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The U.S. Federal Reserve has become too data dependent and has lost sight of its overall strategy, Mohamed El-Erian, chief economic adviser at Allianz, said Friday. The economist told CNBC that a longer-term, more strategic outlook could see policymakers settle on a new inflation target of closer to 3%. "Rather than be strategic, this Fed is overly data dependent, and has turned into a play-by-play commentator," El-Erian told CNBC's Steve Sedgwick at the Ambrosetti Spring Forum in Italy. "The Fed should be strategic, the Fed should provide a strategic anchor, a stabilizer." The U.S. Federal Reserve did not immediately respond to a CNBC request for comment.
Persons: Mohamed El, Erian, CNBC's Steve Sedgwick, That's Organizations: U.S . Federal Reserve, Allianz, CNBC Locations: Italy
“Calculations that use a slightly larger radius for the size of the Sun yield an eclipse path that is slightly narrower,” said NASA spokesperson Karen Fox in an emailed statement. And even if the NASA map is wrong, Irwin’s calculations indicate it’s only off by a couple thousand feet on the edges. A woman views a map showing the eclipse path during the Solar Eclipse Festival at the California Science Center in Los Angeles, California, on August 19, 2017, two days before the total eclipse on August 21. And NASA also acknowledges that exact measurements of the eclipse path are difficult to pin down. “When you see the total eclipse, you can’t go back,” Guinan said.
Persons: , Karen Fox, Edward Guinan, John Irwin, Guinan, Frederic J . Brown, Irwin, ” Guinan, Jonathan Ernst, , can’t, ” Don’t Organizations: CNN, North America, NASA, Villanova University ., California Science Center, Getty, Sun, Reuters Locations: North, Guildford, England, Los Angeles , California, AFP, Smoky, Tennessee
How India is challenging China as Asia's tech powerhouse
  + stars: | 2024-04-05 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +30 min
New Delhi has sought to woo foreign tech companies and has been increasingly successful, with giants like Apple increasing their presence in the country. Tom Chitty: For years China has been Asia's tech powerhouse where the world's electronics and some of the biggest companies on the planet are located. And I think India is in the very early stages, to put it quite bluntly, of trying to do that. Tom Chitty: India have got an election this year as well, which is going to be interesting to see what happens there. You know, India has aligned itself slightly more to the countries that are currently a bit more anti-China, shall we say?
Persons: Tom Chitty, Arjun Kharpal, It's, Let's, I'm, Arjun, You'll, We're, we've, what's, gunning, Narendra Modi, it's, Tom, Modi, Trump, Apple, COVID, there's, Taiwan's, that's, Karen Tso, China's, Tim Cook, Raghuram Rajan, We've, feasibly, India's, let's, he's, you've, we'll, I've, We'll Organizations: Apple, CNBC, China, India's, Foxconn, Micron, Tata Electronics, Taiwan's Powerchip Semiconductor Manufacturing Corp, Reserve Bank of India, CCP, Samsung, Bain, India, London Locations: China, Tencent, Asia, India, Delhi, Washington, Beijing, American, COVID, U.S, Brazil, Vietnam, Indonesia, Thailand, Taiwan, South Korea, Bangalore, Goa, Kolkata, Mumbai, Europe, Silicon, New York, Germany
European markets look set for a mixed open on Friday as investors wrap up a lackluster first trading week of the new quarter. Markets have struggled to gain traction this week, with the Stoxx 600 index closing just slightly higher Thursday. During Friday's session, investors will digest fresh data on euro zone construction and retail sales, as well as U.K. house prices. Markets in Asia-Pacific moved lower Friday, led by declines for Japan's Nikkei 225, after comments from U.S. Federal Reserve officials fueled worries that the central bank could hold off on rate cuts. U.S. stock futures also turned lower on the comments, with the Dow Jones Industrial Average having notched its worst trading day in more than a year Thursday.
Organizations: Nikkei, U.S . Federal Reserve, Dow Jones Locations: Asia, Pacific, U.S
Inside the Museum of Contemporary Art in Denver, little pieces of Antarctica were melting: cross-sections of an ice core from the continent’s Newall Glacier, each one about the size of a beverage coaster and encased in a vacuum-sealed plastic bag. The artist Gala Porras-Kim watched approvingly during a visit in March, pointing out the air pockets that had started to form. “The ice cores are an archive of ancient air, because the air gets stuck in the layers of ice,” she said, pointing at the display during an interview at the museum. This particular core, which Porras-Kim had obtained from the National Science Foundation’s Ice Core Facility in nearby Lakewood, Colo., contained ice that had formed some 10,000 years ago, around the beginning of the Holocene period, in geological terms. “The ancient air will get released into this room — a reunion of this old air with the new air, mixing together,” she said, describing it as an “organic de-accession process.”
Persons: Porras, Kim, Organizations: of Contemporary Art, National Science Locations: Denver, Antarctica, Lakewood, Colo
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe smart money gathered in Manhattan on Wednesday didn't spend their time pitching artificial-intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference, some of the biggest names in hedge funds — such as Greenlight's David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Even hedge funds that are constantly stirring the pot, such as Bridgewater and Paul Singer's Elliott Management, were even-keeled. The activist investor, who's become a recurring nightmare for anxious CEOs across the country, is not looking to burn anything down or start an M&A spree.
Persons: , year's Sohn, Greenlight's David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's Tesla, Greg Coffey, Oz, Moore —, Coffey, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Elliott, Marc Steinberg, who's, You've, you've Organizations: Service, Business, Solvay, Paul Singer's Elliott Management, Bridgewater Locations: Manhattan, Belgium, Belgian, GLG, London, New York, Bridgewater, China
European markets look poised to open higher Thursday as investors look to build momentum following a shaky start to the new trading quarter. The pan-European Stoxx 600 index closed higher Wednesday, shaking off some of the negative sentiment after euro zone inflation fell more than expected. Thursday is light on the earnings front, while the release of notes from the European Central Bank's last monetary policy meeting is expected to shine some light on the path for interest rate cuts. In Asia-Pacific, markets rebounded following a selloff in the previous session. Meanwhile, U.S. stock futures inched higher overnight as investors digested comments from U.S. Federal Reserve Chairman Jerome Powell.
Persons: Jerome Powell Organizations: Central, Rio Tinto, U.S . Federal Locations: Rio, Asia, Pacific, U.S
The smart money gathered in Manhattan Wednesday didn't spend their time pitching artificial intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference in New York, the biggest names in hedge funds — such as David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Solvay, Einhorn said, has "a relatively high and stable margin, a high return on capital, and a good return of capital." Even hedge funds that are constantly stirring the pot, such as Paul Singer's Elliott Management and Bridgewater, were even-keeled. "You've got a durable business with real differentiation, you've got a strong management team executing," he said.
Persons: year's Sohn, David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's, Greg Coffey, Oz, Moore —, Coffey, Emso, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Sohn, Elliott, Marc Steinberg, You've, you've Organizations: Greenlight, Business, Solvay, Paul Singer's Elliott Management, Bridgewater, Elliott Locations: Manhattan, New York, Belgium, GLG, Australian, London, Bridgewater, China
Bloomberg | Getty ImagesThe CEO of French consumer goods giant Danone downplayed the threat of obesity drugs on its food business, arguing that consumers were likely to turn to healthy products as part of their new weight loss regime. Antoine de Saint-Affrique said that surging demand for drugs like Wegovy and Mounjaro would only increase consumer appetite for more nutritional products. "We see ourselves as extremely complementary to GLP-1s," de Saint-Affrique told CNBC's Charlotte Reed Wednesday. GLP-1s, or glucagon-like peptide 1 agonists, are the underlying class of drugs in weight loss injections such as Wegovy and Mounjaro. watch nowThe rapid rise of such drugs has prompted concern among food makers, who fear falling sales as consumer appetite wanes.
Persons: Antoine de Saint, Affrique, Mounjaro, CNBC's Charlotte Reed, de, Kepler Cheuvreux Organizations: Danone SA, Bloomberg, Getty, Danone, Novo Nordisk
European markets are set to open lower Wednesday as sentiment turns cautious at the start of the new trading quarter. The pan-European Stoxx 600 closed lower Tuesday after a subdued first day of trade after the Easter break. Wednesday is light on the corporate earnings front, but inflation data is due out of the euro zone and Turkey. Markets were lower in Asia-Pacific, tracking declines on Wall Street overnight, with shares of electric vehicle makers dropping on demand worries. U.S. stock futures were little changed in overnight trade.
Locations: Turkey, Asia, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGaza war sentiment: Arab monarchies are 'particularly vulnerable,' analyst saysKaren Young, senior research scholar at the Columbia University Center on Global Energy Policy, discusses Middle East tensions over the war in Gaza, and the Israeli strike on the Iranian consulate building in Syria.
Persons: Karen Young Organizations: Columbia University Center, Global Energy Locations: Gaza, Syria
European stocks were poised for a mixed open Tuesday as major markets reopened after the Easter weekend and investors looked ahead to the start of a new trading quarter. European markets closed the first quarter of 2024 around 6.8% higher Thursday as recent inflation data continues to show that pressures from higher prices are cooling. On Tuesday, investors will digest fresh data for March on euro zone manufacturing, German inflation and U.K. house prices. Tesla's quarterly delivery numbers are also due.
New York CNN —It took Donald Trump less than 24 hours to test the boundaries of Judge Juan Merchan’s gag order in his New York criminal trial. Inside the courtroom, Trump has been admonished and threatened with removal for being disruptive. Outside the courtroom, Trump has repeatedly railed against the charges he faces in front of cameras and attacked all of those involved on social media. Engoron issued a gag order on commentary about court staff that covered his clerk, fining Trump twice for breaking it. In the federal classified documents case, Trump has appeared several times before Judge Aileen Cannon, whom he appointed.
Persons: Donald Trump, Juan Merchan’s, Merchan, Trump, , , Karen Friedman Agnifilo, He’s, , they’re, Reggie Walton, CNN’s Kaitlan Collins, Judge Arthur Engoron, Letitia James, Engoron, fining Trump, slogged, he’d, Judge Lewis Kaplan, Jean Carroll, Kaplan, Elie Honig, ” Trump, Stormy Daniels, Daniels, Allen Weisselberg, Agnifilo, ” Agnifilo, ” ‘, Tanya Chutkan, ” Chutkan, he’s, Trump’s “, ” Merchan, Honig, CNN Trump, Aileen Cannon, Scott McAfee, Carroll, ” Kaplan, defaming Carroll, CNN’s Lauren Del Valle, Katelyn Polantz, Zachary Cohen Organizations: New, New York CNN, Trump –, CNN, Trump, Trump Organization, Georgia Locations: New York, Manhattan, Fulton County
When my daughter went off to college, I wanted to call her every day just to hear her voice. AdvertisementWhen my daughter got off the bus after the first day of kindergarten, she talked non-stop until she went to bed. I learned to communicate with my daughter differentlyWhen I went to college, we had a phone in our dorm room, and it cost money to call home long distance. But just like when we went off to college, they need the space to make the transition into adulthood without us hovering. AdvertisementWhat I've come to realize is how often parents talk with their college kids is as widely different as how often married couples have sex — and the end result is the same.
Persons: , I'd, we're, we've Organizations: Service
The weeklong Koyukon Athabascan burial ceremony in September was traditional in all ways but one: McCormick died in 1931. The 2,500-mile (4,000 km) journey ended at Morningside Hospital. For more than 15 years, volunteers in Fairbanks and in Portland have been working to identify the people who were committed to the hospital. Most records at the private hospital were lost in a 1968 fire, and territorial officials didn’t document those who were committed. McCormick died within weeks from a post-surgery infection.
Persons: — Lucy Pitka, McCormick, , , Lucy, Wally Carlo, Karen Perdue, Niesje Steinkruger, Meg Green, Ellen Ganley, Robin Renfroe, Eric Cordingley, Ganley, Perdue, Gilford Kriska, Kriska, Henry Waldo Coe, Steinkruger, Cordingley, “ I’m, Baby Louise Haven, Lucy McCormick’s, , Fairbanks, Helen Callahan, Carlo, Grandma Lucy, they’re Organizations: Morningside Hospital, Interior, National Archives, Alaska Natives, Morningside Locations: ANCHORAGE, Alaska, Fairbanks, Portland , Oregon, Valdez, Portland, Morningside, Oregon, College Park , Maryland, Nulato, Juneau, www.findagrave.com, Rampart
CNN —A London appellate justice refused former President Donald Trump’s request to appeal the dismissal of his case against retired British spy Christopher Steele’s company over his controversial 2016 dossier. Steyn also ordered Trump to pay £300,000 in legal fees to Steele’s company, Orbis Business Intelligence, which Trump requested to be stayed. In his order Wednesday, Lord Justice Mark Warby said Trump’s “appeal would have no real prospect of success,” finding that some of the presumptive Republican presidential nominee’s arguments were contradictory and his appeal attempted to offer new points that he didn’t present before Steyn. The dossier claimed that Trump conspired with the Kremlin to win the 2016 election and that Russia had compromising information on him. While the dossier was initially seen as credible due to Steele’s reputation, a series of US government investigations and lawsuits over the years discredited many of the claims.
Persons: Donald Trump’s, Christopher Steele’s, Karen Steyn’s, Steele, , Steyn, Trump, Mark Warby, Trump’s, Jean Carroll, , ” Steele, , Donald Trump, CNN’s Kate Sullivan, Natasha Bertrand, Zahid Mahmood, Marshall Cohen, Catherine Nicholls Organizations: CNN, Orbis Business Intelligence, Republican, Trump, ” CNN, Kremlin Locations: London, British, York, Russia
Advertising guru Martin Sorrell has questioned the prospects of Donald Trump's newly public Truth Social platform, saying it was currently "unfathomable" that clients would want to buy ads on the site. Sorrell, founder and executive chairman of digital marketing firm S4 Capital, said when asked if clients were likely to advertise. Trump Media & Technology Group (TMTG), the company behind Truth Social, went public Tuesday after merging with shell company Digital World Acquisition in a deal known as a special purpose acquisition (SPAC). A spokesperson for TMTG firmly dismissed claims that the share price move defied logic when contacted by CNBC. Truth Social lost $10.6 million in the first nine months of 2023 on revenues of $3.4 million.
Persons: Martin Sorrell, Donald Trump's, Sorrell, ", TMTG, Semafor, Trump Organizations: CNBC, Trump Media & Technology, Truth, Associated Press, WPP, Twitter Locations: British, U.S
Bing chief Mikhail Parakhin is leaving the role and will report to Microsoft's CTO in the meantime. The reorganization comes days after Satya Nadella tapped Mustafa Suleyman to lead its AI efforts. Days after Satya Nadella announced he was bringing Inflection AI's cofounder Mustafa Suleyman into the mix as its EVP and CEO of Microsoft AI, Mikhail Parakhin has "decided to explore new roles." Related storiesParakhin, who led the company's Bing search engine and advertising businesses, will report to Microsoft CTO Kevin Scott. AdvertisementMicrosoft has built AI into its Bing search engine and created other AI tools for Windows and Office under the Copilot brand over the last year.
Persons: Bing, Mikhail Parakhin, Parakhin, Satya Nadella, Mustafa Suleyman, , Kevin Scott, Pavan, Rajesh Jha, Microsoft's, Satya, Nadella, Suleyman, Karén Simonyan, Simonyan, Nadella's, Microsoft didn't Organizations: Service, Microsoft, Google, Windows, Bloomberg
The women named to the CNBC Changemakers list are creating a pattern of what it takes to defy the odds, innovate and thrive in a volatile business landscape. From startup founders to S&P 500 C-suite growth drivers, from personalities shaking up the media industry to figures taking women's sports further into the mainstream, the 2024 Changemakers have broken new ground and set the stage for others to follow. Click here to view the inaugural list and continuing coverage for Women's History Month.
Organizations: CNBC
When Karen Bass took office as Los Angeles mayor with a mandate to tackle homelessness, Venice Beach was at the top of her agenda. On a recent morning in the neighborhood, however, dog walkers navigated the wide sidewalks with little trouble, and there wasn’t a tent in sight. This is what Ms. Bass and her allies say is progress. More than a year into her term, the sidewalks and parks in Los Angeles are, on the whole, cleaner. But momentum in the nation’s second most populous city is fragile.
Persons: Karen Bass, Arnold Schwarzenegger, Bass Organizations: Los Angeles Locations: Los, Venice, Los Angeles
Falling fertility rates are set to spark a transformational demographic shift over the next 25 years, with major implications for the global economy, according to a new study. That would leave 49 countries — primarily in low-income regions of sub-Saharan Africa and Asia — responsible for the majority of new births. "Future trends in fertility rates and livebirths will propagate shifts in global population dynamics, driving changes to international relations and a geopolitical environment, and highlighting new challenges in migration and global aid networks," the report's authors wrote in their conclusion. That shifting demographic landscape will have "profound" social, economic, environmental and geopolitical impacts, the report's authors said. "As the workforce declines, the total size of the economy will tend to decline even if output per worker stays the same.
Persons: Asia —, Dr, Christopher Murray Organizations: Institute for Health Metrics, CNBC Locations: Saharan Africa, Asia, Chad, Niger, Tonga, Samoa, Asia's Tajikistan
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we've made a March Madness bracket to decide the biggest topics in business, tech, and innovation, and we need you to vote . [2] Interest rates vs. [7] US-China relations: The biggest question in the market is when the Federal Reserve will lower rates. China doesn't have as direct an impact on US businesses as interest rates, but it's not far behind. Anna Moneymaker/Getty ImagesThe Fed holds the line on interest rates.
Persons: , Jensen, we've, ya, Kevin Frayer, Chelsea Jia Feng, it's, Elon Musk, Jerome Powell, Anna Moneymaker, he's, Goldman Sachs, Russell Horwitz, hasn't, Greg Doherty, Mustafa Suleyman, Karén Simonyan, Sam Altman, Alex Nabaum, It's, Elon Musk's Neuralink, Noland Arbaugh, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, Federal Reserve, EV, Boomers, Fed, UBS, BI, Wall, Variety, New York Stock Exchange, Microsoft, Amazon, FedEx, Nike Locations: China, VCs, Valley, New York, London
When Lauren Nelda Pascal sewed her first silk bonnet, she wasn't thinking about building a viral TikTok business. Now Pascal's TikTok business account has over 107,000 followers and 2.6 million likes, and Lizzo and other celebrities have featured her products on their pages. But she said the discussion forced business owners to consider how they might pivot their social-media strategy if needed. Unlike on TikTok, businesses using Instagram Reels, Instagram's short-form-video feature, should be more cautious with trending audio. I have a product that I believe in, and so I try to let that bleed through my content," Pascal said.
Persons: Lauren Nelda Pascal, Lolo's, Pascal, , TikTok, I'm, KXAN Austin, Giselle Ugarte, Ugarte, KXAN, Karen North, It's, wasn't, doesn't Organizations: Service, Facebook, Business, Oxford Economics, USC Annenberg Locations: Jacksonville , Florida, TikTok
A Gucci store at Harbour City shopping mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023. Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions. Kering plunged to the bottom of the Stoxx 600 after a delayed open, dragging other European luxury lines with it. Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year." The slowdown is expected to derive primarily from Asia — and chiefly from China, whose economy has been struggling.
Persons: Gucci, Kering, Christian Dior, Hermes, Burberry Organizations: Wharf Holdings Ltd, Gucci, Asia — Locations: Harbour City, Hong Kong, China, Asia, London, Pacific
Microsoft's hiring spree from the startup Inflection AI came amid concerns from the software giant's board about instability at OpenAI and internal doubts about consumer-AI vision and strategy, insiders said. Suleyman, who cofounded the AI pioneer DeepMind, is set to be CEO of Microsoft AI. Microsoft's consumer-AI vision needed a boostSome Microsoft insiders told Business Insider the company's consumer-AI strategy needed a boost and more of a visionary leader. As the new CEO of Microsoft AI, Suleyman's purview is set to include thousands of employees who report to Mikhail Parakhin. Parakhin has played a significant role in Microsoft's AI work and is generally respected within the company for his technical prowess.
Persons: Mustafa Suleyman, Karén Simonyan, Suleyman, they've, Mikhail Parakhin, Parakhin, Rajesh Jha, Jha wasn't, Jha, Microsoft's, Frank Shaw, Shaw, Sam Altman, Satya Nadella, Nadella hadn't, Nadella, Amy Hood, It's, didn't, OpenAI Organizations: Big Tech, Business, Microsoft, BI, Google, Insiders, Microsoft's Locations: OpenAI
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