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

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

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

☆ Janet Yellen sees limited economic impact from war in Israel
▼ + stars: | 2023-10-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The war between Israel and Hamas is unlikely to have a significant impact on the global economy, US Treasury Secretary Janet Yellen said Wednesday. Global oil prices had surged earlier in the week on fears that the war could cause wider instability in the oil-producing Middle East. But Yellen said Wednesday that the United States had not “in any way” relaxed sanctions on oil exports from Iran. But it cautioned in its latest World Economic Outlook report — finalized before the conflict erupted — that economic growth remained weak and patchy. The IMF shaved its forecast for global growth in 2024 by 0.1 percentage point to 2.9%.

Persons: Janet Yellen, I’m, ”, Yellen, Pierre, Olivier Gourinchas, —, — Robert North Organizations: London CNN, International Monetary Fund, Bank, Stock, Global, Chevron, IMF Locations: Israel, Morocco, Iran, China, Washington, United States, Saudi Arabia, Russia, Egypt, Jordan, Europe

☆ Alison Rose: NatWest bank CEO resigns over leaking Nigel Farage financial details
▼ + stars: | 2023-07-26 | by ( Robert North | ) edition.cnn.com time to read: +1 min

London CNN —The CEO of one of the biggest banks in the United Kingdom has resigned after admitting she leaked details of Brexit campaigner and political commentator Nigel Farage’s finances to BBC News. The lender was later revealed in UK media to be Coutts, a bank for the rich owned by NatWest. Mr Farage said he believed the decision to close his Coutts account was due to his political views. The BBC then reported that it had been told by a senior source at the bank that Farage’s accounts had been closed for commercial reasons. On Tuesday night, Alison Rose confirmed she had been the source for the BBC report and apologized.

Persons: Nigel Farage’s, Alison Rose, “, Nigel Farage, Donald Trump, Coutts, Mr Farage, Farage, ” Alison Rose, Paul Thwaite Organizations: London CNN, BBC News, NatWest, BBC Locations: United Kingdom, ”

☆ Debt ceiling crisis: How a US default would ricochet around the world
▼ + stars: | 2023-05-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

But if it does, it could make the 2008 global financial crisis feel like a walk in the park. The consequences are frightful.”The belief that America’s government will pay its creditors on time underpins the smooth functioning of the global financial system. During the 2011 standoff over raising the US debt ceiling, the S&P 500 index of leading US shares plunged more than 15%. “It’s unclear in a Treasury default crisis whether the Fed could do enough even with the types of efforts it deployed in March 2020,” Obstfeld said. “A default would be a message to investors all around the world of eroding confidence in America,” he added.

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☆ Tony Danker: Head of CBI steps aside following workplace conduct allegations
▼ + stars: | 2023-03-06 | by ( Robert North | ) edition.cnn.com time to read: +1 min

London CNN —The head of the main business lobby in the United Kingdom is stepping aside while an investigation takes place into complaints about his workplace conduct. The Confederation of British Industry (CBI) said it initially received an allegation against Director-General Tony Danker in January. The CBI was made aware of new reports regarding Danker’s conduct last week and has now launched an independent investigation, it added. In a statement on Twitter, Danker said he supported the CBI’s independent probe and had made the decision to step aside while it was underway. Danker and the organization frequently weigh in on political and economic issues, from Brexit to the United Kingdom’s investment outlook.

CNN Business —Adidas will begin an investigation into allegations of misconduct against Kanye West, with whom the company had a partnership that it ended in October. In a statement released Thursday, Adidas said “it is currently not clear whether the accusations made in an anonymous letter are true. “I think Adidas felt like cause everyone was ganging up on me that they had the right to just take my designs,” West told a small crowd. In the video, West did not apologize for his antisemitic remarks but seemed to try to distance himself from any “hate group.”“I have no association to any hate group,” West said as he closed his remarks in prayer. In 2016, Adidas expanded its relationship with the rapper, calling it “the most significant partnership ever created between a non-athlete and an athletic brand.”West doesn’t currently have an attorney or publicist representing him in this matter.

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