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☆ A brief history of the beef between 2 rising political stars: Ron DeSantis and his California nemesis, Gavin Newsom
▼ + stars: | 2023-06-16 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +4 min

On Thursday, Ron DeSantis dared Gavin Newsom to run for president. Ron DeSantis threw out a challenge to his Californian counterpart, Gov. In July, DeSantis attacked Newsom after Newsom put up an ad in Florida enticing Floridians to move to California. Newsom told MSNBC in April that he thought DeSantis was better off waiting "a few years" instead of running in 2024. Newsom has been beefing up his baseWhile DeSantis continues to wrestle with a twice-indicted Trump, Newsom has been working to shore up his platform.

Persons: Ron DeSantis, Gavin Newsom, DeSantis, Trump, Newsom, —, Biden, MAGA, Donald Trump, he's, Floridians, Insider's Kimberly Leonard, Newsom sparred, Sean Hannity, Twitter's, MSNBC's Mehdi Hasan, Adam Parkhomenko, Ron Filipkowski, who's, Newsom's, Hannity Organizations: GOP, Service, Florida Gov, Democratic, Fox News, Hannity, Fox, DeSantis Locations: Florida, California

☆ China eyes support for consumer, private sectors as growth falters
▼ + stars: | 2023-06-15 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

China's cabinet is soliciting proposals from economists and advisers, policy insiders told Reuters, with big changes needing approval from top party leaders, and investors now looking to an expected Politburo meeting in July for clues on policy direction. However, the modest borrowing cost cuts - limited by concerns over banks' profitability and currency stability - will not be enough to boost economic activity, policy insiders said. Authorities are also considering support for the ailing property sector after earlier measures failed to gain traction, including easing credit conditions and home buying curbs in some areas, policy insiders. Economists blame the fading recovery on the "scarring effects" caused by COVID and regulatory curbs on property and tech sectors, which have hit household and private sector spending. Supporting depressed private-sector firms, which account for 60% of economic output and 80% of urban employment, will be essential to lift incomes, jobs and consumption, policy insiders and analysts said.

Persons: Rory Green, Jia Kang, Kevin Yao, Sam Holmes Organizations: quicken, Reuters, People's Bank of China's, TS Lombard, China Academy of New, Economics, Thomson Locations: BEIJING, China, Beijing

☆ Cuba, Iran presidents meet in Havana, vow to confront 'Yankee imperialism'
▼ + stars: | 2023-06-15 | by ( Nelson Acosta | ) www.reuters.com time to read: +3 min

HAVANA, June 15 (Reuters) - Iranian President Ebrahim Raisi met with Cuban counterpart Miguel Diaz-Canel on Thursday, his last stop on a three-nation Latin American tour aimed at shoring up support among Latin American allies saddled, like Iran, by U.S. sanctions. Raisi told reporters at a trade forum in Havana early on Thursday that Cuba and Iran would seek opportunities to work together in electricity generation, biotechnology, and mining, among other areas. "The conditions and circumstances in which Cuba and Iran find themselves today have many things in common," Raisi said in a conversation with Cuban president Miguel Diaz-Canel. Prior to arriving in Cuba, the Iranian president also met with Nicaragua´s Daniel Ortega in the Central American country. Raisi called his visit with Iran´s key Latin American allies a "turning point" in relations.

Persons: Ebrahim Raisi, Miguel Diaz, Canel, Raisi, Nicaragua ´, Daniel Ortega, Diaz, John Kirby, Kirby, We’re, Hurricane Ian, Fidel Castro ´, Donald Trump, Nelson Acosta, Dave Sherwood, Jonathan Oatis Organizations: Cuban, U.S, Central American, Yankee, White House, Communist, Thomson Locations: HAVANA, Iran, Havana, Cuba, Venezuela, Nicaragua, America, Iranian, Russia, China, Hurricane

Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets. They're nervously monitoring a hybrid war where physical energy infrastructure has already been targeted, from the Nord Stream gas pipelines to the Kakhovka dam. It said Russia had tried to destroy digital networks and cause power cuts, and that missile attacks on facilities were often accompanied by cyberattacks. "Companies in the energy space, their core business is producing energy, not cybersecurity," said Jalal Bouhdada, CEO of cybersecurity firm Applied Risk, a division of DNV.

Persons: Nora Buli, Henriette Borgund, she's, shoring, Michael Ebner, cyberattacks, didn't, Swantje Westpfahl, James Forrest, Cem Gocgoren, Stephan Gerling, Mathias Boeswetter, Leonhard Birnbaum, Jalal Bouhdada, Nina Chestney, Christoph Steitz, America Hernandez, Paris Pavel Polityuk, Guy Faulconbridge, Pravin Organizations: REUTERS, Norway's Hydro, Reuters, Hydro's Oslo, Hydro, Ukraine, cyberattacks, Germany's Institute for Security, TRITON, Triton, Svenska, ICS CERT, University of Tulsa, E.ON, " Companies, Pravin Char, Thomson Locations: Norwegian, Fosen, Norway, Ukraine, OSLO, LONDON, FRANKFURT, Europe, Nord, Russia, Ukrainian, Moscow, United States, Russian, Capgemini, Saudi, Swedish, DNV, Oslo, London, Frankfurt, Paris, Kiev

☆ CNN management focused on 'listening' and 'getting back to work' as the network moves on from Chris Licht
▼ + stars: | 2023-06-08 | by ( Trisha Gopal | Lucia Moses | ) www.businessinsider.com time to read: +9 min

A trio of longtime executives have taken charge at CNN following the exit of Chris Licht. There's a moment in Tim Alberta's brutal profile of CNN's now-former CEO Chris Licht where Licht awkwardly takes a jab at his predecessor Jeff Zucker. The following Monday, as Licht attempted to quell growing calls for his ouster, Licht told CNN staff: "As I read that article, I found myself thinking, CNN is not about me. Jeff Zucker and Chris Licht at an event in 2019, back when Zucker still ran CNN and Licht was the showrunner on The Late Show on CBS. If Licht was seen as mismanaging CNN's top talent, Entelis, in particular, is known to be the queen of talent.

Persons: Chris Licht, David Leavy, Amy Entelis, Tim Alberta's, CNN's, Licht, Jeff Zucker, Zucker, Donald Trump, Christiane Amanpour . Licht, Anderson Cooper, Jake Tapper, Kara Swisher, Mike Coppola, — Licht, Virginia Moseley, Eric Sherling, Wolf, David Zaslav, Zaslav, WBD, Leavy, We're, — Leavy, I'm, Kaitlan Collins, Don Lemon's, Poppy Harlow, Licht's, PATRICIA DE MELO MOREIRA, Jonathan Miller, Entelis, Peter Jennings, Ted Koppel, Anthony Bourdain, Eric Ripert, Masa Takayama, Turner, Lisa Ling's, Bell, Tapper —, CNN —, She's, — Organizations: CNN, Morning, Vox Media, CBS, ABC, Warner Bros, Warner Bros Discovery, HBO, Getty, BBC News Board, Integrated Media, CNN Worldwide, Masa Locations: Trump, Japan, America

The lawsuit is the SEC's second in two days against a major crypto exchange, following its case against Binance, the world's largest cryptocurrency exchange, and founder Changpeng Zhao. Crypto companies including Coinbase have said SEC rules are unclear, and the regulator is overreaching by asserting oversight of their industry. Coinbase customers pulled more than $57 million from the exchange within a couple of hours of the filing, according to data firm Nansen. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Changpeng Zhao, Gary Gensler's, Gensler, Paul Grewal, Coinbase's, Nansen, Dado Ruvic, Gurbir Grewal, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Manya, Jason Neely, Louise Heavens, Chizu Nomiyama, Nick Zieminski Organizations: YORK, U.S . Securities, Exchange Commission, SEC, CNBC, Global Inc, Reuters Graphics, REUTERS, Coinbase, New, Blockchain Association, Court, Southern District of, Manya Saini, Thomson Locations: U.S, California, Manhattan, Solana, Cardano, New Jersey, Southern District, Southern District of New York, New York, Washington ,, Bengaluru

☆ Body of man missing in Iowa building collapse found
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - The body of a man that had been missing since the partial collapse of a building in Davenport, Iowa, has been recovered, a city official confirmed on Sunday. The body of Branden Colvin Sr. was found on Saturday and his family has been notified, Sarah Ott, the city's chief strategy officer, said in an email. Two other men, 51-year-old Ryan Hitchcock and Daniel Prien, 60, were still missing as of Sunday. Local authorities said last week that the three men still unaccounted for, including Colvin Sr., had a "high probability of being home at the time of the partial building collapse." Colvin Sr.'s son was notified that his father's body had been found on the same day he received his high school diploma.

Persons: Branden Colvin, Sarah Ott, Ott, Ryan Hitchcock, Daniel Prien, Colvin, ” Branden Colvin Jr, Maria Caspani, Lisa Shumaker Organizations: Authorities, CNN, Thomson Locations: Davenport , Iowa, Davenport, Mississippi, Illinois

☆ Japan's Q1 GDP growth seen revised up on strong capex
▼ + stars: | 2023-06-02 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

TOKYO, June 2 (Reuters) - Japan's economy likely grew more than initially estimated in the first three months of this year, thanks to solid investments by manufacturers, a Reuters poll showed. Economists also projected Japan's current account balance stayed in black in April thanks to a smaller services deficit as tourists flocked back to the country. The median estimate for April current account stands at a surplus of 1.6638 trillion yen ($12 billion). The government will release the revised first-quarter GDP figures and the current account balance data at 8:50 a.m. on June 8 (2350 GMT, June 7). Household spending data is due at 8:30 a.m. on June 6 (2330 GMT, June 5).

Persons: Kantaro Komiya, Kim Coghill Organizations: Ministry of Finance, Manufacturers, Nikko Securities, Thomson Locations: TOKYO, Japan

☆ Opinion | Fareed Zakaria on Where Russia’s War in Ukraine Stands — and Much More
▼ + stars: | 2023-06-02 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +96 min

Obviously, the line is not perfect, but I think that’s a very sensible line. And I don’t think that’s all about absorption capability. But I don’t think it’s fair to say that the Russians have done everything they can. fareed zakaria[LAUGHS] And by the way, I think that’s some key to understanding the alliance is a personal one. I think India, Israel, and Poland — usually, in the 70 percent-plus say they like — have a favorable view of America.

Persons: ezra klein, it’s, Fareed Zakaria, Zakaria, “ Fareed Zakaria, fareed zakaria, Ezra, Putin, They’ve, there’s, fareed zakaria It’s, they’re, It’s, Fidel Castro, Sean Penn, haven’t, you’re, won’t, Biden, They’re, Washington, Winston Churchill, Merkel, wouldn’t, —, Nancy Gibbs, Khomeini, Macron, Ron DeSantis, YouGov, fareed zakaria I’m, that’s, DeSantis, Lindsey Grahams, Mitch McConnell, Xi Jinping, ezra klein Yes, Xi, Gorbachev, Zelensky, Trump, Obama, Bush, United States —, McCarthy’s, I’ve, they’d, doesn’t, didn’t, ezra klein They’re, fareed zakaria They’re, we’ve, Simpson, I’m, Janet Yellen, Colin Powell, unquote, That’s, Jonathan Haidt, We’ve, he’s, fareed zakaria That’s, they’ve, fareed zakaria Well, gee, TikTok, we’re, George Kennan, Mike Gallagher, klein, Nirupama Rao, Bob Kagan, can’t, — fareed zakaria, Lord Mountbatten, Gandhi, Franklin Roosevelt, Ho Chi Minh, fareed zakaria Right, narratively —, Modi, you’ve, China’s —, fareed zakaria Modi, India’s, Advani, Vajpayee, you’d, There’s, India, Joe Biden, fareed zakaria I’ve, Benedict Anderson’s “, Orville Schell, John Delury, Sunil Khilnani, ezra klein Fareed Zakaria Organizations: CNN, The Washington Post, Putin, Starbucks, Russia, Revolutionary Guard, NATO, Ukrainian, Communist, European Union, U.S, Republican Party’s, Republican Party, Republicans, ASEAN, Trump, Defense, United, U.S ., Democrats, Chinese Communist Party, State, Facebook, Google, Soviet Union, Huawei, Twitter, South China Seas, Foreign Affairs, Yale Law, International Criminal, South China, . Security, Trade Organization, Pax Americana, Americana, New York Fed, America, Republican, Fox, Beijing Locations: ezra klein Russia, Ukraine, Russia, America, Europe, China, India, Russian, United States, Relatedly, Japan, Turkey, Holland, South Korea, Singapore, Iran, Venezuela, Central America, Southeast Asia, Washington, Britain, ‘, U.S, United Europe, Germany, Soviet Union, Vietnam, Beijing, Trump, Asia, Iraq, Hainan, Montana, Republic, Soviet, weirdly, South, Taiwan, Pakistan, New Delhi, South Africa, Kuwait, Russia’s, Eden, Saudi Arabia, Indonesia, Kashmir, it’s, Cuba, Pax, American, Mumbai, Shanghai, Israel, Poland, Indian, Nigeria

MiniMax was founded in 2021 by some former employees of SenseTime (0020.HK), including Yan Junjie - a former vice president at the Chinese AI firm, two other people said. Wang Huiwen, co-founder of on-demand service giant Meituan (3690.HK), said he has founded a new AI company called Beijing Lightyear Technology with $50 million from investors. Google China's former chief, Kai-Fu Lee, has unveiled his new startup - Project AI 2.0. Wang Xiaochuan, founder of China's No.2 search engine Sogou, said in April that he had founded Baichuan Intelligence with a startup capital of $50 million. Its other early investors include China's Yunqi Partners and Future Capital, statements from the venture capital funds show.

Persons: MiniMax, Yan Junjie, Wang Huiwen, Kai, Fu Lee, Wang Xiaochuan, China's, MiHoYo, Charlie Chai, ERNIE Bot, Chai, Roxanne Liu, Josh Ye, Himani Sarkar Organizations: Microsoft, HK, Huawei, Baidu, Beijing Lightyear Technology, Google, Baichuan Intelligence, China's Yunqi Partners, Future, 86Research, Thomson Locations: BEIJING, HONG KONG, China, Beijing, miHoYo, Hong Kong

MEXICO CITY, May 31 (Reuters) - Better coordination between Mexico's government and telecoms companies is needed to ensure a faster roll-out of 5G services to meet the demand of major companies such as Tesla (TSLA.O), executives and officials said on Wednesday. But the federal government needs to help connect the manufacturing sector with telecoms providers to boost 5G services and attract more investment, said Gabriel Szekely, Chief Executive of Mexico's National Telecommunications Association (Anatel). "(The government) does not have a specific vision for the 5G world to be implemented in Mexico," Szekely said. About 15% of Mexico's population has access to 5G services, compared to 61% in the United States, Szekely said, citing a recent study. "In the case of the train... the government has not come out to say this is what is needed and this is the plan," Szekely said.

Persons: Tesla's, Gabriel Szekely, Szekely, Ivan Rivas, Rivas, Andres Manuel Lopez Obrador's, Lopez Obrador, Cassandra Garrison, Muralikumar Organizations: MEXICO CITY, Mexico's National Telecommunications Association, Nuevo, Nuevo Leon Economy, Andres Manuel Lopez Obrador's Inter, Oceanic, Thomson Locations: MEXICO, Nuevo Leon state, U.S, Mexico, Mexico City, United States, Nuevo Leon, Pacific, Gulf, Panama

The upcoming national strategic fund for "Made in Italy" products will have an initial endowment of 1 billion euros ($1.10 billion) in state cash, the statement said, adding it would also aim to boost procurement of "critical raw materials." A draft seen by Reuters showed that the new vehicle was also entitled to invest in domestic, listed firms not operating in the financial sector. The scheme will aim to raise at least an additional 500 million euros from private investors, according to the document. Run by the state lender Cassa Depositi e Prestiti (CDP), the Patrimonio Rilancio fund was originally intended to provide some 40 billion euros of financing, but has so far invested just around 1 billion. Once the bill is approved by parliament, the government will issue a decree defining how the fund will work.

Persons: Rome, Giorgia Meloni, Adolfo Urso's, Italy's, Alison Williams, Deepa Babington Organizations: Reuters, United Arab, Industry, Patrimonio, InfraVia Capital Partners, Paris, Equity, Thomson Locations: ROME, Italy, Saudi Arabia, Qatar, United Arab Emirates, Azerbaijan, Norway, France

☆ Meet the climate startup turning a 5,000-mile stretch of seaweed from a plague of coastal communities into a giant carbon store
▼ + stars: | 2023-05-24 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

London-based Seaweed Generation is one such startup dedicated to seaweed sequestration. She's part of a wave of new "blue economy" entrepreneurs taking advantage of seaweed for carbon removal. Seaweed GenerationThe seaweed RoombaEstridge's Seaweed Generation has developed a robot that she described as a "Roomba meets Pac-Man." Seaweed Generation will work in waters with around 4,000 meters of depth and no upwelling current, which could bring sargassum back to the surface. Seaweed Generation has a planned pilot with the government of Antigua, which is invested in protecting its tourism industry.

It will be a tug-of-war between robust domestic demand and sluggish exports," he said. The growth followed a 0.1% fall in the final quarter of last year, which was revised down from a 0.1% rise. Japan economy expands more than expectedPrivate consumption, which makes up more than half the economy, grew 0.6% in January-March from the previous quarter, as the country's re-opening from the pandemic boosted service spending. The strength in domestic demand offset weakness in exports, which slumped 4.2% in January-March, marking the first decline in six quarters. External demand, or net exports, shaved 0.3% percentage point off gross domestic product (GDP), highlighting the strain on manufacturers from slowing overseas growth.

☆ A new CEO won’t fix Twitter’s biggest problem
▼ + stars: | 2023-05-17 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

New York CNN —During his six months as Twitter’s CEO and owner, Elon Musk decimated its ad business, alienated some news publications and VIP users, and plunged the platform into a constant state of chaos. But she may struggle to address Twitter’s biggest problem: Elon Musk. On Tuesday, Musk said he “didn’t care” if his controversial tweets drew the ire of Twitter advertisers or Tesla shareholders. She may struggle to undo the damage Elon Musk has done to the company's ad business. That could only add to the difficulty Yaccarino will face in shoring up Twitter’s business.

☆ Indian rupee hits six-week low as weaker yuan dents Asian currencies
▼ + stars: | 2023-05-17 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

MUMBAI, May 17 (Reuters) - The Indian rupee hit a more-than-six-week low against the U.S. dollar on Wednesday, in line with the decline in other Asian currencies that tracked the fall in the Chinese yuan after weak economic data. The rupee hit 82.4425 against the U.S. dollar, its lowest since April 3, during the session, before recovering to close up 0.21% at 82.38. The weak economic print from China has weighed on Asian currencies, said Dilip Parmar, research analyst at HDFC Securities. Parmar doesn't expect the Reserve Bank of India to intervene at the current levels as other Asian currencies have started depreciating and the dollar index is strengthening. Domestic economic data points like easing inflation and improved external currencies have mostly come in support of the local currency.

☆ Exclusive: G7 summit statement to target China's 'economic coercion'
▼ + stars: | 2023-05-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

The main G7 statement is set to include "a section specific to China" with a list of concerns that include "economic coercion and other behavior that we have seen specifically from the [People's Republic of China]," the official said on Friday. A separate "economic security statement will speak more to tools" used to counter coercive efforts from any countries responsible, including planning and coordination, the person said. The joint statement issued by all the G7 leaders every year is intended to signal that the powerful countries are aligned on a range of political and economic issues. CHINA TESTS G7 ALLIANCEThe G7 meeting will be a test of how much the members, all rich democracies, can agree on a common approach to China, the world's second largest economy. Traveling for the G7 finance meeting in Japan, U.S. Treasury Secretary Janet Yellen said on Thursday that China had clearly used economic coercion with Australia and Lithuania.

☆ In Los Angeles, an Indian Chinese Feast Celebrating Female Founders
▼ + stars: | 2023-05-12 | by ( Jean Trinh | ) www.nytimes.com time to read: +2 min

Before all of that, though, the women had some cooking to do, with help from chef Akilah York, whom Gao had hired to provide culinary back up. The goal was to kick back while shoring one another up. “We’re going around the table being like, ‘I see you. The guest Yasmine Khatib of the Los Angeles flower studio Yasmine Floral Design provided a trio of pastel arrangements: white vases filled with foxgloves, pincushions, peonies, poppies and alliums. And Shelley Kleyn Armistead, another guest and the chief executive of the Gjelina hospitality group, supplied the speckled white dinner plates from Gjelina’s kitchenware brand, Gjusta Goods.

More recently, he has tried to wrap Ukraine into that narrative, falsely depicting it as a Nazi redoubt. Image Smoke rising above a fuel depot in the Russian village of Volna, near the bridge linking Crimea to Russia, last Wednesday. In Russia, various regional governors have cited security concerns in canceling Victory Day events. “No neo-Nazi scum will be able to mar the great Victory Day. The Kremlin spokesman Dmitri S. Peskov said the march was canceled as a “precautionary measure” against possible attacks.

☆ Opinion | Are Republicans Willing to Raise the Debt Ceiling?
▼ + stars: | 2023-05-08 | by ( The Editorial Board | ) www.nytimes.com time to read: +3 min

The federal debt totals about $24.6 trillion, equal to roughly 94 percent of the nation’s gross domestic product, a high level by historical standards. The debt ceiling, however, is not a useful mechanism for preventing the federal government from living beyond its means. But that limit does not stop the government from incurring new obligations that can be met only by raising the debt limit. As a result, as this board wrote in 1961, “The debt limit does not limit the debt.”Republicans who have seized on debt ceiling votes as useful leverage are playing a dangerous game. But there is a difference between talking about the federal debt and talking about the debt ceiling.

More recently, he has tried to wrap Ukraine into that narrative, falsely depicting it as a Nazi redoubt. Credit... ReutersUkraine’s president, Volodymyr Zelensky, staked his nation’s own claim to the holiday, with an address on Monday drawing a parallel between World War II and the current war against Russian invaders. In Russia, various regional governors have cited security concerns in canceling Victory Day events. Igor Artamonov, the governor of the Lipetsk region, which is also near Ukraine, said his decision should not be misinterpreted. “No neo-Nazi scum will be able to mar the great Victory Day.

☆ Wall Street's most important workers you've never thought of
▼ + stars: | 2023-05-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

And on Wall Street, where the volume of information continues to rise, application design and user interface is taking center stage. User interface and user experience have long been underappreciated in finance, which is ironic considering the public nature of the work. Read more about Citadel X, the $57 billion hedge fund's user experience and interface team. If you're still trying to understand the collapse of yet another regional bank, we've got you covered. The German bank is building out its investment bank as it eyes a potential return of M&A, the Financial Times reports.

☆ Tech group urges Biden administration to keep child care requirement for chips funding
▼ + stars: | 2023-05-01 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

Standing against conservative critiques of the Biden administration's conditions on computer chip-manufacturing funding, the tech industry group Chamber of Progress urged the government to maintain its requirements, which include providing child care for workers. MacKenzie said the group aimed to push back on GOP attacks on so-called wokeness in business. But the Commerce Department has maintained that the rules are necessary to protect taxpayer dollars and ensure a stable workforce. "We simply will not be successful in achieving the national security goals of the CHIPS initiative unless we invest in our workforce, period. WATCH: Commerce Department sees more than 200 companies interested in CHIPS Act funds

☆ Hong Kong bourse’s profit pop looks passive
▼ + stars: | 2023-04-27 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, April 27 (Reuters Breakingviews) - What does a stock exchange operator do when equity markets are weak and interest rates are high? Hong Kong Exchanges and Clearing (0388.HK) posted a 28% year-on-year profit pop on Wednesday, largely propelled by stellar investment returns as opposed to its core business. Sustained weakness in equities trading and initial public offerings could augur tougher times ahead if transaction volumes don’t come back soon. Though Hong Kong’s IPO pipeline is better than many, with over 90 applications as of the end of March, the issue sizes are restrained. Net profit amounted to HK$3.4 billion ($434 million), up 28% from a year ago, with revenue and other income rising 19% year-on-year to HK$5.56 billion.

☆ West Virginia Gov. Jim Justice is running for Joe Manchin's pivotal Senate seat
▼ + stars: | 2023-04-27 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

West Virginia Governor Jim Justice (R) and US Senator Joe Manchin (L), Democrat of West Virginia, attend a roundtable discussion on the opioid epidemic with local and state officials at the Cabell-Huntington Health Department in Huntington, West Virginia, July 8, 2019. West Virginia's Republican governor, Jim Justice, filed official paperwork to kick off a 2024 campaign for the U.S. Senate seat currently held by incumbent Democratic Sen. Joe Manchin. If Manchin decides not to run for a third term, Democrats are widely expected to lose the seat to whichever Republican nominee emerges from West Virginia's Senate primary. A Trump campaign spokesman did not immediately respond to a request for comment. With his seat under threat, Manchin has appeared increasingly critical of President Joe Biden and his fellow Democrats.

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