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Saudi Minister of Investment Khalid al-Falih pushed back against skepticism over the country's economic diversification plan, as Riyadh touts "green shoring" investment opportunities to woo foreign financing. The Saudi minister on Saturday said that, eight years into manifesting Vision 2030, the kingdom is now "more committed, more determined" to the program and has already implemented or is about to complete 87% of its targets. The number of foreign investment licenses issued in Saudi Arabia nearly doubled in 2023, the IMF noted, with government data pointing to a 5.6% annual increase in net flows of foreign direct investment in the first quarter. Concerns have nevertheless lingered over the potential uncertainty and unpredictability of the kingdom's legal framework and its dispute resolution system for foreign investment. Al-Falih insisted that Saudi Arabia boasts predictability, as well as domestic political and economic stability.
Persons: Khalid, Falih, CNBC's Steve Sedgwick, Mohammed bin Salman's Organizations: International Monetary Fund, IMF Locations: Saudi, Riyadh, Cernobbio, Italy, U.S, Saudi Arabia
The European Union has successfully avoided the "terrible prophecies" that threatened its economy in recent years, but must still contend with Russia's war in Ukraine and a tenuous trade relationship with China, outgoing European Commissioner for Economy Paolo Gentiloni said Saturday. A former prime minister of Italy, Gentiloni has served as the European Commissioner for Economy under EC President Ursula von der Leyen since December 2019. Gentiloni will not be returning for a second term as commissioner following Von der Leyen's tumultuous re-election as president — but he has laid out the economic picture that awaits his imminent successor. "The economy is growing, slowly, but growing. And the risks of differences among the European Union, that was very high when the pandemic happened, are very limited," he noted.
Persons: Paolo Gentiloni, Gentiloni, Steve Sedgwick, Ursula von der Leyen, Von der, , Russia's Organizations: European Union, Economy, European, European Central Bank, Moscow, European Commission Locations: Ukraine, China, Europe, Cernobbio, Italy's, Como, Italy
The head of the U.N. nuclear watchdog has pushed back against Moscow's calls for further objectivity, following an inspection at the nuclear facility in the embattled Russian region of Kursk. Last week, Russia accused Ukraine of attempting a drone strike at the Kursk nuclear plant during a lightning cross-border incursion that has been under way since early August and which Moscow is still trying to repel. "The spokesperson of the Russian ministry of foreign affairs rightly says, be objective. We are saying here that this nuclear power plant ... is within range of a potential artillery strike, which means that the danger exists. On Thursday, Grossi explained that the Kursk nuclear plant contains reactors of the Soviet RBMK-type, similar to the ones present in the Chernobyl facility, which suffered one of the worst nuclear disasters in history in 1986.
Persons: Rafael Grossi, Moscow's, CNBC's, Maria Zakharova, Grossi Organizations: International Atomic Energy Agency, of Governors, CNBC, Ukrainian Ministry of Foreign Affairs, Wednesday, IAEA, Sputnik, Ria Novosti Locations: Vienna, Austria, Russian, Kursk, Russia, Ukraine, Moscow, Kiev, Soviet
Waves of Russian drones and missiles assailed Ukraine on Tuesday and killed at least five people, Ukrainian authorities said, in the second day of Moscow's bolstered aerial attacks against its war-torn neighbor. Two people were killed in the central Ukrainian city of Kryvyi Rih as part of the attack, with another five injured, regional Gov. Oleksandr Vilkul said in a separate Google-translated Telegram update, further announcing a day of mourning on Wednesday. Another three people were killed in the offensive in the Zaporizhzhia area, according to a Google-translated Telegram report from local head Ivan Fedorov. The force added that it had shot down 102 of these missiles and 99 of the drones.
Persons: Kryvyi Rih, Oleksandr Vilkul, Ivan Fedorov, Mykola Oleschuk Organizations: Russian, Gov, CNBC Locations: Ukraine, Kyiv, Kherson, Mykolaiv, Kharkiv, Sumy, Zaporizhzhia, Ukrainian, Kryvyi, Russia
Ukrainian soldiers prepare a vehicle adapted to fire helicopter shells as the Russia-Ukraine war continues in the direction of Toretsk, Ukraine, Aug. 19, 2024. Ukraine carried out one of the largest-ever drone attacks against Moscow on Wednesday, as Kyiv continues to launch counteroffensives on Russian soil. Russia's Defense Ministry said it destroyed 45 Ukrainian drones overnight, of which 11were over Moscow, according to a Google-translated update on Telegram. "This is one of the largest attempts to attack Moscow with drones ever. CNBC has reached out to Ukraine's Ministry of Defense and Ministry of Foreign Affairs for comment.
Persons: Sergei Sobyanin Organizations: Moscow, Russia's Defense Ministry, Russian, CNBC, Ukraine's Ministry of Defense, Ministry of Foreign Affairs Locations: Russia, Ukraine, Toretsk, Kyiv, Moscow
Ukrainian drones struck a key military airfield in Russia's Lipetsk region, forcing authorities to declare a state of emergency in another Russian region this week in the face of Kyiv's ongoing cross-border offensive. All are receiving the necessary assistance," Artamonov said in a later Google-translated Telegram update, without detailing the state of those who had suffered injuries. Kursk was still reporting missile danger alerts as of Friday, according to Google-translated Telegram updates from regional Governor Alexei Smirnov, who said the local situation remained "difficult." Moscow has continued its own advances, with a Russian missile hitting a supermarket in the town of Kostiantynivka in the front-line Ukrainian region of Donetsk on Friday. At least 10 people were killed and 35 others were injured as a result, according to Minister of Internal Affairs Ihor Klymenko in a Google-translated Telegram update.
Persons: Ukraine —, Su, Igor Artamonov, Artamonov, Alexei Smirnov, Ihor Organizations: Ukraine's, Staff, Command, Lipetsk, CNBC, Google, Internal Locations: Russian, Kostyantynivka, Donetsk, Ukrainian, Russia's Lipetsk, Lipetsk —, Ukraine, Lipetsk, Kursk, Belgorod, Kyiv, Moscow, Kostiantynivka
An aerial photo is showing containers at Beilun Port in Ningbo, Zhejiang province, China, on April 11, 2024. BEIJING — A hazardous goods container exploded Friday on a cargo ship in China's high-traffic Ningbo port, Taiwanese vessel owner Yang Ming Marine Transport Corp. told CNBC in a statement. State-owned port operator Ningbo-Zhoushan said the ship was docked at the Beilun 2 container terminal, according to a post on Chinese social media. The port operator and Yang Ming both said the cause of the incident was not yet clear. Ningbo-Zhoushan is China's second-highest traffic port, located in eastern China's Zhejiang province.
Persons: Yang, Zhoushan, Yang Ming, Ruxandra Iordache Organizations: Yang Ming Marine Transport Corp, CNBC, YM, Shanghai Locations: Port, Ningbo, Zhejiang province, China, BEIJING, Liberia, Zhoushan, China's Zhejiang, Shanghai, Singapore
BARCELONA, SPAIN - AUGUST 08: Former Catalan President Carles Puigdemont makes his first public appearance since he fled Spain in 2017, speaking at a public rally in Barcelona, Spain on August 08, 2024. Catalan police had the order to arrest him immediately, but Puigdemont managed to speak for several minutes outside of the Catalan parliament. (Photo by Adria Puig/Anadolu via Getty Images)Former Catalan separatist leader Carles Puigdemont returned to Spain after seven years of self-imposed exile, defying a pending arrest warrant and igniting a police manhunt. A Catalan Interior Ministry spokesperson confirmed to Reuters that the separatist politician has yet to be captured. Illa's platform won the largest share of the vote in the Catalan elections of May, dethroning Puigdemont's hardline separatist Junts per Catalunya party.
Persons: Carles Puigdemont, Puigdemont, Adria Puig, Salvador Illa, dethroning, Ignacio Garriga —, Pedro Sanchez, Sanchez, Alberto Nunez Feijoo, Bill Organizations: Anadolu, Getty Images, CNBC, Interior Ministry, Reuters, Spanish, Government, Socialist Locations: BARCELONA, SPAIN, Spain, Barcelona, Catalonia, Spanish, Catalan, Catalonian, Catalunya
"Each of these strengths contributed to a good revenue performance in the first half of 2024, supported by higher interest rates." Hong Kong-listed shares of HSBC were up 2.84% at 07:56 a.m. London time in the wake of the earnings beat. The first-half figure nevertheless came in well above the $20.5 billion average of broker estimates compiled by HSBC, according to Reuters. "The strong performance of the business gives us the confidence to say that we'll be mid-teens return in 2025 as well," Quinn told CNBC. "This headwind will be partially offset by hedging and balance sheet growth, but this growth is unlikely to be remarkable.
Persons: Noel Quinn, HSBC's Quinn, , Quinn, there's, Jefferies, Benjamin Toms, Toms, CNBC's Ganesh Rao Organizations: HSBC, Securities Financing, Global Banking, London and New York Stock Exchanges, Reuters, Wednesday, CNBC, Capital Locations: Hong Kong, London, Britain
Brent futures topped the $80-per-barrel-threshold on Wednesday, as Iran's claim that Hamas political leader Ismail Haniyeh was assassinated reignited tensions in the Middle East. The Ice Brent contract with September expiry were trading at $80.32 per barrel at 09:45 a.m. London time, up by 2.15% from the Tuesday close price. Oil gained ground amid exacerbated hostilities in the oil-rich Middle East region, where Israel has been fighting Iran-backed Palestinian militant group Hamas since the latter's terror attack in October. The Jewish state's decision to carry out a retaliatory campaign in the Gaza Strip has since broadened the conflict, with Israel trading fire with other Iran-supported factions, such as Lebanon's Hezbollah and Yemen's Houthi. "But now we're moving into a phase of deterioration into the Middle East that we believe is going to capture oil traders' attention and get them to return some material risk premium into the price of Brent.
Persons: Brent, Ismail Haniyeh, Ice Brent, Yemen's, Israel, Ayatollah Ali Khamenei, Clay Seigle, Emily Tan Organizations: Ice, Hamas, Revolutionary Guard, Republic News Agency, CNBC, Israeli Ministry of Foreign Affairs, Minister's Office, Rapidan Energy Group Locations: London, Israel, Iran, Gaza, Tehran, Iran's, Ukraine, Brent
A tanker carrying 1.4 million liters of industrial fuel capsized off the coast of Philippines, leading to one casualty and a vast oil spill, local authorities said Thursday. The vessel had departed Limay and was bound for fellow Philippines' port of Iloilo, according to data from MarineTraffic.com. The Coast Guard said it is now addressing the oil spill and intends to finish siphoning the fuel from the sunken tanker to prevent further spreading within seven days. The Philippine Coast Guard Aviation Command separately alerted that it had deployed air assets on a search-and-rescue mission to the sunken tanker. The Philippines-flagged tanker MT Princess Empress suffered engine troubles in rough seas and sank with its load of 800,000 litres of industrial fuel oil off the central Oriental Mindoro province.
Persons: Armando Balilo, Gavan, Balilo, Gaemi, Carina —, Bongbong Marcos Organizations: country's Cost Guard, Authorities, Coast Guard, Philippine Coast Guard Aviation Command, Metro Manila Council, Philippines, Bataan, Terra Nova Locations: Philippines, Philippine, Limay, Bataan, Iloilo, Manila, Taiwan, Mindoro
Banco Santander posted a 20% year-on-year hike in second-quarter net profit underpinned by growth in its retail, wealth and consumer activity, after firm revenues and margin management in Europe and Brazil. The company's net profit attributable to the parent group came in at 3.207 billion euros ($3.48 million), in line with a consensus from analysts polled by Reuters. Santander now expects revenues will hit high-single digit growth, from a previously forecast mid-single digit expansion. Other highlights included:Pre-tax profit: 4.925 billion euros in the second quarter, versus 4.258 billion euros in the same period of last year. Net interest income: 11.47 billion euros in the June quarter, compared with 10.52 billion euros in the same three-month stretch of last year — but below a 11.96% forecast for the second quarter of 2024 from analysts polled by Reuters.
Persons: Javier Milei, Ana Botin Organizations: Banco Santander, Reuters, Santander Locations: Europe, Brazil, Argentina
U.S. Vice President Kamala Harris hits the campaign trail on Tuesday for the first time since President Joe Biden announced that he would end his reelection campaign and endorsed Harris for president. Still, some key Democratic endorsements have not yet come through for Harris, such as from House Democratic Leader Hakeem Jeffries and Senate Majority Leader Chuck Schumer, both of New York. Former President Barack Obama, one of the parry's most revered figures, has likewise not publicly endorsed Harris yet. Speculation swirls about potential running mates for Harris, with Arizona Sen. Mark Kelly, Pennsylvania Gov. While Harris campaigns in Wisconsin, Biden is expected to host Israeli Prime Minister Benjamin Netanyahu in Washington.
Persons: Kamala Harris, Joe Biden, Harris, Donald Trump, Sen, JD Vance, Democratic party's, Hakeem Jeffries, Chuck Schumer, Barack Obama, Arizona Sen, Mark Kelly, Josh Shapiro, Roy Cooper, Biden, Benjamin Netanyahu Organizations: NBC, Democratic, Arizona, North Carolina Gov Locations: Milwaukee , Wisconsin, New York, Pennsylvania, Wisconsin, Washington, Gaza
Washington and the world are still reeling from President Joe Biden's surprise announcement on Sunday that he is ending his teetering re-election campaign. But Biden's swift endorsement of Vice President Kamala Harris to replace him at the top of the Democratic ticket is energizing Democrats and breathing new life into their campaign to defeat former President Donald Trump and his running mate, Ohio Sen. JD Vance. The "Biden for President" campaign committee has officially been renamed the Harris for President committee, maintaining the Biden team's infrastructure, staff and — crucially — its $98 million in cash reserves. Democrats excited about a new ticket have donated tens of millions of dollars online to the Harris for President campaign.
Persons: Joe Biden's, Kamala Harris, Donald Trump, Ohio Sen, JD Vance, Biden, Harris Organizations: Democratic, Biden
Spain National Team plane arriving at Adolfo Suarez Madrid-Barajas airport on July 15, 2024, in Madrid, Spain. Planes have been grounded and TV broadcasters have gone offline as businesses worldwide grapple with an ongoing major IT outage. Earlier on Friday, cybersecurity giant CrowdStrike experienced a major disruption, the company told NBC, following an issue with its latest tech update. Separately, Microsoft cloud services were restored after an outage, the company said on Friday, even as many users continued to report issues. Shares of both companies were losing ground in premarket trading on Friday morning.
Persons: Adolfo Suarez Organizations: Spain National Team, Adolfo Suarez Madrid, Barajas, NBC, Microsoft Locations: Madrid, Spain
BARCELONA, SPAIN - FEBRUARY 26: A logo sits illuminated at the Nokia booth in the Mobile World Congress 2024 on February 26, 2024 in Barcelona, Spain. (Photo by Xavi Torrent/Getty Images)Shares of Finnish telecom firm Nokia tumbled on Thursday after the company reported a 32% drop in second-quarter operating profit on the back of weak demand for its 5G equipment. Earlier in the day, Nokia said its comparable operating profit declined to 423 million euros ($462 million) in the second quarter, down by nearly a third from the 619 million euros posted in the same period of last year. Citing "ongoing market weakness," the company said net sales also eased by 18% to 4.47 billion euros – the lowest level achieved since the fourth quarter of 2015, according to LSEG data. The landscape likewise remains "challenging as operators continue to be cautious" in the mobile networks sector, he warned.
Persons: Xavi Torrent, Pekka Lundmark Organizations: Nokia, Mobile, Xavi Locations: BARCELONA, SPAIN, Barcelona, Spain, Helsinki, London
In NATO's most serious denunciation of China to date, the military coalition labeled Beijing a "decisive enabler" of Russia in its ongoing war in Ukraine and expressed concerns over its nuclear arsenal and "systemic challenges" to the coalition's security. "The PRC has become a decisive enabler of Russia's war against Ukraine through its so-called 'no limits' partnership and its large-scale support for Russia's defence industrial base," a NATO communique said Wednesday, on the second day of a Washington summit celebrating the alliance's 75th anniversary. Earlier this week, Beijing started joint military exercises with Russia's close ally Belarus at a training ground mere miles away from the Polish border, the Belarusian Defense Ministry said in a Google-translated Telegram post. On the February 2023 first-year anniversary of the Ukraine war, China — which a month later successfully capitalized on goodwill earned as a trade partner to broker a reconciliation between arch-enemies Iran and Saudi Arabia — pitched a peace framework for the conflict between Moscow and Kyiv. It, like Ukrainian President Volodymyr Zelenskyy's peace plan and Kremlin leader Vladimir Putin's own recent conditions to ignite diplomatic negotiations, has so far failed to gain traction.
Persons: Xi Jinping, Russia's, Saudi Arabia —, Volodymyr Zelenskyy's, Vladimir Putin's Organizations: NATO, West, Belarusian Defense Ministry Locations: China, Beijing, Russia, Ukraine, Washington, Moscow, Belarus, Polish, Iran, Saudi Arabia, Kyiv
A Volkswagen logo is seen at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. Volkswagen shares dipped Wednesday after the company issued an overnight profit warning and announced it was considering the potential closure of an Audi plant in Brussels. It noted that is also considering the restructuring or potential shutdown of its Audi plant in Brussels, where it employs 3,000 people, on the back of weak demand for the Audi Q8 e-tron line — a fully electric offering from the brand, launched in 2019. Automakers have contended with waning EV demand, with European brands facing the compounded challenge of a wave of discounted, state-subsidized rival vehicles produced in China. If it presses ahead, this would mark Volkswagen's first factory shutdown in nearly four decades, since the 1988 closure of its plant in the Westmoreland site in Alabama.
Organizations: New York, Auto, Volkswagen, Audi, EU Locations: Manhattan , New York City, U.S, Brussels, China, Westmoreland, Alabama
This photograph shows the takeoff of the European Space Agency satellite launcher Ariane 6 rocket from its launch pad, at the Guiana Space Centre in Kourou, French Guiana, on July 9, 2024. Jody Amiet | AFP | Getty ImagesThe powerful European-built Ariane 6 rocket made its long-awaited liftoff on Tuesday as the region returned to a launch market dominated by Elon Musk's SpaceX. The rocket is a combined effort of about $4.5 billion overseen by the European Space Agency, or ESA, and built by ArianeGroup, an Airbus and Safran joint venture. Delayed debutThe European Space Agency satellite launcher Ariane 6 rocket is seen prior to its maiden launch at the Guiana Space Centre in Kourou, French Guiana, on July 9, 2024. The European Space Agency satellite launcher Ariane 6 rocket moves to the launch pad prior to its liftoff at the Guiana Space Centre in Kourou, French Guiana, on July 9, 2024.
Persons: Jody Amiet, Elon Musk's, Safran Organizations: European Space Agency, Guiana Space, AFP, Getty, Elon, Elon Musk's SpaceX, ESA, Airbus, Afp, Soyuz, SpaceX Locations: Kourou, French Guiana, Ukraine, Russia, Europe
LONDON — Britain's new finance chief on Monday outlined a spate of measures to revitalize the U.K.'s languishing economic growth and address national housing shortages. "I have repeatedly warned that whoever won the general election would inherit the worst set of circumstances since the Second World War. A former Bank of England economist, Reeves was appointed as Britain's first female chancellor of the exchequer — equivalent to a finance minister — on Friday, when newly-invested Prime Minister Keir Starmer named his first cabinet. Ahead of her first speech, she championed economic growth as both a party priority and the "national mission." Housing and planning were center stage in Reeves' Monday speech:"First, we will reform the national planning policy framework, consulting on a new growth-focused approach to the planning system before the end of the month.
Persons: Rachel Reeves, Reeves, , Keir Starmer, Housebuilding Organizations: Treasury, Labour Government, LONDON, Bank of England, Conservative, Labour Locations: London, England
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. However, recent profit-taking and valuation concerns led to a pullback and a rare downgrade from a Wall Street analyst. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. Kolanovic wasn't the only Wall Street strategist to be caught out by the bull run — but rival banks have incrementally increased their calls.
Persons: Skydance, David Ellison, Marko Kolanovic, Kolanovic, Lori Calvasina, Calvasina, Tesla, Tom Narayan, Squawk, Narayan, Tom Sosnoff, Bill Ackman, Warren Buffett, Sosnoff, — CNBC's Pia Singh, Alex Harring, Holly Ellyatt, Ruxandra Iordache, Ryan Browne, Samantha Subin, Lim Hui Jie, Leslie Josephs Organizations: New York Stock Exchange, CNBC, Nvidia Nvidia, Wall, Paramount, Skydance Media, Paramount Global, Hollywood, Boeing, Justice Department, JPMorgan, RBC Capital Markets, RBC Locations: Hollywood
Emergency forces and civilians conduct search-and-rescue operations among the rubble of 'Okhmatdyt' Children's Hospital in Kyiv, Ukraine, on July 8, 2024. A barrage of Russian missiles killed more than 20 people across Ukraine and seriously damaged a key children's hospital in a rare large-scale daytime attack. The Ukrainian capital's Okhmatdyt Children's Hospital undertook "considerable destruction," with patients being transferred to other medical facilities in Kyiv. "Okhmatdyt Children's Hospital in Kyiv. The ministry said its forces had answered Kyiv's hostilities with a mass attack on Ukrainian military facilities and air bases with long-range precision weapons.
Persons: Volodymyr Zelenskyy's, Vitaliy Klitschko, Klitschko, Kryvy, Oleksandr Vilkul, Okhmatdyt, Zelenskyy Organizations: Children's, CNBC, Ukrainian, Russia's Ministry of Defense, Russia's Ministry of Foreign Affairs Locations: Kyiv, Ukraine, Russian, Dnipro, Sloviansk, Ukrainian, Kryvy Rih, Pokrovsk, Donetsk, Europe, Russia
A woman steps out of a polling booth prior to cast her vote in the first round of parliamentary elections in Le Touquet, northwestern France, on June 30, 2024. LONDON — France's left-wing New Popular Front coalition is set to unexpectedly win the most seats in the second round of the country's parliamentary election but fail to clinch an absolute majority, early data showed. By offering voters a starker choice and fewer candidates, RN's opponents hoped that the electorate would choose the non-RN candidate. The prime minister must leave," Jean-Luc Melenchon, leader of the France Unbowed party, said in a CNBC-translated social media update after the release of the early poll data. The final round of the election shows that voters, ultimately, have rejected Macron.
Persons: France's, France Unbowed, Ipsos, Emmanuel Macron's, , pollster Ipsos, Jean, Luc Melenchon, Macron, Melenchon, Macron's Organizations: LONDON, Popular Front, Socialists, CNBC, NFP, National Rally Locations: Le Touquet, France, Europe's
France's Prime Minister Gabriel Attal gives a speech following the first results of the second round of France's legislative election at Matignon in Paris on July 7, 2024. French Prime Minister Gabriel Attal said he would submit his resignation on Monday, after early poll data showed his and French President Emmanuel Macron's centrist Ensemble party and its allies coming in second in the parliamentary runoff. Attal, who stepped in as France's youngest ever prime minister only in January, is unlikely to hold the country's second-highest position as part of the upcoming administration. Tonight, no absolute majority can be led by the extremes." In light of the run-off results, Attal set the scene for a period of transition for France's political landscape:"Ladies and gentlemen, this evening, a new era begins.
Persons: Gabriel Attal, Emmanuel Macron's, Attal, Jordan Bardella, Macron Organizations: France's, Popular, Republican, CNBC, Rassemblement National Locations: Matignon, Paris, France, Republic
The Shell logo is displayed outside a petrol station in Radstock on February 17, 2024 in Somerset, England. Energy giant Shell on Friday said it expects to record a post-tax impairment hit of up to $2 billion mainly linked to its Singapore and Rotterdam plants, while also saying trading in its key gas division will decline on the quarter. This comes after Shell on Tuesday announced it would temporarily suspend on-site construction at its 820,000 metric tons a year biofuels facility in Rotterdam amid current market conditions. The oil major also anticipates a second non-cash post-tax impairment of $600-800 million after agreeing to divest its Singapore refining and chemicals plant back in May. On the downside, RBC flagged "higher corporate costs and a neutral result from the chemicals division."
Persons: Shell Organizations: Energy, Shell, RBC Capital Markets, RBC Locations: Radstock, Somerset, England, Singapore, Rotterdam
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