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China's Exports Fell More Than Expected in July 2023-08-08 - China's exports fell more than expected in July, dragged by continued weakness in global demand, official data showed Tuesday. Outbound shipments dropped 14.5% from a year earlier in July, compared with the 12.4% decline in June, the General Administration of Customs said. The result was worse than the 12.0% fall expected by economists in a Wall Street Journal poll.

Billionaire Charlie Ergen reportedly set to merge Dish, EchoStar 2023-08-08 - Billionaire Charlie Ergen may combine his two telecom companies, pay-TV provider Dish Network Corp. and satellite-communications company EchoStar Corp., the Wall Street Journal reported Monday night. According to the Journal, a deal could be announced as soon as Tuesday. Dish DISH, +0.66% has a valuation of about $4 billion, while EchoStar SATS, +21.26% has a market cap of about $1.6 billion. Exact terms were not reported, but the Journal said the price could be at a discount from EchoStar’s current stock price, after it surged 21%, to $23.50, on Monday, after lingering in the $15-$18 range in recent months. Ergen controls both companies, and the Journal said a combination would give him the financial flexibility to build a national wireless network to compete with AT&T Inc. T, +0.07% and Verizon Communications Inc. VZ, -0.28% . Among Dish’s holdings is wireless company Boost Mobile, and it’s been building a nationwide 5G network. EchoStar was spun off from Dish in 2008. Dish shares have recently been trading at their lowest level since 1999. Dish shares are down 46% year to date, while EchoStar is up 41%.

Union files charge over violence against striking L.A. hotel workers, organizers 2023-08-08 - The union representing striking hotel workers in Los Angeles on Monday filed an unfair labor practice charge with the National Labor Relations Board over violence it says workers and organizers have experienced as they protest and fight for new contracts. Thousands of hospitality workers have been on strike throughout the area since early July after union contracts expired at dozens of hotels, asking for higher wages and better benefits. Unite Here Local 11 on Saturday posted a video on X, the social network formerly known as Twitter, showing people who appear to be security guards for Fairmont Miramar Hotel & Bungalows in Santa Monica, Calif., tackling picketers at the hotel. The union in its filing referred to that incident plus another incident on the same day at Hotel Maya, a Hilton HLT, +1.41% property in Long Beach, Calif. During that incident, the union said “a guest ran around the fence and punched a worker in the head” as hotel personnel “sought to forcibly relocate striking workers using a chain link fence.” The union also said the chef at the Laguna Cliffs Marriott MAR, +0.85% Resort & Spa’s Knife Modern Steak Restaurant in Dana Point, Calif., John Tesar, last week broke a striking workers’ drum, told workers to “take your union and shove it up your [expletive],” called them lazy, and more. “Within the past six months, the [employers] have violated Section 8(a)(1) of the [National Labor Relations] Act by committing and/or condoning violence against employees in response to employees’ concerted protected activities,” Unite Here Local 11 said in its filing, which names the hotels’ coordinated bargaining group and the owners and operators of the three aforementioned hotels. The three hotels’ owners and operators did not immediately return requests for comment Monday. Tesar, the chef, did not immediately return a request for comment. Pete Hillan, a spokesperson for the California Hotel & Lodging Association, said Monday that “union representatives are blaring sirens and alarms at odd hours that not only disturb the peace and neighboring residents but also clearly create a safety risk. In addition, as you saw on the video at the Fairmont, union representatives are kicking over barricades intended to maintain safety and order.” Hillan said the hotels have asked police to “ensure the safety of all.” The Santa Monica Police Department, which was called to the incident shown on video on Saturday, did not immediately respond to a request for comment. See: Actors, writers, hotel housekeepers and grad-student workers are all striking for the same reason Also: As Hollywood strikes continue, unions call out excessive CEO pay

A $1.8 trillion wall of corporate debt coming due could cost jobs, Goldman warns 2023-08-08 - Big corporations aren’t likely to avoid the bite of higher interest rates forever, particularly with an estimated $1.8 trillion of U.S. corporate debt coming due in the next two years, according to Goldman Sachs. That also means companies could start cutting jobs and rolling out other belt-tightening measures. Corporations needing to refinance existing maturing debt at today’s higher rates would face higher debt costs. Goldman’s economics team, led by Jan Hatzius, expect a 2% increase in interest expenses for corporations in 2024 and a 5.5% jump in 2025, according to a new client note. They also found that a bigger burden in terms of interest payments typically translates to cuts in labor costs and capital expenditures, based on an analysis of data from public companies since 1965. “We find that for each additional dollar of interest expense, firms lower their capital expenditures by 10 cents and labor costs by 20 cents, about half of which comes from reduced employment and half of which comes through lower wages,” the team wrote in a Sunday evening note. With that backdrop, they see a potential 5,000-jobs drag on monthly payrolls growth in 2024 and a 10,000 drag in 2025. To visualize the bigger debt picture, the Goldman team tracked a wave of corporate debt maturities that pick up later this year through 2030. An estimated $1.8 trillion in corporate debt is set to mature through the end of 2025. Bloomberg, Goldman Sachs Global Investment Research Like homeowners, many big U.S. businesses were part of a pandemic borrowing blitz that helped lock in low, fixed rates, while also providing shelter from the Federal Reserve’s rate-hiking campaign in the past 16 months. But since companies typically stagger their debt maturities for the cheapest possible overall borrowing costs, it also means a growing amount comes due through 2026. At the same time, Fed officials expect rates to stay higher for longer, although some economists anticipate cuts to arrive next spring. A part of the problem has been a surprisingly resilient labor market keeping inflation elevated and the economy humming, despite fears that the Fed’s rapid pace or rate hikes would trigger a recession. Fresh labor-market data points to the economy adding 187,000 job in July, a sign that hiring may be slowing, but with wages steady at a 4.4% annual rate and unemployment retreating to 3.5% from 3.6%. Federal officials want to see yearly wage gains of 3% or less. Confidence in a soft landing has been growing even as cracks in credit have emerged, particularly for borrowers with floating-rate debt. See: Leveraged loan defaults hit $25 billion, head for third worst year in history, says Goldman In a sign of potentially more stress to come, Trucking company Yellow Corp. YELL, -30.53% on Monday filed for Chapter 11 protection, blaming “bullying” by Teamsters. The company received a $700 million pandemic bailout from the government when it was known as YRC Worldwide Inc., including loans with floating-rate debt due in September 2024. Stocks rose Monday, with the Dow Jones Industrial Average DJIA, S&P 500 index SPX and the Nasdaq Composite Index COMP looking to shake off last week’s weakness after Treasury yields BX:TMUBMUSD10Y shot up to new 2023 highs.

Why Alteryx (AYX) Shares Are Plummeting Today - Alteryx (NYSE:AYX) 2023-08-08 - Alteryx Inc AYX shares are down Tuesday morning after it released Q2 2023 results and lowered 2023 guidance. Also, Piper Sandler downgraded the stock to Neutral from Overweight at a decreased price target to $30 from $68. AYX reported a Q2 2023 revenue increase of 4% Y/Y to $188 million, above the consensus of $182.2 million. Annualized Recurring Revenue (ARR) increased 22% Y/Y to $890 million in Q2, with a dollar-based net expansion rate of 120%. Adjusted gross profit rose to $164 million from $159 million a year ago, with margins of 87%. The company reported an adjusted loss per share of $(0.37), better than the consensus of $(0.66). As of June 30, 2023, cash, cash equivalents, and short-term and long-term investments of $748 million and operating cash flow of $7 million. Workforce Reduction: As per the planned workforce reduction during the second quarter, AYX incurred charges of $12 million related to the statutory notice period and severance payments, employee benefits, and job placement services. AYX expects the workforce reduction initiative to conclude by the end of Q3 2023. Outlook: For Q3 2023, AYX expects revenues of $208 million - $212 million (-4% to -2% Y/Y, consensus $233.04 million) and adjusted EPS of $(0.08) to $(0.04) compared to consensus of $0.09. ARR is expected to be $901 million to $905 million (+19% Y/Y) in Q3 2023. For 2023, AYX lowered the outlook for revenue to $930 million-$940 million (+9% to +10%, vs. consensus $983.92 million) from $980 million-$990 million earlier and adjusted EPS to $0.62-$0.72 (vs. consensus $0.68) from $0.65-$0.75 earlier. For 2023, AYX also reduced ARR guidance to $930 million-$940 million (up 12% to 13%) from $1.015 billion-$1.025 billion prior. Price Action: AYX shares are down by 24.5% at $28.40 premarket on the last check Tuesday.

Warren Buffett's Berkshire Hathaway Signals Consumer Cutback, Recession May Be Looming: 'Fair Conclusion,' Says Expert 2023-08-08 - Warren Buffett’s Berkshire Hathaway BRK BRK revealed significant declines in consumer-facing businesses, signaling a possible economic slump or recession, Business Insider reports. Berkshire Hathaway published second-quarter earnings on Saturday, showing a 23% plunge in revenues from BNSF Railway, a 22% fall in real estate brokerage revenues and a 19% tumble in manufacturing consumer products. The declines were attributed to higher interest rates, inflation, and other macroeconomic conditions. Despite overall operating earnings growing by 7% to $10 billion, the slowdown in consumer businesses may indicate a broader downturn in the US economy. “That is a fair conclusion,” said James Shanahan, a senior equity research analyst at Edward Jones. He further mentioned that the decline in demand for various goods wasn’t solely attributed to increased interest rates. The reduction in lending by banks also played a role, creating difficulties for consumers to secure credit during that time. American households have faced rising prices and surging interest rates over the last 18 months, leading to increased debt and reduced savings. The Federal Reserve’s response to 9.1% inflation last summer has made borrowing more expensive, potentially eroding consumer spending. Image via Shutterstock Read Next: In AI We Trust? Warren Buffett Sent 46.7% Of Berkshire Hathaway’s Portfolio There

Nio Denies Mercedes-Benz Tie-Up Rumors: 'False Information' - NIO (NYSE:NIO) 2023-08-08 - Chinese EV maker Nio Inc NIO has reportedly denied market rumors of a partnership with German automaker Mercedes-Benz. What Happened: A Nio spokesperson denied market rumors of a partnership between the two companies that circulated after a video showed CEO William Li taking several foreigners on a tour of a battery swap station, reported CnEVPost. “It’s false information,” the spokesperson was quoted as saying by CnEVPost. The fresh rumors come on the heels of German automaker Volkswagen AG announcing a partnership with Chinese EV startup XPeng while Audi, its premium subsidiary, plans to join forces with SAIC. Why It Matters: Rumors of a potential Nio-Mercedes partnership have been swirling for months. Previously, it was fueled by an image of Mercedes CEO Ola Källenius meeting with Li at a Nio House. The exact details of their discussion were and remain unclear, leaving many curious about a potential collaboration. Nio and Mercedes did not immediately respond to Benzinga’s request for comments. Check out more of Benzinga’s Future Of Mobility coverage by following this link. Read Next: Ford CEO Pilots F-150 Lightning Across West As Cybertruck Launch Nears: ‘A New Way To Experience America’

Taylor Swift Fan Convinces Southwest Pilot To Fly Over Pop Star's 'Eras Tour' LA Concert 2023-08-08 - A Taylor Swift fan made an unusual request to a Southwest pilot to fly over the pop star’s concert in Los Angeles, and the pilot agreed, according to Insider reports. Samantha Meany, known as @idkitssammy on TikTok, shared a video of her conversation with the pilot. The video, posted on Thursday, has since amassed 7.4 million views. In the video, Meany inquired if their flight would pass over Inglewood, Los Angeles, where Swift’s concert was taking place. She mentioned missing the concert and hoped to get a glimpse of the air. The pilot, identified as Max, not only agreed but also invited her into the cockpit. However, Meany later revealed that the view of the SoFi Stadium, where Swift was performing, was “disappointing” due to its covered roof. All she saw was the traffic outside the venue. Meany had hoped to attend Swift’s concert for her 29th birthday but found the ticket prices too steep, comparing it to a trip to Hawaii. Many TikTok users praised the pilot’s gesture, while others expressed surprise that passengers could interact with pilots. Image Via Shutterstock Read Next: Taylor Swift’s Eras Tour: Mini-Residency Strategy During Upcoming Shows Could Generate Millions Of Dollars

Japan's Former PM In Taiwan Says Deterrence Against Xi Jinping Demands Action And 'Will To Fight' 2023-08-08 - Taro Aso, former Japanese Prime Minister, addressed the Ketagalan Forum in Taipei, Taiwan emphasizing that deterrence against China’s Xi Jinping requires not just the ability, but also the will to act. He highlighted the importance of conveying both these elements to adversaries, Nikkei Asia reports. “It is not enough to spend money and just having defense capabilities. It is important to make clear to the opponent that we will use those capabilities for the defense of Taiwan, for the stability of the Taiwan Strait. That becomes deterrence” Aso also remarked, “Never has there been a time” when nations like Japan, Taiwan, and the U.S. have needed such resolve. Since U.S. Speaker Nancy Pelosi‘s visit to Taiwan last year, China’s aggressive actions towards Taiwan have intensified. Aso stressed the importance of not just investing in defense but also showing the intent to use it for Taiwan’s defense. Drawing a parallel, he cited the Falklands War, where the U.K.’s unclear signaling led to conflict. Aso warned of an impending “time of emergency” and urged like-minded countries to unite. Photo by Tom Wang on Shutterstock Read Next: Joe Biden Signs US-Taiwan Trade Agreement Into Law

Amazon Under Fire For Allegedly Hosting AI-Authored Books Under Human Author's Name - Amazon.com (NASDAQ:AMZN) 2023-08-08 - Amid growing concerns over AI-generated content, Amazon.com Inc.’s AMZN reported decision to retain books purportedly written by artificial intelligence under the name of a human author has sparked a debate on the boundaries of authorship and the responsibility of online platforms. What Happened: Journalist, author, and professor Jane Friedman has taken to Twitter (now X) to share an alarming discovery. She allegedly came across a series of books on Amazon that were eerily aligned with her areas of expertise. With titles like “Publishing Power: Navigating Amazon’s Kindle Direct Publishing,” these books carried her name as the author. However, Friedman said that she neither wrote nor published these works. See Also: Jeff Bezos’ Fortune Surges $11B As Amazon’s Earnings Shatter Expectations Digging deeper, she realized that these books were purportedly authored by another individual named “Jane Friedman.” She believed these books to be the product of an AI-powered text generation process. Disturbed by this discovery, Friedman filed a complaint with Amazon, pointing out that these books were falsely using her name and reputation without consent. Friedman has written about this in detail on her blog, you can read it here. However, Amazon reportedly requested trademark registration numbers to substantiate her claim. Since she lacked a trademark for her name, Friedman said that she was told the books would not be removed from the e-commerce giant’s website. The Author’s Guild intends to take up the matter with Amazon Amazon did not immediately respond to Benzinga’s request for comments. Why It’s Important: Around mid-February this year, Amazon’s Kindle e-book story allegedly hosted over 200 books in which OpenAI’s ChatGPT was listed as an author or co-author. Meanwhile, in an unprecedented move, Hollywood has been witnessing a double strike from actors and writers for the first time in over six decades. Both unions advocate for compensation throughout every production phase and have voiced apprehensions regarding incorporating AI in the scriptwriting process. Image – JaneFriedman.com Check out more of Benzinga’s Consumer Tech coverage by following this link. Read Next: Amazon’s AWS Vs Microsoft Azure Vs Google Cloud: How Tech Titans Fared In June Quarter’s Cloud Showdown

When Elon Met Grimes: Biographer Reveals Oddly Fascinating Love Story Involving LOTR Trivia, Autopilot And Animal Bones 2023-08-08 - Elon Musk's biographer Walter Isaacson has been sharing nuggets from his upcoming book on the billionaire and on Monday he shed light on how Canadian performance artist Claire Boucher, who goes by the name Grimes, came into his life. Weird 1st Meeting And Linking Up: The relationship between Musk and Grimes goes back to the spring of 2018 when the former was on a rebound following his emotional breakup with Amber Heard, Isaacson said in a post on social media platform X. Isaacson described Grimes as a “smart and spellbinding” performance artist, and her acquaintance with Musk led to new children and on-off domesticity as well as a public battle with rapper Azealia Banks. Incidentally, Musk spotted Grimes when he was googling to look for a pun about Roko's basilisk – a thought experiment that states that in the future an otherwise benevolent AI could be incentivized to create a virtual reality simulation to torture anyone. It was then the billionaire found that Grimes had made it an element of her 2015 music video "Flesh without Blood." The two then connected through Twitter exchanges and then began directly messaging and texting each other. Isaacson also recalled Grimes stating that their first meeting happened before this when Musk was in an elevator with Heard. The meeting was “super weird,” she said, adding that they were giving each other weird stares. See Also: How Did Elon Musk Make His Money Grimes Gets Call-Up: Following the Twitter exchange, Musk invited Grimes to visit him at his Fremont factory, where they spent the night walking the floor and watching him fix things. The next night, Musk drove Grimes to a restaurant and showed off Tesla‘s Autopilot experience by taking his hands off the wheel and covering his eyes. "I was like, oh s***t, this guy is f***king crazy," she said, the biographer noted. As the car was signaling and changing lanes by itself, Grimes felt it was like a scene out of a Marvel movie. At the restaurant, the Tesla CEO carved "EM+CB" on the wall, Grimes told Isaacson. Musk reportedly gave her a rapid-fire trivia test on the Lord of Rings to test whether she was a faithful fan. The Canadian singer apparently passed the test. Grimes in turn gave him a box of animal bones she collected. Interestingly, the two used to listen to Dan Carlin's Hardcore History and other history podcasts and audiobooks in the evenings. "The only way I could be in a serious relationship is if the person I'm dating can also listen to an hour of, like, war history before bed," Grimes reportedly told. The couple split in September 2021 after being together for three years and they are parents to a 3-year-old son named X Æ A-12 and a baby girl rumored to be born through surrogacy. Read Next: 6 Books Elon Musk Has Been Reading, And Why He Prefers Video Games Over Books Image created using photos from Shutterstock

It’s official: Scientists confirm July was the hottest month ever recorded 2023-08-08 - Global air and ocean temperatures soared to a record high in July, according to the EU's climate change service Copernicus, deepening concern among climate scientists at a time when a spate of heat records suggest the planet has entered uncharted territory. The EU's Copernicus Climate Change Service (C3S) said Tuesday that the global average surface air temperature in July was confirmed to be the highest on record for any month. July was found to be a whopping 1.5 degrees Celsius warmer than the average for the 1850-1900 period and 0.33 degrees Celsius warmer than the previous warmest month of July 2019. Meanwhile, global average sea surface temperatures continued to rise in July, the EU's climate monitor said, after a long period of unusually high temperatures stretching back to April. For the month as a whole, the planet's average sea surface temperature was 0.51 degrees Celsius above the 1991 to 2020 average. The data, which is collated from the measurement of satellites, ships, aircraft and weather stations around the world, follows a flurry of record-breaking heat waves across multiple regions. Vast parts of Europe, North Africa, the Middle East and Asia have suffered from scorching heat in recent weeks, while South American countries have been gripped by record-breaking temperatures in the middle of winter. "These records have dire consequences for both people and the planet exposed to ever more frequent and intense extreme events," Samantha Burgess, deputy director of C3S, said in a statement. "Even if this is only temporary, it shows the urgency for ambitious efforts to reduce global greenhouse gas emissions, which are the main driver behind these records," she added.

Italian bank shares slide after government surprises with windfall tax 2023-08-08 - ROME - August 7, 2023: (L-R) Carlo Nordio, Minister of Justice, Adolfo Urso, Minister of Enterprise and Made in Italy, Matteo Salvini, Deputy Prime Minister and Minister of Transport, Francesco Lollobrigida, Minister of Agriculture and Orazio Schillaci, Minister of Health hold a press conference at Palazzo Chigi at the end of the Council of Ministers No. 47. Italian banking shares took a beating on Tuesday morning after Italy's cabinet approved a 40% windfall tax on lenders' "excess" profits in 2023. As of 10:49 a.m. in Rome, Finecobank and BPER Banca shares were almost 8% lower, while Intesa Sanpaolo and Banco BPM shares were both down over 7%, and UniCredit's fell 6%. The effects were seen beyond Italy, with Germany's Commerzbank down around 3.2% and Deutsche Bank trading 2% lower. Italian Deputy Prime Matteo Salvini told a press conference on Monday that the 40% levy on banks' extra profits derived from higher interest rates, amounting to several billion euros, will be used to cut taxes and offer financial support to mortgage holders. "One only has to look at the banks' first-half 2023 profits, also the result of the European Central Bank's rate hikes, to realise that we are not talking about a few millions, but we are talking one can assume of billions," Salvini said, according to a Reuters translation. "If [it is true that] the cost of money burden for households and businesses has increased and doubled, it has not equally doubled what is given to current account holders."

SoftBank posts surprise loss even as Vision Fund back in black after five quarters 2023-08-08 - SoftBank shocked markets with a surprise loss in the first quarter covering April-June, but the Japanese tech conglomerate posted a rare investment gain at its massive tech-focused Vision Fund. Here's how the company did: The SoftBank group reported a net loss attributable to owners of the parent of 477.6 billion yen ($3.3 billion). This came in well below a Refinitv analyst estimate anticipating a 75 billion yen profit, but was much softer than the steep 3.16 trillion yen loss that the company logged in the same period of last year. SoftBank's Vision Fund, which is closely watched by investors as an indicator of health in the tech sector, booked an investment gain of 159.8 billion yen ($1.1 billion), its first gain in five consecutive quarters. It benefited from investments in shares of the company's subsidiaries, including chip design giant Arm. The results mark something of a turnaround for Japanese tech guru Masayoshi Son's beleaguered Vision Fund, which has over the last year or so racked up billions of losses owing to tech bets that soured in a high interest rate environment. SoftBank's CFO Yoshimitsu Goto said during the earnings call that the company has been carefully returning to making investments after previously cutting back on such activity due to grim market conditions. Goto noted that both public and private market securities have seen a recovery over the past few months, with the Nasdaq Composite and Thomson Reuters Venture Capital Index both up considerably since the start of the year. "Based on this trend we also like to make a good balance between gas and brakes for resuming investment activities," Goto said. The company, which has been trimming down its stake in Alibaba as it tries to recoup losses from last year's meltdown in technology shares, said it saw an unrealized valuation loss on Alibaba shares of 553.4 billion yen. However, this was offset by a derivative gain of 769.9 billion yen. Last fiscal year, SoftBank recorded a $32 billion loss at its Vision Fund investment arm, which has backed some of the largest names in technology today from Uber to South Korean e-commerce titan Coupang . The company at the time said that, despite having exited its remaining stake in Uber, it still logged losses from investments such as SenseTime , a Chinese artificial intelligence company, and GoTo , an Indonesian ride-hailing and e-commerce firm. The tech conglomerate, which engages in venture capital investing through its Vision Fund, has had its fair share of ups and downs. It halted new investments and offloaded its holdings of ride-hailing giant Uber, and trimmed its stake in Alibaba. Investors had been looking for clues on how SoftBank has benefited from the rise in technology stocks these past few months. Major technology names such as Alphabet and Amazon have seen their share prices climb since the start of the year, as investors bet on an end to a relentless rise in interest rates. Also in focus was whether SoftBank stood to benefit from swelling demand for artificial intelligence following the rise of ChatGPT, a popular AI chatbot owned by Silicon Valley startup OpenAI. SoftBank has previously shied away from making new investments amid a grim market environment. But the company has made no secret of its desire to capitalize on the "AI revolution."

Champagne sales are booming. But its taste could soon change forever — thanks to climate change 2023-08-08 - More than 325 million bottles of champagne were shipped from Champagne in 2022, according to Comité Champagne. Dave Kotinsky | Getty Images Entertainment | Getty Images Champagne has been a hallmark of celebrations and luxury living for centuries. But Europe's soaring temperatures and increasingly volatile weather are sparking fears that France's Champagne region could become unsuitable for its production. More than 325 million bottles of champagne were shipped from Champagne in 2022, surpassing 6 billion euros ($6.6 billion) in sales for the first time, according to champagne trade association Comité Champagne. The biggest markets are the United States, Britain and Japan. The committee suggested a "prudent outlook" for 2023, though it said growers and houses in Champagne "remain confident in the basic health of their business." The health of the climate, however, throws the beverage's future into doubt — champagne houses will have to adapt to survive and the flavor of champagne could change along the way. Sunburned grapes, damaged flavors The Champagne region's exposure to physical risk caused by drought is set to almost triple by the 2050s, according to the S&P Global Sustainable1 report, posing serious problems for vineyards. The report scores regions on a scale of 1-100, where a score of 100 represents maximum risk exposure. It said the risk of drought in Champagne will rise from the current level of 16 to 43 by the 2050s, then double to 88 by the 2090s — if no changes are made to current climate policies. Drought isn't the only factor that can hamper production. The weather is increasingly erratic, with fires, floods and frosts becoming more frequent in recent years. More than ever, we are working to adapt. Sandrine Sommer Chief Sustainability Officer at Moët Hennessy Even if grapes are still able to grow in a changing climate, the conditions can alter the fruit's development and cause damage. "[If the grapes] get exposed to too extreme UV rays, then they will get the equivalent of our sunburn and that will basically … damage the flavor," Matt Hodgson, founder of English wine retailer Grape Britannia, told CNBC. Champagne vineyard are pictured near the village of Ville-Dommange a few kilometres from Reims, in northeastern France. Francois Nascimbeni | Afp | Getty Images The additional heat can also change the grapes' acidity, which gives champagne its freshness and "intangible zip and zing," Hodgson said. International brands are aware of the huge impact climate change can have on their businesses. "We recognize the effects of climate change on all Moët Hennessy's terroirs, and to different degrees," Sandrine Sommer, chief sustainability officer at LVMH's wine and spirits division, Moët Hennessy, told CNBC via email. "More than ever, we are working to adapt," Sommer added. The Champagne method The best-known rule of champagne is that it must be produced in the Champagne region of France, but the long list of appellation rules that must be followed include specific vineyard practices; sourcing grapes from certain locations; particular grape-pressing methods; and the use of only select varieties of grape. The use of pesticides and additional acidifying are banned, and all stages of production must take place in Champagne, right up until the labeling of the bottle. But champagne houses are tweaking their processes to continue production within the strict confines of the rules. Winegrowers load a traditional wine press with Chardonnay grapes during the harvest, in Montgueux, central France. Francois Nascimbeni | Afp | Getty Images "20 years ago the harvest used to take place at the end of September, beginning of October," Champagne Taittinger spokesperson Claire Sarazin told CNBC. Now, the champagne house harvests grapes at the end of August and the beginning of September. In terms of flavor, what you're noticing a lot is much riper characteristics. Tom Hewson Champagne critic The changing temperatures also mean that champagne is becoming naturally sweeter. "We have so much sun and so much sugar basically in the juice that you don't need to add sugar anymore," Sarazin said. "It's not an issue so far, but it's something we have to take care of." 'Definite shift' in taste According to critics, some champagnes already taste very different from the champagne that people had years ago. "In terms of flavor, what you're noticing a lot is much riper characteristics," champagne critic Tom Hewson told CNBC, adding that it brings bubbly closer to other white wines and makes it "a more transparent wine." Wine judge and critic Susy Atkins has also noticed that the taste of champagne has changed in recent decades. "I have noticed a subtle change in my 30-odd years and … other people who've got more like 50 years of wine tasting experience have pointed to a definite shift in style towards the more rich," Atkins said. Future of champagne Champagne houses are taking different approaches to preserving their futures in the industry, including eyeing locations with similar climates to Champagne. Taittinger became the first champagne house to invest in English sparkling wine back in 2015, closely followed by Pommery in 2016. But steps are being taken to maintain the distinction between English and French-made products. A bar tender pours a bottle of Taittinger Champagne. Carlo Paloni | Bafta | Getty Images Taittinger's English sparkling wine, for example, is exclusively for the British market to avoid "cannibalization" of its original product. When asked whether it's possible that champagne will no longer be produced in the Champagne region, Taittinger said the brand has "a more positive" outlook, and that the Comité Champagne is exploring avenues such as developing new grapes. So far, however, the organization has yet to find a grape that meets the high standards necessary for champagne-making. "It would be suicide to not consider alternatives, wouldn't it?" Matt Hodson Founder of English wine retailer Grape Britannia

Palantir's A.I. ambitions divide analysts. A bull and bear make their cases 2023-08-08 - Alex Karp, chief executive officer of Palantir Technologies Inc., speaks during the 2023 CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 7, 2023. Palantir Technologies raised its annual revenue target on Monday as it sees an opportunity to commercialize AI, but not all analysts are convinced. On Monday, CEO Alex Karp said Palantir's aim is to make money from AI, instead of merely producing tools that write computer-generated poetry. Some companies have restricted their employees from using such tools like OpenAI's ChatGPT. "We will figure out how to monetize it," Karp said, referring to Palantir's artificial intelligence platform, or AIP. According to the company's website, AIP will allow businesses as well as defense and military organizations to tap large language models and AI to aid in decision-making. Dan Ives, managing director at Wedbush Securities, is bullish on Palantir's AI ambitions. On Monday, the firm said "a star is born," referring to AIP. "That's probably the best pure play AI name, in terms of them monetizing not just on the government side, but on the enterprise side when it comes to AI," said Ives on CNBC's "Street Signs Asia" on Tuesday. Palantir recently announced it was awarded a five-year contract worth up to $463 million from the U.S. Special Operations Command. "And I think we saw this as an inflection point quarter, where this remains, in our opinion, one of the core AI names over the coming years," said Ives.

China releases plans to restrict facial recognition technology 2023-08-08 - Passengers swipe ID cards to exit Fuzhou South Railway Station on Dec. 16, 2021. The process doesn't require passengers to remove masks for facial recognition. BEIJING — China is planning to restrict businesses' use of facial recognition technology in favor of non-biometric personal identification methods, according to draft rules from the Cyberspace Administration released Tuesday. The proposed policy requires individual consent, and a specific purpose, for using facial recognition. "If there are non-biometric verification technology for achieving a similar purpose or business requirements, those non-biometric verification methods should be preferred," the draft said in Chinese, translated by CNBC. However, individual consent isn't required for certain administrative situations, which the draft did not specify. If facial recognition is used, the proposed rules encourage use of national systems. Installation of image collection and personal identification equipment in public places should be for the purpose of maintaining public safety, the draft rules said, noting clear signage is required.

China reports double-digit plunge in July exports and imports, missing expectations 2023-08-08 - A container ship from China-owned Cosco Shipping sits in the Port of Oakland in California on Aug. 7, 2023. BEIJING — China said Tuesday that exports fell by 14.5% in July from a year ago, while imports dropped by 12.4% in U.S. dollar terms. That's worse than what analysts had expected. A Reuters poll predicted a 12.5% decline in exports in July from a year ago, in U.S. dollar terms. Imports were expected to have dropped by 5% during that time, according to the poll. China's exports to the U.S. plunged by 23.1% year-on-year in July, while those to the European Union fell by 20.6%, CNBC analysis of customs data showed. Exports to the Association of Southeast Asian Nations fell by 21.4%, according to the data. China's imports from Russia fell by 8.1% in July from a year ago, the data showed. A slowdown in U.S. and other major economies' growth has dragged down Chinese exports this year. Meanwhile, China's domestic demand has remained lackluster.

Tesla CFO Zachary Kirkhorn steps down after 13 years with company 2023-08-08 - Tesla Chief Financial Officer Zachary Kirkhorn is departing after 13 years with the the electric vehicle and solar panel maker. Kirkhorn stepped down Friday but will remain with Tesla through the end of the year to "support a seamless transition," according to the Austin, Texas, company. Shares of Tesla Inc. slipped 2.4% in Monday afternoon trading amid a broader sell-off in the electric vehicle sector. Rivian fell 4.6% and Lucid fell 4.5%. Vaibhav Taneja was named CFO in addition to his current role as chief accounting officer, the company said in a regulatory filing Monday. Referred to as the Master of Coin in his bio on the company's website, Kirkhorn has been CFO at Tesla since March 2019, succeeding Deepak Ahuja. He has served in various roles at Tesla since March 2010. The filing gave no reason for the departure, but said Tesla has experienced tremendous growth during Kirkhorn's tenure. Tesla has experienced tremendous growth during the tenure of Zachary Kirkhorn, who is stepping down as CFO after 4 year. LinkedIn Tesla reported net income of $2.7 billion in Q2 of this year, a 20% increase from a year ago. While its profit margin fell just over 1% as a result of price cuts on vehicles, initiated in January, to boost sales amid increasing competition, the company still managed to beat analyst expectations. "Being a part of this company is a special experience and I'm extremely proud of the work we've done together since I joined over 13 years ago," Kirkhorn wrote in a LinkedIn post on Monday. He did not respond to a message seeking further comment. Kirkhorn has sold more than $6 million worth of Tesla stock this year, either as part of a prearranged trading plan or to satisfy tax obligations on vesting stock options, according to company filings with the Securities and Exchange Commission. Taneja, 45, has been chief accounting officer since March of 2019, and served as controller since May of 2018. Ongoing auto-pilot safety issues The National Highway Traffic Safety Administration earlier this month opened yet another investigation into safety problems with Tesla vehicles. The probe, the fifth started by the agency into Tesla vehicles in the past three years, is part of a larger investigation by the NHTSA into multiple instances of Teslas on Autopilot crashing into parked emergency vehicles that are tending to other crashes.

Even remote work icon Zoom is ordering workers back to the office 2023-08-08 - One of the companies that benefitted most from the rise of remote work is calling its own employees back to the office. Videoconferencing platform Zoom is asking its 7,400 workers who live near a company office to report to their desks twice a week, effective immediately, a company spokesperson told CBS MoneyWatch. The new corporate policy marks the end of a fully remote era for the software company, which benefitted enormously from the COVID-19-driven rise in remote work. "We believe that a structured hybrid approach — meaning employees that live near an office need to be on site two days a week to interact with their teams — is most effective for Zoom," a Zoom spokesperson said in a statement to CBS MoneyWatch. "As a company, we are in a better position to use our own technologies, continue to innovate, and support our global customers." The company said its technologies will remain essential to its own operations, in order to keep "dispersed teams connected and working efficiently." There appears to be some leniency to the policy, as Zoom said it will continue to hire top talent, regardless of where potential employees are based.