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Hong Kong/Bangkok CNN —International banks are playing a significant role in the Myanmar military junta’s ability to carry out its systematic and deadly assault on its people, a new United Nations-backed report has found. Athit Perawongmetha/ReutersThe Thai connectionSingapore-based entities were Myanmar’s third largest source of weapons and military materials. In 2022, Singapore-based banks facilitated more than 70% of the junta’s purchases passing through the banking system. Looking for other financial institutions, the junta found neighboring Thailand. “Our banking and financial institutions follow banking protocols as any major financial hub.
Persons: Tom Andrews, ” Andrews, Banks, , Athit Perawongmetha, Organizations: Bangkok CNN — International, United Nations, UN, Administration Council, SAC, “ Banking, Military Junta, States, Karen National Liberation Army, Siam Commercial Bank, CNN, Thailand’s Ministry of Foreign Affairs, Economic Bank Locations: Hong Kong, Bangkok, Myanmar, Singapore, Myawaddy, Thailand, Thai, Siam
The bank took the unusual step of issuing a press release minutes before midnight ET to disclose its response to the Fed's findings. JPMorgan said that the Fed's projections for a measure called "other comprehensive income" — which represents revenues, expenses and losses that are excluded from net income — "appears to be too large." Under the Fed's table of projected revenue, income and losses though 2026, JPMorgan was assigned $13 billion in OCI, more than any of the 31 lenders in this year's test. It also estimated that the bank would face roughly $107 billion in loan, investment and trading losses in that scenario. "Should the Firm's analysis be correct, the resulting stress losses would be modestly higher than those disclosed by the Federal Reserve," the bank said.
Persons: Jamie, JPMorgan Chase, Banks Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, JPMorgan, Federal Reserve, Bank of America, Citigroup Locations: Washington ,, OCI
Morgan Stanley analysts say they are expecting the computer memory sector to hit new highs over the rest of 2024, despite investors "generally" not being comfortable buying such stocks at such lofty prices. Aside from their attractive valuations, memory stocks are expected to see a lift in demand on the back of stronger usage of artificial intelligence-powered applications, infrastructure, tools and services, the analysts added. Top pick and overweight-rated stocks SK Hynix , the South Korean chipmaker, is Morgan Stanley's "top pick." Both stocks trade on the Korean Exchange and in the iShares MSCI South Korea ETF (SK Hynix has a 10.7% weight while Samsung Electronics has a 22.2% weight). Morgan Stanley is overweight on the stock and gives it a price target of $86, or nearly 12% upside.
Persons: Morgan Stanley, Shawn Kim, Morgan Stanley's, — CNBC's Michael Bloom Organizations: SK Hynix, Samsung Electronics, South Korean, SK Hynix —, Samsung, Korean Exchange, Western Locations: Korean, Korea
In his two-decade odyssey from Australian hacker to new-age media celebrity, hunted figure, perennial prisoner and finally, a free man, Julian Assange has always been easier to caricature than characterize. The lack of an agreed-upon label for Mr. Assange — is he a heroic crusader for truth or a reckless leaker who endangered lives? Whatever history’s judgment of Mr. Assange, his appearance Wednesday in a courtroom on a remote Pacific island, where he pleaded guilty to a single count of violating the U.S. From the time he established WikiLeaks in 2006, Mr. Assange, 52, was a polarizing figure, using the internet to solicit and publish government secrets. To others who feared the information he revealed could get people killed, he was destructive, even if there was never proof that lives were lost.
Persons: Julian Assange, Assange —, Mr, Assange Organizations: . Espionage, WikiLeaks Locations: Afghanistan, Iraq
Part of the military's mission at home is to keep stockpiles of goods like critical minerals on hand for emergency wartime use. In the dark on the stockpileAlthough the name suggests otherwise, rare earth minerals are not exactly rare — in fact, they're relatively plentiful. The Biden administration began cutting American imports of Chinese rare earth minerals a few years ago in an effort to decrease US reliance on China for critical minerals. Submarines, fighter aircraft, magnets used in missiles, radar systems, and drones all require critical earth minerals for manufacturing. AdvertisementA past report for Congress on rare earth minerals for national defense, for instance, noted that a single Virginia-class submarine requires 9,200 pounds of rare earth minerals, while an Arleigh Burke-class destroyer requires 5,200 pounds.
Persons: , Biden, Lockheed Martin, Gregory Wischer, Wischer, Arleigh Burke, Halsey, Sampson, Chris Williamson Fabian Villalobos, Locke Organizations: Service, Business, Pentagon, Lockheed, Getty, Gratia, Defense Logistics Agency, of, Department of Defense, Defense Industrial Strategy, . US, Pacific, DoD, Materials, Lynas, Joint Base, Hickam . US Navy, RAND Corporation, National Defense, NDS, Industrial Base Locations: China, Fort Worth, Virginia, Arabian, Japan, South Korea, United States, California, Lynas USA, Texas, Vermont, Hickam
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Rates are not going back to where they were before,' researcher saysHetal Mehta, head of economic research at St James's Place, discusses central bank decision making and the outlook for U.S. interest rates.
Persons: Hetal Mehta Locations: James's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYen needs to stabilize for investors to look positively on Japanese stocks: FidelityTerrence Kan of Fidelity International says the Japanese Yen is "way too weak" and expects the Bank of Japan to step in and stabilize the currency.
Persons: Fidelity Terrence Kan Organizations: Fidelity, Fidelity International, Bank of Japan
ALICE Americans make above the federal poverty level but not enough to comfortably afford all their daily expenses, often making too much to qualify for government assistance. The ALICE Essentials Index, which includes housing, childcare, food, transportation, healthcare, and technology costs, has risen by a projected 7.3% annually from 2021 to 2023; comparatively, CPI has risen by 6.1%. The ALICE Essentials Index for rural areas was slightly higher than that for urban areas, at 7.5% and 7.2%, respectively. "Long before everybody else was upset about inflation, ALICE was dealing with inflation," Hoopes said. Still, ALICE Americans tend to be overrepresented in these roles, as many pay below the ALICE threshold of about $55,000 a year.
Persons: , ALICE —, ALICE Americans, ALICE, Stephanie Hoopes, United For ALICE, Hoopes, There's Organizations: Service, Business, CPI, United For, United Locations: West, Georgia, Florida, South Carolina, Midwest, Northeast
Oil prices slid in early Asian trade on Thursday as a surprise build in U.S. stockpiles fueled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines. Oil prices slid in early Asian trade on Thursday as a surprise build in U.S. stockpiles fueled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines. Brent crude oil futures fell 30 cents, or 0.4%, to $84.17 a barrel by 0028 GMT. "An expected increase in U.S. inventories of crude oil and gasoline are weighing on the market due to fears of weakening demand," said Tsuyoshi Ueno, senior economist at NLI Research Institute. The U.S. Energy Information Administration reported a 3.6 million barrel jump in the country's crude oil stocks last week, surprising analysts polled by Reuters who had expected a 2.9 million-barrel drawdown.
Persons: Tsuyoshi Ueno Organizations: Brent, . West Texas, NLI Research, U.S . Energy Information Administration, Reuters Locations: Gaza, Israel
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIncrease in expenses and risks impacts Fed's bank 'stress test' results, says BofA's PoonawalaEbrahim Poonawala, Bank of America Securities senior North American banks analyst, joins CNBC's 'Squawk Box' to discuss the Federal Reserve's stress test on banks, the health of regionals, and more.
Persons: BofA's Poonawala Ebrahim Poonawala Organizations: Bank of America Securities Locations: American
Caspar Lee advised young people who want to be content creators to do YouTube for fun rather than focusing on making money because the chances of financial success are low. Lee previously told CNBC Make It that YouTubers with millions of subscribers can make millions of dollars, typically by joining YouTube's Partner Program. Nearly half of creators earned an annual income of $15,000 or less in 2023, according to a survey of over 2,000 content creators by influencer marketing agency NeoReach. Lee encourages aspiring YouTubers to find a way to be successful without relying on followers or fame. Since his YouTube days, Lee has co-founded several companies in the creator economy including the influencer marketing company Influencer.com and a venture capital fund called Creator Ventures.
Persons: Caspar Lee, Lee, it's, that's, Goldman Sachs, YouTubers Organizations: CNBC, YouTube's, NeoReach, Ventures Locations: British
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSweden central bank governor: Two to three more rate cuts this year is our best forecastErik Thedéen, governor of Sweden's Riksbank, discusses the central bank's decision to hold rates in June and the factors behind its inflation outlook.
Persons: Erik Thedéen, Sweden's Riksbank Locations: Sweden
Read previewYemen's Houthi rebel group said on Wednesday that it targeted a Liberian-flagged ship in the Arabian Sea with a "homemade hypersonic missile," saying it unveiled the weapon for the first time. Houthis posted footage of the missileHouthi-linked channels posted footage of the purported launch, calling the missile the "Hatem-2" or "Hadim-2." AFP via Getty ImagesIs the 'Hatem-2' really a homemade hypersonic missile? Notably, Yemen's latest launch occurred as the USS Dwight D. Eisenhower Carrier Strike Group left the region on Saturday after defending the area for about eight months. It is due to be replaced by the USS Theodore Roosevelt Carrier Strike Group.
Persons: , Yahya Sare'e, Sare'e, MSC Sarah V, Houthis, Hatem, SARAH V, Saddam Hussein's, Yemen's, Dwight D, Theodore Roosevelt Carrier, Roosevelt Organizations: Service, Liberian, Business, MSC, Kingdom Maritime Trade Operations, British Royal Navy, Yemeni Military Industrialization Corporation, United Nations, AFP, Getty, Tel Aviv . Naval, US, Eisenhower Carrier Strike Group, Theodore Roosevelt Carrier Strike Locations: Greek, Israel, Abu Dhabi, Persian, Iran, Tehran, Saddam Hussein's Iraq, China, Palestine, Red, Gaza, Tel Aviv, Yemen, South Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Bank of Japan has to be careful with rate hikes, economist saysShane Oliver, head of investment strategy and chief economist at AMP, explains what's behind the "dilemma" that the central bank faces.
Persons: Shane Oliver Organizations: of, AMP Locations: of Japan
When China finally reopened to tourists in 2023, we got visas and booked a July flight to Beijing via Doha on Qatar Airways, paying about $1,400 total. The link on the Qatar Airways website was broken, but I confirmed online and with friends who had recently traveled to China that I could fill it out upon arrival. At the airport, Qatar Airways disagreed, and when I once again couldn’t get the form to work, we were denied boarding. Qatar Airways mostly refunded the tickets — we received $1,185 — but refused to admit it was wrong. In your situation, your itinerary had you going through Qatar Airways’ hub in Doha, meaning those behind you in line in Jordan were probably headed to dozens of countries, all with their own rules.
Persons: couldn’t, Jordan Dear Elizabeth, , Max Tremaine Organizations: United Nations, Qatar Airways, Royal, China Southern, Sherpa, Qatar Airways ’ Locations: American, Jordan, China, Beijing, Doha, Istanbul, Royal Jordanian, Elizabeth, Amman, New York, London, Dutch, Bangladesh, Cairo, Australian, Kyrgyzstan
Former President Donald Trump has promised to attack President Joe Biden specifically on inflation. Even as the Federal Reserve has raised interest rates, demand and prices have stayed high, keeping housing inflation stubbornly elevated. Where Trump standsAs president, Trump didn't pursue as many policies directly intended to make housing more affordable. While in office, Trump's proposed budgets included significant cuts to agencies that provide federal housing subsidies, including the Department of Housing and Urban Development. Trump hasn't talked much about housing policy on the campaign trail, despite arguing that Biden hasn't done enough to control housing costs.
Persons: Donald Trump, Joe Biden, Trump, Biden, , James Marshall, I'm, Kamala Harris, Janet Yellen, haven't, Trump's, suburbanites, Obama, Karoline Leavitt Organizations: Service, Business, Harvard, Federal Reserve, Tax, Union, Republicans, Biden, Department of Housing, Urban Development, Center, Budget, Trump, Homeless, NPR Locations: homeownership, Vegas, State, Nevada, Las Vegas
Webtoon Entertainment has priced its initial public offering (IPO) at the top of its indicated range, seeking to raise about $315 million, the online comics platform said on Wednesday. Webtoon Entertainment has priced its initial public offering (IPO) at the top of its indicated range, seeking to raise about $315 million, the online comics platform said on Wednesday. The company, majority-owned by South Korean tech giant Naver , priced its 15 million shares at $21 apiece, and had marketed the range of $18 to $21. Goldman Sachs, Morgan Stanley, J.P. Morgan Securities and Evercore Group are the lead underwriters for the IPO. Webtoon was founded in 2005 as a side project of CEO Junkoo Kim while he was working as a search engineer at Naver.
Persons: Goldman Sachs, Morgan Stanley, J.P, Webtoon, Junkoo Kim Organizations: Webtoon, South, Morgan Securities, Evercore, underwriters Locations: South Korean, Angeles , California
His prime minister was among the last to know. That is how secretive, how confined to a small group of advisers President Emmanuel Macron’s shock decision to dissolve Parliament and call French legislative elections was. Gabriel Attal, 35, was a personal favorite, his wunderkind, when Mr. Macron named him prime minister in January. Mr. Macron’s style has always been intensely top-down, but this time he has played with the possibility of ushering in the once unthinkable in the form of a far-right government. A photograph posted by Mr. Macron’s official photographer on Instagram captured the dismay when, on June 9, Mr. Macron told his government of his decision.
Persons: Emmanuel Macron’s, Gabriel Attal, Macron, dumbfounded, Instagram, Attal, Darmanin Organizations: National Rally
New York CNN —Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business. The company didn’t announce a specific number of store closures, but it said Thursday that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program. The closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft, Wentworth told the Journal. Major drugstore chains, including CVS (CVS) and Rite Aid, have struggled in recent years because of declining profits from filling prescriptions. Wentworth told the Journal it’s losing money on filling those prescriptions.
Persons: Tim Wentworth, Wentworth, , ” Wentworth, ” Neil Saunders, GlobalData, ” Saunders, drugstores, hasn’t, – CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, Walgreens, Wall Street Journal, Journal, Walgreens ’, CVS, Rite, Amazon, Target, Rite Aid Locations: New York, United States, America, drugstores, VillageMD
Ayo Edibiri directed episode six on season three of "The Bear." The actor said she tried her best to stay in a good mood and "talk decently to people" on set. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAyo Edebiri stepped into the director's chair for an episode on season three of "The Bear," and she says her focus was on bringing positive energy to the set.
Persons: Ayo Edibiri, , Ayo, Edebiri, Sydney Adamu, Jeremy Allen White Organizations: Service, Hollywood, Golden Globe, Sydney, Business
General Mills will boost product flavors to attract price-conscious customers amid inflation. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The snack and cereal maker said it will improve the taste of some of its biggest products to boost sales as inflation continues to hit consumers. This story is available exclusively to Business Insider subscribers.
Persons: Mills, , Jeff Harmening Organizations: Service, Business
Before Illia Polosukhin left Google in 2017, he had a brainstorming lunch and then returned to his desk to build what may have been the very first transformer, the neural network architecture that makes generative artificial intelligence possible. Seven of the "Transformer 8" joined Nvidia CEO Jensen Huang at GTC, Nvidia's annual developer conference in San Jose on March 20, 2024. From left to right: Lukasz Kaiser, Noam Shazeer, Aidan Gomez, Jensen Huang, Llion Jones, Jakob Uszkoreit, Ashish Vaswani and Illia Polosukhin. All eight of the authors have now left Google, although Polosukhin was the first to depart. Watch the video to hear the full conversation between CNBC's Katie tarasov and and Illia Polosukhin.
Persons: Polosukhin, Jensen Huang, Illia Polosukhin, Lukasz Kaiser, Noam Shazeer, Aidan Gomez, Llion Jones, Jakob Uszkoreit, Ashish Vaswani, OpenAI, Alexander Skidanov, CNBC's Katie tarasov, Illia Organizations: Nvidia, Google, CNBC Locations: San Jose
How to watch India vs. England in the USThe India vs. England game airs on Thursday at 10:30 a.m. Check price at FuboHow to watch India vs. England in the UKThe India vs. England game will be available via Sky Sports in the UK. How to watch India vs. England in AustraliaThe India vs. England game will be available to live stream on Prime Video in Australia, where subscriptions start at $9.99 a month. How to watch India vs. England in IndiaThe India vs. England game will live stream through the Disney+ Hotstar mobile app in India. How to watch India vs. England in South AfricaThe India vs. England game will live stream on DStv in South Africa through the cricket-focused Sports channel.
Persons: Sling's Desi, ExpressVPN Organizations: Business, ICC, US, England, Australia, Willow, Sling, Sky Sports, Disney Locations: India, England, Africa, Australia, South Africa
Add to that the noise surrounding the US election, and it could be a rougher second half. Central Banks in Canada and the eurozone have both cut interest rates, but inflation rose in both of those regions last month. Australia, meanwhile, saw its inflation rate rise to 4% this week, stoking fears that the Reserve Bank of Australia could soon move to raise rates again. It was already well known that no documentation was found to show who worked on the door plug. Without the bolts, the door plug incident was pretty much inevitable.
Persons: London CNN —, they’ve, Michelle Bowman, she’s, Mary Daly, Austan Goolsbee, stoking, Joe Biden, Donald Trump, , José Torres, Torres, wouldn’t, Joseph Stiglitz, Trump, Trump’s, Max, , Al Michaels, Michaels, Peacock, ” Michaels, , CNN Michaels, Read Organizations: CNN Business, Bell, London CNN, Federal Reserve, foibles, San Francisco Fed, Chicago Fed, Central Banks, Reserve Bank of Australia, Interactive Brokers, Treasury, Trump, Peterson Institute, Oxford Economics, Allianz, CNN, Boeing, Alaska, Alaska Airlines, National Transportation Safety Board, Alaska Air, NBC, Summer Games, Olympics Locations: London, Canada, Australia, Renton , Washington, Paris,
In today's big story, we're looking at the first — and somewhat unconventional — US presidential debate happening tonight . Evan Vucci/AP images, Manuel Balce Ceneta/AP images, Tyler Le/BIIt didn't come easy, and it won't feel quite the same, but we're getting our first US presidential debate tonight. AdvertisementBut don't be surprised by some noticeable differences from what you've come to expect when two presidential candidates face off. And this marks the first presidential debate the platform navigates under the Elon Musk regime. In other newsAdvertisementWhat's happening todayRFK Jr., who did not qualify for the CNN presidential debate, will answer debate questions via livestream during his campaign's counter-programming.
Persons: , Evan Vucci, Manuel Balce Ceneta, Tyler Le, Joe Biden, Donald Trump, it's, Insider's Brent D, Griffiths, Biden, Brent, Chris Szagola, Julien de Rosa, Alice Tecotzky, Cros, Sunny Verghese, Goldman Sachs, Goldman, Adam Posen, Posen, Bord, Jenny Chang, Rodriguez, Mustafa Suleyman, Alberto Miranda, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Trump, Biden, CNN, Fox News, MSNBC, Elon, Getty, Peterson, BI, NFL, RFK Jr Locations: Tesla . Texas, New York, London
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