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The Biden administration called them “shortsighted” and said they would hurt low- and middle-income countries by pushing energy prices higher. Europe’s ban on importing oil from Russia shipped by sea kicks in on Monday, injecting extra uncertainty into the outlook for energy supply. G7 nations, the European Union and Australia agreed Friday to impose a price cap of $60 a barrel on Russian oil shipped to other countries that have not adopted an embargo. The move, which also takes effect Monday, is aimed at depriving the Kremlin of revenue while avoiding a price shock by keeping Russian oil flowing to some markets. Moscow has previously threatened to retaliate by cutting off oil supply to countries that adhere to the price cap.
London CNN Business —The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. Capping the price of Russian oil between $65 and $70 a barrel, a range previously under discussion, wouldn’t have caused much pain for the Kremlin. “Today’s oil price cap agreement is a step in right direction, but this is not enough,” Estonian foreign minister Urmas Reinsalu tweeted Friday. The price cap is designed to be enforced by companies that provide shipping, insurance and other services for Russian oil. Confusion about the impact of that measure, along with lingering questions about the price cap, have unsettled traders.
London CNN Business —For the first time in 17 months, inflation in Europe is easing. Consumer prices rose by 10% in the year to November, according to the first look at official data for the 19 countries that use the euro. While energy price inflation fell to roughly 35% year-over-year, compared to nearly 42% in October, prices for food, alcohol and tobacco continued to rise sharply. And core inflation, which excludes volatile food and energy prices, held firm at 5%. Double-digit inflation remains a huge problem for policymakers, who have indicated they will press ahead with efforts to get prices under control.
London CNN Business —The CEO of Barclays said Monday that he has been diagnosed with cancer. Venkatakrishnan, who is known as Venkat at the bank, said in a note to colleagues that he will begin undergoing treatment for Non-Hodgkin lymphoma at Memorial Sloan Kettering Cancer Center in New York. Venkatakrishnan has held the top job at Barclays (BCS) for one year, taking over after the resignation of predecessor Jes Staley. Before joining Barclays in 2016, Venkatakrishnan worked in asset management and as an investment banker at JPMorgan Chase (JPM). He’s not the first CEO of a major bank to be treated for cancer while juggling a demanding role.
Putin said Thursday that Western plans to introduce oil price caps would have “grave consequences” for energy markets. The oil price cap aims to amend that policy. Shipping services and insurance could be provided to tankers transporting Russian oil — so long as it’s purchased at or below the price cap established by Western nations. “But reality will be different.”Some analysts think the price cap will ultimately be less important than Europe’s oil embargo. “Due to the EU oil embargo and the planned price cap on oil from Russia, oil production there is likely to be significantly curtailed,” Commerzbank said in a note to clients.
At last, however, its breakneck rally could be coming to an end. Last week, investors turned bearish on the greenback for the first time since July 2021, according to data from Societe Generale. First, there was the surprising inflation data in the United States, which showed that prices rose more slowly than expected in October. If these economies perform better than expected, the United States won’t look like the only game in town — and other currencies could look appealing again. About 261,000 positions were added in October, and by next summer, the bank expects monthly gains of closer to 50,000.
World Cup advertisers are operating in a minefield
  + stars: | 2022-11-22 | by ( Julia Horowitz | )   time to read: +5 min
London CNN Business —Billions of people watch FIFA’s World Cup every four years, a tantalizing opportunity for advertisers who want to capitalize on the feel-good fervor of the world’s biggest sporting event. In 2018, the World Cup drew in a record 3.6 billion viewers. Given such high levels of engagement, companies are eager to capitalize on the hype and spirit of camaraderie attached to the World Cup. “A Euros or a World Cup for four weeks in the middle of the summer — it’s literally like an island in the middle of the ocean,” ITV sales director Mark Trindler said on an industry podcast this past spring. It had already beaten revenue records for the tournament, and succeeded in bringing more than 20 new advertisers on board.
London CNN Business —Global growth will slow further in the coming year but the world will likely avoid a recession thanks to Asia’s biggest economies. “Persistent inflation, high energy prices, weak real household income growth, falling confidence and tighter financial conditions are all expected to curtail growth,” it added. If energy prices rise further or energy supply is disrupted, growth could be even weaker than expected. India is projected to have the world’s second highest growth rates, after Saudi Arabia, at 6.6% in 2022, followed by 5.7% in 2023. “Higher interest rates, while necessary to moderate inflation, will increase financial challenges for both households and corporate borrowers,” the OECD said.
Retail sales surged by 1.3% in October. What’s happening: Wednesday’s headline retail sales numbers, reported by the US Census Bureau, came in strong, but the momentum is unlikely to continue. These cracks in retail are starting to show just as the sector enters its most critical sales period: The holiday shopping season. The bottom line: This holiday season will likely be a mixed bag with some winners and losers in the retail sector, said Saunders. “We do have to do some tax rises, do some spending cuts, if we’re going to show we’re a country that pays our way,” he told Sky News on Sunday.
London CNN Business —The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Britain’s painful planThe United Kingdom is in a recession that will last just over a year, the country’s budget watchdog said in a new forecast released Thursday. The United Kingdom is also increasing its windfall tax on oil and gas companies, while slapping a new levy on electricity generators. “We do have to take difficult decisions on public finances, so we’re going to grow public spending, but we are going to grow it more slowly than the growth in the economy,” Hunt said. The Bank of England has said the United Kingdom could be in a recession for two years.
The country is staring down the barrel of a grueling recession, and investors remain on edge as interest rates rise. That requires Hunt, who has acknowledged that Britain faces “extremely difficult” decisions, to pull off a delicate balancing act. When the government adopted an austerity program in 2010 on the heels of the Great Recession, it shaved 1% off the country’s GDP, according to the UK budget watchdog. Just four years ago, former Prime Minister Theresa May pledged to bring nearly a decade of austerity to a close. “If we hadn’t had Brexit, we probably wouldn’t be talking about an austerity budget this week.
“An innocent 2 or 3% per year, it’s an enormous amount of growth — cumulative growth, compound growth — over time,” said Giorgos Kallis, a top degrowth scholar based at the Universitat Autònoma de Barcelona. Action Press/ShutterstockThe UN’s Intergovernmental Panel on Climate Change recently cited degrowth in a major report. Investment bank Jefferies said investors should consider what happens if degrowth gathers steam, noting “climate-anxious” younger generations have different consumer values. She’s criticized “fairy tales about non-existent technological solutions” and “eternal economic growth.” And she’s touched on another point degrowthers raise: Is our current system, which has produced rampant inequality, even working for us? Gates, the Microsoft co-founder who’s prioritized investing in climate innovations, admits that overhauling global energy systems is a Herculean task.
And can the beaten-down crypto industry bounce back? What’s clear is that the fallout from the FTX crisis injects significant volatility into the crypto ecosystem. “Thank God!”Can the crypto industry survive? “In the short term, this is going to be really, really bad for the crypto industry,” said Jog of Sei Labs. Fok said he expects the FTX collapse will push institutional investors away from the crypto space just as they had been warming up to it.
FTX files for bankrupcty as CEO resigns
  + stars: | 2022-11-11 | by ( Matt Egan | )   time to read: +2 min
FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will remain to assist in an orderly transition. Both the Justice Department and Securities and Exchange Commission are investigating FTX, The Wall Street Journal reported. Bankman-Fried has been one of the faces of the crypto industry, amassing a fortune once totaling $25 billion that has since vanished. The implosion of FTX was preceded by the decision to lend billions of dollars’ worth of customer assets to fund risky bets by Alameda, the Journal reported on Thursday. Alameda now owes FTX a staggering $10 billion that the exchange had serious trouble raising, the paper said.
That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world leaders gathered for the UN climate summit in Egypt. The best performing stock so far this year on London’s FTSE 250 index is Energean, which focuses on gas projects in the North Sea and Mediterranean. The North Sea is an aging basin, and oil and gas giants like Chevron (CVX), Exxon (XOM) and Shell (RDSA) have been winding down their presence. Piper said an oil and gas company is one of few that could get away with a listing on the market right now. “That’s going to impact the value of all North Sea oil producers,” Piper said.
London CNN Business —A woman maneuvers her car onto a street called “Wits’ End.” The sky is an ominous red, and strange things are happening. “Every advertiser is aware the customers they’re talking to are feeling cost of living pressures,” said Matt Bourn, director of communications for the Advertising Association, a UK industry group. In a recent Dunelm ad, a woman aims to cozy up her home after navigating a topsy-turvy drive up a street called Wits' End. “We are seeing brands who want to make sure they’re keeping consumers during this time,” said Jeanine Poggi, editor of Ad Age. Jason Alden/Bloomberg/Getty ImagesBut companies will be expected to display an awareness about the pervading economic anxiety that’s affecting their customers.
Adidas scoops up CEO who turned around rival Puma
  + stars: | 2022-11-08 | by ( Hanna Ziady | )   time to read: +3 min
London CNN Business —Adidas has appointed the head of Puma to succeed outgoing CEO Kasper Rorsted, betting on his ability to replicate its crosstown rival’s comeback. Norwegian Bjørn Gulden, 57, will become CEO of Adidas (ADDDF) on January 1, 2023, the German sportswear brand said in a statement on Tuesday. “As CEO of Puma, he re-invigorated the brand and led the company to record results,” Rabe added. Gulden takes over amid a deepening slump in Adidas’ home market of Germany and as inflation begins to weigh heavily on consumer spending globally. Chief financial officer Harm Ohlmeyer will lead Adidas until Gulden takes over.
Puma's outgoing CEO could lead Adidas next
  + stars: | 2022-11-04 | by ( Julia Horowitz | )   time to read: 1 min
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Hong Kong stocks log best week in more than a decade
  + stars: | 2022-11-04 | by ( Julia Horowitz | )   time to read: +4 min
Hong Kong’s Hang Seng Index (HSI) soared more than 5% on Friday and finished the week up 8.7%, logging its biggest gain since 2011. China’s Shanghai Composite (SHCOMP) rose 5.3% this week, its best performance in more than two years. David Chao, global market strategist for Invesco Asia-Pacific, said some of this investor angst appears to have lifted. The Hang Seng shot up 5.4%, while the Shanghai Composite gained 2.4%. The Hang Seng has plummeted 31% year-to-date, compared to a 22% drop in the S&P 500.
The central bank made its eighth interest rate hike in less than a year, taking its benchmark rate to 3%, the highest it has been since November 2008. The huge hike matches moves made by the US Federal Reserve on Wednesday and the European Central Bank last week. The annual rate of inflation climbed to 10.1% in September, from 9.9% in August, returning to the 40-year high hit in July. Bailey acknowledged the “tough road ahead.”The central bank doesn’t think inflation will start to fall back until next year. In a sign of renewed confidence in the United Kingdom, investors placed about £2.45 billion ($2.8 billion) worth of bids for the bonds, Reuters reported.
London CNN Business —Federal Reserve Chair Jerome Powell has the power to make or break markets these days. “Essentially, it killed the pivot dreams.”Economic data, particularly for the labor market, still looks relatively strong. “Big advertisers that we traditionally get spend from are not spending this quarter,” Roku (ROKU) CEO Anthony Wood told analysts after the company reported earnings on Wednesday. Ford saw its October US sales slump 10% over the last year as the company continued to battle supply chain difficulties. In March, the company said it would ship some vehicles without some less crucial computer chips and add them later.
London CNN Business —The spike in shipping rates since the onset of the pandemic has been a huge boon for Maersk. But the Danish shipping giant is warning its business will have to endure tougher times soon. He thinks the United States is likely to follow “sometime next year.”Demand for bigger goods like televisions, couches or BBQs has also fallen after people made big purchases during lockdowns. Now, they won’t need to buy replacements for some time. “Once you buy that, you probably don’t have that demand again for another few years,” Skou said.
Inflation isn't going anywhere. Look at Europe's data
  + stars: | 2022-10-31 | by ( Julia Horowitz | )   time to read: +2 min
London CNN Business —European inflation has accelerated to a new record high as energy and food prices in the region continue to skyrocket. That’s a worrying sign for policymakers who had hoped that easing supply chain pressures would help bring inflation down. US consumer price inflation, by comparison, was 8.2% in September. Despite inflation woes, Europe’s economy is still growing — albeit barely. With interest rates up and the economic outlook uncertain, investment expectations are weakening, too.
Ukraine and Russia together account for nearly a third of global wheat exports, according to Gro Intelligence, an agricultural data firm. Russia suspended its participation in the grain deal indefinitely on Saturday, after what it claimed was a drone attack by Ukrainian armed forces on its Black Sea fleet in the Crimean city of Sevastopol. After reaching a record high in March, the UN Food and Agriculture Organization’s global food price index has declined for seven months in a row. Russia’s decision to suspend its participation “is adding immense volatility to global grain prices,” said Tracey Allen, an agricultural commodities strategist at JPMorgan Chase. Twelve vessels left Ukraine’s Black Sea ports on Monday, Ukraine’s Minister of Infrastructure Oleksandr Kubrakov said on Twitter.
Fears are brewing that a showdown between Republicans and President Joe Biden over the debt ceiling in 2023 could present a similar moment of reckoning. “The debt ceiling is probably the biggest institutional quirk in the US that carries with it some global risk and risk to the Treasury market,” Setser said. While brinkmanship over the debt limit has become commonplace, the stakes could be higher now that financial markets are on edge. “If the US does not raise its debt ceiling and defaults on its debt, that is an Armageddon moment,” Day said. Yellen told CNN that it’s “utterly essential” that the debt ceiling is raised when necessary.
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