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Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Israel also said it was moving forward with plans for an all-out assault on Rafah in the south. Energy Information Administration, or EIA, data on Wednesday indicated U.S. crude oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast. "The data provided a temporary boost to oil prices, but it didn't seem to last long," Fujitomi's Tazawa said.
Persons: Toshitaka Tazawa, Fujitomi's Tazawa Organizations: Brent, U.S . West Texas, Fujitomi Securities Co Ltd, U.S . Federal Reserve, Energy Information Administration, EIA Locations: U.S, East, Iran, Israel, Gaza, Rafah
Pictured here is the Zeekr 001 electric car at a services trade fair in Beijing on Aug. 31, 2023. China News Service | China News Service | Getty ImagesBEIJING — Chinese electric car brand Zeekr is selling more vehicles than Tesla in parts of China, and plans to expand in Europe and Latin America this year, Zeekr CEO Andy An told CNBC on Wednesday. For the first three weeks of April, Zeekr sold 500 more cars than Tesla in the province of Zhejiang, where Zeekr and its parent company Geely are based. Zeekr also slightly outsold Tesla in the province of Anhui, near Shanghai, and Guangxi, an autonomous region in southern China. The rapid rise of Chinese electric car companies, however, has also prompted the EU and U.S. to consider measures for protecting their own auto industries.
Persons: Andy, Elon, Tesla, Zeekr Organizations: China News Service, Getty, CNBC, EU Locations: Beijing, BEIJING, China, Europe, Latin America, Zhejiang, Anhui, Shanghai, Guangxi, Sweden, Netherlands, America, Hong Kong, Macao, Singapore
One strategist, however is looking keenly at European equities, and notes that "Europe isn't a boring market." "You would hope that will translate through to the stock market in terms of company earnings growth in Europe. "While you might see some kind of short-term downturn, in the longer-term the picture is very positive for the sector," Field added. He sees value in payments, which he described as "one of the most undervalued parts of European financial services." The sector has trailed market performance, with valuations looking "interesting" over the last 12 months, Morningstar noted in its recent report.
Persons: Michael Field, Field, Morningstar Organizations: CNBC Pro, European Central Bank, Consumer, Swatch Group, Financial, Morningstar, ING Bank, Group, Health, Novo Nordisk Locations: U.S, Europe, Netherlands, British, Swiss
Bitcoin is set for more price gains later this year, even after a recent retreat in prices, according to Standard Chartered's top crypto analyst. Geoffrey Kendrick, head of foreign exchange research, West, and digital assets research at Standard Chartered, said in a research note this week that he sees bitcoin rising to $150,000 per coin, and ether hitting $8,000 by the end of 2024 — doubling down on a bullish prediction from the bank earlier this year. Bitcoin temporarily sank below $60,000 last week as traders reacted to news of an escalating military conflict between Iran and Israel. Also, large long liquidations over the past couple of weeks mean that market positioning is a lot cleaner," Kendrick said. "As a result, with Middle East tensions easing I think it is time to re-engage in medium-term longs."
Persons: Geoffrey Kendrick, Kendrick, Bitcoin, bitcoin, That's Organizations: Standard Chartered, BTC, ETH, Securities and Exchange Commission, Treasury, HK Locations: Israel, Iran, United States, U.S
Commercial and residential buildings seen from the rooftop of the Lotte Corp. World Tower at sunset in Seoul, South Korea, on Tuesday, Nov. 28, 2023. Asia-Pacific markets took a breather after two straight days of rallies, mirroring moves on Wall Street ahead of first-quarter gross domestic product figures from the U.S. due Thursday. In Asia, investors will assess South Korea's advance first-quarter GDP growth of 3.4% year on year, the highest quarterly growth since the fourth quarter of 2021. Separately, the Bank of Japan kicks off its monetary policy meeting Thursday as investors monitor for action against yen weakness. The yen slid past the 155 mark against the U.S. dollar on Wednesday, hitting a fresh 34-year low.
Organizations: Lotte Corp, Bank of Japan, U.S Locations: Seoul, South Korea, Asia, Pacific, U.S
New federal rules say travelers deserve cash refunds when inconvenienced by their airline – not vouchers or travel credits. The rules require the fees to be automatic and prompt: Within seven days for a credit card refund and 20 days for other forms of payment. Surge in complaints in 2022The Biden Administration proposed its change to the refund rules in 2022 after a surge in complaints about refunds when the coronavirus brought air travel to a standstill. More than half of the complaints involved flight disruptions or refunds. A federal law allows Congress to unravel recently implemented executive branch rules.
Persons: , Pete Buttigieg, CNN’s John Berman, ” Buttigieg, you’re, “ That’s, , There’s Organizations: CNN — Airline, , Transportation Department, Airlines for, Biden Administration Locations: , Airlines for America, ” “ U.S, Washington, November’s
A coalition of U.S. solar manufacturers petitioned the federal government on Wednesday to impose tariffs on imports from four Southeast Asian nations, alleging that the countries are flooding the U.S. market with cheap products that threaten the domestic industry. The other six parties to the petition are Convalt Energy, Meyer Burger, Mission Solar, Qcells, REC Silicon and Swift Solar. They are requesting that the Commerce Department impose tariffs on solar cell imports from the four countries as a remedy. "This case is bad news for clean energy jobs and American solar manufacturing," Array CEO Kevin Hostetler said in a statement Wednesday. The ITC and Commerce Department investigations will take about 12 months to conclude, Brightbill said.
Persons: Meyer Burger, Tim Brightbill, Joe Biden, Brightbill, Kevin Hostetler, Janet Yellen, Biden Organizations: U.S, Convalt Energy, International Trade Commission, Commerce, ITC, Initiative, Commerce Department, Solar Energy Industries Association, American Clean Power Association, Advanced Energy, American Council, Renewable Energy, Technologies, International Energy Agency, IEA, CNBC Locations: Zhangye city, Gansu province, China, Cambodia, Malaysia, Thailand, Vietnam, U.S, The U.S, Beijing's
"TikTok allows small businesses and creators to find their people in their community," Nichols told CNBC, ahead of the bill's signing. watch nowNichols joined a number of other TikTok creators in traveling to the Capitol to oppose a potential ban. TikTok creators and influencers, living far out of the realm of politics, have a very different concern. Tony Youn, a plastic surgeon with 8.4 million TikTok followers, said finding a big audience is difficult. WATCH: Senator Markwayne Mullin talks passage of Tiktok ban
Persons: Craig Hudson, Ophelia Nichols, Nichols, Biden, TikTok didn't, Shou Zi Chew, TikTok, Markwayne Mullin, CNBC's, Mullin, they'll, Zi Chew, Sen, John Fetterman, Anna Moneymaker, livestreams, Adam Mosseri, Tony Youn, Youn Organizations: Foreign, Capitol, Washington , D.C, CNBC, Oxford, TikTok, America Survey, Lawmakers, Communist Party, Russell Senate, ByteDance, Getty, YouTube, Meta, Facebook Locations: Washington , U.S, Alabama, Washington ,, Israel, Ukraine, Taiwan, It's, American, U.S, TikTok, United States
A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. Image taken July 17, 2018. U.S. crude oil fell back below $83 a barrel on Wednesday after rallying nearly 2% in the prior session. Traders are waiting for the latest U.S. petroleum inventory data with the market's focus shifting back to supply and demand fundamentals as the threat of war between Israel and Iran has faded. Here are the latest energy prices:The U.S. Senate passed a foreign aid package that would expand sanctions against Iranian oil and target ports, vessels and refineries that knowingly accept the Islamic Republic's crude exports.
Organizations: Traders, U.S, Senate Locations: Midland, Odessa, Texas, U.S, Israel, Iran
META YTD mountain Meta Platforms YTD Meta has the biggest tailwind on Earth being dangled in front of it — the newly signed law that says Chinese company ByteDance must sell TikTok or face a U.S. ban on the short-form video platform. AMZN YTD mountain Amazon YTD Amazon is also in the loved category but reports this coming Tuesday. NVDA YTD mountain Nvidia YTD I have no idea how Nvidia got to be a fence-sitter. AVGO YTD mountain Broadcom YTD Broadcom is iffy. CRM YTD mountain Salesforce YTD Salesforce has become mighty complicated.
Persons: I'm, Mark Zuckerberg, Meta, Andy Jassy, It's, Claude AI, Jensen Huang, Nvidia's, hasn't, it's, Hock Tan, Salesforce, Marc Benioff, what's, that's, Jim Cramer's, Jim Cramer, Jim, Carlos Barria Organizations: Microsoft, Meta, he's, Google, Amazon, Services, Nvidia, Broadcom, Blackwell, VMWare, calvary, PayPal, Informatica, Apple, CNBC, Facebook Locations: U.S, Oregon, Informatica, China, Menlo Park , California
Indonesia's central bank delivered a surprise rate hike on Wednesday, stepping up efforts to support the rupiah currency which has fallen to four-year lows on rising risk aversion and a delay in the expected timing of any U.S. policy easing. Bank Indonesia (BI) raised the 7-day reverse repurchase rate, opens new tab by 25 basis points (bps) to 6.25%, its highest since the bank made the instrument its main policy rate in 2016. BI also increased the overnight deposit facility, opens new tab and lending facility rates, opens new tab by the same amount to 5.50% and 7.00%, respectively. "This hike in interest rates is to strengthen the stability of the rupiah exchange rate against the risk of a worsening global risks," BI Governor Perry Warjiyo told a briefing where the rate hike was announced. The rupiah extended gains after the announcement and was up 0.45% against the dollar at 0736 GMT at 16,140.
Persons: Perry Warjiyo Organizations: Bank Indonesia, Reuters, BI
Russian law enforcement have detained Deputy Defence Minister Timur Ivanov on suspicion of taking bribes, Russia's Investigative Committee said on April 23, 2024. A Russian deputy defense minister in charge of military construction has been detained on Tuesday on suspicion of "large-scale" bribe-taking, in one of the highest-profile corruption cases since Moscow launched its war in Ukraine. A brief statement by the Investigative Committee, Russia's top investigative body, said late on Tuesday that Timur Ivanov had been taken into custody and an investigation into his case was proceeding. Defense Minister Sergei Shoigu had been informed in advance of his detention, he said. Russian news reports also said Ivanov was likely the most senior Russian official to face such charges since Moscow launched its invasion of Ukraine in February 2022.
Persons: Vladimir Putin, Sergei Shoigu, Timur Ivanov, Ivanov, Alexei Navalny, Dmitry Peskov, Organizations: Sputnik, Russian, Defense, Investigative, Russia's, Corruption Foundation, Kremlin Locations: Russian, Kubinka, Moscow, Ukraine, Ukrainian, Mariupol, Russia
The United States last week secretly shipped a new long-range missile system to Ukraine, and Ukrainian forces immediately used the weapons to attack a Russian military airfield in Crimea last Wednesday and Russian troops in the country’s southeast overnight on Tuesday, according to a senior U.S. official. The United States had previously supplied Ukraine with a version of the Army Tactical Missile Systems — known as ATACMS — armed with wide-spreading cluster munitions that can travel 100 miles. But Ukraine has long coveted the system’s longer-range version, with a range of about 190 miles, which can reach deeper into occupied Ukraine, including Crimea, a hub of Russian air and ground forces, and supply nodes for Moscow’s forces in the country’s southeast. Overnight Tuesday, Ukraine used the longer-range missiles to strike Russian troops in the port city of Berdiansk on the Sea of Azov, the senior U.S. official said, speaking on the condition of anonymity to discuss operational matters.
Organizations: United, Army Tactical Missile Systems, U.S Locations: States, Ukraine, Ukrainian, Russian, Crimea, U.S, United States, Berdiansk, Azov
The U.S. Senate has launched an investigation into the high price of Novo Nordisk 's popular weight loss and diabetes drugs Ozempic and Wegovy in the United States. "As important as these drugs are, they will not do any good for the millions of patients who cannot afford them," wrote Sanders. Wegovy, which is even more expensive than Ozempic, is subject to similarly disparate pricing overseas, wrote Sanders. The powerful progressive senator also made a simple request of the drug company CEO: "Will Novo Nordisk substantially reduce both the list price and the net price of both Ozempic and Wegovy?" He gave Novo Nordisk until May 8 to answer a series of questions about the drug's pricing.
Persons: Ozempic, Danish drugmaker, Sen, Bernie Sanders, Sanders, Lars Fruergaard Jørgensen, Jørgensen Organizations: U.S . Senate, Novo Nordisk, Vermont Independent, Health, Education, Labor, Pensions, Nordisk Locations: United States, Danish, Vermont, Canada, Germany
“President Biden’s remarks may have been a slip of the tongue; however, my country does not deserve to be labeled as such,” Marape said. While cannibalism was documented among remote tribes in the region in the mid-20th century, Papua New Guinea has struggled to shed stereotypes in more recent decades, and Biden’s comments were met with criticism inside the country. “These apparent untrue remarks by the sitting President is a low point in our bilateral relations,” Tkatchenko said. “He got shot down in an area where there were a lot of cannibals in New Guinea at the time. When asked about the remarks, the White House did not repeat Biden’s assertions about cannibals or his uncle’s plane being shot down.
Persons: Joe Biden’s, Biden, Ambrose Finnegan’s, James Marape, Biden’s, ” Marape, , Justin Tkatchenko, Washington, ” Tkatchenko, Marape, , Ambrose Finnegan, ” “, Finnegan “ Organizations: CNN, Papua New Guinea, Allied, Australian, Embassy, Moresby, Defense POW, Agency Locations: Papua New Guinea, Pacific, New Guinea, Papua New, Port Moresby, Beijing, United States, , U.S, Pennsylvania
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAB's Jim Tierney names these two stocks as winners in consumer spendingJim Tierney, AB CIO of U.S. concentrated wealth, joins 'Power Lunch' to discuss the state of the market and consumer spending.
Persons: Jim Tierney Organizations: U.S
The U.S. Chamber of Commerce and several other business groups on Wednesday sued the Federal Trade Commission in Texas federal court over the commission's vote to ban noncompete clauses, which are used to block employees from leaving to work for competitors in the same industry. On Tuesday, the FTC voted to enact the ban on the basis that noncompete clauses stifle the efficiency of the labor market, hinder competition and can lead to higher prices for consumers. The business groups claimed that the FTC's ban, "breaks with centuries of state and federal law." In addition to the Chamber of Commerce, the Business Roundtable, Texas Association of Business and Longview Chamber of Commerce are all plaintiffs in the suit. The FTC suggested that instead of relying on noncompete clauses, companies should look to other safeguards of information, like nondisclosure agreements.
Persons: Lina Khan, Douglas Farrar Organizations: House Energy, Commerce, U.S . Chamber of Commerce, Wednesday, Federal Trade Commission, Federal, U.S . Chamber, Eastern District of Texas, Chamber of Commerce, Business Roundtable, Texas Association of Business, Longview Chamber, FTC, CNBC Locations: Texas, Eastern District
A group of seven leading solar manufacturers filed trade complaints on Wednesday formally requesting that the Biden administration impose tariffs on solar products being exported from Southeast Asia into the United States. They come amid growing alarm within the U.S. solar industry that a flood of cheap Chinese green energy technology exports are pushing down prices of solar panels and threatening efforts by the Biden administration to develop a domestic solar supply chain. Chinese companies have been relocating production of solar products to neighboring countries to avoid existing tariffs, and U.S. manufacturers believe new trade measures are needed to protect their businesses. In the past year, the United States has imported $12.5 billion worth of solar products from those countries as prices of solar products have dropped by around 50 percent. The trade complaints are focused on imported solar cells, the parts of solar panels that turn light into electricity.
Persons: Biden Organizations: Department of Commerce, U.S . International Trade Commission Locations: Southeast Asia, United States, U.S, Vietnam, Cambodia, Thailand, Malaysia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRuchir Sharma on the 'overstimulated' U.S. economy: We saw the same playbook in ChinaRuchir Sharma, Rockefeller International chairman and Breakout Capital founder and CIO, joins 'Squawk Box' to discuss the state of the economy, why he believes the U.S. economy is overheated and a slowdown could come faster than expected, what went wrong with capitalism, and more.
Persons: Ruchir Sharma, China Ruchir Sharma Organizations: Rockefeller International, Breakout Capital Locations: U.S, China
Biogen on Wednesday reported first-quarter profit that topped estimates as the company's cost-cutting efforts took hold and sales of its closely watched Alzheimer's drug, Leqembi, came in higher than expected. Biogen and Eisai 's Leqembi became the first drug found to slow the progression of Alzheimer's disease to win approval in the U.S. in July. Leqembi brought in about $19 million in sales for the quarter, up from the $10 million the drug generated last year. In February, Biogen CEO Chris Viehbacher told reporters that there were around 2,000 patients currently on Leqembi. Adjusting for one-time items, the company reported earnings of $3.67 per share.
Persons: Biogen, Leqembi, FactSet, Chris Viehbacher, LSEG Organizations: LSEG Locations: U.S
META YTD mountain Meta Platforms YTD We obviously don't like what we are seeing after hours in the stock. While expecting a similar dynamic to play out now with AI investments, Zuckerberg fully expects the end result to be similar as the team scales its offerings and then begins to monetize the investments. Regarding shareholder returns, the company repurchased $14.6 billion worth of stock during the quarter while returning another $1.3 billion via dividends. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. The logo of the U.S. company created by Mark Zuckerberg, Meta is displayed during the Viva Technology conference at Parc des Expositions Porte de Versailles on June 15, 2023 in Paris, France.
Persons: That's, Mark Zuckerberg, we'll, Zuckerberg, China's ByteDance, we've, we're, it's, ChatGPT, Jim Cramer, Joe Biden, Jim, Jim Cramer's, Porte de Versailles Organizations: Revenue, LSEG, Zuckerberg, China's, Meta, Microsoft, Electric, Realty Labs, Daily, People, CNBC, U.S ., Viva Technology, Parc, Chesnot, Getty Locations: U.S, Asia, Pacific, Paris, France
One told CNN he heard the first large burst of shooting come from where US Marines were standing, near the blast site. This is significantly more than the three “near simultaneous” bursts of gunfire that the Pentagon investigations have claimed occurred. The Supplemental Review found no new evidence of a complex attack, and uncovered no new assertions of outgoing fire post-blast. “They were targeting people,” another, Nazir, 16, told CNN. CNN spoke with about ten Marines anonymously, many of whom described hearing gunfire and feeling under attack from it.
Persons: Hamid, Akhter Gulfam, , Wakil Koshar, Robert Maher, Sarah Morris, Morris, Maher, Rob Lodewick, , , ” Shogofa Hamidi, Morsal, Nazir, ” Noorullah Zakhel, Read, Sayeed Ahmadi, ” Ahmadi, Ahmadi, Lodewick, Marcus Yam, CNN's Nick Paton Walsh, “ You’ve, they’ve, It’s, Taylor Crul, Romel Finley, Finley, Barber, , ” Finley, Christian Sanchez, Sanchez, Staff Mark Milley, Kenneth “ Frank ” McKenzie, Darrell Issa, Nick Paton Walsh, Sandi Sidhu, Julia Hollingsworth, Masoud Popalzai, Sitara Zamani, Abdul Basir Bina, Katie Polglase, Gianluca Mezzofiore Organizations: CNN, United, Pentagon, US, Airport, NATO, US Army Central Command, Getty, Montana State University, University of Southampton, Marines, British Ministry of Defense, U.S . Central Command, AP CNN, , Los Angeles Times, Marine, ” Marines, Navy, US Air Force, . Air Force, Reuters, US Marines, YouTube, Investigators, Joint Chiefs, Staff, Central Command Locations: Kabul, Afghanistan, United States, airport’s, American, British, AFP, Bozeman, England, US, Kabul airport's, U.S, Finland,
A Russian court sided with state-run lender VTB Bank in its efforts to recoup $439.5 million from JPMorgan Chase that the American lender froze in U.S. accounts after the Ukraine invasion. The court ordered the seizure of funds in JPMorgan's Russian accounts and "movable and immovable property," including the bank's stake in a Russian subsidiary, according to a court order published Wednesday. It also boosted an ongoing American effort to convince European allies to release Russian state assets to assist Ukraine. JPMorgan said Russian courts have enabled similar efforts by Russian lenders against American or European banks at least a half dozen other times. JPMorgan said it faced "certain and irreparable harm" from VTB's efforts.
Persons: Jamie, JPMorgan Chase, VTB, Jamie Dimon, Biden, Joe Biden, JPMorgan Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, VTB Bank, JPMorgan, of Locations: Washington ,, Ukraine, Russian, St, Petersburg, U.S, Russia, Southern, of New York
About 90,000 NATO troops have been training in Europe this spring for the Great Power war that most hope will never come: a clash between Russia and the West with potentially catastrophic consequences. In Estonia, paratroopers from the 82nd Airborne Division out of Fort Liberty, N.C., jumped out of planes alongside soldiers from Colchester Garrison in Essex, Britain, for “forcible entry” operations. In Lithuania, German soldiers arrived as a brigade stationed outside Germany on a permanent basis for the first time since World War II. And on the A4 autobahn in eastern Germany, a U.S. Army captain and his Macedonian counterpart rushed toward the Suwalki Gap — the place many war planners predict will be the flashpoint for a NATO war with Russia — hoping the overheated radiator on their Stryker armored combat vehicle wouldn’t kill the engine.
Persons: Russia — Organizations: NATO, Great, 82nd Airborne, Colchester Garrison, U.S . Army, Macedonian Locations: Europe, Russia, Estonia, Fort Liberty, N.C, Essex, Britain, Lithuania, Germany
TikTok’s Pro-China Tilt
  + stars: | 2024-04-24 | by ( David Leonhardt | )   time to read: +1 min
Just a few months ago, it seemed unlikely that the U.S. government would force ByteDance, the Chinese company that owns TikTok, to sell it. The platform is popular, and Congress rarely passes legislation aimed at a single company. If ByteDance does not sell TikTok within 12 months, it will be banned in the United States. TikTok is also owned by a company based in the leading global rival of the United States. And that rival, especially under President Xi Jinping, treats private companies as extensions of the state.
Persons: TikTok, ByteDance, Biden, Xi Jinping, ” Christopher Wray Locations: Ukraine, Taiwan, Israel, United States
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