DIRS.INFO The most relevant business & tech news

☆ European markets choppy after downbeat week; Commerzbank down 5%
▼ + stars: | 2023-08-04 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Commerzbank shares were down 5% in the first hour of trading, despite announcing strong half-year results, with net profits up by almost 50% to 1.1 billion euros ($1.2 billion). Commerzbank completed its first share buyback program in June, in which it purchased more than 12 million of its own shares, with a value of 122 million euros at an average price of around 10.05 euros per share. The bank's CFO Bettina Orlopp told CNBC's Silvia Amaro that Commerzbank was "satisfied" with the strong results, in an interview that took place before European markets opened. Commerzbank also raised its outlook for net income interest from 7 billion euros to 7.8 billion euros, well above the net income for 2022, and showed optimism for the upcoming year. "We are very confident that we will reach our 2024 targets, so there are no worries here," Orlopp said.

Persons: Commerzbank, Bettina Orlopp, CNBC's Silvia Amaro, Orlopp, — Hannah Ward, Glenton

☆ European markets lower ahead of Bank of England rate decision
▼ + stars: | 2023-08-03 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

European markets were lower as investors continue to assess earnings season and await the Bank of England's rate decision, expected midday Thursday. The pan-European Stoxx 600 index was down 1% in morning trade, with all sectors trading in negative territory. Tech stocks led losses, with a 2.3% downturn, followed by autos, which dropped 1.7%.

Organizations: Bank of, Tech

☆ Europe markets open lower as investors digest earnings and U.S. rating downgrade
▼ + stars: | 2023-08-02 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

A subsidiary of Swiss drugmaker Roche, Genentech, accused a Novartis unit, Sandoz, of infringing one of its patents, according to a complaint filed in a New Jersey court Monday. The patent covers the drug Esbriet, which is used as a treatment for certain types of lung disease. Genentech said in the complaint that Sandoz's breach of the patent was "knowing, reckless, and willful" and had resulted in "significant damage " to its company. Roche has previously attempted to sue Sandoz over the same drug, but the lawsuit was thrown out in March 2022 after a U.S. judge found that parts of the Genentech patents were invalid. Shares in both Roche and Novartis were down 1.4% in the first hour of trading.

Persons: Swiss drugmaker Roche, Genentech, Roche, Sandoz, — Hannah Ward, Glenton Organizations: Swiss, Novartis Locations: New Jersey, U.S, Roche

☆ Disney District, Now Under DeSantis’s Control, Ends Its D.E.I. Programs
▼ + stars: | 2023-08-01 | by ( Anna Betts | More About Anna Betts | ) www.nytimes.com time to read: +5 min

Fentrice Driskell, the Democratic leader in the Florida House of Representatives, said she was not surprised that the Central Florida Tourism Oversight District had followed suit. The State Legislature instead stripped the company of its power to appoint the five members of the district’s oversight board and gave it to Mr. DeSantis. In April, the newly appointed board voted to nullify two agreements that gave Disney control over expansion of the resort. What’s NextThe feud between Disney and Mr. DeSantis appears set to continue, with the two lawsuits still winding their way through the courts. Mr. DeSantis, who is running for the Republican nomination for president, has highlighted both his “anti-woke” and “anti-corporate” agenda on the campaign trail.

Persons: DeSantis, Glenton Gilzean, DeSantis’s, Fentrice Driskell, “, ”, Bob Chapek, nonbinary, Disney, Donald J, Trump Organizations: Central, Disney, “, Democratic, Legislature, Florida Department of Economic, Republican Locations: Central Florida, Texas, Tennessee, North Carolina, Florida, Orange, Osceola, Orlando

☆ DeSantis-controlled Disney World district abolishes diversity, equity initiatives
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: +4 min

Diversity, equity and inclusion programs were abolished Tuesday from Walt Disney World's governing district, now controlled by appointees of Gov. The Central Florida Tourism Oversight District said in a statement that its diversity, equity and inclusion committee would be eliminated, as would any job duties connected to it. Also axed were initiatives left over from when the district was controlled by Disney supporters, which awarded contracts based on goals of achieving racial or gender parity. The district was controlled by Disney supporters for more than five decades. Before the new board came in, Disney made agreements with previous oversight board members who were Disney supporters that stripped the new supervisors of their authority over design and development.

Persons: Walt, Ron DeSantis, Glenton Gilzean, Gilzean, DeSantis Organizations: Walt Disney, Gov, Central, Disney, Central Florida Urban League, James Madison Institute, American Enterprise Institute Leadership Network, Improvement, Republican Locations: Orlando , Florida, U.S, Florida, Central Florida, American, Orlando

☆ Ukraine war live updates: Ukraine and Russia struck by drones overnight; West-led peace talks in the pipeline
▼ + stars: | 2023-08-01 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Russia said it needs to learn more about the talks set to happen in Saudi Arabia, which were first reported by the Wall Street Journal and not scheduled to include a Kremlin delegation. The discussions are designed to lead to international backing of a peace agreement, favoring Ukraine's position, the WSJ reported. When asked about the talks, Kremlin Spokesperson Dmitry Peskov allegedly told reporters that Russia would follow the meeting, as the country needs to understand what goals are set and what will be discussed. "Any attempt to promote a peaceful settlement deserves a positive evaluation," Peskov said, according to a Reuters report. Peskov did, however, highlight that the Kremlin currently sees no grounds for peace negotiations with Ukraine.

Persons: Dmitry Peskov, Peskov, Volodymyr Zelenksyy's, Andriy Yermak, — Hannah Ward, Glenton Organizations: Wall Street Journal, Kremlin, Reuters Locations: Russia, Saudi Arabia, Ukraine, Moscow, East, South

☆ Ukraine war live updates: War is returning to Russia, Zelenskyy warns; Putin says China and Africa could help end conflict
▼ + stars: | 2023-07-31 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Russian President Vladimir Putin leaves the site of the annual Navy Day parade on July 30, 2023, in St. Petersburg, Russia. Both Russia and Ukraine have stepped up talks with external governments in recent days as each side looks to involve allies. Russian President Vladimir Putin on Friday also praised his country's close friendship with North Korea and vowed to step up economic, political and security ties with the isolated state in a letter shared with President Kim Jong Un as Russian and Chinese delegates gathered in Pyongyang for Korean War Armistice celebrations. Putin said Friday that Moscow is ready to negotiate with Ukraine, but said Kyiv is unwilling to enter talks, Reuters reported. Ukrainian officials have said they will not enter negotiations with Russia while the country continues to hold a fifth of Ukrainian territory.

Persons: Vladimir Putin, Staff Andriy Yermak, Kim Jong Un, Putin Organizations: Navy, Staff, Korean, Friday, Kyiv, Reuters Locations: St . Petersburg, Russia, Ukraine, U.S, China, Brazil, Africa, Russian, North Korea, Pyongyang, Moscow

☆ Ukraine war live updates: Kyiv faces sixth attack this month; Zelenskyy says Ukraine grain export ban 'unacceptable'
▼ + stars: | 2023-07-25 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Mykola, 50, the deputy commander of a Ukrainian volunteer unit, poses with a night vision scope at a position used by the unit to counter threats during air raid sirens, in a suburb of Kyiv. Kyiv faced its sixth air attack this month early Tuesday, the Kyiv City Military Administration wrote on Telegram, but all drones were detected and destroyed "in a timely manner," according to a Google translation. There were no casualties and the city was not damaged, KCMA head Serhiy Popko wrote. External forces have continued to urge Russia to return to the Black Sea Grain Initiative, which it abandoned on July 17, prompting a surge in wheat prices. "With the termination of the Black Sea Initiative, the most vulnerable will pay the highest price," U.N. Secretary-General Antonio Guterres told the U.N. food summit on Tuesday.

Persons: Mykola, Serhiy Popko, Antonio Guterres Organizations: Kyiv, Kyiv City Military Administration, Initiative, Black Sea Initiative Locations: Ukrainian, Kyiv, Ukraine, Odesa, Russia

☆ Ukraine war live updates: Russia reports 'terrorist' drone attack on Moscow; more deadly strikes in Odesa
▼ + stars: | 2023-07-24 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Russia blamed Ukraine for an attempted "terrorist attack" in Moscow Monday, which did not result in casualties. The Russian Defence Ministry posted on Telegram that two Ukraine drones were "suppressed and crashed" in the early hours of the morning and reported "no victims." The city was hit by a deadly Russian airstrike, which killed at least one person and left another 22 injured. Ukrainian member of Parliament Kira Rudik told Sky News that the night of the attacks was "probably the most vicious" since Russia's full-scale invasion of Ukraine. The hostilities destroyed a grain depot and large parts of the Spaso-Preobrazhenskyi Cathedral in the port city, according to Ukrainian officials.

Persons: Sergei Sobyanin, Kira Rudik Organizations: Russian Defence, Sky News, Russia Locations: Russia, Ukraine, Moscow, Kyiv, Odesa, Preobrazhenskyi

☆ King Charles III to receive bumper pay rise after a shake-up of the British royal family’s finances
▼ + stars: | 2023-07-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON — The amount of money given to the British royal family by the U.K. government is projected to "increase significantly" in the coming years, according to the latest review of the annual Sovereign Grant. Despite the percentage cut, an unexpected surge in profits means the royal family is poised to receive more money than in previous years. The portfolio is worth a total of £16 billion ($20.5 billion), according to the crown estate, and generated "substantial additional income" from the offshore wind facilities owned by the royal family. The sovereign grant, which is based on profits generated two years before the financial year in question, was worth £86.3 million this year — unchanged from the year before. At the new 12% formula, this means the monarchy could receive £124.8 million in 2025 to 2026 and £126 million the following year.

Persons: Sovereign Grant Organizations: Sovereign, Treasury

Kin Cheung | Pool | Getty ImagesLONDON — Two countries are jockeying for position as Europe's capital for artificial intelligence. So, who is leading the race to take Europe's AI crown? The European Union has its AI Act, which is set to be the first comprehensive set of laws focusing on artificial intelligence in the West. In contrast the EU's AI Act could make France "less attractive" for investment in artificial intelligence given that it lays down "a burdensome regulatory regime" for AI, Tanna said. Alexandre Lebrun, CEO of Nabla, an AI "copilot" for doctors, said the U.K. and France are "probably even" when it comes to attractiveness for starting an AI company.

Persons: Rishi Sunak, Emmanuel Macron, Kin Cheung, Macron, Karen Tso, Sunak, it's, Sajid Javid, Boris Johnson's, Simmons, Tanna, Anton Dahbura, Alexandre Lebrun, Lebrun, who've, Keir Starmer Organizations: British, Viva Tech, London Tech, Microsoft, U.S, CNBC, supercomputing, European Union, Johns Hopkins Institute, Autonomy, Google, Facebook, EU, Labour Locations: Europe, China, VivaTech, Paris, France, U.S, West, Germany, London

☆ Germany's economy is stagnating. And these 5 charts show how
▼ + stars: | 2023-07-07 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

But a faltering gross domestic product isn't the only figure that suggests that the German economy is stuttering. Germany's inflation rate is expected to hit 6.4% for June, according to provisional data from the German statistics office, which is an increase from the 6.1% recorded for May. Expect maybe for the second half that inflation might come down to a certain extent," Joachim Nagel, president of Germany's central bank, the Bundesbank, told CNBC in March. "What the fiscal authority can do in the face of high inflation is to alleviate the pain of inflation on the most fragile citizens," he said. The German economy has already recouped half of the losses in terms of trade incurred over the last two years and the energy crisis," he added.

Persons: Joachim Nagel, Sylvain Broyer, Volker Wieland, Veronika Grimm, Alexander, Universität, Broyer, China's, Robert Habeck Organizations: Anadolu Agency, Getty, CNBC, European Central Bank, Energy, Goethe University, Allianz, Reuters, Friedrich, country's Locations: Germany, Europe, Ukraine, Frankfurt, Universität Erlangen, Nürnberg, China, Beijing

☆ European markets stage muted open following Thursday's sharp losses
▼ + stars: | 2023-07-07 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

June's payrolls report – the big event on investors' radar in this holiday-shortened week – will be released Friday at 8:30 a.m. Economists polled by Dow Jones anticipate payrolls climbed by 240,000 last month, which would suggest a cooling from May's gain of 339,000 positions. They are also estimating that the unemployment rate ticked down to 3.6%, compared to May's rate of 3.7%. Investors hope Friday's report will show signs of wage growth moderating. Economists predict that average hourly earnings climbed by 0.3% in June and rose 4.2% from 12 months prior.

Persons: June's, Dow Jones, payrolls, Darla Mercado, Jeff Cox Organizations: Federal Reserve's

☆ Qatar Airways reports record revenues, bolstered by FIFA World Cup
▼ + stars: | 2023-07-06 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Qatar Airways announced record annual revenue Thursday after the company's finances were bolstered by the FIFA World Cup, which was hosted in Qatar last year. Qatar Airways Group reported that passenger revenue was up 100% during its fiscal year 2022/23, with overall revenue up to 76.3 billion Qatari riyals ($21 billion). A total of 31.7 million passengers flew with Qatar's flagship carrier in the last year, which was up 71% compared to the previous year. The World Cup provided a considerable boost to Qatar's passenger figures, with the airline transporting 1.4 million passengers to the event. Qatar Airways received a $1.95 billion government bailout in September 2020 after the state-owned group reported annual losses of more than 50% of its share capital.

Organizations: Qatar Airways, FIFA, Qatar Airways Group, Qatar's, Emirates, Ryanair, British Airways Locations: Qatar, lockstep

☆ European markets lower as global economies drag; CAB Payments debuts in London
▼ + stars: | 2023-07-06 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

LONDON — European stock markets were lower Thursday as traders digested sluggish economic growth. The pan-European Stoxx 600 index was down 0.2% when markets opened, but quickly dropped to lose 0.8% in the first minutes of the session. British fintech company CAB Payments made its debut on the London Stock Exchange Thursday, against a backdrop of a few companies opting to list in London this year. "We are excited about London being an amazing place to list a company," Bhairav Trivedi, CAB Payments CEO, said on CNBC's "Squawk Box Europe." "We are very bullish on the London Stock Exchange," Trivedi said, adding that his company wanted to "jumpstart" the U.K. fintech market.

Persons: Bhairav Trivedi, Trivedi Organizations: British fintech, CAB Payments, London Stock Exchange Locations: British, London

☆ Air travel chaos in Europe could be over — but higher ticket prices are here to stay
▼ + stars: | 2023-07-04 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON – Travelers to and within Europe this year should be able to avoid the levels of disruption experienced during last year's summer of chaos, but higher ticket prices look set to stay. A number of European airlines limited ticket sales, canceled flights, and adjusted timetables, as airports imposed passenger traffic caps. But the unique circumstances of last year's travel chaos are "largely behind us," according to Airports Council International (ACI). Heathrow Airport, Europe's largest airport by passenger volume, said it is "well prepared to serve demand over the summer peak" this year. While Gatwick Airport, the U.K.'s second-largest, told CNBC via email that it's "not anticipating the same issues airports encountered last summer."

Organizations: Council International, ACI, Heathrow, Gatwick Airport, CNBC Locations: Europe, Europe's

☆ European markets open muted after strong first-half gains
▼ + stars: | 2023-07-03 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Traders work in the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, GermanyThe pan-European Stoxx 600 index was up 0.2% at the start of trading, with sectors mixed. European stock markets opened muted Monday after closing the first half of the year 8.8% higher. Euro zone inflation fell more than expected for the month of June, down to 5.5%, but core inflation continued to increase. Asia-Pacific markets rose Monday as investors digested a slew of manufacturing activity reports that showed a slump in output from the region. U.S. stock futures were little changed, meanwhile, as traders prepared for the second half of what's also been a stellar year on Wall Street.

Persons: what's Organizations: Frankfurt Stock Exchange, Deutsche Boerse AG, Media, Central, ., Independence Locations: Frankfurt, Germany, Asia, Pacific, U.S

☆ Euro zone inflation slides more than expected in June, but core rate ticks higher
▼ + stars: | 2023-06-30 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Euro zone inflation hit 5.5% in June, according to preliminary data, coming in lower than analyst expectations — but core inflation, which excludes energy and food, remains stubbornly high and rose to 5.4%. Core inflation had eased to 5.3% in May, from 5.6% in April. Some media reports attributed the sticky core rate to an increase in German rail ticket costs, after the country this time last year offered a discounted pass. The European Central Bank also revised its headline and core inflation expectations for the next couple of years during its interest rate meeting. "Wage-price spiral, which are price increases caused by higher inflation, remains a clear burden for core-inflation.

Persons: Bert Colijn, Christine Lagarde, it's, Clémence Dachicourt, Lagarde Organizations: Central, ING, U.S . Federal Reserve, European Central Bank, Morningstar Investment Management Locations: European, Sintra, Portugal

☆ European markets open slightly higher on final day of first half; traders await key inflation data
▼ + stars: | 2023-06-30 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Christine Lagarde, president of the European Central Bank (ECB). Bloomberg | Bloomberg | Getty ImagesEuropean equity markets opened in slightly positive territory Friday, after making marginal gains throughout the week, with investors keeping an eye on upcoming euro zone inflation data. European marketsTraders will be watching out for euro zone inflation data, due to be released at 10 a.m. London time, to see if further fiscal tightening by the European Central Bank is having the desired effect. European Central Bank President Christine Lagarde said Tuesday that inflation is still too high and it's too early to declare victory over consumer price rises. But the nature of the inflation challenge in the euro area is changing," Lagarde said from the Sintra central banking event in Portugal.

Persons: Christine Lagarde, Lagarde Organizations: European Central Bank, Bloomberg, Getty, Traders, Central Bank Locations: London, Sintra, Portugal

☆ Sweden’s krona hits new record low as central bank hikes and plays down currency intervention
▼ + stars: | 2023-06-29 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Sweden's currency briefly hit a record low Thursday morning after the central bank raised interest rates. Bloomberg | Bloomberg | Getty ImagesSweden's krona hit a new record low Thursday after the country's central bank raised rates and played down the possibility of market interventions as the currency falls and the economy slows. The Swedish currency dropped to 0.0844 krona to the euro by early afternoon Thursday, after the Riksbank announced it would raise interest rates by 25 basis points. One option available to the Swedish central bank is currency intervention, and it looked as though the Riksbank might have been leaning in that direction after it started to look at the possibility of hedging a portion of its foreign exchange reserves. But the Riksbank's Governor Erik Thedeen said this type of move was "not a covert currency intervention," speaking at a press conference Thursday according to a Reuters translation.

Persons: Erik Thedeen Organizations: Bloomberg, Getty, greenback, Reuters, ING Locations: Swedish

European equity markets climbed on Wednesday after tentatively breaking their losing streak at the end of Tuesday's session. The pan-European Stoxx 600 was up 0.5% in early trade, with construction and material stocks adding 1% to lead gains as all sectors and major bourses advanced. Speaking Tuesday, European Central Bank President Christine Lagarde said inflation was still too high in the euro area and it was too soon to "declare victory" on sticky high prices. ECB Governing Council member Mārtiņš Kazāks told CNBC that markets were mistaken in thinking rates will fall quickly and said he believed "next year is way too early" to think about cuts. He said loosened monetary policy should not come until inflation is "significantly and persistently" below the 2% target.

Persons: Christine Lagarde, Mārtiņš Kazāks Organizations: European Central Bank, ECB, CNBC Locations: Germany, Spain, U.S, Asia, Pacific, Australia, China

☆ European markets open tentatively higher after downbeat week
▼ + stars: | 2023-06-26 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

The pan-European Stoxx 600 index was up 0.1% at market open, with most sectors trading in tentatively positive territory. Oil and gas stocks led marginal gains with a 0.8% uptick, followed by travel and leisure and mining stocks, which each gained 0.4%. The benchmark index fell over five consecutive sessions last week as it reflected the negative global sentiment. The Bank of England unexpectedly hiked rates by 50 basis points Thursday after inflation figures and wage growth came in hotter than anticipated. The U.S. Federal Reserve, meanwhile, opted for a pause in hiking — although it stressed that more were likely.

Organizations: Banking, Bank of England, U.S . Federal Reserve Locations: Asia, Pacific

☆ Ocado shares jump more than 40% on speculation of Amazon takeover
▼ + stars: | 2023-06-22 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Shares of Ocado Group soared more than 40% Thursday after The Times newspaper published "speculation of bid interest from more than one American suitor." Shares of British online grocer Ocado Group soared more than 40% Thursday after The Times newspaper reported "speculation of bid interest from more than one American suitor." The report suggests that big technology players could be weighing up their options with regards to Ocado and picks out Amazon as a potentially interested party. Shares of Ocado jumped as much as 43% on the news, before paring gains. In February, the company reported a pre-tax loss of £501 million ($652 million) for the year to November 2022, which was worse than analyst expectations.

Persons: Ocado, Spencer Organizations: Ocado, The Times, CNBC, London Stock Exchange, FTSE Russell Locations: London, Ocado, Hatfield

☆ German energy prices are so high they're driving companies to relocate, industry body says
▼ + stars: | 2023-06-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

German energy prices are so high that some companies are considering leaving the country altogether, according to Siegfried Russwurm, head of the German Industry Federation (BDI). CNBC's Annette Weisbach asked Russwurm whether the ongoing energy situation was "bad enough" for companies to relocate, to which he responded: "It is indeed." "A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies. "In my view Germany is an attractive location for both new and existing companies," Habeck said, according to a translation by CNBC. "Of course, materials industries are under pressure as a result of higher energy prices, but there are political decisions to be made."

Persons: Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm, Robert Habeck, Habeck Organizations: German Industry Federation, Industry, CNBC Locations: Germany, Berlin

☆ Spotify exec calls Harry and Meghan ‘grifters’ after podcast deal comes to early end
▼ + stars: | 2023-06-19 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The collaborative efforts between Spotify and Harry and Meghan has resulted in just one, 12-episode series of the podcast "Archetypes." Spotify executive Bill Simmons described Prince Harry and Meghan, the Duchess of Sussex, as "grifters" after the couple's partnership with the streaming platform came to a seemingly premature end Friday. "Spotify and Archewell Audio have mutually agreed to part ways and are proud of the series we made together," Spotify and Archewell Audio said in a joint statement. "Shoot this guy to the sun, I'm so tired of this guy," Simmons said on his self-titled podcast in January. Archewell Audio did not immediately respond to CNBC's request for comment.

Persons: Harry, Meghan, Bill Simmons, Prince Harry, Duchess of, Serena Williams, Mariah Carey, Spotify's, Simmons Organizations: Spotify, ESPN, CNBC, Archewell Locations: Duchess of Sussex

Search resuls for: "Glenton"

25 mentions found