Why Denver Is Struggling To Keep Up With Its Economic Boom

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107068685-gettyimages-1371981344-_sol2164e-820x462.jpeg" alt="" class="wp-image-489283" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107068685-gettyimages-1371981344-_sol2164e-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107068685-gettyimages-1371981344-_sol2164e-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107068685-gettyimages-1371981344-_sol2164e-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107068685-gettyimages-1371981344-_sol2164e-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107068685-gettyimages-1371981344-_sol2164e.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The war between Russia and Ukraine — both major producers of food commodities and energy — has disrupted global production, trade and supply in these areas, leading to a surge in prices. Solstock | E+ | Getty Images</figcaption></figure>



U.K. inflation came in hotter than expected with a drop to 2.3% in April, the Office for National Statistics said Wednesday, prompting traders to pull back from bets on a June interest rate cut from the British central bank.



The headline reading declined from 3.2% in March. The April print marked the first time inflation has been below 3% since July 2021 and came within touching distance of the Bank of England’s 2% target.



Economists polled by Reuters had nevertheless expected a steeper drop to 2.1% in April.



Services inflation — a key measure being watched by the BOE because of the dominance of the sector in the U.K. economy and its impact on domestically-generated price rises — eased only slightly to 5.9% from 6%. That missed a forecast of 5.5% from both a Reuters poll and the British central bank.



Core inflation, excluding energy, food, alcohol and tobacco, dipped to 3.9% in April from 4.2% in March.



A dramatic drop in the headline rate was widely expected because of the year-on-year decline in energy prices. Investors were instead set to focus on core and services inflation, after BOE policymakers indicated they would be willing to cut interest rates some time in the summer, but stressed that the timing would depend on fresh data.



Following the print, money markets slashed the probability of a June rate cut to just 15%, down from 50% earlier in the day.



<h2 class="wp-block-heading" id="h-june-cut-unlikely"><a></a>June cut ‘unlikely’</h2>



Both core and services were “disappointing,” said Suren Thiru, economics director of the Institute of Chartered Accountants in England and Wales.



“Lingering concerns over underlying inflationary pressures mean a June rate cut is unlikely. However, these figures may convince more rate setters to vote to ease policy, providing a signal that a summer rate cut is still possible,” Thiru said in a note.



That positions the European Central Bank as the next major central bank likely to start bringing down rates, as its policymakers continue to suggest it would take a major shock to prevent a June cut. Members of the U.S. Federal Reserve have meanwhile struck a significantly more hawkish tone in recent weeks, pushing back market expectations for a cut statesside until after September at the earliest.



Paul Dales, chief U.K. economist at Capital Economics, said the latest inflation data has made a June rate cut from the Bank of England unlikely, and “casts some doubt over August too.”



That is particularly due to the high services figure, Dales said in a note, which “suggests the persistence in domestic inflation is fading even slower than the BOE had assumed.”



U.K. Prime Minister Rishi Sunak said on social platform X that “inflation is back to where it should be.”



Sunak’s ruling Conservative Party has been hoping for signs of an improving economic environment, as it lags in the polls ahead of a national election that must take place before the end of January 2025. The U.K. economy exited a shallow recession in the first quarter of the year, recording 0.6% growth.



BOE Governor Andrew Bailey has stressed that the central bank will remain politically independent in deciding the timeline of the next rate cut, irrespective of the forthcoming election.

107068685-gettyimages-1371981344-_sol2164e

UK inflation comes in hotter than expected, slashing June rate cut bets

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/A-Singapore-Airlines-Boeing-777-300ER-passenger-aircraft-pictured-above-London-in-August-2022-820x462.jpg" alt="" class="wp-image-489003" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/A-Singapore-Airlines-Boeing-777-300ER-passenger-aircraft-pictured-above-London-in-August-2022-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/A-Singapore-Airlines-Boeing-777-300ER-passenger-aircraft-pictured-above-London-in-August-2022-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/A-Singapore-Airlines-Boeing-777-300ER-passenger-aircraft-pictured-above-London-in-August-2022-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/A-Singapore-Airlines-Boeing-777-300ER-passenger-aircraft-pictured-above-London-in-August-2022-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/A-Singapore-Airlines-Boeing-777-300ER-passenger-aircraft-pictured-above-London-in-August-2022.jpg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A Singapore Airlines Boeing 777-300ER passenger aircraft, pictured above London in August 2022. Nurphoto | Nurphoto | Getty Images</figcaption></figure>



One person died aboard a Singapore Airlines flight which encountered severe turbulence and diverted to Bangkok, the airline said Tuesday.



The flight had left London for Singapore. The aircraft was rerouted to land at the Suvarnabhumi Airport in Bangkok, according to Flightradar24 data.



“We can confirm that there are injuries and one fatality on board the Boeing 777-300ER. There were a total of 211 passengers and 18 crew on board,” the company said on the Facebook.



“Singapore Airlines flight&nbsp;#SQ321, operating from London (Heathrow) to Singapore on 20 May 2024, encountered severe turbulence en-route. The aircraft diverted to Bangkok and landed at 1545hrs local time on 21 May 2024,” it added.



This is a breaking news story, please check back for updates.

A-Singapore-Airlines-Boeing-777-300ER-passenger-aircraft-pictured-above-London-in-August-2022

One dead as Singapore Airlines flight encounters ‘severe turbulence’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg" alt="" class="wp-image-420644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-768x519.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-1536x1039.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



Cryptocurrencies rose Tuesday amid a late surge in optimism around the U.S. Securities and Exchange Commission’s decisions on spot ether exchange-traded funds applications, the first of which is due this week.



<a href="https://www.cnbc.com/quotes/ETH.CM=/">Ether</a>&nbsp;led the rally, rising 9% to $3,680.98, according to Coin Metrics. On Monday, it rocketed 20%.



Meanwhile,&nbsp;<a href="https://www.cnbc.com/quotes/BTC.CM=/">bitcoin</a>&nbsp;added 2% and was trading at about $71,350, extending an 8% gain from the previous day, when it reclaimed the $70,000 level.



Crypto-related equities rode the wave.&nbsp;<a href="https://www.cnbc.com/quotes/COIN/">Coinbase</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/MSTR/">Microstrategy</a>&nbsp;each gained about 2% in extended trading, and&nbsp;<a href="https://www.cnbc.com/quotes/HOOD/">Robinhood</a>&nbsp;added 3%. Several bitcoin mining stocks saw gains of 3%, including&nbsp;<a href="https://www.cnbc.com/quotes/MARA/">Marathon Digital</a>,&nbsp;<a href="https://www.cnbc.com/quotes/RIOT/">Riot Platforms</a>,&nbsp;<a href="https://www.cnbc.com/quotes/IREN/">Iren</a>&nbsp;(formerly known as Iris Energy) and&nbsp;<a href="https://www.cnbc.com/quotes/CLSK/">CleanSpark</a>.



Investors are reconsidering the probability that the SEC greenlights spot ether ETF applications amid reports that the SEC has requested document updates from potential ETF issuers and exchanges. The&nbsp;<a href="https://www.cnbc.com/2024/04/09/bitcoin-etf-issuers-sec-wont-approve-ether-eth-exchange-traded-fund-.html">previous consensus</a>&nbsp;was that such funds would likely not be approved.



“ETH spiked upwards shortly after rumors started circulating that the SEC might approve spot ETH ETFs this week after all,” said Bartosz Lipiński, CEO at Cube Exchange.



“Much like with&nbsp;<a href="https://www.cnbc.com/2024/01/10/sec-approves-rule-changes-that-pave-the-way-for-bitcoin-etfs.html">spot bitcoin ETFs being approved earlier</a>&nbsp;in the year, though, this feels to me like a ‘buy the rumor, sell the news’ type situation and I would imagine a rally through this Thursday … and then at least a brief selloff regardless of whether or not the funds are approved,” he added.



Final decisions on applications by VanEck and Ark Invest are due this Thursday and Friday, respectively.



BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decisions this year.

Illustration shows representations of cryptocurrencies

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-820x547.jpg" alt="" class="wp-image-488604" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JABRAYAIL, AZERBAIJAN &#8211; MAY 19: (EDITOR’S NOTE: This Handout image was provided by a third-party organization and may not adhere to Getty Images’ editorial policy.) In this handout image supplied by the Office of the President of the Islamic Republic of Iran, Iranian President Ebrahim Raisi Meets with Azerbaijani President Ilham Aliyev as they inaugurate the Qiz Qalasi Dam, constructed on the Aras River on the joint borders between Iran and Azerbaijan, after which his helicopter has reportedly crashed near the city of Jolfa, on the border with Azerbaijan on May 19, 2024 in Jabrayil, Azerbaijan. (Photo by Office of the President of the Islamic Republic of Iran via Getty Images)</figcaption></figure>



Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian died in a helicopter crash, state media reported Monday.



“All the passengers of the helicopter carrying the Iranian president and foreign minister were martyred,” semi-official news agency Mehr News had reported earlier.



Raisi was returning after inaugurating a dam on Iran’s common border with the Azerbaijan Republic, when his helicopter crashed upon landing in northern Iran’s Varzaqan region on Sunday evening local time, according to state news agency IRNA.



Besides the president and the foreign minister, nine people died in the crash, including Governor of East Azarbaijan Malek Rahmati, semi-official Tasnim News Agency reported.



The president’s convoy included three helicopters, two of which landed safely, according to Tasnim.



Communication with Raisi’s chopper was cut off about half an hour into the flight, Iran’s Vice President for Executive Affairs Mohsen Mansouri said. Raisi was travelling to Tabriz city to launch an oil project.



Inclement weather conditions and difficult terrain had hampered search and rescue operations, Iran’s Revolutionary Guards Corps’ chief Pirhossein Koulivand, reportedly said.



Drone footage published on state media FARS News Agency showed the chopper’s wreckage on a steep hillside.



Indian Prime Minister Narendra Modi expressed condolences on social media platform X, saying Raisi’s “contribution to strengthening India-Iran bilateral relationship will always be remembered.”



Venezuela’s president Nicolás Maduro called Raisi an “extraordinary leader.”



Former Iranian foreign minister Javad Zarif also condoled the death of the president and others in the crash.



“The consequences of this are probably going to be rather contained,” Ali Ahmadi, executive fellow at the Geneva Center for Security Policy, told CNBC’s “Street Signs Asia.”



President Raisi was a fairly marginal figure in national security decision, said Ahmadi, adding that Iranian foreign policy is principally governed by the Office of the Supreme Leader and the Iranian military.



Raisi, 63, a hardline, conservative politician was elected president in 2021 after failing to get into the office in 2017. He was seen as a contender to succeed supreme leader Ayatollah Khamenei.



As president, he cracked down on dissent at home.

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Why Denver Is Struggling To Keep Up With Its Economic Boom

UK inflation comes in hotter than expected, slashing June rate cut bets

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How working for Big Tech lost ‘dream job’ status

One dead as Singapore Airlines flight encounters ‘severe turbulence’

Ether extends its rally following 20% surge on renewed ether ETF optimism

What is the impact of Iranian president Ebrahim Raisi’s death?

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Iran’s President Raisi and Foreign Minister Amirabdollahian killed in helicopter crash, state media says

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