Private clients return to ESG funds with new ways to tackle returns

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EU prepares for crypto leap of faith

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Small caps need special attention in UK market overhaul

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Apple’s Vision Pro starts deliveries at a higher price in China than in the U.S.

Apple’s mixed-reality headset began deliveries in China on Friday with a retail price roughly 18% higher than in the U.S.  When asked by CNBC, a customer surnamed Chen in Beijing said his suggestion to Apple CEO Tim Cook was to make Vision Pro cheaper by about 10,000 yuan ($1,376). Many of the most popular posts about the device on Chinese social media platform Weibo on Friday focused on the hashtag “is it worth paying for the China version of Vision Pro,” according to a CNBC translation.

HANGZHOU, China — Apple‘s mixed-reality headset began deliveries in China on Friday with a retail price roughly 18% higher than in the U.S. 

The device starts at 29,999 yuan ($4,128) in China, compared with a $3,500 retail price in the U.S.

When asked by CNBC, a customer surnamed Chen in Beijing said his suggestion to Apple CEO Tim Cook was to make Vision Pro cheaper by about 10,000 yuan ($1,376). The customer, who did not share his first name due to concerns about speaking with foreign media, said that many people in China might prefer to buy a second-hand Vision Pro because of the discounted price that typically comes with purchases from sellers unaffiliated with Apple.

Many of the most popular posts about the device on Chinese social media platform Weibo on Friday focused on the hashtag “is it worth paying for the China version of Vision Pro,” according to a CNBC translation .

CNBC has reached out to Apple for comment.

Greater China accounted for about 18% of Apple’s revenue in the three months ended March 30, according to an Apple filing.

Over the last year, Apple has faced growing competition from Huawei devices and other domestic brands, amid greater attention on national security.

Chen pre-ordered his Vision Pro and was at a major store in Beijing to pick it up and receive some training on how to use it.

Store salespeople told CNBC that all of Friday’s half-hour training sessions for pre-orders of the Vision Pro were booked up at Apple stores in Beijing — from 8 a.m. to 10 p.m.

Chinese companies such as Tencent, Alibaba and JD.com have launched Vision Pro versions of their apps for shopping, playing games and watching videos.

CNBC

Oil spill highlights risks of Singapore’s marine ambitions

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Turkey removed from money laundering ‘grey list’

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A global financial watchdog has removed Turkey from its “grey list” of countries that have lapses in anti-money laundering and counterterrorism financing policies in a boon to Ankara’s efforts to turn its economy around.

The Financial Action Task Force announced the decision on Friday after Turkey was added to the grey list in October 2021. Jamaica was also removed from the list.

The FATF’s move is a significant victory for Turkish finance minister Mehmet Şimşek, who has led a sweeping economic turnaround since his appointment following President Recep Tayyip Erdoğan’s re-election last year.

Şimşek has sought to court international investors who fled Turkey’s markets in recent years by bolstering financial rules and regulations and unwinding unorthodox policies that ignited a years-long economic crisis.

“With this development, the confidence of international investors in the financial system of our country has been further strengthened,” said Turkish vice-president Cevdet Yılmaz, who has played a significant role in the country’s new economic programme.

A 2021 IMF study found that a grey listing had “a large, significant negative effect” on a country’s capital inflows, meaning Friday’s move could drive a further move into Turkish assets.

Turkey’s economic policy overhaul, which has included large increases in taxes and interest rates, has already driven a significant influx of foreign capital: international investors have poured $8.8bn into the country’s local-currency government debt market this year.

“Turkey strengthened the effectiveness of its [anti-money laundering and counterterrorism financing] regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in October 2021,” the watchdog said on Friday.

FATF president Raja Kumar pointed in particular to Turkey’s progress in pursuing complex money laundering and terrorism financing investigations as leading reasons for its decision to remove the country from the grey list. In one high-profile example, Turkey last year launched a sprawling probe into alleged money laundering and tax evasion by social media influencers.

One of the FATF’s major areas of concern was also addressed this week when parliament passed new cryptocurrency regulations that require companies dealing in digital assets to register with the capital markets regulator. The country has one of the world’s most active crypto markets, but a lack of regulation had prompted concerns that local exchanges could facilitate money laundering or terrorism financing.

However, Turkey, which has not participated in western

Now everyone is worried about France, is it time to buy European stocks?

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KKR eyes $20bn for North American PE fund

Private investment major KKR & Co is gearing up to secure approximately $20bn from investors for its latest flagship North America private equity fund, North America Fund XIV, according to a report by Reuters. 

According to Reuters’s sources, KKR commenced its investor outreach earlier this month. The firm aims to achieve a net internal rate of return in the high-teens percentage range and plans to deploy capital steadily at a rate of 20% to 25% annually. 

Concurrently, KKR’s stock showed a 1.2% increase to $110.24 in early morning trading on Monday. 

 The firm’s previous North American private equity fund, fully deployed since its 2017 launch, boasted a net IRR of 20.5% as of the end of March, according to regulatory filings. 

As of 31 March, KKR manages assets totaling $578bn. 

Construction may be the weakest link

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Chinese smartphone maker Honor says AI’s power is ‘worthless’ without data privacy

The transforming power of artificial intelligence is of no value unless user data is protected, George Zhao, CEO of Chinese smartphone company Honor, told CNBC in an exclusive interview. His comments come as Apple this month announced it will start rolling out personalized AI tools on certain devices in the U.S. this fall. “We say user data doesn’t leave [the device],” Zhao said. “This is a principle we adhere to.” Honor CEO George Zhao (L) and GSMA CEO John Hoffman on stage at Shanghai Mobile World Congress during an awards ceremony on June 27, 2024.

HANGZHOU, China — The transforming power of artificial intelligence is of no value unless user data is protected, CEO of Chinese smartphone company Honor, George Zhao, told CNBC in an exclusive interview on Thursday.

His comments come as Apple this month announced it will start rolling out personalized AI tools on certain devices in the U.S. this fall.

Honor already integrates some AI functions, such as enabling users to open text messages and other notifications just by looking at them, or eliminating copy-paste steps by directly linking Yelp-like apps to navigation or ride-hailing apps.

This week at Mobile World Congress in Shanghai, Honor unveiled new AI tools for detecting the use of deepfakes in videos, and for simulating lenses that can decrease myopia during long hours of screen usage.

Zhao emphasized that Honor’s approach is to keep AI operations involving personal data limited to the smartphone. It’s also known as on-device AI, and stands in contrast with AI tools that tap cloud computing to operate.

“Without data security and user privacy protection, AI will become worthless,” Zhao said in Mandarin, translated by CNBC. “This has always been one of our value propositions.”

“We say user data doesn’t leave [the device],” Zhao said. “This is a principle we adhere to.”

Apple Intelligence, the iPhone company’s AI product, claims that it uses on-device processing and draws on “server-based models” for more complex requests. Apple said its new “Private Cloud Compute” never stores user data.

Honor says its on-device AI is self-developed, and the company is working with Baidu and Google Cloud for some other AI features.

“Overall, my view is that AI’s development to date has two directions,” Zhao said. “Network

CNBC