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Search resuls for: "Joumanna Bercetche"


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☆ Top banking CEO warns of further volatility and predicts more U.S. rescues
  + stars: | 2023-05-03 | by ( Silvia Amaro | ) www.cnbc.com   time to read: +1 min
A top banking executive highlighted a possible divergence in fortunes for the finance sector in both Europe and the U.S., suggesting that more rescues of American regional lenders are likely. "In the U.S., it is about distressed banks being rescued, I don't see any distressed bank being rescued in Europe," Andrea Orcel, the CEO of UniCredit, told CNBC's Joumanna Bercetche Wednesday. JPMorgan on Monday acquired a substantial majority of assets of First Republic, which included about $92 billion of deposits. Leading economists have told CNBC that further rate increases could expose more fragilities in the U.S. banking sector. But banking authorities in the European Union, where Italy's UniCredit is headquartered, have repeatedly said they do not see the same level of risk in the region, arguing European banks are well-capitalized and face stronger regulation.
☆ The UK and Germany have very different ideas about the future of nuclear energy
  + stars: | 2023-05-02 | by ( Joumanna Bercetche | ) www.cnbc.com   time to read: +1 min
As the price of oil increased, energy independence became a priority, and Germany started commissioning more nuclear reactors. It took the nuclear disasters in Chernobyl in 1986, which was then part of the Soviet Union, and Fukushima, Japan, in 2011 to shift German public opinion against nuclear energy. Germany's decision to end its reliance on nuclear energy made it reliant on Russian pipeline gas. The UK's first nuclear power station was built in the 1950s, but it was Prime Minister Margaret Thatcher who, in the 1980s, proposed constructing a nuclear power station every year for a decade as part of the country's industrial strategy. A study by market research firm YouGov in 2022 showed that almost half of Britons back the use of nuclear energy, compared with 31% who are opposed.
☆ Standard Chartered CEO warns of risks in the banking sector that haven't 'come home to roost'
  + stars: | 2023-04-25 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +1 min
Standard Chartered 's chief executive warned Monday that the banking sector may face fresh issues, even as the immediate risks from last month's market turmoil have subsided. Bill Winters said other issues could "come home to roost in some form of a crisis" as imbalances in some banks are exposed. I don't think we can put the issue behind us," Winters told CNBC's Joumanna Bercetche. Swift intervention by regulators last month prevented the collapse of Silicon Valley Bank — and later, Credit Suisse — from escalating into a wider banking crisis. "That exposed some underlying flaws in business models, or exacerbated flaws that we knew were there but maybe didn't appreciate how serious they were," he said.
☆ A recession is coming — and stock markets won't come through it unscathed, strategist says
  + stars: | 2023-04-21 | by ( Sam Meredith | ) www.cnbc.com   time to read: +1 min
The latest U.S. economic data suggests a recession is coming, according to the chief executive of financial advisory firm Longview Economics, and investors may need to prepare for some pain in the stock market. Speaking to CNBC's "Squawk Box Europe" on Friday, Chris Watling said he believed a recession was on its way, citing what he described as "pretty compelling" and "brutally bad" leading economic indicators. The Conference Board on Thursday said its Leading Economic Index for the U.S. fell by 1.2% in March, slipping to its lowest level since November 2020. The data appeared to indicate that economic weakness could soon intensify and spread throughout the U.S. economy. "Every time you've had that in the U.S., you've had a recession.
☆ 'We should be worried': Finance leaders warn rising interest rates are squeezing low-income countries
  + stars: | 2023-04-19 | by ( Elliot Smith | ) www.cnbc.com   time to read: +5 min
Ernest Ankomah/Getty ImagesLeaders of several global financial bodies warned that rising interest rates are increasing pressure on low-income developing countries, around 60% of which are now in or at high risk of debt distress. A lot of the debt accrued by low-income countries is coming due over the next couple of years, however, and rising interest rates mean these countries will find it increasingly difficult to meet their repayments. As such, van Trotsenburg called for "renewed solidarity with developing countries" from international bodies and major economies not just in the form of words, but with increased resources. "That's actually something that we raised a decade ago when we saw a rapid rise in the indebtedness levels of low-income countries. Diop said establishing a firm path toward economic growth in developing economies would enable them to generate investment and stand a better chance of meeting future loan obligations.
☆ 'We can achieve more with less,' ECB's Centeno says on monetary policy
  + stars: | 2023-04-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We can achieve more with less,' ECB's Centeno says on monetary policyMario Centeno, governor of the Bank of Portugal, tells CNBC's Joumanna Bercetche that the ECB will be watching the data before deciding its next steps, but also says he has one key message: "We can achieve more with less."
☆ ECB must 'carry on and act consistently' with interest rate hikes, policymaker says
  + stars: | 2023-04-14 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +1 min
The European Central Bank must "carry on and act consistently" with interest rate hikes as it continues its efforts to tackle high inflation, policymaker Olli Rehn said Friday. Euro zone core inflation — which excludes volatile energy, food, alcohol and tobacco prices — reached an all-time record of 5.7% in March, up from 5.6% in February. Headline inflation, meanwhile, fell significantly to an annual rate of 6.9% last month. "Inflation is still by far too high, and especially I'm concerned about core inflation, underlying inflation," Rehn told CNBC's Joumanna Bercetche at the International Monetary Fund's spring meeting in Washington, D.C. The ECB has raised interest rates by 50 basis points at its last six consecutive policy meetings.
☆ Banking crisis forces ECB policymakers to rethink rate hikes, but focus still firmly on inflation
  + stars: | 2023-04-14 | by ( Elliot Smith | ) www.cnbc.com   time to read: +6 min
A sign for the European Central Bank (ECB) outside the bank's headquarters in Frankfurt, Germany, on Thursday, Feb. 2, 2023. Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymakers are reconsidering the path of interest rate hikes in light of last month's banking turmoil, but remain committed to reining in core inflation. However core inflation — which excludes volatile energy, food, alcohol and tobacco prices — rose to an all-time high of 5.7%. But he said policymakers will be examining the data for signs that core inflation is coming down and the bank's medium-term inflation target of 2% is within sight. So yes we are worried about the core inflation not yet peaking," Scicluna said.
☆ Europe's banking system is sound — but we shouldn't get complacent: IMF
  + stars: | 2023-04-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope's banking system is sound — but we shouldn't get complacent: IMFAlfred Kammer, director of the European department at the IMF, discusses the region's economic outlook and the strength of its banking sector with CNBC's Joumanna Bercetche.
☆ Germany's energy crisis is 'more or less solved' and its economy is safe, Bundesbank's Nagel says
  + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com   time to read: +4 min
"The German economy proved a lot over the past couple of weeks and months, so the adaptation capacity of the German industry is pretty high, the energy crisis is more or less solved. But core inflation — which strips away volatile food, energy, alcohol and tobacco prices — increased to an all-time high of 5.7%. Nagel said the persistence of high core inflation showed the ECB Governing Council, in which he is considered one of the more hawkish members, has further to go in tightening monetary policy. He expects core inflation to eventually follow the headline figure downwards, but reiterated that policymakers have to "stay really alerted when it comes to the inflation story." "There is no contradiction between what we have to do on the price stability side and on the financial stability side," he said.
☆ Ukraine war live updates: Russia digitizes draft system to target dodgers; World Bank announces $200 million for Ukraine repairs
  + stars: | 2023-04-13 | by ( Natasha Turak | ) www.cnbc.com   time to read: +1 min
The European Commissioner for the economy, Paolo Gentiloni, has hailed the EU's swift transition away from its dependency on Russian gas and said next winter will be less challenging. "We were expecting a terrible winter, a winter of recession and problems with energy supplies, blackouts," he told CNBC's Joumanna Bercetche in Washington, D.C. on Wednesday. "We didn't have recession and we were able to go out from dependency from Russian gas in eight months. He said the EU would be refiling storage from the end of April without Russian gas and said it was important to diversify pipelines, noting increased Chinese demand following its lockdown reopening may bring liquefied gas prices up. "More optimistically, the big, big challenge was last winter, next winter will also be challenging but we already know we were able to do something amazing," Gentiloni said.
☆ The 'energy crisis is solved' and the German economy is safe, Bundesbank's Nagel says
  + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com   time to read: +4 min
"The German economy proved a lot over the past couple of weeks and months, so the adaptation capacity of the German industry is pretty high, the energy crisis is more or less solved. But core inflation — which strips away volatile food, energy, alcohol and tobacco prices — increased to an all-time high of 5.7%. Nagel said the persistence of high core inflation showed the ECB Governing Council, in which he is considered one of the more hawkish members, has further to go in tightening monetary policy. He expects core inflation to eventually follow the headline figure downwards, but reiterated that policymakers have to "stay really alerted when it comes to the inflation story." "There is no contradiction between what we have to do on the price stability side and on the financial stability side," he said.
☆ EU will issue fresh wave of sanctions to stop Russia reinventing their war machine, official says
  + stars: | 2023-04-13 | by ( Ryan Browne | ) www.cnbc.com   time to read: +3 min
"We have to make sure they don't find ways around our sanctions," McGuinness said. McGuinness was also asked whether the EU will look to penalize countries that aid Russia in evading sanctions with new legislation. The U.S. Treasury Department last year published a list of countries helping Russia circumvent sanctions, which included Armenia, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. "We're changing our legislation to look at individuals who are involved in sanctions intervention," McGuinness said. Some countries, including Estonia and France, have called on the EU to sanction Moldovan and Georgian oligarchs allegedly working to help Russia destabilize Ukraine.
☆ Banking turmoil was not a crisis but 'the downside risks are real,' IIF boss warns
  + stars: | 2023-04-12 | by ( Elliot Smith | ) www.cnbc.com   time to read: +2 min
Tim Adams Anjali Sundaram | CNBCThe banking sector turmoil that led to the collapse of several lenders was not a systemic crisis and has now subsided, according to Tim Adams, CEO of the Institute of International Finance. Speaking to CNBC on the sidelines of the International Monetary Fund Spring Meetings in Washington D.C. on Tuesday, Adams said the March chaos was a "period of market turmoil or turbulence," but dismissed the notion that it was a "crisis." The IIF is a global trade body for the financial services industry, with around 400 members in more than 60 countries. Adams said the primary concern among members was the downside risk to growth, particularly in advanced economies. The IMF on Tuesday lowered its five-year global growth forecast to around 3%, marking the lowest medium-term forecast in an IMF World Economic Outlook report since 1990.
☆ IMF warns hard landing ‘within the realm of possibilities' for U.S. economy
  + stars: | 2023-04-12 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +1 min
The IMF on Wednesday warned that a U.S. economic downturn remains "within the realm of possibilities," despite encouraging data to the upside. First managing director Gita Gopinath said the IMF had been surprised by the strength of the U.S. labor market and consumer spending, prompting it to revise up its economic growth forecasts for the country. Still, Gopinath noted that the economy remains in a precarious position, with little room for error. "If you look at our growth numbers, we're looking at very low growth numbers for the U.S., and so the risks of a hard landing remain," she said. "It is within the realm of possibilities that events of this kind could happen," she said.
☆ European markets set to open mixed ahead of key U.S. inflation data
  + stars: | 2023-04-12 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: +1 min
European markets are keeping an eye on key U.S. inflation data. European markets are set to open mixed Wednesday as investors await key inflation data from the U.S. set for release later in the day. That data will likely determine the U.S. Federal Reserve's path in its tightening cycle. Investors will also be digesting the International Monetary Fund's latest global growth report, released Tuesday, which included its weakest medium-term growth forecast for more than 30 years. U.S. stock futures were flat in overnight trading Tuesday, while markets in the Asia-Pacific were mostly higher on Wednesday as investors turned their focus to March's highly anticipated inflation report.
☆ Banks in 'more precarious situation' creating risks for global growth, IMF chief economist warns
  + stars: | 2023-04-11 | by ( Jenni Reid | ) www.cnbc.com   time to read: +1 min
Interest rate rises have increased banks' vulnerabilities — and their response presents a significant risk to global growth, the International Monetary Fund's chief economist warned Tuesday. "Banks are in a more precarious situation. They have healthy cushions, but it's certainly going to lead them to be a little bit more prudent and maybe cut down lending somewhat," Gourinchas said. In one scenario, the IMF sees funding conditions for banks tightening further and squeezing lending, bringing its forecast of 2.8% global growth in 2023 down to 2.5%. Gourinchas said its models had also forecast a more adverse scenario where financial stability is not contained.
☆ IFC MD: 60% of low-income countries at risk of debt distress
  + stars: | 2023-04-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIFC MD: 60% of low-income countries at risk of debt distressMakhtar Diop, the International Finance Corporation's managing director, speaks to CNBC's Joumanna Bercetche at the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund.
☆ IIF CEO: Banking turmoil was not a crisis and has subsided
  + stars: | 2023-04-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIIF CEO: Banking turmoil was not a crisis and has subsidedTim Adams, the CEO of the Institute of International Finance, speaks to CNBC's Joumanna Bercetche at the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund.
☆ IMF chief economist: Severe downside growth risk from bank lending tightening
  + stars: | 2023-04-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF chief economist: Severe downside growth risk from bank lending tighteningPierre-Olivier Gourinchas, chief economist at the International Monetary Fund, speaks to CNBC's Joumanna Bercetche on inflation, the global growth forecast and why he doesn't see risks from a wage price spiral.
☆ Sergio Ermotti returns as UBS CEO to oversee Credit Suisse takeover
  + stars: | 2023-03-29 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSergio Ermotti returns as UBS CEO to oversee Credit Suisse takeoverCNBC's Joumanna Bercetche and Geoff Cutmore discuss the news that Sergio Ermotti will replace current UBS CEO Ralph Hamers.
☆ Swiss National Bank chair: Maintaining stability is our main goal
  + stars: | 2023-03-23 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: 1 min
Chairman of the Swiss National Bank, Thomas Jordan, discusses the bank's decision to hike interest rates and its response to the Credit Suisse fallout with CNBC's Joumanna Bercetche.
☆ 'Without a doubt our favorite mega cap': Investor names the stock to buy for the next 10 years
  + stars: | 2023-02-24 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +2 min
Microsoft offers the greatest potential reward for investors looking to invest in a stock over the next five-to-10 years, according to veteran investor Mark Hawtin. "It is without a doubt our favorite mega-cap name," he told CNBC's Pro Talks Wednesday. According to Hawtin, Microsoft will outperform the wider market as it has a diverse revenue stream. "I think one of the key things about understanding Microsoft is, they are so ingrained and embedded in so many companies," Hawtin said. Microsoft bundles its workplace collaboration software Teams with Office 365, hitting growth at rivals Zoom and Slack, which is owned by Salesforce.
☆ Bank of England chief tempers talk of a pause or pivot in rate hikes
  + stars: | 2023-02-02 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +1 min
Governor of the Bank of England Andrew Bailey has talked down expectations that the central bank is readying to pause or pivot rate hikes. LONDON — The Bank of England on Thursday talked down expectations that it is readying to pause or pivot rate hikes, noting that there is still some way to go in its efforts to tame inflation. Governor Andrew Bailey told CNBC that the omission of the word "forcefully" from its forward guidance at Thursday's Monetary Policy Committee meeting was not a sign that "we're done" despite seeing an encouraging downward trend in price growth. The Bank on Thursday voted 7-2 in favor of a second consecutive half-point rate hike, increasing the main Bank rate to a 14-year high of 4%. Sterling fell against the dollar and gilt yields tumbled in afternoon trade on speculation that the Bank may be nearing the end of its hiking cycle.
☆ AES chief says we'll need natural gas for next 20 years
  + stars: | 2023-01-23 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAES chief says we'll need natural gas for next 20 yearsAndrés Gluski, the CEO of AES, made his comments during a panel discussion at the World Economic Forum in Davos, Switzerland, moderated by CNBC's Joumanna Bercetche.
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