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☆ Ukraine war live updates: Russia says it isn’t bluffing over threats to use nuclear weapons; ‘difficult night’ for Kharkiv
▼ + stars: | 2024-05-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The European Union's upcoming 14th sanctions package against Russia must do more to choke off energy exports and clamp down on circumvention by third parties, an advisor to the office of Ukraine President Volodymyr Zelenskyy told CNBC. Vladyslav Vlasiuk said it was also vital to tighten export controls on critical technologies used within Moscow's military equipment. However, he noted that EU states would need to work more cohesively for sanctions to stand a chance of crossing the line by the end of next month as planned. The EU's special envoy for the implementation of sanctions, David O'Sullivan, was in Kyiv Thursday to discuss the latest sanctions package amid ongoing pushback from member states such as Hungary. Shapoval noted, however, that gas supplies were much more difficult to direct without European infrastructure than, for example, oil.

Persons: Volodymyr Zelenskyy, Vladyslav Vlasiuk, Vlasiuk, David O'Sullivan, Nataliia, Shapoval, — Karen Gilchrist Organizations: CNBC, Kremlin, Russian Sanctions, EU Locations: Russia, Kyiv, Hungary, Belarus, China, India

☆ European stocks head for lower open ahead of fresh inflation data
▼ + stars: | 2024-05-31 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

European stocks are poised for a lower open Friday, reversing gains from the previous session as investors await fresh inflation data. Euro zone inflation data due later in the session will by closely watched by investors for a signal on the path for monetary policy. Regional markets closed higher Thursday, shaking off negative sentiment from the previous two sessions as rising bond yields weighed on investor sentiment. U.S. stock futures ticked lower Friday as investors assessed the latest set of corporate earnings and looked ahead to a key inflation report. In Asia Pacific, markets rose on the back of fresh data from major economies across the region.

Organizations: Gross Locations: Italy, Asia Pacific

☆ UBS overhauls wealth management leadership in wider board shake-up
▼ + stars: | 2024-05-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The three keys USB logo is seen outside the London office of Swiss bank UBS in central London, on March 20, 2023. LONDON — UBS on Thursday announced a shake-up of its executive board in the latest phase of a radical overhaul of the Swiss banking giant, following its takeover of fallen rival Credit Suisse. It marks the first time a divisional UBS president has been based in Asia-Pacific, the bank said. George Athanasopoulos and Marco Valla also join the executive board as co-presidents of the investment bank, alongside Damian Vogel, incoming global chief risk officer. The trio replace outgoing board members Credit Suisse CEO Ulrich Korner, UBS Asia-Pacific President Edmund Koh, and UBS Americas Regional President Naureen Hassan.

Persons: Iqbal Khan, Rob Karofsky, Sergio Ermotti, Ermotti, George Athanasopoulos, Marco Valla, Damian Vogel, Ulrich Korner, Edmund Koh, Naureen Hassan Organizations: UBS, LONDON, Credit Suisse, Group, Credit, UBS Americas, Swiss Locations: London, Swiss, Asia, Pacific, U.S, Americas, UBS Asia

☆ A top secret meeting is kicking off in Madrid with the CEOs of Google DeepMind, Anthropic and Microsoft AI in attendance
▼ + stars: | 2024-05-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Google DeepMind co-founder and Chief Executive Officer Demis Hassabis gives a conference during the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 26, 2024. The CEOs of artificial intelligence heavyweights Google DeepMind, Microsoft AI, Anthropic and Mistral AI are among the elite list of business and political leaders attending a secretive meeting kicking off in Madrid, Spain, on Thursday. AI will once again dominate discussions at the annual Bilderberg Meeting after catapulting onto the agenda last year following the meteoric rise of the burgeoning technology. U.S. Deputy Treasury Secretary Wally Adeyemo, Ukrainian Foreign Minister Dmytro Kuleba and NATO Secretary General Jens Stoltenberg are also among the political figures who will attend for geopolitical discussions including on China and Russia. According to its organizers, the closed nature of the event aims to foster "informal discussions about major issues."

Persons: Demis Hassabis, Jane Fraser, Eric Schmidt, Albert Bourla, Wael Sawan, Peter Thiel, Wally Adeyemo, Dmytro Kuleba, Jens Stoltenberg Organizations: Google, Mobile World Congress, MWC, Microsoft, Mistral, Citigroup, Pfizer, NATO, Chatham House, Economic Locations: Barcelona, Madrid, Spain, Ukrainian, China, Russia, Spanish, Chatham, Davos, Switzerland

☆ Ukraine war updates: Macron says Kyiv should be allowed to use Western weapons on Russian military sites; U.S. weighs further sanctions
▼ + stars: | 2024-05-29 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Emmanuel Macron, France's president, during a news conference with Olaf Scholz, Germany's chancellor, not pictured, in Meseberg, Germany, on Tuesday, May 28, 2024. Ukraine should be allowed to use Western arms against Russian military sites used to target Ukraine, French President Emmanuel Macron said late Tuesday, bowing to ongoing requests from Kyiv. "How can we explain to Ukraine that they need to protect their cities . Macron was joined by German Chancellor Olaf Scholz, who agreed Ukraine should be allowed to defend its territory as long as it respected the conditions of the weapons suppliers. Russian President Vladimir Putin warned of serious consequences if Russia is struck with Western weapons.

Persons: Emmanuel Macron, Olaf Scholz, Germany's, Macron, Vladimir Putin, Volodymyr Zelenskyy's Organizations: Russian, White, Reuters Locations: Meseberg, Germany, Ukraine, Kyiv, Russian, Russia, Europe, Spain, Portugal, Belgium, U.S, China

☆ BHP Group wants extension to $49 billion Anglo American takeover talks as deadline looms
▼ + stars: | 2024-05-29 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — BHP Group on Wednesday said it believes an extension to talks with takeover target Anglo American is necessary, as the deadline for discussions looms later in the session. The offer values the company at £38.6 billion ($49.2 billion), according to previous Reuters calculations. "BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal," it said in a statement. The rival miners have until 5 p.m. London time Wednesday to reach an agreement following a week-long extension of last week's deadline. Anglo rejected BHP's previous offers, saying they undervalued the company and its prospects.

Persons: BHP, Stuart Chambers Organizations: LONDON, BHP Group, London, CNBC, BHP Locations: American

☆ European markets set to open mixed as UK's FTSE reopens
▼ + stars: | 2024-05-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.K.'s FTSE 100 was seen opening lower after markets were closed for the late May bank holiday, while other major European bourses were seen moving higher. European markets are poised to open mixed on Tuesday after a quiet start to the trading week in which several key global markets were closed. Tuesday's session is light on the corporate earnings front, while wholesale price data is due out of Germany. Investors are continuing to weigh the prospects of a June rate cut by the European Central Bank after two key policymakers threw their weight behind the prospect on Monday. Meanwhile, the ECB's Chief Economist Philip Lane said in an interview with the Financial Times, "Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction."

Persons: Olli Rehn, Philip Lane Organizations: Investors, European Central Bank, ECB, Financial Times Locations: Germany

☆ Fed's Kashkari wants to see 'many more months' of positive inflation data before a rate cut
▼ + stars: | 2024-05-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — The Federal Reserve should wait for significant progress on inflation before cutting interest rates, Minneapolis Federal Reserve President Neel Kashkari told CNBC Tuesday. Asked what conditions were needed for the Fed to cut rates once or twice this year, Kashkari said: "Many more months of positive inflation data, I think, to give me confidence that it's appropriate to dial back." He said the central bank could potentially even hike rates if inflation fails to come down further. He noted that the central bank may consider raising its target rate in the future, but said it was not appropriate to "move the goal posts" at this stage. The Bank of England is also broadly expected to cut rates this summer.

Persons: Neel Kashkari, Kashkari Organizations: Minneapolis Federal, CNBC, Fed, European Central Bank, ECB, Bank of England Locations: U.S

☆ Singapore Airlines tweaks its in-flight seatbelt sign policies after fatal incident
▼ + stars: | 2024-05-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Singapore Airlines ranked as the No. Singapore Airlines altered its in-flight seatbelt rules and changed at least one flight route following Tuesday's turbulence incident which led to an emergency landing in Bangkok . The interior of Singapore Airline flight SQ321 is pictured after an emergency landing at Bangkok's Suvarnabhumi International Airport, Thailand, May 21, 2024. Singapore Airlines said in a separate statement that a total of 44 passengers and two crew remain in hospital. Turbulence-related incidents are the most common type of accident suffered by commercial airlines, according to the U.S. National Transportation Safety Board.

Persons: Tuesday's, Bangkok's, CNBC's Sophie Kiderlin Organizations: Singapore Airlines, SIA, CNBC, Singapore Airline, Singapore Boeing, Srinakarin Hospital, Associated Press, AP, U.S . National Transportation Safety, NTSB, Aviation Safety Network Locations: Bangkok, Thailand, London, Singapore, Myanmar, Bengal

☆ Treasury yields higher on positive economic data
▼ + stars: | 2024-05-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

The 10-year Treasury yield was higher at 4.478%, while the 2-year Treasury yield increased to 4.9375%. U.S. Treasury yields rose Friday on the back of better-than-expected economic data. Services and manufacturing gauges for May both were higher than expected and showed expansion in both sectors, according to the purchasing managers' index from S&P Global released Thursday. Minutes from the April 30 to May 1 policy meeting of the Federal Open Market Committee released Wednesday pointed to uncertainty from policymakers about when it would be time to ease. — CNBC's Hakyung Kim and Jeff Cox contributed to this article.

Persons: CNBC's Hakyung Kim, Jeff Cox Organizations: Treasury, U.S, Services, Global, Federal, Market

☆ Elon Musk has lost his focus, former Tesla board member says
▼ + stars: | 2024-05-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California. Tesla could use more of high-profile CEO Elon Musk's divided focus at a critical juncture for the electric vehicle industry, former board member Steve Westly said Thursday. And it appears now that Mr Musk's focus is in too many areas," Westly told CNBC at the annual VivaTech conference in Paris. Tesla could use more of it," said Westly, who is managing director of venture capital firm The Westly Group and an early Tesla investor. Just how much of a liability Musk is for Tesla, however, Westly said was "for the board to decide."

Persons: Elon Musk, Tesla, Elon Musk's, Steve Westly, Westly, Jensen Huang —, he's Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, CNBC Locations: Beverly Hills , California, Paris

☆ Treasury yields move lower on Fed interest rate uncertainty
▼ + stars: | 2024-05-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

U.S. Treasury yields moved lower Thursday as investors continued to contemplate the timing of a future rate cut from the Federal Reserve. The 10-year Treasury yield was down 1 basis point at 4.42%, while the 2-year Treasury yield was also slightly lower at 4.867%. Yields and prices move in opposite directions and one basis point equals 0.01%.

Organizations: Treasury, Federal Reserve

☆ New Covid FLiRT variants spark concerns of a summer spike
▼ + stars: | 2024-05-22 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — New strains of Covid-19 are spreading globally, raising concerns among health professionals about a possible summer spike in cases, four-and-a-half years since the onset of the pandemic. The FLiRT variants — whose label derives from the names of the mutations in the variants' genetic code — have been rising in the U.S. and Europe as the coronavirus continues to mutate from earlier strains. Cases of KP.1.1, another FLiRT variant, have also risen to account for 7.1% of current infections, the agency said. In Europe, too, cases have been rising, with the new variant now detected in 14 countries. The World Health Organization in its latest update earlier this month said that cases remain limited in all reporting countries.

Persons: John Organizations: omicron, John Hopkins Bloomberg School of Public Health, Centers for Disease Control, World Health Organization Locations: U.S, Europe

☆ Miner Anglo American rejects third takeover offer from rival BHP Group as talks deadline extended
▼ + stars: | 2024-05-22 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

(Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)LONDON — Anglo American rejected a third takeover proposal from rival BHP Group on Wednesday, as the companies agreed to extend talks deadline by one week. The British miner confirmed the third proposal from BHP offered about £29.34 per Anglo American share, based on undisturbed share prices as of market close on April 23. Shares of Anglo American were up 0.35% shortly after the announcement, while BHP shares fell over 3.4%. The combined companies would form a behemoth in copper mining and the world's largest player in the space, supplying 10% of global output, according to a Reuters analysis. Anglo rejected both previous offers, however, saying that they "significantly undervalue the company and its future prospects."

Persons: Stuart Chambers, Chambers, Duncan Wanblad Organizations: BHP, William WEST, WILLIAM WEST, Getty, BHP Group, London Stock Exchange, Limited, Iron Ore Limited, Rio Tinto Locations: Melbourne, Australian, AFP, American, London, Australia

☆ World Economic Forum founder Klaus Schwab to step back from executive role
▼ + stars: | 2024-05-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Klaus Schwab speaks as part of SWITCH GREEN during day 1 of the Greentech Festival at Kraftwerk Mitte aired on Sept. 16, 2020 in Berlin, Germany. The World Economic Forum confirmed Tuesday that founder Klaus Schwab is moving away from the day-to-day management of the organization after more than 50 years at the helm. The forum said that the move was part of a years' long strategy to change its management structure, shifting governance to a president and managing board. The forum did not reveal who would succeed Schwab and become the face of its elite annual meeting in Davos, Switzerland. The non-profit think tank confirmed that Schwab would transition to a role as chairman of the board of trustees.

Persons: Klaus Schwab, Brende, Schwab, WEF Organizations: Kraftwerk, Economic, CNBC Locations: Berlin, Germany, Davos, Switzerland

The Chinese-founded fast-fashion giant is reported to have turned its attention to the LSE after facing regulatory and political challenges over a potential initial public offering in New York. U.S. lawmakers have raised several concerns about Shein, including over the transparency of its supply chain. The LSE has struggled to court high-growth companies in recent years compared with markets in Asia and the U.S., and has recently lost significant players including travel group TUI and cybersecurity firm Darktrace. However, British computing startup Raspberry Pi last week said it plans to list in London. CNBC has contacted Shein for comment.

Persons: Lord Dominic Johnson, Johnson, Shein, — Jenni Reid Organizations: London Stock Exchange, Department for Business Trade, CNBC, LSE, New York . Locations: New York, New York . U.S, Asia, U.S, London

☆ European markets to open lower after snapping nine-day winning streak
▼ + stars: | 2024-05-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

European markets are poised to open lower Friday after shares snapped a nine-day winning streak in the previous session as earnings weighed on positive sentiment. The pan-European Stoxx 600 closed lower Thursday as earnings misses from Siemens and EasyJet weighed on the index. Earnings come Friday from Richemont and Engie , while inflation updates are due out of the U.K. and euro zone.

Persons: EasyJet Organizations: Siemens Locations: Richemont

☆ Shares of Cartier owner Richemont climb 6% on record full-year sales, new CEO
▼ + stars: | 2024-05-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Shoppers line up to enter a Cartier store, a unit of Cie. Financiere Richemont SA, on Canton Road in the Tsim Sha Tsui area of Hong Kong. Shares of Swiss luxury group Richemont climbed as much as 6.3% Friday after the company reported record full-year sales, even as Asia-Pacific spending waned. The Cartier owner said group sales rose 3% at actual exchange rates to an all-time high of 20.6 billion euros ($22.38 billion) in the financial year ending in March, despite a weakening outlook for luxury brands. Fiscal fourth-quarter sales fell 1% to 4.8 billion euros at actual rates, driven by a slowdown in Asia-Pacific. In a separate statement, the company announced Nicolas Bos, CEO of Van Cleef & Arpels, as its new group CEO, effective June 1.

Persons: Financiere, Cartier, Johann Rupert, Nicolas Bos, Van Cleef Organizations: Cartier, Cie, Financiere Richemont SA Locations: Canton, Tsui, Hong Kong, Asia, Pacific, London, Asia Pacific

☆ EasyJet shares fall on profit miss, CEO departure
▼ + stars: | 2024-05-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

EasyJet Plc passenger aircraft on the tarmac at London Southend Airport in Southend-on-Sea, UK, on Friday, May 3, 2024. Shares of EasyJet fell more than 7% on Thursday after the low-cost airline posted a slightly larger-than-expected loss in the first half of the fiscal year and announced the forthcoming departure of its CEO. Pre-tax losses came in at £350 million ($443 million) for the six months to March, higher than the £340 million expected by analysts, according to a LSEG poll cited by Reuters. The company also announced that CEO Johan Lundgren will be stepping down in January 2025 after seven years at the helm of the business. EasyJet shares pared losses slightly to trade down 5.9% by 10:53 a.m. London time.

Persons: Johan Lundgren, Kenton Jarvis, EasyJet, Lundgren Organizations: Southend Airport, Reuters, CNBC Locations: Southend, London, Spain, Portugal, Turkey

☆ Diamond giant De Beers faces spin-off amid wider restructuring as Anglo American takeover pressure mounts
▼ + stars: | 2024-05-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Diamond rings are displayed in a cabinet inside a De Beers SA store in Hong Kong, China, on Thursday, Sept. 14, 2017. Photographer: Calvin Sit/Bloomberg via Getty ImagesAnglo American plans to spin off its highly prized De Beers diamond unit as part of a sweeping restructuring of its 107-year-old business as it seeks to fend off persistent takeover bids from mining rival BHP Group . The British miner said in a statement Tuesday that De Beers could be divested or demerged to "improve strategic flexibility." CEO Duncan Wanblad said the restructure, which represents "the most radical changes to Anglo American in decades," would help streamline the business and provide greater value to shareholders. The announcement comes just a day after Anglo rejected an improved takeover proposal from BHP.

Persons: Bruce Cleaver, Calvin Sit, De Beers, Duncan Wanblad, Wanblad, — Organizations: De Beers SA, Bloomberg, Getty, BHP Group, BHP Locations: Hong Kong, China, London

☆ Britain faces its 'most dangerous' years in history, PM Rishi Sunak to warn in pre-election bid
▼ + stars: | 2024-05-13 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

"I'm convinced that the next few years will be some of the most dangerous yet most transformational our country has ever known," he will add. Aides told the Guardian that Sunak has wanted to deliver the speech for some time. "I have bold ideas that can change our society for the better, and restore people's confidence and pride in our country." It is unclear exactly when Britons will head to the polls, but Sunak has indicated that a vote could be called in the autumn. By law, the next U.K. general election must be held no later than 28 January 2025.

Persons: Rishi Sunak, Sunak, I'm, Downing Organizations: Conservative Party, Sky News, CNBC, Guardian, Conservatives, Labour Party, Labour, Tories Locations: Britain, London

☆ London's elite Garrick Club votes to allow women for the first time
▼ + stars: | 2024-05-08 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — Members of Britain's exclusive all-male Garrick Club has reportedly voted to permit women to join the institution for the first time in its 193-year history. The historic vote comes after the club has been under immense scrutiny over recent weeks following the publication by the U.K.'s Guardian newspaper of some of the elite club's most influential members. The closely-guarded membership list showed the club to be an emblem of Britain's patriarchal establishment, with the majority of members white and aged over 50. Notable public figures from the arts, including actors Benedict Cumberbatch and Brian Cox, were also named. The Garrick Club, named after the 18th-century actor David Garrick, was founded in 1831 as a place where "actors and men of refinement and education might meet on equal terms," according to a statement on the club's website.

Persons: Garrick, King Charles III, Benedict Cumberbatch, Brian Cox, David Garrick Organizations: U.K, Secret Intelligence Service, Garrick Locations: London

☆ 'Trader justice': Ex-SocGen trader fired for risky bets claims he was made a 'scapegoat'
▼ + stars: | 2024-05-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

A former Societe Generale trader who was fired for unauthorized risky bets has lambasted the French bank for making him a "scapegoat" and failing to take its share of responsibility for missing the trades. A SocGen spokesperson declined to comment on the post, but provided a statement on the pair's dismissal. Kataria said the trades were auto-booked and a "daily email was sent to the entire group mentioning the trades have been reconciled." "It's very easy for other people to say that we were not aware of the trades done by me," he wrote. "Trading Industry is so big but there are no rules or regulations which fight for trader justice," he said.

Persons: Kavish Kataria, Kataria, SocGen, Kevin Ng, Jerome Kerviel Organizations: Societe Generale, Hong, Financial Times, LinkedIn Locations: Hong Kong, Paris

☆ China's 'unprecedented' space mission blasts off to the far side of the moon to collect samples
▼ + stars: | 2024-05-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

A Long March 5 rocket, carrying the Chang'e-6 mission lunar probe, lifts off as it rains at the Wenchang Space Launch Centre in southern China's Hainan Province on May 3, 2024. China on Friday launched a space probe to collect samples from the far side of the moon in a mission that has been billed as "unprecedented" as the global space race heats up. An unmanned rocket carrying the Chang'e-6 lunar probe took off from Wenchang Space Launch Center in Hainan province just before 5:30 p.m. local time, kickstarting the 53-day planned mission. The expedition aims to return around 5 pounds of lunar samples to Earth for analysis. "Collecting and returning samples from the far side of the moon is an unprecedented feat," Wu Weiren, chief designer of China's lunar exploration program, said, according to Chinese state news agency Xinhua News.

Persons: Wu Weiren, Stephen Whiting Organizations: Xinhua News, Scientists, U.S, U.S . Space Command Locations: Hainan Province, China, Hainan, Beijing

☆ UK to suffer slowest growth of all rich nations next year, OECD says
▼ + stars: | 2024-05-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.K.'s "sluggish" growth prospects have put it on course to be the worst-performing economy of all advanced nations next year, according to new forecasts from the Organisation for Economic Cooperation and Development. The downbeat prediction comes as the global economy shows signs of recovery, with growth forecast to remain steady at 3.1% in 2024, before rising modestly to 3.2% in 2025. "We start seeing some recovery in many parts of the world," Alvaro Pereira, director of the OECD's policy studies branch, told CNBC's Silvia Amaro Thursday. Growth among advanced nations next year is set to be led by North America, which Pereira said follows "strong growth" forecasts of 2.6% in the U.S. in 2024. Growth in Europe, meanwhile, is expected to pick up next year after a sluggish 2024.

Persons: Alvaro Pereira, CNBC's Silvia Amaro Thursday, Pereira Organizations: Organisation for Economic Cooperation, Development, North Locations: Germany, Paris, Canada, France, Japan, U.S, North America, Europe

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