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☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ China is pumping money into stocks and markets are loving it
▼ + stars: | 2024-02-06 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Shanghai Composite, mainland China’s benchmark index for large state-owned companies and blue-chip stocks, ended up 3.2% on Tuesday, ending a six-day losing streak. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. Central Huijin Investment, the equity arm of state-owned China Investment Corp, announced Tuesday that it had recently expanded its holdings of exchange-traded funds (ETFs) on mainland stock markets. The intensified efforts came after Chinese markets resumed their slide on Monday, when more than 1,800 stocks fell by more than 10% in Shanghai and Shenzhen. Tuesday’s rally in China was in contrast to other markets in the region.

Persons: “, Australia’s, Evergrande, Anna Cooban Organizations: Hong Kong CNN, Alibaba, Huijin Investment, China Investment Corp, China Securities Regulatory Commission, Central Huijin Investment, Embassy, Nikkei, Kospi Locations: China, Hong Kong, Shanghai, Shenzhen, Europe, Beijing, United States

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

☆ Chinese stocks are melting down again after worst week in years
▼ + stars: | 2024-02-02 | by ( Anna Cooban | ) edition.cnn.com time to read: 1 min

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☆ Banks are being rocked again as real estate losses mount
▼ + stars: | 2024-02-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The regional lender set aside $552 million in the fourth quarter to absorb loan losses, up from $62 million in the previous quarter. The increase was driven partly by expected losses on a loan used to finance an office building, it said. ET as shares in NYCB, as well as other regional banks, suffered sharp losses. Much bigger players are girding themselves for losses linked to commercial real estate. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, is up 23% since a low in late March.

Persons: Thomas Cangemi, Brendan McDermid, Julius Baer, Philipp Rickenbacher, Arnd Wiegmann, Reuters Philip Lawlor, ”, “, ” Lawlor, CNN’s Matt Egan Organizations: London CNN, Credit Suisse, New York Community Bancorp, New York Stock Exchange, Japan’s Aozora Bank, Federal Reserve, ”, CNN, Signa Group, Chrysler, Reuters, Deutsche Bank, Bank, Suisse —, UBS, Wilshire Indexes, KBW Locations: Europe, New York, Tokyo, Zurich, California, Republic, NYCB, Banc, Swiss, Austrian, Switzerland

☆ Taylor Swift songs pulled from TikTok in payment dispute
▼ + stars: | 2024-02-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Universal Music Group has pulled its music off TikTok in a dispute over royalties, a move that prevents more than 1 billion users of the platform from streaming a vast catalog of songs by Taylor Swift, Ariana Grande, Rihanna and other artists. Many TikTok videos featuring Universal artists’ music went silent Thursday, with notices saying the sound had been removed because of copyright violation. For people making new videos, Universal music was unavailable in TikTok’s catalog. Like other music companies, Netherlands-based Universal charges royalty fees when its songs are played on social media platforms. Universal also said it had been pressing TikTok to better protect musicians from “the harmful effects” of artificial intelligence and to ensure online safety for TikTok’s users.

Persons: Taylor Swift, Ariana Grande, Rihanna, Lady Gaga, Justin Bieber, Billie Eilish, J Balvin, Amy Winehouse, TikTok, Universal, ”, ” TikTok, ” Elizabeth Wagmeister Organizations: London CNN — Universal, ’, Universal, CNN Locations: Netherlands

☆ Universal Music Group pulls Taylor Swift’s songs off TikTok in dispute over payments
▼ + stars: | 2024-01-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Universal Music Group has pulled its music off TikTok, preventing more than 1 billion users of the platform from streaming a vast catalog of songs by Taylor Swift, Ariana Grande, Rihanna and other artists. TikTok allows its users to add music to their videos. TikTok, owned by Chinese tech company ByteDance, had proposed paying a “fraction” of the rate that similarly-sized social media platforms pay, Universal said. Like other music companies, Netherlands-based Universal charges royalty fees when its songs are played on social media platforms. TikTok is allowing its platform to be “flooded” with AI-generated music, and provides users with tools to create their own AI-generated recordings, Universal said.

Persons: Taylor Swift, Ariana Grande, Rihanna, Universal, TikTok, Lady Gaga, Justin Bieber, Billie Eilish, J Balvin, Amy Winehouse, ”, ” TikTok, ” Elizabeth Wagmeister Organizations: London CNN — Universal, TikTok, Universal Locations: Netherlands

☆ The global economy is expanding, but the Red Sea crisis could spell trouble, says IMF
▼ + stars: | 2024-01-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The outlook for the global economy is brightening, the International Monetary Fund said Tuesday as it upgraded its growth forecast for 2024. It expects global growth in gross domestic product — a key measure of economic activity — to pick up slightly to 3.2% next year. Despite the IMF’s upgrades, its projections for global growth for 2024 and 2025 are below the annual average of 3.8% clocked up over the first two decades of this century. The longer and costlier journeys have raised fears of a renewed rise in global inflation. An escalation in the Israel-Hamas war into a wider conflict in the Middle East would threaten global growth, the fund added.

Persons: Pierre, Olivier Gourinchas, Valerie Plesch Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Bloomberg, Getty Images, Hamas Locations: Ukraine, Red, United States, India, Washington , DC, Getty Images Iran, Israel

☆ Europe narrowly avoids a recession
▼ + stars: | 2024-01-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Europe’s economy avoided ending 2023 in a recession by the narrowest of margins, official data showed Tuesday. In the July-to-September quarter, GDP dipped 0.1%. Europe’s economy has struggled to regain momentum following the pandemic, hamstrung by high inflation and rapid interest rate hikes to combat it. The French economy, Europe’s second-largest, stagnated in the fourth quarter but grew 0.7% over the whole of 2023. He expects the eurozone economy to “flatline” in the first half of 2024 “as the effects of past monetary tightening continue to feed through and fiscal policy becomes more restrictive.”

Persons: —, Russia’s, ‘, Christoph Weil, ”, ” “, Jack Allen, Reynolds, “ Organizations: London CNN, Gross, Eurostat, Union, EU, ’, Commerzbank, European Central Bank, Capital Economics, ECB Locations: Ukraine, Europe, Italy, Spain

☆ UK-Canada trade deal: UK pulls out of post-Brexit negotiations
▼ + stars: | 2024-01-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Britain is finding out just how hard it can be to negotiate free trade deals, even with close allies and friends. Goods and services have continued flowing between the two countries under the terms of the EU-Canada free trade deal. But Britain had sought to negotiate a new trade deal with Canada that would improve upon the terms of the existing agreement. A key sticking point in the negotiations has been Britain’s refusal to relax a ban on hormone-treated beef, which at the moment effectively bars Canadian farmers from selling to British consumers. We remain open to restarting talks with Canada in the future,” a UK government spokesperson said in a statement.

Persons: King Charles, Britain, ”, Mary Ng, “, David Henig, we’ll Organizations: London CNN, European Union, NATO, —, Britain, EU . Goods, EU, Canada, Centre for International Political, CNN, Reuters, National Farmers ’ Union, BBC, “ Locations: Canada, United Kingdom, Britain, Brussels, “, England, Wales, “ Canada

☆ Tesla shares plunge to wipe out $71 billion in market value, after dour earnings call
▼ + stars: | 2024-01-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in Tesla plunged as much as 11% after the market opened Thursday, wiping $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. While it reported a sizeable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years. At the time, investors were worried about the outlook for Tesla’s sales and profitability, as well as the health of the US economy. Dan Ives, an analyst with market research firm Wedbush, said Tesla’s earnings call provided investors with “minimal answers” to the company’s shrinking margins. China’s BYD beat Tesla in the final three months of last year, selling more cars than Elon Musk’s carmaker for the first time.

Persons: Tesla, Thursday’s, Qilai Shen, Dan Ives, Musk, ”, China Tesla, China’s, Elon Musk’s carmaker, ” Garrett Nelson, Ben Barringer, Chris Isidore Organizations: London CNN —, Bloomberg, Getty, Elon, CFRA Research Locations: Shanghai, China, Cheviot

☆ Bill Ackman buys stake in Tel Aviv’s stock exchange in ‘strong vote of confidence’ for Israeli economy
▼ + stars: | 2024-01-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Hedge fund billionaire Bill Ackman and his wife Neri Oxman are buying a stake in Tel Aviv’s stock market in what the exchange said Wednesday was a “strong vote of confidence” in Israel’s economy. The couple have agreed to buy a stake of nearly 5% in the Tel Aviv Stock Exchange (TASE), joining other buyers of around 17 million shares in total, the exchange said in a statement. But his latest investment suggests he is optimistic about the prospects for Israeli companies despite the country’s ongoing war against Hamas. The value of stocks listed on the exchange has swung wildly since October 7, the day Hamas launched its deadly attack on Israel. A report by Business Insider in early January alleged that Oxman had plagiarized parts of her doctoral dissertation.

Persons: Bill Ackman, Neri Oxman, Ackman, Claudine Gay, Gay, —, Oxman Organizations: London CNN —, Tel Aviv Stock Exchange, bourse, Pershing, Capital Management, Hamas, Harvard, Jewish, Business Locations: Tel Aviv’s, Israel, United States, Europe, Australia

☆ Royal Mail is on the brink. Cutting letter deliveries to 3 days a week could save it
▼ + stars: | 2024-01-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Royal Mail could ditch its near-daily deliveries of letters as the centuries-old British institution attempts to modernize its service and plug a growing hole in its finances. Ofcom, the UK regulator overseeing the postal service, published proposals to rescue the beleaguered company Wednesday. It said Royal Mail could save as much as £650 million ($828 million) a year if it cut letter deliveries to three days a week from the current six. The number of letters sent via the Royal Mail network had halved since 2011, and financial losses have ballooned. Among its other proposals, Ofcom suggested that Royal Mail could save up to £200 million ($255 million) a year by cutting its letter deliveries down to five days a week, or by extending the time it takes to get mail to customers.

Persons: “ Something’s, ” Melanie Dawes, Kevin Hollinrake, Martin Seidenberg Organizations: London CNN — Royal, Ofcom, Royal Mail, BBC, United, Services, CNN, Royal, International Distribution Services Locations: ”

☆ Amazon fined $35 million in France for tracking warehouse workers to the second
▼ + stars: | 2024-01-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —A French regulator has fined the local operator of Amazon’s warehouses €32 million ($35 million) for using an “excessively intrusive” surveillance system to track the activities of its workers. Amazon said the data allowed its teams to “spot problems” that posed a risk to the firm’s operations or the safety of its employees. A third indicator used by Amazon signaled when a worker’s scanner was interrupted anywhere between one and 10 minutes, according to the CNIL. The regulator fined Amazon France Logistique in late December following several investigations into the firm’s practices in its warehouses and complaints from employees. In the United States, Amazon has long faced scrutiny for the working conditions inside its warehouses, with employees complaining of punishing hours and close surveillance by bosses.

Persons: Amazon Organizations: London CNN, French Data Protection Authority, Amazon France, European, Amazon Locations: France, United States

☆ Premarket stocks: The world is a mess and Wall Street isn’t paying attention
▼ + stars: | 2024-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But geopolitical tensions are growing and Wall Street appears to be underestimating their potential impact on the global economy and markets. The United States and China are squabbling about trade, particularly high-powered AI chips that both believe carry consequences for national security. Less trade could mean lower supplies to meet demand — and that could be bad news for inflation around the world. Bank of America also gave geopolitical risk a top spot on its list of surprises that could affect markets in 2024. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015.

Persons: ”, “, Jamie Dimon, dory, he’s, Anna Cooban, Laura He, Hong, Premier Li Qiang, Ken Cheung, Catherine Thorbecke Organizations: New, New York CNN, Dow Jones, Federal Reserve, BlackRock, Shipping, CNBC, Economic, Bank of America, Center for Strategic, International Studies, Apple, Google, Microsoft, Meta, Nvidia, “, Shenzhen Component, Premier, Mizuho Bank, MIT’s Computer, Artificial Intelligence Locations: New York, Russia, Ukraine, United States, China, Taiwan, Suez, Iranian, Pakistan, Iran, Europe, Asia, Drewry, Yemen, Davos, Switzerland, Wall, Shanghai, Shenzhen

☆ Chinese stocks are having their worst start to a year since 2016
▼ + stars: | 2024-01-22 | by ( Anna Cooban | Laura He | ) edition.cnn.com time to read: +5 min

The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5%. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015. The country’s economy grew by 5.2% last year. That beat government projections but is still one of China’s worst economic performances in over three decades. The International Monetary Fund forecasts the country’s economic growth to slow to 4.2% this year.

Persons: Ken Cheung, ”, Europe’s, Premier Li Qiang, Brian Martin, Daniel Hynes, Li, “, ” Stephen Innes, managing Organizations: Hong Kong CNN, Shenzhen Component, Mizuho Bank, CSI, Nikkei, Premier, Economic, ANZ Research, Monetary Fund, China’s Commerce Ministry, Investors Locations: Hong Kong, Beijing, Shanghai, Shenzhen, China, United States

☆ ‘Sick man of Europe?’ Germany says it just needs a coffee
▼ + stars: | 2024-01-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Germany’s finance minister has shrugged off suggestions his country has once again become the “sick man” of Europe. Long the engine of growth in Europe, Germany’s economy shrank last year by 0.3%, likely the weakest performance among the region’s big countries. “I know what some of you are thinking: Germany probably is a sick man. Germany is not a sick man… Germany is a tired man after a short night,” Christian Lindner said at the annual World Economic Forum in Davos, Switzerland. The country became known as the “sick man of Europe” in the late 1990s as its economy faltered and unemployment soared.

Persons: It’s, ”, “, ” Christian Lindner, ” Lindner, ” Daniel Kral Organizations: London CNN —, Economic, Oxford Economics, Germany’s Federal, Office Locations: Europe, Germany, Davos, Switzerland, Germany’s, Ukraine, Moscow, Berlin, Russia, Red

☆ Red Sea crisis: Why escalating violence in the Middle East isn’t pushing up gas prices
▼ + stars: | 2024-01-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The prices of a barrel of Brent crude, the global oil benchmark, and West Texas Intermediate, the US oil benchmark, have barely moved. Now, however, analysts say economic factors — weaker demand in countries such as China and Germany, ample oil and gas supply — are superseding concerns about violence in the Middle East. Al Drago/Bloomberg/Getty ImagesGlobal oil demand growth is expected to almost halve this year, the International Energy Agency said in a report Thursday. At the same time, global oil supply is forecast to hit an all-time high, driven by record output from countries including the United States and Canada, the IEA said. Nan said relatively modest demand was also helping to prevent spikes in gas prices.

Persons: Brent, “, Homayoun, “ It’s, ”, Hope, Al Drago, That’s, Falakshahi, Xi Nan, Kpler, Wood Mackenzie, Nan Organizations: London CNN, Hamas, West Texas Intermediate, AAA, CNN, National Bureau of Statistics, Bloomberg, Getty, International Energy Agency, Organization of, Petroleum, Rystad Energy, Gas Infrastructure, LNG “ Locations: Red, Iran, Pakistan, Gaza, Ukraine, China, Germany, South Africa, Washington , DC, United States, Canada, Russia, OPEC, Europe, wean, Gas Infrastructure Europe, Africa, Qatar, United Kingdom

☆ Argentina’s Milei tells Davos ‘heroes’ how it should be done
▼ + stars: | 2024-01-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The Argentine economy is in such bad shape that it has to be shaken up. President Milei and his team are doing exactly that,” she said during an interview in Davos. He has also devalued Argentina’s currency. However, some of Milei’s measures, such as the devaluation, are also likely to stabilize Argentina’s economy in the medium term, Sperrfechter said. Among his most radical plans, Milei has pledged to ditch the peso as Argentina’s official currency and replace it with the US dollar.

Persons: London CNN —, ” “, ” Javier Milei, ”, Milei, Juan Peron, Kristalina Georgieva, CNN’s Richard Quest Wednedsay, Milei’s, Kimberley Sperrfechter, Sperrfechter, It’s Organizations: London CNN, Economic, Council, Foreign Relations, Reuters, International Monetary Fund, IMF, Argentine, Capital Economics, CNN, “, US Federal Reserve Locations: Davos, Switzerland, Argentina, Argentine, US, “ Argentina

☆ Fujitsu admits it should compensate postal workers whose lives were ruined by its faulty software
▼ + stars: | 2024-01-16 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Japanese technology company Fujitsu has a “moral obligation” to compensate the victims of Britain’s Post Office scandal, the boss of its European arm said Tuesday. “We did have bugs and errors in the system and we did help the Post Office in their prosecutions of the sub-postmasters,” Peter Patterson, Fujitsu’s director for Europe, said Tuesday. “I think there is a moral obligation for the company to contribute,” Patterson told UK lawmakers during a public hearing. Nick Read, CEO of the Post Office, who also addressed lawmakers Tuesday, said he was “committed” to abandoning Horizon. The corporation still uses the IT system, but in a newer iteration than the one involved in the scandal.

Persons: —, “, ” Peter Patterson, ” Patterson, Patterson, ”, Rishi Sunak, Nick Read, ” Read Organizations: London CNN, Fujitsu, Britain’s Post, Office, Post, CNN, Post Office, British Locations: Britain’s, Europe, ”

☆ Champagne sales fizzle after hitting Covid-era record highs
▼ + stars: | 2024-01-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Champagne sales have lost some of their pop in 2023 following a few record-breaking years of sales spurred by the end of Covid-19 lockdowns. That marks nearly a return to pre-Covid levels in 2019, when 297.3 million bottles were shipped. During its peak in 2022, sales soared by 33%, when 325 million bottles were shipped. The name Champagne is exclusively reserved for wines harvested and produced by 16,200 growers on 34,300 hectares northeast of Paris. This cost France a total of roughly $2 billion in sales, a recent report said.

Persons: Comité, “, David Chatillon, LVMH Moët Hennessy, Dom Pérignon, CNN’s Anna Cooban Organizations: New, New York CNN Locations: New York, Covid, Champagne, France, Paris

☆ 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

☆ UK postal scandal: How a software glitch and a centuries-old British company ruined peoples lives
▼ + stars: | 2024-01-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +10 min

The government — which owns the Post Office — has described the scandal as one of the greatest miscarriages of justice in British history. The software regularly showed that money — often many thousands of pounds — had gone missing from Post Office accounts. The Post Office has so far paid more than £138 million ($176 million) in compensation, a company spokesperson told CNN. “The Horizon system was a piece of machinery and software that wasn’t working correctly,” she said. “If the Post Office can do this to you, then God knows what any other brand is capable of,” she said.

Persons: —, Jo Hamilton, Hamilton, ”, Mr Bates, ’, Alan Bates, Rishi Sunak, ‘, Jonathan Wells, Wendy Buffrey’s Horizon, “, I’d, Buffrey, “ I’ve, Neil Hudgell, Martin Griffith, they’ve, Leon Neal, James Hartley, Siema Kamran, Kamran Ashraf, Ashraf, Kamran, ” Siema Kamran Organizations: London CNN, UK Post, Fujitsu, CNN, Post, ITV, Horizon, of Justice, Office, Cheltenham, Metropolitan Police, Getty, Post Office Locations: Britain, England, Hamilton, British, London, Buffrey, Bracknell , England, Freeths, Cheltenham

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

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