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☆ 'We would not stand idly by': Lagarde pledges ECB action if both profits and wages rise
▼ + stars: | 2023-07-07 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

At the same time, wages have also risen by more than expected," Lagarde said in an interview with French newspaper La Provence. As such, the ECB is vigilant about any risks that could reverse the trend and drive inflation up further, including profit margins. The euro zone has been battling high inflation for around a year given firstly, record-high energy costs, and more recently, soaring food prices. European Central Bank President Christine Lagarde said Friday the bank will not "stand idly by " if there is a simultaneous increase in profits and wages given persistently high inflation in the region. "A simultaneous increase in both would fuel inflation risks, and we would not stand idly by in the face of such risks," Lagarde added.

Persons: Lagarde, Christine Lagarde Organizations: French, La Provence, ECB, European Central Bank, International Monetary Fund Locations: Central

☆ Markets are pricing in rate cuts too soon, IMF's Gopinath says
▼ + stars: | 2023-06-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Major central banks will have to keep interest rates high for much longer than some investors expect, Gita Gopinath, first deputy managing director of the International Monetary Fund, told CNBC Tuesday. "Now this is unlike, for instance, what several markets expect, which is that things are going to come down very quickly in terms of rates. The ECB began raising rates in July 2022 and has increased its main rate from -0.5% to 3.5% since then. Nonetheless, Fed Chairman Jerome Powell has suggested there could be at least two more rate hikes this year. In a note to clients on Friday, Nomura said it expects both the ECB and the Bank of England to announce rate cuts in about a year's time.

Persons: Gita Gopinath, Gopinath, CNBC's Annette Weisbach, Jerome Powell, Nomura Organizations: International Monetary Fund, CNBC, European Central Bank, ECB, U.S . Federal Reserve, Fed, Bank of England Locations: Sintra , Portugal, Europe

☆ Lagarde says inflation still too high in euro area, cannot declare victory yet
▼ + stars: | 2023-06-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

European Central Bank President Christine Lagarde said Tuesday that inflation is still too high and it's still too early for her organization to declare victory over consumer price rises. Speaking at the Sintra central banking event in Portugal, she said: "Inflation in the euro area is too high and is set to remain so for too long. But the nature of the inflation challenge in the euro area is changing." The euro area has faced higher inflation rates mainly in the wake of Russia's invasion of Ukraine, which drove up energy costs across the bloc. "We have made significant progress but — faced with a more persistent inflation process — we cannot waver, and we cannot declare victory yet," she added.

Persons: Christine Lagarde Organizations: European Central Bank, ECB Locations: Sintra, Portugal, Ukraine

☆ European markets open higher with central bank comments in focus
▼ + stars: | 2023-06-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

It ended Monday's session down by 0.1%, in what was its sixth straight negative session. European markets opened higher this Tuesday morning as investors monitored comments from central bankers at the ECB Forum in Sintra. Premier Li Qiang said during a speech that Beijing would be putting forward more effective policies to expand domestic demand and open markets. Meanwhile, U.S. futures also pointed to higher open ahead of homes sales, durable goods and consumer confidence data. It comes after U.S. stocks ended Monday's session in the red, with the Dow , S&P 500 and Nasdaq — the three major indices — all down.

Persons: bourses, Premier Li Qiang, Tesla Organizations: ECB, Dow, Nasdaq, Tech, Nvidia Locations: Sintra ., Asia, China, Premier, Beijing

☆ How long will it take for Ukraine's economy to recover? Previous wars offer some clues
▼ + stars: | 2023-06-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The World Bank and the European Commission have estimated that the total cost of reconstruction of Ukraine has surpassed $400 billion. The European Union is looking at how to use frozen Russian assets in the region to help pay for the rebuilding of Ukraine. "We know that there is more than 200 billion euros in Russian central bank's assets in European countries. And in addition to that, there is also around 20 billion euros of private frozen assets," Ahnlid said. Even though the conflict is ongoing, which complicates the rebuilding efforts, Ukraine hopes to attract international support from other governments and private investors.

Persons: Anders Ahnlid, Ahnlid, Volodymyr Zelenskyy, Larry Fink Organizations: World Bank, European Commission, European, CNBC, Ukraine, BlackRock, EU, JPMorgan Locations: Ukraine, Kyiv

☆ European business activity slows in June as higher interest rates begin to bite
▼ + stars: | 2023-06-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Business activity growth in Europe slowed in June, pointing to a difficult end to the second quarter, according to preliminary data Friday. Speaking to CNBC's Street Signs Europe, Chris Williamson, chief business economist at S&P Global Market Intelligence, described the numbers as "worrying." "Higher interest rates, the rise in the cost of living, all beginning to take their toll," he said. The European Central Bank has been increasing interest rates consistently for the past 12 months in an effort to bring down inflation. Higher rates can lead to higher costs for companies across the bloc, however, and so often become a drag on output.

Persons: Chris Williamson Organizations: P, P Global, P Global Market Intelligence, European Central Bank Locations: Europe

☆ The China dilemma: Europe wants a new relationship with Beijing but is wary of retaliation
▼ + stars: | 2023-06-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

John Macdougall | Afp | Getty ImagesEurope is charting a new way forward for its relations with China, but officials in the region say they are wary about the risk of retaliation if they get it wrong. There has been growing momentum behind the idea of de-risking from China. At a G7 meeting in late May, both the U.S. and Europe agreed to reduce their dependency on Beijing — rather than completely cut ties. Policymakers in Europe, meanwhile, have taken a more cautious approach — aware of how important the Chinese market is for its domestic companies. watch nowThe whole bloc is figuring out what de-risking from China means.

Persons: Li Qiang, Olaf Scholz, John Macdougall, Ursula von der Leyen Organizations: Afp, Getty, U.S, CNBC, EU, European Commission Locations: China, Europe, Beijing, U.S, EU, Brussels

☆ 'We do not want only a ceasefire': EU chief calls for lasting peace in Ukraine
▼ + stars: | 2023-06-21 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

LONDON — A ceasefire in Ukraine is not enough for European officials, who want lasting peace in the region, European Commission President Ursula von der Leyen told CNBC. So it has to be a real peace," von der Leyen said on the sidelines of a conference on reconstruction efforts for Ukraine. Speaking to CNBC's Steve Sedgwick, von der Leyen said that China can nevertheless be a crucial player in the peace process. Her comments come as western governments seem to be stepping up their efforts for the future reconstruction of Ukraine. Von der Leyen said the two-day meeting in London was about governments coordinating their aid to Kyiv, but also about convincing private investors to join in.

Persons: Ursula von der Leyen, von der Leyen, Steve Sedgwick, Rishi Sunak, Von der Leyen Organizations: CNBC, Military, Kyiv, UN, Wednesday, European Union, World Bank, European Locations: Ukraine, Kyiv, Russian, Moscow, Russia, Crimea —, China, Crimea, London, Nova

☆ Rate cuts, hikes and pauses: The world's central banks just made very different decisions
▼ + stars: | 2023-06-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

From hawkish pauses to rate hikes and dovish tones, the world's biggest central banks last week struck very different tones on monetary policy. The European Central Bank on Thursday hiked rates and surprised markets with a worsening inflation outlook, which led investors to price in even more rate increases in the euro zone. This followed a Federal Reserve meeting where the central bank decided to pause rate hikes. Just days before that, China's central bank lowered its key medium-term lending rates to stimulate the economy. In Japan, where inflation is above target, the central bank has left its ultra-loose policy unchanged.

Persons: Carsten Brzeski, —, Erik Nielsen, UniCredit Organizations: European Central Bank, Reserve, ING Germany, CNBC, ECB, Bank of England Locations: Japan, Europe, Asia

☆ Disney's parks division is driving big profits, a bright spot as the streaming biz struggles and ESPN's future is unclear. Here's how that could factor into Bob Iger's CEO succession plans.
▼ + stars: | 2023-06-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +7 min

Disney CEO Bob Iger has reorganized the company into 3 core units: entertainment, ESPN, and parks. Parks' growing prominence comes as the company faces looming decisions over Iger's CEO. Travel bans "dramatically impacted" results for Disney Parks during the intense early years of the coronavirus pandemic, Heger noted, adding that parks are now generating more revenue and operating profit than they did in pre-COVID times. The parks' success is "helping to offset" losses from Disney's "DTC," or direct-to-consumer streaming business, Heger added. Josh D'Amaro, the current chairman for Disney Parks, Experiences, and Products, would be a likely figure appearing on any shortlist of CEO contenders.

Persons: Bob Iger, Parks, It's, Dave Heger, Edward Jones, Heger, AECOM, Iger, Josh D'Amaro, Christine McCarthy —, Iger's, Bob Chapek, Ron DeSantis, Chapek, Hollywood creatives, Tom Staggs, Iger —, —, Chapek's, it's, you've, Jeffery Merola, he'd, DeSantis, Reed Alexander Organizations: Disney, ESPN, Disney Parks, Walt Disney, Disneyland, Products, Florida Gov, Hollywood, Los Angeles Times, Sunshine State Locations: Tokyo, Shanghai, Orlando , Florida, Anaheim , California, execs, Chapek, Syracuse , New York, Orlando

☆ European Central Bank raises rates by 25 basis points after Fed opts to pause
▼ + stars: | 2023-06-15 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The European Central Bank on Thursday announced a new rate increase of 25 basis points, taking its main rate to 3.5%. The central bank has raised rates since July 2022 in an attempt to bring down record-high inflation across the region. The latest inflation reading showed prices cooling down at a faster-than-expected pace, with headline inflation coming in at 6.1% in May and core inflation, which excludes volatile items, coming in at 5.3%. Poor economic performance might limit the ECB's ability to increase rates further to rein in inflation. Chairman Jerome Powell said policymakers needed more information to decide next steps, but the central bank projected another two quarter-percentage-point moves later in the year.

Persons: Jerome Powell Organizations: European Central Bank, ECB, Gross, Federal Reserve

☆ EU charges Google with anti-competitive practices in ad tech business
▼ + stars: | 2023-06-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The European Commission, the executive arm of the EU, reached a preliminary conclusion that Google is dominant in the European market for publisher ad servers and for programmatic ad-buying tools for the open web. The commission also said Google has abused this dominant position since at least 2014. "The Commission's preliminary view is therefore that only the mandatory divestment by Google of part of its services would address its competition concerns," EU competition chief Margrethe Vestager said in a statement. "Our preliminary concern is that Google may have used its market position to favour its own intermediation services. If confirmed, Google's practices would be illegal under our competition rules,"Google was not immediately available for comment when contacted by CNBC.

Persons: Margrethe Vestager, Vestager Organizations: European Union, European Commission, EU, Google, CNBC Locations: Brussels, Belgium

☆ Europe wants to use Russia's assets to pay for Ukraine's reconstruction — here's how it might work
▼ + stars: | 2023-06-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

European officials are looking at ways to use Russian assets to repay for the reconstruction of Ukraine. The European Union is getting closer to brokering a detailed plan on how to use frozen Russian assets to pay for the reconstruction of Ukraine, a senior official told CNBC. The EU has confirmed that there are more than 200 billion euros ($215.5 billion) and a separate 20 billion euros ($21.5 billion) in assets across the bloc that belong to the Russian central bank and to Russian private individuals, respectively. These assets were frozen by European authorities in the wake of Russia's invasion of Ukraine to sanction the Kremlin for its aggression. She added at the time that these funds should also be put toward the reconstruction efforts, once the war is over and sanctions are lifted off the frozen assets.

Persons: Sweden's Anders Ahnlid, Ahnlid, Ursula von der Leyen, von der Leyen, Jacob Kirkegaard Organizations: European, CNBC, EU, Monday, Peterson Institute for International Economics, Bank, European Commission, United Nations Locations: Ukraine, Russian, Russia, Ukrainian, Nova

☆ Euro zone enters recession after Germany, Ireland growth revision
▼ + stars: | 2023-06-08 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The euro zone entered a recession in the first quarter of this year, and economists are not optimistic for the coming months. In a first reading, the agency had said the euro zone grew by 0.1% over the first three months of the year. Prior to its weak performance over January-March, the euro zone also contracted by 0.1% in the last quarter of 2022. "News that GDP contracted in the first quarter after all means that the euro zone has already fallen into a technical recession. Euro zone bond yields continued to trade largely higher Thursday following the data announcement, as several market players expect further monetary tightening.

Persons: Andrew Kenningham, Claus Vistesen Organizations: Capital Economics, Macroeconomics, European Central Bank, ECB Locations: Germany, Europe, Ireland, Netherlands, Greece

☆ UK predicted to have the highest inflation rate out of all advanced economies this year
▼ + stars: | 2023-06-07 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The OECD recently predicted that the UK will experience the highest inflation among all advanced economies this year. The U.K. headline inflation is "projected to slow on the back of declining energy prices and to come down close to target by the end of 2024," the OECD noted. "Core inflation is set to be more persistent due to strong services inflation, only receding to 3.2% in 2024." The U.K. is set to report a headline inflation of 6.9% this year, above the OECD average of 6.6% for 2023. Sanctions-struck Russia is forecast to have a headline inflation of just under 5.4% in 2023.

Persons: Andrew Bailey, Governor Bailey, BoE, Paul Dales Organizations: OECD, LONDON, Organization for Economic Cooperation, Bank of England, Capital Economics Locations: Sheffield, Argentina, Turkey, Russia, Paris, Paul

☆ UK PM Rishi Sunak will be traveling to the U.S. to discuss economic cooperation
▼ + stars: | 2023-06-02 | 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 EmailUK PM Rishi Sunak will be traveling to the U.S. to discuss economic cooperationU.K. Prime Minister Rishi Sunak is traveling to the U.S. next week and told CNBC's Silvia Amaro he will be looking to enhance economic cooperation while in Washington, D.C.

Persons: Rishi Sunak, CNBC's Silvia Amaro Organizations: U.S Locations: Washington ,

☆ Ukraine's Zelenskyy: We need NATO unity over Kyiv's membership
▼ + stars: | 2023-06-01 | 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 EmailUkraine's Zelenskyy: We need NATO unity over Kyiv's membershipCNBC's Silvia Amaro reports live from Moldova, where almost 50 heads of state from all across Europe are discussing security cooperation, as Russia's war in Ukraine drags on.

Persons: CNBC's Silvia Amaro Locations: Moldova, Europe, Ukraine

☆ British PM Rishi Sunak says Ukraine's rightful place is in NATO
▼ + stars: | 2023-06-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

U.K. Prime Minister Rishi Sunak said Thursday that Ukraine's "rightful place" is within the NATO military alliance. Sunak said he agreed with comments made earlier Thursday by NATO Secretary-General Jens Stoltenberg that Ukraine is on the path toward NATO membership. "I agree with the NATO Secretary-General: Ukraine's rightful place is in NATO," Sunak told CNBC's Silvia Amaro. Britain's prime minister said that allied nations were sending a "strong signal" to Russian President Vladimir Putin that they would safeguard Ukraine's security arrangements for the long term. Sunak was speaking in Moldova, where heads of state from EU and non-EU countries are gathered for the second annual meeting of the European Political Community.

Persons: Rishi Sunak, Sunak, Jens Stoltenberg, Ukraine's, CNBC's Silvia Amaro, Britain's, Vladimir Putin, we're Organizations: NATO, EU, Political Locations: Ukraine, Russian, Moldova, EU

☆ UK PM Rishi Sunak touts 'very strong partnership' with U.S. ahead of Washington visit
▼ + stars: | 2023-06-01 | 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 EmailUK PM Rishi Sunak touts 'very strong partnership' with U.S. ahead of Washington visitU.K. Prime Minister Rishi Sunak speaks to CNBC's Silvia Amaro in Moldova at the meeting of the European Political Community.

Persons: Rishi Sunak, CNBC's Silvia Amaro Organizations: U.S, Political Locations: Washington, Moldova

☆ Disney still has plans to spend billions in Florida despite its battle with DeSantis
▼ + stars: | 2023-05-26 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

Ron DeSantis, Disney remains committed to the state of Florida. Those figures have been repeated by CEO Bob Iger and parks chief Josh D'Amaro over the past few months, as tensions between Disney and Florida lawmakers have continued to ratchet up. Disney recently scrapped plans to open up a new employee campus in Lake Nona, Florida, citing "changing business conditions." "And this includes things like the transformation of Epcot," he explained. "It includes things like there's a new Star Tours attraction coming, we have a new Tiana attraction that's coming.

☆ As China and the U.S. redefine geopolitics, Europe faces a win-win situation
▼ + stars: | 2023-05-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

A member of the Peoples Armed Police stands guard in front of the flag of the European Union at the European Delegation in Beijing, China. As the United States looks at disengaging from China, Europe could soon find itself in a sweet spot. "The U.S.' hawkish policy stance towards China means that China needs to improve relations with Europe to mitigate the impact of export controls. Therefore, China has an incentive to work hard on improving EU relations," Anna Rosenberg, head of geopolitics at the Amundi Institute, told CNBC via email. "Viewed from China, the EU is the most important high-income market that it still has largely unfettered access to.

☆ German economy enters recession as first-quarter GDP data is revised lower
▼ + stars: | 2023-05-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The German economy entered a technical recession in the first quarter of this year, as households tightened spending. Data from the German statistics office on Thursday showed a downward revision to GDP (gross domestic product) from zero to -0.3% for the first three months of the year. The European Central Bank is expected to raise rates again at its next meeting on June 15. German Central Bank Governor Joachim Nagel said earlier this week that the ECB has "several" more rate increases ahead. He is one of the most hawkish members of the central bank.

☆ Isolating China will be 'impossible and dangerous,' analyst says, as the G-7 gets tough on Beijing
▼ + stars: | 2023-05-22 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The G-7 issued its strongest ever message to China over the weekend, but an analyst warned that isolating Beijing is "impossible" and "dangerous." The coronavirus pandemic shed light on the intricacies of critical supply chains, but the ongoing war in Ukraine has further exacerbated this reality. In the wake of the G-7 announcement, China summoned the Japanese ambassador and ordered companies to stop buying from American chipmaker Micron. Giuliano Noci, vice-rector for China for Politecnico di Milano, on Monday told CNBC's "Squawk Box Europe" that the G-7 showed a "unitarian" perspective against China. "It should be clear that isolating China will be not only, on the one hand, impossible but also, on the other hand, dangerous," Noci said.

☆ European officials are quietly preparing for the possibility Biden loses the next election
▼ + stars: | 2023-05-22 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

U.S. President Joe Biden (R) meets with President of European Commission Ursula von der Leyen (L) in the White House. This became ever more clear with Russia's invasion of Ukraine, with European leaders welcoming the financial and military support from the largest economy in the world. But it's possible that the current agreement, and working practices, will all come to an end if there's a new president in the White House. The European Commission, the executive arm of the EU, was not immediately available for comment when contacted by CNBC. Ron DeSantis, who is expected to launch his bid for the 2024 presidential campaign later this month, has said he believes the U.S. shouldn't get further involved in the Ukraine war.

☆ The Week in Business: An Attempt to Ban TikTok
▼ + stars: | 2023-05-21 | by ( Marie Solis | ) www.nytimes.com time to read: +3 min

The legislation seeks to cut off access by targeting mobile app stores, like the Apple Store and Google Play, and prohibit them from offering TikTok in Montana. If the stores continue allowing people to download the app, the companies could face fines, as could TikTok. The ban is set to take effect on Jan. 1, but it is already facing a legal challenge. A ‘Truly Sorry’ C.E.O. Though there was no explicit mention of Mr. DeSantis in the memo announcing the decision, Mr. D’Amaro noted “changing business conditions.”Image Credit... Giulio BonaseraWhat’s Next?

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