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☆ Markets are pricing in rate cuts too soon, IMF's Gopinath says
▼ + stars: | 2023-06-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Major central banks will have to keep interest rates high for much longer than some investors expect, Gita Gopinath, first deputy managing director of the International Monetary Fund, told CNBC Tuesday. "Now this is unlike, for instance, what several markets expect, which is that things are going to come down very quickly in terms of rates. The ECB began raising rates in July 2022 and has increased its main rate from -0.5% to 3.5% since then. Nonetheless, Fed Chairman Jerome Powell has suggested there could be at least two more rate hikes this year. In a note to clients on Friday, Nomura said it expects both the ECB and the Bank of England to announce rate cuts in about a year's time.

Persons: Gita Gopinath, Gopinath, CNBC's Annette Weisbach, Jerome Powell, Nomura Organizations: International Monetary Fund, CNBC, European Central Bank, ECB, U.S . Federal Reserve, Fed, Bank of England Locations: Sintra , Portugal, Europe

☆ OpenAI-powered app from Microsoft is coming to Epic Systems to help save doctors time
▼ + stars: | 2023-06-27 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Microsoft's speech recognition subsidiary Nuance Communications on Tuesday announced its AI-powered clinical notes application is coming to Epic Systems to help reduce physicians' administrative workloads. Epic is a health care software company that helps hospitals and other health systems store, share and access electronic health records. More than 500,000 physicians and 306 million patients across the globe use Epic's offerings, and the company has long-standing partnerships with both Microsoft and Nuance. Nuance told CNBC Tuesday that integrating its latest solution, Dragon Ambient eXperience (DAX) Express, into Epic is a "major step" toward that goal. "The last thing they want to do is pajama time," Peter Durlach, chief strategy officer at Nuance told CNBC in an interview Tuesday.

Persons: DAX, Garrett Adams, Peter Durlach, Adams, Durlach Organizations: Microsoft Corp, Tuesday, Epic Systems, Microsoft, CNBC, American Medical Association, DAX Express Locations: Lisbon, Portugal, U.S, HIPAA

☆ Ukraine war live updates: Putin's latest war claim deemed preposterous; Kyiv sees tough fighting in sluggish counteroffensive
▼ + stars: | 2023-06-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

A Ukrainian soldier of the 28th Separate Mechanized Brigade fires at Russian positions at the front line near the town of Bakhmut in the Donetsk region, on June 17, 2023. Ukraine's counteroffensive has produced only limited gains so far, with eight settlements reclaimed in the last two weeks. Ukrainian officials are the first to admit that the country's armed forces face a "tough duel" with Russia in the weeks and months ahead. They're dug in so deep, that we already had a very good idea that this will be not an easy task," he added. Read more on the story here: 'Tough duel' ahead for Ukraine as Russia mounts fierce resistance to counteroffensive— Holly Ellyatt

Persons: It's, Yuriy Sak, Holly Ellyatt Organizations: Mechanized Brigade, CNBC Locations: Ukrainian, Bakhmut, Donetsk, Ukraine, Russia

☆ 'Tough duel' ahead for Ukraine as Russia mounts fierce resistance to counteroffensive
▼ + stars: | 2023-06-20 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

Ukrainian officials are the first to admit that the country's armed forces face a "tough duel" with Russia in the weeks and months ahead. Nonetheless, there is mounting pressure on Ukraine to produce solid results — and analysts told CNBC that expectations could be far too high. Oleksiy Goncharenko, a Ukrainian lawmaker, told CNBC Tuesday that it was too early in the counteroffensive to make a judgment call. Urging patience, Ukraine defense advisor Yuriy Sak told CNBC: "We understand that everybody — and us more than anybody else — wants [the counteroffensive] to be progressing faster." Anders Fogh Rasmussen, chair of Rasmussen Global and former Secretary General of NATO, told CNBC Tuesday that "we are much too slow."

Persons: Anatolii Stepanov, Yuriy Sak, Hanna Maliar, Maliar, Oleksiy, —, Sak, Anders Fogh Rasmussen, Putin, Fogh Rasmussen, Oleksiy Goncharenko, Oscar Del Pozo Organizations: AFP, Getty, CNBC, Ukrainian, Google, Defense, NATO, Rasmussen Global, Afp Locations: Blagodatne, Donetsk, Ukraine, Russia, Zaporizhia, Kharkiv, Kherson, Ukrainian, Kyiv, Spanish, San Gregorio, Zaragoza

☆ Ukraine's counteroffensive has been underwhelming so far — but it's low key for a reason
▼ + stars: | 2023-06-16 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Anatolii Stepanov | Afp | Getty ImagesWhen Ukraine's counteroffensive started last week there was no fanfare or official announcement, but that wasn't entirely unexpected. "We are trying to find the weakest places in the Russian defense line. Nonetheless, Ukraine's deputy defense minister conceded Wednesday that the fighting was "extremely fierce" and that the counteroffensive had only had "partial success" so far. CNBC contacted Ukraine's defense ministry for further comment and is awaiting a response. "We will see the main punches of Ukrainian forces in the nearest future.

Persons: Anatolii Stepanov, Nick Reynolds, Andrius, Oleksandr Musiyenko, Musiyenko, Matthew Miller, RUSI's Reynolds, they've, it's Organizations: Afp, Getty, Kyiv, CNBC, Defense, Centre for Military, Legal Studies, Velyka Novosilka, Ukrainian, Anadolu Agency, NATO, . State Locations: Zaporizhzhia, Ukraine, Russian, Kharkiv, Kherson, London, Russia, Central, Eastern Europe, Kyiv, Velyka, Donetsk, Bakhmut, Crimea, Donbas, Moscow

☆ Saudi Arabia's Public Investment Fund just reshaped professional golf with the PGA Tour-LIV merger. That's just the start
▼ + stars: | 2023-06-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, according to its most recent filing. A state-owned investment fund like the PIF is not unique. Critics of LIV Golf accused the Saudis of backing the new tour as a form of “sportswashing” its reputation. For example it’s not clear exactly how much it invested to start up LIV Golf. CNN has not been able to confirm that report, but what is known is that LIV Golf tournaments have been held on Trump Organization properties.

Persons: petro, LIV Golf, LIV, Yasir Al, Rumayyan, Cristiano Ronaldo, Karim Benzema, ”, Elon Musk, Jared Kushner, Donald Trump’s, Kushner, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, – CNN’s Coy Wire, Jack Bantock, Steve Almasy Organizations: New, New York CNN, Saudi, Saudi Public Investment Fund, Sovereign Wealth Fund, PGA, Soccer, Saudi Aramco, Newcastle United, Saudi Pro League, CNBC, Electronic Arts, EA, Activision Blizzard, Ticketmaster, Carnival Corp, Twitter, Washington Post, CNN, Trump Organization, US State Department, Congress Locations: New York, Europe, Saudi, English, Al, Saudi Arabia, al Qaeda

☆ SEC sues Coinbase over exchange and staking programs, stock drops 13%
▼ + stars: | 2023-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Coinbase stock had already fallen 9% on Monday, after the SEC unveiled charges against rival crypto exchange Binance and its founder Changpeng Zhao. Coinbase's flagship prime brokerage, exchange and staking programs violate securities laws, the regulator alleged in its complaint. The SEC has alleged that at least 13 crypto assets available to Coinbase customers were considered "crypto asset securities" by the regulator. Coinbase's institutional service, Prime, its retail exchange product, and its self-custody Wallet service all offered one or more crypto asset security, the SEC said in its complaint. Coinbase's staking program was also identified as a investment contract and as an unregistered security: The SEC had already taken similar action to force the closure of crypto exchange Kraken's staking service.

Persons: Changpeng Zhao, Gary Gensler, Gensler, Coinbase, Paul Grewal, we'll, Coinbase's Organizations: Securities, Exchange Commission, SEC, CNBC, New York Stock Exchange, Labs, Coinbase, Regulators Locations: New York

☆ China walks a tightrope, searching for a Ukraine peace deal that gets around defeat for its ally Russia
▼ + stars: | 2023-05-18 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +5 min

Russian President Vladimir Putin and Chinese President Xi Jinping at a signing ceremony after their talks at the Kremlin in Moscow on March 21, 2023. "Russia is an increasingly important partner for [Chinese President] Xi Jinping. Russian President Vladimir Putin and China's President Xi Jinping leave after a reception following their talks at the Kremlin in Moscow on March 21, 2023. Ukraine's President Volodymyr Zelenskyy speaks with Chinese President Xi Jinping via phone line, in Kyiv on April 26, 2023. As such, China's move to broker peace between Russia and Ukraine is not seen as an altruistic one but motivated by self-interest.

☆ Crypto firm Ripple buys Swiss startup as SEC crackdown forces companies to consider overseas moves
▼ + stars: | 2023-05-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Ripple CEO Brad Garlinghouse speaks during the Milken Institute Global Conference in Beverly Hills, California, on Oct. 19, 2021. "This is the largest deal we've seen in the last year," Brad Garlinghouse, CEO of Ripple, told CNBC on a call Tuesday. Garlinghouse said last week that the firm will have spent $200 million in total defending itself against the SEC lawsuit. Numerous crypto industry insiders have been calling for a clear regulatory framework from the U.S. Congress to help give companies clarity over how they can operate in a way that's legally sound. WATCH: Ripple will have spent $200 million fighting SEC lawsuit, CEO says

☆ China doesn't really care who wins the war in Ukraine — it just wants to win the peace, analysts say
▼ + stars: | 2023-05-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +9 min

There's little doubt that China wants the war between Russia and Ukraine to end, and soon. Political analysts and China watchers note that, ultimately, Beijing doesn't really care who "wins" the war — or what form a peace deal takes. Ukraine's President Volodymyr Zelenskyy speaks with Chinese President Xi Jinping via phone line, in Kyiv on April 26, 2023. Russian President Vladimir Putin and China's President Xi Jinping shake hands during a signing ceremony following their talks at the Kremlin in Moscow on March 21, 2023. Any peace will be hard-wonNo-one is underestimating the challenges any would-be peace broker has before them.

☆ Microsoft economist warns of A.I. election interference from 'bad actors'
▼ + stars: | 2023-05-03 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

being used by bad actors" than they should about AI productivity outpacing human productivity, Microsoft chief economist Michael Schwarz said at a World Economic Forum event Wednesday. Microsoft first invested $1 billion in OpenAI in 2019, years before the two companies would integrate OpenAI's GPT large language model into Microsoft's Bing search product. Politicians and regulators have expressed growing concern about the potential impact of AI technology as well. Vice President Kamala Harris will meet Thursday with top executives from Anthropic, another AI firm, and Google, Microsoft and OpenAI to discuss responsible AI development, the White House told CNBC Tuesday. "Please remember, breaking is much easier than building," Schwarz noted.

☆ Crypto exchange owned by embattled conglomerate Digital Currency Group loses top global exec
▼ + stars: | 2023-05-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

DCG, Luno's parent company, has been grappling with the ongoing fallout from last year's plunge in token prices and the collapse of FTX. Vijay Ayyar, a senior executive at cryptocurrency exchange Luno and one of its earliest employees, is leaving the company. It comes after the company, which is owned by Digital Currency Group, announced the closure of its operation in Singapore, where Ayyar is based. "I'll be leaving Luno after 7 years at the company," Ayyar said in a WhatsApp message. In addition to his corporate responsibilities at Luno, Ayyar also serves as something of a crypto market guru, providing frequent commentary to the press on moves in markets.

☆ Uber CEO reveals 4 ways to boost your rider ratings — and tipping isn't one of them
▼ + stars: | 2023-05-02 | by ( Hannah Towey | ) www.businessinsider.com time to read: +2 min

Uber CEO Dara Khosrowshahi revealed the best way for passengers to increase their ratings. Uber CEO Dara Khosrowshahi shared four pieces of advice for passengers looking to boost their ratings in an interview with CNBC Tuesday morning. He said a only a minority of Uber riders tip. Khosrowshahi's insight is based on his experience going undercover as an Uber driver last fall in order to better understand the issues facing gig workers. He told CNBC he's a 5-star driver and the tips are "pretty good."

☆ Chegg CEO calls 48% stock plunge over ChatGPT fears 'extraordinarily overblown'
▼ + stars: | 2023-05-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Chegg' s 48% stock price plunge on Tuesday, driven by comments in the company's earnings report about the risks of artificial intelligence, was "extraordinarily overblown," CEO Dan Rosensweig told CNBC Tuesday. On Monday's earnings call, Rosensweig said ChatGPT, the suddenly popular chatbot from startup OpenAI, was "having an impact on our new customer growth rate." "I think this is extraordinarily overblown, and I don't normally say that, I don't really talk about the stock price much," Rosensweig said. Rosensweig noted that ChatGPT struggles with delivering accurate answers, a phenomenon known as hallucination, and a problem in the academic world. "ChatGPT is often wrong, and it's not going to be right anytime soon."

☆ Kamala Harris to discuss A.I. in meeting with Google, Microsoft, OpenAI and Anthropic CEOs
▼ + stars: | 2023-05-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Vice President Kamala Harris will meet with the chief executives of Google , Microsoft , OpenAI and Anthropic Thursday to discuss the responsible development of artificial intelligence, the White House confirmed to CNBC Tuesday. Harris will address the need for safeguards that can mitigate AI's potential risks and emphasize the importance of ethical and trustworthy innovation, the White House said. Generative AI has exploded into public consciousness after OpenAI released its viral new chatbot called ChatGPT late last year. In the months since, Microsoft has been integrating OpenAI's generative technology across many of its products as part of its multi-year, multi-billion-dollar investment in the company. While many experts are optimistic about the potential of generative AI, the technology has also inspired questions and concerns from regulators and tech industry giants.

☆ Samsung bans use of A.I. like ChatGPT for employees after misuse of the chatbot
▼ + stars: | 2023-05-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Samsung is restricting the use of so-called generative artificial intelligence tools such as ChatGPT for employees after the company discovered such services were being misused. It is a form of so-called generative AI. Samsung does not have its own generative AI product yet. ChatGPT is developed by U.S. firm OpenAI which is backed by Microsoft while other generative AI products include Google's Bard. Inputting sensitive company data into these foreign-owned services could be a concern to companies worried about leaks of crucial information.

☆ 'Other problems might be lurking': Strategist is unconvinced by Jamie Dimon's bank crisis comments
▼ + stars: | 2023-05-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Workers are seen inside of a First Republic Bank office on May 01, 2023 in San Francisco, California. Justin Sullivan | Getty Imageswatch nowDavid Pierce, director of strategic initiatives at Utah-based GPS Capital Markets, told CNBC Tuesday that the financial sector's frailties may be more profound than the messaging from bankers and policymakers suggests. Could they have funded them and given them additional capital, provided loans that would have gotten them through this hard time?" The World Economic Forum's Chief Economists Outlook, published Monday, showed chief economists by and large do not currently see large-scale systemic risk from the recent banking chaos, but they do think it will have some economic impact. "Although the chief economists are broadly sanguine about the systemic implications of the recent financial disruption – 69% characterize it as isolated episodes rather than signs of systemic vulnerability – they point to potentially damaging knock-on effects," the report said.

☆ A 'tinderbox' with no easy off-ramps: What the Sudan conflict means for the world
▼ + stars: | 2023-04-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +10 min

Smoke rises during clashes between the Sudanese Armed Forces and the paramilitary Rapid Support Forces (RSF) in Khartoum, Sudan on April 19, 2023. "We urge the Sudanese army to respect the ceasefire and its conditions to alleviate the suffering of innocent civilians. - | Afp | Getty ImagesNotorious Russian mercenary force Wagner Group has been linked to various commercial and military operations in Sudan. Italian citizens are boarded on an Italian Air Force C130 aircraft during their evacuation from Khartoum, Sudan, in this undated photo obtained by Reuters on April 24, 2023. "The RSF is likely to target oil infrastructure linking South Sudan with Khartoum and the export terminal at Port Sudan," Verisk Maplecroft's Hunter suggested.

☆ Americans could see their student debt, car, and mortgage payments surge because of Republicans' 'flirtation with the default,' top Democrat Hakeem Jeffries says
▼ + stars: | 2023-04-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Hakeem Jeffries said a default on the US debt could cause student debt, car, and mortgage payments to surge. Republicans plan to bring a debt ceiling bill to the House floor next week, but it's unclear if it will get enough support. Biden has refused to meet with Republicans over debt ceiling negotiations. "Even the flirtation with the default is going to hurt everyday Americans," Jeffries said. "It risks raising car payments, it risks raising home mortgage payments, it risks raising student loan debt payments," he continued.

☆ Coinbase CEO says the crypto exchange is preparing to go to court with the U.S. SEC
▼ + stars: | 2023-04-18 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Last month, the SEC issued Coinbase with a Wells notice, which is often one of the final steps before the regulator formally issues charges. Brian Armstrong, CEO of Coinbase, called the issuing of the Wells notice "unfortunate" and said the company has not got any more information on the specific issues the SEC has. When asked by CNBC if Coinbase is prepared for a years-long battle with the SEC, Armstrong replied, "Absolutely." Brian Armstrong, CEO of Coinbase, slammed the U.S. Securities and Exchange Commission. Barclays said in a note this month that "regulatory overhang" on Coinbase's stock "increased meaningfully" when the SEC issued the Wells notice.

☆ SEC's Gensler in congressional hot seat today over climate change and crypto
▼ + stars: | 2023-04-18 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The House Financial Services Committee will hold a hearing on oversight of the Securities and Exchange Commission this morning. That's because SEC Chair Gary Gensler has aroused the ire of many in corporate America over his 50+ list of new regulatory proposals the SEC is scheduled to vote on this year. "Chair Gensler has identified a range of 50-55 regulatory priorities since the start of his tenure, and has already proposed twice as many rules as his predecessor in just half the time." "The vast majority of crypto tokens are securities," Gensler declared in his written testimony to the House Financial Services Committee. "SEC Chair Gensler is long overdue to testify before the House Financial Services Committee," Rep. French Hill (R.-Ark), Vice Chairman of the House Financial Services Committee, said in a statement released to CNBC.

Nvidia also detailed a set of cloud services that make it easier for companies to build bespoke AI models for their respective businesses. The huge gains have prompted a debate on Wall Street about whether Nvidia bulls are overhyping the company's AI opportunity. Nvidia also detailed a set of services, known as Nvidia AI Foundations , which will be available through DGX Cloud. These provide companies with the tools needed to customize AI models. Secondly, Nvidia's software expansion makes its AI leadership directly applicable to more industries because its best-in-class technology will be easier to access.

☆ Canada is aiming to beat China in the critical race for rare earth metals
▼ + stars: | 2023-03-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Canada is positioning itself as a solution for the many European governments that are looking to rely less on China for critical raw materials — which are essential for the manufacture of goods like electric cars. The G-7 member announced in December a plan to ramp up the production of these minerals, with Canada having one of the largest deposits. The European Union, and other parts of the world, are trying to be less dependent on China while also accelerating plans for a more sustainable economy. More broadly, there's a growing recognition by several governments that minerals and other raw materials are now a matter of national security. This has become a reality in the European Union, with Russia's invasion of Ukraine highlighting that the bloc had become solely reliant on one huge supplier.

☆ Goldman-backed battery firm Northvolt earmarks next quarter for U.S. factory announcement
▼ + stars: | 2023-02-21 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

A Northvolt building in Sweden, photographed in February 2022. Mikael Sjoberg | Bloomberg | Getty ImagesSKELLEFTEA, Sweden ꟷ Battery firm Northvolt will outline details of a new manufacturing plant in the U.S. before the start of the summer, CEO Peter Carlsson told CNBC Tuesday. The Swedish company has been reevaluating some of its investment decisions in light of the U.S. Inflation Reduction Act — often referred to as IRA. "I would be surprised if we have not done an announcement by latest in Q2 [second quarter]," he said. A worker walking past the coating ovens section at the Northvolt Ett factory in Skelleftea, north Sweden.

☆ Canada trade minister says trade talks with Taiwan are part of a larger Indo-Pacific strategy
▼ + stars: | 2023-02-21 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Canada's decision to enter formal bilateral trade talks with Taiwan is part of a broader strategy for the Indo-Pacific region, its minister of international trade told CNBC Tuesday. The two sides agreed on Feb. 7 to begin formal negotiations on a trade agreement in order to strengthen trade and investment. Bilateral trade between Canada and Taiwan reached $5.82 billion in 2022, according to Taiwan's official statistics. Taiwan is Canada's 13th largest trading partner globally, and its 5th largest trading partner in Asia. Taiwan's exports to Canada amounted to $3.3 billion last year, and Canada exports to Taiwan amounted to $2.52 billion in the same period, according to that data.

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