Good tuesday morning, welcome to squawk alley, i am Carl Quintanilla well go to bob backish, viacom ceo. Well start with we were delaying its ipo as you know amid questions over its valuation and Corporate Governance lesley pickers has more back at hq what do we have today . We were convene employees for an all handson deck it is unclear exactly what the purpose of this meeting is but most expect to hear more from the status well bring you relevant details as we get them in the meantime i have been chatting with sources on the deal exactly what happened to cause the delay and told they realized based on feedback from investors they needed to sharpen the story, they were not ready to have those conversations with investors on a formal road setting. This delay would give the company time Third Quarter numbers in the marketing we were saying in a statement that expects the deal to be completed by the end of the year the important thing to note on that timing is that if the ipo does not ha
Things like volatile food and energy prices, so called Core Inflation was 4. 7 , the lowest since october 2021. The good news is that inflation has drifted down from last summers a0 year highs, but it is still well above what the Federal Reserve thinks of as normal prices and with the overall trend heading in the right direction, policy makers, well, they may feel that they dont need to raise Interest Rates further. The us central bank, you may recall, raised its benchmark Interest Rate to more than 5. 25 percent, the highest level in 22 years, all in a bid to cool the economy and ease the pressures pushing up prices. So while its too early to say Mission Accomplished from the white house to wall street, there is a sense that progress is being made in the Worlds Largest economy. Chinas E Commerce Giant Alibaba reported its strongest quarterly Revenue Growth in almost two years, pushing its us listed shares up more than 4 . Earlier this week, the latest data showed Consumer Prices falli
Higher housing, cars and food costs but once his take out Core Inflation was 4. 7 , the lowest since october 2021. The good news is that inflation has drifted down from last summers 40 drifted down from last summers a0 year highs but its still well above what the Federal Reserve thinks of as normal prices. With the overall trend heading in the right direction, policymakers may feel that they dont need to raise Interest Rates further. Us central bank, you may recall, raised its benchmark Interest Rate to more than five and a quarter , the highest in 22 years, all in a bid to call the economy and ease the pressure is pushing up prices. Cool. Qualities too early to say mission accomplished, from the white house to wall street there is a sense that progress has been made in the Worlds Largest economy. Chinas e commerce Giant Alibaba reported its strongest quarterly Revenue Growth in almost two years, pushing its us listed shares up by more than a . Earlier this week the latest data shows C
the air quality is slowly getting worse. canada is seeing one of its worst fire seasons on record. thick smoke coated skies as far as south as tennessee. have you ever had to apologize for being a member of the pga. liv golf i recognize people are going to call me a hypocrite but circumstances do change. all right. we begin very familiar place, with the border crisis office of florida governor ron desantis confirming two migrant flights that arrived in sacramento, california. california is now investigating and the state attorney general and the governor there gavin newsom are threatening kidnapping charges. i m sure that will stick. holy cow. peter doocy live at the white house with details. that s a new one. ron desantis kidnapper? that is a new one. we seal how it plays on the campaign trail. but there were all these questions yesterday. about how these migrants wound up in california. officials in florida said they sent them on aircraft. and we have
Throughout the hour. Other news, google, bright spot in todays tape. Not everybody is happy about the tech giants restructuring and changing the Holding Companys name to alphabet. We have someone who says these actions will come at the shareholders expense. He happens to be one of those shareholders and hell explain what hes talking about, coming up. As those shares still up 4 . A rare green spot in the session today. Yes. Cyber security meets insider trading. We have the details on charges against nine people allegedly involved in a multimillion dollar hacking scheme, coming up as well. That is huge. That is a huge case. We start first with the chinese currency being devalued by nearly 2 officially. The markets have done otherwise. That move from the peoples bank of china sparking todays global selloff of ek quities and commodities. Mark chandler, welcome to you. Walk us through the impact how will this cascade throughout the Global Financial system . A lot of uncertainty. We make a d