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☆ Davos: AI shouldn’t make ‘life-or-death’ decisions, says OpenAI’s Sam Altman
▼ + stars: | 2024-01-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

But there are also dystopian fears that AI could destroy humanity or, at least, lead to widespread job losses. He said people had found ways to make themselves more productive using generative AI and they also understood “what not to use it for.” Generative AI gives humans “better tools” and “access to a lot more capability” but “we’re still very focused on each other,” he added. In a report Sunday, the International Monetary Fund predicted that AI will affect almost 40% of jobs around the world, “replacing some and complementing others,” but potentially worsening income inequality overall. Notwithstanding optimism over the technology’s potential, both Benioff and Altman stressed the need for regulating AI systems to guard against some of the potential existential threats posed by the technology. “I think it’s good that people are afraid of the downsides of this technology,” Altman said.

Persons: OpenAI’s Sam Altmann, ChatGPT, Altman, “, Marc Benioff, ” Altman, OpenAI —, ”, Olesya Dmitracova Organizations: London CNN, Economic, International Monetary Fund, New York Times Locations: Switzerland, Davos, Milan

☆ UK inflation posts first rise in almost a year
▼ + stars: | 2024-01-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation accelerated in December for the first time since February last year, official data showed Wednesday. Core inflation, which strips out volatile food and energy prices, remained stuck at 5.1%, while services inflation increased from 6.3% to 6.4%. The UK data mirrors the trend in the United States and Europe of slight upticks in headline inflation. Energy prices could also rise if the conflict in the Middle East escalates further. Still, several leading UK economists shrugged off the latest increase in inflation, noting that inflation could return to the Bank of England’s 2% target by the spring, helped by recent falls in energy prices.

Persons: Grant Fitzner, shrugged, ”, Roger Barker, Yael Selfin Organizations: London CNN —, National Statistics, Reuters, US Federal Reserve, European Central Bank, Bank of England’s, Institute of, KPMG, Bank of England Locations: United States, Europe, Red

☆ Davos: In AI race, months count in staying ahead of China, says US senator
▼ + stars: | 2024-01-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The United States measures its lead over competitors in artificial intelligence in “months,” according to a lawmaker, highlighting the intense rivalry between nations to dominate a technology poised to transform the global economy. Speaking at the annual meeting of the World Economic Forum in Davos in Switzerland Tuesday, Republican Senator Mike Rounds said the Biden administration’s decision to tighten controls on exports of advanced AI chips to China had bought the United States “a few more months” to maintain its competitive edge. Washington expanded restrictions on chip sales to China in October, further tightening a sweeping set of export controls introduced a year earlier. The move irked Beijing, which has vowed to “win the battle” in core technologies to bolster China’s position as a tech superpower. In a report Sunday, the International Monetary Fund predicted that AI will affect almost 40% of jobs around the world, “replacing some and complementing others.”

Persons: Mike Rounds, Biden, ”, Arvind Krishna, You’ve Organizations: London CNN, Economic, United, Senate, International Monetary Fund Locations: United States, Davos, Switzerland, China, Washington, Beijing

☆ Germany, Europe’s biggest economy, shrank last year
▼ + stars: | 2024-01-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

Gross domestic product was 0.3% lower in 2023 than in the previous year, according to Germany’s Federal Statistical Office (Destatis). “Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises,” Destatis president Ruth Brand said in a statement. GDP in the fourth quarter also fell by 0.3% on the previous quarter, according to a prelininary estimate from the statistics office. Although inflation has eased, prices remain high throughout the economy and have put a damper on economic growth, Brand added. Output in the euro area shrank slightly in the third quarter of 2023.

Persons: ”, Ruth Brand, Brand Organizations: London CNN, Gross, Federal, Office Locations: Germany

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

☆ World Economic Forum risks report sees a ‘global catastrophe’ within 10 years
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The gloomy outlook comes from an annual survey by the World Economic Forum (WEF) of people paid to identify and manage global risks. According to the report published Wednesday, nearly two-thirds of respondents expect an “elevated chance of global catastrophes” in the next decade. Sam Yeh/AFP/Getty ImagesExtreme weather events were ranked the number two short-term risk, demonstrating heightened awareness about the environment and climate change in a year plagued by rising temperatures and rampant floods and wildfires. Cyber insecurity also made it into the top five short-term risks, for the first time in a decade. Lack of economic opportunity, persistently high inflation and an economic downturn were ranked sixth, seventh and ninth on the list of short-term risks respectively.

Persons: “, Carolina Klint, Marsh McLennan, ”, Hou Yu, Sam Yeh, “ It’s, Saadia Zahidi, ” Zahidi, ” John Scott Organizations: London CNN, Humanity, World Economic, American Psychological, Marsh, CNN, ih, Getty, Zurich Insurance Group Locations: Davos, Switzerland, Israel, Carolina, Europe, Taoyuan, AFP

☆ Spotify layoffs: Company to cut 17% of jobs
▼ + stars: | 2023-12-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Spotify is not an exception to these realities,” Ek wrote in a letter to staff posted to the company’s website. And in June, Spotify cut 200 employees from its podcasting unit. Despite adding 6 million subscribers in the June-to-September period — 2 million more than the company had forecast — Spotify eked out a profit of just €32 million ($34.8 million) in that time. That was up from a loss of €228 million ($248 million) in the same period last year. The company has 226 million subscribers in total.

Persons: Daniel Ek, ” Ek, headcount, Daniel Ek Drew Angerer, Ek, “, ” Organizations: London CNN, Spotify, Microsoft

☆ UK’s Metro Bank and Lloyds join Barclays in announcing job cuts weeks before Christmas
▼ + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Staff at UK banks face layoffs in the lead-up to Christmas in what one labor union called “disgraceful” timing. Struggling Metro Bank said Thursday that it expected to slash headcount by 20% as part of efforts to save £50 million ($63 million) a year. But Chris Beauchamp, chief market analyst at stockbroker IG, said becoming more like the big banks Metro Bank sought to displace would “sorely diminish” the lender’s appeal. “Far from being a serious challenger to the UK’s established banks, Metro continues to flounder,” he wrote in a note. Metro Bank also said new stock issued as part of an emergency equity raise last month to shore up its finances would begin trading Thursday.

Persons: “, Daniel Frumkin, Chris Beauchamp, ”, Charles Schwab, Dominic Hook, upskilling, Andrew Coombs, Jaime Gilinski Bacal Organizations: London CNN — Staff, Metro Bank, Lloyds, Barclays, Metro, Citigroup, Vice Media, Continental, Unite, ” Citi, Bank of England Locations: United Kingdom

☆ New billionaire heirs overtake self-made ones as $5.2 trillion wealth transfer begins
▼ + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

“The great wealth transfer is gaining significant momentum as many billionaire entrepreneurs age,” Benjamin Cavalli, who oversees strategic clients in the global wealth management unit at UBS, told reporters. Their combined wealth rose 9% to $12 trillion, before taking inflation into account. Arnault is the world’s third-richest man, with a net worth of $167 billion, according to the Bloomberg Billionaires Index. Risks and opportunity for UBSThe “staggering” transfer of wealth to younger generations presents a huge opportunity for UBS, but also poses considerable risks, according to Cavalli. Heirs lean more toward impact investing — that is, socially or environmentally beneficial investing — over “classic grant-giving philanthropy,” Cavalli said.

Persons: “, ” Benjamin Cavalli, LVMH's Bernard Arnault, Helene, Frederic, Delphine, Antoine, Alexandre, Bernard Arnault, Arnault, Tesla’s Elon Musk, Jeff Bezos —, —, India’s Gautam Adani, Mukesh Ambani, Cavalli, ”, Morgan Stanley —, Stefan Wermuth, ” Cavalli, Charlie Munger, Henry E Organizations: London CNN, UBS, Bloomberg, Adani Group, Reliance Industries, Suisse, Getty, ”, Berkshire Hathaway, Huntington Library, Art Locations: Paris, Europe, France

☆ Tesla scores court win in Sweden in month-long battle with unions
▼ + stars: | 2023-11-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Elon Musk has notched a victory against Swedish workers as a court ruled that Tesla can collect license plates for its cars from the country’s transport authority after postal workers refused to deliver them. Postal workers stopped delivering them to the company last week in sympathy with Tesla’s mechanics who began an ongoing strike in late October. Musk called the postal workers’ actions “insane” in a post on X last week. “Swedish wages and working conditions should apply to all workers in Sweden,” the body said in a statement on its website earlier this month. A company that comes to Sweden must adapt to what applies here.”Musk, the world’s richest man, has been vocal about his opposition to unions.

Persons: London CNN — Elon, Tesla, Musk, ” Tesla, dockworkers, ” Musk, — Olesya Dmitracova Organizations: London CNN, CNN, Sweden’s Transport Agency, Reuters, Transport Agency, Tesla, IF Metall, Swedish Trade Union Confederation, National Labor Relations Board, IG Metall Locations: Norrköping, Sweden’s, Sweden, Swedish, “, Tesla, Berlin, Germany

☆ The cost of climate policies: Hard-pressed consumers are pushing back
▼ + stars: | 2023-11-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

In a 2022 Pew survey covering 19 countries in North America, Europe and the Asia-Pacific region, climate change was named the top global threat. Aira UK“There is no trade-off between (installing a heat pump), saving the planet and at the same time saving the pockets of consumers,” CEO Martin Lewerth told CNN. “If you’re living outside Scandinavia and you want a heat pump, it’s not a hassle-free experience,” Lewerth acknowledged. “There is no scenario in which delay is the cheaper option with climate change,” said Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment at the LSE. “If we’d invested more in renewable energy… energy bills wouldn’t have gone up so much, which disproportionately impacted on poor households,” Valero at the LSE told CNN.

Persons: ”, ” Brett Meyer, Tone, Tony Blair, ” Langengen, Meyer, Anna Valero, Keith Mayhew, Oliver Blume, doesn’t, Rishi Sunak, Kelley, Martin Lewerth, Sunak, ” Lewerth, “, Bob Ward, we’d, ” Valero, Tim Jackson Organizations: London CNN, Times Radio, Tony, Tony Blair Institute for Global, Pew, London School of Economics, Political Science, CNN, HSBC, carmakers, Volkswagen, Grantham Research, LSE, ”, Swiss, Confederation of British Industry, Centre, Prosperity, University of Surrey Locations: London, Europe, North America, Asia, Pacific, Greece, United Kingdom, United States, Germany, “, Norway, Sweden, Aira, Essex, Swedish, Britain, Scandinavia, Grantham, Ukraine

☆ Can Argentina really move from the peso to the dollar?
▼ + stars: | 2023-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

2 economy and ditch its peso currency in favor of the US dollar. Milei must tackle inflation above 140%, a shortfall in foreign currency reserves and the prospect of another painful recession. Argentina’s financial markets are closed Monday for a local holiday, but the peso weakened slightly in partial trade to stand at around 353.58 to the US dollar. Bruno Gennari, Argentina expert at fixed income broker dealer KNG Securities, said the peso was trading at $1,009 versus the dollar on crypto exchanges Monday, considerably weaker than the $869 and $975 rates seen on Friday. Dollarization means Argentina would give up the peso and use the US dollar as its currency, effectively wresting control of monetary policy from the country’s central bank and handing it to the US Federal Reserve.

Persons: London CNN — Javier Milei, Sergio Massa, Milei, ” —, —, ” Milei, ”, “, Bruno Gennari, Javier Milei, Natacha, dollarization, ” William Jackson, “ It’s, Thierry Larose, ” Larose, Kristalina Georgieva, Jackson, — Valentina Gonzalez, Stefano Pozzebon, Olesya Dmitracova Organizations: London CNN, Libertad Avanza, Peronist, “, ” Financial, Argentine, State, Banco, Grupo Financiero Galicia, KNG Securities, US Federal Reserve, AP, Capital Economics, Vontobel, Management, CNN, Monetary Fund, Bank, IMF, Reuters Locations: Argentina, New York, Brazil, Mexico, Dollarization, Argentina’s, Zurich, dollarization, Washington, DC, Argentine

☆ Alibaba stock drops as chip war nixes its plan to spin out cloud business
▼ + stars: | 2023-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Alibaba has dropped plans to spin off its cloud computing arm, sending its stock tumbling, because of US controls on chip exports to China which the company said had created “uncertainties” for the division’s prospects. “We will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,” the company said. During talks with Biden Wednesday, Xi described the restrictions as “technological containment,” according to a senior US official. Biden said in response that the United States is not going to provide technology to China that could be used against it by the Chinese military. Alibaba’s revenues for the June-to-September quarter climbed 9% on the previous year to 224.8 billion renminbi ($31 billion).

Persons: London CNN — Alibaba, Xi Jinping, Joe Biden, BABA, ”, Xi, Biden, Tim Cook, Tesla, Elon, ” Xi, Jack Ma Organizations: London CNN, Cloud Intelligence Group, Biden Wednesday, US, San, Apple Locations: China, London, Hong Kong, United States, Beijing, San Francisco

☆ US-China chip war nixes Alibaba’s plan to spin out cloud business
▼ + stars: | 2023-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Alibaba has called off plans to spin off its cloud computing arm, saying recent tightening of US controls on chip exports to China has created “uncertainties” for the division’s prospects. “We will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,” the company said. And days after the announcement of the latest US chip restrictions, Beijing unveiled plans to restrict exports of graphite, a mineral required to make batteries for electric vehicles. Alibaba’s revenues for the June-to-September quarter climbed 9% on the previous year to 224.8 billion renminbi ($31 billion). Net profit was 26.7 billion renminbi ($3.7 billion), compared with a net loss previously, due to an increase in the value of the group’s equity investments.

Persons: London CNN — Alibaba, Xi Jinping, Joe Biden, BABA, ”, Xi, ” Biden, Biden, Tim Cook, Tesla, Elon, ” Xi, Jack Ma Organizations: London CNN, Cloud Intelligence Group, Alibaba’s, Biden Wednesday, San, Apple Locations: China, United States, Beijing, San Francisco, Hong Kong

☆ Mars is buying Britain’s Hotel Chocolat in £534 million deal
▼ + stars: | 2023-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Mars is buying Hotel Chocolat in a deal that values Britain’s largest independent chocolate maker at £534 million ($661 million) and could boost its growth prospects outside of the United Kingdom. Hotel Chocolat was founded in 1993 by entrepreneurs Angus Thirlwell and Peter Harris who “were on a mission to make chocolate exciting again,” according to its website. In the most recent financial year, Hotel Chocolat posted what it described as “disappointing” financial results. The company’s revenue declined 10% to £205 million ($254 million) and it reported a loss of £6.2 million ($7.7 million). “Hotel Chocolat, whilst expensive, is proper chocolate.

Persons: London CNN —, Jonathan De Mello, Angus Thirlwell, Peter Harris, “, Chocolat, Thirlwell, ”, Kraft, ” Susannah Streeter, Hargreaves Lansdown, Mars Organizations: London CNN, United Kingdom ., Chocolat’s, JDM Retail, Twitter, Kraft Foods, Mondelez, Mars, Hargreaves Locations: United Kingdom, Chocolat, London, Japan, Caribbean, American, Birmingham

☆ The Fed is probably done hiking rates. Cuts are still far off
▼ + stars: | 2023-11-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —The Federal Reserve likely won’t raise interest rates again during its current tightening cycle, thanks to a cooldown in inflation. Interest rates are at a 22-year high after the Fed last March began its punishing pace of hikes in a bid to tame wayward inflation. Traders are now virtually certain that the Fed will hold rates steady at its December policy meeting and won’t hike again this cycle, according to the CME FedWatch Tool. Of course, one month’s data doth not a trend make. Traders are anticipating rate cuts won’t start before next March, and see May as more likely, according to the CME FedWatch Tool.

Persons: ”, Jeffrey Roach, Price, Sharp, Jerome Powell, Yung, Yu Ma, Joseph Brusuelas, Sephora, Parija Kavilanz, Read, Rishi Sunak, Hanna Ziady, “, ” Sunak, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Fed, Dow Jones, Nasdaq, “, LPL, Bureau of Labor Statistics, CPI, Research, BMO Wealth Management, Traders, Investors, RSM US, CNN, National Statistics Locations: New York

☆ UK inflation has halved this year but economic growth remains elusive
▼ + stars: | 2023-11-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UK inflation plunged to its lowest level in two years in October, allowing Prime Minister Rishi Sunak to declare victory on his pledge to halve the rate of price increases this year. Services inflation fell but remained high, at 6.6%. “The UK economy is still very much facing stagflation and, in our view, the road ahead will likely continue to be bumpy,” said Julien Lafargue, chief market strategist at Barclays Private Bank. Stagflation refers to a toxic mix of high inflation and low, or no, economic growth. There is also evidence that higher interest rates are placing an increasing strain on the economy.

Persons: Rishi Sunak, “, ” Sunak, Gary Smith, GMB, ”, Andrew Bailey, Alex Veitch, Sunak’s, —, Julien Lafargue, ” Ewan Mackay, Jeremy Hunt, Veitch Organizations: London CNN —, National Statistics, Bank of England, Chambers of Commerce, “, Barclays Private Bank, NatWest, Accenture, P, British Chambers of Commerce Locations: United Kingdom, Ireland, British

☆ Biggest test of Credit Suisse rescue yet to come, says UBS
▼ + stars: | 2023-11-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —2024 will be the “pivotal” year in the takeover of Credit Suisse by UBS, with the migration of IT systems presenting huge risks as the two megabanks merge operations across more than 50 countries, UBS CEO Sergio Ermotti said Wednesday. Next year is “probably the most important year in terms of execution” of the deal, he told clients at a UBS (UBS) conference in London. “In a sense, that will allow us to create clarity.”Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the government-orchestrated deal being announced in March. Ermotti said Wednesday that Credit Suisse’s keen focus on clients was both a strength and a weakness of the bank’s culture. “The biggest opportunity (is) allowing the people, the clients, and the product and service capability that Credit Suisse brings to be able to flourish within UBS and make UBS stronger,” Ermotti said.

Persons: Sergio Ermotti, Ermotti, —, Morgan Stanley, ”, ” Ermotti Organizations: London CNN, Credit Suisse, UBS, Suisse Locations: London, United States

☆ Britain’s Royal Mail can’t deliver letters and parcels on time
▼ + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —An entire museum in London is dedicated to celebrating the 500-year-long history of British postal services. Royal Mail, the official postal service of the United Kingdom, cannot deliver letters and parcels on time, according to the country’s communications regulator. Royal Mail has struggled with falling demand for parcel deliveries as hard-pressed consumers cut spending and as a surge in online shopping during the Covid-19 pandemic has faded. “Last year was uniquely challenging for Royal Mail,” the postal and delivery services group said in a statement Monday. It’s the second time in three-and-a-half years that Ofcom has fined Royal Mail for late deliveries.

Persons: “, ”, Ian Strawhorne, King Henry VIII, “ rightsize, hasn’t, Strawhorne Organizations: London CNN, Mail, Ofcom, London, Royal Mail, Royal, International Distributions Services, Stansted Airport, Services Locations: London, United Kingdom, British

☆ Sergio Ermotti, UBS CEO, is leading the biggest banking deal in history. Failure is not an option
▼ + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

The caller was UBS (UBS) chairman Colm Kelleher. “I was definitely not expecting the phone call,” Ermotti told CNN on the sidelines of a conference in Geneva last month. UBS paid 60% less than the beaten-down value of Credit Suisse shares just before its last-ditch rescue over a weekend. Even if Credit Suisse had none of that painful baggage, the sheer size of the two banks makes the merger an enormous undertaking. “The fact that UBS was asked to be part of the solution (to Credit Suisse), that was the ultimate success,” Ermotti told CNN.

Persons: Sergio Ermotti, Colm Kelleher, Ermotti, ” Ermotti, Anke Reingen, Roger Federer, “, ”, Morgan Stanley, ” Kelleher, Michael Buholzer, it’s, Katrin Koch, Tom Naratil, —, Merrill Lynch, Stefan Wermuth, Oswald Gruebel, ” Christopher Wheeler, Fabrice Coffrini, … Organizations: Switzerland CNN, UBS, Credit Suisse, CNN, Bank of America, JPMorgan, HSBC, RBC Capital Markets, RBC, Ermotti’s, Banca, Citi, UBS —, Bloomberg, New York Times, Getty Locations: Geneva, Switzerland, Swiss, Zurich, Lugano, Singapore, Europe, Middle East, Africa, New York, AFP

☆ UBS posts large loss on costs of Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UBS made a hefty loss in the first full quarter since it closed a deal to rescue its stricken rival Credit Suisse, even as the bank attracted billions of dollars in new deposits from customers. UBS (UBS) saw $22 billion of net new money flow into its global wealth management business, as it gained new clients and won back assets from those who had pulled funds immediately after the takeover. That figure includes flows into Credit Suisse’s wealth management unit, which turned positive for the first time in 18 months. Across the group as a whole, UBS attracted net new deposits of $33 billion, with two-thirds of that coming from legacy Credit Suisse clients. CEO Sergio Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the Swiss government-orchestrated deal being announced.

Persons: Sergio Ermotti, ” Ermotti, ” “, Benjamin Goy, Sharath Kumar, ” Organizations: London CNN, UBS, Credit Suisse, Swiss, ” “ UBS, Deutsche Bank Locations: Zurich, Swiss

☆ Ryanair’s soaring profit means regular payouts to shareholders for first time in 40 years
▼ + stars: | 2023-11-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Ryanair has returned money to investors in the past, but never on a regular basis. Between 2008 and 2020, the group paid out €6.74 billion ($7.2 billion) to shareholders via buybacks and ad hoc dividend payments, according to a spokesperson. Less competition has allowed the airline to increase ticket prices, which soared 24% on average, offsetting significantly higher fuel costs. That would be up from its previous record of €1.45 billion ($1.6 billion) earned in 2018, before the Covid-19 pandemic. Ryanair agreed to buy up to 300 Boeing 737-10 planes earlier this year in a deal worth $40 billion.

Persons: ”, Adina Vălean, we’ve, Michael O’Leary, “ I’m Organizations: London CNN, Ryanair, Lauda, Interactive Investor, Financial Times, International Air Transport Association, Boeing Locations: Austrian, Dublin, Europe, Albania

☆ Analysis: November is typically the best month for stocks. So far, it’s looking promising
▼ + stars: | 2023-11-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The S&P 500 on Thursday climbed 1.9% to log its best one-day gain since April. The S&P 500 has gained an average 6.7% from November to April since 1990, according to CFRA data. “We remain comfortable with our long-standing 3,900 year-end target for the S&P 500,” he wrote in a note on October 29. The S&P 500 closed Thursday at about 4,318. “The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the company said in a short statement.

Persons: Jerome Powell’s, ”, George Smith, Mike Wilson, Morgan Stanley, Liam Reilly, Oliver Darcy, “, Read, Hanna Ziady, Andrew Bailey Organizations: CNN Business, Bell, New York CNN, Investors, Dow Jones, Dow, Federal, Treasury, LPL, Disney, Hulu Disney, Comcast, Bank of England, of England, ” Bank of England Locations: New York, Hulu, Israel

☆ Bank of England downgrades UK economic forecasts, holds interest rates
▼ + stars: | 2023-11-02 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The Bank of England downgraded its forecasts for UK economic growth Thursday and kept interest rates unchanged, even as it warned that the Israel-Hamas war could push up energy prices and inflation won’t return to target for another two years. “There are increasing signs that higher interest rates are weighing on economic activity and we see that in weaker activity data and in a range of business surveys,” Governor Andrew Bailey told reporters. Inflation is still too high,” Bailey said, also pointing to the risk that the Israel-Hamas war could lift energy prices. “We will keep interest rates high enough for long enough to make sure we get inflation all the way back to the 2% target,” he added. Inflation still a concernThe Bank of England expects inflation to continue easing, but warned of risks to that outlook.

Persons: Andrew Bailey, ” Bailey, “, Rishi Sunak, Bailey, ”, Martin Beck Organizations: London CNN —, Bank of England, The, Federal Reserve, European Central Bank, of England, Office, National Statistics, The Bank of England, UK Locations: Israel, United Kingdom

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