DIRS.INFO The most relevant business & tech news

☆ Battery giant Northvolt files for bankruptcy in major setback to Europe's EV ambitions
▼ + stars: | 2024-11-22 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the U.S., delivering a hard blow to Europe's electrification ambitions. A partner of major European automakers, Northvolt produces lithium-ion batteries for the blooming electric vehicle industry, which has recently been rocked by intensifying competition. "This decisive step will allow Northvolt to continue its mission to establish a homegrown, European industrial base for battery production," said Tom Johnstone, interim chairman of Northvolt's board. "Despite near-term challenges, this action to strengthen our capital structure will allow us to capture the continued market demand for vehicle electrification," he added. The Stockholm-based business has long been regarded as Europe's best hope of building a homegrown EV battery champion.

Persons: Northvolt, Tom Johnstone Organizations: EV Locations: Skelleftea, Sweden, Swedish, U.S, Stockholm

☆ Britain’s 'mini-budget' disaster should serve as a warning to the U.S., bond strategists say
▼ + stars: | 2024-11-21 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Bloomberg | Bloomberg | Getty ImagesFears are mounting that the U.S. could soon experience its own version of Britain's "mini-budget" crisis, with bond strategists warning that Donald Trump's return to the White House brings with it the specter of currency volatility and surging bond yields. The former president's economic agenda has ratcheted up concerns about a surge in consumer prices, which strategists say could spark significant shifts in bond yields and investor behavior. They warn a scenario that mirrors Britain's mini-budget crisis of 2022 is not out of the question. watch nowBritain's mini-budget crisis refers to a tumultuous period under former Prime Minister Liz Truss and ex-Finance Minister Kwasi Kwarteng. Bond yields tend to rise when market participants expect higher consumer prices or a growing budget deficit.

Persons: Donald Trump, Donald Trump's, Trump, Remtulla, Liz Truss, Kwasi Kwarteng, Kwarteng, Althea Spinozzi, Trump's, Spinozzi, Angela Weiss, Paul Ashworth, Ashworth, Thierry Wizman, likelier, Wizman Organizations: Economic, of New, Bloomberg, Getty, EFG, CNBC, U.S ., Finance, U.S, Bank of England, Saxo Bank, White, Treasury, Traders, New York Stock Exchange, AFP, Capital Economics, Macquarie Group Locations: of New York, New York, U.S, Foreign, Treasurys, Treasuries, New York City, America

☆ 10-year Treasury yield dips as investors await economic data, Fed speeches
▼ + stars: | 2024-11-21 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

One basis point equals 0.01%. The 10-year Treasury yield fell more than 1 basis point to 4.390%, while the yield on the 2-year Treasury slipped by nearly 2 basis points to 4.291%. The benchmark 10-year Treasury yield dipped on Thursday as investors await a fresh batch of economic data and a flurry of speeches from Federal Reserve policymakers. Existing home sales for October and the Kansas City Fed survey for November are scheduled to follow slightly later in the session. Cleveland Fed President Beth Hammack, Chicago Fed President Austan Goolsbee, Kansas City Fed President Jeff Schmid, Fed Vice Chair for Supervision Michael Barr are all poised to deliver remarks about the U.S. economy on Thursday.

Persons: Donald Trump's, Beth Hammack, Austan Goolsbee, Jeff Schmid, Michael Barr, Michelle Bowman, Samantha Subin, Sophie Kiderlin Organizations: Treasury, Federal Reserve, Philadelphia Fed, Kansas City Fed, Cleveland Fed, Chicago Fed Locations: Russia, Ukraine, Washington, Moscow, Kansas, U.S

☆ 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

☆ World’s largest olive oil producer says ‘liquid gold’ prices on track to halve from record levels
▼ + stars: | 2024-11-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Elvis Barukcic | Afp | Getty ImagesSpain's Deoleo, the world's largest olive oil producer, says one of the most challenging moments in the industry's history appears to be drawing to a close, with "liquid gold" prices expected to nearly halve from an all-time high over the coming months. Extra virgin olive oil prices in Spain's Andalusia stood at 6 euros ($6.33) per kilogram as of Nov. 6, according to Expana, an agricultural and food-focused market intelligence firm. Spain accounts for more than 40% of the world's olive oil production, making it a global reference for prices. A person holds a bottle of olive oil on June 21, 2024, in Barcelona, Catalonia, Spain. Deoleo said olive oil prices should fall to around 5 euros per liter, a steep drop from highs of 9 to 10 euros, which had become the norm in Spanish supermarkets this year.

Persons: Elvis Barukcic, Miguel Ángel Guzmán, Guzmán, Carbonell, Deoleo, Kyle Holland, Expana's Holland Organizations: Afp, Getty, CNBC, Europa Press, Anadolu Locations: Bosnian, Herzegovinian, Ljubuski, Capljina, Europe, Spain, Greece, Tunisia, Spain's Andalusia, Barcelona, Catalonia, Turkey, Menemen Plain, Izmir, Turkiye

☆ India’s central bank chief warns growing risk of global inflation returning
▼ + stars: | 2024-11-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Shaktikanta Das, governor of the Reserve Bank of India (RBI), during an event at the Peterson Institute of Economics (PIIE) during the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Friday, Oct. 25, 2024. Central banks have managed to engineer a soft landing through a period of "continual and unprecedented shocks," but there is still a risk of global inflation returning and of economic growth slowing down, according to India's central bank chief. Speaking Thursday in Mumbai, India, at CNBC-TV18's Global Leadership Summit, Reserve Bank of India (RBI) Governor Shaktikanta Das said monetary policy from global central banks had largely "performed well" in recent years despite conflicts, geopolitical tensions and higher volatility. "A soft landing has been ensured but risks of inflation — as I speak to you here today — risks of inflation coming back and growth slowing down do remain," Das said. Das pointed to several contradictions in global markets to underline his view, including the appreciation of the U.S. dollar, even as the Federal Reserve is cutting interest rates.

Persons: Shaktikanta Das, Das Organizations: Reserve Bank of India, Peterson Institute of Economics, International Monetary Fund, Bank, CNBC, Leadership, U.S ., Federal Reserve, U.S Locations: Washington , DC, Central, Mumbai, India, London

☆ WikiLeaks whistleblower Chelsea Manning says censorship is still 'a dominant threat'
▼ + stars: | 2024-11-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Former U.S. Army intelligence analyst Chelsea Manning says censorship is still "a dominant threat," advocating for a more decentralized internet to help better protect individuals online. Her comments come amid ongoing tension linked to online safety rules, with some tech executives recently seeking to push back over content moderation concerns. "Censorship is a dominant threat. "I think that social media and the monopolies of social media have sort of gotten us used to the fact that certain things that drive engagement will be attractive," she added. "One of the ways that we can sort of countervail that is to go back to the more decentralized and distribute the internet of the early '90s, but make that available to more people."

Persons: Chelsea Manning, Karen Tso, Manning Organizations: U.S . Army, Summit Locations: Lisbon, Portugal

The 10-year Treasury yield sat near flat at 4.449%, near its highest point since July. The 10-year Treasury yield hovered near a 4-month high on Thursday after Federal Reserve chair Jerome Powell indicated that the central bank is in no hurry to slash interest rates. The moves followed Fed Chair Jerome Powell's speech in Dallas Thursday, where he told business leaders the cenral bank doesn't need to quickly cut interest rates. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in prepared remarks. The speeches come as investors and economists scrutinize what President-elect Donald Trump's return to the White House could mean for U.S. interest rates.

Persons: Jerome Powell, Jerome Powell's, Powell, Adriana Kugler, Donald Trump's, Dow Jones, —, Sarah Min Organizations: Treasury, Federal, Fed Locations: Dallas

☆ Britain's car finance industry is in crisis – with banks bracing for billions in payouts
▼ + stars: | 2024-11-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Mike Kemp | In Pictures | Getty ImagesBritain's motor finance industry is in disarray, with analysts warning of worst-case scenarios similar in magnitude to the country's costliest consumer banking scandal. The decision caught many in the motor finance industry off guard and appears to have paved the way for a multi-billion-pound redress scheme to compensate consumers. It urged motor finance groups to consider setting aside financial provisions to resolve the high volume of complaints. According to the banks, they followed the rules and guidelines set by the FCA, which are not aligned with the new Court of Appeal ruling," Kammer told CNBC via email. The FCA has said that it will await the outcome of a potential Supreme Court ruling before taking a decision on the matter," Kammer said.

Persons: Mike Kemp, Banks, Niklas Kammer, Kammer, Benjamin Toms, Toms, John Keeble Organizations: Royal Exchange, City of, Appeal, Authority, FCA, Morningstar, Lloyds, Horse, Barclays, Lloyds Banking, Bloomberg, Getty, of, CNBC, PPI, RBC Capital Markets, Taxis, Fenchurch, Station Locations: City, City of London, London, United Kingdom, U.K

☆ Oil giant Shell wins appeal against landmark Dutch climate ruling to slash emissions
▼ + stars: | 2024-11-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A Dutch court on Tuesday ruled to dismiss a landmark climate ruling against Shell , after the oil giant was ordered to drastically reduce its global carbon emissions back in 2021. In May 2021, The Hague district court ruled that Shell must reduce its greenhouse gas emissions by 45% from 2019 levels by 2030. Shell's lawyers said demands for companies to curb greenhouse gas emissions could not be made by courts, but only by governments, Reuters reported. The company also said the court ruling would force it to shrink its business without any benefit to the fight against climate change. The burning of coal, oil and gas is by far the largest contributor to the climate crisis, accounting for more than three-quarters of global greenhouse gas emissions.

Persons: Milieudefensie Organizations: Shell, Pernis, Reuters Locations: Rotterdam, Netherlands, Azerbaijan, The Hague, Paris, Hague

☆ Treasury yields edge lower after sharp rally on Trump victory; investors await Fed decision
▼ + stars: | 2024-11-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: 1 min

Treasury yields were slightly lower on Thursday as investors reacted to Donald Trump's sweeping election victory and awaited the U.S. Federal Reserve's decision on interest rates. The 10-year Treasury yield fell more than 1 basis point to 4.409% after jumping over 14 points to hit 4.433% in the previous session, notching its highest level since July. The yield on the 2-year Treasury fell 2 basis points to 4.247%, paring some of its gains after rising about 7 points to reach 4.274% on Wednesday. Yields and prices move in opposite directions. One basis point equals 0.01%.

Persons: Donald Trump's Organizations: U.S, U.S . Federal, Treasury Locations: U.S .

☆ What Trump’s historic election victory means for the global economy
▼ + stars: | 2024-11-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Nurphoto | Nurphoto | Getty ImagesDonald Trump's election victory over Vice President Kamala Harris marks a historic return to the White House — an extraordinary political comeback that is likely to have seismic ramifications for the global economy. The former president's litany of campaign pledges include steep tariffs, tax cuts, deregulation and a push to withdraw from key global agreements. Trump's favorite wordTrump has previously described "tariff" as his favorite word, calling it "the most beautiful word in the dictionary." And we don't see Trump's secondary tariff pledge — that baseline tariff, which would hurt European companies — as being all that feasible," Galbraith said. Analysts have warned that Trump's plan to impose universal tariffs are highly likely to raise prices for consumers and slow spending.

Persons: Donald Trump's, Kamala Harris, Trump, Lizzy Galbraith, Abrdn, Galbraith, CNBC's, Donald Trump, Ben May, Mitchell Reiss Organizations: Nurphoto, Getty, European Union, Bloomberg, Trump, Oxford Economics, Signum Global Advisors, Macquarie Group, Royal United Services Institute Locations: Binzhou, China, Florida, U.S, Mexico, Greensboro , North Carolina, Ukraine, Europe, Asia, Qingdao Port, Shandong province, Qingdao, American

☆ ‘A huge victory’: World leaders react as Trump secures White House return
▼ + stars: | 2024-11-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Addressing his supporters in Florida, Trump said his return to the White House would usher in the "golden age" of America. Likewise, European Commission President Ursula von der Leyen, French President Emmanuel Macron, Spanish Prime Minister Pedro Sanchez, Italian Prime Minister Giorgia Meloni and Hungarian Prime Minister Viktor Orban all offered their congratulations to Trump. We rely on continued strong bipartisan support for Ukraine in the United States," he added. "I look forward to working with him again to advance peace through strength through #NATO," Rutte said. "I hope that the elections will be beneficial for our friendly and allied people in the United States and for all of humanity," he added.

Persons: Donald Trump, Benjamin Netanyahu, Amos Ben, Gershom, Trump, Keir Starmer, Ursula von der Leyen, Emmanuel Macron, Pedro Sanchez, Giorgia Meloni, Viktor Orban, Volodymyr Zelenskyy, Trump's, Volodymyr Zelensky, Alex Kent, Dmitry Medvedev, Russia's, Maria Zakharova, Kamala Harris, Zakharova, Mark Rutte, Rutte, Recep Tayyip Erdoğan, Erdoğan, Tayyip Erdogan, Thaier Organizations: Mar, Anadolu, Getty, Wednesday, NBC News, Atlantic, Spanish, European Commission, Christian Democratic Union, Bloomberg, Ukraine, Republican, U.S, Russia, Russia's, White, NBC, Russian Foreign, Atlantic Treaty Organization, NATO, United Nations, Change, United Arab Emirates, sudani Locations: Lago, Palm Beach , Florida, United States, Florida, America, Italian, Hungarian, Berlin, Germany, Ukraine, New York City, Kyiv, Russia, Brussels, Belgium, Turkey, India, Australia, Israel, Iran, Dubai, United Arab

☆ Patagonia's profit giveaway sought to turn capitalism upside down — but it hasn't been stress-free
▼ + stars: | 2024-11-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A landmark decision from outdoor clothing brand Patagonia to dedicate its profits to fight the climate crisis didn't surprise its employees — but that's not to say the process has been stress-free. The move, which made headlines for being a novel marriage of capitalism and charity, prompted some to question whether the transformation would encourage others to follow suit. "They didn't want to sell the company because at the end of the day, yes, they could take the profits out but then it is a one-off situation," Hajikhanian said. "What it was really all about was to create a new way of capitalism, you know, to turn capitalism upside down and inspire other businesses to do things differently — and it felt like a real natural step," she added. "It may have been a really big moment, but for us, it was quite normal."

Persons: Yvon Chouinard, Nina Hajikhanian, Hajikhanian Organizations: Patagonia EMEA, CNBC Locations: Patagonia

☆ Trump's election victory sparks dismay — and defiance — among architects of the Paris climate accord
▼ + stars: | 2024-11-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Donald Trump's election victory on Wednesday sparked a palpable sense of dismay among the climate community, with two key architects of the landmark Paris Agreement warning that the result will stall global efforts to protect the environment. The 78-year-old, who has called the climate crisis "one of the great scams," has pledged to ramp-up fossil fuel production, pare back outgoing President Joe Biden's emissions-limiting regulations and pull the country out of the Paris climate accord — again. The 2015 Paris Agreement is a critically important framework designed to reduce planet-heating greenhouse gas emissions. Laurence Tubiana, a key architect of the Paris Agreement, said Trump's election victory "is a setback for global climate action, but the Paris Agreement has proven resilient and is stronger than any single country's policies." Tubiana, a French economist and diplomat who now serves as CEO of the European Climate Foundation, said the context today is "very different" to Trump's first election victory in 2016.

Persons: Donald Trump, Hurricane Helene, Donald Trump's, Kamala Harris, pare, Joe Biden's, Laurence Tubiana, Trump's Organizations: Democratic, White, NBC, European Climate Foundation Locations: Hurricane, Valdosta , Georgia, Paris, French

☆ Solid-state batteries may yet catch up — but silicon anodes are winning the race to power EVs
▼ + stars: | 2024-11-05 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Silicon anodes vs. solid-state batteriesAnalysts say silicon anodes theoretically offer 10 times the energy density as graphite, which are commonly used in battery anodes today. Silicon anodes, for example, are known to swell significantly during charging, which reduces the battery's longevity. Especially in the West, advances in the area of silicon anodes [are] seen as strategic opportunity to catch up with China. Nonetheless, analysts remain skeptical about when solid-state batteries will actually make it to market. "However, there are significant technical challenges going to 100% silicon anode such as silicon expansion affecting the longevity of the batteries and currently there are several routes to produce silicon anodes," he added.

Persons: IDTechEx, carmakers, Venkat Srinivasan, Srinivasan, hasn't, Rory McNulty, McNulty, Georgi Georgiev, Georgiev, Taiwan's, Sila Nanotechnologies Organizations: Parc des, Chesnot, Getty, Mercedes, Porsche, GM, Center for Energy Storage Science, government's, government's Argonne National Laboratory, CNBC, EV, Benchmark Mineral Intelligence, Bloomberg, Fastmarkets, Toyota, Nissan, China's SAIC Motor Corp, ProLogium, Paris Locations: Parc, Paris, France, government's Argonne, Chicago, Siheung, South Korea, West, China, U.S

☆ From nuclear to quantum computing, how Big Tech intends to power AI's insatiable thirst for energy
▼ + stars: | 2024-11-04 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +7 min

data center, in Navi Mumbai, India, on Thursday, Mar. Some of the options on the table include a pivot to nuclear, liquid cooling for data centers and quantum computing. A server room at a data center in India. Alongside nuclear energy and liquid cooling technology, some tech players have suggested developments within AI could help to decarbonize data centers. Aerial view of a data center owned by the US multinational and technology company Google in Santiago on October 9, 2024.

Persons: Somya Joshi, Frisio, Dhiraj Singh, Raj Hazra, Peter Herweck, Eric Schmidt, SEI's Joshi, Joshi, Hazra, Rodrigo Arangua Organizations: Yotta Data Services, Bloomberg, Getty, Big Tech, Stockholm Environment Institute, SEI, CNBC, International Energy Agency, Swiss, ABB, Microsoft, Google, Schneider Electric, Motivair Corp, Quantinuum, Afp, Honeywell Locations: Navi Mumbai, India, Mar, Stockholm, U.S, Santiago, South America, Quantinuum

☆ Manchester United appoint Ruben Amorim as manager after sacking Erik ten Hag
▼ + stars: | 2024-11-01 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

English soccer giants Manchester United on Friday confirmed the appointment of Ruben Amorim as their new manager, shortly after sacking Erik ten Hag. In a statement on the club's website, Manchester United said they were "delighted" to welcome the 39-year-old Portuguese manager as head coach, subject to visa requirements. "Rúben is one of the most exciting and highly rated young coaches in European football," Manchester United said in the statement. By stark contrast, Manchester United have endured a dreadful start to their Premier League campaign. Shares of Manchester United, which is listed on the New York Stock Exchange, were up 1.8% in pre-market trading.

Persons: Ruben Amorim, Alvalade, Erik, Hag, Ruud van Nistelrooy, Amorim, Alex Ferguson Organizations: Sporting, Sporting CP, Nacional, Manchester United, Manchester United's, Primeira Liga, Sporting Lisbon, Premier League, Manchester City, New York Stock Exchange Locations: Estádio, Lisbon, Portugal, English, Manchester, Portugal's

Stellantis worker at work inside of the new Hybrid and PHEV Vehicles Stellantis Group eDCT Assembly Plant on April 10, 2024 in Turin, Italy. Auto giant Stellantis on Thursday reported a 27% decline in third-quarter net revenues, but said it was making headway in addressing operational issues such as U.S. inventories. The Netherlands-based company, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, said that net revenues for the July-September period came in at 33 billion euros ($35.8 billion). Analysts had expected third-quarter net revenues to come in at 36.6 billion euros, according to an LSEG-compiled consensus. Stellantis said it is set to reach its target of slimming down the U.S. stocks by 100,000 units by the end of November.

Persons: Stellantis Organizations: Vehicles, Auto, Dodge, Fiat, Chrysler, Peugeot, Analysts, U.S, Atlantic Locations: Turin, Italy, Netherlands, U.S, Milan, China

☆ Oil giant Shell posts $6 billion profit beat, launches new share buyback program
▼ + stars: | 2024-10-31 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The Shell logo is displayed outside a petrol station in Radstock in Somerset, England, on Feb. 17, 2024. British oil giant Shell on Thursday posted a small year-on-year drop in third-quarter profit as a sharp decline in crude prices and lower refining margins were partially offset by higher gas sales. The energy company reported adjusted earnings of $6 billion for the July-September period, beating analyst expectations of $5.3 billion, according to estimates compiled by LSEG. Shell posted adjusted earnings of $6.3 billion in the second quarter and $6.2 billion in the third quarter of 2023. It marks the 12th consecutive quarter that Shell has announced at least $3 billion in buybacks, Sinead Gorman, chief financial officer at Shell, said in a video presentation.

Persons: Shell, Sinead Gorman, Gorman Organizations: LSEG, Shell Locations: Radstock, Somerset, England, buybacks, London

☆ Treasury yields dip as investors await October private payrolls data
▼ + stars: | 2024-10-30 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The yield on the 10-year Treasury fell more than 4 basis points to 4.232%, after briefly rising above 4.3% in the previous session to notch its highest level since July. The yield on the 2-year Treasury was down over 2 basis points at 4.094%. U.S. Treasury yields were lower on Wednesday, with investors poised to scrutinize economic data for further clues on the rate cut outlook. Ahead of the all-important October jobs report at the end of the week, investors will monitor a fresh batch of economic data on Wednesday. The Fed joined several other major central banks in easing monetary policy when it lowered rates by 50 basis points in September.

Organizations: Treasury, U.S, Commerce Department, Traders, Federal Reserve, Fed

☆ British oil giant BP posts weakest quarterly earnings in nearly four years on lower crude prices
▼ + stars: | 2024-10-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024. British oil major BP on Tuesday reported its weakest quarterly earnings in nearly four years, weighed down by a slump in crude prices and lower refining margins. The energy firm posted underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion for the July-September period. BP reported net profit of $2.8 billion for the second quarter of the year and $3.3 billion for the third quarter of 2023. The firm's third-quarter results were the weakest since the fourth quarter of 2020, when industry profits cratered during the coronavirus pandemic.

Persons: Murray Auchincloss Organizations: BP, British Petroleum Locations: Warsaw, Poland

☆ Why ‘sin taxes’ could play a significant role in Britain’s high-stakes budget
▼ + stars: | 2024-10-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Hollie Adams | Afp | Getty ImagesBritain's Labour government appears poised to raise "sin taxes" in its highly anticipated October budget as it seeks to cash-in on lucrative industries to bolster Treasury revenues. Among a litany of measures, including a major change to the government's fiscal rules, Reeves is reported to be considering a sin tax raid. "Sin stocks are a good place to start. Shares of London-listed gambling stocks fell sharply on the news. A Treasury spokesperson was not immediately available to comment when contacted by CNBC about the prospect of sin taxes in the budget.

Persons: Keir Starmer, Rachel Reeves, Hollie Adams, Reeves, Michael, Britain's, William Hill, Paddy Power, Chris J, Ratcliffe, Bruce Morley, Morley, Morningstar's, Field, Alishia Abodunde Organizations: Britain's, Labour, Afp, Getty, Finance, Michael Field, Morningstar Analysts, Morningstar, CNBC, Guardian, London, Entain Plc, Bloomberg, Department, Environment, Food, Rural Affairs, Treasury, University of Bath, Imperial Brands, American Tobacco, Government Locations: London, Michael Field Europe, Europe, crosshairs, U.S, England, vapes

☆ Manchester United sack manager Erik ten Hag after dismal start to the season
▼ + stars: | 2024-10-28 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Erik ten Hag, Manager of Manchester United, reacts as he looks on during the Premier League match between West Ham United FC and Manchester United FC at London Stadium on October 27, 2024 in London, England. Manchester United sacked Erik ten Hag as the club's first-team manager on Monday following a dismal start to the Premier League season. The move brings an end to months of speculation about Ten Hag's future at Manchester United. Shares of Manchester United, which is listed on the New York Stock Exchange, rose 3% in premarket trading. The Glazer family, which has owned Manchester United since 2005, retain a majority stake under the terms of the deal.

Persons: Erik, Hag, Ruud van Nistelrooy, Jim Ratcliffe, Ratcliffe, Glazer, Alex Ferguson Organizations: Manchester United, Premier League, West Ham United FC, Manchester United FC, London, Manchester, Manchester City, New York Stock Exchange, Ineos, Ratcliffe's Locations: London, England, Dutch, West Ham

☆ Britain announces major change to fiscal rules to free up billions in spending
▼ + stars: | 2024-10-24 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

U.K. Finance Minister Rachel Reeves on Thursday confirmed she intends to change the country's fiscal rules in the October budget, a move designed to free up billions of pounds for investment. Writing in The Financial Times on Thursday, Reeves said her "investment rule" will "get debt falling as a proportion of our economy." A Treasury spokesperson declined to comment when asked whether the fiscal rule change would target PSNFL in the U.K.'s measure of debt. The Institute for Fiscal Studies, an influential think tank, said on Sept. 30 that a change in the fiscal rules to target PSNFL would offer as much as £50 billion ($64.8 billion) of additional headroom for the government. Reeves confirmed the change to Britain's fiscal rules during a trip to the International Monetary Fund's annual meetings in Washington.

Persons: Rachel Reeves, Labour government's, Reeves, Keir Starmer Organizations: Britain's, Finance, Labour, Financial, Treasury, Fiscal Studies, International Monetary Locations: Washington

Search resuls for: "In Samuelmeredith"

25 mentions found