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☆ A new ETF uses AI to emulate Warren Buffett's investment style
▼ + stars: | 2024-09-22 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Investment startup Intelligent Alpha is working on launching the Intelligent Omaha ETF , with the ticker AIWB, that relies on AI to emulate the Berkshire Hathaway CEO's investment philosophy and create a portfolio of 25-30 stocks that it thinks Buffett might buy. It remains to be seen how deeply AI could understand Buffett's unique investing style that has evolved significantly over seven decades. All about AI Intelligent Alpha has been testing its Buffett strategy for six months and the portfolio AI puts together would overlap Berkshire's by anywhere between 30 to 60%. "The vision for Intelligent Alpha is to build the AI-powered BlackRock," Clinton said. "There are two big pillars, serving retail investors [through Registered Investment Advisors], and then there's serving institutional investors."

Persons: Warren Buffett, Buffett, Claude —, he's, Doug Clinton, Charlie Munger's, Clinton, Stanley Druckenmiller, David Tepper Organizations: Alpha, Berkshire Hathaway, Intelligent Alpha, Apple, Livermore, Nvidia, Advisors Locations: Omaha

☆ European Central Bank set to cut rates for the first time since 2019
▼ + stars: | 2024-06-05 | by ( Annette Weisbach | ) www.cnbc.com time to read: +1 min

President of the European Central Bank (ECB) Christine Lagarde arrives to address a press conference following the meeting of the governing council of the ECB in Frankfurt am Main, western Germany, on April 11, 2024. FRANKFURT — The European Central Bank this week is set to cut borrowing costs for the euro area for the first time since September 2019. It will mark the official end to the record fast-hiking cycle that begun after the Covid-19 pandemic as inflation soared higher. But investors' attention looks like it has already moved on to what will happen after this June cut by the Frankfurt institution. "Judging by the commentary from officials, there is no questioning of the wisdom of cutting rates on 6 June," said Mark Wall, ECB watcher with Deutsche Bank.

Persons: Christine Lagarde, Mark Wall Organizations: European Central Bank, ECB, Deutsche Bank, ECB — Locations: Frankfurt, Germany, FRANKFURT

☆ European Central Bank to focus on shrinking balance sheet as markets bet on rate cuts
▼ + stars: | 2023-12-13 | by ( Annette Weisbach | ) www.cnbc.com time to read: +2 min

Christine Lagarde, president of the European Central Bank (ECB). Bloomberg | Bloomberg | Getty ImagesFRANKFURT — The European Central Bank meets this week with investors closely monitoring to see when the Frankfurt institution might start to cut interest rates. "Nonetheless, markets will probably have to correct some of their overoptimistic rate cut expectations once the ECB has spoken this Thursday." watch nowMoney markets are currently pricing in almost 150 basis points of rate cuts next year. The PEPP, or the Pandemic Emergency Purchase Program, is a flexible bond purchase program introduced during the coronavirus pandemic.

Persons: Christine Lagarde, Holger Schmieding, Isabel Schnabel, Mark Wall Organizations: European Central Bank, Bloomberg, Getty, FRANKFURT, ECB, Reuters, Deutsche Bank Locations: Frankfurt, Berenberg

☆ Biden Keeps the Billions Flowing to Iran
▼ + stars: | 2023-11-10 | by ( The Editorial Board | ) www.wsj.com time to read: +1 min

Review and Outlook: After paying $6 billion to Iran, how will Biden prevent future ransom grabs? Images: AP Composite: Mark KellyYou’d think the Biden Administration would have realized by now that enriching the Iranian regime is a dangerous mistake. Iran exported nearly 1.4 million barrels of oil per day in October, sustaining its average for 2023. This is up 80% from the 775,000 barrels per day Iran averaged under the Trump Administration’s “maximum pressure” strategy, according to United Against Nuclear Iran, the group of former U.S. Ambassador Mark Wallace and Sen. Joe Lieberman , whose Tanker Tracker generates the best public data we have.

Persons: Biden, Mark Kelly You’d, Ali Khamenei ’, Mark Wallace, Sen, Joe Lieberman Organizations: Biden Administration, refilling, Trump, United Against Nuclear Locations: Iran, United Against Nuclear Iran

☆ Euro zone inflation drops to two-year low in October; economy shrinks in third quarter
▼ + stars: | 2023-10-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

(Photo by Kirill KUDRYAVTSEV / AFP) (Photo by KIRILL KUDRYAVTSEV/AFP via Getty Images)Inflation across the euro zone dropped to a two-year low of 2.9% in October, according to preliminary data released Tuesday, down from 4.3% the previous month and below a consensus estimate of 3.1% from a Reuters poll of economists. The agency also revealed Tuesday that the euro zone economy contracted by 0.1% in the third quarter, according to flash estimates, below consensus estimates for GDP to be unchanged from the previous quarter. The ECB expects the euro zone economy to grow by just 0.7% this year, by 1% in 2024 and 1.5% in 2025. The euro zone has been grappling with high inflation for the past 18 months, with the consumer price index peaking at 10.6% in October 2022. The ECB needs to see wage inflation slowing and this could take a further six months," he added.

Persons: Kirill KUDRYAVTSEV, KIRILL KUDRYAVTSEV, Mathieu Savary, Mark Wall Organizations: Getty, European Union, Eurostat, ECB, European Central Bank, Council, BCA Research, Deutsche Bank Research Locations: Frankfurt, Germany, AFP, Europe's, Latvia, Belgium, Spain, Ireland, Austria, Israel, European

☆ Former U.S. Security Officials Call for Military Action Against Hamas in Qatar
▼ + stars: | 2023-10-11 | by ( ) www.wsj.com time to read: +1 min

Two former senior U.S. security officials called for military action against Hamas leadership allegedly being provided safe haven in Doha if Qatari authorities don’t hand the officials over to the U.S. or Israel. Ismail Haniyeh, president of the Hamas political bureau sanctioned by the U.S. under terror powers, allegedly oversaw from Doha the group’s strike against Israel over the weekend. “We should not hesitate to act militarily on Qatari soil to bring to justice Ismail Haniyeh and Hamas leadership,” Wallace said. Frances Townsend, a top counterterror adviser to George W. Bush and head of the non-profit Counter Extremism Project, also joined the call for action. Neither representatives for Qatar in Washington nor the State Department immediately responded to requests for comment.

Persons: Ismail Haniyeh, ”, Mark Wallace, ” Wallace, Frances Townsend, George W, Bush Organizations: U.S, Doha, NATO, United Nations, Nuclear Iran, Qatar, State Department Locations: U.S, Doha, Israel, Qatar, York, Washington

DUBAI, United Arab Emirates (AP) — A Greek shipper has pleaded guilty to a charge over it smuggling sanctioned Iranian crude oil and agreed to pay a $2.4 million fine, U.S. federal court papers seen Thursday by The Associated Press show. In July, the top commander of the Revolutionary Guard’s naval arm threatened further action against anyone offloading the Suez Rajan, with state media linking the recent seizures to the cargo’s fate. In its 2015 nuclear deal with world powers, Iran regained the ability to sell oil openly on the international market. It also began a cat-and-mouse hunt for Iranian oil cargo — as well as series of escalating attacks attributed to Iran since 2019. China is believed to be a major buyer of Iranian oil, likely at a significant discount.

Persons: shipper, Tourkantonis, Mark Wallace, George W, Bush, “, ” Wallace, Biden, Suez Rajan, Donald Trump Organizations: United Arab Emirates, Associated Press, Navigation, U.S, Nuclear, Empire, United Nations, Nuclear Iran, AP, Suez, Chevron Corp, Revolutionary, Embassy, U.S . Navy, Iranian, “ Locations: DUBAI, United Arab, Suez, Islamic Republic, Tehran, Washington, South Korea, Iran, U.S, Nuclear Iran, Persian, South, Singapore, Mexico, Houston , Texas, Athens, Greece, Gulf of Mexico, America, Hormuz, Swiss, Switzerland, Bataan, Strait, Gulf of Oman, China

☆ Slide in euro zone service sector sharpens ECB's rates dilemma
▼ + stars: | 2023-08-23 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

LONDON, Aug 23 (Reuters) - Euro zone business activity declined far more than thought in August with the slide in Germany particularly fast, while some inflationary pressures returned, surveys showed. Euro zone government bond yields and the euro tumbled after Wednesday's data as traders bet the ECB may soon pause its interest-rate hiking campaign. SERVICE SECTOR SLIDESThe euro zone services PMI sank as indebted consumers feeling the pinch from rising borrowing costs reined in spending. The services output prices index remained elevated at 55.9, albeit the lowest since October 2021 and below July's 56.1. "Another weak PMI for the euro zone confirms a sluggish economy with recession as a downside risk.

Persons: Mark Wall, Sarah Meyssonnier, Bert Colijn, Jonathan Cable, Hugh Lawson, Toby Chopra Organizations: European Central Bank, Reuters, PMI, Deutsche Bank, ECB, P Global, REUTERS, European Union, ING, Thomson Locations: Germany, July's, Europe's, Paris, France

☆ European Central Bank set to hike rates as it edges closer to a pivot point
▼ + stars: | 2023-07-27 | by ( Annette Weisbach | ) www.cnbc.com time to read: +1 min

FRANKFURT — The European Central Bank is set to hike rates once again on Thursday with market analysts certain that the Frankfurt intuition is nearing a peak despite inflation remaining stubbornly high. But as a July hike is widely expected, the real question at this week's meeting will be what will happen in September? "We expect the ECB to follow through on the signaled hike this week to 3.75%," said Mark Wall, a chief economist at Deutsche Bank, to CNBC. "The weaker than expected PMI data and bank lending survey highlight the Governing Council's wisdom in leaving the outcome of the September policy meeting open," he added. This sharp rise in rates can have severe effects on loan growth in the euro area and thus on economic activity.

Persons: Mark Wall Organizations: FRANKFURT, European Central Bank, ECB, Deutsche Bank, CNBC Locations: Frankfurt, Ukraine

☆ Jury out in actor Kevin Spacey's London sexual offences trial
▼ + stars: | 2023-07-24 | by ( Sam Tobin | ) www.reuters.com time to read: +1 min

LONDON, July 24 (Reuters) - The jury in U.S. actor Kevin Spacey's sexual assault trial in London retired to consider their verdicts on Monday. Spacey, 63, is standing trial at Southwark Crown Court on nine charges of sexual offences against four men between 2004 and 2013 in Britain, where he worked from 2003 as artistic director of London's Old Vic theatre. Three of the four accusers have said Spacey aggressively groped them. The fourth says Spacey sexually assaulted him and then performed oral sex on him while he was passed out in Spacey's flat. Spacey has pleaded not guilty to all the charges and suggested in evidence that his accusers were either lying or reimagining consensual sexual encounters.

Persons: Kevin Spacey's, Spacey, London's, groped, Mark Wall, Sam Tobin, Michael Holden Organizations: Southwark Crown, Thomson Locations: London, Southwark, Britain

☆ Euro advances, surges to 15-year peak vs yen, after ECB lifts rates
▼ + stars: | 2023-06-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The ECB lifted rates by 25 basis points (bps), as expected, to 3.5%, the highest in 22 years. "There were hawkish elements in the latest ECB press conference, in particular the upwardly revised 2025 inflation forecasts. Versus the yen, the euro rose 1.2% to 153.52 , hitting 153.68 yen, the highest since September 2008, following the ECB decision. We have assumed for some time that the rate-cycle peak would be a negative for the dollar peak yields will bolster risk-taking and encourage investors to deploy capital away from the U.S.

Persons: Dado Ruvic, Mark Wall, Christine, Lagarde, Jerome Powell, Shaun Osborne, Gertrude Chavez, Dreyfuss, Samuel Indyk, Rocky Swift, Shweta Agarwal, Emelia, Jonathan Oatis Organizations: U.S, REUTERS, YORK, European Central Bank, ECB, Deutsche Bank, U.S . Federal Reserve, Bank of, Scotiabank, U.S ., Reuters, U.S . Labor Department, Thomson Locations: Bank of Japan, Toronto, New York, London

☆ European Central Bank set to inch closer to the end of its hiking cycle as inflation slows
▼ + stars: | 2023-06-14 | by ( Annette Weisbach | ) www.cnbc.com time to read: +1 min

Christine Lagarde, President of the European Central Bank (ECB), announced a new rate decision Thursday following new inflation data. "On the other hand, growing wage pressure and falling but still high inflation expectations call for caution." Recent inflation data shows that price dynamics are abating but consumer price rises are still far too high. At 6.1% year-on-year for the headline rate, and 5.3% for the core rate, inflation remains too high for comfort in Frankfurt with wage pressures still building. The bank's benchmark rate is currently at 3.25%.

Persons: Christine Lagarde, Fritzi, Mark Wall Organizations: European Central Bank, ECB, FRANKFURT, Deutsche Bank Locations: Frankfurt

☆ ECB to hike rates in June and July to break sticky inflation - Reuters poll
▼ + stars: | 2023-06-08 | by ( Prerana Bhat | ) www.reuters.com time to read: +4 min

Price pressures and inflation expectations have moderated, but not by enough to deter the ECB from continuing its most aggressive tightening cycle on record. The ECB slowed the pace of its rate rises to 25 basis points at its May meeting after a flurry of 75 and 50 basis point moves. About three-quarters of economists, 43 of 59, forecast another 25 basis point rate hike in July, a stance hardly changed from a May poll. "A 25 basis point rate hike looks like a done deal for next week's meeting," said Carsten Brzeski, global head of macro at ING. "The ECB might not be convinced by the September meeting inflation is declining sufficiently to pause," he said.

Persons: Dado Ruvic, Price, Christine Lagarde, Carsten Brzeski, Mark Wall, Prerana Bhat, Milounee Purohit, Ross Finley, Jonathan Cable, Susan Fenton Organizations: REUTERS, European Central Bank, Reuters, ECB, ING, U.S . Federal, Deutsche Bank, Thomson Locations: BENGALURU, Germany, Europe

REUTERS/Ralph OrlowskiSINGAPORE, May 19 (Reuters) - Global shares rose to a one-month high and the dollar trounced major currencies on Friday as markets reflected increased hopes for a deal over the U.S. debt ceiling that could avoid a calamitous default. The moves came after Democratic negotiators told President Joe Biden they were making "steady progress" on a deal to lift the U.S. debt ceiling and avoid a default by the world's largest economy, whose currency and Treasury debt markets underpin global trade and investment. "It's a high risk but low probability event," said Kevin Thozet, investment committee member at European fund manager Carmignac, said of the debt ceiling. Debt ceiling relief complicates the outlook for U.S. government bonds, where yields broadly track Federal Reserve interest rates, as fading recession risk could prompt the world's most influential central bank to keep monetary policy tight as inflation remains high. Elsewhere in markets, Japan's Nikkei 225 (.N225) hit its highest since 1990, reflecting debt ceiling optimism as well as the fact global investors are returning to Japan as its economy and corporate governance improve.

☆ European Central Bank set to slow rate hikes as financial conditions tighten rapidly
▼ + stars: | 2023-05-04 | by ( Annette Weisbach | ) www.cnbc.com time to read: +2 min

FRANKFURT — The European Central Bank is expected to lift its benchmark rate by a smaller step of 25 basis points Thursday, as core inflation declines and its own survey data points to much tighter financial conditions in the region. The ECB has kept interest at zero, and below, for years, and has launched bond-buying program like the APP (Asset Purchase Program) and PEPP (Pandemic Emergency Purchase Program) in an effort to simulate lending. On the other hand, PEPP was a more flexible bond purchase program introduced during the coronavirus pandemic. "It's a positive sign that core inflation has fallen for the first time in a long time. In addition, the ECB's bank lending survey pointed to an exceptionally large drop in credit demand amid tighter lending criteria, adding to the case for a smaller rate hike.

☆ Silicon Valley Bank collapse throws up uncertainty for a European Central Bank hoping to hike rates
▼ + stars: | 2023-03-15 | by ( Annette Weisbach | ) www.cnbc.com time to read: +1 min

Christine Lagarde, president of the European Central Bank (ECB). Bloomberg | Bloomberg | Getty Imageswatch nowCore inflation — the key focus right now for policymakers — accelerated to 5.6% from 5.3%. That is reinforcing expectations that the European Central Bank will have to push borrowing costs ever higher. The ECB's key rate currently stands at 2.5%. Elsewhere, ECB watchers are also monitoring a lack of unity at the Frankfurt institution when it comes to what level its benchmark rate will peak at.

☆ British embassy guard who spied for Russia filmed "secret" letter to PM, London court told
▼ + stars: | 2023-02-13 | by ( Sam Tobin | ) www.reuters.com time to read: +4 min

Morgan said Smith sent a letter containing "highly sensitive information about the British embassy and those who worked within it" to General Major Sergey Chukhrov, the Russian military attaché to Berlin, in November 2020. She added that the discovery of Smith's letter to Chukhrov prompted a joint investigation between British and German authorities. Covertly recorded footage was played in court showing Smith filming CCTV footage of "Dmitry" from within the embassy's security kiosk. Smith was later approached by "Irina", who told him that she needed assistance as someone had "passed information to the British and the information could be damaging to Russia". In hidden camera footage played to the court, "Irina" asks if Smith can help and he replies: "Well, like what?"

☆ Kevin Spacey pleads not guilty to more sexual assault charges in the U.K.
▼ + stars: | 2023-01-13 | by ( ) www.nbcnews.com time to read: +1 min

LONDON — Oscar-winning actor Kevin Spacey pleaded not guilty in a London court on Friday to seven more sex offense charges, denying a number of alleged sexual assaults against one man between 2001 and 2004. Spacey, 63, appeared at Southwark Crown Court by videolink charged with one count of causing a person to engage in sexual activity without consent, three counts of indecent assault and three counts of sexual assault. The actor — wearing a dark jacket, white shirt and pink tie — spoke only to confirm his name as Kevin Spacey Fowler and enter seven not guilty pleas during the brief hearing. Judge Mark Wall agreed to join the seven-count indictment to an earlier five-count indictment, which features four counts of sexual assault and one of causing a person to engage in sexual activity without consent. Spacey pleaded not guilty to those five charges last July.

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