<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1124907100-820x547.jpg" alt="" class="wp-image-430859" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1124907100-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1124907100-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1124907100-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1124907100-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1124907100-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1124907100-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Charlie Munger, vice chairman of Berkshire Hathaway Inc., speaks during the Daily Journal Corp. shareholder meeting in Los Angeles, California, U.S., on Thursday, Feb. 14, 2019. Munger discussed investing, banks, China, and health care at the meeting. Photographer: Patrick T. Fallon/Bloomberg via Getty Images</figcaption></figure>



Billionaire Charlie Munger, the investing sage who made a fortune even before he became Warren Buffett’s right-hand man at Berkshire Hathaway, has died at age 99.



Munger died Tuesday, according to a press release from Berkshire Hathaway. The conglomerate said it was advised by members of Munger’s family that he peacefully died this morning at a California hospital. He would have turned 100 on New Year’s Day.



“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement.



In addition to being Berkshire vice chairman, Munger was a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist and an architect.



In early 2023, his fortune was estimated at $2.3 billion — a jaw-dropping amount for many people but vastly smaller than Buffett’s unfathomable fortune, which is estimated at more than $100 billion.



During Berkshire’s 2021 annual shareholder meeting, the then-97-year-old Munger apparently inadvertently revealed a well-guarded secret: that Vice Chairman Greg Abel “will keep the culture” after the Buffett era.



Munger, who wore thick glasses, had lost his left eye after complications from cataract surgery in 1980.



Munger was chairman and CEO of Wesco Financial from 1984 to 2011, when Buffett’s Berkshire purchased the remaining shares of the Pasadena, California-based insurance and investment company it did not own.



Buffett credited Munger with broadening his investment strategy from favoring troubled companies at low prices in hopes of getting a profit to focusing on higher-quality but underpriced companies.



An early example of the shift was illustrated in 1972 by Munger’s ability to persuade Buffett to sign off on Berkshire’s purchase of See’s Candies for $25 million even though the California candy maker had annual pretax earnings of only about $4 million. It has since produced more than $2 billion in sales for Berkshire<a href="https://finance.yahoo.com/news/learn-buffetts-sees-candies-deal-173114333.html" target="_blank" rel="noreferrer noopener">.</a>



“He weaned me away from the idea of buying very so-so companies at very cheap prices, knowing that there was some small profit in it, and looking for some really wonderful businesses that we could buy in fair prices,” Buffett told CNBC in May 2016.



Or as Munger put it at the 1998 Berkshire shareholder meeting: “It’s not that much fun to buy a business where you really hope this sucker liquidates before it goes broke.”



Munger was often the straight man to Buffett’s jovial commentaries. “I have nothing to add,” he would say after one of Buffett’s loquacious responses to questions at Berkshire annual meetings in Omaha, Nebraska. But like his friend and colleague, Munger was a font of wisdom in investing, and in life. And like one of his heroes, Benjamin Franklin, Munger’s insight didn’t lack humor.



“I have a friend who says the first rule of fishing is to fish where the fish are. The second rule of fishing is to never forget the first rule. We’ve gotten good at fishing where the fish are,” the then-93-year-old Munger told the thousands of people at Berkshire’s 2017 meeting.



He believed in what he called the “lollapalooza effect,” in which a confluence of factors merged to drive investment psychology.



<h2 class="wp-block-heading" id="h-a-son-of-the-heartland"><a></a>A son of the heartland</h2>



Charles Thomas Munger was born in Omaha on Jan. 1, 1924. His father, Alfred, was a lawyer, and his mother, Florence “Toody,”<a href="https://www.economist.com/media/globalexecutive/damn_right_e_02.pdf" target="_blank" rel="noreferrer noopener"> </a>was from an affluent family. Like Warren, Munger worked at Buffett’s grandfather’s grocery store as a youth, but the two future joined-at-the-hip partners didn’t meet until years later.



At 17, Munger left Omaha for the University of Michigan. Two years later, in 1943, he enlisted in the Army Air Corps, according to Janet Lowe’s 2003 biography “Damn Right!”



The military sent him to the California Institute of Technology in Pasadena to study meteorology. In California, he fell in love with his sister’s roommate at Scripps College, Nancy Huggins, and married her in 1945. Although he never completed his undergraduate degree, Munger graduated magna cum laude from Harvard Law School in 1948, and the couple moved back to California, where he practiced real estate law. He founded the law firm Munger, Tolles &amp; Olson in 1962 and focused on managing investments at the hedge fund Wheeler, Munger &amp; Co., which he also founded that year.



“I’m proud of being an Omaha boy,” Munger said in a 2017 interview with Dean Scott Derue of the Michigan Ross Business School. “I sometimes use the old saying, ‘They got the boy out of Omaha but they never got Omaha out of the boy.’ All those old-fashioned values — family comes first; be in a position so that you can help others when troubles come; prudent, sensible; moral duty to be reasonable [is] more important than anything else — more important than being rich, more important than being important — an absolute moral duty.”



In California, he partnered with Franklin Otis Booth, a member of the founding family of the Los Angeles Times, in real estate. One of their early developments turned out to be a lucrative condo project on Booth’s grandfather’s property in Pasadena. (Booth, who died in 2008, had been introduced to Buffett by Munger in 1963 and became one of Berkshire’s largest investors.)



“I had five real estate projects,” Munger told Derue. “I did both side by side for a few years, and in a very few years, I had $3 million — $4 million.”



Munger closed the hedge fund in 1975. Three years later, he became vice chairman of Berkshire Hathaway.



<h2 class="wp-block-heading" id="h-we-think-so-much-alike-that-it-s-spooky"><a></a>‘We think so much alike that it’s spooky’</h2>



In 1959, at age 35, Munger returned to Omaha to close his late father’s legal practice. That’s when he was introduced to the then-29-year-old Buffett by one of Buffett’s investor clients. The two hit it off and stayed in contact despite living half a continent away from each other.



“We think so much alike that it’s spooky,” Buffett recalled in an interview with the Omaha World-Herald in 1977. “He’s as smart and as high-grade a guy as I’ve ever run into.”



“We never had an argument in the entire time we’ve known each other, which is almost 60 years now,” Buffett told CNBC’s Becky Quick in 2018. “Charlie has given me the ultimate gift that a person can give to somebody else. He’s made me a better person than I would have otherwise been. &#8230; He’s given me a lot of good advice over time. &#8230; I’ve lived a better life because of Charlie.”



The melding of the minds focused on value investing, in which stocks are picked because their price appears to be undervalued based on the company’s long-term fundamentals.



“All intelligent investing is value investing — acquiring more than you are paying for,” Munger once said. “You must value the business in order to value the stock.”



But during the coronavirus outbreak in early 2020, when Berkshire suffered a massive $50 billion loss in the first quarter, Munger and Buffett were more conservative than they were during the Great Recession, when they invested in U.S. airlines and financials like Bank of America and Goldman Sachs hit hard by that downturn.



“Well, I would say basically we’re like the captain of a ship when the worst typhoon that’s ever happened comes,” Munger told The Wall Street Journal in April 2020. “We just want to get through the typhoon, and we’d rather come out of it with a whole lot of liquidity. We’re not playing, ‘Oh goody, goody, everything’s going to hell, let’s plunge 100% of the reserves’ [into buying businesses].” 



<h2 class="wp-block-heading"><a></a>The philanthropist/architect</h2>



Munger donated hundreds of millions of dollars to educational institutions, including the University of Michigan, Stanford University and Harvard Law School, often with the stipulation that the school accept his building designs, even though he was not formally trained as an architect.



At Los Angeles’ Harvard-Westlake prep school, where Munger had been a board member for decades, he ensured that the girls bathrooms were larger than the boys room during the construction of the science center in the 1990s.



“Any time you go to a football game or a function there’s a huge line outside the women’s bathroom. Who doesn’t know that they pee in a different way than the men?” Munger told The Wall Street Journal in 2019. “What kind of idiot would make the men’s bathroom and the women’s bathroom the same size? The answer is, a normal architect!”



Munger and his wife had three children, daughters Wendy and Molly, and son Teddy, who died of leukemia at age 9. The Mungers divorced in 1953.



Two years later, he married Nancy Barry, whom he met on a blind date at a chicken dinner restaurant. The couple had four children, Charles Jr., Emilie, Barry and Philip. He also was the stepfather to her two other sons, William Harold Borthwick and David Borthwick. The Mungers, who were married 54 years until her death in 2010, contributed $43.5 million to Stanford University to help build the Munger Graduate Residence, which houses 600 law and graduate students.



Asked by CNBC’s Quick in a February 2019 “Squawk Box” interview about the secret to a long and happy life, Munger said the answer “is easy, because it’s so simple.”



“You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles. You deal with reliable people and you do what you’re supposed to do. And all these simple rules work so well to make your life better. And they’re so trite,” he said.



“And staying cheerful &#8230; because it’s a wise thing to do. Is that so hard? And can you be cheerful when you’re absolutely mired in deep hatred and resentment? Of course you can’t. So why would you take it on?”



— CNBC’s Yun Li contributed reporting.

Berkshire Hathaway Vice Chairman Charles Munger Speaks At Daily Journal’s Annual Meeting

Charlie Munger, investing genius and Warren Buffett’s right-hand man, dies at age 99

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="405" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107332768-1699881235282-gettyimages-1775227723-SHEIN_IPO.jpeg" alt="" class="wp-image-430663" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107332768-1699881235282-gettyimages-1775227723-SHEIN_IPO.jpeg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107332768-1699881235282-gettyimages-1775227723-SHEIN_IPO-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107332768-1699881235282-gettyimages-1775227723-SHEIN_IPO-160x90.jpeg 160w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A Shein pop-up store inside a Forever 21 store in Times Square in New York on Nov. 10, 2023. Yuki Iwamura | Bloomberg | Getty Images</figcaption></figure>



Shein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach with a long-rumored initial public offering, CNBC has learned.&nbsp;



The retailer was last valued at $66 billion and could be ready to start trading on the public markets as soon as 2024, people familiar with the matter said Monday.&nbsp;



It is unclear how much the company is currently worth, but its valuation has been a central point of debate among Shein and the advisors it’s working with, people familiar with the matter said.&nbsp;



A confidential filing is common, as it allows companies to communicate with the U.S. Securities and Exchange Commission and make any necessary adjustments to their filings in private. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. The filing will be made public once the company is ready to move forward with its IPO. At that point, those communications with the SEC and any adjustments to its paperwork will be released as well.



Shein has been on a meteoric rise over the past few years after it won over consumers across the globe with its fashion-forward designs, endless assortment and dirt-cheap prices. But Shein has faced a series of challenges along the way and faced accusations of using forced labor in its supply chain, violating labor laws, harming the environment and stealing designs from independent artists.



The company is currently under investigation by the newly formed House Select Committee on the Chinese Communist Party and has faced scrutiny over its ties to Beijing. Numerous lawmakers, including 16 Republican attorneys general, have called on the SEC to ensure Shein isn’t using forced labor in its supply chain before it’s allowed to start trading in the U.S.



In October, Marcelo Claure, the company’s newly minted group vice chair and former SoftBank CEO, told CNBC in an interview that Shein is cooperating with lawmakers and taking time to meet with them to explain the business. He said, “there’s no such thing as forced labor” in the Shein factories that he has visited. But the company has repeatedly acknowledged that forced labor has been found in its supply chain and noted that it’s taking steps to fix it.



As Shein grew from an obscure Chinese retailer into a global behemoth with headquarters in Singapore, it largely stayed in the shadows. It said and did very little publicly until this year, when it began to open up in an apparent attempt to prepare for a U.S. IPO.



With Chinese CEO Sky Xu still at the helm, Shein tapped former Bear Stearns investment banker Donald Tang to be its executive chair and public face earlier this year.&nbsp;It has hosted a series of well-publicized pop-up events, sent influencers to its Chinese factories in a poorly received public relations campaign and courted the business press with splashy parties that featured its independent designers and other friends of the company.



Shein has worked hard to beat the many negative accusations that have come to define the company and has made its executives available for interviews as it worked to change the narrative.



Recently, it acquired about one-third of Sparc Group — a joint venture that includes brand management firm Authentic Brands Group and mall owner Simon Property Group — and in doing so, made a powerful U.S. ally that could help legitimize the company in the eyes of U.S. regulators.



As part of the deal, Shein has partnered up with former rival Forever 21 to unveil a co-branded clothing line that will see Shein design, manufacture and distribute the clothes primarily on its website. Shein has been hosting pop-up events inside of Forever 21′s stores.



Shein still has more work to do before it can win the trust of U.S. regulators. Beyond its myriad of issues, its CEO remains a mysterious figure who doesn’t give interviews or speak publicly about the company. The practice is a major departure from other firms that are publicly traded in the U.S., which regularly make their CEOs available. In October, the company did not tell CNBC whether Xu is still a Chinese citizen.



The company has tapped Goldman Sachs, JPMorgan and Morgan Stanley to be the lead underwriters on the offering, the people said. 



Shein declined to comment. Goldman Sachs, JPMorgan and Morgan Stanley did not comment.



Earlier Monday, Chinese media reported on Shein’s filing.

107332768-1699881235282-gettyimages-1775227723-SHEIN_IPO

Shein files for U.S. IPO as fast-fashion giant looks to expand its global reach

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337160-1700574941108-gettyimages-1442524552-pd21gi-820x462.jpeg" alt="" class="wp-image-429701" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337160-1700574941108-gettyimages-1442524552-pd21gi-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337160-1700574941108-gettyimages-1442524552-pd21gi-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337160-1700574941108-gettyimages-1442524552-pd21gi-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337160-1700574941108-gettyimages-1442524552-pd21gi-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337160-1700574941108-gettyimages-1442524552-pd21gi.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Coal plays a huge role in global electricity generation, but has a significant impact on the environment. Boy_anupong | Moment | Getty Images</figcaption></figure>



From Pennsylvania to the north of England, coal mines helped to power the Industrial Revolution, turbocharging the economic growth of countries around the world.



Today, however, the production and use of coal has become a thorny issue, with critics slamming the fossil fuel’s huge impact on the environment.



Organizations like Greenpeace describe coal as “the dirtiest, most polluting way of producing energy.” From the UN Secretary General to the International Energy Agency, talk of phasing out coal is becoming increasingly common.



But the global picture is a complex one. A multitude of factors are in play, not least the desire of some countries, especially those in emerging markets, to use coal as a tool for their own economic development.



As the debate surrounding coal continues, discussions about using it — and the infrastructure linked to it — in the shift to a more sustainable future have become one of the more paradoxical aspects of the energy transition.



In May, U.S. firm Ramaco Resources offered some insight into how coal may have a role to play in the years ahead.



Together with researchers from mining consultancy Weir International and the U.S. Department of Energy’s National Energy Technology Laboratory, it published an independent report containing a technical assessment of rare earth elements, or REE, found at one of its mines in Wyoming.



The findings appear to be significant. “Following eighteen months of extensive core drilling and independent chemical analysis, NETL researchers and Ramaco now believe that the Brook Mine property contains perhaps the largest unconventional deposit of REEs discovered in the United States,” Ramaco said.



Speaking to CNBC’s Kelly Evans on “The Exchange” earlier this month, Ramaco CEO Randall Atkins explained why his firm had bought the site in the first place, and how its plans had changed over time.



“It was a rather large reserve, extremely reasonably priced, and we thought we might make a go of it just as a thermal coal proposition but you know, the world changed rather quickly about 10 years ago,” he said.



“And the idea of deploying capital towards a thermal mine became very unattractive. So our approach was, basically, ‘what else can we do with this stuff?’”



This led the company to “a 10 year odyssey of discovering a variety of other alternative uses of coal.”



With China dominating the supply and refining of rare earths, discoveries like the one in Wyoming could be strategically pivotal as the race to roll out the technologies of tomorrow heats up.



“The majority of REE deposits outside of China are associated with ‘conventional’ mines and found in igneous hard rock deposits, which makes them both difficult and expensive to mine and process,” Ramaco said.



“In contrast, the REEs from the Brook Mine are characterized as “unconventional” because they are largely found in clay strata located above and below the coal seams themselves,” it added.



“It is expected they can be mined using normal surface mining techniques and processed in a more economic and environmental manner than conventional REE mines.”



<h2 class="wp-block-heading" id="h-a-glimmer-of-hope"><a></a>A glimmer of hope?</h2>



Wyoming is not the only part of the U.S. where coal and rare earth extraction are being looked at. In April, for instance, West Virginia University said its researchers would receive an $8 million grant from the U.S. Department of Energy.



The funding would allow them to carry on with the development and advancement of a “pioneering method to extract and separate rare earth elements and critical minerals from acid mine drainage and coal waste,” it added.



Elsewhere, researchers at Penn State have also been focusing on ways to source rare earths and critical minerals via waste from coal mines.



Across the Atlantic, efforts to repurpose old coal mines so that they can be used for many more years to come have also been taking shape.



In Scotland, researchers have been looking at how the water that’s flooded old, disused mines can be used to provide decarbonized heating to buildings.



Away from coal, other sources of energy also hold potential when it comes to producing by-products crucial to sustainable technologies like EV batteries.



In the southwest of England, Geothermal Engineering Limited recently said lithium would be produced as a by-product of its projects focused on geothermal power generation.



According to the firm, it will be enough lithium to supply roughly 250,000 electric car batteries per year.



“GEL’s primary geothermal business of providing baseload geothermal electricity and heat produces a naturally hot geothermal brine from which lithium can be sustainably extracted onshore in the UK as a by-product,” it said.



Despite promising developments like the ones above, the fact remains that coal continues to play a huge role in electricity generation, accounting for a little over one third globally, according to the IEA.



Nevertheless, finds like the one in Wyoming represent a faint glimmer of hope.



Asked by CNBC if there was the potential for more discoveries of a similar ilk, Ramaco CEO Randall Atkins appeared cautiously optimistic. “I think it’s probably logical to conclude that there would be,” he said.

107337160-1700574941108-gettyimages-1442524552-pd21gi

Rare earth discoveries mean coal mines could have a key role to play in the energy transition

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-820x461.jpeg" alt="" class="wp-image-429232" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed.jpeg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday.&nbsp;



The summary of the meeting, held Oct. 31-Nov. 1, showed that Federal Open Market Committee members still worry that inflation could be stubborn or move higher, and that more may need to be done.



At the least, they said policy will need to stay “restrictive” until data shows inflation on a convincing trek back to the central bank’s 2% goal.



“In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time,” the minutes said.



Along with that, however, the minutes showed that members believe they can move “proceed carefully” and make decisions “on the totality of incoming information and its implications for the economic outlook as well as the balance of risks.”



The release comes amid overwhelming sentiment on Wall Street that the Fed is done hiking.



Traders in the fed funds futures market are indicating virtually no probability that policymakers will increase rates again this cycle, and in fact are pricing in cuts starting in May. Ultimately, the market expects that the Fed will enact the equivalent of four quarter percentage point cuts before the end of 2024.



<h2 class="wp-block-heading" id="h-no-mention-of-cuts"><a></a>No mention of cuts</h2>



However, the minutes gave no indication that members even discussed when they might start lowering rates, which was reflected in Chairman Jerome Powell’s post-meeting news conference.



“The fact is, the Committee is not thinking about rate cuts right now at all,” Powell said then.



The fed’s benchmark funds rate, which sets short-term borrowing costs, is currently targeted in a range between 5.25%-5.5%, the highest level in 22 years.



The meeting occurred amid market worries over rising Treasury yields, a topic that appeared to generate substantial discussion during the meeting. The same day, Nov. 1, when the Fed released its post-meeting statement, the Treasury Department announced its borrowing needs over the next few months, which actually were a bit smaller than markets had anticipated.



Since the meeting, yields have receded off 16-year highs as markets digest the impact of heavy debt-fueled borrowing from the government and views over where the Fed is headed with rates.



Officials concluded that the rise in yields had been fueled by rising “term premiums,” or the extra yield investors demanded to hold longer-term securities. The minutes noted that policymakers viewed the rising term premium as a product of greater supply as the government finances its huge budget deficits. Other issues included the Fed’s stance on monetary policy and views on inflation and growth.



“However, they also noted that, whatever the source of the rise in longer-term yields, persistent changes in financial conditions could have implications for the path of monetary policy and that it would therefore be important to continue to monitor market developments closely,” the minutes said.



<h2 class="wp-block-heading">Economic growth to slow</h2>



In other business, officials said they expect economic growth in the fourth quarter to “slow markedly” from the 4.9% increase in Q3 gross domestic product. They said that risks to broader economic growth are probably skewed to the downside, while risks to inflation are to the upside.



As for current policy, members said it “was restrictive and was putting downward pressure on economic activity and inflation,” the minutes said.



Public remarks from Fed officials have been split between those who think the central bank can hold here while it weighs the impact that its previous 11 hikes, totaling 5.25 percentage points, have had on the economy, and those who believe more increases are warranted.



Economic data also has been split, though generally favorable for inflation trends.



The Fed’s key inflation indicator, the personal consumption expenditures price index, showed core inflation running at a 3.7% 12-month pace in September. The number has improved considerably, dropping a full percentage point since May, but is still well above the Fed’s target.



Some economists think getting inflation down from here could be tricky, particularly with wage increases running strong and more stubborn components such as rent and medical care elevated. Indeed, so-called sticky prices rose 4.9% over the past year, according to an Atlanta Fed gauge.



On employment, perhaps the most critical factor in getting inflation lower, the jobs market is strong though moderating. Nonfarm payrolls increased by 150,000 in October, one of the slowest months of the recovery, though the unemployment rate has climbed to 3.9%. The half percentage point increase of the jobless rate, if it persists, is commonly associated with recessions.



Economic growth, after a robust first three quarters in 2023, is expected to slow considerably. The Atlanta Fed’s GDPNow tracker is pointing to growth of 2% in the fourth quarter.

107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed

Fed gave no indication of possible rate cuts at last meeting, minutes show

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107329709-1699300428591-gettyimages-1778705142-js1_7704_kzlz5hct-820x462.jpeg" alt="" class="wp-image-429215" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107329709-1699300428591-gettyimages-1778705142-js1_7704_kzlz5hct-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107329709-1699300428591-gettyimages-1778705142-js1_7704_kzlz5hct-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107329709-1699300428591-gettyimages-1778705142-js1_7704_kzlz5hct-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107329709-1699300428591-gettyimages-1778705142-js1_7704_kzlz5hct-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107329709-1699300428591-gettyimages-1778705142-js1_7704_kzlz5hct.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">OpenAI CEO Sam Altman speaks during the OpenAI DevDay event on November 06, 2023 in San Francisco, California.  Justin Sullivan | Getty Images</figcaption></figure>



Sam Altman will return as CEO of OpenAI, the startup said early Wednesday morning on X, formerly known as Twitter. The move follows immense pressure from employees and investors on the board that ousted him less than a week ago.



Former Salesforce co-CEO Bret Taylor and former Treasury Secretary Larry Summers will join OpenAI’s board, the Microsoft-backed startup said, with Taylor holding the chair position. Adam D’Angelo, co-founder and CEO of question-and-answer startup Quora, will remain on the board.



“We are collaborating to figure out the details. Thank you so much for your patience through this,” OpenAI said in the X post.



On Monday, hundreds of employees, including co-founder and board member Ilya Sutskever, signed a letter saying that, if the board didn’t resign and bring Altman back, the overwhelming majority would move to work with him at Microsoft.



Satya Nadella, Microsoft’s CEO, said in an X post on Monday that Altman and his co-founder Greg Brockman would join Microsoft to form a new AI lab.



That followed an announcement late Sunday that OpenAI had hired ex-Twitch CEO Emmett Shear as Altman’s interim replacement. Originally, the board had said OpenAI technology chief Mira Murati would assume that role, but she soon joined the parade of employees calling for Altman’s return.



“with the new board and w satya’s support, i’m looking forward to returning to openai, and building on our strong partnership with msft,” Altman wrote in a post of his own on X.



Nadella applauded changes OpenAI has made to its board in his X post.



“We believe this is a first essential step on a path to more stable, well-informed, and effective governance,” Nadella wrote. “Sam, Greg, and I have talked and agreed they have a key role to play along with the OAI leadership team in ensuring OAI continues to thrive and build on its mission. We look forward to building on our strong partnership and delivering the value of this next generation of AI to our customers and partners.”



The rapid reinstatement of Altman began to look like a possibility on Saturday as news surfaced that a group of prominent investors, including Microsoft, Tiger Global, Thrive Capital and Sequoia Capital were working to reverse the board’s decision from a day earlier. None of those firms had board seats, and they were caught unaware by the decision.



In a post on X late Saturday night, Altman wrote, “i love the openai team so much.” Brockman, who quit the company after the board removed him as chairman alongside the ouster of Altman, reposted the comment with a heart symbol. Other OpenAI employees did the same.



OpenAI, which was reportedly in talks as recently as last month to sell employee shares to investors at an $86 billion valuation, emerged as the hottest startup on the planet this year after releasing its ChatGPT chatbot in late 2022. ChatGPT allows users to input simple text queries and retrieve smart and creative answers that can lead to more in-depth conversations.



Altman had been leading the company since 2019 and was serving as both the top executive of a high-flying company and the public face of artificial intelligence research and product development.



Unlike most Silicon Valley startups, OpenAI wasn’t structured like a typical corporation with large chunks of equity controlled by the founders. Rather, it was part of a nonprofit that was started in 2015. The board oversees the nonprofit, which “acts as the overall governing body for all OpenAI activities,” according to Friday’s blog post.



Sutskever and Brockman were both part of OpenAI’s founding team. Original investors included Altman, LinkedIn co-founder Reid Hoffman and Tesla CEO Elon Musk, who reportedly committed $1 billion to the project.



“Returning to OpenAI &amp; getting back to coding tonight,” Brockman wrote in an early Wednesday X post.



Immediately after OpenAI’s board announced Altman’s firing, prominent Silicon Valley investors and founders loudly voiced their concerns and even compared the move to Apple’s decision 38 years ago to fire Steve Jobs. In 1997, Jobs would return and eventually lead Apple to create the iPhone and become the most valuable company in the U.S.



“What happened at OpenAI today is a Board coup that we have not seen the likes of since 1985 when the then-Apple board pushed out Steve Jobs,” longtime startup investor Ron Conway said in an X post. “It is shocking; it is irresponsible; and it does not do right by Sam &amp; Greg or all the builders in OpenAI.”



Former Google CEO Eric Schmidt called Altman a “hero of mine,” who built a company that “changed our collective world forever.” Airbnb CEO Brian Chesky described Altman as “one of the best founders of his generation.” And venture capitalist Vinod Khosla said he is a “once in a generation CEO.”



Nadella, who made a surprise appearance earlier this month at OpenAI’s developer conference, was reportedly surprised and upset by the announcement. His company has invested billions of dollars in OpenAI and is a close technology partner, hosting hefty GPT workloads on its Azure cloud infrastructure.



“This was the pathway that maximized safety alongside doing right by all stakeholders involved,” Shear said in an early Wednesday X post. “I’m glad to have been a part of the solution.”

107329709-1699300428591-gettyimages-1778705142-js1_7704_kzlz5hct

OpenAI brings Sam Altman back as CEO less than a week after he was fired by board

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-820x462.jpeg" alt="" class="wp-image-429199" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Israeli soldiers transfer detained Palestinians out of the Gaza Strip on November 20, 2023, as battles between Israel and the Hamas movement continue. Gil Cohen-magen | AFP | Getty Images</figcaption></figure>



Geopolitical risks will be the key threat to the economic outlook for 2024, as large-scale wars converge with a slew of pivotal elections across major global powers.



As the world’s financial institutions map out the investment landscape for next year, they expect an increasingly fraught geopolitical backdrop and greater divergence across key regions, compounding uncertainty and market volatility.



In a global risk survey carried out among 130 businesses last month by Oxford Economics, almost two fifths of respondents viewed the Israel-Hamas war as a very significant risk to the global economy over the next two years.



Yet worries over relations between China and Taiwan and Russia and NATO were similarly widespread, and geopolitical tensions were the top business concern over both the near and medium term, with 62% of businesses citing geopolitics as a very significant risk to the global economy.



“Deglobalisation and persistently higher oil prices, both of which could be triggered by an intensification of geopolitical tensions, are also fairly prominent in the latest survey,” Oxford Economics researchers said.



The International Monetary Fund expects global growth to slow to 2.9% in 2024, amid widening divergence between regions — stronger growth is projected in the U.S. and large emerging markets, while China and the euro area are expected to struggle.



In its 2024 investment outlook published Monday, Goldman Sachs Asset Management noted that elections in the U.S., U.K., South Africa, India, Taiwan and Russia will add to the range of possibilities for the global economy to diverge from its current path.



The Wall Street giant’s asset management arm noted that concerns over government debt sustainability and the fiscal trajectory in the U.S. may mount in the run-up to the presidential election of next November, while domestic socioeconomic risks — such as strikes in certain industries amid stubbornly high inflation — could persist across major economies and further weigh on growth.



“Rising geopolitical tensions could trigger more trade restrictions across the globe, resulting in further economic fragmentation. We expect economies to continue to invest heavily in their economic security over the next 12 months and beyond,” GSAM strategists wrote.



“This may be driven by developed markets ‘re-shoring’ and ‘friend-shoring’ critical supply chains that remain highly interdependent and, in some cases, over-concentrated, such as leading-edge semiconductors.”



<h3 class="wp-block-heading" id="h-russia-ukraine-israel-hamas-china-taiwan">Russia-Ukraine, Israel-Hamas, China-Taiwan</h3>



The view was echoed by Ronald Temple, chief market strategist at Lazard, who said in a global outlook report last week that, while predicting the course of any single geopolitical crisis is fraught, what is clear is that “the global trajectory is toward more frequent conflicts of increasing consequence.”



“Navigating the evolving — at times treacherous — geopolitical landscape will likely require access to deep wells of expertise, as geopolitical issues that could have been ignored in the past now stand to directly impact companies’ supply chains and customer bases,” Temple said.



“Ongoing geopolitical conflicts and tensions are likely to depress growth further, while adding to inflationary pressures that are beyond the control of central banks.”



Temple predicted that the Russia-Ukraine conflict will extend well into 2024, as the Ukrainian counteroffensive loses momentum due to the encroaching winter, while concerns mount over the reliability of Western funding and military aid.



“While a negotiated settlement is likely the only way to end the war, both sides remain far from the point of agreeing to capitulate on their grand designs — that is, for Russia to control all of Ukraine and for Ukraine to control all of its sovereign territory,” he said.



As for the Middle East, the most “combustible situation” would be a spill-over of the Israel-Hamas conflict into nearby states, including Iran, which could “spiral into a regional conflict with global and military implications.” The primary risk of this form of escalation would be a disruption of the transit of energy supplies through the Strait of Hormuz, through which around 20% of global oil supply is shipped.



But Temple argued that all parties, including Iran, Israel and the United States have strong incentives to avoid this outcome, and that the most economically consequential geopolitical situation is China’s multi-faceted tensions with the West over competition and Taiwan.



“Early 2024 Taiwan elections will set the stage for the rest of the year. The Democratic Progressive Party (DPP) is currently well ahead of the more Beijing-friendly Kuomintang (KMT),” he noted.



“A DPP victory would likely escalate tension with Beijing as the DPP is seen as favoring a formal declaration of independence, a red line for the Chinese government.”



A clear result of both direct industrial competition between China and the U.S. and concerns over China’s intentions in Taiwan is growing supply chain fragmentation, as trade tariffs and barriers along with post-Covid logistical concerns have led developed economies to pursue “friend-shoring” or “near-shoring” policies.



“These plans are proving more difficult than policymakers might have envisioned, given inertia around supply chains and the challenge of cultivating the necessary skills among workers in new locales,” Temple said.



“Still, geopolitical tension is contributing to economic fragmentation which, at least in the short run, may dampen global growth and contribute to inflationary forces.”



On a positive note, Temple suggested that sustained disinflation should allow the U.S. Federal Reserve and other central banks to consider cutting interest rates as early as the second quarter, which should “mitigate headwinds to growth and invigorate capital expenditures in anticipation of a cyclical economic rebound.”



<h3 class="wp-block-heading">Security and semiconductors</h3>



GSAM Head of Asset &amp; Wealth Management Marc Nachmann and his team expect critical mineral supply chains to receive attention due to their growing importance in the clean energy transition, along with their potential vulnerability to supply shocks.



As a result, GSAM suggested investors should avoid trying to time the market or make calls on binary political or geopolitical outcomes, but instead take a proactive approach to asset allocation based on “extensive bottom-up research.”



“We think companies that successfully align with corporate and government efforts to boost the security of supply chains and resources as well as national security will emerge as long-term winners,” the strategists said, adding that firms with pricing power, durable business models and strong balance sheets should be the focus.



“Public equity market may present opportunities to gain targeted exposure to more established firms that produce semiconductors and to semiconductor manufacturing equipment, as well as to industrial automation and technology companies that are facilitating the reshoring of manufacturing.”



Demand for natural gas products is likely to rise, as nations seek affordable, reliable and sustainable energy, GSAM predicted, while growing and more complex security threats create opportunities for cybersecurity platforms and aerospace and defense technology providers.

107336684-1700507290931-gettyimages-1793715520-AFP_34474FX

Geopolitical instability and a packed election calendar have strategists wary of 2024

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="422" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks.jpg" alt="" class="wp-image-429179" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks-136x90.jpg 136w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



LONDON, Nov 21 (Reuters) &#8211; Platinum will register a smaller supply deficit in 2024 after a record one in 2023 due to lower consumption and higher output, the World Platinum Investment Council (WPIC), whose members are major Western platinum producers, said on Tuesday.



 Demand for platinum, which is used in catalytic converters to reduce harmful emissions from vehicle exhaust systems among other applications, is expected to decline by 6% to 7.7 million troy ounces in 2024 due to reduced consumption by glassmaking and chemical sectors, the WPIC said in a quarterly report.



 Yet, demand from the auto sector is expected to increase for the fourth consecutive year in 2024. Stricter emissions regulation, higher jewellery consumption and widening substitution by automakers of palladium for cheaper platinum will further support demand.



 Supply, meanwhile, is expected to rise by 3% to 7.3 million ounces due to higher output in South Africa, though downside risks for both mined and recycling supply persist after this year&#8217;s decrease in the platinum group metals&#8217; price.



 That will leave the market under supplied by 353,000 ounces in 2024 compared with the record deficit of 1.07 million ounces this year, the WPIC said, adding that the platinum market is now facing consecutive deficits.



 The WPIC expects availability of above-ground stocks to continue to decline with most of the stocks held in China and not readily able to be exported. At the end of 2023, the above-ground stocks will be at a three-year low, equal to five months of demand.



 &#8220;The economic aftershocks of the past three years are still being felt in the platinum market and continue to affect market behaviour and prices today,&#8221; Trevor Raymond, the WPIC chief executive, said in the report. Platinum prices are down 15% so far this year.



 As previously accumulated inventories in the automotive sector decline &#8220;with continued growth in vehicle production and sales, we foresee a return to more typical automaker platinum buying patterns, which could further tighten the market and place upward pressure on the platinum price,&#8221; Raymond added.



 PLATINUM SUPPLY/DEMAND (&#8216;000 oz)* 2022 2023 2024 2023/2022 2024/2023 estimate forecast change change 



SUPPLY



Refined Production: 5,522 5,551 5,743 1% 3%



<ul>
<li>South Africa 3,915 3,905 4,099 0% 5%</li>



<li>Zimbabwe 480 502 506 5% 1%</li>



<li>North America 263 268 302 2% 13%</li>



<li>Russia 663 684 634 3% -7%</li>



<li>Other 201 193 201 -4% 4% Change in producer +43 +57 0 inventory Total mining supply 5,565 5,608 5,743 1% 2% Recycling: 1,696 1,471 1,567 -13% 7%</li>



<li>Autocatalyst 1,255 1,048 1,132 -16% 8%</li>



<li>Jewellery 372 353 362 -5% 3%</li>



<li>Industrial 68 70 73 2% 4% <code>Total 7,261 7,079 7,310 -3% 3%</code> supply <code>DEMAND</code> Automotive 2,867 3,262 3,312 14% 2% Jewellery 1,899 1,852 1,903 -3% 3% Industrial: 2,335 2,652 2,367 14% -11%</li>



<li>Chemical 685 753 585 10% -22%</li>



<li>Petroleum 193 170 156 -12% -8%</li>



<li>Electrical 106 92 90 -13% -3%</li>



<li>Glass 505 756 623 50% -18%</li>



<li>Medical 273 283 292 4% 3%</li>



<li>Other 573 598 620 4% 4% Investment: -640 385 82 N/A -79%</li>



<li>Change in 225 305 172 36% -44% bars/coins</li>



<li>Change in ETF -558 50 -120 holdings</li>



<li>Change in stocks -307 30 30 held by exchanges Total 6,461 8,150 7,663 26% -6% Demand <code>Balance 800 -1,071 -353 Above 4,687 3,615 3,262 -23% -10%&lt;/code&gt;&lt;/pre&gt;Ground Stocks Source: World Platinum Investment Council, Platinum Quarterly Q3 2023. (Reporting by Polina Devitt Editing by Sharon Singleton)</code></li>
</ul>

Platinum-prices-to-climb-as-palladium-sinks

Platinum market faces smaller deficit in 2024, WPIC says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="459" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg" alt="" class="wp-image-416146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-300x168.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-768x430.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-1536x860.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo</figcaption></figure>



Nov 20 (Reuters)&nbsp;&#8211;&nbsp;The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known as OPEC+ and will meet in Vienna, Austria, on Nov. 26 to discuss their joint output policy.



Below are key facts about OPEC+ and its role.



<h2 class="wp-block-heading" id="h-what-are-opec-and-opec">What are OPEC and OPEC+?</h2>



OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now, it includes 13 countries, which are mainly from the Middle East and Africa. They produce around 30% of the world&#8217;s oil.



There have been some challenges to OPEC&#8217;s influence over the years, often resulting in internal divisions, and a global push towards cleaner energy sources and a move away from fossil fuels could ultimately diminish its dominance.



OPEC formed the so-called OPEC+ coalition with 10 of the world&#8217;s major non-OPEC oil-exporting nations, including Russia, at the end of 2016.



OPEC+ represents around 40% of world oil production and its main objective is to regulate the supply of oil to the world market. The leaders are Saudi Arabia and Russia, which produce around 9 and 9.5 million barrels per day (bpd) of oil, respectively.



<h2 class="wp-block-heading" id="h-how-does-opec-influence-global-oil-prices">How does OPEC influence global oil prices?</h2>



OPEC member states&#8217; exports make up around 60% of global petroleum trade. In 2021, OPEC estimated that its member countries accounted for more than 80% of the world&#8217;s proven oil reserves.



Because of the large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global markets.



As a result, when they lower supply when demand falls, oil prices tend to rise. Prices tend to fall when the group decides to supply more oil to the market.



At the last OPEC+ meeting in June, Saudi Arabia pledged to make a deep cut of 1 million bpd to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group sought to boost flagging oil prices.



Since then, Saudi Arabia has extended the additional voluntary cut until the end of this year.



Oil prices on Nov. 16 slumped by about 5% to a four-month low amid economic growth concerns. They have since recovered some ground on expectations that OPEC+ will take action to shore up prices.



Prices, however, have largely brushed off rising tensions in the Middle East.



<h2 class="wp-block-heading" id="h-how-do-opec-decisions-affect-the-global-economy">How do OPEC decisions affect the global economy?</h2>



Some of the production cut decisions have had significant effects on the global economy.



During the 1973 Arab-Israeli War, Arab members of OPEC imposed an embargo against the United States in retaliation for its decision to re-supply the Israeli military, as well as other countries that supported Israel. The embargo banned petroleum exports to those nations and introduced cuts in oil production.



The oil embargo pressured an already strained U.S. economy which had grown dependent on imported oil. Oil prices jumped, causing high fuel costs for consumers and fuel shortages in the United States. The embargo also brought the United States and other countries to the brink of a global recession.



In 2020, during COVID-19 lockdowns around the world, crude oil prices slumped. After that development, OPEC+ slashed oil production by 10 million barrels a day, which is equivalent to around 10% of global production, to try to bolster prices.



<h2 class="wp-block-heading" id="h-which-countries-are-opec-members">Which countries are OPEC members?</h2>



The current members of OPEC are: Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Iran, Algeria, Angola, Libya, Nigeria, Congo, Equatorial Guinea, Gabon and Venezuela.



Non-OPEC countries in the global alliance of OPEC+ are represented by Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan.



Sources: Reuters news, World Economic Forum website, OPEC website, U.S. Department of State website



(Reporting by Nina Chestney, Ahmad Ghaddar and Olesya Astakhova; Editing by Emelia Sithole-Matarise)

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

What is OPEC+ and how does it impact oil prices?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-820x547.jpg" alt="" class="wp-image-429102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks in the Central Business District on a rainy day, in Beijing, China, July 12, 2023. REUTERS/Thomas Peter/File Photo</figcaption></figure>



LONDON, Nov 16 (Reuters)&nbsp;&#8211;&nbsp;Global debt edged up to a record $307.4 trillion in the third quarter, and the debt-to-output ratio in emerging markets hit an all-time high, the Institute of International Finance said on Thursday.



The financial services trade group estimated that global debt will hit $310 trillion by the end of the year, a more than 25% increase in five years, and warned that a shift towards political populism could push debt even higher next year.



Emre Tiftik, director of sustainable research at the IIF, counted more than 50 elections coming in 2024, including the United States, India, South Africa, Turkey and Pakistan.



&#8220;In the face of increasing political polarization and heightened geopolitical tensions, these forthcoming elections might pave the way for populist policies,&#8221; he said, adding it could increase government borrowing and spending, and loosen fiscal discipline.



&#8220;This can create further volatility in the markets,&#8221; Tiftik said in a press briefing to present the report.



He also warned that servicing debt was consuming an increasing chunk of revenues worldwide, and had hit &#8220;alarming&#8221; levels in Pakistan and Egypt. In the United States, government interest expenses are projected to hit 15% of revenue by 2026, up from less than 10% currently.



Two-thirds of last quarter&#8217;s debt increase came from developed markets, led by the United States, Japan, France and the United Kingdom. Emerging markets China, India, Brazil and Mexico also notched sharp increases.



While the global debt-to-GDP ratio was little changed at 333%, it hit 255% in emerging markets &#8211; 32 percentage points above the same period five years ago &#8211; driven by Russia, China, Saudi Arabia and Malaysia. Chile, Colombia and Ghana experienced the largest declines in the ratio.



The IIF said government debt had the biggest increase in the third quarter, adding that budget deficits remain well above pre-pandemic levels in many countries.



The report noted that sovereign debt in default hit a record high above $554 billion through the end of 2022, roughly half of which is bonded debt.



The IIF warned that the debt burden for households and corporations is still rising in major economies, including China and the United States, with ramifications for everything from elections to the clean energy transition.



&#8220;With firms&#8217; borrowing appetite at multi-year lows amid still-tightening funding conditions and heightened geoeconomic fragmentation, the prospects for climate finance look increasingly at risk in recent quarters, as evidenced by a marked slowdown in ESG debt issuance,&#8221; it said.



(Reporting By Libby George in London, additional reporting by Rodrigo Campos in New York; Editing by Sharon Singleton, Kirsten Donovan)

FILE PHOTO: A man walks in the Central Business District on a rainy day, in Beijing

Global debt edges to fresh record, populism could push it higher- IIF

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-820x547.jpg" alt="" class="wp-image-429088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YKUAEHSOXFJLJAZC3ANDYMQ2AY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The Airbus A350-1000 seen in the aerial display during the media preview of the Singapore Airshow in Singapore, February 13, 2022. REUTERS/Caroline Chia/File Photo</figcaption></figure>



DUBAI, Nov 16 (Reuters)&nbsp;&#8211;&nbsp;Airbus&nbsp;AIR.PA&nbsp;won a consolation order for 15 A350-900 jets from Emirates on Thursday after a public row between the Mideast giant and engine maker Rolls-Royce&nbsp;RR.L&nbsp;prevented a bigger deal for European jets at a Dubai Airshow dominated by Boeing.



Emirates Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said the long-haul jets would &#8220;add to our fleet mix, and we are pleased to announce additional orders for this aircraft type&#8221;.



However, industry sources described the deal as a face-saving compromise after the influential carrier criticised the amount of maintenance needed to keep the engines for the larger A350-1000 flying in hot and sandy conditions of the Gulf.



Sheikh Ahmed said Emirates would &#8220;work closely with Airbus and Rolls-Royce to ensure our aircraft deliver the best possible operating efficiency and flying experience for our customers&#8221;.



The deal, which Emirates said was worth $6 billion, followed intense negotiations focusing on the needs of the Gulf as it fends off new competition from Turkey, India and elsewhere to its East-West transit model, while shedding light on broader industry tensions over rising engine costs.



Emirates is by far the biggest user of the Airbus A380 after investing heavily in the world&#8217;s largest airliner, and is now planning the fleet needed to keep its Dubai super-hub at the centre of the aviation map beyond the 2030s as the A380 retires.



The airline opened this week&#8217;s air show with a $52 billion order for 90 Boeing 777X airplanes, saying the U.S. planemaker appeared to be getting a grip on regulatory and other problems surrounding its entry to service after five years of delays.



But Emirates Airline President Tim Clark refused to place a large order for Airbus&#8217; broadly similar A350-1000 and blasted Rolls-Royce over the disruption and cost of dealing with frequent maintenance needed to keep the plane&#8217;s engines running.



Emirates would have ordered 35-50 of the planes, he said.



Rolls-Royce acknowledged its engine for the A350-1000 would need more servicing than Emirates would like, but denied Clark&#8217;s suggestion that the XWB-97 engine was &#8220;defective&#8221;.



Chief Customer Officer Ewen McDonald said deal for the A350-900, which uses a different variant of engine, was a sign of the airline&#8217;s trust in Rolls-Royce and held out hope for a future order for the A350-1000.



&#8220;We will continue our discussions with Emirates on the A350-1000 engine improvements and look forward to them choosing this aircraft in the future,&#8221; he said.



Emirates has already ordered 50 A350-900s which are scheduled to arrive from August next year.



Delegates said earlier a top-up order would be seen as a consolation prize for Airbus and Rolls-Royce after Boeing and its main engine supplier GE&nbsp;GE.&nbsp;won the majority of deals, but would leave questions over Airbus&#8217;s ability to compete with Boeing&#8217;s 777X in the lucrative Gulf market.



&#8220;It is&#8230;just to keep the relationship going and so they can talk again,&#8221; a senior aviation industry source said.



Investors are expected to quiz Rolls-Royce about the durability and pricing of its engines at a Nov. 28 investor day.



Rolls-Royce said earlier in week it was looking at applying technology from its Ultrafan research project to the XWB-97.



<h2 class="wp-block-heading" id="h-boeing-dominates-orders">BOEING DOMINATES ORDERS</h2>



In a week dominated by soaring demand for wide-body planes, Boeing won new orders for 196 aircraft while Airbus agreed deals for 55 jets.



Airbus said it had reached an &#8220;agreement in principle&#8221; for a significant order from Turkish Airlines&nbsp;THYAO.IS, but industry sources said the deal had not yet been signed.



Emirates also agreed to buy five additional 787 Dreamliners, while sister airline flyDubai went for 30 with its first wide-body order.



Although political power is consolidated in the UAE capital Abu Dhabi, Monday&#8217;s high-profile announcement overseen by Dubai&#8217;s crown prince was symbolic of the value the UAE places on its bilateral relationship with the United States after a recent period of strain, said sources familiar with the matter.



In other business, Turkey-based budget carrier SunExpress announced an order for 45 Boeing 737 MAX narrow-bodies and used the spotlight to issue a reminder of the industry&#8217;s supply chain problems.



Ethiopian Airlines announced it was buying 20 737 MAX jets nearly five years after the fatal 2019 MAX crash that led to the grounding of the global fleet. It also ordered 11 Dreamliners.



EgyptAir said it was ordering 10 A350-900s from Airbus, while AirBaltic announced it was buying 30 Airbus A220-300s.



Royal Air Maroc signed a repeat order for two additional 787 Dreamliners. EgyptAir said it would lease 18 new Boeing 737 MAX jets from Air Lease Corp&nbsp;AL.N.



(Reporting by Tim Hepher, Alexander Cornwell and Pesha Magid; editing by Jan Harvey, Kirsten Donovan)

FILE PHOTO: The Airbus A350-1000 seen in the aerial display during the media preview of the Singapore Airshow in Singapore,

Emirates buys 15 Airbus jets in reprieve from engine row

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/biden-x-xi-jin-ping-820x547.jpg" alt="" class="wp-image-429054" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/biden-x-xi-jin-ping-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/biden-x-xi-jin-ping-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/biden-x-xi-jin-ping-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/biden-x-xi-jin-ping-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/biden-x-xi-jin-ping-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/biden-x-xi-jin-ping-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Joe Biden and Chinese President Xi Jinping agreed to resume high-level military communication when they met in person Wednesday for the first time in a year in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference. FILE: President Biden/@POTUS</figcaption></figure>



BEIJING — U.S. President&nbsp;<a href="https://www.cnbc.com/joe-biden/">Joe Biden</a>&nbsp;and Chinese President&nbsp;<a href="https://www.cnbc.com/xi-jinping/">Xi Jinping</a>&nbsp;have agreed to resume high-level military communication, according to both countries.



The two leaders&nbsp;<a href="https://www.cnbc.com/2023/11/15/xi-biden-at-apec-summit-china-us-leaders-meet-in-san-francisco.html">met in person for the first time in a year</a>&nbsp;Wednesday local time in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference.



“We’re back to direct, open, clear communications,” Biden said at a press conference after the talks.



China has conducted military exercises around Taiwan, while its navy has been engaging in aggressive maneuvers in the South China Sea in a standoff with the Philippines as both countries stake their territorial claims.



The U.S. has wanted to revive the military communication, especially after some&nbsp;<a href="https://www.cnbc.com/video/2023/06/05/us-destroyer-has-close-call-with-chinese-warship-in-the-south-china-sea.html">near-miss incidents</a>&nbsp;where China’s ships almost collided with American forces.



“Vital miscalculations on either side can cause real trouble with a country like China or any other major country,” Biden said at the post-meeting press briefing.



China’s Defense Ministry&nbsp;<a href="https://www.defense.gov/News/Transcripts/Transcript/Article/3293101/pentagon-press-secretary-air-force-brig-gen-pat-ryder-holds-an-on-camera-press/" target="_blank" rel="noreferrer noopener">declined a call with its U.S. counterpart</a>&nbsp;in early February after the discovery of an alleged Chinese spy balloon over U.S. airspace. The balloon incident delayed U.S. Secretary of State Antony Blinken’s highly anticipated trip to China by more than four months.



In June, the defense chiefs from both countries attended an annual security summit in Singapore, but they <a href="https://www.cnbc.com/2023/06/05/us-china-trade-barbs-at-security-summit-shangri-la-dialogue.html">did not have a formal meeting</a>.



When Blinken finally visited China, he said he&nbsp;<a href="https://www.cnbc.com/2023/06/20/blinken-says-he-failed-to-revive-military-to-military-talks-with-china.html">“repeatedly” raised the need for direct communication</a>&nbsp;between the two countries’ militaries but failed to revive such talks.



China has yet to name a defense minister after<a href="https://www.cnbc.com/2023/10/24/china-reportedly-ousts-defense-minister-after-two-month-absence.html">&nbsp;dismissing Gen. Li Shangfu from the position</a>&nbsp;without explanation in late October.



U.S. Secretary of Defense Lloyd Austin will meet with his Chinese counterpart when the Chinese defense chief is selected, a senior Biden administration official told reporters after the Biden-Xi summit.



As part of the agreement, senior U.S. military commanders including that of Pacific forces in Hawaii will engage with their Chinese counterparts, the official said.



The two countries also plan to establish ways for ship drivers and others to discuss incidents and, potentially, best practices, the official said.



A readout published by Chinese state media added the resumption of such military talks was “on the basis of equality and respect,” according to a CNBC translation.



<h2 class="wp-block-heading" id="h-taiwan"><a></a>Taiwan</h2>



At the presser, Biden reiterated the U.S. position that Taiwan maintains its sovereignty, despite China’s claims to the contrary.



“We maintain the agreement that there is a One-China policy and I’m not going to change that, that’s not going to change. That’s about the extent to which we discussed,” he said.



According to Chinese state media, Xi pointed out during the bilateral meeting that Taiwan has always been the “most important and sensitive” issue in China’s relations with the U.S.. He said in the report that China “takes seriously” positive statements the U.S. made during his meeting with Biden last year in Indonesia.



“The U.S. should use concrete actions to reflect its stance of not supporting ‘Taiwan independence,’ stop arming Taiwan and support China’s peaceful reunification,” state media reported. “China will ultimately be reunified and will inevitably be reunified.”



Beijing considers Taiwan part of its territory, with no right to independently conduct diplomatic relations. The U.S. recognizes Beijing as the sole government of China but maintains unofficial relations with Taiwan, a democratically self-governed island.



<h2 class="wp-block-heading">AI, fentanyl and more</h2>



Chinese state media also said the two sides agreed to establish an intergovernmental dialogue on artificial intelligence, set up a working group on drug control, “significantly” increase flights between the two countries next year and expand exchanges in areas such as education, business and culture.



The U.S. senior administration official said the Chinese were already taking action on nearly 24 companies that make precursors for&nbsp;<a href="https://www.cfr.org/backgrounder/fentanyl-and-us-opioid-epidemic" target="_blank" rel="noreferrer noopener">fentanyl — an addictive drug</a>&nbsp;that’s led to overdoses and deaths in the U.S.



Biden said at the post-meeting presser that the two leaders agreed that fentanyl production needs to be “curbed substantially.”



On artificial intelligence, however, the official said it was too early for a joint declaration by the two leaders, and noted the need to prevent the incorrect use of AI in military or nuclear operations.



<h2 class="wp-block-heading"><a></a>Trade and sanctions</h2>



The Biden administration has announced export controls and sanctions on Chinese companies in an effort to limit U.S. companies’ contribution to technology that supports China’s military.



Xi noted the export controls, investment reviews and sanctions in the meeting, and called for the U.S. to lift the sanctions and provide a non-discriminatory environment for Chinese companies, Chinese state media said.



Biden also brought up difficulties around travel harassment of Americans in China, and a business environment that wasn’t as welcoming as it was in the past, the U.S. senior administration official said.



But overall the official described the meeting as more personal than the last time the two leaders met.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I’ve just concluded a day of meetings with President Xi, and I believe they were some of the most constructive and productive discussions we’ve had. We built on groundwork laid over the past several months of diplomacy between our countries and made important progress. <a href="https://t.co/0RT1q0FZHr">pic.twitter.com/0RT1q0FZHr</a>&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1724941601661718940?ref_src=twsrc%5Etfw">November 16, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In a post on X, formerly known as Twitter, Biden called his day of meetings with Xi “some of the&nbsp;<a href="https://twitter.com/POTUS/status/1724941601661718940?s=20" target="_blank" rel="noreferrer noopener">most constructive and productive discussions</a>&nbsp;we’ve had.”



“We built on groundwork laid over the past several months of diplomacy between our countries and made important progress.”



— CNBC’s Christina Wilkie and Clement Tan contributed to this report.

biden-x-xi-jin-ping

U.S. and China agree to resume military talks. Takeaways from the Biden-Xi summit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/zCBPA-LZ-820x461.jpg" alt="" class="wp-image-428995" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/zCBPA-LZ-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/zCBPA-LZ-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/zCBPA-LZ-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/zCBPA-LZ-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/zCBPA-LZ-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/zCBPA-LZ.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Inflation was flat in October from the previous month, providing a hopeful sign that stubbornly high prices are easing their grip on the U.S. economy.



The consumer price index, which measures a broad basket of commonly used goods and services, increased 3.2% from a year ago despite being unchanged for the month, according to seasonally adjusted numbers from the Labor Department on Tuesday. Economists surveyed by Dow Jones had been looking for respective readings of 0.1% and 3.3%.



Headline CPI had increased 0.4% in September.



Excluding volatile food and energy prices, core CPI increased 0.2% and 4%, against the forecast of 0.3% and 4.1%. The annual level was the lowest in two years, though still well above the Federal Reserve’s 2% target.



Markets spiked on the news. Futures tied to the Dow Jones Industrial Average were up 300 points as Treasury yields fell sharply. Traders also took any potential Fed interest rate hikes almost completely off the table, according to CME Group data.



“The Fed looks smart for effectively ending its tightening cycle as inflation continues to slow.&nbsp;Yields are down significantly as the last of investors not convinced the Fed is done are likely throwing in the towel,” said Bryce Doty, portfolio manager at Sit Fixed Income Advisors.



The flat reading on headline CPI came as energy prices declined 2.5% for the month, offsetting a 0.3% increase in the food index.



Shelter costs, a key component in the index, rose 0.3% in October, half the gain in September as the year-over-year increase eased to 6.7%. Within the category, owners equivalent rent, which gauges what property owners could command for rent, increased 0.4%.



Vehicle costs, which had been a key inflation component during the spike in 2021-22, fell on the month. New vehicle prices declined 0.1%, while used vehicle prices were off 0.8% and were down 7.1% from a year ago.



Airfares, another closely watched component, declined 0.9% and are off 13.2% annually. Motor vehicle insurance, however, saw a 1.9% increase and was up 19.2% from a year ago.



The report comes as markets are closely watching the Fed for its next steps in a battle against persistent inflation that began in March 2022. The central bank ultimately increased its key borrowing rate 11 times for a total of 5.25 percentage points.



While markets overwhelmingly believe the Fed is done tightening monetary policy, the data of late has sent conflicting signals.



Nonfarm payrolls in October increased by just 150,000, indicating the labor market finally is showing signs that it is reacting to Fed efforts to correct a supply-demand imbalance that has been a contributing inflation factor.



Labor costs have been increasing at a much slower pace over the past year and a half as productivity has been on the rise this year.



Real average hourly earnings — adjusted for inflation — increased 0.2% on a monthly basis in October but were up just 0.8% from a year ago, according to a separate Labor Department release.



More broadly speaking, gross domestic product surged in the third quarter, rising at a 4.9% annualized pace, though most economists expect the growth rate to slow considerably.



However, other indicators show that consumer inflation expectations are still rising, the likely product of a spike in gasoline prices and uncertainty caused by the wars in Ukraine and Gaza.



Fed Chair Jerome Powell last week added to market anxiety when he said he and his fellow policymakers remain unconvinced that they’ve done enough to get inflation back down to a 2% annual rate and won’t hesitate to raise rates if more progress isn’t made.



“Despite the deceleration, the Fed will likely continue to speak hawkishly and will keep warning investors not to be complacent about the Fed’s resolve to get inflation down to the long-run 2% target,” said Jeffrey Roach, chief economist at LPL Financial.



Even if the Fed is done hiking, there’s more uncertainty over how long it will keep benchmark rates at their highest level in some 22 years.

zCBPA-LZ

U.S. inflation was flat in October from the prior month, core CPI hits two-year low

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-820x512.jpg" alt="" class="wp-image-428950" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-820x512.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-768x480.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-1536x960.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/E3N5RWFN2JI4PNEOQDCLQKKFOU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: European Union flags fly outside the EU Commission headquarters in Brussels, Belgium September 19, 2019. REUTERS/Yves Herman/File Photo</figcaption></figure>



BRUSSELS, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;The European Union will make a &#8220;substantial&#8221; financial contribution to a new international fund addressing the destruction caused by climate change, the EU&#8217;s executive Commission said on Monday.



The world-first climate &#8220;loss and damage&#8221; fund is set to be launched during the United Nations COP28 climate summit to be held Nov. 30-Dec. 12 in Dubai in the United Arab Emirates.



&#8220;The Commissioner is ready to announce substantial financial contribution by the EU and its member states to the loss &amp; damage fund at COP28 in the context of an ambitious outcome at COP28,&#8221; the European Commission and the UAE&#8217;s incoming COP28 president said in a joint statement, referring to EU Climate Commissioner Wopke Hoekstra.



The EU did not specify the size of its planned contribution.



The 27-nation bloc also plans to commit funding at COP28 to help countries meet a pledge to triple global renewable energy capacity by 2030, the statement said.



Finance is one of the biggest issues at the annual U.N. climate talks. The EU move could help grease the wheels for other deals at COP28, where countries will consider whether to phase out fossil fuels and take other steps to cut emissions.



Adnan Amin, CEO of the COP28 summit, said the aim was to secure several hundred million U.S. dollars for it by the end of the event. He said he was &#8220;hopeful&#8221; that the COP28 host, the UAE, would also make a contribution.



&#8220;There is an active discussion going on in the UAE, a positive discussion, about whether we would be participants in this,&#8221; Amin told Reuters.



Countries agreed at last year&#8217;s U.N. climate talks to launch the climate damage fund, a deal hailed as a breakthrough by more vulnerable, developing nations that have long demanded support to cope with climate-driven damage from drought, floods and rising seas.



So far, no country has made a specific financial pledge to the fund, though some have signalled interest.



U.S. climate envoy John Kerry said Washington would put &#8220;several millions of dollars into the fund at the COP&#8221;, speaking during the Bloomberg New Economy Forum in Singapore last week.



The UAE is among a handful of high per-capita income countries that are not obliged to contribute to U.N. climate funds, but are facing pressure from European states to do so.



(Reporting by Kate Abnett; additional reporting by Bart Meijer; editing by Gareth Jones and Mark Heinrich)

FILE PHOTO: European Union flags fly outside the EU Commission headquarters in Brussels

EU pledges ‘substantial’ contribution to COP28 climate damage fund

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107309632-1696164614298-gettyimages-1699382269-President_Biden_Spends_Saturday_At_The_White_House_As_Government_Shutdown_Looms-820x462.jpeg" alt="" class="wp-image-428937" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107309632-1696164614298-gettyimages-1699382269-President_Biden_Spends_Saturday_At_The_White_House_As_Government_Shutdown_Looms-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107309632-1696164614298-gettyimages-1699382269-President_Biden_Spends_Saturday_At_The_White_House_As_Government_Shutdown_Looms-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107309632-1696164614298-gettyimages-1699382269-President_Biden_Spends_Saturday_At_The_White_House_As_Government_Shutdown_Looms-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107309632-1696164614298-gettyimages-1699382269-President_Biden_Spends_Saturday_At_The_White_House_As_Government_Shutdown_Looms-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107309632-1696164614298-gettyimages-1699382269-President_Biden_Spends_Saturday_At_The_White_House_As_Government_Shutdown_Looms.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The White House is seen at dusk on September 30, 2023 in Washington, DC. Samuel Corum | Getty Images</figcaption></figure>



Moody’s Investors Service on Friday lowered its ratings outlook on the United States’ government to negative from stable, pointing to rising risks to the nation’s fiscal strength.



The ratings agency has affirmed the long-term issuer and senior unsecured ratings of the U.S. at Aaa.



“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said. “Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”



Brinkmanship in Washington has also been a contributing factor, Moody’s said.



“Continued political polarization within US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability,” the ratings agency said.



As far as keeping the nation’s ratings at Aaa, Moody’s said that it expects the U.S. to “retain its exceptional economic strength.” “Further positive growth surprises over the medium term could at least slow the deterioration in debt affordability,” the agency said.



“While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook,” said Deputy Secretary of the Treasury Wally Adeyemo in a statement. “The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset.”



Moody’s move to cut its outlook arrives as Congress faces the looming threat of a government shutdown once more. For now, the government is funded through Nov. 17, but lawmakers in Washington remain at loggerheads over a bill ahead of the deadline.



Newly elected House Speaker Mike Johnson (R-La.) has indicated that he will release a Republican government funding plan on Saturday, a move that would permit members time to read it before an expected Tuesday vote on the measure.



But his plan to fund certain parts of the government through Dec. 7, and other parts through Jan. 19, known as a laddered continuing resolution, or CR, is dead on arrival in the White House and in the Democratic-controlled Senate.



“Moody’s decision to change the U.S. outlook is yet another consequence of Congressional Republican extremism and dysfunction,” White House press secretary Karine Jean-Pierre said in a statement.



Back in August, Fitch cut the U.S. long-term foreign currency issuer default rating to AA+ from AAA, citing “expected fiscal deterioration over the next three years,” as well as an erosion of governance and a growing debt burden.



Feuding in Washington was also an issue. “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” Fitch said at the time.

107309632-1696164614298-gettyimages-1699382269-President_Biden_Spends_Saturday_At_The_White_House_As_Government_Shutdown_Looms

Moody’s cuts U.S. outlook to negative, citing deficits and political polarization

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-138943787-820x547.jpg" alt="" class="wp-image-428933" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-138943787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-138943787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-138943787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-138943787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-138943787-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-138943787-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON, DC &#8211; FEBRUARY 14: (AFP OUT) U.S. Vice President Joe Biden (R) and Chinese Vice President Xi Jinping talk during an expanded bilateral meeting with other U.S. and Chinese officials in the Roosevelt Room at the White House February 14, 2012 in Washington, DC. While in Washington, Vice President Xi will meet with Biden, President Barack Obama and other senior Administration officials to discuss a broad range of bilateral, regional, and global issues. (Photo by Chip Somodevilla/Getty Images)</figcaption></figure>



U.S.-China relations, marred in the past year by a series of inflection points, have reached one of the most tense periods perhaps since 1972, when the two nations established diplomatic ties.



A Chinese spy balloon. Close encounters in both the air and the Taiwan Strait. Diplomatic spats over the theft of technology, hacking and trade. A drought of military-to-military talks. Even the lapse of a panda agreement.



All point to worsening relations that will hang over next week’s meeting between President Joe Biden and China’s President Xi Jinping, their first in-person meeting in about a year, and the first time since 2017 that Xi has stepped foot on American soil.



But experts and U.S. officials caution not to expect markedly improved relations post-meeting.



“We should probably keep a pretty low bar in terms of tangible outcomes and deliverables,” said Colleen Cottle, deputy director of the Global China Hub at the Atlantic Council. “This is a meeting that’s probably much more about symbolism and showing a commitment among both leaders to maintain high-level communications and keep communications flowing over the course of the next year.”



Senior U.S. administration officials detailed a handful of agenda items during a briefing with reporters. The leaders are expected to discuss hot-button issues including military communications, human rights and the South China Sea, an official said.



“We’re not talking about a long list of outcomes or deliverables,” a senior administration official told reporters. “The goals here really are about managing the competition, preventing the downside risk of conflict and ensuring channels of communication are open.”



Neither the U.S. nor China appears to be gearing up for a significantly positive swing in relations, experts said.



“I think the administration here is quite clear and sober about the likely outcomes of the meeting,” said Jude Blanchette, a China expert at the Center for Strategic and International Studies during the think tank’s press briefing. “They’ve been working hard to lower expectations. I think you’re seeing something similar on the Chinese side.”



Despite low expectations, the meeting could pave the way for future discussions about solutions to issues that impact both countries, said Thomas Fingar, a China expert at Stanford University and former chairman of the National Intelligence Council. He cautioned against the idea that a summit’s purpose is to solve some “critical, otherwise insoluble problem. It doesn’t work that way very often.”



He explained that in China’s political system, lower-level officials often need explicit clearance from the top.



“For there really to be movement for lower levels of the system to engage in specifics, it needs a refreshed endorsement from Xi,” Fingar said.



The meeting itself, though anticipated, was not formally announced by the White House until Friday. Even in recent days, Chinese officials were hesitant to confirm that Xi would attend the meeting with Biden. In a press briefing on Wednesday, China’s foreign ministry spokesperson Wang Wenbin said it “won’t be&nbsp;plain sailing to San Francisco, nor can we leave it to autopilot to get us there.”



Similarly, when White House press secretary Karine Jean-Pierre was asked during a briefing on Wednesday whether the meeting was “locked in,” she said, “I just don’t have anything confirmed.”



When announcing the meeting, Jean-Pierre said in a statement that the leaders would discuss “issues in the U.S.-PRC bilateral relationship, the continued importance of maintaining open lines of communication, and a range of regional and global issues,” using the abbreviation for the People’s Republic of China.



“I don’t think there’s any indication that things are going to improve between the two sides,” said Oriana Skylar Mastro, a China expert at the American Enterprise Institute. She added that neither country is willing to make “any significant concessions” or policy changes “that would be necessary to put the relationship on a different track.”



There are potential areas to move the needle on U.S.-China relations, experts say. NBC News also previously reported that the U.S. is hoping to announce a commitment from China to cut down on fentanyl coming into the U.S., as well as improve military communications.



Military-to-military communications are intended to cut down on the risk of unintended conflict.



It comes at a time when a historic number of U.S. warplanes have been intercepted by China. There were more than 180 incidents of Chinese aircraft intercepting U.S. planes since the fall of 2021, said Ely Ratner, the assistant secretary of defense for Indo-Pacific security affairs, in a Defense Department release. Ratner said that is higher than the number of incidents that took place the decade before that.



An interception has been deadly in the past. In 2001, a U.S. military plane collided with a Chinese fighter jet over the South China Sea, killing the Chinese pilot. The Chinese government held the American crew for over a week.



“We’ve raised the importance of (military-to-military) channels in nearly every conversation we’ve had with the Chinese,” a senior administration official said in the press briefing. “This is absolutely critical. And when we’re talking about managing risks, about avoiding conflict, this is exactly the sort of communication we need to be having both at senior levels of our two militaries, but also operator to operator.”



The Biden-Xi meeting comes just weeks after China announced that Li Shangfu would no longer serve as defense minister. Li has been sanctioned by the U.S., and experts say his removal could open the door to better relations on military communication.



A defense minister who has not been sanctioned by the U.S. could make it easier to resume military-to-military talks, said David Sacks, a fellow at the Council on Foreign Relations.



The Chinese position during Li’s tenure had been, “Why would he talk if he’s under U.S. sanctions? Remove the sanctions, and then we can have a dialogue,” Sacks said. “And so now, presumably his successor will not be under those sanctions, and therefore you don’t have that impediment towards resuming mil-mil dialogue.”



Biden and Xi’s meeting also comes in the lead-up to Taiwan’s 2024 presidential election in January, followed by the U.S. election. Taiwan is a self-ruling democracy that China claims as its own. U.S. policy maintains that Washington does not support Taiwan’s independence, though there is a policy of strategic ambiguity over how the U.S. would respond if China were to invade the island.



Experts say that during the meeting Biden may warn Xi against interfering in Taiwan’s election, “also to give whoever the winner of the election is an opportunity to put forward a proposal for cross-strait dialogue,” Sacks said.



When a senior administration official was asked during the briefing about how the Taiwanese election may come up in the Biden-Xi meeting, the officials emphasized U.S. opposition to any potential Chinese interference.



“We’ve been clear publicly and privately that interference in the Taiwan election is something we’re extremely concerned about,” a senior administration official said. “And of course, we’ll plan on delivering that message again.”

Vice President Biden Holds Bilateral Meeting With Chinese Vice President Xi Jinping

As Biden and Xi gear up for a high-stakes meeting, experts have low expectations

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4-820x461.jpeg" alt="" class="wp-image-428898" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4.jpeg 1600w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Federal Reserve Chairman Jerome Powell said Thursday that he and his fellow policymakers are encouraged by the slowing pace of inflation but are unsure whether they’ve done enough to keep the momentum going.



Speaking a little more than a week after the central bank voted to hold benchmark policy rates steady, Powell said in remarks for an International Monetary Fund audience in Washington, D.C., that more work could be ahead in the battle against high prices.



“The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” he said in his prepared speech.



For the second time in recent weeks, a public address from Powell was interrupted by climate protesters. He briefly left the stage before resuming.



The speech comes with inflation still well above the Fed’s long-standing goal but also considerably below its peak levels in the first half of 2022. In a series of 11 rate hikes that constituted the most aggressive policy tightening since the early 1980s, the committee took its benchmark rate from near zero to a target range of 5.25%-5.5%.



Those increases have coincided with the Fed’s preferred inflation gauge, the core personal consumption expenditures price index, to fall to an annual rate of 3.7%, from 5.3% in February 2022. The more widely followed consumer price index peaked above 9% in June of last year.



Powell said that inflation is “well above” where the Fed would like to see it while describing policy as “significantly restrictive.”



“My colleagues and I are gratified by this progress but expect that the process of getting inflation sustainably down to 2 percent has a long way to go,” he said. “We will keep at this until we succeed,” he later added, saying the Fed is focused on whether rates need to go higher and how long they need to stay elevated.



Stocks headed lower after the speech, with the Dow Jones Industrial Average down close to 200 points. Treasury yields lurched higher after declining for most of the past three weeks, propelled up in large part after a poorly received 30-year bond auction.



“Chairman Powell issued a warning to investors too giddy on the prospect of rate cuts next year,” said Jeffrey Roach, chief economist at LPL Financial. “The Fed will be true to its mandate and hike further should inflation reaccelerate.”



As he has in recent speeches, Powell stressed that the Fed nevertheless can be cautious as the risks between doing too much and too little have come into closer balance. He said the Fed is attuned to the rise in Treasury yields.



“If it becomes appropriate to tighten policy further, we will not hesitate to do so,” he said. “We will continue to move carefully, however, allowing us to address both the risk of being misled by a few good months of data, and the risk of overtightening.”



“Monetary policy is generally working the way we think it should work” Powell said during a discussion following his speech.



Markets are largely convinced the Fed is through hiking rates.



Futures pricing, according to the CME Group, indicates less than a 10% probability that the FOMC will approve a final rate hike at its Dec. 12-13 meeting, even though committee members in September penciled in an additional quarter percentage point rise before the end of the year.



Traders anticipate the Fed will start cutting next year, probably around June.



Powell noted the progress the economy has made. Gross domestic product accelerated at a “quite strong” 4.9% annualized pace in the third quarter, though Powell said the expectation is for growth to “moderate in coming quarters.” He described the economy as “just remarkable” in 2023 in the face of a broad consensus that a recession was inevitable.



Unemployment remains low, though the jobless rate has risen half a percentage point this year, a move commonly associated with recessions.



But Powell noted that the Fed is “attentive” that stronger-than-expected growth could undermine the fight against inflation and “warrant a response from monetary policy.”



He also pointed out that improvements in supply chains have helped ease inflation pressures, but “it is not clear how much more will be achieved by additional supply-side improvements. Going forward, it may be that a greater share of the progress in reducing inflation will have to come from tight monetary policy restraining the growth of aggregate demand.”



The remarks are part of a broader presentation he is giving to the Jacques Polak Annual Research Conference. One broad policy topic he addressed was the challenge posed by keeping rates anchored near zero, where they were before the inflation surge. Powell said it is “too soon” to say whether zero-rate challenges are “a thing of the past.”

107304015-1695236207011-gettyimages-1677964220-AFP_33VU6J4

Powell says Fed is ‘not confident’ it has done enough to bring inflation down

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107275996-1690265782638-gettyimages-1568546745-vcg111446786977-820x462.jpeg" alt="" class="wp-image-428864" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107275996-1690265782638-gettyimages-1568546745-vcg111446786977-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107275996-1690265782638-gettyimages-1568546745-vcg111446786977-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107275996-1690265782638-gettyimages-1568546745-vcg111446786977-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107275996-1690265782638-gettyimages-1568546745-vcg111446786977-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107275996-1690265782638-gettyimages-1568546745-vcg111446786977.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An employee works on the assembly line of LED lighting products in China. Vcg | Visual China Group | Getty Images</figcaption></figure>



China’s consumer prices fell in October, as the world’s second-largest economy struggled with an uneven post-Covid recovery.



Data from China’s National Bureau of Statistics on Thursday showed October consumer price index shrank 0.2% year-on-year, more than the 0.1% decline expected by economists polled by Reuters.



This comes after China’s CPI was unexpectedly flat in September, highlighting the need for further policy support.



Producer prices declined 2.6%, slightly smaller than an expected decline of 2.7% and has been in negative territory for the 13th straight month. China’s PPI was at 2.5% in September, showing factory deflationary pressures remained.



“China is still in a deflationary environment. The domestic demand remains sluggish,” said Zhiwei Zhang, president and chief economist of Pinpoint Asset Management.



Beijing has provided targeted policy support even as recent data suggested growth has remained sluggish. Further hurting consumer confidence is an ongoing debt crisis in two of China’s largest real estate developers. China’s property sector makes up about 30% of its economy.



“With the budget deficit rising and the property developers potentially gaining support from the government, domestic demand will likely improve next year,” Zhang said.



Investors will now be tracking this year’s Singles Day shopping festival, which ends on Nov. 11, to gauge the strength of Chinese consumption.



But excitement about the shopping festival has waned.



“I think this year’s Singles Day sale has not been living up to expectations,” Hao Hong, partner and chief economist at Grow Investment Group told CNBC’s “Squawk Box Asia.”



“Ever since last year, people have stopped spending a lot of money on the Singles Day sale, so it is going to be a muted sales year,” Hong said.

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Moody’s cuts U.S. outlook to negative, citing deficits and political polarization

As Biden and Xi gear up for a high-stakes meeting, experts have low expectations

Powell says Fed is ‘not confident’ it has done enough to bring inflation down

China’s consumer prices swing to declines in October

News Tips

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