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The CEO of Dubai Airports is bullish on the future and expects passenger traffic to surge to a record this year and top 100 million by 2027. Dubai Airports is the owner and manager of both Dubai International Airport (DXB) and Al Maktoum International Airport (DWC). "Those three reasons, suggests we are on for a record year — 91 million forecasts for the end of 2024," he told CNBC's "Capital Connection" on Tuesday. "We expect by 2027, to be topping the 100 million passenger mark. Dubai International Airport posted its busiest quarter in history this year, receiving over 23 million passengers — a 8.4% rise in the first quarter compared to the same period last year, the company said in a statement.
Persons: Paul Griffiths, Al, CNBC's Organizations: Dubai Airports, Dubai International, Al Maktoum International Airport, Emirates, Flydubai Locations: Dubai, Al Maktoum
The President of Islamic Republic of Iran Seyyed Ebrahim Raisi during the meeting with Secretary-General Antonio Guterres UN Headquarters. Lev Radin | Lightrocket | Getty ImagesThe sudden death of Iranian President Ebrahim Raisi in a helicopter crash plunges Tehran into fresh uncertainty at a time when it already faces deep economic decline, popular discontent, and war. The helicopter carrying President Raisi suffered a hard landing on Sunday while returning from Azerbaijan in poor weather conditions, Iranian state media reported on Monday. "That interim presidency ... [is] going to potentially pave the way for even more IRGC control over policies." "When it comes to the relationship with the U.S., and likely [with] Israel, nothing is really going to change there.
Persons: Islamic Republic of Iran Seyyed Ebrahim Raisi, Antonio Guterres, Lev Radin, Lightrocket, Ebrahim Raisi, Raisi, Hossein Amirabdollahian, Yemen's, Ayatollah Khamenei, Mohammed Mokhber, Nader Itayim, Itayim, Joe Biden Organizations: Islamic, Antonio Guterres UN, Iran's, Hamas, Hezbollah, Islamic Revolutionary Guard Corps, Iranian, Guardian Council, Argus Media, U.S, Palestinian Locations: Islamic Republic of Iran, Tehran, Azerbaijan, Lebanese, Iran, Mideast, Israel, U.S, Gaza
Israel and Iran: All-out war, or measured retaliation?
  + stars: | 2024-04-19 | by ( Natasha Turak | ) www.cnbc.com   time to read: +5 min
Atta Kenare | AFP | Getty Imageswatch nowBut a full-blown conventional war would be devastating to both sides and highly destabilizing for the Middle East. Are these tit-for-tat blows between Israel and Iran clear evidence of all-out war, or carefully calibrated retaliation strikes? "With Israel's apparent strikes on Iran today, retaliating for Iran's attack on Israel last Sunday, we now have a direct nation-on-nation hot war," he told CNBC's "Capital Connection" Friday. 'Ball is back in Iran's court'Not everyone agrees that the line into wider war has been crossed, however. Within hours of the Israeli strikes, risk assets were already on their way back down, with international oil benchmark Brent crude turning lower for the session after a brief spike.
Persons: Atta Kenare, Benjamin Netanyahu, Joe Biden, Netanyahu, Ebrahim Raisi, Clay Seigle, CNBC's, Ehud Olmert, CNBC's Dan Murphy, Olmert, Ian Bremmer, Michael Singh, Israel, Rob Casey, Casey Organizations: AFP, Getty, Washington, Rapidan Energy Group, Israeli, Military, Israel, Eurasia Group, National Security Council, Wall Street, Signum Global Advisors, Anadolu, International Atomic Energy Agency, Brent Locations: Palestine Square, Tehran, Israel, Iran, U.S, Damascus, Gulf of Oman, Hormuz, Anadolu
Passengers queue at a flight connection desk at the Dubai International Airport in Dubai on April 17, 2024. The CEO of Dubai Airports said Friday that he expects services to return "close to normality" within 24 hours after the major transit hub was hit by unprecedented flooding. He confirmed, however, that the company, which owns and operates Dubai International Airport, had approved emergency budgets to provide food and water to stranded passengers, and noted that all retail outlets were now operating normally. Dubai airport said Friday that from midday local time it would be temporarily limiting the number of inbound flights for 48 hours. Dubai airport has urged passengers to exert caution when traveling, checking with airlines beforehand to confirm the status of their flight and not arriving at the airport too early.
Persons: We've, Griffiths, CNBC's, I'm Organizations: Dubai International, Dubai Airports, United Arab, Dubai International Airport Locations: Dubai, United Arab Emirates, Airlines
Houthi military spokesman Yahya Saree claimed the group's responsibility for the attack, calling it their most severe yet. The group claim to support Palestinian civilians amid Israel's retaliatory military campaign in the Gaza Strip. Simultaneously, fighting is raging between Israel and Hamas in the Gaza Strip with no sign of abating despite diplomatic efforts by a number of countries. INTERNATIONAL WATERS RED SEA, YEMEN - NOVEMBER 20: This handout screen grab captured from a video shows Yemen's Houthi fighters' takeover of the Galaxy Leader Cargo in the Red Sea coast off Hudaydah, on November 20, 2023 in the Red Sea, Yemen. EU foreign ministers called in a joint statement for an immediate humanitarian pause that would lead to a lasting cease-fire.
Persons: Mohammed Huwais, Yemen's, Yahya Saree, Saree, Charles Myers, CNBC's, Myers, Hungary —, Israel's, Benjamin Netanyahu, Israel, hasn't, Mohammed Abed Organizations: Hamas, Afp, Getty, U.S . Central Command, Global Advisors, SEA, Galaxy Leader Cargo, Handout, Security, Palestinian Locations: Israel, Sanaa, Gaza, Red, Belize, Gulf, Aden, Iranian, Yemen, U.S, Gulf Aden, Rafah, Gaza's, YEMEN, Red Sea, Lebanon, Iran, Beirut, Hungary
Ahead of such an attack, one military geography specialist outlined to CNBC how the physical features of the Gaza Strip could influence any fighting. He warned, however, that any kind of ground offensive from Israel's military would be a highly dangerous "cat and mouse game" of urban warfare, one with a particularly unique subterranean element. Anadolu Agency | Anadolu Agency | Getty ImagesThe Gaza Strip is a narrow portion of land sandwiched between Israel, Egypt and the Mediterranean Sea. "We have to destroy Hamas on the ground to find Hamas members within the underground tunnels, in the holes, in their headquarters," Amidror said Friday. watch nowIndeed, Galgano said Hamas' likely best defense against Israel's forthcoming ground offensive would be to stay underground in its tunnel system.
Persons: Din, Francis Galgano, Galgano, Yaakov Amidror, Benjamin Netanyahu, Amidror Organizations: Hamas, Getty, Israel, Palestinian, United Nations, CNBC, Department, Environment, Villanova University in, Anadolu Agency, U.S . Army, Israel's National Security Council, Israel's Locations: Gaza, Israel, Villanova University in Pennsylvania, Philadelphia, Anadolu, Egypt, Gaza City, winkle, Hamas
Yaakov Amidror, the former head of Israel's National Security Council, vowed that Israeli forces will ensure the destruction of Hamas and said a ground offensive was needed due to the Palestinian militant group's intricate network of underground tunnels. "After the operation, Hamas as an organization will not exist in the Gaza Strip, we will kill as many as possible of its members, and we will destroy every facility of the organization," he said. "We have to destroy Hamas on the ground to find Hamas members within the underground tunnels, in the holes, in their headquarters," he added. The organization has also strongly condemned the horrific crimes committed by Hamas, the deliberate and widespread killing and hostage-taking of innocent civilians. On Friday, Israel told 1.1 million residents in north Gaza to evacuate within 24 hours, according to the U.N., the strongest sign yet that a ground offensive is imminent.
Persons: Yaakov Amidror, Benjamin Netanyahu, CNBC's, Israel's, Israel, Stephane Dujarric Organizations: Israel's National Security Council, United Nations Locations: Israel, Gaza
The U.S. is in a weaker position now than when S&P downgraded its sovereign credit rating in 2011, according to the former chairman of the agency's sovereign rating committee. S&P controversially downgraded the long-term credit rating from AAA representing a "risk free" rating to AA+ as early as 2011, citing political polarization after another debt ceiling squabble in Washington. John Chambers, former chairman of the Sovereign Rating Committee at S&P Global Ratings at the time of that 2011 downgrade, told CNBC's "Capital Connection" on Tuesday that a government shutdown is likely and that the whole episode was a "sign of weak governance." This was a factor that led to S&P's downgrade of 2011, and Chambers said the U.S. fiscal position is now even weaker than it was back then. At the time, we forecasted that it might get to 100% of GDP, and the government ridiculed us for being too scaremongering," he said.
Persons: Joe Biden, Kevin McCarthy, Fitch, John Chambers, CNBC's, Chambers Organizations: D.C, U.S . Capitol, AAA, Sovereign Locations: U.S, Washington
The March implosion of Silicon Valley Bank created a banking vacuum in the startup world. In 2019, the group poached four executives from SVB to work with venture capital funds and their portfolio companies. But these plans were accelerated by the collapse as customers fled to JPMorgan from SVB as well as First Republic, which JPMorgan now owns. First Republic also served emerging venture capital firms, an untapped client segment for JPMorgan's commercial bank. In some aspects, the breakdown of SVB strengthened JPMorgan's appeal to tech upstarts that had previously eschewed too-big-to-fail banks, Smith said.
Persons: John China, Melissa Smith, Smith, playbook, Jamie Dimon, SVB, Darya, fintech Organizations: Valley Bank, JPMorgan, SVB, West Coast, Bay Area, Silicon Valley Bank, Capital, fintech Aumni, Capital Connect Locations: Beijing, Frankfurt, London, Stockholm, Sydney, Tel Aviv, Zurich, San Francisco, New York, Silicon Valley, West, SVB, Republic, Israel, fundraises
The co-founder of Ethereum, Joseph Lubin, said "clear heads will prevail" as the U.S. Securities and Exchange Commission continues to dispute with crypto firms in court over whether crypto tokens are considered securities. "I anticipate that, with previous technologies like the internet, the web and cryptography, clear heads will prevail," Lubin told CNBC's "Capital Connection" on Thursday. Crypto firms such as Binance, Coinbase and Ripple are fighting lawsuits with the SEC, which has accused them of law violations. The SEC sued Ripple and its co-founders in 2020 of violating securities laws by selling its native cryptocurrency XRP without first registering it with the SEC. In the same month, Binance was charged for several securities law violations.
Persons: Ethereum, Joseph Lubin, Lubin, CNBC's, Binance Organizations: U.S . Securities, Exchange Commission, ConsenSys, SEC Locations: America
The recent rally in Chinese stocks could catch investors out, according to a UBS chief investment officer, who warned of a "pain trade." He added that, if the positive news continues, Chinese markets could climb further. Tactical trade However, Zuercher said there could be a "tactical trade" over the coming weeks or months, as hedge funds potentially suffer. I do think a lot of hedge funds are also probably mispositioned in this area," Zuercher said. Hedge funds often use a long-short strategy, where they buy stocks in the same sector, betting that one will go up and the other down.
Persons: Gina Raimondo, Adrian Zuercher, CNBC's, Zuercher, — CNBC's Evelyn Cheng, Elliot Smith Organizations: UBS, U.S Locations: Asia, Pacific, U.S
Str | Afp | Getty ImagesChina's central bank unexpectedly cut rates on Tuesday, as policymakers continued to ramp up support for its struggling economy. It was the second rate cut in three months. China is facing a "confidence crisis" as Beijing's policy delay is being perceived as "inaction" to spur growth, according to an economist. "In a crisis such as this … you can't really call it a consumption crisis or investment crisis. In addition to the rate cut on Tuesday, the central bank also injected 204 billion yuan through seven-day reverse repos, cutting borrowing costs by 10 basis points to 1.80% from 1.90%.
Persons: we've, Louise Loo, CNBC's, Loo, they've, 15bps, Goldman Sachs, Hao Zhou Organizations: Afp, Getty, People's Bank of China, Oxford Economics, Guotai Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHSBC CEO discusses the bank's $2 billion share buyback announcementNoel Quinn, HSBC CEO, speaks to CNBC's "Capital Connection" about the bank's earnings and buyback announcement.
Persons: Noel Quinn Organizations: HSBC
Noel Quinn CEO of HSBC HoldingsNet interest income for the first half stood at $18.3 billion, 36% higher year-on-year, while net interest margin came in 46 basis points higher at 1.70%. Solid second quarterFor the second quarter alone, HSBC beat analysts' expectations to report an 89% jump in pre-tax profit in the second quarter. Pre-tax profit for the quarter ended in June was $8.77 billion, beating expectations of $7.96 billion. Net profit was $6.64 billion, beating the $6.35 billion expected in analysts' estimates compiled by the bank, jumping 27% compared to the same period a year before. Total revenue for the second quarter came in at $16.71 billion, 38% higher than the $12.1 billion seen in the same period a year ago.
Persons: Bertha Wang, Noel Quinn, CNBC's, Quinn, , there's Organizations: Silicon Valley Bank, HSBC Holdings, Bloomberg, Getty, HSBC, HSBC —, Revenue Locations: France, Silicon, Hong Kong, U.K
Kazuo Ueda, governor of the Bank of Japan (BOJ). Bloomberg | Bloomberg | Getty ImagesThe Bank of Japan announced Friday "greater flexibility" in its monetary policy — surprising global financial markets. The central bank loosened its yield curve control — or YCC — in an unexpected move with wide-ranging ramifications. When asked if the central bank had shifted from dovish to neutral, he said: "That's not the case. MUFG said that Friday's "flexibility" tweak shows the central bank is not yet ready to end this policy measure.
Persons: Kazuo Ueda, Shigeto Nagai, CNBC's, , Duncan Wrigley, MUFG, Governor Ueda, Michael Metcalfe, Metcalfe Organizations: Bank of Japan, Bloomberg, Getty, of Japan, Nasdaq, Oxford Economics, disinflation, Capital Economics, U.S, U.S . Federal, Bank, Pantheon, Street Global Locations: Europe, Japan, U.S ., China, dovish
Protesters attend a demonstration on Kaplan Street against the Israeli government’s plan to overhaul the justice system on July 11, 2023 in Tel Aviv, Israel. Fresh protests in Israel over a controversial judicial overhaul will deliver a significant slowdown to the country's economy, according to former central bank Deputy Governor Zvi Eckstein. It has also led to a "huge reduction" in investments in Israel's high technology sector, which is a linchpin of the Israeli economy, he said. "Most of the growth of the Israeli economy, about 40%, was generated by the high tech sector," said Eckstein, highlighting that there is currently an 80% decline in investment in the country's startup and growth companies. Israel's fintech sector, as well as enterprise IT, posted the biggest declines, plunging more than 80% year-on-year, the report also showed.
Persons: Zvi Eckstein, Eckstein, CNBC's, SNPI, Viola, Israel Organizations: Kaplan, Tiomkin School of Economics, Policy Institute Locations: Tel Aviv, Israel
Singapore's largest lender DBS Group Holdings expects net interest income to taper off in the future, but the bank is confident that it can ride on other drivers going forward, such as a growth in loans and fee income. On Tuesday, DBS reported record revenue and net profit for the first quarter. DBS said this was due to "higher net interest margin, sustained business momentum and resilient asset quality." Net interest margin, or NIM, rose 66 basis points year-on-year to 2.12%, compared with 1.46% in the first quarter of 2022. Net interest income is a measurement comparing the interest income a firm generates from credit products like loans and mortgages, with the outgoing interest it pays out, such as to savings accounts or fixed deposits.
JPMorgan on Monday morning emerged as the white-knight buyer of First Republic Bank. More wealth advisors for high-net-worth clientsJPMorgan's wealth management ambitions will also get a boost from its purchase of First Republic. The smaller bank has about 150 high-end advisors who will join JPMorgan's brokerage business unit, JPMorgan Advisors. "If they can retain the wealth advisors and not lose too many more, I think it will be very advantageous. "This helps bring the bank crisis phase to the home stretch in our view," wrote Wells Fargo's Mayo.
Gucci is part of French luxury goods group Kering (PRTP.PA). The European Commission said on Tuesday that antitrust regulators had raided companies in the fashion sector in several EU countries. The Commission, which acts as the competition enforcer in the 27-country EU, did not name the companies or the countries, in line with its policy. The European Commission declined to comment on Wednesday. Companies found guilty of breaching EU rules face fines of as much as 10% of their global turnover.
Justin Tallis | AFP | Getty ImagesBritain struck a historic trade deal to join a vast Indo-Pacific trade bloc after nearly two years of intense negotiations. The U.K. said this was the country's largest post-Brexit trade deal and makes it the first European nation to join the CPTPP, since it came into force in 2018. watch nowNatalie Black, the U.K.'s trade commissioner for Asia Pacific, called it a "progressive deal" for Britain. Deborah Elms, executive director of the Asian Trade Centre, said it's very hard to calculate these trade figures, especially based on existing trade flows. watch nowThe trade flows are always "under what you actually are likely to see in the reality as businesses recognize the benefits and start to use a trade agreement like the CPTPP," she added.
Why, then, has Dimon been so willing to swing back into action in the wake of Silicon Valley Bank's collapse? But it's starting to look like JPMorgan — and Dimon — will end up winners no matter how things turn out. In backstopping First Republic, JPMorgan helps a client and a bank that experts say would fit nicely into its business. By saving First Republic, JPMorgan also stands to gain goodwill from Silicon Valley startups, which are customers of the smaller bank. The paper also reported that regulators asked Dimon, Bank of America, and other banks to buy Silicon Valley Bank and pay out depositors over the insured limit.
"It was more of a 'sentiment contagion' rather than the true systemic contagion we saw during the global financial crisis. Vanguard economists believe that the damage has been largely contained, thanks to the quick action of federal agencies and other banks," Devereux said. The bank launched a huge restructuring effort in 2019 and has since posted 10 straight quarters of profit. "We've seen a lot of stuff breaking and haven't really been paying attention because it's been outside of regulated capital. For the core, the big cap banks in Europe, I think we're looking at a completely different picture and I wouldn't be concerned."
Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.
Credit Suisse 's largest shareholder Saudi National Bank said the market turmoil in shares of the Swiss lender was "unwarranted." "If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses," Saudi National Bank chairman Ammar Al Khudairy told CNBC's Hadley Gamble on Thursday. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," he said on CNBC's "Capital Connection." His comments come hours after Credit Suisse announced that it is taking "decisive action" to borrow up to 50 billion Swiss francs ($53.68 billion). The lender's shares plunged Wednesday after a report that the Saudi bank said it could not provide Credit Suisse with any further financial assistance.
The chairman of Credit Suisse's largest shareholder, Saudi National Bank, told CNBC's Hadley Gamble that the recent market turmoil in the banking sector is "isolated" and stems from "a little bit of panic." He added that Credit Suisse has not asked Saudi National Bank for financial assistance. "There has been no discussions with Credit Suisse about providing assistance," he said. "I don't know where the word 'assistance' came from, there has been no discussions whatsoever since October," he said. His comments come after Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to shore up liquidity and investor confidence after its stock plunged Wednesday.
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