Bank of England in the City of London on November 6, 2024 in London, United Kingdom. The City of London is a city, formal county and local government district containing the main central business district (CBD) of London. The City of London is commonly referred to simply as the “City” and is also colloquially referred to as the “Square Mile”. (Photo by Mike Kemp/In Pictures via Getty Images)
Mike Kemp | In pictures | Getty Images
The British economy failed to achieve growth in the three months to September. revised numbers The British Office for National Statistics showed this on Monday.
A preliminary estimate for the third quarter published by the ONS last month showed Britain’s GDP grew by 0.1% in the period. However, final data released on Monday showed GDP growth of 0% quarter-on-quarter.
The British pound was slightly lower against the U.S. dollar on Monday, trading at around $1.2566 at 8:37 a.m. London time.
Monday’s figures deal another economic blow to Britain after a series of weak data prints dampened sentiment and raised questions about the newly elected Labor government’s financial strategy.
Earlier this month, data from the ONS showed that the UK economy unexpectedly contracted by 0.1% in October. It was the country’s second consecutive monthly GDP decline, following a 0.1% decline. in September.
Looking ahead, Paul Dales, chief UK economist at Capital Economics, said he expected the UK economy to remain stagnant in the final quarter of 2024 – but his assessment was not entirely pessimistic.
“Overall, these data suggest that after hitting a record high in the first half of the year, the economy stalled in the second half due to a combination of the ongoing burden of higher interest rates, weaker external demand and some concerns about economic policies in the budget,” he said in a note on Monday.
“We expect 2025 to be a better year for the economy than 2024. However, recent data suggests that the economy no longer has much momentum as the year ends.”
Meanwhile, inflation appears to be rising again. The ONS said last week that UK inflation rose to 2.6% in November, marking the second consecutive month of price increases.
The Bank of England then left its key interest rate unchanged at 4.75%. While markets were not expecting a rate change at Thursday’s Monetary Policy Committee (MPC) meeting, there was surprise that three MPC members voted for a rate cut (a Reuters poll had predicted only one member would vote for a rate cut would).
While Governor Andrew Bailey has previously suggested four rate cuts could be possible next year, traders are divided over when the Bank of England will cut interest rates again. LSEG data shows markets are expecting further dovishness at the MPC meeting in February, with a slim majority of traders expecting a 25 basis point rate cut in March.
This came after British Finance Minister Rachel Reeves presented the Labor government’s first budget at the end of October since replacing the long-standing Conservative government in July.
The budget included plans by Prime Minister Keir Starmer’s government to increase taxes by 40 billion pounds ($50.5 billion). Reeves said at the time that this would be achieved through a series of new measures, including an increase in employers’ social security contributions – an income tax – as well as an increase in capital gains tax, etc Elimination of winter fuel payments to pensioners.
Some of the guidelines drew widespread criticism. The rise in National Insurance payroll tax, for example, has led to warnings from companies that they will be less likely to hire new workers, with a report from recruitment site Indeed earlier this month suggesting the scheme has already had an impact on job vacancies in the UK.
Paritosh and Pakhi accuse Meenu of having an affair with Sagar.
Leela feels betrayed and Vanraj dreams of Meenu’s confession.
Anupama encourages Meenu to resist ragging.
Meenu is afraid to tell Vanraj about the incident.
Vanraj decides to take Meenu home which shocks her.
Vanraj warns Meenu not to take bad decisions.
Meenu gets an ultimatum to stay away from Anupama and Sagar.
Anupama comes to know about Anuj’s close decision.
Written update from Anupama today (August 11, 2024)
Paritosh and Pakhi blame Meenu
Paritosh and Pakhi accuse Meenu of having an affair with Sagar. This shocks Leela. Titu tries to stop Dimple from sharing a video of Meenu but Pakhi reveals that Vanraj already knows the video. Kinjal hearing the commotion asks what is going on.
Paritosh informs them about Meenu and Sagar leaving Leela feeling cheated. Kinjal suggests that Leela let Meenu explain her side of the story. Meanwhile, Vanraj dreams of Meenu confessing her love to Sagar.
In reality, Leela pushes Vanraj into action, which causes him to leave the house, followed by Paritosh. Kinjal notices Vanraj is upset.
Anupama supports Meenu
Anupama encourages Meenu after she admits that she is scared because of the rag. Anupama advises her to defend herself, but Meenu remains tensed. Bala helps Sagar and acknowledges that it is not ideal for Sagar to fight alone.
Sagar is worried about Vanraj’s reaction, especially since he would have helped any girl, not just Meenu. Bala mentions filing an FIR.
Meenu is worried for Vanraj
Anupama urges Meenu to tell Vanraj about the angry incident but Meenu is worried about his reaction. Anupama insists that Meenu will if she doesn’t open her mouth. Vanraj decides to take Meenu home and shocks her when she sees him.
Leela is worried about Dolly, Meenu and Sanjay but Kinjal tries to console her. Dimple creates trouble which makes Titu angry.
Vanraj’s reply to Meenu
Vanraj checks on Meenu and asks if she is unwell. Anupama gets stressed and thinks Vanraj didn’t respond. Paritosh and Pakhi find that Vanraj is not angry with Meenu. Then Meenu tells the Shahs about the bad incident and thanks Sagar for his help.
Vanraj decides to send Meenu back to the US, but Meenu begs him not to do so.
Anupama’s business worries
While Anupama packs groceries, Nandita expresses her concern for Indra. Anupama assumes that Indra might be busy with her family. Nandita then notices that her catering business is not growing, but Anupama remains hopeful. Nandita praises Anupama.
Vanraj’s warning to Meenu
Vanraj forbids Meenu from touching his feet and warns her not to take decisions that might ruin her life like Pakhi and Paritosh did. Meenu assures Vanraj of her respect for him. Sagar, on the other hand, decides to distance himself from the Shahs.
Vanraj’s ultimatum
Vanraj tells Meenu to stay away from Anupama and Sagar. He gives her an ultimatum: either follow his orders or return to the USA. Meenu agrees to follow his rules. Pakhi and Paritosh also warn Meenu while Kinjal consoles her.
Anupama comes to know about Anuj’s close decision
Anupama finds out that Anuj narrowly escaped a mishap. Bala advises her to find Aadya to ensure Anuj’s safety.
Precap: Anupama takes Yashdeep’s help to find Aadya. Aadya tries to connect the call. She calls Anupama.
The vehicles will be available for sale at a Nissan dealership on December 18, 2024 in Libertyville, Illinois.
Scott Olson | Getty Images
Japanese automakers Nissan and Honda announced Monday that they have begun formal merger negotiations to create the world’s third-largest automaker by sales.
Nissan’s strategic partner Mitsubishi has been offered the opportunity to join the new group and will make a decision by the end of January 2025.
The Japanese newspaper Nikkei first reported on the proposed deal on December 17th.
In a news conference on Monday, Honda CEO Toshihiro Mibe said the companies need larger scale to compete in developing new technologies for electric vehicles and intelligent driving. Business integration would give companies a “head start that will not be possible under the current cooperation framework,” Mibe said, according to a translation.
The deal would aim to share information and resources but protect both brands, he said.
A holding company listed on the Tokyo Stock Exchange would be created as the parent company of Honda and Nissan, with the larger Honda appointing most of the board members. The group has the potential to achieve sales of 30 trillion yen ($191.4 billion) and operating profit of over 3 trillion yen, he said.
The talks are scheduled to conclude in June 2025.
The companies are battling strong global competition in the electric vehicle market from companies like Tesla and China’s BYD.
Nissan shares jumped after the initial report. Analysts believe the potential merger is due to the company’s poor financial performance and the restructuring of its long-standing partnership with France’s Renault.
In its most recent quarterly results, Nissan announced it would cut 9,000 jobs and reduce global production capacity by a fifth.
The automaker was “struggling in the market, it was struggling at home, it doesn’t have the right product range,” Peter Wells, professor of economics and sustainability at Cardiff Business School’s Center for Automotive Industry Research, told CNBC. Street Signs Europe” last week.
“There are so many warning signs at Nissan right now, so many red flags that something had to happen. Whether that is the answer is another question,” Wells added.
Here’s what a blockbuster merger between Nissan and Honda could mean for the automotive industry
This is a breaking news story and will be updated shortly.
Former President and NDCs presidential candidate for the December elections, HE John Dramani Mahama
The Office of the Special Prosecutor (OSP) has cleared former President John Mahama of any bribery and wrongdoing following its investigation into the Airbus SE scandal that began in February 2020.
Briefing journalists on Thursday, August 8, 2024, Special Prosecutor Kissi Agyebeng said that following his investigation, he could not provide any evidence that John Mahama or any official received bribes from Airbus SE.
Consequently, the OSP found no evidentiary basis that Samuel Adam Foster, also known as Samuel Adam Mahama, Philip Shun Middlemerth and Lean Sarah Davies, acted as an intermediary of bribery between Airbus employees and former President John Mahama or any other official.
Furthermore, the OSP found no evidentiary basis that Samuel Adam Mahama, Philip Shun Middlerts and Lean Sarah Davies received payments from Airbus with the intent to bribe former President John Dramani Mahama or any other official.
In addition, the OSP found no evidentiary basis that former President John Mahama or any other official of Samuel Adam Foster, also known as Samuel Adam Mahama, Philip Shun Middlemerth and Lean Sarah Davies, paid bribes in connection with the government’s purchase Ghana was bombed by Airbus military transport aircraft,” he noted. John Dramani Mahama, a former President and current flagbearer of the National Democratic Congress (NDC), was the Vice President at the time of the incident.
BACKGROUND SEARCH
A breakdown of the Airbus bribery scandal
Ghana purchased three military aircraft – C295 – from Airbus. The country received its first C295 in November 2011. The second aircraft was received in April 2012 and the third in November 2015.
John Dramani Mahama, a former President and current flagbearer of the National Democratic Congress (NDC), was the Vice President at the time of the incident.
It was argued at the time that the arrangements covering them were in line with the Ghana Armed Forces Strategic Plan 2009-2012.
All three purchases, which were approved by the Ghanaian parliament after fierce local disagreements, were flatly marketed by the then government as a drive to modernize the Ghana Air Force.
Financing for the purchase of aircraft
The first two C295s were financed via a loan facility from Deutsche Bank SAE in the amount of €60,034,636
Another loan of €11,750,000 million from Fidelity Bank Ghana Limited was approved by Parliament during the period under review for the acquisition of two DA42 MPP Guardian surveillance aircraft for the Ghana Air Force.
The House of Representatives also approved a total loan amount of $105,370,177.09 from the Brazilian Development Bank (BNDES) for the purchase of an Embraer E190 jet for the country. The Embraer contract included the corresponding spare parts and accessories as well as the construction of an aircraft hangar large enough to accommodate three large aircraft.
Before Parliament approved the loan agreements, Minority Leader Osei Kyei-Mensah-Bonsu described the deals as questionable and opaque, adding that the contract amounts had been increased by the government.
He famously produced figures from the Internet to support his claims, but was scorned for relying solely on Google to make such serious allegations of wrongdoing.
One of the C295s acquired under the contract supported United Nations-led missions in Mali. The remainder, the government said at the time, was purchased to support strategic operations by the Ghana Air Force, including surveillance of the country’s offshore oil fields, border patrols, pilot training and internal troop transport.
In November 2014, then President John Mahama had announced that Ghana intended to purchase additional military equipment, including five Super Tucanos, Mi-17s and four Z-9s, for the Ghana Air Force.
It was said at the time that Ghanaian troops relied heavily on civilian flights for their movements and needed military aircraft to address this anomaly. Despite criticism from the opposition, the government continued with the purchase agreements.
British court ruling
The recent ruling by the English Crown Court in Southwark appears to have revived earlier suspicions that the agreements surrounding the C295 in particular were corrupt. The January 21, 2020 decision approved a Deferred Prosecution Agreement (DPA) between the Serious Fraud Office and Airbus SE, a subsidiary of Airbus, after investigations uncovered massive bribery scandals involving the aircraft manufacturer in violation of the Bribery Act 2010 was involved.
English law allows the SFO to defer prosecution of an organization on the basis of an agreement between the SFO and one or more companies suspected of having committed economic crimes.
Such an agreement – (DPA) – requires a court seal of approval to become lawful and may even allow the offending institution to avoid prosecution altogether.
When deciding on such applications, the court takes into account, among other things, whether the data protection authority submitted to it is in the public interest or not.
In addition, the terms of the agreement must be fair, reasonable and proportionate.
In the present case, the court found that the data protection agreement was in the public interest and that the agreed terms met the criteria of fairness, reasonableness and proportionality.
The court held that criminal prosecution of Airbus would, among other things, result in massive job losses and adversely affect the company’s stock market performance in the short to long term.
Independent estimates suggest that Airbus could easily lose around £200 billion in the long term if the company were to be prosecuted immediately.
The ruling said SFO investigations found that Airbus – which has now agreed to pay over £3bn in fines – had engaged in schemes to bribe its way into lucrative contracts in countries such as Malaysia, Sri Lanka, Taiwan, Indonesia and Ghana.
French and US authorities have also found similar evidence of suspected bribery of Airbus officials and/or their representatives in other countries, including Russia and China.
In the Ghana case, the Crown Court ruling highlights cases in which Airbus officials are alleged to have either bribed or agreed to bribe intermediaries with close ties to a senior state official as part of a scheme to obtain and/or maintain government contracts influenced the country’s aircraft purchase plans between 2011 and 2015.
No names were mentioned in the court documents, but the time frame given in the judgment covered some periods of the Mills-Mahama era.
The first bribe payment agreement in Ghana involved approximately 5 million euros disguised as a commission to an intermediary – “Intermediary 5” – hired by Airbus to promote its proposal to sell two C295 aircraft to Ghana , to move forward. Finally, due process tests took place. The dubious agreements were uncovered and no money was paid out.
Ultimately, due process audits uncovered the dubious arrangements and no money was paid out.
Subsequent approaches by Airbus were successful and resulted in Ghana purchasing three C259 aircraft at different times through the multinational’s Spanish defense subsidiaries.
The deals were arranged through a series of intermediaries led by “Intermediary 5,” said to be an unnamed relative of a powerful Ghanaian official who was at the material time in a decision-making position over the proposed aircraft purchase agreements.
However, after an internal investigation uncovered the connection between Intermediary 5 and the unnamed senior Ghanaian government official, the parties hatched a plan to conduct the transaction through a third-party company of Spanish origin with which the company had not previously done business in Ghana.
The Spanish company was presented as an intermediary in the proposed aircraft purchase agreements, when in reality it was only included in the agreements in order to avoid due diligence obligations and give the transaction in question a clean bill of health. After completing the deal with Ghana, which initially involved the sale of two aircraft, Airbus or its representatives relied on false statements and documents to pay bribes totaling almost 4 million euros to the Spanish third-party company, which in turn made the payments to the Agent 5 forwarded.
The payments were disguised as commissions on the contract amount. The Spanish third-party company withdrew from a later contract that gave Ghana its third C259 aircraft. This came after Airbus hired an external consultant to conduct due diligence. Intermediary 5’s later claim that Airbus owed him around 1.6 million euros under the contract for the third C295 was not upheld.
The DPA does not mean that Airbus and its officials are immune from prosecution for the alleged crimes.
Under English law, the SFO has the power to prosecute Airbus in due course if it is satisfied that the company has failed to comply with the terms of the court-approved DPA.
In fact, the ongoing investigation means that the SFO may refrain from prosecuting the aircraft manufacturer given its past cooperation with Airbus, but once the investigation is complete it may take criminal action against the people who actually paid or received the bribes in question.
Such a move is likely to involve the intermediaries in Ghana and related persons. In such a case, the SFO may rely on the Mutual Legal Assistance (MLA) provisions of English law to charge the relevant fees.
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Louisiana’s prison system routinely holds inmates for weeks or months after they should be released from prison after serving their sentences, the U.S. Department of Justice said in a lawsuit filed Friday.
The lawsuit against the state follows a multi-year investigation into a pattern of “systemic over-incarceration” that violates inmates’ rights and costs taxpayers millions of dollars each year.
According to the DOJ, since at least 2012, more than a quarter of inmates scheduled to be released from Louisiana prisons were held beyond their release dates.
LOUISIANA LAW REPRESENTATIVES ARE CONSIDERING A CONSTITUTIONAL AMENDMENT THAT WOULD SEND MORE JUVENILE OFFENDERS TO ADULT PRISONS
Louisiana prisons often hold inmates long after they have completed their sentences, after they were supposed to be released, the DOJ said.(AP)
The Justice Department warned Louisiana officials last year that it could file a lawsuit against the state if it fails to fix the problems. Attorneys for the department argue that the state has made “marginal efforts” to address the problems, noting that such attempts at resolution are “inadequate” and show a “deliberate indifference” to inmates’ constitutional rights.
“The right to individual liberty includes the right to be timely released from custody after the expiration of the period specified by the court,” Assistant Attorney General Kristen Clarke said in a statement.
“Detaining people indefinitely … not only infringes on individual freedoms, but also undermines public confidence in the fair and equitable application of our laws,” the statement continued.
More than a quarter of inmates scheduled to be released from Louisiana prisons since at least 2012 have been held beyond their release date, according to the Justice Department.(Kevin Dietsch/Getty Images)
Louisiana Gov. Jeff Landry and the state’s attorney general, Liz Murrill, both Republicans, attributed the problem to “failed criminal justice reforms” pushed by “the previous administration.”
“Over the past year, we have taken significant action to keep Louisianans safe and ensure that those who commit the crime do the time,” Landry and Murrill said in a joint statement to The Associated Press. “The State of Louisiana is committed to upholding the constitutional rights of the citizens of Louisiana.”
BIDEN IS CONSIDERING COMMUTING FEDERAL DEATH ROW INTERMEDIATE SENTENCES: REPORT
Louisiana Governor Jeff Landry speaks at the CPAC Texas 2022 conference at the Hilton Anatole.(Radin/Pacific Press/LightRocket via Getty Images)
The two state officials also claimed that the lawsuit was a last-ditch effort by President Biden, who leaves office next month, and argued that incoming President Trump’s new administration had not pursued the case.
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Advocates have repeatedly questioned conditions in Louisiana’s prison system, which includes Angola, the country’s largest maximum-security prison, where inmates hand-pick vegetables on an 18,000-acre property. The site was once the Angola Plantations, a slave plantation owned by Isaac Franklin and named after Angola, the country of origin of many of the enslaved people who worked there.
Rohit suggests that Arman should prepare for his wedding instead of questioning him.
Ruhi tries to create tension between Arman and Rohit but is stopped by Vidya.
Rohit insists that Arman must marry Abhira so that everyone can move on.
Kajal and Kaveri clash over Rohit’s wedding conditions.
Abhira refuses to marry Arman on terms that lead to Ruhi’s happiness.
Madhav thanks Rohit for supporting Arman but Rohit denies that he cares.
Arman gets confused and decides about his situation.
YRKKH written update dated August 11, 2024
Rohit thinks about Ruhi and Arman
In today’s episode, Rohit thinks deeply about Ruhi and Arman. Arman questions Rohit about his condition in front of Kaveri. Rohit tells Arman to be happy because he wants to marry Abhira. He suggests that instead of asking questions, Arman should start preparing for the wedding.
While Rohit and Arman are talking, Madhav, Abhira, Ruhi and Vidya notice them. Ruhi decides to intervene to create tension between Arman and Rohit but Vidya stops her.
Rohit confronts Arman
Arman demands Rohit explain why he mentioned the wedding conditions to Kaveri. Rohit explains that his relationship with Ruhi cannot move forward until he marries Abhira. He blames Arman for helping Ruhi.
Arman defends himself and says he helped Ruhi out of kindness. Rohit stands firm and insists that Ruhi has to move on. He stresses that Arman needs to marry Abhira and move on with his life. Ruhi is shocked at this.
Kajal and Kaveri disagree about the wedding
Kajal advises Kaveri not to accept Rohit’s condition. Manisha supports Arman and Abhira and questions Kajal’s opposition to their marriage. Manisha is worried about Sanjay’s motives and suspects that he wants to take over the Poddar company by causing family unrest.
Vidya urges Kaveri to allow Arman and Abhira’s wedding, but Kaveri refuses, claiming that Abhira will ruin the Poddar family. Vidya warns that Kaveri’s decision might lead to the downfall of the family. Despite this, Kaveri instructs Manisha to prepare for the Teej festival, leaving Vidya, Manisha and Kajal shocked.
Abhira refuses to marry Arman
Abhira decides against marrying Arman and says she cannot marry again under these conditions. Arman explains that they tried to convince Kaveri but Abhira says she will not marry against Kaveri’s wishes and feels suffocated again. Arman tries to persuade her but Abhira refuses due to Rohit’s condition. Ruhi overhears their conversation and is happy.
Madhav Thanks Rohit
Madhav thanks Rohit for supporting Arman and Abhira and says it shows Rohit still cares for Arman. Rohit denies this. Meanwhile, Arman is worried about Abhira’s decision as he knows that Kaveri will never agree to her marriage. He is confused about what to do next and thinks about Abhira, Ruhi and Kaveri. Ruhi thinks Arman should stop thinking about Abhira and Arman takes a decision.
Precap: Arman decides to leave home to make Rohit happy even though Abhira refuses to abandon his family. He arranges to meet Abhira at the Radha Krishna temple, leaving her stunned by this unexpected turn of events.
A person shops at a Whole Foods Market grocery store in New York City on December 17, 2024.
Spencer Platt | Getty Images
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open tells investors everything they need to know, no matter where they are. Do you like what you see? You can log in Here.
What you need to know today
The government shutdown in the US has been suspended The US government narrowly avoided a shutdown after President Joe Biden signed on Saturday an emergency solution law for state funding. President-elect Donald Trump and Elon Musk on Wednesday thwarted an initial negotiated financing plan by sharply criticizing its provisions, notably insisting on a two-year suspension of the U.S. debt limit.
Slight cooling with price increases According to the private consumption expenditure price index, overall inflation in the USA rose by only 0.1% in November compared to October. On an annual basis, prices rose by 2.4%. Both values were 10 basis points lower than expected. Core inflation was also 10 basis points below forecast. The PCE is the Federal Reserve’s preferred inflation indicator.
The US and Asia Pacific markets are growing On Friday, the S&P 500 rose by 1.09%, the Dow Jones Industrial Average added 1.18% and the Nasdaq Composite rose 1.03%. But all indices fell over the week. Asia-Pacific stocks rose on Monday after Wall Street closed on a positive note on Friday. Japan Nikkei 225 rose by around 1.2% Honda, Nissan And Mitsubishiallegedly informed the country’s Ministry of Industry about the start of merger talks.
CEOs see the door Blue chip companies such as Boeing, Intel And Starbucksannounced changes to their board of directors this year. You are not alone. There have been 327 CEO departures at publicly traded U.S. companies this year through November, according to outplacement firm Challenger, Gray & Christmas. This is the highest value since the company began collecting data in 2010.
(PRO) Betting on Broadcom Nvidia is undeniably the king of the artificial intelligence chip space, and it’s hard to imagine a company that could dethrone it in terms of market cap. But one portfolio manager told CNBC Broadcom is “the next Nvidia in terms of outperformance potential.”
But the November PCE came in cooler than expected. “Stubborn inflation seemed a little less stuck this morning,” said Chris Larkin, managing director of trading and investing at E-Trade Morgan Stanley.
The Fed has repeatedly emphasized that it is “data dependent.” Would the Fed have presented the world with a slightly different dot chart if it had had the opportunity to review the PCE data first?
Chicago Fed President Austan Goolsbee gave some credence to that line of thinking, telling CNBC’s Steve Liesman that he was confident that November’s inflation numbers “indicate that the few months of firming were more of a bump than a change in direction,” with others Words: The economy is “still on track to reach 2%,” Goolsbee said.
On the other hand, Powell said in July that the central bank would be “dependent on data, but not data points” when deciding when to cut interest rates. Even if November’s PCE index had signaled a return of inflation to its downward trend, one month’s worth of data would not have moved the points. Maybe two consecutive months of cool reading would have made some difference?
These questions are rhetorical in nature. Conditional questions are unanswerable, especially in markets. But in their vagueness and awkwardness, they make it clear that trying to time or outsmart the market, especially in volatile times like these, may not be the best idea.
Instead, delve deeply into the fundamentals — earnings, cash flow, future income — that influence stocks, even as inflation and interest rates rise and fall. Remember the days when inflation reports and Fed meetings were just another day in the markets?
— CNBC’s Jesse Pound, Brian Evans and Sean Conlon contributed to this report.
