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☆ Four dead in New Caledonia riots as France declares state of emergency
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +1 min

France declared a state of emergency on the Pacific island of New Caledonia on Wednesday after three young indigenous Kanak and a police official were killed in riots over electoral reform. The state of emergency, which entered into force at 5 a.m. local time (1800 GMT), gives authorities additional powers to ban gatherings and forbid people from moving around the French-ruled island. Police reinforcements adding 500 officers to the 1,800 usually present on the island, have been sent after rioters torched vehicles and businesses and looted stores. "No violence will be tolerated," said Prime Minister Gabriel Attal, adding that the state of emergency "will allow us to roll out massive means to restore order." He later signed a decree declaring a state of emergency that will last for 12 days and announced that French soldiers would be used to secure New Caledonia's main port and airport.

Persons: Gabriel Attal Organizations: French Gendarmerie, Police, Authorities Locations: French, Tir, Noumea, New Caledonia, France, Kanak, Paris

☆ Dollar sags as slower U.S. inflation boosts rate cut expectations
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. Stocks and other risk-sensitive assets such as the Australian dollar led gains in the wake of the data release. The New Zealand dollar hit a two-month high at $0.6131. Softer-than-expected retail sales figures, which were flat last month instead of the 0.4% gain that economists had forecast, reinforced the newfound confidence in rate cuts.

Persons: Sterling, Bart Wakabayashi, China's, Bitcoin Organizations: Australian, New Zealand, U.S, State, European Central Bank Locations: Asia, Tokyo, Treasuries

☆ China’s Shenzhen metropolis sees fastest growth in millionaires globally
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.

Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S

☆ Many Indian stocks are in a 'bubble,' investor says, revealing the stock he just sold
▼ + stars: | 2024-05-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

India's mid-cap stocks are in a "bubble" despite the country's promising economic prospects, according to contrarian fund manager Jonathan Pines. Pines added that he's unable to justify current stock prices, even when accounting for "aggressive assumptions" about future growth in India's mid-cap stocks. The mid-cap 'bubble' Pines revealed that his fund recently held two Indian stocks, one of which was SJVN . SJVN, a mid-cap stock in the hydropower energy sector, has experienced a "vertical price" movement, which Pines attributed to a potential bubble in the Indian mid-cap market. The only 'reasonable' Indian stock On the other hand, GAIL India , a natural gas distribution company, remains the sole Indian stock in Pines' portfolio.

Persons: Jonathan Pines, it's, Pines, Rohit Natarajan, SJVN, Sudhanshu Bansal, GAIL India, GAIL Organizations: Federated, Antique, JM Financial, Federated Hermes Asia Locations: Pines, Japan, India, India's, U.S

☆ U.S. questions China's no-first-use nuclear call given buildup
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +3 min

Referring also to Russia, Jenkins said China's nuclear buildup "raises the specter that United States may soon face two expansionary and significantly nuclear-armed peers." "Beijing's development of a larger, more diverse nuclear arsenal is deeply concerning, and raises questions about the trajectory of the PRC nuclear weapons program," she said. Jenkins was asked about China's call in February for states with the largest nuclear arsenals to negotiate a treaty on no-first-use of nuclear weapons against each other or to make a political statement in this regard. She said it was the first time the U.S. had heard such a proposal from China, underscoring the need for nuclear talks. "Our questions are, quite frankly, how does an idea for no-first-use really fit within their ongoing process of building up nuclear weapons?

Persons: Bonnie Jenkins, Jenkins, specter, hadn't Organizations: Senate Foreign Relations Locations: China, Washington, U.S, People's Republic of China, Russia, States

☆ Shein suppliers work 75-hour weeks, report claims as Chinese fast-fashion giant looks to IPO
▼ + stars: | 2024-05-16 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

As fast-fashion giant Shein prepares for an IPO in the U.S., a new report suggests that workers at some of its suppliers are still clocking 75 hour weeks, despite assurances the company would tighten its labor standards. Following negative press in the wake of the previous report, Shein promised to improve its standards. However, a new survey by Public Eye, which polled 13 workers across six suppliers in China, has found little progress. "I work every day from 8 in the morning to 10.30 at night and take one day off each month. I can't afford any more days off because it costs too much," Public Eye cited one worker as saying.

Persons: Shein Organizations: Public, CNBC Locations: Guangzhou, China's, Guangdong, U.S, Swiss, China

Sergey Dolzhenko/EPA-EFE/ShutterstockUkrainian President Volodymyr Zelensky, NATO’s Jens Stoltenberg and other European leaders are condemning the attack on Slovak Prime Minister Robert Fico on Wednesday. NATO Secretary General Jens Stoltenberg: "Shocked and appalled by the shooting of Prime Minister Robert Fico. My thoughts are with PM Fico, his family,” she said on X.Ukrainian President Volodymyr Zelensky: "The attack on Slovakia’s Prime Minister Robert Fico is appalling. Italian Prime Minister Giorgia Meloni: "I learned with deep shock the news of the cowardly attack on Slovak Prime Minister Robert Fico. Spanish Prime Minister Pedro Sanchez: “Horrified and outraged at the attack on the Slovak Prime Minister.

Persons: Volodymyr Zelensky, Zuzana Caputova, Sergey Dolzhenko, NATO’s Jens Stoltenberg, Robert Fico, Jens Stoltenberg, Ursula von der, “, Fico, ”, state's, Zelensky, Viktor Orban, ” Orban, Giorgia, Pedro Sanchez, ” Sanchez Organizations: Slovak, NATO, European, Slovakia’s, Spanish, Slovak Prime Locations: Kyiv, Ukraine, Slovakia, Hungarian, Spain

☆ Live updates: Russia's war in Ukraine, Blinken in Kyiv, Kharkiv under attack
▼ + stars: | 2024-05-15 | by ( Heather Chen | ) edition.cnn.com time to read: 1 min

An apartment is being damaged by an airstrike in Kharkiv, Ukraine, on May 14. Pavlo Pakhomenko/NurPhoto/APRussia is continuing its push into northeastern Ukraine since making several advances there over the past week after launching a surprise cross-border assault. These are Moscow’s most significant gains since Kyiv’s forces recaptured the Kharkiv region in 2022. On Tuesday, at least 21 civilians, including two 12-year-old girls and an 8-year-old boy, were wounded in Russian attacks on the city of Kharkiv, Ukraine's second-largest, according to prosecutors. In the neighboring Sumy region, officials have also ordered a “voluntary evacuation” for several towns where attacks have increased, according to the military administration.

Persons: Pavlo Pakhomenko Locations: Kharkiv, Ukraine, Russia, Ukraine's, Sumy

☆ Robert Fico: Slovakia’s PM in life-threatening condition after being shot multiple times
▼ + stars: | 2024-05-15 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +3 min

CNN —Slovakia’s Prime Minister Robert Fico was in a life-threatening condition in hospital Wednesday after he was shot multiple times in an assassination attempt. Slovakia's Prime Minister Robert Fico attends a European Council summit in Brussels, on April 18, 2024. Kenzo Tribouillard/AFP via Getty Images/FILEFico previously served as Slovakia’s prime minister for more than a decade, first between 2006 and 2010 and then again from 2012 to 2018. European Commission President Ursula von der Leyen, tweeted: “I strongly condemn the vile attack on Prime Minister Robert Fico. My thoughts are with PM Fico, his family.”And Hungarian Prime Minister Orban added: “I was deeply shocked by the heinous attack against my friend, Prime Minister Robert Fico.

Persons: CNN —, Robert Fico, Fico, Zuzana Čaputová, “ I’m, Roberto Fico, ” Čaputová, upend, “, ”, Vladimir Putin, Viktor Orban, Kenzo Tribouillard, Jan Kuciak, Martina Kušnírová, Kuciak, Ursula von der Leyen, Orban Organizations: CNN, CNN — Slovakia’s, Facebook, Ukraine, NATO, Kremlin, Hungary’s, European Union, Slovakia's, Getty Locations: Handlova, Banska Bystrica, Bratislava, Slovak, Ukraine, Brussels, AFP, Hungarian

☆ Here are Wednesday's biggest analyst calls: Nvidia, Netflix, Dell, GM, SunPower, Alphabet, Nio, Tesla, Exxon & more
▼ + stars: | 2024-05-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Nvidia as buy UBS said it's standing by its buy rating heading into Nvidia earnings next week. Wells Fargo names Natera a top pick Wells said the fertilizer company is a new top pick at the firm. Morgan Stanley resumes Exxon as overweight Morgan Stanley resumed coverage of the stock and says it has "attractive growth at a compelling valuation." Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said it's bullish on shares of Palo Alto heading into earnings next week. Morgan Stanley names Dell a top pick Morga Stanley raised its price target on the stock and says it remains a best idea.

Persons: it's, Cantor Fitzgerald, Tesla, Canto, Tesla's, Wells, CTVA, KeyBanc, TD Cowen, Janus Henderson, Morgan Stanley, Palo, Bernstein, Mills, Campbell, underperform Bernstein, Wolfe, SunPower, Dell, Morga Stanley, Stephens, Truist, Oppenheimer, Will, DA Davidson Organizations: UBS, Nvidia, " Bank of America, Bank of America, Alphabet's, Google, JPMorgan, China, Deutsche Bank downgrades, Deutsche, Fair, Six, Sciences, NTR, Netflix, Energy, Palo Alto, Palo, Food, Tech, Barclays, General Motors, Holdings, ALC, Apple, Apple's Worldwide Developer's Conference, Will Apple, Walmart, D.A Locations: OW, Palo Alto, U.S

☆ I moved to NYC from Ukraine for a tech job. Here are 3 main differences in America's work culture.
▼ + stars: | 2024-05-15 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +7 min

In 2016, I was offered a role as a director of product design at a New York tech startup called UpTop. How I got a job at a New York tech startupI studied business law at college in Ukraine but decided I wanted to follow my passion and become a designer. I worked at three other companies in Ukraine before moving to the US, doing UX and product design. In the US, I feel that big companies are developing original ideas and patents, while in Ukraine, the biggest tech companies provide consultancy services. As a product design director at UpTop, I could choose which features to research and test and decide how a certain feature would be implemented.

Persons: —, Yaroslav Zubko, I'd, hadn't, I've, UpTop, it's, Tinder Organizations: Service, Business, Zubko, Deloitte Locations: New York, Ukraine, America, UpTop, Tinder, SoftServe, Ukrainian

☆ Slovakian PM Fico in ‘life-threatening’ condition after being shot; EU leaders decry 'brutal attack'
▼ + stars: | 2024-05-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Prime Minister of Slovakia Robert Fico attends a press conference during a Special European Council Meeting on April 18, 2024 in Brussels, Belgium. Slovakia's populist Prime Minister Robert Fico on Wednesday was shot multiple times in an assassination attempt that has sent shockwaves across the continent. The 59-year-old has been transported by helicopter to hospital in the central Slovakian city of Banska Bystrica to receive treatment. A post on Fico's official Facebook page said the prime minister was "shot multiple times and is in a life-threatening state" after an "attempted assassination." Slovakian President Zuzana Čaputová "strongly" condemned the "brutal and ruthless attack" in a Google-translated Facebook post, without supplying further details of the nature of the attack.

Persons: Slovakia Robert Fico, Robert Fico, Fico, Zuzana Čaputová Organizations: NBC, Reuters, CNBC Locations: Slovakia, Brussels, Belgium, Slovakian, Banska Bystrica, Bratislava, Handlova

☆ Baidu’s robotaxi unit expects to turn profitable next year
▼ + stars: | 2024-05-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

A driverless robotaxi autonomous vehicle developed by Baidu Apollo driving along a street in Beijing. SHANGHAI — Chinese tech company Baidu said Wednesday its Apollo Go robotaxi arm expects to turn profitable next year. The projection comes as Elon Musk has emphasized his plans to build up Tesla's robotaxi efforts amid a decline in revenue. Baidu on Wednesday announced Apollo's 6th generation robotaxi will cost around 200,000 yuan ($28,169) — or less than half that of the prior generation, the company said. Others in the auto industry remain more skeptical about fully driverless cars, which require broad regulatory approval in order to operate.

Persons: Elon Musk, Apollo, Baidu, Brian Gu Organizations: Baidu, Wednesday, China Securities Regulatory Commission, Xpeng Locations: Beijing, SHANGHAI, Wuhan, China

☆ This year's biggest air battles are showing the US what it could need most in a missile war with China
▼ + stars: | 2024-05-15 | by ( Jake Epstein | Chris Panella | ) www.businessinsider.com time to read: +13 min

AP Photo/Evgeniy Maloletka, FileThe war has shown how effective air defenses can be at denying air superiority, protecting key areas, and threatening high-value aircraft, as well as the costs when capabilities are degraded. Ukraine's air defenses, like its Soviet-era S-300s and US-supplied Patriots, have defeated enemy missile and drone strikes, hindered Russian air operations, and shot down numerous fighter-bombers and other Russian planes. "Ukraine and NATO might reduce risks with a two-prong strategy of strengthening air defenses and boosting infrastructure resilience." Needing more interceptors for the PacificFrom the fights this year, the US can see how it'll need to employ air defenses in a potential showdown with China. Running out of air defenses before the enemy runs out of air threats spells trouble.

Persons: —, Bradley Martin, Evgeniy, Volodymyr Zelenskyy, Firefighters, Archer Macy, Martin, Shaan Shaikh, We've, Amir Cohen TPX, Shaikh, it's, Andy Wong, Thomas Shugart, Shugart, Joshua Smoot, Heath Collins, Navy Carlos Del Toro, Macy, Mark Wright Organizations: Service, Business, US Navy, Ukraine, AP, Patriots, Institute for, Emergency, Ministry, RAND Corporation, NATO, Western, Central Command, Combat, Navy, RAND, Patriot, US, Missile Defense, Center for Strategic, International Studies, REUTERS, China, Pentagon, Defense, Center, New, Air Force, 37th Expeditionary Bomb Squadron, Andersen Air Force Base, US Air Force, Aegis, Missile Defense Agency, Former Navy, CSIS, Pacific Missile, AP Air Locations: China, Ukraine, Israel, Navy, Russia, Congress, Avdiivka, Kharkiv, Russian, Kyiv, NATO, Yemen, Gulf of Aden, Iran, Red, Screengrab, French, Ashdod, South Korea, Japan, Guam, Beijing, New American, Gen, Kauai, Hawaii

☆ China's economy reveals pockets of softness. Here's what to watch ahead of Friday's data
▼ + stars: | 2024-05-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on Friday. Some of the weakness speaks to genuine sluggish demand in China at present. The firm expects this week's economic data releases to show a "softening in economic momentum," affirming its forecasts for the central bank to cut rates by the end of June. "Some of the weakness speaks to genuine sluggish demand in China at present," said Hui Shan, Goldman Sachs' China chief economist, in a note Sunday. Businesses' loan demand fallsNew bank loans to businesses and government organizations dropped sharply in April from March, as did new loans to households, according to official data accessed through Wind Information.

Persons: Hui Shan Goldman Sachs, Louise Loo, Goldman Sachs, Hui Shan, Goldman, RRR, Pan Gongsheng Organizations: Visual China, Getty, BEIJING, National Bureau, Statistics, Reuters, Finance, Oxford Economics, People's Bank of, Information, Clocktower, CNBC Locations: Lianyungang, Jiangsu Province, China, —, Beijing, People's Bank of China

☆ Oil prices rise on U.S. inventories drawdown expectations, CPI focus
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.

Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray

☆ The US and Pacific ally Japan are teaming up to defeat new hypersonic missiles that right now are basically unstoppable
▼ + stars: | 2024-05-15 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

Read previewThe US and Japan have agreed to work together to develop a defense system to defeat hypersonic missiles, according to the US Department of Defense. Russian navy frigate Admiral Gorshkov launching a Zircon hypersonic missile in White Sea, Russia, on July 19, 2021. Notably, Pyongyang is also attempting to develop what it says are hypersonic missiles. DF-17 medium-range ballistic missiles equipped with a DF-ZF hypersonic glide vehicle in a military parade to mark the 70th anniversary of the Chinese People's Republic. The allies successfully tested the jointly developed Standard Missile 3 (SM-3) Block IIA interceptor in a February 2017 intercept of a ballistic missile target.

Persons: —, Gorshkov, Zoya Rusinova Organizations: Service, US Department of Defense, Business, Cooperative, US Missile Defense Agency, Japan, Russian Defense Ministry Press Service, AP, China's, Aegis Ballistic Missile Defense, Iran's, Israel Locations: Japan, Russian, Sea, Russia, Pacific, Moscow, Beijing, Pyongyang, Republic, Getty

☆ Tesla's Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000
▼ + stars: | 2024-05-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

In this article 9866-HK Follow your favorite stocks CREATE FREE ACCOUNTChinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China. CNBC | Evelyn ChengSHANGHAI — Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla's comparable Model Y. Elon Musk's electric SUV has been one of the best-selling pure battery-powered electric cars in China. watch nowFierce competition in China's electric car market has invited new entrants and prompted many companies to cut prices. Smartphone company Xiaomi in late March entered the electric car market with its SU7 sedan to rival Tesla's Model 3 with a price that was also about $4,000 cheaper.

Persons: Nio, Evelyn Cheng SHANGHAI, William Li, Onvo, CNBC's Eunice Yoon, Elon, Xiaomi, BYD, Li, Biden, Tesla Organizations: HK, CNBC, Onvo's, Tesla's, Elon Musk's Locations: Shanghai, China, Europe, .

☆ Tesla is going all out to push Elon Musk's $55 billion pay package through — even spending money on ads
▼ + stars: | 2024-05-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewTesla is going all in on its efforts to push through approval of Elon Musk's $55 billion pay package. A screenshot of some of the paid ads Tesla ran in support of Musk's pay package proposal. SECThe company aims to pass two separate proposals, one moving its state of incorporation from Delaware to Texas and another reapproving Musk's pay, which was struck down by a Delaware judge earlier this year. Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth. AdvertisementEarlier in May, Denholm even sat down for a video promoting the pay plan.

Persons: —, Elon, Tesla, Kathleen St, J, McCormick, Musk, Robyn Denholm, Denholm Organizations: Service, Elon Musk's, Securities and Exchange Commission, Google, Business, SEC, Street Journal, Bloomberg Locations: Tesla, Delaware, Texas

☆ Warren Buffett downsized his Apple stake for tax reasons. Here's what it means
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett surprised many by selling a significant portion of his gigantic Apple stake, and his reason for the sale was even more surprising. Buffett, who trimmed Berkshire Hathaway's Apple holding by 13% in the first quarter after reaping enormous gains, suggested that the sale was for tax reasons. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. There's no special tax rate for capital gains in a corporation as they become part of the entity's income. Corporate income tax rate The corporate tax rate in the U.S. averaged 32.1% from 1909 to 2024, with a peak of 52.8% in the late 1960s, according to the Internal Revenue Service.

Persons: Warren Buffett, Buffett, There's, Kelly Gillette Organizations: Apple, Treasury Department, U.S, Internal Revenue Service, Armanino LLP, Apple Berkshire, Berkshire Locations: Berkshire, Omaha, Texas

☆ Nvidia gave CEO Jensen Huang a 60% pay hike to $34 million last year
▼ + stars: | 2024-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang received a $34.2 million compensation package in fiscal 2024. Huang's pay rose 60% from 2023, driven by Nvidia's stock surge amid demand for the company's AI chips. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNvidia CEO Jensen Huang got a huge payday last year thanks to strong demand for the company's AI chips. Huang, who is also a cofounder of Nvidia, received a $34.2 million compensation package for the fiscal year, which runs from February to January, the company's annual proxy filing shows.

Persons: Jensen Huang, —, Huang Organizations: Nvidia, Service, Business

☆ Amazon's cloud business needs a 'bulldozer.' New AWS CEO Matt Garman fits the bill.
▼ + stars: | 2024-05-15 | by ( Eugene Kim | ) www.businessinsider.com time to read: +8 min

Read previewAt an October all-hands meeting, an Amazon Web Services employee asked executive Matt Garman about the company's difficult work environment. The people who spoke with BI about Garman asked not to be identified so they could freely discuss his abilities. One AWS employee pointed out to BI that Amazon Q was months behind the launch of Microsoft's AI Copilots. Associated PressOutside of AI, AWS has struggled in its core startups and small business segments, failing short of sales targets last year, as BI previously reported. Those customers are particularly important for AWS because the company built its early business by embracing that market.

Persons: —, Matt Garman, Garman, It's, Adam Selipsky, Selipsky, Andy Jassy, Matt, Amazon's, Patrick Neighorn, He'd, We're, Neighorn, it's, Claude, AWS's, let's Organizations: Service, Amazon Web Services, AWS, Business Insider, Employees, Business, Amazon, Stanford, BI, Mizuho Securities, Q, Cohere, Mistral, Google, Associated Locations: Anthropic

☆ Mortgage demand from homebuyers drops even as interest rates pull back to April lows
▼ + stars: | 2024-05-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates last week dropped to the lowest level since April, but buyers are still struggling to afford today's housing market. As a result, mortgage demand flattened at a weak pace. "While the downward move in rates benefits prospective homebuyers, mortgage rates are still much higher than they were a year ago, while for-sale inventory remains tight," Kan added. Another read on inflation will influence the next move from the Federal Reserve on interest rates. "The difference between a result of 0.2 or 0.4 is surprisingly massive when it comes to the world of interest rates.

Persons: Joel Kan, Kan, Matthew Graham Organizations: Mortgage, Treasury, Federal Reserve, Mortgage News

☆ Russia can't seem to stop this Ukrainian Cessna-style drone that, compared to missiles, is basically a 'flying brick' with a bomb onboard
▼ + stars: | 2024-05-15 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

Experts say these aircraft underscore the success of Ukraine's innovative long-range drone program, which Kyiv has employed to go after Russia's military and energy facilities. The Ukrainian drones are in fact slow-flying ultralight planes. And if Ukraine can find a corridor that lacks proper air-defense coverage, then the drone can effectively penetrate right through Russian territory, Hoffmann said. Notably, the Cessna-style drone underscores the success of Ukraine's ever-evolving drone program. The aircraft was converted into a drone - A-22 Flying Fox.

Persons: —, JzjMc83uA4 —, Fabian Hoffmann, it's, Hoffmann, Petersburg —, It's, Gordon Davis Jr, Davis, Ukraine's, …, obdWO5ACNA, Washington, Lance Landrum, Landrum Organizations: Service, Cessna, Business, Kyiv, University of Oslo, US Army, Center for, Fox, US Air Force Locations: Ukraine, Kyiv, Republic of Tatarstan, Russia, Republic of Bashkortostan, Bashkortostan, Russian, Tatarstan, Moscow, St, Ukrainian

☆ Frank Lloyd Wright's midcentury modern home designs are back, now in easy-to-assemble kit form
▼ + stars: | 2024-05-15 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +3 min

Lindal Cedar Homes is now selling "kits" inspired by Wright's designs. "There's been a surge of interest in midcentury modern homes for the middle class that are affordable and aesthetically pleasing," Josefin Kannin, marketing director for Lindal Cedar Homes, said. Lindal Cedar Homes now brings those revered design sensibilities to the modern homeowner. The company's website offers nine options that embrace six of Wright's design principles, like open-floor plans and integration with nature. Representatives for Lindal Cedar Homes did not immediately respond to a request for comment from Business Insider.

Persons: —, Frank Lloyd Wright, There's, Maynard Buehler, Jacobs, Wright's, Wright Organizations: Service, Frank Lloyd Wright Foundation, Business, Lindal, Homes, San Francisco Chronicle, Hearst Newspapers, Getty, Wall Street Locations: Madison, Wisconsin

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