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☆ The world of government contract jobs is incredibly complex. Here are the basics.
▼ + stars: | 2024-04-21 | by ( Ana Altchek | ) www.businessinsider.com time to read: +7 min

This lets the government tackle specific jobs and projects quickly without all the steps of regular government hiring and bureaucratic obstacles. Thomson ReutersThere are a wide range of large government contracting companies that the government regularly makes deals with. John Breth, 40, worked in government contracting roles for 12 years before starting his own contracting company. If awarded the contract, you have to meet specific requirements set by the government, which may involve getting clearances or certifications. Once you understand the landscape better, you'll be able to recognize which jobs you qualify for and define your path forward.

Persons: —, Lockheed Martin, Lauren Irizarry, John Breth, Kevin Jennings, Jennings, you'll Organizations: Service, Department of Labor, Business, Raytheon, Thomson Reuters, Defense, Lockheed, Boeing, Northrop Grumman, Judge, US Small Business Administration Locations: Woburn, sba.gov

☆ The spike in VIX this month hasn't been unexpected, says CBOE's Mandy Xu
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe spike in VIX this month hasn't been unexpected, says CBOE's Mandy XuMandy Xu, CBOE Global Markets head of derivatives market intelligence, joins 'Squawk Box' to discuss the latest CBOE Volatility Index (VIX) trends, the potential for rates volatility spilling into equity markets, earnings season, and more.

Persons: Mandy Xu Mandy Xu Organizations: CBOE

☆ Private equity finds its next bet: college admissions
▼ + stars: | 2024-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Now, private equity firms are swooping in to help while taking majority stakes in exchange. Last week, the company announced that it would partner with California-based private equity firm Nexus Capital Management and move its test into a for-profit company. A company owned by private equity can obfuscate what the company actually does to the public and potentially to regulators. Private equity firms “come into industries that are already suffering from a lack of funding,” said Creeks. They’ve had a lack of funding and support and so sometimes private equity is the only viable option.

Persons: New York CNN — It’s, Janet Godwin, “, ” Goodwin, ”, we’ve, Charlie Eaton, Goodwin, Critics, Constantine Yannelis, Rebecca Winthrop, They’ve, ” Powell, Jerome Powell, Powell, Bryan Mena, Chris Isidore, United, Max Organizations: CNN Business, Bell, New York CNN, ACT Inc, U.S ., ACT, Nexus Capital Management, ”, CNN, Nexus, Higher, University of California, ” Nonprofit, Nexus Capital, Savvas Learning Company, Private Equity, Project, University of Chicago Booth School of Business, Center for Universal Education, Brookings Institution, P Global Market Intelligence, College Board, Veritas Capital, “, Bank of Canada, Wilson, Fed, United, United Airlines, Boeing, Alaska Airlines, Federal Aviation Administration Locations: New York, Iowa, California, Merced, Canada

☆ WSJ: Justice Department will sue Live Nation for antitrust violations
▼ + stars: | 2024-04-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —The US Department of Justice is preparing to sue the country’s largest concert promoter and ticketing website Live Nation in the coming weeks for breaking America’s antitrust laws, the Wall Street Journal reported, citing anonymous sources familiar with the Justice Department’s plans. The lawsuit against Live Nation Entertainment, the parent company of Ticketmaster, will allege the ticketing company used its market-leading position to harm competition for live events, the Journal reported. Shares of Live Nation (LYV) dropped nearly 7% in premarket trading Tuesday. Live Nation and the Justice Department didn’t respond to CNN’s request for comment about the Journal’s report. Live Nation and Ticketmaster merged in 2010, now billing itself as the “largest live entertainment company in the world.”

Persons: Department’s, Justice Department didn’t, Taylor Swift’s, Swift, Joe Berchtold, ”, Jack Groetzinger, SeatGeek Organizations: New, New York CNN, US Department of Justice, Wall Street Journal, Live Nation Entertainment, Ticketmaster, Justice Department, Live, Republicans, Rivals Locations: New York, United States

☆ Goldman Sachs CEO David Solomon breaks down how the AI obsession is creating a gold rush for the bank
▼ + stars: | 2024-04-15 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

Artificial intelligence is on everyone's lips, and that's expected to translate into big bucks for Goldman Sachs, according to CEO David Solomon. He said the bank has been "advising clients on these topics and how to think about potential use cases in their operations." AI's impact on jobsSolomon also explained how, internally, AI could impact its own workforce. "We see enormous opportunities for productivity gains and also opportunities for efficiency," Solomon said, describing how the AI revolution could impact Goldman's human capital. Some firms like Deutsche Bank have been piloting test cases to evaluate the impact AI could have on junior bankers' workflows.

Persons: Goldman Sachs, David Solomon, Solomon, PwC, — Goldman, Goldman, JPMorgan Chase, Reed Alexander Organizations: Business, P Global, Intelligence, Deutsche Bank, Goldman, New York Times, JPMorgan, Global Locations: ralexander@businessinsider.com

☆ Oil prices head back up on Middle East jitters
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +2 min

A view of an oil well at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Israel is keeping up its war in Gaza but is also preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said on Thursday. "The European Central Bank's decision to leave policy rates unchanged ... was expected, but accompanying statements open the door for near-term monetary easing," S&P Global Market Intelligence said in a note. However in the U.S., Federal Reserve officials signalled on Thursday no rush to cut interest rates, as sticky U.S. inflation remains a concern.

Persons: Ayatollah Ali Khamenei, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Israel, Washington, ANZ Research, Organization of, Petroleum, P Global Market Intelligence, Federal Locations: Jebel Dukhan, Bahrain, Iran, Syria, Damascus, Gaza, Israel, Tehran, Europe, U.S

☆ Sachem Head’s Andy Stafman joins Twilio’s board. Here’s how he may help grow margins
▼ + stars: | 2024-04-06 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

More recently, after nominating a majority director slate, Sachem Head settled for three board seats at US Foods. Taking board seats signifies both commitment and contribution, and this philosophy and style is really paying off for Sachem Head. After 2021, the revenue growth started slowing: It's 8.5% today, and it's estimated to be 5% to 10% in the coming years. As much as a growth market rewards hyper-growth stocks, it punishes those companies when revenue growth slows. On March 30, Sachem Head received a board seat for Andy J. Stafman, partner at Sachem Head, and agreed to withdraw its notice of shareholder proposals and nomination of candidates for election to the board at the 2024 annual meeting.

Persons: Scott Ferguson, Sachem, Ferguson, Olin —, Twilio, Twilio's, Jeff Lawson, Khozema, denigrate Lawson, Sinch, Andy J, Stafman, Anson, Sagar Gupta, Thomas Wyatt, Ken Squire Organizations: Pershing, Olin, US Foods, Sachem, Communications, Gartner, IDC, Twilio . Legion Partners, Anson Funds, Legion Partners, 13D Locations: Twilio

☆ Share of women in C-suite roles falls for first time in two decades, study finds
▼ + stars: | 2024-04-05 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

And growth in the percentage of women in senior corporate leadership roles overall barely budged from 2022 to 2023. In 2023, women held just 11.8% of the roughly 15,000 C-suite roles assessed, down from 12.2% the year before, the study found. Gender parity goal imperiledNone of this is to say that there hasn’t been real progress in narrowing the gender gap since 2005. “Across all [senior] roles, women held less than 8% of seats as recently as 2005; versus 22.3% in 2023. If the growth rate remains below average going forward, the goal of reaching gender parity will be much farther out of reach.

Persons: “, hasn’t, ” Organizations: New, New York CNN, P Global Market Intelligence Locations: New York

☆ Why the next US recession may be pushed back to 2025, according to JPMorgan
▼ + stars: | 2024-04-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Fears of an economic recession may have to be pushed back to 2025, according to JPMorgan. JPMorgan said the rebound in manufacturing activity bodes well for continued economic resilience. The note highlighted the unexpected strength seen in ISM manufacturing activity in March, which jumped above 50 for the first time since September 2022. A reading above 50 represents an expansion in manufacturing activity, while a reading below 50 represents a contraction. If a potential recession is pushed back to 2025 because of the solid manufacturing data, it would represent yet another year in which many economists were off in their recession predictions, though some have backed off their call for a recession following the resilience seen throughout 2023 even amid higher interest rates.

Persons: JPMorgan's Ellen Wang, Andrew Tyler, Wang, Tyler, Wang aren't Organizations: JPMorgan, Market Intelligence, Federal Reserve

☆ Latest European inflation figures support a June rate cut, economist says
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLatest European inflation figures support a June rate cut, economist saysChris Williamson, chief business economist at S&P Global Market Intelligence, discusses the February purchasing managers' index and euro zone inflation figures.

Persons: Chris Williamson Organizations: P Global Market Intelligence

☆ Elon Musk's having a terrible year
▼ + stars: | 2024-04-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Read preview2024 has been off to a rough start for Elon Musk. Musk's golden child, Tesla, has been facing headwinds in recent months. In the US, Musk's company is also facing softening demand from customers who appear to be growing increasingly weary of Musk's antics. Thus far, Musk's purchase of Twitter doesn't appear to be going according to plan. A judge recently tossed out a lawsuit Musk's X filed against a research group, saying the suit was an attempt to bully the social media site's critics into silence.

Persons: —, Elon Musk, Tesla, Justin Sullivan Wedbush, Dan Ives, Ives, — that's, Oppenheimer, Colin Rusch, Musk, he's, OpenAI, Sam Altman, Kent Nishimura, Musk's X, X, Neuralink Organizations: Service, Elon, Business, EV, Twitter, CNBC, Tesla, Bloomberg, Fidelity, SpaceX Locations: Berlin, BYD

☆ Would-be Tesla buyers snub company as Musk's reputation dips
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +3 min

Vehicles for sale at a Tesla store in Vallejo, California, US, on Thursday, March 2, 2023. While Tesla continued to post strong sales growth last year, helped by aggressive price cuts, the electric-vehicle maker is expected to report weak quarterly sales as early as Tuesday. Caliber cited strong associations between Tesla's reputation and that of Musk for the scores. Tesla sales are projected to increase by 3%. "The EV slowdown is shaping up to be a Tesla slowdown," Cox analyst Stephanie Valdez Streaty said during a conference call Thursday.

Persons: Elon Musk, Tesla, Musk, Shahar Silbershatz, Tim Calkins, Cox, Stephanie Valdez Streaty, —, Musk's Organizations: Tesla, Reuters, Mercedes, BMW, Audi, Northwestern University's Kellogg School of Management, Wall Street, Cox Automotive, Teslas Locations: Vallejo , California, United States, U.S, California

☆ S&P Global Market Intelligence discusses Baltimore bridge collapse
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaltimore bridge collapse: Minimal impact on supply chains, says S&P Global Market IntelligencePeter Tirschwell of S&P Global Market Intelligence, says nearby ports have the capacity to handle the overflow from Baltimore.

Persons: P Global Market Intelligence Peter Tirschwell Organizations: P Global Market Intelligence Locations: Baltimore

☆ Here's who could be responsible for paying for the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

Read previewThe Francis Scott Key Bridge in Baltimore collapsed on Tuesday after a large container ship ran into it, leading to six presumed deaths and millions of dollars in possible damage. President Joe Biden said on Tuesday the federal government should be responsible for paying to reconstruct the damaged Francis Scott Key Bridge. The Francis Scott Key Bridge, named for Francis Scott Key, the author of the Star Spangled Banner. Drone footage shows aftermath of the Dali container ship's collision into the Francis Scott Key Bridge in Baltimore, Maryland, on March 26, 2024. AdvertisementThe Dali is covered by the Britannia Steam Ship Insurance Association Ltd., known as Britannia P&I Club, according to S&P Global Market Intelligence.

Persons: —, Francis Scott Key, It's, Joe Biden, Biden, David MacKenzie, Dali, Ryan Petersen, Petersen, John Miklus, Britannia Organizations: Service, Business, Sky News, Star, Getty Images Baltimore, Maersk, Synergy Group, Anadolu Agency, Reuters, American Institute of Marine Underwriters, Insurance, Britannia Steam Ship Insurance Association Ltd, P Global Market Intelligence, International Group Locations: Baltimore, Dali, Singapore, Baltimore , Maryland, Britannia, London

☆ ESPN’s model is eroding. Past and present execs are split on how it can protect its dominance
▼ + stars: | 2024-03-21 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

For more than 40 years, the world's largest all-sports network has grown annual revenue by increasing cable subscription fees. In 2023, ESPN's monthly carriage fee was $9.42 per subscriber, according to data from S&P Global Market Intelligence. Since 2013, tens of millions of Americans have canceled their cable TV subscriptions, raising questions about ESPN's future in an increasingly fragmented media landscape. Second, in fall 2025 ESPN will launch its flagship streaming service that will include everything ESPN has to offer, both live and on demand. The product will go well beyond ESPN+, which exists as a $10.99 streaming service that doesn't include ESPN's most expensive programming, such as all of "Monday Night Football."

Organizations: Disney, ESPN, P Global Market Intelligence, CNBC, Warner Bros . Discovery, Fox, ESPN Bet

TOKYO (AP) — Japan’s central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The negative interest rate policy, combined with other measures to inject money into the economy and keep borrowing costs low, “have fulfilled their roles,” Bank of Japan Gov. But it had remained cautious about “normalizing” monetary policy, or ending negative borrowing rates, even after data showed inflation at about that rate in recent months. Ueda said there was “a positive cycle” of a gradual rise of wages and prices, while stressing that monetary policy will remain easy for some time. The Japanese central bank's policy is quite different from those of the U.S. Federal Reserve and the European Central Bank.

Persons: “, Kazuo Ueda, Ueda, Harumi Taguchi, Haruhiko Kuroda, ___ Yuri Kageyama Organizations: TOKYO, ” Bank of Japan Gov, Bank of, Analysts, P Global Market Intelligence, U.S . Federal Reserve, European Central Bank, Bank of Japan Locations: Japan, Bank of Japan, U.S, China

☆ How Instagram is beating TikTok
▼ + stars: | 2024-03-18 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +2 min

The app far outpaced TikTok in global downloads last year, according to data from market intelligence firm Sensor Tower. Instagram downloads increased by 20% in 2023 compared to the previous year, Sensor Tower estimated. The simplest explanation is that Instagram's short-video product, reels, is pretty much just as good as TikTok at this point. "Instagram already has reels, and it already caters to a broader audience because it has those other social-media features," explained Abe Yousef, a senior insights analyst at Sensor Tower. Both TikTok and Instagram did not respond to a request for comment.

Persons: Instagram isn't, TikTok, Instagram, it's, Abe Yousef, Mark Zuckerberg, Adam Mosseri, Yousef Organizations: Business

☆ India wants to be a global chip powerhouse in 5 years
▼ + stars: | 2024-03-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

India wants to be among the world's top five semiconductor producers in the next five years, said Ashwini Vaishnaw, minister of electronics and information technology, railways and communications. The chip industry "is a very complex market, and global value chains and global supply chains are extremely complex in the current context," Vaishnaw said on CNBC's Street Signs Asia on Friday. As of December, Taiwan holds about 46% of global semiconductor foundry capacity, followed by China (26%), South Korea (12%), the U.S. (6%) and Japan (2%), according to market intelligence firm TrendForce. I call it 'trust shoring' because there is a global trust in India," Vaishnaw said. "A lot of our chips are designed in India, and that presence in India is also creating opportunities for a number of Indian companies."

Persons: Ashwini Vaishnaw, Vaishnaw, Narendra Modi, Frank Huang, Rajeev Chandrasekhar Organizations: Qualcomm, CNBC, Tata Electronics, Powerchip Semiconductor Manufacturing Corp, PSMC, Economic Times Locations: India, Taiwan, China, South Korea, U.S, Japan, Chennai

WASHINGTON (AP) — If some U.S. lawmakers have their way, the United States and China could end up with something in common: TikTok might not be available in either country. But while U.S. lawmakers associate TikTok with China, the company, headquartered outside China, has strategically kept its distance from its homeland. Since its inception, the TikTok platform has been intended for non-Chinese markets and is unavailable in mainland China. Some have insisted they be called “global companies” instead of “Chinese companies.”But for TikTok, this may not be enough. “America’s foremost adversary has no business controlling a dominant media platform in the United States.

Persons: TikTok, Joe Biden, Zhiqun Zhu, ” Zhu, Alex Capri, Hinrich, ” Capri, Capri, Zhang Yiming, Mike Gallagher, ”, Gallagher, “, Sen, Tom Cotton, Shou Zi Chew, beholden, Chew, Nancy Pelosi, ” Chew, Thomas Zhang, Zhang, It's, Donald Trump, Trump Organizations: WASHINGTON, Bucknell University, “, National University of Singapore, Hinrich Foundation, Chinese Communist Party, CCP, Communist, Wired, Republicans Locations: United States, China, Beijing, Hong Kong, U.S, Washington, there's, Chinese, Chew

☆ Instagram is playing the long game against TikTok, and it's winning
▼ + stars: | 2024-03-14 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +2 min

The app far outpaced TikTok in global downloads last year, according to data from market intelligence firm Sensor Tower. Instagram downloads increased by 20% in 2023 compared to the previous year, Sensor Tower estimated. The simplest explanation is that Instagram's short-video product, reels, is pretty much just as good as TikTok at this point. And unlike TikTok, it's been careful lately not to shove unpopular features like shoppable videos in users' faces. Both TikTok and Instagram did not respond to a request for comment.

Persons: —, TikTok, Instagram, it's, Abe Yousef, Mark Zuckerberg, Adam Mosseri, Yousef Organizations: Service, Business

☆ 1976 was the last time car insurance rates rose this fast
▼ + stars: | 2024-03-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

But here’s something that hasn’t changed much: the pace at which car insurance rates are rising. Car insurance rates are up almost 21% for the 12 months ended in February, according to new Consumer Price Index data released Tuesday. The last time car insurance rates rose that much on an annual basis was 1976, not counting January, which saw the same annual rate increases. The rise in car insurance rates alone contributed half a percentage point to the overall 3.2% inflation rate last month. Meanwhile, drivers in North Carolina saw the smallest bump in car insurance rates, up just 5.5% over that same timeframe.

Persons: Gerald Ford, Steve Jobs, Steve Wozniak, hasn’t, it’s, Tim Zawacki, Zawacki, ”, Robert Passmore, “, ” Zawacki Organizations: New, New York CNN, Apple, P Global Market Intelligence, CNN, National, LexisNexis, Casualty Insurance Association, Silver State Locations: New York, Nevada, Wyoming, Silver, North Carolina

☆ How Georgia became America's green-manufacturing capital
▼ + stars: | 2024-03-13 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +14 min

Howey, now 30, grew up in northwestern Georgia near Dalton, a small city known as the "carpet capital of the world." SolarCycle, which reclaims old solar panels to make new ones, in February announced plans for a glass factory. The law authorized big tax credits for companies making renewable-energy technologies, including solar panels, batteries, and electric vehicles, in the US. According to S&P Global, the US imported more than two-thirds of its solar panels from Southeast Asia last year. When he sees solar panels atop the chargers, he feels pride in his job.

Persons: Robert Howey, Howey, he'd, Qcells, Catherine Boudreau, Joe Biden, Biden, Bob Keefe, Keefe, Gedia, Pat Wilson, Wilson, Brian Kemp, Benz, Dalton, Kemp, Heidi Popham, Popham, Donald Trump, Scott Moskowitz, Sen, Jon Ossoff of, Moskowitz, it's, Carl Campbell, Campbell, —, Whitfield, Jevin Jensen, Jensen, He's Organizations: US Navy, Business, Qcells, South, Hanwha, SK, Hyundai, Georgia Department of Economic, Gov, Porsche, Mercedes, SK On's, Financial Times, Georgia Northwestern Technical College, Treasury Department, P Global, Microsoft, Development Authority, Shaw Industries, Mohawk Industries, EV Locations: Georgia, Dalton, Japan, Cartersville, South Korea, Malaysia, North Carolina, China, Georgia , North Carolina, South Carolina, Savannah, Atlanta, Cartersville , Georgia, Germany, Commerce , Georgia, Southeast Asia, Korea, Jon Ossoff of Georgia, Washington, BloombergNEF, Vietnam, Whitfield County, ., Whitfield, Calhoun

Those more concerned with the climate crisis are asking a bigger question: what does this all mean for the planet? Gas-powered cars, hybrids and EVs all emit roughly the same amount of pollution to manufacture, until you get to producing the battery. Fully electric cars use large batteries made of materials that require heavy mining. And that would still mean less climate pollution on the road overall. And fully electric cars won’t be truly “green” until the energy that charges them comes from renewable sources, like wind and solar.

Persons: Akio Toyoda, EVs, Joe Biden’s, Toyota’s, Daniel Sperling, —, ”, Sam Abuelsamid, Abuelsamid, InfluenceMap, Biden, Kelley, Albert Gore, Gore, I’m, “, ” Monica Nagashima, Lia, Kena, Stephen Ciccone, ” Ciccone, BEV, ” UC’s Sperling Organizations: CNN, Toyota, Auto, US, Toyota Prius Prime, Toyota Toyota, Institute of Transportation Studies, University of California, Ford, EPA, Gas, American Council for, Prius, EV, InfluenceMap, United, Lexus, Cox Automotive, Zero Emission Transportation Association, Getty, Toyota Motor North America, ” Toyota Locations: California, West Virginia, Canada, Australia, United States, EVs, InfluenceMap’s, Japan, Rockland, Blauvelt , New York

☆ Private-equity and VC investors look to sports, AI, and live events as the era of peak TV draws to a close
▼ + stars: | 2024-03-07 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

That was a far steeper decline than the overall venture funding market, which declined 38% in 2023, the report said. (The report was based on data from Crunchbase, which Alignment Growth is an investor in.) Investors have been flocking to AI, live entertainment, and sports. Sports M&A nearly tripled in three years to $27.9 billion in 2023, driven by deals for team franchises, the Alignment Growth report showed. High ticket prices for live entertainment could dampen attendance, especially if consumer confidence takes a hit.

Persons: Wade Holden, Anthony Jasenski, CBRE's, Jasenski, haven't, IATSE, Alex Iosilevich, Schlogel, Craig Thompson Organizations: Venture, Business, Disney, Warner Bros, Global, P Global Market Intelligence, Blackstone, Bain Capital Real, Deloitte, Teamsters, Hollywood, Investors, Sports, Atwater, Mindspring Capital Locations: Hollywood, Crunchbase, Americas, OpenAI

☆ Egypt hikes interest rates by 600 basis points, pound crumbles to record low
▼ + stars: | 2024-03-06 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Egypt's pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency. The Egyptian pound was trading at roughly 50 to the dollar following the announcement, from 30.85 previously, according to LSEG data. The country's key interest rate now stands at 27.25%, the central bank said Wednesday. Egypt, the Arab world's most populous country at roughly 110 million people, is facing a protracted shortage of foreign currency. "In preparation for the successful implementation of these measures, sufficient funding has been secured to avail foreign exchange liquidity."

Persons: James Swanston, Egypt's Organizations: International Monetary Fund, Economics, United, IMF, Monetary, Government, P Global Market Intelligence Locations: Egypt, East, Africa, London, United Arab Emirates, Cairo

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