Tag Archives: business news

Belgium introduces mandatory monkeypox quarantine as global cases rise

In this 1971 Center For Disease Control handout photo, monkeypox-like lesions are shown on the arm and leg of a female child in Bondua, Liberia.

CDC | Getty Images

Belgium has become the first country to introduce a mandatory 21-day quarantine for monkeypox patients as cases of the disease — typically endemic to Africa — spread across the globe.

Health authorities in Belgium introduced the measures Friday after the country reported its third case of the virus. As of Monday, the country has recorded four local cases; confirmed global infections currently number around 100.

Belgium’s compulsory measures apply only to patients with a confirmed infection. Close contacts are not required to self-isolate but are encouraged to remain vigilant, especially if in contact with vulnerable people.

“Infected persons will have to go into contact isolation until the injuries have healed (they will receive concrete instructions about this from the treating doctor),” a version of the government announcement translated from Dutch said.

The U.K. meanwhile has said those who have a high risk of catching the disease should self-isolate for 21 days. That includes household contacts or medical professionals who may have come into contact with an infected patient.

What is monkeypox?

Monkeypox is a rare disease caused by the monkeypox virus — part of the smallpox family — with symptoms including rashes, fever, headaches, muscle ache, swelling and backpain.

Though typically less severe than smallpox, health experts are growing concerned about the genesis of a recent outbreak, starting in early May, in countries beyond Central and West Africa.

Health authorities, including the U.S. Centers for Disease Control and infection and the U.K.’s Health Security Agency, said they have noted a particular concentration of cases among men who have sex with men, and urged gay and bisexual men in particular to be aware of any unusual rashes or lesions.

As of Saturday, the World Health Organization reported there were 92 cases in 12 countries, and a further 28 suspected cases under investigation. The U.S., U.K., Canada, Australia, Germany, France, Italy, Spain, Sweden, Belgium, Portugal and Netherlands have all confirmed cases.

In this Centers for Disease Control and Prevention handout graphic, symptoms of one of the first known cases of the monkeypox virus are shown on a patient?s hand May 27, 2003.

CDC | Getty Images

The public health body said recent reported cases had no links to travel from endemic African countries, which is unusual for the disease. It usually spreads via human-to-human or human-to-animal contact.

“Epidemiological investigations are ongoing, however, reported cases thus far have no established travel links to endemic areas,” the WHO said in a statement posted on its website Saturday.

“Based on currently available information, cases have mainly but not exclusively been identified amongst men who have sex with men (MSM) seeking care in primary care and sexual health clinics,” it added.

More monkeypox cases likely

The recent surge in community cases, particularly within urban areas, is now raising concerns of a wider outbreak.

“To have it appear now — more than 100 cases in 12 different countries with no obvious connection — means we have to figure out exactly what’s happening,” Seth Berkley, CEO of global vaccine alliance Gavi, told CNBC Monday.

“The truth is we don’t know what that is and therefore how severe it’s going to be. But it’s likely that we’re going to see more cases,” he said.

Though most cases of monkeypox are mild and typically resolve within two to four weeks, there is currently no proven vaccine. The smallpox vaccine has proven 85% effective in preventing infection, and some countries have already begun stockpiling doses.

Berkley cautioned that the new outbreak, occurring even as the existing coronavirus pandemic is “not over yet,” was a warning to authorities to invest more resources into infectious diseases. He was speaking at the World Economic Forum in Davos, Switzerland, where political and business leaders have gathered this week to discuss key global issues, including pandemic preparedness.

“This is evolutionarily certain that we’re going to see more outbreaks,” he said. “That’s why pandemic preparedness is so important. Look at what it can do economically when you have a pandemic hit”

CNBC Health & Science

Read CNBC’s latest global coverage of the Covid pandemic:

Read original article here

ABBA hope to better than Elvis and Michael Jackson with immersive performance

Swedish music band ABBA, shown here as wax figures, have sold over 400 million records worldwide.

Jonathan Nackstrand | Afp | Getty Images

Pop legends ABBA are taking a big punt on their latest immersive project, founding member Bjorn Ulvaeus has told CNBC.

The much-anticipated immersive performance called ABBA Voyage is billed as “a concert 40 years in the making,” and features digital avatars of the Swedish supergroup accompanied by a 10-piece live band.

Speaking in late April ahead of its long-awaited world premiere in London, U.K., this week, Ulvaeus told CNBC it was “a hell of a risky project in so many ways.”

“The risk is, of course, that people won’t find it to be the experience that I think and hope it will be. That is the main thing. If people would go from the concert thinking, yeah, well, that wasn’t bad but … We want them to feel, you know, emotional and to feel that they’ve gone through something that they’ve never seen before.”  

Last album

The pop icon also confirmed to CNBC that the much-loved band’s 2021 chart-topping “Voyage” album – their first in 40 years — will be their last.

ABBA — Agnetha Faltskog, Bjorn Ulvaeus, Benny Andersson and Anni-Frid Lyngstad — launched onto the world stage after winning the Eurovision Song Contest with “Waterloo” in 1974. 

The band has gone on to sell over 400 million records worldwide, and once reportedly came only second to Volvo as one of Sweden’s biggest exports. 

It’s been 40 years since the band last performed together and Ulvaeus said he was “nervous and thrilled.”

He said he expects this week’s opening of the ABBA Voyage digital concert to be “so incredibly special” and beat any other moment in his professional life so far.

In the latest episode of “The CNBC Conversation,” Ulvaeus says the idea first came about five years ago — to create digital “ABBA-tar” copies of the band from their 1979 prime, in a cutting-edge technology concert.

He said trials had been done before with Michael Jackson and Elvis, but the team behind the technology were keen to use it with living figures.

“It’s better to do it with someone who is still alive because your cranium, even though the rest of your body falls apart … the measurements in the cranium are the same, so it’s easier to recreate a younger copy of yourself if you’re still alive,” Ulvaeus said.

To create the human-like avatars, the four members of the band, who are now in their seventies, dressed in motion capture suits and performed all of the songs on stage in a specially constructed studio in Stockholm, Sweden.

“They would dress us in kind of tight costumes, black with dots on them and there were dots on our faces, and we would have helmets. And then we’d go on that stage and we would perform a song almost as if we had performed it on ‘Top of the Pops,’ the old British [TV] program,” he said.

“It was weird at first. I mean, I was looking around and there’s Agnetha doing her stuff, and Benny, just like the old days. But in the end, it was fun.”

Deep fakes

Ulvaeus said the band were leading the way with the technology behind ABBA Voyage. 

“We are pioneers in this field, to make avatars, to build digital copies that are as human beings — to the pores, through the hairs in the nose, through everything [it] will make you feel after a while that this is a human being, this is not digital, this is a video of a human being, and it’s great fun to be the pioneer and to do it in this context,” he said.

But the celebrated star said he does worry about how the technology could be misused by those wanting to create “deep fake.”

“I realized that it could be misused, and it will be misused. Not our avatars, but other avatars will be used as vehicles saying things that the original people don’t mean, fake, I mean, deep fake. Deep fake is going to be indistinguishable from the real thing going forward and that’s something we really have to watch out for,” he said.

“But somebody was going to do it anyway, so I thought maybe to do it in a positive way as pioneers would be good to show how it can be used.”

A purpose-built “ABBA Arena” which can hold a 3,000-strong audience has been created in the Queen Elizabeth Olympic Park in London.

The ABBA Voyage concert performances open to the public on May 27 and Ulvaeus told CNBC they can expect a hit parade with a few not so well-known songs, and some from their latest album.

 

Read original article here

Why Turkey doesn’t want Sweden, Finland to join NATO

When Finland and Sweden announced their interest in joining NATO, the two Nordic states were expected to be swiftly accepted as members of the defense alliance. But joining NATO requires consensus approval from all existing members, and Turkey – one of the group’s most strategically important and militarily powerful members – is not happy. 

The reasons why are complicated, emotional and steeped in decades of often violent history.

Historic decision

Nonaligned up until now, Finland and Sweden last weekend announced plans to abandon that position and join NATO in the wake of Russia’s bloody invasion of Ukraine.

Official partners of the alliance since the 1990s, the idea that the Nordic states might actually join the group made Moscow bristle. NATO expansion is something it has previously cited to justify invading Ukraine, also a NATO partner. 

Now, Turkish President Recep Tayyip Erdogan has the power to determine the future of the NATO alliance — and its power and size in the face of Russia’s war.

In fact, Erdogan has already blocked an early attempt by NATO to fast-track Finland and Sweden’s applications, saying their membership would make the alliance “a place where representatives of terrorist organizations are concentrated.”

As of 2022, NATO has expanded to let in three former Soviet states and all of the former Warsaw Pact countries.

Bryn Bache | CNBC

The clash has sent Western diplomats scrambling to bring Turkey on side, as Ankara presented a list of grievances to NATO ambassadors about its issues with the Nordic states – Sweden in particular.

What are Turkey’s grievances against Sweden and Finland?

When Erdogan talks of “terrorists” in this context, he means the Kurdish Workers’ Party, or the PKK – a Kurdish Marxist separatist movement that has been fighting Turkish forces on-and-off since the 1980s. It operates mostly in southeastern Turkey and parts of northern Iraq.

The PKK is classified as a terrorist organization by Turkey, as well as by the U.S., Canada, Australia and the European Union.

In fact, Sweden was one of the first countries to designate the group as a terrorist organization in 1984.

However, Turkey says that Sweden has supported PKK members and provides protection for them. Sweden denies this, saying it supports other Kurds who are not in the PKK – but the details are more complicated. 

Sweden’s foreign ministry declined to comment on Erdogan’s accusations when contacted by CNBC.

Since 1984, between 30,000 and 40,000 people are estimated to have died in fighting between the PKK and Turkish government, according to Crisis Group. The PKK have carried out scores of attacks within Turkey. 

Members of Turkish Armed Forces (TSK) continue operations against the PKK, listed as a terrorist organization by Turkey, the U.S. and the EU, and the Syrian Kurdish YPG militia, which Turkey regards as a terror group, within Turkey’s Operation Peace Spring in Ras Al Ayn, Syria on October 17, 2019.

Turkish Armed Forces | Anadolu Agency | Getty Images

When it comes to Finland, Turkey’s opposition to it joining NATO appears to be more by association – the country has a far smaller Kurdish population than Sweden, but its foreign policy tends to be similar.

Finland has also banned the PKK as a terrorist organization, but joined Sweden and other EU countries in halting weapons sales to Turkey in 2019 over Ankara’s military action against Kurdish groups in Syria.

Erdogan is demanding that Sweden extradite a list of people that Turkey has charged with terrorism. He also wants Sweden and Finland to publicly disavow the PKK and its affiliates, and to lift their weapons ban on Turkey.  

For Hakki Akil, a former Turkish ambassador, the Turkish perspective is “very simple.”

“If Finland and Sweden want to join a security alliance they have to give up to their support to a terror organization [PKK] and not give refuge to them. On the other hand they have also to accept Turkish requests of extradition of 30 terrorists, [which are] very specific cases.”

Why do the Kurdish people matter to Turkey?

The Kurdish people are often described as the world’s largest ethnic group without a homeland – an estimated 30 million people. Mostly Sunni Muslim, they have their own unique language and customs.

Nearly 20% of Turkey’s 84 million-strong population is Kurdish, with some Kurds holding important positions in Turkish politics and society, though many say they are discriminated against and their political parties face crackdowns from the Turkish state.

Spread out between Turkey, Syria, Iraq and Iran, they have been heavily persecuted, marginalized and even been victims of genocide in the counties where they live – see Saddam Hussein’s chemical gas attacks that killed nearly 200,000 Kurds in Iraq in the late 1980s. Various Kurdish groups have pushed for Kurdish autonomy and statehood over the decades, some peacefully and some, like the PKK, through violence. 

Kurds celebrate to show their support for the independence referendum in Duhok, Iraq, September 26, 2017.

Ari Jalal | Reuters

Kurdish fighters in Syria linked to the PKK played a major role in the fight against ISIS, receiving weapons support and funding from the U.S and Europe, including Sweden. This sparked huge tensions with Turkey, which then launched attacks on the Kurds in Syria.

“You are talking about people who have been actively fighting with Turkey for more that 40 years and killing tens of thousands of civilians in the process,” Muhammet Kocak, an international relations specialist based in Ankara, told CNBC.  

“Turkey is not happy about the fact that they suddenly become good guys just because they came in handy against ISIS.”

Western governments hailed the Kurdish fighters as allies, and several EU countries put various embargoes on Turkey due to their targeting of Kurdish militias in Syria, highlighting the intractable differences between how each side perceived the fighters.

Sweden’s relationship with Kurdish groups

Underlying the tension between Turkey and Sweden is how each country defines “terrorist,” says Hussein Ibish, a senior resident scholar at the Arab Gulf States Institute in Washington.  

“It’s not just a matter of Sweden’s liberal policies towards Kurdish refugees and political dissidents and activists. It’s also a reflection of differing definitions over who and what constitutes intolerable Kurdish extremism,” Ibish said. 

“Turkey basically classifies all Kurdish groups it strongly dislikes as PKK front organizations. That includes many non-PKK Kurdish entities and organizations in and from Turkey itself, but also the Western-backed Syrian Democratic Forces (SDF) in Syria and a number of Iraqi Kurdish groups as well.” 

Sweden has a long history of taking in Kurdish refugees and asylum seekers, particularly political refugees. Several Kurds even have seats in Sweden’s Parliament. 

While most of the Kurds living in Sweden – which local groups say number as many as 100,000 – have no affiliation with the PKK, the Swedish government has supported members of other Kurdish organizations, particularly the political wing of the PKK’s Syrian branch, called the PYD.

Sweden says the PKK and PYD are different – but Turkey says they are one and the same.

Stockholm also politically and financially supports the Syrian Democratic Council (SDC), the political wing of the SDF, a Kurdish-led militia group created with support from the U.S. to fight ISIS in Syria. Ankara says that the SDC is dominated by PKK terrorists.

In 2021, Sweden’s government announced an increase in funding for Kurdish groups in Syria to $376 million by 2023, saying it remained an “active partner” to Syria’s Kurds and that its funds were aimed at “strengthening resilience, human security and freedom from violence” and improving “human rights, gender equality and democratic development.”

What will Sweden do? 

With Swedish elections coming up in September, it’s unlikely that the government will make any major concessions to Erdogan that would make it look weak, according to some analysts. 

Others believe that Erdogan ultimately will not block Sweden and Finland’s NATO memberships, but instead is seeking to improve his waning popularity at home.

“My suspicion is that Turkey, eventually, especially if it can extract a few concessions here and there from the Western powers and its NATO allies, will not ultimately seek to block Finland and Sweden from joining the organization,” the Arab Gulf States Institute’s Ibish said.

“The Russian invasion of Ukraine and the fact that the war now focuses on parts of that country that are adjacent to Turkey and of profound strategic and even historic interest to Ankara has reminded many Turks of the value of membership in NATO.”

Still, NATO may face gridlock for some time if Erdogan is not satisfied with Sweden and Finland’s responses to his demands. 

Read original article here

Buy the dip or time to sell stocks? Here’s what Wall Street experts say

A Wall Street sign is pictured at the New York Stock exchange (NYSE) in New York, March 9, 2020.

Carlo Allegri | Reuters

With the recent carnage on Wall Street, CNBC Pro asks strategists and investors what’s next for stocks and where they see pockets of opportunity in the weeks ahead.

Read original article here

Stock futures rise after Dow falls for 8th-straight week in relentless sell-off

Traders on the NYSE, May 20, 2022.

Source: NYSE

Stock futures rose in overnight trading Sunday after the Dow Jones Industrial Average fell for its 8th straight week amid a broader market sell-off.

Futures on the Dow industrial average gained 170 points, or 0.57%. S&P 500 futures added 0.7% and Nasdaq 100 futures rose 0.7%.

The moves came after the S&P 500 on Friday dipped into bear market territory on an intraday basis. While the benchmark was down 20% at one point, it did not close in a bear market after a late-day comeback.

In Friday’s regular trading session, the S&P 500 closed 0.01% higher at 3,901.36 after falling as much as 2.3% earlier in the session. The Dow added 8.77 points at 31,261.90 after sinking as much as 600 points and the Nasdaq inched 0.3% lower.

The S&P 500 currently sits 19% off its record high while the Dow is down 15.4%. The Nasdaq is already deep in bear market territory, down 30% from its high.

Last week marked the Dow’s first eight-week losing streak since 1923, while the S&P 500 capped a seven-week losing streak, its worst since 2001.

The Nasdaq saw its seventh negative week in a row for the first time since March 2001. The tech-heavy index also saw its lowest intraday level since November 2020 on Friday.

Eight of 11 sectors ended the week in the red, led by consumer staples, which dipped 8.63% and had its worst weekly performance since March 2020. Energy finished the week on top, rising 1.09%. Consumer discretionary and communication services also finished the week more than 32% off their 52-week highs.

“Investors are trying to come to grips with what exactly is happening and always try to guess what the outcome is,” said Susan Schmidt of Aviva Investors. “Investors hate, and the markets hate uncertainty, and this is a period where they don’t have any clear indication on what’s going to happen with this push-pull between inflation and the economy.”

Investors are looking ahead to a new batch of earnings this week, including an array of big retail names. Zoom Video is set to report results Monday followed by Costco, Nvidia, Dollar General, Nordstrom and Macy’s later in the week.

Read original article here

Latest news on Russia and the war in Ukraine

Ukrainian first lady details war’s impact on her family

Ukraine’s President Volodymyr Zelenskiy and his wife Olena Zelenskiy attend the funeral ceremony of the first president of Ukraine Leonid Kravchuk, in Kyiv, Ukraine, May 17, 2022. 

Viacheslav Ratynskyi | Reuters

Ukrainian first lady Olena Zelenska detailed the war’s impact on her family, saying they were basically ripped apart like much of the nation, according to The Washington Post.

Zelenska and President Volodymyr Zelenskyy sat down for a joint television interview with ICTV, making it only the second time the couple has appeared together since the invasion began, the Post reported.

“Our family was torn apart, as every other Ukrainian family,” Zelenska said. “He lives at his job. We didn’t see him at all for 2 1/2 months.”

Zelenska has kept a low profile since the war began. She made a public appearance for the first time earlier this month when meeting with U.S. first lady Jill Biden in Ukraine. Zelenskyy warned in February that he was Russia’s “target No. 1” and his family was “target No. 2.”

Read the full report from The Washington Post here.

— Jessica Bursztynsky

Sanctions have ‘practically broken all logistics’ in Russia, transport minister says

Western sanctions on Russia have stymied logistical routes for trade across the country, Transport Minister Vitaly Savelyev said, according to state media outlet TASS.

“The sanctions that have been imposed on the Russian Federation today have practically broken all logistics (corridors) in our country. And we are forced to look for new logistics corridors together,” he said.

— Natasha Turak

Russia presses Donbas offensive as Polish leader visits Kyiv

Polish President Andrzej Duda visits Borodyanka, as Russia’s attack on Ukraine continues, in the Kyiv region, Ukraine, April 13, 2022. Picture taken April 13, 2022. 

Polish Presidency | Reuters

Russia pressed its offensive in Ukraine’s eastern Donbas region Sunday as Ukrainian President Volodymyr Zelenskyy said the outcome of the grueling conflict would determine whether his country’s fate lies with the West or under Moscow’s domination.

After declaring its full control of a sprawling seaside steel plant that was the last defense holdout in the port city of Mariupol, the Russian military launched artillery and missile attacks in Ukraine’s industrial heartland, seeking to expand the territory Moscow-backed separatists have held since 2014.

In a Saturday night video address to the nation, Ukrainian President Volodymyr Zelenskyy described the situation in the Donbas as “really hard” but “the fact that we are able to say this on the 87th day of a full-scale war against Russia is good news.”

“Every day that our defenders take away from these offensive plans of Russia, disrupting them, is a concrete contribution to the approach of the main day. The desired day that we are all looking forward to and fighting for: Victory Day,” Zelenskyy said.

Zelenskyy’s remarks came as Poland’s president prepared to meet with him to support Ukraine’s goal of becoming a candidate for European Union membership, an issue set to be decided at an EU summit in late June.

As the West rallies behind Ukraine, Polish President Andrzej Duda made an unannounced visit to Kyiv and on Sunday became the first foreign leader to address the Ukrainian parliament since the start of the war.

Associated Press

Mariupol is on the brink of a health and sanitation ‘catastrophe’, mayor warns

An aerial view of the Central district of the port city of Mariupol on May 18, 2022, amid the ongoing Russian military action in Ukraine.

Andrey Borodulin | AFP | Getty Images

The destroyed city of Mariupol is on the verge of a major health crisis, its Mayor Vadim Boychenko said, brought on by the shallow burials of people left in mass graves by Russian forces, the warming weather, the breakdown of sewage systems and summer rains.

“In addition to the humanitarian catastrophe created by the (Russian) occupiers and collaborators, the city is on the verge of an outbreak of infectious diseases,” Boychenko wrote on the messaging app Telegram. He warned that water sources could become contaminated as well, and urged Russian forces to let residents safely leave the city.

Mariupol has seen some of the worst human suffering of any city in Ukraine, and has been completely blockaded by Russian forces since the start of March. Its strategic position as a southern port city makes it a key target for Russia as it would provide a land border between Crimea, which was annexed by Russia in 2014, and Russian separatist-backed territories in the east.

Ukrainian officials say that the once-thriving city with a pre-war population of 500,000 has been “wiped off the map.”

— Natasha Turak

Zelenskyy says Russia has blocked exports of 22 million tons of food

Ukrainian President Zelenskyy has warned of a food crisis to follow the energy crisis as its ports, from which vital exports of agricultural produce are exported to the rest of the world, remain blocked by Russian forces and attacks.

“The world community must help Ukraine unblock seaports, otherwise the energy crisis will be followed by a food crisis and many more countries will face it,” Zelenskyy said.

“Russia has blocked almost all ports and all, so to speak, maritime opportunities to export food — our grain, barley, sunflower and more. A lot of things.”

“There will be a crisis in the world,” he warned. “The second crisis after the energy one, which was provoked by Russia. Now it will create a food crisis if we do not unblock the routes for Ukraine, do not help the countries of Africa, Europe, Asia, which need these food products.”

A driver unloads a truck at a grain store during barley harvesting in the village of Zhovtneve, Ukraine, July 14, 2016.

Valentyn Ogirenko | Reuters

Before the war, more than 95% of Ukraine’s total grain, wheat and corn exports was shipped out via the Black Sea, and half of those exports went to countries in the Middle East and North Africa. The region is already facing severe food inflation and shortages.

— Natasha Turak

Poland’s president visits Kyiv to deliver speech to Ukraine’s parliament

Polish president Andrzej Duda is in Kyiv to make a speech to Ukraine’s parliament, the Verkhovna Rada, making his the first foreign head of state to do so since Russia invaded Ukraine on February 24.

Duda arrived in the capital on Saturday and “will deliver the address as the first head of a foreign state since the outbreak of the war,” his office said in a statement. Poland has been a staunch supporter of Ukraine since the war began and has taken in nearly 3.5 million Ukrainian refugees, more than half of the total exodus from the country so far.

— Natasha Turak

Russia’s only unit of Terminator tank support vehicles is believed to be in the Donbas: UK MoD

The U.K.’s Ministry of Defence believes that Russia’s only operational company of BMP-T Terminator tank support vehicles has likely been deployed to Severodonetsk in Ukraine’s eastern Donbas, where Russian forces are heavily concentrating strikes to gain territory.

The use of these vehicles suggests that a body called the Central Grouping of Forces (CGF) is part of the attack, the ministry said in a tweet, as it is the only formation that has them. “CGF previously suffered heavy losses while failing to break through to eastern Kyiv in the first phase of the invasion,” the ministry’s latest daily intelligence update read.

“The Severodonetsk area remains one of Russia’s immediate tactical priorities. However, with a maximum of ten Terminators deployed they are unlikely to have a significant impact on the campaign,” it added.

— Natasha Turak

As Russia intensifies push for Donbas, Ukraine rules out ceasefire

Ukraine ruled out a ceasefire or concessions to Moscow as Russia intensified an offensive in the eastern Donbas region and stopped providing gas to Finland.

After ending weeks of resistance by the last Ukrainian fighters in the strategic southeastern city of Mariupol, Russia is waging what appears to be a major offensive in Luhansk, one of two provinces in Donbas.

Russian-backed separatists already controlled swathes of territory in Luhansk and the neighboring Donetsk province before the Feb. 24 invasion, but Moscow wants to seize the last remaining Ukrainian-held territory in Donbas.

“The situation in Donbas is extremely difficult,” Ukrainian President Volodymyr Zelenskyy said in his nightly address. The Russian army was trying to attack the cities of Sloviansk and Sievierodonetsk, but Ukrainian forces were holding off their advance, he said.

Earlier, Zelenskiy told local television that while the fighting would be bloody, the end would come only through diplomacy and that the Russian occupation of Ukrainian territory would be temporary.

Zelenskyy adviser Mykhailo Podolyak ruled out agreeing to a ceasefire and said Kyiv would not accept any deal with Moscow that involved ceding territory. He said making concessions would backfire on Ukraine because Russia would hit back harder after any break in fighting.

“The war will not stop (after concessions). It will just be put on pause for some time,” Podolyak, Ukraine’s lead negotiator, told Reuters in an interview in the heavily guarded presidential office.

“They’ll start a new offensive, even more bloody and large-scale.”

Reuters

Biden tweets video of signing $40 billion Ukraine aid package amid South Korea visit

President Joe Biden tweeted a video of himself signing legislation authorizing an additional $40 billion in U.S. aid to Ukraine in its fight against Russia.

Biden inked the aid boost, which was overwhelmingly approved by Congress this week, during his state visit to Seoul, South Korea.

“This law will allow us to continue sending security, economic, and humanitarian assistance to the people of Ukraine as they continue to defend their democracy and freedom,” the tweet from Biden’s official White House Twitter account said.

Biden also during his visit signed the Access to Baby Formula Act, which is designed to alleviate a nationwide shortage of formula in the United States.

Both bills were flown to South Korea by a U.S. government official on a commercial jet who was already planning to travel to Asia for work-related duties, a White House official told NBC News.

— Dan Mangan

Trump not on Russia’s list of banned Americans that includes Biden, Harris

Former President Donald Trump speaks to supporters during a rally at the I-80 Speedway on May 01, 2022 in Greenwood, Nebraska. Trump is supporting Charles Herbster in the Nebraska gubernatorial race.

Scott Olson | Getty Images

Russia on Saturday released a list of nearly 1,000 Americans who are now permanently barred from entering the country, an action likely in response to sanctions imposed on the nation following its February invasion of Ukraine.

The list includes President Joe Biden, Vice President Kamala Harris, Facebook’s Mark Zuckerberg, Hillary Clinton and George Soros. It also names 211 Republicans and 224 Democrats from both the House of Representatives and the Senate.

There are also a few notable omissions. Former President Donald Trump and Mike Pence, who served as his vice president, are not included. Former President Barack Obama is also not on the list.

A spokesperson for Trump did not immediately respond to a request for comment.

Read more here.

— Carmen Reinicke

Read CNBC’s previous live coverage here:

Read original article here

Latest news on Russia and the war in Ukraine

McKinsey & Co. consulted a Russian weapons maker and the Pentagon at the same time

Superyacht Valerie, linked to chief of Russian state aerospace and defence conglomerate Rostec Sergei Chemezov, is seen at Barcelona Port in Barcelona city, Spain, March 9, 2022.

Albert Gea | Reuters

McKinsey & Co., a major global consulting firm, worked with both a Russian weapons maker and the Pentagon simultaneously, NBC News reported today.

An NBC investigation uncovered that McKinsey advised Rostec, a Russian state-owned manufacturing company in recent years. The company manufactures engines for missiles, including many of the weapons that Russia has fired on Ukraine since its February invasion.

The scope of McKinsey’s work with Rostec did not directly involve weapons, according to the report. Still, the consulting firm was working on national security contracts for the U.S. government, including the Defense Department and U.S. intelligence community.

It’s the latest accusation of conflicts of interest faced by McKinsey. The consulting firm previously worked with opioid manufacturers while advising officials at the U.S. Food and Drug Administration on opioids. Congress has also scrutinized the company for its work in China.

A McKinsey spokesman told NBC News that it has strict rules and firewalls to safeguard against conflicts of interest, and that its work abroad is walled off from its work in Washington.

— Carmen Reinicke

Portugal’s Prime Minister visits Kyiv, meets with Zelenskyy

Portuguese Prime Minister Antonio Costa, center, talks to media in Irpin, Ukraine, Saturday, May 21, 2022.

Efrem Lukatsky | AP Photo

António Costa, Portugal’s prime minister, visited Kyiv today and made a joint appearance with Ukrainian President Volodymyr Zelenskyy to discuss aid, the president’s office said in a statement.

“I once again felt such a closeness of values ​​and a common understanding by our nations of the future of Europe. Portugal has been helping Ukraine since the first days of Russia’s full-scale invasion of our land,” Zelenskyy said, according to a statement.

“I am grateful to your country and to you personally, Mr. Prime Minister, for your defensive, political and humanitarian assistance, as well as for the great support for our citizens, forcibly displaced Ukrainians who fled the war and are now on the European continent in various countries, in particular in Portugal,” he added.

Zelenskyy also called for Portugal’s support in Ukraine’s bid for accession to the European Union.

Costa is the latest of many world leaders to visit Kyiv or reach out to Zelenskyy to provide aid in recent weeks. In a tweet, he confirmed Portugal’s support of Ukraine.

“We are all moved by the European choice made by Ukraine and its people and we welcome it with open arms,” he said. “It is fundamental to accelerate Ukraine’s political and economic convergence with the EU.”

— Carmen Reinicke

Albania buys anti-tank Javelin missiles to strengthen army

A soldier holds a Javelin missile system during a military exercise in the training centre of Ukrainian Ground Forces near Rivne, Ukraine May 26, 2021. Picture taken May 26, 2021. 

Gleb Garanich | Reuters

Albania’s defense minister said Saturday the Western Balkan country has bought anti-tank Javelin missiles to strengthen its defenses.

Niko Peleshi said Albania signed a contract with U.S. Lockheed Martin, without specifying the number of missiles, how much they cost or when they would be delivered.

Peleshi said buying the missiles was part of the army’s modernization efforts.

Earlier this week, Lockheed Martin said the U.S. Army had awarded two production contracts for Javelin missiles and associated equipment and services with total value of $309 million. These contracts include more than 1300 Javelin missiles funded from the recent Ukraine Supplemental Appropriations Act and orders for several international customers including Norway, Albania, Latvia and Thailand.

“Not to create any panic, there is no concrete threat. We are a NATO member country and the national security issue resolved. We are protected,” the minister told journalists.

Peleshi also said NATO is not a threat to any country, including Russia. Tirana supports the alliance’s “open door” policy welcoming Finland and Sweden as new members, which Peleshi said were “two independent sovereign countries with high political, legal and also military standards.”

Associated Press

Ukrainian forces modify ATVs for use in combat

Soldiers put camouflage atop a weaponized Geon Strike 1000 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. The commercially sold vehicle was modified by the Ukrainian Army for use against invading Russian soldiers. Troops from the 93rd brigade have been fighting to repel a Russian advance to the south from Izium.

KHARKIV OBLAST – MAY 20: Soldiers put camouflage atop a weaponized Geon Strike 1000 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. The commercially sold vehicle was modified by the Ukrainian Army for use again invading Russian soldiers. Troops from the 93rd brigade have been fighting to repel a Russian advance to the south from Izium. (Photo by John Moore/Getty Images)

John Moore | Getty Images News | Getty Images

KHARKIV OBLAST – MAY 20: Ukrainian Army Major Oleh “Serafim” Shevchenko checks the steering on an amphibious Argo 8X8 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. Shevchenko modified the Canadian made vehicle, as well as the Ukrainian made Geon Strike 1000 (L) for military use against invading Russian forces. Soldiers from the Ukrainian Army’s 93rd brigade have been fighting to repel a Russian advance to the south from Izium. (Photo by John Moore/Getty Images)

John Moore | Getty Images News | Getty Images

Soldiers put camouflage atop a weaponized Geon Strike 1000 ATV on May 20, 2022 in Kharkiv Oblast, Ukraine. T

John Moore | Getty Images

KHARKIV OBLAST – MAY 20: Camouflage covers Ukrainian military ATVs on May 20, 2022 in Kharkiv Oblast, Ukraine. Ukrainian Army troops from the 93rd brigade have been fighting to repel a Russian advance to the south from Izium. (Photo by John Moore/Getty Images)

John Moore | Getty Images News | Getty Images

John Moore | Getty Images

Biden signs $40 billion for Ukraine assistance during Asia trip

U.S. President Joe Biden speaks during a joint news conference with South Korean President Yoon Suk-yeol at the Presidential office in Seoul, South Korea, May 21, 2022. 

Jeon Heon-Kyun | Reuters

President Joe Biden signed legislation to support Ukraine with another $40 billion in U.S. assistance as the Russian invasion approaches its fourth month.

The legislation, which was passed by Congress with bipartisan support, deepens the U.S. commitment to Ukraine at a time of uncertainty about the war’s future. Ukraine has successfully defended Kyiv, and Russia has refocused its offensive on the country’s east, but American officials warn of the potential for a prolonged conflict.

The funding is intended to support Ukraine through September, and it dwarfs an earlier emergency measure that provided $13.6 billion.

The new legislation will provide $20 billion in military assistance, ensuring a steady stream of advanced weapons that have been used to blunt Russia’s advances. There’s also $8 billion in general economic support, $5 billion to address global food shortages that could result from the collapse of Ukrainian agriculture and more than $1 billion to help refugees.

Biden signed the measure under unusual circumstances. Because he’s in the middle of a trip to Asia, a U.S. official brought a copy of the bill on a commercial flight to Seoul for the president to sign, according to a White House official.

Associated Press

Zelenskyy outlines formal proposal on Russian compensation

Ukrainian President Volodymyr Zelenskyy has proposed a formal deal with allies outlining how to get compensation from Russia for the immense damage it has caused to Ukraine with its invasion.

“We invite partner countries to sign a multilateral agreement and create a mechanism ensuring that everybody who suffered from Russian actions can receive compensation for all losses incurred,” Zelenskyy said in a video address Friday.

Under such a deal, Russian funds and property in nations which are part of the agreement would be confiscated and allocated to a compensation fund.

Ukraine’s president says he will be addressing the World Economic Forum in Davos on May 23.

Ole Jensen | Getty Images News | Getty Images

“That would be fair. And Russia will feel the weight of every missile, every bomb, every shell which it has fired at us,” he said, stressing that such a mechanism would prove that countries that act as invaders would have to pay for their aggression.

Several countries are discussing changing their laws to allow the redistribution of seized foreign assets for compensating war victims or rebuilding countries after war. Canada has already said it would change its laws to enable this.

— Natasha Turak

Boris Johnson spoke with Turkey’s Erdogan about NATO concerns

U.K. Boris Johnson spoke with his Turkish counterpart Recep Tayyip Erdogan on Friday, focusing on their two countries’ cooperation and the war in Ukraine.

Johnson raised the issue of Turkey’s opposition to Sweden and Finland’s NATO membership applications, and “encouraged” Erdogan to work with both countries and NATO leaders to address his concerns, a U.K. government statement said. The 30-member alliance will be meeting in Madrid in June.

Sweden and Finland have made the decision to apply for NATO membership, which would mean a significant enlargement for the alliance along Russia’s western border, as the two countries reassessed their security requirements amid Russia’s war in Ukraine.

NATO requires unanimous consent to admit new members, and so far Turkey is the only state standing in the way, citing the Nordic states’ support for Kurdish groups that Ankara classifies as terrorists.

— Natasha Turak

U.S. and other countries walk out of Asia-Pacific Economic Cooperation meeting amid Russian minister’s speech

Representatives from the U.S., Canada, Australia, New Zealand and Japan walked out of a meeting of ministers during the Asia-Pacific Economic Cooperation summit in Bangkok, Thailand. The walk-out was done while  Russian economy minister Maxim Reshetnikov was speaking, in protest to Russia’s military offensive in Ukraine.

The act was” an expression of disapproval at Russia’s illegal war of aggression in Ukraine and its economic impact in the APEC region,” Reuters quoted one diplomat as saying.

— Natasha Turak

Russia is using Syria-style ‘reconnaissance strike’ tactics, but may not have enough drones for it: UK MoD

Russia is using ‘reconnaissance strike’ tactics which it previously used in Syria, finding targets via reconnaissance drones and then striking them with aircraft or artillery.

But Russia is “likely experiencing a shortage of appropriate reconnaissance UAVs for this task, which is exacerbated by limitations in its domestic manufacturing capacity resulting from sanctions,” the U.K.’s Ministry of Defence wrote in its daily intelligence update on Twitter.

Unmanned aerial vehicles (UAVs) have played a key role for both sides of the Russia-Ukraine war but suffer a high rate of attrition, the ministry wrote, as they are frequently shot down or electronically jammed.

“If Russia continues to lose UAVs at its current rate, Russian forces intelligence, surveillance and reconnaissance capability will be further degraded, negatively impacting operational effectiveness,” the ministry wrote.

— Natasha Turak

Siege ends at Ukraine’s Mariupol steelworks, Russia seeks control of Donbas

A view shows Azovstal steel mill during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022.

Alexander Ermochenko | Reuters

The last Ukrainian forces holed up in Mariupol’s smashed Azovstal steelworks surrendered, Russia’s defense ministry said, ending the most destructive siege of the war as Moscow fought to cement control over the Donbas region.

Hours before Russia’s announcement on Friday, Ukrainian President Volodymyr Zelenskiy said the last defenders at the steelworks had been told by Ukraine’s military that they could get out and save their lives.

Russia said there were 531 members of the last group that had given up. “The territory of the Azovstal metallurgical plant… has been completely liberated,” the ministry said in a statement, adding that a total of 2,439 defenders had surrendered in the past few days.

The Ukrainians did not immediately confirm those figures.

Russia also launched what appeared to be a major assault to seize the last remaining Ukrainian-held territory in the province of Luhansk, one of two southeastern Ukrainian provinces Moscow proclaims as independent states.

— Reuters

U.S. State officials urge Russia to grant access to detained U.S. citizens

A close up shot of Brittney Griner #42 of the Phoenix Mercury at practice and media availability during the 2021 WNBA Finals on October 11, 2021 at Footprint Center in Phoenix, Arizona.

Michael Gonzales | National Basketball Association | Getty Images

The State Department called on the Kremlin to grant “consistent and timely consular access” to all U.S. citizens detained in Russia.

“One off visits are not sufficient, and we will continue to call on Moscow to uphold its commitments under the Vienna Convention for consistent and timely access as well,” State Department spokesman Ned Price said during a daily press briefing.

Price said that a U.S. consular officer was granted permission to visit detained WNBA star Brittney Griner on Thursday.

“The consular officer found her continuing to do as well as could be expected under these exceedingly challenging circumstances. But again, our message is a clear and simple one we continue to insist that Russia allow consistent and timely consular access to all U.S. citizen detainees,” Price added.

In February, the Olympian was arrested on drug charges after a search of her luggage at the Sheremetyevo International Airport near Moscow allegedly turned up vape cartridges with cannabis oil, Russian authorities said.

The offense could carry a maximum sentence of 10 years in prison.

 — Amanda Macias

Finnish gas supplies from Russia to be cut from Saturday

A photo taken on May 12, 2022 shows pipes at the Gasum plant in Raikkola, Imatra, Finland.

Vesa Moilanen | AFP | Getty Images

Gasum, Finland’s state-owned gas wholesaler, said in a statement that natural gas imports from Russia will be halted on Saturday.

“Starting from tomorrow, during the upcoming summer season, Gasum will supply natural gas to its customers from other sources through the Balticconnector pipeline. Gasum’s gas filling stations in the gas network area will continue in normal operation,” Gasum’s CEO Mika Wiljanen said in a statement.

“It is highly regrettable that natural gas supplies under our supply contract will now be halted. However, we have been carefully preparing for this situation and provided that there will be no disruptions in the gas transmission network, we will be able to supply all our customers with gas in the coming months.”

Gasum gave no reason for the move, but Finland has also reportedly refused to pay for Russian gas in rubles. It also comes just two days after Finland formally applied to join NATO.

Read the full story here.

—Matt Clinch

Read CNBC’s previous live coverage here:

Read original article here

Jim Cramer says he likes these three smaller plays in battered retail sector

CNBC’s Jim Cramer said Friday that while the retail sector has had a rough week, there are still several winners that stand out against the deluge of stocks that tanked.

“The big four aren’t the only retailers that reported this week, and surprisingly, some of the smaller players actually did pretty well,” the “Mad Money” host said, referring to retail giants Walmart, Home Depot, Target and Lowe’s.

“While retail’s truly awful right now, it’s not uniformly awful. Most stores may be struggling, but you’ve got a few that are doing quite well. And I’m telling you that TJX is definitely a buy, [BJ’s Wholesale] I’m okay on, Foot Locker is alright for a trade,” he later added.

Cramer’s comments come after several retail giants reported their quarterly earnings this week. Target and Walmart both reported disappointing results that saw their stocks fall, while Home Depot and Lowe’s fared better.

“These big-box chains are being eaten alive by inflation and changing consumer preferences — people are no longer spending like we’re in a pandemic, they’re spending like we’re back to normal,” Cramer said, noting that that has led to excess inventory for these retailers.

While that’s bad news for names like Target and Walmart, it’s a tailwind for discount retailers such as BJ’s and TJX, which operates TJ Maxx and Marshalls, Cramer said.

TJX “preys on the weakness of other retailers — it’s like a vulture. For several quarters, they couldn’t get their hands on much merchandise because nobody had excess inventory. … When you see Walmart and Target struggling like this, you know TJX won’t have a problem getting good product,” he said.

As for Foot Locker, Cramer said its better-than-expected quarterly earnings puts it in a more comfortable spot than several of its bigger peers.

“Clearly, these guys do have a better handle on the current retail landscape than most other operators,” he said.

Disclosure: Cramer’s Charitable Trust owns shares of Walmart.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram

Questions, comments, suggestions for the “Mad Money” website? madcap@cnbc.com



Read original article here

Cramer’s week ahead; Market needs obstacles resolved before a rally

CNBC’s Jim Cramer warned investors on Friday that a market rally has no chance of sustaining until the causes of the turmoil are resolved.

“If we want the market to stage a meaningful comeback, we need China to reopen, Russia to withdraw from Ukraine, and the [Federal Reserve] to curb-stomp inflation with a 100-basis point rate hike,” the “Mad Money” host said. “Unfortunately, only one of those three is within America’s control.”

His comments come on the heels of a volatile week of trading spurned by missed earnings quarters from retail behemoths, mounting investor concerns about inflation and global geopolitical tensions.

The S&P 500 closed around 19% below its record while the Nasdaq Composite reached 30% off its highs, in bear market territory. The Dow Jones Industrial Average recorded its first eight-week losing streak since 1923.

In addition to giving his take on the current market, Cramer looked ahead to next week’s slate of earnings and gave his thoughts on each reporting company. All earnings and revenue estimates are courtesy of FactSet.

Monday: Zoom

  • Q1 2023 earnings release after the close; conference call at 5 p.m. ET
  • Projected EPS: 96 cents
  • Projected revenue: $1.23 billion

Zoom stock will stay down unless the company innovates or acquires another company that helps it do so, Cramer said.

Tuesday: Best Buy, AutoZone, Toll Brothers

Best Buy 

  • Q1 2023 earnings release before the bell; conference call at 8 a.m. ET
  • Projected EPS: $1.59 
  • Projected revenue: $10.45 billion

Cramer noted that while he’d normally urge investors to buy shares of Best Buy at its current price, buying anything lately has felt risky.

AutoZone

  • Q3 2022 earnings release before the bell; conference call at 10 a.m. ET
  • Projected EPS: $26.20
  • Projected revenue: $3.71 billion

Cramer said that the company’s stock is a winner.

Toll Brothers

  • Q2 2022 earnings release after the close; conference call at 8:30 a.m. ET
  • Projected EPS: $1.50
  • Projected revenue: $2.08 billion

“Most skeptics … think the earnings will be cut in half in the future, if not more,” Cramer said.

Wednesday: Nvidia

  • Q1 2023 earnings release after the close; conference call at 5 p.m. ET
    Projected EPS: $1.30
  • Projected revenue: $8.12 billion

“The action ahead of the quarter has been horrendous. … I actually think the print will be a good one, I just don’t know if anyone will care,” Cramer said.

Thursday: Macy’s, Costco

Macy’s

  • Q1 2022 earnings release before the bell; conference call at 8 a.m. ET
  • Projected EPS: 82 cents
  • Projected revenue: $5.33 billion

Macy’s has a similar product line-up to Target, which reported worse-than-expected earnings this quarter, Cramer noted.

Costco 

  • Q3 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $3.04
  • Projected revenue; $51.32 billion

Cramer said that while the company is performing well, its stock is down so much that a huge special dividend and buyback might be the only thing that could make it rally.

Friday: Canopy Growth

  • Q4 2022 earnings release before the bell; conference call at 10 a.m. ET
  • Projected EPS: $10.70
  • Projected revenue: $130 million

“Canopy needs national legislation promoting use of marijuana, not just flat out legalization, but subsidies” for its stock to rally to its previous highs, Cramer said.

Disclosure: Cramer’s Charitable Trust owns shares of Costco and Nvidia.

Read original article here

World Health Organization confirms 80 cases of monkeypox with outbreaks in 11 countries

This 2003 electron microscope image made available by the Centers for Disease Control and Prevention shows mature, oval-shaped monkeypox virions, left, and spherical immature virions, right, obtained from a sample of human skin associated with the 2003 prairie dog outbreak.

Cynthia S. Goldsmith, Russell Regner | CDC via AP

The World Health Organization has confirmed about 80 cases of monkeypox with recent outbreaks reported in 11 countries, according to a statement Friday from the global health agency.

The outbreaks are unusual because they are occurring in countries where the virus is not endemic, according to the WHO. More cases will likely be reported in the coming days as surveillance expands, the global health agency said.

“WHO is working with the affected countries and others to expand disease surveillance to find and support people who may be affected, and to provide guidance on how to manage the disease,” the WHO said.

Monkeypox is a disease caused by a virus in the same family as smallpox but is not as severe, according to the Centers for Disease Control and Prevention. However, monkeypox can result in death for 1 in 10 people who contract the disease based on observations in Africa, according to the CDC.

Monkeypox is spread through close contact with people, animals or material infected with with the virus. It enters the body through broken skin, the respiratory tract, the eyes, nose and mouth. Health-care workers, household members and sexual partners of people who have the virus are at greater risk of disease, according to the WHO.

“As monkeypox spreads through close contact, the response should focus on the people affected and their close contacts,” the WHO said.

The U.S. CDC confirmed a monkeypox case in Massachusetts on Wednesday. The person had recently traveled to Canada using private transportation. New York City is investigating a possible monkeypox case, according to a health department statement Thursday.

Monkeypox usually begins with symptoms similar to the flu including fever, headache, muscle aches, chills, exhaustion and swollen lymph nodes, according to the CDC. Within 1 to 3 days of fever onset, patients develop a rash that begins on the face and spreads to other body parts. The illness usually lasts for about 2 to 4 weeks.

This is breaking news. Please check back for updates.

CNBC Health & Science

Read CNBC’s latest global coverage of the Covid pandemic:

Read original article here