech’ firms are offering similar wares. ‘Predictive-Maintenance’ Tech Is Taking Off as Manufacturers Seek More EfficiencyWalgreens Boots Alliance Inc. said Thursday it would appoint Hsiao Wang as its new chief information officer, as tech leader Francesco Tinto departs. Warehouse robots offer a stopgap to the labor crunch despite technology limitations, chief information officers say. American Airlines Names New Tech Chief Ganesh Jayaram, currently CIO of Deere & Co., is joining the airline as its chief digital and information officer. XPO Logistics CIO Readies for Shift to Chief Executive Role Tech-savvy CEOs look at every opportunity as having tech as part of the answer, says Mario Harik.

Share this -Link copiedThe full order of service for the funeral at Westminster Abbey The funeral service for Queen Elizabeth II is underway at Westminster Abbey. Police officers patrol outside Westminster Abbey in London on Monday, ahead of the state funeral service for Queen Elizabeth II. The coffin of Queen Elizabeth II leaves Westminster Hall for her funeral service in Westminster Abbey. Around 2,300 police officers will line the route from Westminster Abbey to Windsor Castle and 1,000 police officers will line the route from Westminster Abbey to Wellington Arch. Share this -Link copiedBuckingham Palace releases previously unseen portrait of queen Queen Elizabeth II, photographed at Windsor Castle in May 2022.

☆ Queen Elizabeth II funeral live updates: Britain, world say farewell to iconic monarch
▼ + stars: | 2022-09-19 | by ( Patrick Smith | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Yuliya-Talmazan-Circle-Byline-Template.Jpg | ) www.nbcnews.com time to read: +20 min

“Today I respectfully join leaders from Britain, Ireland & the international community at the funeral of Queen Elizabeth II as she is laid to rest,” O’Neill tweeted. “Passengers can use their tickets on Tube and bus services instead,” the Heathrow Airport announced ahead of the queen’s funeral. Around 2,300 police officers will line the route from Westminster Abbey to Windsor Castle and 1,000 police officers will line the route from Westminster Abbey to Wellington Arch. Share this -Link copiedBuckingham Palace releases previously unseen portrait of queen Queen Elizabeth II, photographed at Windsor Castle in May 2022. Ranald Mackechnie / PA This previously unseen photo of Queen Elizabeth II was released late Sunday by Buckingham Palace.

☆ Apple Readies iOS 16 Bug Fix for Next Week
▼ + stars: | 2022-09-19 | by ( Dalvin Brown | ) www.wsj.com time to read: 1 min

Apple is queuing up new software to fix bugs plaguing the just-released, high-end iPhone 14 Pro and other iPhones running iOS 16. The latest software for models going back to the iPhone 8 arrived last week, ahead of the release of Apple’s latest iPhone crop. iOS 16 includes the ability to customize your lock screen, unsend messages or set up medication reminders.

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