Connect with us

Business

Biden denounces Putin’s ‘overt’ nuclear threats, urges U.N. allies to reject Russia’s invasion of Ukraine

Published

on


Biden: No one, other than Russia, sought conflict

U.S. President Joe Biden harshly condemned Russia’s invasion of Ukraine on Wednesday, telling the United Nation’s General Assembly that the unprovoked war directly violated the organization’s charter, and warning of escalating nuclear threats by Russian President Vladimir Putin.

“Let us speak plainly: a permanent member of the United Nations Security Council invaded its neighbor, attempted to erase the sovereign state from the map,” Biden said in a speech at the U.N. headquarters in New York City. “Russia has shamelessly violated the core tenets of the United Nations’ charter, no more important than the clear prohibition against countries taking the territory of their neighbor by force.”

Biden’s remarks come as Europe faces its biggest crisis since World War II as countries grapple with how to deter Russia’s invasion of Ukraine. The event marks the first time the U.N. General Assembly has met in person in three years due to the coronavirus pandemic.

“Putin’s own words make his true purpose unmistakable: Just before he invaded, Putin asserted, and I quote, ‘Ukraine was created by Russia’ and never had ‘real statehood,'” Biden said. “This war is about extinguishing Ukraine’s right to exist as at state, plain and simple.”

Putin announced a partial military mobilization in Russia early Wednesday morning in pre-recorded televised remarks. The Russian president did not provide many details in his speech as to what a partial military mobilization would entail, but it could mean that Russian businesses and citizens have to contribute more to the war effort. Russia has not yet declared war on Ukraine, despite having invaded in February, and it calls its invasion a “special military operation.”

Putin did however threaten to use nuclear weapons in his morning address, which Biden strongly rebuked.

“No matter what else is happening in the world, the United States is ready to pursue critical arms control measures. A nuclear war cannot be won and must never be fought,” Biden said. “Russia’s shun of the nonproliferation ideals embraced by every other nation at the Tenth NPT Review Conference, and again today as I said, they’re making irresponsible threats to use nuclear weapons.”

A senior White House official told NBC News a line was added to Biden’s remarks in response to Putin’s address.

U.N. Secretary-General Antonio Guterres uttered a similar sentiment in his opening remarks to the body on Tuesday, saying the “world is in peril and paralyzed,” citing poverty, climate change and war.

“The United Nations charter and the ideals it represents are in jeopardy and we have a duty to act,” Guterres said Tuesday.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

Porsche shares rise in landmark Frankfurt debut

Published

on


Antlitz: IPO will strengthen investment in digitalisation and electrification

Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever.

Shares of the iconic sports car brand initially traded at 84 euros ($81) on Thursday morning after they had been priced at the top end of their range late Wednesday, at 82.50 euros. It values the company at roughly 75 billion euros.

By 9:30 a.m. London time Thursday shares had steadied at 84.50 euros. Parent company Volkswagen is offering 911 million shares, a reference to Porsche’s famous 911 model.

“Today is a great day for Porsche and a great day for Volkswagen,” Arno Antlitz, Volkswagen’s chief financial officer told CNBC’s “Squawk Box Europe” Thursday.

The organization knew the IPO would be successful, according to Antlitz, citing “strong financials” and “a very convincing strategy for the future.”

“We were convinced despite the challenging environment this IPO would prove successful, and we were right,” he told CNBC’s Annette Weisbach.

Jefferies: Porsche is half the Ferrari business

Before trading started reactions were positive, with cornerstone investors having already claimed around 40% of the shares on offer, according to Reuters. Until now the sole owner of Porsche AG, Volkswagen is reducing its stake in the sports car firm, with a 12.5% slice being listed.

Listing shares should give Porsche a financial boost of 19.5 billion euros, giving the company more financial flexibility in terms of electric vehicles, according to Volkswagen.

The landmark listing comes at a time of market choppiness as the auto industry continues to feel the effects of the war in Ukraine, and valuations of other luxury carmakers including Aston Martin, Ferrari, BMW and Mercedes-Benz have all dropped in recent months.

“The Porsche AG has completely decoupled itself from the negative market trends,” one investor told Reuters, translated by CNBC. Companies are thought to be delaying going public because of current market conditions. 

Porsche may have a 'very good' debut, says former banker

The IPO isn’t set to be a trailblazer for other companies to follow suit however, as Porsche remains a particularly strong brand with a unique market position. Volkswagen initially announced its plans for Porsche to go public on Sept. 5.

Antlitz also addressed the ongoing semiconductor shortages, which will continue to be an issue this year.

“We expect a better supply in 2023, but we expect an easing of the shortage to kick in in 2024,” Antlitz told CNBC.

Smead Capital Management: Predictions of 25% return in equity for Porsche AG



Source link

Continue Reading

Business

Amazon hikes pay for warehouse and delivery workers

Published

on


A worker sorts out parcels in the outbound dock at Amazon fulfillment center in Eastvale, California on Tuesday, Aug. 31, 2021.

Watchara Phomicinda | MediaNews Group | The Riverside Press-Enterprise via Getty Images

Amazon is raising its hourly wages for its warehouse and delivery workers, the company announced Wednesday.

Beginning in October, Amazon’s average starting pay for front-line employees in the U.S. will be bumped up to more than $19 per hour from $18 per hour, the company said.

Warehouse and delivery workers will earn between $16 and $26 per hour depending on their position, Amazon added. Amazon’s minimum wage for employees in the U.S. remains $15 an hour.

Amazon is spending roughly $1 billion on the pay hikes over the next year as it looks to attract and retain employees in a historically tight labor market. It’s also preparing to enter what’s known as “peak” season, the especially busy shopping period tied to the holidays.

Tensions have been growing between Amazon and its front-line workforce, particularly during the Covid-19 pandemic. Employees have called for wage increases, more paid time off and adjustments to productivity expectations.

Workers at several Amazon facilities have taken steps to organize, and earlier this year, workers at Amazon’s warehouse in Staten Island, New York, successfully voted to form the company’s first U.S. union. Amazon faces another union election at a site near Albany, New York, next month.

The company said earlier this month it planned to raise pay and benefits for drivers employed by members of its contracted delivery network, which handles a growing share of its last-mile deliveries to customers doorsteps.

Alongside the pay increase, Amazon said it’s also expanding a payday advance program for its employees that allows them to access up to 70% of their eligible earned pay whenever they choose and without fees, not just on a schedule, such as a biweekly basis.

WATCH: Amazon labor union wins — president breaks down future decisions

Amazon labor union wins — president breaks down future decisions



Source link

Continue Reading

Business

DocuSign to cut workforce by 9% as part of restructuring plan

Published

on


The Docusign Inc. website on a laptop computer arranged in Dobbs Ferry, New York, U.S., on Thursday, April 1, 2021.

Tiffany Hagler-Geard | Bloomberg | Getty Images

DocuSign will lay off 9% of its workforce as part of a major restructuring plan, the company announced Wednesday.

The plan is designed to support the company’s growth and profitability objectives and improve its operating margin. As of January, DocuSign had 7,461 employees, and it said the restructuring plan will largely be complete by the end of fiscal year 2023.

Shares of DocuSign were up 5% as of 10:35 a.m. ET.

It expects to incur charges between $30 million and $40 million, largely in the third and fourth quarter of fiscal 2023, as part of the changes.

The electronic signature software maker enjoyed a wave of greater interest among investors during the Covid pandemic as consumers and corporate workers became more reliant on digital ways to sign documents. But the interest has died down, and shares have fallen 65% so far this year.

Several firms downgraded the company’s stock in June after first-quarter earnings fell short of analyst estimates. Dan Springer, the former CEO, stepped down later that month. DocuSign announced earlier this month that it hired an Alphabet executive, Allan Thygesen, as its next CEO. 



Source link

Continue Reading

Trending