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(Photo by Alexey Kudenko - Host Photo Agency via Getty Images)Western nations should be bolder about confiscating Russian assets which they froze after the country's full-scale invasion of Ukraine in 2022, British Prime Minister Rishi Sunak said. "We must be bolder in hitting the Russian war economy .... And we must be bolder in seizing the hundreds of billions of frozen Russian assets," he said . Last month British Investment Minister Dominic Johnson met U.S. Deputy Treasury Secretary Wally Adeyemo to discuss the seizure of frozen Russian assets, but stressed this needed to be done in accordance with international law. The European Union, U.S., Japan and Canada froze some $300 billion of Russian central bank assets in 2022 when Russia invaded Ukraine. Sunak also urged the U.S. to continue to provide financial and military support for Ukraine.
Persons: Alexey Kudenko, Rishi Sunak, Sunak, Dominic Johnson, Wally Adeyemo Organizations: Red, Getty Images, British, Sunday Times, U.S, European Union, Ukraine Locations: MOSCOW, RUSSIA, Moscow, Russia, Soviet Union, Ukraine, U.S, Japan, Canada, Russian
Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. CNN —In travel news this week: trending flight routes around the world, the latest on Qantas’ record-breaking Project Sunrise, plus the Americans leaving the States behind for new lives overseas. She’s one of a number of influencers who’s struck a chord with people who love the fairytale fantasy of starting over with a new, better life. However, for the brave souls who take the plunge, things don’t always run smoothly or according to plan. But right now Death Valley National Park – the driest place in the country – is offering visitors a rare kayaking opportunity in a temporary lake in Badwater Basin.
Persons: , , Kacie Rose Burns, who’s, skywatchers, you’re, Olivia, Noah, ” Expedia, there’s, There’s, Malcolm Park Organizations: CNN, Qantas, Expedia Group, Chicago, , Alaska Airlines, Ski Locations: America, United States, Italy, Chicago, Bahamas, North Carolina, Tennessee, Badwater Basin, North America, Los Angeles, Tokyo, Asia, Perth, Bali, Tampa, Toronto, Nevada, Australia, Sydney, New York, London, Montchavin, France
Hong Kong CNN —With Hong Kong’s sky-high cost of living, residents like Andy Tsui have been looking for alternative ways to have more fun and spend less. Rather than spending his cash in his hometown of Hong Kong, he’s been crossing the border into mainland China to splurge instead. Such trips are noteworthy because, for much of Hong Kong’s modern history, the traffic has been largely — conspicuously, even — in the other direction. Hong Kong used to be the place where Chinese would escape to, not from. In 2023, just 26 million mainlanders — about half of the 2018 crowd — visited Hong Kong.
Persons: Andy Tsui, he’s, boba, ” Tsui, Justin Robertson, Noemi Cassanelli, CNN Hong Kong’s, Hong Kong —, misbehaving, , , Steve Tsang, Hong, Shenzhen’s, Hongkongers, Gilles Sabrie, Hongkonger Eddy Lam, Lam, Cherrie Leung, Qilai Shen, Hugo Sin, , Gary Ng, John Lee, Tsang Organizations: Hong Kong CNN, CNN, Shoppers, Yuen, Britain, Newspapers, Hong, Hong Kong Immigration Department, China Institute, SOAS University, Huawei, Tencent, Bloomberg, Getty, Sam’s Club, Costco, Sam’s, Walmart, Hong Kong, Shenzhen hasn’t, Xinhua, RTHK, SOAS University of London Locations: Hong Kong, China, splurge, Peking, Shenzhen, East, Hong, People’s Republic of China, British, Beijing, London, Bay Area, San Francisco , New York, Tokyo, Kowloon, Coco, Shanghai, , Inner Mongolia, Taiwan, Japan, Mainland China, Hong Kong’s, Britain, Canada, Australia, Bay,
CNN —A Hello Kitty theme park in Tokyo has been forced to close for the day after it received a “terror threat,” its operator said. Sanrio Puroland, also known as Hello Kitty Land, is located in Tama New Town in north Tokyo. In a statement published on the park’s official website, operators said they received “a terrorist threat email” on Saturday. Hello Kitty is one of the most famous and recognizable Japanese brands of all time. Sanrio Puroland opened in 1990 and attracts over 1.5 million visitors per year – making it one of Japan’s most popular theme parks, along with Tokyo Disney Resort.
Persons: Sanrio Puroland, , Kitty, Sanrio Organizations: CNN, ” Police, NHK, Reuters, Tokyo Disney Resort Locations: Tokyo, Kitty, Tama New, Japanese, Japan, United States, United Kingdom
The head of the FAA told Congress how its panel is examining sleep science to help. Despite the best efforts of pilots and air traffic controllers, sometimes collisions do happen. It said the captain was distracted and confused by instructions from air traffic controllers, while the co-pilot lost track of the plane's location. Air traffic control fatigueOne major cause of near-misses is the strained workload of air traffic controllers. "Air traffic controllers are being required to do mandatory overtime," she said.
Persons: , Mike Whitaker, Whitaker, Rich Santa, Jennifer Homendy, Paul Rinaldi, Forbes, It's, Brad Surak Organizations: FAA, Service, New York Times, American Airlines, JFK, Delta Air Lines, JetBlue, Boston Logan International, Japan Airlines, Federal Aviation Administration, National Transportation Safety Board, National Air Traffic Controllers Association, Times, National Transportation Safety, Boeing Locations: Tokyo
At the current trajectory, that's set to weigh on the economy for the next decade or more. AdvertisementMillennials aren't having as many kids as previous generations, and that fact could end up dragging down economic growth for more than a decade. "What you're talking about is these birth rates dropping very, very low levels, which over the course of time has huge impacts on the economy," Pomeroy said. The impact of millennials having fewer kids will likely be worse than the impact of aging boomers — and the most dire consequences could come 10-15 years from now, Pomeroy estimated. The most important thing to encourage people to have more kids might be a cultural shift in how we talk about children, Buchholz says.
Persons: Millennials, , James Pomeroy, Pomeroy, Todd Buchholz, , boomers, Buchholz, That's, DINK, " Buchholz, it's Organizations: Service, Centers for Disease Control, White House, Medicare, Social Security, CNBC, Sony PlayStation Locations: China, Japan, Russia
NATO states' increased defense spending in recent years has little to do with Trump, experts told BI. NATO spending has indeed accelerated since Trump entered politics. It ain't what you do, it's the way that you do itTrump's demands of NATO allies also weren't a departure from existing US policy. Threatening partners is "bananas"Trump's transactional take on NATO collective defense is ultimately reasonable, Bury said — but encouraging other countries to attack NATO allies is "bananas." AdvertisementIf US allies are spending more money on NATO defense, it's not because Trump is goading them, but because they're concerned about increasing global instability.
Persons: Trump, it's, , Kaja Kallas, Mark Rutte, Edward Hunter Christie, Hunter Christie, William Alberque, Russia hadn't, hadn't, Alberque, Patrick Bury, Barack Obama, didn't, Joe Biden, Bury, Vladimir Putin Organizations: NATO, Trump, Service, Estonia's, Dutch, Finnish Institute of International Affairs, International Institute for Strategic Studies, UK's University of Bath Locations: Russia, , NATO, Crimea, Trump, South Korea, Japan, United States, Ukraine
A trader works during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. Global markets hit record highs this week as the frenzy around artificial intelligence boosted risk sentiment and hopes of a return to economic growth. But some investors have urged caution, suggesting that high tech valuations could put the rally at risk. European markets extended gains Friday after the Stoxx 600 index closed at an all-time high in the previous session. In Asia Pacific, Japan's Nikkei 225 closed at a new all-time high of 39,098.68 on Thursday, surpassing the previous record of 38,915.87 set in 1989.
Persons: Oliver Bäte, CNBC's, Germany's DAX Organizations: New York Stock Exchange, Wall, Global, Allianz, French CAC, Nikkei, U.S Locations: New York City, Europe, U.S, Asia
Hong Kong, a British colony from the 1840s to 1997, grew into an international finance center just off the coast of mainland China. Asia-Pacific markets were set for a mixed session Friday, with investors awaiting data on China's property prices to assess any signs of improvement in the debt-laden real estate sector. Japan markets led gains in the previous session, with the Nikkei 225 closing at a new all-time high of 39,098.68, surpassing the previous record of 38,915.87 set in 1989. Investors will monitor China house prices data for January. At the end of last year, the country's troubled property market clocked its worst declines in new home prices in nearly nine years.
Organizations: Nikkei Locations: Hong Kong, British, China, Asia, Pacific, Japan
Yen sinks as currency traders keep short and carry on
  + stars: | 2024-02-23 | by ( )   time to read: +3 min
The yen is the worst-performing G10 currency this year, with a 6.4% slide on the dollar. For the week the yen is down 0.6% on the euro, touching its weakest for three months overnight at 163.45 per euro . Yen moves against the dollar were more modest due to the risk its slide could prompt intervention in markets from Japan, with officials reminding traders they stand ready in recent days. The dollar gained 0.1% to trade at 150.41 yen this week. Investors can earn interest, or carry, by borrowing yen around 0% and buying income-bearing assets in other currencies.
Persons: Moh Siong Sim, Sterling, Christine Lagarde, Christopher Waller Organizations: New, Deutsche, Britain, of Singapore, U.S, European Central Bank Locations: Japan, New Zealand, Friday's Asia, U.S, Europe
CNBC Daily Open: The U.S. economy seems to be holding up
  + stars: | 2024-02-23 | by ( Sumathi Bala | )   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, the S&P 500 soared to new highs fueled by Nvidia's blockbuster earnings, notching its best day since January 2023. We are seeing a very strong demand in the mobility space," Grab CFO Peter Oey told CNBC, adding that tourism is "growing very much." Cyberattacks cost the global economy an estimated $8 trillion in 2023 — that is set to rise to $10.5 trillion by 2025, said research firm Cybersecurity Ventures.
Persons: Dow, Peter Oey, Reddit, Sundar Pichai, Goldman Sachs Organizations: CNBC, Nasdaq, Social, Securities and Exchange Commission, New York Stock Exchange, Cybersecurity Ventures Locations: Asia, China, Japan
New York CNN —Retail investors are optimistic about the stock market again despite a backdrop of geopolitical and economic uncertainty. CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, closed at an “extreme greed” reading on Thursday. Unsurprisingly, investors are largely bullish on artificial intelligence-related stocks over the next three months, according to the Schwab survey. The job market has also stayed remarkably strong even as interest rates hover around a 23-year high, helping keep recession worries at bay. About 48% of traders believe the US will likely avoid a recession this year, up from 23% last quarter, according to the Schwab survey.
Persons: Charles Schwab, Schwab, , James Kostulias, stoking, Anna Bahney, , Lawrence Yun, Read, Henri Nestlé, Wegovy, Hanna Ziady, Mark Schneider, ” Read Organizations: CNN Business, Bell, New York CNN, Retail, , Dow Jones, Bureau of Labor Statistics, Federal, National Association of Realtors, NAR Locations: New York, United Kingdom, Japan, Washington, Swiss
The IM-1 mission's landing helps catapult the US into a 21st-century space race to the moon's south pole. AdvertisementAn American moon lander touched down on the lunar surface for the first time in over 50 years on Thursday. For its last lunar landing attempt in January, NASA partnered with the Pittsburgh-based company Astrobotic Technology to send its Peregrine spacecraft to the moon. Intuitive Machines' Odysseus moon lander beamed back its first images from space earlier this month. So NASA and Intuitive Machines have officially put the new commercial lunar era in swing, and they're just getting started.
Persons: , Astrobotic, Odysseus, Tim Crain, Japan's, Trent Martin, NASA hitches, they're Organizations: NASA, Service, Houston, SpaceX, US, Spaceflight, Payload, Pittsburgh, Technology, Machines Locations: Russia, India, Japan, China
In today's big story, we're looking at Wall Street's love affair with Nvidia (and AI) while Big Tech still grapples with how to use the tools . Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. One issue is bias showing up in AI tools . AdvertisementInternal documents show that Amazon is warning its employees not to use third-party generative AI tools for work , BI's Ashley Stewart and Eugene Kim report. It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is pitching its own chatbot to customers .
Persons: , It's, Michael M, Tyler Le, it's, Matthew Fox, Wall, Jensen, Kathleen Brooks, XTB, BI's George Glover, Chelsea Jia Feng, — ChatGPT, Monica Melton, BI's Ashley Stewart, Eugene Kim, Paul Morigi, Jenny Chang, Rodriguez, Goldman, Joe Duran, Jensen Huang, Huang, Reddit, Sam Altman, Elon Musk, Gemini, isn't, RJ Scaringe, Rivian, Scaringe, Steve Conine, Niraj Shah, Lucas Jackson, Wayfair, Bruce Dixon, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Nvidia, Big Tech, Getty, Nasdaq, Nikkei, GameStop, SEC, CNBC, EV, Warner Bros Discovery Inc, Hyatt Hotels Locations: Paul, New York, London, Chicago
In the final week of February, Wall Street will strive to maintain its AI-fueled rally even as economic concerns linger and the Federal Reserve's favorite inflation measure is on deck. But many worry the writing is on the wall for these market leaders as economic and inflation risks linger. The 'lone cloud' of inflation The Fed's preferred inflation gauge will also be released in the week ahead. Investors are concerned that sticky inflation will mean that the Fed will hold onto its higher-for-longer interest rate policy. Next week will also be the final week of February, with stocks headed for another strong month of gains.
Persons: Goldman Sachs, Patrick McDonough, Europe's, PGIM's McDonough, McDonough, Charlie Ashley, Dhaval Joshi, Joshi, Ashley, John Williams, TJX Cos Organizations: Dow Jones Industrial, Nasdaq, Nvidia, Japan's Nikkei, Catalyst Funds, BCA Research, CPI, PPI, Dow, New, Dallas Fed, Fidelity National Information Services, Richmond Fed, eBay, Enterprise, Cruise Line Holdings, New York Federal Reserve Bank, York, Monster Beverage, Paramount Global, PCE Deflator, Chicago PMI, . Kansas City Fed Manufacturing, Hewlett Packard Enterprise, Autodesk, Body, Hormel, PMI, Manufacturing Locations: U.S, Lowe's, Chicago, . Kansas, Michigan
The World(MSCI All Country World Index weighting)Entire U.S. stock market: 63%Japan, UK, Canada, France, Hong Kong/China combined: 17.5%Magnificent 7: 17%Source: Dimensional FundsThat seems crazy, no? For example, in the mid-1960s the concentration of the top 10 was over 40% of the S&P 500. Investors who own the S&P 500 don't have to pick those winners; they just go along for the ride. Second, U.S. stocks are global market leaders, and when a small group becomes market leaders it almost always means the U.S. stock market outperforms the world. The U.S. stock market, which was roughly 40% of the global market capitalization a short while ago, is now roughly 50% of global market capitalization.
Persons: Gregory Rowe, Berkshire Hathaway, Lilly, It's, Organizations: New York Stock Exchange, Berkshire, Broadcom, Nvidia, Eck Semiconductor, Dimensional Fund Advisors, FS Investments, IBM, American Express, General Electric, Polaroid, Xerox, U.S, Baidu, SAP, Siemens, United, Shell, AstraZeneca, HSBC Locations: New York City, Miami Beach, Japan, UK, Canada, France, Hong Kong, China, U.S, Germany, United Kingdom
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's a bit 'concerning' that Japan market has risen so much so quickly: StrategistAoifinn Devitt from Moneta says while there is a tech angle that supports the Japan market to rise to record highs, the economic fundamentals such as demographics and deflation history haven't really changed.
Persons: Aoifinn Devitt, Moneta Locations: Japan
The devil's in the details, but local economies have a friend in Taylor Swift. Her tour undoubtedly helped the local economies she visited, according to a new report out from Japanese investment bank Nomura. From that, the consumer price index for the Illinois city increased 0.5 percentage points from the singer's visit alone. Internationally, small economies such as Singapore and Sweden could see the biggest macro boosts from her tour, according to Toh. Swift's tour is set to conclude near the end of 2024.
Persons: Taylor Swift, Nomura, Si Ying Toh, Toh Organizations: Federal Reserve, Wall, Nomura, Disney, CNBC PRO Locations: American, Chicago, U.S, Illinois, Japan, Singapore, Sweden
Hong Kong CNN —Nvidia has named Huawei a top competitor in a number of areas, including in the crucial production of processors that power artificial intelligence (AI) systems. Other companies also listed as its rivals in some areas include AMD, Amazon (AMZN), Microsoft (MSFT) and Broadcom (AVGO). In October 2022, the Biden administration imposed sweeping curbs designed to curtail China’s access to advanced computing chips. In July, it imposed export controls on two strategic raw materials, gallium and germanium, that are critical to the global chipmaking industry. Data centers, which includes the graphics cards that are widely use in generative AI, are Nvidia’s biggest source of revenue.
Persons: Jensen Huang, Biden, ” Colette Kress, CNN’s Rob McLean, David Goldman Organizations: Hong Kong CNN, Nvidia, Huawei, AMD, Microsoft, Broadcom, CNN, Micron, Locations: China, Hong Kong, Santa Clara, Singapore, Shenzhen, Beijing, Washington, Japan, Netherlands, ,
Investors have been bullish on Japan stocks since last year, repeatedly driving them to record highs. Goldman Sachs has named "Seven Samurai" stocks in Japan, which it says could be an equivalent of the United States' "Magnificent Seven." The "Magnificent Seven" comprises Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla , which were behind much of the gains that drove the S & P 500 up a whopping 24% or so in 2023. In a Feb. 18 report, Goldman answered clients' requests for the Japanese equivalent of the "Magnificent Seven." With that criteria, Goldman has come up with a list of seven stocks, and they are: Screen Holdings, Advantest, Disco, Tokyo Electron, Toyota Motor, Subaru and Mitsubishi.
Persons: Goldman Sachs, Goldman, they've, CNBC's Ying Shan Lee Organizations: Nikkei, Apple, Microsoft, Nvidia, Tesla, Screen Holdings, Tokyo Electron, Toyota Motor, Subaru, Mitsubishi, Tokyo Stock Exchange Locations: Japan, United States, Tokyo
On a rainy Saturday afternoon in central Tokyo, 50 or so Chinese people packed into a gray, nondescript office that doubles as a bookstore. Like them, Ms. Qiu had lived as an immigrant in Japan. Public discussions like this one used to be common in big cities in China but have increasingly been stifled over the past decade. The Chinese public is discouraged from organizing and participating in civic activities. In the past year, a new type of Chinese public life has emerged — outside China’s borders in places like Japan.
Persons: Qiu Jin, Qiu, Locations: Tokyo, Japan, China, China’s
South Korea digital nomad visa: what to know
  + stars: | 2024-02-22 | by ( Lilit Marcus | )   time to read: +6 min
According to a report in the Korea Herald, South Korea’s Justice Ministry says the digital nomad visa will make remote work and vacations smoother for visitors. The site ranks South Korea highly for nightlife and youth culture, but gives lower marks for LGBT acceptance and English-language accessibility. Meanwhile, South Korea places 49 out of 113 countries on the English Proficiency Index, which puts it in the “moderate” category. Still, Humphries is undeterred in his quest for the South Korea “workation” visa and plans to base himself in Seoul if approved. “The South Korean digital nomad visa is a great step forward for allowing foreigners to reside in the country,” he says.
Persons: Ashley Humphries, he’s, Humphries, Jungho Suh, , Suh, ” Jeong Hyun Cho, Jeong, Ed Jones, Gawon Bae, Veronica Lin Organizations: CNN, South Korean, Korea Herald, Korea’s, Ministry, Korean Management Institute, George Washington University, Korea –, Statistics Korea, Human Rights Commission, South Korean Society, Digital Nomads Korea WhatsApp, Getty, Foreigners, South Locations: South Korea, Asia, Dubai, Cayman Islands, Korea, Hong Kong, Thailand, Indonesian, Bali, South, Seoul, AFP, Korean, expats, Turkey, Norway, Kuwait, North America, Singapore, Japan
Asia-Pacific markets appeared set to trade mixed Thursday, with a slew of economic data from the region on tap, while investors also assess the U.S. Federal Reserve possibly delaying interest rate cuts. In Australia, the S&P/ASX 200 opened marginally higher, up 0.03%, as the nation's Judo Bank composite purchasing managers' index for February showed a return to growth, at 51.8. The monthly index is a leading indicator for business activity in Australia's manufacturing sector. Futures for Hong Kong's Hang Seng index stood at 16,447, pointing to a weaker start compared with the HSI's close of 16,503.1Japan's Nikkei 225 was set to rise as investors awaited the release of Japan's Jibun Bank flash purchasing managers' index. Nikkei futures contract in Chicago was at 38,745 and its counterpart in Osaka was at 38,410 against the index's last close of 38,262.16The Bank of Korea is slated to announce its interest rate decision later, with economists polled by Reuters expecting the bank to hold rates at 3.50%.
Organizations: U.S . Federal, nation's Judo Bank, Futures, Nikkei, Japan's, of, Reuters Locations: Asia, Pacific, Australia, Chicago, Osaka, of Korea
Stocks in Japan have looked cheap because of a weak yen, which has been a boon to exporters that make their profits overseas. Important changes to the corporate sector have also given shareholders more rights, allowing them to push for changes that favor their stock holdings. Earnings at large Japanese companies are set to rise by more than 40 percent in their latest quarterly results, according to Goldman Sachs. The biggest companies, like Toyota and SoftBank, have also reported some of the biggest earnings surprises, the bank’s analysts noted. Toyota recently rose to a record market value for a Japanese company, about $330 billion, surpassing the mark set in 1987 by the telecom conglomerate NTT.
Persons: haven’t, Goldman Sachs Organizations: Japan Exchange Group, Toyota, NTT Locations: Japan, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should approach Japan with caution despite market resurgence, says Harris' David HerroDavid Herro, Harris Associates portfolio manager, joins 'Closing Bell Overtime' to talk investing in Japan and why he thinks things might not be all they seem with the recent market resurgence.
Persons: Harris, David Herro David Herro Organizations: Harris Associates Locations: Japan
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