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The dollar is back. It’s not all good news
  + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.
Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, , Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe
CNN —Israel’s prolonged war with Hamas is going to become a significant economic and political burden for the country over the long haul, Moody’s said Friday. So the agency downgraded Israel’s credit rating. Moody’s Investors Service downgraded Israel’s debt rating from A1 to A2 on Friday, underscoring the economic damage of the country’s war with Hamas, which has resulted in thousands of human casualties and stoked geopolitical tensions around the world. In mid-October, less than two weeks after Hamas’ deadly attack on Israel on October 7, Moody’s warned that Israel’s credit rating was in danger of a downgrade. “Conflict with Hezbollah would pose a much bigger risk to Israel’s territory,” Moody’s said.
Persons: CNN —, Moody’s, ” Moody’s, Matt Egan Organizations: CNN, Moody’s, Hamas Locations: Israel, Gaza,
China's economy has struggled to regain post-pandemic traction. But Beijing hasn't conceded its economy is in trouble, which could be holding it back from fixing structural issues, says the Rhodium Group. Rhodium Group's researchers aren't quite sure about the rosy narrative of China's economy, calling it a "politicized picture of economic activity." After all, China's economy struggled to regain traction after a brief spurt post-pandemic, disappointing investors. By the second half of the year, confidence had broken down entirely," wrote the Rhodium Group researchers.
Persons: underscoring, Beijing hasn't, , Daniel H, Rosen, Rachel Lietzow, Lietzow, Xi Jinping, haven't Organizations: Stock, Beijing, Service, White, National Economic Council, National Security Council Locations: China, New York, Beijing
Senators Approve an Asia Veteran as No. 2 Diplomat, Underscoring US Efforts to Keep Focus on ChinaSenators have confirmed a veteran of U.S.-Asian engagement and security as the State Department’s second-ranking diplomat
Organizations: Asia Veteran, China Senators, State Locations: Asia
BANGKOK (AP) — Shares were mixed Tuesday in Asia, where Chinese stocks surged after a government investment fund said it would step up stock purchases and a report said leader Xi Jinping was set to meet with officials to discuss the markets. The fund periodically steps up buying of shares in big state-owned banks and other companies to counter heavy selling pressure in the Chinese markets. On Monday, benchmarks in Shanghai and the smaller market in Shenzhen bounced between small gains and big losses, while share prices of state-run banks and other big companies rose. The Fed has yanked the federal funds rate to its highest level since 2001 to bring down high inflation. But there's also an upside for stocks from the U.S. economy's blasting through worries about a possible recession.
Persons: Xi Jinping, Xi, Hong, Seng, Australia's, India's, Jerome Powell, there's Organizations: Bloomberg, CSI, Central Huijin Investment, Nikkei, Dow Jones, Nasdaq, Federal Reserve, Institute for Supply, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, Shenzhen, South Korea, Bangkok
The Biden administration has expressed unwavering support for Israel since Hamas' Oct. 7 attack that triggered the war, skirting Congress to rush weapons to Israel and shielding its ally from international calls for a cease-fire. Itamar Ben-Gvir, Israel's national security minister, criticized that approach in an interview with The Wall Street Journal, saying Biden was hindering Israel's war effort and that Republican presidential candidate Donald Trump would give Israel greater latitude in fighting Hamas. “Instead of giving us his full backing, Biden is busy with giving humanitarian aid and fuel (to Gaza), which goes to Hamas,” Ben-Gvir said. Netanyahu, without mentioning Ben-Gvir by name, appeared to refer to his remarks when addressing a weekly Cabinet meeting on Sunday. Family members of the hostages, with wide public support, are calling on Israel to reach an agreement with Hamas to bring them home.
Persons: Joe Biden, Biden, Itamar Ben, Donald Trump, ” Ben, Gvir, Trump, Benny Gantz, Ben, Gantz, Yair Lapid, Gvir’s, Netanyahu, they’re, , ___ Magdy Organizations: JERUSALEM, Hamas, Wall Street, Republican, Health Ministry Locations: Washington, Gaza, Israel, U.S, Qatar, Egypt, Tel Aviv, Cairo, israel
Kenya’s government will not await a court of appeal ruling before deploying its forces to Haiti, a senior government official said, further underscoring the government’s determination to move ahead with the proposed multinational force aimed at bringing stability to the gang-ravaged Caribbean nation. Abraham Korir Sing’Oei, the principal secretary at the Ministry of Foreign Affairs, told The New York Times in an interview that Kenya and Haiti were working to finalize a bilateral agreement in the next two weeks and that, once in place, Kenyan forces would immediately deploy. The declaration from Mr. Sing’Oei comes just a week after the country’s High Court blocked the deployment of 1,000 police officers, saying it could go ahead only if there was a “reciprocal arrangement” detailing the framework under which Kenyan forces can operate in Haiti. Mr. Sing’Oei said the High Court provided a legal pathway for the deployment, namely the bilateral reciprocal arrangement with Haiti. But he said the government was appealing the decision to a higher court anyway to seek clarifications on some findings the government “finds problematic.”
Persons: Abraham Korir Sing’Oei, Sing’Oei, Kenya’s Organizations: Ministry of Foreign Affairs, New York Times, Kenyan Locations: Haiti, Caribbean, Kenya
Mostly, Larry David’s extended swan-song provides a final chance to watch him and his pals carry on like idiots, feeling a little more hit-miss in the execution. Larry David and J.B. Smoove in "Curb Your Enthusiasm." That unique dynamic alone has made “Curb” a fascinating experiment, which has lasted far longer than even David probably could have envisioned. Even with all that creative freedom, given David’s quirks, real and imagined, its longevity is frankly remarkable. “Curb Your Enthusiasm” begins its 12th and final season February 4 at 10 p.m.
Persons: , Larry David’s, Larry, , Jeff, Jeff Garlin, David, Susie, Susie Essman, Leon, J.B, Richard Lewis, Ted Danson, Larry’s, Cheryl, Cheryl Hines, Robert F, Kennedy Jr, Tracey Ullman, Larry doesn’t, he’s, Larry David, John Johnson, Siri, there’s, “ Seinfeld Organizations: CNN, HBO, Warner Bros .
CNN —A finance worker at a multinational firm was tricked into paying out $25 million to fraudsters using deepfake technology to pose as the company’s chief financial officer in a video conference call, according to Hong Kong police. Chan said the worker had grown suspicious after he received a message that was purportedly from the company’s UK-based chief financial officer. Dale De La Rey / AFPBelieving everyone else on the call was real, the worker agreed to remit a total of $200 million Hong Kong dollars – about $25.6 million, the police officer added. At the press briefing Friday, Hong Kong police said they had made six arrests in connection with such scams. Authorities across the world are growing increasingly concerned at the sophistication of deepfake technology and the nefarious uses it can be put to.
Persons: , Baron Chan Shun, Chan, Hong, Dale De La, deepfakes, Taylor Swift Organizations: CNN, Hong, RTHK Locations: Hong Kong, Dale De La Rey, AFP, American
The move gives Speaker Mike Johnson and House Republicans the chance to show support for Israel even though there is little chance the Senate will go along. The House has already approved a nearly $14.5 billion military aid package in November for Israel that the Senate declined to take up. Johnson said in his letter to colleagues that removing the offsets should allow for swift passage of the Israel aid. “During debate in the House and in numerous subsequent statements, Democrats made clear that their primary objection to the original House bill was with its offsets,” Johnson said. To ensure the support does not compromise U.S. readiness, it includes $4.4 billion to replenish U.S. stocks of weapons provided to Israel.
Persons: Mike Johnson, Johnson, ” Johnson, , Ken Calvert, There's Organizations: WASHINGTON, , Republicans, House Republicans, Internal Revenue Service, Locations: Israel, Ukraine, R
These workers had the highest unemployment rate when breaking down Black, Hispanic and white workers by gender. By comparison, white men saw a jobless rate of just 3.3% in January, holding steady from December. The overall unemployment rate was unchanged from December at 3.7%. This underscores the impact of job losses among Black men, especially considering the fact that the rate for Black women was unchanged between December and January at 4.8%. The tight labor market experienced during the pandemic helped close the gap in work-related opportunities among Black and white men, she said.
Persons: Elise Gould, Gould, it's Organizations: Fs, Getty, Labor Department, Economic, Institute
Analyst Oliver Chen also maintained his buy rating for Ulta stock, simultaneously lifting his price target to $580 from $570. Deutsche Bank: Reiterate buy rating and $450 price target, implying 10% upside. Kallo's price target of $300 implies that Tesla stock could rally more than 56% from its Tuesday closing price. Citi analyst Christopher Danely also stood by his buy rating on the stock while lifting his price target to $192 from $136. Analyst Jeffrey Adelson downgraded the company to underweight from equal weight and cut his price target to $6.50 from $7.
Persons: Morgan Stanley, TD Cowen, Ulta, Oliver Chen, ULTA, Chen, — Lisa Kailai Han, Goldman Sachs, Kash Rangan, Baird, Tesla, Ben Kallo, Elon Musk's, Toshiya Hari, Hari, Christopher Danely, Vivek Arya, Danely, Arya, Harlan Sur, Kannan Venkateshwar, Venkateshwar, Eric Sheridan, Sheridan, Justin Post, Ross Sandler, Sandler, Ronald Josey, Josey, Morgan Stanley downgrades, Jeffrey Adelson, Adelson, SOFI, SoFi, Fred Imbert Organizations: CNBC, Google, Microsoft, SoFi Technologies, Deutsche Bank, Citi, Barclays, Tesla, Devices, Wall Street, AMD, Bank of America, Barclays downgrades Verizon Barclays, Verizon, Venkateshwar, Bulls, Morgan Stanley downgrades SoFi Locations: Ulta
Banknotes of Renminbi arranged for photography on July 03 2018 in Hong Kong, Hong Kong. China's factory activity contracted for a fourth consecutive month in January, underscoring the much-needed litany of policy support for the world's second-largest economy which Beijing announced last week. The official manufacturing purchasing managers' index rose slightly to 49.2 in January from 49 in December, according to data from the National Bureau of Statistics released Wednesday. The official non-manufacturing managers' index rose to 50.7 in January from 50.4 in December, according to the same NBS release. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction.
Organizations: Beijing, National Bureau of Statistics, PMI Locations: Hong Kong
So what is "quiet luxury"? Quiet Luxury's outperformance over Loud Luxury in 2023. "Hence, in 2023, quiet luxury companies notably outperformed their loud peers by 23% points. According to DBS, a company fall under its categorization of "quiet luxury" if it's understated and focused on high quality, while maintaining exclusivity and scarcity. Loud luxury not in vogue
Persons: Karin Teigl, Kelly, Baum, Jeremy Moeller, Miu Miu, Brunello, Hou Wey Fook, Hermes, LVMH Moët Hennessy Louis Vuitton, Markus Hansen, Hansen, Goldman Sachs, Organizations: Getty, DBS Bank, Financière Richemont, Swatch Group, DBS, Richemont, Swatch, CNBC, U.S Locations: VIENNA, AUSTRIA, Asia, South Korea, Japan, India
TickPick's highest non-COVID Super Bowl was in 2020 at Miami Gardens, Florida, when the Chiefs and Niners met for the first time in the championship game. That average price was $6,370. “Location has always impacted demand for a Super Bowl, but Vegas takes things to a whole other level,” TickPick co-CEO Brett Goldberg said in a statement to The Associated Press. "It’s already the entertainment capital of the world, and could very well become the sports capital of the world after the Super Bowl. “With both teams having made at least one Super Bowl appearance in the past five years, we would typically expect there to be slight fatigue from fans, in turn causing prices to dip.
Persons: Taylor Swift, That's, It's, ” TickPick, Brett Goldberg, It’s, ” StubHub, , Adam Budelli, ___ Organizations: LAS VEGAS, Las Vegas, Kansas City Chiefs, San Francisco 49ers, Chiefs, Philadelphia Eagles, Buccaneers, Niners, Associated Press, , Bowl, Los Angeles Rams, Cincinnati Bengals, Kansas City, 49ers Locations: West, Glendale , Arizona, Tampa , Florida, Miami Gardens , Florida, Vegas, Inglewood , California, San Francisco, California, Nevada, Kansas, Missouri, Miami
Italy's Meloni Opens Africa Summit, Promises New Partnership
  + stars: | 2024-01-29 | by ( Jan. | At A.M. | ) www.usnews.com   time to read: +3 min
The summit, being held in Italy's ornate Senate, will last all day, with Italian ministers due to outline an array of initiatives, from energy and infrastructure to health and education, that Meloni says will be mutually beneficial. "We believe it is possible to envision and write a new chapter in the history of our relationship, a cooperation among equals, far from any predatory imposition or charitable stance towards Africa," Meloni said in an opening speech. Eni, Italy's largest importer of natural gas, has already countered lower Russian supplies by shipping increased volumes from Africa, where it has had a presence for decades. The company has said Algeria, Egypt and Libya will be Italy's main gas suppliers for the next few years. Most had departed from North African countries such as Tunisia and Libya, many fleeing poverty and conflict in sub-Saharan Africa and the Middle East.
Persons: Crispian Balmer, Angelo Amante ROME, Giorgia Meloni, Meloni, Enrico Mattei, Ursula von der Leyen, Charles Michel, Mattei, Alex Richardson Organizations: Italian, Eni, European Union, European, Energy, EU Locations: Rome, Africa, Italy, China, Russia, Gulf, Tunisia, Senegal, Kenya, Republic of Congo, Somalia, Ukraine, Algeria, Egypt, Libya, Europe, North, Saharan Africa
People who experience food insecurity are at greater risk of dying prematurely and living a shorter life after age 50, researchers say, underscoring how a fairly prevalent problem can impact individual health. Researchers also found estimated life expectancy at age 50 was 32.5 years among individuals with full food security, compared with 29.9 years among adults with marginal food security, 30 years among those with low food security and 28 years among individuals with very low food security. By gender, the new study found women with very low food security lived an average of 5.8 years less at age 50 compared with women with full food security. Men with very low food security, meanwhile, had a life expectancy three years shorter than men with full food security at that age threshold. For example, whites with very low food security lived 6.2 fewer years on average at age 50 than whites with full food security.
Persons: , Organizations: Medicine, Centers for Disease Control Locations: U.S
American Airlines — The airline stock added 1.5% following an upgrade to buy from neutral at Citi. "North America's network carriers' diversified revenue streams and solid demand for premium cabin offerings appear to provide them with superior positioning in this post-pandemic environment," wrote analyst Stephen Trent. Builders FirstSource — The building materials manufacturer edged 2% higher following an upgrade to buy from neutral at Bank of America. ZoomInfo Technologies — The software stock popped 5.5% after Bank of America analyst Koji Ikeda upgraded it to buy from neutral. "We believe it is a classic self-help story that is set to outperform," the analyst wrote, underscoring the company's revenue growth reacceleration and new AI products as potential catalysts.
Persons: Stephen Trent, Flywire, Morgan Stanley, Omar Nokta, Hershey, Wells, Steven Cahall, , Cowen, Rafe Jadrosich, Julien Dumoulin, Smith, FactSet, Koji Ikeda, McGrath RentCorp — McGrath RentCorp, CNBC's Michelle Fox, Alexander Harring, Sarah Min, Jesse Pound Organizations: JPMorgan, American Airlines —, Citi, Zim Integrated Shipping Services —, Jefferies, Warner Bros, Bank of America, Bloom Energy, Koninklijke Philips —, Food and Drug Administration, Technologies, WillScot Mobile Locations: Albemarle, Netherlands
Sen. Todd Young speaks to reporters before a Republican Senate policy luncheon at the US Capitol Building on September 19, 2023 in Washington, DC. Samuel Corum/Getty ImagesStatus of border talks remains unclearFrustration reigned inside the Senate GOP on Thursday amid lingering confusion over the status of a border deal. Pressed on whether it was realistic to pass a border deal with Trump opposing it, Young said: “It may be possible. This is about security for our own country and so let’s keep pushing to get this border deal,” she said. Sen. Chris Murphy of Connecticut, one of the Democrats involved in the border talks, expressed frustration about Trump seeking to inject chaos into the situation.
Persons: Donald Trump, Trump, doesn’t, Joe Biden, Mitch McConnell, McConnell, Biden, , GOP Sen, Mitt Romney, ’ ”, ’ ” GOP Sen, Todd Young, , James Lankford, ” Young, Sen, Anna Moneymaker, Underscoring, Thom Tillis, North Carolina –, , Tillis, ” Tillis, McConnell –, “ We’re, ” McConnell, ” Sen, John Thune, we’ll, ” Thune, Samuel Corum, Young, you’ve, Ron Johnson of, ” Johnson, “ James Lankford, It’s McConnell, Republican Sen, Lisa Murkowski, “ I’m, Murkowski, Chris Murphy of, Donald Trump –, ” Murphy Organizations: Republicans, Trump, GOP, Capitol, ’ ” GOP, Republican, Building, CNN, Getty Locations: Ukraine, Utah, Indiana, Washington , DC, North Carolina, Ron Johnson of Wisconsin, , Alaska, Chris Murphy of Connecticut
New York CNN —Pornographic, AI-generated images of the world’s most famous star spread across social media this week, underscoring the damaging potential posed by mainstream artificial intelligence technology: its ability to create convincingly real and damaging images. The fake images of Taylor Swift were predominantly circulating on social media site X, previously known as Twitter. The photos – which show the singer in sexually suggestive and explicit positions – were viewed tens of millions of times before being removed from social platforms. “The social media companies don’t really have effective plans in place to necessarily monitor the content,” he said. Swift’s enormous contingent of loyal “Swifties” expressed their outrage on social media this week, bringing the issue to the forefront.
Persons: Taylor Swift, ” Ben Decker, Decker, , Swift, “ Swifties ”, Organizations: New, New York CNN, Twitter, CNN, Meta, Ticketmaster, Swift . Nine Locations: New York, United States, unmoderated
Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023. About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they're able to build one. Why an emergency fund is importantFinancial planners commonly recommend keeping a reserve of cash, known as an emergency fund, on hand to cover unexpected expenses. To get started, you'll need to find room in your budget for monthly emergency savings contributions, which can be easier said than done.
Persons: Alex Lozano, Christopher Lazzaro, Lazzaro, Lozano, It's Organizations: Lozano Group Wealth Management
By Liz LeeBEIJING (Reuters) - China's chief intelligence agency posted on social media a comic strip featuring foreign-looking characters secretly extracting rare earths, in a story portraying the country's strategic metals under threat from covetous "overseas organisations". No foreign government or agencies were named in the comic strip, and the ministry did not specify any measures to counter foreign "interest" in China's rare earths. It also banned the export of technology to make rare earth magnets, in addition a ban on technology to extract and separate rare earths. The restrictions have fanned fears that the supply of rare earths might ignite tensions with the West, particularly the United States, which accuses China of using economic coercion to influence other countries. The newspaper said the United States, Japan and the European Union, among others, have for a long time "coveted China's rare earth mineral resources".
Persons: Liz Lee BEIJING, Li Baiyang, Liz Lee, Miral Fahmy Organizations: State Security, United, Mining, Times, European Union, Global Times, Nanjing University Locations: China, United States, Beijing, U.S, Japan
Mr. DeSantis, who endorsed Mr. Trump on his way out of the race, earned some praise and a reprieve from the former president’s persistent name-calling. In fact, most have now thrown their support behind Mr. Trump, underscoring the steep challenges she faces in securing allies to challenge the famously spiteful Mr. Trump. The betrayal of Senator Tim Scott of South Carolina, a former Haley ally who endorsed Mr. Trump, seemed to particularly sting Ms. Haley. Chris Christie of New Jersey has previously signaled his reluctance to endorse Ms. Haley, and she has countered that she did not want his endorsement.) What remains unclear on the eve of the primary is just how much impact Mr. DeSantis’s withdrawal will have in New Hampshire.
Persons: Donald J, Trump, Nikki Haley, Ron DeSantis’s, Haley, DeSantis, Mr, , , Ms, I’ll, ” Ms, Haley’s, Tim Scott of, Chris Christie, DeSantis’s Organizations: Republican, Sunday, Florida, Trump, Republican Party Locations: New Hampshire, South Carolina, Rochester, N.H, Seabrook, Tim Scott of South Carolina, New Jersey, Florida
Four days ago, Prime Minister Rishi Sunak of Britain urged the House of Lords, the unelected upper chamber of Parliament, not to block his plans to put asylum seekers on one-way flights to Rwanda, describing his contentious migration policy as “the will of the people.”On Monday night, the Lords did not play ball. Instead, they voted to delay the crucial treaty with Rwanda that underpins Mr. Sunak’s legislation — underscoring the hostility among some members of the chamber to a policy that has proved divisive ever since it was introduced by Boris Johnson, then the prime minister, in 2022. In practical terms, the vote has limited impact because the House of Lords — a legislature which is largely made up of former politicians, civil servants and diplomats, as well as 26 bishops — does not have the power to prevent the treaty from coming into force. But it is a symbolic setback for Mr. Sunak and suggests that the Lords may try to amend the broader legislation, the so-called safety of Rwanda bill, which they are scheduled to start debating next week. It may also strengthen future legal challenges by asylum seekers against their deportation to the African country.
Persons: Rishi Sunak, , , Boris Johnson, Sunak Locations: Rwanda,
stressing that the war could end tomorrow if Moscow withdrew hundreds of thousands of troops in Ukraine’s internationally recognized territory. Russia called the council meeting to again sharply criticize Western military aid to Ukraine. Ambassador Sergiy Kyslytsya who read a joint statement underscoring Russia’s “hypocrisy” in criticizing lawful arms transfers to help Ukraine defend itself. But the Chinese ambassador criticized Ukraine for seeking to join NATO and warned Kyiv, without naming Russia, that this would deepen Moscow’s security concerns. “The negative impacts of the Ukraine crisis and the Palestinian-Israeli conflict have added snow to the icy cold global economy,” Zhang said.
Persons: , Sergey Lavrov, , Robert Wood, Lavrov's, Vladimir Putin, that's, ” Wood, Sergiy Kyslytsya, underscoring, Ukraine’s, , U.N, Zhang Jun, ” Zhang, Zhang, Lavrov, Wood, Malta's, Vanessa Frazier, ” Frazier Organizations: UNITED NATIONS, Kyiv, . Security Council, North Korea —, NATO, Russia, Palestinian Locations: United States, Moscow, China, Russia’s, Russia, Ukraine, Washington, London, Paris, Brussels, Ukraine’s, Iran, North Korea, Belarus, Israel, Gaza, Palestinian, U.S
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