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CNN —A verdict is expected in the coming hours in the espionage case of the Wall Street Journal reporter Evan Gershkovich, with Russian prosecutors seeking an 18-year prison sentence in what his employer and the US government have dismissed as a sham trial. The court in Yekaterinburg will announce the verdict on Friday at 5 p.m. local time (8 a.m. Earlier Friday, the court heard closing arguments and Gershkovich delivered his closing remarks behind closed doors. The state prosecution service has requested 18 years in prison for Gershkovich, according to state news agency TASS, citing the court. Gershkovich, the US government and the WSJ have vehemently denied the charges against him.
Persons: Evan Gershkovich, Gershkovich Organizations: CNN, Wall Street, CIA, WSJ Locations: Yekaterinburg, Sverdlovsk, Gershkovich, American
Germany to slash military aid budget in blow to Ukraine
  + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com   time to read: +3 min
Around 5.4 billion euros had been allocated to the fund in 2023, the budget outline shows. In recent years, large amounts of this section of the German budget has been allocated to support Ukraine following Russia's attack of the country. It also noted that Germany would continue to support Ukraine for as long as needed, in collaboration with its allies. The government had planned to re-allocate unused emergency debt, which was taken on during the Covid-19 pandemic, to its future spending plans. The German parliament will debate the draft budget when it returns from its summer break in September before it is finalized later in the year.
Persons: Christian Lindner, Donald Trump's, Sen, JD Vance, Olaf Scholz Organizations: Ukraine, CNBC, Reuters, Trump, Trump's, Military, NATO Locations: Germany, Ukraine, Russia
Shares of Volvo Cars rose sharply on Thursday after the company reported a jump in annual operating profit for the second quarter. Core operating profit for the quarter came in at 8.2 billion Swedish kronor ($776 million), 28% higher than in the same quarter a year earlier, the company said in a statement. Volvo Cars' revenue dipped slightly in the second quarter, coming in at 101.5 billion Swedish kronor from 102.2 billion Swedish kronor over the same period of last year. In the first quarter of 2024, Volvo Cars had reported a 2% year-on-year decline in revenue. First-quarter operating profit had come in at 6.8 billion Swedish kronor, while retail car sales amounted to 182,687.
Persons: Jim Rowan Organizations: Volvo, Global, U.S, Volvo Cars Locations: Shanghai, China, London
CNN —Five activists of the Just Stop Oil environmental campaign have been handed prison sentences for their involvement in organizing protests that blocked a major London highway in 2022, PA media reported, sparking a wave of criticism from climate advocates. Hallam was sentenced to five years’ imprisonment while the remaining four defendants were each handed four years in prison each. ‘Obscene perversion of justice’The sentences have drawn criticism from environmental agencies and scientists. The judge’s characterisation of climate breakdown as a matter of opinion and belief is completely nonsensical and demonstrates extraordinary ignorance. The judge’s characterisation of climate breakdown as a matter of opinion and belief is completely nonsensical and demonstrates extraordinary ignorance.
Persons: Roger Hallam, Daniel Shaw, Louise Lancaster, Lucia Whittaker De Abreu, Cressida Gethin, Christopher Hehir, Hallam, , , Jocelyn Ledward KC, Bill McGuire, Amy Cameron, Sir David King Organizations: CNN —, Prosecutors, Metropolitan Police, University College London, Greenpeace UK’s, Geophysical Locations: London
The U.K.'s FTSE 100 was last seen up 40 points at 8,231, Germany's DAX 15 points higher at 18,464 and France's CAC up 7 points at 7,590. LONDON — European markets were headed for a higher open on Thursday as investors awaited the European Central Bank's interest rate decision. Asia-Pacific markets tumbled on the news from the chip sector overnight, with Japan's Nikkei 225 declining more than 2%. Back in Europe, the European Central Bank is expected to announce its latest interest rate decision Thursday. Markets are widely expecting the central bank to leave rates unchanged, but investors are hoping for guidance on the path ahead for monetary policy.
Persons: Boris Roessler, Germany's DAX Organizations: Getty, CAC, MIB, LONDON, Tech, Japan's Nikkei, Nasdaq, European Central Bank, Novartis, Volvo, Ubisoft, Nokia Locations: Hesse, Frankfurt, U.S, Asia, Pacific, Europe
CNN —Sixteen people were killed after a fire broke out at a shopping mall in southwest China on Wednesday, according to Chinese state media. Dramatic images showed a huge column of black smoke billowing from the 14-story building in the city of Zigong, Sichuan province. Rescuers work at the site of the fire in China's Zigong city on July 17, 2024. Such incidents are not uncommon in China, where enforcement of safety standards is often lax. In January, a fire at a mixed-use building in southeast China killed at least 39 people just days after another blaze at a boarding school in central Henan province killed 13 children.
Organizations: CNN, CCTV, Visual China, China’s Ministry of Emergency Management Locations: China, Zigong, Sichuan province, China's Zigong, Henan
Stock price information reflected on a window at the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023. LONDON — European stocks closed lower Wednesday, continuing negative sentiment seen in the previous two trading sessions as technology stocks plummeted. The regional Stoxx 600 index provisionally closed 0.43% lower, with most major bourses in the region falling and sectors trading mixed. European tech stocks plunged 4.4%, mirroring a sell-off seen across the Atlantic, where the Nasdaq Composite retreated 2% in early deals. U.S. stocks were broadly lower as investors continued to rotate out of megacap tech stocks into the broader market.
Organizations: LONDON, Nasdaq Locations: Paris, France, U.S
Adidas shares rise after hiking 2024 guidance
  + stars: | 2024-07-17 | by ( Sophie Kiderlin | In | ) www.cnbc.com   time to read: +2 min
Shares in Adidas were slightly higher on Wednesday after the company announced it would hike its full year 2024 earnings guidance following better-than-expected preliminary results for the second quarter. Adidas rose nearly 5% after markets opened on Wednesday before paring gains to around 2% by the market close. Adidas said its revenues rose 11% in the second quarter, compared to the previous year. Excluding sales of the struggling Yeezy line in both year, currency-neutral revenue rose 16% in the quarter, Adidas noted. The company had already hiked its 2024 outlook once this year after releasing its first-quarter results, which also beat expectations.
Persons: Ye Organizations: Adidas Locations: German,
Deutsche Bank incorrectly disclosed deferred tax assets in its 2019 financial statement which did not meet international accounting standards, the German regulator BaFin said on Tuesday. "The declarations on deferred tax assets in the consolidated financial statement were not complete," the regulator, known formally as the Federal Financial Supervisory Authority, said in a statement translated by CNBC. It said that 2.076 billion euros ($2.26 billion) worth of deferred tax assets had not been disclosed separately in the notes for Deutsche Bank's U.S. business. The bank should have made the disclosure because it recorded several years of losses, it said. The disclosure error was against rules laid out by the International Accounting Standards, BaFin said in a second statement.
Persons: BaFin Organizations: Deutsche Bank, Federal Financial Supervisory Authority, CNBC, Deutsche Bank's, International
Treasury yields fall as investors digest Powell comments
  + stars: | 2024-07-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com   time to read: +1 min
ET, the yield on the 10-year Treasury was down by over three basis points to 4.1983%. The 2-year Treasury yield was last more than one basis point lower to 4.4404%. U.S. Treasury yields were lower on Tuesday as investors weighed comments from Federal Reserve Chairman Jerome Powell on the outlook for the economy and interest rates. On Monday, Powell said the central bank will not wait until inflation has reached its 2% target rate before cutting interest rates. Powell, however, said the Fed is still looking for "greater confidence" that inflation will return to 2%.
Persons: Jerome Powell, Powell Organizations: Treasury, U.S, Federal, Traders
LONDON — The International Monetary Fund on Tuesday lifted its 2024 growth outlook for the U.K. to 0.7% from 0.5%, providing a further boost to the country's new government. Looking ahead, the Washington, D.C.-based IMF reiterated its forecast for 1.5% U.K. growth in 2025 in the July update of its World Economic Outlook. Investment bank Goldman Sachs earlier this month nudged its 2025 forecast for the U.K. economy 0.1 percentage point higher, to 1.6%. Other economies given a 2024 growth upgrade by the IMF on Tuesday included the euro zone, which it lifted by 0.1 percentage point to 0.9%, Spain, up 0.5 percentage point to 2.4%, and China, up 0.4 percentage point to 5%. It lowered its forecast for the U.S. economy by 0.1 percentage point to 2.6%.
Persons: Taylor, Goldman Sachs, Keir Starmer, Goldman, — CNBC's Sophie Kiderlin, Vicky McKeever Organizations: Nine, Monetary Fund, D.C, Investment, Labour, European Union . Deutsche Bank, Friday, Deutsche Bank, Jefferies, Bank of England, Reuters, IMF Locations: Ruskin Park, London, England, Washington, brightening, Spain, China, U.S, Asia
Former US President Donald Trump during a campaign event at Trump National Doral Golf Club in Miami, Florida, US, on Tuesday, July 9, 2024. "Trump's re-election would thus pose a significant downside risk to our otherwise constructive growth forecast for the Euro area." Trade policy uncertainty, added defense and security pressures and spillover effects from U.S. domestic policies on, for example, taxes could impact Europe, they explained. Trade tensionsTrump's trade policy, and the uncertainty around it, could be one factor that impacts Europe's economy, just as it did during his last presidency, analysts Stehn and Moberly said. In 2018 and 2019, uncertainty about trade policy reduced industrial production in the euro area by around 2%, they estimated.
Persons: Donald Trump, Eva Marie Uzcategui, Goldman Sachs, Jari Stehn, James Moberly, Trump's, Trump, Joe Biden, Moberly Organizations: Trump National Doral Golf Club, Bloomberg, Getty, White, Trump, European Union, EU, . Defense, NATO, U.S, Stehn Locations: Miami , Florida, Europe, Pennsylvania, U.S, Germany, Stehn, Moberly, Ukraine
CNN —Israel has announced that a Hamas commander was killed in Saturday’s strike on southern Gaza, but the fate of the major target, Hamas military chief Mohammed Deif, remains uncertain. The Israeli military is verifying whether he was killed while Israeli Prime Minister Benjamin Netanyahu also acknowledged it is uncertain whether he died. The Ministry of Health in Gaza said the strike killed at least 90 Palestinians and injured 300 others in Al-Mawasi, a designated humanitarian zone. If his death is confirmed, Deif would be the highest profile Hamas leader killed since the war in Gaza began nine months ago. Israeli intelligence services said this past week they killed a total of 25 Hamas operatives involved in the October 7 attacks.
Persons: CNN — Israel, Mohammed Deif, Rafe Salama, Khan Younis, , Salama, Deif, Benjamin Netanyahu, Scott Anderson, Ronen, Shin, Bet’s “ Organizations: CNN, Israel Defense Forces, Health, Shin Bet, IDF’s Southern Command, UN, Sunday, Ministry of Health, Israeli Air Force Locations: Gaza, Al, Israel, Rafah, Nuseirat
CNN —Israel has targeted Hamas’ military chief Mohammed Deif in a strike on a designated humanitarian zone in southern Gaza which killed at least 90 Palestinians. He has led the Palestinian militant group’s armed wing for more than two decades. This image taken from video and released by Hamas on August 26, 2005, shows a man identified as Mohammed Deif. He became a founding member of Hamas’ armed wing, the Qassam Brigades, in the early 1990s. Deif, a man who lives his life in the shadows, has managed to survive for decades while running Hamas’s armed wing.
Persons: CNN —, Mohammed Deif, Deif, Khan, Mohammad Diab Ibrahim al, Masri, El, , Graves, Mohammed Salem, Reuters Deif, , Ismail Haniyeh Organizations: CNN, EU, AP, Hamas, Qassam, Israel, Reuters, Criminal Court Locations: CNN — Israel, Gaza, Israel, Jerusalem, Tel Aviv, Palestine, Israeli
CNN —At least 71 Palestinians have been reported killed in an Israeli strike on a displacement camp in southern Gaza which Israel said targeted Hamas’ military chief, who was an alleged mastermind of the October 7 attacks. “I cannot describe to you the magnitude of the tragedy,” one resident told CNN. Mohammed Deif – the leader of Qassam Brigades, Hamas’ military wing – was the figure targeted, an Israeli security official told CNN. Palestinians gather near damage caused by an Israeli strike at a tent camp in Al-Mawasi area on Saturday. A 2014 Israel strike killed his wife, seven-month-old son and three-year-old daughter.
Persons: Mohammed Deif –, Qassam, Deif, Khan Younis, Rafe Salama, Mohammed Salem, , , Hammoud, Aida Hamdi, Salama, Trevor Ball, Yoav Gallant, Herzi Halevi, Mohammed Diab Ibrahim al, Masri, El Deif Organizations: CNN, , Gaza Health Ministry, Nasser, Boeing, US, Israeli, Shin, Reuters Locations: Gaza, Israel, Al, Kuwait, Khan, Jerusalem, Tel Aviv
CNN —Israel says it targeted Hamas’ top military official, Mohammed Deif, in an airstrike in southern Gaza, with local authorities saying at least 71 Palestinians were killed in multiple strikes in the same area. Deif – the leader of Hamas’ Qassam Brigades – was targeted Saturday in an airstrike based on precise intelligence in Al-Mawasi, a camp west of the city of Khan Younis, an Israeli security official told CNN. The Israeli military said it in the process of verifying whether Deif was killed in the strike. Deif was targeted alongside the head of the Khan Younis brigade, Rafe Salama, the security official added. The Gaza Health Ministry reported at least 71 people killed in the same Al-Mawasi area in Israeli strikes, with nearly 300 people injured.
Persons: CNN — Israel, Mohammed Deif, , Hamas ’, Khan Younis, Deif, Rafe Salama Organizations: CNN, Gaza Health Ministry, Nasser Locations: Gaza, Khan, Kuwait
Walking into the Chrysler Building for the first time in 2018 was a “pinch-me moment” for Sophie Smith. She was there for an interview with the theater department of Creative Artists Agency, and it would be her first job out of college. “Walking through the lobby every day was such a treat. Whenever we had guests to the office, you felt proud to work there.”That grand, Art Deco-style lobby — with its red Moroccan marble and vast Edward Trumbull ceiling mural — evokes a sense of nostalgia and glamour. Since it opened in 1930, the Chrysler Building has remained an architectural marvel that is recognizable to people who’ve never even been to New York, with its terraced crown and countless references in pop culture.
Persons: Sophie Smith, Smith, Annie ”, “ You’ll, ‘ Annie, , , Edward Trumbull, who’ve, Annie Leibovitz, David Parsons Organizations: Chrysler, Creative Artists Agency, City Locations: , New York, , , Black
The U.K.'s Financial Conduct Authority announced Thursday new rules for the country's stock market listings in a bid to boost growth following a slow down in IPOs. "They aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors," the regulator added. One key change is the removal of the 'premium' and 'standard' listing segments. Shareholder approval for key events, like reverse takeovers and decisions to take the company's shares off an exchange, is still required," the FCA said. Some rules around eligibility for listings will also change, such as the removal of a requirement for companies to provide track records of their revenue.
Organizations: Bank of England Locations: London, IPOs
Deep beneath the town hall in Arles, France, past some unassuming service counters and down several flights of narrow steps, the artist Sophie Calle has buried some things that she can’t bear to part with. This year’s edition of the Rencontres, which runs through Sept. 29, is titled “Beneath the Surface,” and Calle’s contribution takes place in a labyrinthine series of underground caverns bisected by long arched balustrades. The shadowy walkways and damp, moldy atmosphere are ideal for her project, in which she displays works from her storeroom that were damaged in a storm. Advised by restorers to destroy them, she decided instead to give them a subterranean afterlife. And so, the works are now “buried” in Arles, where they continue to decompose, but have not, at least, been forsaken.
Persons: Sophie Calle, restorers, Locations: Arles, France
ET, the yield on the 10-year Treasury was up by nearly one basis point to 4.2880%. The 2-year Treasury yield was nearly flat at 4.6304%. U.S. Treasury yields were little changed on Thursday as investors looked ahead to fresh inflation data and considered remarks from Federal Reserve Chairman Jerome Powell. Investors awaited fresh inflation insights that could provide hints about the path ahead for interest rates. The central bank has said it would not cut interest rates until data shows that inflation is sustainably easing toward this target.
Persons: Jerome Powell, Dow Jones, Powell Organizations: Treasury, U.S, Federal, Investors, CPI, Financial
EU antitrust regulators on Thursday accepted commitments from Apple to allow access to its tap and go payments technology to rivals, bringing an end to a four-year investigation. "From now on, Apple can no longer use its control over the iPhone ecosystem to keep other mobile wallets out of the market. The iPhone maker now has until July 25 to implement the commitments, Vestager said. All developers will then be able to offer mobile wallets for iPhones with the tap and go technology, she explained. It added that there would be no changes to Apple Pay or the Apple Wallet following the probe.
Persons: Margrethe Vestager, Apple, Vestager Organizations: European Union, Apple, EU, European Commission, Economic Locations: Europe
CNN —A fire broke out in the spire of the cathedral in the French city of Rouen on Thursday morning. The blaze erupted at the top of the spire of the gothic Our Lady of the Assumption Cathedral in Rouen, in the northern region of Normandy. The prefecture confirmed on X that the cathedral was evacuated following the outbreak of the flames and that emergency services were working at the scene. “I turn around and I see the cathedral spire, the tarpaulin that was protecting the restoration work, which was burning, big flames, black smoke.”The construction of Rouen cathedral dates from the 12th century and it was built and rebuilt over a period of 800 years. This blaze comes five years after a massive fire broke out in the Notre Dame Cathedral in Paris, devastating large parts of the 850-year-old church.
Persons: Stéphane, Patrick Waeselynck, ’ ”, Claude Monet Organizations: CNN, Assumption, Normandy’s, Reuters, Notre Dame Cathedral Locations: French, Rouen, Normandy, Normandy’s prefecture, Oise, Paris
“Today, I would like to announce that a settlement has been reached in the civil trial with the three perpetrators who were found guilty in the criminal trial,” Gonoi said. Authorities initially seemed unwilling to believe her but Gonoi’s refusal to be silenced eventually prompted prosecutors to reopen investigations in a sweeping probe into sexual harassment across the JSDF. The broad investigation led by Japan’s defense ministry found that Gonoi had suffered physical and verbal sexual harassment daily between late 2020 and August 2021. Not backing downAs a child, Gonoi said she saw JSDF members as heroes. The defense ministry eventually launched a broad investigation into sexual harassment across the JSDF that found Gonoi had suffered physical and verbal sexual harassment daily between late 2020 and August 2021.
Persons: Hong Kong CNN —, Rina Gonoi, ” Gonoi, Gonoi, , Yoshiaki Saito, Japan’s, Kazuhiro Nogi, Fumio Kishida, Boram Jang, “ Rina Gonoi, ” Jang Organizations: Hong Kong CNN, , Japan Self, Defense Force, NHK, CNN, Japan’s Ministry of Defense, Authorities, Getty, Japanese, Gonoi, Amnesty Locations: Tokyo, Hong Kong, Japan, Higashi, Japan’s, Miyagi, Fukushima, AFP, East Asia
The Greek government has defended its new six-day working week policy, saying it is an "exceptional measure" that would only be applied in "specific circumstances." "It is important to note that this new regulation does not in any way affect the established 5-day/40-hour working week mandated by Greek law, nor does it establish a new 6-day working week," Greek Minister of Labour and Social Security Niki Kerameus told CNBC in emailed comments late last week. "All it does is provide only in limited circumstances for the option of an additional working day, as an exceptional measure." Especially for businesses that are not operational every day, "the additional working day option is permissible only in the case of an increased workload," Kerameus explained. "Most countries in Europe have similar provisions for exceptional additional working days.
Persons: Niki Kerameus, Kerameus Organizations: Labour, Social, CNBC, Organization for Economic Cooperation, Development, European Union Locations: Athens, Greece, U.S, EU, Europe
ET, the yield on the 10-year Treasury was up by over 2 basis points at 4.289%. The 2-year Treasury yield was last at 4.628% after rising by more than 1 basis point. U.S. Treasury yields were higher on Tuesday as investors looked ahead to economic data and comments from Federal Reserve Chair Jerome Powell. Investors awaited key data points slated for the week ahead, including fresh consumer and wholesale inflation figures. Several other Fed officials are also set to give remarks throughout the week and could provide more insights.
Persons: Jerome Powell, Powell Organizations: Treasury, Federal, Investors, Federal Reserve, Banking, Financial Services Committee
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