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☆ Brazil’s floods smashed through barriers designed to keep them out, trapping water in for weeks — and exposing social woes
▼ + stars: | 2024-05-19 | by ( Vasco Cotovio | ) edition.cnn.com time to read: +14 min

“It’s heartbreaking.”The picture is a little different in Porto Alegre, the state capital of Rio Grande do Sul. Maxar Technologies Satellite images of the cities of Porto Alegre and Canoas before and after the floods. Maxar Technologies Satellite images of the cities of Porto Alegre and Canoas before and after the floods. “Floods, not with this volume but with considerable volumes of water, have taken place in Porto Alegre in the last few years,” Cortês explains. One volunteer was Fabiano Saldanha, a 48-year-old businessman from Porto Alegre, who used his jet ski to rescue people trapped in their homes.

Persons: Karine Pitana, there’s, ”, she’s, “, Pitana Flores da Silva, Karine Pitana Flores da Silva, She’s, we’re, Pitana, —, Renan Mattos, That’s, Luiz Inácio Lula da Silva, Jairo Jorge da Silva, “ We’ve, Pedro Cortês, University of São Paulo, Cortês, Nelson Almeida, ” Cortês, Rio Grande do Sul wasn’t, Fabiano Saldanha, ” Saldanha, Saldanha, Carlos Macedo, ‘, ’ ”, ” Pitana, CNN “, Lula, ” CNN’s Mary Gilbert Organizations: CNN, Bank, Rio Grande do Sul Public Safety, Police, Reuters, ”, Globo, Environmental, University of São, CNN Brasil, Authorities, AFP, Getty, Research, Porto Alegre, Civil Defense, IMF, World Bank Locations: Canoas, Brazil, Porto Alegre, Rio Grande do Sul, Porto Alegre’s, Suriname, Northern Porto Alegre, Chicago, Dallas, “

☆ BlackRock's COO said he gave his staff a memo written by ChatGPT and they couldn't tell AI wrote it
▼ + stars: | 2024-05-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewEmployees at the investment behemoth BlackRock couldn't tell that a strategy memo they were reading was actually written by ChatGPT, the company's COO said on Thursday. BlackRock COO Robert Goldstein recounted the anecdote during an interview with Fortune's Lee Clifford. Goldstein said he'd worked with his team to prepare a memo on the company's generative AI strategy for a board meeting that took place "several months ago." But instead of drafting it themselves, Goldstein decided that the team should get ChatGPT to write the memo instead. Last month, BlackRock CEO Larry Fink said in an earnings call that the company's investments in AI would bolster productivity.

Persons: —, BlackRock, ChatGPT, Robert Goldstein, Fortune's Lee Clifford, Goldstein, he'd, BlackRock didn't, Larry Fink, Fink, Kristalina Georgieva, Georgieva Organizations: Service, BlackRock, Finance, Business, BI, IMF, Swiss Institute of International Studies Locations: New York, BlackRock, Zurich

☆ IMF says U.S. should keep open trade, work with China to resolve disputes
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +1 min

International Monetary Fund (IMF) Managing Director, Kristalina Georgieva (R), with Director of Strategic Communications Julie Kozack, speaks at a press briefing on the global policy agenda during the International Monetary Fund (IMF) and World Bank Spring Meetings at IMF headquarters in Washington, DC, on April 13, 2023. The U.S. would be better served by maintaining its open trade system rather than imposing new punitive duties on Chinese goods, the International Monetary Fund said on Thursday, adding that Washington and Beijing should work together to resolve their trade tensions. IMF spokesperson Julie Kozack told a regular news briefing that such trade restrictions as those announced by President Joe Biden on Tuesday can distort trade and investment, fragment supply chains and trigger retaliatory actions. "With respect to the tariffs, our view is that the U.S. would be better served by maintaining open trade policies that have been vital to its economic performance," Kozack said. "We also encourage the U.S. and China to work together toward a solution that addresses the underlying concerns that have exacerbated trade tensions between the two countries."

Persons: Kristalina, Strategic Communications Julie Kozack, Julie Kozack, Joe Biden, Kozack Organizations: Monetary Fund, Strategic Communications, International Monetary Fund Locations: Washington ,, U.S, Washington, Beijing, Japan, Germany, China

☆ Jamie Dimon and Ray Dalio sound the alarm on soaring US government debt
▼ + stars: | 2024-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The chorus of voices warning about the dangers of record US government debt is growing louder. In the past 24 hours, JPMorgan (JPM) CEO Jamie Dimon and Ray Dalio, founder of the world’s biggest hedge fund, have weighed in with concerns about America’s debt pile. Ray Dalio, the billionaire founder of Bridgewater Associates, during a Bloomberg Television interview in New York in April 2024. Dimon acknowledged that debt-fueled government spending, including pandemic stimulus, had been one of the reasons behind robust growth in the world’s biggest economy. Debt servicing costs have also soared, on the back of higher official interest rates, leaving less money for public services.

Persons: Jamie Dimon, Ray Dalio, Dimon, you’ll, Dalio, I’m, ”, Victor J, we’ve, ” Dimon, Liz Truss Organizations: London CNN, JPMorgan, Sky News, Treasury, Financial Times, International Monetary Fund, Congressional, Office, Bridgewater Associates, Bloomberg Television, Bloomberg, Getty, Treasury Department, IMF, US, Federal Locations: Russia, New York, America, Covid, United, United Kingdom

☆ The IMF's chief is sounding the alarm, says the AI revolution is striking the job market 'like a tsunami'
▼ + stars: | 2024-05-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

IMF chief Kristalina Georgieva says AI will hit the job market "like a tsunami." "We have very little time to get people ready for it, businesses ready for it," she said on Monday. AdvertisementThe AI revolution could have a huge negative impact on the global job market, IMF Managing Director Kristalina Georgieva said on Monday. The IMF chief was delivering a speech at the Swiss Institute of International Studies in Zurich, where she talked about the impact AI could have on job seekers. AI, Georgieva said, is striking the job market "like a tsunami."

Persons: Kristalina Georgieva, Georgieva, — Organizations: Service, IMF, Swiss Institute of International Studies, Business Locations: Zurich

☆ The US dollar has become so weaponized that central banks are snapping up politically-neutral gold
▼ + stars: | 2024-05-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks accounted for one-quarter of gold demand in 2022 and 2023, as the institutions bought over 1,000 tons of gold each year, according to the World Gold Council in a recent report. Related storiesThe world's central banks continued buying gold, snapping up 290 tons of gold in the first quarter of this year — the strongest start to any year on record, according to the council. AdvertisementThis suggests that gold purchases by some central banks may have been driven by concerns about sanctions risk, Gopinath said. Central banks will keep buying, despite high pricesWhile China's central bank gold buying has been hogging the headlines, other central banks are also loading up on gold. The World Gold Council wrote in its recent report that other big gold buyers included Turkey and India.

Persons: —, Gita Gopinath, it's, Gopinath, IMF's Gopinath Organizations: Service, Monetary Fund, Business, World Gold, US Treasury, Agency, JPMorgan Locations: Ukraine, Central, Russia, China, Turkey, India

☆ China’s Xi Jinping highlights Europe’s divisions ahead of expected Putin visit
▼ + stars: | 2024-05-12 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Chinese state media played up the warm diplomacy, with headlines proclaiming China’s “ironclad” bond with Serbia and “golden friendship” with Hungary. Both are sure to closely watch any summit between Xi and Russian President Vladimir Putin in China, expected to happen soon. Chinese leader Xi Jinping is welcomed at the airport in Belgrade on May 7 for his two-day state visit. Xi also marketed a shared worldview during his meeting with Orban in Hungary, which is a member of both the EU and NATO. Chinese leader Xi Jinping talks with Hungarian Prime Minister Viktor Orban in Budapest on May 9.

Persons: Xi, Peng Liyuan, Aleksandar Vucic, Viktor Orban, China’s, Vucic, Orban –, Emmanuel Macron, Ursula von der, Vladimir Putin, Orban, Hungary “, ’ ”, Philippe Le Corre, ”, Putin, Le Corre, Xi Jinping, Dimitrije Goll, Xi’s, Serbia’s Vucic, ” Vucic, Bruno Le Maire, BYD, Liu Dongshu, Vivien Cher Benko, Tamas Matura, Mark Rutte, Olaf Scholz, Matura, Von der, “ Orban, Gabor Scheiring Organizations: Hong Kong CNN, Russia, Ukraine, China, Europe …, Asia Society, Center for, Forum, Anadolu, Getty, EU, NATO, ”, Xi, Hong Kong’s City University ., Hungarian, Central, Dutch, Georgetown University Locations: Hong Kong, France, Ukraine, China, Belgrade, Budapest, Paris, Serbian, Hungarian, Serbia, Hungary, Europe, Russia, Russian, ”, Europe … Hungary, Center for China, Beijing, United States, EU, Hong, Central, Eastern Europe, Eastern, Moscow, Qatar, “ Hungary

☆ IMF's Kammer: Positive outlook on Europe, soft landing expected
▼ + stars: | 2024-05-10 | 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 EmailIMF's Kammer: Positive outlook on Europe, soft landing expectedAlfred Kammer, director of the European department at the IMF, speaks to CNBC's Karen Tso at the IMF's Spring Meetings.

Persons: Alfred Kammer, Karen Tso Organizations: IMF Locations: Europe

☆ An escalating cold war between US and China would be a blow to global growth, IMF official says
▼ + stars: | 2024-05-08 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Read previewA more intense cold war between the US and China would have a potentially dire impact on the global economy, according to an official from the International Monetary Fund. Speaking at Stanford University on Tuesday, IMF deputy managing director Gita Gopinath said that while US-China tensions haven't yet devolved into a full-blown cold war, such an escalation would be a major headwind to global growth. Advertisement"The emergence of these 'connector' countries—perhaps most notably Mexico and Vietnam—may have helped cushion the global economic impact of direct trade decoupling between the U.S. and China," Gopinath said. Zooming out, Gopinath highlighted that geopolitical instability in regions like the Middle East and turmoil stemming from the Russia-Ukraine war has sparked trade turbulence unseen since the Cold War. The IMF emphasized that trade fragmentation carries a higher price tag today, with the goods trade-to-GDP ratio now at 45% compared to 16% at the onset of the Cold War.

Persons: —, Gita Gopinath, Gopinath Organizations: Service, International Monetary Fund, Stanford University, Tuesday, Business, IMF, U.S Locations: China, Mexico, Vietnam, Russia, Ukraine

☆ Sam Altman doesn't think we are worried enough about how AI will impact the economy
▼ + stars: | 2024-05-08 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

OpenAI CEO Sam Altman says AI's impact on the economy should be a top of mind concern. Research suggests AI has the potential to affect millions of jobs and lead to lower wages. But when OpenAI CEO Sam Altman was asked for his thoughts on how the spread of AI-generated misinformation may affect elections, the tech leader appeared to be more concerned about another issue: AI's impact on the economy. An International Monetary Fund study from earlier this year found that AI may impact roughly 60% of jobs in "advanced economies." But Altman said he is still worried about AI's potential on the labor market.

Persons: Sam Altman, —, Altman, that's, they've Organizations: Service, Business, International Monetary Fund, IMF, McKinsey, CNBC

☆ U.S. and China trade divisions threaten a 'reversal' for global economy, IMF official warns
▼ + stars: | 2024-05-08 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Carlos Barria | Afp | Getty ImagesDifferences between U.S.-led Western and China-aligned economic blocs threaten global trade cooperation and economic growth, a top official with the International Monetary Fund warned on Tuesday. IMF Deputy Managing Director Gita Gopinath said in a speech at Stanford University that events such as the global pandemic and Russia's invasion of Ukraine have disrupted global trade relations in ways not seen since the Cold War. "Increasingly, countries around the world are guided by economic security and national security concerns in determining who they trade with and invest in," she said, adding that this has resulted in countries increasingly picking sides between China and the U.S. Trade between the China and U.S. blocs has declined compared with trade among countries within the groupings, Gopinath said. The U.S. bloc mainly includes Europe, Canada, Australia and New Zealand, while China-leaning countries include Russia, Eritrea, Mali, Nicaragua and Syria.

Persons: Xi Jinping, Carlos Barria, Gita Gopinath, Gopinath Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Afp, International Monetary Fund, Stanford University, U.S, IMF, Trade, West Locations: Asia, San Francisco , California, China, Ukraine, Washington, Beijing, U.S, South, Taiwan, Europe, Canada, Australia, New Zealand, Russia, Eritrea, Mali, Nicaragua, Syria

☆ Panama elections: Mulino declared ‘unofficial’ winner of presidential election
▼ + stars: | 2024-05-06 | by ( Juan Carlos Paz | Mia Alberti | ) edition.cnn.com time to read: +3 min

CNN —José Raúl Mulino, a rightwing former public security minister, was declared the “unofficial” winner of Panama’s presidential election on Sunday, the country’s electoral court confirmed. “I receive with joy these results, which are the will of the majority of the Panamanian people in our democracy, which I assume with great responsibility and humility as a Panamanian,” Mulino said during his victory speech. He originally ran as the vice-presidential candidate of former President Ricardo Martinelli. After a court sentenced Martinelli to 11 years in prison for money laundering, Mulino moved to the top of the ticket. “To Ricardo Martinelli: my friend, mission accomplished Ricardo.

Persons: Mulino, Ricardo Lombana, ” Mulino, Ricardo Martinelli, Martinelli, “, Ricardo, ”, Matias Delacroix, Fitch, Panama that’s, El Nino Organizations: CNN, Central Locations: Central American, Panamanian, Nicaraguan, Panama’s, Panama City, Panama, Venezuela, Colombia

☆ Welcome to ‘the Tepid Twenties’? The US economy’s strength won’t be enough to boost global growth
▼ + stars: | 2024-05-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. Economic growth in Spain and France was stronger than expected last year. But the US is outperforming mainly for one key reason: Robust productivity growth. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.

Persons: ” Kristalina Georgieva, ” Georgieva, ” Stephen Gallagher, Gallagher, “, ”, Hande Atay Alam, Recep Tayyip Erdogan, Israel Katz, John Williams, Neel Kashkari, Lisa Cook, Krispy Kreme, John’s, Austan Goolsbee Organizations: Washington CNN, Monetary, IMF, European Central Bank, Labor Department, Societe Generale, CNN, Reuters, Palantir Technologies, Tyson Foods, Marriott Worldwide, New York Fed, Disney, UBS, Duke Energy, Suncor, Bros, Minneapolis, Toyota, Uber, Anheuser, Busch InBev, Airbnb, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, AMC Entertainment, Honda, Warner Bros Discovery, Warner Music Group, Hyatt, Hilton, Bank of England, US Labor Department, United Kingdom’s, National Statistics, University of Michigan, . Chicago Fed, China’s National Bureau of Statistics Locations: Europe, China, United States, Spain, France, Russia, Ukraine, Turkey, Israel, Gaza, Olesya, “ Turkey, Lyft, TripAdvisor

☆ Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty
▼ + stars: | 2024-05-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +13 min

Youth unemployment, income inequality, regional disparities, and Russian oil remain big problems. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil. "The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. Indian demand for Russian oil has cooled in recent months as new sanctions have made it more expensive, but the buying remains controversial. Alexandr Demyanchuk/AFP/Getty ImagesIndia the IT hubUnder Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.

Persons: Narendra Modi, Elon Musk, Jamie Dimon, Tim Cook, —, Modi, Goldman Sachs, JPMorgan's Dimon, He's, Musk, Apple's Cook, Joe Biden, Sundar Pichai, Anna Moneymaker, Jensen Huang, Satya Nadella, Alphabet's Sundar Pichai, Richard Rossow, Demonetisation, Kunal Sen, Sen, Tim Graham, Rossow, tycoons Mukesh Ambani, Gautam Adani, Mukesh Ambani, Isha Piramal, Rihanna, Shloka Mehta Ambani, Akash Ambani, Radhika Merchant, Anant, Radhika, Ambani, they'd, Neelima Jain, Vladimir Putin, Alexandr Demyanchuk, Sanjay Shetty, Shetty Organizations: Service, titans, Monetary Fund, Gross, World Bank, Economic, of New, Google, Apple, Nvidia, Microsoft, India, Studies, Center for Strategic & International Studies, United Nations, United Nations University World Institute for Development Economics, University of Manchester, International Labor Organization, Oxfam, Bloomberg, Reliance Industries, Adani, CSIS, Indian, Shanghai Cooperation Organisation, Getty, Modi, Big Tech, Randstad, Economic Times Locations: India, Britain, Japan, Germany, China, of New York, Nimaj, Rajasthan, North Korea, Bihar, Uttar Pradesh, Russia, Ukraine, Europe, Moscow, Western, Samarkand, AFP, Randstad India

☆ AI boom in Silicon Valley is going to worsen the housing problem, says CEO of billionaire-backed company trying to build a new city near San Francisco
▼ + stars: | 2024-05-03 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Jan Sramek, CEO of California Forever, wants to build a new city in Solano County, California. The recent "AI boom" will only make the housing crisis worse, Sramek told Kara Swisher. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Previously published information from California Forever revealed that the city will be about 18,600 acres with a capacity to welcome 400,000 residents. A California Forever spokesperson didn't address the question in an emailed response to Business Insider.

Persons: Jan Sramek, Sramek, Kara Swisher, —, Goldman Sachs, didn't, The Lever Organizations: Service, Silicon, California Forever, Business, International Monetary Fund, IMF, Research Locations: California, Solano County , California, Northern California, Solano County, San Francisco, Golden State, Bay, Palo Alto

☆ Global trade and immigration on the line in Panama’s presidential vote
▼ + stars: | 2024-05-03 | by ( David Shortell | ) edition.cnn.com time to read: +5 min

Achieving Goals presidential candidate José Raúl Mulino speaks with reporters after meeting with members of the Electoral Observation Mission, in Panama City, Wednesday, May 1, 2024. The case of former President Ricardo Martinelli, who was disqualified from running by the courts because of a past corruption conviction, stands out. Once the favorite to win this year’s presidential race, Martinelli was disqualified from running by Panama’s electoral court in March because of the conviction and sentence. There are seven other presidential candidates, including current Vice-President José Gabriel Carrizo, former President Martín Torrijos, and Rómulo Roux, another former minister under Martinelli. Martinelli has thrown his support behind Mulino, even releasing campaign videos from inside the Nicaraguan embassy.

Persons: Daniel Zovatto, El Nino, Fitch, ”, José Raúl, José Raúl Mulino, Matias Delacroix, Mulino, Panama that’s, Ricardo Martinelli, Martinelli, José Gabriel Carrizo, Martín Torrijos, Rómulo Roux, “ Organizations: CNN, Central, Latin America, Wilson, Americas Society, Panamanian, Gallup, Nicaraguan Locations: Panama, Central American, Panama City, United States, Venezuela, Panamanian, Colombia, Mulino, Americas, Nicaragua’s, Nicaraguan

☆ IMF chief warns of emerging market risk with high U.S. interest rates
▼ + stars: | 2024-04-30 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a briefing on the Global Policy Agenda at IMF headquarters during the IMF/World Bank Spring Meetings in Washington, DC on April 18, 2024. Kristalina Georgieva, the managing director of the International Monetary Fund, played down the prospect of any negative impact from a monetary policy divergence between Europe and the U.S., but said issues could be more acute in emerging markets. The benchmark rates of most advanced economies soared in recent years, as central banks aimed to tame inflation following the Covid-19 pandemic. A high U.S. interest rate environment is traditionally bad news for emerging markets, as it makes their debts — often priced in U.S. dollars — more expensive. "It is a much more serious issue for countries where the impact of high interest rates in the United States are more profound — in many emerging market economies," Georgieva told CNBC's Silvia Amaro in Brussels on Monday.

Persons: Kristalina Georgieva, Georgieva, CNBC's Silvia Amaro Organizations: Monetary Fund, IMF, International Monetary Fund Locations: Washington , DC, Europe, U.S, United States, Brussels, Japan

☆ IMF raises its Asia growth forecast for 2024, highlights India's growth and China stimulus as key drivers
▼ + stars: | 2024-04-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

The International Monetary Fund raised its Asia growth forecast for 2024 on Tuesday, as it remained optimistic about India's growth and focused on the need for more stimulus from China. The IMF now expects Asia's economy to grow 4.5% this year, up 0.3 percentage points from six months earlier. The upward revision reflects upgrades for China, the IMF said, where it expects policy stimulus to provide support. India is currently the world's fifth-largest economy with GDP of $3.7 trillion and is aiming to become the world's third-largest by 2027. IMF's Srinivasan also wrote that strong private consumption will continue to drive growth in Asia's other emerging markets.

Persons: Krishna Srinivasan, IMF's Srinivasan Organizations: Monetary Fund, IMF Locations: Asia, China, Pacific, India

☆ IMF chief concerned about the prospect of central banks diverging on rate cuts
▼ + stars: | 2024-04-29 | 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 EmailIMF chief concerned about the prospect of central banks diverging on rate cutsKristalina Georgieva, managing director of the International Monetary Fund, discusses the outlook for economic growth in Europe and reflects on the prospect of major central banks diverging on monetary policy.

Organizations: IMF, International Monetary Fund Locations: Europe

☆ Trump’s first trial, Ukraine aid and other surprises from a major news week
▼ + stars: | 2024-04-20 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

House Speaker Mike Johnson arrives to speak with reporters to discuss his proposal of sending aid to Ukraine, Israel and Taiwan on April 17, 2024. Johnson, although a bona fide conservative and a skeptic at times of Ukraine aid, is finally on the cusp of getting the vote done in the House. This week, Iran responded to Israel’s strike on a Syrian diplomatic facility with its own strikes, which Israel responded to on Friday with a strike on Iran. Joe Biden is running hardWith all the Trump trial coverage, you might have missed that President Joe Biden is running a spirited presidential campaign. While Trump is spending most days at his trial, Biden is going all over the map.

Persons: Trump’s, you’ve, Donald Trump, Trump, Mike Johnson’s, Marjorie Taylor Greene, Thomas Massie of Kentucky, Paul Gosar, Arizona –, Johnson, Mike Johnson, J, Scott Applewhite, he’ll, It’s, Israel, Here’s Tamara Qiblawi, CNN’s Nic Robertson, Read, Joe Biden, Biden, Andrew CAballero, Reynolds, Pierre, Olivier Gourinchas Organizations: CNN, Trump, –, GOP, White, Getty, Monetary Fund, Federal Reserve Locations: Antarctica, New York, Ukraine, Israel, Taiwan, Johnson, Marjorie Taylor Greene of Georgia, Arizona, Iran, Syrian, CNN’s, Damascus, Qiblawi, Philadelphia, Wawa, Pittsburgh, Pennsylvania, AFP, Europe

☆ What stalled this year’s seemingly infallible stock market rally
▼ + stars: | 2024-04-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Investors had hoped that corporate earnings would help revive the stalled rally, but a strong start to the season hasn’t been enough to excite investors. The 30-year fixed-rate mortgage averaged 7.10% in the week ending April 18, up from 6.88% the previous week, according to Freddie Mac data released Thursday. Mortgage rates are climbing based on expectations that the Federal Reserve won’t cut interest rates anytime soon. The Fed doesn’t directly set mortgage rates, but its actions do influence them, and persistently hot inflation readings are keeping the Fed on hold. If inflation stalls any further, or even worsens, mortgage rates could climb higher this year.

Persons: —, hasn’t, Jerome Powell, “, ”, Michael Landsberg, Pierre, Olivier Gourinchas, Israel, Brent, Bryan Mena, Freddie Mac, Sam Khater, Freddie Mac’s, Read, Anna Cooban, Tim Cook, Pham Minh Chinh, Cook, Apple “ Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Federal Reserve, Data, Employers, Fed, Landsberg Bennett, Wealth Management, Monetary Fund, Treasury, Investors, CNN, Federal, China Apple, Vietnamese, Apple Locations: New York, East, Iran, Israel, Syria, Vietnam, China, Hanoi, Beijing

☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ IMF's Azour: Middle East going through severe developments
▼ + stars: | 2024-04-19 | 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 EmailIMF's Azour: Middle East going through severe developmentsJihad Azour, director of the Middle East and Central Asia Department at the IMF, speaks to CNBC's Karen Tso.

Persons: Karen Tso Organizations: Central Asia Department, IMF Locations: East

☆ IMF's Srinivasan: Inherent dynamism in APAC region
▼ + stars: | 2024-04-19 | 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 EmailIMF's Srinivasan: Inherent dynamism in APAC regionKrishna Srinivasan, IMF's director of the Asia and Pacific department, speaks to CNBC's Karen Tso.

Persons: IMF's Srinivasan, Krishna Srinivasan, Karen Tso Locations: Asia, Pacific

☆ Malaysia is unfazed by China, U.S. semiconductor competition, minister says
▼ + stars: | 2024-04-18 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

KUALA LUMPUR, MALAYSIA - 2018/01/24: A foreigner is seen with a Malaysia flag as a background. Kuala Lumpur or commonly known as KL is the national capital for Malaysia and is the fastest growing metropolitan regions in South-East Asia. (Photo by Faris Hadziq/SOPA Images/LightRocket via Getty Images)Malaysia isn't fazed about competition from China or the U.S. as it pushes into higher-end semiconductor manufacturing, according to the country's second finance minister. "We're seeing a lot of end users now diversifying their supply chain. Our focus, actually, is to provide a very vibrant, strong supply chain connectivity, and make sure that we ride on that."

Persons: Faris Hadziq, Amir Hamzah Azizan, Karen Tso, Amir Hamzah Organizations: Getty Images Locations: KUALA LUMPUR, MALAYSIA, Malaysia, Kuala Lumpur, South, East Asia, China, Washington

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