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☆ China needs bond market reforms to rein in soaring debt, S&P Global says
▼ + stars: | 2024-06-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

China needs bond market reforms as soaring debt poses significant longer-term risk to the country, according to S&P Global. Despite the government's efforts, debt levels remain very high even as nominal GDP growth has slowed, the rating agency said in a report on Thursday. "Policymakers understand the need to simultaneously control leverage and sustain economic growth" to manage systemic risks over the long-term, the analysts noted. But market reforms appear to have "taken a back seat," with authorities focused on addressing pressing issues such as the real estate crisis, stimulating economic growth, as well as keeping local government debt under control, S&P said. Pushing ahead with bond market reforms may be necessary to "concurrently" tackle those challenges, as it could lower debt levels over the long term, the report said.

Organizations: P Locations: Hangzhou, China

☆ OPEC’s sway over global oil prices may soon loosen, IEA says
▼ + stars: | 2024-06-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

The Paris-based IEA said Wednesday that it expects growth in global oil production — led by the United States and other countries in the Americas — to “inflate the world’s spare (oil) capacity cushion” to levels seen only once before, during the coronavirus pandemic when oil prices crashed. By 2030, global oil supply will outstrip demand by a “staggering” 8 million barrels per day, according to forecasts published by the agency in its medium-term oil market report. “(That’s) a major, major surplus and… might be one of the highest in the history,” Fatih Birol, the IEA’s executive director, told reporters. The IEA also forecast growth in global oil demand to “slow progressively” over the rest of the decade, with demand peaking by 2029 before contracting slightly the year after. Despite the cuts, oil prices have trended downward in recent months.

Persons: London CNN —, upend, ” Fatih Birol Organizations: London CNN, Organization of, Petroleum, International Energy Agency, The, ”, OPEC, CNN, IEA, Brent, West Texas Locations: OPEC, The Paris, United States, Americas, Russia, Syria, China

☆ Elon Musk's $55 billion Tesla payday reckoning is almost here
▼ + stars: | 2024-06-12 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla kicks off its annual shareholder meeting tomorrow — and Elon Musk's $55 billion pay package is hanging in the balance. Tesla also indicated in a regulatory filing that they were considering putting forth an alternate pay plan if the proposal fails to go through. AdvertisementOver the past few months, Tesla has gone all out in its efforts to promote Musk's pay package and encourage investors to vote. Meanwhile, Tesla fans and Tesla employees have taken to social media over the past month to promote the proposal. Musk's compensation is not the only issue that Tesla investors have been weighing.

Persons: —, Elon Musk's, Tesla, Robyn Denholm, Musk, Anat Alon, Beck, Kimbal Musk, James Murdoch Organizations: Service, Business, Securities and Exchange Commission, Case Western Reserve University, P Global Market Intelligence, Reuters Locations: Delaware, Texas

☆ GameStop: Why this meme stock frenzy is different from 2021
▼ + stars: | 2024-06-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Meme stock mania is back. Meme stocks saw a resurgence last month after Keith Gill, an investor who helped stoke the meme stock frenzy in 2021, made his first post on X in three years. For many traders who experienced the original meme stock craze, the phenomenon has prompted a wave of deja vu. Still, there are key differences between the reignited 2024 meme stock craze and the original in 2021. While GameStop shares have surged in recent weeks, it is still down 65% from its record high closing price in 2021.

Persons: Keith Gill, ” Gill, Gill, —, that’s, Craig Sarembock, ”, Joe Biden, Donald Trump, Trump, Biden, Samantha Delouya, That’s, Elon Musk, OpenAI, Hanna Ziady, ” Musk, Apple Organizations: CNN Business, Bell, New York CNN, stoke, GameStop, CNN, Federal Reserve, Bartlett Wealth Management, Global, ExxonMobil, Chevron, ConocoPhillips, EOG Resources, Schlumberger, Apple, SpaceX, Bluetooth, OpenAI, Developers Locations: New York, United States, OpenAI

☆ Corporate America may soon be handed a large bill for all the buybacks it has been doing
▼ + stars: | 2024-06-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The public comment period for the Treasury Department's rule formalizing the 1% tax on buybacks closed Tuesday. That means some of the largest companies in America may soon be getting a tax bill. The goal seems to be to discourage corporate America from buying back stock and instead invest more in hiring people and making capital expenditures. "We have a good shot at beating that old record this year," Silverblatt from S & P Global tells me. Higher growth means companies will be more willing to invest in hiring more people and making capital expenditures.

Persons: Joe Biden, Howard Silverblatt, Silverblatt, Biden Organizations: Treasury, Apple, Microsoft, Exxon Mobil, Wells, Chevron, & $ Locations: America

☆ Thailand's ageing population is a key economic challenge, economist says
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThailand's ageing population is a key economic challenge, economist saysVishrut Rana of S&P Global Ratings discusses the outlook for the country's economy, and says "gradual reforms" rather than an "overhaul" are needed.

Persons: Vishrut Rana

☆ Why oil companies are raking in record profits under Joe Biden
▼ + stars: | 2024-06-11 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

CNN —Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. In the last three and a half years, US oil production — and oil and gas company profits — have broken records. That’s a 160% jump compared to the first three years of the pro-big-oil Trump administration, according to calculations by CNN. However, in March, the Biden administration approved ConocoPhillips’ massive Willow oil drilling project on Alaska’s North Slope, which holds around 600 million barrels of oil, angering climate advocates. Despite his mixed record with oil and gas companies, though, Biden has presided over a historic run for the industry, Kloza said.

Persons: Donald Trump, Joe Biden, Trump, Biden, That’s, —, Tom Kloza, ”, Hess, Chevron’s, Abdullah Hasan, Darren Woods, Mike Wirth, Woods, Obama, Bob McNally, Kloza, ” Kloza, “ It’s Organizations: CNN, Global, ExxonMobil, Chevron, ConocoPhillips, Resources, Schlumberger, Oil Price Information Service, US Energy Information Administration, Oil, Natural Resources, Exxon, White, Shareholders, Microsoft, Apple, The Washington Post, Keystone XL, Rapidan Energy Group, Republican Locations: United States, Ukraine, Boon, dealmaking, The

☆ The hidden costs of owning a home are surging for Americans
▼ + stars: | 2024-06-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021. The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage. Schauer isn’t alone among Californians grappling with high hidden costs of homeownership. By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate. Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).

Persons: we’re, That’s, Bankrate, Jeff Ostrowski, ”, Jennifer Schauer, Schauer, wasn’t, “, Schauer isn’t, it’s, you’ll, ” Ostrowski Organizations: New, New York CNN, CNN, P Global, Federal Reserve Locations: New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho

☆ Cramer explains why it's not wise to stick with stocks booted from the S&P 500
▼ + stars: | 2024-06-10 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

After the S&P 500 knocked three stocks from its ranks last week, CNBC's Jim Cramer told investors why it is usually not a good idea to stick with these companies. "When you see a stock that gets expelled from the S&P 500, please don't bother to try to catch a bottom — you're most likely catching a falling knife," he said. The S&P 500 evaluates the performance of roughly 500 of the largest publicly traded stocks and is seen as a bellwether for the market. He also reviewed several other recent S&P 500 castoffs and found that most of those stocks have also underperformed. Although buying an index fund is usually considered passive investing, Cramer said the S&P 500 is more actively managed than many realize.

Persons: CNBC's Jim Cramer, Robert Half, Cramer Organizations: U.S ., Comerica

☆ US solar producers could finally have a fighting chance as tariffs kick in on cheaper imports from Asia
▼ + stars: | 2024-06-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

AdvertisementTariffs are finally in play on cheap solar imports from Asia after a two-year moratorium on the restrictions expired on Thursday. In 2023, the Department of Commerce determined that Chinese solar was making its way into the US duty-free, despite tariffs on imports from the country. But this gave way to a flood of cheap imports, causing solar prices to crater last year. Meanwhile, solar shipments from Southeast Asian producers have not slowed, and accounted for 87.5% of US module imports in the first quarter, S&P Global said. The tariffs could eventually bring upside for US producers, and Carr indicates that a 25%-30% price correction for solar modules could materialize.

Persons: —, Mike Carr, Carr, David Feldman Organizations: Service, Solar Energy Manufacturers of America, Department of Commerce, P Global, National Renewable Energy Laboratory, Reuters, Commerce Department Locations: Southeast Asia, Asia, China

☆ Spirit Airlines isn't considering Chapter 11, 'encouraged' by post-JetBlue plan, CEO says
▼ + stars: | 2024-06-07 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Spirit Airlines CEO Ted Christie said Friday that the budget airline isn't considering a Chapter 11 bankruptcy filing and is "encouraged" by its plan after a failed takeover by JetBlue Airways . Earlier this year, a federal judge blocked JetBlue's planned takeover of Spirit on antitrust grounds, raising concerns on Wall Street about the money-losing airline's ability to address its debt. "We are proudly executing to our plan as we've exited the merger agreement with JetBlue and are encouraged by the initial results of our stand-alone plan," Christie said at an annual shareholder meeting on Friday. S&P Global Ratings on Wednesday downgraded Spirit, raising questions about its ability to refinance.

Persons: Ted Christie, Spirit, we've, Christie Organizations: Spirit Airlines, Austin, Bergstrom International Airport, JetBlue Airways, Pratt & Whitney, Airbus, JetBlue, Hertz Locations: Austin , Texas, Thursday's

☆ ECB: Interest rates are coming down in Europe
▼ + stars: | 2024-06-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. Central banks in Switzerland and Sweden have also cut interest rates this year. Analysts doubt the central bank will cut rates again at its next meeting in July. It added that it would keep interest rates “sufficiently restrictive for as long as necessary” to return inflation to the 2% target. Higher interest rates tend to attract more international capital flows into a country, lifting demand for its currency.

Persons: Christine Lagarde, Cyrus de la Rubia Organizations: London CNN, European Central Bank, US Federal Reserve, Bank of England, ECB, Bank of Canada, P Global, Hamburg Commercial Bank, Fed, Traders Locations: Ukraine, United States, United Kingdom, Switzerland, Sweden, Hamburg, Frankfurt, Europe

☆ Dubai Mall, one of the world's largest, is getting even bigger with a $400 million expansion
▼ + stars: | 2024-06-05 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

A view of the street near the Dubai Mall in Dubai, United Arab Emirates on November 29, 2023. DUBAI, United Arab Emirates — The Dubai Mall, one of the largest malls in the world, is set to get even bigger with a planned expansion that will cost an estimated 1.5 billion dirhams ($408 million). Spanning 12 million square feet of floor space, the mall is also connected to the Burj Khalifa, the world's tallest skyscraper. The mall's developer, Emaar Properties this week announced the building's expansion plan, which will add 240 new luxury stores and food and drink venues. "The new Dubai Mall expansion is a great addition to one of the most visited sites in the world," Mohamed Alabbar, Emaar founder, said in a statement.

Persons: Mohamed Alabbar Organizations: United Arab Emirates, SEGA Locations: Dubai, United Arab, DUBAI, Burj, UAE, Ukraine

☆ Hanesbrands to sell Champion brand to Authentic Brands in $1.2 billion deal
▼ + stars: | 2024-06-05 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

Hanesbrands agreed to sell its global Champion business to Authentic Brands Group in a transaction valued at $1.2 billion, including a contingent cash consideration, the company announced on Wednesday. The company expects to receive net proceeds of $900 million from the deal, the release says. As of the end of the first quarter of 2024, Champion generated around $75 million of adjusted EBITDA over the past 12 months. The agreement, which the Hanesbrands' board of directors approved unanimously, comes months after the company said it was considering a sale of Champion. CNBC reported in November 2023 that Authentic Brands Group and fellow brand management firm WHP Global were both interested in buying Champion.

Persons: Hanesbrands, Bill Simon Organizations: Authentic Brands, CNBC, Brands Group, WHP Global, Barington Capital Group

The current leadership of Paramount Global presented a go-forward plan at the company's annual shareholder meeting Tuesday in the event a sale of the company doesn't happen. Redstone has been supportive of the Office of the CEO leadership team that has run the company since former CEO Bob Bakish stepped down in late April. The plan that Paramount Global shareholders are hearing on Tuesday will essentially serve as Redstone's alternate option if she chooses not to sell. "We'll be thoughtful with how we deploy capital, with our world-class content being the priority," said Robbins during the presentation Tuesday. On Tuesday, Robbins said the company has been "aggressively exploring all options" when it comes to partnerships with other streamers.

Persons: George Cheeks, Chris McCarthy, Brian Robbins —, —, David Ellison's, Shari Redstone, Bob Bakish, Robbins, Cheeks, McCarthy Organizations: Paramount, SAG, Paramount Global, CBS, Paramount Media Networks, Paramount Pictures, Media, RedBird Capital, KKR, CNBC, Amusements Locations: Los Angeles , California, U.S

☆ American shoppers are tired. These companies are benefiting
▼ + stars: | 2024-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Just ask Ross Stores: America’s largest off-price retailer reported earnings and revenue that beat analysts’ forecasts last week. The US Labor Department releases April figures on job openings, quits, hires and layoffs. The US Commerce Department releases April figures on new orders for manufactured goods. The US Commerce Department releases April data on exports and imports. Friday: The US Labor Department releases May data gauging the state of the job market, including monthly payroll growth, wage gains and the unemployment rate.

Persons: Ross, “, ” Adam Orvos, ” TJX, TJ Maxx, LVMH Moët Hennessy Louis Vuitton, ” Clayton Allison, Allison, ” Allison, Brown Forman, Campbell Organizations: CNN Business, Bell, Washington CNN, Companies, Ross Stores, Marshalls, Burberry, Prime Capital Investment Advisors, CNN, Walmart, P Global, Institute for Supply Management, CrowdStrike, Hewlett Packard Enterprise, Body, US Labor Department, US Commerce Department, Bank of Canada, Autodesk, Smucker, DocuSign, Vail Resorts, European Central Bank Locations: Washington, North America, Europe, Australia, Americas, Zumiez

☆ OPEC+ to extend deep oil production cuts into 2025
▼ + stars: | 2024-06-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

CNN —The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend a voluntary production cut of 2.2 million barrels of crude oil a day into 2025. The group also released its 2025 production requirements for member and nonmember countries, which were essentially the same as this year’s. Despite the OPEC+ cuts, equivalent to about 5.7% of global crude supply, and ongoing tensions in the Middle East, global oil prices have fallen by about 10% since hitting a five-month high in early April. The IEA expects global supply to increase by just 580,000 barrels per day this year. Sunday’s OPEC+ decision coincides with Saudi Arabia selling some more shares in its oil company Aramco.

Persons: —, Russia —, Brent Organizations: CNN, of, Petroleum, United, Emirates, Brent, West Texas, International Monetary Fund, International Energy Agency, IEA, Saudi, Aramco Locations: OPEC, Saudi Arabia, Russia, United States, ”, Syria, China, Europe, Paris, Riyadh

☆ The battle over Elon Musk's pay package is a showdown between his army of supporters and institutional investors
▼ + stars: | 2024-06-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Read previewTesla is setting the stage for a battle between some vocal institutional investors and some of Elon Musk's biggest supporters. The executive pay plan, which was first approved in 2018, is centered on a series of goalposts around Tesla's financial growth. AdvertisementMeanwhile, Tesla has argued that the pay package is both fair and necessary to maintain Musk's focus on the car company. AdvertisementThe Tesla CEO has also promoted the proposal and criticized institutional investors who have spoken out against the pay plan. Ahead of the June 13 shareholder meeting, shareholders will be asked to vote on several other proposals in addition to Musk's pay package.

Persons: —, Elon Musk's, Musk, Tesla, Leo Koguan, Bloomberg —, Adam Jonas, Morgan Stanley's, Morgan Stanley, Anat Alon, Beck, Alon, I'd, they'd, Kimbal Musk, Murdoch Organizations: Service, Business, Securities and Exchange Commission, P Global Market Intelligence, Reuters, Bloomberg, Case Western Reserve University, Texas Locations: Elon, Delaware, Texas

☆ What seven more months of war would mean for Palestinians, Israelis and the world
▼ + stars: | 2024-06-01 | by ( Abbas Al Lawati | Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

CNN —Israel has warned that its war in Gaza could extend until the end of the year. Prolonging the war could have catastrophic consequences for Palestinians in the already ravaged territory and significant repercussions for Israel and beyond, experts said. “And currently Hamas doesn’t seem to be ready to release them.”Impact on Israel’s economyThe war hit Israel’s economy hard in the immediate aftermath of October 7. As of January, the Israeli military was spending $272 million per day on the war, according to the Israeli news site Ynet. Despite these efforts, the war persists, civilian casualties rise and famine spreads in Gaza, intensifying pressure from some of his electorate.

Persons: CNN — Israel, Tzachi Hanegbi, ”, Joe Biden, “, Assaf Orion, Juliette Touma, Benjamin Netanyahu, Netanyahu, Yohanan Plesner, Plesner, Israel, Malcolm Shaw, Yaron Wax, Johanna Geron, INSS, Amir Levy, Orion, Daniel Hagari, ” Plesner, Biden Organizations: CNN, National, Institute for National Security Studies, Israel Defense Forces, London School of Hygiene, Tropical Medicine, Johns Hopkins Center, Humanitarian Health, Israel, United Nations, UN Relief and Works Agency for Palestine Refugees, Israeli, Israel Democracy Institute, International Criminal Court, International Court of Justice, United, P Global, Moody’s, Service, Troops, American, West Bank Locations: Gaza, Israel, Tel Aviv, Rafah, Europe, Palestinian, British, The Hague, Netherlands, Saudi Arabia, Riyadh, Egypt, United Arab Emirates

☆ It’s hurricane season. Good luck getting affordable homeowners’ insurance
▼ + stars: | 2024-06-01 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

For decades, homeowners insurance was considered a very stable line of business for insurance companies, said Chuck Nyce, a professor of risk management and insurance at Florida State University. The US homeowners insurance industry saw net losses jump to $101.29 billion in 2023, according to the report. Only two of the 20 largest US homeowners’ insurance companies were profitable last year. Kaylee Greenlee Beal/ReutersWhile property insurance is not mandated by law, most lenders require it for mortgage holders. Last year, Florida’s state-backed Citizens Property Insurance Corp. became the 10th largest homeowners’ insurer in the US, S&P Global said.

Persons: it’s, aren’t, Chuck Nyce, Nyce, Mario Tama, ”, Lynne McChristian, policyholders, Greenlee Beal, Aris Papadopoulos Organizations: CNN, P Global, Florida State University, Volunteers, P, University of Illinois, Property Insurance Corp, Florida Locations: States, Arizona , Illinois, Utah, Lahaina , Hawaii, Hawaii, Urbana, Champaign, Florida, California, Louisiana, North Carolina, Texas, Houston, Florida’s

☆ Goldman Sachs names top global stocks to play the coming power boom in AI and other areas
▼ + stars: | 2024-05-31 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

The artificial intelligence boom is fueling demand for power, with many tech companies rapidly developing infrastructure as they compete for dominance. Data centers house vast amounts of computing power needed for AI workloads, and are intense power-guzzling workhorses. But the need for power goes beyond data centers and other infrastructure, according to Goldman. Goldman cited studies which showed that AI data centers can consume up to 10 times the energy of their regular counterparts. Taiwan's tech industry extends across a "comprehensive global AI supply chain," with tech manufacturers consuming a "substantial" amount of power.

Persons: Goldman, — CNBC's Michael Bloom Locations: Asia, China, Taiwan, South Korea, India, South Korea's, Power, Australia

☆ Tariffs on China could end up making inflation worse and hurting US economic growth, S&P Global says
▼ + stars: | 2024-05-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewUS efforts to counterbalance Chinese imports could instead create unsteadiness in the country's fight against inflation, S&P Global Intelligence wrote. Advertisement"Yet economists say the new duties, and tariffs more broadly, may carry an unwelcome consequence: higher prices and a heightened probability of higher-for-longer interest rates," S&P wrote. Of the 14 categories under scrutiny, the top five accounted for just 3% of Chinese imports into the US in 2022, S&P cited. But for domestic manufacturers, tariffs can ease the pressure to lower prices, as Chinese competitors lose their low-cost advantage. In this sense, protectionism can boost economic growth in the long run, but not before fueling market inefficiencies and complicating inflation.

Persons: —, Donald Trump, hasn't shied, Biden, he's, Ben Herzon Organizations: Service, P Global Intelligence, Federal Reserve, Business, P's Locations: China

☆ 'No big deal': Mark Mobius says he'll stay bullish on India no matter the election results
▼ + stars: | 2024-05-31 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Mark Mobius, Chairman Mobius Emerging Opportunities Fund speaking on CNBC's The Exchange on March 27th, 2024. Adam Jeffery | CNBCVeteran emerging markets investor Mark Mobius said India's election outcome will not change his bullish views on the country. India's election results will be out on Tuesday next week. watch now"The big question mark is whether [Modi] can get a number of seats to change the constitution," Mobius told CNBC's "Street Signs Asia" on Thursday. But India's economic fundamentals remain "very strong and solid."

Persons: Mark Mobius, Adam Jeffery, Narendra Modi, Modi, Mobius, CNBC's, Gautam Chhaochharia, Chhaochharia Organizations: CNBC Veteran, Bharatiya Janata Party, BJP, UBS Locations: India

☆ S&P upgrades outlook on India's sovereign rating to 'positive'
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

Narendra Modi, India's prime minister, arrives at the Bhartiya Janata Party (BJP) headquarters in New Delhi, India, on Sunday, Dec. 3, 2023. S&P Global Ratings raised India's sovereign rating outlook to 'positive' from 'stable' while retaining the rating at 'BBB-', saying on Wednesday the country's robust economic expansion was having a constructive impact on its credit metrics. "This reflects India's solid growth performance and a promising economic outlook for the coming years," said in a social media post. The rating agency's positive outlook on India is predicated on its robust economic growth, pronounced improvement in the quality of government spending, and political commitment to fiscal consolidation, it said. India's weak fiscal settings had always been the most vulnerable part of its sovereign ratings profile, S&P said.

Persons: Narendra Modi, India's, Nirmala Sitharaman Organizations: Bhartiya Janata Party, BJP, Bharatiya Janata Party Locations: New Delhi, India

☆ Fintech targeted by climate skeptics banks $37 million from likes of UBS, Commerzbank
▼ + stars: | 2024-05-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

From left to right: Johan Pihl, Doconomy's chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. DoconomySwedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it's raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank . Credit ratings agency S&P Global came on board as a new investor, while existing shareholders Motive Ventures, PostFinance and Tenity also participated. watch nowDoconomy plans to use the fresh cash to drive expansion into North America and roll out new products, CEO and co-founder Mathias Wikstrom told CNBC in an interview. Mathias Wikstrom CEO, Doconomy

Persons: Johan Pihl, Mathias Wikstrom, it's, Tenity, Wikstrom, Jordan Peterson, It's, Doconomy Organizations: CNBC, UBS, Commerzbank, UBS Next, P Global, Motive Ventures, PostFinance, Boston Consulting Group, Mastercard, United Nations, Dreams Technology, Citi Ventures, Ikea Locations: Sweden, North America

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