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☆ 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

☆ 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

☆ '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

☆ 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

U.S. Secretary of State Antony Blinken waves as he prepares to depart Shanghai Hongqiao International Airport en route to Beijing, on April 25, 2024. The U.S. and China will hold their first high-level talks on artificial intelligence within the "coming weeks," U.S. Secretary of State Anthony Blinken said Friday, providing no update over the future of Chinese social media giant TikTok. During wide-ranging talks with Chinese officials in Beijing, Blinken said the two sides had agreed to the first U.S.-China intergovernmental dialogue on AI to discuss the risks and safety concerns surrounding the emerging technology. The U.S. imposed restrictions on Beijing's ability to access high-end tech and is moving close to banning social media app TikTok, unless its Chinese parent ByteDance sells it. Speaking at a press conference, Blinken said that TikTok "did not come up" in the talks.

Persons: Antony Blinken, State Anthony Blinken, Blinken Organizations: State, U.S Locations: Shanghai Hongqiao, Beijing, U.S, China

☆ Elliott takes $1 billion stake in Anglo American as miner faces takeover interest
▼ + stars: | 2024-04-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Elliott Management has built a roughly $1 billion stake in miner Anglo American in recent months, a person familiar with the matter told CNBC. Anglo American shares were up 5% on the news Thursday. News of the activist's position comes as the $43 billion, London-based miner faces takeover interest from BHP, a mining giant with worldwide operations. Anglo rejected BHP's $39 billion takeover offer Friday morning, saying BHP's offer "significantly undervalues Anglo American and its future prospects." Anglo American declined to comment.

Persons: Elliott, Stuart Chambers, BHP, CNBC's Karen Gilchrist Organizations: Elliott Management, CNBC, BHP, Bloomberg Locations: London, Australia

☆ European markets set to open higher as positive momentum returns
▼ + stars: | 2024-04-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

European markets were poised to open higher Friday, regaining momentum after a dip in yesterday's session. The pan-European benchmark Stoxx 600 index ended Thursday's session lower as investors digested a slew of first-quarter earnings, as well as a potential mining takeover bid. Looking ahead, corporate releases on Friday come from L'Oreal, TotalEnergies and NatWest. Asia-Pacific markets were higher after the Bank of Japan kept its benchmark policy rate at 0%-0.1%, as expected. Meanwhile, U.S. stock futures rose overnight as Big Tech names Alphabet and Microsoft saw shares rally on strong earnings.

Organizations: L'Oreal, TotalEnergies, NatWest, Bank of Japan, U.S, Big Tech, Microsoft Locations: Asia, Pacific

☆ Anglo American rejects BHP's $39 billion takeover bid to form mining juggernaut
▼ + stars: | 2024-04-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Australia-based BHP on Thursday said it had made an all-share takeover offer which valued the smaller company at £31.1 billion ($38.9 billion). "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," he said. Anglo American Chairman Stuart Chambers said the proposed restructure was "highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders." Shares of Anglo American Platinum rose more than 2% on the announcement, while Kumba Iron Ore moved 0.9% lower. Chambers said that, in its current state, Anglo American was "well positioned" to benefit from that energy transition.

Persons: BHP's, Stuart Chambers, Chambers, — CNBC's Jenni Reid Organizations: BHP Group, BHP, CNBC, Limited, Iron Ore Limited Locations: Australia, London, American, South Africa

☆ European markets set to open higher as investors look to fresh earnings
▼ + stars: | 2024-04-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

European markets looked set to open higher Thursday, rebounding from a dip in yesterday's session as investors look ahead to a fresh set of earnings. Markets lost momentum and shifted lower on Wednesday, with the U.K.'s FTSE 100 snapping a five-day winning streak.

☆ Barclays swings back to profit in first quarter amid strategic overhaul
▼ + stars: | 2024-04-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies. The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.

Persons: C.S, Venkatakrishnan, — CNBC's Elliot Smith Organizations: LONDON, Barclays, Reuters, Tesco Bank, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank

☆ Volvo Cars core operating profits rise in first quarter on higher retail sales
▼ + stars: | 2024-04-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

A Volvo EX30 fully electric EV Car is displayed during the Everything Electric London 2024 at ExCel on March 28, 2024 in London, England. Swedish automaker Volvo Cars on Wednesday reported an uptick in first-quarter core operating profits driven by strong retail sales. Retail sales nevertheless rose 12% year-on-year to 182,687 cars, the company said, after a new all-time monthly sales record in March. The growth included a modest uptick in electric vehicles sales, as the company has doubled down on the category. Looking ahead, Volvo Cars said it expects a further rise in 2024 retail sales compared to the previous year, with the share of fully electric vehicles forecast to increase "considerably."

Persons: Jim Rowan, Rowan Organizations: Volvo, ExCel, Revenue, Volvo Cars Locations: London, England, Swedish

☆ Swiss pharma giant Roche's first-quarter sales edge higher as its emerges from post-Covid-19 slump
▼ + stars: | 2024-04-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Swiss pharmaceutical company Roche on Wednesday reported a modest uptick in first-quarter sales, even as waning demand for its Covid-19 products continued to weigh on the company. Sales were up 2% at constant exchange rates, led by stronger demand for Roche's newer medicines and diagnostics, the company said. Excluding Covid-19 products, sales were up 7%. But sales tightened when reported in the company's local currency, down 6% off the back of a strong Swiss franc. Roche CEO Thomas Schinecker on Wednesday confirmed the company's 2024 outlook, saying it was largely out of the woods following a post-Covid-19 slump.

Persons: Roche, Thomas Schinecker, Schinecker Organizations: Roche, AG, Wednesday, Reuters Locations: Basel, Switzerland, Swiss

☆ Kering shares sink 9% after profit warning on declining Gucci sales
▼ + stars: | 2024-04-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The new Gucci store on Bond Street on 27th September 2023 in London, United Kingdom. Shares of French luxury group Kering sank more than 9% at open on Wednesday, after the company warned that it expects a sharp downturn in first-half profits as a result of waning demand for its Gucci brand. Kering chairman and CEO François-Henri Pinault on Tuesday said the warning comes after the company's performance "worsened considerably" in the first quarter. Group sales fell to 4.5 billion euros in the first quarter, down 10% on a comparable basis. The Paris-based company flagged the anticipated downturn in a rare profit warning last month, noting that the shortfall would be led by declining Gucci sales, particularly in Asia.

Persons: Gucci, François, Henri Pinault, Pinault Organizations: Gucci, Bond Locations: London, United Kingdom, China, Paris, Asia

☆ Drugmaker Novartis climbs 4.4% after guidance rise on sales of blockbuster drugs
▼ + stars: | 2024-04-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Signage for Novartis AG at a building in the company's headquarters campus in Basel, Switzerland, on Monday, Jan. 8, 2023. Shares of Swiss drugmaker Novartis climbed as much as 4.8% in early deals on Tuesday, after the company raised its full-year guidance following better-than-expected first-quarter results. Novartis' net sales rose 11% in the first three months of the year, while core operating income increased 22% over the same period. Narasimhan said the company continued to advance its drug pipeline in the first quarter, including treatments for prostate cancer and leukemia. "The momentum in our business and pipeline gives us continued confidence in our mid- and long-term growth outlook," he said.

Persons: Vas Narasimhan, Narasimhan Organizations: Novartis AG, Swiss, Novartis Locations: company's, Basel, Switzerland, London

☆ 'We've never seen anything like this': Dubai Airports CEO expects normal service within 24 hours after flood chaos
▼ + stars: | 2024-04-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Passengers queue at a flight connection desk at the Dubai International Airport in Dubai on April 17, 2024. The CEO of Dubai Airports said Friday that he expects services to return "close to normality" within 24 hours after the major transit hub was hit by unprecedented flooding. He confirmed, however, that the company, which owns and operates Dubai International Airport, had approved emergency budgets to provide food and water to stranded passengers, and noted that all retail outlets were now operating normally. Dubai airport said Friday that from midday local time it would be temporarily limiting the number of inbound flights for 48 hours. Dubai airport has urged passengers to exert caution when traveling, checking with airlines beforehand to confirm the status of their flight and not arriving at the airport too early.

Persons: We've, Griffiths, CNBC's, I'm Organizations: Dubai International, Dubai Airports, United Arab, Dubai International Airport Locations: Dubai, United Arab Emirates, Airlines

☆ Defense giant BAE Systems linked to arms deals in countries accused of human rights abuses, report finds
▼ + stars: | 2024-04-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — BAE Systems , the U.K.'s largest defense contractor, has established trading relationships with countries accused of human rights abuses, according to a new report that reveals the extensive reach of its lucrative arms business. Included in those are 13 countries on the U.K.'s human rights abuse watchlist, as well as 29 countries whose military actions have injured or killed civilians. It comes as BAE Systems sales have surged, hitting £194 billion ($242 billion) in the 10 years to 2022, with cumulative operating profits totalling £17 billion over the period, according to the report. The report said the booming trade highlighted how some defense companies were profiting from the lucrative arms trade amid rising global instability. "We know it's a bonanza right now for military sales," Overton said Tuesday, during a press briefing for the report's release.

Persons: Joseph Rowntree, Iain Overton, Overton Organizations: BAE Systems, Joseph, Joseph Rowntree Foundation, BAE, CNBC

☆ Bank of England to cut rates in May, Morgan Stanley says, retaining contrarian call
▼ + stars: | 2024-04-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The Bank of England could still cut interest rates in May, Morgan Stanley has said, in an increasingly rare call of confidence as market sentiment supporting such a move wanes. "We still entertain a May rate cut," chief economist Jens Eisenschmidt told CNBC's "Street Signs" on Wednesday, reiterating the bank's commitment to an earlier call. The Wall Street bank's contrarian view is now some way off consensus, which currently prices in an initial BOE rate cut in September, according to LSEG data. "In general, the central banks are all, to some extent, in the same boat. Morgan Stanley on Monday revised its ECB rate cut forecast, following an earlier revision in its Fed outlook.

Persons: Morgan Stanley, Jens Eisenschmidt, CNBC's, BOE, Andrew Bailey, Morgan Stanley's, Eisenschmidt, there's Organizations: Bank of England, European Central Bank, ECB Locations: City of London, London, United Kingdom, Europe, U.S

☆ Top EU official warns on 'weaponization of trade' as tensions ramp up between the U.S. and China
▼ + stars: | 2024-04-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Valdis Dombrovskis, Vice-President of the European Commission for the Euro & Social Dialogue, photographed at the Renaissance Harbour View Hotel in Wan Chai. 02DEC17 SCMP/ Xiaomei Chen (Photo by Chen Xiaomei/South China Morning Post via Getty Images)The European Union's trade chief on Wednesday warned against the "weaponization" of trade amid the latest ratcheting up of tensions between the U.S. and China. EU trade commissioner Valdis Dombrovskis told CNBC that he did not believe trade "protectionism" was the answer to heightened geopolitical tensions, but insisted that the bloc was willing to defend itself in the new trade environment. "The geopolitical landscape is changing, it's getting more fragmented, it's getting more conflictual, we see the weaponization of trade. So we need to equip ourselves also as the European Union to function in this more conflictual world," Dombrovskis told CNBC's Karen Tso.

Persons: Valdis Dombrovskis, 02DEC17, Xiaomei Chen, Chen Xiaomei, Dombrovskis, Karen Tso, Mario Draghi, Joe Biden, Katherine Tai Organizations: European Commission, South China Morning, Getty, U.S, CNBC, European Union, European Central Bank, U.S . Trade Locations: Wan Chai, South, China, EU, Pennsylvania, U.S

☆ High company valuations a 'worry,' IMF's capital markets chief says
▼ + stars: | 2024-04-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

High corporate valuations could pose a significant risk to financial stability as market optimism becomes untethered from fundamentals, the IMF's director of the Monetary and Capital Markets Department said Tuesday. Financial markets have been on a tear for much of this year, buoyed by falling inflation and hopes of forthcoming interest rate cuts. But that "optimism" has stretched company valuations to a point where that could become vulnerable to an economic shock, Tobias Adrian said. "We do worry in some segments where valuations have become quite stretched," Adrian told CNBC's Karen Tso Tuesday. Adrian, who was speaking on the side lines of the IMF's Spring Meeting in Washington, said that credit markets were a particular area of concern.

Persons: Tobias Adrian, Adrian, Karen Tso Organizations: Monetary, Capital Markets, International Monetary Fund, World Bank Group, Washington DC, Capital Markets Department, Financial Locations: Washington, United States

☆ Mauricio Pochettino laments ‘sad situation’ after Chelsea players squabble over penalty during 6-0 win against Everton
▼ + stars: | 2024-04-16 | by ( George Ramsay | ) edition.cnn.com time to read: +3 min

CNN —Chelsea manager Mauricio Pochettino said it was a “sad situation” seeing his players squabble over who was going to take a penalty during an otherwise impressive 6-0 win against Everton. Nicolas Jackson and Noni Madueke both felt that they should have responsibility, as did Palmer, Chelsea’s regular penalty taker. The striker then calmly rolled the ball into the bottom-left corner to give Chelsea a 5-0 lead at Stamford Bridge. “And then if Palmer wants to give the ball to another he can, but not in this way. “Maybe it was a bit over the top, the argument and stuff, but everyone just wants to win [and] help, it’s nothing major.

Persons: Mauricio Pochettino, Cole Palmer, Nicolas Jackson, Noni, Palmer, Chelsea’s, Conor Gallagher, ” Pochettino, Glyn Kirk, “, It’s, ”, Everton –, Jordan Pickford, Pochettino, Justin Setterfield, Alfie Gilchrist, Victory, West Ham Organizations: CNN, Chelsea, Everton, Monday’s Premier League, Stamford, Sky Sports, Getty, Premier League’s, England, Premier League, Newcastle , Manchester United, Nottingham Forest, Manchester City, FA Locations: Madueke, AFP, Newcastle ,, West

☆ IMF upgrades global growth forecast as economy proves 'surprisingly resilient' despite downside risks
▼ + stars: | 2024-04-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The International Monetary Fund on Tuesday slightly raised its global growth forecast, saying the economy had proven "surprisingly resilient" despite inflationary pressures and monetary policy shifts. The IMF now expects global growth of 3.2% in 2024, up by a modest 0.1 percentage point from its earlier January forecast, and in line with the growth projection for 2023. The IMF's chief economist, Pierre-Olivier Gourinchas, said the findings suggest the global economy is heading for a "soft landing," following a string of economic crises, and that the risks to the outlook were now broadly balanced. "Despite gloomy predictions, the global economy remains remarkably resilient, with steady growth and inflation slowing almost as quickly as it rose," he said in a blog post. But dimmer prospects in China and other large emerging market economies could weigh on global trade partners, the report said.

Persons: Pierre, Olivier Gourinchas Organizations: Monetary Fund, IMF, U.S Locations: Nanjing, China

☆ U.S. economy will see 'more things break' in 2025 if rates stay high, strategist says
▼ + stars: | 2024-04-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., March 20, 2024. The U.S. economy could be headed for stormy waters in 2025 if the Federal Reserve does not take action soon on interest rates, State Street's head of investment strategy in EMEA said Tuesday. "The traditional transmission policy mechanism has broken, or doesn't work as well," Kassam told "Squawk Box Europe." As such, the impact of, for example, sustained higher interest rates may not be felt until further down the line when they come to refinance. "For now, consumers and corporates aren't feeling the pinch of higher interest rates," he added.

Persons: Jerome Powell, Altaf Kassam, Kassam Organizations: Federal, Committee, Federal Reserve, CNBC, Fed Locations: Washington , U.S, U.S

☆ 'We have woken up to a new paradigm in the Middle East' following Iran-Israel escalation, analyst says
▼ + stars: | 2024-04-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Iran on April 14 urged Israel not to retaliate militarily to an unprecedented attack overnight, which Tehran presented as a justified response to a deadly strike on its consulate building in Damascus. (Photo by ATTA KENARE / AFP) (Photo by ATTA KENARE/AFP via Getty Images)Iran's weekend attack on Israel marks a "new paradigm" in the Middle East conflict, which risks escalating into a wider regional war, Chatham House's Middle East director said Monday. "The Israeli leadership will have a hard time not responding. Iran launched more than 300 drones and missiles against military targets inside Israel on Saturday in response to a suspected Israeli strike that killed top Iranian officials in Syria. The attack, though well telegraphed in advance, has presented some opportunity for Israel to rehabilitate its image following its months-long onslaught in Gaza, which many perceive as disproportionate to Hamas' Oct. 7 terror attacks.

Persons: ATTA KENARE, Sanam Vakil, thinktank, it's, Vakil, CNBC's Organizations: Getty, Chatham House's Locations: Persian, Israel, Tehran, Iran, Damascus, AFP, London, Syria, Gaza

☆ Bank of England scraps outdated inflation forecasting model in major overhaul after Fed boss' review
▼ + stars: | 2024-04-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — The Bank of England on Friday announced a "once in a generation" overhaul of its inflation forecasting following a long-awaited review by former Federal Reserve Chair Ben Bernanke. The review — initiated following criticism of the central bank's recent policymaking — sets out 12 recommendations which BoE Governor Andrew Bailey said the bank was committed to implementing. They include the scrapping of the Bank's long-held "fan chart" forecasting system and the introduction of a revamped forecast framework. It added that the BoE currently relies more heavily than other central banks on a central forecast, which may not fully account for wider risks or how inflation expectations can become "de-anchored." Additionally, the review said the bank needed to improve its communication with the public, suggesting the it put less emphasis on the central forecast, simplify its policy statement, and reduce repetitiveness."

Persons: Ben Bernanke, —, BoE, Andrew Bailey, Bailey Organizations: Bank of England, City of, Federal, CNBC, Monetary, Bank Locations: City, City of London, United Kingdom, U.S

☆ WTO forecasts rebound in global trade but keeps geopolitical risks in focus
▼ + stars: | 2024-04-10 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The World Trade Organization on Wednesday said that it expects global trade to rebound gradually this year, before rising further in 2025, as the impacts of higher inflation fall into the rearview mirror. In its latest "Global Trade Outlook and Statistics" report, the WTO forecast that total global trade volumes will increase by 2.6% in 2024, and by a further 3.3% in 2025. It follows a larger-than-expected 1.2% decline in 2023, as inflationary pressures and higher interest rates weighed on international trade. The trade rebound is expected to be "broad-based," including across Europe, which experienced some of the deepest falls in trade volumes last year as a result of geopolitical tensions and the energy crisis caused by Russia's full-scale invasion of Ukraine. "Europe was really weighing on international trade in 2023, and we don't see that being the case anymore," Ossa said.

Persons: Ralph Ossa, CNBC's Silvia Amaro, Russia's, Ossa Organizations: World Trade Organization, Trade Outlook, WTO Locations: Europe, Africa, India, Pakistan, Southeast Asia, Qianwan, Qingdao Port, Qingdao, China, Ukraine

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