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☆ Central banks across Europe pause for breath after mammoth rate hike run, but face 'triple dilemma'
▼ + stars: | 2023-09-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

U.K. pauseThe Bank of England opted to pause interest rate moves after 14 straight hikes, keeping its main policy rate at 5.25%. The decline came despite interest rate hikes generally boosting the value of a currency. Scandinavian inflationIn northern Europe, Norway and Sweden opted for rate hikes on Thursday and suggested that further tightening could be ahead. Norway's headline inflation rate was 4.8% in August, with core inflation at 6.3%. The Norges Bank forecast now indicates a policy rate of 4.5% through 2024, up from the current 4.25%.

Persons: Bank of England Andrew Bailey, BoE, Alastair Grant, ALASTAIR GRANT, Carsten Brzeski, BOE, Andrew Bailey, Paul Dales, Simon French, Panmure Gordon, Thomas Jordan, Jordan, Ida Wolden Bache, Bache Organizations: Bank of England, The Bank of England, Getty, Afp, ING, CNBC, of England, Capital Economics, U.S . Federal, HSBC, Panmure, Swiss National Bank, European Central Bank, ECB, U.S, Norway's Norges Bank, Norges Bank Locations: London, U.K, Paul, Switzerland, Swiss, Europe, Norway, Sweden, Norway's

☆ Jens Haaning ordered to repay museum $76K after submitting blank canvases titled ‘Take the Money and Run’
▼ + stars: | 2023-09-20 | by ( Christy Choi | ) edition.cnn.com time to read: +4 min

Instead, the artist sent the museum two empty frames entitled “Take the Money and Run,” saying he had created new, “better” pieces to fit the exhibition’s theme. “And if needed… take the money and run,” he added. Despite its protestations, the Kunsten Museum of Modern Art exhibited Haaning’s empty canvases alongside a print-out of an email in which he explained his actions. The ruling also dismissed a counter-claim made by Haaning, who alleged that the museum had infringed on the work’s copyright. And then it also applies to the question: Are artists paid enough for what they do?”Kunsten Museum of Modern Art in Aalborg, Denmark.

Persons: CNN — Jens Haaning, Dane —, Jens Ziehe, “, …, ” Haaning, Maurizio Cattelan, Yves Klein, Haaning, ”, Lasse Andersson, Andersson, John Peter, Alamy Andersson Organizations: CNN, Kunsten Museum of Modern Art, Austrian, Kunsten Museum of Modern, Court, Kunsten, of Modern Art Locations: Copenhagen, Aalborg, Denmark’s Jutland, Denmark

☆ Ozempic maker Novo Nordisk isn't just Europe's second-most valuable company. It is also singlehandedly boosting Denmark's economy.
▼ + stars: | 2023-09-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Ozempic-maker Novo Nordisk is Europe's second-largest company by market capitalization. It's also boosting Denmark's economy all on its own. AdvertisementAdvertisementNot only that, Novo Nordisk has also been propping up Denmark's economy all on its own. Jonas Petersen, an analyst at Denmark's statistics department, further told the AFP that the trend is "changing the picture of the economy." Denmark's statistics department and Danske Bank's Olsen did not immediately respond to requests from Insider for comment sent outside regular business hours.

Persons: It's, would've, LVMH Moët Hennessy Louis Vuitton, Elon Musk, Amy Schumer, they've, Las Olsen, Jonas Petersen, Bank's Olsen Organizations: Novo Nordisk, pharma, Service, Novo Nordisk's, Novo, Danske Bank, AFP, Nordisk Locations: Wall, Silicon, Europe

☆ Novo Nordisk, the maker of Wegovy and Ozempic is now Europe's most valuable company
▼ + stars: | 2023-09-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Novo Nordisk has dethroned Bernard Arnault’s luxury goods giant LVMH as Europe’s most valuable company. At the close of trading Monday, Novo Nordisk (NVO) had a market capitalization of 2.96 trillion Danish krone ($428 billion). “We are just scratching the surface,” Novo Nordisk CEO Lars Fruergaard Jørgensen told CNN’s Meg Tirrell in a recent interview. Novo Nordisk has raked in almost 49 billion Danish krone ($7 billion) in profit over the first six months of this year, up 30% from the same period in 2022. Booming sales of its drugs have led to an influx of US dollars into Denmark’s economy, pushing up the value of the Danish krone.

Persons: Bernard, Wegovy, Louis Vuitton, Hennessy, —, “, Steve Barclay, Carsten Snejbjerg, Lars Fruergaard Jørgensen, CNN’s Meg Tirrell, …, ” Organizations: London CNN — Novo Nordisk, Novo Nordisk, Louis, Health Service, Health, Social Care, Nordisk, Nordisk's, Bloomberg, Getty, World Health Organization, Danish krone, European Central Bank, Novo, UBS, Wegovy Locations: Danish, Ozempic, Wegovy, United States, Copenhagen, Denmark, Denmark’s, Novo Nordisk’s

☆ Lego sales increase while other toy makers struggle
▼ + stars: | 2023-08-30 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

While other toy companies struggle with an inflation-fueled sales slump, Lego is building positive results brick by brick. Meanwhile, publicly traded rivals such as Mattel , Hasbro , Funko and Jakks Pacific have all reported double-digit revenue and sales declines so far this year. "I think what makes me very satisfied is this fact that we continue to outgrow the industry," CEO Niels Christiansen told CNBC. Toy companies across the industry saw massive gains during the Covid-19 pandemic, as parents looked for ways to keep their kids occupied during lockdowns. The region is newly exposed to the iconic building bricks and physical locations have helped show adults and children how to play with Lego.

Persons: Niels Christiansen, we've, Christiansen, That's Organizations: Mattel, Hasbro, Funko, Jakks, CNBC, lockdowns, U.S ., Star Locations: Danish, Mexico, Virginia, China

☆ How Ozempic and Weight Loss Drugs Are Reshaping This Country’s Economy
▼ + stars: | 2023-08-28 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +2 min

But Denmark keeps the krone pegged to the euro, and so when the krone rises in value, “the central bank has to respond,” he added. The central bank has been spending kroner to purchase foreign exchange and building up reserves. Because of these purchases, the central bank has also increased the gap between Denmark’s interest rates and the ones set by the European Central Bank. The central bank declined to comment for this article. It caused the country’s currency to soar, in the process making other exports expensive and uncompetitive and hampering the overall Dutch economy.

Persons: Mr, Pedersen, Helge J Organizations: Novo Nordisk, krone, Danske Bank, European Central Bank, —, Nokia Locations: United States, Denmark

☆ How soaring demand for Ozempic and Wegovy is altering Denmark’s economy
▼ + stars: | 2023-08-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

Its maker, Novo Nordisk (NONOF), has raked in almost 49 billion Danish krone in profit ($7 billion) over the first six months of this year, up 32% from the same period in 2022. Novo Nordisk also produces Ozempic, a drug developed to treat type 2 diabetes but which contains the same active ingredient as Wegovy. Surging demandShares in Novo Nordisk have soared 34% since the start of 2023 to give the company a market capitalization of 2.2 trillion Danish krone ($322 billion). The stock shot up earlier this month after Novo Nordisk published the results of a five-year trial on the impact of Wegovy on cardiovascular disease. Novo Nordisk now expects its profits to grow by up to 37% this year, much higher growth than the maximum 19% rise it forecast in February.

Persons: Jens Naervig Pedersen, Pedersen, Jaap Arriens, ” Pedersen, “ We’ve, Andrew Kenningham, “, juggernauts Roche Organizations: London CNN, Nordic, Novo Nordisk, Danish, Danske Bank, European Central Bank, CNN, Capital Economics, AstraZeneca, Kaiser Family Foundation Locations: United States, Denmark, Danish, Europe

☆ Dollar bounces from 15-month low on strong core U.S. retail sales
▼ + stars: | 2023-07-18 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

NEW YORK, July 18 (Reuters) - The U.S. dollar rose from a 15-month low against a basket of currencies on Tuesday after core retail sales saw strong gains in June, as investors wait on the Federal Reserve’s interest rate decision next week. Headline U.S. retail sales rose less than expected in June, with a 0.2% increase during the month. Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.6% in June. Data for May was revised slightly up to show core retail sales increasing 0.3% instead of the previously reported 0.2%. The dollar rose 0.10% against the Japanese yen to 138.83, after dropping to 137.245 on Friday, the lowest since May 17.

Persons: ”, Bipan Rai, ” Rai, Klaas Knot, Samuel Indyk, Sharon Singleton, William Maclean Organizations: YORK, U.S, Headline U.S, CIBC Capital Markets, Bank of America, Norwegian krone, European Central Bank, Reserve Bank of Australia's, Thomson Locations: North American, Toronto, U.S, Britain, Japan, Norwegian, London

☆ Jana brought an aerospace rock star to Mercury Systems. These next steps could help build value
▼ + stars: | 2023-07-15 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Mercury Systems is a manufacturer of essential components, products, modules and subsystems. On July 6, Bill Ballhaus, Mercury Systems' interim president and CEO, was also named chairman. Mercury Systems has been a successful manufacturer of small electronic components with many favorable attributes. Further, unlike many peers, it pays for its own R&D, making Mercury Systems more nimble and allowing it to have higher operating margins. In June 2022, Jana and Starboard each won a seat on the company's board: Bill Ballhaus (Jana) and Howard L. Lance (Starboard).

Persons: it's, Jana, Barry Rosenstein, Rosenstein, Scott Ostfeld, Gerard J, DeMuro, Roger A ., Bill Ballhaus, Starboard's 13D, Howard L, Ballhaus, Ozzy Osbourne, Steven Tyler, Ken Squire Organizations: Mercury Systems, U.S, Starboard's, Computer Sciences, 13D Locations: U.S

☆ Towering sea cliff in Norway opens jaw-dropping tourist route
▼ + stars: | 2023-06-29 | by ( Francesca Street | ) edition.cnn.com time to read: +4 min

CNN —Spectacular snow-capped mountain views, aquamarine water stretching out below and sheer, sheer cliff. The towering Hornelen mountain on the western coast of Norway is now open to adrenaline-seekers with the nerves of steel needed to tackle its new via ferrata climbing route. Via ferrata directly translates from Italian to English as “iron path” – it’s a term used to describe mountain climbing routes that use steel cables and fixed ladders to aid climbers. Hornelan mountain is 860 meters (2,820 feet) high and is claimed by tourism board Fjord Norway as the tallest sea cliff in Europe. The new climbing route is van Oorschot’s vision – he’s been working on the project for nine years.

Persons: ” Rogier van Oorschot, Construction, Van Oorschot, King Olaf I of Norway, Kristoffer B, Fürstenberg, ”, van Oorschot Organizations: CNN, CNN Travel, ferrata, Ferrata, Norges, Eagle, Via Ferrata’s Locations: Norway, Europe, Norwegian, Bremangerlandet, Norway’s Nordfjord, Eagle

☆ Stock Market Today: Dow Edges Lower With Central Banks in Focus
▼ + stars: | 2023-06-22 | by ( ) www.wsj.com time to read: +1 min

Central banks in Switzerland and Norway also raised rates Thursday, as did Turkey's central bank , for the first time in more than two years. Stock futures weakened, with contracts tied to the S&P 500, Dow Jones Industrial Average and Nasdaq-100 all edging down around 0.3%. The 10-year Treasury note’s yield rose to 3.764%, from 3.722% Wednesday. Norway’s krone rose 1.4% against the dollar after the nation’s central bank raised rates by more than expected and suggested further increases were to come. The Swiss franc briefly set a seven-week low against the euro after the Swiss National Bank raised its rates.

Persons: Jerome Powell, Powell Organizations: Federal, The Bank of England, Dow Jones Industrial, Nasdaq, Treasury, Global, Nikkei, Bank of England, krone, Swiss, Swiss National Bank Locations: Switzerland, Norway, U.S, Europe, Asia, China

☆ Citi names its top biotech and pharma stock picks, giving one nearly 90% upside
▼ + stars: | 2023-05-17 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The healthcare sector outperformed in Europe, India and China last month, according to Citi, which named its top picks worldwide. It gave Amylyx a price target of $53, giving it upside of around 88% from current levels. It gave Beam a price target of $60, implying upside of around 67%. Other European picks from Citi include Swiss healthcare company Roche and British pharma and biotech firm AstraZeneca . Asia stocks In Asia, Citi named Japanese pharmaceutical company Daiichi Sankyo , South Korean biotech firm Samsung Biologics and China's Wuxi Biologics as top picks.

☆ 'Too cheap to ignore': Bernstein predicts huge upside for these 3 clean energy stocks
▼ + stars: | 2023-05-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

But the sour sentiment toward the sector may be short-lived, according to the investment bank. Analysts at Bernstein say there is significant potential for growth in several clean energy companies, thanks to recent policy changes and increased investment. The investment bank added that despite the rising costs of renewable equipment and increasing rates, renewables remain more competitive than fossil fuels. Orsted Bernstein expects shares of Orsted to rise by nearly 60% to 975 Danish Krone ($144) a share. CATL Bernstein said battery-maker Contemporary Amperex Technology Co. Limited, also known as CATL, was its "top pick" in China.

☆ This weight-loss drug maker's stock is up 20% this year — and Barclays sees it going higher
▼ + stars: | 2023-04-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Wegovy catapulted into the spotlight thanks to its success in weight loss and the endorsement by celebrities and social media influencers, including Tesla CEO Elon Musk. However, some investors are concerned that Novo's stock has already factored in this growth potential, as its shares have risen by 137% since the U.S. Food and Drug Administration approved the drug in June 2021. Novo's shares are also traded in New York Stock, London , and Frankfurt. NVO 5Y mountain According to Barclays' Field, the market for obesity treatment drugs could be worth as much as $200 billion within the next decade. "So does the weight loss that comes with taking Wegovy prevent you from having a heart attack or a stroke among those that have a higher risk?

☆ Lego sales leap 17% as fans buy bigger, more complicated sets
▼ + stars: | 2023-03-07 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

Lego sales are building on pandemic-era growth, boosted by a diverse slate of products that cater to kids and adults alike. Another factor in offsetting those costs was strong demand for Lego's eclectic selection of building sets, CEO Niels Christiansen told CNBC. "It's not price increases driving it, if anything it's people buying some of the bigger and more complicated sets. Around 48% of Lego's 2022 portfolio was in the new product category, he said. While it doesn't share the percentage breakdown between digital and in-store sales, Christiansen said Lego is seeing "good traction" online and its brick and mortar sales continue to fuel its confidence in opening new stores.

☆ The 1% Stock-Buyback Tax Hasn’t Slowed Repurchases. A Proposed 4% Tax Might.
▼ + stars: | 2023-03-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

Executives largely shrugged off a new 1% tax on stock buybacks as the cost of doing business. Even with the 1% tax, stock buybacks are the preferred way to return cash to shareholders, Mr. Krone said at a conference in February. Stock repurchases by Berkshire and the publicly traded companies it owns benefited investors, he wrote in the Feb. 25 letter. For one, share repurchases typically don’t commit them to continuing to buy shares, and offer flexibility on timing. “We only really consider share repurchases when we have an attractive repurchase price,” the CFO said.

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☆ Denmark to abolish springtime public holiday to help meet NATO spending goal
▼ + stars: | 2023-03-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Denmark's 179-seat parliament voted by 95 to 68 to approve the government's proposal to scrap Great Prayer Day, a religious holiday that falls on the fourth Friday after Easter. Danish lawmakers voted to abolish a springtime public holiday from the national calendar and plan to use the savings to boost military spending. Denmark's 179-seat Parliament on Tuesday voted by 95 to 68 to approve the centrist coalition government's proposal to scrap Store Bededag, or Great Prayer Day, from next year. Great Prayer Day is a religious holiday that falls on the fourth Friday after Easter. The newly formed government said the cancellation of the public holiday would provide an additional 3 billion Danish krone (roughly $430 million).

☆ Maersk, a global barometer for trade, posts record 2022 earnings but warns of a tough year ahead
▼ + stars: | 2023-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The container ship Maersk Murcia sits moored in the port of Gothenburg, Sweden, on August 24, 2020. Maersk, one of the world's largest container shipping firms, on Wednesday reported a fall in fourth-quarter earnings but posted the best full-year result in its history. This took the full-year underlying EBITDA figure to $36.84 billion, fractionally below the company's forward guidance of $37 billion but its strongest-ever full-year result. Maersk raised its dividend to 4,300 Danish krone ($620.33) per share from 2,500 DKK per share. For 2023, Maersk expects underlying EBITDA to plummet to between $8 billion and $11 billion.

☆ Norway’s fossil fuel bonanza stokes impassioned debate about how best to spend its ‘war profits’
▼ + stars: | 2023-01-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

It has ignited an impassioned debate about international justice, with many questioning whether it is fair for Norway to rake in record oil and gas revenues at the expense of others' misfortune. Norway's Finance Ministry expects the state's revenues from oil and gas sales to climb to 1.38 trillion Norwegian krone ($131 billion) this year. "They are war profits," Lars-Henrik Paarup Michelsen, director of the Norwegian Climate Foundation think tank, told CNBC via telephone. Oil companies are getting richer and richer, but we don't see that money — and who is really paying for this? The so-called Government Pension Fund Global, among the world's largest sovereign wealth funds, was established in the 1990s to invest the surplus revenues of Norway's oil and gas sector.

☆ Analysts expect this under-the-radar global carbon capture stock to soar by up to 65%
▼ + stars: | 2023-01-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of Norway-based Aker Carbon Capture could rise by 65%, according to analysts, as demand increases for emissions reduction technology. Aker Carbon Capture builds carbon capture and storage (CCS) plants in an effort to lower emissions from industrial cement and steelmaking plants. The company's latest innovation, revealed last week, would cut the energy needed to capture carbon and improve the company's profitability in the future, according to analysts at Berenberg. Berenberg analysts said Aker's stock could also move following an expected announcement from the U.K. to build carbon capture plants. Aker Carbon Capture's ADRs are also traded on the OTC markets in the U.S.

The Bank of England also raised its key interest rate by a further half-percentage point on Thursday and indicated more hikes were likely. "Both the Fed and ECB delivering more hawkish rate steers are compounding recession fears," said Joe Manimbo, senior market analyst at Convera in Washington. Powell was also particularly hawkish in his comments, noting that ongoing rate hikes are appropriate to get sufficiently restrictive. In afternoon trading, the dollar rose to two-week highs against the yen, and last traded up 1.6% at 137.665 . Sterling also fell sharply as investors believe the BOE is nearing the end of its rate hikes.

☆ Danske Bank to Pay $2 Billion to Resolve Estonia Money-Laundering Probes
▼ + stars: | 2022-12-13 | by ( Dylan Tokar | Richard Vanderford | ) www.wsj.com time to read: +4 min

Danske Bank A/S, Denmark’s largest bank, has agreed to pay about $2 billion to settle long-running probes into anti-money-laundering failures that led to hundreds of billions of dollars of suspicious transactions flowing largely unchecked through a former branch in Estonia. The bank admitted to defrauding other banks regarding its Estonia customers and its anti-money-laundering controls. The resolutions bring to an end U.S. and Danish investigations, although scrutiny of the bank’s anti-money-laundering controls will likely continue for years. “We offer our unreserved apology and take full responsibility for the unacceptable failures and misconduct of the past, which have no place at Danske Bank today,” Mr. The Estonia branch ultimately processed $160 billion through U.S. banks on behalf of its nonresident customers, U.S. prosecutors said.

☆ Dollar extends losses as Fed minutes signal slower rate hikes
▼ + stars: | 2022-11-24 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

"As long as the Fed see a stronger labour market, they don't have a big concern about tightening," Christensen said. The dollar index , which measures the greenback against six major peers, was down 0.2% at 105.75, after sliding 1.1% on Wednesday. The euro held onto gains after the account of the European Central Bank's October meeting showed policymakers feared that inflation may be getting entrenched, justifying their outlook for further rate hikes. Meanwhile, billionaire investor Bill Ackman said he's betting the Hong Kong dollar will fall and that its peg to the U.S. dollar could break. The Japanese yen was one of the strongest gainers among major currencies, climbing 0.9% against the dollar to 138.285.

LONDON, Nov 24 (Reuters) - The U.S. dollar held onto losses on Thursday after the minutes from the Federal Reserve's November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting. "As long as the Fed see a stronger labour market, they don't have a big concern about tightening," Christensen said. The dollar index , which measures the greenback against six major peers, was little changed at 105.93, after sliding 1.1% on Wednesday. The euro was up 0.3% against the Swedish krone after Sweden's Riksbank raised rates by 75 basis points, in line with expectations in a Reuters poll. The Japanese yen was one of the strongest gainers among major currencies against the dollar, climbing 0.6% to 138.77.

☆ Lego Sales Soar Despite Economic Uncertainty
▼ + stars: | 2022-09-28 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Lego A/S reported a surge in sales for the first six months of 2022 and said it had won market share from rivals, building on its position as the world’s largest toy maker. The Danish maker of colorful toy bricks said Wednesday that revenue increased 17% compared with the first half of 2021 to 27 billion Danish krone, equivalent to $3.47 billion. It said Star Wars, Technic and Harry Potter themed sets had sold well. Net profit of 6.2 billion krone was down slightly on the 6.3 billion krone reported in the same period last year, during which Lego roughly doubled its profits.

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