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☆ First Female Argentine Saint Brings Together Pope Francis and Milei
▼ + stars: | 2024-02-10 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

By Alvise ArmelliniVATICAN CITY (Reuters) - Pope Francis on Sunday will elevate to sainthood the first female saint from his native Argentina, an event that will be attended at the Vatican by his former strong critic, Argentine President Javier Milei. Milei, a maverick right-wing libertarian, in the past called Francis an "imbecile", a "son-of-a-bitch preaching communism" and the devil's man on earth - but has softened his tone since taking office in December. Francis has said he hopes to be able make his first trip back to his homeland since being pope in 2013 in the second half of this year. Francis, himself a Jesuit, described her on Friday in a meeting with pilgrims from Argentina as a "gift to the Argentine people and also to the entire Church," praising her dedication to the poor. Quoting from his past writings, the pope condemned the "radical individualism" that permeates today's society as a "virus", in words that may jar with Milei's radical free-market instincts.

Persons: Alvise, Pope Francis, Javier Milei, Francis, Maria Antonia de Paz y Figueroa, Mama Antula, Milei, Sergio Mattarella, Giorgia Meloni, Lucinda Alice Elliot, Clelia Oziel Organizations: CITY, Jesuit Locations: Argentina, Argentine, St Peter's, America, Israel, Italy, Buenos Aires

☆ Ukraine war updates: Putin claims Russia has no interest in wider war; UAE mediates prisoner exchange
▼ + stars: | 2024-02-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin attends an expanded meeting of the Defence Ministry Board at the National Defence Control Centre in Moscow, Russia December 19, 2023. Russian President Vladimir Putin has claimed Moscow has no interest in expanding the war beyond Ukraine to the likes of Poland and Latvia. Putin made the comments in a two-hour interview with former Fox News host Tucker Carlson and spoke in Russian, with Carlson's team providing the dubbed translation. It was his first interview with an American media outlet since Russia's invasion of Ukraine nearly two years ago. In the translated recording, Putin says he could only imagine a scenario in which Russia would send troops into Poland, a NATO member, if "Poland attacks Russia."

Persons: Vladimir Putin, Putin, Tucker Carlson, Russia Michael McFaul, Evan Gershkovich, — Elliot Smith Organizations: Defence Ministry Board, National Defence Control Centre, Fox News, NATO, U.S, Wall Street, Kremlin, Ukraine, CNBC Locations: Moscow, Russia, Ukraine, Poland, Latvia, American, Crimea, Georgia

☆ Coup juntas threaten to quit West Africa bloc: Here’s what it means for the region — and Russia
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

ACCRA, Ghana - ECOWAS flag with member flags at the second extraordinary summit on the political situation in Burkina Faso, in Accra, Ghana, on February 3, 2022. OUAGADOUGOU, Burkina Faso - Jan. 20, 2023: A banner of Russian President Vladimir Putin is seen during a protest to support the Burkina Faso President Captain Ibrahim Traore and to demand the departure of France's ambassador and military forces. Mali has ruled out leaving WAEMU, while Burkina Faso is considering it. "Mali, Burkina Faso and Niger will likely draw on the extractive sector to improve their weak economies. A recent UN Development Programme report surveyed 5,000 people who had directly experienced a recent coup or unconstitutional change of government, including citizens of Burkina Faso, Chad, Guinea, Mali and Sudan.

Persons: NIPAH DENNIS, Bola Tinubu, Vladimir Putin, Captain Ibrahim Traore, Alex Vines, there'd, Tinubu, Ouattara, —, Vines, Mucahid Durmaz, Verisk Maplecroft, Durmaz, Balima Boureima, insurgencies, Wagner, Niger, specter, Mohamed Bazoum, Rey Byhre Organizations: Getty, Economic, West African States, ECOWAS, Nigerian, Africa, Chatham House, CNBC, Algeria —, West, Cote D'Ivoire, Anadolu Agency, Getty Images, Wagner Group, West African Economic, Monetary Union, CFA, National Council for, UN Locations: ACCRA, Ghana, Burkina Faso, Accra, AFP, Mali, Niger, Sahel, Mauritania, OUAGADOUGOU, Chatham, France, Nigeria, Côte d'Ivoire, Algeria, Malian, Russia, Bamako, Mucahid, West Africa, Togo, Benin, Cote, NIAMEY, NIGER, Niamey, West, U.S, Moscow, WAEMU, Seme, Chad, Guinea, Sudan, The Gambia, Tanzania, Kati

☆ Societe Generale posts sharp profit drop as net banking income slides
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program. The French lender posted a group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to LSEG data, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after the bank posted posted a group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business. Thursday's result took France's third-largest listed bank's annual net profit to 2.49 billion euros, slightly above analyst expectations of 2.15 billion euros. However, quarterly net banking revenue dropped 9.9% year-on-year to 5.96 billion euros, which the bank attributed largely to a decline in net interest income in French retail, and its private banking and insurance division, along with the negative impacts from unwinding hedges.

Persons: Slawomir Krupa, Krupa, BoursoBank Organizations: Generale, SocGen, Global Banking, Investor Solutions, Retail Banking, Soc Locations: France

☆ Robert De Niro opens up about being a father at 80
▼ + stars: | 2024-02-08 | by ( Amarachi Orie | ) edition.cnn.com time to read: +1 min

CNN —Actor Robert De Niro has opened up about the “joy” of new fatherhood after welcoming his seventh child last year. The Oscar-winning actor and his girlfriend Tiffany Chen welcomed daughter Gia in April. In 1995, he welcomed twin sons, Aaron and Julian, with his then-girlfriend, Toukie Smith. De Niro was also previously married to Grace Hightower before they split in 2018, and the pair are parents to son Elliot and daughter Helen Grace. Talking about Gia, De Niro said, “The kids all get a big kick out of her.”“The grandkids even,” he continued.

Persons: Robert De Niro, Tiffany Chen, Gia, “, it’s, ”, Diahnne Abbott, Raphael, Aaron, Julian, Toukie Smith, De Niro, Grace Hightower, Elliot, Helen Grace, —, William Hale, Martin Scorsese’s, Lily Gladstone, Lily Organizations: CNN

☆ Siemens Energy swings to profit on order surge, sale of Indian stake
▼ + stars: | 2024-02-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Siemens Energy swung to profit in its first fiscal quarter on the back of a surge in orders and a one-off gain from selling a stake in its Indian affiliate to parent company Siemens . The German renewables firm reported a 1.58 billion euro ($1.7 billion) net profit, driven by the sale of its 18% stake in India's Siemens Limited for 2.1 billion euros. Siemens Energy posted a 23.9% year-on-year increase in orders to 15.4 billion euros, with a book-to-bill ratio of 2.01, pushing its order backlog to a record high of 118 billion euros. Siemens Energy suffered a tough 2023, as problems with manufacturing faults at Siemens Gamesa forced the parent company to a 4.6 billion euro loss for the fiscal year. "We have just shy of 42 billion in backlog in our Siemens Gamesa business — this is also a record order backlog.

Persons: Siemens Gamesa, Maria Ferraro, Ferraro Organizations: Siemens Energy, Siemens, India's Siemens, Siemens Gamesa, CNBC

☆ Journal publisher retracts studies used by Texas judge who ruled to suspend use of abortion pill
▼ + stars: | 2024-02-07 | by ( Jen Christensen | ) edition.cnn.com time to read: +6 min

CNN —The academic publisher Sage Publications has retracted studies used by a Texas judge in a ruling that would suspend federal approval of the abortion pill mifepristone. The 2021 study concluded that ER visits were more likely after a medication abortion rather than a surgical abortion. Kacsmaryk cited this study to suggest that the number of adverse events from medication abortion drugs is probably under-reported. The US Supreme Court will hear arguments in March about mifepristone, one of two drugs commonly used in the US for a medication abortion. Medication abortion is the most common form of abortion in the US, and multiple peer-reviewed studies have shown that it is highly safe and effective.

Persons: Sage, ”, Matthew Kacsmaryk, “, Kacsmaryk, ” Sage, Dr, Sanjay Gupta, Jim Studnicki, Studnicki Organizations: CNN, Sage Publications, Health Services Research, Chemical, US, Charlotte Lozier Institute, Elliot Institute, American Association of Pro, CNN Health Locations: Texas, “, Florida, mifepristone, Charlotte

☆ The prospect of a united Ireland emerges as a republican leader takes office in Belfast
▼ + stars: | 2024-02-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

BELFAST, NORTHERN IRELAND - FEBRUARY 3: First Minister Michelle O'Neill speaks during proceedings of the Northern Ireland Assembly at Stormont on February 3, 2024 in Belfast, Northern Ireland. LONDON — A referendum on Irish reunification could be in the cards within a decade, according to Northern Ireland's first-ever nationalist first minister, who took office at the weekend. Sinn Fein's Michelle O'Neill was appointed as first minister on Saturday, the first Irish nationalist to hold the office since Northern Ireland was founded as a Protestant-majority state in 1921. The island to the west of England is divided in two; Northern Ireland is part of the U.K., whereas its neighbor, the Republic of Ireland, is an independent nation and a member of the European Union. The deal that secured their return includes a contribution of more than £3 billion ($3.8 billion) from the British government for Northern Ireland's public services.

Persons: Michelle O'Neill, Sinn Fein's Michelle O'Neill, Democratic Unionist Party's Emma Little, Pengelly, Sinn Fein Organizations: Northern Ireland Assembly, Stormont, Northern Ireland's, Irish, Democratic Unionist, DUP, European Union, Northern Locations: BELFAST, IRELAND, Belfast , Northern Ireland, Northern, Northern Ireland, England, Republic of Ireland, Republic

☆ UBS beats earnings expectations, announces up to $1 billion share buyback
▼ + stars: | 2024-02-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Swiss banking giant UBS on Tuesday narrowly beat fourth-quarter earnings expectations and announced that it would recommence share buybacks worth up to $1 billion in the second half of the year. The group posted a net loss attributable to shareholders of $279 million for the quarter. Analysts polled by LSEG had expected a net loss attributable to shareholders of $372 million. In the third quarter, UBS had posted a bigger-than-expected net loss attributable to shareholders of $785 million — which factored in $2 billion in expenses related to the integration of fallen rival Credit Suisse. UBS shares have made an indifferent start to 2024, closing Monday's trade down 1.5% since the turn of the year.

Persons: LSEG Organizations: UBS, Credit Suisse, Suisse

☆ Stock market in a 'very dangerous' position as jobs and wages run hot, fund manager says
▼ + stars: | 2024-02-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A trader reacts as a screen displays the Fed rate announcement on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 31, 2024. The U.S. stock market is in a "very dangerous" spot as persistently strong jobs numbers and wage growth suggest the Federal Reserve's interest rate hikes have not had the desired effect, according to Cole Smead, CEO of Smead Capital Management. The figures came after Fed Chair Jerome Powell said the central bank would likely not cut rates in March, as some market participants had anticipated. "We know the Fed has raised rates, we know that caused a banking run last spring and we know that's damaged the bond market. The Fed has not affected wage growth, which continues to outpunch inflation as we speak, and I look at the wage growth as a really good picture of inflationary pressures going forward."

Persons: Cole Smead, Nonfarm payrolls, Dow Jones, Jerome Powell, Smead, CNBC's Organizations: New York Stock Exchange, Smead Capital Management, CPI, Wage Locations: New York City, U.S

Crossings in recent weeks are down overall along the entire U.S. border, including areas without such a heavy security presence. The arrival of GOP governors to Eagle Pass rounds out a weekend that has kept the small border city of roughly 30,000 residents in an unwitting spotlight. The number of crossings in Eagle Pass has recently fallen to a few hundred a day. Mexico has bolstered immigration efforts that include adding more checkpoints and sending people from the northern border to southern Mexico. Melissa Ruiz, 30, arrived at the Piedras Negras shelter, across the river from Eagle Pass, along with her four children.

Persons: — Kyle Willis, “ It’s, It’s, ”, Willis, Greg Abbott, Joe Biden's, Joe Biden, Ron DeSantis, Biden, John Modlin, Andrés Manuel López Obrador, Donald Trump, MAGA, Melissa Ruiz, Ruiz, Maria Verza, Mexico City anf Elliot Spagat Organizations: Texas National Guard, Texas Gov, Florida Gov, National Guard, U.S . Border Patrol, Border Patrol, –, U.S . Biden, Eagle, AP, Associated Locations: PIEDRAS NEGRAS, Mexico, U.S, Texas, Grande, Eagle, Piedras Negras, Park, Tucson , Arizona, Mexican, Rio Grande, Central America, Ecuador, Peru, Honduran, Piedras, Mexico City, San Diego

☆ Superdry shares soar more than 100% as company considers going private
▼ + stars: | 2024-02-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — Superdry shares soared more than 100% on Friday, as the embattled British fashion retailer confirmed that co-founder and CEO Julian Dunkerton is considering taking it private. The stock peaked at 48.55 pence per share shortly before 11 a.m. London time and was last trading at around 46p per share. A recent slump in sales and a falling share price have led to speculation that Superdry, which listed on the London Stock Exchange in March 2010, may become a takeover target. The company confirmed in a market update on Friday that Dunkerton had requested "permission to begin exploring the possibility of making an offer for the company," and to begin talks with potential financial backers, which the business accepted. Dunkerton has until March 1 to submit an offer or walk away under the U.K. Takeover Panel's regulations.

Persons: Julian Dunkerton, Dunkerton, Superdry Organizations: London Stock Exchange, Company Locations: British, London, Norwegian

☆ European markets set for higher open with earnings, central banks in focus
▼ + stars: | 2024-02-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set for a higher open on Friday to close out a busy week of corporate earnings and major central bank decisions. On Wednesday, the U.S. Federal Reserve also left policy unchanged and Chair Jerome Powell poured cold water on speculation about a potential first interest rate cut in March. Preliminary inflation data for the euro zone on Thursday revealed the annual increase in the headline consumer price index eased slightly in January, while core figures declined less than expected and services inflation held steady. Friday is set to be quieter on the earnings front, with Spain's CaixaBank among the biggest names reporting. No major corporate earnings or economic data releases are due from Europe.

Persons: Jerome Powell, Spain's Organizations: Bank of England, U.S . Federal Reserve, Deutsche Bank, BNP, Adidas, Volvo Locations: Europe

The annual ritual is a point of local pride even as Eagle Pass draws wide attention for a showdown between Texas Gov. A few hours later, about 200 advocates were in a festive mood in the nearby town of Quemado ahead of a “Take Back Our Border” rally on Saturday. U.S. Border Patrol agents are denied entry. Eagle Pass, with about 30,000 people, has become a major corridor for illegal crossings in recent years, making it a target for Abbott's enforcement. The Biden administration told the Supreme Court that “Texas has effectively prevented Border Patrol from monitoring the border” at Shelby Park.

Persons: Rolando Salinas, Greg Abbott, Biden, ” Salinas, Connie Hinton, Valeria Wheeler, Alejandro Mayorkas, Mayorkas, Del, Jorge Barrera, ” Barrera, Ken Paxton, “, Donald Trump, MAGA, ” Julio Vasquez, Iglesia Luterana, ” Alicia Garcia, Shelby, ”, Garcia, Elliot Spagat, Paul Weber Organizations: PASS, ” Cowboys, San Antonio Stock, Texas Gov, La Cabalgata Internacional, Border, Republican, Democratic White House, Border Patrol, . Homeland, Associated Press, Visitors, of Commerce, ”, Texas National Guard, Supreme, Patrol, Eagle Locations: Texas, Eagle, Piedras Negras, Mexico, United States, La Cabalgata Internacional La Grande, Quemado, Austin , Texas, Virginia, Rio Grande, U.S, Del Rio , Texas, Del Rio, Tucson , Arizona, San Diego, California, Shelby Park, “ Texas, Shelby, Iglesia Luterana San Lucas

☆ Deutsche Bank smashes profit estimates and boosts shareholder returns
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Deutsche Bank on Thursday smashed fourth-quarter earnings expectations, reporting net profit of 1.3 billion euros ($1.4 billion) and announcing a further 1.6 billion euros in shareholder returns for 2024. It follows net profit of 1.031 billion euros for the previous quarter and 1.8 billion euros for the same period last year. It also plans to recommend 900 million euros in shareholder dividends for 2023 at its Annual General Meeting in May. For the year as a whole, the bank reported 4.2 billion euros in net income attributable to shareholders — beating expectations of 3.685 billion euros expected by analysts. As part of a 2.5 billion euro operational efficiency program, Deutsche Bank said it expects to cut 3,500 jobs, mainly in "non-client-facing areas."

Persons: James von Moltke Organizations: Deutsche Bank, Deutsche, CNBC Locations: repurchases

☆ Clothing brands failing to eradicate forced labor risk in supply chains, research finds
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

(Photo by Edward Berthelot/Getty Images)Many of the world's major fashion brands are failing to address forced labor in their supply chains, according to a report, with French luxury giant LVMH among the worst performers. The research from KnowTheChain, an organization focused on forced labor in supply chains, analyzed 65 companies for exposure to forced labor risk. Guiding Principles on Business and Human Rights, KnowTheChain said companies scored on average 21/100. "They remain largely reactive to human rights violations, rather than evidencing robust, embedded human rights and environmental due diligence practices designed to prevent them," it added. "As such, it demonstrates that a corporate strategy which embeds human rights due diligence does not have to come at the cost of long-term sustainable growth or investor returns."

Persons: Louis, Yayoi, Louis Vuitton, Edward Berthelot, KnowTheChain, Veronique Rochet Organizations: Louis Vuitton's, Human, Puma, Adidas, P Retail, CNBC, PUMA, Fair Labor Association, Fair Labor Locations: Paris, France

☆ 14 photos show how Sofia Richie evolved into the ultimate quiet luxury icon
▼ + stars: | 2024-02-01 | by ( Maria Noyen | ) www.businessinsider.com time to read: +1 min

Sofia Richie Grainge is expecting her first child with her husband, Elliot Grainge. She'll likely approach maternity style with the quiet luxury aesthetic she's become known for. But it took years for Richie Grainge to become synonymous with quiet luxury. AdvertisementIf quiet luxury had a poster child, it would be Sofia Richie Grainge. Here are photos that show how she evolved into the ultimate quiet luxury icon.

Persons: Sofia Richie Grainge, Elliot Grainge, Richie Grainge, —, hasn't Organizations: Service Locations: South, France

☆ Get Jim Cramer’s rapid-fire takeaways on 5 stocks in the news Thursday
▼ + stars: | 2024-02-01 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Merck — Jim Cramer described Merck's results as a "monster quarter," pointing out cancer drug Keytruda, which saw sales up double digits on a percentage basis. The CNBC Investing Club portfolio owns a few health- and drug-related stocks, including the outperforming Eli Lilly . It had been a "miss, miss, miss," but now that Covid is over people are doing things they put off. Steinberg "helped turnaround Pinterest," Jim said, adding that he sees Etsy at around $73 per share as a buy. Jim said, "It's a show me story and they have not shown me yet."

Persons: Merck, Jim Cramer, Eli Lilly, Jim, he's, Marc Steinberg, Elliot, Steinberg Organizations: CNBC, Club, Royal Caribbean, Elliot Management

☆ Volvo shares jump 24% on higher sales, plans to stop Polestar funding
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Volvo Cars shares surged more than 24% Thursday after the Swedish automaker announced that it will stop funding subsidiary Polestar Automotive. Volvo earlier in the day reported a 10% year-on-year increase in fourth-quarter net sales to 148.1 billion Swedish krona ($14.16 billion), bringing its full-year 2023 total to 552.8 billion krona. Adjusted operating income jumped to 18.38 million krona from 12.17 million for the same period in 2022. The group announced that it may hand stewardship of ailing luxury car brand Polestar over to majority Volvo shareholder Geely Holding . "We are therefore evaluating a potential adjustment to Volvo Cars' shareholding in Polestar, including a distribution of shares to Volvo Cars' shareholders.

Organizations: Volvo, Volvo Cars, Polestar Automotive, Geely, Geely Sweden Holdings Locations: Seoul, South Korea, Swedish, Polestar, Geely Sweden

☆ Bank of England leaves policy unchanged, says interest rates are 'under review'
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — The Bank of England held interest rates steady at 5.25% on Thursday. The Monetary Policy Committee voted 6-3 in favor of holding rates. "The MPC remains prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably," the Bank said in statement. Much of the market focus of late has been on when the central bank will start cutting interest rates from their current 15-year high. However, it has remained on a general downward trajectory, while the Bank's key indicators of the labor market, wage growth and services inflation have all shown signs of easing.

Persons: BOE Organizations: Bank of England, City of, LONDON, Monetary, Bank Locations: City, City of London

☆ Novo Nordisk beats earnings expectations as Wegovy, Ozempic demand soars
▼ + stars: | 2024-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: 1 min

Novo Nordisk, Europe's largest company by market capitalization, on Wednesday reported better-than-expected 2023 earnings, as sales of its wildly popular anti-obesity and diabetes drugs continued to soar. The maker of weight loss drug Wegovy and diabetes drug Ozempic reported an increase in sales of 31% in Danish kroner and 36% at constant exchange rates (CER) to 232.3 billion kroner ($33.71 billion). Full-year operating profit jumped by 37% in kroner and 44% at constant exchange rates to 102.6 billion kroner. The Danish pharmaceutical giant said it expects sales growth this year of between 18% and 26% in CER terms, as demand surges for Wegovy and Ozempic, which contain the same active ingredient. The 2023 results were fueled by strong performance in the company's diabetes and obesity care division, with obesity care in particular spiking by 154% at CER to 41.6 billion.

Persons: Ozempic Organizations: Novo Nordisk Locations: Europe's, Danish, CER

☆ Trump campaign chief urges Republican megadonors to ignore his words, focus on primary lead
▼ + stars: | 2024-01-31 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

A top adviser to Donald Trump 's 2024 presidential campaign has a message for some of the wealthiest Republican donors in the country: Don't take the former president's divisive rhetoric too seriously. Wiles' message to donors, to just ignore Trump's hyperbolic rhetoric, is reminiscent of the spin from White House staff while Trump was president. In Palm Beach Tuesday, Wiles' pitch appeared to work, at least on some of the participants. Neither Wiles nor a Trump campaign spokesperson returned requests for comment before publication. A spokeswoman for the Haley campaign said the events this week in New York raised over $1.5 million.

Persons: Donald Trump, Jean Carroll, Trump, Wiles, Joe Biden, Susie Wiles, Republican megadonors, Elliot Investment Management Paul Singer, Nikki Haley, Haley, MAGA, Trump's, Sebastian Gorka, Singer, Betsy Ankney, Ankney, Biden Organizations: U.S, Trump, Republican, American Opportunity Alliance, Elliot Investment Management Paul, Truth, White House, House, CNBC, Palmetto, Singer, NBC News, South, Sunshine State Locations: Manhattan, New York City, U.S, Palm Beach, Fla, South Carolina, Florida, New York

☆ Bank of England could be about to open the door to interest rate cuts
▼ + stars: | 2024-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Henry Nicholls | ReutersLONDON — The Bank of England is widely expected to hold interest rates steady at 5.25% on Thursday, but market observers will be closely watching voting patterns, projections and language for hints about future rate cuts. The labor market has shown signs of rebalancing, although the overall trajectory remains somewhat uncertain, while wage growth and services inflation have surprised the Bank's November projections substantially to the downside, Goldman Sachs economists noted on Sunday. "We expect the MPC to retain its data-dependent approach and reiterate that monetary policy 'will need to be sufficiently restrictive for sufficiently long'," Quadri said. Goldman sees a first 25 basis point cut in May, followed by further quarter-point increments at every meeting until the Bank rate reaches 3% in May 2025.watch now

Persons: Henry Nicholls, Goldman Sachs, Ibrahim Quadri, Swati, Catherine, Mann, Quadri, Goldman Organizations: Bank of England, Reuters LONDON, Monetary, MPC, Goldman Locations: City, London, Britain, British, U.K

Valvoline had last year decided to separate its retail services and global products divisions following a strategic review. Saudi Arabia's state-controlled Aramco on Tuesday announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day. At 7 a.m. London time, Brent crude prices for March delivery were up 0.24% from previous close price at $82.60 per barrel. The Tuesday announcement comes amid mounting concerns over the outlook for oil demand worldwide, given a progressing global transition toward decarbonization that casts a shadow over long-term investment projects in fossil fuels. Global oil demand is projected to have risen by 2.3 million barrels per day in 2023 to 101.7 million barrels per day, according to the International Energy Agency's annual report published in December.

Persons: Valvoline, Brent Organizations: Saudi Ministry of Energy, Aramco, International Energy Locations: Saudi Arabia's, Aramco, London

ATLANTA (AP) — Naithan George scored a go-ahead layup with 7.7 seconds remaining and Georgia Tech beat No. 3 North Carolina 74-73 on Tuesday night to end the Tar Heels' 10-game winning streak. North Carolina called a timeout with 4.6 seconds remaining, but Davis missed a last-second jumper, prompting Georgia Tech fans to celebrate by rushing onto the court. Georgia Tech claimed its third home win over a Top 25 team after beating No. Georgia Tech: Visits North Carolina State on Saturday.

Persons: — Naithan George, RJ Davis, George, Davis, Georgia Tech's Ebenezer Dowuona, Kyle Sturdivant, Miles Kelly, Cormac Ryan, Kelly, Sacko, Elliot Cadeau, Harrison Ingram's, Jalen Washington, Harrison Ingram, Baye, Dowuona, Duke, ___ Organizations: ATLANTA, Georgia Tech, Carolina, North, Atlantic Coast Conference, ACC, Mississippi State, Heels, Jackets, North Carolina, Southern Conference, Saturday . Georgia Tech, North Carolina State, AP Locations: North Carolina, Georgia, Carolina

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