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☆ UK inflation rate surprises with rise to 4%, led by alcohol and tobacco
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Andresr | E+ | Getty ImagesLONDON — U.K. inflation unexpectedly nudged upwards to 4% year-on-year in December, fueled by a rise in alcohol and tobacco prices. Economists polled by Reuters had expected a modest decline in the annual headline CPI to 3.8%, after November's sharper-than-expected fall to 3.9%. The closely watched core CPI figure — which excludes volatile food, energy, alcohol and tobacco prices — came in at an annual 5.1%, above a 4.9% Reuters forecast and unchanged from November. "This unexpected rise in inflation is a timely reminder that the struggle against soaring inflation is not yet over, particularly given stubbornly high core and services inflation," said Suren Thiru, economics director at ICAEW. "While inflation may rise again in January, following the increase in Ofgem's energy price cap, it should fall at a decent pace thereafter, aided by the expected drop in energy bills from April and lower food inflation."

Persons: Jeremy Hunt Organizations: Reuters, National Statistics, British, Bank of England Locations: U.S, France, Germany

☆ U.S. and allies must 'persuade countries, not dictate to them,' former UK PM Gordon Brown says
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Former U.K. Prime Minister Gordon Brown said Wednesday that the U.S. and other powerful nations must "persuade countries, not dictate to them" in an increasingly multipolar world. Much of the conversation at this week's World Economic Forum in Davos, Switzerland, has focused on a breakdown of trust between populations and world leaders, and how to restore it. Allianz CEO Oliver Bäte told CNBC Tuesday that an "increasing detachment of the political elite from the working class" was the "number one risk for our societies." It's no longer neoliberal economics, it's more mercantilist economics, states doing their own thing, and protectionist trade policies have become 'in' and we've seen a retreat from globalization," Brown told CNBC on the sidelines of WEF. Brown told CNBC Wednesday that he still believes this should be the template for establishing lasting peace in the region, but that it is "incredibly difficult because nobody is trusting each other at the moment."

Persons: Gordon Brown, Oliver Bäte, Brown, Tony Blair, you've, we've, Netanyahu, Mahmoud Abbas, Ehud Olmert, Saudi King Abdullah bin Abdulaziz Al Saud Organizations: Economic, Allianz, CNBC Locations: Davos, Switzerland, WEF, America, Africa, Ukraine, Gaza, Israeli, Saudi, Israel, Palestinian

☆ UBS CEO says Swiss public 'indoctrinated' to worry about bank's balance sheet
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

UBS CEO Sergio Ermotti on Wednesday said people with concerns about the size of the bank's balance sheet are getting "indoctrinated" by academics and should "do their homework." The bank's share price has recovered from below 17 Swiss francs ($19.69) per share in the aftermath of the deal to over 25 Swiss francs as of Wednesday morning. However, the new entity's combined balance sheet is estimated to be around twice the size of the entire GDP of Switzerland, raising concerns about the concentration of risk in the Swiss economy. "If you look at risk-weighted assets as a percentage of GDP or as a percentage of our balance sheet, you will discover that the new UBS is de facto very low risk, very focused business model. The risk we have is in Swiss mortgages, in Lombard loans, in stuff that is very low risk," he said.

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Credit Suisse, Swiss, CNBC, Economic Locations: Swiss, Switzerland, Davos, Lombard

☆ Trump is a 'transactional president' but may not rock the boat on China, Standard Chartered CEO says
▼ + stars: | 2024-01-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Bill Winters, chief executive officer of Standard Chartered, said the U.S. Federal Reserve looks set to pause its interest rate cycle in June get a better read on the latest inflation data. Former U.S. President Donald Trump would be a "transactional president" if he returns to power, but is unlikely to blow up the Biden administration's rebuilding of relations with China, according to Standard Chartered CEO Bill Winters. During his last term in office, Trump took a combative stance toward Beijing and triggered a trade war with a slew of tariffs on Chinese goods and constant threats of more economically punitive measures. President Joe Biden's administration has sought to repair the fragile relationship. U.S. Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo visited China last summer, and Biden met Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation leaders' meeting in San Francisco in November.

Persons: Bill Winters, Donald Trump, Trump, Joe Biden's, Janet Yellen, Gina Raimondo, Biden, Xi Jinping Organizations: Standard Chartered, U.S . Federal, Former U.S, Biden, Republican, Treasury, China, Economic Cooperation Locations: China, Beijing, Asia, San Francisco

☆ Divide between political elites and the working class is a major risk, Allianz CEO says
▼ + stars: | 2024-01-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Oliver Bäte, chief executive of German insurance group Allianz. Nurphoto | Nurphoto | Getty ImagesA growing detachment between political leaders and populations presents the biggest risk in a busy election year, according to Allianz CEO Oliver Bäte. The Allianz Risk Barometer published this month noted that political risk was already at a five-year high in 2023, with some 100 countries considered at high or extreme risk of civil unrest. This is expected to deepen in 2024, amid continued economic hardship, particularly in "debt-crisis countries." "We have an increasing detachment of the political elite from the working class and the people that actually go to work every day, and that, I see as the number one risk for our societies," Bäte said.

Persons: Oliver Bäte, you've, Emmanuel Macron's, Nahel, Viktor Orbán, Bäte Organizations: Allianz, Nurphoto, Economic, Sweden Democrats Locations: Ukraine, Davos, Switzerland, Netherlands, France, Slovakia, Italy, Hungary, Sweden

☆ South Africa's genocide case against Israel has 'global support,' finance minister says
▼ + stars: | 2024-01-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

South Africa's legal case accusing Israel of committing genocide against Palestinians in Gaza has "global support," the country's Finance Minister Enoch Godongwana told CNBC Monday. A two-day hearing last week at the International Court of Justice in the Hague, Netherlands, saw South African lawyers lay out arguments alleging that Israel's bombardment of Gaza that has caused massive casualties was tantamount to genocide. "Supporters of Israel of course, including the U.K., will say our application is nonsense but there is global support for our view that in fact, our case was substantive and we have argued our case." Turkey, Jordan, Brazil, Colombia, Bolivia, Pakistan and Malaysia are among the states that have publicly supported South Africa's application, along with the Organization of Islamic Cooperation. The Saudi-based organization consists of 57 member states, 48 of which are Muslim-majority countries.

Persons: Ronald Lamola, Israel, Enoch Godongwana, Godongwana Organizations: International Court of Justice, country's Finance, CNBC, South, United, Economic, Organization of Islamic Cooperation Locations: Africa's, South Africa, Israel, Gaza, The Hague, Netherlands, Hague, Africa, United Nations, Davos, Turkey, Jordan, Brazil, Colombia, Bolivia, Pakistan, Malaysia, Saudi

☆ Veteran investor David Roche says the market is getting it wrong on Taiwan's election result
▼ + stars: | 2024-01-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Taiwan's President Tsai Ing-wen speaks as Lai Ching-te, Taiwan's vice president and the ruling Democratic Progressive Party's (DPP) presidential candidate looks on during a campaign rally ahead of the elections in Taipei, Taiwan, January 11, 2024. Carlos Garcia Rawlins | ReutersTaiwan's election results place the island on a "collision course with China" and the market reaction has been too sanguine, according to veteran investor David Roche. Beijing has already dismissed the outcome of Saturday's elections, which saw the ruling Democratic Progressive Party's Lai Ching-te elected president alongside a split parliamentary vote. The DPP rejects the so-called "One China principle" and advocates a separate and distinct Taiwanese national identity. Xi has repeatedly stated that Taiwan will be reunified with China, and has not ruled out using military force to achieve his goals.

Persons: Tsai Ing, Lai Ching, Democratic Progressive Party's, Carlos Garcia Rawlins, David Roche, Party's Lai Ching, Roche, CNBC's, Lai, Xi Jinping, Xi Organizations: Democratic Progressive, Reuters, Democratic, DPP, Independent, CSI, Chinese Communist Party, Citi, KMT Locations: Taipei, Taiwan, China, Beijing

MIAMI (AP) — Eight months after crossing the Rio Grande into the United States, a couple in their 20s sat in an immigration court in Miami with their three young children. About 261,000 cases of migrants placed in removal proceedings are pending in the Miami court — the largest docket in the country. Their average caseload is now 5,000 per judge, said Mimi Tsankov, president of the National Association of Immigration Judges. An example would be allowing most asylum cases to be solved administratively or through streamlined processes instead of litigated in courts. ___Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc.

Persons: Christina Martyak, Aarón Rodriguéz, Cindy Baneza, it’s, ”, Mayra Cruz, I’ve, Cruz, Austin Kocher, “ They’re, Randy McGrorty, they’ve, “, Miguel Mora, that’s, ” Rodriguéz, Judge Martyak, Baneza's, “ We’ve, We’re, Karen Musalo, Time, Mimi Tsankov, Kathryn Mattingly, Paul Schmidt, Obama, Schmidt, Trump, Elliot Spagat Organizations: MIAMI, Catholic Archdiocese of, Syracuse, Syracuse University, Austin, Justice Department, Biden, Department of Homeland Security, Immigration, Catholic Legal Services, Archdiocese of, Associated Press, Gender & Refugee, University of California, National Association of Immigration, Catholic, Services, ___, Lilly Endowment Inc, AP Locations: Rio Grande, United States, Miami, Honduras, Catholic Archdiocese of Miami, Ukraine, Israel, Archdiocese of Miami, San Francisco, Central America, U.S, Cuban, Venezuelan, San Diego , California

☆ White House says U.S. Ukraine assistance has 'ground to a halt'; UK announces increased drone funding
▼ + stars: | 2024-01-12 | by ( Elliot Smith | ) www.cnbc.com time to read: 1 min

U.S. military assistance to Ukraine has "ground to a halt," with Congress yet to authorize the emergency spending requested by President Joe Biden's administration in late October. In a White House press briefing on Thursday, National Security Council Spokesperson John Kirby said Washington had "issued the last drawdown package that we had funding to support." "And that's why it's critical that Congress move on that national security supplemental request and we get more funding. The assistance that we provided has now ground to a halt," he said. Ukrainian President Volodymyr Zelenskyy on Thursday thanked Estonia and Latvia after meeting with leaders of the two Baltic nations to discuss further military aid and Ukraine's path toward EU and NATO membership.

Persons: Joe Biden's, John Kirby, Washington, Volodymyr Zelenskyy Organizations: White House, National Security, NATO Locations: Ukraine, Estonia, Latvia, Baltic

☆ Ark Invest president says bitcoin is now a 'public good' that all investors should have access to
▼ + stars: | 2024-01-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Brendan McDermid | ReutersArk Invest President and COO Tom Staudt believes bitcoin is now a "public good" to which all investors should have access, as the company launches its first bitcoin exchange-traded fund. watch nowThe ARK 21Shares Bitcoin ETF is one of six initially waiving fees, alongside the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Trust, the WisdomTree Bitcoin Fund, the Invesco Galaxy Bitcoin ETF and the Valkyrie Bitcoin Fund. "This is a new asset class. We haven't had a new asset class for financial portfolio allocation in quite some time, and with a new asset class comes lower correlation to the other asset classes previously allocated to." Bitcoin was trading at around $47,300 on Thursday morning , according to Coin Metrics, and the SEC's decision has many analysts bullish about newly unlocked potential for massive gains.

Persons: Cathie Wood, Brendan McDermid, Tom Staudt, bitcoin, BlackRock's, Staudt, CNBC's, 21Shares, Bitcoin, haven't, bullish Organizations: Ark Invest, CNBC, New York Stock Exchange, Reuters, Invest, U.S . Securities, Exchange Commission, Fidelity, Bitcoin, Galaxy, U.S, Metrics Locations: New York City, U.S

☆ U.S. slams 'meritless' Israel genocide suit, reigniting tensions with South Africa
▼ + stars: | 2024-01-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

The International Court of Justice, the U.N.'s highest legal body, will this week hear a case brought by South Africa that accuses Israel of committing genocide against Palestinian people during the assault on the Gaza Strip. Ambassador Reuben Brigety accused South Africa of running guns for Russia via a mystery merchant ship, a South African inquiry found no evidence of the alleged arms shipment, but ties between the two historical allies remained taut. "Over the past two years a succession of frustrations, including South Africa feeling it is being pushed on Russia-Ukraine, the U.S. Ambassador's statements on South African domestic security and on its relationship with Russia, and U.S. policy on China in Africa, have all contributed to the worsening of this relationship," Vandome said. 'Solidarity against apartheid oppression' South Africa's close relationship with Russia is based on a multitude of factors past and present.

Persons: John Kirby, Kevin Lamarque, Israel, Reuben Brigety, Cyril Ramaphosa, Chris Vandome, Vandome, Sergey Lavrov, Naledi Pandor Organizations: White, Reuters, U.S, Court of Justice, Palestinian, . National Security, Chatham, CNBC, South, Russian, African Foreign, Pretoria Ihsaan Haffejee, Anadolu Agency, Getty, United States Trade, Solidarity, Congress, ANC, Party Locations: Washington , U.S, South Africa, Gaza, Israel, Washington, Pretoria, Russia, China, African, Ukraine, Africa, U.S, Palestine, PRETORIA, Pretoria Ihsaan

☆ Fat Cat Thursday: UK CEO pay already exceeds average worker salary for the year
▼ + stars: | 2024-01-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The average FTSE 100 CEO will have earned more this year than the median full-time worker's annual salary by 1 p.m. London time on Thursday, according to estimates from the High Pay Centre think tank. The calculations are based on the High Pay Centre's analysis of the most recent available CEO pay figures from British blue-chip companies' annual reports, compared with government data on pay levels across the U.K. economy. Median FTSE 100 CEO pay (excluding pension) currently stands at £3.81 million ($4.84 million), 109 times the median full-time worker's pay of £34,963, the think tank said. This represents a 9.5% increase on median CEO pay levels as of March 2023, while the median worker's pay has risen by 6%. The High Pay Centre highlighted that in December, Legal and General Investment Management adjusted its executive pay guidelines to permit companies it invests in to offer more generous incentive payments.

Persons: Britain aren't, Luke Hildyard Organizations: General Investment Management Locations: London, Britain

☆ A slew of new conflicts could erupt in 2024, analysts say — while the world is watching Gaza and Ukraine
▼ + stars: | 2023-12-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

- | Afp | Getty ImagesWith the eyes of the world on the ongoing wars in Ukraine and Gaza, an unprecedented number of potentially "catastrophic" conflicts are going under the radar, analysts have warned. The U.N. estimated in October that more than 114 million people were displaced by war and conflict worldwide. There is good reason for that — it is currently the most dangerous place in the world to be a civilian." The political turbulence comes amid ongoing armed conflict in eastern DRC and widespread poverty, and precedes further regional elections early next year. If you look at Myanmar, of course you've got this huge population in Bangladesh of displaced Rohingyas, and also displaced within Myanmar itself," she said.

Persons: Abdel Fattah al, Burhan, David Miliband, Miliband, Isabelle Arradon, Rapid Support Forces —, Gen, Mohammed Hamdan Dagalo, Khalifa Haftar —, Arradon, Félix Tshisekedi, U.N, Antonio Guterres, you've, We've, It's Organizations: Afp, Getty, Rescue, Crisis, CNBC, Rapid Support Forces, UAE, IOM, UN's, Organization for Migration, Sudanese Armed Forces, Democratic, Government Locations: Red Sea, Port Sudan, Ukraine, Gaza, Sudan, Saudi Arabia, Libyan, Khartoum, Darfur, METEMA, Ethiopia, Metema, AFP, South Sudan, Democratic Republic of the Congo, Rwanda, Democratic Republic of, Congo, DRC, Goma, North Kivu, Kigali, Kinshasa, Myanmar, Bangladesh, Shan, Sagaing, Kayah, Rakhine State, Burkina Faso, Cameroon, Chad, Gambia, Guinea, Mali, Mauritania, Niger, Nigeria, Senegal

☆ Houthi attacks and U.S. strikes add to concerns of broader conflict in the Middle East
▼ + stars: | 2023-12-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Houthi military helicopter flies over the Galaxy Leader cargo ship in the Red Sea in this photo released on Nov. 20, 2023. Yemen's Houthi rebels launched fresh attacks on cargo ships in the Red Sea, while the U.S. carried out strikes against targets in Iraq, amid fears that the war in the Gaza Strip could engulf the Middle East. The U.S. military carried out retaliatory strikes against three installations in Iraq linked to Kataib Hezbollah on Monday, the Pentagon announced, after three American service personnel were injured in a one-way drone attack carried out by the Iran-aligned militant group. On Tuesday, Houthi militants, also backed by Iran, launched a fresh drone attack against a container ship operated by MSC that was heading for Pakistan. "The naval forces of the Yemeni Armed Forces carried out a targeting operation against the commercial ship, 'MSC UNITED,' with appropriate naval missiles," Yahya Sare'e, spokesperson for the Yemeni Armed Forces, said in a post on the X social media platform, formerly known as Twitter.

Persons: Yemen's Houthi, Defense Lloyd Austin, Austin, Yahya Sare'e Organizations: Galaxy Leader, Hezbollah, Pentagon, Defense, Reuters, stoke, Houthi, MSC, Yemeni Armed Forces, UNITED, Twitter Locations: Red, U.S, Iraq, Gaza, The U.S, Iran, Pakistan

☆ Bank of England set to hold interest rates as economists debate 2024 cuts
▼ + stars: | 2023-12-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. The market is pricing an almost 100% chance of a hold on Thursday, according to LSEG, with economic data since the Bank's last meeting proving largely inconclusive. The latest labor market data on Tuesday indicated a continuation of recent trends, with unemployment remaining broadly flat and vacancies continuing to decline at pace. Average pay including bonuses fell by 1.6% between September and October, versus an average monthly growth rate of 1.1% in the first half of the year. "An unchanged forward guidance will also serve the MPC well to push against the current market pricing of Bank Rate which assigns an increasing probability to cuts in H1 2024," they said.

Persons: BOE, Hollie Adams, Jake Finney, Finney, Abbas Khan, Jack Organizations: Bank of England, City of, Bloomberg, Getty, Monetary, Federal Reserve, Reuters, Bank, Barclays, MPC Locations: City, City of London

☆ An EU wealth tax and the end of U.S. capitalism: One bank’s ‘outrageous’ predictions for 2024
▼ + stars: | 2023-12-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

An EU wealth tax, the "end of capitalism" in the U.S. and a major health crisis arising from obesity drugs are just some of the "outrageous predictions" put forward by Saxo Bank in a report published Tuesday. Heading into 2024, the Danish investment bank suggested the world is at an "inflection point, with the familiar road of the last decade coming to an end." The predictions focus on a "series of unlikely but underappreciated" events that if they were to occur, would "send shockwaves across the financial markets." This would be rendered more likely if the population "realises how little in tax billionaires are actually playing," he speculated, with social unrest frequently simmering across the continent. In the Netherlands, it is even better to be a billionaire, as the average tax rate is below what US billionaires pay, Garnry noted.

Persons: Irene, I've, Steen Jakobsen, Robin Hood, Peter Garnry, Garnry Organizations: Saxo Bank, CNBC, EU, European Union, Equity Locations: Lower Manhattan , New York, EU, U.S, Ukraine, North America, East Asia, France, Netherlands

☆ Former researcher alleges Harvard forced her out to preserve Facebook donations
▼ + stars: | 2023-12-05 | by ( Eamon Javers | ) www.cnbc.com time to read: +13 min

WASHINGTON — Social media researcher Joan Donovan says she knows the exact moment her career began to go off the rails. "I got called into the principal's office and was questioned about why I'm talking about Facebook," Donovan said. In a statement to CNBC, Harvard Kennedy School Director of Public Affairs James Smith disputed Donovan's account of her departure. "The narrative is full of inaccuracies and baseless insinuations, particularly the suggestion that Harvard Kennedy School allowed Facebook to dictate its approach to research." Smith told CNBC that Harvard University and the Kennedy School continue to carry out misinformation and social media research to this day.

Persons: Harvard Kennedy, Joan Donovan, Donovan, John F, Frances Haugen, Haugen, Elliot Schrage, Schrage, Nick Clegg, Clegg, didn't, Douglas Elmendorf, Dean Elmendorf, Sheryl Sandberg, Sandberg, Elmendorf, Mark Zuckerberg, Priscilla Chan –, –, Zuckerberg's, Guillermo S, Hava, Eleanor V, Wikstrom, —, Chan, Public Affairs James Smith, Smith, Kennedy, Chan Zuckerberg, Donovan's Organizations: Harvard, Media Politics, WASHINGTON — Social, Harvard University, Kennedy School of Government, Dean's Council, CNBC, Meta, Facebook, Dean's, Kennedy School, Elmendorf, Harvard's Kennedy School, Twitter, Google, Washington Post, Initiative, Technology, Research, Whistleblower, Massachusetts, U.S . Department of Education's, Civil Rights, Harvard Kennedy School, Public Affairs, School, Kennedy, Media, Politics, Public, Tech, Chan Zuckerberg Initiative Locations: Malden, Harvard, Central, Dean's, FBarchive.org

☆ Manchester United set to confirm 25% stake sale to petrochemicals billionaire Ratcliffe: Report
▼ + stars: | 2023-12-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A statue of George Best, Denis Law and Bobby Charlton standing outside Old Trafford, home of Manchester United in Manchester, England. LONDON — Manchester United will next week announce that British petrochemicals billionaire Jim Ratcliffe will take a 25% stake in the soccer club, Sky News reported Monday. He will also acquire 25% of current majority owners the Glazer family's B-shares which carry greater voting rights, according to the report. Manchester United shares were up 1.5% in morning trading Monday. Both Ineos and Manchester United have been contacted for comment.

Persons: George Best, Denis Law, Bobby Charlton, Jim Ratcliffe, Ratcliffe, Glazer Organizations: Manchester United, LONDON, Sky News, Ineos Locations: Old Trafford, Manchester, England

☆ European markets set for mixed open as traders weigh 2024 central bank cuts; gold hits record high
▼ + stars: | 2023-12-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set for a mixed open, potentially pausing a significant global rally as traders bet on interest rate cuts from major central banks in 2024. Gold prices notched a fresh record high on Monday for a second consecutive day, with spot prices touching $2,100, with analysts citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts as further catalysts for bullion heading into next year. The upward momentum continued despite Fed Chair Jerome Powell's efforts to temper market expectations for incoming rate cuts, as he argued it was "premature to conclude with confidence" that monetary policy was "sufficiently restrictive." U.S. stock futures were fractionally lower in early premarket trade on Monday as some caution returned. Shares in Asia-Pacific were also mixed on Monday with investors awaiting a fresh round of economic data on Tuesday, and key inflation readings later in the week.

Persons: DAX, Jerome Powell's Organizations: LONDON, U.S . Federal, Dow Jones Locations: Frankfurt, Germany, Asia, Pacific

☆ Virgin Galactic shares plunge in premarket after Branson rules out further investment
▼ + stars: | 2023-12-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In this photo illustration, British billionaire Richard Branson is seen on a fragment of a Virgin Galactic Unity 22 Spaceflight Livestream Youtube video displayed on a smartphone with the Virgin Galactic logo in the background. Virgin Galactic shares plunged more than 14% in premarket trade on Monday, after British billionaire Richard Branson ruled out further investment in the company. ET, Virgin Galactic shares dropped 14.1% in out-of-hours trading. The group estimated that its current funding would carry it through to 2026, when Delta is scheduled to enter service. Virgin Investments remains the second-largest shareholder in Virgin Galactic, according to LSEG data, with a 7.69% holding, behind the 8.43% of State Street Global Advisors.

Persons: Richard Branson, Branson Organizations: Virgin Galactic, Financial, Virgin, Branson, Virgin Investments, Street Global Advisors Locations: Delta, Virgin

☆ Ukraine war live updates: Zelenskyy calls for fortifications, U.S. helps with winter assault preparations
▼ + stars: | 2023-12-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Ukrainian servicemen of a drone hunting team stand next to an anti-aircraft twin-barreled autocannon that they use to target Russian launched drones, in the outskirts of Kyiv, on November 30, 2023, amid the Russian invasion of Ukraine. Ukrainian President Volodymyr Zelenskyy on Thursday called for quicker fortifications in key battlegrounds that face assaults from Russian forces, particularly in eastern Ukraine. Russia's navy reported early Friday morning that it destroyed a Ukrainian navy vessel without crew that was heading towards Crimea, which Russia annexed in 2014. Separately, Russia's presence at a European security meeting taking place Thursday caused a stir. Russian Foreign Minister Sergei Lavrov attended the annual meeting of the Organization for Security and Cooperation in Europe, with Baltic nations and Ukraine refusing to attend as a result.

Persons: Volodymyr Zelenskyy, Zelenskyy, John Kirby, Sergei Lavrov Organizations: . National Security, Russian, Organization for Security, Cooperation Locations: Kyiv, Ukraine, Russian, Ukrainian, Russia, Crimea, Washington, Europe, Baltic

☆ What one Swiss bank's troubles can tell us about market vulnerabilities — and social media
▼ + stars: | 2023-11-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021. The share price of Julius Baer plummeted after the Swiss private bank disclosed 606 million Swiss francs ($692.7 million) of loan exposure to a single conglomerate client. The 606 million Swiss franc exposure to one client — via three loans to different entities within a European conglomerate — is collateralized by commercial real estate and luxury retail, the company revealed. The bank last week booked provisions of 70 million Swiss francs to cover the risk of a single borrower in its private loan book. The European Central Bank recently examined the commercial real estate sector and the provisioning methods and capital buffers of European banks.

Persons: Julius Baer, Signa, Julius Baer's CET1, DBRS Morningstar, Vitaline Yeterian, Elisabeth Rudman, Julius Baer's Organizations: Julius Baer Group, Austrian, DBRS, CNBC, European Central Bank, Swiss Locations: Zurich, Switzerland, Swiss

☆ Market vulnerabilities and a possible U.S. recession: Strategists give their cautious predictions for 2024
▼ + stars: | 2023-11-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The market is now largely pricing a peak at the current Fed funds target range of 5.25-5.5%, with interest rate cuts to come next year. watch now"At the outer edges of the economy there is obvious stress that is likely to spread in 2024 with rates at these levels. So it's easy to see how bad levered investments could have been made that would be vulnerable to this higher rate regime." Recession risk 'delayed rather than diminished' In a roundtable event on Tuesday, JPMorgan Asset Management strategists echoed this note of caution, claiming that the risk of a U.S. recession was "delayed rather than diminished" as the impact of higher rates feeds through into the economy. "I think the the key conclusion here is that interest rates do still bite, it's just taking longer this time around," she said.

Persons: Victor J, Jim Reid, David Folkerts, Landau, Reid, Folkerts, GSAM, Karen Ward, it's Organizations: New York Stock Exchange, Blue, Bloomberg, Getty, Monetary, Federal Reserve, Deutsche Bank, Global Economics, Research, Silicon Valley Bank, Goldman Sachs Asset Management, European Central Bank, Fed, ECB, JPMorgan, Management Locations: New York, Washington, U.S, Canada, Brazil, Chile, Hungary, Mexico, Peru, Poland

WASHINGTON (AP) — As record numbers of migrants surge at the southern U.S. border, many seeking asylum, Homeland Security Secretary Alejandro Mayorkas has told Congress the country's “broken” immigration system is in need of a top-to-bottom update. It comes as Mayorkas, the face of the administration’s immigration policy, bears down the threat of impeachment proceedings from House Republicans over what they view as failed border policies. “We’re at a point for three years we’ve been saying, ‘When are we going to secure the country? On Wednesday, House Speaker Mike Johnson told GOP senators behind closed doors that he needs real border security changes as part of Biden's broader war funding package. During recent hearings, Mayorkas told Congress the administration is working to manage the situation, even as Congress has failed to update the immigration system for decades.

Persons: Alejandro Mayorkas, Biden, “ We’re, ”, Republican Sen, James Lankford of, “, we’ve, Vladimir Putin's, Vanessa Cárdenas, Biden's, Thom Tillis, Mike Johnson, Chuck Schumer, Johnson, Mitch McConnell, ” “, ‘ We’re, ’ ” Schumer, they’ve, Donald Trump, Mayorkas, Sen, Alex Padilla, Dick Durbin of, Elliot Spagat, Seung Min Kim Organizations: WASHINGTON, Homeland, Republicans, House Republicans, Republican, Democrats, Eisenhower, Cato Institute, Congress, Defense Department, GOP, Associated Press, COVID, Capitol, Dick Durbin of Illinois, Press Locations: U.S, Ukraine, Israel, James Lankford of Oklahoma, Congress, North Carolina, Alex Padilla of California, Mexico, Guatemala, Honduras

☆ Former Trump advisor says the U.S. economy is 'back to normal,' but markets may be jumping the gun on rate hikes
▼ + stars: | 2023-11-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The U.S. economy is "back to normal" for the first time in two decades, but the market is getting ahead of the likely pace of interest rate cuts, according to IBM Vice Chairman Gary Cohn. The central bank in September paused its historically aggressive monetary tightening cycle with the Fed funds rate target range at 5.25-5.5%, up from just 0.25-0.5% in March 2022. "You don't want to be early to leave when you're the last one to come to the party. "The economy will clearly turn down before the Fed had starts to cut interest rates, so I strongly believe that for the first half of '24, we will see no rate activity in the Fed. Maybe [in the third quarter], we'll start hearing rumblings of some forward guidance of lower rates."

Persons: Gary Cohn, Cohn —, Donald Trump, Cohn, CNBC's Dan Murphy Organizations: IBM, Federal Reserve, National Economic, Abu, Abu Dhabi Finance, Fed Locations: U.S, Abu Dhabi

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