DIRS.INFO The most relevant business & tech news

☆ Will the Saudi prince get his 1.5% GDP growth from sports?
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The PIF, with estimated assets of around $700 billion, has also flexed its financial muscle in golf, tennis, boxing and motorsport, to name a few, along with a slew of music and entertainment ventures. These investments are all part of Saudi Arabia's Vision 2030 program, an ambitious plan to diversify the country's economy away from its traditional reliance on oil and gas exports. Saudi Arabia's growing presence in sport and entertainment around the world has given rise to allegations of "sportswashing" — with critics claiming the regime is using sport to launder its international reputation against the backdrop of a dismal human rights record. In a recent interview, Saudi Crown Prince Mohammed bin Salman, the country's de facto leader and architect of Vision 2030, said he was happy to sportswash if it boosted the kingdom's GDP. But what role does this sporting spending spree play in the kingdom's efforts to secure its economic future, and will it work?

Persons: Prince Mohammed bin Salman Organizations: Saudi, Public Investment Fund, English Premier League, Newcastle United Locations: Europe's, Saudi

☆ U.S. can 'certainly' afford military support to both Israel and Ukraine, Janet Yellen says
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen said the country can "absolutely" afford to financially support both Israel and Ukraine in their respective war efforts. Asked in an interview with Britain's Sky News on Monday whether the U.S. could afford to be providing military support to Israel and to Ukraine in its ongoing war with Russia, Yellen said "the answer is absolutely." "America can certainly afford to stand with Israel and to support Israel's military needs and we also can and must support Ukraine in its struggle against Russia," Yellen said, adding that the U.S. economy is doing "extremely well." "We stand with Israel. America has also made clear to Israel, we're working very closely with the Israelis, that they have a right to defend themselves," Yellen told Sky News' Wilfred Frost.

Persons: Janet Yellen, Joe Biden, Washington's, Benjamin Netanyahu, Biden, Antony Blinken, Yellen, it's, Kevin McCarthy, we're, Wilfred Frost Organizations: Treasury, Palestinian, Hamas, White, CBS, Britain's Sky, Russia, Republicans, Sky News Locations: Israel, Ukraine, Gaza, Palestinian, U.S, Russia, America

☆ The UK Labour Party has a Biden-esque economic plan — but it's very different to Bidenomics
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesLONDON — The U.K.'s main opposition Labour Party last week set out the economic platform it hopes will propel it to power at next year's general election, and the transatlantic parallels were clear. Reeves promised last week to "rebuild Britain" as the party seeks to de-risk business investment in emerging technologies with a new national wealth fund, maintaining an active state while harnessing private investment to drive economic growth. Labour's desired parallels to "Bidenomics" were discussed at a host of fringe events throughout the conference in Liverpool, particularly with regards to the "crowding in" of private investment — a Keynesian economic theory that suggests increased government spending can spur increased private investment. Just because the policies may be oriented towards boosting infrastructure and investment, unless they have that debt finance component, it's not Bidenomics."

Persons: Keir Starmer applauds, Paul Ellis, Keir Starmer, Starmer, they're, Rachel Reeves, Joe Biden's, Reeves, Britain —, Biden, Kallum Pickering, Liz Truss, Truss, Rishi Sunak, Pickering, it's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Labour, U.S, Biden administration's, U.S . Treasury, CNBC, Bank of England, Conservative Party, U.S ., University of Pennsylvania Locations: Liverpool, England, America, Britain, Germany, France

☆ What Israeli Victory Would Look Like
▼ + stars: | 2023-10-14 | by ( Elliot Kaufman | ) www.wsj.com time to read: 1 min

Wonder Land: For Hamas in Israel and Putin in Ukraine, killing the innocent is now part of the plan. Images: AP/Zuma Press Composite: Mark Kelly“I’m driving south to the Gaza corridor, the place Hamas invaded on Saturday,” Yonah Jeremy Bob says in our first phone conversation. “But it’s a straight drive, so let’s talk.” Mr. Bob is an expert on the Israeli shadow war with Iran, the subject of his new book, “Target Tehran,” and he covers the Israeli intelligence agencies and military for the Jerusalem Post. He’s busy tracking down answers to the questions every Israeli wants answered: How could this have happened? What’s the plan?

Persons: Putin, Mark Kelly “, ”, Jeremy Bob, Mr, Bob Organizations: Zuma, “ Target Locations: Israel, Ukraine, Gaza, Iran, “ Target Tehran, ”, Jerusalem

☆ Peace, Deterrence and Other Gods That Failed
▼ + stars: | 2023-10-12 | by ( Elliot Kaufman | ) www.wsj.com time to read: 1 min

Review and Outlook: Hamas’s surprise attack, aided by Iran, is a reminder of Israel’s existential peril—and the growing risk to U.S. allies. Images: AFP/Getty Images/Zuma Press Composite: Mark Kelly“Too long have I lived among men who hate peace,” says Psalm 120, recited by Jews around the world for safety in Israel. “I am for peace; but whenever I speak of it, they are for war.” Israelis know the feeling. They awoke Saturday to a jihadist invasion that may shatter as many illusions as it has lives.

Persons: Mark Kelly “, ”, “ Organizations: Getty Locations: Iran, Israel

☆ England set to drop Ford, start Smith at fullback in Fiji quarter-final
▼ + stars: | 2023-10-12 | by ( Mitch Phillips | ) www.reuters.com time to read: +3 min

MARSEILLE, France, Oct 12 (Reuters) - England coach Steve Borthwick looks set to make radical changes for Sunday's World Cup quarter-final against Fiji by dropping George Ford and starting Marcus Smith at fullback, strengthening his midfield defence and injecting some energy into the attack. However, while his defence and aerial skills are superior to Smith's, Steward has shown little in attack - though he is far from alone there. Defence generally has not been the issue for England as they racked up four wins in a row. Before the Samoa game they had the best defence in the tournament and had conceded only one try. England have made the second-fewest carries (108.8) for the second-fewest metres (461.3), they rank sixth for defenders beaten (22.5) and last for offloads (5.8).

Persons: Steve Borthwick, George Ford, Marcus Smith, Borthwick, Ford, Owen Farrell, Smith, Freddie Steward, Steward, Manu Tuilagi, Joe Marchant, Elliot Daly, Henry Arundell, Jamie George, Mitch Phillips, Ken Ferris Organizations: Fiji, Harlequins, Samoa, Fijians, Defence, England, Thomson Locations: MARSEILLE, France, England, Chile, Samoa, Portugal

☆ Former Barclays CEO Staley fined and banned by UK regulator over Epstein links
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Jes Staley, former CEO of Barclays, arrives at the offices of Boies Schiller Flexner LLP in New York on June 11, 2023. LONDON — Former Barclays CEO Jes Staley on Thursday was fined and banned from holding any position of influence in the U.K. financial services industry for misleading the regulator over his relationship with sex offender Jeffrey Epstein. "Mr Staley is an experienced industry professional and held a prominent position within financial services. Emails subsequently emerged in which Staley described Epstein as one of his "deepest" and "most cherished" friends, the FCA confirmed. Barclays' letter also claimed Staley had ceased contact with Epstein long before he joined the bank in December 2015.

Persons: Jes Staley, Boies Schiller Flexner, Jeffrey Epstein, Staley, Epstein, Therese Chambers, Mr Staley, Mr Epstein, Chambers Organizations: Barclays, LONDON, Financial, Authority, Staley, FCA, Barclays Board, Manhattan's Metropolitan Correctional Center Locations: New York, LONDON —, Manhattan's

☆ UK economy grew 0.2% in August, propped up by services sector
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. gross domestic product grew by 0.2% in August, the Office for National Statistics estimated Thursday, partially recovering from a downwardly revised 0.6% contraction in July. "It does not change the outlook for the Bank of England and confirms that the Bank Rate does not have much upside from here, but will remain at current levels for an extended period." The Bank of England last month ended a run of 14 consecutive interest rate hikes after data showed inflation was running below expectations. "The UK has grown faster than France and Germany since the pandemic and today's data shows the economy is more resilient than expected," U.K. Finance Minister Jeremy Hunt said Thursday. U.K. headline inflation dipped to an annual 6.7% in August, below expectations but still well above the Bank's 2% target.

Persons: Mathieu Savary, Jeremy Hunt, Thiru Organizations: Citibank, HSBC, National Statistics, BCA Research, Bank of England, of England, Bank, Finance, Institute of Chartered Accountants, Wales, Bank of England's Locations: Wharf, London, United Kingdom, U.K, European, France, Germany, England

The war provoked by Hamas' attack on Israel has shaken American politics — and put the primary race in her wheelhouse. Iran has long supported Hamas, though U.S. officials say there's no conclusive evidence yet that Iranian agents were involved in the most recent attack. Ron DeSantis proposed state-level sanctions against Iran for its ongoing support of Hamas. Since before the war, Haley has gone after her rivals on issues such as U.S. support for Ukraine against Russia's invasion and how Washington deals with China. And, in keeping with how he treats rivals, Trump has given Haley a nickname, “Birdbrain."

Persons: CLIVE, — Nikki Haley, peppering, —, Haley, Donald Trump, ”, we’re, wouldn't, Israel, Kevin McCarthy, Joe Biden, South Carolina Sen, Tim Scott, Ron DeSantis, Trump, Vivek Ramaswamy’s, “, ” Ramaswamy, ” Haley, DeSantis, ” DeSantis, Bill Strong, ” Strong, Nikki, doesn’t, Bruce Rauner, Rauner, She’s, Linda Marks, ” Marks, Thomas Beaumont, Elliot Spagat, ___ Meg Kinnard Organizations: Republican, United Nations, Department of Homeland Security, Israel, Saturday, Banking, Gov, Ukraine, Washington, GOP, Lockheed, Raytheon, Boeing, Trump, Disney, ” Former Illinois Gov, doer, Palestinian, Security, The Associated Press, NORC, for Public Affairs Research, Associated Press Locations: Iowa, China, Russia, Israel, U.S, America, Mexico, Iran, Tehran, South Carolina, Florida, Ukraine, Taiwan, ”, Texas, United States, Gaza, Des Moines, Windsor Heights , Iowa, Boone , Iowa, San Diego

☆ We will be different team against Fiji, says England's George
▼ + stars: | 2023-10-11 | by ( Mitch Phillips | ) www.reuters.com time to read: +3 min

"Last weekend wasn't good enough, it was poor, but we have had a really good open and honest review," George told reporters. You'll see a very different England team on Sunday." George, a British and Irish Lion and veteran of many big games with Saracens, said the England team were embracing the occasion as they seek to improve on their run to the final four years ago. Fiji have improved their all-round game, particularly the scrum, but their lineout still looks vulnerable and is an area England expect to dominate. "The way Portugal targeted their line-out was something that was very interesting and especially how they go about it," George said.

Persons: Jamie George, George, Danny Care, George Kruis, Steve Borthwick, Elliot Daly, we’ve, Mitch Phillips, Ed Osmond Organizations: Samoa, Fiji, Irish Lion, Saracens, England, Twickenham, Thomson Locations: MARSEILLE, France, British, Fiji, England, Portugal

As a platform subject to Europe’s Digital Services Act (DSA), X could face billions in fines if regulators conclude that violations have occurred. Much of the problematic content appears to stem from platform changes made under Musk’s supervision, Breton suggested in the letter, which he shared on X. “We have, from qualified sources, reports about potentially illegal content circulating on your service despite flags from relevant authorities,” Breton wrote. The EU letter comes as misinformation about the conflict continues to spread widely across X. On Tuesday, the investigative journalism group Bellingcat said a fake video designed to look like a BBC News report was circulating on social media.

Persons: Elon Musk, Thierry Breton, X didn’t, Breton, X, ” Breton, Porte, Gonzalo Fuentes, ”, Bellingcat, Elliot Higgins, Shayan, “, Musk Organizations: CNN, Europe’s Digital Services, White, DSA, SpaceX, Tesla, Viva Technology, Porte de, Reuters, BBC, BBC News, Pentagon Locations: Israel, Paris, France, EU, Ukraine

☆ UK Labour leader promises 'a decade of national renewal' in disrupted conference speech
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A protester throws glitter over and disrupts Labour leader Sir Keir Starmer making his keynote speech during the Labour Party Conference in Liverpool. (Photo by Stefan Rousseau/PA Images via Getty Images)LIVERPOOL, England — U.K. opposition Labour Party Leader Keir Starmer on Tuesday promised "a decade of national renewal" during a keynote conference speech disrupted by a protester. The Labour leader opened his speech by promising "a decade of national renewal," a signal of the party's confidence of a generational shift in power after next year's General Election. "This Labour Party will fight the next election on economic growth. An economy that works for the whole country is what the British people want," he added, arguing that investment in national infrastructure was key to securing better distributed growth.

Persons: Sir Keir Starmer, Stefan Rousseau, Keir Starmer, Starmer, thrall Organizations: Labour Party Conference, Images, Labour Party, Labour, National, Great, Great British Energy Locations: Liverpool, LIVERPOOL, England, Great British, Scotland

☆ London's financial heart is sizing up a win for center-left Labour party at next year's UK election
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesLIVERPOOL, England — The U.K.'s main opposition Labour party is seeking to woo London's powerful financial center as it sets its sights on winning power at next year's General Election. At the party's conference this week, lawmakers were unanimous in emphasizing Labour's renewed focus under leader Keir Starmer on spurring economic growth as its number one priority. Speaking at a fringe event on Sunday, Shadow Financial Secretary to the Treasury James Murray reiterated the party's mission of achieving the highest growth in the G7 and engaging the private sector. It really is crucial to underpin the encouragement of businesses to invest, to underpin everyone working together for economic growth," Murray added. Shadow Chancellor Rachel Reeves announced a host of new economic pledges aimed at stimulating growth, vowing to "rebuild Britain" if Labour wins the 2024 General Election.

Persons: Keir Starmer, James Murray, Murray, Rishi, Liz Truss's, Kwasi Kwarteng, Rachel Reeves, Reeves, Jeremy Corbyn, Starmer, Emma Reynolds Organizations: Bloomberg, Getty, Labour, Shadow, Conservative Party, Treasury Locations: Canary, London, LIVERPOOL, England, Britain, Liverpool

☆ UK opposition Labour announces sweeping economic reforms in promise to 'rebuild Britain'
▼ + stars: | 2023-10-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, England — Britain's main opposition Labour party on Monday vowed to "rebuild Britain" if it wins the 2024 General Election, as Shadow Finance Minister Rachel Reeves announced a host of new economic pledges aimed at stimulating growth. The lifeblood of a growing economy is business investment," Reeves said, further cementing the party's recalibration in recent years as a centrist, pro-business alternative to the ruling Conservatives. Truss and then-Chancellor Kwasi Kwarteng opted not to seek an independent appraisal from the OBR, breaking with traditional norms of economic policy. Labour holds around a 20-point lead over the Conservatives across most major polling, with the ruling party damaged by a string of scandals and the fallout from Sunak's predecessor Liz Truss's "mini-budget." In order to catalyze and de-risk business investment, Labour would create a new national wealth fund, Reeves also announced.

Persons: Rachel Reeves, Jeremy Hunt, Reeves, Liz Truss, Kwasi Kwarteng, Rishi Sunak, Liz Truss's Organizations: Labour, Shadow, Conservative Party Locations: LIVERPOOL, England, Britain, Liverpool, France, Germany, America

Many of the GOP presidential candidates say they would carry out potential acts of war against Mexico in response to the trafficking of fentanyl and other synthetic opioids. Mexican President Andres Manuel López Obrador repeatedly denies his country is producing the synthetic opioid despite enormous evidence to the contrary. Border agents seized nearly 13 tons (12,000 kilograms) of fentanyl at the U.S.-Mexico border between September 2022 and August, according to U.S. Customs and Border Protection. "As commander in chief, I’m going to use the U.S. military to go after the Mexican drug cartels,” said DeSantis, the Florida governor. Lopez Obrador took office in December 2018 campaigning with a motto of “hugs, not bullets,” and for four years has shredded his predecessors’ prosecution of the drug war.

Persons: Ron DeSantis, Nikki Haley, Vivek Ramaswamy, ” Donald Trump, You’ve, you’ve, ”, Arturo Sarukhan, “, Andrea Thomas ’, Thomas, Joe Biden's, Andres Manuel López Obrador, I’m, DeSantis, James Mandryck, Lopez Obrador, Xóchitl Gálvez, James K, Polk, Woodrow Wilson, Pancho Villa, Trump, Tony Payan, Elliot Spagat, Mark Stevenson Organizations: MIAMI, Republican, GOP, U.S . Customs, U.S . Commission, Univision, Drug Enforcement Administration, Trump, Biden, U.S ., Center, Rice, Baker Institute for Public, Associated Press Locations: U.S, Mexico, United States, Washington, Junction , Colorado, Mexican, Florida, China, Sinaloa, Latin America, Texas, California , Nevada , Utah, New Mexico, Arizona, Colorado, Oklahoma , Kansas, Wyoming, Veracruz, Columbus , New Mexico, San Diego, Mexico City

☆ Inflation is 'always going to be a risk' with the U.S. economy now fundamentally changed, ADP chief economist says
▼ + stars: | 2023-10-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Surveys suggest that despite cooling inflation and jobs gains, Americans remain deeply skeptical of the president's handling of the post-pandemic economy. Photographer: Al Drago/Bloomberg via Getty Images Al Drago | Bloomberg | Getty ImagesInflation is "always going to be a risk" in the U.S. due to structural changes in the labor market, according to Nela Richardson, chief economist at payroll processing firm ADP. Prior to that, interest rates had remained low for a decade as central banks around the world looked to stimulate their respective economies in the wake of the global financial crisis. "This was an economy built on very close to zero interest rates for 10 years of economic expansion, and that was OK because inflation was super low," she said. watch now"But now inflation has awakened, and if you look at demographic trends, labor shortages are not going away.

Persons: Al Drago, Nela Richardson, Richardson, It's Organizations: Bloomberg, Getty, U.S . Federal Reserve, Market Committee, Dow Jones Locations: Ocean City , New Jersey, US, U.S

European stocks moved higher on Friday as market participants brace themselves for U.S. jobs data later in the session. The pan-European Stoxx 600 index was up 0.5% in early trade, with insurance stocks adding 1.2% to lead gains as most sectors and major bourses nudged into positive territory. Economists surveyed by Dow Jones expect that September will show a net 170,000 new jobs — significantly more than that could provide a good-news-is-bad-news jolt to an already reeling market. The pan-European Stoxx 600 closed 0.3% higher on Thursday, following three consecutive negative trading sessions at the start the fourth quarter. The rate on the 10-year Treasury note slipped from highs last seen in 2007 earlier in the week and held steady at around 4.7276% on Friday.

Persons: nonfarm, Dow Jones Organizations: U.S, Wall, Federal Reserve Locations: Asia, Pacific

☆ New exhibition shines a light on the forgotten Black voices of fashion
▼ + stars: | 2023-10-05 | by ( Funmi Fetto | ) edition.cnn.com time to read: +6 min

“The Missing Thread, Untold Stories of Black Fashion” is filled with photos like this, as the showcase dives deep into the history of Black British culture from the 1970s to the present day — specifically, how it has been a forgotten influence on the fashion industry. British Jamaican photographer Vanley Burke has spent over 50 years documenting Black British communities in Birmingham. London-born photographer Jennie Baptiste is another artist getting her dues in "The Missing Thread." At the center of the exhibition is the work of Black British designer Joe Casely-Hayford, who died in 2019. Casely-Hayford was nominated for Womenswear British Designer of the Year in 1989 and also Innovative Designer of the Year in 1991.

Persons: London CNN —, Neil Kenlock, ”, Andrew Ibi, Jason Jules, Harris Elliot —, Jules, Black creatives, Law Roach, Chioma Nnadi, Ibi, Elliot, Vanley Burke, “, Wayne Pinnock, Pinnock’s, Suzy Menkes, Pinnock, Jennie Baptiste, Pinky, Chinyere Eze, Brenda Cuffy, Charlie Allen, Joe Casely, Hayford, Kevin Davies, White, Bruce Oldfield, Queen, Ozwald Boateng, Savile, Bono, Charlie, Harris Organizations: London CNN, London’s Somerset House, Development Agency, CNN, Somerset House, Royal College of Art, New York Times, Moschino, Vogue, British Empire, Victoria & Abert Museum, FIT Locations: British, Birmingham, Handsworth Park, Somerset, Milan, London, Casely, New York City

It is the second time in less than a year that Rivian is issuing such a green bond, which raises capital from investors seeking to back climate-focused projects. The company had issued a $1.3 billion convertible green bond in March to support the launch of its smaller R2 vehicle family. The company beat estimates in the third quarter by producing 16,304 vehicles and delivering 15,564 vehicles to customers. As of Sept. 30, Rivian had about $9.1 billion in cash on its balance sheet, down from $10.2 billion in June. The current median price target for the 24 analysts covering Rivian's shares is $30, with a "buy" recommendation, LSEG data showed.

Persons: Rivian, Elliot Johnson, it's, Johnson, Robert Scaringe, Garrett Nelson, Nelson, Chibuike Oguh, Abhirup Roy, Lance Tupper, Alexandra Hudson, Diane Craft, David Gregorio Our Organizations: Rivian Automotive Inc, Reuters, Evolve, Tesla Inc, EV, Thomson Locations: Irvine , California, Georgia, Atlanta, New York, San Francisco

European markets traded in negative territory Wednesday as global sentiment falters. The pan-European Stoxx 600 index fell 0.5% in early trade, with autos shedding 2% to lead losses as most sectors and major bourses slid into the red. U.S. stocks were lower Tuesday as traders closely monitored rising Treasury yields, which hit a 16-year high. The 10-year Treasury yield, a benchmark for mortgage rates and gauge of investors' economic confidence, briefly touched its highest level since 2007. Overnight, Asia-Pacific markets were broadly weaker Wednesday, with Korean and Japanese stocks posting a more than 2% drop after the U.S. 10-year Treasury yield rose.

Organizations: Treasury Locations: Asia, Pacific

☆ What to expect when beer king Constellation Brands reports earnings Thursday morning
▼ + stars: | 2023-10-04 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

Lots of Wall Street firms are getting out ahead of this week's earnings from Constellation Brands (STZ) with price target increases. At the time, we were optimistic and increased our price target on the Modelo and Corona maker to $270 per share from $260. When measuring beer growth, he assesses how much shelf space companies get every year and how quickly those products fly off the shelves. All these factors "drive solid beer growth even as the macro environment gets worse," Falorni said. Wedbush also thinks Constellation will be able to weather those macro consumer storms and continue to drive earnings and revenue growth.

Persons: It's, we'll, We'd, Filippo Falorni, there's, Falorni, Wedbush, Wells, Goldman Sachs, Jim Cramer, Bill Newlands, Elliott, Luca Zaramella, Bill Giles, Sands, Jim, Elliot, Jim Cramer's Organizations: Constellation Brands, Modelo, Revenue, Federal Reserve, Constellation, Citi, CNBC, JPMorgan, Modelo Especial, Elliott Management, Club, Mondelez, AutoZone, Getty Locations: Corona, Wells Fargo, U.S, Simi, STZ

☆ Novartis unit Sandoz starts trading at 24 Swiss francs after completing spinoff
▼ + stars: | 2023-10-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Novartis said in August that it plans to spin off its generics unit Sandoz to sharpen its focus on its patented prescription medicines. Novartis on Wednesday completed the spinoff of its generics and biosimilars business Sandoz, whose shares began trading at 24 Swiss francs in the early minutes of the company's debut on the SIX Swiss Exchange. The Swiss drugmaker initially announced intentions to spin off the business in August, offering stakeholders one Sandoz share for every five Novartis shares via a dividend-in-kind distribution. Pure play companies refer to entities that target a single product or industry sector. Novartis shares climbed more than 3% in early trade in Zurich to lead the pan-European Stoxx 600 index .

Persons: Sandoz, Narasimhan, we've, CNBC's Julianna Tatelbaum Organizations: Novartis, Wednesday, SIX Swiss Exchange, CNBC Locations: Swiss, Zurich

☆ Russian ruble weakens past symbolic threshold of 100 against the dollar
▼ + stars: | 2023-10-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A woman looks at a board showing the rates of dollars and euros against the ruble in front of the exchange office on February 19, 2023, in Moscow, Russia. Russia's economy is beginning to feel the weight of Western sanctions, following the start of the war against Ukraine. The Russian ruble weakened beyond a symbolic threshold of 100 to the U.S. dollar in the early hours of Tuesday as foreign currency outflows and a shrinking balance of trade continue to weigh on the currency. The ruble recovered slightly through the morning, and was hovering just above 99.5 versus the greenback by around 8 a.m. London time. When the ruble last weakened into triple digits in August, the Bank of Russia called an emergency meeting to hike interest rates by 350 basis points to 12%.

Persons: Vladimir Putin's Organizations: Ukraine, U.S, Bank of Russia, Bank of Locations: Moscow, Russia, London, Russian, Bank of Russia

☆ Billionaire Bernard Arnault hits back at 'absurd' and 'senseless' money laundering allegations
▼ + stars: | 2023-10-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Billionaire LVMH CEO Bernard Arnault has hit back at allegations of money laundering, after the Paris prosecutor's office confirmed it is investigating financial transactions between Arnault and Russian oligarch Nikolai Sarkisov. In a statement, Arnault's attorney, Jacqueline Laffont, said the allegations were "absurd and unfounded." The investigation, seemingly under way, will demonstrate these facts," she said in an emailed statement over the weekend. "Furthermore, who could seriously imagine that Bernard Arnault, who has developed over the past 40 years the leading French and European company, would pursue money laundering to expand a hotel? I believe the senseless nature of these allegations will be recognized by all."

Persons: Bernard Arnault, Nikolai Sarkisov, Jacqueline Laffont Organizations: Paris, Sarkisov Locations: Courchevel

☆ Veteran investor David Roche has a contrarian call on grain prices, says prices will soar
▼ + stars: | 2023-10-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Grain prices have been in freefall of late as investors bet on a resurgence of supply from the U.S., Russia and Ukraine — but veteran strategist David Roche disagrees. Contrary to market consensus, Roche, president and global strategist at Independent Strategy, expects a 13-15% annual increase in wheat prices over the next two years. His comments come as wheat prices remain down around 29% year-to-date and at their lowest levels since September 2020, with short positions — bets that prices will fall — recently hitting a three-month high, according to a report from Independent Strategy. Corn prices are also trading around three-year lows while soybeans recently notched a four-year low. Meanwhile Russia, the world's largest grain exporter, has also produced large harvests which analysts expect to get through export blockades.

Persons: David Roche, Roche, CNBC's, we've Organizations: Independent, El Nino, U.S . Department of Agriculture Locations: Kramatorsk, Donetsk region, Ukraine, U.S, Russia, Mississippi

Search resuls for: "Elliot"

25 mentions found