Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Bank"


25 mentions found


Uzbekistan targets growth with expansion to its capital
  + stars: | 2024-11-18 | by ( Amy Gunia | ) edition.cnn.com   time to read: +5 min
CNN —About five million people live and work in Uzbekistan’s capital, Tashkent, making it the largest city in the country, and one of the most populous cities in Central Asia. The capital expansion, dubbed New Tashkent, could play an important role in helping the country create new jobs, draw investment and boost its economy. Growth through urbanizationIn 2017, Uzbekistan’s new president Shavkat Mirziyoyev launched an ambitious economic and social reform program. Sunset over Amir Temur Square in the center of Tashkent, Uzbekistan, September 15, 2016. Purpose-built innovation clusters are intended to catalyze the growth of target industries, while tourism areas aim to attract visitors.
Persons: ” Christine P, Chan, Shavkat Mirziyoyev, it’s, Amir Temur, ” Chan, Zaha Hadid, Hakan Agca, Agca, Organizations: CNN, Urban, Asian Development Bank, ADB, Getty, Economist Intelligence, Scientific Research, Amsterdam, London Locations: Tashkent, Central Asia, New Tashkent, Amir, Uzbekistan, , , Tashkent Twin
Sim left banking in 2017 and is now a published author, professional speaker, and career coach. This as-told-to essay is based on a conversation with Eric Sim, 54, a former banker turned professional speaker and executive coach. When I picked banking as a career, I had very little idea of what the job would actually involve. I can play the game, but I don't enjoy the gameSim left UBS in 2017 and is now a professional speaker and executive coach. Through my work as a speaker and lecturer, I have been able to share my know-how in banking and career planning with more people.
Persons: Eric Sim, Sim, I'd, Goldman Sachs, Morgan Stanley —, I've, I'm Organizations: DBS Bank, DBS, Lancaster University, Standard Chartered, Citibank, UBS, Banking Locations: Singapore, London, Shanghai, Hong Kong, secondments, China, Asia
Stocks still have significant gains in front of them heading into 2025, at least according to BMO Capital Markets. Although bull markets over the past 50 years have averaged about six years in length, the current bull market is just starting its third year but, unfortunately, the third year of past bull markets have been the weakest of the bunch, he cautioned. .SPX YTD mountain The S & P 500 is little changed on Monday, but has gained about 23% in 2024. Heading into 2024, the S & P 500 had advanced more than 24% in 2023. The latter envisions the S & P 500 ending 2025 at 5,500, or about a 6% decline from the index's current price, mostly as a result of inflation picking up steam.
Persons: Stocks, Brian Belski, Belski, Belksi Organizations: BMO Capital Markets, BMO, Federal Reserve, & $ Locations: Canadian
UBS sees stocks rising to new heights in the new year, though not without a brief pullback. In a note Monday, UBS strategists said they see the S & P 500 rising to 6,400 by the end of 2025. The iShares Russell 2000 ETF (IWM) has popped 2.6% since the election, outperforming the S & P 500's 1.3% advance. The S & P 500 financials sector has been on fire since the Nov. 5 vote, up more than 6%. The S & P 500 traded around 5,900 on Monday, above UBS strategist Jonathan Golub's 2024 target of 5,850 .
Persons: Stocks, Donald Trump, Russell, Jonathan Golub's Organizations: UBS, Trump, Still Locations: Friday's, U.S, Europe
AdvertisementHigh tariffs on China could prevent the US defense industry from getting needed supplies, a Beijing advisor said. "If those military enterprises do not have supply from China, they will not be able to continue with their production." The US defense sector will face big repercussions if Donald Trump launches tariffs against China, an advisor tied to Beijing's government said. AdvertisementTo be sure, it remains to be seen how Trump's tariff ideas actually pan out. So far, the defense sector appears distracted by other developments tied to Trump's presidency.
Persons: Donald Trump, Ding Yifan, Trump, Ding, Greg Hayes Organizations: Defense, State Council's Development Research Center, Financial Times, JPMorgan, Government, P Aerospace Locations: China, Beijing
SINGAPORE — Chinese tech giant Tencent is increasingly leveraging its WeChat super-app ecosystem to set itself apart from dominant global cloud service players, Tencent Cloud CEO Dowson Tong said. Super app platforms are often developed using cloud infrastructure to provide scalability, reliability, and efficient resource management. For example, Cambodia's Canadia Bank partnered with Tencent Cloud to launch a new mobile banking app in 2023. For instance, Amazon specializes in e-commerce, cloud services, and streaming, but does not have a single app integrating these services. Similarly, Microsoft offers enterprise solutions such as Office 365 and gaming, but lacks a comprehensive consumer-facing super app.
Persons: Dowson Tong, Tong Organizations: Tencent, CNBC, Singapore Fintech, Microsoft, Web Services, Google, Synergy Research, Cambodia's Canadia Bank, Amazon Locations: WeChat, China, SINGAPORE, Singapore
Gold gains 1% as dollar rally stalls
  + stars: | 2024-11-18 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path. Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path. Spot gold firmed 1% to $2,587.49 per ounce by 0150 GMT, after falling to its worst week in more than three years on Friday. "Gold prices are due for a slight recovery following recent bout of hefty sell-offs and we may expect some drift higher with some rollover in the dollar," said IG market strategist Yeap Jun Rong. This has not been fully priced in by markets yet, so any need for recalibration may still pose an obstacle for gold."
Persons: Yeap Jun Rong, Joe Biden's Organizations: Federal Reserve, Fed, Strong U.S Locations: U.S, Ukraine, Russia
Accelerating earnings growth should drive shares of Futu Holdings higher, according to Morgan Stanley. The investment bank upgraded the fintech stock to overweight from equal weight and raised its price target by $45 to $115. Specifically, the analyst pointed to substantial client asset growth in the company's third-quarter results, forecasting a year-over-year increase of 38%. Beyond that, Huang expects earnings to see year-over-year growth of 19% in both 2025 and 2026 overall. FUTU YTD mountain FUTU, year-to-date Shares rose more than 2% in the premarket on Monday following the call.
Persons: Morgan Stanley, It's, Chiyao Huang, Huang Organizations: Futu Holdings Locations: Singapore, Japan
The 10-year Treasury yield ticked up marginally on Monday as investors looked ahead to fresh data and central bank commentary after closing out a week of gains. The yield on the 10-year Treasury note shifted half a basis point higher to 4.4316%. Meanwhile, the 2-year Treasury yield traded less than a basis point lower at 4.2992%. Yields and prices have an inverted relationship and one basis point is equivalent to 0.01%.
Organizations: Treasury
BEIJING, CHINA - SEPTEMBER 04: Buildings and vehicles are seen in the central business district during the rush hour on September 4, 2020 in Beijing, China. China's finance ministry is planning to front-load part of the 2025 local government special bonds quota to meet funding needs for major infrastructure projects, state-backed The Securities Times reported on Monday. The State Council, China's cabinet, typically determines and issues an advance allocation of new local government debt quotas for the following year in the fourth quarter, depending on economic conditions, the report said. By the end of October, local governments had issued 3.9 trillion yuan ($539 billion) in new special bonds, almost completing debt issuance under the 2024 quota, the report added. Earlier this month, China unveiled a 10 trillion yuan debt package to ease local government financing strains and stabilise flagging economic growth, as it faces fresh pressure following the re-election of Donald Trump as U.S. president.
Persons: Donald Trump Organizations: Securities Times, State Council, Ministry of Finance, Beijing Locations: BEIJING, CHINA, Beijing, China
It's hard to imagine much more upside for the current stock market, according to Bank of America. "The S & P 500 is statistically expensive on almost every metric," Savita Subramanian, the firm's equity and quant strategist, wrote Friday. .SPX YTD mountain S & P 500 "Overall, we see limited near-term upside to the cap-weighted S & P 500 and prefer the equal-weighted index, but our bear market signposts — the triggers that typically precede an S & P 500 peak — are not signaling elevated risks of an imminent bear market," she wrote. The strategist updated her S & P 500 year-end target to 6,000. The S & P 500 was last trading around 5,880.
Persons: Savita Subramanian, Subramanian, Donald Trump's, It's Organizations: Bank of America
AdvertisementHSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure. Bloomberg reported Monday that hundreds of senior staff will likely lose their jobs. HSBC has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, Bloomberg reported. The biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations. He previously told staff in October that they should expect job cuts following the announcement of the revamp, Reuters reported at the time, citing an internal memo.
Persons: Georges Elhedery, Elhedery Organizations: HSBC, Bloomberg, Business Insider, Business, Reuters Locations: Asia, Pacific, Americas, London
AdvertisementTwinMind, founded by former Google X employees, builds an AI assistant to better understand you. A startup formed from a handful of former Googlers — specifically Google X, the skunkworks lab that explores sci-fi moonshot ideas — is coming out of stealth. Related storiesWolverine originsAt Google X, George was the first machine learning scientist on Wolverine, a hearing wearable project first reported on by Business Insider in 2021. AdvertisementWhen ChatGPT launched in late 2022, George was working at JPMorgan with TwinMind cofounder and CTO Sunny Tang, a Google X alum. AdvertisementHe said they figured it out and claims the TwinMind app can run for 12 hours in the background non-stop before running out the battery.
Persons: , Jarvis, Marvel's Tony Stark, it's, Daniel George, Dan Roth, Rocketship, Anand Rajaraman, Michael Liou, galore, George, you've, TwinMind, ChatGPT, Sunny Tang, Siri, they're Organizations: Google, Oracle, Business, JPMorgan, Android Locations: Robinhood
AdvertisementKelly Green, 34, went to visit her parents in Tristan Da Cunha and fell in love. This as-told-to essay is based on a conversation with Kelly Green, the head of tourism at Tristan Da Cunha. But I misunderstood, as Edinburgh of the Seven Seas is a settlement in Tristan Da Cunha, one of the world's most isolated settlements with only around 236 inhabitants. I wanted to live in Tristan Da Cunha. Just because I decided to live on Tristan Da Cunha doesn't mean they have to live here forever.
Persons: Kelly Green, Tristan Da Cunha, Green, Shane, I've, Kelly Green Tristan Da Cunha, There's, they're Organizations: British Overseas, Cape Town, Gatwick Airport, England Locations: British, British Overseas Territory, England, Antigua, Bangladesh, Mozambique, Kenya, easyJet, Edinburgh, Scotland, Cape, South Africa
But price rises in Russia are eye-watering by comparison – and just one symptom of an economy that is overheating. “Prices are rising because of the war,” Alexandra Prokopenko at the Carnegie Russia Eurasia Center in Berlin told CNN. The military budget will rise by nearly a quarter in 2025, amounting to one-third of all state spending and 6.3 per cent of gross domestic product. Analysts don’t see the Russian economy as tumbling over a precipice but instead as a slowly gathering crisis. Russia has traditionally turned to central Asia for unskilled labor, and Putin recently suggested more foreign workers are needed.
Persons: ” Alexandra Prokopenko, Vladimir Putin, Putin, , Anton Vaganov, ” Prokopenko, Natalia Kolesnikova, Vladislav Inozemtsev, Prokopenko Organizations: CNN, Carnegie Russia Eurasia Center, , Reuters, Russia’s Alfa Bank, Alfa, Monetary Fund, Russia’s State Statistics Service, Getty, Central, United Nations, UK Defense Ministry, Atlantic Council Locations: Russia, Ukraine, Berlin, Saint Petersburg, United States, Asia, Turkey, Russian, India, China, AFP, Moscow, Central Asia, East, South Korea, Dubai
CNN —Nearly a hundred aid trucks were looted in southern Gaza on Saturday in what UNRWA, the UN agency for Palestinian refugees, has described as “one of the worst” incidents of its kind. Of the 109 trucks carrying food supplies for UNRWA and the World Food Programme from the Kerem Shalom crossing into Gaza, 97 trucks were “lost” in the looting, UNRWA told CNN in a statement Monday. Drivers were forced to unload trucks at gun point, aid workers were injured, and vehicles were damaged extensively, it said. In a report Monday that cited Gaza’s interior ministry, the Hamas-run Al-Aqsa TV channel claimed Gaza security forces had killed more than 20 people involved in looting aid trucks, though it did not specifically mention Saturday’s incident. Israel insists however that the number of aid trucks entering Gaza has risen and that it is “working tirelessly” to get aid into the enclave.
Persons: Philippe Lazzarini, Stéphane Dujarric –, , Lazzarini, , ” Lazzarini, Dr, Munir Al, Bursh, Hani Badran, Kamal Adwan, Badran, Hussam Abu Safiya, Safiya, ” Safiya Organizations: CNN, UNRWA, UN, Drivers, Monday, Islamic Forces, COGAT, US State Department, West Bank, Hamas, Israel, ” CNN Locations: Gaza, Geneva, Aqsa, Israel, East Jerusalem, Beit Lahiya
The grandaddy of gold ETFs turns 20. Today, for the first time, thanks to the World Gold Council and State Street, you are able to buy gold just like it's a stock." They could own gold mining stocks, but there was an imperfect relationship between gold and gold miners. When the gold ETF was intrduced 20 years ago, there was a very small investor base for gold. In 2014, Van Eck launched the VanEck Merk Gold ETF (OUNZ), which provides the option to redeem shares for physical gold , including gold coins and bars.
Persons: I've, George Milling, Stanley, GLD, Van Eck, George Milling Stanley, We've Organizations: New York Stock Exchange, World Gold Council, State, Investors, U.S . Equity, State Street Global Advisors, United States Oil Fund, Street Global Advisors, Street Global, World Gold, U.S ., Trump, Trust, Street, MiniShares, NYSE, SEC, Edge Locations: United States, London, India, China, Turkey
Trump Media & Technology Group — Shares in President-elect Donald Trump's media company pulled back roughly 5%. Although the stock has been increasingly volatile in the wake of Trump's election, it has gained more than 52% in 2024. Redfin — The online real estate company's stock slipped 3.4% following a downgrade at Goldman Sachs to sell from neutral. CVS Health — Shares of the drugstore operator jumped nearly 6% following a decision to add four new board members in a deal with Glenview Capital. Moderna — Shares of the biotech company jumped more than 5% after HSBC upgraded the stock to buy from hold and said it views the stock as being undervalued.
Persons: Donald Trump's, Donald Trump, Chris Wright, Wright, Baird, Goldman Sachs, Wells, Needham, Piper Sandler, , Alex Harring, Sean Conlon, Hakyung Kim, Pia Singh, Michelle Fox Organizations: Spirit Airlines —, Trump Media & Technology, Liberty Energy, Goldman, CVS, Glenview Capital, Aetna, U.S . Securities, Exchange, Nasdaq, Moderna —, HSBC, Warner Bros, , National Basketball Association Locations: Wells Fargo
The S & P 500 has risen 24.73% so far this year, up fractionally more than last year's 24.23%, according to FactSet data. The U.S.-listed Gotham Enhanced 500 ETF , which has the ticker GSPY, has also posted similar gains since 2021. JREU-GB .SPX 5Y line GSPY The Gotham Enhanced 500 ETF is a newer fund and so has a shorter track record of outperformance. Yet it has beaten the S & P 500 every year since its inception in 2021. Gotham ETFs say the fund "buys all 500 stocks in the S & P 500 Index but reweights them, buying more of the ones we think are cheaper and less of the ones we believe are more expensive."
Persons: Piera Elisa Grassi Organizations: Deutsche Bank, JPMorgan U.S, Research, Equity, Gotham, JPMorgan Asset Management, CNBC, JREU, New York Stock Exchange Locations: London, U.S, Gotham
View of the central business district skyline at sunset in Beijing, China. Asia-Pacific stocks were set to open mixed Monday as markets kickstart what ING calls a "quiet" week for economic data from the region. Key data this week from the region will include China's loan prime rate announcement, set for Wednesday. ING said no change is expected in China's LPR, with the one-year rate currently at 3.1% and the five-year LPR at 3.6%. Japan will release trade data on Tuesday and October headline inflation numbers on Friday, while Australia's central bank on Tuesday will release minutes of its meeting earlier this month..
Organizations: ING, Wednesday Locations: Beijing, China, Asia, Pacific, China's LPR, Japan
Investors may like AT & T for its juicy dividend, but the underlying shares also have "significant upside" ahead, according to Goldman Sachs. The Wall Street investment bank sees a number of factors at play that should boost returns for the Dallas-based telecom giant, which pays a dividend yield of 4.89%. Overall, Schneider anticipates sustained EBITDA growth of 3%, which is 100 to 200 basis points faster growth than Wall Street is currently modeling, he said. That sustained improvement on EBITDA growth should warrant a higher multiple over time, he added. The stock, which hit a 52-week high on Monday, is up 37% year to date, excluding the dividend.
Persons: Goldman Sachs, Goldman, James Schneider, Schneider, T's Organizations: Dallas, Verizon, Mobile Locations: United States
Dollar sitting pretty, yen bears wary of Bank of Japan hawks
  + stars: | 2024-11-18 | by ( ) www.cnbc.com   time to read: +3 min
Yen bears were tense in case Bank of Japan Governor Kazuo Ueda used a speech later Monday to flag a possible rate hike in December, in part due to the weakness of the currency. Markets imply around a 55% chance of a quarter-point rate hike to 0.5% when the BOJ meets on Dec. 19. Against a basket of currencies the dollar held at 106.730, having touched a one-year top of 107.07 on Friday. The rally has coincided with a savage swing in 10-year Treasury yields, which have climbed 70 basis points since the start of October, fuelling a 5.4% rise in the U.S. dollar index . Analysts generally assume Trump's touted policies of tariffs, reduced immigration and debt-funded tax cuts will be inflationary, so limiting the scope for further rate cuts by the Federal Reserve.
Persons: Kazuo Ueda, Ueda, Donald Trump's, Katsunobu Kato, Jonas Goltermann, Trump, Howard Lutnick, Cantor Fitzgerald, Scott Bessent Organizations: Bank of Japan, U.S, Japanese Finance, Capital Economics, Trump, Federal Reserve, Central Bankers Locations: U.S, Japan, Canada
Israeli air strikes overnight and into Sunday have killed scores in Gaza, according to local health officials, as police in Israel arrested three suspects after flares were fired at Prime Minister Benjamin Netanyahu's home in the city of Caesarea. Basal said 60 people were killed after the IDF bombed houses in the city Sunday morning, and that "dozens are under the rubble." Israeli Defense Minister Israel Katz said the incident crossed “all red lines” in a post on X early on Sunday. According to Lebanon’s health ministry, Israeli attacks have killed at least 3,400 people in the country. Hezbollah attacks have killed about 100 civilians and soldiers in northern Israel, the Israeli-occupied Golan Heights and southern Lebanon over the last year, according to Israel.
Persons: Benjamin Netanyahu's, mull, Beit Lahiya, Mahmoud, Hanoun, Abu, Balah, BASHAR TALEB, Abdel Kareem Hana, Netanyahu, Israel Katz, , Shimon the Prophet, Israel, Beirut's, Nabih Berri, Ali Hamdan, Biden, Donald Trump Organizations: Israel Defense Forces, Civil Defense, NBC, NBC News, United Nations, Aqsa Martyrs Hospital, Getty, Israel, Hamas, Israeli Defense, IBRAHIM AMRO, Reuters, Security, Bank Locations: Gaza, Caesarea, Lebanon, U.S, Gaza's, Beit, Jabalia, Aqsa, Deir Al, Deir al, Israel, Iran, Jerusalem, Chamaa, Hreik, Lebanon’s, Beirut's, AFP, Lebanese, Lebanon’s Litani, Golan
Following Trump’s decisive election victory, many DOJ officials and career staffers were already nervous about the possibility that they would be targeted by Trump loyalists, particularly members of Congress. “Everything we did was above board,” said a former senior FBI official, who has started contacting lawyers because he expects to be prosecuted himself. “Agents have to do 20 years,” the former senior FBI official said. DOJ and FBI officials say that the Trump investigations were carried out properly. Now, a new group of DOJ and FBI officials are facing the prospect of hefty legal fees as well.
Persons: Trump, Matt Gaetz, , elect’s, beholden, Gaetz, , “ Trump, Wally Skalij, Weeks, Stephen Cheung, Witch Hunt, ” Cheung, Stephen Gillers, General Merrick Garland, Trump’s, Garland, Mike Davis, Jack Smith, Smith, Donald Trump, Jacquelyn Martin, Ilya Somin, ” Somin, Robert Mueller, Paul Manafort, Bill Barr, John Durham, Russia’s, Durham, Jack Smith’s, ” Gillers, Captain Ahab Organizations: Justice Department, FBI, Trump loyalists, Trump, , DOJ, Los Angeles Times, Getty Images Trump, New York University Law School, , DOJ DOJ, Department, Justice, George Mason University, Russia, CIA, NYU Locations: Coachella , Calif, Washington, Gaetz
Many people feel “that they’re not getting enough back, that a college education isn’t worth enough,” said Paul Peterson, a professor of education policy and governance at Harvard University. The data says that college education is worth more than ever.”The dissonance shows how higher education has become another slice of the economy where the vibes are worse than the numbers might suggest — and risks exacerbating Democratic losses with working-class voters. Andrew Smith, director, University of New Hampshire Survey CenterThere are many reasons why improving college affordability may not register widely. Given other budget pressures — from child care to car insurance — college expenses simply might not have fallen enough to matter. A polling site in Vienna, Va., on Election Day, which saw working-class voters further embrace Republicans.
Persons: they’re, , Paul Peterson, Donald Trump, Kamala Harris, Trump, Andrew Smith, Pew, “ We’ve, Robin Isserles, ” Isserles, “ I’ve, Bill Clark, Ashley Koning, Harris, ” Koning, Sallie Mae Organizations: Harvard University, , NBC, Pew, University of New Hampshire Survey, grads, National Center for Education Statistics, Dallas Federal Reserve Bank, Manhattan Community College, Trump, Voters, Inc, Getty, Eagleton Center for Public, Rutgers University, Democrats, College Board, Republicans Locations: New York City, Staten Island, Long, Nassau County, Vienna, Va, New Jersey, New Jersey , New Hampshire, Pennsylvania
Total: 25