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Ajay Banga, the former CEO of Mastercard that President Joe Biden has nominated to head the World Bank, told Axios Wednesday that both the bank and the private sector needed to spend “trillions” to combat both climate change and poverty. Banga has been aggressively campaigning for the job, meeting with officials from 37 different governments in the past three weeks, Axios reported . The World Bank faces competing pressure from wealthy and developing countries over whether to focus on combating climate change or poverty mitigation, but Banga said he does not view the two goals as inherently opposed to one another. (RELATED: Major Banks Bend The Knee To Climate Activists, Accelerate Plans To Cut Coal Investments) “I think it’s a fallacious argument that says, either-or,” Banga said to Axios. “I have every intention of focusing the bank and its people on the idea that this is an intertwined challenge.” The efforts to combat both climate change and poverty would cost … [Read more...] about Biden’s World Bank Pick Calls For ‘Trillions’ In Climate Spending

Daqo New Energy Corp., a maker of silicon and polysilicon products used primarily in solar energy applications, tops the list of stocks offering the best value in the tech sector heading into April. In the growth category, 3D printing firm Nano Dimension Ltd. leads the way, while chip testing provider Aehr Test Systems is the tech stock with the most momentum. In March, the U.S. Federal Reserve raised interest rates for the ninth time in a year. The latest increase comes in the midst of a banking crisis triggered by the collapse of tech-friendly Silicon Valley Bank and Signature Bank. Since tech companies are sensitive to higher interest rates, stocks in the sector have struggled throughout the Fed's anti-inflation campaign. Tech stocks, represented by the Technology Select Sector SPDR Fund ( XLK ), lost a tenth of their value in the past year, compared with a 14% drop in the Russell 1000 Index. Despite the challenging environment, the companies listed here are leading the … [Read more...] about Top Tech Stocks for April 2023

The market value of CEO Elon Musk's electric vehicle (EV) company Tesla Inc. ( TSLA ) has rebounded by almost 92% and $29 billion from its 52-week low on June 3, 2019, on forecasts of rising profits and market share. Moreover, the outlook for Tesla in China, the world's largest vehicle market, may be brightening as would-be competitors face obstacles. To reduce air pollution, China plans to become a world leader in electric vehicles. As a result, dozens of Chinese EV startups have raised over $18 billion, but this may represent a speculative bubble, Bloomberg   reports. Key Takeaways China plans to be a major player in electric vehicles (EVs). Billionaire Chinese tycoons are spending billions in the EV market. However, becoming profitable is an uphill climb. Meanwhile, Tesla has opened its first plant in China. Significance For Investors Among the billionaire Chinese business tycoons who spending big money to become big players in the Chinese EV market … [Read more...] about Why Tesla Is Rebounding as China’s Electric Car Market Faces Shakeout

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 28, 2023. REUTERS/Staff/File photo European shares rose on Wednesday, echoing an upbeat mood in Asian markets following Chinese tech giant Alibaba’s break-up plans, while strong outlook from chipmaker Infineon and a CEO change at Swiss bank UBS further aided the mood. The benchmark STOXX 600 index rose 0.7 percent, largely in line with gains in Asian equities. UBS Group AG gained 1.7 percent after the lender announced that Sergio Ermotti will take the helm to steer its takeover of smaller peer Credit Suisse. Credit Suisse climbed 1.4 percent, while financial services and banking indexes rose between 0.8 percent and 1 percent. “I can see why the market has stabilized and it’s true that there are some slightly comforting factors. The Fed (bets) have been repriced down quite aggressively in the past few weeks and investor positioning is very defensive,” said Vincent Chaigneau, … [Read more...] about European stocks get tech lift, UBS climbs on naming Ermotti as CEO

Sergio Ermotti, newly rehired CEO of UBS Group AG attends a news conference in Zurich, Switzerland March 29, 2023. REUTERS/Stefan Wermuth ZURICH  – UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbor Credit Suisse – a surprise move to take advantage of the Swiss banker’s experience rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit Suisse’s investment bank and reassuring the world’s wealthy that UBS remains a safe harbor for their cash. “We felt we had a better horse,” said UBS chairman Colm Kelleher of the decision to replace current CEO Ralph Hamers after less than three years in charge. Kelleher said he brought back Ermotti because he was best equipped to see through the biggest deal in finance since the global banking crash more than a decade ago. “This is not a Swiss solution,” he said, seeking to play … [Read more...] about Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover

Jose Teodoro “TG” Limcaoco MANILA  -Bank of the Philippine Islands CEO Jose Teodoro K. “TG” Limcaoco was appointed the next president of the Bankers Association of the Philippines, the umbrella group comprised of the country’s biggest private and government lenders. He replaces East West Banking Corp. vice chair Antonio C. Moncupa Jr. “I am thankful for the trust that BAP members have placed in me to lead the organization into greater heights,” Limcaoco said in a statement on Wednesday. “As our country faces renewed challenges from global economic headwinds, there is a call for us in the banking industry to be forces of stability and growth so that our economy will continue to progress,” he added. During the general assembly on March 29, BAP members elected a new set of officers for the term 2023-2024. The newly-elected BAP officers include Standard Chartered Bank CEO Lynette V. Ortiz, first vice president; Rizal Commercial Banking Corp. CEO Eugene S. Acevedo, second vice … [Read more...] about BPI CEO TG Limcaoco named new BAP president

Inflation concerns among small business owners remained at record highs this quarter, according to a quarterly poll conducted by the U.S. Chamber of Commerce and MetLife released on Wednesday. The first quarter of 2023 was the fifth in a row where inflation was considered the biggest challenge for small business owners, according to the Small Business Index. A record high of 54% reported that, which is a 31-point increase from Q4 2021. “This quarter, small businesses’ concerns over inflation are soaring and their view of the broader economy is darkening, though they still report that their own businesses are in good health,” said Tom Sullivan, Vice President of Small Business Policy at the U.S. Chamber of Commerce. In San Francisco, minimum wage increases are based on the yearly rise in the Consumer Price Index every July 1. “That means my rate jumps from $16.99 to $18.07 or 6.36%,” said Hrag Kalebijan, owner of Henry’s House of Coffee, according to the Index. “The … [Read more...] about Inflation Continues To Plague Small Businesses For Fifth Consecutive Quarter: REPORT

Share to Twitter Share to Linkedin Key News Asian equities had a good day as Hong Kong outperformed while Mainland China was off slightly. Alibaba led the way as it jumped +12.23% on high volume as analysts updated their sum of the parts analysis (SOTP). Tencent gained +1.75% on high volume and strong buying from Mainland investors, Meituan closed higher by +4.01% on high volume and moderate buying from Mainland investors, JD.com finished at +1.92%, and BYD gained +3.12% on strong financial results and its net income jumping +400% year-over-year in another masterful move from Warren Buffet and Charlie Munger. BYD’s results, which beat on revenue, adjusted net income, and adjusted EPS, lifted the EV space with Xpeng HK +3.64%, Li Auto HK +4.59%, and Nio Auto HK +1.83%. Hong Kong short turnover jumped to 17% of total turnover though short turnover was highly concentrated in three Hong Kong listed ETFs while internet stocks had lower short turnover. … [Read more...] about BYD & Kuaishou Beat

Share to Twitter Share to Linkedin Sergio Ermotti is the right man to lead the UBS takeover of Credit Suisse and administer the required shock to the people of Credit Suisse. This is the case because of three fundamental truths. 1) The key to successful mergers or acquisitions is getting the new combined culture right. 2) This is not a merger. It’s a takeover in which Credit Suisse’s people will need to adopt the UBS culture or go elsewhere. 3) Ermotti has done this before, righting UBS’ culture following its own meltdown. This is why Ermotti’s 100-day action plan as the CEO combining the entities will most likely involve shocking the Credit Suisse people by folding them into UBS’s culture. This will involve more telling than co-creation to force compliance with the UBS way of doing things. Expect this to be painful and many of the Credit Suisse people to fall by the wayside. While this is almost always the last choice way for a new executive onboarding into … [Read more...] about Sergio Ermotti’s 100-Day Action Plan As The Shocking New CEO Of UBS/Credit Suisse

Share to Twitter Share to Linkedin Key takeaways As recession fears mount and interest rates rise, investors are increasingly worried about how a downturn could hit their portfolios One of the worst moves investors can make during a recession is to bail on your portfolio Instead, consider recession-proof products to buoy your portfolio – and even catch the upside as the economy recovers By now, you’re probably tired of hearing about the impending future recession . (And you certainly wouldn’t be alone.) Still, it’s important to prepare yourself emotionally and financially for the possibility. After all, one of the worst moves investors can make is letting a recession catch them unawares and bailing on their portfolios in response. Fortunately, you can circumvent that risk by reviewing your portfolio early and understanding what you risk in a recession. Then, consider whether these recession-proof investments could help stave off the … [Read more...] about Recession-Proof Investments To Buff Your Portfolio