Category: 3. Business

5 things to know before the stock market opens Friday
This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

Here are five key things investors need to know to start the trading day:

1. Hero to zero

Stock investors didn’t end up getting the post-Nvidia earnings market bounce they hoped for. After opening yesterday’s trading session higher, stocks took a dramatic midday tumble, once again casting doubt on the artificial intelligence trade.

Here’s what to know:

Nvidia shares gave up their 5% post-earnings gain, ending the session down more than 3% despite the chipmaker’s blockbuster quarterly results and guidance. The AI darling’s stock is on track to finish the week down 5%.

The Dow Jones Industrial Average swung more than 1,100 between its session highs and lows. All three major averages closed solidly in the red, with the tech-heavy Nasdaq Composite ending the day down 2.15%.

Meanwhile, the CBOE Volatility Index — better known as Wall Street’s fear gauge — ended the session at a level not seen since April.

Bitcoin fell to lows going back to April, further illustrating the shift away from risk assets.

Before stocks’ midday reversal, Bridgewater founder Ray Dalio told CNBC that “we are in that territory of a bubble,” but that you don’t need to sell stocks because of it.

The three major indexes are all on track to end the week in the red.

Follow live markets updates here.

2. Prediction market

A ‘Now Hiring’ sign is posted outside of a business on Oct. 3, 2025 in Miami, Florida.

Joe Raedle | Getty Images

The belated September jobs report was finally released yesterday, and the headline number was much hotter than economists expected with an increase of 119,000 jobs. On the other hand, the unemployment rate ticked up to 4.4%, its highest level since 2021.

The chance of a rate cut at the Federal Reserve’s next meeting remained low after the report, according to the CME FedWatch Tool. But the odds flipped this morning after New York Fed President John Williams said he sees “room for a further adjustment” in interest rates, reviving hopes of a December cut.

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3. Better than yours

Merchandise on display in a Gap store on November 21, 2024 in Miami Beach, Florida.

Joe Raedle | Getty Images

Gap‘s “Milkshake” ad brought all the shoppers to the store. The retailer’s viral “Better in Denim” campaign with girl group Katseye helped drive comparable sales up 5% in its third quarter, beating analyst expectations.

The Old Navy and Banana Republic parent also surpassed Wall Street’s estimates on both the top and bottom lines, sending shares rising 4.5% in overnight trading. Athleta was the notable outlier, with the athleisure brand’s sales falling 11%.

Gap’s report comes at the end of a busy week for retail earnings. As CNBC’s Melissa Repko reports, one key theme of this quarter’s results has been that value-oriented retailers are winning favor with shoppers across income brackets.

4. AI in D.C.

U.S. President Donald Trump speaks in the Oval Office at the White House on Oct. 6, 2025 in Washington, DC.

Anna Moneymaker | Getty Images

The White House is putting together an executive order that would thwart states’ individual AI laws. A draft obtained by CNBC shows the order would focus on staging legal challenges and blocking federal funding for states to ensure their compliance.

The draft would work to the advantage of many AI industry leaders who have pushed back on a state-by-state approach to the technology’s regulation. A White House official told CNBC that any discussion around the draft is speculation until an official announcement.

Click here to read the full draft.

5. Flight fight

Courtesy: Archer Aviation

Joby Aviation is taking air taxi competitor Archer Aviation to court. In a lawsuit filed Wednesday, Joby accused Archer of using information stolen by a former employee to “one-up” a deal with a real estate developer.

Joby alleges that George Kivork, its former U.S. state and local policy lead, took files and information before jumping to the competitor in an act of “corporate espionage.” Archer called the case “baseless litigation” and said it’s “entirely without merit.”

The Daily Dividend

Here are our recommendations for stories to circle back to this weekend:

— CNBC’s Liz Napolitano, Tasmin Lockwood, Melissa Repko, Jeff Cox, Sarah Min, Emily Wilkins, Mary Catherine Wellons and Samantha Subin contributed to this report. Josephine Rozzelle edited this edition.
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November 21, 2025
China controls this key resource AI needs – threatening stocks and the U.S. economy
By Kristina Hooper

AI relies on rare-earth elements to grow its infrastructure – and the U.S. relies on AI to grow GDP

Capital spending on AI has been a key driver of U.S. stock market returns and continues to exceed expectations, comprising a large portion of S&P 500 SPX capital expenditures.

Jason Furman, a Harvard University economics professor, calculated that 92% of total U.S. GDP growth for the first half of 2025 could be attributed to AI spending. Without AI-related data-center construction, he reported, GDP growth would have been an anemic 0.1% on an annualized basis.

Given so much riding on the AI capex boom, it’s important to consider what could derail U.S. economic growth and the U.S. stock market

One major risk is access to rare earth elements. Limited rare-earth access could present the U.S. with challenges similar to what it faced in the 1970s from its dependence on oil.

Rare-earth elements are used extensively in artificial intelligence, including disk drives, cooling servers and especially semiconductor fabrication. Artificial intelligence has enormous computational and memory demands, which is why high-capacity, high-performance semiconductors are the linchpin of the AI build-out. Rare earths are also integral for national security – used in radar, lasers and satellite systems.

From the 1960s to the 1990s, the U.S. was the leader in rare-earth elements production. In 1995, two decisions were made that had far-ranging consequences, dramatically changing the trajectory of U.S. leadership in rare earth elements.

First, the U.S. approved China’s purchase of U.S. rare-earth magnet company Magnequench from General Motors, thereby acquiring a highly advanced technology that arguably would have taken many years to develop.

Second, China applied to join the World Trade Organization, ultimately enabling it to sell its rare-earth elements to a global market. China was able to sell at a lower cost than the U.S., contributing to the closure of the U.S. mining company that produced rare earth elements, MP Materials Corp. (MP), in 2002.

MP Materials was reopened for national defense use in 2017. U.S. production has since ramped up, with rare-earth production reaching 45,000 tons in 2024 – yet that’s still less than one-sixth of China’s production.

Yet the U.S. Department of Defense’s lofty goal of meeting defense-related demand for light- and heavy rare earths by 2027 may not be achieved, given America’s rare-earth mining and processing limitations. Even if it is, significant commercial demand, including the enormous AI build-out, will not be met.

China controls the supply

China controls around 70% of the world’s rare earth resource output and about 90% of the world’s rare earth processing capabilities. Access to rare-earth elements has been a key bargaining chip in U.S. trade negotiations with China.

As a result, the U.S. has been increasing efforts to diversify its rare-earths supply and gain reliable and adequate exposure to these elements through its allies. Australia and Canada, for instance, have significant rare-earth resources that can help support America’s rare-earth element needs.

New technologies may also lessen or eliminate the need for rare-earth elements in various uses and make rare-earth element recycling more efficient (currently, just 1% of rare-earth elements are recycled). In addition, U.S. government policies can discourage or at least disincentivize demand for rare earth element-intensive products such as electric vehicles, as the Trump administration has done by eliminating EV tax credits.

Rare earth element independence should be as high a priority for the U.S. as energy independence was 50 years ago. Until there’s a viable alternative to the China-dominated rare-earth supply chain, AI capital spending – and both the U.S. economy and stock market – are vulnerable. Accordingly, stock investors should pay attention to trade deals and policymakers’ comments, and consider supply-chain risks when evaluating AI-related investments.

Kristina Hooper is chief market strategist at Man Group, which manages alternative investments. The opinions expressed are her own.

More: Big Tech is spending on power for AI – whether Washington functions or not

Also read: AI has real problems. The smart money is investing in the companies solving them now.

-Kristina Hooper

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
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November 21, 2025
Luisa Gómez Bravo presents BBVA’s profitability and value creation to investors in London

BBVA has set itself some ambitious financial targets for the 2025–2028 horizon: €48 billion in cumulative attributable net profit, an average RoTE of 22%, and a compound annual growth rate in tangible book value per share plus dividends of around 15%. The bank is also looking to improve its cost-to-income ratio to around 35%. The outstanding results for the first nine months of the year—with record profit of nearly €8 billion, a RoTE of 19.7%, and year-on-year growth in tangible book value per share plus dividends of 17% as of September—go to show that the Group is already on the right path.

Gómez Bravo outlined several structural factors that set BBVA apart and which will continue to cement its leadership in profitability and growth moving forward. First of all, the Group’s geographic diversification is a key competitive strength. It operates in a number of attractive markets with low leverage levels and compelling growth potential.

Second, and following on from this, BBVA holds leading positions in its main markets. Achieving local scale and operating as one of the top banks in each country leads to higher profitability when compared with its peers.

Third, the bank is one step ahead of its peers in the digital realm and also in terms of sustainability. BBVA invested in digital transformation earlier and with greater determination than most of its competitors, and today those investments are paying off. As Gómez Bravo explained, the bank’s strategy is to grow the business by expanding its customer base, with its digital offering being the key enabler in this regard. Over the past three years, BBVA has succeeded in adding around 11 million new customers per year, of which almost two-thirds arrived through digital channels. And the value these new customers bring increases significantly over time. For all these reasons, “we are very optimistic about the future,” she remarked.

Gómez Bravo also discussed the growth drivers of the Group’s main franchises. Looking at Spain, she noted that “BBVA is the best bank in the country, being the most profitable and also the most efficient.” She also cited the bank’s ability to continue expanding its customer base in Spain: “Since 2022, we’ve added more than three million customers in Spain. So far this year, around 730,000, of which around 100,000 are SMEs. And what we’re seeing is that when we bring in a new customer, that customer becomes ‘engaged’ within the following 12 months, all thanks to our end-to-end digital experience.” She added that the bank is “highly disciplined” on pricing and to drive further growth in Spain it relies on customer growth and engagement, and also on its distribution and risk models.

BBVA aims to continue outpacing its competitors in terms of loan book growth (at around +5% annually through 2028), focusing on those segments that offer the best risk-adjusted returns, mainly corporate and consumer lending, which will help shift the business mix toward more profitable segments.

In Mexico, BBVA’s Global Head of Finance sees a very positive backdrop for the banking sector thanks to the resilience of the economy and low leverage levels, which have been consistently driving credit growth above nominal GDP for the past 20 years.

BBVA fully expects its loan book in Mexico to grow at a high single-digit compound annual rate between 2024 and 2028, on the back of consumer and corporate lending. For this year, the bank projects around 10% loan growth and expects that increased activity to feed directly into earnings, with the interest rate-cutting cycle now nearing its end: “BBVA Mexico will make a strong contribution to the Group’s positive forward momentum,” she added.

As for Türkiye, Gómez Bravo pointed to a steady improvement in the macroeconomic outlook, which will boost the local franchise’s contribution to the Group’s earnings. This positive outlook is supported by two factors: Garanti BBVA benefits from positive sensitivity to lower interest rates, and lower inflation is easing the strain on the Turkish economy and is already having a less negative impact on the franchise’s attributable profit. “Our strategy in Türkiye is very clear: to maintain a high-quality franchise that stands to benefit as the economy steadily normalizes,” she remarked.

Against this positive backdrop of growth and value creation, Gómez Bravo also addressed the Group’s capital outlook. As of the end of September, the CET1 capital ratio stood at 13.42%. The bank’s goal is to pay out capital above 12%, something that will happen “in a matter of months, not years,” she added. BBVA plans to allocate up to €36 billion to its shareholders through 2028.¹

On the subject of BBVA’s CET1 target, she noted that the bank happens to have one of the largest buffers above minimum regulatory capital requirements among all European banks: “We are one of the banks with the best relative position compared with what the supervisor requires.”

¹Pending approval from the governing bodies and subject to mandatory regulatory approvals.

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November 21, 2025

Rupee Inches Up 41st Day in a Row Against US Dollar

The Pakistani rupee (PKR) closed in green against the US Dollar (USD) 41st day in a row on Friday.

Meanwhile, it posted gains against some of the other major currencies during today’s session.

The PKR barely appreciated by 0.01 percent DoD and closed at 280.62 after gaining one paisa against the US Dollar today.

On a fiscal year-to-date basis (FYTD), the PKR has gained 1.15 percent against the US Dollar.

Other currencies

The PKR was green against some of the other major currencies in the interbank market today.

It gained one paisa against the UAE Dirham (AED) and one paisa against the Saudi Riyal (SAR).

Meanwhile, it lost 58 paisas against the Canadian Dollar (CAD).

The rupee gained 93 paisas against the Australian Dollar (AUD) in today’s interbank currency market.

Currency	19-Nov 2025	20-Nov 2025	21-Nov 2025	Change +/–
USD	280.6616	280.6518	280.6229	0.0289
EUR	325.1325	323.2969	323.8669	-0.5700
GBP	368.9017	366.8400	367.0688	-0.2288
AUD	182.1915	181.6940	180.7633	0.9307
MYR	67.6864	67.4806	67.6689	-0.1883
CNY	39.4778	39.4393	39.4527	-0.0134
CAD	200.5514	199.6314	199.0445	-0.5869
AED	76.4121	76.4178	76.4047	0.0131
SAR	74.8391	74.8325	74.8208	0.0117

It lost 57 paisas against the Euro (EUR) and 22 paisas against the British Pound (GBP).

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November 21, 2025

Navigating Unpredictable Terrain – FEDERAL RESERVE BANK of NEW YORK

Introduction

Good morning. It’s a pleasure be here to celebrate the 100th anniversary of the Central Bank of Chile. The topic of my remarks today is inflation targeting, which is both an important part of Chile’s central banking history and a core foundation of successful monetary policy.

Most central banks around the world have adopted inflation targeting regimes over the past 35 years, and Chile was among those leading the way. Although specifics vary across jurisdictions, these strategies share three principles: independence and accountability, transparency and the clear communication of an inflation target, and well-anchored inflation expectations, gained from the credibility that central banks build over time.¹

Today I will discuss the success of inflation targeting strategies in helping central banks achieve price stability and better economic outcomes. I’ll also talk about how these strategies were critically important in managing uncertainty after the onset of the COVID-19 pandemic—and how they helped countries bring inflation down while minimizing disruptions to financial markets and economies.

But first, I must give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System.

Autonomy, Transparency, and Confidence

Inflation targeting is like guiding an excursion through the Andes. Independence gives the central bank the ability to choose the best path to meet its objectives. Transparency ensures that people understand where they are headed and why the route may change. And a central bank earns public confidence by consistently reaching its goals, even amid sudden detours and a jagged course, laying the groundwork for maintaining well-anchored inflation expectations.

Inflation targeting strategies were introduced and have evolved as central banks sought to avoid repeating prior mistakes. Too often in the past, some central banks behaved as if they were powerless to control inflation in the face of shocks. Over time, they found they could be more successful at delivering price stability when they owned the responsibility for that goal and had the independence of action and tools to achieve it.

Transparency—including clear communication of an explicit numerical inflation target—reinforces public accountability for price stability and focuses the internal policy debate on how best to attain that objective. The Central Bank of Chile established a 3 percent inflation target when it formally adopted its current framework in 1999.² And the Federal Reserve set an inflation goal of 2 percent over the longer run, which it announced in an FOMC statement in January 2012.³

By communicating an explicit inflation target—and then delivering inflation consistent with that goal—central banks establish and reinforce trust with the public. But transparency does not stop with declaring a destination. It also means describing the road ahead to reach that goal. Many inflation-targeting central banks, including the Central Bank of Chile, provide detailed analyses of their economic situations, outlooks, and risks.⁴

Transparency about goals, strategy, and what that means for policy helps to anchor inflation expectations, which, in turn, contributes to low and stable inflation.^5,⁶ The feedback loop between effective policy actions and communications, well-anchored expectations, and price stability is now a core tenet of modern central banking. It short-circuits so-called second-round effects in wage and price setting that exacerbate and prolong the effects of shocks.

Put to the Test

Inflation targeting regimes were instrumental in bringing about a prolonged period of price stability in many countries through 2020. But it wasn’t until the onset of the COVID-19 pandemic that they were truly put to the test.

The pandemic, followed by Russia’s war on Ukraine, dealt the most dramatic supply shocks to the world’s economy in generations. Starting in 2021, global supply-chain disruptions, along with acute imbalances between supply and demand, led to inflation skyrocketing around the world. Inflation peaked at over 7 percent in the U.S.⁷ and at over 14 percent in Chile.⁸ Other Latin American countries, as well as Canada and Europe, followed similar patterns.

While the sources of inflation were comparable across countries, they affected countries differently. For example, supply-chain bottlenecks and higher commodity prices hit Chile and other countries especially hard. In addition, inflation accelerated earlier and with greater force in Latin American countries than in advanced economies.⁹

In response, central banks leaned into their inflation targeting strategies to guide their economies to bring inflation down. Many benefited from the public trust built from years of low and stable inflation. As a result, longer-term inflation expectations remained well anchored in the U.S., Chile, and other Latin American countries.¹⁰ This was a key difference between this episode and bouts of high inflation in the past, boding well for disinflation to occur.

The connections between policy communications and actions, inflation outcomes, and expectations are at the core of policy strategies that are robust to extreme uncertainty, a topic that Athanasios Orphanides and I studied in a sequence of research papers.¹¹ If a central bank has credibility in achieving price stability, longer-term expectations should remain anchored at levels consistent with its inflation target.

Carving Their Own Paths

During my tenure at the Fed, the comment I’ve heard most often from economists and central bankers in emerging market countries is that the Fed’s actions have meaningful effects on the capital flows and exchange rate movements in their countries. We saw this in action during the so-called taper tantrum in mid-2013. After Fed Chairman Ben Bernanke indicated that the FOMC might start tapering the pace of its asset purchases later that year, U.S. Treasury yields rose sharply, causing significant volatility in global financial markets—particularly for emerging market economies.

What is striking to me is that after the onset of the pandemic, those concerns were not nearly so top of mind. Until COVID-19, central banks in emerging economies, including many in Latin America, typically had followed the lead of the Fed when responding to shocks. This time, because they did not want to risk a new episode of very high inflation and thus potentially lose their hard-earned credibility, they moved first.¹² Latin American central banks acted quickly and decisively to tame high inflation by raising interest rates, starting with Brazil in the spring of 2021, followed by Chile, Colombia, Mexico, and Peru later that summer.¹³ In contrast, central banks of many advanced economies—including the Bank of England, the Federal Reserve, the Bank of Canada, and the European Central Bank—raised rates later and by smaller amounts.

Around the world, inflation—and the responses of central banks—largely rose and fell along the same path. Following central banks’ actions, inflation declined across the board, and economies weathered the disinflation much better than anticipated. And despite big movements in interest rates across countries, disinflation occurred without dramatic disruptions to capital flows, exchange rates, or financial markets. It’s a true testament to the success of inflation targeting.

The Current Situation

This brings me to the current situation. As I have emphasized, inflation targeting is a strategic framework that provides the foundation for effective policy decisions and communication. The decisions and actions themselves depend on the circumstances that policymakers face.

Here in Chile, in the United States, and across the globe, strong actions have proven effective at restoring price stability. In some cases, inflation has returned comfortably back to target levels, while in others, including the United States, the job of bringing inflation sustainably back to target is not yet complete.

I’ll comment briefly on the current economic situation in the U.S. and what it means for monetary policy. Economic growth has slowed from its pace last year, and the labor market has gradually cooled. In particular, indicators of the balance between labor demand and supply, including the unemployment rate, have gradually softened over the past year, reaching levels seen prior to the pandemic when the labor market was not overheated. I would emphasize that this has been an ongoing, gradual process, without signs of a significant rise in layoffs or other indications of a sharp deterioration in the labor market.

Inflation declined from a peak of 7-1/4 percent in mid-2022 to 2-3/4 percent in 2024. Looking back at FOMC participants’ projections in December of last year, the median expectation was for inflation to slow to 2-1/2 percent this year and approach 2 percent next year. Since then, the effects of trade policies and other developments have boosted U.S. inflation somewhat, offsetting the expected downward trajectory. As a result, progress toward our 2 percent goal has temporarily stalled, with the latest available data indicating that inflation remains around 2-3/4 percent.

It is not possible to measure the effects of trade policy actions on inflation with precision. My estimate is that increased tariffs have contributed about one half to three quarters of a percentage point to the current inflation rate. I do not see any signs of tariffs contributing to second-round or other spillover effects on inflation. In particular, inflation expectations are very well anchored, no broad-based supply chain bottlenecks have emerged, labor markets are not creating inflationary pressures, and wage growth has moderated. As a result, I expect the effects of tariffs on inflation will play out over the rest of this year and the first half of next year. Inflation should thereafter get back on track to 2 percent in 2027.

Given this backdrop, monetary policy is very focused on balancing the downside risks to our maximum employment goal and the upside risks to price stability. My assessment is that the downside risks to employment have increased as the labor market has cooled, while the upside risks to inflation have lessened somewhat. Underlying inflation continues to trend downward, absent any evidence of second-round effects emanating from tariffs. For these reasons, I fully supported the FOMC’s decisions to reduce the target range for the federal funds rate by 25 basis points at each of its past two meetings.

Looking ahead, it is imperative to restore inflation to our 2 percent longer-run goal on a sustained basis. It is equally important to do so without creating undue risks to our maximum employment goal. I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions. Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals. My policy views will, as always, be based on the evolution of the totality of the data, the economic outlook, and the balance of risks to the achievement of our maximum employment and price stability goals.

Conclusion

In conclusion, central bank independence and accountability, clear communication and an explicit inflation target, and well-anchored inflation expectations have proven to be invaluable in ensuring price stability in the face of unexpected shocks and extreme uncertainty.

Sharp turns and unpredictable terrain have been an unavoidable part of our journey, and we must accept that shocks and uncertainty will continue to define our future. I am confident that inflation targeting strategies will continue to serve us well against any challenges we may face ahead.

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November 21, 2025
Deloitte Global’s 2025 C-suite Sustainability Survey: From intention to impact

Sustainability continues to hold a prominent place on the C-suite agenda. Deloitte Global’s 2025 survey of over 2,100 executives across 27 countries—now in its fourth year—shows sustainability ranking among the top three matters for global business leaders to focus on over the next year alongside technology adoption and innovation, and economic outlook. This year’s findings reveal both progress and complexity, with executives demonstrating continued investment while adopting a more selective, strategic approach to their sustainability initiatives.

Investment continues

Eighty-three percent of respondents reported increasing their sustainability investments in the last year, with 69% increasing somewhat (6–19%) and 14% increasing significantly (≥20%).

Technology adoption, particularly artificial intelligence (AI), appears to be playing an expanding role. Eighty-one percent of respondents indicated they are already using AI to further their company’s sustainability efforts, with applications spanning monitoring and reporting, scenario analysis, product innovation, and operational efficiency.

Leaders identify revenue generation as a key business benefit

Revenue generation emerged as the most frequently cited benefit across sustainability actions, followed by compliance-related outcomes, brand and reputation, and risk and resiliency. Very few respondents (10% or less) reported negative impacts on business outcomes from their sustainability initiatives.

A pragmatic path companies can follow

Based on multiple years of survey data, a set of sustainability actions is emerging as a de facto roadmap for leaders, including:

Implementing technology solutions

Using more sustainable materials

Developing more sustainable products and services

Implementing operational efficiency measures

Tracking and disclosing sustainability metrics

Some actions show a slight decrease after years of advancement

Compared to last year, the survey reveals a slight decrease in the percentage of respondents who say they have undertaken certain sustainability actions including:

Tying senior leaders’ compensation to sustainability performance: 36% vs. 43% (2025 vs. 2024)

Requiring suppliers to meet specific sustainability standards: 38% vs. 47%

Decreasing emissions by purchasing renewable energy: 42% vs. 49%.

These shifts may reflect a more selective and strategic approach rather than a retreat from sustainability commitments.

Shifting dynamics

The survey indicates changing dynamics in pressure. Across nearly every major stakeholder group, fewer respondents say they are feeling pressure to act on sustainability compared to 2022—for example, shareholders (71% in 2022 to 58% in 2025), boards (75% to 60%), governments (77% to 58%), and customers (75% to 57%). Respondents also indicate that climate change is now viewed as less disruptive to their business strategy in the near term than in past years.

Key questions for leaders

Today’s dynamic conditions provide an opportunity for organizations to reevaluate their sustainability ambition, strategy, investments, initiatives, and execution to help ensure they both meet their sustainability goals and further build resilience into their organizations. To guide that effort, leaders can consider:

Which sustainability matters are material for their business and stakeholders?

What resources is their organization willing and able to commit?

How patient is their organization? How patient are their key stakeholders?

What level of risk and uncertainty can their business tolerate?

What are the dependencies? What would this action require?

The findings from Deloitte Global’s 2025 survey reflect a sustainability landscape that is both advancing and evolving. From AI adoption to increased investments, organizations are building resilience today to help shape the next wave of business value. Many leaders have an opportunity to assess whether their sustainability strategy and investments are integrated with key performance drivers, material risks, and strategic priorities—helping ensure they continue delivering value and operational resilience into the future.

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November 21, 2025
Manulife Chief Financial Officer Colin Simpson to participate in fireside chat at the Desjardins Toronto Conference

TSX/NYSE/PSE: MFC SEHK: 945

TORONTO, Nov. 21, 2025 /PRNewswire/ – Colin Simpson, Chief Financial Officer, Manulife, will participate in a fireside chat at the Desjardins Toronto Conference on Tuesday, November 25, 2025. The fireside chat is scheduled to begin at 1:45 p.m. ET.

The live webcast and a replay of the fireside chat will be available through Manulife’s Investor Relations website. The replay will be available for 90 days following the live session.

About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

Media Contact
Fiona McLean
Manulife
(437) 441-7491
[email protected]

Investor Relations
Derek Theobalds
Manulife
(416) 254-1774
[email protected]

SOURCE Manulife Financial Corporation

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November 21, 2025
UK flash PMI signals weakened growth, steep job losses and cooler inflation – S&P Global

UK flash PMI signals weakened growth, steep job losses and cooler inflation  S&P Global

UK economy stumbles in run-up to next week’s budget  Reuters

UK S&P Global Composite PMI fell sharply to 50.5 in November vs. 52.2 prior  FXStreet

UK Manufacturing Returns to Growth  TradingView

UK Businesses Put Plans on Hold Before Reeves’ Budget, PMI Shows  US News Money

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November 21, 2025
Introducing the LIONS Scholarship Jury for Cannes Lions 2026

Get to know the C-suite members, founders, presidents and department leaders who’ll nominate the next generation of creative talent at the Festival this June. We’re delighted to announce the LIONS Scholarship Jury for Cannes Lions 2026 – creative and marketing leaders from around the globe, committed to helping a diverse group of young talent from underrepresented backgrounds into the creative marketing industries.

The LIONS Scholarship gives young creatives and marketers the opportunity of a lifetime. Offering 10 winners from 10 different countries a place in either the Creative Academy or Brand Marketers Academy at Cannes Lions 2026 – where they’ll join a cohort of learners aged 30 and under, for an unmatched learning and networking experience at the heart of the global creative community.

The Scholarship aims to level the playing field for creative excellence the world over, so successful applicants’ passes, travel and accommodation are fully funded by LIONS.

Applications are open now, and close on 5 December. Find out more about the LIONS Scholarship, and start your application, here.

To ensure fairness in the judging process, we’ve selected a global Jury of experts – representing all markets, and every creative discipline. Meet them here:

Andrea Quaye, Marketing Director, Heineken, South Africa

Angela Kyerematen-Jimoh, CEO/Founder BrainWave AfricaTech, Ghana

Brigid Alkema, Chief Creative Officer, Clemenger BBDO, New Zealand

Chandu Rajapreyar, Group Executive Creative Director, Hakuhodo, Vietnam

Colin Selikow, Chief Creative Officer, DDB Chicago, United States

Emir Shafri, Chief Creative Officer, Publicis Groupe, Malaysia

Eugene Park, Integrated Marketing Experience (IMX), CJ CheilJedang, South Korea

Felipe Simi, CEO & Creative Chairperson, Droga5 Sao Paulo, Brazil

Françoise Nottrelet, Global Head of Content Partnerships and Licensing, StarNews Mobile and Head of Business and Content, House of Podcasts, Starnews Mobile and House of Podcasts, France

Gabriel Barrio, Commercial Manager, UNACEM Peru, Peru

Gabriel Suárez Ortega, Latin America Marketing Director, Edgewell Personal Care, Colombia

Gaurav Virkar, Global AI and Media Leader, P&G (Beauty Care), Singapore

Genevieve Hoey, Global Creative Director – Masterbrand, Our LEGO Agency (OLA), The LEGO Group, Denmark

George Bryant, Global Chief Creative Officer, Golin, United Kingdom

Helena Bertho, Global Director of D&I, Nubank, Brazil

Jacquie Mullany, Executive Creative Director, FCB Africa, South Africa

Jayesh Nair, EMEA Creative and Integrated Media Lead, Bayer Consumer Health, Switzerland

Jess Greenwood, Strategy, Marcom, Apple, United States

Josafat Padilla, Regional Chief Creative Officer, Havas Costa Rica, Costa Rica

Kenya Hunt, Editor-in-Chief, ELLE UK, United Kingdom

Khaled AlShehhi, Executive Director of Marketing and Communication, UAE Government Media Office, UAE

Kimberly Evans Paige, Executive VP and Chief Brand Officer, BET Media Group, United States

Klaartje Galle, Chief Creative Officer, VML Belgium

Leila Katrib, Global Executive Creative Director, Incubeta, UAE

Mariko Fukuoka, Creative Director, Dentsu Inc., Japan

Mary Njoku, Founder, Managing Director/CEO, ROK studios(A Canal Plus Subsidiary), Nigeria

Maurice Wangalachi, Creative Director, Ogilvy Africa, Kenya

Michael Duffy, Brand and Innovation Head, AMEA Region, Opella Consumer Healthcare, Australia

Mohammed Jifri, CMO, Hunger Station, UAE

Nada Abisaleh, Head of Leo Beirut, Leo Beirut, Lebanon

Robert Thompson, Head of Marketing and Communication, Sanlam Investments, South Africa

Rodney Williams, Managing Director, Trestle Glen Group, Canada

Sadira E. Furlow, Global Chief Brand and Comms Officer, Tony’s Chocolonely, Netherlands

Sidick Bakayoko, Founder and CEO, Paradise Game, Ivory Coast

Xavier Blais, Partner, Executive Creative Director, Rethink, Canada

Yaa Boateng, Chief Creative Officer and Managing Director, The Storytellers, Ghana

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November 21, 2025
WFW advises MPCC on four-ship order with long-term charters

Watson Farley & Williams (“WFW”) advised shipping company MPC Container Ships ASA (“MPCC”) on the order of four new container ships with long-term charter agreements.

The contracts for the construction of the four 4,500 TEU vessels at a price of US$58m each were signed with Chinese shipbuilder Jiangsu Hantong Ship Heavy Industry Co. Ltd. Delivery is scheduled for H1 2028, with options for two additional vessels at the same price.

The vessels ordered will be tailored to the charterer’s requirements and sustainability goals and equipped with state-of-the-art energy-efficient technology. This will reduce slot costs by approximately 50% as MPCC continues to modernise its fleet. Each vessel will be operated under a 10-year time charter agreement with extension options for a leading global liner shipping company, with this initial period expected to generate approximately US$375m in revenue.

Oslo-based MPCC is a leading container ship owner with a focus on small to medium-sized vessels. It primarily owns and operates a portfolio of container ships serving regional trade routes under long-term charter agreements.

The WFW Maritime team that advised MPCC was led by Hamburg Corporate Partner Dr Christian Finnern, supported by Associates Maximilian Hennig and Bjarne Ruthke. Hamburg partner Dr F. Maximilian Boemke advised on regulatory matters, with London Partners Joe McGladdery and Charles Buss providing English law expertise.

Christian commented: “This transaction is another milestone in our long-standing relationship with MPCC. This order for four energy-efficient container ships with long-term charter agreements demonstrates how strategic investments secure competitiveness and sustainability in the maritime industry. We are delighted to have supported MPCC on the legal structuring and execution of this complex project”.

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November 21, 2025