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☆ Asia-Pacific markets set to rise as investors assess Japan inflation data
▼ + stars: | 2024-11-22 | by ( Anniek Bao | ) www.cnbc.com time to read: +1 min

The Tokyo Tower, left, and commercial and residential buildings in Minato district of Tokyo, Japan, on Saturday, Oct. 1, 2022. Photographer: Akio Kon/Bloomberg via Getty ImagesAsia-Pacific markets were set to open higher Friday, tracking a rally on Wall Street, with the S&P logging gains for a fourth straight day. Investors in Asia will assess Japan's October consumer price index data. Singapore is also set to release its third-quarter GDP data, with growth anticipated to accelerate to 4.6% year on year from 4.1% in the prior quarter, according to LSEG data. Hong Kong's Hang Seng index futures were flat from its last close at 19601.11.

Persons: Akio Kon Organizations: Bloomberg, Getty Images, Investors, Reuters, Nikkei Locations: Tokyo, Minato district, Japan, Getty Images Asia, Pacific, Asia, Singapore, Chicago, Osaka, 19601.11

HONG KONG — Authorities in northern China are searching for a wild tiger, after it attacked two men and left one of them needing surgery. Social MediaFollowing the attack, the Heilongjiang Forestry and Grassland Administration held an emergency meeting Monday evening, identifying the animal that caused the injury as a Siberian tiger. Siberian tigers are the world’s largest cats, can weigh up to 660 pounds and grow to be almost 11 feet long. A Siberian tiger. Philipp Schulze / DPA via Getty Images fileAnyone injured in Heilongjiang by wild Siberian tigers is eligible for economic compensation, Northeast China Tiger and Leopard National Park said in a statement.

Persons: Liu Dan, Philipp Schulze Organizations: HONG KONG — Authorities, Social, Grassland Administration, Research, Getty, Northeast China Tiger, Leopard, country’s National Forestry and Grassland Administration, Conservation Alliance Locations: HONG KONG, China, Boli County, China's, Heilongjiang, Heilongjiang Forestry, Russia, Boli

An American citizen has died at a popular adventure spot in Laos where alcohol tainted with methanol has been blamed for a spate of poisonings in recent days. The State Department said the U.S. citizen died in Vang Vieng, a town popular with backpackers to the north of the South East Asian country’s capital. Citing confidentiality, it would not comment when asked whether they died of methanol poisoning. One of South East Asia’s poorest countries, authorities in Laos have long cautioned foreign travelers about tainted drinks at nightclubs and bars. Duong Duc Toan, the manager of Nana Backpack hostel displays a bottle of vodka at his bar in Vang Vieng, Laos, on Tuesday.

Persons: ”, Anthony Albanese, Bianca Jones, Holly Bowles, “, ” Albanese, Bowles, Jones, Vang Vieng, Nana Backpacker, Duong Duc Toan, Nana, Anupam Nath, Penny Wong Organizations: State Department, South East, NBC, Australian, Associated Press, NBC News, AP Locations: American, Laos, Vang Vieng, “, Thailand, Vang, Thailand’s Bangkok, ”, East, Australia, New Zealand

☆ Archegos’ Bill Hwang sentenced to 18 years in prison for massive U.S. fraud
▼ + stars: | 2024-11-21 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +4 min

Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion. Hwang was sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation. Before sentencing Hwang, Hellerstein asked the defendant’s lawyer, Dani James, how she thought Hwang compared to Sam Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange. While Archegos eventually managed $36 billion, Hwang’s borrowing helped him amass $160 billion of exposure to stocks. Hwang’s co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three criminal charges.

Persons: Sung Kook, Bill ” Hwang, Hwang, Alvin Hellerstein, ” Hellerstein, Archegos ’, Hwang —, Andrew Thomas, Hellerstein, Dani James, Sam Bankman, Mr, Fried, ” James, “, ” Hwang, James, it’s, Julian Robertson, Archegos, Grace, ”, Hwang’s, Patrick Halligan Organizations: Archegos Capital Management, U.S, AS FAMILY, Tiger Asia Management, Paramount, Credit Suisse, Nomura Holdings, UBS, Mercy Foundation Locations: Manhattan, U.S, New York

☆ Austin says it’s ‘unfortunate’ that Chinese defense chief declined meeting
▼ + stars: | 2024-11-21 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +1 min

WASHINGTON — China’s defense minister declined a meeting with Defense Secretary Lloyd Austin during a meeting of defense leaders in Laos, a move the Pentagon chief said Wednesday was unfortunate. Multilateral gatherings of national security officials in Asia have been used in the past for meetings between U.S. and Chinese defense leaders, but China declined a meeting request by Austin during this week’s Southeast Asian Nations-Plus defense ministers meeting. It affects the region because the region really wants to see us, you know, two significant players in the region, two significant powers, talk to each other,” Austin told reporters. “I don’t think that it has any sort of implications for the future. Chinese President Xi Jinping vowed on Saturday to work with the incoming U.S. administration of Donald Trump as he held his final talks with departing President Joe Biden on conflicts from cybercrime to trade, Taiwan, the South China Sea and Russia.

Persons: WASHINGTON, Lloyd Austin, Wednesday, “, ” Austin, ” Austin added.Austin, Dong Jun, Xi Jinping, Donald Trump, Joe Biden Organizations: Pentagon, Austin, Nations Locations: Laos, Asia, China, Singapore, Taiwan, cybercrime, South, Sea, Russia

☆ Taiwan plans to spend $1B a year pivoting its economy from semiconductors to AI
▼ + stars: | 2024-11-21 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Wu Cheng-wen told Nikkei Asia that "AI sovereignty" is critical and benefits Taiwan's security. Taiwan is planning to spend about $1 billion a year on artificial intelligence as part of its efforts to shift its economy away from semiconductors. On Thursday, Taiwan's science and technology minister told Nikkei Asia that the government would spend $3 billion over 3 years to ramp up AI data centers and their computing ability. AdvertisementThe move comes as the country is not only trying to diversify its economy toward industries like AI, but also away from China. AdvertisementWu told Nikkei Asia that he is looking forward to cooperating with the US after Trump takes office in January.

Persons: Wu Cheng, Wu, Donald Trump's, TSMC Organizations: Nikkei, Financial Times, Taiwan Semiconductor Manufacturing Co, Reuters, China, Bloomberg, US, Trump Locations: Taiwan, Nikkei Asia, China, India, Arizona

☆ CNBC's Inside India newsletter: Gautam Adani's U.S. fraud charges could have wider repercussions for India
▼ + stars: | 2024-11-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Gautam Adani, chairman of Adani Group, following a Bloomberg Television interview at the company's headquarters in Ahmedabad, Gujarat, India, on Saturday, May 25, 2024. The head of a $25 billion Indian energy company, the former CEO of a New York-listed energy firm, and one of Asia's wealthiest men were set to meet in New Delhi to discuss business. To prepare for the meeting, Vneet Jaain, chief executive of $25 billion Adani Green Energy , photographed a document on his cellphone. There are also concerns about whether Adani companies will be able to raise debt in the future in U.S. markets. Earlier this year, the stock market regulator's chair, Madhabi Buch, was accused of having a conflict of interest while investigating Adani group companies, according to short-seller Hindenburg.

Persons: Gautam Adani, Sumit Dayal, Vneet Jaain, Gautam, Jaain, James Dennehy, Adani, Adani Green, What's, firm's, Matt Orton, Raymond James, CNBC's Tanvir Gill, Orton, it's, India's, Rahul Gandhi, Madhabi Organizations: Adani, Bloomberg, Getty, Green Energy, Eastern, of, NYSE, U.S, Securities Exchange Commission, New York Stock Exchange, SEC, U.S . Department of Justice, Energy, Adani Enterprises, GQG Partners, firm's Sydney, Citi, State Bank of India, DBS Group, DBS, Regulators, Federal Bureau of Investigations, Central Bureau of Investigations, Securities and Exchange Board of India, CNBC Locations: Ahmedabad, Gujarat, India, New York, New Delhi, of New York, U.S, Foreign, Singapore, Madhabi Buch

☆ Morgan Stanley CEO is bullish on stocks, says the U.S. economy is 'outperforming'
▼ + stars: | 2024-11-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Morgan Stanley CEO Ted Pick on Thursday expressed optimism about the stock market, saying that the U.S. economy will continue to outperform in 2025. "The world is still led by the U.S. consumer," Pick told CNBC's "Squawk Box Asia" from the Morgan Stanley summit in Singapore. He does acknowledge there will be some caution, due to factors including policy uncertainty, but "on the whole, people are are understandably continuing to be constructive." Pick said Morgan Stanley predicts that the broad-based S&P 500 will increase, pointing out that sectors like financials and industrials could perform with continued economic growth and some deregulation. The S&P 500 has gained just over 24% year to date, while the Dow Jones Industrial Average has seen a 15.13% climb.

Persons: Morgan Stanley, Ted Pick, Pick, CNBC's, industrials Organizations: Dow Jones Locations: U.S, Singapore

☆ Nvidia shares slump 3% in premarket as quarterly revenue growth slows
▼ + stars: | 2024-11-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

POLAND - 2024/11/13: In this photo illustration, the NVIDIA company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)Nvidia shares dropped in U.S. premarket trading Thursday after the tech giant's third-quarter earnings failed to impress investors. ET, following the Wednesday release of Nvidia's quarterly results, which beat on both the top and bottom lines. Other chipmakers fell on the back of the market reaction to Nvidia's third-quarter results. The slump in Nvidia also had a knock-on effect on European semiconductor firms.

Persons: Piotr Swat, chipmakers Organizations: NVIDIA, Getty, Nvidia, Revenue, Intel, Qualcomm, Micron Technology, AMD, BE Semiconductor, STMicroelectronics, Infineon Locations: POLAND, U.S, Dutch, Asia

☆ Goldman Sachs: staggered tariffs on China expected
▼ + stars: | 2024-11-21 | 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 EmailGoldman Sachs: staggered tariffs on China likely, but don’t discount broader levy expansion on AsiaGoldman Sachs' Andrew Tilton talks about the 4.5% growth projection for China in 2025 and discusses the implication of tariffs on the country and the broader Asia economy.

Persons: Goldman Sachs, Asia Goldman Sachs, Andrew Tilton Locations: China, Asia

☆ Asian chip stocks slump as Nvidia's slowing revenue growth worries investors
▼ + stars: | 2024-11-21 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

Justin Sullivan | Getty ImagesAsian semiconductor-related stocks mostly slumped on Thursday after Nvidia reported an earnings forecast that failed to meet the lofty expectations of some investors. The sentiment has spilled over to Asia, with stocks tied to Nvidia suppliers as well as other chip companies mostly falling. Selloff in AsiaSemiconductor testing equipment supplier Advantest , which counts Nvidia among its clients, dropped as much as 5.6% on Thursday, the largest chip loser on Japan's benchmark Nikkei 225. Taiwan Semiconductor Manufacturing Corp , which manufacturers Nvidia's high-performance graphics processing units, slipped as much as 1.5%. The company has been a key supplier to Nvidia and is building the world's largest manufacturing facility in Mexico for assembling Nvidia's GB200 superchips, a key component of its next-generation Blackwell family computing platform.

Persons: Justin Sullivan, Daniel Newman, CNBC's Organizations: Getty, Nvidia, Futurum, Asia Semiconductor, Nikkei, Advantest Corp, Softbank Group, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, Blackwell, SK Hynix, Samsung Electronics Locations: Santa Clara , California, Asia, Selloff, Mexico, South Korea

☆ HSBC names 3 'underappreciated' Asian stocks to watch in 2025 — giving one 63% upside potential
▼ + stars: | 2024-11-21 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Meituan HSBC is bullish on Meituan and has a target price of 220 Hong Kong dollars ($28.30) on the stock, giving it 25.8% upside potential. "Despite the macro challenges, Meituan's growth profile remains resilient," said Charlene Liu, HSBC Global Research's head of internet and gaming research for Asia-Pacific. Calling it a "best-in-class small-cap" idea, HSBC Global Research's India health-care analyst Damayanti Kerai believes it is "well positioned to sustain healthy growth." Kia's shares have been on an uptrend, gaining around 8% in the last five days. HSBC has a target price of 160,000 Korean Won ($114.80) on the stock, implying nearly 63.1% upside potential.

Persons: Charlene Liu, Liu, Damayanti Kerai, Kerai, Will Cho, Cho, — CNBC's Michael Bloom Organizations: HSBC, Hong, HSBC Global Research's, Morningstar, Hong Kong Exchange, Krishna, Medical Sciences, Bombay Stock Exchanges, Kia, Korea Exchange, Won Locations: Asia, Hong Kong, U.S, HSBC Global Research's India, Korean, HSBC Global Research's Korea, EU

☆ Laos: Australian backpacker dies as countries warn of suspected methanol poisonings in Southeast Asian country
▼ + stars: | 2024-11-21 | by ( Helen Regan | ) edition.cnn.com time to read: +5 min

CNN —An Australian teenager has died and another is fighting for her life after drinking suspected tainted alcohol in Laos, as a growing list of countries warned of multiple poisonings linked to a tourist town in the Southeast Asian country. Jones’ death is the latest in a spate of suspected methanol poisonings of foreigners in Vang Vieng, a popular destination for young international backpackers. The British Embassy in Laos said it was providing consular assistance to British nationals “following an incident” in the country. “In November 2024, several foreigners in Vang Vieng have been victims of suspected methanol-adulterated alcohol poisoning,” the Canadian government said. Laos, one of the poorest countries in Southeast Asia, has been hit hard by skyrocketing inflation in recent years.

Persons: Bianca Jones, Holly Bowles, Jones, ”, “, Anupam Nath, Vang Vieng, Anthony Albanese, didn’t Organizations: CNN, Nine, US State Department, ” Denmark’s Ministry of Foreign Affairs, US Centers for Disease Control, New Zealand Ministry of Foreign Affairs, Trade, ” “, British, “, Zealand, Foreign Office, Nine News, Associated Press, British Foreign, Tourism Locations: Laos, Thailand, Bangkok, Vang Vieng, American, British Embassy, Australia, United Kingdom, Canada, “, Vang, Melbourne, Southeast Asia

☆ Here's what analysts are saying about Nvidia earnings
▼ + stars: | 2024-11-21 | by ( Meghan Morris | Chris Johnston | ) www.businessinsider.com time to read: +4 min

CEO Jensen Huang said more Blackwell chips will be delivered this quarter than previously estimated. Nvidia delivered another strong set of quarterly results on Wednesday, sparking positive initial reactions among the company's analysts. Nvidia observers were keeping a close eye on any mention of Blackwell chips, the popular next-generation chips in high demand. Nvidia will deliver more Blackwell chips this quarter than previously estimated, Huang said, and demand exceeds supply as expected. AdvertisementHSBC analysts wrote in a note that they expect "significant" earnings upside for the 2026 financial year despite gross margin pressure.

Persons: Jensen Huang, Blackwell, Trump, aren't, Robert Lea, Huang, Dan Ives, AI Jensen, Konstantin Oldenburger, Stephen Yiu Organizations: Nvidia, Bloomberg Intelligence, Wedbush Global Tech Team, CMC Markets, Deutsche Bank, HSBC, Bloomberg Locations: Asia

☆ Adani vs. Hindenburg: How one of India's biggest empires descended into chaos
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Gautam Adani, the billionaire chairman of India's Adani Group, was indicted on Wednesday along with seven others in New York federal court for his involvement in a large-scale bribery and fraud scheme. March 2023 to May 2023In March, India's Supreme Court sets up an independent six-member panel to investigate the allegations made in the Hindenburg report. Then in May, the court-appointed panel said it has "drawn a blank" in its probe into Adani group, according to Reuters. December 2023 to January 2024By the end of 2023, Adani Enterprise shares had recovered from the fallout and concluded the year with smaller declines of 26%. Modi has been accused by opposition leader Rahul Gandhi for assisting the Adani Group in securing contracts in Sri Lanka, India and Australia.

Persons: Gautam Adani, Hindenburg, Adani, Madhabi Puri, Narendra Modi, Modi, Rahul Gandhi Organizations: Hindenburg Research, India's, Adani, Hindenburg, Adani Enterprises, Reuters, Adani Enterprise, Bloomberg, Indian, Forbes Locations: Krakow, Poland, New York, Asia, Madhabi Puri Buch, Sri Lanka, India, Australia

☆ Asia markets mostly poised to fall as investors assess Nvidia results, Adani charges
▼ + stars: | 2024-11-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets are mostly set to fall on Thursday, with investors watching tech shares in the region after chipmaker Nvidia reported better-than-expected results. Nvidia reported a 94% year-on-year surge in revenue for the third quarter to $35.08 billion. However, that is still a consecutive slowdown from the previous three quarters, when sales rose 122%, 262%, and 265%, respectively. Net income during the quarter rose to $19.3 billion, versus $9.24 billion in the same period a year ago. All eyes are on Indian stocks related to billionaire Gautam Adani, after the chair of India's Adani Group was indicted with others in New York federal court on charges related to a massive bribery and fraud scheme.

Persons: Gautam Adani, India's Organizations: Nvidia Locations: Asia, Pacific, New York

☆ Want to live a rich life? Start by looking to the affluent.
▼ + stars: | 2024-11-21 | by ( Sponsored Mastercard | ) www.businessinsider.com time to read: +6 min

New Mastercard research shows affluent consumers enjoy optimizing their wallets with "financial gymnastics." While prioritizing experiences and legacy-building, affluent consumers don't accept anything less than the speediest and most convenient payment options. Those based in Asia Pacific tend to go even further, juggling approximately 7.5 payment methods. We see this every day in our work with banks across Asia Pacific: Affluent consumers are no longer motivated by simply accumulating assets. Reliable payment methods free up time that is better spent with loved ones or pursuing passions.

Persons: Sandeep Malhotra, prudently Organizations: Mastercard, Products, Innovation, Insider Studios Locations: Asia Pacific, India, Hong Kong

☆ Kashmir: This disputed region of India has bread that rival France’s
▼ + stars: | 2024-11-20 | by ( Smitha Menon | ) edition.cnn.com time to read: +10 min

While rice is the staple that’s cooked in households across Kashmir, bread is what drives the local community and economy. With so much traditional knowledge guarded and passed down through generations, Kashmir’s bread culture could qualify for a UNESCO intangible heritage listing and possibly rival France’s boulangerie tradition. Her father hailed from Kashmir so for her, summertime equals Kashmir, and Kashmir equals a warm, pillowy girda. When she returned years later, to learn more about Kashmir’s bread culture from her neighborhood baker, she was promptly told off. “Bread is really sacred in Kashmir and that relationship that a family has with their local kandurwan is really special.

Persons: Emperor Jehangir, Faisal Khan, Mukhtar Khan, France’s, Altaf, “, Mehvish, ”, AP Dal, Muzamil, Marryam, Reshii, roth, it’s, that’s, rogan josh, Roth, Jasleen Marwah, girda, I’d, Marwah, Tauseef Mustafa, Varun Totlani, tzir, Hussain Shahzad, morel, Vanika Chaudhury, Vanika, scoffed, Douglas McMaster, Chaudhury Organizations: India CNN, Silk, Anadolu Agency, Getty, UNESCO, CNN, AP, Folk, Silo Locations: Srinagar, India, Kashmir, Srinagar’s, Pakistan, kandarwans, Europe, East, Asia, Central Asia, pillowy, New Delhi, Goa, Portuguese, chai, “, Indian, Mumbai, AFP, India’s Himachal Pradesh, Masque, Mumbai’s, Lower Parel, London

☆ Asia-Pacific markets are set to open mostly lower; Japan trade data and China lending rate in focus
▼ + stars: | 2024-11-20 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

The People's Bank of China (PBOC) building in Beijing, China, on Friday, Nov. 8, 2024. Asia-Pacific markets were set to open mostly lower Wednesday, following a mixed day on Wall Street amid mounting geopolitical tensions between Ukraine and Russia. Japan's Nikkei 225 futures pointed to a mixed open for the market, with the futures contract in Chicago at 38,300 and its counterpart in Osaka at 38,420 compared to the previous close of 38,414.43. According to a Reuters poll, China is expected to leave its benchmark lending rates unchanged on Wednesday after they were cut in October. Hong Kong Hang Seng index futures were at 19,619, slightly lower than the HSI's last close of 19,663.67.

Persons: Australia's Organizations: People's Bank of China, Investors, Reuters, Nikkei Locations: Beijing, China, Asia, Pacific, Ukraine, Russia, Japan, Chicago, Osaka, Hong Kong

☆ Pictet Chief Asia Strategist: Chinese companies are 'much better prepared' for Trump 2.0 tariffs
▼ + stars: | 2024-11-20 | 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 EmailPictet Chief Asia Strategist: Chinese companies are 'much better prepared' for Trump 2.0 tariffsDong Chen of Pictet argues that Chinese companies are better prepared to circumvent potential Trump 2.0 tariffs. Trump's win also strengthens the USD, resulting in postponed rate cuts by southeast Asian central banks.

Persons: Dong Chen, Pictet Organizations: Pictet, Trump Locations: Asia

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Persons: Miles, LifeMiles, Smiles, Red, Wyndham, Chase, rideshares, cardholders, you've, haven't, It's, Gabriel Vito Gabriel Vito, Gabriel, Education Gabriel, ExperienceExpertiseEducation Read, Angela Fung, Read Organizations: Business, Capital, PayPal, Capital One Entertainment, Aeromexico Club, Air Canada, Air France, KLM, Blue, British Airways Executive Club, Cathay, Emirates, Etihad, Qantas Frequent, TAP Air Portugal Miles, Turkish Airlines Miles, Wyndham Rewards, Star Alliance, U.S, Chase, Unlimited, Card, Bank of America, The Bank of America, Social, Forbes, CNN, University of California, Banking, Education, The University of California, Finance Locations: Cathay Pacific Asia, Singapore, Europe, Asia, Riverside

☆ What Trump's return to the White House could mean for global bond yields
▼ + stars: | 2024-11-20 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesDonald Trump's U.S. election victory has ratcheted up concerns about higher prices, prompting strategists to rethink the outlook for global bond yields and currencies. Trump's return to the White House is seen as likely to throw a wrench in the Federal Reserve's rate-cutting cycle, potentially keeping an upward bias on Treasury yields. Bond yields tend to rise when market participants expect higher prices or a growing budget deficit. "Trump's election advances both possibilities as a trade war and increased fiscal spending work at cross purposes," he added. Germany's 10-year bond yield, the benchmark for the euro zone, stood at 2.337% on Wednesday, marginally lower for the session.

Persons: Donald Trump, Donald Trump's, Alim Remtulla, Remtulla, Kamala Harris, there's, Trump, There's, Shannon Kirwin, Kirwin, Sameer Goel, CNBC's, doesn't, Goel, MUFG Organizations: Bloomberg, Getty, EFG, Fed, CNBC, Treasury, Democratic, New York Stock Exchange, China News Service, Morningstar, European Union, Deutsche Bank, Trump, U.S, U.S ., Singapore, Malaysian, South Korean, ING Locations: Greensboro , North Carolina, Europe, United States, New York City, U.S, Mexico, Asia, China

☆ Billionaire Gautam Adani indicted in New York on bribery charges
▼ + stars: | 2024-11-20 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Indian billionaire Gautam Adani and other executives were indicted in New York for roles in a multi-billion-dollar fraud scheme, the US Department of Justice said Wednesday. Authorities said Adani and seven other senior business executives, including his nephew Sagar Adani, promised more than $250 million in bribes to Indian government officials to secure solar energy contracts. Worth more than $85 billion, Adani is Asia’s second-richest person behind countryman Mukesh Ambani, according to Bloomberg’s Billionaires Index. The solar energy supply contracts were projected to raise more than $2 billion in profits after tax over an approximately 20-year period. The defendants frequently met and discussed the bribery scheme, including evidence on several phones.

Persons: Gautam Adani, Adani, Sagar Adani, ”, Lisa Miller, Worth, Mukesh Ambani, Cyril Cabanes, Adani Green, Jeff Bezos –, Hindenburg, Narendra Modi, CNN’s Diksha Madhok Organizations: New, New York CNN, US Department of Justice, Authorities, Adani Group, Indian, DOJ, Securities and Exchange Commission, Adani Green Energy Ltd, Power, SEC, Hindenburg, Bloomberg, Adani Enterprises, CNN Locations: New York

☆ Trump tariffs to push down U.S. growth 'a great deal' going into 2026, Morgan Stanley warns
▼ + stars: | 2024-11-20 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Donald Trump's proposed tariffs will dent U.S. economic growth going into 2026, said Morgan Stanley's chief global economist Seth Carpenter. In the event that they are enacted all at once, they could result in a "big negative shock" to the economy, Carpenter told CNBC's Sri Jegarajah on the sidelines of Morgan Stanley's annual Asia Pacific Summit in Singapore. Carpenter, who maintained Morgan Stanley's base case of these tariffs being spread over 2025, said they would lead to higher inflation. "Then into 2026, we think growth starts to come down a great deal in the U.S. because of those tariffs and some of the other policies," he cautioned. Very clear, tariffs are a drag on growth for the U.S., not just for the countries that the tariffs are put on," Carpenter added.

Persons: Donald Trump's, Morgan Stanley's, Seth Carpenter, Trump, Carpenter, CNBC's Sri, Morgan, Mark Malek, Siebert, Joe Biden, Trump's, Malek, Ben Emons Organizations: Asia Pacific Summit, Microsoft, Apple, U.S . Federal Reserve, FedWatch Advisors Locations: China, CNBC's Sri Jegarajah, Morgan Stanley's, Singapore, U.S

☆ I'm the CEO of an American-made electronics manufacturer. Here's how I'm preparing for new tariffs.
▼ + stars: | 2024-11-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

This as-told-to essay is based on a conversation with Karla Trotman, President and CEO of Electro Soft Inc., a US specialty electronics manufacturer in Pennsylvania. My dad and I worked together, and in 2020, I bought them out, so now I'm the owner, president, and CEO. We're still feeling the reverberation from the last round of tariffs, so they never really went away in our industry. Tariff proponents seem to think that enforcing them will cause stateside manufacturing to somehow jump up and be prosperous, but it doesn't really work that way. We really need to understand where our partners are headed so we can flex to meet whatever demand is going to come down the pike.

Persons: Donald Trump's, Karla Trotman, We're, Trump, I'm, we're Organizations: Electro Soft Inc, Ikea, Southeastern Pennsylvania Manufacturing Alliance Locations: Pennsylvania, Asia, Taiwan, China

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