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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

☆ Zelenskyy's income fell drastically following Russia's invasion, new declaration reveals
▼ + stars: | 2024-01-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Ukrainian President Volodymyr Zelenskyy speaks with CNBC's Andrew Ross Sorkin at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. The Zelenskyy family income fell almost threefold between 2021 and 2022, according to the declaration on the presidential website. In particular, in 2021, the process of registering 22 trademarks, which began long before his election as President of Ukraine, was completed," the president's first-ever public declaration of income said. In 2022, the Zelenskyy family income fell to 3.7 million hryvnias due to the "temporary termination of lease agreements on the territory of Ukraine as a result of the beginning of Russia's full-scale aggression." The family's cash balance at the end of 2022 dropped by almost 1.8 million hryvnias, the declaration said, while its asset, real estate and vehicle ownership was unchanged over the two years.

Persons: Volodymyr Zelenskyy, CNBC's Andrew Ross Sorkin, Zelenskyy Organizations: EU Locations: Davos, Switzerland, Ukraine, Russia

☆ Zelenskyy publishes income as part of EU transparency push; Russian missiles strike Ukraine's Kremenchuk district
▼ + stars: | 2024-01-29 | by ( Elliot Smith | ) www.cnbc.com time to read: 1 min

Ukrainian President Volodymyr Zelenskyy on Sunday published his income over a two-year period, as he looks to promote transparency as part of Kyiv's push for European Union membership. Ukraine formally started the screening process to begin talks over its future membership of the EU on Thursday, and faces stringent conditions to increase transparency and root out corruption. Zelenskyy has called for all public officials to disclose their incomes, while the U.S. and other allies supporting Ukraine's war effort have sought assurances about the country's efforts. According to the declaration, the president and his family members received 10.8 million hryvnias ($286,168) in 2021, the last year before Russia's invasion of Ukraine, down 12 million hryvnias from the previous year. The 2021 also included income from the sale of around $142,000 in government bonds.

Persons: Volodymyr Zelenskyy, Zelenskyy Organizations: European Union Locations: Ukraine, U.S

☆ Jürgen Klopp announces shock Liverpool soccer club exit in blow for U.S. owners
▼ + stars: | 2024-01-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Jürgen Klopp will unexpectedly step down as Liverpool soccer team manager at the end of this season, the club said Friday. The charismatic German coach joined Liverpool in 2015 and led the storied club to a European Champions League title in 2019 and an English Premier League title in 2020. Klopp replaced Brendan Rodgers at the helm in October 2015, when Liverpool was languishing in 10th place in the Premier League. In the following year, Klopp led the club to a fourth-place finish in his first full season in charge. Liverpool is the most successful club in English soccer by number of awards, winning 68 trophies over its 132-year history.

Persons: Jurgen Klopp, Estadio Wanda Metropolitano, Jürgen Klopp, John Henry, Klopp, Brendan Rodgers Organizations: Liverpool, Champions, UEFA Champions, Tottenham Hotspur, Estadio Wanda, Liverpool soccer, European, League, English Premier League, Reds, FA, England's, FIFA Club, UEFA, Borussia Dortmund, Fenway Sports Group, League Baseball's Boston Red Sox, National Hockey League's Pittsburgh Penguins, NASCAR's RFK Racing, Premier League, Manchester City, City, Chelsea, Norwich City Locations: Madrid, Spain, German, Liverpool, American

☆ LVMH shares jump 8% as earnings point to luxury sector resilience
▼ + stars: | 2024-01-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks during a press conference to present the 2023 annual results of LVMH in Paris, France, January 25, 2024. LVMH shares jumped more than 8% on Friday morning, after the world's largest luxury group posted higher-than-expected sales for 2023 and raised its annual dividend. The result was boosted in particular by 14% annual growth in the critical fashion and leather goods sector, along with 11% growth in perfumes and cosmetics. After a boom during the pandemic, the luxury sector endured a rough end to 2023 as challenging geopolitical and macroeconomic conditions weighed on consumer spending, particularly in the U.S. and China. Javier Gonzalez Lastra, portfolio manager of the Tema Luxury ETF, told CNBC on Thursday that investors are trying to gauge where the bottom of the earnings cycle revision is for the luxury sector.

Persons: Bernard Arnault, LVMH Moet Hennessy Louis Vuitton, LVMH, Louis Vuitton, Hennessy, Bulgari, Javier Gonzalez Lastra Organizations: LVMH, Chandon, Givenchy, Novo Nordisk, Burberry, CNBC, Paris Locations: Paris, France, U.S, China, LVMH, Tema

☆ Ukraine begins EU accession talks; U.S. military aid hangs in the balance
▼ + stars: | 2024-01-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Ukraine formally started the screening process to begin talks over its future membership of the European Union on Thursday, President Volodymyr Zelenskyy said. In a post on X, the Ukrainian leader said he welcomed the start of "substantial preparations for Ukraine's EU accession talks" in Brussels, following an agreement reached with EU Commission President Ursula von der Leyen last week at the World Economic Forum in Davos, Switzerland. "The thorough work of assessing the conformity of Ukrainian legislation with EU norms, the formation of Ukraine's delegation, and our negotiating position are all ahead of us," Zelenskyy added. "I expect full engagement of Ukrainian government team and the first intergovernmental conference to be held already this spring." The White House said last week that the U.S. money supply to Ukraine has now run out, which could leave Kyiv ill-equipped to repel the Russian invasion.

Persons: Volodymyr Zelenskyy, Ursula von der Leyen, Zelenskyy, John Thune Organizations: European Union, EU, Economic, U.S, Republican, Reuters Locations: Ukraine, Brussels, Davos, Switzerland

☆ Sofia Richie Grainge announces pregnancy with ‘Vogue’ photoshoot
▼ + stars: | 2024-01-25 | by ( Alex Rees | ) edition.cnn.com time to read: +2 min

Sofia Richie Grainge is the latest star to partake in this trend, with a “Vogue” spread released Thursday featuring her in bump-baring shirts, tank tops and even some loose tailoring as a means of confirming her first pregnancy. (Richie Grainge and her husband, the music executive Elliot Grainge, were married last April in a ceremony which was also splashed across “Vogue.”)Richie Grainge told “Vogue” she learned of her pregnancy after a whirlwind trip to Milan Fashion Week last fall, when it turned out what she first thought to be jet-lag was an early bout of morning sickness. “I told everyone that I had bought them a gift from Milan,” the fashion influencer told the magazine of how she and Grainge then hid her positive pregnancy tests in designer gift boxes. “I’m not going to publicize my child on Instagram,” Richie Grainge said. If she wants to be a private person, I want her to be able to make that choice.”

Persons: there’s, Sofia Richie Grainge, baring, Richie Grainge, Elliot Grainge, “, Grainge, ’, “ I’ve, ” Richie Grainge, ”, “ I’m, It’s Organizations: CNN, Vogue, “ Vogue, Milan Locations: Milan

☆ Treasury yields fall ahead of economic growth numbers
▼ + stars: | 2024-01-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

ET, the yield on the benchmark 10-year Treasury note dropped 2.3 basis points to 4.1549%, while the yield on the 30-year Treasury bond slid 2.7 basis points to 4.3851%. U.S. Treasury yields fell on Thursday morning as markets await a first estimate of fourth-quarter economic growth. Wall Street will be trying to ascertain what that means for American economic growth in 2024, while the Federal Reserve will be taking the figure into account as it considers its next monetary policy move. A second major data point is due Friday in the form of December's personal consumption expenditures price index, the Fed's preferred inflation gauge. Auctions will be held Thursday for $90 billion each of 4-week and 8-week Treasury bills, along with $41 billion of 7-year notes .

Organizations: Treasury, U.S, U.S . Department, Federal Reserve Locations: U.S

☆ Murder on a Private Greek Island
▼ + stars: | 2024-01-24 | by ( Sarah Lyall | ) www.nytimes.com time to read: 1 min

Alex Michaelides, who is best known for his blockbuster first novel, “The Silent Patient,” has a devoted following and a knack for explosive, change-everything revelations. He sets THE FURY (Celadon, 298 pp., $28.99) on a private Greek island where Lana Farrar, a stunningly beautiful British movie star, has gathered a small party of relatives and frenemies. Naturally, the weather will render the island unreachable, and the author will render a character dead. “This is a tale of murder,” the narrator, an unpleasant playwright named Elliot Chase, intones in the first sentence. As he often reminds us, Elliot is unreliable.

Persons: Alex Michaelides, ”, Lana Farrar, Elliot Chase, intones, Elliot

☆ Treasury yields pull back as big economic data releases come into view
▼ + stars: | 2024-01-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ET, the yield on the benchmark 10-year Treasury note was down by around 3.7 basis points at 4.1050% and the yield on the 30-year Treasury bond slipped 3.7 basis points to 4.3418%. U.S. Treasury yields were lower on Wednesday morning as investors brace themselves for two key pieces of economic data in the second half of the week. Two significant pieces of economic data are on the slate this week: a preliminary fourth-quarter gross domestic product growth figure is due on Thursday, followed by the Commerce Department's closely watched personal consumption expenditures price index for December on Friday. Both data points will inform the Federal Reserve as it maps out when and by how much to begin cutting interest rates, which will be a key factor in determining the path of markets and the economy this year. Auctions will be held for $60 billion of 17-week Treasury bills, $61 billion of 5-year notes and $28 billion of 2-year FRNs (floating-rate notes).

Persons: Jim Reid, Bullard, Reid, that's Organizations: Treasury, U.S, Commerce, Federal Reserve, Deutsche Bank's, Global, Bank of Canada, European Central Bank, St Louis Fed, PMI

Stella is reintroducing herself in her first film role after taking a few years off to just be a normal teen. Maisy has that perfect mix … she is one in a million.”Park met Stella through their mutual friend Maddie Ziegler, who plays one of Elliott’s friends in “My Old Ass.” Ziegler and Stella have been close since they were children. “It literally made the biggest difference.”Both Park and Stella have been overwhelmed by the response to the film at Sundance. As of the writing of this article, “My Old Ass,” produced by Margot Robbie's Lucky Chap Entertainment, has not yet been acquired for distribution. Park: I’m your hype woman.

Persons: ”, Maisy Stella, Daphne Conrad, Robyn’s, Lennon Stella, Billie Eilish, Stella, “, ” Stella, Megan Park, Aubrey Plaza, Elliott, Elliot, Maisy, Maddie Ziegler, ” Ziegler, Maddie, I’m, ” Stella downplays, Eilish, Ziegler, Sia, don’t, Kerrice Brooks, Justin Bieber’s, Bieber, Percy Hynes White, I’ve, Margot Robbie's Lucky, wouldn’t, she’s, “ She’s, you’ve, Finneas Organizations: Sundance Film, Nashville, Sundance Locations: CITY , Utah, Park City , Utah, “

☆ Markets 'complacent' about the risks of a Trump win, strategist says
▼ + stars: | 2024-01-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Mike Segar | ReutersMarkets are "fairly complacent" about the risks of a second Donald Trump presidency, which could trigger a "tantrum" in long-duration bond markets, according to Guillermo Felices, principal and global investment strategist at PGIM. watch nowSome analysts are also looking ahead through a fiscal and geopolitical lens to November's U.S. presidential election and beyond. 'Fiscal risk' at a time of high deficit The crucial point, Felices acknowledged, is America's deteriorating fiscal position in recent decades. "The market is not really focusing too much on the potential upside risks to yields that are associated with this potential repricing of term premia. [Having] fiscal risks with the sort of deficit that the U.S. is running is a really, really important one that the market will have to come to terms with again."

Persons: Donald Trump, Mike Segar, Guillermo Felices, Felices, Trump, Fitch Organizations: U.S, Republican, New, Reuters, Dow Jones Industrial, Federal, Fed, CNBC, Trump, Bank of England Locations: New Hampshire, Rochester , New Hampshire, U.S

☆ Fujitsu role in Britain's Post Office scandal could have severe reputational consequences, analysts say
▼ + stars: | 2024-01-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

(Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images) Tolga Akmen | Afp | Getty ImagesLONDON — Fujitsu 's role in the U.K. Post Office scandal, dubbed the "most widespread miscarriage of justice" in British history, has analysts wary of what the fallout could look like for the Japanese IT giant. Between 1999 and 2015, a fault with the company's Horizon computer software used by the Post Office, a state-owned private company employing thousands of people across the country, resulted in more than 700 sub-postmasters being subjected to false prosecutions. watch nowIn a statement Thursday, Fujitsu said it regards the matter with the "utmost seriousness and offers its deepest apologies to the sub-postmasters and their families." "Based on the findings of the Inquiry, we will also be working with the UK government on the appropriate actions, including contribution to compensation." A spokesperson for Fujitsu wasn't immediately available for comment when contacted by CNBC.

Persons: Tolga Akmen, TOLGA AKMEN, Akmen, postmasters, Paul Patterson, Patterson, Fujitsu Tim Morse, —, CNBC's, Mio Kato Organizations: subpostmasters, of Justice, Appeal, Getty, Afp, Fujitsu, Post Office, Post, Business, Trade, Asymmetric Advisors, CNBC, Fujitsu wasn't, Treasury, Fujitsu —, ICL, Tokyo Stock Exchange, LightStream Locations: London, AFP, U.K, Japan

☆ Treasury yields fractionally higher ahead of key data releases
▼ + stars: | 2024-01-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

ET, the yield on the benchmark 10-year Treasury note was around 1.7 basis points higher at 4.1109% while the yield on the 30-year Treasury bond was up just over 1 basis point at 4.3284%. U.S. Treasury yields nudged slightly higher on Tuesday morning, as market participants await the release of key economic data points later in the week. Investors are trying to gauge when the Federal Reserve will begin cutting interest rates, which will be a key determinant of the trajectory for markets and the economy this year. Despite the uncertain rate outlook, risk-on sentiment remained robust on Monday, as the Dow Jones Industrial Average and the S&P 500 both notched all-time highs. Auctions will be held Tuesday for $46 billion of 52-week Treasury Bills and $60 billion of 2-year notes .

Persons: that's, it's, Guillermo Felices, CNBC's Organizations: U.S, Treasury, Investors, Federal Reserve, Commerce, Dow Jones Industrial, Global Investment, Treasury Bills

☆ Trump's proposed 10% tariff plan would 'shake up every asset class,' strategist says
▼ + stars: | 2024-01-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Mike Segar | ReutersMarkets need to begin thinking about the structural impact of Donald Trump's proposed 10% tariff increase, which "shakes up every asset class," according to Michael Every, global strategist at Rabobank. He suggested one of investors' top concerns would be the 10% tariff on all U.S. imports. Trump floated the 10% tariff during an interview last year with Fox Business' Larry Kudlow, his former White House economic advisor, saying "it's a massive amount of money." China responded with its own tariffs on U.S. goods, and Trump also imposed tariffs on steel and aluminum imports from most countries, including many of Washington's biggest allies. He noted Trump's tendency to "change his mind" so frequently on geopolitical issues that "people won't know where his thinking is at."

Persons: Donald Trump, Mike Segar, Donald Trump's, Michael Every, Janet Yellen, Ron DeSantis, CNBC's, Trump, Tom Lee, Larry Kudlow, it's, Keen, Joe Biden's, Dan Boardman Organizations: U.S, Republican, New, Reuters, Rabobank, The, Foundation, Forum, GOP, Trump, Fox Business, White, AAF, BRI Wealth Management Locations: New Hampshire, Rochester , New Hampshire, U.S, America, China, Beijing, Weston

☆ No 'economic collapse': Top Citi strategist says healthier economic growth is coming
▼ + stars: | 2024-01-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The global economy does not need a "collapse" in order to bring inflation back to target and return to sustainable growth, according to Steven Wieting, chief investment strategist and chief economist at Citi Global Wealth. Major economies have proven surprisingly resilient to sharp interest rate increases from central banks over the last two years. This has been particularly evident in the U.S., with recession thus far avoided and the labor market remaining robust. Talk has now turned to rate cuts as inflation remains on a downward trajectory toward central banks' targets, while growth has slowed. Wieting told CNBC's "Squawk Box Europe" on Monday that he is optimistic the global economy does not need an "economic collapse" to rein in inflation.

Persons: Steven Wieting, Wieting, CNBC's Organizations: Citi Global Wealth Locations: U.S

☆ Treasury yields retreat ahead of big week for economic data
▼ + stars: | 2024-01-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The yield on the benchmark 10-year Treasury note was down around 2 basis points at 4.1263% while the yield on the 30-year Treasury bond slid around 2.5 basis points to 4.3285. U.S. Treasury yields pulled back on Monday morning as investors geared up for another big week of economic data . Two significant pieces of economic data are on the slate this week, with a preliminary fourth-quarter GDP growth figure due on Thursday and the Commerce Department's closely-watched PCE price index for December out Friday. Chicago Fed President Austan Goolsbee told CNBC on Friday that investors should be watching this data point when trying to plot the Fed's rate path. Auctions will be held Monday for $77 billion of 13-week Treasury bills and $70 billion of 26-week bills.

Persons: Dow Jones, Austan Goolsbee Organizations: Treasury, Federal Reserve, Commerce, Chicago Fed, CNBC

☆ Alex Soros says a Trump win is a done deal for the Davos elite — but they're always wrong
▼ + stars: | 2024-01-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Alex Soros, chairman of Open Society Foundations, during a panel session on the closing day of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 19, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Stefan Wermuth/Bloomberg via Getty Images"In Davos, Donald Trump is already the president," Open Society Foundations Chairman Alex Soros told a panel at the World Economic Forum on Friday. "That's a good thing, because the Davos consensus is always wrong," he went on. He either winds up in prison or he winds up in power, he's not going off on some beach somewhere and retiring."

Persons: Alex Soros, Stefan Wermuth, Donald Trump, Trump, Joe Biden, —, he'll, Soros, he's Organizations: Open Society, Economic, Bloomberg, Getty, Republican, Trump, Republican Party Locations: Davos, Switzerland

☆ Ukraine war updates: Drone strikes hit St. Petersburg; Russia rejects U.S. arms control talks
▼ + stars: | 2024-01-19 | by ( Elliot Smith | ) www.cnbc.com time to read: 1 min

Ukraine targeted the Russian city of St. Petersburg with a drone attack overnight, Ukraine's minister of strategic industries, Oleksandr Kamyshin, told a panel at the World Economic Forum in Davos, according to Interfax news agency. Russia claimed on Thursday that Ukraine had attacked several areas of the country with drones, including the northwestern Leningrad region for the first time. Ukrainian President Volodymyr Zelenskyy on Thursday night urged allied countries to ensure that sanctions against Russia are fully enforced. "The terrorist state manufactures weapons, including missiles. There are dozens of critical components in each of them that were manufactured abroad, many of which were produced by companies from the free world," he said in a post on X.

Persons: Oleksandr Kamyshin, Volodymyr Zelenskyy Organizations: Economic Locations: Ukraine, Russian, St, Petersburg, Davos, Russia, Leningrad

☆ Barclays CEO says difference in Labour and Conservative economic policy is 'fairly minimal'
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesPolitical risk in the U.K. is "far less than it's ever been" as the difference between the ruling Conservative Party and main opposition Labour on economic policy is "fairly minimal," Barclays CEO C.S. The U.K. is set to hold a General Election later this year, and the latest polling consistently suggests a landslide Labour victory, bringing an end to fourteen years of Conservative rule. "I think the political risk in the U.K. is far less than it's ever been," Venkatakrishnan told CNBC at WEF. The difference in economic policies between the two, and they're both striving to say so, are fairly minimal," he said, referencing two former British leaders.

Persons: Keir Starmer applauds, Paul Ellis, Venkatakrishnan, Keir Starmer, Rishi Sunak's, Rachel Reeves, Margaret Thatcher, James Callaghan, Labour's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Conservative Party, Labour, Barclays, C.S, Conservative, Labour's Shadow, Economic, CNBC Wednesday, CNBC, WEF, British Locations: Liverpool, England, Davos, Switzerland

☆ Deutsche Bank CEO says acquisitions not a 'priority' as Commerzbank rumors swirl
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Christian Sewing, Chief Executive Officer of Deutsche Bank, has acknowledged that a recession in Germany is inevitable, and urged leaders to accelerate its decoupling from China. Denis Balibouse | ReutersDeutsche Bank CEO Christian Sewing on Thursday said that merger and acquisition activity is not a priority for his group, as speculation resurfaces over the future of domestic rival Commerzbank . The state still has a 15% stake in Commerzbank, but Reuters reported earlier this week that Finance Minister Christian Lindner is open to disposing of it. The merger of Germany's two biggest banks would create a combined entity with around $2 trillion in assets, although Deutsche Bank's low valuation could complicate any such move. The bank trades at around 12 euros per share, a fraction of its book value, and a significant portion of assets would need to be marked down.

Persons: Denis Balibouse, Christian Lindner Organizations: Deutsche Bank, Reuters Deutsche Bank CEO, Commerzbank, Reuters, Deutsche, CNBC, Economic Locations: Germany, China, Commerzbank, Davos, Switzerland, Europe

☆ Trump’s New Hampshire strategy – insults and court histrionics
▼ + stars: | 2024-01-18 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

The former president publicly fulminated against Judge Lewis Kaplan as “nasty” and a “Trump-hating guy” and bucked courtroom etiquette. Trump accused Kaplan of being heartless for not suspending the trial so that he can attend the funeral of his mother-in-law. But Haley has only implicitly criticized Trump’s assault on democracy, false claims of electoral fraud and tumultuous term in office. This attitude is consistent with Trump’s apparent belief that rules that apply to other Americans don’t constrain him. “That aside, it’s just remarkable how much the former president has gotten away with in court.

Persons: Donald Trump, Nikki Haley –, Trump, Jean Carroll –, Carroll, Judge Lewis Kaplan, Kaplan, –, Haley, who’s, doesn’t, Joe Biden, he’d, Barack Obama’s, “ Hussein, “, ” Haley, “ I’ve, that’s, CNN’s Dana Bash, she’s, hasn’t, Biden, he’s, don’t, Sen, Mitt Romney, ” Romney, CNN’s Manu Raju, —, ” Carroll, Carroll’s, ”, ” Trump, ” Kaplan, Ty Cobb, CNN’s Erin Burnett, “ He’s, ” Cobb, Arthur Engoron’s, Elliot Williams, it’s Organizations: CNN, GOP, Trump, Republicans, Social Security, South, White Locations: New, Manhattan, New Hampshire, New York, he’s, Florida, American, South Carolina, Rochester , New Hampshire, Iowa, Utah, Granite, United States

☆ Watches of Switzerland shares plunge 30% after guidance cut
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc's biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. Photographer: Jose Sarmento Matos/Bloomberg via Getty ImagesWatches of Switzerland shares plummeted 30% on Thursday at 08:46 a.m. London time, after the luxury watch retailer cut its guidance for the 2024 fiscal year. Despite the market panic, analysts at both Jefferies and Investec reiterated their "buy" ratings on Watches of Switzerland stock in flash notes on Thursday. "However, the extent of the adjustments to the guidance range will be painful to navigate in the near term."

Persons: Jose Sarmento Matos, WOSG, —, Brian Duffy, Duffy, Investec Organizations: Omega SA, Switzerland Group, Switzerland Group Plc's, Rolex SA, Bucherer AG, Bloomberg, Getty, Switzerland, U.S, Rolex, Jefferies Locations: London, U.S, Switzerland

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

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

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

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

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

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

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