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Aerial view of a fire during a protest outside the National Congress in Buenos Aires on June 12, 2024. Argentina's Senate narrowly passed President Javier Milei's sweeping economic reform bill, delivering a tentative legislative victory to the right-wing leader even as protesters clashed with riot police. Lawmakers in Argentina's upper house on Wednesday voted 37 to 36 to approve the bill after a marathon debate, with Vice President and head of the Senate Victoria Villarruel casting the deciding vote in favor of Milei's economic measures. The reform bill is a core tenet of Milei's push to revive the country's crisis-stricken economy. "Today there are two Argentinas," Argentina's vice president said, according to Reuters.
Persons: Javier Milei's, Senate Victoria Villarruel, Villarruel Organizations: National Congress, Argentina's, Lawmakers, Senate Victoria, Getty, Buenos Aires Times, Reuters Locations: Buenos Aires, Argentina
In its latest medium-term market report, titled Oil 2024, the global energy watchdog said oil demand growth was on track to slow down before ultimately reaching its peak of near 106 million barrels per day by 2030. That's up from just over 102 million barrels per day in 2023. At the same time, the IEA expects total oil production capacity to surge to nearly 114 million barrels per day by 2030 — a whopping 8 million barrels per day above projected global demand. The burning of fossil fuels such as coal, oil and gas is the chief driver of the climate crisis. The share of fossil fuels in the global energy supply has stayed at around 80% for decades, according to the IEA, although it expects this to fall to around 73% by 2030.
Persons: Fatih Birol, Birol Organizations: The International Energy Agency, Big Oil, IEA Locations: Monahans , Texas, U.S, OPEC
Mining firm Rare Earths Norway says it has discovered Europe's largest proven deposit of highly prized rare earth elements, potentially reflecting a watershed moment for both the Nordic country and the broader region. One of the few deposits not owned or controlled by China, the discovery of continental Europe's largest rare earths deposit is considered a welcome boost in Europe's bid to break China's rare earths dominance. Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery at Fen represents a "great milestone" for the company. "It is important to state that there is absolutely no extraction of rare earth elements in Europe today," Reistad said via videoconference on Monday. Rare Earths Norway said the rare earths deposit in Telemark, roughly 210 kilometers (130 miles) southwest of Oslo, is likely to underscore Norway's position as an integral part of Europe's rare earth and critical raw material value chain.
Persons: Alf Reistad, Reistad Organizations: Tech Co, Mining, Nordic, Rare, Norway, CNBC Locations: Mongolia, Baotou, Inner Mongolia, China, Norway, Sweden, Europe, videoconference, Telemark, Oslo
That's significantly lower than the 71 seats the Greens/EFA secured when the green faction enjoyed its strongest ever showing five years ago. Nationalist and far-right parties — traditionally skeptical of climate issues — have also been vocal critics of green policies. Bas Eickhout Lead candidate for the Green PartyBas Eickhout, lead candidate for the Green Party, said that support for the far-right parties across the bloc could jeopardize Europe's progress on climate action. Green Deal 'cannot go back'Ahead of the vote, researchers warned that the outcome of the European elections was likely to put significant pressure on the European Green Deal, the region's showcase carbon neutrality program. Which means [the] Green Deal cannot go back, but we are prepared to give it this additional twist, which is a Green Deal, but taking care of the transitions," Marques told CNBC's Silvia Amaro.
Persons: Emmanuel Macron, , we're, Eickhout, CNBC's Silvia Amaro, Ricarda Lang, Grünen, Terry Reintke, Omid, Reintke, Pedro Marques, Marques, Jorg Asmussen, Asmussen, CNBC's Annette Weisbach, John Macdougall Organizations: Afp, Getty, European Free Alliance, Greens, EFA, Democracy, European Union, European Conservatives, Social Democrats, Free Democrats, French, Union, Nationalist, Bas Eickhout, Green Party, Green, Green Deal, Socialist, Democrats Group, German Insurance Association Locations: The Hague, Germany, Austria, France, Bas, China, United States, Europe, European, Berlin's Columbiahalle, Denmark, Netherlands, Sweden, Finland, Croatia, Latvia, Slovenia, Lithuania, EU, den Linden, Berlin
Russia's President Vladimir Putin gestures as he delivers a speech during the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 7, 2024. Russian President Vladimir Putin said Friday that nearly 40% of the country's trade turnover is now in rubles as the share conducted in dollars, euros and other "non-friendly" Western currencies has fallen away. Putin said payments for Russian exports in "so-called 'toxic' currencies of non-friendly states" had halved over the last year. "With that, the share of the ruble in import and export operations is increasing, now standing at almost 40%," Putin said, according to a translation. The West has sought to cut off Russia's $2 trillion economy in response to Moscow's full-scale invasion of Ukraine in February 2022.
Persons: Vladimir Putin, Putin Organizations: Saint Petersburg, Economic, St ., Kremlin, International Monetary Fund, U.S Locations: Saint Petersburg, St, St . Petersburg, Russia, Brazil, India, China, South Africa, Asia, Latin America, Africa, Ukraine, Germany, France, Moscow
Australia on Wednesday announced it had dropped its legal battle against Elon Musk's X to have graphic footage of a church stabbing in Sydney removed from the social media platform. The dispute was widely seen as a test case for the Australian government's ability to enforce its online safety standards on the social media giants. Julie Inman-Grant, Commissioner of Australia's online safety regulator, said in a statement that after weighing "multiple considerations," she decided that discontinuing the proceedings would "likely achieve the most positive outcome for the online safety of all Australians, especially children." I stand by my investigators and the decisions eSafety made," Inman-Grant said, referencing Australia's independent regulator for online safety. Last month, the Musk-owned social media platform won a reprieve in Australia when a court refused to extend a temporary order blocking videos of a Sydney church stabbing globally.
Persons: Elon Musk, Tesla, Elon Musk's, Julie Inman, eSafety, Inman, Grant, Musk, Bishop Mar Mari Emmanuel, Australia's Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Wednesday, Grant, X's Global Government Affairs Locations: Beverly Hills , California, Australia, Sydney, Australian
That's a stark change from 2015, when the WMO considered the prospect of temporarily overshooting 1.5 degrees Celsius close to zero. The 1.5 degrees Celsius limit is the aspirational target of the landmark Paris Agreement, an international treaty on climate change that was adopted in 2015. Scientists say that exceeding this temperature threshold over the long term will lead to increasingly frequent and catastrophic extreme weather events. António Guterres United Nations Secretary-GeneralEven at current levels of global warming, there are already devastating climate change impacts. Guterres said that the battle to limit long-term temperatures to 1.5 degrees Celsius will be won or lost in the 2020s under the watch of today's world leaders.
Persons: Javier Torres, António Guterres, Guterres, Antonio Guterres, Charly Triballeau, Angelos Tzortzinis Organizations: Afp, Getty, United Nations, World Meteorological Organization, WMO, UN, American Museum of Locations: Quilpue comune, Valparaiso region, Chile, Paris, Russian, New York, Italy, Athens
French soccer star Kylian Mbappe will reportedly receive a signing-on bonus of at least £85 million, or $108.4 million, over the next five years after completing his much-anticipated move to Spanish giant Real Madrid. The 25-year-old World Cup winner is expected to officially join Real Madrid on a free transfer when his contract with Paris Saint-Germain expires at the end of June. A spokesperson for Real Madrid did not immediately respond to CNBC's request for comment. One of the photos showed Mbappe meeting former Real Madrid player and five-time Ballon d'Or winner Cristiano Ronaldo. Confirmation of Mbappe's move to Real Madrid came shortly after the Spanish club won the Champions League final for a record-extending 15th time.
Persons: Kylian Mbappe, Germain, Mbappe, Ballon, Cristiano Ronaldo Organizations: UEFA, Real, Mbappe, Real Madrid, Paris Saint, Media, Sky Sports, BBC, CNBC, Spanish, Champions League, Ligue Locations: Clairefontaine, Yvelines, French, Spanish, Real Madrid, Madrid, Real
Presidential candidate Claudia Sheinbaum of ''Sigamos Haciendo Historia'' coalition waves to supporters during the 2024 closing campaign event at Zocalo on May 29, 2024 in Mexico City, Mexico. Mexico's left-leaning climate scientist Claudia Sheinbaum secured enough votes to become the Latin American country's first-ever female president. The country's electoral institute published a rapid count estimate late Sunday night saying that Sheinbaum had won the presidential election. Sheinbaum has previously worked as a contributing author to a report from the U.N.'s Intergovernmental Panel on Climate Change. Yet, the 61-year-old did not make the climate threats facing Mexico a central part of her campaign.
Persons: Claudia Sheinbaum, Mexico's, Sheinbaum, Xóchitl Gálvez, Andrés Manuel López Obrador, AMLO, Verisk Maplecroft Organizations: American, Mexico City Locations: Zocalo, Mexico City, Mexico, Sheinbaum, Morena
New Japanese 1000 Yen banknote on display inside the Currency Museum of the Bank of Japan's Institute for Monetary and Economic Studies. Data from Japan's Ministry of Finance on Friday confirmed the country's first currency intervention since 2022, after the yen plunged to a 34-year-low in April. The ministry on Friday stated Japan spent 9.7885 trillion yen ($62.25 billion) on currency intervention between April 26 and May 29, according to a Google-translated statement. Japan last intervened to stabilize the currency in October 2022, when the yen fell to lows of around 152 per dollar. Authorities intervened three times that year to stabilize the currency, reportedly spending as much as a combined 9.2 trillion yen over the period.
Persons: Shunichi Suzuki, Suzuki, CNBC's Dan Murphy Organizations: Currency Museum, Bank of Japan's Institute for Monetary, Economic Studies, Japan's Ministry of Finance, U.S, Bank of America Global Research, Bank of Japan, Japanese Finance, Authorities Locations: Japan, London
Chandan Khanna | Afp | Getty ImagesOrange juice prices have climbed to fresh all-time highs amid persistent supply constraints, pushing the industry into crisis mode and forcing some makers to consider alternative fruits. The benchmark frozen concentrated orange juice futures, traded on the Intercontinental Exchange in New York, closed at $4.77 per pound on Wednesday . Orange juice on display in a grocery store on Jan. 19, 2023, in Miami, Florida. "A lot of them will be changing the quantities of juice they are putting in their blends to drop the orange juice and increase other juices, such as pear juice, apple juice, grape juice, so they are less reliant on the orange juice," Campbell told CNBC via telephone. "It does seem like this [situation] is going to be here for the longer term," he added, noting that some players in the orange juice market had observed a large drop in demand year-over-year.
Persons: Chandan Khanna, That's, Joe Raedle, Harry Campbell, Campbell, Fundecitrus Organizations: Afp, Getty, Intercontinental Exchange, CNBC, Bloomberg Locations: Arcadia , Florida, Florida, Brazil, U.S, New York, Orange, Miami , Florida, Itupeva, Sao Paulo state, Sao Paulo
Argentina's President Javier Milei waves during the commemoration of the 214th anniversary of the May Revolution that led to the independence from Spain, at Plaza San Martin in Cordoba, Argentina, on May 25, 2024. On his seventh overseas trip since taking office late last year, Argentina's Milei traveled to San Francisco late Monday and has since met with OpenAI CEO Sam Altman, Google's Sundar Pichai and Apple CEO Tim Cook. The right-wing leader, and self-described "anarcho capitalist," is scheduled to meet with Meta CEO Mark Zuckerberg before departing from the U.S. on Friday. On a separate trip to the U.S. last month, Milei met with tech billionaire Elon Musk at a Tesla electric car factory in Austin, Texas. The growth of AI data centres will also require significant energy and water resources, of which Argentina has in abundance."
Persons: Javier Milei, Diego Lima, Argentina's Milei, Sam Altman, Google's Sundar Pichai, Tim Cook, Mark Zuckerberg, Milei, Elon Musk, Nicolas Saldias, Saldias, Mariano Machado, Verisk Maplecroft, We're, " Machado, Javier Milei's, Luis Robayo Organizations: Plaza San, Afp, Getty, Apple, Meta, U.S, Analysts, America, Economist Intelligence Unit, CNBC, Americas, Verisk Locations: Spain, Plaza San Martin, Cordoba, Argentina, San Francisco, U.S, Austin , Texas, Olivos, Buenos Aires Province
Demonstrators protesting the "foreign influence" law crowd outside the parliament building in central Tbilisi on May 28, 2024. Georgian lawmakers on Tuesday voted to override a presidential veto on a Russia-style "foreign agents" law, pushing forward with legislation that has triggered international condemnation and large-scale protests in the South Caucasus nation. Georgian President Salome Zourabichvili vetoed the controversial legislation on May 18, saying on social media platform X that the "fundamentally Russian" law represents "an obstacle to our European path." Zourabichvili, a critic of the ruling Georgian Dream government, has called for a repeal of the law. Georgian Prime Minister Irakli Kobakhidze has said the bill will create "strong guarantees" to help ensure long-lasting peace in the country.
Persons: Salome Zourabichvili, Irakli Kobakhidze Organizations: Union, NATO, United Nations, EU, Kremlin ., Georgian Locations: Tbilisi, Russia, South Caucasus, The U.S, Georgian, Soviet Union
Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold, silver and platinum prices have been on a tear so far this year, and strategists say the precious metals could continue to hit fresh record highs over the coming months. Spot silver prices, meanwhile, traded 0.5% lower at around $29.54 per ounce. Strategists at Saxo Bank said in a recent research note that gold prices could soon test the $2,400 level, silver may climb as high as $30, while platinum has upside potential to reach $1,130. The Danish bank said Wednesday that its "year of the metals" theme had continued to gather momentum in recent weeks, citing its preference for gold, silver and copper.
Organizations: Aurum, Federal Reserve, Saxo Bank Locations: Munich, London, Danish
Traders appear increasingly confident that the U.S. Federal Reserve could start cutting interest rates as early as September, after inflation data cooled more than expected in April. Traders are currently pricing in a roughly 70% chance of a U.S. rate cut in September, according to the CME FedWatch Tool. Jerome Schneider, head of short-term portfolio management at PIMCO, said on Thursday that the latest U.S. inflation data confirmed to investors that the potential for a near-term rate hike was now "off the table." "I think more contextually, we have to really understand that we have celebrated a lower inflation rate, the market has. But, in context, at PIMCO we're specifically thinking about the longer-term trajectory of how the Fed is going to react to this data," Schneider told CNBC's "Squawk Box Europe."
Persons: Dow Jones, Jerome Schneider, we're, Schneider, CNBC's Organizations: New York Stock Exchange, Traders, U.S . Federal, Labor Department's Bureau of Labor Statistics, Federal Reserve Locations: U.S, PIMCO
Georgian President Salome Zurabishvili delivers a speech during an gathering celebrating Europe Day outside her residence in Tbilisi on May 9, 2024. (Photo by Vano SHLAMOV / AFP) (Photo by VANO SHLAMOV/AFP via Getty Images)Georgian President Salome Zourabichvili on Wednesday held talks with European ministers to urgently discuss "how to save" the country, shortly after lawmakers adopted a deeply divisive Russia-style foreign influence bill. The U.S., European Union, NATO and the United Nations have all issued statements expressing concern about Georgia's new legislation, which opposition lawmakers have denounced as the "Russian law." Georgian lawmakers on Tuesday approved the legislation, with 84 members of the country's 150-member law-making body voting in favor. "On the agenda today is the following issue: how to save Georgia," Zourabichvili said, according to a translation.
Persons: Salome Zurabishvili, Vano SHLAMOV, VANO SHLAMOV, Salome Zourabichvili, Zourabichvili Organizations: Getty Images, Wednesday, Union, NATO, United Nations, EU Locations: Europe, Tbilisi, AFP, Russia, U.S, Lithuania, Latvia, Estonia, Iceland, Georgia
JPMorgan Chase CEO Jamie Dimon on Wednesday urged the U.S. to reduce its fiscal deficit sooner rather than later, warning the issue will likely become "far more uncomfortable" if it continues to be overlooked. That's a lot, but obviously that drives growth," Dimon said in an interview with Sky News. So, I think America should be quite aware that we have got to focus on our fiscal deficit issues a little bit more, and that is important for the world," he added. The federal government has so far spent $855 billion more than it has collected in the 2024 fiscal year, according to the U.S. Treasury Department, resulting in a national deficit. Dimon said he hoped the U.S. government "really focuses" on reducing the deficit while still enjoying a period of robust economic growth.
Persons: Jamie, JPMorgan Chase, Jamie Dimon, Dimon, Joe Biden Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, JPMorgan, Wednesday, Sky News, U.S . Treasury Department, . Locations: Washington ,, America, U.S
Prime Minister of Slovakia Robert Fico attends a press conference during a Special European Council Meeting on April 18, 2024 in Brussels, Belgium. Slovakia's populist Prime Minister Robert Fico on Wednesday was shot multiple times in an assassination attempt that has sent shockwaves across the continent. The 59-year-old has been transported by helicopter to hospital in the central Slovakian city of Banska Bystrica to receive treatment. A post on Fico's official Facebook page said the prime minister was "shot multiple times and is in a life-threatening state" after an "attempted assassination." Slovakian President Zuzana Čaputová "strongly" condemned the "brutal and ruthless attack" in a Google-translated Facebook post, without supplying further details of the nature of the attack.
Persons: Slovakia Robert Fico, Robert Fico, Fico, Zuzana Čaputová Organizations: NBC, Reuters, CNBC Locations: Slovakia, Brussels, Belgium, Slovakian, Banska Bystrica, Bratislava, Handlova
Shares of GameStop and AMC jumped around 40% in premarket trading on Tuesday, on track to extend gains after "Roaring Kitty," the man at the center of the meme stock craze, posted online for the first time in roughly three years. Shares of video game retailer GameStop traded 40% higher at 4:50 a.m. GameStop on Monday climbed a whopping 74.4%, while AMC soared 78.4% in the previous trading session. Roaring Kitty, whose legal name is Keith Gill, is a former marketer for Massachusetts Mutual Life Insurance. Also known as DeepF------Value on Reddit, Gill drew an army of day traders who cheered each other on and piled into the brick-and-mortar video game stock and in GameStop call options between 2020 and 2021.
Persons: Kitty, Keith Gill, Gill, Yun Li, Fred Imbert Organizations: GameStop, AMC, Massachusetts Mutual Life Insurance Locations: New York
Georgian demonstrators protesting the controversial "foreign influence" bill stand in front of law enforcement officers blocking an area near the parliament building in Tbilisi on May 14, 2024. Georgian lawmakers on Tuesday passed a highly controversial "Kremlin-style" law on foreign influence, despite massive protests in the country and repeated warnings from the U.S. and European Union. Members of the Georgian Parliament physically came to blows as lawmakers held the third and final reading of the so-called "foreign agents" bill, before ultimately approving the legislation. The foreign influence bill calls for media outlets, nonprofits and other nongovernmental organizations to register as "pursuing the interests of a foreign power" if they receive more than 20% of their funding from abroad. Georgian President Salome Zourabichvili has previously vowed to veto the bill.
Persons: Salome Zourabichvili Organizations: Union, Georgian Locations: Tbilisi, U.S, Georgian, Soviet Union
Police Force attend a protest against the foreign agents law as two Americans and one Russian citizen are among 20 detained on May 13, 2024 in Tbilisi, Georgia. Thousands of people took to the streets of Georgia's capital on Monday as part of a last-ditch attempt to prevent the country's government from passing a controversial "Kremlin-style" law on foreign influence. Georgia's Interior Ministry said Monday that two American citizens and one Russian national were among 20 people detained at the rally. Separately, Georgia's Special Investigation Service said it had launched a probe into the alleged used of "excessive force" by law enforcement officers against protesters. Russia, which occupies about 20% of Georgia's internationally recognized territory, has used similar legislation to crack down on independent news media and activists critical of the Kremlin.
Organizations: Police Force, Investigation Service, Security, Kremlin Locations: Tbilisi , Georgia, Georgia's, Tbilisi, Russia
A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024. Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange." The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.
Persons: Carlos Torres Vila Organizations: Banco Sabadell SA, BBVA, Banco Sabadell, Banco Locations: Banc, Barcelona, Spain, Spanish
The prospect of the European Central Bank diverging from the Federal Reserve on interest rate cuts is likely to be "particularly negative" for the 20-nation euro zone, according to one economist. The ECB appears on course to cut interest rates in June, barring any major surprises, and recent inflation data has since bolstered the case for an imminent reduction in borrowing costs. It leaves the ECB firmly on track to cut interest rates before the Fed. "The problem of cutting rates right now is that the ECB takes for granted the strength of the euro . Lacalle said a June rate cut from the ECB was not going to make German, French or Spanish businesses take more credit "because a small rate cut is not the driver of credit demand."
Persons: Christine Lagarde, Daniel Lacalle, Gestion, CNBC's, Lacalle Organizations: European Central Bank, ECB, Federal Reserve, CNBC Locations: Frankfurt, Germany, U.S
Extreme hot weather and persistent drought conditions have dealt a severe blow to olive oil production in southern Europe, resulting in a significant surge in prices. Anadolu | Anadolu | Getty ImagesA shortage of olive oil, sometimes referred to as "liquid gold," has driven prices to record highs, fueled a crime surge and pushed the industry into crisis mode. The decline extends a downward trend, after olive oil prices reached an unprecedented peak of 9.2 euros in January. But analysts said that dwindling olive oil reserves would likely keep markets on edge for sudden price spikes over the coming months. Olive oil thefts
Persons: Kyle Holland, Holland, De Rust, Rodger Bosch, Vito Martielli, Martielli, Helena Bennett, Bennett, Xylella, Mintec's Holland Organizations: European Union, Anadolu, Getty, Centre, Market, Mintec, CNBC, Afp, Rabobank, Green Alliance UK, European Environment Agency, Nurphoto Locations: Europe, Anadolu, Spain, Italy, Greece, Spain's Andalusia, Olive Estate, De, Cape Town, Netherlands, Olive, Lecce, Puglia
Spain's Deoleo, the world's largest olive oil producer, says the industry needs to undergo a "profound transformation" as it grapples with one of the most challenging moments in its history. A perfect storm of climate change, soaring prices, high interest rates and robust inflation has taken its toll throughout the olive oil value chain in recent months. Spain accounts for more than 40% of the world's olive oil production, making it a global reference for prices. Extra virgin olive oil prices in Spain's Andalusia hit a record high of 9.2 euros ($9.84) per kilogram in January. Olive oil prices have cooled due in part to an uptick in production estimates and beneficial rains in March and April.
Persons: Spain's Deoleo, Miguel Angel Guzman, Guzman Organizations: CNBC Locations: Europe, Spain, Andalusia, Olive
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