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☆ Embattled Abbott Labs comes through with a strong quarter, buyback announcement
▼ + stars: | 2024-10-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

Organic sales, which exclude Covid testing, were up 8.2% from the year-ago period. Bottom line In its third quarter, Abbott Labs demonstrated why we wanted to stick with the stock in the face of legal battles that emerged earlier this year and spooked investors. "There's just a lot to like with the Abbott quarter." As Abbott's organic sales growth continues to shine, the market will realize both concerns are overblown. The company reiterated its full-year organic sales growth outlook of 9.5% to 10%.

Persons: ABT, Abbott, Jim Cramer, Dexcom, Robert Ford, Ford, Lingo, —, it's, Edwards, Jim Cramer's, Jim, Ethan Miller Organizations: Abbott Laboratories, Revenue, Abbott Labs, NEC, Abbott, Ford, and Drug Administration, Centers for Disease Control, National Institutes of Health, CNBC, Las Vegas Convention, Getty Locations: U.S, Missouri, Las Vegas , Nevada

☆ Oil steadies after sharp falls as Middle East uncertainty persists
▼ + stars: | 2024-10-16 | by ( ) www.cnbc.com time to read: +1 min

Oil rose in early Asian trade on Wednesday on continued uncertainty over conflict in the Middle East, after falling as much as $5 this week to the lowest levels since early October on demand concerns. Brent crude oil futures rose 24 cents, or 0.3%, to $74.49 a barrel by 0054 GMT. U.S. West Texas Intermediate crude futures dropped 27 cents, or 0.4%, to $70.85 per barrel. On the oil demand side, both the Organization of the Petroleum Exporting Countries and the International Energy Agency this week cut their forecasts for global oil demand growth in 2024, with China accounting for the bulk of the downgrades. Analysts polled by Reuters expected crude stockpiles rose by about 1.8 million barrels in the week to Oct. 11.

Persons: Brent Organizations: . West Texas, U.S, Organization of, Petroleum, International Energy Agency, Reuters Locations: Israel, Iran, Beirut, China

☆ What Boeing’s massive financial crisis means for you
▼ + stars: | 2024-10-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Boeing’s finances are a multi-billion-dollar problem for the company, its employees, suppliers and airline customers. But Boeing’s financial problems, which started long before the strike could hurt the broader US economy. Hit to the economyBoeing’s financial problems are bad news for the US economy. But the other way that the financial problems would spread beyond Boeing will be the impact of the strike on suppliers. Boeing’s credit rating is at risk of being downgraded to junk bond status, which would create more financial problems by raising its cost of borrowing.

Persons: International Association of Machinists, Boeing won’t, Max Organizations: New, New York CNN, International Association of, Boeing, Anderson Economic Group, General Motors, Airbus Locations: New York, United States, Washington

☆ The next time an astronaut steps foot on the moon, it could be in a Prada spacesuit. See the design.
▼ + stars: | 2024-10-16 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +5 min

Axiom Space unveiled a Prada-designed spacesuit on Wednesday at the International Astronautical Congress in Milan, where Prada is headquartered. The Prada spacesuit is designed to withstand extreme temperatures. Russell Ralston, executive vice president of extravehicular activity at Axiom Space, told Business Insider that the "critical design review" stage will begin in 2025. Advertisement"Once the AxEMU spacesuit is through NASA's CDR and qualification testing, the spacesuit will be ready for the Artemis III mission," he said in a statement. Artemis III will follow NASA's Artemis II, which is scheduled to launch no earlier than September 2025.

Persons: Artemis, —, Michael Suffredini, Matt Ondler, it's, Russell Ralston, Prada, Artemis III Organizations: Prada, Service, International Astronautical, NASA, Extravehicular, Mercury, Space, Business Locations: Milan, Houston

☆ The US fined Lufthansa a record $4 million for discrimination after it stopped 128 Jewish passengers from boarding a connecting flight
▼ + stars: | 2024-10-16 | by ( Pete Syme | Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +3 min

Lufthansa was fined $4 million for discrimination over a 2022 incident involving over 100 Jewish passengers. 128 were denied boarding to a connecting flight after some were said to have misbehaved. AdvertisementLufthansa has been fined $4 million by the Department of Transportation after it was found to have discriminated against 128 Jewish passengers. After some people were said to have misbehaved on the first flight to Frankfurt, Lufthansa prevented 128 Jewish passengers — most of whom wore garments typically worn by Orthodox Jewish men — from boarding their connecting flight to Budapest, the DoT said. AdvertisementThe airline agreed to pay the $4 million fine, half of which consists of compensation it has already paid to the affected passengers.

Persons: —, Yitzy Schmidt, Pete Buttigieg Organizations: Lufthansa, Service, Department of Transportation, Transportation Department, BI, American Jewish Committee Locations: New York, Budapest, Frankfurt

☆ Consumers are in for some relief: Lower energy prices are on the way
▼ + stars: | 2024-10-16 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +5 min

London CNN —For consumers still scarred by jumps in their energy bills in recent years, the International Energy Agency has good news: Oil and natural gas prices will probably be lower over the next five years. Energy prices soared in the wake of Russia’s full-scale invasion of Ukraine in February 2022, which followed a rise in global demand as economies reopened after Covid lockdowns put lives on hold. And that “would move us into a very different energy world from the one we have experienced in recent years during the global energy crisis,” he added in a statement accompanying the IEA’s latest World Energy Outlook report. But global oil output has been increasing, thanks mostly to producers in the United States and other countries in the Americas. The energy body reiterated its previous forecasts that demand for oil, natural gas and coal will peak by the end of the decade.

Persons: Covid lockdowns, Ukraine don’t, Fatih Birol, Birol, ” Birol, “ Organizations: London CNN, International Energy Agency, Energy, Brent, IEA, US, CNN, ” Locations: Ukraine, United States, Americas, Qatar

☆ Kirill Shevchenko: Chess grandmaster expelled from competition for allegedly using a mobile phone during matches
▼ + stars: | 2024-10-16 | by ( George Ramsay | ) edition.cnn.com time to read: +3 min

CNN —A Romanian chess grandmaster was expelled from a national-level competition after being accused of using a mobile device during play, organizers announced on Monday. Kirill Shevchenko, currently 69th in the chess world rankings, was competing at the Spanish Team Championship in the Spanish enclave of Melilla when the alleged instance of cheating occurred. Subsequently, his draws in the opening two rounds of the competition for the Silla – Integrant Collectius team were turned into defeats. If further information comes to light, we will decide within the Federation our next steps.”The Romanian Chess Federation directed CNN to its statement when contacted for comment. CNN has contacted the International Chess Federation (FIDE) for comment on the incident.

Persons: Kirill Shevchenko, Integrant, ”, Integrant Col·lectius, “, Shevchenko, Chess.com, Óscar Bruno de Prado, FEDA, Silla, ” Shevchenko Organizations: CNN, Spanish Team, Silla, Spanish Chess Federation, ”, Facebook, Romanian Chess Federation, Federation, Romanian, International Chess Federation Locations: Romanian, Spanish, Melilla, Ukraine, Romania

☆ An incoming 'M&A supercycle' wouldn't just be a win for dealmakers
▼ + stars: | 2024-10-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, Goldman Sachs' earnings result might be a sign of the long-awaited return of M&A . The big storyM&A for allWin McNamee/Getty ImagesDon't look now, but M&A might finally be coming back. Goldman Sachs, Wall Street's perennial M&A king, smashed analysts' third-quarter expectations , notching $3 billion in profits. One analyst took things a step further, floating the idea of an "M&A supercycle" once the money that's been sitting on the sidelines finally gets put to work.

Persons: —, Goldman Sachs, Win McNamee, Insider's Reed Alexander, David Solomon, that's, Jenny Chang, Rodriguez, Mariana Bazo, Tyler Le, TSMC, Biden, Donald Trump, Elon Musk, TK, Alex Brandon Elon Musk, Kamala Harris, Alain Tascan, Jeet Shroff, Shroff, Morgan Stanley, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi Organizations: Business, Service, LaGuardia Airport, Getty, BI, Monetary Fund, Chartered, Apple, Bloomberg, Google, Trump, PAC, America PAC, AP, Trump PAC, Epic, Discover Financial Services Locations: Midtown Manhattan, China, lockstep, New York, London

☆ U.S. crude prices fall more than 4% as Israel is not expected to strike Iran’s oil industry
▼ + stars: | 2024-10-15 | by ( Spencer Kimball | ) www.nbcnews.com time to read: +3 min

Year to date, U.S. crude oil has fallen more than 1%. But Croft warned of a spiral of escalation that could ultimately lead to an oil disruption. Israel could be holding the oil card in reserve until they see how Iran responds to their strike, she said. OPEC also has millions of barrels per day in spare capacity that could jump into the breach if there is a supply disruption. “They will want to see that there is a physical supply disruption before they really jump in front of this.”

Persons: Israel, Helima Croft, CNBC’s, Brent, Croft, ” Croft, “, ” Organizations: Biden, NBC News, RBC Capital Markets, West Texas Intermediate, Natural Gas, Israel, Global, International Energy Agency, IEA, OPEC Locations: Israel, Iran, Americas, U.S, Saudi Arabia

☆ Boeing prepares layoff notices for thousands of workers as turmoil deepens
▼ + stars: | 2024-10-15 | by ( ) www.nbcnews.com time to read: +5 min

While Su has previously spoken with Boeing and the striking West Coast factory workers’ union, it is her first time in Seattle meeting both sides in person. Roughly 33,000 workers have been on strike since Sept. 13, seeking a 40% wage increase over four years. Boeing will next month send out 60-day notices to thousands of workers including many in its commercial aviation division, meaning those staff will leave the company in mid-January, one source familiar with the matter said. A Boeing spokesperson said the company had shared information with managers including plans for 10% reductions at its commercial unit involving both union and non-union workers. “Boeing just turned its back on 17,000 of its own workers — the same people who carried Boeing through crisis after crisis, year after year,” he said in a statement.

Persons: Julie Su’s, Su, Jon Holden, ”, Brian Bryant, Nick Cunningham, Tim Clark, “, ” Clark Organizations: Boeing, Labor, Department of Labor, International Association of Machinists, Aerospace Workers, ” Boeing, White, Society of Professional Engineering Employees, Aerospace, Rivals, Partners, Alaska Airlines, Emirates, Air Locations: U.S, Seattle, West Coast

UNIFIL (United Nations Interim Force In Lebanon) armoured personnel carriers depart a base to patrol near the Lebanon- Israel border on October 5. UNIFIL — the UN peacekeeping mission in Lebanon — has called the violations “shocking” while Israel has accused Hezbollah of operating in areas near UNIFIL posts. The United Nations Interim Force in Lebanon (UNIFIL) was established by the UN Security Council following Israel’s first invasion into southern Lebanon in 1978. It acts as a de-facto border between the two countries since Lebanon and Israel have an ongoing border dispute. The UNIFIL troops are tasked with monitoring border violations and keeping the area, which includes Hezbollah strongholds — secure.

Persons: Carl Court, Lebanon — Organizations: UNIFIL, United Nations Interim Force, UN, UNIFIL — Locations: Lebanon, Israel, UNIFIL, Indonesia, Italy, India, Nepal, Ghana, Malaysia

☆ Boeing’s crisis is getting worse. Now it’s borrowing tens of billions of dollars
▼ + stars: | 2024-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

In a regulatory filing early Tuesday, the company announced plans to borrow $10 billion from a consortium of banks. The company’s debt surged in the last six years as Boeing reported core operating losses of more than $33 billion. On Friday, Boeing’s new CEO Kelly Ortberg announced plans to cut 10% of its worldwide staff of 171,000 workers. Boeing’s offer to increase the raises to 30% over the life of the deal was also rejected by union negotiators. And Airbus doesn’t have the capacity to take on Boeing’s orders.

Persons: New York CNN —, Boeing’s, Kelly Ortberg, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, IAM, Federal Aviation Administration, Alaska Airlines, Airbus Locations: New York

☆ Stock market today: Indexes fall from records as chip rout drags tech shares lower
▼ + stars: | 2024-10-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

A sell-off in semiconductors pulled stock indexes away from record highs. The decline overshadowed better-than-expected bank earnings results. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Meanwhile, a report that the US is considering export caps on specific chip sales only added to investor concern, pulling the broader chip sector lower. AdvertisementThe rout took attention from Tuesday's bank sector performance, as Goldman Sachs, Bank of America, and Citigroup beat earnings estimates.

Persons: —, Goldman Sachs, Israel, Brent Organizations: Service, Nasdaq, Nvidia, Broadcom, Taiwan Semiconductor Manufacturing Company, Bank of America, Citigroup Locations: Dutch, Israel, Iran, Iranian

☆ Boeing is raising $10 billion from 4 major banks — and could sell another $25 billion in securities
▼ + stars: | 2024-10-15 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing said it has entered a $10 billion credit agreement with four banks, it said in a filing Tuesday. In a separate filing, the planemaker said may also sell up to $25 billion in securities. AdvertisementBoeing plans to raise up to $35 billion to help steady its finances as a machinists' strike enters its fifth week. In a Tuesday regulatory filing, the planemaker said it had entered a $10 billion credit agreement with Bank of America, Citibank, Goldman Sachs, and JPMorgan Chase. Boeing also filed a prospectus stating that it may sell up to $25 billion in securities, including bonds, new shares, and stock options.

Persons: planemaker, —, Goldman Sachs, Ron Epstein, Julie Su, Sir Tim Clark, Max midflight, Dave Calhoun, Kelly Ortberg, Starliner Organizations: Boeing, Service, Bank of America, Citibank, JPMorgan Chase, Business, CNN, Anderson Economic Group, Labor, Emirates, Alaska Airlines, Space, NASA, SpaceX Locations: Seattle

☆ Global government borrowing is set to top $100 trillion — and shows no signs of slowing down
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Global government borrowing is set to hit $100 trillion this year, the International Monetary Fund said. In a report, it warned mushrooming public debt raises the chances of a "broader financial crisis." AdvertisementGlobal public debt is on track to surpass $100 trillion this year for the first time — and the increase threatens a wider financial crisis, the International Monetary Fund warned. The IMF also warned of a "severely adverse scenario," in which global debt could balloon to 115% of global GDP by 2026 because of "weaker growth, tighter financing conditions, fiscal slippages, and greater economic and policy uncertainty." The debt looks set to grow further with both presidential candidates, Kamala Harris and Donald Trump, pledging to spend big if they enter the White House.

Persons: —, Kamala Harris, Donald Trump, Harris, Trump Organizations: International Monetary Fund, Service, IMF, Treasury, Social Security Locations: China, United States, Israel, Ukraine

☆ Crude oil prices fall more than 4% as looming surplus overshadows Iran-Israel tensions
▼ + stars: | 2024-10-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures fell more than 4% on Tuesday, as a looming global oil surplus next year overshadowed the risk of a supply disruption from the conflict between Israel and Iran. Oil prices spiked earlier this month after Iran hit Israel with a ballistic missile attack, raising fears that Israel would respond by targeting the Islamic Republic's oil facilities. The International Energy Agency said Tuesday that its members are prepared to take action if there is a supply disruption in the Middle East. Meanwhile, crude production in the Americas, led by the U.S., is poised to grow by 1.5 million bpd this year and next, the IEA said. OPEC has cut its oil 2024 forecast for the third consecutive month in a row.

Persons: Israel Organizations: International Energy Agency, OPEC Locations: Israel, Iran, Americas, U.S

☆ Boeing's labor strike is so bad that the US Labor Secretary just flew to Seattle to help
▼ + stars: | 2024-10-15 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Julie Su is in Seattle to mediate Boeing worker strike to resume negotiations. Boeing's strike began after workers rejected a 25% pay raise, demanding 40% and other benefits instead. AdvertisementBoeing's worker strike appears to be in such a stalemate that the US's top labor official flew to Seattle to mediate. In separate Monday meetings, Acting Secretary of Labor Julie Su urged both parties to move forward, the labor union for aerospace workers said in a statement. Su mediated a 75,000-person healthcare worker strike against Kaiser Permanente in October 2023.

Persons: Julie Su, Boeing's, —, Labor Julie Su, Su, Biden, Boeing Machinists Organizations: Boeing, Service, Labor, Anderson Economic Group, Reuters, Labour Union, International Association of Machinists, Aerospace Workers, Kaiser Permanente, United, Alaska Air, Emirates, RyanAir Locations: Seattle, Union, Gulf Coast, United Airlines

I think a record number of Black and African American voters, Jewish voters, union voters. Asked for comment, the Harris campaign referred to a memo to reporters Sunday pushing back on the GOP suggestion that the vice president's support is eroding among key groups. Trump and Republicans hope to see a big turnout from their base, namely white, non-college-educated, working-class voters. Johnson and his affiliated super PAC, the Congressional Leadership Fund, have raised a combined $266 million for House Republicans this cycle. Democrats are heavily focused on Pennsylvania as well, with all three top House leaders and the Harris campaign making stops here in recent weeks.

Persons: Mike Johnson, ” Johnson, “, I’m, ”, he'll, Donald Trump, Kamala Harris, Harris, Joe Biden, Biden, Johnson, Trump, “ I’m, it’s, we’re, It’s, Kevin McCarthy’s, McCarthy, Kevin, Helene, — Johnson, Ryan Mackenzie, Susan Wild, Rob Bresnahan, Matt Cartwright, Rob Mercuri, Chris Deluzio, Brian Fitzpatrick, Scott Perry, Lloyd Smucker, Pete Aguilar, ” Aguilar, they’ve Organizations: Steel, White, NBC News, African American, Jewish, Keystone State, —, Telemundo, CNBC, Trump, New York Times, Sienna College, Black, GOP, CBS, International Association of Fire Fighters, Teamsters, Senate, Biden, Steel Club, Republicans, House Republican Conference, Congressional, Fund, House Republicans, LSU, Ole Miss, Democratic Rep, Democratic, Freedom, Lancaster County Republicans, Democrats, House Democratic Locations: Pa, —, noshing, Hellertown, Nevada, Pennsylvania, Israel, Gaza, Las Vegas, California, New York, North Carolina, Allentown, America, El Tablazo, Dominican, South Florida, Texas, Arizona, Southern California, Allentown , Pennsylvania

☆ SuperLimbs: Wearable robotic limbs could help astronauts recover from falls
▼ + stars: | 2024-10-14 | by ( Amy Gunia | ) edition.cnn.com time to read: +11 min

That includes researchers at the Massachusetts Institute of Technology (MIT), who are developing a set of wearable robotic limbs to help astronauts recover from falls. When the wearer falls over, an extra pair of limbs can extend out to provide leverage to help them stand, conserving energy for other tasks. The study found that falls were more common when, like Duke, astronauts were collecting samples or using tools – tasks that Artemis astronauts are likely to undertake. Kim Shiflett/NASA NASA astronaut Eric Boe wears Boeing's new spacesuit designed for astronauts who will fly on the CST-100 Starliner. Ballesteros plans to spend the next few years of his PhD using a “Swiss Army Knife technique” to turn SuperLimbs into a system for astronauts that can “address different important use cases, but all be one unified design.”SuperLimbs could help astronauts recover from falls, move efficiently, and do work.

Persons: haven’t, Artemis, Charlie Duke, Duke, Walter M, Schirra Jr, Donald K, Slayton, John H, Glenn Jr, Scott Carpenter, Alan B, Shepard Jr, Virgil I, Grissom, Gordon Cooper Jr, John W, Michael Collins, Edwin E, Aldrin Jr, Buzz Aldrin, Neil A, Armstrong, Aldrin, Joe Engle, Richard Truly, John Young, Bruce McCandless, McCandless, Robert L, Stewart, Michael J, McCulley, Franklin R, Chang, Diaz, Ellen S, Baker, Shannon W, Donald E, Williams, Michael Fincke, Yury Lonchakov, Kennedy, Center's Neil A, Jessica Watkins, Bob Hines, Kjell Lindgren, Samantha Cristoforetti, Kim Shiflett, Eric Boe, Boeing Dustin Gohmert, NASA's, Joel Kowsky, NASA Kristine Davis, SuperLimbs, Harry Asada, Erik Ballesteros, Ballesteros, it’ll, ”, Jonathan Clark, ” Ballesteros, Ana Diaz Artiles, Kalind Carpenter, Preston Rogers, Mirza Samnani Organizations: CNN, Massachusetts Institute of Technology, MIT, University of Michigan, National Aeronautics and Space Administration, NASA, Mercury, Command, NASA Space Shuttle, Challenger, NASA's, NASA NASA, Russian Sokol, International Space, SpaceX, Armstrong Operations, Boeing, Orion, Space, Space Center, Extravehicular Mobility, UPI, Jet Propulsion, SuperLimbs, Neurology, Space Medicine, Baylor College of Medicine, Texas, Swiss Locations: Tranquility, Russian, Washington ,, Washington, Japan, Mars . China

☆ Deadly drone attack by Hezbollah exposes Israel’s weaknesses
▼ + stars: | 2024-10-14 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +8 min

The Golani Brigade is regarded as an elite Israeli infantry unit and has been deployed to southern Lebanon as part of Israel’s ground operation there. Sunday’s assault is also the single bloodiest attack on IDF troops inside Israel since the beginning of the war last October. Amitai Alon, who was killed in the drone attack on Sunday. But the drone sent by Hezbollah at the weekend managed to slip through without triggering Israel’s alert systems. In June, Hezbollah released a nine-minute video filmed by a drone showing civilian and military locations in and around one of Israel’s largest cities, Haifa.

Persons: Daniel Sobelman, ”, Hezbollah’s, Hassan Nasrallah, Amitai Alon, Gonzalo Fuentes, Mizrahi, “, Herzi Halevi, Israel, Sobelman Organizations: Jerusalem CNN, Golani, Golani Brigade, Israel Defense Forces, Hebrew University of Jerusalem, CNN, Reuters, IDF, Israeli Institute for National Security Studies, Residents, Sunday, Anadolu, Getty, United Nations, Center for Strategic, International Studies, CSIS Locations: Jerusalem, Israel, Iran, Lebanon, Israeli, Tel Aviv, Haifa, Yemen, Herzliya, Nahariya, Acre, Gaza

☆ 3 US-based academics awarded the Nobel Prize in economics for their work on wealth inequality
▼ + stars: | 2024-10-14 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

US-based academics Daron Acemoglu, Simon Johnson, and James A. Robinson won the Nobel Prize in economics. Their work has helped demonstrate how institutions affect wealth inequality, the prize committee said. AdvertisementThree economists based at US universities have been awarded the 2024 Sveriges Riksbank Prize in Economic Sciences for their work on how institutions affect wealth inequality. Daron Acemoglu, Simon Johnson, and James A. Robinson will share the $1.1 million prize money, the prize committee said. The prize, known in its entirety as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is widely considered the most prestigious prize in the field.

Persons: Daron Acemoglu, Simon Johnson, James A, Robinson, —, Alfred Nobel, Jakob Svensson, Acemoglu, Johnson, Jan Teorell, Robinson “, ” … Organizations: Service, Sveriges, Economic Sciences, Royal Swedish Academy of Sciences, Massachusetts Institute of Technology, University of Chicago's Pearson Institute, Global, International Monetary Fund, Prosperity Locations: Acemoglu

☆ China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — China's Ministry of Finance press briefing over the weekend underscored how it is focused on tackling local government debt problems, instead of the stimulus markets have been waiting for. In his opening remarks on Saturday, Minister of Finance Lan Fo'an laid out four measures, starting with increasing support for local governments in resolving debt risks. China's real estate market slump has cut into a significant source of revenue for local governments, many of which struggled financially even before needing to spend on Covid-19 measures. He added that a large plan to address local governments' hidden debt would be announced in the near future, without specifying when. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Persons: Finance Lan Fo'an, Lan, Robin Xing, Morgan Stanley Organizations: Goldin Finance, Nurphoto, Getty, BEIJING, China's Ministry, Finance, Ministry of Finance, International Monetary Fund Locations: Tianjin, China, Covid

☆ Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order
▼ + stars: | 2024-10-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Russia is proposing alternative payment systems and commodity centers. Challenges include entrenched dollar dominance and existing global trading systems' liquidity. Other than championing alternative payment systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources. Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document. Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems.

Persons: —, Yakov, Brent Organizations: Service, Russia's Finance Ministry, Partners, Tass, Chicago Mercantile Exchange, Grain, country's Agriculture Ministry, Brent, International Monetary Fund Locations: Russia, Moscow, Ukraine, Brazil, India, China, South Africa, Russian, Pakistan, Kazan, masse, Scotland

☆ 5 reasons why inflation will be stickier than expected going forward, Deutsche Bank says
▼ + stars: | 2024-10-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Investors need to be wary as sticky inflation remains a risk, Deutsche Bank says. But it's not yet time for investors to relax, Deutsche Bank wrote on Monday. "If inflation does return, this could have very important implications for markets," Deutsche Bank strategists said. While that much is true, history shows that easing cycles are precisely the time to be cautious over inflation, Deutsche said. The firm cited the fact that in August, US M2 money supply rose 2.0% year-over-year, the highest growth rate since September 2022.

Persons: —, Brent, Deutsche Organizations: Deutsche Bank, Service, Federal Reserve, Deutsche, Atlanta Locations: China, Israel, Iran, Iranian

☆ What is UNIFIL, the United Nations peacekeeping force on the Israel-Lebanon border?
▼ + stars: | 2024-10-14 | by ( Kara Fox | ) edition.cnn.com time to read: +5 min

UNIFIL – the UN peacekeeping mission in Lebanon – has called the violations “shocking.”Israel has accused Hezbollah of operating in areas near UNIFIL posts. On Friday, two UNIFIL troops were injured after two explosions occurred close to an observation tower. The United Nations Interim Force in Lebanon (UNIFIL) was established by the UN Security Council following Israel’s first invasion into southern Lebanon in 1978. The UNIFIL troops are tasked with monitoring border violations and keeping the area, which includes Hezbollah strongholds – secure. While UNIFIL is a peacekeeping mission, troops can use force in certain circumstances, including self-defense, to protect civilians under the imminent threat of violence and to protect UN personnel facilities and equipment.

Persons: Lebanon –, ” Israel, Benjamin Netanyahu, ”, António Guterres, “, ” Guterres, Meiss ej Jebel, Israel, Aziz Taher, Harry Koundakjian Organizations: CNN, UN, UNIFIL –, UNIFIL, Israel, IDF, United Nations Interim Force, Reuters, UN Security Council, The Security, Advance UNIFIL, AP, Blue Locations: Lebanon, Labbouneh, Ramyah, shellings, Meiss ej, France, UNIFIL, Lebanese, Naqoura, Israel, Norwegian, Indonesia, Italy, India, Nepal, Ghana, Malaysia, Spain, China, Ireland, United Kingdom, Peru, Nigeria

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