chief – Business News Updates https://newsdaily.business Wed, 25 Jan 2023 11:27:28 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png chief - Business News Updates https://newsdaily.business 32 32 Kraken snatches Blockchain.com’s Chief Compliance Officer https://newsdaily.business/2023/01/25/kraken-snatches-blockchain-coms-chief-compliance-officer/ https://newsdaily.business/2023/01/25/kraken-snatches-blockchain-coms-chief-compliance-officer/#respond Wed, 25 Jan 2023 11:27:28 +0000 https://newsdaily.business/2023/01/25/kraken-snatches-blockchain-coms-chief-compliance-officer/ “Kraken’s commitment to security and transparency while building world class products and services makes it the gold standard in an industry that’s shaping the future of finance.” Kraken has appointed CJ Rinaldi as Chief Compliance Officer at a very sensitive time for companies within the digital asset space as US regulators have added crypto exchanges […]]]>


“Kraken’s commitment to security and transparency while building world class products and services makes it the gold standard in an industry that’s shaping the future of finance.”

Kraken has appointed CJ Rinaldi as Chief Compliance Officer at a very sensitive time for companies within the digital asset space as US regulators have added crypto exchanges as targets of their enforcement actions.

The compliance veteran in traditional and decentralized finance has been hired to further strengthen Kraken’s compliance program amid a fast-evolving regulatory landscape.

CJ Rinaldi led compliance Deutsche Bank’s swap dealer and US broker dealer

CJ Rinaldi joins Kraken from Blockchain.com, where he was a Chief Compliance Officer tasked with building out global compliance frameworks and mitigating compliance risk for the firm.

Past jobs include, several roles at Deutsche Bank, including Chief Compliance Officer for its swap dealer and US broker dealer, as well as Head of Business Line Anti-Financial Crimes Compliance supporting its investment bank, where he led a global team tasked with mitigating financial crime risk, implementing procedures and controls through effective and efficient operational solutions.

Prior to Deutsche Bank, CJ worked at UBS Investment Bank in multiple roles, including as Global Head of Client Infrastructure. He also served as Senior Counsel in the Enforcement Division of the U.S. Securities and Exchange Commission.

“Kraken is the gold standard in an industry that’s shaping the future of finance”

David Ripley, incoming Chief Executive Officer at Kraken, said: “To accelerate the adoption of cryptocurrencies around the world, Kraken must continue to navigate an increasingly complex regulatory landscape. CJ’s impressive international career in both the private and public sectors positions us for continued success in meeting global compliance needs.”

CJ Rinaldi, Chief Compliance Officer at Kraken, commented: “Kraken’s commitment to security and transparency while building world class products and services makes it the gold standard in an industry that’s shaping the future of finance. It is trusted players like Kraken that will help ensure the crypto ecosystem operates within all regulatory frameworks. “I am excited to grow Kraken’s data-driven approach to compliance, ensuring the protection of both the company and its clients.”

Kraken recently fined for onboarding customers from Iran

A recent compliance issue at Kraken forced the cryptocurrency exchange to pay $362,158 to settle its civil liability for apparent violations of US sanctions on countries like Iran, the Treasury Department’s Office of Foreign Assets Control said. Kraken also pledged to invest $100,000 into sanctions compliance controls.

Due to Kraken’s failure to timely implement appropriate geolocation tools, including an automated internet protocol (IP) address blocking system, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions on Kraken’s platform.

The authorities probed Kraken’s transactions with Iranian users since 2019. In addition, the company failed to inform OFAC about these transactions and did not voluntarily disclose the violations of US sanctions.

The firm’s systems failed to analyze all data required for compliance with OFAC sanctions and therefore did not implement control measures to prevent such users of countries comprehensively sanctioned by the US government from accessing its service.

Nevertheless, the news sends an important message to crypto businesses. OFAC itself reiterated that digital asset institutions should take a risk-based approach to sanctions compliance to detect flaws in internal controls.



Read More:Kraken snatches Blockchain.com’s Chief Compliance Officer

2023-01-25 11:24:05

]]>
https://newsdaily.business/2023/01/25/kraken-snatches-blockchain-coms-chief-compliance-officer/feed/ 0
U.S. energy chief says Biden would veto House Republican bill on oil reserve https://newsdaily.business/2023/01/24/u-s-energy-chief-says-biden-would-veto-house-republican-bill-on-oil-reserve/ https://newsdaily.business/2023/01/24/u-s-energy-chief-says-biden-would-veto-house-republican-bill-on-oil-reserve/#respond Tue, 24 Jan 2023 10:29:12 +0000 https://newsdaily.business/2023/01/24/u-s-energy-chief-says-biden-would-veto-house-republican-bill-on-oil-reserve/ WASHINGTON, Jan 23 (Reuters) – President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve (SPR) if it passes Congress, Energy Secretary Jennifer Granholm said on Monday. In a letter last week, Granholm warned Republicans that limiting the Democratic president’s authority to tap the nation’s oil reserves […]]]>


WASHINGTON, Jan 23 (Reuters) – President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve (SPR) if it passes Congress, Energy Secretary Jennifer Granholm said on Monday.

In a letter last week, Granholm warned Republicans that limiting the Democratic president’s authority to tap the nation’s oil reserves would undermine national security, cause crude oil shortages, and raise gasoline prices.

“He will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing” Granholm, speaking to reporters at a White House briefing, said of Biden.

The bill, called HR21, would prohibit the energy secretary from tapping the SPR without producing a plan to increase oil and gas leasing on federal lands – unless the release is for a severe oil supply emergency.

The House, which Republicans control by a narrow margin, is expected to vote on the bill as soon as this week. The legislation would face an uphill battle in the Senate, controlled by Democrats.

Republican lawmakers say they are concerned that last year’s releases from the SPR, the biggest amount of crude oil from any president, have deteriorated the ability to store, pipe and pump oil at the SPR, which holds crude across series of underground natural caverns on the Texas and Louisiana coasts.

“We would like to curtail use of the SPR for only those situations where there’s a severe supply interruption,” a Republican aide to the House Committee on Energy and Commerce told reporters.

Biden tapped the SPR repeatedly last year in response to oil prices that jumped due to Russia’s invasion of Ukraine and as travel increased while the COVID-19 pandemic eased.

Biden announced last March a record 180 million-barrel sale over six months that drove the reserve’s level to its lowest since late 1983.

The Energy Department this month rejected the first batch of bids from oil companies to resupply a small amount of crude to the SPR.

Despite that rejection, Granholm said she is confident the United States will be able to refill the SPR and save taxpayers money by buying oil at a lower price than the government originally purchased the supplies.

“The offers that we received did not meet specification or price,” the secretary said. She said the administration would soon announce how it will buy back some initial replenishment oil for the reserve.

Reporting by Steve Holland, Nandita Bose and Timothy Gardner in Washington; Editing by Jonathan Oatis and Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles.



Read More:U.S. energy chief says Biden would veto House Republican bill on oil reserve

2023-01-23 23:49:00

]]>
https://newsdaily.business/2023/01/24/u-s-energy-chief-says-biden-would-veto-house-republican-bill-on-oil-reserve/feed/ 0
Mexico’s former safety chief goes on trial in US drug case https://newsdaily.business/2023/01/24/mexicos-former-safety-chief-goes-on-trial-in-us-drug-case/ https://newsdaily.business/2023/01/24/mexicos-former-safety-chief-goes-on-trial-in-us-drug-case/#respond Tue, 24 Jan 2023 00:08:15 +0000 https://newsdaily.business/2023/01/24/mexicos-former-safety-chief-goes-on-trial-in-us-drug-case/ Comment on this story Comment NEW YORK — Shielded by anonymity and extra security, jurors got their first look Monday at a rare U.S. trial of a former cabinet-level Mexican official charged with taking bribes to aid drug traffickers he was supposed to be neutralizing. After blowing a kiss to his wife and daughter in […]]]>


Comment

NEW YORK — Shielded by anonymity and extra security, jurors got their first look Monday at a rare U.S. trial of a former cabinet-level Mexican official charged with taking bribes to aid drug traffickers he was supposed to be neutralizing.

After blowing a kiss to his wife and daughter in the courtroom gallery, Genaro García Luna, who once was Mexico’s top security official, watched with little outward reaction as opening statements began. His case folds in Mexico’s politics, its vast and violent drug trade, uncomfortable connections between the two, and delicate U.S.-Mexico relations about fighting drugs and corruption.

García Luna is accused of accepting millions of dollars to let the notorious Sinaloa cartel operate with impunity as it sent tons of cocaine to the U.S.

“The person who’s supposed to be in charge of fighting the Sinaloa cartel was actually its most valued asset … and with his help, the cartel made millions,” Assistant U.S. Attorney Philip Pilmar told jurors. He called García Luna “a man who betrayed both his country and ours.”

He said that while García Luna portrayed himself to both countries as a drug enforcement hero, he saw to it that the cartel got information on investigations, smooth passage for its cocaine through police checkpoints, and police escorts — and sometimes even badges — for cartel members. Officers hand-delivered drug shipments from airports and acted as mercenaries to kill people whom the cartels wanted gone, Pilmar said.

García Luna’s lead lawyer, César de Castro, told jurors that the government’s case rested on “rumors, speculation and the words of some of the biggest criminals in the world.”

“No money, no photos, no video, no texts, no emails, no recordings, no documents — no credible, believable evidence that Genaro García Luna helped the cartel,” the lawyer said in his opening statement. He described the case as “a very public and angry display” by a U.S. government that is forsaking a onetime drug-fighting partner whose diligent work made him enemies: corrupt police officers, politicians who opposed the anti-drug war, and cartels. Traffickers are taking the stand to lessen their own punishments and exact revenge, the attorney argued.

“Don’t let the cartels play you,” he told jurors in his opening statement.

They soon heard a different story from former police officer-turned-cartel insider Sergio Villarreal Barragan, known as “El Grande.”

He testified about joint Sinaloa-police raids on the rival Gulf cartel’s operations in the city of Monterrey; police officers letting him set up routes to move 800 to 1,200 kilograms (1,764 to 2,646 pounds) of cocaine multiple times a week through the state of Chiapas; and police tipping the cartel to forthcoming searches so the traffickers could clear out beforehand.

Villarreal Barragan recalled that after some Sinaloa cartel drugs were seized in the state of Sonora, he got the contraband released by reminding the regional police commander that the cartel had gotten him placed in his job.

During all these alleged episodes in the early 2000s, García Luna headed the federal police force — and got payoffs from the Sinaloa group, according to Villarreal Barragan. He described García Luna picking up duffel bags full of cash at a Mexico City safe house and collecting $14 million in cardboard boxes at a warehouse full of cocaine that police had seized from the Gulf gang and turned over to its Sinaloa rivals.

Cartel leaders viewed García Luna as “the best investment they had,” said Villarreal Barragan, who pleaded guilty himself to drug trafficking. García Luna’s lawyers haven’t yet had their turn to question him.

García Luna led Mexico’s Federal Investigation Agency from 2001 to 2005, then served as secretary of public security to then-President Felipe Calderon from 2006 to 2012.

García Luna was seen as the point man in Calderon’s bloody war on cartels and as a key ally in a U.S. anti-drug-trafficking initiative that started in former President George W. Bush’s administration and provided Mexico’s police with equipment, technology and training. Photos shown in court depict García Luna with former U.S. President Barack Obama, former Secretary of State Hillary Clinton, former Sen. John McCain and other high-ranking officials.

But García Luna also was dogged by allegations of ties to drug traffickers.

Then, during former Sinaloa kingpin Joaquin “El Chapo” Guzman’s trial in New York, a former cartel member testified in 2018 that he personally delivered at least $6 million in payoffs to García Luna, and that cartel members had agreed to pool up to $50 million to bribe him.

García Luna, who moved to Miami after leaving his government post, was arrested in 2019 in Texas and has since been held without bail in a federal lockup. He has pleaded not guilty to charges of drug trafficking and engaging in a continuing criminal enterprise. The 54-year-old could face decades in prison if convicted.

Current Mexican President Andrés Manuel López Obrador, a leftist, has welcomed the trial, which could spotlight corruption on a conservative predecessor’s watch.

García Luna is being tried in the same Brooklyn federal courthouse where Guzman was convicted of running a sprawling international drug-smuggling operation for decades.

Like Guzman, García Luna is facing jurors whose names are kept secret. They also are escorted to and from the courthouse by deputy U.S. marshals and sequestered from the public while inside.



Read More:Mexico’s former safety chief goes on trial in US drug case

2023-01-23 23:34:28

]]>
https://newsdaily.business/2023/01/24/mexicos-former-safety-chief-goes-on-trial-in-us-drug-case/feed/ 0
Global recession likely, say 63% of chief economists in WEF survey https://newsdaily.business/2023/01/16/global-recession-likely-say-63-of-chief-economists-in-wef-survey/ https://newsdaily.business/2023/01/16/global-recession-likely-say-63-of-chief-economists-in-wef-survey/#respond Mon, 16 Jan 2023 23:27:47 +0000 https://newsdaily.business/2023/01/16/global-recession-likely-say-63-of-chief-economists-in-wef-survey/ United Arab Emirates Minister of Economy H.E. Abdullah bin Touq Al Marri says leaders at the World Economic Forum in Davos were focused on solutions to “take more hits,” like with the pandemic, inflation and possible recession. Many chief economists offered somber predictions about whether the global economy would fall into a recession in 2023, […]]]>


Many chief economists offered somber predictions about whether the global economy would fall into a recession in 2023, according to a World Economic Forum (WEF) survey released Monday.

In the WEF’s Chief Economists Outlook survey, 63% of chief economists polled indicated they had expectations of the global economy experiencing a recession this year. Of that figure, 45% said one was “somewhat likely” and 18% said “extremely likely.”

BLACKROCK CEO LARRY FINK WEIGHS IN ON RECESSION PROBABILITY, US DEBT DEFAULT

The share of chief economists putting the probability of a global recession at “extremely likely” has more than doubled compared to those who thought so in September, according to the WEF.

Photo illustration of

Thirty-two percent said one was “extremely” or “somewhat” unlikely.

Outlooks for economic growth varied by region, the survey found.

The surveyed chief economists were most pessimistic about Europe, with 68% predicting “very weak” growth and 32% saying “weak.” For the U.S., 82% forecasted “weak” growth while 9% said “very weak” and “moderate,” respectively, according to the survey.

The two regions of South Asia and Middle East and North Africa (MENA) saw the most positive expectations for economic growth. About 70% of chief economists expected moderate or strong growth in the MENA region while 85% said that about South Asia.

BANK OF AMERICA CEO SEES ‘MILD RECESSION’ IN 2023 AND IS PREPARING FOR WORSE

The Chief Economists Outlook survey also asked chief economists to weigh in on how inflation would be for various regions.

More than three quarters said they expected moderate inflation in the U.S. in 2023 while 24% said it would be high. In Europe, 43% predicted moderate and 57% forecasted high inflation.

Chief economists also thought inflation would be moderate, 55%, or high, 45%, in Latin America and the Caribbean. Many predicted moderate inflation for other regions as well.

Meanwhile, China was projected to have “very low” inflation in 2023 by 48% of chief economists. The same proportion said they had expectations for moderation inflation there.

While chief economists “expect the monetary policy stance to remain constant in most of the world in 2023,” 59% projected Europe would experience tightening, the WEF said. A majority, 55%, also anticipated that for the U.S.

The U.S. Federal Reserve increased interest rates multiple times in 2022, including four back-to-back 75-basis-point hikes and, most recently, a 50-basis-point lift, as previously reported by FOX Business.

Federal Reserve

The U.S. Federal Reserve in Washington, D.C. (Liu Jie/Xinhua via Getty Images/File / Getty Images)

DAVOS 2023: ECONOMIC WOES, WAR, CLIMATE CHANGE ON TAP

For this year, 68% of chief economists said they “agree” or “strongly agree” that the cost of living crisis “will be less severe at the end of the year than at the beginning,” according to the survey. They also expressed optimism about the energy crisis this year, with 64% indicating they think it’s likely it will become less severe.

Outlooks were more split for labor markets. About 41% of chief economists surveyed projected they would remain tight, while the same percentage suggested they would not, the survey found.

The WEF released the results of the survey the same day its annual meeting of heads of state and business leaders kicked off in Davos, Switzerland.

The survey took place between November and December of last year and involved the responses of 22 members of its community of chief economists.



Read More:Global recession likely, say 63% of chief economists in WEF survey

2023-01-16 22:06:18

]]>
https://newsdaily.business/2023/01/16/global-recession-likely-say-63-of-chief-economists-in-wef-survey/feed/ 0
IMF chief expects to keep 2023 global growth forecast steady https://newsdaily.business/2023/01/13/imf-chief-expects-to-keep-2023-global-growth-forecast-steady/ https://newsdaily.business/2023/01/13/imf-chief-expects-to-keep-2023-global-growth-forecast-steady/#respond Fri, 13 Jan 2023 11:06:57 +0000 https://newsdaily.business/2023/01/13/imf-chief-expects-to-keep-2023-global-growth-forecast-steady/ Check out what’s clicking on FoxBusiness.com The International Monetary Fund may hold its global growth steady for 2023. The head of the IMF said on Thursday that the global lender is unlikely to downgrade its forecast for 2.7% growth this year. Supporting that position is the fact that a feared oil price spike had failed […]]]>


The International Monetary Fund may hold its global growth steady for 2023.

The head of the IMF said on Thursday that the global lender is unlikely to downgrade its forecast for 2.7% growth this year.

Supporting that position is the fact that a feared oil price spike had failed to materialize and labor markets remained strong.

IMF Managing Director Kristalina Georgieva still expected another “tough year” for the global economy with stubborn inflation.

DECEMBER INFLATION BREAKDOWN: WHERE ARE CONSUMER PRICES RISING THE FASTEST?

IMF Managing Director

International Monetary Fund (IMF) Managing Director Kristalina Georgieva. (REUTERS/Michele Tantussi/File Photo / Reuters Photos)

The IMF in October forecast that global growth would slow to 2.7% in 2023 after falling from 6.0% in 2021 to 3.2% in 2022.

It had previously forecast growth of 2.9% for 2023, but she did not expect further cuts to the outlook.

“Growth continues to slow down in 2023,” she told reporters at the IMF’s headquarters in Washington. “The more positive piece of the picture is in the resilience of labor markets. As long as people are employed, even if prices are high, people spend and that has helped the performance.”

DAVOS 2023: BIGWIGS RETURN TO SWISS MOUNTAINS AMID ECONOMIC CRUNCH

Georgieva said the IMF expected the slowdown in global growth to “bottom out” and “turn around towards the end of ’23 and into ’24.”

Oil storage facility

The IMF says a feared oil price spike had failed to materialize. (REUTERS/Bing Guan / Reuters Photos)

Georgieva said there was much hope that China – which previously contributed some 35% to 40% of global growth, but had “disappointing” results last year.

But that depended on Beijing not changing course and sticking to its plans to reverse its zero-COVID policies, she said.

She said the United States – the biggest economy in the world – was likely to see a soft landing, and would suffer only a mild recession, if it did enter a technical recession.

Travelers from China

People wearing protective face masks arrive at Capital Airport, following an outbreak of the coronavirus disease (COVID-19), in Beijing, China. (REUTERS/Thomas Peter / Reuters Photos)

But Georgieva said great uncertainty remained, citing the risk of a significant climate event, a major cyberattack or the danger of escalation in Russia’s war in Ukraine.

CLICK HERE TO READ MORE ON FOX BUSINESS

She also mentioned global concerns such as growing social unrest in Brazil, Peru and other countries, and the impact of tightening financial conditions remained unclear.

Reuters contributed to this report.



Read More:IMF chief expects to keep 2023 global growth forecast steady

2023-01-13 05:15:39

]]>
https://newsdaily.business/2023/01/13/imf-chief-expects-to-keep-2023-global-growth-forecast-steady/feed/ 0
Live news: Gas importer Uniper chief to step down after German government bailout https://newsdaily.business/2023/01/10/live-news-gas-importer-uniper-chief-to-step-down-after-german-government-bailout/ https://newsdaily.business/2023/01/10/live-news-gas-importer-uniper-chief-to-step-down-after-german-government-bailout/#respond Tue, 10 Jan 2023 10:52:07 +0000 https://newsdaily.business/2023/01/10/live-news-gas-importer-uniper-chief-to-step-down-after-german-government-bailout/ Shares in Robert Walters dropped on Tuesday after the British recruiter warned that full-year profit would be below market expectations given signs of a slowdown in the jobs markets in several key regions. Robert Walters, a specialist in “white collar” jobs such as legal and accounting, has benefited from a boom in the recruitment market […]]]>


Shares in Robert Walters dropped on Tuesday after the British recruiter warned that full-year profit would be below market expectations given signs of a slowdown in the jobs markets in several key regions.

Robert Walters, a specialist in “white collar” jobs such as legal and accounting, has benefited from a boom in the recruitment market over the past year given the shortages of staff in many sectors and a rebound in corporate growth as the effects of the pandemic has receded.

However chief executive Robert Walters said on Tuesday that the “global macroeconomic backdrop became increasingly uncertain as the [last] quarter progressed, resulting in a softening of recruitment activity levels across many of the group’s markets”.

Evidence of a turn in the previously booming jobs market sent shares in Robert Walters down more than 10 per cent in early London trading, with other recruiters such as Page Group also sent lower.

Employers are becoming more cautious about hiring given signs of an economic slowdown in many parts of the world.

Even so, Robert Walters said that net fee income in the past quarter rose 11 per cent to £105.3mn, with all forms of recruitment – permanent, contract, interim and recruitment process outsourcing – growing “despite the more uncertain market conditions”.

The company said that group net fee income for the full year would be about 20 per cent higher, with full year profit expected to be a record but slightly below current market expectations.

Asia Pacific net fee income rose 4 per cent, despite dips in income in Japan and Australia, the region’s largest businesses, and net fee income in mainland China down by about a quarter owing to the impact of Covid-19 restrictions.

The company said that “tough market conditions across the US resulted in a significant decline in net fee income”. Europe net fee income rose 21 per cent, although the UK only increased 8 per cent.



Read More:Live news: Gas importer Uniper chief to step down after German government bailout

2023-01-10 10:01:37

]]>
https://newsdaily.business/2023/01/10/live-news-gas-importer-uniper-chief-to-step-down-after-german-government-bailout/feed/ 0
RMT chief threatens rail strikes could continue beyond May – as it happened | Business https://newsdaily.business/2023/01/03/rmt-chief-threatens-rail-strikes-could-continue-beyond-may-as-it-happened-business/ https://newsdaily.business/2023/01/03/rmt-chief-threatens-rail-strikes-could-continue-beyond-may-as-it-happened-business/#respond Tue, 03 Jan 2023 16:22:45 +0000 https://newsdaily.business/2023/01/03/rmt-chief-threatens-rail-strikes-could-continue-beyond-may-as-it-happened-business/

Key events

Filters BETA

Closing summary

Downing Street is hopeful that a deal to end the rail strikes could be possible. A No 10 source said that while issues remained to be sorted, it was viewed as the public sector dispute most likely to be resolved first, reports our political correspondent Peter Walker.

Network Rail’s chief negotiator, Tim Shoveller, has claimed a deal to stop the strikes is “in touching distance”, as drivers and staff began the first of five consecutive days of national rail strikes. Most train services are not running today.

Shoveller suggested the pay offer on the table (which has been rejected by the RMT union) would not be improved but claimed that better communication of the deal would begin to win over union members.

However, RMT leader Mick Lynch said the strikes could continue beyond May, unless a reasonable offer is made to the RMT. The transport secretary, Mark Harper, denied that ministers had been sitting on their hands, and insisted that the current offer was “fair and reasonable” and that reforms to the railway needed to be made in return, i.e. changes to working conditions.

You can read more on our politics live blog:

German inflation slowed to 8.6% in December.

Manufacturing in the UK ended 2022 on a weak footing, with production, new orders and employment all falling at faster rates. The S&P Global / CIPS UK manufacturing purchasing managers’ Index fell to a 31-month low of 45.3 in December, down from 46.5 in November but above the earlier flash estimate of 44.7. Manufacturing activity has been declining for five months.

In the US, factory activity declined at the fastest rate since May 2020 last month, while inflationary pressures also eased. The S&P Global PMI fell to 46.2 in December. Any reading below 50 indicates contraction.

Natural gas prices are falling because of mild weather, reducing the risk of power cuts this winter.

Our other main stories today:

Thank you for reading. We’ll be back tomorrow. Happy New Year! – JK

Peter Walker

Peter Walker

There is still no timetable for details about the government’s plans to pass a law to make public sector strikes more difficult, for example by imposing statutory minimum service standards for railways, reports Peter Walker.

No 10 had originally hoped to provide information on this before Christmas, but this is now not likely even this week, with officials still examining the complexities of the issue.

Rishi Sunak’s official spokesman said:

We certainly want these new powers to be brought in as soon as possible. While I don’t have a specific timescale for you, we recognise the urgency of this and are working as such.

Downing Street hopeful that a deal to end rail strikes is possible

Downing Street is hopeful a deal to end the rail strikes could be possible. A No 10 source said that while issues remained to be sorted, it was viewed as the public sector dispute most likely to be resolved first, reports our political correspondent Peter Walker.

US factory activity declines at fastest rate since May 2020

In the US, factory activity declined at the fastest rate since May 2020, and among the sharpest since 2009, a survey showed. On a more positive note, inflationary pressures also eased.

The final manufacturing PMI survey from S&P Global showed a fall to 46.2 in the main index in December from 47.7 in November, matching the earlier ‘flash’ estimate. Any reading below 50 indicates contraction.

Lower prices for some inputs such as metals and fuel led to the slowest uptick in cost burdens since July 2020. In an effort to drive sales and pass on cost savings, firms hiked their selling prices at the softest pace for just over two years.

Siân Jones, senior economist at S&P Global Market Intelligence, said:

The manufacturing sector posted a weak performance as 2022 was brought to a close, as output and new orders contracted at sharper rates. Demand for goods dwindled as domestic orders and export sales dropped. Muted demand conditions also led to downward adjustments of stock holdings, as excess inventories built earlier in the year were depleted in lieu of further spending on inputs. With the exception of the initial pandemic period, stocks of purchases fell at the steepest rate since 2009.

Concerns regarding the outlook for demand weighed on hiring decisions. Job creation was only slight, and largely linked to skilled hires, as firms displayed caution.

Sinking demand for inputs and greater availability of materials at suppliers led to a further easing of inflationary pressures. In fact, the rate of input price inflation fell below the series trend. Selling price hikes also eased, albeit still rising steeply. Slower upticks in inflation signal the impact of Fed policy on prices, but growing uncertainty and tumbling demand suggest challenges for manufacturers will roll over into the new year.

Crypto billionaire Bankman-Fried to plead not guilty

Fallen crypto billionaire Sam Bankman-Fried is expected to enter a plea of not guilty on Tuesday to criminal charges that he cheated investors and looted billions of dollars at his now bankrupt FTX cryptocurrency exchange, according to a source familiar with the matter.

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions, in what prosecutors have called a fraud of epic proportions.

He is scheduled to appear at 2pm ET (7pm GMT) before US district judge Lewis Kaplan in Manhattan.

Aldi sales up 26% as shoppers seek savings

Aldi enjoyed its best Christmas ever with a 26% rise in sales in December year-on-year, as it opened new stores in the UK and attracted more customers looking for savings amid the cost of living crisis.

Aldi UK, a subsidiary of the German discount supermarket group, pledged to offer shoppers the lowest grocery prices in the UK this year “no matter what”.

The company, which has more than 990 stores and a 9.3% slice of the UK grocery market, overtook Morrisons last year to become Britain’s fourth-biggest supermarket group.

It highlighted strong growth in sales of fresh meat such as poultry and pork, which were both up more than 28%. Total sales topped £1.4bn in December for the first time.

Sales of chilled desserts and fresh cheeses jumped by almost 30% and 50% respectively, while sales of snacks such as crisps and nuts rose more than 40% as the men’s football World Cup coincided with the run-up to Christmas for the first time.

Aldi and fellow German discounter Lidl have expanded rapidly in Britain in recent years, forcing the market leader Tesco, along with Sainsbury’s, Asda and Morrisons to compete more on price. Tesco and Sainsbury’s have pledged to match Aldi on key products.

An Aldi store in Marsh Lane Bootle, Liverpool.
An Aldi store in Marsh Lane Bootle, Liverpool. Photograph: Peter Byrne/PA

In corporate news, the bankrupt chain Cineworld has denied it attempted to break up the business and sell some of its cinemas to the owner of its rival Odeon, insisting it was holding out hope for a buyer interested in acquiring the entire business.

The denial comes after reports claimed the world’s second-largest cinema chain, which filed for bankruptcy protection in the US in September, had been in talks to offload some of its cinemas in the US and Europe to AMC Entertainment.

“Cineworld would like to clarify that neither it nor its advisers have participated in discussions with AMC Entertainment Holdings Inc regarding the sale of any of its cinema assets,” the company said on Tuesday. It also denied that any of its lenders were in talks with the Odeon owner.

The British cinema firm, which also owns the Picturehouse brand, emphasised it was focused on selling the business as a whole, rather than seeking buyers for individual assets, and planned to approach interested parties later this month.

German inflation slows to 8.6%

In Germany, Europe’s biggest economy, inflation has slowed. The inflation rate fell to 8.6% in December, according to provisional official figures, from 10% in November and 10.4% in October.

Food prices were still 20.7% higher, though, compared with 21.1% in November, while energy costs rose by 24.4%, down from November’s 38.7%, because of support measures from the government.

Mild weather sends gas prices lower

Alex Lawson

Alex Lawson

A spell of mild weather in the UK and Europe has sent wholesale gas prices tumbling in a respite from the high prices that have led to soaring energy bills.

European prices for delivery in February fell by 4.3% to €73.7 a megawatt hour while UK prices fell by 3.8% to 179p a therm.

Recent milder weather has reduced demand for heating in the UK and the rest of Europe and conditions are expected to remain mild for the next two weeks.

The situation has increased optimism over gas supplies, which have been stretched since Russia reduced gas exports to Europe after its invasion of Ukraine. Last week prices dipped to levels not experienced before the start of the war, in February 2022.

The RMT leader said he understands frustration over the strikes but advised disgruntled commuters to also “look at what the government and the companies are doing”.

Speaking from a picket line at London’s Euston station, Mick Lynch told PA that the rail companies cannot run services properly on non-strike days, let alone on days when industrial action is being taken.

Lynch said there was “very strong support” among the public for the walkouts but acknowledged not all people felt the same way.

We understand that anger and that frustration, and we understand why they might blame us, but they should also look at what the government and the companies are doing.

We want to get the railway back to normal. We want good industrial relations and we want the services to run the way they should be running.

The companies can’t run them on non-strike days, never mind when we’re…



Read More:RMT chief threatens rail strikes could continue beyond May – as it happened | Business

2023-01-03 15:18:12

]]>
https://newsdaily.business/2023/01/03/rmt-chief-threatens-rail-strikes-could-continue-beyond-may-as-it-happened-business/feed/ 0
Incoming coalition reportedly to give Chief Rabbinate control over IDF’s chief rabbi https://newsdaily.business/2022/12/25/incoming-coalition-reportedly-to-give-chief-rabbinate-control-over-idfs-chief-rabbi/ https://newsdaily.business/2022/12/25/incoming-coalition-reportedly-to-give-chief-rabbinate-control-over-idfs-chief-rabbi/#respond Sun, 25 Dec 2022 15:53:46 +0000 https://newsdaily.business/2022/12/25/incoming-coalition-reportedly-to-give-chief-rabbinate-control-over-idfs-chief-rabbi/ A coalition deal between the far-right Religious Zionism party and Likud reportedly includes a clause that would move control of the office of the military’s chief rabbi from the Israel Defense Forces to the Chief Rabbinate of Israel. According to Hebrew-language media reports over the weekend, the agreement says the incoming government would advance a […]]]>


A coalition deal between the far-right Religious Zionism party and Likud reportedly includes a clause that would move control of the office of the military’s chief rabbi from the Israel Defense Forces to the Chief Rabbinate of Israel.

According to Hebrew-language media reports over the weekend, the agreement says the incoming government would advance a bill aimed at “strengthening the status of the military rabbi.”

The bill would give the Chief Rabbinate control over the appointment process for the IDF chief rabbi. Currently, the IDF chief rabbi, a brigadier general, is appointed by the IDF chief of staff.

The appointment would reportedly be made by a committee headed by the Sephardic chief rabbi and composed of government representatives, a head of a yeshiva, the head of the IDF’s Personnel Directorate, and a former IDF chief rabbi, among others.

Additionally, the bill would reportedly stipulate that the IDF chief rabbi will be subject to the halachic — Jewish law — rulings of the Chief Rabbinate.

The Military Rabbinate and Chief Rabbinate currently clash on several halachic topics, such as conversion to Judaism, women serving in the IDF, violating laws of the Sabbath for operational needs, and burial of non-Jewish fallen troops.

Sephardic Chief Rabbi Yitzhak Yosef speaks at the National Headquarters of the Israel Police in Jerusalem on September 22, 2022. (Olivier Fitoussi/Flash90)

Another part of the bill would reportedly raise the IDF chief rabbi’s rank to major general. The move would ensure that the IDF chief rabbi can always participate in meetings of the IDF’s General Staff Forum, reserved for major generals and the IDF chief of staff.

The IDF chief rabbi was historically a major general, but in 2000 the rank was lowered to brigadier general. The tenure is typically five years, but is often extended to six or more.

Former IDF chief of staff Gadi Eisenkot slammed the planned bill, saying it would be bad for the army. “Faced with security challenges, we do not have the privilege of turning the IDF into a bargaining chip in coalition negotiations,” Eisenkot, a Knesset member for the center-right National Union party, told the Kan public broadcaster on Friday.

The modern Orthodox nonprofit group Ne’emanei Torah Va’Avodah also condemned the plan, saying in a statement Sunday it would “lead to the politicization of the military rabbinate and damage the military chain of command.”

“A military rabbi is a profession that requires expertise, military experience, and familiarity with the needs of the system and its special halachic areas,” it said. “Moreover, it is unthinkable for rabbis whose sons do not serve in the IDF to issue rulings on Jewish law for those who do serve.”

Likud leader MK Benjamin Netanyahu (left) speaks with Religious Zionism party head MK Bezalel Smotrich during a vote in the Knesset, December 20, 2022. (Yonatan Sindel/Flash90)

The IDF chief rabbi bill is the latest in a series of planned moves by the incoming government to change the control politicians have over the military.

Bezalel Smotrich, who leads the far-right Religious Zionism party, is set to be given a new independent office within the Defense Ministry to oversee areas of the West Bank fully controlled by Israel, known as Area C.

Smotrich will be able to appoint the generals leading the hybrid civil-military Coordinator for Government Activities in the Territories and its office overseeing many settlement issues, the Civil Administration, with Prime Minister-designate Benjamin Netanyahu’s approval.

Currently, the major general in charge of COGAT is appointed by the defense minister at the recommendation of the IDF chief of staff, and the brigadier general overseeing the Civil Administration is appointed by the IDF chief of staff.

In addition, far-rןght Otzma Yehudit leader Itamar Ben Gvir, who is set to become the minister in charge of police, will take control of the West Bank Border Police. The unit is currently subordinate to the army and Defense Ministry.

Netanyahu announced Wednesday night that he had succeeded in forming a coalition with the far-right Otzma Yehudit, Religious Zionism and Noam, and his long-time ultra-Orthodox partners Shas and UTJ, which together won 64 seats in the 120-seat Knesset in November’s election.

However, full coalition deals have yet to be signed by the parties, with several outstanding issues remaining.


You’re a dedicated reader

That’s why we started the Times of Israel ten years ago – to provide discerning readers like you with must-read coverage of Israel and the Jewish world.

So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.

For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.

Thank you,
David Horovitz, Founding Editor of The Times of Israel


Join Our Community


Join Our Community

Already a member? Sign in to stop seeing this





Read More:Incoming coalition reportedly to give Chief Rabbinate control over IDF’s chief rabbi

2022-12-25 11:32:26

]]>
https://newsdaily.business/2022/12/25/incoming-coalition-reportedly-to-give-chief-rabbinate-control-over-idfs-chief-rabbi/feed/ 0
Elon Musk polls Twitter users on whether he should step down as chief executive https://newsdaily.business/2022/12/19/elon-musk-polls-twitter-users-on-whether-he-should-step-down-as-chief-executive/ https://newsdaily.business/2022/12/19/elon-musk-polls-twitter-users-on-whether-he-should-step-down-as-chief-executive/#respond Mon, 19 Dec 2022 09:19:48 +0000 https://newsdaily.business/2022/12/19/elon-musk-polls-twitter-users-on-whether-he-should-step-down-as-chief-executive/ Elon Musk has launched a Twitter poll asking users if he should step down as head of the social media platform and pledged to honour the result, after a backlash to a new policy banning the promotion of accounts on rival platforms. The billionaire entrepreneur, who bought Twitter for $44bn in October and is its […]]]>


Elon Musk has launched a Twitter poll asking users if he should step down as head of the social media platform and pledged to honour the result, after a backlash to a new policy banning the promotion of accounts on rival platforms.

The billionaire entrepreneur, who bought Twitter for $44bn in October and is its chief executive, wrote to his 122mn followers on Sunday night: “Should I step down as head of Twitter? I will abide by the results of this poll.”

Musk later said in a tweet: “No one wants the job who can actually keep Twitter alive. There is no successor.”

The poll is open for 11 hours, closing at 10.20am GMT. With three hours left, 14mn had voted, with 57 per cent in favour of him stepping down and 43 per cent against.

The move comes after Twitter announced earlier on Sunday a new policy banning users from sharing links to their accounts on rival platforms, including Mark Zuckerberg’s Facebook and Instagram, as well as emerging Twitter rival Mastodon, Donald Trump’s Truth Social, plus Tribel, Nostr and Post.

“We know that many of our users may be active on other social media platforms; however, going forward, Twitter will no longer allow free promotion of specific social media platforms on Twitter,” the company said in a post.

Initial offences could result in temporary suspensions or a requirement to delete the offending tweet, but repeat offenders risk permanent suspension, it said.

“Twitter should be easy to use, but no more relentless free advertising of competitors. No traditional publisher allows this and neither will Twitter,” Musk said on the platform earlier on Sunday.

However, the policy sparked immediate criticism from Musk’s detractors and even some of his high-profile Silicon Valley allies for being too restrictive.

The SpaceX and Tesla chief executive then responded by saying that the policy would be “adjusted” so that suspensions would only apply “when that account’s primary purpose is promotion of competitors”.

In a separate tweet, he wrote: “Going forward, there will be a vote for major policy changes. My apologies. Won’t happen again.”

The move is the latest shake-up since Musk took the helm, firing about half of its staff, cutting costs and overhauling its verification and moderation processes.

It comes two days after Musk also suspended several high-profile US journalists from Twitter, suggesting they fell foul of a recently created policy on sharing location information. The journalists, including Ryan Mac of the New York Times and Donie O’Sullivan of CNN, have since been reinstated. On Friday, EU and UK politicians expressed concern over the suspensions and press freedom.

Sunday’s policy change drew scrutiny from some of Musk’s supporters in Silicon Valley including former a16z partner Balaji Srinivasan, who wrote: “This is a bad policy and should be reversed. The right way to compete is to build a better product, not to restrict the use of your product.”

Paul Graham, the founder of the Y Combinator start-up incubator who had previously praised Musk as he took over Twitter, wrote: “This is the last straw. I give up”, before adding that his website had a link to his Mastodon account. He was then suspended from the platform for the tweet.

Jack Dorsey, Twitter’s former chief executive who invested in one of the banned platforms Nostr, said in a tweet that the policy “doesn’t make sense”.

Other critics argue that the move is likely to be unpopular among creators, most of whom have built up audiences across multiple platforms, and is at odds with Musk’s pledge to be a free speech proponent. Musk has brought back accounts that were permanently banned under the previous leadership, such as that of former US president Donald Trump.

Experts also warn that the policies could draw scrutiny from EU and US regulators. “These [policies] are clearly anti-competitive . . . as they seem to prevent communication across consumers comparing competitors,” said Pinar Yildirim, associate professor of economics and marketing at the Wharton School of the University of Pennsylvania.

Before Sunday’s policy was announced, many Twitter users attempting to share links to their own Mastodon profiles were prevented from doing so, with the site flagging the posts as “potentially harmful”.



Read More:Elon Musk polls Twitter users on whether he should step down as chief executive

2022-12-19 07:23:54

]]>
https://newsdaily.business/2022/12/19/elon-musk-polls-twitter-users-on-whether-he-should-step-down-as-chief-executive/feed/ 0
Amazon media chief Jeff Blackburn retires from the company again https://newsdaily.business/2022/12/02/amazon-media-chief-jeff-blackburn-retires-from-the-company-again/ https://newsdaily.business/2022/12/02/amazon-media-chief-jeff-blackburn-retires-from-the-company-again/#respond Fri, 02 Dec 2022 19:58:48 +0000 https://newsdaily.business/2022/12/02/amazon-media-chief-jeff-blackburn-retires-from-the-company-again/ Senior Vice President of Business Development at Amazon Jeff Blackburn (R) and Anne Blackburn attend the The IMDb Dinner Party at the Sundance Film Festival presented by Dolby on January 28, 2019 in Park City, Utah. Rich Polk | Getty Images Jeff Blackburn is retiring for the second time from Amazon, where he held a […]]]>


Senior Vice President of Business Development at Amazon Jeff Blackburn (R) and Anne Blackburn attend the The IMDb Dinner Party at the Sundance Film Festival presented by Dolby on January 28, 2019 in Park City, Utah.

Rich Polk | Getty Images

Jeff Blackburn is retiring for the second time from Amazon, where he held a number of high-profile leadership roles over two decades.

Amazon said Friday that the senior vice president of global media and entertainment will remain at the company through early 2023 to “ensure a smooth transition.”

Blackburn joined Amazon in 1998 and has worked on a number initiatives at the company including advertising, Amazon Studios and Prime Video service and music business. He helped guide Amazon through its IPO when he was a junior investment banker at Deutsche Bank.

“Amazon wouldn’t be the same company without Jeff, and I’d like to thank him for his many contributions to the company’s success thus far and in the future,” Amazon chief Andy Jassy said in a statement.

In Feb. 2021, Blackburn announced the first time he was retiring from Amazon, following a year-long sabbatical. He rejoined that May as the senior vice president of a new Global Media & Entertainment division, overseeing Amazon’s video, music, podcast, and gaming businesses.

With Blackburn’s upcoming departure, Amazon said it would make some leadership changes. Mike Hopkins, the current head of Prime Video, Amazon Studios and MGM will report to Jassy along with Steve Boom, who leads the company’s music and podcasting teams. Boom will also lead the company’s Audible, Twitch and Games businesses.

“The last 18 months have been a thrill – working with all of you in GME and launching some of our biggest, boldest projects ever in entertainment and sports,” Blackburn said in a statement. “But I’ve decided to spend 2023 differently, giving more time to family, and feel strongly this is the right decision for me.

Watch: Amazon CEO Andy Jassy on shifting consumer spending habits

Amazon CEO Andy Jassy on shifting consumer spending habits



Read More:Amazon media chief Jeff Blackburn retires from the company again

2022-12-02 18:32:07

]]>
https://newsdaily.business/2022/12/02/amazon-media-chief-jeff-blackburn-retires-from-the-company-again/feed/ 0