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☆ Salesforce shrugs off growth concerns as reenergized CEO Benioff lifts guidance
▼ + stars: | 2023-08-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Non-GAAP earnings-per-share (EPS) of $2.12 grew 78% from last year and beat the $1.90-per-share EPS predicted by analysts, Refinitiv data showed. While the solid margin beat and upside to earnings are similar to what Salesforce reported back in May, one key difference this time was the increased revenue outlook. It now expects to hit $34.7 billion to $34.8 billion, up from $34.5 billion to $34.7 billion. Salesforce raised its GAAP EPS range to $3.50 to $3.52, up from $2.67 to $2.69, and non-GAAP EPS range to $8.04 to $8.06, up from $7.41 to $7.43. Salesforce also expects its cPRO to grow slightly above 11% from last year and that's slightly better than estimates of 10.8% growth.

Persons: Refinitiv ., Salesforce, Marc Benioff, Brian Millham, Jim Cramer's, Jim Cramer, Jim, Fabrice Coffrini Organizations: Revenue, CNBC, Economic, Afp, Getty Locations: Salesforce, Americas, Europe, Africa, Asia, Davos, Switzerland

☆ Europe’s summer of extremes triggers health warnings, nuclear output fears and shipping disruption
▼ + stars: | 2023-08-25 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Europe's protracted battle with extreme weather conditions comes shortly after official data showed July was the hottest month in history. To be sure, the climate emergency — which is primarily driven by the burning of fossil fuels — is making extreme weather and its impacts more frequent and more intense. People stand at an overflooded petrol station in Gjovik on August 11, 2023 after extreme weather with heavy rain hit south-east Norway. This gives us the long-term context for the increasing occurrence and severity of such extreme weather and extreme events." On the same day, France issued an extreme heat warning for four regional departments in the southern regions of Rhone, Drome, Ardeche and Haute-Loire.

Persons: Angelos Tzortzinis, Alvaro Silva, Heiko Junge, Silva, Christophe Archambault, Nero, sweltering, Fabrice Coffrini Organizations: Sikorsky, Afp, Getty, EDF, Turkish, Meteorological Organization, Firefighters, Reuters Locations: Acharnes, Athens, Europe, Greece, French, Italy, Norway, Gjovik, Alexandroupolis, France, Rhone, Drome, Ardeche, Haute, Loire, Bordeaux, Sardinia, Dardanelles, Switzerland

☆ A multitrillion-dollar carbon bubble? Climate chief warns world leaders over fossil fuel plans
▼ + stars: | 2023-08-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

The message from the world's leading climate scientists in April last year was that a substantial reduction in fossil fuel use will be necessary to curb global heating. The burning of fossil fuels such as coal, oil and gas is the chief driver of the crisis. Indeed, the IPCC said that current fossil fuel use was already more than the planet could handle and additional projects were destined to lock in even greater emissions with devastating consequences. The U.N. climate panel also estimated that fossil fuel investors could be at risk of losing between $1 trillion and $4 trillion if governments act to limit global temperature rise. Despite this, some of the world's richest nations, such as the U.S. and China, have cited energy security as a reason for investing in additional fossil fuel projects.

Persons: Jim Skea, Fabrice Coffrini, Skea, We've, Fethi Belaid, Hoesung Lee, Rishi Sunak's, Danny Lawson, Biden, Mario Tama Organizations: Afp, Getty, CNBC, South, Imperial College London, Greenpeace, United Arab, Social, Trans, Trans Alaska Pipeline System, National Petroleum Reserve Locations: Algeria, Europe, North Africa, East, Asia, staving, China, Ukraine, Paris, Richmond , North Yorkshire, United Arab Emirates, Trans Alaska, Alaska, Delta Junction

☆ Paris 2024: The war in Ukraine shows no sign of ending. That leaves a dark cloud over the Olympic Games
▼ + stars: | 2023-07-29 | by ( Matt Foster | ) edition.cnn.com time to read: +10 min

Kharlan’s disqualification threw into sharp relief the political and organizational jeopardy that France and the International Olympic Committee (IOC) is facing ahead of the Games. So far, no decision has been taken on Russian and Belarusian athletes’ participation at the 2024 Paris Olympics. The opening ceremony is already uniquely French in nature with the Games set to be centered around the Seine, the river running through the city. Organizers also say that the Paris Games “finance themselves,” claiming that 96% of the budget comes from private investment. Next year’s Olympic Games are set to start on July 26 and run until August 11.

Persons: Olga Kharlan, Anna Smirnova, Kharlan’s, Thomas Bach, Russia’s, Smirnova, Russian Anna Smirnova, Ukraine's Olga Kharlan, Tibor Illyes, ” Bach, “, ” Edwin Moses, Nawal El Moutawakel, CNN’s Amanda Davies, Jimmy Carter, ”, Moses, AP El, Emmanuel Macron, Geoffroy Van Der, Tony Estanguet, CNN’s Melissa Bell, “ It’s, Denis the, aren’t, Jimmy Gressier, Tullio M, Estanguet, Shelly, Ann Fraser, Pryce, ” Fraser, Fabrice Coffrini, Katie Ledecky, Ariarne Titmus, Summer McIntosh Organizations: CNN, International Olympic Committee, IOC, Belarusian Olympic, Olympic, US Olympic, USA, US State Department, United, AP, AP El Moutawakel, Games, Eastern Bloc, Getty, Paris, FIFA, Stade de France, UEFA, League, Stade de France –, de Police, BFMTV, RMC Sport, CNN Sport, Paris Games, Paralympic, Paralympic Games Locations: Paris, Ukrainian, France, Ukraine, Belarusian, Russia, Milan, Russian, Soviet, Afghanistan, Morocco, United States, Soviet Union, Los Angeles , California, –, Geoffroy Van Der Hasselt, AFP, Saint, Puglia, Lausanne, Switzerland, Australia, Canada, Seine

☆ U.S. and China envoys seek to revive climate diplomacy
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: +1 min

US climate envoy John Kerry gestures as he speaks next to China's special climate envoy Xie Zhenhua during a session at the World Economic Forum annual meeting in Davos on May 24, 2022. Fabrice Coffrini | Afp | Getty ImagesU.S. climate envoy John Kerry said it was "imperative that China and the United States make real progress" in the four months before the COP28 global climate talks in Dubai, as he met his counterpart Xie Zhenhua in the Chinese capital on Monday. He also urged China to partner with the United States to cut methane emissions and reduce the climate impact of coal-fired power, with the two sides aiming to rebuild trust following a suspension in talks last year. Kerry praised the "incredible job" China has been doing in building up renewable energy capacity but said it had been undercut by the construction of new coal power plants. China has pledged to start reducing coal consumption, but not until 2026, and new coal power project approvals have accelerated since last year.

Persons: John Kerry, Xie Zhenhua, Fabrice Coffrini, Xie, Kerry Organizations: Afp, Getty Locations: Davos, China, United States, Dubai

☆ Paris 2024: Both Russia and Ukraine ‘diametrically opposed’ to Olympic mission, says IOC president
▼ + stars: | 2023-06-22 | by ( Jill Martin | ) edition.cnn.com time to read: +2 min

CNN —International Olympic Committee (IOC) President Thomas Bach has lamented Ukraine and Russia’s “diametrically opposed” views on neutral athletes’ participation in a speech at the 140th IOC Session. In March, the IOC announced a widely criticized recommended pathway to allow Russian and Belarusian athletes to participate in international competitions despite the ongoing invasion of Ukraine. So far, no decision has been taken on Russian and Belarusian athletes’ participation at the 2024 Paris Olympics. The Ukrainian side wants us to totally isolate anyone with a Russian and Belarusian passport. Either position is diametrically opposed to our mission and the Olympic Charter.

Persons: Thomas Bach, Russia’s, ” Bach, Fabrice Coffrini Organizations: CNN — International Olympic Committee, IOC, Getty, Olympic, Olympic Games, CNN, National Olympic Committee Locations: Ukraine, Lausanne, AFP, Russian, Ukrainian, Russia

☆ Vinícius Jr.: Spanish soccer's inaction over racist abuse of Real Madrid star could prove costly for LaLiga
▼ + stars: | 2023-05-25 | by ( Matias Grez | ) edition.cnn.com time to read: +9 min

Except, this week, nobody is talking about the ‘beautiful game’ after the shameful racist abuse of Real Madrid star Vinícius Jr. sent LaLiga into crisis management mode. Instead, it must pass investigations into incidents of racist abuse onto local prosecutors, who deal with them as legal cases. 10 when nine previous incidents of racist abuse seemingly were not enough to spark meaningful action? Vinícius Jr. points to a fan in the stand who allegedly racially abused him during Real Madrid's match at Valencia. Fort says CEOs called Sepp Blatter to ask him to step down as FIFA president.

☆ Alistair Brownlee relives one of the most incredible moments in sports
▼ + stars: | 2023-05-21 | by ( Don Riddell | ) edition.cnn.com time to read: +8 min

CNN —It has been described as one of the most incredible moments in sports, brothers-in-arms at the end of a grueling triathlon race in Cozumel, Mexico. In September 2016, over what were the last 400 yards of the season, triathlete Alistair Brownlee rounded a bend to find his younger brother Jonny in considerable medical distress. Jonny Brownlee (L) is helped after crossing the line in second place during the 2016 ITU World Triathlon Championships. Alistair Brownlee celebrates on the podium after winning gold in the men's triathlon event at the London 2012 Olympic Games. Alistair Brownlee of Great Britain won another gold medal in the men's triathlon at the 2016 Rio Olympic Games.

☆ UBS Refreshes Management Team to Integrate Credit Suisse
▼ + stars: | 2023-05-09 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse CEO Ulrich Körner will take charge of operational continuity and client focus. Photo: fabrice coffrini/Agence France-Presse/Getty ImagesUBS said it would integrate Credit Suisse with a freshly composed executive team that includes Credit Suisse’s chief executive and a new chief financial officer. The Swiss banking giant said it is evaluating all options for Credit Suisse’s Swiss business, which some politicians in the country want to be spun off into a separate unit or divested. The merger of the two banks is one of the largest ever by assets.

Peskov did not provide any evidence to his claims, nor additional details regarding the alleged attack, saying that information would be released later. Earlier this week, Russia claimed Ukraine launched a drone strike targeting the Kremlin in an attempt to assassinate Russian President Vladimir Putin, calling it a “planned terrorist attack.” Ukraine has strongly denied any involvement. The United States had nothing to do with this. Fabrice Coffrini/AFP/Getty ImagesRyabkov also accused US officials of trying to “promote the idea of Washington’s non-involvement” in the purported drone attack, TASS reported. “Washington has long been a direct party to the Ukrainian conflict and aims to destroy sovereign Russia,” he said, according to TASS.

☆ FIFA President Threatens Not to Broadcast Women’s World Cup in Europe
▼ + stars: | 2023-05-02 | by ( Rachel Bachman | ) www.wsj.com time to read: 1 min

‘To be very clear, it is our moral and legal obligation not to undersell the FIFA Women’s World Cup,’ FIFA president Gianni Infantino said. Photo: fabrice coffrini/Agence France-Presse/Getty ImagesFor much of the 32-year existence of the Women’s World Cup, FIFA distributed the broadcast rights to the event like a “buy one, get one free” promotion: If broadcasters bought the rights for the men’s World Cup, they also got the rights to the Women’s World Cup. After the 2019 Women’s World Cup drew more than 1 billion global viewers, FIFA began a years-long transition to charging broadcasters a separate fee for the women’s tournament, in line with the event’s audiences.

☆ Swiss central bank promises regulation review after collapse of Credit Suisse
▼ + stars: | 2023-04-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Thomas Jordan, president of the Swiss National Bank (SNB), speaks during the bank's annual general meeting in Bern, Switzerland, on Friday, April 28, 2023. Bloomberg | Bloomberg | Getty ImagesThe Swiss National Bank on Friday pledged to review banking regulations during its annual general meeting in Bern, following recent turmoil involving Credit Suisse. The central bank played a key role in brokering the rescue of Credit Suisse over the course of a chaotic weekend in March, as a flight of deposits and plummeting share price took the 167-year-old institution to the brink of collapse. The deal remains mired in controversy and legal challenges, particularly over the lack of investor input and the unconventional decision to wipe out 15 billion Swiss francs ($16.8 billion) of Credit Suisse AT1 bonds. He added that this would mean his central bank could would be able to provide the necessary liquidity, in times of stress, without the need for emergency law.

☆ Credit Suisse logged asset outflows of more than $68 billion during first-quarter collapse
▼ + stars: | 2023-04-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In this article CSG.N-CH0I4P-GB Follow your favorite stocks CREATE FREE ACCOUNTA sign of Credit Suisse bank is seen on a branch building in Geneva, on March 15, 2023. Fabrice Coffrini | AFP | Getty Imageswatch now"In the second half of March 2023, Credit Suisse experienced significant withdrawals of cash deposits as well as non-renewal of maturing time deposits. Customer deposits declined by CHF 67 bn in 1Q23," the bank said. The acquisition is expected to be consummated by the end of this year, if possible, but the full absorption of Credit Suisse's business into UBS Group is expected to take around three to four years. UBS on Monday announced that its Group Chief Risk Officer Christian Bluhm will remain in post due to the planned acquisition of Credit Suisse, delaying a planned May 1 handover 1 to Damien Vogel, who will now take up the newly-created role of group risk control head of integration.

☆ Europe’s Glaciers Melted at Record Rate After Double Whammy
▼ + stars: | 2023-04-21 | by ( Eric Niiler | ) www.wsj.com time to read: 1 min

Scientists at the Gries glacier last fall in Switzerland, where glaciers have shrunk by a third since 2001. Photo: fabrice coffrini/Agence France-Presse/Getty ImagesEuropean glaciers lost a record amount of mass over the past two years from a one-two punch of below-normal snowfall and warmer temperatures, international climate scientists said. The retreating snowpack threatens supplies of freshwater to cities and farms throughout the Alps watershed, but it is also lengthening the region’s summer tourism season.

☆ Earth Day 2023: The world just failed its annual health checkup
▼ + stars: | 2023-04-21 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

The WMO’s annual State of the Climate Report, published Friday ahead of Earth Day, is essentially a health checkup for the world. Global sea levels climbed to the highest on record due to melting glaciers and warming oceans, which expand as they heat up. “Communities and countries which have contributed least to climate change suffer disproportionately.”A man uses a hand fan in a park in central Madrid during a heatwave, on August 2, 2022. The hottest year on record, 2016, was the result of a strong El Niño and climate change, said Baddour. “This is really a wake up call that climate change isn’t a future problem, it is a current problem.

☆ Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years
▼ + stars: | 2023-03-29 | by ( Eamon Javers | ) www.cnbc.com time to read: +14 min

In this article CSCSG.N-CH Follow your favorite stocks CREATE FREE ACCOUNTA sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. "To date, no Credit Suisse employees involved in the scheme have faced any consequences from the United States government for their participation." "It's not a question of whether Swiss banks continue to do this, it's a question of which Swiss banks still do this." In a statement to CNBC, a Credit Suisse spokeswoman said it does not tolerate tax evasion. "DOJ must correct its lax oversight of Credit Suisse and hold Credit Suisse accountable for any violations of its plea agreement," he said.

☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
▼ + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.

☆ Credit Suisse went the way of Bear Stearns in 2008. But this crisis is different
▼ + stars: | 2023-03-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

A sign of Credit Suisse pictured behind a sign of UBS in Zurich on March 18, 2023. The Swiss government said Tuesday it had ordered Credit Suisse to temporarily suspend the payment of some bonuses, including share awards, to bank staff. Credit Suisse is the first “global systemically important” bank to be rescued since 2008. Yet despite its importance to the financial system, most analysts are not expecting Credit Suisse’s demise to mark the beginning of another global financial crisis. “It’s possible that a vicious circle develops, in which credit tightens, the real economy deteriorates, and default rates start to rise,” he said.

☆ 'A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the line
▼ + stars: | 2023-03-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Fabrice Coffrini | Afp | Getty Imageswatch now"The Credit Suisse debacle will have serious ramifications for other Swiss financial institutions. A country-wide reputation with prudent financial management, sound regulatory oversight, and, frankly, for being somewhat dour and boring regarding investments, has been wiped away," Marenzi said. Credit Suisse traded up 3.5% during afternoon deals after ending Monday's session down a whopping 55%. Credit Suisse bond wipeoutUnder the terms of the emergency takeover, investors in Credit Suisse's additional tier-one bonds — widely regarded as a relatively risky investment — will see the value of their holdings slashed to zero. One euro was last seen trading at 0.9961 Swiss francs, weakening from 0.9810 when compared with March 14.

☆ Everyone's talking about Credit Suisse's risky bonds. Here's what they are and why they matter
▼ + stars: | 2023-03-21 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +4 min

Fabrice Coffrini | AFP | Getty ImagesAdditional tier-one bonds, AT1s, CoCos? AT1 bonds is short for additional tier-one bonds. In short, they are bank bonds that are considered a relatively risky form of junior debt, therefore coming with a higher yield and are often bought by institutional investors. watch nowHow they work and why they're riskyOne of the key attributes of AT1 bonds is that they are designed to absorb losses. Finally, AT1 bonds are callable rather than maturing at a specific point.

☆ Credit Suisse shares soar over 20% on Swiss National Bank loan announcement
▼ + stars: | 2023-03-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A branch of Swiss banking giant Credit Suisse behind a window under the rain, in Basel. (Photo by FABRICE COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)Credit Suisse shares soared over 30% at Thursday's market open after the bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The Swiss National Bank and the Swiss Financial Market Supervisory Authority said in a statement Wednesday that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." "These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," Credit Suisse CEO Ulrich Koerner said in the release Wednesday. "We thank the [Swiss National Bank] and FINMA as we execute our strategic transformation.

☆ The small European nation of Switzerland beat sky-high inflation. Here's how
▼ + stars: | 2023-02-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +8 min

watch nowZURICH — As many countries across the globe battle stubbornly high inflation, the rise in prices has been far less dramatic in Switzerland, a small mountainous nation in western Europe. The stability of the Swiss francAnother reason for Switzerland's relative price stability stems from the strong Swiss franc. While many currencies plunged against an appreciating U.S. dollar, the Swiss franc held steady amid volatility in Europe. The Swiss franc is heavily backed by large reserve of gold, bonds and financial assets, which help the Swiss National Bank ensure the currency's stability during times of volatility. A stronger Swiss franc provides an effective discount on those imports.

☆ From green subsidies to chips, Davos debates reflect a world in flux
▼ + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.

☆ Greta Thunberg says Davos elite are prioritizing greed and short-term profits over people and the planet
▼ + stars: | 2023-01-19 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

watch nowSwedish climate activist Greta Thunberg on Thursday accused the political and business elite at the World Economic Forum in Davos, Switzerland, of prioritizing self-interest and short-term profits over people and the planet. They are prioritizing self-greed, corporate greed and short-term economic profits above people and above planet." Thunberg said it was an "absurd" situation that the world seems to be listening to Davos delegates rather than those on the frontlines of the climate emergency. We were kettled by police and then detained but were let go later that evening," Thunberg said on Wednesday via Twitter. To be sure, the burning of fossil fuels such as coal, oil and gas, is the chief driver of the climate crisis.

☆ U.N. gathering seeks billions in aid for Pakistan after devastating floods
▼ + stars: | 2023-01-09 | by ( Associated Press | ) www.nbcnews.com time to read: +6 min

“We need to be honest about the brutal injustice of loss and damage suffered by developing countries because of climate change,” Guterres told the gathering. “If there is any doubt about loss and damage — go to Pakistan. UN Secretary-General Antonio Guterres, left, speaks with Pakistan Prime Minister Shehbaz Sharif during a conference in Geneva on Monday. Many countries already doled out cash, supplies and other support for Pakistan in the immediate follow-up to the flooding. Climate scientists found that the floods in Pakistan were worsened by global heating although economic, societal and construction-oriented factors also played a role.

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