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☆ Russia's economic survival hinges on prolonging the Ukraine war, think tank expert says
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia needs to keep its war with Ukraine going or risk an economic hard landing, Elina Ribakova wrote for the Financial Times. The country's military industry has been a major driver of structural economic strength during the war. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But while this may look good on paper, the country is actually at risk of a hard landing if war efforts cease, Elina Ribakova said. For decades," Ribakova wrote.

Persons: Elina Ribakova, Ribakova, —, Vladimir Putin, That's Organizations: Financial Times, Service, Financial, International Monetary Fund, Peterson Institute for International Locations: Russia, Ukraine, Russian, Moscow

☆ U.S.-China relations are 'dangerous' but better managed, says Longview Global's Dewardric McNeal
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S.-China relations are 'dangerous' but better managed, says Longview Global's Dewardric McNealDewardric McNeal, managing director and senior policy analyst at Longview Global, Nicholas Lardy, senior fellow at Peterson Institute for International Economics join CNBC's 'The Exchange' to discuss Secretary Blinken's visit to China, industrial policy, and more.

Persons: Dewardric McNeal Dewardric McNeal, Nicholas Lardy, Blinken's Organizations: U.S, Longview Global, Peterson Institute for International Economics, CNBC's Locations: China, Longview

☆ U.S. tech CEOs give India PM Modi boost ahead of election
▼ + stars: | 2024-04-18 | by ( Seema Mody | ) www.cnbc.com time to read: +2 min

The ironclad relationship that India Prime Minister Narendra Modi has developed with CEOs of the largest U.S. tech companies is giving his nation the foreign support that India has craved for more than a decade. The promise of further economic growth in India as China's economy slows has led many American CEOs to support Modi's policies. Ahead of the election, Apple's expansion into India in particular has given Modi political clout and created more investing interest among U.S. companies, experts told CNBC. Modi has established an ongoing dialogue with a range of powerful Silicon Valley CEOs as India's national election starts. The election, which will end in early June, is expected to see more than 960 million citizens vote.

Persons: Sundar Pichai, Tim Cook, Narendra Modi, Manjari Chatterjee Miller, Modi, India's, –, Pravin Krishna, Chung Ju Yung Organizations: Apple, Washington , D.C, India, Indian, CNBC, Council, Foreign Relations, Johns Hopkins University, Bharatiya Janata Party Locations: Washington ,, India, Washington, Beijing, Pakistan, South Asia, Modi's

☆ Nicholas Lardy: I am skeptic on the idea that consumer confidence in China is very weak
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNicholas Lardy: I am skeptic on the idea that consumer confidence in China is very weakNicholas Lardy from Peterson Institute for International Economics on why he is constructive on Chinese economy.

Persons: Nicholas Lardy Organizations: Peterson Institute for International Locations: China

☆ How Trump’s tariff plans could kill jobs and worsen inflation
▼ + stars: | 2024-04-11 | by ( Matt Egan | ) edition.cnn.com time to read: +10 min

Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.

Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, ”, Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, “, Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, “, Obama Locations: New York, China, Mexico, Beijing, United States

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ Switzerland becomes first major economy to cut interest rates in surprise move
▼ + stars: | 2024-03-21 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

The Swiss national flag hangs from the Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. The Swiss National Bank cut its inflation forecast and showed no inclination of moving off its crisis-era settings, citing the francs strength and mounting global risks. Economists polled by Reuters had expected the Swiss central bank to hold rates at 1.75%. According to the new forecast, inflation is also likely to remain in this range over the next few years," the bank said. Swiss inflation continued to fall in February, hitting 1.2%.

Persons: Stefan Wermuth, Thomas Jordan, SNB Organizations: Swiss, Swiss National Bank, Bloomberg, Getty, Reuters, Capital Economics, Bank, Capital Locations: Switzerland's, Bern, Switzerland, Swiss

☆ What a Trump 2.0 Economy Would Look Like
▼ + stars: | 2024-03-15 | by ( Tim Smart | ) www.usnews.com time to read: +10 min

Overall, the Biden economic plan draws less than favorable reviews from voters. So, too, are promises of more tax cuts and a sharp curtailment of immigration. Trump was upset in 2019 that Powell was not doing enough to lower interest rates and stimulate the economy. The Trump tax cuts are set to expire in 2025, giving a second Trump administration the opportunity to fight that battle again. “A Trump 2.0 presidency would inherit very large fiscal deficits from the Biden Administration, rising interest expenses and an economy probably more prone to bouts of inflation,” the report said.

Persons: Muhammad Ali, Joe Frazier, Joe Biden, Donald Trump, Biden, Trump, There’s, ” Trump, it’s, ”, Patrick Horan, “, Tony Soprano, Patrick Kilbane, ” Kilbane, “ Trump, ” George Calhoun, Calhoun, ” Matt Gertken, Alex Nowrasteh, ” Michael Clemens, Clemens, Jerome Powell, Powell, Xi Jinping, Maria Bartiromo, reappoint Powell, Steve Mnuchin, ” Maxime Darmet, Darmet, Kevin McCarthy Organizations: Manila ”, Trump, CNBC, Monday, White, George Mason University, Ullmann Wealth Partners, Republican Party, Senate, Affordable, Quantitative, Stevens Institute of Technology, TikTok, Democratic, BCA Research, Labor, CATO Institute, Peterson Institute for International, University of Colorado, Federal Reserve, Federal, Biden, Fox Business, Trump Cabinet, House, Allianz Research, Biden Administration, U.S, Allianz Trade, Congress, GOP Locations: Manila, COVID, China, U.S, America, France

☆ If the US bans TikTok, China will be getting a taste of its own medicine
▼ + stars: | 2024-03-14 | by ( Laura He | ) edition.cnn.com time to read: +7 min

But American apps have long been barred in China. “The TikTok bill appears likely to become law and China’s displeasure seems ironic, if not hypocritical, given its stance toward American social apps,” said Brock Silvers, managing director at Kaiyuan Capital. The Chinese government has said it strongly opposes a forced sale of TikTok, and it has the legal ability to do so. A man walks past the headquarters of ByteDance, the parent company of TikTok, in Beijing. “While China has completely banned [these] American apps, TikTok enjoys all the benefits of America’s free and open legal and political systems,” he said.

Persons: Hong Kong CNN — TikTok, ByteDance doesn’t, Wang Wenbin, ”, Brock Silvers, Wang, Joe Biden, TikTok, CNN Beijing’s, Trump, Greg Baker, “, Winston Ma, Silvers, Alex Capri, Craig Singleton, “ We’ve, ” Capri Organizations: Hong Kong CNN, US, Foreign Ministry, Google, Kaiyuan, Chinese Commerce Ministry, ByteDance, Trump, CNN, Commerce Ministry, Getty, New York University School of Law, Foundation, National University of Singapore Business School, Foundation for Defense of Democracies, Weibo, Twitter, Facebook Locations: China, Hong Kong, United States, Beijing, TikTok, ByteDance, AFP, Washington, Washington , DC

☆ Explainer-How the West Might Use Russia's Frozen Reserves
▼ + stars: | 2024-03-12 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

Here are some of the ideas that have been suggested:CONFISCATIONSome international policymakers and lawyers say the immobilised Russian reserves can simply be confiscated under a doctrine of international law known as "countermeasures". Some in the bloc are still wary, though, and the European Central Bank has warned that claiming the trapped Russian assets should only be done in tandem with G7 powers. The bondholders would not have a contractual claim on the Kremlin’s frozen reserves. Ukraine would have a plausible way to collect on any damages awarded up to the value of the reserves. If Moscow refused to pay the damages, the allies could then use Russia’s frozen assets to pay off the loan.

Persons: Marc Jones, Lee Buchheit, Daleep Singh, Mark Heinrich Organizations: Marc Jones LONDON, Emergency Economic, U.S, European Central Bank Locations: Ukraine, Russia, Kuwait, United States, EU, Russian, Brussels, Belgium, U.S, Britain, China, Hong Kong, Dubai, Moscow

☆ Russia's resilience to sanctions shows it is 'costly and unattainable' to isolate a large and globally integrated economy, economist says
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

"The primary lesson is that seeking complete isolation of a large, complex and globally-integrated economy is costly and unattainable," Elina Ribakova wrote in the Financial Times on Tuesday. Russia's economy has managed to keep humming because Russian President Vladimir Putin has been preparing for sanctions since 2014. Failures in Russia, lessons for the futureEven so, the West can glean valuable lessons from its experience sanctioning an economy as large as Russia, said Ribakova. Advertisement"In the case of China, the US would need to look for vulnerabilities while remaining realistic about the limitations of sanctions," wrote Ribakova in FT.She added there must be steeper penalties for those who evade sanctions. "The experience with Russia is an invaluable opportunity to sharpen sanctions as a foreign policy tool," she wrote Ribakova.

Persons: —, Elina Ribakova, Vladimir Putin, Ribakova Organizations: Service, Financial Times, Business, Monetary Fund, Peterson Institute for International Economics, International Affairs Program, Kyiv School of Economics, Russia Locations: Ukraine, Russia, Moscow, Beijing, China, Taiwan

☆ Only one developed country has a more expensive childcare system than the US
▼ + stars: | 2024-02-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The United States has one of the most expensive childcare systems in the world. The average childcare cost among all 30 countries was less than 15% of a couple's wages. The US spends roughly 0.4% of its GDP on early education and childcare, compared to 0.8% for the average OECD country. In addition to boosting the number of working women, reducing childcare costs could motivate some US couples to have children. A recent study from the Beijing-based Yuwa Population Research found that high childcare costs were among the main reasons for China's low birth rate.

Persons: —, Cindy Lehnhoff Organizations: Service, United, Bank of America, OECD, Business, of America, York Times, National Child Care Association, Research Locations: United States, New Zealand, Germany, Austria, Iceland, Beijing

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ Your next Tesla could be made by China
▼ + stars: | 2024-02-14 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Elon Musk invited the suppliers to Mexico as part of plans for cheaper Teslas, Bloomberg reported. That move could be stoking concerns among US officials and EV makers over China's influence. China has a "highly organized, highly efficient supply chain," Venkatesh Prasad, chief innovation officer at the Center for Automotive Research, told Bloomberg. AdvertisementTesla, which also makes cars in the US, and other US-based EV makers may also be feeling the heat from competitors. Mary Lovely, a senior fellow at the Peterson Institute for International Economics, told Bloomberg.

Persons: Elon Musk, —, Tesla's, Venkatesh Prasad, Tesla, stoke, Katherine Tai, Tai, Biden, EVs, China's, Tesla's Musk, Mary Lovely Organizations: Bloomberg, Service, Center for Automotive Research, Business, Trump, Chinese Communist Party, US Trade Rep, Nikkei, EV, Peterson Institute for International Economics Locations: Mexico, Monterrey, Shanghai, Mexican, Nuevo Leon, Austin, China, Beijing, Washington, DC, United States

☆ Beijing refuses to admit its economy has broken down — and that's one reason officials are failing at fixing it, researchers say
▼ + stars: | 2024-02-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's economy has struggled to regain post-pandemic traction. But Beijing hasn't conceded its economy is in trouble, which could be holding it back from fixing structural issues, says the Rhodium Group. Rhodium Group's researchers aren't quite sure about the rosy narrative of China's economy, calling it a "politicized picture of economic activity." After all, China's economy struggled to regain traction after a brief spurt post-pandemic, disappointing investors. By the second half of the year, confidence had broken down entirely," wrote the Rhodium Group researchers.

Persons: underscoring, Beijing hasn't, —, Daniel H, Rosen, Rachel Lietzow, Lietzow, Xi Jinping, haven't Organizations: Stock, Beijing, Service, White, National Economic Council, National Security Council Locations: China, New York, Beijing

☆ India's moment has arrived — but many hurdles remain
▼ + stars: | 2024-02-04 | by ( Spriha Srivastava | Polly Thompson | ) www.businessinsider.com time to read: +8 min

India's economy is expected to expand by 6.5% this year, according to IMF forecasts. The world's most populous nation was keen to talk up its prospects at the World Economic Forum in Davos. Advertisement"India has seized the moment," proclaimed housing minister Hardeep Singh Puri with confidence during a panel at the World Economic Forum in Davos last month. The 10-strong group of emerging market nations now accounts for 45% of the world's population and 28% of global GDP. AdvertisementSome economists have criticized the government's narrative as a "false growth story," highlighting discrepancies in the data and criticizing the methods used to calculate economic growth.

Persons: —, Hardeep Singh, Smriti Irani, BI's Spriha Srivastava, that's, Narendra Modi's, Cash, Modi, SAJJAD HUSSAIN, I've, Andy Baldwin, EY, Narendra Modi, Brazil's Luiz Inácio Lula da Silva, Dan Kitwood, Getty, ISRO Goldman Sachs, Ashoka Mody, Rajesh Kumar Singh, Vladimir Putin, Singh Organizations: Economic, Service, BI, IMF, Business, Apple, ISRO, Princeton University, World Bank, US, of, Hindustan Times, Harvard Business Locations: Davos, India, China, Japan, Brazil, China India, India's, Ukraine

☆ Demand for shipments from China via rail through Russia has 'skyrocketed' since the Red Sea attacks
▼ + stars: | 2024-02-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +6 min

And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.

Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg

☆ The Federal Reserve is fed up with data revisions
▼ + stars: | 2024-01-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +11 min

Federal Reserve Governor Christopher Waller said large revisions in data are tainting his assessments of how the economy is doing. Al Drago/Bloomberg/Getty ImagesThat’s well above the average month-over-month revised change in job totals from 1973 to the latest available revision data, according to the BLS. The official summary of what Fed officials said and discussed during their September meeting — also known as the Fed minutes — stated: “A few participants observed that there were challenges in assessing the state of the economy because some data continued to be volatile and subject to large revisions.”Spokespeople from the Federal Reserve declined to answer which data Fed officials were referring to. Frequent and large revisions to economic data are weighing on Federal Reserve decision-making, Governor Michelle Bowman said. “We want to be data dependent, but not data point dependent,” Williams said.

Persons: Christopher Waller, Waller, it’s, Al Drago, ” Waller, ”, Michelle Bowman, —, Spokespeople, he’s, don’t, Erica Groshen, David Wilcox, Laura Kelter, Kelter, Groshen, Wilcox, John Williams, ” Williams, “ Organizations: New, New York CNN — Federal Reserve, ”, of Labor Statistics, BLS, Federal, Bloomberg, Getty, Fed, Ohio Bankers League, Federal Reserve, Commerce Department, Department, Census, Labor, Peterson Institute for International Economics, Employment, CNN, Wilcox . New York Fed Locations: New York, Wilcox . New

☆ How America’s economy keeps defying expectations when the rest of the world is struggling
▼ + stars: | 2024-01-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Economists were convinced the last quarter of 2023 had to be the one where economic growth slowed significantly after the prior quarter’s gangbuster 4.9% annualized growth rate. Gross domestic product, the broadest measure of economic output, did slow last quarter to a 3.3% annualized rate. It’s remarkable given economists were expecting 1.5% annualized GDP growth last quarter. But what’s perhaps most remarkable about the US economic growth rate is how much it towers over similarly sized advanced economies. Covid stimulus money is helping Americans avoid cutting back on spending.

Persons: Larry David, that’s, rateaccording, Joseph Gagnon, David Paul Morris, Gagnon, That’s, Alicia Wallace, Hanna Ziady, he’s, I’ve, it’s Organizations: New, New York CNN, Gross, Peterson Institute for International Economics, Federal Reserve, Bloomberg Locations: New York, Singapore, Europe, Ukraine

America’s weak.”Neither Casey nor McCormick are likely to face serious opposition in Pennsylvania's April 23 primary before facing off against each other in November's general election. The Biden administration's support for Israel has been complicated politically in other states the president is counting on in his reelection bid. “Israel needs America's firm and unequivocal support,” McCormick wrote. Jewish voters typically vote overwhelmingly Democratic, and Democrats right now are trying to balance their interest in protecting Israel with that of younger voters, who have been sympathetic to Palestinians, he said. “Jewish voters have been one of their most loyal supporter groups.

Persons: —, Biden, hasn't, David McCormick, Joe Biden, Democratic Sen, Bob Casey, McCormick, Casey, Donald Trump, West Virginia Sen, Joe Manchin, persuadable, Hillel, “, ” McCormick, Barack Obama, Israel's, ’ ” Casey, Israel, Israel ”, George W, Bush, Christopher Borick, ” Borick, it’s, Marc Levy Organizations: U.S . Senate, Democratic, Israel, Biden, Trump, Senate, West, Republicans, Hamas, CBS, American Israel Public Affairs Committee, Foreign, Jewish Community Center, Army, Pennsylvania, Jewish, Muhlenberg College Institute of Public Locations: HARRISBURG, Pa, Pennsylvania, Israel, Gaza, Iran, U.S, Afghanistan, Pennsylvania's, Michigan, Wisconsin, Rust, West Virginia, Pittsburgh, Philadelphia, Allentown

☆ Fire erupts at Russia's Novatek Baltic Sea terminal after explosions heard
▼ + stars: | 2024-01-21 | by ( ) www.cnbc.com time to read: +2 min

SAINT PETERSBURG, RUSSIA - 2022/06/15: Novatek Logo seen on the St. Petersburg International Economic Forum 2022 (SPIEF 2022). (Photo by Maksim Konstantinov/SOPA Images/LightRocket via Getty Images)A fire broke out at a Baltic Sea terminal belonging to Novatek, Russia's largest liquefied natural gas producer, regional officials said on Sunday, amid reports of explosions and Ukrainian drone sightings in the area. "There were no casualties as a result of the fire at the Novatek terminal in the port of Ust-Luga. St. Petersburg-based news outlet Fontanka said at least two drones were spotted in the sky flying towards St. Petersburg before the terminal caught fire. That came a day after an attack on a Russian Baltic Sea oil terminal that Russian officials said was unsuccessful.

Persons: Maksim Konstantinov, Alexander Drozdenko, Drozdenko, Fontanka, Novatek Organizations: St ., Economic, Getty, Leningrad region's, Moscow, Kyiv Locations: SAINT PETERSBURG, RUSSIA, St, St . Petersburg, Novatek, Finland, Ust, Leningrad, Petersburg, Russia, Ukraine, Russia's, Bryansk, Baltic, Russian

☆ U.S. and allies must 'persuade countries, not dictate to them,' former UK PM Gordon Brown says
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Former U.K. Prime Minister Gordon Brown said Wednesday that the U.S. and other powerful nations must "persuade countries, not dictate to them" in an increasingly multipolar world. Much of the conversation at this week's World Economic Forum in Davos, Switzerland, has focused on a breakdown of trust between populations and world leaders, and how to restore it. Allianz CEO Oliver Bäte told CNBC Tuesday that an "increasing detachment of the political elite from the working class" was the "number one risk for our societies." It's no longer neoliberal economics, it's more mercantilist economics, states doing their own thing, and protectionist trade policies have become 'in' and we've seen a retreat from globalization," Brown told CNBC on the sidelines of WEF. Brown told CNBC Wednesday that he still believes this should be the template for establishing lasting peace in the region, but that it is "incredibly difficult because nobody is trusting each other at the moment."

Persons: Gordon Brown, Oliver Bäte, Brown, Tony Blair, you've, we've, Netanyahu, Mahmoud Abbas, Ehud Olmert, Saudi King Abdullah bin Abdulaziz Al Saud Organizations: Economic, Allianz, CNBC Locations: Davos, Switzerland, WEF, America, Africa, Ukraine, Gaza, Israeli, Saudi, Israel, Palestinian

☆ Russian lender Sovcombank eyes valuation of up to $2.5 bln post-IPO
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Dec 1 (Reuters) - Russian lender Sovcombank said on Friday it expects a market capitalisation of 200-219 billion roubles ($2.24-$2.46 billion)after its initial public offering (IPO) on Moscow Exchange later this month, the latest in a small flurry of Russian market debuts. Sovcombank said it has already received offers for half of the expected overall offer size from a number of major Russian institutional investors to participate in the IPO. Russian companies have raised around 29 billion roubles this year through IPOs, with listings characterised by small volumes and the presence of domestic retail investors. Pawn broker Mosgorlombard also announced its intention to list on Friday, expecting a free float of 36% after an early-December debut.

Persons: Maxim Shemetov, Sovcombank, Dmitry Gusev, Mosgorlombard, Elena Fabrichnaya, Alexander Marrow, Guy Faulconbridge, Susan Fenton Organizations: St ., Economic, REUTERS, Rights, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Ukraine, IPOs

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.

Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco

☆ Henry Kissinger, American diplomat and Nobel winner, dead at 100
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +10 min

Former U.S. Secretary of State Henry Kissinger speaks at the International Economic Forum of the Americas/Conference of Montreal in 2008. U.S. President Richard Nixon and National Security Adviser Henry Kissinger stand on Air Force One during their voyage to China February 20, 1972. U.S. President Gerald Ford meets with Secretary Kissinger at Camp David, U.S., July 5, 1975. In 1973, in addition to his role as national security adviser, Kissinger was named secretary of state - giving him unchallenged authority in foreign affairs. But Ford did replace him as national security adviser in an effort to hear more voices on foreign policy.

Persons: Henry Kissinger, Shaun Best, Kissinger, Richard Nixon, Xi Jinping, Nixon's, Gerald Ford, Duc Tho, Gerald R, Ford, Henry, Heinz Alfred Kissinger, Anglicizing, Lyndon Johnson's, Nixon, Nelson A . Rockefeller, Henry A, Roosevelt, Premier Zhou Enlai, Mao Zedong, China Winston Lord, Leonid Brezhnev, Brezhnev, Gromyko, Dobrynin, Salvador Allende, Jimmy Carter, Ronald Reagan, George W, Bush, Ann Fleischer, Nancy Maginnes, New York Governor Nelson Rockefeller, Abinaya, Sandra Maler Organizations: U.S, International Economic, Americas, Conference of, REUTERS, Kissinger Associates, New York City . U.S, National Security, Air Force, Richard Nixon Presidential, REUTERS Acquire, House, Republican, Paris Peace, Camp David, Ford Library, HARVARD, Nazi, Army, Harvard University, State Department, Office, White, Communist, Premier, Former U.S, Reuters, Ford, Soviet, CIA, Democrat, New York Governor, Thomson Locations: Conference of Montreal, Connecticut, New York City ., China, North Korea, Beijing, U.S, Israel, Paris, North Vietnam, America, North, Cambodia . U.S, Camp, Washington and New York, Voluble, Furth, Germany, United States, Europe, Vietnam, South Vietnam, Washington DC, Cambodia, Jerusalem, Damascus, Syria, Golan, Vladivostok, Soviet Union, Russian, Russia, Egypt, Sinai, India, Pakistan, Washington, New York, Bengaluru

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