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☆ Barclays bank branches vandalized by pro-Palestinian, climate activists
▼ + stars: | 2024-06-10 | by ( Catherine Nicholls | Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Around 20 branches of Barclays have been vandalized by pro-Palestinian and climate activists who said they were protesting against the UK bank’s business dealings in Israel and its funding of polluting industries. “Frustration with Barclays’ limited progress towards stopping their genocidal and climate-destructive financing has helped spawn this new radical flank of activism,” Palestine Action said. “Shut the System and Palestine Action have taken radical direct action in frustration with Barclays’ paltry progress on changing their climate destroying and genocidal financing,” one post read. A number of pro-Palestinian groups have called for protests against Barclays, alleging that the bank invests billions of dollars in companies linked to Israel’s military. “The defense sector is fundamental to our national security and the UK government has been clear that supporting defense companies is compatible with (Environmental, Social and Governance) considerations.

Persons: “, Barclays “, ”, Guy Smallman, embargos Organizations: London CNN —, Barclays, CNN, BCS, Palestine Solidarity Campaign, Trade, NATO, Social, City of London Police Locations: Israel, London, Palestine, Edinburgh, Gaza, Croydon, City

☆ Wall Street is putting its foot down as ‘Roaring Kitty’ sends GameStop soaring again
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +9 min

That means that Gill has the right to purchase 12 million shares of GameStop at $20 apiece by a set expiration date. GameStop shares closed Wednesday at $46.55 a share, more than double the price locked in by those options. Gill hasn’t explicitly told anyone to buy GameStop shares or that he thinks it’s headed to the moon. In comparison, shares of GameStop and AMC Entertainment have surged 167% and 99%, respectively, since Gill’s return to social media. Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021.

Persons: Kitty, Keith Gill, Gill, Michael M, Gill hasn’t, it’s, Jay Woods, Woods, hasn’t, Morgan Stanley, Gill isn’t, copycats, Warren Buffett, Berkshire Hathaway, Buffett, Chubb, ”, Bill Galvin, Gill’s, Hanna Ziady, Christine Lagarde —, ” —, Read, OpenAI, Brian Fung, Inflection’s, didn’t, Keith Gill’s Organizations: CNN Business, Bell, New York CNN, GameStop, AMC Entertainment, CNN, Gamestop, New York Stock Exchange, Street, Freedom Capital, Berkshire, The Securities, Exchange Commission, SEC, Financial, Traders, stoke, Wall, Retail, Roaring Kitty YouTube, European Central Bank, US Federal Reserve, Bank of England, ECB, Federal Trade Commission, FTC, Justice Department, Microsoft, Google, Nvidia, of Justice Locations: New York, New York City, Massachusetts, Washington, Europe

☆ ECB: Interest rates are coming down in Europe
▼ + stars: | 2024-06-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. Central banks in Switzerland and Sweden have also cut interest rates this year. Analysts doubt the central bank will cut rates again at its next meeting in July. It added that it would keep interest rates “sufficiently restrictive for as long as necessary” to return inflation to the 2% target. Higher interest rates tend to attract more international capital flows into a country, lifting demand for its currency.

Persons: Christine Lagarde, Cyrus de la Rubia Organizations: London CNN, European Central Bank, US Federal Reserve, Bank of England, ECB, Bank of Canada, P Global, Hamburg Commercial Bank, Fed, Traders Locations: Ukraine, United States, United Kingdom, Switzerland, Sweden, Hamburg, Frankfurt, Europe

☆ Middle-class Americans are falling behind
▼ + stars: | 2024-06-06 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Middle-class income growth has lagged behind that of the upper class since 1970, according to a Pew Research Center report published May 31. There are signs that middle-class Americans are dialing back their spending. Fast food joints, a mainstay dining destination for middle-income consumers, are leaning into discounts to placate frustrated diners. Kohl’s that same month reported weak first-quarter results, underlining how middle-income consumers are pulling back spending on non-essential clothing and discretionary merchandise at department stores. Economic growth has been anemic in recent years, squeezing living standards and starving public services of funds.

Persons: ”, Jennifer Jones Austin, Thomas Kingsbury, Narendra Modi, Diksha Madhok, Peeyush Mittal, Modi, ” Shilan Shah, ” Read, Hanna Ziady, Rishi Sunak, Sunak, Keir Starmer, Tony Blair, Starmer Organizations: CNN Business, Bell, New York CNN, Pew Research, Living Coalition, Data, Bureau of Labor Statistics, Matthews Asia, Bharatiya Janata Party, BJP, Capital Economics, Conservative Party of, European Union, Labour Party, National Health Service, Labour, Conservative Party Locations: New York, India’s, India, United Kingdom, China, San Francisco, Beijing, Washington, Ukraine

☆ UK Prime Minister Rishi Sunak was fact-checked by his own government before election debate with Keir Starmer
▼ + stars: | 2024-06-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

“Independent Treasury officials have costed Labour’s policies and they amount to a £2,000 tax rise for every working family,” Sunak said. The Conservative Party leader later repeated the claim. But Bowler’s letter could undermine Sunak’s claim to lead with integrity — a pledge made when he became prime minister in October 2022 — as he battles a high-stakes election. In a statement Wednesday, Labour said Sunak had “lied eleven times to the British people” about the party’s tax plans. During the debate Tuesday, Starmer dismissed the £2,000 ($2,560) figure as “nonsense” and said it was based on “pretend” Labour policies.

Persons: Rishi Sunak’s, “, ” Sunak, Keir Starmer, James Bowler, Darren Jones, Bowler, ”, Sunak, —, Starmer, Luke McGee Organizations: London CNN, Treasury, Labour Party, Labour, National Health Service, Independent Treasury, Conservative Party, senior Labour Party, Conservative, Civil Service, Tories, CNN

☆ UK general election: Why the economy is the key issue
▼ + stars: | 2024-06-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

Sunak will likely point to falling inflation and a strengthening economy as proof that his plan to “restore economic stability” is working. Here’s what data shows has happened to wages, living standards, the value of the pound, house prices and waiting times for medical treatment on the NHS. “Poor income growth has been an unfortunate feature of economic life in the UK over the last 15 years. On average, households now spend more than 29% of their after-tax income on rent, up from 24% in 2010, according to Zoopla, a property company. NHS waiting lists have grown steadily since the onset of the Covid-19 pandemic, contributing to worker shortages in the UK.

Persons: Rishi Sunak, Keir Starmer, Tony Blair, Sunak, YouGov, Labour Party Keir Starmer, Jeff J Mitchell, Alastair Grant, Tom Waters, “, —, Nick Ridpath, Liz Truss, “ Brexit, Clare Lombardelli, Brexit Organizations: London CNN, Conservative Party of, European Union, Labour Party, Labour, National Health Service, Conservatives, Britain's, Institute for Fiscal Studies, Conservative, Bank of England, Office, National Statistics, NHS Locations: Ukraine, United Kingdom, “, United States, Germany, Britain, England

☆ Britain’s Royal Mail has been bought by Czech billionaire Daniel Křetínský for $4.5 billion
▼ + stars: | 2024-05-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The owner of Royal Mail has accepted a £3.5 billion ($4.5 billion) takeover bid from Czech billionaire Daniel Křetínský, paving the way for the sale of one of Britain’s oldest and most iconic institutions to a foreign owner for the first time. The deal follows a torrid few years for Royal Mail, which was privatized in 2013. “Royal Mail is as British as it gets, and Labour will take the necessary steps to safeguard its undeniable identity and place in public life,” he wrote in the letter, which he posted on X. A low-profile Czech national, Křetínský made his fortune through a sprawling empire of European energy companies, retailers and football clubs. He is worth an estimated $7.7 billion, according to the Bloomberg Billionaires Index, and owns a 27% stake in West Ham United Football Club.

Persons: Daniel Křetínský, Křetínský’s, Jonathan Reynolds, ”, Křetínský Organizations: London CNN, Royal Mail, Distribution Services, Labour Party, Conservative, Labour, Royal, Bloomberg, West Ham United Football Club Locations: Czech, United Kingdom, West

☆ South Africa has failed its Black majority. Nelson Mandela’s political heirs may pay the price
▼ + stars: | 2024-05-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +12 min

When South Africans vote Wednesday, an unhappy combination of rampant corruption, soaring joblessness, crippling power cuts and feeble economic growth will likely be top of mind. Black South Africans, who make up 81% of the population, are at the sharp end of this dire situation. ‘Elite enrichment’Under apartheid — and colonial rule before that — Black South Africans were violently oppressed and denied many basic human rights. Millions of South Africans still live in such informal settlements. “The poster child of this is the electricity sector.”For much of last year, South Africans were without power for at least some portion of the day.

Persons: ”, Nelson Mandela’s, —, Cyril Ramaphosa, Leon Sadiki, BEE, Moeletsi Mbeki, Thabo Mbeki, White, “, Tshediso Matona, Anders Pettersson, Black, …, Kganki Matabane, Matthew Parks, Matona, Mbeki, Ricardo Hausmann, Jacob Zuma, Haroon Bhorat, Michele Spatari, ” Bhorat, hasn’t, ANC “, Zuma, Ramaphosa, Cas Coovadia, Hausmann Organizations: Johannesburg CNN, National Congress, ANC, World Bank, Oxford Economics, Harvard University, Democratic Alliance, Bloomberg, Getty, South African Institute of International Affairs, Wits University, CNN, ”, BBEE, Black Business Council, South African Trade Unions, Harvard’s, University of Cape, South Africa’s Free, International Monetary Fund, Fitch, IMF, JPMorgan, Shell, Unilever, Business, Business Unity, Harvard Growth Locations: London, Johannesburg, Sudan, Africa, Alexandra, South Africa, Leon, Isipingo, KwaZulu, Natal, South, ”, University of Cape Town, loadshedding, Namahadi, Frankfort, Business Unity South Africa

☆ The West is tapping Russian money to arm Ukraine. Much more could follow
▼ + stars: | 2024-05-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Money generated by Russian financial assets frozen in Europe will soon start flowing to Ukraine, giving Kyiv a boost as it struggles to counter an advance by Moscow’s troops. The plan “would essentially bring forward that flow of interest proceeds from the assets… (through a loan) given to Ukraine,” Yellen told broadcaster Sky News in an interview this week. “Ukraine has substantial needs, and being able to marshal significant resources to help Ukraine is important,” she said. Most of the frozen Russian money is held in Europe, and the euro is the world’s second-most important currency after the US dollar. This would give Kyiv access to a much larger amount of money than using future or current windfall profits from Russian assets.

Persons: Janet Yellen, ” Yellen, Gabriel Bouys, Joe Biden, ” Lee Buccheit, Trade Valdis Dombrovskis, Yellen, there’s, —, Buchheit, Putin, ” Organizations: London CNN, Union, Sky News, “, US, Getty, University of Edinburgh Law School, CNN, EU, Trade, Reuters, Russia, Ukraine, World Bank Locations: Europe, Ukraine, West, Italy, Russia, Ukraine’s, Kharkiv, Frankfurt, Germany, “ Ukraine, Stresa, AFP, EU, Belgium, Kyiv

☆ Jamie Dimon is worried about how much the US is borrowing. Here’s why
▼ + stars: | 2024-05-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Major business leaders and economists are worried about America’s growing debt problem. Last week, JPMorgan CEO Jamie Dimon expressed fear that a crisis is looming and that unchecked deficit spending could explode. The big picture: Between the Trump-era tax cuts and Covid-era stimulus programs, the national debt has exploded in recent years. Trump Media (DJT) reported a loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year earlier. The company generated just $770,500 of revenue, marking the second-straight quarter where its revenue totaled less than $1 million.

Persons: Jamie Dimon, ”, ” Dimon, “, Ray Dalio, Columbia Business School Glenn Hubbard, Joe Biden’s, Jason Thomas, Carlyle, ” Thomas, Hanna Ziady, Liz Truss, Treasuries, Hubbard, Thomas, it’s, Donald Trump, Matt Egan, Devin Nunes, Martin Gruenberg, Elisabeth Buchwald, ” Gruenberg, Sen, Sherrod Brown, Gruenberg, He’s, Cleary Gottlieb Steen, Gruenberg’s, Gruenberg Organizations: CNN Business, Bell, New York CNN —, JPMorgan, Sky News, Financial, Columbia Business School, United, CNN, IMF, Congressional, Office, Peterson Foundation, Treasury, Trump Media, Trump Media & Technology Group, Truth Social, Company, Big Tech, ” Trump Media, Federal Deposit Insurance Corporation, Senate Banking Committee, FDIC, Hamilton Locations: New York, Bridgewater, United States, —, United, United Kingdom

☆ Meta’s Facebook and Instagram probed over fears they may be too addictive for children
▼ + stars: | 2024-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Union is worried that Meta is failing to protect children on its platforms, Facebook and Instagram, and has launched a formal investigation that could result in a hefty fine. The probe is the latest evidence that regulators are increasingly focussing on the harmful impact of Meta’s platforms — and other social media — on young users, including by encouraging addictive behavior. The European Commission, the EU’s executive arm, will consider whether Meta (META) has complied with its obligations under the Digital Services Act (DSA), the bloc’s sweeping new law for online platforms. The legislation requires online platforms to put in place measures to protect children, including by preventing them from accessing inappropriate content and ensuring a high level of privacy and safety. The European Commission is concerned that Facebook’s and Instagram’s online interfaces “may exploit the weaknesses and inexperience of minors and cause addictive behavior,” it said in a statement Thursday.

Persons: Meta, Thierry Breton, ” Meta Organizations: London CNN, Facebook, European Commission, Digital Services, European, Meta, CNN, New Locations: New Mexico, Gaza

☆ Jamie Dimon and Ray Dalio sound the alarm on soaring US government debt
▼ + stars: | 2024-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The chorus of voices warning about the dangers of record US government debt is growing louder. In the past 24 hours, JPMorgan (JPM) CEO Jamie Dimon and Ray Dalio, founder of the world’s biggest hedge fund, have weighed in with concerns about America’s debt pile. Ray Dalio, the billionaire founder of Bridgewater Associates, during a Bloomberg Television interview in New York in April 2024. Dimon acknowledged that debt-fueled government spending, including pandemic stimulus, had been one of the reasons behind robust growth in the world’s biggest economy. Debt servicing costs have also soared, on the back of higher official interest rates, leaving less money for public services.

Persons: Jamie Dimon, Ray Dalio, Dimon, you’ll, Dalio, I’m, ”, Victor J, we’ve, ” Dimon, Liz Truss Organizations: London CNN, JPMorgan, Sky News, Treasury, Financial Times, International Monetary Fund, Congressional, Office, Bridgewater Associates, Bloomberg Television, Bloomberg, Getty, Treasury Department, IMF, US, Federal Locations: Russia, New York, America, Covid, United, United Kingdom

☆ Why Biden’s monster EV tariffs could inflame a Europe-China trade war
▼ + stars: | 2024-05-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

It’s a very different matter in Europe — by far the biggest export market for Chinese EV manufacturers. EU tariffs could backfireAccording to Citi, the EU accounted for 36% of Chinese EV exports last year, more than the next five largest markets combined. By contrast, the United States currently receives just 1.1% of China’s EV exports. For BYD, China’s biggest EV maker, the tariffs would likely have to be even higher to be effective, they add. “I’d say we are entering a very tense period in terms of trade interactions and trade defense,” she added.

Persons: Joe Biden, “ I’m, ” Biden, Joseph Webster, Agatha Kratz, Kratz, That’s, Oliver Zipse, ”, Tu Le, “, Josh Lipsky, Juliana Liu Organizations: London CNN, United, EV, European Union, Atlantic Council, EU, CNN, Citi, Capital Economics, BMW Locations: China, America, Europe, United States, It’s, Brussels, “ Brussels, Beijing, subsidization, EU, States, Italy, Hong Kong

☆ Gen Z is getting hit hard by inflation
▼ + stars: | 2024-05-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

For Gen Z, it was the Covid-19 pandemic. Why are we seeing that Gen Z is tapping into their credit more than their Millennial counterparts 10 years ago? Most Gen Z consumers are not homeowners. And so I think that’s been a big cause of what’s been driving a lot of that financial strain that Gen Z consumers have seen. The key is to not use the personal loans to pay off credit card debt and then run your credit card bills right back up after you do that.

Persons: TransUnion, Zers, Millennials, Gen Zers, Bell, Charlie Wise, we’ve, haven’t, You’re, Rishi Sunak, Hanna Ziady, Anna Cooban, Philip Jefferson, Loretta Mester, Jack, Neel Kashkari Organizations: CNN Business, Bell, New York CNN, Gross, Office, National Statistics, Bank of England, P, Federal, Cleveland Fed, Depot, US Labor Department, Cisco Systems, US Commerce Department, National Association of Home Builders, Index, Minneapolis, Walmart, Applied, Co, Baidu, Board Locations: New York, Kingdom, Wells Fargo

☆ UK GDP growth: Country exits recession as services bounce back
▼ + stars: | 2024-05-10 | by ( Hanna Ziady | Anna Cooban | ) edition.cnn.com time to read: +2 min

The increase follows falls of 0.3% in the fourth quarter and 0.1% in the third quarter of last year. The Bank of England now expects UK GDP to expand by 0.5% this year, double the pace forecast in February, according to projections published Thursday. A growing economy could, however, delay the interest rate cuts widely expected this year. “Stronger GDP growth raises the risk of stronger demand pressures on inflation,” analysts at Nomura wrote in a note, adding that Friday’s GDP release “casts doubt” over a cut in June. Annual UK inflation came in at 3.2% last month, a sharp slowdown from a rate above 10% about a year ago.

Persons: Rishi Sunak, Sunak, Nomura, ”, Andrew Bailey, Bailey Organizations: London CNN, Gross, Office, National Statistics, Conservative Party, Labour Party, The Bank of England, P Global . Service, Bank of England Locations: United Kingdom

☆ AstraZeneca withdraws Covid-19 vaccine citing low demand
▼ + stars: | 2024-05-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —AstraZeneca is withdrawing its highly successful coronavirus vaccine, citing the availability of a plethora of new shots that has led to a decline in demand. But the vaccine has not generated revenue for AstraZeneca since April 2023, the company said. “As multiple, variant Covid-19 vaccines have … been developed, there is a surplus of available updated vaccines. “AstraZeneca has therefore taken the decision to initiate withdrawal of the marketing authorizations for Vaxzevria within Europe,” it added. AstraZeneca said it would work with regulators in other countries to “align on a clear path forward,” including withdrawing marketing authorizations for the vaccine where no future commercial demand is expected.

Persons: University of Oxford —, “, Vaxzevria, ” AstraZeneca Organizations: London CNN, AstraZeneca, University of Oxford, CNN, “ AstraZeneca, European Medicines Agency, Union Locations: United Kingdom, Vaxzevria, Europe

☆ UBS makes first profit since Credit Suisse rescue
▼ + stars: | 2024-05-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal. It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year. On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter. UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued. He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.

Persons: Sergio Ermotti, Johann Scholtz, ”, Ermotti, Karin Keller, Suter Organizations: London CNN, UBS, Credit Suisse, Morningstar, Credit, bank’s Locations: Swiss, Zurich, Switzerland

☆ Shell and TotalEnergies listings: Europe risks losing its biggest oil companies to America
▼ + stars: | 2024-05-07 | by ( Anna Cooban | Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Two of Europe’s biggest oil companies, Shell and TotalEnergies, are considering abandoning their stock exchanges for Wall Street in a move that would deal a hammer blow to London and Paris. Shares of TotalEnergies and Shell trade on a price-to-cash flow ratio of 4.7 and 5.2 respectively, compared with a ratio of 8.4 for Exxon Mobil (XOM) and 7.6 for Chevron (CVX). Alastair Syme, managing director of global energy equity research at Citi, says Shell and TotalEnergies have long traded at a discount. Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme. London languishesStill, the slightest hint that Shell may consider leaving London will have rattled the city’s beleaguered main stock exchange.

Persons: Britain’s Shell, France’s, Alastair Syme, Syme, Patrick Pouyanne, “, ”, Wael Sawan, Sawan, London languishes, Chris Beauchamp, Shell, TotalEnergies, New York “ would’ve, ” Lindsey Stewart, Ben van Beurden, ” Syme Organizations: London CNN, Shell, CAC, Exxon Mobil, Chevron, Citi, CNN, Investors, Bloomberg, London Stock Exchange, Nasdaq, BP, Morningstar, Financial, Commodities Locations: London, Paris, New York, Chevron, Europe, United States, Switzerland, “

☆ Sell in May and go away? Think again
▼ + stars: | 2024-05-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —It’s “sell in May and go away” season. All three major indexes broke five-month winning streaks as hotter-than-expected inflation data stoked fears that interest rate cuts will come later than forecast. The central bank kept interest rates on hold at a 23-year high at its policy meeting. Persistent inflation has kept long-anticipated rate cuts on the backburner. Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.

Persons: Stocks, Jerome Powell, ”, Alex McGrath, Larry Tentarelli, Bryan Mena, it’s, Read, Tesla, Tesla “, ” William Navarro Jameson, Lane Chaplin, Hanna Ziady, Peter Valdes Organizations: CNN Business, Bell, New York CNN, The, Dow Jones, Nasdaq, Wednesday, Traders, Blue, Carson Group, Research, Federal Reserve, Fed, Motors, Ford, Tesla Locations: New York

☆ TikTok agrees deal with Universal Music Group, bringing back the world’s biggest artists
▼ + stars: | 2024-05-02 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Ariana Grande, Adele and Rihanna will soon be back on TikTok, joining Taylor Swift after a deal with Universal Music Group ended a feud that saw one of the world’s biggest record labels pull its music from the video platform. The licensing agreement, announced Wednesday, means that within one to two weeks TikTok’s 1 billion-plus users will be able to use music by UMG artists in their videos. All videos featuring Universal artists’ music that had previously been muted because of copyright violations will be unmuted. “We are pleased to have found a path forward with Universal Music Group,” TikTok CEO Shou Chew said in a joint statement. Universal pulled its music off TikTok in February after the two companies failed to reach an agreement on royalty fees for Universal’s artists, who also include Lady Gaga, Coldplay and Justin Bieber.

Persons: London CNN — Ariana Grande, Adele, Rihanna, Taylor Swift, Michael Nash, Shou Chew, Lady Gaga, Coldplay, Justin Bieber, TikTok, ” Organizations: London CNN, Universal Music Group, ”, UBS, Universal, TikTok, Poets Department Locations: TikTok

☆ Tesla axes electric vehicle charging team
▼ + stars: | 2024-05-01 | by ( Hanna Ziady | Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

London/New York CNN —Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use. Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X. Following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States has committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard. In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables. “What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.

Persons: New York CNN — Tesla, Tesla “, ” William Navarro Jameson, Lane Chaplin, Tesla, Elon Musk, ” Jameson, Musk, Dan Ives, ” Organizations: New York CNN, Motors, Ford, The, Tesla, American, EV, Wedbush Securities, CNN Locations: London, New York, United States, America

☆ Brexit border checks: Britain braces for less choice and higher prices on food imports
▼ + stars: | 2024-04-30 | by ( Hanna Ziady | Anna Cooban | ) edition.cnn.com time to read: +10 min

The new regime for food imports is perhaps the starkest example of the painful border bureaucracy that UK and EU businesses must contend with in the wake of Brexit. An additional cost of that scale will “significantly increase food prices and reduce choice,” the federation’s CEO Phil Pluck wrote in a letter to environment and food minister Steve Barclay earlier this month. But here too Brexit hasn’t helped, ending as it did the free movement of EU workers on whom British farmers had relied for decades. In addition to Brexit-related challenges, UK farmers have been squeezed by soaring input costs, including those of fertilizer, energy and labor. “I’m not hugely in favor of subsidies, I’m in favor of fair food prices,” Maddocks said.

Persons: Eddie Price, ”, Phil, Steve Barclay, Andrew Aitchison, Andrew Opie, “, Jack Bobo, “ It’s, Price, hasn’t, ” Tom Bradshaw, “ You’re, Chris Ratcliffe, Brexit, ” Philip Maddocks, I’m, ” Maddocks Organizations: London CNN, European Union, EU, Britain, Birmingham Wholesale, CNN, Chain Federation, British Retail Consortium, University of York, Food Systems, University of Nottingham, Birmingham Wholesale Market, Bank, National Farmers ’ Union, Bloomberg, Getty, PDM Locations: United Kingdom, Britain, France, Spain, artichokes, Italy, Birmingham, Dover, Port, Netherlands, Ireland, Germany, North Africa, England, Sandwich, Australia, New Zealand, English, Shropshire

☆ Volkswagen’s electric car orders double in Europe
▼ + stars: | 2024-04-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Volkswagen’s orders for electric vehicles shot up in Europe in the first quarter of 2024 compared with a year ago, countering suggestions that drivers may be losing interest in EVs. New orders for electric cars more than doubled in Europe, Volkswagen said in an earnings statement Tuesday. He acknowledged, however, that the pace of EV sales growth in Europe and the United States had been slower than the German carmaker had originally anticipated. As for Volkswagen’s EV deliveries, they declined 16% in Europe in the first quarter compared with the same period in 2023. “With these actions and our highly profitable combustion engine car business, we are well-prepared to continue to play a leading role in China,” Antlitz said.

Persons: London CNN —, Arno Antlitz, carmaker, ”, Antlitz, ” Antlitz Organizations: London CNN, Volkswagen, Europe’s, CNN, EV, ” Locations: Europe, EVs ., United States, China

☆ Americans are falling behind on their payments
▼ + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.

Persons: New York CNN —, Austan Goolsbee, ’ ”, ”, Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, “ Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss

☆ Meta stock plunges on ‘aggressive’ AI spending plans
▼ + stars: | 2024-04-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Shares in Meta plunged in premarket trading Thursday as the Facebook owner’s plans to “invest aggressively” in artificial intelligence spooked investors. The company is competing head-to-head with Microsoft and Google to unlock the enormous potential of AI. Meta (META), which also owns WhatsApp and Instagram, said Wednesday that first-quarter profit more than doubled year-on-year, while revenue was up 27%. Meta said full-year capital expenditure would be in the range of $35-40 billion — up from previous guidance of $30-37 billion — as it continues to accelerate infrastructure investments to support AI. Meta has forecast revenue of $36.5-39 billion, versus analyst expectations of $38.2 billion.

Persons: —, ” Sophie Lund, Yates, Hargreaves Lansdown, Meta, Mark Zuckerberg, ”, Stephen Innes Organizations: London CNN —, Meta, Facebook, Microsoft, Google, ”, Management

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