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☆ Urris: Irish moonshine and the village that declared itself an outlaw republic
▼ + stars: | 2024-05-02 | by ( Yolanda Evans | ) edition.cnn.com time to read: +8 min

Back in the 19th century, however, this county was at the center of an illegal trade in poitín – or Irish moonshine. Inishowen in particular was such a hive of illegal activity that the area was jokingly referred to as the Urris Poitín Republic. Fed up with the heavy fines, the people of Urris declared themselves the independent nation of the “Urris Republic of Poitín” and sealed themselves in by collapsing the pass in 1812, McLaughlin-Doherty explains. The townspeople were able to be self-sufficient because of their farmlands and fishing, thus allowing the Urris Republic of Poitín to last for three years before the coup was ended in 1815. The Catholic Church, a stronghold in Ireland, was instrumental in the eventual curbing of illegal poitín production.

Persons: there’s, Malin, –, uisce, Innis Murray, Martin Hegarty, Jennifer McLaughlin, Doherty, “, Urris, McLaughlin, Poitín, ”, Pat Doherty, poitín, Clara Molden, Aengus King, Pádraic Ó Griallais, Poitin, Ó Griallais Organizations: CNN, Donegal, distillers, Irish Ancestral Tours, Research, “, Catholic, Camera, Drinks, Micil Distillery, Revenue, Department, Agriculture Locations: Inishowen, Ireland’s, There’s, Clonmany, Lenan, poitín, Republic, Ireland, Sligo, Urris, Poitín Republic, Poitín, Urris Republic, Republic of Urris, Ireland’s Shannon, Dublin, Drinks Ireland, Galway, “, Britain

☆ Joseph Stiglitz on why America's appetite for Trump endures
▼ + stars: | 2024-05-01 | by ( William Edwards | ) www.businessinsider.com time to read: +12 min

If Trump is elected again, Stiglitz said, he could well pull support for Ukraine, sending grain prices soaring. For Stiglitz, the 2001 winner of the Nobel Prize in economics, America's appetite for Trump can be traced back a little more than four decades ago to the election of Ronald Reagan. "We've had 40 years of a neoliberal experiment: Strip away the regulations and lower the taxes — taxes are much lower than they used to be. But Komlos and Stiglitz don't place blame solely on Reagan for the growing economic inequality. Every European country that's had a wealth tax has walked away from it, by and large."

Persons: Donald Trump, Joseph Stiglitz, Trump, Stiglitz, Joe Biden, Ronald Reagan, —, that's, Reagan, We've, Dina Litovsky, Friedrich Hayek, Milton Friedman, That's, Stiglitz doesn't, John Komlos, Komlos, Joe, Bill Clinton, Clinton, Barack Obama, insurrectionists, Desmond Lachman, Carter, Douglas Holtz, Eakin, George W, John McCain's, Holtz, America Stiglitz, Hayek, Friedman, Claudia Sahm, you've, what's Organizations: Columbia Business School, Business, Capitol, Biden, Trump, :, Good Society, America's, Federal Reserve, Budget, Bank, University of Munich, Duke University, University of North, Democratic, North American Free Trade, World Trade Organization, American Enterprise Institute, Bush's, Economic Advisers Locations: Manhattan, Ukraine, Russia, China, Beijing, Taiwan, University of North Carolina, Spain, America

☆ Biden Tax Increases Won’t Hit Middle Class, Yellen Says
▼ + stars: | 2024-04-30 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The battle lines of the next big tax fight were laid out on Tuesday as Treasury Secretary Janet L. Yellen sparred with Republicans over the Biden administration’s plans to raise taxes on businesses and wealthy Americans. In recent weeks, Republicans have been amplifying their attacks on President Biden’s tax proposals, which have become central to the president’s re-election message. Many provisions in the $1.7 trillion tax cut that Republican lawmakers and former President Donald J. Trump enacted in 2017 are set to expire in 2025, including lower tax rates for individuals as well as many tax breaks for corporations. Renewing all of the tax measures for another decade would cost about $3 trillion, according to the Joint Committee on Taxation. Republicans have begun warning that Mr. Biden plans to allow all of the tax cuts to expire, effectively raising taxes on businesses and families at a moment when inflation is pinching consumers.

Persons: Janet L, sparred, Biden’s, Donald J, Trump, Biden Organizations: Biden, Republican, Taxation, Republicans

☆ With day-trip fee 'Disney-fication' of Venice, the world hits its overtourism tipping point
▼ + stars: | 2024-04-28 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +5 min

In the 1970s, there were about 175,000 residents in Centro Storico, the main island and historic center of Venice. In fact, there are now more tourist beds in Venice than there are residents. Last week, Venice took action on overtourism, introducing a 5€ fee to day trippers who want to access the city. "You can't impose an entrance fee to a city; all they're doing is transforming it into a theme park. Marco Bertorello | Afp | Getty ImagesDespite its many detractors, the day fee is a significant move on the part of Venice's government to confront the challenge of overtourism, which has become a significant global problem since the pandemic.

Persons: Stefano Mazzola, Luigi Brugnaro, Mark —, There's, Matteo Secchi, Marco Bertorello, Antonio Paolo Russo, Russo Organizations: Piazzale Roma, Getty, Venice, Centro Storico, Guardian, Tourists, Afp, Virgili University Locations: Piazzale, Venice, Italy, Centro, Piazzale Roma, Santa Lucia, Tarragona, Spain, Bali, Barcelona, Amsterdam, Europe

☆ India's high unemployment is a 'ticking bomb,' opposition says as election battle with Modi's BJP heats up
▼ + stars: | 2024-04-23 | by ( Vinay Dwivedi | ) www.cnbc.com time to read: +4 min

India's unorganized sector, which is made up of millions of small businesses that are privately owned, make up about 93% of the country's total workforce. As many as 32% of the respondents said increasing unemployment was the key reason why they would not elect the BJP again. India's Labour Ministry did not immediately respond to CNBC's queries pertaining to the country's unemployment situation. Rajan, who was speaking about how to make India an advanced economy at the George Washington University, said: "Unemployment numbers are high, disguised unemployment is even higher. A slowdown in hiring in India's huge information technology sector is also to blame for the lack of well-paying, white-collar jobs.

Persons: Rahul Gandhi, Narendra Modi, Modi, Gandhi, —, Manmohan Singh, Arun Kumar, Lokniti, joblessness, Kumar, Raghuram Rajan, Rajan Organizations: DELHI, International Labour Organisation, Institute of Human, Goods, Services Tax, Jawahar Lal Nehru, CNBC, ILO, Bharatiya Janata Party, Indian National Congress, BJP, Modi, India's Labour Ministry, Former Reserve Bank of India, George Washington University, Labor Locations: India, Bihar, New Delhi

☆ You can buy a home in France or Italy for 'the price of a new truck'—but take these 3 steps before retiring abroad
▼ + stars: | 2024-04-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

We love Italy and France and started thinking, 'What's our next step?'" These days, Sikes sends properties to some 25,000 followers and subscribers across X, YouTube and via a weekly newsletter. Here are three steps Sikes says you need to take before you buy a property abroad. "France and Italy both have tax treaties with the U.S., so you avoid double taxation," Sikes says. "There are zero restrictions on Americans buying property in Italy or France," Sikes says.

Persons: Tommy Sikes, Sikes, —, Italy, You'd, Roth, they've, I've, haven't Organizations: CNBC, YouTube, Security, U.S Locations: Europe, France, United States, U.S, Italy

☆ Fact check: Biden makes false and misleading claims during Pennsylvania campaign swing
▼ + stars: | 2024-04-19 | by ( Daniel Dale | ) edition.cnn.com time to read: +16 min

Washington CNN —President Joe Biden spent three days this week campaigning in the critical swing state of Pennsylvania. (The White House corrected the official transcript of Biden’s speech to make clear Biden should have said 2025 instead of 2024.) In other words, there will clearly still be some big and profitable corporations paying no federal income tax despite the existence of the new Biden tax. The center found that the top 0.1% of households paid an average effective federal tax rate of about 30.3% in 2020, including an average income tax rate of 24.3%. “The deficit is a trillion dollars lower, roughly, than when President Biden took office.

Persons: Joe Biden, Ambrose Finnegan, Biden, Jill Biden, PolitiFact, they’ll, it’s, “, Tami Luhby, —, ’ They’ve, Fuxian Yi, Yi, “ It’s, Derek Scissors, Trump, ” Biden, Biden’s “, Matthew Gardner, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, ”, I’ve, Donald Trump, ” Marc Goldwein, Goldwein, he’s, Afghanistan Biden, Biden’s, Finnegan, Finnegan “, Donald Judd, spokespeople, Andrew Bates Organizations: Washington CNN, Defense, Medicare, China, University of Wisconsin, Madison, American Enterprise Institute, CNN, Taxation, Economic, US, Biden, White, Urban, Brookings Tax, Urban Institute, University of California, Tax, Center, Trump, Federal Budget, Washington Post, Defense Department, Defense POW Locations: Pennsylvania, China, Iraq, Afghanistan, Scranton, Pittsburgh, America, Berkeley, “, New Guinea, ” New Guinea

☆ New York and other states are using AI to hunt down wealthy remote workers and demand more tax
▼ + stars: | 2024-04-16 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNew York is the millionaire capital of the world, but some of those who want to stay rich are fleeing to low-tax states like Florida and Texas. The state tax department has a solution: AI letters. It is sending hundreds of thousands of AI-generated letters, mostly to wealthy remote workers or those who require a change in tax residency, according to CNBC. There were 771,000 audits in New York in 2022, according to a recent report by the state Department of Taxation and Finance cited by CNBC.

Persons: —, That's, Alexander Spatari, Mark Klein, Hodgson Russ LLP, it's, It's, Klein, Shakira Organizations: Service, CNBC, Business, of Taxation, New, Henley, Partners, €, York's Department of Taxation, Finance Locations: Florida, Texas, New York, New York City, York, Bahamas, Spain

☆ Op-ed: There's a potential tax increase coming. Here's what you need to know
▼ + stars: | 2024-04-15 | by ( Ivory Johnson | ) www.cnbc.com time to read: +5 min

Eva-katalin | E+ | Getty ImagesIt is common folklore, a fairy tale of sorts, that middle-class Americans received perpetual relief in the Tax Cuts and Jobs Act of 2017. First, property taxes generate 32% of state and local income, and U.S. median single-family home property taxes have risen by more than 25% since 2019. Congress will be motivated to etch all the tax cuts in stone, but it would only add fuel to the debt bonfire. watch nowThere is also the qualified business income deduction that offers a 20% tax break for small businesses provided they are below certain income thresholds. All of this is in addition to crippling cost-of-living challenges from excessive government spending, the well our Treasury would have to revisit to make these tax cuts permanent.

Persons: Eva, katalin, he's, Peter G, Uncle Sam, Roth, depreciate — Organizations: Taxation, Economic, Peterson Foundation, Chamber, Commerce, Treasury, Hope Congress, Real, IRS Locations: U.S, United States

☆ State tax officials are using AI to go after wealthy payers
▼ + stars: | 2024-04-15 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Even as the IRS makes headlines for cracking down on the wealthy, state tax collectors have become even more aggressive with audits of high earners, according to tax attorneys and accountants. During Covid many of the wealthy moved from high-tax states like California, New York, New Jersey and Connecticut to low-tax states like Florida or Texas. Klein said state tax auditors and AI programs are examining cellphone records to see where the taxpayers spent most of their time and lived most of their lives. Many of the wealthy in New York City who moved kept their apartments with most of their belongings. State tax authorities are claiming that since they didn't move with all of their household items, for tax purposes they didn't actually move.

Persons: Mark Klein, Hodgson Russ LLP, it's, It's, Klein Organizations: IRS, of Taxation, Finance, Artificial, New Locations: New York, California , New York , New Jersey, Connecticut, Florida, Texas, York, Colorado, New York City

☆ Property Taxes Drive Racism and Inequality - The New York Times
▼ + stars: | 2024-04-11 | by ( Andrew W. Kahrl | ) www.nytimes.com time to read: +3 min

Property taxes, the lifeblood of local governments and school districts, are one of the most powerful and stealthy engines of racism and wealth inequality our nation has ever produced. In theory, the property tax would seem to be an eminently fair one: The higher the value of your property, the more you pay. This results in wealthy communities enjoying lower effective tax rates while generating more tax revenues; at the same time, poorer ones are forced to tax property at higher effective rates while generating less in return. And for all the taxes Black people paid, they got little to nothing in return. During those years, the nation’s real estate industry made white-owned property in white neighborhoods worth more because it was white.

Persons: Biden, Jim Crow Locations: Virginia’s, Northern

☆ Bill Gross says this income play is ‘Better than AI.’ How you can get in on it
▼ + stars: | 2024-04-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Energy prices are surging, and an income-oriented play is getting some love from legendary investor Bill Gross. Better than AI," noting that these master limited partnerships have climbed by double-digits in the past 12 months. MLPs offer investors a way to bet on the exploration, transport and processing of oil and gas. Though the partnership isn't subject to federal income tax, the limited partners face taxes on the income they collect. That means MLP investors could find themselves going on extension to file returns: In that case, they could file their returns as late as Oct. 15.

Persons: Bill Gross, Gross, Stephen Ellis, Ellis Organizations: West Texas, Brent, American Pipeline, NuStar Energy, Morningstar, midstream, Enterprise Products Partners, Targa Resources, Energy, Partners, . Gas, . Enterprise Products, MLP Locations: Asia

Political preferences are often summarized on two axes. models allows us to see how a model’s political preferences develop. Source: Rozado (2024), The Political Preferences of LLMsWhat determines the political preferences of your A.I. Political preferences learned from those topics may then be broadly applied across the board to many other subjects as well. If one wants to steer this process directionally, Mr. Rozado proves it is straightforward to do.

Persons: Chatbots, Tomi Um, David Rozado, Rozado’s, —, ’, Elon Musk, ” A.I, Google’s Gemini, tinker, Rozado, RightWingGPT, LeftWingGPT, chatbots Organizations: Google, Big Tech, Conservative, Government, Self, Mr, Liberal, Democratic, Yorker, YouTube, Facebook Locations: A.I, —, America

☆ This key issue has 1 in 3 expats 'seriously considering' or planning to renounce U.S. citizenship
▼ + stars: | 2024-03-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Nearly one-third of U.S. expats have plans to renounce their American citizenship or are "seriously considering it," according to a new survey from Greenback Expat Tax Services. Over the past year, there was a "big jump" in that number, noted Mike Wallace, CEO at Greenback Expat Tax Services. The latest figure is based on a poll of roughly 1,000 American expats in February. About 1 in 5 haven't felt comfortable filing taxes abroad, according to the survey. American expats must pay U.S. income taxes on worldwide earnings, which include wages, business profits, investment income and more.

Persons: Mike Wallace, Biden, haven't, expats Organizations: U.S, Expat Tax, Tax, Finance, Federal Locations: American

☆ Biden wants to make student loan forgiveness tax-free permanently
▼ + stars: | 2024-03-18 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Sara Stathas | Bloomberg | Getty ImagesHow student loan forgiveness used to be taxedBefore that Covid-era change, any student loan debt canceled by the government was considered taxable and levied at the borrower's normal income tax rate. The federal tax bill could be hefty. watch now'Replacing education debt with tax debt'Many student loan borrowers who get forgiveness aren't able to afford a tax bill, Kantrowitz said. If borrowers sign up for a payment plan with the IRS, they're merely "replacing education debt with tax debt," Kantrowitz said. Other student debt forgiveness plans, including a popular one for public servants and another that cancels the debt for those with serious disabilities, are already nontaxable.

Persons: Joe Biden, Sara Stathas, Mark Kantrowitz, Kantrowitz, aren't, they're Organizations: Hillside Boys, Girls Club, Bloomberg, Getty Locations: Milwaukee , Wisconsin

☆ Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
▼ + stars: | 2024-03-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

This is about the wealthy contributing more ... the extremely wealthy contributing more and being proud to do that. "This is about the wealthy contributing more to the society, the extremely wealthy contributing more and being proud to do that," Phil White, retired business owner and Patriotic Millionaires co-signatory, told CNBC. But experts are divided over the effectiveness of a wealth tax, and its how achievable it is in reality. Data suggests that wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied. Data suggests that a wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied.

Persons: Joe Biden, Biden, Phil White, Abigail Disney, Brian Cox, Arun Advani, Advani, Christine Cairns, PwC, Tord Kolstad, Kolstad, Kolstad Eiendom Organizations: Patriotic, Patriotic Millionaires, CNBC, Scottish, University of Warwick Locations: Brazil, Europe, Switzerland, Norway, Spain, Colombia

☆ U.K. to Cut Taxes Again as Election Nears
▼ + stars: | 2024-03-06 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Amid lackluster prospects for economic growth, the British government announced it would cut taxes for workers ahead of a general election this year. It would take the rate for about 27 million employees down to 8 percent, and follows a two percentage point cut announced less than four months ago. Together, the cuts would save the average employee about 900 pounds ($1,145) a year, Mr. Hunt said. The rate was also cut for self-employed workers. “We can now help families not just with temporary cost-of-living support but with permanent cuts in taxation,” Mr. Hunt, the chancellor of the Exchequer, said in Parliament.

Persons: Jeremy Hunt, Hunt, Mr Organizations: National Insurance Locations: British, “

☆ European markets set for higher open ahead of UK budget statement
▼ + stars: | 2024-03-06 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a higher open Tuesday as investors in the U.K. prepare for the 2024 budget statement. The budget, which will be presented to the British Parliament by Chancellor Jeremy Hunt, outlines the government's plans for taxation and spending. They will be seeking more clarity on where the central bank stands on monetary policy and looking for clues on the pace and timing of anticipated interest rate cuts this year. The central bank leader will speak before the Senate Banking Committee on Thursday. Asia-Pacific markets were mixed Wednesday, with Hong Kong stocks leading gains in the region and up over 2%.

Persons: Chancellor Jeremy Hunt, Jerome Powell's Organizations: National Insurance, Nasdaq, Financial, CSI, Apple Locations: Asia, Pacific, Hong Kong, China

☆ UK Budget: Jeremy Hunt set to cut taxes for workers as election looms
▼ + stars: | 2024-03-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

A cut to national insurance — a levy paid by people who work — costing around £10 billion ($12.7 billion) is likely, according to multiple UK media reports. But soaring government debt, crumbling public services and a lackluster economy leave the chancellor with very little room for further substantial giveaways. Christopher Furlong/Getty ImagesOther so-called “unprotected” areas of the national budget, such as social care and the police force, are also at risk. “That seems unlikely when public services are creaking,” they added. OBR chair Richard Hughes said in January that the government had provided no detailed breakdown of departmental spending plans beyond March next year, giving only headline figures.

Persons: Jeremy Hunt, Rishi Sunak’s, Hunt, ”, Laura Kuenssberg, Jeff, Christopher Furlong, “, Richard Hughes, ” Hughes Organizations: London CNN —, Bank of England, Treasury, “ Conservatives, ” Hunt’s Conservative Party, Labour Party, Reuters, Office, National Statistics, Local Government Association, House, National Health Service, Capital Economics, ” Locations: Ukraine, Birmingham, England

☆ UK government to deliver crucial pre-election budget announcements with economy in recession
▼ + stars: | 2024-03-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Economists expect Hunt to use a small modest windfall to deliver tax cuts as he looks to woo the electorate, with the main opposition Labour Party leading by more than 20 points across all national polls. Yet the chancellor is navigating the constraints of fragile public finances and a stagnant economy that entered a shallow technical recession at the end of 2023. Inflation has fallen faster than anticipated and market expectations for interest rates are well below where they were prior to Hunt's Autumn Statement in November, but many British households are still feeling the cost of living squeeze, while public services remain extremely stretched. The Treasury pre-announced plans over the weekend to deliver up to £1.8 billion ($2.3 billion) worth of benefits by boosting public sector productivity, including releasing police time for more frontline work. Hunt is under pressure from within his own party to deliver tax cuts, a move the International Monetary Fund warned against in January, given the country's spending needs on public services.

Persons: Jeremy Hunt, Hunt Organizations: LONDON, Finance, Budget, Conservative Party, Labour Party, National Insurance, Treasury, International Monetary Fund Locations: London

☆ A global tax on billionaires is on the G20 agenda. Will it ever happen?
▼ + stars: | 2024-03-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Finance officials from the world’s biggest economies began talks this week on introducing a global minimum tax on billionaires. According to the EU Tax Observatory, the super-rich in big countries pay a far smaller share of their income in taxes than ordinary people. The world’s current patchwork of tax regimes fails “to properly tax the individuals with the highest ability to pay taxes,” he added. The negotiations on a minimum tax on corporations took years,” Quentin Parrinello, senior policy advisor at the EU Tax Observatory, told CNN. Practical headachesA global minimum tax on billionaires would be more complicated to implement than the one introduced for corporations, says Arun Advani, an economics professor at the University of Warwick.

Persons: ” Gabriel Zucman, ” Quentin Parrinello, ” Parrinello, Arun Advani, “ It’s, ” Advani, “, ’, Advani, ” Organizations: London CNN — Finance, EU, Observatory, Oxfam, EU Tax Observatory, Independent, Climate Finance, European Union, CNN, University of Warwick Locations: São Paulo, Brazil, France, Italy, United States, China, India, Saudi Arabia, Argentina, London, New York

☆ More than 1 billion people in the world now live with obesity, analysis finds
▼ + stars: | 2024-02-29 | by ( Mira Cheng | ) edition.cnn.com time to read: +7 min

Previous estimates by the World Obesity Federation suggested that there would be 1 billion people living with obesity by 2030, but that number was already surpassed in 2022, Ezzati said. The analysis focused on rates of underweight and obesity, both forms of malnutrition that are detrimental to people’s health. Obesity rates among children and adolescents worldwide increased fourfold from 1990 to 2022, while obesity rates among adults more than doubled. Obesity rates are now higher than rates of underweight in two-thirds of the world’s countries, according to the analysis. These countries now have higher obesity rates than those of many wealthy industrialized countries, according to the analysis.

Persons: Majid Ezzati, Ezzati, “ We’ve, ”, “, Dr, Francesco Branca, ” Ezzati, we’ve, ” Branca, Branca, Tedros Adhanom Ghebreyesus, Sanjay Gupta Organizations: CNN, Imperial College London, World Obesity Federation, World Health Organization, WHO Department of Nutrition and Food, WHO, Get CNN, CNN Health, United Nations, Fund, Nutrition Locations: Polynesia, Micronesia, Caribbean, East, North Africa, Tonga, American Samoa, Nauru, United States, Canada, Australia, New Zealand, United Kingdom, France, South America, Mexico, Chile

Birkenstock on Thursday beat holiday quarter revenue expectations, reporting a 26% year-on-year jump, as the German sandal company benefited from higher pricing and rising U.S. demand. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% year-on-year to 81 million euros, with an adjusted EBITDA margin of 26.9%, down from 29.1% a year earlier. "However, in the medium-term, we are confident we will continue to deliver our objectives of a gross profit margin over 60% and an adjusted EBITDA margin in the low thirties percent." Within a few years, its sales nearly doubled and its market cap is now around $9.7 billion, double its 2021 valuation of $4.85 billion. Since going public, Birkenstock has used some of its proceeds to pay down debt.

Persons: Oliver Reichert, Reichert, Armour, Birkenstock, Johann Adam Birkenstock Organizations: LSEG, New York Stock Exchange, Nike, Catterton Locations: North America, Birkenstock

☆ Mercedes-Benz shares climb 5% on share buyback, despite 'exceptional' uncertainty ahead
▼ + stars: | 2024-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Mercedes-Benz shares gained around 5% on Thursday morning after the German carmaker beat fourth-quarter earnings expectations and announced a new share buyback program, despite warning of "exceptional" risks in the year ahead. Fourth-quarter earnings before interest and taxation (EBIT) came in at 4.33 billion euros ($4.7 billion), slightly ahead of consensus expectations, taking the full-year figure to 19.66 billion euros. Revenues rose 2% in 2023 to 153.2 billion euros from 150 billion the previous year. The group also announced an additional share buyback program worth up to 3 billion euros, with the repurchased shares subsequently canceled. Automotive analysts at Jefferies said in a reactive note Thursday that although there were no major surprises in the earnings, the cash return policy was "a sign of confidence and consistent with the premium/luxury positioning, with buyback set to keep EPS (earnings per share) growing."

Persons: Jefferies, buyback Organizations: Mercedes, Benz, Automotive Locations: Russia, Ukraine, Middle, China

☆ Russia's war in Ukraine is igniting an old debate in Brussels over debt
▼ + stars: | 2024-02-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Munich, GERMANY — Should we borrow from global markets as one combined entity and raise new debt together? That's the question hanging on the shoulders of EU officials as they promise to spend more on defense amid Russia's onslaught in Ukraine. However, in 2020, the 27 members of the European Union decided that the best way to deal with the financial and extraordinary impact of the Covid-19 pandemic was to jointly raise debt. Estonian Prime Minister Kaja Kallas said in an interview with Bloomberg that joint bonds would be a good way to boost the bloc's defense capacities. Dutch Prime Minister Mark Rutte was also very clear he would not support joint debt at the EU level.

Persons: Emmanuel Macron, Volodymyr Zelenskyy, Olaf Scholz, GERMANY —, Alexander de Croo, Kaja Kallas, Christian Lindner, Lindner, Mark Rutte Organizations: European Union, CNBC, Munich Security Conference, Estonian, Bloomberg, Munich Security, Dutch, EU, MSC Locations: Paris, France, Munich, GERMANY, Ukraine, Belgium, Brussels, Russia

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