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    'Hindsight is 20/20': UN deputy responds to criticism over Russia-Ukraine war

    The UN’s Amina Mohammed said the Russia-Ukraine crisis had been “a big shock to the system.”
    Mohammed, who previously served as Nigeria’s minister of environment, also chairs the Global Crisis Response Group on Food, Energy and Finance.
    It was set up by U.N. Secretary-General António Guterres to look at the wider impact of the Ukraine war on the “world’s most vulnerable.”

    Russian is one of five nations that hold a veto power on the U.N’s Security Council.
    Carlo Allegri | Reuters

    The United Nations deputy secretary-general has told CNBC there will be “lessons learned” from the war in Ukraine.
    Speaking Wednesday after the release of the U.N’s “2022 Financing for Sustainable Development Report,” Amina Mohammed said the Russia-Ukraine crisis had been “a big shock to the system.”

    Asked if the world could have done more to stop the war before it began, Mohammed said “hindsight is 20-20 vision.”
    “Of course, there are things that we could have done to stop the war, but perhaps those are going to be lessons learned again, when the Security Council, the General Assembly leaders will look back and say, ‘what could we have done, and make sure that we prevent the next war, the next pandemic’. These are all things that we are learning. I think history tells us that we’re not very good learners when it comes to that,” she said.
    “I think that this was so unimaginable, unexpected, that we’d have this kind of a war in Europe, you know, 75 years later, I think has been a big shock to the system. So, I hope that the learnings will find ways to make us more accountable to put in the checks and balances that this doesn’t ever happen again, and that we are working towards peace.”
    Mohammed, who previously served as Nigeria’s minister of environment, also chairs the Global Crisis Response Group on Food, Energy and Finance, set up by U.N. Secretary-General António Guterres to look at the wider impact of the Ukraine war on the “world’s most vulnerable.”

    Trip to Moscow

    Guterres traveled to Moscow this week to meet with President Vladimir Putin for the first time since Russia invaded Ukraine. He also met with Ukraine President Volodymyr Zelenskyy on Thursday in Kyiv. Russian is one of five nations that hold a veto power on the U.N’s Security Council.

    Guterres agreed with Putin on an evacuation route from the besieged city of Mariupol, but his trip came amid criticism that the U.N. Security Council has only managed to play a limited role during the Russia-Ukraine crisis.
    Indeed, Zelenskyy called for reform in an impassioned speech to the Council in April. Mohammed said it was an issue that Security Council member states had been “grappling with for a very long time”.
    “And I think they will continue to address that, and there are conversations and resolutions that will be put forward to see how one can do better than we have been able to do and to put in the checks and balances to protect the [U.N.] Charter. That’s the most important thing. The Charter that promises the people that we would not see a war again, as we did in World War II,” she said.

    Mohammed became U.N. deputy secretary-General in 2017 and was reappointed in January 2022.
    Asked how relevant she thinks an organization like the United Nations is to the world today, she said she understood outside frustration toward it.
    “If we didn’t have the U.N. today, we’d have to recreate it tomorrow. It is the global townhall for our global village. We are so interconnected today that that’s not going to change,” she said.
    “And we need a space where we can come and we can speak to the issues, human rights, our development, our conflicts, and you know, some days we’ll have a voice that’s loud and some days, it’s not very loud. Some days we will make movement, some days we will not, but the most vulnerable of countries needs this space.”

    ‘Great finance divide’

    Mohammed, who is also chair of the United Nations Sustainable Development Group, recently presented the “2022 Financing for Sustainable Development Report” — a joint effort from the Inter-agency Task Force on Financing for Development, which includes more than sixty United Nations Agencies and international organizations.
    The report highlights a post-pandemic “great finance divide,” with poorer countries unable to raise enough funds or borrow affordably for investment, making them unable to invest in sustainable development or respond to crises.
    “We’re facing sort of a multitude of crises, the climate, the pandemic, and now the war in Ukraine, and the financing piece of this really just comes to demonstrate how the recommendations over the years are even more needed today. And you’ll see that some of those recommendations speak to the framing around the financial divide that we see in the world today,” Mohammed said.
    “So many of the recommendations are about access to finance, they’re about better tax systems, they’re about addressing illicit financial flows, but they’re also about taking cognizance of the debt that is mounting, and the crises that is exacerbating it.”
    Mohammed originally joined the U.N. in 2012 as special advisor to former Secretary-General Ban Ki-moon and led the process to establish the 2030 Agenda for Sustainable Development and the creation of the Sustainable Development Goals. 
    She said she was “extremely worried” about the current global financial situation and that “there’s not enough recognition that the urgency and scale of the investments that need to happen right now, should happen.”

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    Stocks making the biggest moves premarket: Robinhood, Amazon, Apple, Roku and more

    Vlad Tenev, CEO and co-founder Robinhood Markets, Inc., is displayed on a screen during his company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021.
    Brendan McDermid | Reuters

    Check out the companies making headlines in premarket trading Friday.
    Apple — Apple’s stock price dipped 2% after CFO Luca Maestri said supply chain issues would hurt third-quarter sales by as much as $8 billion. Still, many analysts on Wall Street remained positive on the company after its recent earnings report that topped expectations. One analyst said any weakness in the stock is a buying opportunity.

    Amazon — Shares dropped more than 9% after Amazon disclosed weaker-than-expected revenue guidance for the second quarter. The tech giant also posted a $7.6 billion loss on its investment into Rivian, which lost more than half its value in the quarter.
    Roku — Shares of Roku popped more than 4% after the digital media player manufacturer on Thursday reported sales that exceeded expectations in its recent quarter. Roku posted a revenue of $733.7 million. Analysts polled by Refinitiv were expecting $718 million.
    Intel — Shares fell more than 3% after Intel issued weak guidance for its fiscal second quarter, overshadowing stronger-than-expected earnings for the previous quarter.
    Robinhood — The retail brokerage stock dropped nearly 10% following a first-quarter report that showed declining revenue and monthly active users. CEO Vlad Tenev said that the company saw its customers with smaller accounts trade less when the market fell.
    Alibaba, Pinduoduo, Baidu — Chinese technology stocks surged after policymakers in the country signaled an easing of the crackdown on tech companies. Alibaba rallied more than 10%, Pinduoduo soared 15% and Baidu jumped more than 8%.

    Bristol-Myers Squibb — The biopharmaceutical stock dipped 1.5% despite an earnings report that topped expectations. On Friday, Bristol-Myers Squibb disclosed it earned $1.96 per share on revenues of $11.65 billion. The company was forecasted to earn $1.91 per share on revenues of $11.36 billion, according to Refinitiv.
    Honeywell International — Shares jumped 2% after Honeywell reported earnings that surpassed expectations. Honeywell posted earnings of $1.91 per share on revenues of $8.38 billion. Meanwhile, analysts surveyed by Refinitiv were forecasting $1.86 earnings per share on revenues of $8.29 billion.
    Chevron — Shares dipped 1% even after Chevron posted better-than-expected results for the previous quarter. Chevron posted earnings per share of $3.36 per share on revenues of $54.37 billion. Analysts polled by Refinitiv were expecting $3.27 earnings per share on revenues of $47.94 billion.
    Exxon Mobil — Exxon Mobil’s stock price dipped 1% after the oil and gas company reported weaker-than-expected quarterly results. The energy company earned $2.07 per share, lower than Refinitiv estimates of $2.12 earnings per share. Exxon Mobil reported revenues of $90.5 billion, compared to a Refinitiv forecast of $92.7 billion.
    — CNBC’s Hannah Miao and Jesse Pound contributed reporting. More

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    Elon Musk sold around $4 billion worth of Tesla shares as he moved to buy Twitter

    Elon Musk sold roughly $4 billion worth of Tesla shares in the days following his bid to take Twitter private, according to filings with the Securities and Exchange Commission.
    The bulk of the CEO’s sales were made on Tuesday, the filings showed. Tesla shares fell 12% that day, but edged higher on Wednesday by less than one percentage point.
    As the filings became public Thursday evening, Musk wrote on Twitter, “No further TSLA sales planned after today.”

    Elon Musk, founder of SpaceX and chief executive officer of Tesla, waves while arriving to a discussion at the Satellite 2020 Conference in Washington, D.C., on Monday, March 9, 2020.
    Andrew Harrer | Bloomberg | Getty Images

    Elon Musk sold roughly $4 billion worth of Tesla shares in the days following his bid to take Twitter private, according to filings with the Securities and Exchange Commission.
    In a flurry of trades executed Tuesday and Wednesday, the Tesla and SpaceX CEO offloaded about 4.4 million shares of his electric vehicle company.

    The bulk of the CEO’s sales were made on Tuesday, the filings showed. Tesla shares fell 12% that day, but edged higher on Wednesday by less than one percentage point.
    As the filings became public, Musk wrote on Twitter, “No further TSLA sales planned after today.” He made the remark in response to an account that heavily promotes Tesla stock, products and Musk on the social network.
    CNBC reached out to Tesla and Musk to ask exactly how he plans to use the proceeds, and whether he sold more Tesla shares after April 27, the latest date on the filings out Thursday. They did not immediately respond to a request for comment.
    Musk is bidding to buy Twitter and take the social media company private for $54.20 per share, around $44 billion total. In order to do so, Musk secured $25.5 billion of fully committed debt, including $12.5 billion in loans against his Tesla stock.
    Twitter accepted his offer earlier this week, but the deal still requires shareholder and regulatory approval.

    Musk would have to pay Twitter a termination fee of $1 billion if he fails to secure enough funding to complete his deal to buy the social media business, according to a regulatory filing out Tuesday.
    On the other hand, Twitter would owe Musk a $1 billion break-up fee if it accepts a competing offer, or if shareholders reject the deal, according to the same filing.
    — CNBC’s Lauren Feiner contributed to this report.

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    Singapore start-up Nium seeks up to $400 million in deals to take on Europe's crowded fintech market

    Singaporean fintech company Nium is in talks to make an acquisition worth up to $400 million to drive an expansion in Europe, CEO and co-founder Prajit Nanu told CNBC.
    Nium currently has about 150 employees based in Europe, and plans to hire an additional 100 over the next 12 months, Nanu said.
    The $2 billion start-up is on track to generate around $150 million in annual global revenues this year, with between $80 million and $90 million of sales coming from Europe.

    Europe’s fintech sector is fiercely competitive, with privately-held start-ups worth tens of billions of dollars vying to steal market share from incumbent banks.
    Oscar Wong | Moment | Getty Images

    LONDON — Nium, a $2 billion digital payments start-up based out of Singapore, has big plans for its European business.
    The company, whose software helps businesses manage flows of money across borders, is in talks to make an acquisition worth up to $400 million to drive an expansion in the continent, CEO and co-founder Prajit Nanu told CNBC.

    “Europe is a very big business for us,” Nanu, who is now based in San Francisco, said in an interview in London. The firm is in discussions to buy an enterprise-focused payments venture worth “anything between $20 million to $400 million,” he added.
    Out of its 1,000-person global workforce, Nium currently has about 150 employees based in Europe, and plans to hire an additional 100 over the next 12 months, Nanu said.
    The company is on track to generate around $150 million in annual global revenues this year, with between $80 million and $90 million of sales coming from Europe, according to Nium’s CEO.
    It’s a relatively little-known name in the world of fintech, but Nium is growing fast. The company recently reached a $2 billion valuation and has attracted some notable investors, including Visa and Singapore’s state investment firm Temasek.

    The start-up competes with both banking incumbents as well as other fintech firms, like Britain’s Wise and Australia’s Airwallex. It counts fellow fintechs Currencycloud — which was bought by Visa last year — and Transfergo as clients.

    Crowded market

    Europe’s fintech sector is fiercely competitive, with privately-held start-ups worth tens of billions of dollars vying to steal market share from incumbent banks. Klarna, the buy now, pay later fintech, was last valued at $46 billion, while payment firms Checkout.com and Revolut are now worth $40 billion and $33 billion, respectively.
    But Nium’s CEO is betting there’s plenty of room for start-ups like his, which focuses on handling payments for businesses rather than consumers.
    Nium’s European division accelerated over the past year, thanks in part to the acquisition of Ixaris, a London-based firm that issues virtual payment cards for the travel industry. The deal was fortunately timed, Nanu says.
    “We had the audacity to buy a travel payment company before vaccines even became a thing,” he said, adding Nium gave Ixaris a term sheet as far back as January 2021. The first Covid-19 shot was administered in the U.K. in December 2020.
    When deal talks began, Ixaris was processing £15 million ($18.8 million) in transaction volume and making £100,000 in revenue, Nanu said. Fast forward to March 2022 and the company is now doing £400 million in volume and just under £6 million of revenue, he added.

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    Nasdaq futures slide as Amazon and Apple retreat after earnings

    Nasdaq 100 futures fell Thursday evening following an extravaganza of Big Tech earnings, with disappointments from Amazon and Apple.
    Futures tied to the tech-heavy index fell 1.5%, while Dow Jones Industrial Average Futures slid 0.4% and S&P 500 futures retreated by 0.8%.

    The moves are a big reversal for stocks, which posted big gains in regular trading. The Dow rose 614 points, or 1.9%, and the S&P 500 advanced 2.5%. The tech-heavy Nasdaq Composite jumped 3.1%.
    Investors’ big focus Thursday night was on Amazon, whose shares tumbles by about 10% in extended trading after reporting a surprise loss thanks to its investment in Rivian and issued weak revenue guidance for the second quarter.
    Apple initially got a lift after a big earnings beat but turned lower after CFO Luca Maestri said supply chain constraints could hinder fiscal third-quarter revenue. Shares were down more than 3% after hours.
    Despite Thursday’s gains, stocks still have a ways to go to finish green for the month. The Dow is off by 2.2% for the month and the S&P 500 is down 5.4%. The Nasdaq is on pace for its worst month since March 2020, down 9.5%. Friday will be the last trading day of the month.
    This has been one of the busiest weeks for earnings season and a particularly intense one for tech companies, which have driven investor sentiment throughout the week.

    Stock picks and investing trends from CNBC Pro:

    Intel also reported earnings Thursday evening. The stock fell more than 3% in extended trading after the company issued weak guidance for its fiscal second quarter. Shares of Robinhood dropped more than 8% after hours, after the company reported a wider-than-expected loss, shrinking revenue and a decrease in monthly active users.
    Beyond earnings, investors remain concerned about slowing global growth, rising inflation and the Federal Reserve’s monetary tightening.
    On Thursday the Commerce Department reported U.S. gross domestic product unexpectedly declined in the first quarter by 1.4% from the previous year, compared to the 1% growth expected by economists surveyed by Dow Jones.
    On Friday investors will look for fresh data on personal consumption expenditures (PCE). Core PCE is the Federal Reserve’s primary inflation gauge. The University of Michigan’s consumer sentiment index is also due out at 10 am ET.
    Friday will bring a quieter day of earnings to end the week. Honeywell, Bristol-Myers Squibb are on deck before the bell. Energy companies Exxon Mobil, Chevron and Phillips 66 will also report.

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    Stocks making the biggest moves after hours: Amazon, Apple, Robinhood and more

    An Amazon truck is seen entering the LDJ5 Amazon Sort Center on April 25, 2022 in New York City.
    Michael M. Santiago | Getty Images

    Check out the companies making headlines in extended trading.
    Amazon — Shares of the e-commerce giant tumbled by 10% after hours, after the company reported first-quarter results and issued weaker-than-expected revenue guidance for the second quarter. Amazon recorded a $7.6 billion loss on its Rivian investment after the EV maker’s shares lost more than half their value in the quarter.

    Apple — Apple shares initially got a lift after a big earnings beat but turned lower after CFO Luca Maestri said on the earnings call that supply chain constraints could hinder fiscal third-quarter revenue by between $4 billion and $8 billion. Shares were down more than 4% after hours.
    Robinhood — The investing app’s shares dropped more than 8% after reporting a wider-than-expected loss and shrinking revenue for the first quarter. The company also reported a decrease in monthly active users, to 15.9 million from 17.7 million a year ago.
    Intel — Tech firm Intel’s shares fell more than 4% after the company issued weak guidance for its fiscal second quarter. Intel called for adjusted second quarter-earnings per share of 70 cents, compared to the 83 cents per share expected by analysts polled by Refinitiv.
    Western Digital — The computer company’s shares rose more than 2% in extended trading following a strong earnings report for the company’s most recent quarter. Western Digital posted $1.65 per share in earnings for the quarter, compared to estimates of $1.49 per share, according to FactSet. It also topped revenue estimates and issued strong guidance for the next quarter.
    Roku — The streaming company saw shares jump more than 7% after reporting quarterly results. Despite recording an earnings miss and weak second-quarter revenue guidance, it brought in $734 million in revenue for the first quarter, while analysts were expecting $718 million, according to Refinitiv.
    Mohawk Industries — The flooring company’s shares jumped more than 10% after hours, following Mohawk’s quarterly results. Mohawk topped revenue estimates of $2.85 billion, according to FactSet, posting $3.02 billion for the quarter.

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    Stocks making the biggest moves midday: Meta, McDonald's, Teladoc, Ford and more

    Pavlo Gonchar | LightRocket | Getty Images

    Check out the companies making headlines in midday trading.
    Meta Platforms — Shares of the company formerly known as Facebook surged 17.6% after reporting mixed first-quarter results. The company posted a beat in earnings but a disappointing revenue miss. It also saw daily active users grow following a decline in the fourth quarter.

    McDonald’s – Shares of the restaurant chain gained nearly 3% after first-quarter revenue topped expectations. McDonald’s reported first-quarter revenue of $5.67 billion versus the $5.59 billion expected by analysts, according to Refinitiv. The company saw same-store sales growth of 3.5% in the U.S. and even higher in international markets, ahead of estimates compiled by StreetAccount.
    Qualcomm — Qualcomm’s stock price surged more than 9.7% after its most recent earnings report showed all four of the company’s semiconductor businesses grew during the most recent quarter. Qualcomm posted adjusted earnings per share of $3.21 on revenue of $11.16 billion. Analysts surveyed by Refinitiv were forecasting earnings of $2.91 per share on revenue of $10.60 billion.
    Ford — The automaker’s shares fell 1.6% after the company said its stake in Rivian dragged profits lower in the recent quarter. Ford reported adjusted earnings per share of 38 cents on $32.1 billion in revenue. Analysts surveyed by Refinitiv anticipated earnings of 37 cents per share on $31.13 billion in revenue.  
    Caterpillar – Shares of the machinery company dropped 0.7% despite a first-quarter report that beat estimates on the top and bottom lines. Caterpillar reported an adjusted $2.88 in earnings per share on $13.59 billion of revenue. Analysts surveyed by Refinitiv had penciled in $2.60 in earnings per share on $13.40 billion of revenue. The company’s sales growth did slow relative to the fourth quarter, and operating profit margins shrank year over year.
    PayPal — PayPal shares jumped 11.5% following a beat on revenue in the first quarter. The stock rose even as the payments firm issued weak guidance for the second quarter and full year.

    Mastercard — Mastercard shares gained 4.8% following a beat on the top and bottom lines in the recent quarter. For the first time since the start of the pandemic, the company said cross-border travel ticked above 2019 levels.
    Comcast — Shares of Comcast plummeted more than 6.2% despite beating analysts’ expectations on the top and bottom lines as growth in broadband subscriptions slowed. The company beat analysts’ estimates on the metric but noted that roughly 80,000 of the subscribers were free internet customers.
    Southwest Airlines — Southwest Airlines’ stock rose 2.1% after reporting a wider-than-expected loss but a beat on revenue in the recent quarter. The company reaffirmed its second-quarter forecasts and said it expects revenue for that period to outpace 2019 despite fewer flights.
    Pinterest — Pinterest’s stock price jumped 13.6% following an earnings beat. On Wednesday, the image-sharing company reported adjusted earnings of 10 cents per share and revenues of $575 million. In comparison, analysts polled by Refinitiv expected earnings of 4 cents per share on revenues of $573 million.
    Eli Lilly — The drug maker’s shares 4.3% after the company reported results from a clinical trial showing its obesity drug tirzepatide helped patients lose up to 22.5% of their weight. Eli Lilly also reported better-than-expected earnings and revenue for the first quarter and boosted its full-year revenue guidance.
    Teladoc —  Shares of the telehealth service plummeted by 40.2% after the company reported an earnings miss for its most recent quarter and gave weaker-than-expected revenue guidance, after which at least six Wall Street firms issued downgrades of the stock.
    ServiceNow — Shares of ServiceNow added 8.1% following a beat on the top and bottom lines in the recent quarter. The company saw $1.73 adjusted earnings per share on $1.72 billion in revenue. Analysts expected $1.70 per share and $1.70 billion in revenue, according to FactSet’s StreetAccount.
    — CNBC’s Jesse Pound, Tanaya Macheel and Sarah Min contributed reporting
    Disclosure: Comcast owns CNBC’s parent NBCUniversal.

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    Georgia just became the latest state to require personal finance education

    Georgia Governor Brian Kemp makes remarks during a visit to Adventure Outdoors gun shop as he pushes for a new state law to loosen requirements to carry a handgun in public, in Smyrna, Georgia, January 5, 2022.
    Alyssa Pointer | Reuters

    High school students in Georgia will soon have guaranteed access to a personal finance course before they graduate.
    On Thursday, Republican Gov. Brian Kemp signed into law SB 220, a bill requiring personal finance classes for high school students. Starting in the 2024-2025 school year, all 11th- and 12th-grade students will need to take at least a half-credit course in financial literacy before graduation.

    The measure “will ensure that [students] learn financial literacy in our schools, like the importance of good credit and how to budget properly so that they can be better prepared for the world beyond the classroom,” said Kemp during the signing event.
    More from Invest in You:16 U.S. cities where women under 30 earn more than their male peersGreat Resignation is spurring employers to offer financial-wellness benefitsA four-day workweek pilot program is now underway in the U.S. and Canada
    A growing trend
    Georgia is the 13th state to mandate personal finance education for its students, according to nonprofit Next Gen Personal Finance, which tracks such bills.
    It’s the latest in a growing trend of states adding personal finance education. In the last 12 months, Florida, Nebraska, Ohio and Rhode Island have passed similar laws and are in the process of implementing them for all students.
    Once Georgia’s bill is implemented, it will mean that more than 35% of students in the U.S. will have access to a financial literacy class. That’s more than double the share of students that had access to such coursework in 2018, according to Next Gen Personal Finance.

    Having laws requiring personal finance education are important to ensure students have equal opportunities. There are high schools that offer personal finance courses in states without mandates, but access is not equal, according to a recent report from the nonprofit.
    Only 10% of students in states without guaranteed access to personal finance can take such a course. That share drops to 1 in 20 in schools where 75% of students are nonwhite or receive free and reduced lunch.
    What state may be next
    There are still a few states with pending legislation that may be passed later in the year.
    South Carolina, for example, has a bill currently in conference committee. Now that Georgia’s legislation has become law, South Carolina is the only state in the Southeast that does not have mandated personal finance coursework, according to Tim Ranzetta, co-founder of Next Gen Personal Finance. More