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Honorary President of the Britain's right-wing populist party Reform UK and newly appointed leader Nigel Farage speaks during a campaign meeting, on June 3, 2024, ahead of the UK general election of July 4. Nigel Farage on June 3, 2024 said he would stand as a candidate for the anti-immigration Reform UK party at the UK general election next month, after initially ruling out running. LONDON — The shock return of Brexit figurehead Nigel Farage to the political fray could be the final nail in the coffin for Prime Minister Rishi Sunak's ruling Conservative Party ahead of its almost certain defeat in the upcoming U.K. elections. But, critically, it threatens to deprive key votes from the Conservatives, who are already trailing opposition Labour in the polls by a dramatic margin. "Even if Reform don't win seats, they'll drain key votes away from the Conservatives," Olivia O'Sullivan, director of Chatham House's U.K. in the World programme, told CNBC over the phone.
Persons: Nigel Farage, Rishi Sunak's, Farage, Donald Trump, , Olivia O'Sullivan, Tony Blair's, Keir Starmer, Tony Travers Organizations: Reform UK, UK, Conservative Party, U.S, Reform, Brexit Party, Conservatives, Labour, Chatham House's, CNBC, London School of Economics, Party Locations: Clacton, England
Mike Blake | ReutersSince 2019, immigration has added 2 million workers to the U.S. labor supply, according to an April analysis by Tedeschi. Without immigrants, Tedeschi estimated that the size of the U.S. labor supply would have shrunk by 1.2 million during that period. The short answer is that this executive order will probably not increase inflation. Some experts say the executive order could bring down costs by smoothing out the U.S.-Mexico supply chain. Biden's executive order could help clear some of these supply chain bottlenecks.
Persons: Joe Biden, Leah Millis, Joe Biden's, Biden, Andrés Manuel López Obrador, Jose Luis Gonzalez, Ernie Tedeschi, Tedeschi, Trucks, Daniel Becerril, Donald Trump, I'd, Mike Blake, Tara Watson, Guillermo Arias, Jerry Pacheco, It's, Pacheco, Watson, Trump, Saul Loeb Organizations: White, . Border Patrol, Department of Homeland Security, NBC, Texas National Guard, Reuters, United, Yale University's, White House Council, Economic Advisers, Customs, Brookings, Immigrants, AFP, Getty Images Shipping, Border Industrial Association, Getty Locations: U.S, Mexico, Washington , U.S, United States, Texas, Ciudad Juarez, Nuevo Laredo, Biden's, San Diego , California, Mesa Port, Tijuana , Mexico, New Mexico, Calexico , California
India's Prime Minister Narendra Modi flashes victory sign at the Bharatiya Janata Party (BJP) headquarters to celebrate the party's win in country's general election, in New Delhi on June 4, 2024. Completed vote counts by the Election Commission of India showed that Modi's BJP won just 240 seats. India's Parliament has 543 seats, and the party or coalition that wins at least 272 forms the government. Modi's decade-long ruleUnder Modi, India, home to 1.4 billion people, has witnessed robust economic growth. While India has seen robust economic growth under Modi, observers and critics have warned about the country's "democratic decline."
Persons: Narendra Modi, Money Sharma, Modi, Aiyar, CNBC's, Shilan Shah, Shah, Kranthi, Sensex, Samir Kapadia, that's, Malcolm Dorson Organizations: India's, Bharatiya Janata Party, BJP, Afp, Getty, Indian, Modi's BJP, National Democratic Alliance, Developmental Inclusive Alliance, Indian National Congress, Policy Research, Centre, Monitoring, Capital Economics, BSE, WealthMills Securities, Adani, Adani Enterprises, State Bank of India, ICICI Bank, Monetary Fund, India Index, Vogel, Dem, Global, Vogel Group, IMF Locations: New Delhi, India, INDIA, China, Sweden
CNN —Sales of new electric vehicles have started to slow, but the opposite is happening with used EVs. The used car sales website Carvana saw its used EV sales more than double since last year. While increases in used EV sales are huge, they still make up a small portion of overall used vehicle sales. Used EVs still cost more, on average, than used gas-powered vehicles, but they cost a lot less than new EVs. While prices for new EVs average around $63,000, prices for used ones average around $36,000, according to Cars.com.
Persons: EVs, Carvana, wasn’t, Price, Cars.com, Truecar, , who’ve, , Matt Jones, ” Manheim, “ We’ve, it’s, Grace Huang, we’ve, Tesla, Jones, Rebecca Lindland, Courtney Vaughn, “ I’m, Lindland Organizations: CNN —, EV, TrueCar, Cox Automotive, Cox, Cars.com, Chevrolet, Hyundai, Hyundai Kona EV, US Department of Locations: Georgia, New York, California,
The funding announced Monday puts a $10 billion price tag on Pershing Square, which manages about $16 billion worth of assets. The benefit of going public is you get to make money, obviously, so it’s not hard to see why Pershing Square would want to do it. For Ackman, in particular, being at the helm of a publicly traded company could be a particularly jarring shift. Pershing Square officially hung up its activist megaphone in 2022, opting to work with a small group of companies behind the scenes. Many of those followers are the kinds of retail investors Ackman could hope to attract to a publicly traded fund.
Persons: CNN Business ’, Bill Ackman, who’s, Ackman, , Lawrence J ., White, , I’ve, ” White, he’s, I’m, he’ll, , Elon Musk, Pershing, Musk, ” NYU’s White, Tesla Organizations: CNN Business, New York CNN, Pershing, Securities, Exchange, NYU Stern School of Business, Herbalife, Twitter, Hamas, MIT, Trump, SEC, Bloomberg Locations: New York, Pershing, Israel
UK general election: Why the economy is the key issue
  + stars: | 2024-06-04 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +7 min
Sunak will likely point to falling inflation and a strengthening economy as proof that his plan to “restore economic stability” is working. Here’s what data shows has happened to wages, living standards, the value of the pound, house prices and waiting times for medical treatment on the NHS. “Poor income growth has been an unfortunate feature of economic life in the UK over the last 15 years. On average, households now spend more than 29% of their after-tax income on rent, up from 24% in 2010, according to Zoopla, a property company. NHS waiting lists have grown steadily since the onset of the Covid-19 pandemic, contributing to worker shortages in the UK.
Persons: Rishi Sunak, Keir Starmer, Tony Blair, Sunak, YouGov, Labour Party Keir Starmer, Jeff J Mitchell, Alastair Grant, Tom Waters, , , Nick Ridpath, Liz Truss, “ Brexit, Clare Lombardelli, Brexit Organizations: London CNN, Conservative Party of, European Union, Labour Party, Labour, National Health Service, Conservatives, Britain's, Institute for Fiscal Studies, Conservative, Bank of England, Office, National Statistics, NHS Locations: Ukraine, United Kingdom, , United States, Germany, Britain, England
Shares of Logitech are up 2% on the year and could rally another 17%, if Scemama's target price holds true. Analyst Kristine Liwag accompanied the move by raising her price target to $225 from $178. The bank reiterated its overweight rating on the credit card stock but lifted its price target to $275 from $265. International revs should run above the 10%+," the analyst added. Goldman analyst Tina Hou set a 12-month price target of $34, while Bank of America analyst Ming Hsun Lee set a price objective of $35.
Persons: Bernstein, Goldman Sachs, Goldman, TZE, Brian Lee, Lee, — Spencer Kimball, Didier Scemama, Scemama, — Lisa Kailai Han, Morgan Stanley, Kristine Liwag, Heico's, Liwag, Stanley Black, Decker, Julian Mitchell, Mitchell, Wells, Wells Fargo, Donald Fandetti, Fandetti, Canaccord, Kingsley Crane, Crane, Oppenheimer, Jed, Kelly foresees, FanDuel —, Kelly, Zeekr, Tina Hou, Ming Hsun Lee, Hou, Stacy Rasgon, Rasgon, Fred Imbert Organizations: CNBC, Broadcom, Bank of America, Investors, Technologies, Department of Energy, Logitech, Boeing, Barclays, Stanley, Nvidia, American, Express, American Express, U.S . American Express, Wall, Zeekr, China EV, China, Geely Automobile, AMD Locations: Monday's, EU, U.S, China, BofA
There is a focus on fake stories to influence attitudes on subjects like the wars in Ukraine and Gaza. But for the past year, the climate crisis has been the second-most targeted subject, according to the European Digital Media Observatory (EDMO). Official statistics, however, tell a different story: In 2022, renewables accounted for 23% of the energy consumed in the EU. The EU is considered a global leader in tackling planet-heating pollution, but climate disinformation could undermine the bloc’s ambitious goal to reduce carbon emissions by 90% by 2040, compared with 1990 levels. Its community standards policy in the past had only targeted video, but in April, it was expanded to include audio.
Persons: Morgan Wright, , streetlights, Paula Gori, , Gori, EU DisinfoLab, Wright, Gaizka Iroz, they’ve, “ They’ve, ” Gori, Pallavi Sethi, , , Facebook —, ” Wright Organizations: CNN, European Union, EU, Guardian, Bild, European Digital Media, Facebook, Getty, West, Grantham Research, London School of Economics, stoke, Services, European, Meta Locations: European, Russia, United States, United Kingdom, American, Europe, Germany, Ukraine, Gaza, EU, Spain, France, Biriatou, AFP, Africa, Asia, industrializing, Gori, Italy, Croatia, Poland, England, Grantham, Prague, Russian, Slovakia, Moscow
CNN —The number of job openings in the US shrank for the second month in a row, setting a new three-year low amid further signals of cooling in the labor market. There were 8.06 million available jobs posted in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday. Economists were expecting job openings to register 8.36 million, according to FactSet estimates. Layoffs remain lowIn addition to the decline in job openings, other measures of labor turnover showed minimal movement in April. Second, the labor market is a different animal than it was 10 or 20 years ago.
Persons: Nancy Vanden Houten, ” Vanden Houten Organizations: CNN, Bureau of Labor Statistics ’, Labor, Oxford Economics, Federal Reserve, Federal, JOLTS, Boomers Locations: That’s
"This is still a strong labor market." The U.S. Federal Reserve raised borrowing costs to pump the brakes on the economy and labor market, ultimately to throttle back inflation. watch nowThere are indicators the U.S. job market remains strong and resilient despite headwinds, economists said. The national unemployment rate has been below 4% — a level indicating historical labor market strength — since February 2022. The current job market is more sustainable, she said.
Persons: Julia Pollak, Don't, Thomas Ryan, it's, Pollak, ZipRecruiter Organizations: SDI, U.S . Federal Reserve, Labor, Capital Economics, Workers, Federal Reserve Locations: North America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNational Economics Challenge: Here are some of the questions in this year's contestCNBC’s Steve Liesman and Phillips Exeter Academy junior Dhruv Nagarajan and Hunter College High School freshman Alexei Varah join 'Squawk Box' to discuss the National Economic Council's annual National Economics Challenge, what it's like to compete in this year's finals, and more.
Persons: Steve Liesman, Dhruv Nagarajan, Alexei Varah Organizations: National, Phillips Exeter Academy, Dhruv, Hunter College High School, Economic, Economics
National Economics Challenge winners announced
  + stars: | 2024-06-03 | 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 EmailNational Economics Challenge winners announcedCNBC's Steve Liesman joins 'Power Lunch' to introduce the Council for Economic Education's annual National Economics Challenge winners.
Persons: Steve Liesman Organizations: National, Economic
Falling yields and continuing excitement for AI could boost the S&P 500 to 6,500, the firm said. "This expectation that AI hype will increase and that Treasury yields will fall underpins our long-standing forecast for the S&p 500 to hit 6,500 by end-2025." But narrow stock market rallies have the potential to last years, Rielly said, suggesting the stock market run-up could continue for now. Warnings of a market bubble have proliferated as the S&P 500 notched a series of record-highs this year. Capital Economics has also warned of a stock market correction akin to the 1929 and dot-com crashes, which could begin in early 2026.
Persons: That's, , Reilly, that's, Rielly Organizations: Capital Economics, Service, Treasury, Street, NVIDIA, Capital
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe path for a soft landing has narrowed some, says WSJ's Nick TimiraosNick Timiraos, Wall Street Journal chief economics correspondent, joins 'Squawk Box' to discuss the state of the economy, impact on the Fed's interest rate outlook, and more.
Persons: Nick Timiraos Nick Timiraos Organizations: Wall Street Journal
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe bull market could be ending according to historical trends, says economist Hugh JohnsonHugh Johnson, Hugh Johnson Economics chairman, joins 'Power Lunch' to discuss markets, the bull market's run and his economic outlook.
Persons: Hugh Johnson Hugh Johnson, Hugh Johnson
There is a reason the value meals are only returning on a limited basis, says Shubhranshu Singh, associate professor of marketing at the Johns Hopkins Carey Business School, who has studied the economics of fast-food value meals. "They want customers to get the value meal and then buy more, the idea isn't that the consumer will buy a value meal and walk away," Singh said. "If consumers do that, selling that value meal will be such a bad idea." "How can they serve $5 value meals with that minimum wage and still make a profit? But he added, "We are not upset about the value menu, but I don't speak for those that have higher cost pressures than I do."
Persons: Shubhranshu Singh, Johns, it's, Singh, Burger, Scott Rodrick, CNBC it's, Nick Snowberger, Snowberger, McDonald's franchisee's Organizations: Johns Hopkins Carey Business School, CNBC Locations: Burger, McDonald's, California, Northern California, Montana and Wyoming
Read previewDonald Trump says his trade policy would be a way to protect the US from exploitation. Yet, by applying a base tariff on virtually all foreign goods, he's starting a "war against trade itself," Alan Wm. Related stories"Economists agree that high tariffs broadened and deepened the Great Depression, when US unemployment reached 25 percent and we nearly lost our democracy," the distinguished visiting fellow wrote. That's why I think we're going to be entering into a trade war next year." For instance, the new 50% tariffs on Chinese semiconductors may seem extreme, but they target a trade that's just below $1 billion a year, he said.
Persons: , Donald Trump, Alan Wm, Wolff, Trump, Trump's, Kenneth Rogoff, Leland Miller, Biden, Waller, they're Organizations: Service, Peterson Institute for International Economics, Republican, Business, Trump, Peterson Institute, Biden Locations: Britain, China, Beijing, America
Read previewIf you're in the market for a Hermès bag that doubles as a doll house, you're in luck — as long as you have $100,000 or so to spare. A new Birkin bag starts at about $10,000 and can cost well into the six figures depending on material, size, and rarity. Since 2022, Hermès bags sold at Christie's auctions have gone for an average of 141% of the lowest estimated price, Christie's said. "Hermès Birkin and Kelly bags, especially the Faubourg bag, for example, are iconic symbols of luxury and status, coveted by collectors worldwide." Courtesy of Christie'sAs the auction demonstrates, luxury handbags — particularly those made by tightly controlled brands like Hermès — are increasingly worthy investments.
Persons: , Christie's, Birkin —, handmake, Hitha Herzog, Hermès, Faubourg Birkin, Birkin, Nicole Pollard Bayme, Hermès Birkin, Kelly, Chanel, Alexis Clarbour, Louis Vuitton, Yayoi, Dior, Loewe, Roger Vivier Organizations: Service, Business, Rue du Faubourg Saint, Deloitte, Credit Suisse, Madison Avenue Couture Locations: Birkins, Rue, Paris, retails
They said my building was covered under the new Good Cause Eviction law, and my rent increase would instead be 8%. AdvertisementWhat is Good Cause Eviction? Good Cause also has what's called the reasonable rent increase measure: Buildings covered under Good Cause have limits on how much landlords can raise rent. I was under the impression that this building falls under the good cause eviction umbrella. Will Good Cause Eviction change or impact your life?
Persons: Weaver, , Ellen Davidson, Davidson, Allia Mohamed, it's, Mohamed, that's Organizations: Service, Business, New, New York, Housing Justice, , Legal Aid Society Locations: New York City, Central Park, New, New York, Bronx, Brooklyn
Insider Today: Arizona's 'Beverly Hills'
  + stars: | 2024-06-01 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +4 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. It's time for tech workers to transition into their summer styles. AdvertisementBI spoke with fashion experts, who gave us a tech worker's guide to summer fashion. "We Are Lady Parts": The British sitcom, about an all-female Muslim punk rock band called Lady Parts, returns for its second season on Peacock. The British sitcom, about an all-female Muslim punk rock band called Lady Parts, returns for its second season on Peacock.
Persons: , Hollis Johnson, Samantha Lee, Let's, Jason Guerrasio, Jason, Mark, Jeff Bezos, Tyler Le, Sara Dubnow, Alyssa Powell, she's, Joey Haden, Eric, Benedict Cumberbatch, Peacock Organizations: Service, Business, MoviePass, Big Tech, Scottsdale BI's, Silverleaf, Netflix, 7M Films Locations: Los Angeles, Scottsdale, Silverleaf
Dollar steadies before inflation test; yen brushes off Tokyo CPI
  + stars: | 2024-05-31 | by ( ) www.cnbc.com   time to read: +4 min
The dollar was licking wounds against peer currencies on Friday after a downward revision to U.S. GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data. The dollar index , which measures the currency against six major peers, consolidated around 104.82 after dipping as low as 104.63 overnight. Softer U.S. consumer price inflation data earlier in May rekindled rate cut expectations for this year, weakening the dollar across the board and setting it on track to post its first monthly losses in 2024. "All told, the Tokyo CPI leaves us confident that nationwide underlying inflation will fall below 2% as soon as July." Price data for the euro zone is due on Friday, following a stronger-than-expected April inflation reading for Germany on Wednesday.
Persons: John Williams, Matt Simpson, Index's Simpson, Marcel Thieliant, Sterling, bitcoin Organizations: Treasury, greenback, New York Fed, Index, PCE, Capital Economics, Japan's Ministry of Finance, Germany Locations: U.S, Tokyo, Asia
The Social Security Fix Nobody Wants to Talk About
  + stars: | 2024-05-31 | by ( Jeff Sommer | ) www.nytimes.com   time to read: 1 min
Millions of Americans worry about Social Security — whether they will get the full retirement paychecks promised to them in years to come. And many younger people believe — incorrectly, in my view — that by the time they are ready to retire, Social Security will no longer be there for them. The latest annual Social Security Trust Funds report in May said that unless action was taken, benefit cuts of roughly 20 percent would have to start in 2033. Yet when you stop and really look at the problem, it turns out that what’s required for fixing Social Security is no big deal. It’s based on hard numbers calculated by Alicia Munnell, a Boston College economics professor who is among the nation’s premier experts on Social Security.
Persons: paychecks, Alicia Munnell Organizations: Social, Social Security Trust, Boston College, Social Security Locations: Washington
London CNN —Inflation in Europe has ticked up for the first time in five months, casting doubt on the possibility of a steady stream of interest rate cuts by the European Central Bank over the next few months. The European Central Bank began hiking rates in July 2022 to curb runaway inflation sparked by the reopening of the world’s economies following the pandemic as well as Russia’s full-scale invasion of Ukraine. “May’s increases (in inflation) won’t stop the ECB from cutting interest rates next week. All 82 economists polled by Reuters ahead of Friday’s inflation data expected the ECB to cut rates by a quarter of a percentage point next week. Over two-thirds, 55 of 82, expected two more cuts this year, in September and December.
Persons: , Jack Allen, Reynolds, Claus Vistesen, Organizations: London CNN, European Central Bank, Reuters, ECB, Capital Economics, Pantheon Locations: Europe, Ukraine
New York CNN —It’s almost laughable at this point when Bryn Savidge gets a job rejection email. But she is relieved to have at least secured a summer internship at an environmental science publication. But after applying to more than 100 jobs since fall, the Kenyon College grad is having second thoughts. Courtesy Bryn SavidgeOn paper, the job market looks like it’s hardly ever been better. But zooming in on the job market for recent college graduates paints the economy in a much less rosy light.
Persons: New York CNN — It’s, Bryn Savidge, , ’ ”, Savidge, we’ve, , Savidge hasn’t, Bryn, Kory Kantenga, Kantenga, Angela Mangione, Mangione, Angela Mangione “, I’ve, Biden, Moises Brito, Chapman, he’s, Brito, he'll, doesn’t Organizations: New, New York CNN, Kenyon College, Kenyon College grad, of Labor Statistics, , Colgate University, CNN, Deloitte, Society, Chapman University in Locations: New York, Columbus , Ohio, Buffalo , New York, Chapman University in Orange , California, Orange County , California
Millions of Americans worry about Social Security — whether they will get the full retirement paychecks promised to them in years to come. And many younger people believe — incorrectly, in my view — that by the time they are ready to retire, Social Security will no longer be there for them. The latest annual Social Security Trust Funds report in May said that unless action was taken, benefit cuts of roughly 20 percent would have to start in 2033. Yet when you stop and really look at the problem, it turns out that what’s required for fixing Social Security is no big deal. It’s based on hard numbers calculated by Alicia Munnell, a Boston College economics professor who is among the nation’s premier experts on Social Security.
Persons: paychecks, Alicia Munnell Organizations: Social, Social Security Trust, Boston College, Social Security Locations: Washington
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