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

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

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

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

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

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

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

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

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

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

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

Persons: Shell, Wael Sawan Organizations: BP

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

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

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

☆ Argentina’s Milei accused of double standards in a scandal over a 48% pay raise
▼ + stars: | 2024-03-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Argentina's President Javier Milei gestures while delivering his first policy speech to parliament during the inauguration of the 142nd ordinary session of Congress in Buenos Aires on March 1, 2024. Argentina's Javier Milei has been accused of hypocrisy for orchestrating a substantial increase in presidential pay while pushing through an austerity package, in a scandal that has rocked the right-wing populist's government. It reflected a 48% increase in presidential pay from January. The libertarian economist, who has often been compared to former U.S. President Donald Trump, sought to defend the pay increase by claiming it was automatically triggered by a decree signed by former President Cristina Fernandez de Kirchner 14 years ago. Opposition lawmakers, however, said the president's own signature was used on a February decree that enabled the pay increase.

Persons: Javier Milei, Argentina's Javier Milei, Milei, Omar Yasin, Donald Trump, Cristina Fernandez de Kirchner, Cristina Kirchner Organizations: 142nd, Argentine Locations: Buenos Aires, Milei

☆ Gold prices could keep climbing — but analysts expect silver to steal the show before long
▼ + stars: | 2024-03-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A record-breaking rally for gold may yet continue, particularly as investors position for interest rate cuts — but analysts say silver appears well placed to outshine the yellow metal in the second half of the year. Spot gold prices on Monday edged higher to $2,178 per ounce, after settling at their highest since 1979 on Thursday last week. Spot silver prices, meanwhile, were last seen up 0.2% at $24.36 per ounce at 6:24 a.m. London time (1:24 a.m. Precious metal prices have pushed higher in recent weeks amid growing expectations of U.S. interest rate cuts. Gold, which is typically considered a "safe haven" asset at times of financial uncertainty, has rallied despite high interest rates and a relatively strong U.S. dollar.

Persons: Jerome Powell, Marcus Garvey, CNBC's Organizations: Macquarie Locations: London

☆ Portugal’s election shows a surge in support for the far right, reflecting a broader European trend
▼ + stars: | 2024-03-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Democratic Alliance (AD) leader Luis Montenegro celebrates his victory as he addresses supporters at the party's election night headquarters, in Lisbon on March 10, 2024. Portugal's far-right Chega party on Sunday received a surge in support in the country's snap general election, reflecting a broader shift to the radical right across Europe. Portugal's center-right Democratic Alliance claimed victory in the vote, winning 79 seats in the country's 230-seat National Assembly — well short of a parliamentary majority. The incumbent center-left Socialist Party followed closely behind with 77 seats. The result — which saw the parliamentary representation of the Chega party quadruple to at least 48 lawmakers — gives the political right a combined majority.

Persons: Luis Montenegro, —, Pedro Nuno Santos Organizations: Democratic Alliance, Sunday, Assembly, Socialist Party, Social Democratic Party, Chega, Democratic Locations: Lisbon, Portugal's, Europe

☆ Chocolate is getting more and more expensive — but it's not yet showing signs of destroying demand
▼ + stars: | 2024-03-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Workers collect dry cocoa beans in front of the store of a cocoa cooperative in the village of Hermankono on Nov. 14, 2023. Analysts believe the cost of the core chocolate ingredient may have room to extend its record-breaking run, with no sign of significant demand destruction yet on the horizon. Concerns over the supply of cocoa in West Africa, home to around three quarters of the world's production, have driven the market higher in recent months. In New York, benchmark ICE cocoa futures stood at $6,549 per metric ton on Wednesday. Somewhat surprisingly, the historic price surge has not yet hampered global demand.

Persons: Paul, CNBC's Organizations: Analysts, Rabobank Locations: Hermankono, West Africa, New York

☆ Russia-Ukraine war live updates: Ukraine says it’s rebuilding for counteroffensives; EU condemns 'reckless' and 'vile' Odesa attack
▼ + stars: | 2024-03-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

President of Ukraine Volodymyr Zelenskyy and Prime Minister of Greece Kyriakos Mitsotakis (L) inspect the functioning of the 'grain corridor' in the Black Sea in the port of Odesa, Ukraine on March 06, 2024. European Union leaders have sharply criticized a deadly Russian missile strike on Ukraine's southern port city of Odesa, near to where President Volodymyr Zelenskyy and Greek Prime Minister Kyriakos Mitsotakis held a meeting. Zelenskyy and Mitsotakis met in Odesa on Wednesday to pay tribute to the 12 people killed by a Russian drone strike on the city last week. During the meeting, Mitsotakis said the pair heard the sound of sirens and "an explosion that was very close to us." A Ukrainian navy spokesperson said five people were killed in the strike, according to Sky News.

Persons: Ukraine Volodymyr Zelenskyy, Greece Kyriakos, Volodymyr Zelenskyy, Kyriakos Mitsotakis, Mitsotakis, @ZelenskyyUa, Josep Borrell, Ursula von der Leyen, Sam Meredith Organizations: European Union, Sky News, Union, European, Russia's Defense Ministry, Wednesday Locations: Ukraine, Greece, Odesa, Russian, Ukrainian

☆ Bill Gates-backed startup confident it can unearth more buried treasure after a historic copper find
▼ + stars: | 2024-03-06 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Copper plates on wagons ready for onward shipping at the Mufulira refinery, operated by Mopani Copper Mines Plc, in Mufulira, Zambia, on Friday, May 6, 2022. KoBold Metals, a mining startup backed by billionaires including Bill Gates and Jeff Bezos, is bullish on the discovery potential of some of the most sought-after energy transition metals. It comes shortly after the Silicon Valley-based metals exploration company announced the rare discovery of a vast copper deposit in Zambia. The point of the company is to discover, find and develop mineral resources that we need for the energy transition," Goldman said via videoconference. KoBold Metals says it uses artificial intelligence to create a "treasure map" to help find new deposits of materials such as copper, lithium, cobalt and nickel.

Persons: Bill Gates, Jeff Bezos, Josh Goldman, Goldman Organizations: Mopani Copper Mines, KoBold Metals, CNBC, KoBold Locations: Mufulira, Zambia, videoconference

☆ Goldman says the bear market for battery metal prices is far from over
▼ + stars: | 2024-03-05 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Goldman Sachs finds it is too early to call an end to a battery raw materials price plunge, warning that significant supply pipelines and Western electric vehicle headwinds could keep prices lower for longer. Goldman Sachs said the outlook appeared bearish for nickel, lithium and cobalt. On a 12-month basis, analysts at Goldman said the Wall Street bank is targeting a 12%, 15% and 25% downside in cobalt, nickel and lithium carbonate, respectively. Lithium prices are down nearly 70%, compared to the same period last year. Nickel prices on the London Metal Exchange (LME) were last trading at $17,945 per metric ton on Tuesday, while cobalt prices on the LME stood at $28,550 per metric ton.

Persons: Goldman Sachs, Nicholas Snowdon, Goldman Organizations: Western EV, London Metal Exchange Locations: China

☆ Haiti declares state of emergency after armed gangs storm two of the country's largest prisons
▼ + stars: | 2024-03-04 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

This screen grab taken from AFPTV shows tires on fire near the main prison of Port-au-Prince, Haiti, on March 3, 2024, after a breakout by several thousand inmates. A 72-hour state of emergency has been declared in Haiti after armed gangs stormed two of the country's largest prisons, reportedly allowing thousands of people to escape. A government statement said two prisons, one in the capital of Port-au-Prince and another in nearby Croix des Bouquets, were overrun by gang members over the weekend, according to multiple media reports. Nearly all the 4,000 inmates at Haiti's National Penitentiary in Port-au-Prince were thought to have escaped. Haitian lawyer Arnel Remy, head of the Collective of Lawyers for the Defense of Human Rights in Haiti, said in a Google-translated update on the X social media platform that a total of 3,597 prisoners escaped from the National Penitentiary.

Persons: Patrick Boisvert, Al, Ariel Henry, Arnel Remy Organizations: CNBC, Finance, Lawyers, Defense of Human Rights, National Penitentiary Locations: Port, Prince, Haiti, Croix des, Haiti's, Al Jazeera, Boisvert, Haitian, Kenya

☆ The North Sea could become a 'central storage camp' for carbon waste. Not everyone likes the idea
▼ + stars: | 2024-03-04 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +7 min

The receiving dock at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024. Offshore carbon capture and storage (CCS) refers to a range of technologies that seek to capture carbon from high-emitting activities, transport it to a storage site and lock it away indefinitely under the seabed. Storage tanks at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024. Bloomberg | Bloomberg | Getty ImagesNorway has a long history of carbon management. Bloomberg | Bloomberg | Getty Images"There is definitely a public acceptance risk to storing CO2 onshore.

Persons: Terje Aasland, Aasland, Norway's Aasland, Børre Jacobsen, —, Jacobsen Organizations: Equinor ASA, Shell Plc, Bloomberg, Getty, Norway's Energy, CCS, Institute for Energy Economics, Workers, Northern Lights, Shell, Northern, Venture, CNBC, videoconference Locations: Blomoyna, Norway, Europe, videoconference, Brevik, Norwegian, Sleipner, U.S, Norway's, Longship

☆ Elon Musk sues OpenAI and CEO Sam Altman over contract breach
▼ + stars: | 2024-03-01 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, on Jan. 18, 2024. Elon Musk is suing Microsoft -backed OpenAI and its CEO Sam Altman, among others, alleging they abandoned the company's founding mission to develop artificial intelligence "for the benefit of humanity broadly." "To this day, OpenAI, Inc.'s website continues to profess that its charter is to ensure that AGI benefits all of humanity.' In reality, however, OpenAI, Inc. has been transformed into a closed-source de facto subsidiary of the largest technology company in the world: Microsoft," the lawsuit filing said. Musk's lawyers said in the lawsuit that OpenAI's focus on maximizing profits for Microsoft breaks that agreement.

Persons: Sam Altman, Elon Musk, Altman, OpenAI, Greg Brockman, Musk Organizations: Economic, Microsoft, San Locations: Davos, Switzerland, San Francisco

☆ 'Stupidity' poses a bigger threat than AI, CEO of Italian defense giant Leonardo says
▼ + stars: | 2024-03-01 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Roberto Cingolani, chief executive officer of Leonardo SpA, during an interview in London, UK, on Tuesday, Jan. 23, 2024. The chief executive of Italian defense group Leonardo said Friday that he's more concerned about the "stupidity" of users of artificial intelligence rather than the threats posed by the technology itself. "With this in mind, artificial intelligence is a tool. It is an algorithm made by humans, that is run by computers made by humans, that controls machines made by humans. I am more afraid, more worried [about] national stupidity than artificial intelligence to be honest," he added.

Persons: Roberto Cingolani, Leonardo SpA, Leonardo, he's, António Guterres, Guterres, CNBC's Organizations: U.N, Economic, International Monetary Fund, D.C Locations: London, Davos, Switzerland, Washington

☆ A huge wealth transfer means millennials are poised to become 'the richest generation in history'
▼ + stars: | 2024-02-29 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Soaring rents, rising inflation and student debt are among some of the reasons millennials have struggled to purchase their own homes or build up their savings. A gigantic wealth transfer over roughly the next decade will likely make millennials "the richest generation in history," according to a report from global real estate consultancy Knight Frank. In the U.S. alone, Knight Frank said the shift would see $90 trillion of assets move between generations, "making affluent millennials the richest generation in history." Soaring rents, rising inflation and student debt have contributed to millennials' struggles to purchase their own homes or build up their savings. Liam Bailey, global head of research at Knight Frank, said that the wealth transfer is taking place amid "seismic changes" in how the assets are put to use.

Persons: millennials, Knight Frank, —, Liam Bailey, Bailey Organizations: Soaring

☆ Big Oil's favorite climate solution is 'like trying to push water uphill,' climate chief says
▼ + stars: | 2024-02-28 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

This photograph taken on February 27, 2024, shows the the Heidelberg Materials cement plant in Antoing, during a press visit. The cement plant intends to equip it's kiln with a carbon capture facility, which will enable the Antoing plant to achieve a net-zero carbon balance. Jim Skea, the head of the U.N.'s Intergovernmental Panel on Climate Change, warned on Tuesday that scaling up carbon capture still faces significant challenges. "CCS is much more like trying to push water uphill to get it into technological systems, it is more challenging." Skea's comments came during the first day of International Energy Week, formerly known as International Petroleum Week — a three-day global energy conference in London that convenes senior industry figures.

Persons: Jim Skea, Skea Organizations: International Energy, International Petroleum Locations: Heidelberg, Antoing, London

☆ Bank CEO shrugs off U.S. war on 'woke' capital, says ESG investing is good for business
▼ + stars: | 2024-02-27 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Bill Winters, Chief Executive Officer at the Standard Chartered Bank, attends a panel session of the World Governments Summit in Dubai on February 12, 2024. Ryan Lim | Afp | Getty ImagesStandard Chartered chief executive Bill Winters says environmentally conscious investing can be good for business, dismissing the impact of a U.S. crusade against mission-driven investments. In the United States, for example, Republican lawmakers have decried ESG as a form "woke capitalism" that seeks to prioritize liberal goals over investment returns. But one of the stats that I love is the biggest renewable power center in the United States is the state of Texas, right? Signage atop the Standard Chartered Plc headquarters building, center, in Hong Kong, China, on Monday, Feb. 19, 2024.

Persons: Bill Winters, Ryan Lim, ESG, Winters, CNBC's, — Organizations: Standard Chartered Bank, World Governments, Afp, Getty, Standard, Democratic, Chartered Plc, Bloomberg Locations: Dubai, U.S, United States, Texas, Hong Kong, China

☆ Mauritius blocks Norwegian cruise ship over fears of a potential cholera outbreak
▼ + stars: | 2024-02-26 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The first cruise ship, 'Norwegian Dawn' to arrive at Portland Port since the arrival of the Bibby Stockholm immigration barge, is seen docking, on July 26, 2023 in Portland, England. A Norwegian cruise ship has been denied permission to dock in Mauritius over fears of a potential cholera outbreak on board. The ship was on a 12-day itinerary from Cape Town, South Africa to Port Louis that started on Feb. 13. A spokesperson for the U.S.-headquartered Norwegian Cruise Line Holdings said Sunday that "a small number of guests experienced mild symptoms of a stomach-related illness" during Norwegian Dawn's South Africa voyage. Multiple media outlets reported the stomach illness on board the ship was suspected to be cholera.

Persons: Bibby, Port Louis Organizations: Portland Port, Sunday, Mauritius Ports Authority, U.S, Cruise Line Holdings, Norwegian Cruise Line Holdings Locations: Portland, Bibby Stockholm, England, Norwegian, Mauritius, Port, Cape Town , South Africa, Port Louis, South Africa

☆ ‘Life-changing’: Delivery driver wins $217,000 at Kenya Open golf tournament
▼ + stars: | 2024-02-26 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Joe Dean of England reacts on the 16th green during day four of the Magical Kenya Open at Muthaiga Golf Club on February 25, 2024 in Nairobi, Kenya. British golfer and part-time delivery driver Joe Dean hailed his performance at the Kenya Open as "life-changing" as he received a check for just under 200,000 euros ($217,000) by finishing in a tie for second place. "I don't think it's sunk in yet," Dean told DP World Tour. Second event, you don't really feel like you belong and feel like you're trying to prove something," Dean said. "Luckily, I managed to get over that quickly and figure out how to get around the golf course."

Persons: Joe Dean, Spain's Nacho Elvira, Darius van Driel, Dean, It's, I've, I'd, you've Organizations: Kenya, Club, Morrisons Locations: Nairobi, Kenya, British, Netherlands, Qatar

☆ Success, not returns: Manchester United co-owner Jim Ratcliffe on his sole focus for the soccer club
▼ + stars: | 2024-02-23 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Jim Ratcliffe of INEOS meets members of the press ahead of the Premier League match between Manchester United and Tottenham Hotspur at Old Trafford on January 14, 2024 in Manchester, England. New Manchester United co-owner Jim Ratcliffe said on Friday that return on investment had nothing to do with his decision to invest in the English soccer giant. Ratcliffe's comments come shortly after the British petrochemicals billionaire and INEOS chief executive finally completed a deal to buy a minority stake in Manchester United. The Glazer family, which have owned Manchester United since 2005, retain a majority stake under the terms of the agreement. "And also, we have moved into consumer markets, you know certainly automotive is a huge consumer market obviously, and the INEOS name wasn't particularly well known so, through sport, obviously people are getting to know INEOS," Ratcliffe said.

Persons: Jim Ratcliffe, INEOS, Ratcliffe, Glazer, CNBC's Arabile, That's, we've Organizations: Premier League, Manchester United, Tottenham Hotspur, Old, New Manchester United, Ratcliffe's Locations: Old Trafford, Manchester, England, New

☆ Ukraine war live updates: Russian drone strike kills 3 in Odesa; Zelenskyy says Polish border crisis ‘utterly unacceptable'
▼ + stars: | 2024-02-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In this pool photograph distributed by Russian state agency Sputnik, the Tupolev Tu-160M "Ilya Muromets" strategic bomber is seen on the grounds of an aircraft manufacturer in Kazan on February 22, 2024. Russian President Vladimir Putin said on Friday that almost all of the country's strategic nuclear forces had been modernized and the Russian Air Force had recently taken delivery of four nuclear-capable bombers, according to state news agency Tass. A day earlier, the Russian president flew on a modernized strategic missile carrier known as a TU-160M. "Today, the share of modern weapons and equipment in the strategic nuclear forces has already reached 95%, while the naval component of the 'nuclear triad' is at almost 100%. A key priority for the Kremlin, Russia's so-called "nuclear triad" refers to the ability to launch nuclear missiles from land, air and sea.

Persons: Tupolev, Ilya Muromets, Vladimir Putin, Putin, Sam Meredith Organizations: Sputnik, Russian Air Force, Tass, Fatherland, Armed Forces, Kremlin Locations: Russian, Kazan, Russia

☆ Most UK firms stick with a four-day working week after taking part in world's biggest trial
▼ + stars: | 2024-02-22 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Most companies involved in the world's largest trial of a four-day working week have made the policy permanent, according to a new report. Of the 61 British companies that took part in a six-month pilot in 2022, at least 54 (89%) said the policy was still in place, while 31 firms (51%) said they had permanently switched to a four-day working week. The companies involved were invited to take part in a follow-up study one year on from the world's biggest trial of a shorter working week to date. "Overall results have held and in some cases have even continued to improve," Schor said in a statement. Job satisfaction and sleep problems nudged down a bit, but the bulk of the original improvement remains."

Persons: Juliet Schor, Schor Organizations: Frankfurt Central, Autonomy, Boston College Locations: Frankfurt, Germany

White House national security communications adviser John Kirby said Tuesday that the U.S. plans to announce a "major sanctions package" on Friday, seeking to hold Russia responsible for the death of imprisoned opposition leader Alexei Navalny. Estonia Prime Minister Kaja Kallas on Tuesday said the country, which borders Russia, successfully thwarted a "hybrid operation" by Russia's security services on its territory. Russia's Federal Security Service has reportedly detained a woman with dual Russian-U.S. citizenship on suspicion of treason, Russian media reported Tuesday. The woman, believed to be a 33 year-old resident of Los Angeles, was arrested in the Urals mountain city of Yekaterinburg. She was reportedly arrested on suspicion of treason for raising funds for Ukraine's armed forces.

Persons: John Kirby, Alexei Navalny, Kaja Kallas Organizations: White, Russia, Internal Security Service, ISS, Federal Security Service Locations: U.S, Estonia, Russia, Los Angeles, Yekaterinburg

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