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☆ High-interest rates have led the private sector to buy debt: Former KC Fed President Thomas Hoenig
▼ + stars: | 2023-10-16 | 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 EmailHigh-interest rates have led the private sector to buy debt: Former KC Fed President Thomas HoenigRaghuram Rajan, University of Chicago professor, Former Kansas City Fed President Thomas Hoenig, join 'The Exchange' to discuss the Fed decision to Fed quantitative easing, an increase in new debt issuances, and how a shift in who is buying up debt is growing treasury rates.

Persons: Thomas Hoenig Raghuram Rajan, Thomas Hoenig Organizations: KC Fed, University of Chicago, Former Kansas City Fed

☆ Israel's ground offensive in Gaza will be 'very brutal,' says U.S. think tank
▼ + stars: | 2023-10-16 | 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 EmailIsrael's ground offensive in Gaza will be 'very brutal,' says U.S. think tankRajan Menon, director of the Grand Strategy program at Defense Priorities, says "the worst is yet to come, unfortunately."

Persons: Rajan Menon Organizations: Defense Locations: Gaza

☆ US seizes nearly 1 million barrels of Iranian oil allegedly bound for China
▼ + stars: | 2023-09-09 | by ( Lauren Koenig | ) edition.cnn.com time to read: +1 min

CNN —The US government seized nearly 1 million barrels of Iranian crude oil allegedly bound for China, according to newly unsealed court documents and a statement released by the Department of Justice on Friday. “This is the first-ever criminal resolution involving a company that violated sanctions by facilitating the illicit sale and transport of Iranian oil,” according to the DOJ. The Islamic Revolutionary Guard Corps, a US-designated foreign terrorist organization, allegedly shipped more than 980,000 barrels of oil, the press release stated. The IRCG was fined almost $2.5 million and was sentenced to three years of corporate probation. CNN has reached out to Empire Navigation for comment.

Persons: Iran’s IRGC, Force ”, ” Organizations: CNN, Department of Justice, DOJ, Islamic Revolutionary Guard Corps, Force, Emergency Economic, Suez Rajan, Navigation Locations: China, Suez, United States

DUBAI, United Arab Emirates (AP) — A Greek shipper has pleaded guilty to a charge over it smuggling sanctioned Iranian crude oil and agreed to pay a $2.4 million fine, U.S. federal court papers seen Thursday by The Associated Press show. In July, the top commander of the Revolutionary Guard’s naval arm threatened further action against anyone offloading the Suez Rajan, with state media linking the recent seizures to the cargo’s fate. In its 2015 nuclear deal with world powers, Iran regained the ability to sell oil openly on the international market. It also began a cat-and-mouse hunt for Iranian oil cargo — as well as series of escalating attacks attributed to Iran since 2019. China is believed to be a major buyer of Iranian oil, likely at a significant discount.

Persons: shipper, Tourkantonis, Mark Wallace, George W, Bush, “, ” Wallace, Biden, Suez Rajan, Donald Trump Organizations: United Arab Emirates, Associated Press, Navigation, U.S, Nuclear, Empire, United Nations, Nuclear Iran, AP, Suez, Chevron Corp, Revolutionary, Embassy, U.S . Navy, Iranian, “ Locations: DUBAI, United Arab, Suez, Islamic Republic, Tehran, Washington, South Korea, Iran, U.S, Nuclear Iran, Persian, South, Singapore, Mexico, Houston , Texas, Athens, Greece, Gulf of Mexico, America, Hormuz, Swiss, Switzerland, Bataan, Strait, Gulf of Oman, China

The United States government has seized nearly one million barrels of Iranian crude oil that it says was being smuggled to China in violation of U.S. sanctions against Iran, after it raised the threat of prosecution to get the tanker brought to American waters, newly unsealed court papers show. The seizure of the oil from the vessel, the M/T Suez Rajan, is part of a larger and shadowy conflict with Iran. After the tanker began to steam toward the United States last spring, Iran’s Revolutionary Guards Corps seized two oil tankers in the Strait of Hormuz, prompting the U.S. military to increase patrols and deploy additional assets to protect shipping lanes. In July, Iranian state news media said the Guards’ navy commander had warned that Tehran would hold Washington responsible if the tanker’s oil was unloaded, without giving further details. On Wednesday, a high-ranking Israeli defense official, speaking on condition of anonymity, said that the seizure raised new fears that Iran could hijack more tankers in an effort to deter the United States from repeating the move.

Persons: Suez Rajan Organizations: United, Iran, Revolutionary Guards Corps, U.S, Guards Locations: United States, China, Iran, Strait, Hormuz, Tehran, Washington

The "AI for business" diploma offers training in data and AI for client leaders, practitioners, and WPP executives, according to WPP's website. The team work under AI expert Daniel Hulme who was appointed chief AI officer at WPP two years ago. While lawmakers and philosophers alike still debate whether content produced by generative AI models amounts to anything like human creativity, advertisers have already begun using the technology in their promotional campaigns. Unilever, which owns more than 400 brands including Dove soap and Ben & Jerry's ice cream, has its own generative AI technology that can write product descriptions for retailers' websites and digital commerce sites, it said. The company's TRESemmé haircare brand has used its AI content generator for written content and its automation tool for visual content on Amazon.co.uk (AMZN.O).

Persons: Mark Read, Read, we've, Mondelez, Shah Rukh Khan, Daniel Hulme, Nestle, Gandon, Ray, Johannes Vermeer's, Aaron Rajan, Nestle's Gandon, Martin Sorrell, You've, Ben King, Richa Naidu, Martin Coulter, Matt Scuffham, Daniel Flynn Organizations: Nestle, Unilever, Marketing, Investment, Reuters, WPP, Oreo, Cadbury, Bollywood, YouTube, Facebook, University of Oxford, Global, Google, Go, Market Technology, Consumer, Walmart, Carrefour, Kroger, Thomson Locations: Africa, India, London, Swiss, Okta

The Suezmax requires a lightering agent to transfer the crude to smaller ships, as its size and weight restrict it from directly entering the port. Shipping companies are worried that lightering the Iranian crude onto their vessels would lead other oil buyers to shun their ships on future voyages, one of those people said. "Our legal team said 'absolutely not,'" he added, saying the ship has yet to find any willing party to transfer the oil. A Western industry expert said the inability to discharge the cargo is partly out of fear of repercussions from Iran. The Middle East oil exporter has threatened retaliation against any oil company unloading Iranian oil from the seized tanker.

Persons: Suez Rajan, Arathy Somasekhar, Jonathan Saul, Timothy Gardner, Parisa, Matthew Lewis Organizations: U.S, Shipping, U.S . Coast Guard, U.S . Customs, Border Protection, Department of Justice, Thomson Locations: Texas, Suez, Marshall, Galveston, Houston, Iran, U.S, London, Washington, Dubai

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ Europeans Are Capable of Defending Themselves Against Russia - The New York Times
▼ + stars: | 2023-07-14 | by ( Rajan Menon | ) www.nytimes.com time to read: +3 min

The contention that the wealthy, technologically advanced European nations cannot join forces to acquire enough military power to deter or defeat Russia strains credulity. But Russia has been unable to transform its massive advantage in troops and arms into anything resembling victory. Compare Europe and Russia on any metric typically used for gauging power, and Europe proves vastly superior. That means the European Union, even without Britain, has an economy more than seven times as large as Russia’s. The mixed record of some top-shelf Russian equipment used in Ukraine’s battlefields bears this out.

Persons: —, Russia’s Organizations: Kyiv School of Economics, United Nations, Press, NATO, Ukrainian Army, European Union Locations: Russia, Finland, Sweden, United States, Europe, Ukraine, Ukrainian, Kyiv, European, Japan, South Korea

An Iranian navy vessel fired shots during the second seizure attempt, Navy Fifth Fleet spokesperson Timothy Hawkins said. British maritime security company Ambrey said a warship with a multinational navy task group was in the area at the time and had requested the Iranian navy to "cease harassing" one of the merchant ships. Iran seized two oil tankers in a week just over a month ago, the U.S. Navy said. Refinitiv ship-tracking data shows the Richmond Voyager previously docked in Ras Tannoura in eastern Saudi Arabia before Wednesday's incident in the Gulf of Oman. The Richmond Voyager was sailing away from the Gulf with Singapore listed as its destination, Refinitiv ship tracking showed.

Persons: Timothy Hawkins, Hawkins, Ambrey, IRNA, Lisa Barrington, Jonathan Saul, Rami Ayyub, Jason Neely, David Holmes Organizations: U.S . Navy, Chevron, Richmond Voyager, Navy Fifth Fleet, Reuters, Marshall, Suez, Dubai, Thomson Locations: DUBAI, Iran, Gulf of Oman, U.S, Iranian, Oman, United States, Hormuz, Ras Tannoura, Saudi Arabia, Gulf, Singapore, Marshall Islands, Greece, U.S . Gulf, Mexico, Galveston, Washington

In this article HDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTA HDFC Bank branch in Mumbai, India, on Friday, April 14, 2023. Bloomberg | Bloomberg | Getty ImagesIndia's largest private lender HDFC Bank has completed its merger with Housing Development Finance Corporation , the country's biggest mortgage lender, in a deal that pits the new entity against the world's largest banks. HDFC shareholders will receive 42 shares of HDFC Bank for every 25 shares they own, and HDFC will cease operations on the Indian stock market on 13 July. In a presentation to HDFC investors, the mortgage lender outlined synergies including access to lower funding costs, operational efficiencies and a wider distribution network for HDFC. There will also be cross-selling opportunities as 70% of HDFC's customers do not have a banking account with HDFC Bank, according to the presentation.

Persons: Soumya Rajan, Nilesh Shah, HDFC, Rajan, Shah Organizations: Bloomberg, Getty, HDFC Bank, Housing Development Finance Corporation, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Waterfield Advisors, Mahindra Asset Management, Reliance Industries, CNBC Locations: Mumbai, India, HDFC

☆ It's possible the Fed will pause rate hikes this time around, professor says
▼ + stars: | 2023-06-07 | 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 EmailIt's possible the Fed will pause rate hikes this time around, professor saysRaghuram Rajan of the University of Chicago Booth says, however, that "the jury is still out" on how much more the U.S. Federal Reserve needs to do to manage inflation.

Persons: Raghuram Rajan, University of Chicago Booth Organizations: University of Chicago, U.S . Federal Reserve

☆ In the Market: Amid the calm, the Fed brews the next storm
▼ + stars: | 2023-05-29 | by ( Paritosh Bansal | ) www.reuters.com time to read: +4 min

Earlier this month, Chairman Jay Powell said the Fed's monetary policy and financial stability tools were "working well together," allowing it to support banks and pursue price stability. But several people in the market believe not only is the regional banking sector still under stress, multiple other risks to financial stability also remain. Tighter monetary policy could well cause them to blow up or worsen the impact of other shocks, such as debt ceiling negotiations. "The Fed has no desire to conduct monetary policy through financial crises," said Wendy Edelberg, director of The Hamilton Project at the Brookings Institution. In its most recent financial stability report earlier this month, the Fed listed several areas of concern, including life insurance and some types of bond and loan funds.

☆ Zelenskyy appeared to confirm Ukraine is no longer in control of Bakhmut: 'For today, Bakhmut is only in our hearts.'
▼ + stars: | 2023-05-21 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

Russian forces have been waging a monthslong battle in Bakhmut, a city in eastern Ukraine. The fighting has reduced the city to rubble and claimed thousands of lives. President Volodymyr Zelenskyy appeared to confirm at the G7 summit that Ukraine is longer in control of Bakhmut. During a meeting with President Joe Biden on Sunday at the G7 summit in Hiroshima, Zelenskyy told reporters that he believes Ukraine has lost control of the city. ... For today, Bakhmut is only in our hearts."

☆ Quantitative tightening: What happens when $2 trillion is sucked out of the global economy
▼ + stars: | 2023-05-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

“Quantitative tightening,” or QT, by top central banks will suck $2 trillion in liquidity out of the financial system over the next two years, according to a recent analysis by Fitch Ratings. Investors and banks calibrate their strategies to the amount of money in the financial system, he noted. Then, central banks started withdrawing liquidity from the financial system. Even worse, many banks have large holes on their balance sheets because central banks have simultaneously jacked up interest rates. While government debt levels have skyrocketed in recent years, the cost of servicing that debt has been tamped down by the willingness of central banks to buy large chunks of it.

☆ Ukraine's risky gamble in Bakhmut may be paying off as infighting in Russia's ranks threatens its hopes of capturing the city, experts say
▼ + stars: | 2023-05-05 | by ( Jake Epstein | Sinéad Baker | ) www.businessinsider.com time to read: +8 min

The battle has hurt Russian forces, and Wagner Group mercenaries are threatening to pull out. Wagner's withdrawal, however, suggests that Ukraine's risky decision to stay may be paying off, Russia experts told Insider. Ukrainian army snipers change their position facing Russian troops near Bakhmut, Donetsk region, Ukraine, Tuesday, May 2, 2023. Russian forces, including Wagner mercenaries, steadily surrounded Ukrainian positions, leaving only one road out of the city. Ukrainian army Grad multiple rocket launcher fires rockets at Russian positions in the frontline near Bakhmut, Donetsk region, Ukraine, Wednesday, May 3, 2023.

☆ India's ties with Russia remain steady. But Moscow's tighter embrace of China makes it wary
▼ + stars: | 2023-05-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

(PRAKASH SINGH/AFP via Getty Images) Prakash Singh | Afp | Getty ImagesIndia's relationship with Russia remains steadfast as both sides seek to deepen their economic ties. Russia also wants to "intensify" free trade discussions with India, Deputy Prime Minister Denis Manturov said during a visit to Delhi. watch nowIt's becoming "more difficult with every passing day because of the closeness that we are witnessing between Beijing and Moscow," Pant noted. This defense cooperation is vital given India's tensions along the Himalayan border with an increasingly assertive China, said ORF's Pant. Now, the country cannot expect Russia to play "the same strategic role for India as it used to prior to the Ukraine war.

☆ Iran seizes second oil tanker in a week in Gulf, US Navy says
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +3 min

DUBAI, May 3 (Reuters) - Iran has seized a second oil tanker in a week on Wednesday in Gulf waters, the U.S. Navy said, the latest escalation in a series of seizures or attacks on commercial vessels in Gulf waters since 2019. In Iran's first response, Tehran's prosecutor announced the oil tanker was seized on a judicial order following a complaint by a plaintiff, the judiciary's Mizan news agency said. The incident comes after Iran on Thursday seized a Marshall Islands-flagged oil tanker in the Gulf of Oman called the Advantage Sweet. The Niovi oil tanker seized on Wednesday had been travelling from Dubai toward the UAE's Fujairah port when it was forced by IRGCN boats to change course towards Iranian territorial waters, the Navy said. Since 2019, there have been a series of attacks on shipping in the strategic Gulf waters at times of tension between the United States and Iran.

☆ University of Chicago's Raghuram Rajan expects the Fed meeting to be dovish
▼ + stars: | 2023-05-01 | 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 EmailUniversity of Chicago's Raghuram Rajan expects the Fed meeting to be dovishRaghuram Rajan, University of Chicago professor, joins 'Closing Bell: Overtime' to discuss the banking sector and its impact on the economy and the next moves from the Fed.

☆ US confiscates Iran oil cargo on tanker amid Tehran tensions
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +3 min

As oil markets remain jittery, the cargo seizure is the latest escalation between Washington and Tehran after years of sanctions pressure by the U.S. over Iran's nuclear program. Tehran says its nuclear program is for civilian purposes while Washington suspects Iran wants to develop a nuclear bomb. Iran has previously responded tit-for-tat following seizures of Iranian oil cargo." Last year the U.S. tried to confiscate a cargo of Iranian oil near Greece, which prompted Tehran to seize two Greek tankers in the Gulf. In a step likely to exacerbate tensions, 12 U.S. senators on Thursday urged President Joe Biden to remove Treasury Department policy hurdles that have prevented the Department of Homeland Security from seizing Iranian oil shipments for more than a year.

Zelensky, who has long expressed interest in speaking with Xi, said he had “a long and meaningful phone call” with the Chinese leader. Wednesday’s phone call is the first time Xi has spoken to Zelensky since Russia invaded Ukraine in February last year. China’s positioning as a mediator was also viewed critically as Xi visited Moscow but had still yet to speak with Zelensky. “Xi Jinping doesn’t want to put political capital behind an effort that then blows up in his face. In this case, this could mean Putin indicated to Xi that he was willing to talk to Kyiv, Menon added.

☆ Economist who called 2008 crisis says more bank collapses are coming
▼ + stars: | 2023-04-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

More bank failures are coming, according to top economist Raghuram Rajan. Rajan, who called the 2008 crisis, warned of more volatility stemming from the Fed's rate hikes. The bank's failure sparked a steep sell-off in regional bank stocks, leading some commentators to warn of a 1980s-style banking crisis. "This sense that the spillover effects of monetary policy are huge and aren't dealt with by ordinary supervision has just escaped our consciousness over the last so many years," Rajan said of central bank policy. But Fed Chair Powell has denied the possibility of a rate cut this year, warning markets that rates would continue remain restrictive through 2023.

☆ Tapping into the future of finance: 3 experts discuss the ways frictionless payments will revolutionize digital banking within the decade
▼ + stars: | 2023-03-29 | by ( Elizabeth Wood | ) www.businessinsider.com time to read: +5 min

Experts share their insights into how frictionless payments are changing the way people engage with online banking. Carter Johnson, senior finance reporter at Insider, spoke with Douglas and other financial experts about frictionless payment systems. Rajan agreed that building loyalty and trust in banking technology and frictionless payment systems requires due diligence. The future of finance is digitalThe experts agree that in the next decade, digital wallets and frictionless payments will be the banking rule, not the exception. Rajan noted that each person is going have a unique way of engaging with frictionless payment systems.

Economists who obsess about tightly calibrating the quantity of money in the system balk at QE as a tool. Two weeks of turmoil in mid-sized U.S. banks follow just nine months in which the Fed had been winding down its outsize balance sheet that peaked near $9 trillion during the pandemic. "Illiquidity episodes may force central banks to slow the process of reserve withdrawal. Reuters GraphicsILLIQUIDTY EPISODESThis could become a trap that prevents normalisation of the balance sheet longer term, they said. Better-measured and more forward-looking liquidity regulations, incentives for longer-duration deposits during QE bouts and rethinking stress tests were all options, they wrote.

☆ Fed's best option is to hike rates by 25 basis points and watch for a month and a half: Professor
▼ + stars: | 2023-03-17 | 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 EmailFed's best option is to hike rates by 25 basis points and watch for a month and a half: ProfessorRaghuram G Rajan of The University of Chicago Booth School, formerly governor of the Reserve Bank of India, says "doing zero would convey inappropriate signals at this point."

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