DIRS.INFO The most relevant business & tech news

☆ The boss of Russia's biggest bank said the country's economy is 'definitely and strongly overheated'
▼ + stars: | 2024-06-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's economy is "definitely and strongly overheated," said Sberbank CEO Herman Gref. Gref said it's "impossible" to exceed the current production capacity, which is at 84%. Russia's sanctions-hit economy grew 3.6% GDP last year, driven by wartime activities. Herman Gref, the CEO of Sberbank — Russia's largest bank by assets value — said the country's economy is "definitely and strongly overheated," TASS state news agency reported on Tuesday. Gref, who was speaking in parliament, said production capacity was at a historically high level of 84%.

Persons: Herman Gref, Gref, —, Sberbank Organizations: Service, TASS, Business Locations: Ukraine

☆ Asia markets rise as euro rate cut hopes lift sentiment; S&P and Nasdaq hit new highs overnight
▼ + stars: | 2024-06-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

The Sydney Opera House Sydney, New South Wales, Australia. Gallo Images | Brand X Pictures | Getty ImagesAsia-Pacific stocks rose as hopes for rate cuts by the European Central Bank boosted market sentiment, while major indexes in the U.S. hit fresh highs overnight. The European Central Bank this week appears set to cut borrowing costs for the euro area for the first time since September 2019. In Australia, the S&P/ASX 200 inched up 0.12%, ahead of its trade data for April. Futures for Hong Kong's Hang Seng index stood at 18,396, pointing to a weaker open compared to the HSI's close of 18,424.96.

Organizations: Sydney Opera House, Getty, European Central Bank, Japan's Nikkei Locations: Sydney Opera House Sydney , New South Wales, Australia, Asia, Pacific, U.S

☆ ‘This Is Going to Be Painful’: How a Bold A.I. Device Flopped
▼ + stars: | 2024-06-06 | by ( Tripp Mickle | Erin Griffith | ) www.nytimes.com time to read: +1 min

Days before gadget reviewers weighed in on the Humane Ai Pin, a futuristic wearable device powered by artificial intelligence, the founders of the company gathered their employees and encouraged them to brace themselves. Humane’s founders, Bethany Bongiorno and Imran Chaudhri, were right. In April, reviewers brutally panned the new $699 product, which Humane had marketed for a year with ads and at glitzy events like Paris Fashion Week. The Ai Pin was “totally broken” and had “glaring flaws,” some reviewers said. Other potential buyers have emerged, though talks have been casual and no formal sales process has begun.

Persons: Ai Pin, Bethany Bongiorno, Imran Chaudhri, Humane Organizations: HP, Tidal Partners

☆ A top eBay seller who has earned enough money reselling pre-owned clothes to retire at 40 says anyone can succeed on the platform — but cautions against 2 common mistakes
▼ + stars: | 2024-06-06 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

After turning a broken cellphone debacle into a reselling business that evolved into an eBay empire, Richard S. is convinced that anyone can make money on the platform. The eBay veteran, who is planning on retiring in August 2024 at age 40, started selling electronics in 2008 after getting laid off. He's been studying the platform for 15 years and become the top seller of men's clothing. Accumulating a 'death pile' by sourcing and not listingThere are two main steps to selling on eBay: sourcing items and then listing them. A common mistake is listing items that you think are cool before looking into whether there's demand.

Persons: Richard S, He's, Richard, they're, It'll, Roger Federer, Rafael Nadal, Ford, what's Organizations: Service, eBay, Nike

☆ European Central Bank heads for first rate cut since 2019: Live updates
▼ + stars: | 2024-06-06 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Christine Lagarde, president of the European Central Bank (ECB), at a rates decision news conference in Frankfurt, Germany, on Thursday, April 11, 2024. The European Central Bank is widely expected to announce a reduction in interest rates at its meeting in Frankfurt on Thursday, despite lingering inflationary pressures in the 20-nation euro zone. The central bank's key rate has been at a record 4% since September 2023. A cut would be the ECB's first since September 2019, when the deposit facility was in negative territory. Canada on Wednesday became the first G7 nation to cut interest rates in the current cycle, while Sweden and Switzerland's central banks already announced their own rate reductions this year.

Persons: Christine Lagarde, Lagarde Organizations: European Central Bank, ECB, Reuters, U.S . Federal Reserve, Wednesday Locations: Frankfurt, Germany, Canada, Sweden

☆ Why lifestyle creep can cause HIFIs to spend 'every cent they make,' according to a financial planner
▼ + stars: | 2024-06-06 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Inflation and the rising cost of living in the US are partially to blame for HIFIs precarious financial situation. HIFIs' spending psychology comes from wanting to belongKnox said that there's often a disconnect between how much money HIFIs make and how much they can afford to spend. Much of HIFIs' spending psychology comes from wanting to belong, Knox said. People want to be able to afford the same clothes or concert tickets as their friends and family, so they keep spending money. AdvertisementSmall spending changes can boost future wealthMany people underestimate how much small spending changes can impact their overall wealth, Knox said.

Persons: —, HIFIs, Zers, Natasha Knox, Knox, there's Organizations: Service, DINKs, Sherwood News, Business, Financial, Bureau of Labor Statistics Locations: Sherwood

☆ Treasury yields inch higher as investors weigh economic data, interest rate outlook
▼ + stars: | 2024-06-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Yields and prices move in opposite directions and one basis point is equivalent to 0.01%. ET, the yield on the 10-year Treasury was up by over one basis point to 4.3006%. The 2-year Treasury yield was last more than one basis point higher to 4.7449%. U.S. Treasurys rose slightly on Thursday as investors considered the latest economic data and weighed the outlook for interest rate cuts. Elsewhere, the European Central Bank is set to announce its first interest rate cut since 2019, even as inflationary pressures in the euro zone have lingered.

Persons: nonfarm Organizations: Treasury, ADP, Investors, European Central Bank, Federal Locations: Canada, Sweden, Switzerland, U.S

☆ Help! A Gas Station Charged Me $1,500 and My Bank Won’t Believe It’s Fraud.
▼ + stars: | 2024-06-06 | by ( Seth Kugel | ) www.nytimes.com time to read: +2 min

Dear Tripped Up,Last October, my extended family spent a week in Todos Santos, in Mexico’s Baja California peninsula, for a wedding. Nothing else unusual happened that day, and reviews on Google for this gas station contain eerily similar accusations of fraudulent charges from other tourists. I disputed the charge, but Wells Fargo repeatedly denied my claim, even when I asked the Better Business Bureau to intercede. Dear Nate,We cannot be sure the fraud occurred at the gas station, but if so, it’s a clever scam. Humor me while I consider the situation from the perspective of a bank like Wells Fargo.

Persons: Wells Fargo, Nate, we’re Organizations: Google, Better, Bureau Locations: Todos Santos, Mexico’s Baja California, United States, San José del Cabo, Mexico City, Chevron, Wayland, Mass, Wells Fargo

☆ When a Bank Rescinds a Job Offer Because It Canceled Your Credit Cards
▼ + stars: | 2024-06-06 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

Customers would get a call from the bank, or their A.T.M. cards would stop working and then their credit cards would freeze as well. One question that lingered was what the long-term ramifications would be for those whose accounts were closed. Thankfully, people who had experienced this usually weren’t blacklisted from opening accounts at other banks, even if their former bank told them that it would never take them back. But what if you tried to work at a bank that had kicked you out?

Persons: Tara Siegel Bernard, JPMorgan Chase, Mansoor Shams Organizations: JPMorgan, Marine, Apple Locations: Baltimore

☆ Mixed data means ECB could take a cautious approach to further interest rate cuts, strategist says
▼ + stars: | 2024-06-06 | 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 EmailMixed data means ECB could take a cautious approach to further interest rate cuts, strategist saysEmmanuel Cau, head of European equity strategy at Barclays, discusses the European Central Bank’s highly anticipated monetary policy meeting and says that investors will be closely monitoring ECB President Christine Lagarde’s press conference for clues on the expected number of interest rate cuts later in the year.

Persons: Emmanuel Cau, Christine Lagarde’s Organizations: Barclays, Central

☆ Top news app in U.S. has Chinese origins and ‘writes fiction’ with the help of AI
▼ + stars: | 2024-06-06 | by ( ) www.cnbc.com time to read: +7 min

Billing itself as "the go-to source for all things local," Newsbreak says it has over 50 million monthly users. "It seems this 'news' outlet's AI writes fiction they have no problem publishing to readers." Billing itself as "the go-to source for all things local," Newsbreak says it has over 50 million monthly users. Two local community programs assisting disadvantaged people told Reuters they were impacted by erroneous stories produced by NewsBreak's AI. The company launched in the U.S. in 2015 as a subsidiary of Yidian, a Chinese news aggregation app.

Persons: Newsbreak, NewsBreak, Harvest912, Jeff Zheng, Zheng, Norm Pearlstine, Pearlstine, paywalls Organizations: Facebook, Reuters, Fox, AP, CNN, NewsBreak, NewsBreak's, Food, Wall Street Journal, Los Angeles Times, LA Times Locations: China, United States, Bridgeton , New Jersey, Small Towns, Mountain View , California, Beijing, Shanghai, America, U.S, Colorado, Erie , Pennsylvania, Yidian, NewsBreak

☆ ECB policymakers have given 'strong signal' for multiple interest rate cuts this year, economist says
▼ + stars: | 2024-06-06 | 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 EmailECB policymakers have given 'strong signal' for multiple interest rate cuts this year, economist saysShaan Raithatha, senior economist at Vanguard Europe, weighs in on the upcoming European Central Bank decision and on the outlook for the European economy.

Persons: Shaan Raithatha Organizations: ECB, Vanguard, Central Bank

☆ ECB would be justified in cutting further despite price pressures, former vice president says
▼ + stars: | 2024-06-06 | 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 EmailECB would be justified in cutting further despite price pressures, former vice president saysVitor Constâncio, former vice-president of the European Central Bank, said the recent moderation in wage growth and the weakness of the euro zone economy make the case for further rate cuts in 2024.

Persons: Vitor Constâncio Organizations: ECB, European Central Bank

Oppenheimer raised its price target on Walmart to $75, reiterating its outperform rating on shares. Goodall's $70 price target implies 32.3% potential upside for the stock, which has advanced 28.2% this year already. His price target of $165, up from $145, implies upside of nearly 22% over the next 12 months. COF YTD mountain — Fred Imbert 5:42 a.m.: Oppenheimer hikes price target on Walmart, supports premium valuation for shares Walmart shares are still positioned for steady outperformance, according to Oppenheimer. Analyst Rupesh Parikh reiterated his outperform rating and lifted his price target by $6 to $75, which suggests shares could climb 11.8%.

Persons: Oppenheimer, Jefferies, Goldman, Didier Scemama, Scemama, — Pia Singh, Goldman Sachs, Toshiya Hari, Jensen Huang, Hari, James Goodall, Goodall, John Hecht, Hecht, Fred Imbert, Rupesh Parikh, Parikh Organizations: CNBC, Walmart, buildout Bank of America, Nvidia, United Airlines, Atlantic, Delta, United, Jefferies, Discover Financial Locations: North America, Taiwan, COF

☆ This 'quasi monopoly' chip stock will drive AI trend for the next decade, says fund manager
▼ + stars: | 2024-06-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

European chip stock ASML "is almost in a quasi-monopoly position" to drive developments in artificial intelligence over the next decade, according to fund manager Marcus Morris-Eyton. Its customers include TSMC , which makes the AI chips designed by Nvidia , AMD and Intel , as well as Samsung and SK Hynix . Shares fell by 7% on the day as the company provided what analysts labeled "soft" guidance for the current quarter. Earlier this week, the company opened a test laboratory for its next-generation lithography equipment with Belgium chip research firm Imec. "Ultimately, if you need AI, if you need [electric vehicles], if you need data centers, you need more chips," Morris-Eyton added.

Persons: Marcus Morris, that's, ASML, It's, Francois, Xavier Bouvignies, Tammy Qiu, Didier Scemama, Marie Ganneval, Eyton, Morris Organizations: Nvidia, AMD, Intel, Samsung, SK Hynix, U.S, Infineon, BE Semiconductor, Wall Street, UBS, of America, AllianceBernstein's, ASML, CNBC Locations: United States, TSMC, Belgium, Veldhoven, Netherlands, ASML

☆ CNBC Daily Open: Nvidia pushes past $3 trillion
▼ + stars: | 2024-06-06 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia passes AppleArtificial intelligence chipmaker Nvidia surpassed the $3 trillion market capitalization mark, pushing past Apple to become the second most valuable company behind Microsoft. Baron backs Musk's pay dealBillionaire investor Ron Baron has publicly defended Elon Musk's controversial $56 billion Tesla pay package. Elliott retakes SoftBank stakeElliott Management, an activist investor, has taken a $2 billion stake in SoftBank and is pushing for a $15 billion share buyback. In 2020, at Elliott's urging, SoftBank launched a $20 billion share buyback and asset disposal program.

Persons: Ron Baron, Elon, Baron, Elliott retakes SoftBank, Elliott, SoftBank, Son's, Archer, Goldman Sachs Organizations: New York Stock Exchange, CNBC, Nvidia, Nasdaq, Hewlett Packard Enterprises, Dow Jones, Treasury, Apple, Microsoft, Baron Capital, Elliott Management, Electric, FAA, Archer Aviation, Federal Aviation Administration, United Airlines Locations: New York City, U.S, Tesla, Delaware, SoftBank, Elliott's

India's stock market has been topsy-turvy in the past week. WealthMills Securities' equity market strategist Kranthi Bathini says "India's stock markets need stable policy continuity going forward." "The Union Budget has consistently increased allocations for infrastructure development. Strong digital economy and startup ecosystem Another longer-term theme on Sengupta's radar is the digital economy and startup ecosystem. Riding the consumer wave Aside from sectors poised for growth, WealthMills Securities' Bathini suggests looking out for names set to benefit from the strong consumer.

Persons: turvy, Narendra Modi's, Modi, Dhruba Jyoti Sengupta, Kranthi Bathini, Sengupta —, Sengupta, Bathini Organizations: Narendra Modi's Bharatiya Janata Party, BJP, Lok Sabha, Wrise, CNBC Pro, BSE, Bombay Stock Exchange, WealthMills Securities, Budget, Hindustan, Indian Railway Catering, Tourism Corporation, Indian, Construction, Titagarh, Systems, India, Canara Bank, Bajaj Finance, Securities, Hindustan Aeronautics, Tata Motors, Reliance Industries Locations: Lok, Asia, East, Europe, India, uptrend

☆ European stocks set for higher open as markets anticipate first ECB rate cut since 2019
▼ + stars: | 2024-06-06 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

A sculpture of the Euro currency stands in the city centre of Frankfurt am Main, western Germany, on January 25, 2024. European stocks are expected to open higher on Thursday, with traders anticipating that the European Central Bank will cut borrowing costs for the euro area for the first time since September 2019. The U.K.'s FTSE index is seen opening 27 points higher at 8,270, Germany's DAX 75 points higher at 18,642, France's CAC 40 up 28 points at 8,032 and Italy's FTSE MIB 139 points higher at 34,711, according to data from IG.

Persons: Germany's DAX Organizations: European Central Bank, CAC, IG Locations: Frankfurt, Germany

☆ Not likely the ECB will deliver back-to-back rate cuts, JPMorgan economist says
▼ + stars: | 2024-06-06 | 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 EmailNot likely the ECB will deliver back-to-back rate cuts, JPMorgan economist saysNora Szentivanyi, global economist at JPMorgan, discusses the upcoming European Central Bank monetary policy meeting and says the prospect of back-to-back rate interest rate cuts is unlikely at this stage.

Persons: Nora Szentivanyi Organizations: ECB, JPMorgan, Central Bank

☆ ECB rate cut decision expected today: BNP Paribas Asset Management
▼ + stars: | 2024-06-06 | 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 EmailECB rate cut decision expected today: BNP Paribas Asset ManagementZhikai Chen, head of Asian equities at BNP Paribas Asset Management, discusses global markets ahead of the European Central Bank's interest rate decision today.

Persons: Management Zhikai Chen Organizations: BNP, Management, Asset Management, European

☆ Nvidia can rally another 30% because of its 'multi-year lead' in AI chips, Bank of America says
▼ + stars: | 2024-06-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Nvidia 's head start in artificial intelligence chipmaking could boost its shares by another 30%, according to Bank of America. Nvidia shares have already risen 29% since the end of March, pushing its year-to-date gain to 135%. Bank of America's Arya reaffirmed his buy rating on shares and a $1,500 price target, implying 29% upside from Tuesday's close. He views Nvidia as best positioned "to enabling the $3 trillion IT industry towards delivering AI services." NVDA YTD mountain Shares this year While giving the Jensen Huang-led company a market value approaching $2.9 trillion, Nvidia's surging share price may create volatility.

Persons: Blackwell, Vivek Arya, Bank of America's Arya, Jensen Huang, Arya Organizations: Nvidia, Bank of America, AMD, Intel, Bank of America's, Blackwell, Grace

Thursday is a big day for the European Central Bank. It is widely expected to lower interest rates by a quarter percentage point, its first cut since 2019 — and outpace the Fed in lowering borrowing costs. The big questions on our mind: Will Christine Lagarde, the central bank’s president, signal further cuts at its July and September meetings? The good news: Economists say the era of elevated rates around the world is coming to an end. But they add that sticky inflation will tie central bankers’ hands, limiting their ability to lower borrowing costs much.

Persons: Will Christine Lagarde, Holger Schmieding, DealBook Organizations: European Central Bank, Berenberg Bank Locations: Brussels

☆ European markets head for a higher open as investors look ahead to ECB meeting
▼ + stars: | 2024-06-05 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European stocks are expected to open higher Wednesday, with investors in the region looking ahead to the next meeting of the European Central Bank (ECB). The U.K.'s FTSE index is seen opening 42 points higher at 8,274, Germany's DAX up 88 points at 18,501, France's CAC 40 up 46 points at 7,983 and Italy's FTSE MIB 174 points higher at 34,491, according to data from IG. Investors will be keeping an eye on earnings from Spanish clothing company Inditex. On the data front, final purchasing managers' index (PMI) data for the euro zone in May, a measure of services and manufacturing activity in the single currency area, is due. The ECB is widely expected to cut interest rates for the first time since 2019 when policymakers meet on Thursday, but investors will watch closely to see whether a slightly higher-than-expected euro zone inflation print released last Friday will affect the central bank's decision-making.

Persons: Germany's DAX Organizations: European Central Bank, CAC, IG, Investors, ECB

☆ People are exiting the stock market in droves
▼ + stars: | 2024-06-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The US stock market is shrinking, and investors are pulling their money out at a near-record pace as storm clouds gather over the US economy. A shrinking market: The stock market isn’t the economy (for the most part). Fear is currently driving the US market, according to CNN’s Fear and Greed Index. “We really need to consider: Is this the outcome we want?”CEOs are making almost 200 times what workers areCEOs raked in fat pay packages last year as the US stock market boomed, reports my colleague Matt Egan. Economists were expecting job openings to register 8.36 million, according to FactSet estimates.

Persons: ”, Morgan Stanley, Lisa Shatlett, We’ve, Torsten Slok, Jamie Dimon, Dimon, “, Matt Egan, Bosses, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, titans, Bank of America, Morgan Stanley Wealth Management, Federal, Dow, Apollo Global Management, Privately, JPMorgan, Associated Press, Workers, Bureau of Labor Statistics ’, Labor, Federal Reserve Locations: New York, Nantucket, That’s

☆ Here are Wednesday's biggest analyst calls: Apple, Nvidia, Amazon, Meta, Uber, Disney, Coinbase, Tesla & more
▼ + stars: | 2024-06-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating heading into the June 13 shareholder meeting. Bank of America reiterates Nvidia as buy Bank of America said it's sticking with its buy rating on shares of Nvidia . "We initiate coverage on Jazz Pharmaceuticals (JAZZ) with a Buy rating and 12-month price target of $169." Needham reiterates Coinbase as buy Needham said it's sticking with its buy rating on Coinbase . "We are initiating coverage of LFMD with an Overweight rating and $12 price target."

Persons: it's, ODFL, Morgan Stanley, Tesla, Elon, Gordon, Gordon Haskett, Oppenheimer, Uber, Guggenheim, Goldman, Bernstein, Needham, Coinbase, Raymond James, Meta, Key Organizations: BMO, Dominion, Bank of America, Nvidia, Barclays, Taiwan Semiconductor, Boston Beer, Materials, Applied Materials, JPMorgan, Citi, Apple, Apple's Worldwide, Conference, Disney, Walt Disney, Jazz Pharmaceuticals, EV, Meta, HSBC Locations: TSMC, China, U.S, CY25

Search resuls for: "Bank

25 mentions found