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☆ Biden's IRA has left Europe blind-sided. And playing catchup could lead to 2 big mistakes
▼ + stars: | 2023-02-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

"U.S. legislation doesn't pass overnight," Emre Peker, director at the consultancy group Eurasia, told CNBC, adding that the EU could have acted faster. Luisa Santos, deputy director at BusinessEurope, a group of business federations, told CNBC that "it is still a bit early to say who will invest where." watch nowBelgian Prime Minister Alexander de Croo told CNBC that more state aid "is not a good answer." Several other experts have also raised concerns about easing state aid rules. Slow to respondIn addition to challenges with state aid relaxation, timing is also a risk.

☆ This startup building a compensation operating system for HR teams just raised $16.3 million. Here's the 14-slide pitch deck Coverflex used to raise the cash.
▼ + stars: | 2023-02-01 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Portuguese compensation management startup Coverflex has raised $16.3 million in fresh funds. The startup enables workers to manage their own benefits and choose from perks like health insurance. We got an exclusive look at the 14-slide pitch deck Coverflex used to raise the new round. A startup that has developed a platform for companies to manage employee compensation and benefits in one place has raised $16.3 million in fresh funds. Coverflex claims its platform offers high tax advantages for employers and also enables HR teams to personalize which teams can access specific benefits.

☆ Euro zone inflation dips for a third straight month as energy prices continue to fall
▼ + stars: | 2023-02-01 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Inflation in the euro zone eased in the last two months of 2022 but the economic indicator is still well-above the 2% mandate of the European Central Bank. Inflation in the euro zone came in at 8.5% in January, according to preliminary data released Wednesday. The 20-member region has gone through substantial price increases in 2022, after Russia's invasion of Ukraine pushed up energy and food costs across the bloc. However, inflation started to ease in late 2022, showing two consecutive months of a reduction in headline levels. The economic indicator is being closely watched ahead of a new rate decision due out on Thursday from the European Central Bank.

☆ Euro zone economy posts surprise expansion in the fourth quarter, curbing recession fears
▼ + stars: | 2023-01-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The latest euro zone growth numbers are out as the ECB considers what to do next. The euro zone beat expectations on Tuesday by posting positive growth in the final quarter of 2022 and reducing fears of a potential regional recession. Preliminary Eurostat data released Tuesday showed that the euro zone grew 0.1% in the fourth quarter. The latest figures come after the euro area posted a 0.3% GDP increase for the third quarter of last year. The euro zone is expected to have grown by 1.9% in the fourth quarter, compared with the same period of 2021, according to the preliminary data.

☆ Swiss bank UBS gets a boost from higher interest rates, beats expectations in fourth quarter
▼ + stars: | 2023-01-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

UBS beat expectations by reporting $1.7 billion of net income for the fourth quarter of last year, bringing its total annual profit to $7.6 billion in 2022. Analysts expected UBS would achieve a net income of $1.3 billion in the fourth quarter and of $7.3 billion for the year, according to Refinitiv data. Shares for the Swiss lender rose by about 15% over the last 12 months. This is a breaking news story and will be updated shortly.

☆ IMF hikes global growth forecast as inflation cools and household spending surprises
▼ + stars: | 2023-01-30 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The International Monetary Fund on Monday revised upward its global growth projections for the year, but warned that higher interest rates and Russia's invasion of Ukraine would likely still weigh on activity. In its latest economic update, the IMF said the global economy will grow 2.9% this year — which represents a 0.2 percentage point improvement from its previous forecast in October. However, that number would still mean a fall from an expansion of 3.4% in 2022. "Growth will remain weak by historical standards, as the fight against inflation and Russia's war in Ukraine weigh on activity," Pierre-Olivier Gourinchas, director of the research department at the IMF, said in a blog post. The outlook turned more positive on the global economy due to better-than-expected domestic factors in several countries, such as the United States.

☆ The European Central Bank says it'll 'stay the course' on rate hikes. But it's not clear for how long
▼ + stars: | 2023-01-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

European Central Bank President Christine Lagarde has repeatedly used the phrase "staying the course" when referring to upcoming rate decisions, but some market watchers doubt the bank will keep its hawkish stance for much longer. The ECB entered tightening mode last year with four rate hikes in an attempt to control high inflation across the euro zone. But ECB watchers are asking: for how long? "The size of those rate hikes will depend on the inflation outlook. ECB Executive Board Member Fabio Panetta reportedly said earlier this week that the central bank should not pre-commit to any specific rate moves beyond its March meeting.

☆ A professional housekeeper swears by these 6 cleaning products—and they start at just $2
▼ + stars: | 2023-01-22 | by ( Alexandra Hayes Robinson | ) www.cnbc.com time to read: +3 min

If you've ever found yourself down the social media rabbit hole of deep house cleaning, you've probably heard of Vanessa Amaro, TikTok's "Queen of Cleaning." Zote Soap BarPrice: Starts at $2 "As a child, my grandma would give me a Tupperware filled with water, my socks, and a bar of Zote soap," Amaro recalls. Dawn Platinum Powerwash Dish Spray SoapPrice: Starts at $4.99 Amaro loves Dawn's Powerwash spray soap because of its versatility. Clorox Clean-Up Cleaner With BleachPrice: Starts at $4.48 For a disinfectant, Amaro's brand of choice is Clorox's all purpose bleach spray cleaner. And the Centers for Disease Control and Prevention agrees: Disinfecting can kill viruses and bacteria that remain on surfaces after cleaning.

☆ 'China cannot be out, China must be in': France says it's diverging with Washington on Beijing ties
▼ + stars: | 2023-01-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

DAVOS, Switzerland — The European Union does not see eye-to-eye with the United States when it comes to opposing China, the French finance minister told CNBC Friday. Speaking at a panel at the World Economic Forum in Davos, Switzerland, looking at the economic outlook, France's Bruno Le Maire said: "China cannot be out, China must be in. "We don't want to oppose China, we want to engage with China, we want China to obey by the same rules," he said, "this is our policy." The United States has taken a confrontational approach with China particularly when it comes to the technology sector. The European Union, however, has looked at striking a balance between its political friendship with the U.S. and its economic ties with China.

☆ European Central Bank's Lagarde says China's Covid reopening will push inflation higher
▼ + stars: | 2023-01-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

On the other hand, others note that China will be consuming more energy and this will add to ongoing inflationary pressures. DAVOS, Switzerland — China's decision to reopen its economy will increase inflation in Europe as they both compete for more energy, the president of the European Central Bank said Friday. Inflation has been one of the biggest challenges for European citizens for the last year, mostly driven by higher energy bills. The central bank in December said it would be increasing rates further in 2023 to address sky-high inflation. Recent data has shown a slowdown in headline inflation, even if it remains well above the ECB's 2% target.

☆ Metsola: Abuse and corruption in EU Parliament must be fixed immediately
▼ + stars: | 2023-01-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMetsola: Abuse and corruption in EU Parliament must be fixed immediatelyRoberta Metsola, president of the European Parliament, discusses the Qatar corruption scandal and plans to reform the EU Parliament.

☆ China's reopening 'good news' for growth — but could be inflationary, economists warn at Davos
▼ + stars: | 2023-01-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

China's reopening has been one of the most discussed topics at the World Economic Forum in Davos. DAVOS, Switzerland — China's economic reopening might boost global growth, but the business leaders and policymakers at the World Economic Forum this week are also a little anxious on its potential inflationary impact. China's decision to welcome tourists again as well as to make it easier for those in the country to travel abroad has been one of the most discussed topics at the Davos gathering in the Swiss Alps. On the other hand, however, there are concerns about what this means for inflation and the cost of living. "So China's opening [is] good news overall, but potentially, the inflationary impact — there could be some," he said.

☆ European Central Bank member says will not stop at one single 50 basis point hike, 'that's for sure'
▼ + stars: | 2023-01-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

DAVOS, Switzerland — The European Central Bank will not stop with one single 50 basis point hike at its next rate-setting meetings, one board member told CNBC Thursday. "It will not stop after a single 50 basis point hike, that's for sure," Klaas Knot, who serves as the governor of the Dutch central bank, said about the ECB's upcoming moves. The European Central Bank raised rates four times throughout 2022, bringing its deposit rate to 2%. The central bank in December said it would be increasing rates further in 2023 to address sky-high inflation. Recent data has shown a slowdown in headline inflation, even if it remains well above the ECB's 2% target.

☆ Austrian foreign affairs minister on forging diplomatic relationships for EU
▼ + stars: | 2023-01-19 | 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 EmailAustrian foreign affairs minister on forging diplomatic relationships for EUCNBC's Silvia Amaro speaks to Federal Minister for European and International Affairs of Austria Alexander Schallenberg at Davos 2023.

☆ The threat of a transatlantic trade war is dominating Davos
▼ + stars: | 2023-01-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

Trade tensions between the EU and the US are dominating the talk in Davos. Transatlantic trade tensions are dominating conversations at the World Economic Forum this week. On the one hand, European officials are saying they will come up with more financial support for European firms. On the other hand, the business community is excited about green subsidies stateside and argue the EU needs to match what the U.S. administration is doing. At the same time we have to support our competitiveness," European Commissioner for Economics, Paolo Gentiloni, told CNBC in Davos.

☆ Belgium PM: The EU is not playing catch up on developing sustainable industry
▼ + stars: | 2023-01-18 | 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 EmailBelgium PM: The EU is not playing catch up on developing sustainable industryAlexander De Croo, prime minister of Belgium, speaks to CNBC's Silvia Amaro at Davos 2023.

☆ Davos panel expresses optimism over China's planned reopening
▼ + stars: | 2023-01-17 | 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 EmailDavos panel expresses optimism over China's planned reopeningPanelists share their outlook on China's planned reopening. Swiss-Chinese Chamber of Commerce President Felix Sutter, Baker McKenzie Global Chair Milton Cheng, Bain & Company Senior Partner and Regional Managing Partner (APAC) Satish Shankar, and KraneShares founder and CEO Jonathan Krane join CNBC's Silvia Amaro in the discussion.

☆ WEF Davos: China's Reopening
▼ + stars: | 2023-01-17 | 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 EmailWEF Davos: China's ReopeningAfter three years of Covid travel restrictions, China reopened its borders on Jan. 8, ending it’s zero-Covid policy. The impact of its reopening is expected to be the biggest economic event of 2023 as demand for Chinese goods, services and commodities rebounds. How quickly will the Chinese economy bounce back? What does it mean for global growth and for energy prices and inflation? Swiss-Chinese Chamber of Commerce President Felix Sutter, Baker McKenzie Global Chair Milton Cheng, Bain & Company Senior Partner and Regional Managing Partner (APAC) Satish Shankar and KraneShares founder and CEO Jonathan Krane join the discussion with CNBC's Silvia Amaro.

☆ ECB's Centeno projects 'a few' more rate hikes in the next couple of meetings 'at least'
▼ + stars: | 2023-01-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

DAVOS, Switzerland — There will be "at least" a few more rate hikes in the next couple of meetings, an ECB member told CNBC Tuesday. December inflation came in at 9.2% in the euro zone, according to preliminary numbers. "We have and can expect a few more rate hikes in the next couple of meetings at least," Mario Centeno, Governor of the Bank of Portugal, said in Davos. The latest ECB projections suggest a growth rate of 0.5% for the euro zone in 2023, followed by 1.9% in 2024. Economists have become more positive on the euro zone outlook in recent weeks.

☆ EU announces new green proposals to rival Biden's Inflation Reduction Act
▼ + stars: | 2023-01-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The announcement comes just months after the U.S. launched its own Inflation Reduction Act. "The EU continues to seek similar, non-discriminatory treatment of EU clean vehicle producers under the Clean Vehicle Credits of the Inflation Reduction Act. This scheme remains of concern to the EU, as it contains discriminatory provisions," the European Commission said in a statement in late December. While discussions with the U.S. continue, von der Leyen wants to cut red tape in Europe and step up green investments. But as this will take some time, we will look at a bridging solution to provide fast and targeted support where it is most needed," von der Leyen said in Davos.

☆ Finnish foreign minister: We have to be prepared for a long conflict in Ukraine
▼ + stars: | 2023-01-17 | 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 EmailFinnish foreign minister: We have to be prepared for a long conflict in UkrainePekka Haavisto, the minister for foreign affairs for Finland, speaks to CNBC's Silvia Amaro at the World Economic Forum in Davos, Swritzerland.

DAVOS, Switzerland — Spanish Prime Minister Pedro Sanchez told CNBC Monday that the European Union has something to learn from Washington and its new policies to fight inflation, saying he hopes that a trade war between the two sides can be avoided. "We need to learn," Sanchez told CNBC when asked the Inflation Reduction Act which the U.S. hopes will make it the go-to place for green investment. "We need to reform some internal aspects of our industrial policies such as state aid, reducing bureaucracy and trying to send a message for the industry worldwide that's it's Europe, and of course Spain, that is a good place to locate," he added. The sweeping U.S. legislation, which was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies, has received a mixed response from the 27 EU nations. The European Commission, the executive arm of the EU, has previously said there are "serious concerns" about the design of the financial incentives in the package.

☆ The Davos elite likes to make bold predictions. But they don't always get them right
▼ + stars: | 2023-01-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

George Soros, billionaire and founder of Soros Fund Management, at the World Economic Forum in Davos, Switzerland, in Jan. 2016. It's an annual meeting where a global elite of business leaders, politicians and economists make bold predictions and try to set the agenda for the year ahead — but they don't always get it right. Nuclear warBillionaire investor George Soros warned during a speech at Davos in 2018 that the United States could be heading for a nuclear war with North Korea. "The United States is set on a course towards nuclear war by refusing to accept that [North] Korea has become a nuclear power," he said at the time. So far, the United States has avoided any military conflict with North Korea.

☆ Disney Adds Lower Priced Theme Park Access and Perks
▼ + stars: | 2023-01-11 | by ( Robbie Whelan | Jacob Passy | ) www.wsj.com time to read: 1 min

Disney fans have grown increasingly critical of the parks business as the company’s theme parks in California and Florida have grown more expensive and more complicated to book. Robert Iger is making a peace offering to Disney ‘s most fervent fans, in what amounts to his first major change to Walt Disney Co.’s theme-parks business since returning to the company as chief executive in November. Effective immediately, holders of annual passes to Disney’s Orlando-area Walt Disney World Resort will be able to visit the theme parks during afternoon hours without making a reservation, the company’s head of parks Josh D’Amaro said in a memo to staff Tuesday.

☆ Disney is rolling back unpopular price hikes at its theme parks that were made under former CEO Bob Chapek
▼ + stars: | 2023-01-11 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Disney is revising many of the unpopular theme park policies made under former CEO Bob Chapek. Current CEO Bob Iger reportedly complained to friends at length about theme park price hikes done under Chapek. A former parks executive himself, Bob Chapek angered many of Disney's most passionate theme park fans by jacking up prices and axing free services at the company's theme parks while CEO. "He's killing the soul of the company," Iger reportedly said. During Chapek's less-than-3-year stint as Disney CEO, he angered many of the company's most diehard fans: annual theme park pass holders.

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