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☆ Hungary’s Orban, a long-time Trump ally, rocked by major scandals ahead of European elections
▼ + stars: | 2024-04-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Hungary's Prime Minister Viktor Orban arrives to attend a European Council summit at the EU headquarters in Brussels on March 21, 2024. Sameer Al-doumy | Afp | Getty ImagesHungarian Prime Minister Viktor Orban has run into political trouble ahead of European parliamentary elections in June, with his ruling party shaken by two political scandals within six weeks. Orban is a long-time ally of former U.S. President Donald Trump and widely seen as Russian President Vladimir Putin's closest supporter in the European Union. The right-wing leader has led the central European country since 2010, making him the EU's longest-serving head of state. Yet two major scandals have recently rocked his dominance of Budapest's political landscape at a sensitive time when Hungary is poised to hold both local and European elections in early June.

Persons: Viktor Orban, Sameer Al, Orban, Donald Trump, Vladimir Putin's, Peter Magyar, Janos Kummer, Zsuzsanna Vegh, Vegh, Magyar, Judit Varga —, Katalin Novak, Novak, Varga, William Shakespeare Organizations: Hungary's, EU, Afp, Getty, Hungarian, European Union, Eurasia Group, Fidesz, German Marshall Fund of, CNBC, Facebook, YouTube, Reuters, Lawyer Locations: Brussels, doumy, Hungary, Budapest, United States, Hungarian

☆ 10-year Treasury yield edges higher as investors await economic data
▼ + stars: | 2024-04-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Yields and prices move in opposite directions, and one basis point equals 0.01%. The 2-year Treasury note yield was up around 1 basis point at 4.709%. The 10-year Treasury note briefly broke above 4.4% in intraday trade on Tuesday to notch its highest level since late November. The 10-year Treasury note yield moved higher on Wednesday, building on gains from the previous session as investors await the release of further U.S. economic data. The market moves come as investors track economic data and closely monitor clues from Fed policymakers about the expected number of interest rate cuts in 2024.

Persons: Loretta Mester, Mary Daly, —, Jeff Cox Organizations: Treasury, Traders, Cleveland Federal, San Francisco Fed, PMI, Institute for Supply Management Locations: U.S

☆ From Miami to Melbourne, a quiet revolution is underway to fend off a silent and invisible killer
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +7 min

Javier Torres | Afp | Getty ImagesA quiet revolution is underway to address a widely underestimated climate challenge: extreme heat. Myrivili said she believes that extreme heat is often overlooked because it lacks the visible drama of roofs being ripped from homes or streets being turned into rivers. Most people wouldn't know that in Australia, extreme heat kills more people than bushfires and floods and storms. Tiffany Crawford Co-chief heat officer of Melbourne, AustraliaThe CDC defines extreme heat as summertime temperatures that are significantly hotter and/or more humid than average. Melbourne, AustraliaTiffany Crawford, co-CHO of Melbourne, told CNBC that extreme heat kills more people in Australia than bushfires, floods and storms.

Persons: Javier Torres, Eleni Myrivili, CHO, Myrivili, Tiffany Crawford Co, Jane Gilbert, We've, Gilbert, Giorgio Viera, Afreen, Dhaka North's CHO, Bushra, Australia Tiffany Crawford, Crawford, Krista Milne, Diego Fedele Organizations: Afp, Getty, CNBC, Centers for Disease Control, CDC, Dade, Dhaka North, Dhaka North's, Nurphoto, Environmental, Station Locations: Quilpue comune, Valparaiso region, Chile, Athens, U.S, Australia, Melbourne, Miami, Miami , Florida, Dhaka, Bangladesh, Australian

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ 10-year Treasury yield rises slightly as bets on June rate cuts cool down
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The 2-year Treasury note yield was flat at 4.712%. The 10-year Treasury note yield rose slightly Tuesday, adding to its gains from the previous session, as traders reassessed the possibility of the Federal Reserve cutting rates in June. The ISM manufacturing index rose to 50.3, up from 47.8 in February and significantly better than the 48.1 Dow Jones consensus estimate. Markets interpreted the unexpected return of U.S. manufacturing growth "as reducing the chances of meaningful Fed rate cuts," Dutch bank ING said in a research note. The Fed also said at the time that it still expects three quarter-percentage point cuts by the end of the year.

Persons: Gregory Faranello, Jeff Cox, Fred Imbert Organizations: Federal Reserve, Dow Jones, ING, AmeriVet Securities Locations: U.S

☆ Sam Bankman-Fried could go to a low-security prison and get out early if he plays his cards right, prison consultants say
▼ + stars: | 2024-03-29 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

A court sentenced Sam Bankman-Fried, the fallen king of crypto, to 25 years in prison on Thursday. Advertisement"In my opinion, he's going to a low-security facility, not to a medium. It would be a PR disaster if he went to a medium and got hurt," prison consultant Sam Mangel told BI. I don't think he's going to have a problem with physical harm or rape or anything like that. "He's going to want to do things to pass the time."

Persons: Sam Bankman, he'll, SBF's, Lewis Kaplan, he's, Sam Mangel, Mangel, Fried, Maureen Baird, Baird Perdue, Baird, Judge Kaplan, Jane Street, Kaplan Organizations: Service, Business, Federal Bureau of Prisons, San Francisco Bay Area, Prisons, Baird Perdue & Associates, Jane, Capital Locations: Manhattan, San Francisco Bay, New York, California

☆ Don't sweat the prospect of no Fed rate cuts, economist says — markets will still march higher
▼ + stars: | 2024-03-28 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Federal Reserve Bank Chair Jerome Powell speaks during a news conference at the bank's William McChesney Martin building on March 20, 2024 in Washington, DC. His comments come as investors await the release of further U.S. economic data and closely monitor clues from Fed officials about the expected number of interest rate cuts in 2024. Asked on Thursday about the likelihood of one or no Fed interest rate cuts this year, Blitz said that it's "getting pretty good. Blitz said markets will likely continue to march higher, even if the Fed decides not to impose any interest rate cuts this year — a prospect that U.S. asset manager Vanguard named as their base-case scenario. Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, March 22, 2024.

Persons: Jerome Powell, William McChesney Martin, Chip Somodevilla, Steven Blitz, Blitz, They're, CNBC's, it's, Christopher Waller, Waller, Raphael Bostic, Jerome, Powell Organizations: Bank, Getty, Federal Reserve, TS Lombard, Traders, Fed, Vanguard, Economic, of New, Atlanta Federal Reserve, US Federal Reserve, Bloomberg Locations: Washington ,, U.S, of New York, Atlanta, Washington , DC

The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed on Tuesday. After the 1980 collision, he argued, more substantial dolphins or a fendering system should have been added to the Key Bridge. “You knock out one of the support posts, the entire bridge collapses.”The Key Bridge is hardly unique among large bridges in its age. Some other bridges that cross major shipping routes are designed with more extensive protections than the Key Bridge’s. In the wake of the Key Bridge collapse and with the rise of larger container ships, some experts said that engineers should reassess necessary bridge safety features.

Persons: Baltimore’s Francis Scott Key, It’s, Dali, Francis Scott Key, Jim Watson, ”, Rick Geddes, Wes Moore, That’s, Jean, Paul Rodrigue, Martin Bernetti, “, Mark Wilson, Hussam Mahmoud, Rod Sullivan, Arthur Ravenel Jr, Savannah’s Talmadge, Los Angeles ’ Vincent Thomas Bridge, ” Geddes, Barzin Mobasher, Mobasher, ” CNN’s Daniel Medina, Majlie, Puy, Yahya Abou, Ghazala Organizations: CNN, Getty, Cornell University’s Program, National Research, Evening Sun, Coast Guard, Sun, Maryland Gov, Texas, M University, Galveston, National Research Council, Maryland Transportation Authority, Francis Scott Key Bridge, Colorado State University, Sunshine Skyway, Tampa Tribune, New, Bridge, Arizona State University Locations: Bridges, Baltimore, AFP, Nagoya, Dali, Panama, United States, Panama City, Baltimore , Maryland, Tampa, Florida, Charleston , South Carolina, Los Angeles

☆ Here's what we know about the Singapore-flagged container ship that hit the Baltimore bridge
▼ + stars: | 2024-03-27 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

The Key Bridge was hit by a ship and collapsed on March 26, 2024. The incident, which has wreaked havoc at one of the country's busiest ports and sparked fears about supply chain disruption, has raised questions about the Singapore-flagged container ship involved. In an aerial view, cargo ship Dali is seen after running into and collapsing the Francis Scott Key Bridge on March 26, 2024 in Baltimore, Maryland. Tasos Katopodis | Getty ImagesHowever, Singapore's port authority on Wednesday said that the container ship had passed overseas inspections and carried certificates to cover its structural integrity and functionality at the time of the Baltimore bridge incident. In the June inspection, the container ship was found to have had a faulty monitor gauge for fuel pressure, but this was fixed before the vessel departed the port.

Persons: Francis, Dali, Wes Moore, Moore, Francis Scott Key, Tasos Katopodis Organizations: Washington Post, The Washington Post, Getty, Bridge, Maryland, NBC, Francis Scott Key Bridge, Port Authority Locations: Baltimore, Patapsco, Singapore, Sri Lanka, Belgium's Port of Antwerp, Europe, San Antonio, Chile, Baltimore , Maryland

☆ WikiLeaks founder Julian Assange will not be immediately extradited to the U.S., British court rules
▼ + stars: | 2024-03-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

WikiLeaks founder Julian Assange on Tuesday was granted permission by a U.K. court to appeal his extradition to the U.S., where he is wanted on spying charges. Assange will therefore not be extradited immediately, the court said. A further hearing on May 20 will determine whether the assurances provided are satisfactory, the court said. Assange is wanted in the U.S. on 18 charges, including 17 under the Espionage Act and one under the Computer Fraud and Abuse Act. He faces up to 175 years in prison after WikiLeaks published hundreds of thousands of leaked confidential military files and diplomatic documents related to the Afghanistan and Iraq wars.

Persons: Julian Assange, Assange Organizations: Royal, of Justice, Constitution, Computer, WikiLeaks Locations: U.S, London, Ecuadorian, Belmarsh, Afghanistan, Iraq

☆ A global gold rush for buried hydrogen is underway — as hype builds over its clean energy potential
▼ + stars: | 2024-03-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Geologic hydrogen, sometimes referred to as white, gold or natural hydrogen, refers to hydrogen gas that is found in its natural form beneath Earth's surface. Last year, researchers found what may be the world's largest geologic hydrogen deposit to date in France's eastern Lorraine region. The unexpected discovery further boosted interest in its clean energy potential. Some have expressed skepticism about the clean energy potential of natural hydrogen. Grey hydrogen — produced using natural gas and the most common form of hydrogen production — leads to large greenhouse gas emissions.

Persons: Alex Halada, Le, Canada's Hydroma, Ousmane Makaveli, Geoffrey Ellis, Ellis, we've, Minh, Energy's Le, Ana Maria Jaller, Makarewicz, Sebastien Salom Organizations: Geological Agency of, Ministry of Energy, Mineral Resources, Nurphoto, Afp, Getty, Research, Rystad Energy, CNBC, Energy Resources Program, . Geological Survey, U.S . Department of Energy, Institute for Energy Economics, videoconference, Carbon Trust Locations: Pute Jaya, Morowali Regency, Central Sulawesi Province, Indonesia, U.S, Canada, Australia, France, Spain, Colombia, South Korea, Gampern, Upper Austria, Mali's, Bamako, Malian, Bourakébougou, France's, Lorraine, Niger, Mali, gomis

☆ World's first-ever global emissions tax takes a step closer to reality
▼ + stars: | 2024-03-22 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Countries at the meeting of the United Nations' International Maritime Organization in London signed a deal for shipping emissions to reach net zero "by or around" 2050. Ucg | Universal Images Group | Getty ImagesTwo weeks of talks at the United Nations shipping agency concluded in London on Friday, with a clear majority of countries emerging in favor of introducing the world's first-ever global emissions levy. The UN is on the edge of adopting the world's first-ever global emissions price, but the policy will only be as successful as countries make it to be. "The UN is on the edge of adopting the world's first-ever global emissions price, but the policy will only be as successful as countries make it to be," said Sandra Chiri, shipping emissions international outreach manager at the Ocean Conservancy, a U.S.-based advocacy group. Other proposals include a push to combine a price on shipping emissions with an international emissions standard for maritime fuel.

Persons: Sandra Chiri, Chiri, Gregor Fischer Organizations: United Nations, International Maritime Organization, Ucg, Getty, UN, Ocean, Ocean Conservancy, EU, Marshall Locations: London, Caribbean, U.S, Pacific, Africa, Canada, decarbonize, Fiji, Marshall Islands, Vanuatu, Barbados, Jamaica, Grenada, Belize

☆ Big Oil’s green-bashing stokes backlash as campaigners hit out at 'talking points from the 1970s'
▼ + stars: | 2024-03-20 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Aramco and Saudi ministry officials have previously advocated for ongoing investment in hydrocarbons to avoid energy shortages until renewables can fully meet global energy demands. Nasser's comments drew applause from the audience at CERAWeek — an annual energy conference by S&P Global that's known as the "industry's Super Bowl." Other oil and gas executives at the event echoed Nasser's views, but spoke less directly about the state of the energy transition. Separately, Exxon Mobil CEO Darren Woods on Monday said that demand for petroleum products is "still very, very healthy." And the impact that price has on demand," Woods told CNBC's "Squawk on the Street."

Persons: Amin Nasser, Nasser's, Wael Sawan, Darren Woods, hasn't, Woods, CNBC's Organizations: Aramco, Saudi, Shell, Reuters, Exxon Mobil Locations: Houston , Texas, Saudi Aramco, Europe

☆ Legal consequences are harsh and painful when they finally arrive in Trump’s orbit
▼ + stars: | 2024-03-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Multiple insurance firms have balked at Trump’s attempt to finance the bond based on the value of his real estate assets. As always with Trump, there is a legal front and a political one. His claims are inaccurate but appear to be politically effective among his supporters who revile political and legal elites in Washington. Therefore, there are good reasons why James – a Democrat – may seek other legal remedies to secure the judgment. Although his case is historic, Navarro is far from the only ex-Trump associate to serve time in jail.

Persons: Donald Trump, Peter Navarro, ’, readying, Trump, —, Trump’s, Andrew McCabe, CNN’s Wolf Blitzer, Judge Arthur Engoron, Letitia James, “, ” James, He’s, Jean Carroll, Joe Biden, Cohen, James, he’s, James –, Democrat –, Hunt, ” Trump, Navarro, Navarro Monday, John Roberts, Roberts, Barrett Prettyman, Anna Moneymaker, ”, Sam Mangel, ” Navarro, Paul Manafort, CNN’s Kristen Holmes, Manafort, Robert Mueller’s Organizations: CNN, Trump, Trump Organization, FBI, New York, ABC, Oval, GOP, Black, Democratic, White, Democrat, Republican, Getty, of Prisons, White House, Republican National Convention, Washington Post Locations: New York, Trump, Manhattan, Washington, United States, Washington , DC, Miami, Milwaukee, Robert Mueller’s Russia

☆ Ex-Trump aide Peter Navarro heads to prison after historic contempt prosecution
▼ + stars: | 2024-03-19 | by ( Tierney Sneed | Katelyn | ) edition.cnn.com time to read: +6 min

Navarro’s stint in prison comes as Trump himself has yet to face criminal consequences for the various crimes he’s been accused of committing. Navarro made a last-ditch bid for a Supreme Court intervention that would put off his self-surrender to prison. Yet the number of times the DOJ agreed to prosecute a witness for contempt of Congress are extremely low. He was charged in June 2022 with two counts of contempt of Congress and was found guilty on both counts last September. He was no longer in the White House during the period the House committee was probing.

Persons: Peter Navarro, Donald Trump, Navarro, Trump, he’s, “, ” Stanley Brand, –, White, Prosecutors, Navarro’s, ”, Neil Gorsuch, Anne Gorsuch, John Roberts, Elizabeth Prelogar, George W, Steve Bannon, Carl Nichols, Bannon, Sam Mangel, Mangel, ” Mangel Organizations: CNN, White, White House, Congress, Justice Department, Department of Justice, Supreme, Environmental, Agency, Trump, –, Justice, Capitol Locations: Miami

☆ Earth on the brink of key warming threshold after year of ‘chart-busting’ extremes, researchers say
▼ + stars: | 2024-03-19 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A wind change increased flames during a planned ignition on the Ross Moore Lake wildfire in Kamloops, British Columbia, Canada, on July 28, 2023. A series of climate records last year gave new meaning to the phrase "off the charts," the U.N.'s weather agency said on Tuesday, warning that the planet is now on the brink of surpassing a key warming threshold. It confirmed 2023 as the hottest year on record and said the period from 2014 to 2023 also reflected the hottest 10-year period on record. The global average temperature in 2023 stood at 1.45 degrees Celsius above pre-industrial levels, researchers said, marginally below the key warming threshold of 1.5 degrees Celsius. The 1.5 degrees Celsius level is widely recognized as an indicator of when climate impacts become increasingly harmful to people and the planet, as outlined in the landmark Paris Agreement.

Persons: Ross Organizations: State, World Meteorological Organization, WMO Locations: Kamloops , British Columbia, Canada, Paris

☆ If Peter Navarro goes to prison, he’ll hear the lions roar
▼ + stars: | 2024-03-18 | by ( Katelyn | ) edition.cnn.com time to read: +5 min

“Not only can you hear the lions … you can hear the lions roar every morning,” said Sam Mangel, Navarro’s prison consultant. Navarro is still appealing, asking the Supreme Court to intervene before he turns himself in on Tuesday morning. Another Trump adviser, Steve Bannon, has also been sentenced to four months in prison for contempt of Congress related to the same investigation, but his prison report date is on hold as he too pursues appeals. Mangel said Navarro will have to take classes and get a job inside the prison. US Federal Bureau of PrisonsDOJ asks Supreme Court to reject Navarro’s last-ditch effortThe Justice Department asked the Supreme Court on Monday to reject Navarro’s last-ditch effort to avoid reporting to prison.

Persons: Peter Navarro –, –, Navarro, “, ”, Sam Mangel, ” Mangel, Steve Bannon, ” Stanley Brand, doesn’t, Mangel, Navarro “ acclimate, He’ll, Navarro’s, Elizabeth Prelogar, meritless ”, ” Prelogar, ” CNN’s Devan Cole Organizations: CNN, Trump White House, White House, of Prisons, Trump, White, Congress, Prisons, US Federal Bureau of Prisons, FCI Miami, US Federal Bureau of, DOJ, Justice Department Locations: Miami, Puerto Rico

☆ Stock futures are little changed as investors digest news from Nvidia's AI conference: Live updates
▼ + stars: | 2024-03-18 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures were little changed on Monday after a bounce back in tech shares ahead of Nvidia's inaugural artificial intelligence conference. Heading into Tuesday, Nvidia shares showed signs of cooling as investors shift their focus to the Federal Reserve's two-day policy meeting. Futures tied to the S&P 500 slipped 0.12%, while Dow Jones Industrial Average futures slid 8 points, or 0.02%. AI leader Nvidia pulled back roughly 1% in extended trading, as investors evaluate the news from its first-ever GTC Conference. Wall Street is awaiting guidance on the path forward for monetary policy as the Federal Reserve begins its two-day policy meeting on Tuesday.

Persons: Jensen Huang, Blackwell, iPhones, Sam Millete Organizations: Nvidia, Federal, Dow Jones Industrial, Nasdaq, Conference, Tech, Google, Apple, Bloomberg, stoke, Federal Reserve, Commonwealth Financial Network

☆ 'Scoop' stars say new Netflix film offers fresh 'perspectives' on Prince Andrew's infamous 'Newsnight' interview
▼ + stars: | 2024-03-16 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview"Scoop," Netflix's upcoming drama about Prince Andrew's infamous "Newsnight" interview, offers up new "perspectives" about the royal's links to the late convicted sex offender Jeffrey Epstein, actor Rufus Sewell said. The interview that followed with Emily Maitlis was dubbed a "car crash" by many and did little to clear his name. Peter Mountain/NetflixBut Sewell said he didn't accept the role until he had "worked on it on my own for a little while." Rufus Sewell transforms into Prince Andrew in the upcoming Netflix film, "Scoop."

Persons: —, Prince Andrew's, Jeffrey Epstein, Rufus Sewell, Duke, York, Epstein, Emily Maitlis, Sewell, Jeffrey Epstein's, Sam McAlister, hadn't, Billie Piper, McAlister, Peter, didn't, Andrew, Prince Andrew, Gillian Anderson, Virginia Giuffre, Queen Elizabeth II Organizations: Service, Business, Netflix, BBC, Hollywood Reporter, YouTube, Virginia Locations: London, Buckingham, Andrew

☆ European markets set to open lower after hotter-than-expected U.S. inflation data
▼ + stars: | 2024-03-15 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

European markets were poised to open slightly lower on Friday as investors digested U.S. inflation data that dented confidence in the outlook for Federal Reserve interest rate cuts this year. U.S. inflation data is being closely monitored on Wall Street ahead of the Federal Reserve's two-day policy meeting starting next Tuesday. The central bank is widely expected to hold its benchmark interest rate next week, although market participants will be searching for clues about when and by how much the Fed could start cutting interest rates over the coming months. Asia-Pacific markets fell on Friday, led lower by Hong Kong's Hang Seng index. U.S. stock futures edged lower in overnight trading as investors sought to look beyond the latest inflation reading.

Persons: Philip Lane, Kong's Organizations: Federal Reserve, Federal, European Central Bank, CNBC, ECB Locations: U.S, Asia, Pacific

☆ Crisis-stricken Argentina must dollarize and get rid of the central bank, veteran economist says
▼ + stars: | 2024-03-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

A man wearing a Diego Maradona t-shirt walks by the Argentine Central Bank on November 30, 2023 in Buenos Aires, Argentina. Data published Tuesday by the country's statistical office showed that Argentina's 12-month inflation rate through February rose to 276.2%, reaffirming Argentina's position as having the world's worst inflation. Hanke said that in 1999 he had drafted a law at the request of former President Carlos Menem that would have dollarized Argentina's economy. Advocates of dollarizing Argentina's economy say the switch could help the country tame skyrocketing inflation and bring an end to its boom-and-bust cycle. Ecuador and Panama are two notable examples of countries that have previously dollarized their economies, but no country of Argentina's size has previously shifted to the U.S. dollar.

Persons: Diego Maradona, Tomas Cuesta, Javier Milei, Steve Hanke, Milei, Hanke, CNBC's, Carlos Menem, he'd, Argentina Javier Milei, Donald Trump Organizations: Argentine Central Bank, Getty, Monday, Johns Hopkins University, Argentine Congress, International Monetary Fund, CNBC, U.S . Locations: Buenos Aires, Argentina, London, Ecuador, Panama

☆ Vonovia falls 6% after its biggest ever loss shines light on Germany's property crisis
▼ + stars: | 2024-03-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Shares of German property giant Vonovia fell as much as 7% on Friday, shining a light on a deepening real estate crisis in Europe's largest economy. The residential real estate company on Thursday reported an annual loss of 6.76 billion euros ($7.37 billion) for 2023, citing a decreasing valuation trend that "significantly weakened" over the course of the year. In the 2023 fiscal year, Vonovia said it had taken total value adjustments of around 10.7 billion euros across its portfolio of more than 500,000 properties. The company added that the value of its properties at the end of last year, when adjusted to reflect investments, had fallen to around 81.1 billion euros. "The collapse of valuations is the worst we have ever seen," Vonovia CEO Rolf Buch told reporters on Thursday evening, according to Reuters.

Persons: Vonovia, Rolf Buch Organizations: Reuters Locations: Huerth, Germany, Europe's, London

☆ Oil giant Shell waters down its near-term emission cuts in strategy update
▼ + stars: | 2024-03-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. Shell said it had also dropped its goal of a 45% reduction by 2035, citing "uncertainty in the pace of change in the energy transition." The net carbon intensity targets are measured against a baseline of emissions in 2016. We have updated our net carbon intensity target to reflect that change." Shell's update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies.

Persons: Shell, Wael Sawan Organizations: BP

☆ Read the 19-page pitch deck ex-Meta staffers used to raise $1 million for their comedy startup
▼ + stars: | 2024-03-13 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +3 min

Danny Frenkel, the CEO of comedy startup PunchUp Live, said the industry had a pretty standard path to success. Comics would aim to score a special on Comedy Central, Netflix, or HBO to become a big headliner at large venues. But Frenkel said the problem was comedians were '"renting" those audiences from social-media platforms. PunchUp helps comedians navigate social-media platforms like Instagram, TikTok, and YouTube. Check out PunchUp Live's 19-page pitch deck:Note: PunchUp redacted financial projections originally included in the deck.

Persons: Danny Frenkel, Frenkel, Alex Dajani, Steve Byrne, Sam Morril, Rachel Feinstein, Mark Norman, PunchUp, Morril, he's, " Frenkel, Meta Ray, Heracles Capital Organizations: Comedy Central, Netflix, HBO, Business, YouTube, Meta, Reality Labs, Heracles, Hustle Fund, Evil Twin

☆ Oil strategist says the market could be caught off guard by a crude spike this summer
▼ + stars: | 2024-03-13 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Investors could be caught off guard by the strength of an oil price rally this summer, according to Morgan Stanley 's Martijn Rats. Brent futures have largely been trading in a narrow $75 to $85 interval since the start of the year. "There is a view in the market that the non-OPEC producers can meet all of the demand growth this year and therefore there isn't much incremental room for OPEC oil and that means you rely on continued OPEC cuts," Rats said. "Now, they are doing that, but people think that that dynamic for now puts a little bit of a cap on the price. I think the summer could be tighter than people expect but this is the dynamic that currently exists."

Persons: Morgan Stanley, We've Organizations: Federal Reserve, Brent, U.S, West Texas Locations: London

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