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☆ LVMH boss Bernard Arnault under investigation in Paris over Russian oligarch transactions
▼ + stars: | 2023-09-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, attends a news conference to present the 2022 annual results of LVMH in Paris, France, January 26, 2023. The prosecutor's office declined to comment further on the ongoing investigations. The Paris public prosecutor's office is investigating LVMH CEO Bernard Arnault over financial transactions involving Russian oligarch Nikolai Sarkisov. "All transactions were carried out by French companies, through French notaries by French lawyers on all sides. He added that neither the company nor Sarkisov had received any request for documents from French authorities.

Persons: Bernard Arnault, LVMH Moet Hennessy Louis Vuitton, Le, Sarkisov, France's, Nikolai Sarkisov, Arnault, Igor Ivanov, Ivanov, LVMH Organizations: LVMH, CNBC Locations: Paris, France, Arnault, Belgium, Courchevel

☆ UK economic recovery picks up steam, overtaking 'sick man' Germany — for now
▼ + stars: | 2023-09-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesLONDON — The U.K.'s economic performance since the start of the Covid-19 pandemic has surpassed that of France and Germany, according to new data revisions published on Friday. A previous ONS estimate in August had suggested that U.K. GDP was still 0.2% below pre-pandemic levels, making it the slowest recovery among advanced economies. British Finance Minister Jeremy Hunt said in a statement Friday said the revised data "once again proves the doubters wrong." Still a 'flatlining economy' The U.K. economy has proven surprisingly resilient so far. "Unfortunately this snapshot of economic data is not significant enough to change the overall picture of a flatlining economy," said PwC economist Jake Finney.

Persons: Germany —, Jeremy Hunt, Jake Finney Organizations: Bloomberg, Getty, National Statistics, British, IMF, Bank of England Locations: Canary, London, France, Germany, British, Europe, Italy

☆ Saudi soccer league says big-money player purchases are only the first step in a long-term strategy
▼ + stars: | 2023-09-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The big-spending Saudi Pro League is aiming to build its global broadcasting presence and become one of the top 10 soccer leagues in the world, its chief operating officer, Carlo Nohra, told CNBC on Thursday. The league dominated the sports headlines over the summer as Saudi clubs cumulatively spent more than $1 billion in transfer fees and attracted some of the biggest names from Europe's top leagues with mammoth contract offers. Speaking to CNBC at the APOS conference in Bali, Indonesia, on Thursday, Nohra said that Saudi Arabia's strategy is "extremely long term," but that the acquisition of players was the first step. watch nowThe kingdom's massive investment in sport is part of a broader effort to diversify its economy away from oil by investing in commercial infrastructure to become a tourism, leisure and entertainment powerhouse. Nohra explained that the objectives handed down to the Saudi Pro League's bosses were to firstly improve on-pitch performance through the acquisition of world-class players, to fill the country's stadia and ultimately to drive the commercialization of the vastly improved overall product.

Persons: Carlo Nohra, cumulatively, Neymar, Sadio Mane, Ballon, Karim Benzema, Cristiano Ronaldo, Nohra, Prince Mohammed bin Salman Organizations: Saudi Pro League, CNBC, English Premier League, Liga, Germany's Bundesliga, Serie, Ligue, Saudi, Fox News, Saudi Pro Locations: Saudi, Bali , Indonesia

☆ The U.S. is weaker now than when we downgraded in 2011, former S&P ratings chairman says
▼ + stars: | 2023-09-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The U.S. is in a weaker position now than when S&P downgraded its sovereign credit rating in 2011, according to the former chairman of the agency's sovereign rating committee. S&P controversially downgraded the long-term credit rating from AAA representing a "risk free" rating to AA+ as early as 2011, citing political polarization after another debt ceiling squabble in Washington. John Chambers, former chairman of the Sovereign Rating Committee at S&P Global Ratings at the time of that 2011 downgrade, told CNBC's "Capital Connection" on Tuesday that a government shutdown is likely and that the whole episode was a "sign of weak governance." This was a factor that led to S&P's downgrade of 2011, and Chambers said the U.S. fiscal position is now even weaker than it was back then. At the time, we forecasted that it might get to 100% of GDP, and the government ridiculed us for being too scaremongering," he said.

Persons: Joe Biden, Kevin McCarthy, Fitch, John Chambers, CNBC's, Chambers Organizations: D.C, U.S . Capitol, AAA, Sovereign Locations: U.S, Washington

☆ 'We have dealt with recessions before': Jamie Dimon says geopolitics is the world's biggest risk
▼ + stars: | 2023-09-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. JPMorgan Chase & Co. CEO Jamie Dimon says geopolitics after Russia's invasion in Ukraine is the biggest risk, larger than high inflation or a U.S. recession. However, the war in Ukraine has polarized global powers and shows no sign of abating. I think it's also very important for the future of the free democratic world. Asked about the potential impact of this slump on the long-term prospects for China and the global economy, Dimon again suggested that Eastern Europe was the actual epicentre of risk, with the war in Ukraine straining relationships between economic superpowers.

Persons: Jamie Dimon, Dimon Organizations: JPMorgan Chase &, Reuters, U.S . Federal Reserve, CNBC Locations: Miami , Florida, U.S, Ukraine, India, China, Eastern Europe

☆ 'Private equity is now king' for the ultra-rich, says Tiger 21, an exclusive club of investors
▼ + stars: | 2023-09-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Michael Sonnenfeldt, Tiger 21 Scott Mlyn | CNBCPrivate equity is currently "king" among members of Tiger 21 — a network of ultra-high net worth entrepreneurs and investors — according to its founder and chairman, Michael Sonnenfeldt. The private equity industry had an especially tough 2022 after a decade-long bull run, but has picked up so far this year. Sonnenfeldt told CNBC on Friday that Tiger 21 members, who collectively manage around $150 billion in assets, have increased their allocation to private equity threefold over the last decade, and see further opportunities amid an expected boom for companies exposed to AI and climate. Most Tiger 21 members are entrepreneurs who have sold their companies and are now in the business of wealth preservation. According to a quarterly report from EY, private equity activity climbed 15% in the second quarter of 2023 versus the first, with total deal values hitting $114 billion on the back of a steep rise in Europe.

Persons: Michael Sonnenfeldt, Scott Mlyn, Sonnenfeldt, —, Dan Rasmussen Organizations: CNBC, Tiger Locations: EY, Europe

The Afghan man speaks only Farsi, but he wasn't worried about representing himself in U.S. immigration court. Mohammad said he was later shocked to learn that he had waived his right to appeal the decision. ____For his April 27 hearing, Mohammad submitted photos of his injuries from the 2016 suicide bombing that killed hundreds at a peaceful demonstration of mostly Hazaras. ___Former immigration judge Jeffrey Chase, who reviewed the transcript, said he was surprised John-Baptiste waived Mohammad’s right to appeal and that the Board of Immigration Appeals upheld that decision. But Andrew Arthur, another former immigration judge, said John-Baptiste ruled properly.

Persons: Mohammad, wasn’t, ”, Mona Iman, Iman, Biden, Mohammed, noncitizens, Judge Allan John, Baptiste, hadn't, John, he'd, ” John, ” Mohammad, “, Mohammad didn't, I’m, He'd, Jeffrey Chase, Mohammad’s, Chase, Andrew Arthur, ” Arthur, he's, they're, ” Iman, Elliot Spagat Organizations: Border Patrol, Associated Press, AP, Human, Mohammad, Prairieland Detention, . Immigration, Customs Enforcement, Immigration Appeals, Center for Immigration Studies, Trump, U.S Locations: Afghanistan, United States, Hazara, Texas, Mexico, Alvarado , Texas, Europe, South America, Syracuse, Houston, San Francisco, U.S, Pakistan, Brazil, Panama's, Darien, North Carolina, San Diego

☆ Five-try Arundell stars as England thrash Chile 71-0
▼ + stars: | 2023-09-23 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

England, who made 12 changes from the starting line-up against Japan, scored 11 tries, including five for 20-year-old winger Arundell that equalled an England record, albeit against the lowest ranked team in the tournament playing at their first World Cup. Samoa and Japan have five, Argentina four and Chile are yet to register after three defeats. It was one-way traffic by then and Arundell got his fourth, chipping and gathering his own kick. Chile showed touches of ambition in the first half but never really threatened and were chasing shadows after the break. Their coach Pablo Lemoine, who scored a try for Uruguay against England in that 2003 match, said: "I'm not really disappointed, that's reality.

Persons: Winger Arundell, debutants Smith, Winger Henry Arundell, Steve Borthwick, Arundell, Owen Farrell, Marcus Smith, Smith, Marcus, Theo Dan, Bevan Rodd, Matias Dittus, maul, Dan, Elliot Daly, George Ford, Farrell, England's, Josh Lewsey, Rory Underwood, Daniel Lambert, Ford, Jack Willis, Borthwick, Freddie Steward, Pablo Lemoine, Philip Blenkinsop, Ken Ferris, Clare Fallon Organizations: England, LILLE, Japan, Wales, Samoa, Ford, Fiji, France, Thomson Locations: France, England, Chile, Marseille, Australia, Fiji, Samoa, Japan, Argentina, flyhalf, Uruguay

☆ European markets retreat on prospect of higher for longer rates
▼ + stars: | 2023-09-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were slightly lower on Friday as the prospect of higher for longer interest rates emerges from a slew of central bank decisions this week. Stock markets have endured a volatile week, and the European blue chip index dropped 1.3% on Thursday. Both the Swedish and Norwegian central banks hiked interest rates. The Bank of Japan on Friday left interest rates unchanged at -0.1%, while maintaining its outlook and yield curve control policy, showing no impetus to end its massive economic stimulus measures. Data releases in Europe Friday include August retail sales and September purchasing managers' index readings from the U.K.

Persons: Jerome Powell Organizations: U.S . Federal Reserve, Bank of England, Swiss National Bank, Bank of Japan Locations: Norwegian, Asia, Pacific, Europe

☆ Bank of England ends run of 14 straight interest rate hikes after cooler-than-expected inflation
▼ + stars: | 2023-09-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The Bank of England on Thursday ended a run of 14 straight interest rate hikes after new data showed inflation is now running below expectations. Investors on Wednesday ramped up bets that the Bank would pause its interest rate hiking cycle after U.K. inflation came in significantly below expectations for August. Thomas Verbraken, executive director of risk management research at MSCI, said the burning question is whether the Bank of England's Thursday decision signals the peak of the interest rate cycle. Forward looking indicators suggest the U.K. economy is already flirting with recession, a backdrop consistent with cooling wage growth and a policy pivot," Mehdi said.

Persons: BOE, Andrew Bailey, We'll, Marcus Brookes, BoE, Brookes, Thomas Verbraken, Hussain Mehdi, Mehdi Organizations: Bank of England, City of, LONDON, Bank, U.S, Monetary, MPC, Quilter Investors, U.S . Federal Reserve, Bank of England's, HSBC Asset Management, Bank of, Fed, European Central Bank Locations: City, City of London, Bank of England's

☆ Swiss National Bank holds rates unchanged, ending hike streak
▼ + stars: | 2023-09-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A Swiss National Bank logo is pictured on the SNB building in Bern, Switzerland May 20, 2020. The Swiss National Bank ended its streak of five consecutive increases, keeping interest rates unchanged at its quarterly monetary policy meeting on Thursday. "The significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure," the SNB said in a statement. At its previous meeting in June, the central bank opted for a 25 basis point increase, after increments of as much as 75 basis points previously. "Over the medium term, however, it should return to more moderate levels, not least due to more restrictive monetary policy," the central bank said.

Organizations: Swiss National Bank, Swiss Locations: Bern, Switzerland, Swiss, Europe

☆ Former Bridgewater CEO Dave McCormick would get big money backing for Pennsylvania U.S. Senate run
▼ + stars: | 2023-09-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +7 min

Dave McCormick, Republican U.S. Senate candidate from Pennsylvania , greets supporters during a campaign event with Sen. Ted Cruz, R-Texas, at Lehigh Valley Sporting Clays in Coplay, Pa., on Tuesday, January 25, 2022. The last time McCormick ran for Senate, his chief rival in the Republican primary was TV host Dr. Mehment Oz. Christian Ferry, who previously worked for Republican Sen. Lindsey Graham and late GOP Sen. John McCain, said, "Every cycle these totals continue to go up." McCormick has reportedly been promised the support of the Senate Leadership Fund, a super PAC aligned with Republican Senate Minority Leader Mitch McConnell of Kentucky. Burch paid approximately $16 million for the estate, according to Newsday.

Persons: Dave McCormick, Sen, Ted Cruz, Dave McCormick's, Tory Burch, McCormick, Goldman Sachs, Lloyd Blankfein, Steven Mnuchin, Gary Cohn, David Solomon, Bob Steel, Perella Weinberg, Mnuchin, Donald Trump, Cohn, Bob Casey, Paul Singer, Steve Schwarzman, Burch, Mnuchin Cohn, Singer, Schwarzman, Steel, Dave, agains Casey, Dina Powell McCormick, Dina, Democrat John Fetterman, Mehment Oz, OpenSecrets . Oz, Donald Trump . Oz, Casey, Oz, Alex Conant, Republican Sen, Marco Rubio, It's, Lindsey Graham, GOP Sen, John McCain, Mitch McConnell of Organizations: Republican U.S, Lehigh Valley, U.S, Senate, Bridgewater Associates, Democratic, Elliot Investment Management, Blackstone, CNBC, Steel, NBC News, Associated Press, McCormick, Keystone, Bush, Treasury, Pennsylvania Senate, Democrat, Republican, GOP, PAC, Bridgewater, Pennsylvania Democratic Party, Fund, Prosperity, that's, Koch Industries, Hamptons, Newsday Locations: Republican, Pennsylvania, Texas, Coplay, Pa, Connecticut, Pittsburgh, Trump, OpenSecrets ., Mitch McConnell of Kentucky, Southampton, Long, , New York, Palm Beach

☆ Ark CEO Cathie Wood says she avoided the Arm IPO frenzy. Here's why
▼ + stars: | 2023-09-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Cathie Wood, CEO of Ark Invest, speaks during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, February 27, 2023. Brendan McDermid | ReutersArk Invest CEO Cathie Wood said she did not participate in Arm's blockbuster initial public offering last week because she finds the chip designer was overvalued relative to its competitive position. Arm CEO Rene Haas and executives cheer, as Softbank's Arm, chip design firm, holds an initial public offering (IPO) at Nasdaq Market site in New York, U.S., September 14, 2023. Brendan Mcdermid | Reuters"So we did not participate in that IPO, and we also compare it to the stocks in our portfolios. The top holdings in Wood's flagship Ark Innovation ETF include Tesla , Shopify , UiPath , Unity , Zoom , Twilio , Coinbase , Roku , Block and DraftKings .

Persons: Cathie Wood, Brendan McDermid, Wood, Rene Haas, Brendan Mcdermid Organizations: Ark Invest, CNBC, New York Stock Exchange, Reuters Ark, Nasdaq, Reuters, Innovation, Tesla, U.S . Federal Reserve Locations: New York City, New York, U.S

☆ Inflation surprise puts a rate-hike pause back on the table for Bank of England
▼ + stars: | 2023-09-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In August, the Bank of England increased interest rates for the 14th time in a row. LONDON — The Bank of England's next monetary policy move is now wide open, following a significant downside surprise in the August inflation print out earlier on Wednesday. The goods rate rose slightly from 6.1% to 6.3%, but was more than offset by the services rate slowing significantly from 7.4% to 6.8%. Following the surprise, Goldman Sachs changed its projection for Thursday's critical rate decision and now expects the Bank of England to keep its main bank rate unchanged. Combined with their recent dovish commentary, we now expect the MPC to keep Bank Rate unchanged tomorrow and lower our forecast for the terminal policy rate to 5.25% (from 5.5% before).

Persons: Goldman Sachs Organizations: Bank of England, of, Bank, MPC Locations: London

☆ UK inflation dips to 6.7%, below expectations as food prices ease
▼ + stars: | 2023-09-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The OECD recently predicted that the UK will experience the highest inflation among all advanced economies this year. U.K. inflation surprised with a dip to 6.7% in August, below expectations and sparking increased bets on a pause in interest rate hikes from the Bank of England on Thursday. The goods rate rose slightly from 6.1% to 6.3% but was more than offset by the services rate slowing significantly from 7.4% to 6.8%. Caroline Simmons, U.K. chief investment officer at UBS, told CNBC that the central bank will still most likely hike on Thursday. "We do believe that's going to be their last hike, however, because we do have these downward forces on inflation," she added.

Persons: Raoul Ruparel, Ruparel, Caroline Simmons Organizations: OECD, Bank of England, Reuters, National Statistics, Boston Consulting Groups, for Growth, of England, UBS, CNBC Locations: Sheffield, London

But expediting work permits isn’t so easy, either legally or bureaucratically, experts in the process say. It would take an act of Congress to shorten a mandatory, six-month waiting period before asylum-seekers can apply for work permits. Maura Healey, who declared a state of emergency over the migrant influx, wrote Mayorkas that work permits represent “an opportunity to meet employer needs, support our economy, and reduce dependency among new arrivals.” And 19 Democratic state attorneys general wrote Mayorkas that work permits would reduce the strain on government to provide social services. Custom and Border Protection online app have applied for work permits, according to the White House. After he got his temporary work authorization, his boss gave him an extra dollar per hour.

Persons: Eric Adams, Kathy Hochul, Joe Biden, Biden, Hochul, Gilberto Pozo Ortiz, ” Ortiz, “, Brandon Johnson, J.B, Pritzker, Alejandro Mayorkas, Maura Healey, Andre Vasquez, Adams, ” Adams, “ We’re, Muzaffar Chishti, noncitizens, Elden Roja, honked, Roja, Jose Vacca, Elliot Spagat Organizations: Gov, Democratic, Homeland Security Department, Illinois Gov, Homeland, Massachusetts Gov, City Council’s, Refugee Rights, New, Republicans, Migration Policy Institute, Nationwide, Custom, Protection, Federal, U.S, CBP, Associated Press Locations: ALBANY, N.Y, New York City, Mexico, Cuba, New York, Chicago, City, U.S, Venezuelan, Colombia, Texas

☆ Meet the Instacart mafia: Here are 14 alumni of the grocery-delivery company who have founded their own startups and collectively raised at least $144 million from VCs
▼ + stars: | 2023-09-20 | by ( Samantha Stokes | Madeline Renbarger | Vishal Persaud | ) www.businessinsider.com time to read: +1 min

Some former Instacart employees have left the company to found their own startups. Meet 14 Instacart mafia members who have collectively raised at least $144 million for their own startups. Former Instacart employees are in good company. Meet the Instacart mafia, which includes former chief growth officer Elliot Shmukler and Andreea Akerele Francis, the company's head of product, retention and growth from 2018 to 2021. They and others have now founded companies of their own that have raised millions of dollars in VC funding.

Persons: Elliot Shmukler, Andreea Akerele Francis Organizations: Nasdaq, mafia Locations: insurtech

☆ Bank of England deputy governor says impairments rising among UK lenders
▼ + stars: | 2023-09-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In August, the Bank of England increased interest rates for the 14th time in a row. The British banking sector is seeing a rise in impairments amid rising inflation and ensuing interest rate hikes, according to Bank of England Deputy Governor Sam Woods. The economy has proven surprisingly resilient, but Woods, also CEO of the Prudential Regulation Authority, said regulators are closely monitoring potential stresses in the banking sector. "As we're looking at it now, we are actually seeing a pickup in impairments across the banking sector. "So it's going up but from a very low base, and we've got a close eye on it," he added.

Persons: Sam Woods, Woods, we've Organizations: Bank of England, Prudential, Authority, CNBC

☆ Bank of England bond sales creating a 'selling gold at the bottom' moment, strategist says
▼ + stars: | 2023-09-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Henry Nicholls | ReutersLONDON — The Bank of England's rapid pace of bond sales is creating a "selling gold at the bottom" moment for investors, according to Christopher Mahon, head of dynamic real return at Columbia Threadneedle. Now, despite the fact that the value of gilts has fallen dramatically since then, the central bank is unwinding those holdings, and fast. In late July, the central bank estimated that it would require the Treasury to indemnify £150 billion ($189 billion) of losses on its asset purchase facility (APF). The Bank of England, for its part, disputes that the asset sales are affecting markets in any substantive way.

Persons: Henry Nicholls, Christopher Mahon, Mahon, BOE, it's, Dave Ramsden, Ramsden Organizations: Bank of England, Reuters LONDON, Columbia, U.K . Treasury, Treasury, U.S . Federal Reserve, European Central Bank, Bank, U.K, . Bank of England, CNBC, Monetary, BNP Locations: City, London, Britain

[1/2] Executive Producer Elliot Page poses during the presentation of "Backspot" at the Toronto International Film Festival (TIFF) in Toronto, Ontario, Canada September 8, 2023. REUTERS/Mark Blinch Acquire Licensing RightsTORONTO, Sept 10 (Reuters) - Canadian actor Elliot Page hopes that his role in the new film "Close to You" moves people and cracks open the hearts and minds of viewers as it did for him. The film, which in part parallels Page's life, is co-written by Page and Dominic Savage who also directed the film. Page, who received an Oscar nomination for his role in "Juno" (2007), was assigned as female at birth and came out as transgender in 2020. "So much of this movie is about connections, what it means to be human, and what it means to feel seen.

Persons: Elliot Page, Mark Blinch, Sam, Page, Dominic Savage, Savage, Hillary Baack, Katherine, Baack, Divya Rajagopal, Diane Craft Organizations: Toronto, Film, REUTERS, Rights, Toronto Film, Reuters, Thomson Locations: Toronto , Ontario, Canada

☆ Can stocks finish strong in 2023? Wall Street giants weigh in
▼ + stars: | 2023-09-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Global stocks notched their second-worst month of the year in August, with the MSCI broad aggregate of world indexes dropping 2.96%, according to LSEG data. This has carried into a tepid start to September trade, but Madison Faller, global investment strategist at JPMorgan Private Bank, said in a research note on Friday that 2023 can still finish strong. "While there are still things we don't know, the read from the key players — central banks, Wall Street, Main Street and the C-suite — suggests that the outlook feels brighter today than it did a year ago," Faller said. "With less worry about the near term, more firms are starting to focus on how they can continue growing in the long term. Technology stocks, particularly those with a heavy focus on AI, have driven a huge portion of the market's gains so far this year.

Persons: Madison Faller, Faller, haven't, Jerome Powell, Powell didn't, Goldman Sachs, it's, Peter Oppenheimer, we're, Tesla Organizations: NYSE, NYSE Stock, JPMorgan Private Bank, Federal Reserve, Fed, European Central Bank, Bank of England, Global Equity, CNBC, Nvidia, Facebook Locations: Wall, China, U.S

☆ 'We are ready to engage': Europe's biggest carmakers brace for China's EV challenge
▼ + stars: | 2023-09-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

BMW CEO Oliver Zipse speaks during the presentation of the new BMW "New Class" during an event ahead of the IAA motor show in Munich. Europe's dominant position in the automotive sector was established over many decades through its capacity to build superior combustion engines. The German behemoth has already created automotive software company CARIAD, as well as partnering with Chinese EV startup Xpeng, joint venture partner SAIC and autonomous driving company Horizon Robotics. watch nowHe added that Volkswagen has established "huge cost initiatives" and sees big opportunities to scale up its EV production while reducing battery production costs by 50%. Our electricity costs compared to China or North America are too high," Skoda CEO Klaus Zellmer told CNBC on Monday.

Persons: Oliver Zipse, Christophe Périllat, Luca De Meo, Ampere, De Meo, CNBC's Annette Weisbach, Oliver Blume, " Blume, Blume, Klaus Zellmer, Joe Biden's, BEV, Zellmer Organizations: BMW, IAA, Getty, CNBC, Volkswagen, Renault, IAA Mobility, SAIC, Horizon Robotics, Volkswagen Group, CRU Group, Skoda Locations: Munich, China, Europe, North America, U.S, Canada, Spain, Germany

☆ 'Really bad economics': Nobel laureate Joseph Stiglitz explains where the Fed went wrong on inflation
▼ + stars: | 2023-09-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Mike Green | CNBCThe Federal Reserve "didn't do their homework" and mischaracterized the spike in inflation that has plagued the U.S. economy over the last two years, according to Nobel Prize-winning economist Joseph Stiglitz. The Fed didn't start hiking rates until March 2022 and Chair Jerome Powell repeatedly insisted that inflation was "transitory," indicating that it could be easily tamed. watch nowInstead, Stiglitz said that the price rises were often driven by other factors, such as a shortage of key components like semiconductor chips. In an effort to drag inflation back down towards its 2% target, the Fed has now hiked interest rates 11 times in total to a target range of 5.25%-5.5%, the highest level for more than 22 years. American auto companies forgot to put in orders for chips, and for want of a chip, you can't make a car."

Persons: Mike Green, Joseph Stiglitz, Jerome Powell, Stiglitz, CNBC's Steve Sedgwick Organizations: CNBC, Federal, Fed Locations: U.S

☆ Amazon loses One Medical CEO a year after acquiring primary care provider
▼ + stars: | 2023-09-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amir Dan Rubin, CEO of primary care provider One Medical, which Amazon acquired about a year ago, is leaving the company later this year. Twitch CEO Emmett Shear resigned from Amazon in March, and Whole Foods CEO John Mackey retired last year. Amazon has looked to shore up its presence in health care through the One Medical and PillPack deals, as well as by developing services in-house. Last August, the company shuttered its Amazon Care telehealth service amid broader cost-cutting efforts. Haven, a joint venture intended to disrupt health care, disbanded in 202.

Persons: Amir Dan Rubin, Neil Lindsay, Rubin, Trent Green, Trent, PillPack, TJ Parker, Elliot Cohen, Twitch, Emmett Shear, John Mackey, It's Organizations: Amazon, Amazon Health Services, CNBC, Washington Post, Federal Trade Commission, Whole Foods Locations: Haven

☆ A 'historic' result but still a 'construction site': Analysts react to blowout UBS earnings
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty ImagesUBS shares rallied to 15-year highs on the back of what analysts branded a "historic" earnings report, though Deutsche Bank said the Swiss banking giant may remain a "construction site" for some time. UBS also announced that it will fully integrate Credit Suisse's Swiss banking unit, a key profit center, in 2024. Notably, UBS highlighted that the massive net asset and deposit outflows seen by Credit Suisse over the last year have finally begun to reverse, and turned positive in June. "It's difficult to combine a blowout result like that and then to announce layoffs at the same time.

Persons: Fabrice Coffrini, Benjamin Goy, Sharath Kumar, Bruno Verstraete, Verstraete Organizations: Credit Suisse, UBS, AFP, Getty, Deutsche Bank, Swiss, Credit, midafternoon, Lakefield Partners, CNBC Locations: Swiss, Zurich, 2Q23, Switzerland

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