Calls for a wealth tax on the world’s super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new “billionaire tax” on the country’s wealthiest if re-elected in November. Outlining his 2025 budget proposals on Monday, Biden took aim at the uber affluent and reiterated plans for a 25% … Read more
Sanjeev Sanyal, Member, PMEAC, says “generally speaking, the economy is in good nick. The game really is not whether the numbers are good now and whether or not we can compound it over 25 years if we want to be a developed country. The real issue is not whether we are generating good numbers now. … Read more
Gas prices are displayed at a gas station on March 12, 2024 in Chicago, Illinois. Scott Olson | Getty Images From consumer and wholesale prices to longer-term public expectations, reports this week served up multiple reminders this week that inflation isn’t going away anytime soon. Data across the board showed pressures increasing at a faster-than-expected … Read more
Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department’s Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% … Read more
The Hong Kong observation wheel and the HSBC building in Victoria Harbour in Hong Kong. Ucg | Universal Images Group | Getty Images HSBC is “very positive” about the mid to long-term outlook for the Chinese economy despite current headwinds, the British bank’s chief financial officer told CNBC. Growth in China has been weighed down … Read more
Many countries are bouncing back from the COVID-19 pandemic, but the poorest are not and a significant number are seeing their conditions deteriorate, the UN Development Program said Wednesday. Achim Steiner, head of the agency, said that after two decades during which rich and poor countries were coming closer in terms of development, the finding … Read more
The European Central Bank must take its time to get interest rate cuts right, its chief economist, Philip Lane, said Thursday. “A lot of evidence is accumulating, but what’s also fair to say is that the transition from this holding phase, we’ve been on hold since last September since a substantial hiking cycle, we do … Read more
This combination of pictures created on February 17, 2024, shows U.S. President Joe Biden waving from the South Lawn of the White House in Washington, D.C., on June 1, 2023, and former President Donald Trump waving to the media outside the White House on Jan. 12, 2021. Jim Watson | Brendan Smialowski | AFP | … Read more
A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the Israeli northern coastal beach of Nasholim, on August 29, 2022. JACK GUEZ | AFP DUBAI, United Arab Emirates — Plans for a 50% stake purchase by energy major BP and Abu Dhabi National Oil Company (Adnoc) … Read more
Chief financial officers at large companies see a U.S. economy and equities market that can continue to grow, even as fears about sticky inflation and a potentially overextended, and concentrated, bull run in stocks weigh on investors. That’s according to the CNBC CFO Council Survey for the first quarter of 2024, which shows a dramatic … Read more
