People shop at a grocery store on August 14, 2024 in New York City. Spencer Platt | Getty ImagesThe Federal Reserve announced Wednesday it will lower its benchmark rate by a half percentage point, or 50 basis points, paving the way for relief from the high borrowing costs that have hit consumers particularly hard. The federal funds rate, which is set by the U.S. central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the Fed’s moves still affect the borrowing and savings rates they see every day.Wednesday’s cut…
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Demaerre | Istock | Getty ImagesCorporate leaders can’t “bulls—” their employees about the impact of artificial intelligence on the workforce and the ways in which the technology will affect jobs more broadly, according to one tech billionaire.Jim Kavanaugh, the CEO of World Wide Technology (WWT), told CNBC that people are “too smart” to accept that AI won’t change the way that they manage their work and that no jobs will be eliminated due to the transformative nature of the technology.WWT is an enterprise technology solutions provider that focuses on services such as cloud computing, IT security, data analytics, artificial intelligence,…
People wearing face masks walk by the Hong Kong Monetary Authority on March 4, 2020 in Hong Kong. The Hong Kong Monetary Authority bought HK$1.586 billion ($202 million) from the market on Thursday to stop the local currency weakening and breaking its peg to the U.S. dollar, the de-facto central bank’s first intervention in 18 months.Zhang Wei | China News Service | Getty ImagesThe Hong Kong Monetary Authority on Thursday cut its base rate charged via the overnight discount window by 50 basis points to 5.25%, tracking a move by the U.S. Federal Reserve.Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to…
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…
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…
