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☆ Top economists unanimous on 'higher for longer' rates as inflation threats linger
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. Mandel Ngan | Afp | Getty ImagesTop economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets. Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank's 2% target. The European Central Bank last month issued a 10th consecutive interest rate hike to take its main deposit facility to a record 4% despite signs of a weakening euro zone economy. "We may have more shocks that may drive inflation up, and that's why of course we have to remain very cautious about inflation developments."

Persons: Mandel Ngan, Ajay Banga, Greg Guyett, Guyett, Boris Vujčić, Vujčić, Mārtiņš Kazāks, CNBC's Joumanna Bercetche, Silvia Amaro, Austrian National Bank Governor Robert Holzmann Organizations: World Bank Group, International Monetary Fund, Washington DC, Afp, Getty, U.S . Federal Reserve, World Bank, IMF, Bank, Labor Department, U.S ., HSBC, CNBC, European Central Bank, Council, Croatian National Bank, U.S, Bank of Latvia, ECB, Governing Council, Austrian National Bank Governor Locations: Washington, Central, U.S, Marrakech, Morocco, ECB's, Europe, Marrakech ., Israel

☆ European markets flat with earnings and the Middle East in focus
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted on Tuesday, with corporate earnings season getting underway as investors continue to assess the turmoil in the Middle East. The European blue chip index closed Monday's session 0.2% higher, but futures point to marginal declines at Tuesday's open. U.S. stock futures were slightly lower in early premarket trade as third-quarter earnings season gathers momentum. Ericsson, Rio Tinto and Publicis are among the major European companies set to announce quarterly results on Tuesday, before Wall Street titans Bank of America and Goldman Sachs report ahead of the market open stateside. The ZEW economic sentiment index for the euro zone is due at 10 a.m. London time on Tuesday.

Persons: Goldman Sachs, Joe Biden, Antony Blinken Organizations: Ericsson, Rio Tinto, Wall Street titans Bank of America, Investors, Israel Locations: Asia, Pacific, Gaza . U.S, U.S, London

☆ Will the Saudi prince get his 1.5% GDP growth from sports?
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The PIF, with estimated assets of around $700 billion, has also flexed its financial muscle in golf, tennis, boxing and motorsport, to name a few, along with a slew of music and entertainment ventures. These investments are all part of Saudi Arabia's Vision 2030 program, an ambitious plan to diversify the country's economy away from its traditional reliance on oil and gas exports. Saudi Arabia's growing presence in sport and entertainment around the world has given rise to allegations of "sportswashing" — with critics claiming the regime is using sport to launder its international reputation against the backdrop of a dismal human rights record. In a recent interview, Saudi Crown Prince Mohammed bin Salman, the country's de facto leader and architect of Vision 2030, said he was happy to sportswash if it boosted the kingdom's GDP. But what role does this sporting spending spree play in the kingdom's efforts to secure its economic future, and will it work?

Persons: Prince Mohammed bin Salman Organizations: Saudi, Public Investment Fund, English Premier League, Newcastle United Locations: Europe's, Saudi

☆ U.S. can 'certainly' afford military support to both Israel and Ukraine, Janet Yellen says
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen said the country can "absolutely" afford to financially support both Israel and Ukraine in their respective war efforts. Asked in an interview with Britain's Sky News on Monday whether the U.S. could afford to be providing military support to Israel and to Ukraine in its ongoing war with Russia, Yellen said "the answer is absolutely." "America can certainly afford to stand with Israel and to support Israel's military needs and we also can and must support Ukraine in its struggle against Russia," Yellen said, adding that the U.S. economy is doing "extremely well." "We stand with Israel. America has also made clear to Israel, we're working very closely with the Israelis, that they have a right to defend themselves," Yellen told Sky News' Wilfred Frost.

Persons: Janet Yellen, Joe Biden, Washington's, Benjamin Netanyahu, Biden, Antony Blinken, Yellen, it's, Kevin McCarthy, we're, Wilfred Frost Organizations: Treasury, Palestinian, Hamas, White, CBS, Britain's Sky, Russia, Republicans, Sky News Locations: Israel, Ukraine, Gaza, Palestinian, U.S, Russia, America

☆ The UK Labour Party has a Biden-esque economic plan — but it's very different to Bidenomics
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 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 ImagesLONDON — The U.K.'s main opposition Labour Party last week set out the economic platform it hopes will propel it to power at next year's general election, and the transatlantic parallels were clear. Reeves promised last week to "rebuild Britain" as the party seeks to de-risk business investment in emerging technologies with a new national wealth fund, maintaining an active state while harnessing private investment to drive economic growth. Labour's desired parallels to "Bidenomics" were discussed at a host of fringe events throughout the conference in Liverpool, particularly with regards to the "crowding in" of private investment — a Keynesian economic theory that suggests increased government spending can spur increased private investment. Just because the policies may be oriented towards boosting infrastructure and investment, unless they have that debt finance component, it's not Bidenomics."

Persons: Keir Starmer applauds, Paul Ellis, Keir Starmer, Starmer, they're, Rachel Reeves, Joe Biden's, Reeves, Britain —, Biden, Kallum Pickering, Liz Truss, Truss, Rishi Sunak, Pickering, it's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Labour, U.S, Biden administration's, U.S . Treasury, CNBC, Bank of England, Conservative Party, U.S ., University of Pennsylvania Locations: Liverpool, England, America, Britain, Germany, France

☆ UK economy grew 0.2% in August, propped up by services sector
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. gross domestic product grew by 0.2% in August, the Office for National Statistics estimated Thursday, partially recovering from a downwardly revised 0.6% contraction in July. "It does not change the outlook for the Bank of England and confirms that the Bank Rate does not have much upside from here, but will remain at current levels for an extended period." The Bank of England last month ended a run of 14 consecutive interest rate hikes after data showed inflation was running below expectations. "The UK has grown faster than France and Germany since the pandemic and today's data shows the economy is more resilient than expected," U.K. Finance Minister Jeremy Hunt said Thursday. U.K. headline inflation dipped to an annual 6.7% in August, below expectations but still well above the Bank's 2% target.

Persons: Mathieu Savary, Jeremy Hunt, Thiru Organizations: Citibank, HSBC, National Statistics, BCA Research, Bank of England, of England, Bank, Finance, Institute of Chartered Accountants, Wales, Bank of England's Locations: Wharf, London, United Kingdom, U.K, European, France, Germany, England

☆ Former Barclays CEO Staley fined and banned by UK regulator over Epstein links
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Jes Staley, former CEO of Barclays, arrives at the offices of Boies Schiller Flexner LLP in New York on June 11, 2023. LONDON — Former Barclays CEO Jes Staley on Thursday was fined and banned from holding any position of influence in the U.K. financial services industry for misleading the regulator over his relationship with sex offender Jeffrey Epstein. "Mr Staley is an experienced industry professional and held a prominent position within financial services. Emails subsequently emerged in which Staley described Epstein as one of his "deepest" and "most cherished" friends, the FCA confirmed. Barclays' letter also claimed Staley had ceased contact with Epstein long before he joined the bank in December 2015.

Persons: Jes Staley, Boies Schiller Flexner, Jeffrey Epstein, Staley, Epstein, Therese Chambers, Mr Staley, Mr Epstein, Chambers Organizations: Barclays, LONDON, Financial, Authority, Staley, FCA, Barclays Board, Manhattan's Metropolitan Correctional Center Locations: New York, LONDON —, Manhattan's

The war provoked by Hamas' attack on Israel has shaken American politics — and put the primary race in her wheelhouse. Iran has long supported Hamas, though U.S. officials say there's no conclusive evidence yet that Iranian agents were involved in the most recent attack. Ron DeSantis proposed state-level sanctions against Iran for its ongoing support of Hamas. Since before the war, Haley has gone after her rivals on issues such as U.S. support for Ukraine against Russia's invasion and how Washington deals with China. And, in keeping with how he treats rivals, Trump has given Haley a nickname, “Birdbrain."

Persons: CLIVE, — Nikki Haley, peppering, —, Haley, Donald Trump, ”, we’re, wouldn't, Israel, Kevin McCarthy, Joe Biden, South Carolina Sen, Tim Scott, Ron DeSantis, Trump, Vivek Ramaswamy’s, “, ” Ramaswamy, ” Haley, DeSantis, ” DeSantis, Bill Strong, ” Strong, Nikki, doesn’t, Bruce Rauner, Rauner, She’s, Linda Marks, ” Marks, Thomas Beaumont, Elliot Spagat, ___ Meg Kinnard Organizations: Republican, United Nations, Department of Homeland Security, Israel, Saturday, Banking, Gov, Ukraine, Washington, GOP, Lockheed, Raytheon, Boeing, Trump, Disney, ” Former Illinois Gov, doer, Palestinian, Security, The Associated Press, NORC, for Public Affairs Research, Associated Press Locations: Iowa, China, Russia, Israel, U.S, America, Mexico, Iran, Tehran, South Carolina, Florida, Ukraine, Taiwan, ”, Texas, United States, Gaza, Des Moines, Windsor Heights , Iowa, Boone , Iowa, San Diego

☆ UK Labour leader promises 'a decade of national renewal' in disrupted conference speech
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A protester throws glitter over and disrupts Labour leader Sir Keir Starmer making his keynote speech during the Labour Party Conference in Liverpool. (Photo by Stefan Rousseau/PA Images via Getty Images)LIVERPOOL, England — U.K. opposition Labour Party Leader Keir Starmer on Tuesday promised "a decade of national renewal" during a keynote conference speech disrupted by a protester. The Labour leader opened his speech by promising "a decade of national renewal," a signal of the party's confidence of a generational shift in power after next year's General Election. "This Labour Party will fight the next election on economic growth. An economy that works for the whole country is what the British people want," he added, arguing that investment in national infrastructure was key to securing better distributed growth.

Persons: Sir Keir Starmer, Stefan Rousseau, Keir Starmer, Starmer, thrall Organizations: Labour Party Conference, Images, Labour Party, Labour, National, Great, Great British Energy Locations: Liverpool, LIVERPOOL, England, Great British, Scotland

☆ London's financial heart is sizing up a win for center-left Labour party at next year's UK election
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesLIVERPOOL, England — The U.K.'s main opposition Labour party is seeking to woo London's powerful financial center as it sets its sights on winning power at next year's General Election. At the party's conference this week, lawmakers were unanimous in emphasizing Labour's renewed focus under leader Keir Starmer on spurring economic growth as its number one priority. Speaking at a fringe event on Sunday, Shadow Financial Secretary to the Treasury James Murray reiterated the party's mission of achieving the highest growth in the G7 and engaging the private sector. It really is crucial to underpin the encouragement of businesses to invest, to underpin everyone working together for economic growth," Murray added. Shadow Chancellor Rachel Reeves announced a host of new economic pledges aimed at stimulating growth, vowing to "rebuild Britain" if Labour wins the 2024 General Election.

Persons: Keir Starmer, James Murray, Murray, Rishi, Liz Truss's, Kwasi Kwarteng, Rachel Reeves, Reeves, Jeremy Corbyn, Starmer, Emma Reynolds Organizations: Bloomberg, Getty, Labour, Shadow, Conservative Party, Treasury Locations: Canary, London, LIVERPOOL, England, Britain, Liverpool

☆ UK opposition Labour announces sweeping economic reforms in promise to 'rebuild Britain'
▼ + stars: | 2023-10-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, England — Britain's main opposition Labour party on Monday vowed to "rebuild Britain" if it wins the 2024 General Election, as Shadow Finance Minister Rachel Reeves announced a host of new economic pledges aimed at stimulating growth. The lifeblood of a growing economy is business investment," Reeves said, further cementing the party's recalibration in recent years as a centrist, pro-business alternative to the ruling Conservatives. Truss and then-Chancellor Kwasi Kwarteng opted not to seek an independent appraisal from the OBR, breaking with traditional norms of economic policy. Labour holds around a 20-point lead over the Conservatives across most major polling, with the ruling party damaged by a string of scandals and the fallout from Sunak's predecessor Liz Truss's "mini-budget." In order to catalyze and de-risk business investment, Labour would create a new national wealth fund, Reeves also announced.

Persons: Rachel Reeves, Jeremy Hunt, Reeves, Liz Truss, Kwasi Kwarteng, Rishi Sunak, Liz Truss's Organizations: Labour, Shadow, Conservative Party Locations: LIVERPOOL, England, Britain, Liverpool, France, Germany, America

Many of the GOP presidential candidates say they would carry out potential acts of war against Mexico in response to the trafficking of fentanyl and other synthetic opioids. Mexican President Andres Manuel López Obrador repeatedly denies his country is producing the synthetic opioid despite enormous evidence to the contrary. Border agents seized nearly 13 tons (12,000 kilograms) of fentanyl at the U.S.-Mexico border between September 2022 and August, according to U.S. Customs and Border Protection. "As commander in chief, I’m going to use the U.S. military to go after the Mexican drug cartels,” said DeSantis, the Florida governor. Lopez Obrador took office in December 2018 campaigning with a motto of “hugs, not bullets,” and for four years has shredded his predecessors’ prosecution of the drug war.

Persons: Ron DeSantis, Nikki Haley, Vivek Ramaswamy, ” Donald Trump, You’ve, you’ve, ”, Arturo Sarukhan, “, Andrea Thomas ’, Thomas, Joe Biden's, Andres Manuel López Obrador, I’m, DeSantis, James Mandryck, Lopez Obrador, Xóchitl Gálvez, James K, Polk, Woodrow Wilson, Pancho Villa, Trump, Tony Payan, Elliot Spagat, Mark Stevenson Organizations: MIAMI, Republican, GOP, U.S . Customs, U.S . Commission, Univision, Drug Enforcement Administration, Trump, Biden, U.S ., Center, Rice, Baker Institute for Public, Associated Press Locations: U.S, Mexico, United States, Washington, Junction , Colorado, Mexican, Florida, China, Sinaloa, Latin America, Texas, California , Nevada , Utah, New Mexico, Arizona, Colorado, Oklahoma , Kansas, Wyoming, Veracruz, Columbus , New Mexico, San Diego, Mexico City

☆ Inflation is 'always going to be a risk' with the U.S. economy now fundamentally changed, ADP chief economist says
▼ + stars: | 2023-10-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Surveys suggest that despite cooling inflation and jobs gains, Americans remain deeply skeptical of the president's handling of the post-pandemic economy. Photographer: Al Drago/Bloomberg via Getty Images Al Drago | Bloomberg | Getty ImagesInflation is "always going to be a risk" in the U.S. due to structural changes in the labor market, according to Nela Richardson, chief economist at payroll processing firm ADP. Prior to that, interest rates had remained low for a decade as central banks around the world looked to stimulate their respective economies in the wake of the global financial crisis. "This was an economy built on very close to zero interest rates for 10 years of economic expansion, and that was OK because inflation was super low," she said. watch now"But now inflation has awakened, and if you look at demographic trends, labor shortages are not going away.

Persons: Al Drago, Nela Richardson, Richardson, It's Organizations: Bloomberg, Getty, U.S . Federal Reserve, Market Committee, Dow Jones Locations: Ocean City , New Jersey, US, U.S

European stocks moved higher on Friday as market participants brace themselves for U.S. jobs data later in the session. The pan-European Stoxx 600 index was up 0.5% in early trade, with insurance stocks adding 1.2% to lead gains as most sectors and major bourses nudged into positive territory. Economists surveyed by Dow Jones expect that September will show a net 170,000 new jobs — significantly more than that could provide a good-news-is-bad-news jolt to an already reeling market. The pan-European Stoxx 600 closed 0.3% higher on Thursday, following three consecutive negative trading sessions at the start the fourth quarter. The rate on the 10-year Treasury note slipped from highs last seen in 2007 earlier in the week and held steady at around 4.7276% on Friday.

Persons: nonfarm, Dow Jones Organizations: U.S, Wall, Federal Reserve Locations: Asia, Pacific

European markets traded in negative territory Wednesday as global sentiment falters. The pan-European Stoxx 600 index fell 0.5% in early trade, with autos shedding 2% to lead losses as most sectors and major bourses slid into the red. U.S. stocks were lower Tuesday as traders closely monitored rising Treasury yields, which hit a 16-year high. The 10-year Treasury yield, a benchmark for mortgage rates and gauge of investors' economic confidence, briefly touched its highest level since 2007. Overnight, Asia-Pacific markets were broadly weaker Wednesday, with Korean and Japanese stocks posting a more than 2% drop after the U.S. 10-year Treasury yield rose.

Organizations: Treasury Locations: Asia, Pacific

☆ Novartis unit Sandoz starts trading at 24 Swiss francs after completing spinoff
▼ + stars: | 2023-10-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Novartis said in August that it plans to spin off its generics unit Sandoz to sharpen its focus on its patented prescription medicines. Novartis on Wednesday completed the spinoff of its generics and biosimilars business Sandoz, whose shares began trading at 24 Swiss francs in the early minutes of the company's debut on the SIX Swiss Exchange. The Swiss drugmaker initially announced intentions to spin off the business in August, offering stakeholders one Sandoz share for every five Novartis shares via a dividend-in-kind distribution. Pure play companies refer to entities that target a single product or industry sector. Novartis shares climbed more than 3% in early trade in Zurich to lead the pan-European Stoxx 600 index .

Persons: Sandoz, Narasimhan, we've, CNBC's Julianna Tatelbaum Organizations: Novartis, Wednesday, SIX Swiss Exchange, CNBC Locations: Swiss, Zurich

☆ Russian ruble weakens past symbolic threshold of 100 against the dollar
▼ + stars: | 2023-10-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A woman looks at a board showing the rates of dollars and euros against the ruble in front of the exchange office on February 19, 2023, in Moscow, Russia. Russia's economy is beginning to feel the weight of Western sanctions, following the start of the war against Ukraine. The Russian ruble weakened beyond a symbolic threshold of 100 to the U.S. dollar in the early hours of Tuesday as foreign currency outflows and a shrinking balance of trade continue to weigh on the currency. The ruble recovered slightly through the morning, and was hovering just above 99.5 versus the greenback by around 8 a.m. London time. When the ruble last weakened into triple digits in August, the Bank of Russia called an emergency meeting to hike interest rates by 350 basis points to 12%.

Persons: Vladimir Putin's Organizations: Ukraine, U.S, Bank of Russia, Bank of Locations: Moscow, Russia, London, Russian, Bank of Russia

☆ Billionaire Bernard Arnault hits back at 'absurd' and 'senseless' money laundering allegations
▼ + stars: | 2023-10-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Billionaire LVMH CEO Bernard Arnault has hit back at allegations of money laundering, after the Paris prosecutor's office confirmed it is investigating financial transactions between Arnault and Russian oligarch Nikolai Sarkisov. In a statement, Arnault's attorney, Jacqueline Laffont, said the allegations were "absurd and unfounded." The investigation, seemingly under way, will demonstrate these facts," she said in an emailed statement over the weekend. "Furthermore, who could seriously imagine that Bernard Arnault, who has developed over the past 40 years the leading French and European company, would pursue money laundering to expand a hotel? I believe the senseless nature of these allegations will be recognized by all."

Persons: Bernard Arnault, Nikolai Sarkisov, Jacqueline Laffont Organizations: Paris, Sarkisov Locations: Courchevel

☆ Veteran investor David Roche has a contrarian call on grain prices, says prices will soar
▼ + stars: | 2023-10-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Grain prices have been in freefall of late as investors bet on a resurgence of supply from the U.S., Russia and Ukraine — but veteran strategist David Roche disagrees. Contrary to market consensus, Roche, president and global strategist at Independent Strategy, expects a 13-15% annual increase in wheat prices over the next two years. His comments come as wheat prices remain down around 29% year-to-date and at their lowest levels since September 2020, with short positions — bets that prices will fall — recently hitting a three-month high, according to a report from Independent Strategy. Corn prices are also trading around three-year lows while soybeans recently notched a four-year low. Meanwhile Russia, the world's largest grain exporter, has also produced large harvests which analysts expect to get through export blockades.

Persons: David Roche, Roche, CNBC's, we've Organizations: Independent, El Nino, U.S . Department of Agriculture Locations: Kramatorsk, Donetsk region, Ukraine, U.S, Russia, Mississippi

☆ LVMH boss Bernard Arnault under investigation in Paris over Russian oligarch transactions
▼ + stars: | 2023-09-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, attends a news conference to present the 2022 annual results of LVMH in Paris, France, January 26, 2023. The prosecutor's office declined to comment further on the ongoing investigations. The Paris public prosecutor's office is investigating LVMH CEO Bernard Arnault over financial transactions involving Russian oligarch Nikolai Sarkisov. "All transactions were carried out by French companies, through French notaries by French lawyers on all sides. He added that neither the company nor Sarkisov had received any request for documents from French authorities.

Persons: Bernard Arnault, LVMH Moet Hennessy Louis Vuitton, Le, Sarkisov, France's, Nikolai Sarkisov, Arnault, Igor Ivanov, Ivanov, LVMH Organizations: LVMH, CNBC Locations: Paris, France, Arnault, Belgium, Courchevel

☆ UK economic recovery picks up steam, overtaking 'sick man' Germany — for now
▼ + stars: | 2023-09-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesLONDON — The U.K.'s economic performance since the start of the Covid-19 pandemic has surpassed that of France and Germany, according to new data revisions published on Friday. A previous ONS estimate in August had suggested that U.K. GDP was still 0.2% below pre-pandemic levels, making it the slowest recovery among advanced economies. British Finance Minister Jeremy Hunt said in a statement Friday said the revised data "once again proves the doubters wrong." Still a 'flatlining economy' The U.K. economy has proven surprisingly resilient so far. "Unfortunately this snapshot of economic data is not significant enough to change the overall picture of a flatlining economy," said PwC economist Jake Finney.

Persons: Germany —, Jeremy Hunt, Jake Finney Organizations: Bloomberg, Getty, National Statistics, British, IMF, Bank of England Locations: Canary, London, France, Germany, British, Europe, Italy

☆ Saudi soccer league says big-money player purchases are only the first step in a long-term strategy
▼ + stars: | 2023-09-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The big-spending Saudi Pro League is aiming to build its global broadcasting presence and become one of the top 10 soccer leagues in the world, its chief operating officer, Carlo Nohra, told CNBC on Thursday. The league dominated the sports headlines over the summer as Saudi clubs cumulatively spent more than $1 billion in transfer fees and attracted some of the biggest names from Europe's top leagues with mammoth contract offers. Speaking to CNBC at the APOS conference in Bali, Indonesia, on Thursday, Nohra said that Saudi Arabia's strategy is "extremely long term," but that the acquisition of players was the first step. watch nowThe kingdom's massive investment in sport is part of a broader effort to diversify its economy away from oil by investing in commercial infrastructure to become a tourism, leisure and entertainment powerhouse. Nohra explained that the objectives handed down to the Saudi Pro League's bosses were to firstly improve on-pitch performance through the acquisition of world-class players, to fill the country's stadia and ultimately to drive the commercialization of the vastly improved overall product.

Persons: Carlo Nohra, cumulatively, Neymar, Sadio Mane, Ballon, Karim Benzema, Cristiano Ronaldo, Nohra, Prince Mohammed bin Salman Organizations: Saudi Pro League, CNBC, English Premier League, Liga, Germany's Bundesliga, Serie, Ligue, Saudi, Fox News, Saudi Pro Locations: Saudi, Bali , Indonesia

☆ The U.S. is weaker now than when we downgraded in 2011, former S&P ratings chairman says
▼ + stars: | 2023-09-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The U.S. is in a weaker position now than when S&P downgraded its sovereign credit rating in 2011, according to the former chairman of the agency's sovereign rating committee. S&P controversially downgraded the long-term credit rating from AAA representing a "risk free" rating to AA+ as early as 2011, citing political polarization after another debt ceiling squabble in Washington. John Chambers, former chairman of the Sovereign Rating Committee at S&P Global Ratings at the time of that 2011 downgrade, told CNBC's "Capital Connection" on Tuesday that a government shutdown is likely and that the whole episode was a "sign of weak governance." This was a factor that led to S&P's downgrade of 2011, and Chambers said the U.S. fiscal position is now even weaker than it was back then. At the time, we forecasted that it might get to 100% of GDP, and the government ridiculed us for being too scaremongering," he said.

Persons: Joe Biden, Kevin McCarthy, Fitch, John Chambers, CNBC's, Chambers Organizations: D.C, U.S . Capitol, AAA, Sovereign Locations: U.S, Washington

☆ 'We have dealt with recessions before': Jamie Dimon says geopolitics is the world's biggest risk
▼ + stars: | 2023-09-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. JPMorgan Chase & Co. CEO Jamie Dimon says geopolitics after Russia's invasion in Ukraine is the biggest risk, larger than high inflation or a U.S. recession. However, the war in Ukraine has polarized global powers and shows no sign of abating. I think it's also very important for the future of the free democratic world. Asked about the potential impact of this slump on the long-term prospects for China and the global economy, Dimon again suggested that Eastern Europe was the actual epicentre of risk, with the war in Ukraine straining relationships between economic superpowers.

Persons: Jamie Dimon, Dimon Organizations: JPMorgan Chase &, Reuters, U.S . Federal Reserve, CNBC Locations: Miami , Florida, U.S, Ukraine, India, China, Eastern Europe

☆ 'Private equity is now king' for the ultra-rich, says Tiger 21, an exclusive club of investors
▼ + stars: | 2023-09-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Michael Sonnenfeldt, Tiger 21 Scott Mlyn | CNBCPrivate equity is currently "king" among members of Tiger 21 — a network of ultra-high net worth entrepreneurs and investors — according to its founder and chairman, Michael Sonnenfeldt. The private equity industry had an especially tough 2022 after a decade-long bull run, but has picked up so far this year. Sonnenfeldt told CNBC on Friday that Tiger 21 members, who collectively manage around $150 billion in assets, have increased their allocation to private equity threefold over the last decade, and see further opportunities amid an expected boom for companies exposed to AI and climate. Most Tiger 21 members are entrepreneurs who have sold their companies and are now in the business of wealth preservation. According to a quarterly report from EY, private equity activity climbed 15% in the second quarter of 2023 versus the first, with total deal values hitting $114 billion on the back of a steep rise in Europe.

Persons: Michael Sonnenfeldt, Scott Mlyn, Sonnenfeldt, —, Dan Rasmussen Organizations: CNBC, Tiger Locations: EY, Europe

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