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☆ The cap on Russian oil is unlikely to change soon — despite opposing views on whether it’s working
▼ + stars: | 2023-04-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

G-7 nations have so far decided not to revise their cap on Russian oil. She called for policymakers to lower the level of the price cap to continue to pressure the Kremlin's finances. Is the price cap working? Ultimately, Kirkegaard said there was no explicit way to determine whether the oil cap is effective or not. India, China snap up Russian oil

☆ Macron bypassed parliament and angered French citizens. Setting the far-right up for a bounce
▼ + stars: | 2023-04-12 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

French President Emmanuel Macron. Shahin Vallée senior research fellow, German Council on Foreign RelationsMacron's popularity rating has worsened in the wake of the pension reforms. The proposed legislation pushes the retirement age up from 62 to 64, and for Macron, and his government, it's a necessity in order to balance the public finances. "Macron is not grooming anyone and that's part of the problem," Vallée said, adding that "Renaissance [party] is a one man party." Macron is serving his second mandate as president and the French constitution prevents him from running again for the job in 2027.

☆ IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990
▼ + stars: | 2023-04-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Ishara S. Kodikara | Afp | Getty ImagesThe International Monetary Fund on Tuesday released its weakest global growth expectations for the medium term in more than 30 years. The D.C.-based institution said that five years from now, global growth is expected to be around 3% — the lowest medium-term forecast in an IMF World Economic Outlook since 1990. "The world economy is not currently expected to return over the medium term to the rates of growth that prevailed before the pandemic," the Fund said in its latest World Economic Outlook. IMFIn the short term, however, the IMF expects global growth of 2.8% this year and 3% in 2024, slightly below the fund's estimates published in January. Banking turmoilThe IMF said that its baseline forecast "assumes that the recent financial sector stresses are contained."

☆ France’s Macron starts tough talks with China’s Xi Jinping on state visit
▼ + stars: | 2023-04-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Two of Europe's heaviest weights in politics are holding talks with China's President Xi Jinping at a time when the EU-Sino relationship is at a serious crossroads. With President Xi Jinping, we will also talk about our businesses, the climate and biodiversity, and food security," French President Emmanuel Macron said on Twitter, moments before meeting the Chinese leader. This is particularly relevant when EU economic growth is vulnerable to the ongoing war in Ukraine. Spain's Prime Minister Pedro Sanchez met China's President Xi Jinping last week. Europe's top foreign affairs diplomat, Josep Borrell, is also heading to China next week.

☆ Europe's relationship with China reaches critical juncture after Xi-Putin meeting
▼ + stars: | 2023-04-05 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

European officials are traveling to China in the hope of persuading Beijing to denounce Russia's invasion of Ukraine and cool its recent kinship with the Kremlin. The 27-member bloc walks a tightrope, looking to develop economic ties with China but also reaffirming a close political and cultural relationship with the United States. Spain's Prime Minister Pedro Sanchez met China's President Xi Jinping last week. Europe's top foreign affairs diplomat, Josep Borrell, is heading to China next week. In a visit to Moscow in March, China's leader Xi Jinping referred to his Russian counterpart as a dear friend.

☆ Finland officially becomes a member of NATO, doubling the military alliance's border with Russia
▼ + stars: | 2023-04-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Finland's Foreign Affairs Minister Pekka Haavisto is concerned that his country's application to join NATO will be delayed. Finland on Tuesday became an official member of the military alliance NATO, prompted by Russian President Vladimir Putin's decision to invade Ukraine last year. Nor does it change the foundations or objectives of Finland's foreign and security policy," Finnish President Sauli Niinisto said in a written statement Tuesday. Finland shares an 832-mile border with Russia, the longest of any European Union member. Kremlin spokesperson Dmitry Peskov said Tuesday that Russia would closely follow any NATO deployments in Finland and that his country would take "counter-measures" to this accession, according to Reuters.

☆ Euro zone price rises cool significantly in March, but core inflation posts small uptick
▼ + stars: | 2023-03-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Inflation in the euro zone dropped significantly in March as energy prices continued to fall. Headline inflation in the 20-member bloc came in at 6.9% in March, according to preliminary figures released by Eurostat Friday. By comparison, in February, headline inflation stood at 8.5%. ECB Member Isabel Schnabel said Thursday that headline inflation has started to decline, but core inflation is proving sticky. The ECB raised rates by 50 basis points in March, bringing its main benchmark rate to 3%.

☆ EU regulators distance themselves from Credit Suisse bond writedowns
▼ + stars: | 2023-03-30 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Switzerland's second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva. BRUSSELS — European regulators distanced themselves from the Swiss decision to wipe out $17 billion of Credit Suisse 's bonds in the wake of the bank's rescue, saying they would write down shareholders' investments first. Dominique Laboureix, chair of the EU's Single Resolution Board, had a clear message for investors in an exclusive interview with CNBC. The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action, and it sparked uncertainty for bondholders around the world. The Single Resolution Board became operational in 2015 in the wake of the Global Financial Crisis and sovereign debt crisis.

☆ Walt Disney Co begins 7,000 layoffs
▼ + stars: | 2023-03-27 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

LOS ANGELES, March 27(Reuters) - Walt Disney Co (DIS.N) on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more "streamlined" business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters. Several major divisions of the company - Disney Entertainment, Disney Parks, Experiences and Products, and corporate - will be impacted, according to a person familiar with the matter. Iger said Disney would begin notifying the first group of employees who are impacted by the workforce reductions over the next four days. Josh D’Amaro, chair of Disney Parks, Experiences and Products, sent a memo to theme parks employees in February warning that the profitable division would experience cuts. Officials for two of the unions representing cast members at Walt Disney World Resorts in Orlando, Florida, said “guest-facing” services were not expected to be affected by the layoffs.

☆ Europe's leaders battle banking crisis as market rout hangs over Brussels summit
▼ + stars: | 2023-03-24 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Ludovic Marin | Afp | Getty Imageswatch now"The euro area banking sector is strong because we have applied the regulatory reforms agreed internationally after the Global Financial Crisis to all of them," she said, according to EU sources. Geopolitics dominated the first day of talks, but the banking turmoil ended up being the focus for Friday. In the run up to the gathering, European officials had expressed their frustration with the lack of regulatory controls in the United States, where the recent banking turmoil first emerged. They have been nervous about potential contagion to their own banking sector, mainly as it's not been that long since European banks were in the depths of the global financial crisis. "The banking sector in Europe is much stronger, because we have been through the financial crisis," Estonia Prime Minister Kaja Kallas told CNBC Thursday.

☆ EU leaders gather in Brussels as pressures in the banking sector drag
▼ + stars: | 2023-03-24 | 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 EmailEU leaders gather in Brussels as pressures in the banking sector dragCNBC's Silvia Amaro reports from an EU summit amid pressures on the banking sector.

☆ China's liaisons with Russia are fueling an awkward split among European leaders
▼ + stars: | 2023-03-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

Russian President Vladimir Putin and Chinese President Xi Jinping at the Kremlin in Moscow, Russia, March 21, 2023. Chinese President Xi Jinping traveled to Russia earlier this week, where both leaders shared mutual concerns, warm words and called one another "dear friend." Speaking alongside Russian President Vladimir Putin, the Chinese leader Xi Jinping predicted voters would re-elect his Russian counterpart next year and described his leadership as "strong." "We have looked very carefully at [the] communication coming out of the Xi Jinping meeting with Vladimir Putin," Dutch Prime Minister Mark Rutte told CNBC. "We very much hope that the phone call will take place as soon as possible between Xi Jinping and Volodymyr Zelenskyy."

☆ European lawmakers are quietly miffed at U.S. regulators over SVB's collapse
▼ + stars: | 2023-03-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Chair of the ECB Supervisory Board Andrea Enria and Chairperson of the European Banking Authority (EBA) Jose Manuel Campa in the European Parliament on March 21, 2023. And in Switzerland, a non-member of the European Union, authorities had to rescue Credit Suisse by asking UBS to step in with an acquisition. Meanwhile, regulators and officials across the European Union have been nervous about potential contagion to their own banking sector. After all, it's not been that long since European banks were in the depths of the global financial crisis. Like him, an array of officials have made an effort to stress that the European banking system is in much better share compared to 2008.

☆ Euro pushes higher as ECB chief Lagarde says inflation is still too high
▼ + stars: | 2023-03-22 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The euro traded higher against the U.S. dollar Wednesday, following comments from the European Central Bank President Christine Lagarde that inflation is "still high." However, inflation is still high, and uncertainty around its path ahead has increased. "With high uncertainty, it is even more important that the rate path is data-dependent," she said. This implies additional uncertainty around the baseline for both growth and inflation," Lagarde said. Her comments follow remarks by Joachim Nagel, German central bank chief and ECB member, who noted that the fight against high inflation "is not over".

☆ Disney executives are being directed to identify thousands of layoff candidates and propose other budget cuts by April
▼ + stars: | 2023-03-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

Bob Iger is on a push for profitability at Disney and announced plans to cut 7,000 positions. Managers must identify candidates for layoffs by April, according to a source close to Disney. Disney bean counters have been looking carefully across the company in an attempt to find redundancies and eliminate executives where they can. Earlier this month, Disney announced that top human resources executive Paul Richardson would exit. In February Iger announced a restructure of Disney into three divisions: Entertainment, ESPN, and Parks, Experiences and Products.

☆ How Biden's climate plan could steal business from Europe
▼ + stars: | 2023-03-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden has a plan to boost clean energy in the United States, but European politicians worry it could drive companies and investment away from Europe. The U.S. Inflation Reduction Act has promised $369 billion – an unprecedented amount – on climate and energy policies, including, among many other things, tax credits for consumers getting new electric vehicles. "The Inflation Reduction Act represents a historic investment in clean energy and green technology. We urge other countries to follow the United States' lead and pass their own versions of this legislation," the spokesperson said. CNBC heads to Sweden to find out how these trade tensions are making businesses reconsider their investment plans.

☆ President Erdogan says Turkey will start ratifying Finland's NATO application
▼ + stars: | 2023-03-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Turkey's President Recep Tayyip Erdogan on Friday approved Finland's accession to NATO after months of talks, but added that discussions with Sweden will continue. "We have decided to initiate the ratification of Finland's accession process to NATO in our parliament," Erdogan said in Ankara, according to a Reuters translation, as he met his Finnish counterpart Sauli Niinisto. Erdogan added that he hoped the Turkish parliament would endorse Finland's bid before the country's May 14 elections. In May, Finland and Sweden sent applications to join the military alliance. But the process to join NATO has not been as smooth as some had expected, particularly with Ankara demanding more security reassurances from Sweden.

☆ Disney executives are being directed to identify thousands of layoff candidates by April as CEO Bob Iger targets $5.5 billion in spending cuts
▼ + stars: | 2023-03-17 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +3 min

Bob Iger is on a push for profitability at Disney and announced plans to cut 7,000 positions. Layoffs will impact about 4,000 employees, with the rest of the cuts coming from open roles. Disney bean counters have been looking carefully across the company in an attempt to find redundancies and eliminate executives where they can. Disney Chief Financial Officer Christine McCarthy told investors on the earnings call that the company has targeted cost savings of $5.5 billion. In February Iger announced a restructure of Disney into three divisions: Entertainment, ESPN, and Parks, Experiences and Products.

☆ European Central Bank hikes rates despite market mayhem, pledges support if needed
▼ + stars: | 2023-03-16 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

In February, preliminary data showed headline inflation of 8.5%, well above the central bank's target of 2%. Some market players questioned whether President Christine Lagarde would still go ahead with the move, given recent shocks in the banking sector. Credit Suisse shares tumbled by as much as 30% in Wednesday intraday trade, and the whole banking sector ended Wednesday's session down by about 7%. The euro area banking sector is resilient, with strong capital and liquidity positions," the central bank said in the same statement. The event threw international subsidiaries of the bank into collapse and raised concerns about whether central banks are increasing rates at a very aggressive pace.

☆ HSBC bought Silicon Valley Bank UK in record time — here's how events unfolded
▼ + stars: | 2023-03-16 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

HSBC came to the rescue of Silicon Valley Bank UK in a crucial deal for the whole banking sector. Silicon Valley Bank — a U.S. lender with clients mostly in the tech and health-care startup world — was deemed insolvent by American regulators on Friday. Consequently, the Bank of England announced Friday that, "absent any meaningful further information," it would be placing Silicon Valley Bank UK into an insolvency procedure. More than 200 companies — depositors with SVB UK — wrote Saturday to the U.K.'s Treasury asking for help. They said that some would not be able to comply with payroll deadlines without accessing their deposits with SVB UK.

☆ Canada is aiming to beat China in the critical race for rare earth metals
▼ + stars: | 2023-03-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Canada is positioning itself as a solution for the many European governments that are looking to rely less on China for critical raw materials — which are essential for the manufacture of goods like electric cars. The G-7 member announced in December a plan to ramp up the production of these minerals, with Canada having one of the largest deposits. The European Union, and other parts of the world, are trying to be less dependent on China while also accelerating plans for a more sustainable economy. More broadly, there's a growing recognition by several governments that minerals and other raw materials are now a matter of national security. This has become a reality in the European Union, with Russia's invasion of Ukraine highlighting that the bloc had become solely reliant on one huge supplier.

☆ The U.S. stock market keeps beating Europe in new listings. And it's no fluke
▼ + stars: | 2023-03-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

People clap during the ringing of the closing bell at the New York Stock Exchange. The United States is more attractive than European exchanges for new listings and there is not much that Europeans can do to change that, analysts told CNBC. Both examples highlight how the U.S. stock market is more attractive to the corporate world. Roger Jones, head of equities at London and Capital, told CNBC there are two main reasons why this is the case. "Sellers or listers can get better prices in the U.S. which still trades on significantly higher valuations than Europe.

☆ Italy's own version of Alexandria Ocasio-Cortez is shaking up politics in Rome
▼ + stars: | 2023-03-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Italy has a new face in its national politics that's being compared to Rep. Alexandria Ocasio-Cortez, the popular Democrat lawmaker stateside. Elly Schlein was elected as the center-left party Partito Democratico (PD) leader earlier this month — the first female to get the job. Earlier in her political career, she volunteered in the 2008 Obama campaign, when Barack Obama faced off against John McCain. But the picture might be changing, with Rome electing the first female prime minister, Giorgia Meloni, in October. Giorgia Meloni and Elly Schlein are emblematic of that change," he added.

☆ HSBC pays £1 to rescue UK arm of Silicon Valley Bank
▼ + stars: | 2023-03-13 | 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 EmailHSBC pays £1 to rescue UK arm of Silicon Valley BankCNBC's Silvia Amaro reports on the latest after HSBC agrees to buy SVB UK for £1.

☆ Disney CEO Iger admits the company was 'too aggressive in its zeal to grow profits' after theme park price hikes left fans furious
▼ + stars: | 2023-03-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Disney CEO Bob Iger admitted Thursday the company was "too aggressive" in its theme park price hikes. Price hikes at Disney World and Disneyland even outpaced inflation over the last decade , per WSJ. The price hikes angered fans. While Disney theme park prices have been rising over the years, some fans say it's becoming increasingly unaffordable. The price hikes were on top of tighter policies for ticket holders, which angered fans.

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