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Over the past few weeks, economic news from the U.K. has heavily focused on the state of British national finances and how they might impact both the British public and the prospects for economic growth. Regardless of how the U.K. fiscal situation stands now, it is clear that the current shortfalls are both years in the making and run the risk of having consequences that could last for years to come. The ultimate dilemma facing Labour now is that the country cannot produce enough revenue to close systemic shortfalls without sustained economic growth, but it also cannot create economic growth without real investment, both from the public and private sectors. In many ways, the current fiscal situation dates back to the financial crisis of 2008 and the fact that the country's economy was unable to snap back readily to close the budget shortfalls that occurred then. Borrowing in the financial year to August stood at £64.1 billion ($85 billion), with the country's debt hitting 100% of GDP.
Persons: Keir Starmer, John Healey, George Robertson, Rachel Reeves, Jeremy Hunt Organizations: British, Defence, Downing, Labour, Conservative Locations: London, England, British, United States, China, Japan
CNN —When the Philadelphia Phillies won the National League (NL) East for the fifth year in a row in 2011, they probably did not expect to have to wait too much longer for their next division title. Fast-forward to Monday night and the Phillies have clinched their first NL East crown in 13 years with a 6-2 win over the Chicago Cubs at Citizens Bank Park. Only the Los Angeles Dodgers (93-63) have a better record in MLB this season than the Phillies (93-64). “This is what you work for all year,” two-time NL MVP Bryce Harper told NBC Sports Philadelphia from a raucous locker room. To be able to win your division, it’s hard to do in baseball.
Persons: Rob Thomson’s, , Bryce Harper, “ I’ve, “ We’ve, we’ve, Kyle Schwarber, We’re, We’ve, Rob Thomson, Matt Slocum, Schwarber, JT Realmuto’s, Ryan Howard, Nick Castellanos ’, Trea Turner, Luis Vázquez, Harper, Castellanos, Michael Busch Organizations: CNN, Philadelphia Phillies, National League, Phillies, NL East, Chicago Cubs, Citizens Bank, The Atlanta Braves, Atlanta, Los Angeles Dodgers, MLB, NBC Sports Philadelphia, Milwaukee Brewers, Houston Astros, Cubs Locations: Philadelphia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBillionaire investor John Paulson: Trump's tariff plans are 'well-founded'Billionaire hedge fund manager, Paulson & Co. founder and president and Trump campaign adviser John Paulson joins 'Squawk Box' to discuss the state of the 2024 election, Donald Trump's tariff proposals and economic agenda, why he's throwing support behind the former President, and more.
Persons: John Paulson, Paulson, Trump, Donald Trump's Organizations: Billionaire, Co
Read previewUkrainian President Volodymyr Zelenskyy criticized Ohio Sen. JD Vance as being "too radical" and recommended that he read up on World War II in an interview with The New Yorker. In exchange, Vance said, Ukraine would need to guarantee it wouldn't join NATO or other "allied institutions." AdvertisementIn his interview with The New Yorker, Zelenskyy dismissed this as an "awful idea" and "just sloganeering." Advertisement"Let Mr. Vance read up on the history of the Second World War, when a country was forced to give part of its territory to one particular person," he told The New Yorker. In the interview, Zelenskyy also addressed Trump's repeated claims that he could end the war between Russia and Ukraine within 24 hours, despite his failing to present a specific plan.
Persons: , Volodymyr Zelenskyy, Ohio Sen, JD Vance, Zelenskyy, Donald Trump's, Vance, Trump, wouldn't, Mr, Adolf Hitler, Hitler, Trump's Organizations: Service, Ohio, Business, NATO, New, Trump Locations: Ukraine, Russia, Ukrainian, Europe
Twice in my life, I've attempted to retire, and both times, I've been tempted back into full-time work. Both my husband and I had done very well in our jobs, so I was fortunate enough to be able to retire early. By the age of 40, I'd worked my way to the top as a financial planner. AdvertisementDuring my second attempt at retirement, I realized how much I loved working with clientsThen, I really lost my mojo for work. While this adventure was exhilarating, I ultimately realized I missed being at home near loved ones and, most of all, working with clients.
Persons: , Chris Childs, I've, I'd, We'd, wasn't, I'm, David, He'd Organizations: Service, Business, mojo Locations: Australia, Italy, France, England
Shares in Bloom Energy could double if the fuel cell company wins a large deal to power data centers similar to the Three Mile Island nuclear plant restart , according to Morgan Stanley. Morgan Stanley values Constellation's contract with Microsoft at $100 per megawatt hour, compared to the typical market price of about $50 per megawatt hour. Including grid charges, the prices rises to $130 per megawatt hour, according to the bank. Bloom, however, is positioned to capture a so-called "time-to-power" premium by directly supplying a major data center, according to Morgan Stanley. Morgan Stanley raised its price target to $22 from $20 in mid-August, 2024, and has rated Bloom Energy overweight since April 2023.
Persons: Morgan Stanley, Andrew Percoco, Bloom, Percoco, — CNBC's Michael Bloom Organizations: Bloom Energy, Constellation Energy, Microsoft, BE Locations: Harrisburg , Pennsylvania
Read previewDown rounds and flat rounds for VC-backed startups have hit an all-time high this year since 2014. And AI startups, which have been the darlings of the tech ecosystem since late 2022, aren't exempt from the trend. The deal was seen by some investors as an omen for a wider phenomenon in the AI ecosystem — an impending wave of flat rounds and down rounds. "Investors went crazy for AI startups with zero revenue, at higher valuations, which will be an issue," said Umesh Padval, managing director at Thomvest Ventures. Down rounds are on the riseIn 2022, 90.2% of AI startups in the US raised up rounds, while 6.5% raised down rounds, according to PitchBook data.
Persons: , we've, Andreas Riegler, Umesh Padval, Padval, Francesco Ricciuti Organizations: Service, Microsoft, Business, Big Tech, APEX Ventures, Jasper, Google, Thomvest Ventures, Runa Locations: London
Here are Tuesday's biggest calls on Wall Street: Piper Sandler initiates Colgate-Palmolive and Church & Dwight as overweight Piper said both consumer products company offer an attractive risk/reward. Piper Sandler upgrades Salesforce to overweight from neutral Piper said it sees an attractive risk/reward for the stock. Bernstein reiterates Amazon as outperform Bernstein said advertising is "key to the bull case once again" for Amazon. Wedbush upgrades Comerica to outperform from neutral The firm added the regional bank to its best ideas list. " CFRA reiterates Nvidia as buy The firm says it sees Nvidia with "sustained compute demand" over the coming years.
Persons: Piper Sandler, Dwight, Piper, Baird, Jefferies, it's bullish, Raymond James reinstates Uber, Raymond James, Goldman Sachs, Goldman, KeyBanc, Morgan Stanley, immuno, Oppenheimer, Lowe's, Redburn, it's, Truist, Baird downgrades McKesson, Needham, Apple, Pinterest, Leerink, Guggenheim, Tesla, TSLA, Bernstein, CFRA Organizations: Colgate, Palmolive, Church, Jefferies, Starbucks, Avidity Biosciences, BP, Exxon, Costco, Walmart, Apple, GE Vernova, UBS, Citi, Mastercard, Visa, U.S, DOJ, Comerica, CMA, Nvidia
Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York in Manhattan in New York City, U.S., April 23, 2024. A year after Jamie Dimon named geopolitics as the world's biggest risk, JPMorgan Chase's CEO sounded the alarm again, warning that the state of global stability has gotten worse. During his visit to India, Dimon said in an exclusive interview with CNBC-TV18 released Tuesday: "My caution is all geopolitics, which may determine the state of the economy." "Geopolitics is getting worse, they are not getting better. The interview came almost a year after Dimon had called geopolitics, after Russia's invasion in Ukraine, the biggest risk that he sees facing the world, larger than high inflation or a U.S. recession.
Persons: Jamie Dimon, Dimon, Yemen's, I'm Organizations: JPMorgan Chase & Co, Economic, of New, JPMorgan, CNBC, TV18, ., Federal Reserve, Traders Locations: of New York, Manhattan, New York City, U.S, India, Red, Ukraine, Russia
The truth about promotions
  + stars: | 2024-09-24 | by ( Aki Ito | ) www.businessinsider.com   time to read: +9 min
That was obviously a bad idea, and since then, we've spent a century and a half honing the art and science of promotions. To study promotions, the researchers conducted a series of clever experiments. But in other groups, managers were selected based on their own preferences. What did much better at predicting good managers was intelligence, as measured by a common IQ test. "Don't think, well, they like to talk, and therefore they're going to be a good manager."
Persons: we've, we're, David Deming, It's, Dunning, Kruger, Mark Zuckerberg, Elon Musk, Deming, they'll, Aki Ito Organizations: National Bureau of Economic Research, Employees, Harvard Kennedy School, Harvard, Tech, Business Locations: America
CNBC Daily Open: Fedspeak reassures markets
  + stars: | 2024-09-24 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets regain momentumU.S. markets rose Monday, with the S&P 500 and Dow Jones Industrial Average notching fresh closing highs. Asia-Pacific stocks mostly climbed Tuesday, with the Chinese and Hong Kong markets popping over 3% on Beijing's announcement of policy easing measures. PBOC policy easingThe People's Bank of China Governor Pan Gongsheng on Tuesday announced a cut to banks' reserve requirement ratio.
Persons: Neel Kashkari, The Beverly Hilton, Pan Gongsheng Organizations: Federal Reserve Bank of Minneapolis, The Beverly, CNBC, Dow Jones, People's Bank of China, Boeing, Tech, Big Tech, Companies, Nomura Locations: Beverly Hills , California, U.S, Asia, Pacific, Hong Kong, China, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Paulson & Co. founder and president John PaulsonBillionaire hedge fund manager, Paulson & Co. founder and president and Trump campaign adviser John Paulson joins 'Squawk Box' to discuss the state of the 2024 election, Donald Trump's tariff proposals and economic agenda, why he's throwing support behind the former President, and more.
Persons: John Paulson, Paulson, Trump, Donald Trump's Organizations: Paulson, Co, John Paulson Billionaire
But when it came to finding a publisher for her children's book, "Leena Mo, CEO," she found herself in the hot seat. Now "Leena Mo, CEO," finally has a place on bookshelves. AdvertisementShakir's children's book, "Leena Mo, CEO," releases September 24, 2024. Deena ShakirWriting the female founder's storyShakir wrote the entire first draft of "Leena Mo, CEO" one frenzied weekend in December 2020. "Leena Mo, CEO" is also peppered with Arabic words — like the robot's name, "Helmy," a Romanized derivation of the Arabic word for "my dream."
Persons: , Deena Shakir, Leena Mo, Shakir, Simon & Schuster, Chelsea Clinton, Sheryl Sandburg, Everly Health —, that's, Leena Mo's, Deena Shakir Shakir, she's, she'd Organizations: Service, Simon &, Business, Maven Clinic, Everly Health, Google Locations: Muslim
Many new programmers who start in Gaba's shoes turn to free YouTube videos or their pricey counterpart, programming courses. "I started learning programming very late in my life, around 25, and I was completely confused at the time," Gaba told Business Insider. In the search for alternative resources, Gaba discovered ways to access Google's programming courses for free. AdvertisementAuditing a Google programming course allows you to enroll without receiving credit or a certification. Gaba recommends Google's Machine Learning Crash Course as a great way to dabble in machine learning without being overwhelmed by every algorithm out there.
Persons: , Sahil Gaba, Gaba, SQL Gaba, GitHub Gaba, It's, Tess Martinelli Organizations: Service, Google, Business, Gaba, Amazon, Trade, Linux, SQL, Big Tech, Cybersecurity Locations: tmartinelli
Elliott Management said Tuesday it will call a special meeting at Southwest Airlines "as soon as next week," shortly after the company put forward a sweeping board shakeup that it hoped might stave off a proxy fight. The push comes days before the airline's investor meeting, where it is expected to unveil improvements and operating changes. Southwest's shareholder meeting is typically scheduled for May, but by calling for a special meeting Elliott is looking to elect new directors much sooner than that. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year. "The need for change is urgent, and our request for a special meeting may come as soon as next week," Pike and Xu said.
Persons: Elliott, Bob Jordan, Gary Kelly, John Pike, Bobby Xu, Pike, Xu, Andrew Watterson, Robert Jordan Organizations: Elliott Management, Southwest Airlines, Airlines, Aircraft Mechanics Fraternal Association
New York CNN —Boeing still has to make “significant changes” to improve the quality and safety of its airplanes, according to the head of the Federal Aviation Administration. “There must be a shift in the company’s safety culture to holistically address its systemic quality assurance and production issues,” he will say, according to his remarks. The incident sparked numerous federal investigations into Boeing, and numerous congressional hearings that raised questions about its quality and safety of its planes. Whitaker is set to say that Boeing must make “significant changes” to address “systemic production quality issues.” And his remarks also promise that the FAA will be more active in oversight of both Boeing and its primary supplier, Spirit AeroSystems, which Boeing is in the process of purchasing. “We have added more safety inspectors in the Boeing and Spirit AeroSystems facilities, and we will maintain our increased on-site presence for the foreseeable future,” he will say, according to his remarks.
Persons: Michael Whitaker, Max, , , Whitaker’s, Whitaker, Joe Buccino Organizations: New, New York CNN, Boeing, Federal Aviation Administration, Alaska Airlines, FAA, Reuters, CNN Locations: New York, Alaska
In another twist of his extreme rhetoric, Trump also seems to be seeking scapegoats should he lose the election in just over 40 days. Last week, at an event on antisemitism, the former president warned that “the Jewish people” would be partly to blame if he loses in November. As president, I have to be your protector.”Former President Donald Trump holds a fighting antisemitism event at Trump National Golf Club Bedminster on August 15, 2024, in Bedminster, New Jersey. On Monday, the former president warned that if Congress tried to block him from imposing new tariffs on China, he’d just ignore lawmakers. Like Trump, Harris argues that US Steel should remain American owned in opposing a sale to Nippon Steel — Japan’s biggest steelmaker.
Persons: Donald Trump, , ” Trump, Kamala Harris, Harris, , Trump, Benjamin Netanyahu, he’s, Biden, Netanyahu, , Adam Gray, We’re, Viktor Orbán, ” mused Trump, Republican Party —, Xi Jinping, Xi, he’d, John Deere, “ I’m, haven’t, Joe Biden, Win McNamee Organizations: CNN, Democratic, Fox News Town, America, Trump National Golf Club Bedminster, Getty, Farmers, Capitol, Republican, Republican National Convention, Republican Party, Monday, Investments, Trump, The New York Times, Siena College, Steel, Nippon Steel Locations: Pennsylvania, China, Israel, Bedminster , New Jersey, Harris, America, Hungarian, Beijing, Mexico, United States, Illinois, Ramos, Sprankle's, Kittanning , Pennsylvania, Arizona , North Carolina, Georgia
With little time to prepare, Tampa General Hospital began erecting a 10-foot-high flood barrier around the facility Monday because of the chance for storm surge and shifts in the storm’s track. A tropical storm watch was raised Monday afternoon for Florida’s Dry Tortugas and part of the Keys and Monday evening for Bonita Beach to Flamingo, where a storm surge watch is also in effect. Strong, potentially damaging winds and storm surge are likely near where the system ultimately comes ashore. Hurricane and tropical storm watches are already in effect for parts of Mexico and Cuba. The “storm surge, wind, and rainfall impacts will extend well away from the center, particularly to the east of the system.
Persons: Helene, Ron DeSantis, , Idalia, Mary Gilbert Organizations: CNN, United States ’, National Hurricane Center, Nine . Florida Gov, Tampa General Hospital, NHC, National Hurricane, Carolinas, Weather, Tennessee Locations: Florida, United, Caribbean, Tampa, Bend, Gulf, Mexico, Bonita Beach, Flamingo, Florida’s Big Bend, Louisiana, Central America, Cuba, Jamaica, United States, Florida , Georgia, Alabama, Georgia, Southern
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailZentner: If the economy does better than expected... you have to have yields come up. Ellen Zentner, Chief Economic Strategist and Global Head of Thematic and Macro Investing at Morgan Stanley Wealth Management, discusses the current economic landscape and the implications of potential Federal Reserve rate cuts.
Persons: Ellen Zentner Organizations: Global, Morgan Stanley Wealth Management
Rows of new energy vehicles are parked at Changan Automobile's vehicle distribution center in Chongqing, China, on January 14, 2024. Shares of Chinese automakers climbed Tuesday, shrugging off a U.S. government proposal to ban certain types of vehicles equipped with car parts from China and Russia, amid a broad rally after Beijing announced policy easing. The Joe Biden administration has cited national security risks for its latest measure aimed at curbing Chinese auto industry's influence and reach in the U.S."Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet. U.S. proposal to ban Chinese auto parts may not have a direct negative impact on the Chinese auto industry as the sales volume of Chinese auto exports to the U.S. markets are "very small" and limited, Wu said. Additionally, Chinese parts companies have already set up factories in South America, which can be exported directly to U.S. markets under the U.S.-Mexico Tariff Agreement, he added.
Persons: shrugging, Li, Nio, Leapmotor, Joe Biden, Gina Raimondo, Ivan Wu, Pan Gongsheng, Wu Organizations: Beijing, Guotai, People's Bank of China Gov, U.S, China Automobile Dealers Association Locations: Chongqing, China, U.S, Russia, Hong Kong, South America, Mexico
The Australian dollar hovered close to its highest level of the year on Tuesday, with the central bank set to hold policy steady later and traders focused on any hints of potential near-term easing. The Australian dollar hovered close to its highest level of the year on Tuesday, with the central bank set to hold policy steady later and traders focused on any hints of potential near-term easing. The yen edged up to 143.45 per dollar, but remained close to the center of its September range of 147.20 to 139.58, a more than one-year peak reached on Sept. 16. The yen has retreated amid waning bets for aggressive tightening by the BOJ, particularly after governor Ueda struck a cautious tone of Friday, saying the central bank would spend some time monitoring global growth risks. The BoE kept rates unchanged last Thursday, with its governor saying the central bank had to be "careful not to cut too fast or by too much".
Persons: Kazuo Ueda, , Pan Gongsheng, Ueda, Sterling, BoE Organizations: U.S, Bank of Japan, Bank of England, Federal Reserve, European Central Bank, Reuters, Commonwealth Bank of Australia, People's Bank of China, P Global Locations: China
Read previewThis as-told-to essay is based on a transcribed conversation with Christin Baumgarten, 39, about living in Bali with her husband and two kids. I moved to Bali from Berlin in April 2014. I moved to Bali when it was becoming known as an emerging startup hubI initially just planned to stay in Bali for the length of the three-month internship. Related storiesI was lonely at first, but now I have a husband and 2 kids hereInitially, I found Bali a bit lonely. Another is that following the Ukraine war, lots of people from Russia and Ukraine have moved to Bali.
Persons: , Christin Baumgarten, I'd, I've, we've, I'm Organizations: Service, Business, Tourism Locations: Bali, Berlin, Silicon Valley, Indonesian, Sumatra, Germany, Bali ., Ukraine, Russia, Renon
That's liquid cooling, a cooling technology used in data centers which helps to improve power and cost efficiency. "As air cooling is approaching the limit of its cooling capacity, the importance of liquid cooling is getting increasingly more pronounced … liquid cooling [is] becoming a must-have for GB200," said the bank. Nomura estimates the liquid cooling penetration rate in Nvidia's AI servers is set to rise from 8% in 2024 to 43% in 2025, and 47% in 2026. Liquid cooling systems are the solution to "power shortage pressures" in data centers, Morgan Stanley said in a previous report . Against that backdrop, Jefferies is bullish on four Asian stocks it says will be "key beneficiaries" of the liquid cooling trend.
Persons: Nomura, Morgan Stanley, Jefferies, it's, — CNBC's Michael Bloom Organizations: Nvidia, Nomura, Tech, Jefferies, Nvidia's G200, Micro Computer, Quanta's CDU, Microsoft, Meta, Web Services Locations: Taiwan, Delta
Routh, allegedly “stalked” Trump in Florida for more than a month, prosecutors told a federal magistrate judge on Monday, with cell phone data allegedly placing Routh at the golf course as well as Trump’s Mar-a-Lago residence across several days between August 18 and the day Routh was arrested. Routh was originally charged with two gun-related offenses, including obliteration of a firearm’s serial number and possessing a firearm while a convicted felon, while the investigation continued. Judge Aileen Cannon, a Trump appointee who oversaw, and later threw out, the federal criminal classified documents case against the former president, was randomly assigned to oversee the case, court documents show. The charges against Routh also include possessing a firearm in furtherance of a crime of violence and assaulting a federal officer, in addition to the two previous gun charges Routh faced. US Senate“The attempted assassination on the former president is a heinous act,” Attorney General Merrick Garland said at a news conference announcing an antitrust lawsuit against Visa.
Persons: Ryan Wesley Routh, Donald Trump’s, Routh, ” Trump, Aileen Cannon, Routh “, , ” Routh, Aileen M, Cannon, General Merrick Garland, ” Garland, Trump Organizations: CNN, Prosecutors, Trump, US, Court, Southern, Southern District of, Visa, , Justice Department Locations: Donald, Palm Beach, Florida, United States, Southern District, Southern District of Florida, Washington , DC, FLORIDA, ” Florida
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
Persons: Jim Cramer, we've, Jensen Huang, Huang, Oppenheimer, , We've, Cintas, Jim Cramer's, Jim Organizations: CNBC, China, Tech, Nvidia, Devices, Broadcom, Jim Cramer's Charitable
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