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☆ Microsoft to unbundle Teams software in Europe in bid to abate EU antitrust concerns
▼ + stars: | 2023-08-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Silhouettes of laptop users are seen next to a screen projection of Microsoft logo in this photo illustration. U.S. tech giant Microsoft on Thursday said it will unbundle its chat and videoconference service Teams from its Microsoft 365 and Office 365 products, in a bid to allay European Union antitrust concerns. European Union regulators had in July opened an antitrust investigation into Microsoft's bundling of Teams with other Office products, citing anti-competitive concerns. "We appreciate the clarity that has emerged on several of the concerns from extensive and constructive discussions with the European Commission. With the benefit of this clarity, we believe it is important that we start to take meaningful steps to address those concerns," Nanna-Louise Linde, vice president of Microsoft European Government Affairs, said Thursday in a blogpost.

Persons: Nanna, Louise Linde, — CNBC's Silvia Amaro Organizations: Microsoft, European Union, European Commission, Microsoft European Government Affairs, CNBC Locations: Swiss

☆ What does China own in Europe?
▼ + stars: | 2023-08-29 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

China has invested heavily in Europe, particularly in the wake of the global financial crisis of 2008 when the region was strapped for cash. But there are growing fears that Beijing could use its strategic investments to further its own political ambitions. A recent dispute between the Baltic nation of Lithuania and Beijing shed light on potential reactions from China. It's led European governments to step up their scrutiny of Chinese investments and attempt to figure out how to redesign their relationship with Beijing. Dr Yu Jie from Chatham House told CNBC that we're going to see more frictions regarding Chinese investment in Europe looking ahead.

Persons: It's, Dr Yu Jie Organizations: Chatham House, CNBC Locations: China, Europe, Beijing, Baltic, Lithuania, Chatham

☆ France pays winemakers to rip up vines as famous Bordeaux region faces uncertain future
▼ + stars: | 2023-08-28 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

A worker uses a backhoe to grub up an area of vines during snow fall in a vineyard in Haux, some 25 kms southeast of Bordeaux, southwestern France, on January 18, 2023. Those words from a wine producer in Bordeaux underscore the huge challenge facing the famous French region as it undergoes a massive transformation. "In the next five years, we will see less vines in Bordeaux," Sylvie Courselle, an agricultural engineer and enologist at Château Thieuley, told CNBC. "Climate change can accelerate this," Courselle told CNBC, adding that in recent years winemakers have had to deal with hailstorms, frosts and droughts that significantly impact the crop. She thinks that, going forward, the biggest challenge will be access to water — one of the most essential ingredients in wine production.

Persons: It's, Sylvie Courselle, Château Thieuley, Courselle Organizations: CNBC Locations: Haux, Bordeaux, France, Château

☆ Economic data in Europe just went from bad to worse
▼ + stars: | 2023-08-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

An emloyee works on the assembling of a brake caliper for an electric vehicle in Dueren, western Germany. A reading above 50 marks an expansion in activity, while one below 50 marks a contraction. If pandemic months are excluded, the latest numbers point to the lowest reading since April 2013. In terms of the breakdown between services and manufacturing, the former dropped to a 30-month low at 48.3 and the manufacturing PMI rose slightly from 42.7 in July to 43.7 this month. "Considering the PMI figures in our GDP [growth] nowcast leads us to the conclusion that the euro zone will shrink by 0.2% in the third quarter," Rubia added.

Persons: Dow Jones, Cyrus de la, Rubia Organizations: Hamburg Commercial Bank, PMI Locations: Dueren, Germany, Hamburg

☆ After plunging into the political mainstream, Italy's far-right leader Giorgia Meloni is now shocking markets and upsetting big business
▼ + stars: | 2023-08-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

After plunging into the political mainstream and winning over her more moderate counterparts in Brussels, hardline Italian Prime Minister Giorgia Meloni is now shaking things up on home soil. Europe's main banking index dropped some 2.7% on Aug. 8 after Italy announced it would impose a 40% windfall tax on banks. Airlines have rebuffed other policy measures, with a new government plan to curb prices when flying to certain destinations. So far during her mandate, Meloni has largely fallen in line with mainstream political positions at home and abroad, despite concerns from some that she may push her country to the fringes. Federico Santi, a senior analyst at consultancy Eurasia Group, told CNBC via email that her backtrack on the windfall tax "was a major misstep, in perception and substance."

Persons: Giorgia Meloni, Meloni, Federico Santi, Santi Organizations: Airlines, European Commission, European Union, Kremlin, Eurasia Group, CNBC Locations: Brussels, Italian, Italy, Ukraine

☆ The EU struck a landmark recovery deal during Covid. Here's where the money has gone so far
▼ + stars: | 2023-08-17 | 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 EmailThe EU struck a landmark recovery deal during Covid. Here's where the money has gone so farCNBC's Silvia Amaro reports on the state of play for EU Covid recovery funds, a historic deal that could raise as much as 750 billion euros.

Persons: Silvia Amaro Organizations: EU Locations: Here's

☆ No rate hikes or cuts — Commerzbank CFO says the European Central Bank has likely hit pause
▼ + stars: | 2023-08-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The European Central Bank has likely pressed pause on its rate hiking cycle, the chief financial officer of Commerzbank told CNBC on Friday. The ECB raised interest rates in July, completing a full year of rate increases. ECB President Christine Lagarde flagged that the central bank could continue or pause rate hikes at its next meeting in September, but definitely will not cut. Commerzbank is the second largest lender in Germany by market capitalization, and its performance is closely linked to the interest rate environment. Orlopp added that: "If there were to be another interest rate hike like in the fall, that would be again an upside potential for us."

Persons: Commerzbank, Christine Lagarde, Bettina Orlopp, —, Orlopp, Akshay Singal, CNBC's Organizations: European Central Bank, CNBC, ECB, Revenue, Citi, Bank of England, Federal Reserve Locations: Germany

☆ Commerzbank CFO signals the ECB will not increase rates further
▼ + stars: | 2023-08-04 | 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 EmailCommerzbank CFO signals the ECB will not increase rates furtherCommerzbank CFO Bettina Orlopp comments on the German lender's latest set of results.

Persons: Bettina Orlopp

☆ European markets choppy after downbeat week; Commerzbank down 5%
▼ + stars: | 2023-08-04 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Commerzbank shares were down 5% in the first hour of trading, despite announcing strong half-year results, with net profits up by almost 50% to 1.1 billion euros ($1.2 billion). Commerzbank completed its first share buyback program in June, in which it purchased more than 12 million of its own shares, with a value of 122 million euros at an average price of around 10.05 euros per share. The bank's CFO Bettina Orlopp told CNBC's Silvia Amaro that Commerzbank was "satisfied" with the strong results, in an interview that took place before European markets opened. Commerzbank also raised its outlook for net income interest from 7 billion euros to 7.8 billion euros, well above the net income for 2022, and showed optimism for the upcoming year. "We are very confident that we will reach our 2024 targets, so there are no worries here," Orlopp said.

Persons: Commerzbank, Bettina Orlopp, CNBC's Silvia Amaro, Orlopp, — Hannah Ward, Glenton

☆ Societe Generale returns to profit, but comes under pressure in its home market
▼ + stars: | 2023-08-03 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Societe Generale returned to profit in the second quarter of this year, but lower revenues in France and broader global banking challenges dragged down its performance. However, revenues in French retail banking dropped by 13.6% from a year ago, off the back of lower net interest margins — a crucial indicator of banks' profitability. Revenues in the global banking division fell by 7.3% on lower volumes and weaker volatility. Fixed income and currencies (FIC) activities were down by 18.4%, "amid less conducive market conditions due to weaker interest rate and currency volatility," the bank sad in a statement. Group revenues contracted due to the decline in the net interest margin in France and in market activities' revenues against a backdrop of gradual normalisation after some particularly favourable years."

Persons: Slawomir Krupa Organizations: Generale Locations: France, Russia

☆ China's a very important trading partner, Port of Antwerp-Bruges says
▼ + stars: | 2023-08-01 | 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 EmailChina's a very important trading partner, Port of Antwerp-Bruges saysCNBC's Silvia Amaro reports from the Port of Antwerp-Bruges, analyzing China's strategic investments in the European continent.

Persons: CNBC's Silvia Amaro Organizations: Port Locations: Port of Antwerp, Bruges

☆ Europe’s Economy Expanded in Spring, and Inflation Has Eased
▼ + stars: | 2023-07-31 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +3 min

Gross domestic product in the eurozone grew 0.3 percent in the second quarter of 2023, a stronger result than predicted by economists. Italy, Austria and Latvia all saw output fall in the second quarter. Inflation across the eurozone dipped to an annual rate of 5.3 percent in July, down from 5.5 percent the previous month. “On the whole, the eurozone economy recorded another underwhelming quarter,” said Ricardo Amaro, a senior economist at Oxford Economics. He noted that “the second half of the year is likely to be as underwhelming, if not more than the first half, with the eurozone economy risking stagnation or worse.”

Persons: ”, Fritzi, KfW, Christine Lagarde, What’s, Lagarde, ’, Ricardo Amaro Organizations: Gross, European Central Bank, Oxford Economics Locations: Germany, Europe’s, Ukraine, Germany’s, Italy, Austria, Latvia, Spain, France, Europe, Russia

Euro zone inflation fell in July, and new growth figures showed economic activity picking up in the second quarter of this year — but economists still fear a recession could be in the cards. Headline inflation in the euro area was 5.3% in July, according to preliminary data released Monday, lower than the 5.5% registered in June. The euro area has been battling high inflation for the past year, leading the ECB to undergo a full year of consecutive rate hikes in an effort to bring prices down. Initially, much of the price pressures in the euro area were coming from high energy costs, but in recent months food prices have contributed the most. This month, food, alcohol and tobacco once again drove inflation — prices rose by 10.8% in July, in a hike that was nevertheless lower than in previous months.

Persons: Andrew Kenningham Organizations: Central, Capital Economics, ECB Locations: Europe

☆ The Bank of Japan just shocked markets with a policy tweak — here's why it matters
▼ + stars: | 2023-07-28 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

Kazuo Ueda, governor of the Bank of Japan (BOJ). Bloomberg | Bloomberg | Getty ImagesThe Bank of Japan announced Friday "greater flexibility" in its monetary policy — surprising global financial markets. The central bank loosened its yield curve control — or YCC — in an unexpected move with wide-ranging ramifications. When asked if the central bank had shifted from dovish to neutral, he said: "That's not the case. MUFG said that Friday's "flexibility" tweak shows the central bank is not yet ready to end this policy measure.

Persons: Kazuo Ueda, Shigeto Nagai, CNBC's, —, Duncan Wrigley, MUFG, Governor Ueda, Michael Metcalfe, Metcalfe Organizations: Bank of Japan, Bloomberg, Getty, of Japan, Nasdaq, Oxford Economics, disinflation, Capital Economics, U.S, U.S . Federal, Bank, Pantheon, Street Global Locations: Europe, Japan, U.S ., China, dovish

☆ European Central Bank raises rates by 25 basis points, says inflation set to remain 'too high for too long'
▼ + stars: | 2023-07-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

"Inflation continues to decline but is still expected to remain too high for too long," the ECB said Thursday in a statement. A headline inflation reading showed the rate coming down to 5.5% in June from 6.1% in May — still far above the ECB's target of 2%. Fresh inflation data out of the euro zone is due out next week. An ECB survey showed that corporate loans in the euro zone dropped to their lowest level ever between mid-June and early July. Euro zone business activity data released earlier this week pointed to declines in the region's biggest economies, Germany and France.

Persons: — Organizations: European Central Bank, ECB, ING Germany, Monetary Fund Locations: Germany, France

☆ Barclays announces share buyback as second-quarter profit meets target
▼ + stars: | 2023-07-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Barclays said Thursday that it expects to earn less interest in its U.K. division, as analysts flagged the bank's "modestly disappointing" set of results. The British lender reported a net income of £1.3 billion ($1.68 billion) for the second quarter, in line with expectations, despite slower momentum in investment banking. Analysts were expecting a net income of £1.4 billion for the quarter, according to Refinitiv. The bank previously reported a net profit of £1.78 billion in the first quarter of the year. In addition, investment banking revenues dropped by 3% on the back of lower client activity.

Organizations: Barclays

☆ Deutsche Bank beats expectations despite 27% drop in profit, jump in costs
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty ImagesDeutsche Bank on Wednesday reported a net profit of 763 million euros ($842 million) for the second quarter of 2023, narrowly beating expectations despite a 27% year-on-year decline. related investing news Citi downgrades Goldman Sachs, says targets will take time to be reached We're selling some shares of this health-care company and changing our rating However, second-quarter non-interest expenses rose 15% year-on-year to 5.6 billion euros, with adjusted costs up 4% to 4.9 billion euros. Nonoperating costs includes 395 million euros in litigation charges and 260 million euros in "restructuring and severance related to execution of strategy." In its first-quarter report, the bank flagged job cuts for its non-client facing staff and reported a sharper-than-expected year-on-year fall in investment bank revenues.

Persons: Alex Kraus, Citi downgrades Goldman Sachs, James von Moltke, CNBC's Silvia Amaro, von Moltke, we've Organizations: Deutsche Bank AG, Bloomberg, Getty Images Deutsche Bank, Citi, Deutsche Bank, CNBC Locations: Frankfurt, Germany

☆ IMF raises global growth forecast despite China's recovery 'losing steam'
▼ + stars: | 2023-07-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

watch nowThe International Monetary Fund on Tuesday raised its growth forecast for the global economy, turning slightly more positive despite slowing momentum from China. In the latest update to its World Economic Outlook, the IMF raised its 2023 global growth prediction by 0.2 percentage point to 3%, up from 2.8% in its April assessment. "The global economy continues to gradually recover from the pandemic and Russia's invasion of Ukraine. In China, the recovery following the reopening of its economy shows signs of losing steam amid continued concerns about the property sector, with implications for the global economy," Gourinchas said. This is due to weaker manufacturing output and lower growth performance during the first quarter of this year, the IMF said.

Persons: Pierre, Olivier Gourinchas, Gourinchas, Cyrus de la Rubia Organizations: Monetary Fund, Economic, IMF, Hamburg Commercial Bank Locations: China, Ukraine, U.S, United States, Beijing, Germany

☆ Spain's right-wing parties could win a parliamentary majority, exit polls show after key election
▼ + stars: | 2023-07-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Voters in Spain head to the polls on July 23 to cast their votes and elect Spain's next government. PP secured between 145 and 150 seats, followed by the incumbent socialist party PSOE with between 113 and 118 seats, according to initial exit polls published by RTVE. It is so far unclear if the far right party Vox came in third or fourth, given that exit polls put it neck-to-neck with the left-leaning Sumar party. Exit polls suggest that the right wing bloc could potentially have a working majority. Spain's economy experienced a growth rate above 5% in 2022 and is set to expand by about 1.5% this year, according to the International Monetary Fund.

Persons: Spain's, Javier Mostacero Carrera, Pedro Sanchez, RTVE, Vox, Francisco Franco, Alberto Feijóo's, Sanchez Organizations: Universitat de Barcelona, Voters, PP, Partido, PSOE, Vox, International Monetary Fund Locations: BARCELONA, SPAIN, Barcelona, Spain, Madrid

☆ Spain votes in a major election that could bring the far right back to power
▼ + stars: | 2023-07-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

A banner showing an image depicting Alberto Nuñez Feijoo, leader of the PP Party. Voters in Spain head to the polls on July 23 to cast their votes and elect Spain's next government. Spain voters are heading to the polls on Sunday in an election that could bring the far right to power for the first time since Francisco Franco's dictatorship. Polls published ahead of the vote projected a conservative win, with the PP (Partido Popular) set to secure about 34% of support — which would not be sufficient to form a majority government. Some political analysts expect PP to join forces with the far right party Vox, which could be the third biggest political force in this election and obtain more than 10% of the votes.

Persons: Alberto Nuñez Feijoo, Spain's, Francisco Franco's, Vox, Federico Santi Organizations: PP Party, Voters, PP, Partido, Vox, Eurasia Group Locations: Spain, Germany

☆ U.S. professor declines EU job offer after backlash from lawmakers
▼ + stars: | 2023-07-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

American citizen and Yale professor Fiona Scott Morton decided not to take up a key job in the heart of the European Union after facing significant backlash from politicians in the bloc. Scott Morton had been nominated earlier this month to take the role of chief competition economist, a prominent role in the team of Margrethe Vestager, the EU's competition chief. I have determined that the best course of action is for me to withdraw and not take up the Chief Economist position," she said in a letter to Vestager shared online Wednesday morning. The EU's competition chief faced intense questioning from European lawmakers Tuesday for nominating Scott Morton. The criticism focused on her nationality (the fact that she isn't European) and her previous work consulting for Big Tech.

Persons: Fiona Scott Morton, Scott Morton, Margrethe Vestager, Vestager, Emmanuel Macron Organizations: Yale, European Union, Big Tech Locations: Brussels

☆ EU's competition chief Margrethe Vestager under fire for hiring a U.S. economist
▼ + stars: | 2023-07-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Executive Vice President Margrethe Vestager is answering questions from lawmakers on considering giving a top job in her cabinet to a U.S. citizen. Europe's powerful competition chief, Margrethe Vestager, is under fire for hiring an American citizen for one of her team's top jobs. Vestager, who's been leading investigations into Big Tech for almost 10 years, is due to answer questions from European lawmakers Tuesday after appointing Fiona Scott Morton, a professor at the Yale School of Management, as chief competition economist at the European Commission, the EU's executive arm. Laurence Boone, France's secretary for Europe, said on Twitter that she had spoken with Vestager about this nomination, adding that "Europe has many talented economists." "I invite the European Commission to reconsider its choice," he added.

Persons: Margrethe Vestager, who's, Fiona Scott Morton, Laurence Boone, Jean, Noël Organizations: Big Tech, Yale School of Management, European Commission, Twitter, Commission, CNBC Locations: Europe, Brussels

☆ 'Gratitude' spat: NATO and Ukraine's clash over aid reveals a strained power dynamic
▼ + stars: | 2023-07-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

This culminated with the Ukrainian leader, Volodomyr Zelenskyy, saying Tuesday that the absence of a timeline for his country to join NATO was "absurd." Even if some members were very keen to follow Ukraine's request, the United States in particular isn't supportive of immediate membership for Kyiv at this time. But I promise you, the United States is doing everything we can to get you what you need as rapidly as we can get it to you." watch nowThe 31 members of NATO did not commit to a date for when Ukraine can join the group. However, Valtonen disregarded claims that Ukraine has not shown gratitude, arguing that aid should not be seen as charity.

Persons: Volodomyr Zelenskyy, Joe Biden, Sean Gallup, Jacob Kirkegaard, Jake Sullivan, Ben Wallace, Rishi Sunak, Maria Demertzis, Zelenskyy, Biden, we're, Elina Valtonen, Valtonen Organizations: Getty, NATO, CNBC, Kyiv, German Marshall Fund of, Diplomat, . Defense, Reuters, European Union, Financial Times, Twitter Locations: Ukraine, Vilnius, Lithuania, Kyiv, United States, U.S, Washington, China, British, Russia, Finland

☆ Inside Bob Iger's Disney contract extension: a CEO moving to protect his legacy and get succession right this time
▼ + stars: | 2023-07-13 | by ( Lucia Moses | Reed Alexander | ) www.businessinsider.com time to read: +5 min

Disney extended CEO Bob Iger's contract for 2 years, through the end of 2026. Company watchers won't be shocked by the move, since Iger extended his previous tenure in the role many times. Insiders said he wants to protect his legacy and stabilize the business, especially after the exit of its CFO. Disney just extended Bob Iger's contract for two more years, through 2026, the company announced today. Iger pledged at the time to prioritize finding a successor, but he has extended his contract before — four times during his first 15-year tenure.

Persons: Bob Iger's, Iger, Bob Chapek, Dave Heger, Edward Jones, Heger, Christian Knaebel, Christine McCarthy, Disney, — here's, Chapek, Jay Rasulo, Kevin Mayer, Tom Staggs, Dana Walden, Alan Bergman, Iger's reorg, Dana, who's, Bergman, Walden, Meta execs Sheryl Sandberg, Carolyn Everson, Josh D'Amaro, Jimmy Pitaro, Adam Silver, Silver, Andrew Wilson Organizations: Disney, Hollywood, Writers Guild of America, SAG, Longtime, Disney Entertainment, Pixar, ESPN, National Basketball Association, EA Locations: Iger

☆ Erdogan's push for Turkey's EU membership is being met with surprise and skepticism
▼ + stars: | 2023-07-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Erdogan surprised many on Monday by linking Sweden's bid to join NATO with his country's accession to the EU. "I was quite surprised he linked this," Maria Demertzis, senior fellow at the Brussels-based think tank Bruegel, told CNBC Tuesday. The EU deemed that Turkey was putting forward a lot of political reforms that actually moved it "further away" from the bloc. One of the policy changes that infuriated the EU was a 2017 referendum that gave Erdogan more executive powers. "He needs money," an EU official, who did not want to be named due to the sensitive nature of the topic told CNBC Tuesday, regarding why Erdogan brought up this issue again now.

Persons: Recep Tayyip Erdoğan, aren't, Erdogan, Maria Demertzis, Erdogan's Organizations: European Union, NATO, EU, CNBC Locations: Turkish, Turkey, Sweden, Brussels, Ankara

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