The Commerzbank building (second from right) in Frankfurt am Main, western Germany, on Sept. 25, 2023.Kirill Kudryavtsev | Afp | Getty ImagesUniCredit’s move to take a stake in German lender Commerzbank is raising questions on whether a long awaited cross-border merger could spur more acquisitions and shake up the European banking sector.Last week, UniCredit announced it had taken a 9% stake in Commerzbank, confirming that half of this shareholding was acquired from the government. Berlin has been a major shareholder of Commerzbank since it injected 18.2 billion euros ($20.2 billion) to rescue the lender during the 2008 financial crisis.UniCredit also…
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The flags of China and the USA are being displayed on a smartphone, with an NVIDIA chip visible in the background. Raa | Nurphoto | Getty ImagesChinese companies are ramping up efforts to produce a viable alternative to Nvidia’s chips that power artificial intelligence as Beijing continues its efforts to wean itself off American technology.U.S. sanctions slapped on China over the past few years, along with Nvidia’s dominance in the space, have provided big challenges for Bejing’s efforts, at least in the short term, analysts told CNBC.Nvidia’s well-documented boom has been driven by large cloud computing players buying its server products…
Federal Reserve Chairman Jerome Powell speaks during a news conference following the September meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building on September 18, 2024 in Washington, DC. Anna Moneymaker | Getty Images News | Getty ImagesThis 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. Like what you see? You can subscribe here.What you need to know todayA jumbo-sized 50-point cut The U.S. Federal Reserve slashed rates by half a percentage point,…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: The Federal Reserve on Wednesday afternoon cut the fed funds overnight bank lending rate by 50 basis points to the range between 4.75% and 5%. The Fed was widely expected to lower short-term interest rates, but the 25 basis points versus 50 debate raged right up until the announcement. It was the first true toss up in a long time. In the end, the Fed opted to go with a…
By Andrew Marchand, Richard Deitsch, C.J. Moore and Alex AndrejevLongtime NBA insider Adrian Wojnarowski retired from his role with ESPN on Wednesday in a shocking move. Wojnarowski, one of the most influential news breakers in sports media history who is famous for his “Woj bombs,” will become the general manager of the men’s basketball program at his alma mater, St. Bonaventure.He is walking away from around $20 million with ESPN as he had nearly three years remaining on his contract at around $7 million per year, four people briefed on the move said on condition of anonymity because they were…
This photograph taken on April 6, 2022, shows a general view of the National Thermal Power Corporation (NTPC) plant in Dadri. The mounds of jet-black coal shimmering under the afternoon sun at the Dadri power plant are a raw illustration of India’s coal dependence — a habit that despite increasing pressure, the country is finding hard to kick.Prakash Singh | Afp | Getty ImagesIndia’s NTPC Green Energy filed draft papers for a 100 billion rupees ($1.19 billion) initial public offering on Wednesday, as it looks to cash in on the country’s renewables expansion plans and a red-hot equities market.The company,…
Worries about whether artificial intelligence investments will pay off may have rocked markets recently, but Wedbush Securities tech analyst Dan Ives says the tech boom is set to continue. Nvidia shares in particular were hit in recent weeks , before rebounding last week and lifting other tech names as well. Nvidia is set to continue driving tech higher, Ives told CNBC’s ” Street Signs Asia ” on Monday. “Everything we’re seeing from … Nvidia … this party is going to continue … for the next six to eight quarters, because we’re actually seeing demand accelerating,” he said. “I believe this…
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via EmailStephen Trent, Citi’s MD on Americas Airlines, compares discount airlines to bigger carriers, and how they’re navigating debt, labor & supply issues. Source link
ATLANTA — The elevator beeped, and the doors opened. We had arrived on the 17th floor.Fluorescent white lights hung from the ceiling of the office space. The sun, peeking in on this scorching summer day, brightened the gray walls. Past the expansive lobby and down a skinny hallway was a room with a cracked door. When the man inside heard the knock, he blurted, “Come on in!”Fran Tarkenton’s glasses pressed up against the tip of his nose. He slouched in a chair, holding an iPad. Spotting me, he placed the tablet on his wooden desk, pulled the black frames off…
Binance CEO Richard Teng speaks in Singapore on Sept. 17, 2024, at an event hosted by the local foreign correspondents association.Bloomberg | Bloomberg | Getty ImagesCryptocurrency exchange Binance has seen a 40% increase this year in institutional and corporate investors joining the platform, CEO Richard Teng told CNBC’s Lin Lin in an interview Wednesday.”Allocation into crypto by institutions is just at the tip of the iceberg. It’s just beginning, because a lot of them are still doing their due diligence,” Teng said on the sidelines of the Token2049 conference in Singapore. He became CEO in November 2023.”So we on our…
