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☆ European travel giant Tui will leave the London Stock Exchange
▼ + stars: | 2024-02-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Tui, one of the world’s largest travel agencies, will leave the London Stock Exchange in June — the latest blow to the British capital’s longstanding reputation as the undisputed leader of Europe’s stock markets. Shareholders in the German company, which is dual-listed in London and Frankfurt, voted Tuesday to delist the firm from the London Stock Exchange. The company expects to cancel its shares on the London Stock Exchange in late June. A Tui cruise ship in Malaga port in June 2021. Jorge Guerrero/AFP/Getty ImagesHeadquartered in Hanover, Tui owns more than 400 hotels, 16 cruise ships, five airlines and 1,200 travel agencies.

Persons: London CNN —, Tui, Mathias Kiep, “, ”, Delphine Currie, Reed Smith, Jorge Guerrero, “ It’s, ” Kiep, Sebastian Ebel Organizations: London CNN, London Stock Exchange, Shareholders, ARM Holdings, …, Getty, Revenue, Canaries Locations: London, Frankfurt, United Kingdom, Germany, New York, “, Amsterdam, Paris, Malaga, AFP, Hanover, Tui, Israel, East, Egypt, Cape Verde, Mexico, Thailand, Dominican Republic, South Africa, Red Sea, Yemen

☆ Can Germany’s sputtering economy be revived in 2024?
▼ + stars: | 2024-02-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

Europe’s biggest economy shrank last year for the first time since the onset of the Covid-19 pandemic. And the outlook isn’t much brighter: the International Monetary Fund predicts that Germany will be the slowest-growing major economy in 2024, eking out an increase of just 0.5%. “Germany needs a fundamental economic transformation,” Marcel Fratzcher, president of the German Institute for Economic Research in Berlin, told CNN. Carsten Koall/Getty ImagesHomegrown troublesAlongside an external environment that has become more hostile to Germany’s outward-facing economy, the country’s internal political climate has worsened. Businesses such as these, which can find new markets and applications for their know-how, may hold the key to reviving Germany’s moribund economy.

Persons: What’s, ” Marcel Fratzcher, ”, Carsten Brzeski, Jens Schlueter, Constanze Stelzenmuller, Christian Lindner, Olaf Scholz, Robert Habeck, Carsten Koall, Michael Probst, Karl Haeusgen, ” Sebastian Shukla, Chris Stern Organizations: London CNN — Trains, Lufthansa, International Monetary Fund, European Union, European Commission, German Institute for Economic Research, CNN, ING, Brookings Institution, Volkswagen, Biden, Free Democratic Party, Social Democratic Party and, Green Party, Deutsche, LinkedIn, Investors, SAP, chipmaker Infineon, Intel, MAN Energy Solutions, Germany’s Machinery, Equipment Manufacturers Association Locations: Europe’s, Germany, Ukraine, Berlin, Europe, China, Zwickau, United States, Russia, “, Japan, masse, Frankfurt, ”, Hamburg, Jungheinrich, Augsburg, Munich, Esbjerg, Denmark

☆ ‘The greatest real estate crisis since the financial crisis.’ German bank sets aside more money for bad loans
▼ + stars: | 2024-02-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Deutsche Pfandbriefbank, or PBB, a German lender focused on commercial real estate, has set aside more money for bad debts as it prepares for what it says is the worst decline in commercial property values in 15 years. PBB increased its provisions for last year by as much as €215 million ($231.7 million), it said in a statement Wednesday, citing “persistent weakness of the real estate markets.”“Despite these expenses, PBB remains profitable thanks to its financial strength — even in the greatest real estate crisis since the financial crisis,” it added. The bank expects to report a profit of €90 million ($97 million) for 2023. PBB is at least the second German bank to warn of potential losses on commercial real estate loans. Germany’s biggest lender Deutsche Bank said last week that it had allocated €123 million ($133 million) during the fourth quarter of last year to absorb potential defaults on its US commercial real estate loans.

Organizations: London CNN — Deutsche, PBB, Deutsche Bank

☆ UBS to cut another $3 billion in costs as it absorbs Credit Suisse
▼ + stars: | 2024-02-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

The savings will provide “necessary capacity for reinvestment to reinforce the resilience of our infrastructure as we absorb Credit Suisse and to drive sustainable growth by investing in talent, products and services,” it added. Already, UBS (UBS) slashed headcount in the fourth quarter by more than 3,100 to under 113,000, taking the number of layoffs announced last year above 16,000. “2023 was a defining year in UBS’s history with the acquisition of Credit Suisse,” CEO Sergio Ermotti said in a statement. UBS agreed to buy Credit Suisse last March for the bargain price of $3 billion in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. Ermotti has previously said that 2024 will be the “pivotal” year in the takeover of Credit Suisse, with the migration of IT systems presenting huge risks as the two banks merge operations across more than 50 countries.

Persons: Sergio Ermotti, Ermotti Organizations: London CNN, UBS, Credit Suisse, Swiss Locations: Switzerland, Swiss

☆ Boeing is in the ‘last chance saloon,’ says Emirates head Tim Clark
▼ + stars: | 2024-02-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Tim Clark, the president of Emirates, has joined a chorus of airline executives in warning that Boeing is running out of time to restore its reputation following a series of safety and manufacturing blunders. I’m sure Dave Calhoun and Stan Deal are on that,” he added, referring to Boeing’s CEO and head of commercial airplanes respectively. Clark isn’t the first airline boss to criticize Boeing since part of the fuselage of a 737 Max 9 blew out mid-flight in early January. Clark said that for the first time Emirates would send its own engineers to observe the production process of the 777 at Boeing and its supplier Spirit AeroSystems. “The fact that we’re having to do that is testament to what has happened,” he told the Financial Times.

Persons: Tim Clark, Clark, “ They’ve, Dave Calhoun, Stan Deal, Clark isn’t, Scott Kirby, ”, “ Will, Will, they’ve, Calhoun’s, that’s, —, Michael O’Leary, Brian West Organizations: London CNN, Emirates, Boeing, Financial, ” Emirates, CNBC, Alaska Airlines, Financial Times, “ Will Boeing, Will Boeing, CNN, Ryanair — Europe’s Locations: Alaska, Dubai, Indonesia, Ethiopia, Calhoun

☆ These market signals suggest recession fears aren’t gone yet
▼ + stars: | 2024-02-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

The Dow Jones Transportation Average, which tracks 20 US transportation stocks from railroads to airlines to delivery, has fallen 1.6% so far this year, underperforming the broader Dow industrials’ 2.2% gain. As that optimism dims, some investors worry that the decline in transportation stocks suggests rough times ahead for the economy. The transportation index tends to fall when the economy deteriorates, as demand for travel and goods wanes. Turmoil in the airline industry also likely contributed to the recent slide in transportation stocks. But net profit fell 14% to €4.9 billion ($5.3 billion) as its tax bill rose.

Persons: CH, , ”, Mark Luschini, Janney Montgomery Scott, Russell, Howard Silverblatt, Dow, effusively, ”, Luschini, Jason Heller, “ I’m, Hanna Ziady, Sewing, Read, Tod Steward, He’s, It’s, Parija Kavilanz, Steward, Steward hasn’t, “, haven’t, that’s Organizations: CNN Business, Bell, New York CNN, Dow Jones Transportation, Dow, CH Robinson Worldwide, United Parcel Service, Avis Budget Group, Alaska Air Group, Federal Reserve, Alaska Airlines Boeing, Max, Apple, Microsoft, Meta, Dow Jones, Tesla, Coastal Wealth, Deutsche Bank, Super Bowl, CNN Locations: New York, Seattle

☆ Deutsche Bank to cut 3,500 jobs
▼ + stars: | 2024-02-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: 1 min

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☆ Russia’s frozen assets are generating billions. The EU is getting ready to send them to Ukraine
▼ + stars: | 2024-02-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Russian assets frozen in European accounts are generating billions of dollars in interest payments that could be diverted to help repair Ukraine’s war-torn economy — and the European Union just took a step closer to doing that. After Russia’s full-scale invasion of Ukraine in February 2022, Western countries froze nearly half of Moscow’s foreign reserves — some €300 billion ($327 billion). Around €200 billion ($218 billion) sits in the European Union — mostly at Euroclear, a financial institution that keeps assets safe for banks, exchanges and investors. The EU has been at pains to contrast the illegality of Russia’s invasion with its own strict adherence to the rule of law. Lawyers are working on the text of the agreement before returning it to EU member states for final approval.

Persons: Euroclear, —, ” — James Frater Organizations: London CNN, European Union, EU, immobilised Central Bank of Russia, ”, Group, World Bank, European, European Central Bank, CNN Locations: Ukraine, ” Belgium, Euroclear, Russia, EU

☆ Companies are hopeful about the economy again — even if they’re nervous
▼ + stars: | 2024-02-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Earnings season is in full swing, and that means investors get a chance to hear from multinational companies about the state of the global economy. Some of the United States’ biggest companies are in the hot seat to answer questions about the economy, and where it could be headed. Like the rest of the US, companies are watching whether the economy could still tip into a recession as interest rates hover around a 23-year high. Achieving a soft landing, or a situation in which inflation comes down without an economic downturn, looks likely, some companies said. According to the UK government’s own estimates, the checks — including physical inspections from April — will cost British businesses about £330 million ($419 million) annually and increase food inflation by about 0.2 percentage points over three years.

Persons: it’s, ”, Michael Hsu, Kimberly, Clark, Blackstone, Stephen Schwarzman, Christophe Le Caillec, Jim Vondruska, We’re, Robert Isom, Lorenzo Simonelli, Baker Hughes, Alan Schnitzer, Elisabeth Buchwald, “, Christopher Waller, Waller, Hanna Ziady, Read Organizations: CNN Business, Bell, New York CNN, United States ’, American, O'Hare Airport, Travelers Companies, ”, European Union Locations: New York, Chicago , Illinois, United Kingdom, Britain

☆ Brexit is finally coming for UK food imports, and prices could rise
▼ + stars: | 2024-01-31 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —New border controls on some of Britain’s food imports from the European Union came into force Wednesday for the first time since Brexit, increasing red tape for businesses and threatening to drive up prices for consumers. Industry groups have warned, however, that the new measures could ultimately hike prices of some staples and disrupt supplies when physical border checks are introduced at the end of April. Rising food prices have been a key driver of the nation’s cost-of-living crisis, and adding cost and friction to supply chains won’t help matters. A group of 30 trade organizations representing the UK food supply chain said last week that the new border measures would “impact the flow of critical food ingredients” from the EU to the UK. Europe is the UK’s leading foreign supplier of food, accounting for more than a quarter of food consumed in Britain by value.

Persons: Steve Barclay Organizations: London CNN, European Union, Industry, Meat Processors Association, EU Locations: United Kingdom, Britain, British, Europe

☆ Europe should brace for ‘harsh decisions’ if Trump is re-elected, says ECB’s Lagarde
▼ + stars: | 2024-01-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Europe should prepare for possible threats to its economy — including new US tariffs on its exports — if Donald Trump returns to the White House, according to European Central Bank President Christine Lagarde. “Let us prepare for potential tariffs, for potential harsh decisions that would be unexpected. The transatlantic relationship was strained during Trump’s first term, not least by a tit-for-tat trade spat between Washington and Brussels. That dispute saw the United States impose tariffs on EU steel and aluminum, to which the EU responded with tariffs on $3 billion worth of US goods, including whiskey, motorcycles and denim. The United States is the EU’s biggest source of foreign direct investment.

Persons: Donald Trump, Christine Lagarde, Mr Trump, ”, CNN’s Richard Quest, ” Lagarde, Trump, Trump’s, Lagarde, “ Organizations: London CNN, White, European Central Bank, United, EU, Republican, Ukraine, Russia, Trade, Trump, French, France, NATO Locations: Europe, United States, Washington, Brussels, Paris

☆ Ryanair CEO has ‘a lot of confidence’ in Boeing chief David Calhoun
▼ + stars: | 2024-01-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

“I have a lot of confidence both personally and professionally in David Calhoun and in Brian West,” Ryanair’s Michael O’Leary said Monday, referring to Boeing’s CEO and chief financial officer respectively. Calhoun — who was appointed to the top job in January 2020 as Boeing was already struggling with quality and safety issues — will unveil the planemaker’s full-year results Wednesday. Ryanair CEO Michael O'Leary, left, voiced strong support for Boeing CEO David Calhoun Monday. Partly because of this, Ryanair expects full-year profit for the current financial year to be at the lower end of a range of €1.85 billion-€1.95 billion ($2 billion-$2.1 billion) — trimming a November forecast of up to €2.05 billion ($2.2 billion). That would still be up from its previous record of €1.45 billion ($1.6 billion) earned in 2018, before the Covid-19 pandemic.

Persons: ”, David Calhoun, Brian West, Michael O’Leary, “, Calhoun —, Dennis Muilenberg, Calhoun, Michael O'Leary, Scott Kirby, Kirby, Max, ” O’Leary, we’ll, O’Leary, ” — Organizations: London CNN, Boeing, Ryanair, Lauda, United, Max, Alaska Airlines, US Federal Aviation Administration, CNBC, United Airlines, Reuters, Airbus Locations: US, Austrian, Alaska, American, Toulouse, United Kingdom, Kiwi.com, Europe

☆ How America’s economy keeps defying expectations when the rest of the world is struggling
▼ + stars: | 2024-01-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Economists were convinced the last quarter of 2023 had to be the one where economic growth slowed significantly after the prior quarter’s gangbuster 4.9% annualized growth rate. Gross domestic product, the broadest measure of economic output, did slow last quarter to a 3.3% annualized rate. It’s remarkable given economists were expecting 1.5% annualized GDP growth last quarter. But what’s perhaps most remarkable about the US economic growth rate is how much it towers over similarly sized advanced economies. Covid stimulus money is helping Americans avoid cutting back on spending.

Persons: Larry David, that’s, rateaccording, Joseph Gagnon, David Paul Morris, Gagnon, That’s, Alicia Wallace, Hanna Ziady, he’s, I’ve, it’s Organizations: New, New York CNN, Gross, Peterson Institute for International Economics, Federal Reserve, Bloomberg Locations: New York, Singapore, Europe, Ukraine

☆ A six-day train strike is the last thing the German economy needs
▼ + stars: | 2024-01-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Germany is bracing for widespread disruption to rail services after train drivers embarked on a record six-day strike Wednesday, which will further strain crucial supply chains and deal a new blow to the sputtering economy. The state-owned rail operator said the action would cause “massive disruptions” to long-distance, regional and city commuter services until Monday. That was a major drag on the economy overall, with gross domestic product falling 0.3% in 2023, likely the weakest performance among Europe’s big countries. The strike represents “a major logistical challenge” for the chemical and pharmaceutical sector, the German Chemicals Industry Association told CNN. Germany’s supply chains are already struggling because of attacks on ships in the Red Sea.

Persons: Joerg Kraemer, “, ”, Anja, GDL, Claus Weselsky, Tesla, Michael Groemling, Chris Stern Organizations: London CNN —, Germany’s, Deutsche Bahn, Freight, Deutsche Bahn’s, German Chemicals Industry Association, CNN, German Association of, Automotive Industry, Tuesday Deutsche Bahn, Cologne Institute, Economic Research Locations: London CNN — Germany, Germany, Germany’s, “, Red, Berlin

☆ Alaska Airlines CEO says company found loose bolts on ‘many’ Boeing Max 9s
▼ + stars: | 2024-01-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Alaska Airlines CEO Ben Minicucci revealed the carrier found “some loose bolts on many” Boeing 737 Max 9s in an interview for “NBC Nightly News with Lester Holt” scheduled to air Tuesday. The US Federal Aviation Administration urged airlines on Sunday to inspect so-called door plugs on an earlier version of Boeing 737 airplanes. After recent inspections of the newer Max 9s, United Airlines and Alaska Airlines have found loose bolts. NBC asked Minicucci if Boeing has a problem with quality control extending beyond a single plane. We will follow the lead of the FAA and support our customers every step of the way.”The CEO of United Airlines, one of the biggest buyers of Boeing jets, also expressed frustration with the company.

Persons: Ben Minicucci, Lester Holt ”, ” Minicucci, Max, that’s what’s, ”, Minicucci, Stan Deal, “ I’m, Scott Kirby, they’ve, ” CNN’s Chris Isidore, Gregory Wallace, Hanna Ziady Organizations: New, New York CNN, Alaska Airlines, Boeing, Max, NBC, US Federal Aviation Administration, United Airlines, FAA, Airplanes, United, CNBC Locations: New York, Portland , Oregon, Ontario , California, Alaska

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ Davos: AI shouldn’t make ‘life-or-death’ decisions, says OpenAI’s Sam Altman
▼ + stars: | 2024-01-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

But there are also dystopian fears that AI could destroy humanity or, at least, lead to widespread job losses. He said people had found ways to make themselves more productive using generative AI and they also understood “what not to use it for.” Generative AI gives humans “better tools” and “access to a lot more capability” but “we’re still very focused on each other,” he added. In a report Sunday, the International Monetary Fund predicted that AI will affect almost 40% of jobs around the world, “replacing some and complementing others,” but potentially worsening income inequality overall. Notwithstanding optimism over the technology’s potential, both Benioff and Altman stressed the need for regulating AI systems to guard against some of the potential existential threats posed by the technology. “I think it’s good that people are afraid of the downsides of this technology,” Altman said.

Persons: OpenAI’s Sam Altmann, ChatGPT, Altman, “, Marc Benioff, ” Altman, OpenAI —, ”, Olesya Dmitracova Organizations: London CNN, Economic, International Monetary Fund, New York Times Locations: Switzerland, Davos, Milan

☆ UK inflation posts first rise in almost a year
▼ + stars: | 2024-01-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation accelerated in December for the first time since February last year, official data showed Wednesday. Core inflation, which strips out volatile food and energy prices, remained stuck at 5.1%, while services inflation increased from 6.3% to 6.4%. The UK data mirrors the trend in the United States and Europe of slight upticks in headline inflation. Energy prices could also rise if the conflict in the Middle East escalates further. Still, several leading UK economists shrugged off the latest increase in inflation, noting that inflation could return to the Bank of England’s 2% target by the spring, helped by recent falls in energy prices.

Persons: Grant Fitzner, shrugged, ”, Roger Barker, Yael Selfin Organizations: London CNN —, National Statistics, Reuters, US Federal Reserve, European Central Bank, Bank of England’s, Institute of, KPMG, Bank of England Locations: United States, Europe, Red

☆ Davos: In AI race, months count in staying ahead of China, says US senator
▼ + stars: | 2024-01-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The United States measures its lead over competitors in artificial intelligence in “months,” according to a lawmaker, highlighting the intense rivalry between nations to dominate a technology poised to transform the global economy. Speaking at the annual meeting of the World Economic Forum in Davos in Switzerland Tuesday, Republican Senator Mike Rounds said the Biden administration’s decision to tighten controls on exports of advanced AI chips to China had bought the United States “a few more months” to maintain its competitive edge. Washington expanded restrictions on chip sales to China in October, further tightening a sweeping set of export controls introduced a year earlier. The move irked Beijing, which has vowed to “win the battle” in core technologies to bolster China’s position as a tech superpower. In a report Sunday, the International Monetary Fund predicted that AI will affect almost 40% of jobs around the world, “replacing some and complementing others.”

Persons: Mike Rounds, Biden, ”, Arvind Krishna, You’ve Organizations: London CNN, Economic, United, Senate, International Monetary Fund Locations: United States, Davos, Switzerland, China, Washington, Beijing

☆ Germany, Europe’s biggest economy, shrank last year
▼ + stars: | 2024-01-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

Gross domestic product was 0.3% lower in 2023 than in the previous year, according to Germany’s Federal Statistical Office (Destatis). “Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises,” Destatis president Ruth Brand said in a statement. GDP in the fourth quarter also fell by 0.3% on the previous quarter, according to a prelininary estimate from the statistics office. Although inflation has eased, prices remain high throughout the economy and have put a damper on economic growth, Brand added. Output in the euro area shrank slightly in the third quarter of 2023.

Persons: ”, Ruth Brand, Brand Organizations: London CNN, Gross, Federal, Office Locations: Germany

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

☆ World Economic Forum risks report sees a ‘global catastrophe’ within 10 years
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The gloomy outlook comes from an annual survey by the World Economic Forum (WEF) of people paid to identify and manage global risks. According to the report published Wednesday, nearly two-thirds of respondents expect an “elevated chance of global catastrophes” in the next decade. Sam Yeh/AFP/Getty ImagesExtreme weather events were ranked the number two short-term risk, demonstrating heightened awareness about the environment and climate change in a year plagued by rising temperatures and rampant floods and wildfires. Cyber insecurity also made it into the top five short-term risks, for the first time in a decade. Lack of economic opportunity, persistently high inflation and an economic downturn were ranked sixth, seventh and ninth on the list of short-term risks respectively.

Persons: “, Carolina Klint, Marsh McLennan, ”, Hou Yu, Sam Yeh, “ It’s, Saadia Zahidi, ” Zahidi, ” John Scott Organizations: London CNN, Humanity, World Economic, American Psychological, Marsh, CNN, ih, Getty, Zurich Insurance Group Locations: Davos, Switzerland, Israel, Carolina, Europe, Taoyuan, AFP

☆ Spotify layoffs: Company to cut 17% of jobs
▼ + stars: | 2023-12-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Spotify is not an exception to these realities,” Ek wrote in a letter to staff posted to the company’s website. And in June, Spotify cut 200 employees from its podcasting unit. Despite adding 6 million subscribers in the June-to-September period — 2 million more than the company had forecast — Spotify eked out a profit of just €32 million ($34.8 million) in that time. That was up from a loss of €228 million ($248 million) in the same period last year. The company has 226 million subscribers in total.

Persons: Daniel Ek, ” Ek, headcount, Daniel Ek Drew Angerer, Ek, “, ” Organizations: London CNN, Spotify, Microsoft

☆ UK’s Metro Bank and Lloyds join Barclays in announcing job cuts weeks before Christmas
▼ + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Staff at UK banks face layoffs in the lead-up to Christmas in what one labor union called “disgraceful” timing. Struggling Metro Bank said Thursday that it expected to slash headcount by 20% as part of efforts to save £50 million ($63 million) a year. But Chris Beauchamp, chief market analyst at stockbroker IG, said becoming more like the big banks Metro Bank sought to displace would “sorely diminish” the lender’s appeal. “Far from being a serious challenger to the UK’s established banks, Metro continues to flounder,” he wrote in a note. Metro Bank also said new stock issued as part of an emergency equity raise last month to shore up its finances would begin trading Thursday.

Persons: “, Daniel Frumkin, Chris Beauchamp, ”, Charles Schwab, Dominic Hook, upskilling, Andrew Coombs, Jaime Gilinski Bacal Organizations: London CNN — Staff, Metro Bank, Lloyds, Barclays, Metro, Citigroup, Vice Media, Continental, Unite, ” Citi, Bank of England Locations: United Kingdom

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