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☆ CNBC Daily Open: Small- and mid-caps stole the limelight last week
▼ + stars: | 2024-11-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +5 min

NYSEThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayWinning week for marketsMajor U.S. indexes rose on Friday to end the week in the green, despite mega-cap stocks Nvidia and Alphabet shares dropping. [PRO] Interest rates back in focusThis week, the October personal consumption expenditures price index, out Wednesday, will dominate attention. The Dow Jones Industrial Average was 2% higher for the week and the S&P 500 and Nasdaq Composite both climbed around 1.7%.

Persons: GOOG, Donald Trump, Scott Bessent, Bessent, Kevin Warsh, Marc Rowan, Sir Richard Branson, Russell, Sam Stovall, Sundeep Gantori, — CNBC's Pia Singh, Alex Harring, Jesse Pound Organizations: New York Stock Exchange, NYSE, CNBC, U.S, Trump, Treasury, Fed, Anthropic Amazon, COP29, Virgin, U.S . Federal Reserve, Federal, Market, Nvidia, U.S . Department of Justice, Big Tech, Dow Jones, Nasdaq, Super Micro Company, CFRA Research, NVIDIA, UBS Locations: New York City, Anthropic, Azerbaijan

☆ Surge of Gang Violence in Haiti Leads U.N. Workers to Flee
▼ + stars: | 2024-11-25 | by ( Frances Robles | David C. Adams | ) www.nytimes.com time to read: 1 min

A United Nations helicopter has been buzzing nonstop for days over Haiti, as the U.N. starts to draw down its personnel in Port-au-Prince, evacuating 14 people at a time in chopper rides. Many embassies and international aid organizations — including Doctors Without Borders, which runs some of the few functioning hospitals in Port-au-Prince — are suspending operations in Haiti, where gangs have stormed into more parts of the capital, sowing panic among humanitarian groups. Port-au-Prince’s international airport remains closed to commercial traffic after gangs shot at U.S. airliners this month. Many Haitians are particularly alarmed and dismayed by the departure of personnel from the United Nations, the international agency people are relying on to help resolve a crippling gang crisis that has forced many civilians to flee their homes.

Persons: Prince — Organizations: United Nations Locations: Haiti, Port

☆ The auto industry is pulling back on its ‘capital junkie’ tendencies after unprecedented spending on EVs, self-driving
▼ + stars: | 2024-11-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

It's a "capital junkie" that's been on a yearslong binge of unprecedented spending on all-electric and autonomous vehicles. The April 2015 report highlighted the industry's massive capital spending on overlapping or niche products that Marchionne was convinced could be solved through consolidation and shared capital spending. Most capital spending by automakers isn't wasted, but the industry isn't as efficient as other sectors, with minimal return on invested capital. Stock Chart Icon Stock chart icon Stocks of GM, Ford and Chrysler parent Stellantis in 2024. Courtesy: Business WireGM and Hyundai this summer entered into an agreement to explore "future collaboration across key strategic areas" in an effort to reduce capital spending and increase efficiencies.

Persons: bender, Morgan Stanley, Adam Jonas, It's, Sergio Marchionne, Marchionne, Sergio Marchionne Brendan McDermid, Jonas, Joe Hinrichs, isn't, We've, Rebecca Evans, Roland Berger, Ford, Peter Rawlinson, Andrew Kelly, Oliver Blume, Blume, Paul Jacobson, Jacobson, Rivian, RJ Scaringe, Mary Barra, Euisun Chung, codevelop, Stellantis, —, Carlos Tavares, Oliver Bunic Organizations: General Motors, Ford, Nissan Motor, Volkswagen Group, Chrysler, Companies, Research, GM, Volkswagen, Toyota Motor, Fiat, Rivian, Lucid, Fiat Chrysler, Reuters, Rivian Automotive, Hyundai Motor, Toyota, CSX Corp, Rehab, Nissan, CNBC, Lucid Motors, Nasdaq, Churchill Capital Corp, Reuters Volkswagen, VW, Honda, BMW, SAIC, Barclays, Saudi, Public Investment Fund, Hyundai, Detroit, French, PSA Groupe, Stellantis NV, Bloomberg, Getty Locations: Casa Grande , Arizona, Detroit, Japan, Germany, That's, New York City , New York, Europe, China, U.S, Kragujevac, Serbia

☆ Yemeni men were forced to fight in Ukraine after being lured to Russia by the promise of citizenship: report
▼ + stars: | 2024-11-25 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +3 min

AdvertisementYemeni men may have been tricked into fighting in Ukraine after promises of Russian citizenship. Russia is increasingly bringing in soldiers from other countries to help it fight in Ukraine. Yemeni men were duped into fighting in the Ukraine war after traveling to Russia on the promise of high salaries and citizenship, according to a report in the Financial Times. In March, The Guardian reported that countless Indian and Nepalese men have been duped into joining Russia in its fight against Ukraine. North Korea has also sent thousands of soldiers to Russia to fight against Ukraine.

Persons: Bashir Abbas, Putin, Tim Lenderking, Abbas Organizations: Analysts, Financial Times, Russia, FT, Stimson Center, US State Department, Guardian, Ukraine, The, Kremlin Locations: Ukraine, Russia, Rostov, Ukrainian, Iran, Yemen, Europe, North Korea, Washington

☆ Trump's tariff plans could make tackling U.S. inflation harder, says ANZ chief economist
▼ + stars: | 2024-11-25 | 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 EmailTrump's tariff plans could make tackling U.S. inflation harder, says ANZ chief economistRichard Yetsenga, group chief economist at ANZ, discusses the potential impact of U.S. President-elect Donald Trump's economic plans and his choice of Scott Bessent as Treasury secretary.

Persons: Richard Yetsenga, Donald Trump's, Scott Bessent Organizations: ANZ

☆ Lunchables were a smashing success. Now they’re in crisis
▼ + stars: | 2024-11-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Lunchables’ slide is hurting its parent company, Kraft Heinz. The end result isn’t just that Lunchables sales are down — numerous competitors have popped up, including Lunchly by YouTube stars Logan Paul and MrBeast. Kraft Heinz also pitched Lunchables to budget-strapped school cafeterias as a way to save money on labor and other costs. Kraft Heinz criticized the findings and said the report contributed to Lunchables’ sales slide. Lunchables’ ‘transformation’Despite Lunchables’ recent woes, Kraft Heinz says it’s investing in the brand.

Persons: Kraft Heinz, Kraft, Lunchables, ”, Diana Frost, “, Logan Paul, MrBeast, It’s, Matt McClain, Carlos Abrams, Rivera, ” Frost, Oscar Mayer, Michael Moss ’, ” Moss, ” Lunchables, Moss, Justin Sullivan, Bob Drane, it’s, “ Lunchables, Frost, David Garfield Organizations: New, New York CNN, CNN, YouTube, Washington Post, ”, School, Center for Science, Consumer, US Department of Agriculture, Kraft, School Nutrition Association, Crain’s Magazine Locations: New York, Euromonitor, Turkey, bologna, Moss

☆ Elon Musk said the F-35's makers are 'idiots' for still building manned jets as drone tech rises
▼ + stars: | 2024-11-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

AdvertisementElon Musk criticized the F-35 program on Sunday. The GAO expects the F-35 program to cost about $2 trillion over its entire lifespan. The billionaire reposted a video montage of coordinated drone swarms on X, writing: "Meanwhile, some idiots are still building manned fighter jets like the F-35." Meanwhile, some idiots are still building manned fighter jets like the F-35 🗑️ 🫠pic.twitter.com/4JX27qcxz1 — Elon Musk (@elonmusk) November 24, 2024It's unclear if Musk intends to use his new position to impact any plans or costs for the F-35, the Pentagon's most expensive fighter program to date. AdvertisementMusk has said before that the US should consider remote-piloted alternatives to manned jets, both to keep up with the rise in drone warfare but also to help Air Force procurement stay competitive.

Persons: Elon Musk, Musk's, Trump, Donald Trump, emoji, Musk Organizations: GAO

☆ Trump has been tough on EVs. Now Elon Musk is his best friend and nobody knows how it'll play out.
▼ + stars: | 2024-11-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

AdvertisementTrump has been hard on EVs, but a new friendship with Elon Musk could change things. So far, Musk supports Trump's plans to dismantle EV tax credits. Automakers had hoped that Musk would support EV regulations and tax credits, but it appears the CEO is siding with Trump for now. An industry group representing many automakers (but not Tesla) pleaded with Trump to preserve EV tax credits but reconsider some of the more stringent emissions regulations. This was an about-face from Musk's stance a few months earlier when he advocated for trade barriers and warned that Chinese EV companies would "demolish" competition without guardrails.

Persons: Elon, Donald Trump, Elon Musk, Trump, he's, Trump's, Musk, Tesla Organizations: Trump, Biden, Government, Trump's, EV, Tesla, Twitter, US, Alliance, Automotive Innovation, Biden Administration Locations: Lago, China, Europe

☆ Pipeline operator ONEOK to buy remaining shares of EnLink in $4.3 bln deal
▼ + stars: | 2024-11-25 | by ( ) www.cnbc.com time to read: +1 min

The Oneok website on a laptop computer arranged in Brooklyn, New York, on Tuesday, May 16, 2023. Pipeline operator ONEOK said on Sunday it would buy the remaining shares of peer EnLink Midstream , for $4.3 billion in an all-stock deal, boosting its presence in the Permian Basin amid increased consolidation in the U.S. energy sector. In August, ONEOK acquired a 43% controlling interest in Enlink, which has a solid presence in the Permian basin, from Global Infrastructure Partners for about $3.3 billion in cash. ONEOK said it will offer 0.1412 shares of its common stock for each EnLink unit. Earlier in the month, another pipeline operator DT Midstream agreed to acquire three natural gas transmission pipelines from ONEOK for $1.2 billion in cash, to boost its presence in the Midwest market.

Persons: ONEOK, EnLink Organizations: Global Infrastructure Partners Locations: Brooklyn , New York, U.S, Enlink, ONEOK, Midwest

☆ In the near-term, Bitcoin will not see the volatility of the past years: Fred Thiel
▼ + stars: | 2024-11-25 | 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 EmailIn the near-term, Bitcoin will not see the volatility of the past years: Fred ThielFred Thiel of Mara says that the days of Bitcoin experiencing "20 to 30% drawdowns" after hitting peaks are gone due to strong institutional demand, and that for the foreseeable future, the price should trend upwards.

Persons: Fred Thiel Fred Thiel, Mara

☆ Asia markets set to open higher as Aussie stocks hit record high; India GDP and Korea rates in focus
▼ + stars: | 2024-11-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Anadolu Agency | Anadolu Agency | Getty ImagesAsia-Pacific markets were set to mostly climb Monday, with investors awaiting Korean central bank's rate decision and India' third-quarter GDP numbers this week. Singapore later in the day will release its inflation figures for October. Economists polled by Reuters expect the headline inflation rate of 1.8%, down from the 2% in the previous month. Other economic data this week include October inflation readings from Australia, due Wednesday, and November inflation numbers from Japan's capital city of Tokyo on Friday. Tokyo's inflation figures are widely considered a leading indicator of nationwide trends.

Organizations: Skyline, Anadolu Agency, Getty, Reuters, Nikkei Locations: Sydney, Australia, Asia, Pacific, India, Singapore, Tokyo, Chicago, Osaka

☆ Russia could give China submarine tech that would cut into US undersea dominance, US admiral says
▼ + stars: | 2024-11-25 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

AdvertisementRussia could hand China technology that would cut into US undersea dominance, a US admiral said. At a security forum, he said exchanges among Russia, Iran, North Korea, and China have intensified. Adm. Samuel Paparo, the US Navy's top commander in the Indo-Pacific, said that Russia will likely give submarine technology to China that would undercut the US' undersea dominance. According to Paparo, Russia is not only exchanging military capability and technology with China but also with North Korea and Iran. In return, according to Paparo, Russia would likely provide missile and submarine technology to the North Korean state.

Persons: Adm, Samuel Paparo, Paparo, Kurt Campbell, Kim Jong Un, Vladimir Putin Organizations: Halifax Security Forum, US Navy, North Locations: Russia, China, North Korea, Iran, Halifax, People's Republic of China, Taiwan, South China, Philippines, Japan, South Korea, Paparo, Korea, Ukraine, Korean, Russian, Pyongyang, Moscow

☆ Gold drops over 1% on profit-booking, Trump's Treasury Secretary pick
▼ + stars: | 2024-11-25 | by ( ) www.cnbc.com time to read: +2 min

Gold bar bullions ingot, selective focus, crisis safe haven for investment or reserve for country economics. Gold prices dropped over 1% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next U.S. Treasury Secretary. Spot gold fell 1.52% to $2,671.29 per ounce as of 0501 GMT, while U.S. gold futures shed 1.5% to $2,672.90. Gold's five-day rally pauses due to some profit-taking and Trump's pick of Scott Bessent as U.S. Treasury Secretary, hinting at tempered use of tariffs and easing U.S.-China trade uncertainty, said IG market strategist Yeap Jun Rong. Less dovish U.S. policy signals and potential inflation surprises could support a December rate hold, slowing rate cut prospects can be seen weighing on gold prices, Rong said.

Persons: Scott Bessent, Yeap Jun Rong, Donald Trump, Rong Organizations: Treasury, Federal, Traders Locations: China, U.S, Israel, Beirut, Tel Aviv

CNN —Special counsel Jack Smith is dropping the federal election subversion and the mishandling of classified documents cases against President-elect Donald Trump, seeking the cases’ dismissal in court filings Monday. Trump has said he would fire Smith once he retook the office, shattering previous norms around special counsel investigations. In the election case Trump faced in Washington, DC, Smith charged the former president over his efforts to overturn his 2020 election loss, a plot that culminated in the January 6, 2021, Capitol attack. “The Government’s position on the merits of the defendant’s prosecution has not changed,” Smith said in the filing. In the documents case brought in Florida, Trump was indicted for allegedly taking classified national defense documents from the White House after he left office and resisting the government’s attempts to retrieve the materials.

Persons: Jack Smith, Donald Trump, Trump, Smith, ” Smith, Tanya Chutkan, ”, Chutkan, Steven Cheung, ” “, ” Cheung, Aileen Cannon’s, Walt Nauta, Carlos de Oliveira, “, Stormy Daniels Organizations: CNN, US, White House, Supreme, Capitol, White, Trump, American People, Appeals, US Justice Department, DOJ Locations: Washington ,, Washington , DC, Florida, Trump's, Lago, Georgia, New York, Peach State

☆ Glen Powell was the most recent celebrity to get a look-alike contest. The actor raised the stakes by adding a movie cameo to the prize.
▼ + stars: | 2024-11-25 | by ( Eammon Jacobs | ) www.businessinsider.com time to read: +3 min

AdvertisementGlen Powell is the latest Hollywood star to get his own look-alike contest. Powell included a cameo in his next movie as a last-minute addition to the competition's prize. AdvertisementOn November 24, a look-alike contest was held at Auditorium Shores park in Powell's hometown in Austin, Texas, judged by his mother and his aunt. The Chalamet look-alike won $50, which seems to be about the going rate for contest winners, per Vulture's reporting. There was no drama at the Powell look-alike competition, and a man named Max Braunstein won the event while dressed as the actor's character from "Top Gun: Maverick."

Persons: Glen Powell, Powell, Willy Wonka, Paul Mescal, Harry Styles, Dev Patel, Katy Carpenter, couldn't, Edgar Wright, Jeremy Allen, Max Braunstein, Queso Organizations: Fox, Marlboro, BBC, New York Police Department Locations: Austin , Texas, New York, Auditorium Shores, Powell's, Glasgow, Scotland

☆ Nvidia CEO Jensen Huang says we're still several years away from getting an AI we can 'largely trust'
▼ + stars: | 2024-11-25 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

AdvertisementNvidia CEO Jensen Huang said in a recent interview that today's AI doesn't provide the best answers. "We have to get to a point where the answer that you get, you largely trust," he said. The CEO said we're still "several years away" and that companies will need more computational power. Nvidia CEO Jensen Huang said today's artificial intelligence doesn't provide the best answers and that the world is still "several years away" from an AI we can "largely trust." During the Saturday interview, Huang said that pre-training or training a model on a large, diverse dataset before it's developed to perform a certain task will not be enough.

Persons: Jensen Huang, we're, Huang, ChatGPT, OpenAI Organizations: Nvidia, Hong Kong University of Science & Technology

☆ Jack Smith is giving up on his cases against Trump for now
▼ + stars: | 2024-11-25 | by ( Brent D. Griffiths | Laura Italiano | ) www.businessinsider.com time to read: +2 min

AdvertisementJack Smith wants to end his major criminal case against Donald Trump. In back-to-back filings on Monday, special counsel Jack Smith sought permission from federal judges to abandon both of his cases against President-elect Donald Trump. "The Department's position is that the Constitution requires that this case be dismissed before the defendant is inaugurated," Smith wrote in relation to the election-interference case. "The American People re-elected President Trump with an overwhelming mandate to Make America Great Again," Steven Cheung wrote in a press statement. "Today's decision by the DOJ ends the unconstitutional federal cases against President Trump, and is a major victory for the rule of law.

Persons: Jack Smith, Donald Trump, Trump, Smith, Steven Cheung Organizations: Department, Trump, American People, DOJ Locations: Florida

☆ Zayne Malik pays tribute to Liam Payne
▼ + stars: | 2024-11-25 | by ( Lisa Respers France | ) edition.cnn.com time to read: +2 min

CNN —Zayn Malik played his first concert since the death fellow One Direction member Liam Payne and it was emotional. Malik ended his show in Leeds, England over the weekend with the words, “Liam Payne 1993-2024 Love you bro” projected on the screen, according to posts shared on social media. “Zayn Malik’s tribute to Liam Payne at the end of his first concert of the tour while playing Stardust I’m shaking and crying,” wrote one attendee. A written tribute to Liam Payne appears onscreen during Zayn's performance at O2 Academy Leeds on November 23, 2024 in Leeds, England. “Given the heartbreaking loss experienced this week, I’ve made the decision to postpone the U.S. leg of the STAIRWAY TO THE SKY tour,” Malik wrote on an Instagram story at the time.

Persons: CNN — Zayn Malik, Liam Payne, Payne, Malik, “ Liam Payne, bro ”, Zayn, Stardust, ”, Andrew Benge, “, I’ve, ” Malik, I’ll, Harry Styles, Louis Tomlinson, Niall Horan, “ We’re, Liam Organizations: CNN, O2 Academy Leeds Locations: Buenos Aires, Argentina, Leeds , England, Leeds, England

☆ European stocks set to start the week higher as global markets rally
▼ + stars: | 2024-11-25 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European stocks are expected to open higher Monday as global market sentiment rises. Global market sentiment has been boosted by President-Elect Donald Trump signaling his intention to nominate Key Square Group founder Scott Bessent as U.S. Treasury secretary. U.S. stock futures climbed Sunday night as Wall Street kicked off a shortened Thanksgiving trading week. Markets are closed on Thursday for Thanksgiving Day and end early on Friday. Meanwhile, Asia-Pacific markets mostly rose Monday, with investors awaiting a slew of economic data this week, including China industrial data and India's third-quarter gross domestic product numbers.

Persons: Germany's DAX, Donald Trump, Scott Bessent, Trump, Bessent Organizations: France's CAC, IG, President, Key Square, Treasury, Investors Locations: Germany, U.S, Asia, Pacific, China

☆ UK financial regulator fines Barclays $51 million over disclosures related to Qatar dealings
▼ + stars: | 2024-11-25 | by ( ) www.cnbc.com time to read: +1 min

One Churchill Place skyscraper, the Barclays Plc headquarters, at Canary Wharf in London, U.K., on Thursday, Jan. 7, 2021. Britain's financial regulator said on Monday it had fined Barclays 40 million pounds ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority dates back to the height of the 2008-9 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in order to avoid a state bailout. The FCA at the time fined Barclays 50 million pounds, which the bank appealed. The interests of the bank, its shareholders and other stakeholders were best served by the withdrawal, Barclays said, adding that there was no material financial impact from the fine.

Organizations: Barclays Plc, Barclays, Financial Locations: Canary, London, Qatar

☆ How Universities Cracked Down on Pro-Palestinian Activism
▼ + stars: | 2024-11-25 | by ( Isabelle Taft | ) www.nytimes.com time to read: +1 min

Colleges and universities have tightened rules around protests, locked campus gates and handed down stricter punishments after the disruptions of pro-Palestinian demonstrations and encampments last spring. Universities have seen just under 950 protest events this semester so far, compared to 3,000 last semester, according to a log at the Nonviolent Action Lab at Harvard University’s Ash Center. About 50 people have been arrested so far this school year at protests on higher education campuses, according to numbers gathered by The New York Times, compared to over 3,000 last semester. When students have protested this fall, administrators have often enforced — to the letter — new rules created in response to last spring’s unrest. The moves have created scenes that would have been hard to imagine previously, particularly at universities that once celebrated their history of student activism.

Organizations: Universities, Nonviolent, Harvard, Ash, The New York Times

☆ I tried making Ina Garten's pumpkin, apple, and pecan pies. I'll never use anyone else's crust recipe again.
▼ + stars: | 2024-11-25 | by ( Paige Bennett | ) www.businessinsider.com time to read: 1 min

AdvertisementI followed Ina Garten's recipes for pumpkin, apple, and pecan pie to see which I liked best. The pecan pie tasted like a cocktail, and the apple pie was shockingly simple to throw together. I ended up with extra pumpkin-pie filling, but Garten's buttery crust was the real winner. I sometimes struggle to create a buttery, flaky crust, and my fillings don't always have the right texture. Here's how my day of baking went as I attempted to make Garten's pecan, pumpkin, and apple pies.

Persons: Ina Garten's, I'm, Ina Garten

☆ I typically spend $60 at Trader Joe's on weekly staples. I was shocked when I tried to take that budget to Whole Foods.
▼ + stars: | 2024-11-25 | by ( Fatima Khawaja | ) www.businessinsider.com time to read: 1 min

AdvertisementAs a private chef, I turn to Trader Joe's for all of my pantry staples, which cost me about $60. I wasn't able to get nearly as much at Whole Foods, so I'll stick to Trader Joe's. As a private chef, I get Whole Foods delivered for my clients a lot. Plus, there's a Trader Joe's just down the street from me, and I can get all our weekly staples for about $60. I decided to take my Trader Joe's budget to Whole Foods.

Persons: Joe's, I've Organizations: Foods

☆ Here's how Nvidia CEO Jensen Huang won over his wife
▼ + stars: | 2024-11-25 | by ( Lakshmi Varanasi | Lloyd Lee | ) www.businessinsider.com time to read: +3 min

AdvertisementNvidia CEO Jensen Huang met his wife Lori Huang at Oregon State University. Huang said he promised her he'd be CEO by 30 to ensure she'd marry him. When Jensen Huang met his wife in college, the odds weren't in his favor. Huang said in a 2010 New York Times interview that he also waited tables at Denny's while he was a student. The CEO also credits his wife and daughter with establishing his signature style: the black leather jacket.

Persons: Jensen Huang, Lori Huang, Huang, she'd, he'd, Lori Mills, Spencer, Ryan Patel, Patel Organizations: Oregon State University, Hong Kong University of Science, Technology, OSU College of Engineering's, Nvidia, OSU, Stanford University, New York Times Locations: Madison, Denny's

☆ Virgin Atlantic CEO says UK budget is 'tax on growth' with air duties set to rise
▼ + stars: | 2024-11-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Shai Weiss, chief executive officer of Virgin Atlantic Airways Ltd., on day two of the Farnborough International Airshow in Farnborough, UK, on Tuesday, July 23, 2024. LONDON – Virgin Atlantic CEO Shai Weiss on Monday said the U.K. Labour government's landmark October budget presented a "tax on growth" due to higher rates placed on the aviation industry. "I would call [the Budget] a tax on growth," Weiss said Monday, adding that while it was necessary to cover Britain's budget deficit, it was also important to recognize the contribution of aviation to the wider U.K. economy. For journeys between 2,001 and 5,500 miles, APD will rise to £102 from £90 in economy and to £244 from £216 in other classes. CNBC has contacted the U.K. Treasury for comment.

Persons: Shai Weiss, Monday, Weiss, Louise Haigh, Rachel Reeves, Rain Newton, Smith, Bill Organizations: Virgin Atlantic Airways Ltd, LONDON, Virgin Atlantic, Labour government's, Labour, Conservative, Air Passenger, Treasury, Aviation, . Transport, Finance, of British Industry, National Insurance, CNBC Locations: Farnborough, London

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