IMF: German economy expected to grow by 0.2% this year
The German economy is set to grow less than previously expected in 2024 and 2025 amid persistently weak consumer sentiment, according to the latest forecasts from the International Monetary Fund.
In its World Economic Outlook, the IMF has cut its forecasts for German gross domestic product by 0.3 percentage points for both years, expecting 0.2% growth this year and 1.3% in 2025.
These forecasts are below the estimates of 0.8% for 2024 and 1.5% for 2025 for the eurozone, showing that Germany has become a laggard in the bloc, after being the only major economy to suffer a contraction last year.
Leading German economic institutes expect the country’s economy to grow even less, by 0.1% in 2024, slashing their prior forecast of 1.3% as high interest rates, weak global demand and political uncertainty dent hopes for a stronger recovery.
JPMorgan CEO Dimon sells about $33M in shares
JPMorgan Chase CEO Jamie Dimon has sold about $33 million of his shares in the bank, a regulatory filing showed on Monday, completing a previously disclosed plan to sell 1 million shares.
Last October, JPMorgan had said Dimon and his family intended to sell 1 million of their 8.6 million shares, the first time Dimon was selling shares since becoming the CEO of the largest U.S. lender in 2005.
Dimon sold the remaining 178,222 shares, according to the filing on Monday, after offloading 821,778 shares in February, equating to about $150 million.
The sale is for “financial diversification and tax-planning purposes,” and not related to leadership succession, a company spokesperson had said in October.
JPMorgan did not immediately respond on Monday to a request for additional comment.
AMD introduces AI chips for business laptops, desktops
Advanced Micro Devices unveiled a new series of semiconductors for artificial intelligence-enabled business laptops and desktops on Tuesday as the chip designer looks to expand its share of the lucrative “AI PC” market.
These chips are expected to be available in platforms from HP and Lenovo starting in the second quarter of 2024, AMD said in a news release.
AI-enabled PCs are capable of running large-language models and apps powered by the technology directly on the device, instead of the cloud.
AMD said its latest Ryzen PRO 8040 Series was built for “business laptops and mobile workstations” while its AMD Ryzen PRO 8000 Series was a desktop processor for business users.
Experts have pinned a possible recovery in the PC market on the introduction of AI PCs, as consumers look to upgrade their systems with the new capabilities.
Software vendor Envestnet explores sale, sources say
Envestnet, a U.S. vendor of software that helps manage investments, is exploring options that could include a potential sale after receiving takeover interest, people familiar with the matter said on Tuesday.
Envestnet, which has a market value of more than $3 billion, is working with investment bank Morgan Stanley to engage with potential acquirers, the sources said, cautioning that no deal is certain.
Last year, Envestnet added three new directors to end a board challenge from activist investor Impactive Capital, which had been pushing the company to improve its performance by cutting costs.
Envestnet and Morgan Stanley did not immediately respond to requests for comment.
Pakistan hopes to secure new IMF loan as quickly as possible
Pakistan Finance Minister Muhammad Aurangzeb said on Monday he would hold talks with the International Monetary Fund during his visit to Washington and hoped to get a new loan agreement in place as soon as possible.
Pakistan and the IMF last month reached a staff-level agreement on the second and last review of its current $3 billion standby arrangement, which, if cleared by the global lender’s board, will release about $1.1 billion to the struggling South Asian nation.
That arrangement runs out in late April, and the country needs more funding to avoid a balance-of-payment crisis.
“The purpose is to agree the strategies with the fund, and get the EFF (Extended Fund Facility) in place as quickly as possible,” Aurangzeb said at an event at the Atlantic Council think tank in Washington, where the IMF World Bank Spring Meetings were getting underway.