Brits face sharpest fall in living standards on record as government tightens its belt

Brits face sharpest fall in living standards on record as government tightens its belt

LONDON – Prime Minister Rishi Sunak congratulates Chancellor of the Exchequer Jeremy Hunt after he delivered his autumn statement to MPs in the House of Commons, announcing a host of tax rises and spending cuts in an effort to balance the country’s finances. House of Commons/PA Images via Getty Images LONDON — As the U.K. government announces a £55 billion ($65.5 billion) program of tax hikes and spending cuts, the country faces its sharpest fall in living standards since records began. Alongside its confirmation that the country has entered a recession and GDP will contract by 1.4% in 2023, the...

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Commerzbank chief says he’s not preparing for disaster, but mild recession

Commerzbank chief says he’s not preparing for disaster, but mild recession

A “mild recession” is on the cards, according to Commerzbank CEO Manfred Knof. Picture Alliance | Picture Alliance | Getty Images Commerzbank CEO Manfred Knof says the bank has prepared for an uplift in nonperforming loans, but the situation is “definitely not a disaster or default issue” as a “mild recession” is likely in the cards. “We have already made provisions but still at the moment we don’t see a lot of issues ahead of us,” Knof told CNBC’s Annette Weisbach at the European Banking Congress in Frankfurt Friday. Nonperforming loans are bank loans likely to be repaid late or...

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Qatar to reportedly ban beer at World Cup in dramatic reversal

Qatar to reportedly ban beer at World Cup in dramatic reversal

Alex Tai | SOPA Images | Getty Images Qatar is set to ban all beer sales at and around its World Cup stadiums, in a dramatic U-turn just two days before the massive soccer tournament begins, according to multiple reports citing people with knowledge of the matter. The conservative, gas-rich Muslim nation does not fully ban alcohol for visitors, but its sale and consumption is strictly controlled. The reported decision, which is expected to be announce by Qatari authorities on Friday, throws the tournament’s $75 billion sponsorship by major beermaker Budweiser into question and is set to anger many organizers...

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GoTo retrenching 1,300 people— 12% of Indonesia tech giant’s headcount

GoTo retrenching 1,300 people— 12% of Indonesia tech giant’s headcount

A GoTo logo seen displayed on a smartphone screen and in the background. Rafael Henrique | Sopa Images | Lightrocket | Getty Images Indonesian tech giant GoTo Group announced Friday that it is laying off 1,300 people, or around 12% of its total headcount. GoTo is the merged entity of ride-hailing company Gojek and online marketplace Tokopedia. related investing news The Fed ‘pivot’ is dead, says strategist, who shares where to invest right now The company announced Friday that “a reduction in staffing levels that will sadly affect 1,300 people or approximately 12% of employees, across the GoTo group.” Previous...

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UMNO says demonizing Barisan Nasional is unfair to future of Malaysia

UMNO says demonizing Barisan Nasional is unfair to future of Malaysia

Malaysia’s nationalist UMNO party said its rivals are driving a “campaign of fear” against the ruling Barisan Nasional coalition in the lead-up to Saturday’s elections and this could cost Malaysians.  Speaking to CNBC on Friday, UMNO’s information chief and former economic director at the prime minister’s department, Shahril Hamdan acknowledged there are “issues” with the integrity of the Malaysian political system. However, he said those problems also applied to all other parties and coalitions, not just Barisan. UMNO is part of the Barisan Nasional coalition. Convicted former Malaysian prime minister Najib Razak, who was president of UMNO and chairman of Barisan...

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Ray Dalio shares his outlook on Covid, real estate, politics in China

Ray Dalio shares his outlook on Covid, real estate, politics in China

Ray Dalio, founder of Bridgewater Associates, received an award from the China General Chamber of Commerce-USA in February 2022. China News Service | China News Service | Getty Images BEIJING — American billionaire Ray Dalio said while he’s far less familiar with China’s new leadership team than prior officials, he expects worries about their future policies are overdone. That’s according to a Nov. 16 post on LinkedIn that covered his outlook for China’s economy and policy. Here are the highlights: China’s leadership reshuffle “I want to emphasize that none of the new people appear to be extremists,” Dalio said. “How...

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‘Indiscriminate use of hydrogen’ could slow energy transition: Report

‘Indiscriminate use of hydrogen’ could slow energy transition: Report

Hydrogen has a diverse range of applications and can be deployed in a wide range of industries. Aranga87 | Istock | Getty Images Hydrogen use by the G-7 could jump by four to seven times by the middle of this century compared to 2020 in order to “satisfy the needs of a net-zero emissions system,” according to a new report from the International Renewable Energy Agency. In a foreword to the report, IRENA Director-General Francesco La Camera said it had “become clear that hydrogen must play a key role in the energy transition if the world is to meet the...

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A round-trip taxi from Saudi Arabia will cost $532

A round-trip taxi from Saudi Arabia will cost $532

A general view of the skyline from the Doha Corniche on March 31, 2022. Nick Potts – Pa Images | Getty Images DUBAI, United Arab Emirates — The Dubai-based rideshare app Careem is offering inter-country taxi journeys for the 2022 World Cup in Qatar, as millions of soccer fans from around the world descend on the tiny Gulf country for the Middle East’s first-ever go at hosting the massive tournament.  The offer doesn’t span all of the countries around Qatar but will be accessible to those traveling from two parts of neighboring Saudi Arabia: the city of Dammam, which is 250...

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Binance executive compares Sam Bankman-Fried to Holmes and Madoff

Binance executive compares Sam Bankman-Fried to Holmes and Madoff

Binance’s chief strategy officer said it took his company two hours of due diligence on FTX to determine that Sam Bankman-Fried’s crypto exchange was beyond saving. “It was like a bomb went off in that place,” Patrick Hillmann, Binance CSO, told CNBC on Thursday. “You know, we’re getting on calls, people are crying. … It was complete pandemonium over there,” Hillmann said, adding that when “Sam went completely silent on them, the entire organization just fell to pieces.” FTX’s spectacular collapse last week was first made apparent when Binance, the world’s largest exchange for cryptocurrencies, said on Nov. 8 that...

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Alibaba says 15% of China delivery areas disrupted during Singles Day

Alibaba says 15% of China delivery areas disrupted during Singles Day

Alibaba broke tradition by not releasing total sales for its Singles’ Day shopping festival this year. Pictured here are advertisements for the festival in a Shanghai subway station on Nov. 10, 2022. Bloomberg | Bloomberg | Getty Images BEIJING — China’s Covid controls disrupted Alibaba‘s ability to deliver packages, the company said, dragging down the e-commerce giant’s sales in a competitive market. “The resurgence of Covid has affected one area after another, resulting in abnormal or suspended logistic service in different places,” Alibaba CEO Daniel Zhang said during a quarterly earnings call Thursday, according to FactSet. “This hurt merchant operations...

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