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China's central bank on Wednesday kept major benchmark lending rates unchanged, as Beijing assesses the effects of its recent stimulus measures. The People's Bank of China said it would keep the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%. The 1-year LPR affects corporate and most household loans in China, while the 5-year LPR acts as a benchmark for mortgage rates. Only retail sales beat expectations, with a 4.8% year-on-year increase, indicating that recent stimulus had started seeping into certain sectors of the economy. Goldman, however, maintained "overweight" stance on China equities, forecasting a 13% upside to the benchmark CSI 300 index next year.
Persons: Bruce Pang, Pang, Pan Gongsheng, Morgan Stanley, Goldman Sachs, Goldman, Donald Trump's Organizations: People's Bank of China, People's Bank of, Reuters, Ministry of Finance Locations: Beijing, China's, People's Bank of China, China, JLL
Shares of Henry Schein shares jumped nearly 5%, on track for its best day since July. Monday's moves come as investors ready for public health changes under a second Trump administration. Stock Chart Icon Stock chart icon 1-day chartFluoride has long been shown as an effective method for fighting cavities. But the mineral has found itself at the center of a nationwide fight that's led some local communities to end programs centered on its insertion into public water. A general view of the Henry Schein Inc. building a distributor of health care products and services with a presence in 32 countries, as photographed in Melville, New York.
Persons: Robert F, Kennedy Jr, Donald Trump, Joel Angel Juarez, Henry Schein, Donald Trump's, Envista, Trump, Kennedy, that's, Gordon Haskett, Bruce Bennett Organizations: Republican, Reuters Dental, Health, Human Services, Trump, Henry Schein Inc, Getty Locations: Milwaukee , Wisconsin, U.S, Melville , New York
Russia is pouring cash into the deployment of up to 100,000 North Korean soldiers to help its war efforts — but the soldiers themselves are unlikely to receive any of it, according to North Korea experts. AdvertisementUkraine claims that up to 11,000 North Korean troops have been sent to help push back its forces in Kursk, and those numbers could rise. This could mean about 100,000 North Korean soldiers serving alongside Russia within a year, he said. North Korean soldiers onscreen in South Korea. Ukraine's allies have repeatedly said that North Korean troops fighting in Ukraine will become "cannon fodder" on the battlefield.
Persons: Kim Jong, Kim Jong Un, Dimytro Ponomarenko, Ahn Young, joon, Kim, Bruce W Bennett, Bennett, Hyunseung Lee, RAND's Bennett, there's, Yoon Sang, hyun, Yoon, Chung Min Lee, Lee Organizations: Russia, North, America, Korean, Bloomberg ., AP, Associated Press, RAND, Ukraine, Radio Free, South, Korea Economic, Navy, Carnegie Endowment Asia, North Korean, Storm Corps Locations: Korea, Russia, North Korea, Kursk, South Korea, North Koreans, Korean, Radio Free Europe, Ukraine
I’m tripping over their bodies,” said Sydney Seiler, the U.S. national intelligence officer for North Korea from 2020 to 2023. “Kim Jong Un is selling North Korean soldiers as cannon fodder mercenaries,” South Korean Defense Minister Kim Yong-hyun said last month. It’s an entirely new environment for the North Korean soldiers, who live in one of the most isolated and repressive countries in the world. The Russian military is teaching the North Korean soldiers about 100 key military terms, but “North Koreans are having a difficult time learning Russian,” South Korean lawmakers Lee Sung-kwon and Park Sun-won said last month. North Korean soldiers’ inexperience could be another point of friction and a major factor in how they are deployed.
Persons: Kim Jong Un, Vladimir Putin, Putin, , Sydney Seiler, Seiler, Gavriil, Joe Biden, Yoon Suk Yeol, Shigeru Ishiba, Kim, “ Kim Jong, Kim Yong, hyun, John Hardie, Lee Sung, Bruce Bennett, ” Hardie, Bennett, ” Bennett, Edward Howell, , ” Howell, Stella Kim Organizations: Ukraine, North, NBC News, U.S, The State Department, Korea’s National Intelligence Service, NBC, Center for Strategic, International Studies, Getty Images, Economic Cooperation, South Korean Defense, Pentagon, Politico, South Korea’s National Intelligence Service, North Korean, South Korean National Intelligence Service, AFP, Getty, Korean, Battalion, Russian Ministry of Defense, Foundation for Defense of Democracies, South, Sun, Rand Corp . Communication, Chatham House Locations: SEOUL, South Korea, Ukraine, Moscow, Russia, U.S, North Korea, Russian, Kursk, Korean, Korea, Washington, Pyongyang, Getty Images North Korea, South, Asia, Lima , Peru, The U.S, California, Ukrainian, London, Seoul, Hong Kong
This week, researchers shared fascinating new findings on Uranus, the seventh planet from the sun, and the far side of the moon. Other worldsIllustrations depict how Uranus' magnetosphere, or protective bubble, was behaving before Voyager 2's arrival (left) and during the spacecraft's flyby (right). An unusual cosmic occurrence during the Voyager 2 spacecraft’s 1986 flyby might have skewed how scientists characterized the ice giant, new research suggests. In particular, the spacecraft’s observations of Uranus’ protective magnetosphere were wildly different from astronomers’ expectations. Fortunately, sending a dedicated mission to study Uranus in the future is a priority for NASA, according to a 2022 report.
Persons: Jamie Jasinski, paleoanthropologist Don Johanson, what’s, Lucy, Johanson, , afarensis, doesn’t, Bathydevius, Bruce Robison, , Marvel, Ashley Strickland, Katie Hunt, Jackie Wattles Organizations: CNN, NASA, JPL, Caltech, Jet Propulsion Laboratory, Nature Reserve, WWF Tigers, Fund, Nature, Aquarium Research, CNN Space, Science Locations: Pasadena , California, Afar, Central Asia, Turkey, Russia, Indonesia, Kazakhstan, Caspian, Netherlands, Kuma, Kazakhstan’s Ile, California, Mt, Everest, Monterey, what’s, Iraq
Advertisement"Nobody Wants This" is a Netflix rom-com series starring Kristen Bell and Adam Brody. She meets Noah, a young rabbi played by Adam Brody, at a party, and they immediately hit it off. AdvertisementHere's everything we know about "Nobody Wants This" season two, including when it's hitting Netflix. Adam Rose/Netflix'Nobody Wants This' season 2 is officially a goNetflix announced in October that it had renewed "Nobody Wants This" for a second season. Adam Rose/Netflix'Nobody Wants This' season 1 ends with a big cliffhangerAt the end of season one, Joanne backs away from her relationship with Noah.
Persons: Kristen Bell, Adam Brody, Bell's, Noah, Erin Foster, Morgan, Justine Lupe, Bell, Joanne, Adam Rose, Jenni Konner, Bruce Eric Kaplan, Nora Silver, IndieWire, Foster, Hopper, Brody, Variety, Lupe, Esther, Noah's, Jackie Tohn, Sasha, Timothy Simons, she's, Vulture Organizations: Netflix, Hollywood
AdvertisementIn 2000, scientists spotted a bioluminescent mollusk in the deep sea. It turned out to be a new species of sea slug that's perfectly adapted to the deep ocean. Researchers from the MBARI dubbed it Bathydevius caudactylus and recently published their findings in the peer-reviewed journal Deep Sea Research Part I.Bathydevius is unlike any sea slug the scientists had ever seen. At first, no one knew how to classify the strange sea slug. A sea slug in the midnight zoneA low-light camera system captured the bioluminescence display of the Bathydevius caudactylus sea slug.
Persons: It's, Bruce Robison, Robison, MBARI, it's Organizations: Aquarium Research Institute, CNN Locations: Monterey Bay , California, Monterey, what's, Oregon, Southern California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks will be a 'big buy' under Trump admin, says Marathon Asset's RichardsBruce Richards, Marathon Asset Management CEO, joins 'Money Movers' to discuss what Richards has been doing following Trump's reelection, what industries will be impacted by a new administration, and much more.
Persons: Asset's Richards Bruce Richards, Richards Organizations: Trump, Marathon Asset Management
One of the more improbable matchups in boxing history is finally here: Mike Tyson vs. Jake Paul on Friday at 8 p.m. “Iron Mike” is a Boxing Hall of Famer who was the undisputed world heavyweight champion from 1987 to 1990. His lone loss is a split decision to boxer Tommy Fury, the half-brother of heavyweight champion Tyson Fury, in 2023. On “Countdown: Paul vs Tyson,” a pre-fight documentary, Tyson described in detail what he went through. I’m just looking forward to fighting.”Tyson on what he would do if he loses the fight: “I’m not going to lose.”
Persons: Mike Tyson, Jake Paul, Mike ”, Tyson, Kevin McBride, Paul, AnEsonGib, Ben Askren, Anderson Silva, Tyron Woodley, Nate Diaz, Mike Perry, Tommy Fury, Tyson Fury, Katie Taylor, Amanda Serrano, Mario Barrios, Abel Ramos, Shadasia, Melinda Watpool, Lucas Bahdi, Armando Casamonica, Bruce Carrington, Dana Coolwell, Whindersson Nunes, , , ” Tyson, ” Paul, someone’s, It’s, I’ve, Nate Robinson, “ I’m Organizations: Netflix, T, Dallas, Boxing Hall of Famer, UFC, WBC, WBO, Texas Department
If Kamala Harris' campaign was known for anything, it was its blockbuster fundraising. The overarching challenge at this point for what is left of Harris' campaign is that the financial picture is shrouded in mystery — even for those within the organization. What is even more unusual are the explosive clashes taking place in and around the Harris campaign universe. The requests have all been shut down and two Harris campaign officials told NBC News that the email list is not for sale. “We had some emails pre-scripted for a long fight,” a senior campaign official close to the strategy said.
Persons: Kamala Harris, it’s, aren’t, It’s Kamala, Harris, that’s, Donald Trump, Trump, , Chris Korge, , Beyonce, Jennifer Lopez, Cardi, Bruce Springsteen, Mumford, Oprah Winfrey, Winfrey, Harris ’ Organizations: Democratic National Committee, NBC News, NBC, Trump, Harpo Studios, America, YouTube, Facebook Locations: Houston, Las Vegas, Milwaukee, Philadelphia, Madison
Texas is the highest-ranked SEC team in the College Football Playoff at No. But the SEC team that no one wants to play right now is one that isn’t even in the top 10. Advertisement“If you ask me right now which team I’d least want to face, it’s Ole Miss,” said an SEC defensive coordinator of a Top 25 team. Ole Miss has 23 more TFLs than anyone else in the SEC (103) and 18 more than anyone else in the country. A big piece of that impact is due to the commitment Ole Miss made this offseason to upgrading its talent in the trenches through the portal.
Persons: it’s Ole, , “ They’re, Trey Amos, , Suntarine Perkins, Princely, Jared Ivey, Pegues, he’s, Walter Nolen, Tre Harris, Harris ’, Kirby Smart, Ole Miss, Ole, Randall Joyner, Larry Johnson, Broyles, Pete Golding, Ivey, Nolan, Chris Paul Jr, T.J, Dottery, Amos, John Saunders, Khari Coleman, overset, ” Umanmielen, Perkins, Golding, He’s, ” Suntarine Perkins, Petre Thomas, I’m, Curt Cignetti, Cignetti, James Madison, JMU, Lance Leipold Organizations: SEC, College Football, Ole Miss, Georgia, Rebels, Saturday, Clemson, Georgia Tech, TCU, Athletic, LSU, SEC DC, Hoosiers, Indiana University of Pennsylvania, Pennsylvania State Athletic Conference, Elon, CAA, Coastal Athletic Association, Division Locations: Georgia, Texas, Alabama, Florida, Arkansas, Miami ( Ohio, Auburn, Indiana
Investigating Bathydevius and its adaptations could reveal more about the midnight zone, which is the largest habitat on Earth and accounts for 70% of all seawater on the planet. A study describing the new species published Tuesday in the journal Deep Sea Research Part I. “The deep water column is maybe the last place you’d expect to find a nudibranch,” Robison said. The midnight zone is cold and dark and very forbidding to us terrestrial creatures, yet it is filled with life, albeit life forms adapted to a very different set of challenges than we face. The sea slug is bioluminescent, leading it to look "starry" when threatened.
Persons: Bathydevius, Bruce Robison, Steven Haddock, “ We’ve, , Robison, Haddock, Mariana Trench, ” Robison, Bathydevius caudactylus, ” Haddock, smothers, , Bioluminescence Organizations: CNN —, Aquarium Research, Aquarium Research Institute, Tiburon, , National Oceanic, Atmospheric Administration Locations: Monterey, Monterey Bay, Coast, North America, Oregon, Southern California, Mariana, Mt, Everest
Ryan Borgwardt — a married father of two — went missing on Aug. 12 and his last known location was Green Lake, Green Lake County Sheriff Mark Podoll said during a news briefing Friday. Deputies found a capsized kayak in the lake and Borgwardt's vehicle and trailer parked in Dodge Memorial County Park, Podoll said. Courtesy Green Lake County Sheriff's OfficePodol said the investigation took a turn when it was discovered that Borgwardt’s passport was “run” on Aug. 13., the day after he disappeared. "Due to these discoveries of the new evidence, we were sure that Ryan was not in our lake," Podoll said. Podoll said the investigation into Borgwardt's disappearance still has a lot of missing pieces, including a motive, and where he is right now.
Persons: Ryan Borgwardt —, Green Lake County Sheriff Mark Podoll, Podoll, Borgwardt's, Ryan Borgwardt, Podol, Borgwardt, Ryan Organizations: Green Lake County Sheriff, Dodge, Federal Bureau of Investigation, Department of Homeland Security Locations: Wisconsin, Europe, Uzbekistan, Green Lake County, Dodge Memorial, Lake
He let his coaches coach.”“It was all coaching,” Robinson told The Athletic in 2020. He became the Ducks’ offensive coordinator in 1960, after graduating, before taking the same job at USC under legendary USC coach John McKay in 1972. When McKay left USC to coach the NFL expansion team Tampa Bay Buccaneers in 1976, Robinson succeeded him. Advertisement“That was a great team,” Hall of Fame safety Ronnie Lott told The Athletic in 2020. “Coach Robinson would say we could go play the Rams any day and we’ll kick their butt.
Persons: John Robinson, Robinson, John Madden’s, , , Paul McDonald, ” John Robinson, tPvQVFBcIO —, Anthony Munoz, Ronnie Lott, Marcus Allen, Bruce Matthews, Dennis Smith, Joey Browner, Chip Banks, Don Mosebar, Roy Foster, Hoby Brenner, Charles White, Keith Van Horne, Jeff Fisher, Riki Ellison, Ed Reed, Andre Johnson, Clinton Portis, Allen, White, “ John Robinson, Van Horne, , ” Robinson, Hudson Houck, we’re, ” Norv Turner, John McKay, McKay, they’d, would’ve, Sean McVay, “ He’s, McDonald, Richard Mackson Organizations: NFL, USC, tPvQVFBcIO — USC Football, Alabama, resoundingly, Pro Football Hall of Famers, Trojans, NFL Pro, Chicago Bears, San Francisco 49ers, Miami Hurricanes, Athletic, LA Rams, Rose Bowl, Ducks, Madden’s Oakland Raiders, Tampa Bay Buccaneers, Rose, Stanford, , of Fame, , Rams, NFC, UNLV, Rebels, LSU, Tigers, Getty Locations: Daly City, Calif, Baton Rouge , Louisiana, Birmingham, Oregon, Baton Rouge, La
AUBURN, Ala. — A flight carrying the No. 11 Auburn basketball team was grounded shortly after takeoff on Friday after two players got into a fight onboard, according to multiple reports. “We had two players that got into a physical altercation, clothes were ripped,” the pilot was heard saying to air traffic controllers in audio obtained by WBRC-TV. The pilot told air traffic controllers that police were called, according to the audio. The fight was broken up before it became anything serious and a replacement flight departed Friday night, ESPN reported.
Persons: , Bruce Pearl Organizations: Auburn, WBRC, Tigers, ESPN, Vermont, NCAA Locations: AUBURN, Ala, Houston, WBRC
China consumer prices rise slowest in 4 months, despite stimulus
  + stars: | 2024-11-09 | by ( ) www.cnbc.com   time to read: +1 min
People purchasing fruit at an agricultural trade market on May 11, 2024 in Lianyungang, Jiangsu Province of China. China's consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, data showed on Saturday, even as Beijing doubled down on stimulus to support the sputtering economy. Analysts say the package will likely do little to boost economic activity, demand and prices in the near term. However, core inflation, excluding volatile food and fuel prices, rose 0.2% in October, accelerating from 0.1% in September. China's central bank in late September unveiled the most aggressive monetary support measures since the COVID-19 pandemic to revive economic growth.
Persons: Bruce Pang Organizations: National Bureau, Statistics, JLL Locations: Lianyungang, Jiangsu Province, China, Beijing, China's
In an election season in which both parties sought out any possible edge, Democrats clung to one seemingly clear-cut advantage: Celebrities including Taylor Swift and Bruce Springsteen broke hard for that party, even as voters did not. The result was a split-screen of American celebrity — two sets of famous people for two halves of the country. But by and large, the biggest names in entertainment said Vice President Kamala Harris should be elected to the nation’s highest office. Ms. Harris was decisively defeated on Tuesday, despite the backing of a megastar like Beyoncé. “America is tired,” wrote Albert Pennachio, an independent voter who lives in Statesville, N.C. “And we don’t care what celebrities think anymore.”
Persons: Taylor Swift, Bruce Springsteen, Donald J, Trump, Kanye, Mel Gibson, Jon Voight, Kamala Harris, Harris, , Albert Pennachio Locations: America, Statesville, N.C
China's exports in October rose at their fastest pace in 19 months, sharply beating analysts' estimates, according to data from the country's customs agency on Thursday. Exports rose by 12.7% in October from a year ago in U.S. dollar terms, their highest jump since March 2023, according to LSEG data. Analysts had pegged exports growth at 5.2% year on year in October, according to a Reuters poll. Analysts had forecast a decline of 1.5% in October exports, according to a Reuters poll. The world's second-largest economy has been grappling with weakening domestic consumption and a protracted property crisis, with exports being a rare bright spot.
Persons: Bruce Pang Organizations: Analysts, JLL, CNBC Locations: Qingdao Port, Shandong province, Qingdao, China, Greater China
Harris offered to console Democrats over the loss to former President Donald Trump, acknowledging they were "feeling and experiencing a range of emotions right now." Trump never did when he lost to President Joe Biden and Harris in 2020. After Biden dropped out and endorsed Harris, Democrats reveled in the change, flooding donation channels and crushing fundraising records. The Biden campaign was skidding off course, setting off an eruption of party panic. Memorably, Harris offered a stinging rebuttal to Trump’s insistence on the debate stage that he had won the 2020 election.
Persons: Kamala Harris, Harris, Donald Trump, Trump, Joe Biden, Biden, MAGA, , reveled, Roe, Wade, Hillary Clinton’s, , ” Harris, Donald J, Shuran Huang, Nancy Pelosi, Harris ’, Oprah, Bruce Springsteen, John Legend, “ Donald Trump Organizations: mater Howard University, Wednesday, Democratic, Trump, Republicans, Republican Party, Republican, Democrats, Biden, Trump —, NBC News, White, U.S . Capitol, , Service, Democratic National Convention Locations: U.S, California, America, Washington, “ America, United States of America, United States, Butler , Pennsylvania, Chicago, Iowa, Ohio
Pawtucket, Rhode Island AP —For several decades, the cremated remains of more than two dozen American Civil War veterans languished in storage facilities at a funeral home and cemetery in Seattle. The simple copper and cardboard urns gathering dust on shelves only had the name of each of the 28 soldiers – but nothing linking them to the Civil War. While some remains are hidden away in funeral homes, others were found where they fell in battle or by Civil War re-enactors combing old graveyards. The remains of several more Civil War veterans were sent to Maine, Rhode Island and other places where family connections were found. Bruce Frail and his son Ben – both long active in the Sons of Union Veterans of the Civil War – were on hand for service.
Persons: , , Tom Keating, ” Keating, Byron R, Johnson, Michael Casey, Keating, Byron Johnson, Pawtucket Mayor Donald R, Grebien, ” Grebien, Bruce, Ben –, Ben, it’s, Amelia Boivin, ” Boivin Organizations: Pawtucket, Rhode, American Civil, America, Civil, 4th US Infantry Regiment, Atlanta, Confederate Army, Union, Army, Arlington National Cemetery, Washington State Veterans Cemetery, Navy, Union Army, Pawtucket City Hall, Pawtucket Mayor, North’s Union Army, Sons of Union Veterans, City Locations: Rhode Island, Seattle, Washington, Republic, Andersonville, Gettysburg, Oregon, Maine, South Carolina, Virginia, Arlington, Pawtucket , Rhode Island, Tahoma, Maine , Rhode Island, Pawtucket, Oak Grove Cemetery, Confederate States, America, San Francisco
A Florida bail bondsman allegedly targeted incarcerated female inmates and offered them bond in exchange for sex, the state's attorney general said. Moncrief, the owner of Moncrief Bail Bonds in multiple Florida counties, allegedly offered to bond out the women "in exchange for sex." He also offered to bail out inmates "in exchange for sex from someone outside of jail" and allegedly sold women he bonded out to other buyers, Moody's office said. Authorities learned of Moncrief's scheme while investigating former defense attorney John Gillespie for committing similar crimes, the attorney general said. Victims of Gillespie told investigators they had also been forced to perform sex acts with Moncrief, the office said.
Persons: Russell Bruce Moncrief, Ashley Moody’s, Moncrief, Phelan M, Moody, John Gillespie, Gillespie Locations: Florida, Orange County, Moncrief
Voyager 1 is now using a radio transmitter it hasn’t relied on since 1981 to stay in contact with its team on Earth while engineers work to understand what went wrong. NASA's Voyager 1 spacecraft is depicted in this artist's concept traveling through interstellar space, or the space between stars, which it entered in 2012. Voyager 1 has been using one of its two radio transmitters, called an X-band based on the frequency it utilizes, for decades. In the meantime, engineers sent a message to Voyager 1 on October 22 to check that the S-band transmitter was working and received confirmation on October 24. “The S-band signal is too weak to use long term,” Waggoner said.
Persons: Bruce Waggoner, hasn’t, Waggoner, it’s, ” Waggoner Organizations: CNN, NASA, JPL, Caltech, Jet Propulsion Laboratory, Space, Network, Engineers, Space Network Locations: Pasadena , California
But while she was in the hospital, Becky contracted a bone infection that would ultimately require nine arm operations. “I wish I’d make less money so that I can get more benefits, because I’m actually more in debt now.”The challenge of a high deductibleOf all the reasons a family can face medical debt from childbirth, high deductibles are among the most common. “Many workers used to have zero-deductible health care plans, but that’s less true today. “I’m never going to pay off all of our debt, so add on the hospital debt to it. But other changes, like getting rid of deductibles altogether or even instituting universal health care, feel impractical, if not impossible.
Persons: Jessica, , ” Lauren Crocks, SUI, Becky Munge, Jovie, Becky, Cole, Gavin, Ava, Becky Munge Jovie, ” Becky, “ We’re, we’re, I’m, , Adam Gaffney, Wesley Bruce, Ashley Perez’s, Ashley Perez, Ashley Perez Bruce, Perez, ’ ” Perez, “ I’m, they'd, ” Nick Olson, Sanford Health’s, Becker Organizations: Health, SIU, NBC News, Medicaid, Health Care Cost, D.C, Children’s Health, Mayo Clinic, of Illinois, Cambridge Health Alliance, Sanford Health, NBC Locations: Washington, Morton , Illinois, Rochester , Minnesota, Massachusetts
AdvertisementFor more than a decade, Big Tech companies doled out lavish perks to hire and retain a limited supply of technical talent — and some workers pushed the limits of these benefits. AdvertisementBusiness Insider interviewed tech workers and industry experts about Grubgate and the evolving relationship between Big Tech companies and staff. They also described how layoffs, efficiency drives, and tougher policy enforcement have shifted the culture at once easygoing tech companies. According to job marketplace Trueup, at least 650,000 tech workers have been cut since the start of 2023. Alongside industrywide layoffs that began in 2022, many tech companies also trimmed back the benefits on offer.
Persons: , Meta, grifting, that's, Allison Shrivastava, it's, Googler, Mark Zuckerberg, Zuck, Patrick Mork, Wall, Mork, Dilip Rao, he's, Bruce Daisley, Daisley Organizations: Big Tech, Service, Google, Meta, US Meta, Snap, Nintendo, Twitter, YouTube Locations: Silicon Valley, Mountain View, Tupperware, US, Meta
Saudi Arabia's Public Investment Fund on Wednesday signed a memorandum of understanding with Brookfield Asset Management, under which the wealth fund will serve as a strategic anchor investor for the asset manager's newly announced private equity vehicle for the region, Brookfield Middle East Partners. Signed at the eighth edition of Future Investment Initiative, Saudi Arabia's flagship annual economic conference in Riyadh, the non-binding agreement marks the kingdom's latest push for financial partnerships that boost private equity investment and economic development within its borders. The move is in line with Saudi Arabia's recently-updated Investment Law, which seeks to attract more foreign direct investment — it's set itself a lofty target of $100 billion in annual FDI by 2030. Currently, that figure has averaged around $12 billion per year since Vision 2030 was announced in 2017, according to data from the kingdom's investment ministry — still a long way from that goal. The PIF, the kingdom's $925 billion sovereign wealth fund, has deployed billions in capital around the world as it aims to diversify Saudi Arabia's revenue streams away from oil, materializing the central goal of Crown Prince Mohammed bin Salman's Vision 2030 campaign.
Persons: , Prince Mohammed bin Salman's, Yasir al Rumayyan, Bruce Flatt Organizations: Saudi, Public Investment Fund, Wednesday, Brookfield Asset Management, Brookfield Middle East Partners, Future Investment Initiative, Saudi Arabia's, Brookfield, Brookfield Academy Locations: Riyadh, Saudi Arabia, Saudi
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