Latest news with #Wells Fargo
Yahoo
a day ago
- Business
- Yahoo
BlackRock imposes restriction on use of company devices for China travel, Bloomberg News reports
(Reuters) -BlackRock has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops, Bloomberg News reported on Tuesday, citing an internal memo. The world's largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted, the report said. BlackRock also barred the use of company laptops or remote access via virtual private networks, the report said, adding that employees will not have access to the BlackRock network during personal travel in China. Reuters could not immediately verify the report. BlackRock did not respond to a request for comment. The report comes as firms witness China's growing hold over access during travel to the nation. On Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving. Earlier this month, a Wells Fargo banker was also blocked from leaving China. Beijing's foreign ministry said the banker was involved in a criminal case. Sign in to access your portfolio
Reuters
a day ago
- Business
- Reuters
BlackRock imposes restriction on use of company devices for China travel, Bloomberg News reports
July 22 (Reuters) - BlackRock (BLK.N), opens new tab has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops, Bloomberg News reported on Tuesday, citing an internal memo. The world's largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted, the report said. BlackRock also barred the use of company laptops or remote access via virtual private networks, the report said, adding that employees will not have access to the BlackRock network during personal travel in China. Reuters could not immediately verify the report. BlackRock did not respond to a request for comment. The report comes as firms witness China's growing hold over access during travel to the nation. On Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving. Earlier this month, a Wells Fargo (WFC.N), opens new tab banker was also blocked from leaving China. Beijing's foreign ministry said the banker was involved in a criminal case.
The Independent
2 days ago
- Business
- The Independent
Where's the relief? Ground beef prices hit record-high of $6.12 per pound
The cost of ground beef has hit a record high as Americans face ever-soaring grocery bills. The dinner table staple jumped in price by around 12 percent from the previous year, shooting up from $5.47 in June 2024 to $6.12 in June 2025, according to federal government data released this month. The news is another blow for President Donald Trump's promise to bring grocery prices down. Shrinking herds, drought conditions and the rise of imported beef have all been blamed for the cost hike. Ground beef is not the only favorite foodstuff to see a surge in price in the past year, with the cost of eggs becoming a key talking point in the 2024 presidential election campaign. But the problem may be more complicated to solve, experts warn. 'Beef is way more complicated than eggs,' Wells Fargo's chief agriculture economist Michael Swanson told CNN. 'The cattle industry is still the 'Wild West' of the protein market, whereas the egg market is more 'Corporate America' with its supply and demand management.' Growing competition from other countries has also hit the domestic beef industry, experts say. Imported beef from Latin America and Australia now accounts for roughly 8% of US beef consumption, according to Swanson. Unlike the U.S., Australia had a successful year in the beef market in 2024, producing a record 2.57 million tonnes and exporting record volumes and values of beef around the world, according to the Agriculture and Horticulture Development comparison, the U.S. exported 1.29 million metric tons of beef in 2024, worth almost $10.5 billion, says the AFBF. 'It's a big change that we've seen this year that wasn't on anybody's playbook,' Swanson continued. 'Only a couple of years ago, we were net neutral, where we exported some and imported some. 'We'll continue to see more beef consumption in the United States being supplied by the world market, and they're happy to do it since we're the highest priced beef in the world.' The new data also highlighted that the average price of an uncooked beef steak leapt to $11.49 per pound in June this year – an eight percent rise since last year. All uncooked ground beef products per pound have seen an 11 percent increase. The healthier options, lean and extra lean ground beef, also experienced a jump, with the cost per pound shooting up from $6.89 to $7.67 – a more than 11 percent increase. According to the American Farm Bureau Federation, cattle herd sizes are at their lowest levels in 74 years and ranching is not as profitable as it once was. The cost of animal feed has also substantially impacted costs as droughts throughout large portions of U.S. ranchland have sapped pastures, leaving farmers with little option but to rely on more expensive feed for cattle instead of free-grazing grass, says the AFBF.
South China Morning Post
2 days ago
- Business
- South China Morning Post
China says US Wells Fargo executive is banned from leaving country due to ‘criminal case'
China has confirmed that it barred a senior Wells Fargo executive from leaving the country, saying it banned her exit because of a 'criminal case' investigation. Last week, reports surfaced that Chenyue Mao , an Atlanta-based managing director at the American banking giant and a United States citizen, had been stopped from leaving China. In response, Wells Fargo has suspended all business travel to China. 'Ms Mao Chenyue is involved in a criminal case currently being handled by Chinese law enforcement authorities and is subject to the exit restrictions in accordance with the law,' Chinese foreign ministry spokesman Guo Jiakun told a press conference on Monday. He said the case was still under investigation and that Mao 'cannot leave the country for the time being'. 02:39 US-China trade remains 'critical', despite fraying relations and trade wars US-China trade remains 'critical', despite fraying relations and trade wars Mao also 'has the obligation to cooperate with the investigation pursuant to Chinese laws,' Guo added, but he did not elaborate on the details of the case in which she was alleged to be involved.
Bloomberg
2 days ago
- Business
- Bloomberg
China Says Wells Fargo Banker ‘Involved' in Criminal Case
China said the case of a Wells Fargo & Co. banker blocked from leaving the country was related to a criminal matter, escalating an episode that already underscored multinationals' fears about the risks of operating in the nation. 'Ms. Mao Chenyue is involved in a criminal case currently being handled by Chinese law-enforcement authorities and is subject to exit restrictions in accordance with the law,' Foreign Ministry spokesman Guo Jiakun said at a regular press briefing in Beijing on Monday, adding that it was 'an individual judicial case.'
