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☆ LSEG CEO: Microsoft partnership allowing new developments
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLSEG CEO: Microsoft partnership allowing new developmentsDavid Schwimmer, CEO of the London Stock Exchange Group, speaks to CNBC's Silvia Amaro at the IMF's annual meetings in Marrakech.

Persons: David Schwimmer, CNBC's Silvia Amaro Organizations: Microsoft, London Stock Exchange Group Locations: Marrakech

☆ Down syndrome families' fight for access to Alzheimer’s trials, treatments
▼ + stars: | 2023-10-10 | by ( Julie Steenhuysen | ) www.reuters.com time to read: +9 min

In an extended portion of Eisai’s main Leqembi trial, CAA was associated with one death. 'THE DIGNITY OF RISK'Hillerstrom said the groups are "very strongly" lobbying Eisai and Lilly to conduct the safety trials in Down syndrome, and said he has been meeting with the companies to push them to design such trials. Lilly declined to comment on whether it is considering either a safety trial or taking part in that study. An Eisai spokeswoman said the company "has no immediate plans" to conduct clinical trials of Leqembi in people with Down syndrome. The company is collaborating with LuMind in a study gathering data on how Alzheimer's manifests in people with Down syndrome.

Persons: Oskar Hillerstrom, Lianor, Hampus, Brian Snyder, Lianor da Cunha, Oskar, de Oeiras, Teresa, Oskar’s, Hampus Hillerstrom, Eli Lilly's, LuMind, Hillerstrom, Lilly, Emily Largent, Beau Ances, Louis, I've, Ances, I'm, Michael Rafii, William Mobley, Mobley, Dawn Brooks, donanemab, Margot Rhondeau, Hannah, Julie Steenhuysen, Caroline Humer, Bill Berkrot Organizations: REUTERS, Rights, Reuters, CAA, University of Pennsylvania Perelman School of Medicine, Medicare, U.S . Food, Drug Administration, Washington University, National Institute, Aging, University of Southern, UC San Diego School of Medicine, LuMind, Syndrome, Thomson Locations: Lexington , Massachusetts, U.S, Santo, Portugal, United States, St, University of Southern California

☆ European Parliament president: Support for Ukraine as unanimous as it has always been
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEuropean Parliament president: Support for Ukraine as unanimous as it has always beenRoberta Metsola, president of the European Parliament, speaks to CNBC's Silvia Amaro regarding discussions, or lack thereof, on Ukraine among European leaders.

Persons: Roberta Metsola, CNBC's Silvia Amaro Locations: Ukraine

☆ Greek PM: Worried over U.S. situtation for aid to Ukraine
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreek PM: Worried over U.S. situtation for aid to UkraineGreek Prime Minister Kyriakos Mitsotakis speaks to CNBC's Silvia Amaro at the summit of the European Political Community in Granada, Spain.

Persons: Kyriakos Mitsotakis, CNBC's Silvia Amaro Organizations: Ukraine Greek, Political Community Locations: Ukraine, Granada, Spain

☆ Norway PM: Not 'strange' there is debate over Ukraine aid
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorway PM: Not 'strange' there is debate over Ukraine aidJonas Gahr Store, the prime minister of Norway, speaks to CNBC's Silvia Amaro from the summit of the European Political Community in Granada, Spain.

Persons: Jonas Gahr, CNBC's Silvia Amaro Organizations: Norway, Political Community Locations: Ukraine, Norway, Granada, Spain

☆ Biden's IRA plan pushes battery-maker Northvolt to plan new factory in Canada
▼ + stars: | 2023-09-29 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The U.S. Inflation Reduction Act has driven Swedish battery maker Northvolt to announce for a factory in Canada earlier than originally expected, in a concrete example of how Biden's policy is influencing business decisions. "It definitely played a role to accelerate our decision to expand into North America," Paolo Cerutti, co-founder of Northvolt told CNBC. Northvolt announced Thursday it will establish a fully integrated lithium-ion battery gigafactory in the Canadian province of Quebec — its first factory outside Europe. The $300 billion U.S. Inflation Reduction Act, often referred to as IRA, is a landmark climate and tax deal that includes green subsidies for businesses. Canada has also offered the Swedish battery maker its own support in the form of loans.

Persons: Northvolt, Paolo Cerutti Organizations: CNBC Locations: Swedish, Canada, North America, Canadian, Quebec, Europe

☆ EV makers such as Tesla could fall under Europe's subsidy probe into China, EU's trade chief says
▼ + stars: | 2023-09-28 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Non-Chinese brands of electric cars, such as Tesla and BMW , could be examined as part of an ongoing subsidy investigation on China that the European Union kicked off earlier this month. "There's a lot of speculation, but at this stage the scope of this investigation is not decided yet. The EU started a probe into subsidies that China has given to EV makers after gathering evidence of significant distortions in the European market, where vehicles produced in the bloc are facing cheaper steep competition from cheaper offerings of products made in China. "Indeed [the probe] might cover also other electric vehicles, but exact scope, which producers are going to be covered by this, it is not decided at this stage," Dombrovskis said on Thursday. The EU investigation could stretch up to 13 months.

Persons: Dombrovskis Organizations: BMW, European Union, European Commission, CNBC, EU, Authorities Locations: China, Beijing, Brussels

☆ Is this vessel the future of shipping? Shipping giant Maersk is banking on it
▼ + stars: | 2023-09-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Shipping is one of the biggest polluting industries in the world, but Maersk is looking to change that. The world's second-largest shipping firm presented the first containership powered with green methanol – an alternative fuel that allows these ships to emit less CO2 compared to traditional vessels. However, green methanol is costly and scarce. Analysts are concerned whether Maersk and other shipping firms will struggle to secure enough supply to achieve their carbon ambitions. Is powering ships with green methanol the solution to one of the world's heaviest polluting industries?

Persons: Vincent Clerc, Ulrik Bak, SEB Organizations: Shipping, Maersk Locations: Copenhagen

☆ Betting on a rate cut now is 'premature,' European Central Bank member says
▼ + stars: | 2023-09-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

It is "premature" to bet on a cut to interest rates, Francois Villeroy de Galhau, France's central bank governor, told CNBC, as market players consider whether the European Central Bank has reached peak rates. "We should remain at this level for a sufficiently long period of time," he told CNBC's Annette Weisbach exclusively on Monday. "Betting now on the next cut is probably premature." The ECB hiked rates once again earlier this month, bringing its main deposit rate to 4%. The benchmark rate stood at -0.5% in July 2022 before the central bank embarked on an intense rate hiking cycle in an effort to tackle high inflation.

Persons: Francois Villeroy de, CNBC's Annette Weisbach Organizations: CNBC, European Central Bank Locations: France's

☆ China-EU relationship is at a crossroads, top official says in Beijing
▼ + stars: | 2023-09-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

It is a make-or-break moment for China's relationship with the European Union, as the bloc's trade chief asks for more openness and fairness from Beijing. "Last year, the EU registered record bilateral trade with China of 865 billion euros ($921 billion). While the EU argues that Chinese support to EVs is creating distortions in the European market, Beijing authorities criticize what they described as "protectionist" views from Brussels. This means minimising our strategic dependencies for a select number of strategic products. Acting in a proportionate and targeted way to maintain our open strategic autonomy," Dombrovskis clarified in a speech in Shanghai.

Persons: Dombrovskis Organizations: European Union, European Commission, Tsinghua University, EU Locations: Beijing, China, Shanghai, Brussels, Dombrovskis

☆ Europe is 'very far' from imposing new duties on Chinese EVs despite ongoing probe, top official says
▼ + stars: | 2023-09-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The European Union is "very far" from imposing new tariffs on Chinese electric cars, a top official told CNBC, just days after the bloc launched an investigation into subsidies given by Beijing. The institution surprised many last week by announcing an anti-subsidy probe focusing on the EV market in the world's second-largest economy. The European Commission believes cheaper Chinese electric cars are flooding the European market with prices being kept low due to sizeable state subsidies. The commission said an anti-subsidy probe could last up to 13 months from initiation. It also said that provisional measures must be imposed no later than nine months, followed by four months to impose definitive measures, if legally warranted.

Organizations: European, CNBC, European Commission Locations: Beijing, China

☆ Disney to nearly double parks spending to $60 billion over 10 years
▼ + stars: | 2023-09-19 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Sept 19 (Reuters) - Walt Disney (DIS.N) said on Tuesday it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years. Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business. Parks have become a reliable profit engine for Disney and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year. The announcement of the planned investment followed a slowdown at Walt Disney World in Orlando, as attendance surges at its parks around the world, particularly Shanghai Disney Resort and Hong Kong Disneyland. Disney also plans to nearly double the capacity of its cruise line, adding two ships in fiscal 2025 and another in 2026.

Persons: Walt Disney, Bob Iger, Josh D'Amaro, Parks, Iger, Disney, Ron DeSantis, Mario Anzuoni, Paul Verna, Thomas Hayes, Samrhitha, Dawn Chmielewski, Shailesh Kuber, Chizu Nomiyama, Paul Simao, Aurora Ellis Organizations: Disney, Wall Street, Walt Disney World, Disney California, Hollywood Studios, Republican, REUTERS, Insider Intelligence, Walt Disney, Shanghai Disney Resort, Great, Thomson Locations: Orlando , Florida, California, Orlando, Florida, Anaheim , California, U.S, Shanghai, Hong Kong, Great Hill, Bengaluru, Dawn, Los Angeles

New York CNN —Disney is greatly expanding its investment into theme parks and cruises, the company said Tuesday. The investment comes at a time the company is facing revenue challenges in its streaming services, movie and television assets — almost everywhere but its international theme parks. The theme park, which was announced in 2019, is set to include restaurants, hotels and, of course, rides. It will become the third theme park within the Universal Orlando Resort, stepping up its rivalry with Walt Disney World’s four theme parks. Trouble at homeDisney said Tuesday that it is focused on “expanding and enhancing” its theme parks, in the US and internationally, along with its cruise lines.

Persons: That’s, Walt Disney, Ricardo Ramirez Buxeda, Alicia Stella, didn’t, ”, Josh D’Amaro, Wakanda, Disney, Horacio Villalobos, Corbis, Kevin Lansberry, Bob Iger, ” Iger, Florida Governor Ron DeSantis, “ Disney, Stella Organizations: New, New York CNN, Disney, Disney Parks, SEC, Universal Orlando Resort, Orlando Sentinel, Tribune, Service, Star Wars, Getty, Parks, Walt Disney, Florida Governor Locations: New York, Parks, Orlando , Florida, Orlando, Anaheim , California, Asia, ”, Florida

☆ Shipping giant Maersk is seeing tentative signs of a bounce back in global trade
▼ + stars: | 2023-09-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. Sergei Gapon | Afp | Getty ImagesThere are tentative signs of a bounce back in global trade, according to the CEO of shipping titan Maersk. North America is also looking strong for the next year, despite having faltered along with many other major economies due to macroeconomic factors, including Russia's full-scale invasion of Ukraine and tensions with China. "As this starts to normalize and works itself out, we will see a rebound in demand," Clerc said. "I would say emerging markets and North America are certainly the points where we see the most upside potential," he added.

Persons: Sergei Gapon, Vincent Clerc, CNBC's Silvia Amaro, Clerc, Kristalina Georgieva Organizations: Maersk, Afp, Getty, Consumers, IMF, CNBC Locations: Copenhagen, Denmark, U.S, Europe, India, Latin America, Africa, North America, Ukraine, China

☆ Shipping giant Maersk unveils 'trendsetter' green vessel as it aims to be carbon neutral by 2040
▼ + stars: | 2023-09-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Evergreen and other shipping firms have ordered similar vessels, though they have less ambitious carbon neutrality targets than Maersk. Shipping accounts for around 3% of global carbon emissions, an amount comparable to major polluting countries. Denmark's Minister of Industry Morten Bodskov said this is because it is a global industry. In June, a group of 20 nations supported a plan for a levy on shipping industry emissions. "I'm worried about the rhetoric that energy transition is a downside and not really a great opportunity," he added.

Persons: Moller, Vincent Clerc, Clerc, Morten Bodskov, Bodskov, Maersk's, I'm Organizations: Maersk, DENMARK — Shipping, CNBC, Evergreen, Maersk . Shipping, Organization for Economic Cooperation, Development Locations: Copenhagen, DENMARK, China, Argentina, Brazil

☆ Maersk CEO says the shipping giant is supportive of a carbon tax on the industry
▼ + stars: | 2023-09-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaersk CEO says the shipping giant is supportive of a carbon tax on the industryVincent Clerc, CEO of Maersk, speaks to CNBC's Silvia Amaro about the idea of a global shipping tax.

Persons: Vincent Clerc, CNBC's Silvia Amaro Organizations: Email, Maersk

☆ Germany predicted to be the only major European economy to contract this year as recession lingers
▼ + stars: | 2023-09-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Manufacturing activity has struggled this year. Germany is set for a prolonged recession this year — the only major European economy to experience an economic contraction during 2023, according to fresh forecasts by the European Commission, the executive arm of the EU. The International Monetary Fund said in July that Germany would likely contract by 0.3% this year. The concept was coined back in 1998 when Germany faced deep economic challenges. Data released in early September showed manufacturing activity in the country fell at its strongest pace since June 2009, excluding the Covid-19 pandemic period.

Persons: it's Organizations: European Commission, Kremlin, Monetary Fund Locations: Klitten, Germany, Ukraine, Berlin, Europe

☆ EU's crackdown on Apple, Meta and others is to avoid forced breakups, top official says
▼ + stars: | 2023-09-07 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

BRUSSELS — U.S. tech giants are facing stricter rules in Europe with more regulation announced this week, but one senior European Union official told CNBC the aim is to avoid forced breakups of large businesses. They are Amazon , Alphabet , Apple , Microsoft , Meta and ByteDance, who now have six months to comply with stricter market rules — such as not being able to prevent users from un-installing any pre-installed software or apps, or treating their own services more favorably. The fine could be increased to 20% if the company in question continues to not comply with the rules. "And if they continue, yes, we have tools, including to break up these companies, but I will never want to use it. And I can tell you the discussion that we have with all these companies are professional and I believe are going in the right decision," Breton said.

Persons: Thierry Breton, Breton Organizations: European Union, CNBC, European Commission, Microsoft, Meta, Internal Locations: BRUSSELS, Europe

☆ Disney's wildest ride: Iger, Chapek and the making of an epic succession mess
▼ + stars: | 2023-09-06 | by ( Alex Sherman | ) www.cnbc.com time to read: +88 min

Iger told Chapek that he lived for those "two-shower days," according to people familiar with the conversation. In January 2020, Iger told Chapek the plan was back on. During his 27 years at the company, Chapek had only attended one annual meeting — as a guest in the audience. Bob Iger, Disney CEO, during a CNBC interview, Feb. 9, 2023. WATCH: Disney CEO Bob Iger's exclusive July 2023 CNBC interviewTake the 'A'During Chapek's tenure as CEO, Disney lost more than a quarter of its market value.

Persons: Elham, Bob Iger, Bob Chapek, Iger, wasn't, Chapek, Michael Eisner, —, who's, he's, Clint Eastwood, Eastwood, Arthur Bochner, Jackie Hart, Kareem Daniel, Chapek —, Eisner, Michael Ovitz, Ovitz, Bob, Disney's, Kevin Mayer, Mayer, Bryan van der Beek, he'd, Tom Staggs, Staggs, Staggs —, Steve Jobs, cajoled Ike Perlmutter, George Lucas, Rupert Murdoch, Iger's, Susan Arnold, Arnold, Peter Rice, David Paul Morris, Rice, CNBC's Julia Boorstin, Mark Parker, Mary Barra, Michael Froman, Willow, Parker, John Donahoe, Roy Disney, Walt Disney, Stanley Gold, David A, CNBC Eisner, Big Bob, Little Bob, Christine McCarthy, Patrick T, He'd, McCarthy, Iger —, Coronavirus, Gavin Newsom, Michael Kovac, curtly, Nancy Pelosi, Chuck Schumer, Ben Smith, Smith, Disney, Randy Shropshire, Agnes Chu, Ricky Strauss, Chu, Strauss, Kevin Feige, Kathleen Kennedy, Who's, Alan Bergman, Bergman, Bob Kyncl, Daniel —, Iger didn't, Daniel rankled, Daniel, Chapek didn't, James Pitaro, Jesse Grant, CNBC Chapek, Jimmy Pitaro, Zenia Mucha, didn't, Mucha, Barbara Walters, Charles Eshelman, Scarlett Johansson, Scarlett Johansson —, Florence Pugh, Natasha, Yelena, " Johansson, Bryan Lourd, Johansson, Lourd, Steven Spielberg, Al Michaels, David Muir, Robin Roberts, Michael Strahan, Spielberg, Geoff Morrell, Alan Braverman, Alan Horn, Jayne Parker, Bochner, Claire Lee, Paul Richardson, Josh D'Amaro, Ron DeSantis, Morrell, Disney Animation —, George Floyd, Reba Saldanha, Reuters Chapek, DeSantis, Nicholas Maldonado, Octavio Jones, Chapek she'd, we're, " Morrell, CNN's Chris Wallace, Kristina Schake, John Skipper, Daniel steamrolled, Latondra Newton, Newton, Charles Krupa, Pitaro, NBCUniversal's Peacock, Dana Walden, Thomas Murphy, Josh Kushner, Privately, Schake, Barack Obama, Michelle Obama, Michelle Obama's, David Dee Delgado, Kara Swisher, hadn't, Netflix's, overhiring, McCarthy hadn't, Safra Catz, Kareem, DMED, Horacio Gutierrez, Justin Warbrooke, Alexia Quadrani, Bryan Castellani, Michael Buckner, Quadrani, Lindsay Lohan, Winnie, Nelson Peltz, Catz, Donald Trump's, they'd, Walden, Gutierrez, D'Amaro, Rich Polk, Walden he'd, Iger she'd, Mickey Mouse, Mark Rightmire, haven't, Indiana Jones, Halle Bailey, Ariel, Hamilton Faber, Rich Greenfield, Bob Iger's, — Mayer, McCarthy —, doesn't, they'll Organizations: Disney, Marvel, CNBC, Bloomberg, Getty, Walt Disney, Indiana University, Michigan State University, Shanghai Disney, Man, Hong Kong Disneyland, Walt Disney Parks, Resorts, Pixar, Fox, Chapek, Nike, General, Mastercard, Foreign Relations, University of Pennsylvania, Grogan, Disney's, Fallon, ABC, ESPN, ABC News, California Gov, New York Times, Disney confidants, Hollywood, Marvel Studios, Lucasfilm, Walt Disney Television, Walt Disney Studios, Hulu, HBO Max, Walt Disney Company, YouTube, Companies, Netflix, Apple, Disney Media, Entertainment, Stanford, Rights, Junior, petulant, Filmmagic, Brunswick Group, Covid, CAA, onetime Defense Department, Century Fox, Human, Florida Gov, Republican, Disney Animation, Reuters, Human Rights, HRC, Walt Disney World, Employees, American Foundation for Equal Rights, AP, Amazon Prime, Paramount, South Pacific, Capital Cities, Dow Jones, CVS, Kingdom, Variety, Trian Partners, Charter Communications, U.S, Comcast, Charter's, MediaNews, Orange, Allen, Co, Candle Media, Advisors Locations: Burbank , California, Midwestern, Brentwood, Los Angeles, Westlake Village, Iger, Hammond , Indiana, Shanghai, China, Hong, Fox, Willow Bay, Raleigh , North Carolina, Orlando, U.S, Hulu, Iger's Brentwood, coronavirus, Brunswick, Hollywood, Hawaii, Disney's, Marvel's, Anaheim , California, Montana, Florida, Rye , New Hampshire, Chapek, Hong Kong, California, missteps, South, DMED, Burbank, New York, India, Atlantic, Sun Valley , Idaho, America

☆ 'Very stupid': Italy's bank tax remains controversial as government scrambles to update it
▼ + stars: | 2023-09-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Italy's shock tax on banks continues to prove controversial, even as the government insists it can improve it. "It's a very stupid law," Carlo Calenda, national secretary of the Azione political party, told CNBC over the weekend. Italy's Economy Minister Giancarlo Giorgetti said at Ambrosetti that the bank tax "can certainly be improved upon...but I do not accept that it is considered an unfair tax," according to Reuters. Antonio Tajani, the country's foreign minister and leader of the centre-right Forza Italia party, said the government is stable and the bank tax is not creating tensions.

Persons: Carlo Calenda, Italy's, CNBC's Steve Sedgwick, Giancarlo Giorgetti, Antonio Tajani, CNBC's Sedgwick Organizations: CNBC, House Ambrosetti, Brothers, Italy's, Reuters, Forza Italia Locations: Rome, Italy, Europe, Ambrosetti

☆ What's next for Disney as CEO Bob Iger works to streamline the company, cut costs, and make streaming profitable
▼ + stars: | 2023-09-03 | by ( Lucia Moses | Alison Brower | ) www.businessinsider.com time to read: +7 min

Bob Iger is trying to reshape Disney as a leaner company in his second act as CEO. When Bob Iger came back to Disney in November 2022, the company and the town celebrated the return of a successful and statesmanlike CEO for the world's largest entertainment brand. Two years under Iger's predecessor Bob Chapek left the company reorganized — in ways many company insiders didn't like — and executives, teams, and creative partners demoralized. Iger told CNBC in July that Disney's TV and cable businesses, including ABC and cable networks like FX, "may not be core" to the company. If Iger succeeds in acquiring all of Hulu, some analysts believe it would help Disney with streaming content, marketing, and ad revenue.

Persons: Bob Iger, Iger, Iger's, Bob Chapek, didn't, He's, Ron DeSantis, Penn, —, Dana Walden, Alan Bergman, Josh D'Amaro, Kevin Mayer, Tom Staggs, Puck Organizations: Disney, ESPN, Apple, Florida Gov, Iger, — Entertainment, Parks, CNBC, ABC, Hulu, Hollywood, Writers Guild of America, Association of, Television Producers, SAG, WGA, He's, Netflix, Penn Entertainment, ESPN Bet Locations: Hollywood, Orlando, California, Hulu

☆ Many Italian parties are against China's Belt and Road Initiative, foreign minister says
▼ + stars: | 2023-09-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Many Italian parties are against Rome's participation in China's Belt and Road Initiative, Antonio Tajani, the country's foreign minister said Saturday, ahead of a critical decision on whether to quit the project. Under the agreement the two parties can end the deal after five years, otherwise the partnership gets extended for another five-year term. Tajani, however, did not confirm any specific time for when Italy will unveil its final decision on whether to continue in the Belt and Road Initiative. In this moment the countries without the Belt and Road Initiative, the European countries, are working better than us. For this, Italy will decide if [to] stay or not [to] stay in the Belt and Road Initiative.

Persons: Antonio Tajani, Rome, Mario Draghi, Tajani, Steve Sedgwick Organizations: Initiative, European Central Bank, Ambrosetti, Italy Locations: Italy, Beijing, Rome, China

☆ EU economics chief says Europe is gripped by a ‘double crisis’ — but it can avoid a recession
▼ + stars: | 2023-09-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Europe is facing the impact of a "double crisis," but the region can avoid a recession, Paolo Gentiloni, the European Commissioner for economic affairs, told CNBC on Saturday. "I think we are we facing the impact of the double crisis," Gentiloni said in reference to the geopolitical impact from Russia's full-scale invasion of Ukraine and the subsequent economic hit to the European continent. Russia's invasion of Ukraine in February last year sparked serious fears in Europe that the region would enter a significant economic slowdown. The euro area, in the end, grew at a rate of 3.5% in 2022, according to the International Monetary Fund. "The slowing down started from the last quarter of 2022 and it is there, but please don't call this a recession, because I think we can avoid a recession, we are avoiding recession," he said.

Persons: Paolo Gentiloni, Gentiloni, CNBC's Steve Sedgwick Organizations: CNBC, International Monetary Fund, Ambrosetti Locations: Europe, Ukraine, U.S, Germany, Russia, China

☆ Euro zone price rises steady for August but core inflation declines further
▼ + stars: | 2023-08-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Christine Lagarde, President of the European Central Bank (ECB), speaks during an ECB press conference in July. Inflation in the euro zone came in higher than analysts had expected for the month of August, although coming in unchanged from the previous month and complicating the role of the region's central bank. European Central Bank Member Robert Holzmann said the data shows inflation is still persistent, according to Reuters. He, one of the more hawkish members of the ECB, added that the latest figures pose a "conundrum" for the central bank. The central bank is due to meet on Sept. 14 and announce whether it is raising rates further.

Persons: Christine Lagarde, Dow Jones, Robert Holzmann, Lagarde Organizations: European Central Bank, ECB, Reuters

☆ Disgruntled Europeans hit out at banks for not passing on higher rates on savings
▼ + stars: | 2023-08-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

Those words from Marco Oliveira, a 50-year-old graphic designer from Portugal, underscore a deep lying annoyance in Europe with people bemoaning a lack of return on their savings despite surging interest rates. This, in practice, should translate into higher rates both on mortgages, but also on deposits. The key metric used by analysts is the deposit delta — which represents the increase in policy rates that banks pass through to the interest rates on deposits. For instance, Croatia's deposit delta is 12%, Cyprus is 30% and Portugal stands at 32%. And indeed, Portuguese banks show one of the lowest deposit delta, being the fifth worst in Europe," Teixeira said.

Persons: Marco Oliveira, Carlos Stilianopoulos, Marta Ferro Teixeira, Teixeira, Nicolas Charnay, Filipe Garcia, Banks, Garcia Organizations: Bank SA, Bloomberg, Getty, CNBC, European Central Bank, ECB, ABN Amro, ABN AMRO, P Global, P, SA, Reuters Locations: Thessaloniki, Greece, Portugal, Europe, Cyprus, France, Italy, Portuguese, Barcelona, Spain, PNL, —

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