DIRS.INFO The most relevant business & tech news

☆ Germany's housing market is ripe for a serious price correction, economists warn
▼ + stars: | 2022-12-05 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

"The housing market is softening significantly," he said, citing a strong decrease in demand for loans and a drop in housing construction. watch nowAnd while the language used may vary, many analysts are forecasting a dip in Germany's housing market. A Reuters poll of property market experts last month anticipated German house prices would fall by 3.5% next year. A 'vulnerable' market But not all financial institutions agree that Germany's property market is set for a large correction. The labor market is key Moves in the labor market will determine how the property market shifts, according to some analysts.

☆ Foreign students to reportedly be barred from UK unless studying at top universities
▼ + stars: | 2022-11-25 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The U.K. government is looking to reduce migration, which could impact international students' ability to study in Britain. LONDON — Foreign students wanting to study in Britain may be turned away unless they have secured a place at a "top university," according to a report by The Times newspaper. The rules will also only apply to foreign students who aren't already living in the U.K. The reported plans to deter foreign students from studying in Britain seem to go against the government's International Growth Strategy from 2019, which was designed to increase the number of international students studying in the U.K. each year to 600,000 by 2030. A representative for the Home Office said there would be no comment on the "speculation" around the idea that foreign students may be prevented from entering the U.K.

☆ German property market will slow — but no significant correction ahead, central bank says
▼ + stars: | 2022-11-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Germany's central bank is predicting a slowdown but no significant correction in the country's property market despite warnings of overvaluation, according to a report published Thursday. Some analysts, including at Deutsche Bank, have forecast a sharp decline for the sector. The German market has a high share of fixed-rate mortgages so households are less vulnerable to rising interest rates than in some other countries, she continued. It says there has been no fundamental reassessment of credit risk in German banks so far but says its financial system is "vulnerable to adverse developments." "The message is very clear, we need a resilient financial system, we need to keep building up resilience over the next period of time," Buch told CNBC.

☆ Commerzbank chief says he's not preparing for disaster, sees a mild recession
▼ + stars: | 2022-11-18 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

A "mild recession" is on the cards, according to Commerzbank CEO Manfred Knof. Commerzbank CEO Manfred Knof says the bank has prepared for an uplift in nonperforming loans, but the situation is "definitely not a disaster or default issue" as a "mild recession" is likely in the cards. "We have already made provisions but still at the moment we don't see a lot of issues ahead of us," Knof told CNBC's Annette Weisbach at the European Banking Congress in Frankfurt Friday. Nonperforming loans are bank loans likely to be repaid late or not in full and are also known as "bad debt." The chief economist at Berenberg, Holger Schmieding, told CNBC that consumer confidence had "plunged so badly that the recession will likely not be shallow."

☆ Binance CEO slams Samuel Bankman-Fried's behavior, takes aim at Nouriel Roubini
▼ + stars: | 2022-11-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Binance's Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market. The chief executive of the largest online exchange for cryptocurrency, Binance, criticized the former CEO of bankrupt exchange FTX and took aim at economist Nouriel Roubini. "When he tweets about a sparring partner, his house is burning and all this is happening, he's losing focus. Zhao also added detail about Binance's decision to back out of a deal to rescue rival exchange FTX on Nov. 9. CNBC has contacted FTX and Bankman-Fried for a response to the comments but has not yet received a reply.

☆ Binance CEO says crypto 'will be fine' and announces industry recovery fund
▼ + stars: | 2022-11-16 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The CEO of the largest online exchange for trading cryptocurrency, Binance, said he is establishing a recovery fund to help people in the industry, while saying the sector "will be fine." The CEO of the largest online exchange for trading cryptocurrency said Wednesday that he's establishing a recovery fund to help people in the industry while saying the sector "will be fine." "We want the strong industry players today to protect the good industry players who might just be hurt short term," Binance CEO Changpeng Zhao said during an interview with CNBC's Dan Murphy at Abu Dhabi Finance Week. Zhao said cryptocurrency had "shown extreme resilience," suggesting he didn't expect recent turbulence in the industry to cause long-term damage. "Whenever prices drop, we see an uptick in withdrawals," Zhao said.

☆ Bird flu is threatening British food staples, from the English breakfast to Christmas dinner
▼ + stars: | 2022-11-16 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Egg shortages could be on the cards as avian flu sweeps through Europe. LONDON — The classic English fry-up and traditional Christmas turkey dinner could be under threat as Britain deals with the impact of rising cases of avian flu. Governments across Europe have culled bird populations to limit the spread of avian flu. Almost six million birds have been killed in the Netherlands since October 2021, while Spain, Bulgaria, Denmark and France have also been badly affected. Nearly 50 million birds have been killed in Europe this year as countries try to contain the disease, according to the EU's Food Safety Agency.

☆ Germany is open to trade with China — but we're not stupid, vice chancellor says
▼ + stars: | 2022-11-14 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

China is a trade partner but Germany has to be careful, Economy Minister Robert Habeck told CNBC's Tanvir Gill. Germany is open to strengthening ties with China but would need to remain cautious on where any investment goes, the country's Economy Minister and Vice Chancellor Robert Habeck said. That's not saying we are a stupid market, so we have to be careful," Habeck told CNBC's Tanvir Gill Saturday in Singapore. Habeck's comments come after German Chancellor Olaf Scholz made a controversial solo trip to China to meet President Xi Jinping in early November. Habeck also told CBNC which industries should and should not form closer bonds with China, saying there are some sectors "which are not open for sale."

☆ Billionaires emit a million times more greenhouse gases than the average person: Oxfam
▼ + stars: | 2022-11-08 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The investments of 125 billionaires cause 393 million tonnes of carbon dioxide emissions each year according to a report published by global poverty charity Oxfam. The investments of 125 billionaires produce 393 million metric tonnes of carbon dioxide emissions every year, according to a report by Oxfam. The billionaires included in the study have a collective $2.4 trillion stake in 183 companies, which averages out at 3 million metric tonnes of carbon dioxide emitted per billionaire, per year. People outside the world's wealthiest 10% emit an average of 2.76 metric tonnes of carbon dioxide annually. The report by Oxfam analyzed how 125 of the world's richest people had invested their money and looked at the carbon emissions of those investments.

☆ Airlines face fragile winter, Ryanair CEO says after record summer profits
▼ + stars: | 2022-11-07 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

Ryanair on Monday reported record summer profits, but CEO Michael O'Leary warned that the winter is likely to be "very fragile." "We look set for a strong winter but I'm conscious last year we had omicron at the end of November which crushed Christmas and the Ukraine invasion crushed Easter," O'Leary told CNBC's "Squawk Box Europe" on Monday. The Irish airline posted its largest ever after-tax profit for the six months to September at 1.37 billion euros ($1.37 billion) on Monday. There was an expectation that demand could shrink as the cost-of-living crisis takes its toll on household budgets across Europe, but appetite for travel is still there, he said.

☆ Magic mushroom compound psilocybin can help treat depression, study finds
▼ + stars: | 2022-11-03 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The naturally occurring psychedelic compound psilocybin can significantly reduce symptoms of depression, according to data from the largest trial of its type ever conducted. LONDON — The naturally occurring psychedelic compound psilocybin can significantly reduce symptoms of depression, according to data from the largest trial of its type ever conducted. The trial found that a 25mg dose of psilocybin, given alongside psychological support, triggered a reduction in levels of depression three weeks after treatment. The study, published Thursday in the New England Journal of Medicine, was carried out internationally by London-based COMPASS Pathways. Critics have also expressed concern that this could lead to a rise in usage of magic mushrooms in non-pharmaceutical settings.

☆ Germany's pension system will collapse without reform, influential lobby group says
▼ + stars: | 2022-10-31 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Germany's pension system won't be financially viable in five years' time without reform, according to Rainer Dulger, the president of the Confederation of German Employers' Associations. The influential lobby group represents around 20 million employees in the German workforce. Dulger told Germany's Bild am Sonntag newspaper Sunday that the German economy is weakening and the social system is on "the verge of collapse." Labor shortages and an aging population are contributing to the challenges faced by the German pension system. The West German pension system was extended to East Germany, causing years of financial upheaval.

Bank of America CEO Brian Moynihan will give an exclusive live interview on CNBC's "Squawk Box Europe" at 8.00 a.m. London time. The bank released its third-quarter earnings on Oct. 17 and stressed that the resilience of the U.S. consumer was a reason to lower concerns for an economic recession. You can watch the interview live on CNBC here. — Hannah Ward-Glenton

☆ European markets expected to open lower; investors looking ahead to European Central Bank meeting
▼ + stars: | 2022-10-27 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

The European Central Bank is expected to hike interest rates as the Euro zone tries to tackle mounting inflation. Investors are waiting to see the outcome of Thursday's European Central Bank meeting, which is expected to deliver a 75 basis point rate hike. The meeting should also signal the Bank's quantitative tightening plans as the bloc attempts to control its 10% inflation rate. U.S. stock futures rose early on Thursday morning as investors seemed to brush off disappointing results from Meta Platforms. Shares in the Asia-Pacific were mixed Thursday as investors digest economic data in the region.

☆ Unilever raises guidance but is downbeat on Europe, China consumer sentiment
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: +3 min

Unilever on Thursday gave a dire assessment of consumer sentiment in Europe and China, two of its key markets, but raised its full year sales forecast as it lifted prices to counter soaring costs. Shoppers around the world paid 12.5% more for Unilever products in the quarter - a record price hike for the company - with sales volumes declining 1.6%. "Consumer sentiment in Europe is at an all time low," Chief Financial Officer Graeme Pitkethly told reporters, warning of fears of a "confluence of events" in Europe with energy prices and inflation rising and consumers' savings waning. "Both the premium segments of the market and the value segments of the market are actually growing quite quickly, at an equivalent rate," Pitkethly told journalists. In China, Unilever's third biggest market that has been doubling down on Covid-19 lockdowns, sales grew by 1%.

☆ Heathrow Airport warns it will be 'a number of years' before demand returns to pre-pandemic levels
▼ + stars: | 2022-10-26 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The biggest airport in Europe by passenger numbers, London's Heathrow, is not expecting to come into profit this financial year. Heathrow Airport reported on Wednesday a nine-month loss of £442 million ($512 million) and warned that it will be "a number of years" before demand returns to pre-pandemic levels. The airport puts lower demand down to Russia's war in Ukraine, Covid-19 and "a global economic crisis," but anticipates passenger numbers could hit 2019 levels during peak times such as the lead-up to Christmas. Revenue increased threefold compared to 2021, up to £2.1 billion, but was hampered slightly by the airport's self-imposed daily passenger cap of 100,000 departures. The passenger cap will be lifted on Oct. 30 after being put in place to tackle travel chaos as staff shortages caused luggage delays and flight cancellations.

☆ New UK PM Sunak delays highly anticipated spending plan to mid-November
▼ + stars: | 2022-10-26 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The U.K.'s annual budget announcement will be delayed after the new Prime Minister Rishi Sunak took office Monday. LONDON — The U.K.'s fiscal statement will be delayed to Nov. 17 after it was initially brought forward to Oct. 31. Sterling rose to a six-week high as newly-appointed Prime Minister Rishi Sunak met with his cabinet for the first time Wednesday morning and amid speculation the budget statement could be delayed. Sunak became prime minister on Tuesday – Britain's third in 50 days – following the resignation of predecessor Liz Truss after her financial policies flopped and triggered market mayhem. The change in prime minister followed a fast-tracked Conservative Party leadership election.

☆ Rishi Sunak closes in on Downing Street after Boris Johnson pulls out of leadership race
▼ + stars: | 2022-10-24 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Rishi Sunak could be elected leader of the Conservative Party and prime minister of the U.K. if he receives enough votes from fellow lawmakers Monday. LONDON — Former Finance Minister Rishi Sunak looks set to become the next prime minister of the U.K., with votes to be counted Monday afternoon. Former Prime Minister Boris Johnson was Sunak's biggest competition, but he dropped out of the race late Sunday. The only remaining contender for the leadership position is Penny Mordaunt, a former defense minister, who came behind Sunak in the original contest to take charge of the Conservative Party in September. It remains unclear how many Conservative lawmakers who backed Johnson will now move to support Sunak or Mordaunt.

☆ European markets expected to open higher; UK awaits results for a new prime minister
▼ + stars: | 2022-10-24 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

European markets are anticipating a higher open Monday, with U.K. politics expected to settle as the ruling Conservative Party picks a new prime minister following the resignation of Liz Truss last week. French President Emmanuel Macron and Italy's new Prime Minister Giorgia Meloni held informal talks Sunday in their first meeting together, while Germany is still contemplating its gas price strategy. In the U.S., stock futures were little changed Monday morning after all three major averages notched their best week since June at Friday's close. Shares in the Asia-Pacific were mixed Monday, but Hong Kong's Hang Seng index plunged about 6%, with the Hang Seng Tech index down more than 8%.

☆ 3 charts showing the market turmoil wreaked during UK PM Liz Truss’ tenure
▼ + stars: | 2022-10-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

Dan Kitwood | Getty Images News | Getty ImagesLONDON — U.K. Prime Minister Liz Truss was in office for just 44 days before she announced her resignation on Thursday. Her time as leader may have been short, but the impact her tenure had on the British economy was huge. Here are three charts showing how markets behaved during Truss' brief time at 10 Downing Street. Soaring gilt yields Yields on U.K. government bonds – known as gilts – soared after the government announced its mini-budget, which means that prices have crashed as bond yields move inversely to prices. Gilt yields fell as Liz Truss delivered her resignation speech but they flattened out later in the day.

☆ Britain's political scene is in absolute chaos — right at the worst possible time. Here's what you need to know
▼ + stars: | 2022-10-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Political chaos in the U.K. continues, including a high-profile resignation and questions over how long Liz Truss has in office. House of Commons - PA Images / Contributor / Getty Imageswatch nowTruss said she was "a fighter not a quitter" as she was grilled by parliamentarians. Opposition Labour leader Keir Starmer asked how the British public could have faith in a leader whose "promises didn't last a week." Truss has apologized for mistakes made during her first six weeks in office. Members were also told they would "lose the whip" – effectively losing their position in Parliament – if they voted to ban fracking.

Prime Minister Liz Truss announces her resignation at 10 Downing Street on October 20, 2022 in London, England. Leon Neal | Getty ImagesLONDON — U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party. "I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party." The number who have written letters to Brady expressing no confidence in the prime minister was reported to be over 100 by Thursday.

☆ UK inflation moves back up to 40-year high as Brits battle cost-of-living crisis
▼ + stars: | 2022-10-19 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The Office for National Statistics announced inflation figures Wednesday as the U.K. undergoes a historic cost-of-living crisis and political turmoil. The figure for September matches the 40-year high British inflation reached in July. The rate rose in the year to September 2022 as the country's cost-of-living crisis continues to hammer households and businesses ahead of a tough winter. Inflation unexpectedly dipped to 9.9% in August, down from 10.1% in July, on the back of a fuel price decline. September's inflation rate highlights the severity of the U.K.'s inflation crisis, and comes as the country weathers a period of economic volatility.

☆ European markets expected to open higher after UK fiscal U-turns
▼ + stars: | 2022-10-18 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

LONDON — European markets are expected to open higher Tuesday as the region feels the impact of the U.K.'s fiscal U-turns on Monday. The British pound rose and bond yields fell after new Finance Minister Jeremy Hunt scrapped most of Prime Minister Liz Truss' fiscal policies in an announcement Monday. U.S. stock futures rose Tuesday morning after the Nasdaq Composite posted its best daily performance since July. S&P 500 futures jumped 1.46% and Nasdaq 100 futures climbed 1.7%. Australia's S&P/ASX 200 gained 1.68% to lead gains in the region, the Nikkei 225 was 1.38% up, while the Topix added 1.11%.

☆ UK Prime Minister Liz Truss faces serious pressure to resign after failed budget
▼ + stars: | 2022-10-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON — U.K. Prime Minister Liz Truss is facing calls to resign from within her own Conservative Party just six weeks after entering Downing Street. Truss and her former Finance Minister Kwasi Kwarteng announced a fiscal package – a so-called "mini-budget" – on Sept. 23. The latest plans were announced Monday by Jeremy Hunt, just three days into his tenure as finance minister. Angela Richardson, Conservative MP for Guildford, said it was "no longer tenable" for Truss to remain as prime minister, speaking on Times Radio on Monday, while Jamie Wallis, Conservative MP for Bridgend, wrote to the prime minister telling her to resign. "I ask you to stand down as Prime Minister as I believe you no longer hold the confidence of the country or the parliamentary party," Wallis' letter said.

Search resuls for: "Glenton"

25 mentions found