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☆ Walmart is taking dollar stores’ customers
▼ + stars: | 2024-09-04 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Dollar Tree also owns the long-struggling Family Dollar chain. While dollar stores once expanded to reach a growing number of financially strapped Americans, they underestimated just how financially strapped many Americans would become. “They missed the fact in tough times the consumer would be looking for consumables.”Meanwhile, Dollar Tree has been weighed down by its purchase of Family Dollar. Earlier this year, Dollar Tree announced that Family Dollar will close more than 900 stores, and it subsequently said it will explore a sale or spinoff of Family Dollar. In previous times of financial stress, Dollar General has seen middle-income and slightly more affluent households trade down into Dollar General to save money.

Persons: Michael Lasser, —, Todd Vasos, Vasos, Mike Creedon, aren’t, “ They’re, ” David D’Arezzo, “, ” Neil Saunders, ” Organizations: New, New York CNN, Walmart, UBS, Dollar General, Dollar, CNN, Target Locations: New York

☆ TikTok agrees deal with Universal Music Group, bringing back the world’s biggest artists
▼ + stars: | 2024-05-02 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Ariana Grande, Adele and Rihanna will soon be back on TikTok, joining Taylor Swift after a deal with Universal Music Group ended a feud that saw one of the world’s biggest record labels pull its music from the video platform. The licensing agreement, announced Wednesday, means that within one to two weeks TikTok’s 1 billion-plus users will be able to use music by UMG artists in their videos. All videos featuring Universal artists’ music that had previously been muted because of copyright violations will be unmuted. “We are pleased to have found a path forward with Universal Music Group,” TikTok CEO Shou Chew said in a joint statement. Universal pulled its music off TikTok in February after the two companies failed to reach an agreement on royalty fees for Universal’s artists, who also include Lady Gaga, Coldplay and Justin Bieber.

Persons: London CNN — Ariana Grande, Adele, Rihanna, Taylor Swift, Michael Nash, Shou Chew, Lady Gaga, Coldplay, Justin Bieber, TikTok, ” Organizations: London CNN, Universal Music Group, ”, UBS, Universal, TikTok, Poets Department Locations: TikTok

☆ Switzerland says UBS may need more cash. The bank is fuming
▼ + stars: | 2024-04-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Now, the giant Swiss lender is hitting back, saying its finances are robust and warning that the proposal could harm Switzerland’s standing as a global financial center. “There can be no regulatory solution for a broken business model,” he continued, referring to Credit Suisse. UBS bought its stricken rival last March in a government-orchestrated rescue aimed at preventing a global financial crisis. It was not too-low capital requirements that forced Credit Suisse into the historic weekend rescue,” he added. But that leaves the stock more vulnerable to declines as a result of “execution risk in the Credit Suisse integration,” suggested Citi analyst Andrew Coombs.

Persons: London CNN —, Colm Kelleher, “, ”, Kelleher, Pascal Mora, Karin Keller, Keller Sutter, Anke, Andrew Coombs, ” Kelleher, Sergio Ermotti’s, Ermotti Organizations: London CNN, Credit Suisse, UBS, Bloomberg, Getty, RBC Capital Markets, Citi, Reuters Locations: Swiss, Switzerland, Europe

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ Bond rout won't end Fed balance sheet cuts, but endgame bubbling into view
▼ + stars: | 2023-10-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

Since June 2022, the Fed has allowed more than $1 trillion of bonds to mature from its portfolio, including roughly $840 billion of Treasuries. QT drains liquidity from the banking system, reducing bank reserves parked at the Fed and cash stashed in its reverse repo facility. Others believe money market rates will start to move up in ways suggesting the system is short of cash. A New York Fed report in April projected an end to QT around the middle of 2025. A survey of major banks by the New York Fed released in August eyed an end to QT in mid-2024.

Persons: it's, ”, Kathy Bostjancic, Bostjancic, Goldman Sachs, Loretta Mester, “, Austan Goolsbee, Mary Daly, Michael Barr, Michael Cloherty, Mark Cabana, ” Cabana, Cabana, Michael S, Ann Saphir, Dan Burns, Andrea Ricci Organizations: Goldman Sachs, Federal Reserve, Silicon Valley Bank, Fed, Treasury, Reuters Graphics Reuters, Cleveland Fed, Bloomberg, Chicago Fed, San Francisco Fed, UBS, Bank Policy Institute, New York Fed, Bank of America, Daily, Derby, Thomson Locations: Silicon, Washington

☆ Americans support strikes — until they affect their daily lives
▼ + stars: | 2023-10-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

The public will continue to support them – that is until the strikes begin to affect Americans’ daily lives. CNN reached out to the Justice Department for comment but has not received a response. The US Labor Department releases August figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of worker filings for jobless benefits in the week ended September 30. The US Labor Department releases September data on the state of the job market, including payroll gains, wage growth and the unemployment rate.

Persons: –, ” Andrew Flowers, “, Eva Rothenberg, Suisse’s, Jerome Powell, Patrick Harker, Michael Barr, John Williams, Loretta Mester, Raphael Bostic, Michelle Bowman, Levi Strauss, Tom Barkin, Mary Daly Organizations: CNN Business, Bell, DC CNN —, Gallup, Guild of America, Teamsters, Reno, United Auto Workers, UAW, Toyota, Honda, CNN, Nationwide, UBS, DOJ, US Department of Justice, Credit Suisse, “ UBS, CS, Bloomberg, Justice Department, P Global, Institute for Supply Management, McCormick, US Labor Department, Atlanta Fed, Constellation Brands, Conagra, Co, US Commerce Department, Carnival Corp Locations: Washington, United States, Hollywood, Las Vegas, Germany, Russia

☆ UBS says reports of DOJ probe into Russia sanctions evasion are wrong
▼ + stars: | 2023-09-30 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

“The recent reporting on an alleged probe by the US Department of Justice into sanctions-related compliance failures at Credit Suisse and UBS is inaccurate. We’re not aware of such a probe,” UBS told CNN in a statement. “UBS and CS have significantly and proactively reduced their Russia-related exposure.”According to a person familiar with the matter, UBS has been in touch with the DOJ regarding the reported probe. The bank’s reaction comes on the heels of a Bloomberg report, which cited anonymous people familiar with the matter and asserted the Justice Department had briefed lawyers for UBS (UBS) about Credit Suisse’s alleged involvement in sanctions violations. CNN reached out to the Justice Department for comment but has not received a response.

Persons: “, Suisse’s, Drew Sullivan, ”, ” Sen, Ben Cardin Organizations: CNN, UBS, US Department of Justice, Credit Suisse, “ UBS, CS, DOJ, Bloomberg, Department, Justice Department, Swiss Bankers Association, Security, Cooperation, US, US Helsinki Commission, “, Swiss Stock Exchange Locations: Swiss, Russia, Europe, US Helsinki, Ukraine, Maryland, Switzerland

☆ The world needs cheap electric cars. That spells trouble for Big Auto
▼ + stars: | 2023-09-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. “When legacy [carmakers] talk about catching up to Tesla or catching up to the leading Chinese automakers, it’s difficult. It is by far the world’s biggest EV battery manufacturer and dominant in the supply and processing of many critical components needed to make the batteries. Global automakers have had little choice but to enter into joint ventures with Chinese EV and battery manufacturers. EU lawmakers have voiced concerns that government subsidies allow Chinese EV makers to keep prices artificially low, creating unfair competition for European rivals.

Persons: Henry Ford’s, carmaking, Jeff Kowalsky, ”, Gene Munster, Tesla, — Tesla, —, Patrick Hummel, Krisztian Bocsi, Ford, “ It’s, ” Dan Ives, Bill Pugliano, Daniel Röska, Bernstein, China …, Marco Rubio, “ They’re, Bill Ford, CNN’s Fareed Zakaria Organizations: London CNN —, Ford Motor Company, Toyota, Volkswagen, United, Getty, Deepwater Asset Management, Volkswagen Group, Audi, Porsche, Chrysler, Jeep, Ford, General Motors, International Energy Agency, Honda, Renault, Nissan, Mitsubishi, Hyundai, Kia, Benz, BMW —, Investment, UBS, EV, Atlas Public, VW, Bloomberg, Reuters, Twitter, Stellantis, Wedbush Securities, CNN, United Auto Workers, Refining, Global, Republican, European Union, EU, Jato Dynamics Locations: Europe, United States, Dearborn , Michigan, AFP, China, Japan, South Korea, Asia, US, Germany, ” Munster, Munster, Lansing , Michigan, Michigan, Beijing, America

☆ What's gone wrong with China's economy
▼ + stars: | 2023-08-21 | by ( Laura He | ) edition.cnn.com time to read: +8 min

It’s a far cry from global financial meltdown of 2008, when China launched the largest stimulus package in the world and was the first major economy to emerge from the crisis. It’s also a reversal from the early days of the pandemic, when China was the only major developed economy to dodge a recession. Property woesChina’s economy has been in doldrums since April, when momentum from a strong start to the year faded. While Evergrade is still undergoing a debt restructuring, troubles at Country Garden raised fresh concerns about the Chinese economy. Beijing has so far unveiled a steady incremental drip of measures to boost the economy, including interest rate cuts and other moves to help the property market and consumer businesses.

Persons: rekindling, Ying Tang, Morgan Stanley, Xi Jinping, It’s, what’s, Evergrande, Evergrade, ”, Julian Evans, Pritchard, Evans Organizations: Hong Kong CNN, UBS, Nomura, Barclays, Garden, Zhongrong Trust, CNN, Capital Economics, “, People’s Bank of China, National Health Commission, Moody’s Investors Service Locations: Hong Kong, China, Shanghai, It’s, doldrums, Beijing, United States, Europe

☆ Japan sends yen soaring and stocks tumbling with hint it could join rate-hiking party
▼ + stars: | 2023-07-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

CNN —Japan’s central bank kept interest rates unchanged Friday despite rising inflation but hinted that it could gradually abandon years of ultra-cheap money, sending the yen soaring and stocks tumbling. “No introduction of the policy rate guidance suggests that the Bank [of Japan] left open the near-term policy rate hike optionality, in our view,” UBS analysts noted. The Japanese yen surged by as much as 1% against the US dollar in response to the BOJ announcement. It has stayed above the central bank’s inflation target for the fifteenth straight month. On paper, the headline numbers suggest the BOJ’s inflation target has already been met.

Persons: ”, Stephen Innes, “, Kazuo Ueda Organizations: CNN, Bank of Japan, Bank, UBS, US Federal Reserve, European Central Bank, Nikkei Locations: Japan, EU, China

☆ China's steps to boost sales of cars, electronics disappoint market
▼ + stars: | 2023-07-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO-People enter the SEG E-Market at Huaqiangbei electronics market in Shenzhen, Guangdong province, China June 8, 2023. REUTERS/David Kirton/File PhotoBEIJING (Reuters) -Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamouring for stronger stimulus. The Friday statement aimed at encouraging automobile consumption echoed this. “These supports will unlikely significantly boost consumption when people are still generally reluctant to spend as they lack confidence in the economic recovery,” UBS said in a note on Friday. Investors have said they are disappointed by China’s weak second quarter growth and want to see stronger stimulus, with some pinning their hopes on the Politburo meeting later this month.

Persons: David Kirton, Tesla, ”, China’s Organizations: SEG, REUTERS, National Development, Reform, ” UBS Locations: Shenzhen, Guangdong province, China, BEIJING

☆ UBS completes Credit Suisse takeover
▼ + stars: | 2023-06-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UBS has finalized its emergency takeover of fallen rival Credit Suisse, creating a giant Swiss bank with nearly $1.7 trillion in assets in the biggest banking tie-up since the 2008 global financial crisis. The government has said that allowing Credit Suisse (CS) — one of the world’s 30 most important banks — to fail would probably have triggered an international financial crisis. Swiss taxpayers are on the hook for up to 9 billion Swiss francs ($10 billion) of losses that UBS may incur from certain Credit Suisse assets, over and above losses of 5 billion francs ($5.5 billion) that UBS has agreed to bear itself. Investors have already sued the Swiss financial regulator over its decision to impose those losses on them, Reuters has reported. Credit Suisse bled customer deposits worth 67 billion francs ($74.3 billion) in the first three months of the year, adding to massive withdrawals at the end of last year.

Persons: FINMA, “ FINMA, “, Sergio Ermotti, Colm Kelleher, Ermotti, Kelleher, ” Organizations: London CNN, UBS, Credit Suisse, Swiss, Financial Times, CNN, Suisse, Reuters, Credit, Silicon Valley Bank, Signature Bank Locations: Swiss, Switzerland, Silicon, United States

☆ China's reopening could boost global growth — and worsen inflation
▼ + stars: | 2023-01-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —China’s swift reopening after nearly three years of strict coronavirus controls could provide a much-needed boost to global economic growth, but may also stoke inflation just as it has shown signs of falling back. The revival of the world’s second largest economy — and its biggest consumer of commodities — threatens to push up global prices for fuel, industrial metals and food this year. The speed of the reopening, as well as indications that infections may have already peaked, has been surprising, analysts told CNN. Yet, if global food and energy prices start rising again, that could feed through into higher consumer prices. China’s reopening could bump up demand for agricultural goods, while the world is still in the grips of the worst food crisis in modern history.

☆ Asian stocks enter bull market as investors bet on China
▼ + stars: | 2023-01-10 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Stocks in Asia are starting 2023 in a bull market. The rally has been driven by a rebound in investor sentiment towards Chinese stocks. The MSCI China index rose 2.4% on Tuesday to stand 50% above its low on October 31. Nasdaq’s Golden Dragon China index — which tracks Chinese companies listed in the United States — rose 0.72% on Monday, putting it 71.3% above where it was trading in late October. Investors have snapped up Chinese stocks as the country rapidly unwound its strict zero-Covid policy.

☆ Don’t worry, there’s still hope for the stock market
▼ + stars: | 2022-10-11 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

New York CNN Business —The back-to-back huge market rallies last week may seem like a distant memory to investors now that stocks have slid for the past four days. The S&P 500 and Nasdaq both hit new 52-week lows on Tuesday before turning higher, and the Dow is not far from a 52-week low either. That included three instances from late 2008 when market volatility was at a peak during the Global Financial Crisis. The S&P 500 was up nearly 15% one year following massive back-to-back rallies, compared to normal historical gains of just 9%. But it’s also worth noting that the S&P 500 is still slightly higher than where it closed on September 30, despite the recent losses.

☆ Stock sell-off deepens, Dow drops on hot inflation report
▼ + stars: | 2022-09-13 | by ( Jesse Pound | Carmen Reinicke | ) www.nbcnews.com time to read: +2 min

Stocks fell sharply on Tuesday after a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve. The S&P 500 dropped about 4.3%, and the Nasdaq Composite sank more than 5%. More than 490 stocks in the S&P 500 fell, with Facebook-parent Meta dropping 8% and Caesars Entertainment losing 7.3%. Headline inflation rose 0.1% month over month, even with falling gas prices. Economists surveyed by Dow Jones had been expecting a decline of 0.1% for overall inflation, with a rise of 0.3% for core inflation.

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