The headquarters of the Norges Bank, Norway’s central bank, in Oslo, Norway, on Tuesday, Jan. 30, 2024.Bloomberg | Bloomberg | Getty ImagesNorway’s gigantic sovereign wealth fund on Tuesday reported third-quarter profit of 835 billion Norwegian kroner ($76.3 billion).The so-called Government Pension Fund Global, one of the world’s largest investors, said it had a value of 18.870 trillion kroner at the end of September.The results come shortly after Norges Bank Investment Management (NBIM), which manages the world’s largest sovereign wealth fund, warned that elevated uncertainty and a “completely different geopolitical situation” meant there were now more risks to global stocks.Norway’s sovereign…
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HSBC names first female CFO, announces restructureLONDON – Nov. 5, 2020: Fog shrouds the Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. 1 Canada Square.Dan Kitwood | Getty Images News | Getty ImagesHSBC on Tuesday announced a major restructuring and named Pam Kaur — currently group chief risk and compliance officer — as the lender’s first female finance chief.Kaur will assume the CFO post on Jan. 1, taking over from interim Chief Financial Officer Jon Bingham.The bank meanwhile announced plans to streamline its businesses in a bid…
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. Bonds in the driver’s seat: Stocks are taking a breather Monday. A pullback this week would end the S & P 500 ‘s 6-week winning streak, its longest of the year. Up against the market was another big sell-off in Treasuries, with the yield on the 10-year rising roughly 10 basis points to 4.17%. The 10-year yield hasn’t been this high since July. Long-term rates have steadily increased since the Federal…
India and China have reached a deal on patrolling their disputed frontier to end a four-year military stand-off, the Indian foreign minister said on Monday, paving the way for improved political and business ties between the Asian giants.Estherpoon | Istock | Getty ImagesIndia and China have reached a deal on patrolling their disputed frontier to end a four-year military stand-off, the Indian foreign minister said on Monday, paving the way for improved political and business ties between the Asian giants.The news came on the eve of Indian Prime Minister Narendra Modi’s visit to Russia for an Oct. 22-24 summit of the BRICS regional grouping, during which he could hold talks with Chinese President Xi Jinping, Indian…
Russian President Vladimir Putin attends the BRICS Business Forum in Moscow, Russia October 18, 2024. Alexander Zemlianichenko | Via ReutersRussia is rolling out the red carpet to its geopolitical allies as it hosts the latest BRICS summit on Tuesday, pushing its agenda to create a “new world order” that challenges the West.The group was initially comprised of Brazil, Russia, India and China before South Africa joined in 2010, giving the organization of rapidly economically-developing nations its current name. It has since morphed into a geopolitical forum for the world’s most powerful nations outside of the West.The BRICS now have additional clout…
Traders work on the floor at the New York Stock Exchange on March 5, 2024.Brendan Mcdermid | ReutersThis 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 todayMixed markets, rising yieldsU.S. markets were mixed on Monday. The Nasdaq Composite rose while the S&P 500 and the Dow Jones Industrial Average fell, with the latter snapping its three-day winning streak. The 10-year Treasury yield jumped almost 12 basis points.…
Buy now, pay later firms like Klarna and Block’s Afterpay could be about to face tougher rules in the U.K.Nikolas Kokovlis | Nurphoto | Getty ImagesLONDON — More startups are being spun out of Swedish digital payments firm Klarna than any other financial technology unicorn in Europe, according to a new report from venture capital firm Accel.Accel’s “Fintech Founder Factory” report shows that alumni from Klarna have gone on to create a total of 62 new startups, including the likes of Swedish lending technology firm Anyfin, regulatory compliance platform Bits Technology and AI-powered coding platform Pretzel AI.That is more than any…
Bank of England in the City of London on 8th October 2024 in London, United Kingdom.Mike Kemp | In Pictures | Getty ImagesLONDON — The U.K. is likely to see interest rates drop at a faster pace than previously expected, according to economists who flagged key data releases that indicated inflationary pressures are finally easing.However, the Labour government’s debut budget due at the end of the month will prove crucial, as market participants wait to assess the economic impact.As of Tuesday, money markets had fully priced in a quarter-percentage-point rate cut for the Bank of England’s next meeting in November, and…
Aaron P | Bauer-Griffin | GC Images | Getty ImagesHSBC on Tuesday named veteran insider Pam Kaur as its first female finance chief and announced a consolidation of the bank into four business units.Kaur is set to assume her post on Jan. 1, according to regulatory filings with the Hong Kong bourse, taking over from interim Chief Financial Officer Jon Bingham. This is the second heavyweight leadership shakeup for HSBC in recent months, after former finance boss Georges Elhedery was named CEO of the group back in July.This breaking news story is being updated. Source link
A person rides a bicycle with a child sitting in the basket in Beijing, China July 14, 2024.Tingshu Wang | ReutersThe jobless rate for 16-to-24-year olds in China, excluding students, fell to 17.6% in September from 18.8% a month prior, official data showed on Tuesday, offering officials relief after youth unemployment hit fresh highs for two straight months.Unemployment among young people and college graduates jumped from 13.2% in June to 17.1% in July, as some 12 million students entered the labor market, before the August figure rose to its highest level since the National Bureau of Statistics decided to change the methodology to not…
