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☆ Here's why Biden administration believes new student loan forgiveness plan will survive legal challenges
▼ + stars: | 2024-04-23 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

US President Joe Biden speaks about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. The aid package is narrowerBiden's 2020 campaign promise to erase student debt was thwarted at the Supreme Court in June. Biden had tried to forgive the debt of nearly all 40 million federal student loan borrowers, with many people getting up to $20,000 in cancellation. As a result, for critics of broad student loan forgiveness, Biden's new plan looks a great deal like his first. Biden's first forgiveness plan was based on the Higher Education Relief Opportunities for Students Act, or HEROES Act, of 2003.

Persons: Joe Biden, Andrew Caballero, Reynolds, Joe Biden's, Biden didn't, Biden, who've, Biden's, Andrew Bailey, X, Bailey, There's, didn't, John Roberts, Lyndon B, Johnson, Sen, Elizabeth Warren, Warren Organizations: Madison Area Technical College, AFP, Getty, U.S . Department of Education, Republican, Higher, Higher Education, Act, Biden, ., of Education Locations: Madison , Wisconsin, Missouri, . Nebraska

☆ Trump’s first trial, Ukraine aid and other surprises from a major news week
▼ + stars: | 2024-04-20 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

House Speaker Mike Johnson arrives to speak with reporters to discuss his proposal of sending aid to Ukraine, Israel and Taiwan on April 17, 2024. Johnson, although a bona fide conservative and a skeptic at times of Ukraine aid, is finally on the cusp of getting the vote done in the House. This week, Iran responded to Israel’s strike on a Syrian diplomatic facility with its own strikes, which Israel responded to on Friday with a strike on Iran. Joe Biden is running hardWith all the Trump trial coverage, you might have missed that President Joe Biden is running a spirited presidential campaign. While Trump is spending most days at his trial, Biden is going all over the map.

Persons: Trump’s, you’ve, Donald Trump, Trump, Mike Johnson’s, Marjorie Taylor Greene, Thomas Massie of Kentucky, Paul Gosar, Arizona –, Johnson, Mike Johnson, J, Scott Applewhite, he’ll, It’s, Israel, Here’s Tamara Qiblawi, CNN’s Nic Robertson, Read, Joe Biden, Biden, Andrew CAballero, Reynolds, Pierre, Olivier Gourinchas Organizations: CNN, Trump, –, GOP, White, Getty, Monetary Fund, Federal Reserve Locations: Antarctica, New York, Ukraine, Israel, Taiwan, Johnson, Marjorie Taylor Greene of Georgia, Arizona, Iran, Syrian, CNN’s, Damascus, Qiblawi, Philadelphia, Wawa, Pittsburgh, Pennsylvania, AFP, Europe

☆ Biden administration releases formal proposal for new student loan forgiveness plan
▼ + stars: | 2024-04-17 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

US President Joe Biden gestures after speaking about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. Andrew Caballero-Reynolds | AFP | Getty ImagesThe Biden administration has published its new student loan forgiveness proposal, putting it on the path to start clearing debt for millions of borrowers this fall. Outstanding federal education debt in the U.S. stands at around $1.6 trillion, and burdens Americans more than credit card or auto debt. Here's what to know about Biden's new relief plan. More than 25 million federal student borrowers owe more than they originally borrowed, according to the Biden administration.

Persons: Joe Biden, Andrew Caballero, Reynolds, Biden, Joe Biden's, FAFSA, haven't Organizations: Madison Area Technical College, AFP, Getty, U.S, Supreme, U.S . Department of Education, Consumer, Finance, Harvard, Education Department, Education Locations: Madison , Wisconsin, U.S

☆ Biden’s new student loan forgiveness plan could start eliminating debts before the 2024 presidential election
▼ + stars: | 2024-04-10 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. Andrew Caballero-reynolds | AFP | Getty ImagesThe Biden administration is moving ahead quickly with its new student loan forgiveness plan, with hopes of starting to wipe out people's debts as soon as this fall. Student loan forgiveness falls into that category, he said. Almost half of voters in a recent survey, or 48%, said canceling student loan debt is an important issue to them in the 2024 presidential and congressional elections. Issues like student loan forgiveness, which present a sharp contrast between Democrats and Republicans, are more likely to impact the election.

Persons: Joe Biden, Andrew Caballero, reynolds, Biden, Mark Kantrowitz, Kantrowitz, Gen, Donald Trump, Michael M, George W, Bush, Trump, Mark Organizations: Madison College, AFP, Getty, Republicans, Republican, Santiago, Public, Supreme Locations: Madison , Wisconsin, New York City

☆ What Biden's new student loan forgiveness plan means for your taxes
▼ + stars: | 2024-04-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. Andrew Caballero-reynolds | AFP | Getty ImagesTax treatment of student loan forgivenessStudent loan forgiveness is federally tax-free through 2025 — thanks to a provision from the American Rescue Plan Act of 2021. But the future taxability of student loan forgiveness is unclear. Many states have conformed to federal rules on the taxability of student loan forgiveness. Depending on your situation, higher income from taxable student loan forgiveness could cause "a chain of [tax] consequences," such as phaseouts for other tax breaks, Lucas said.

Persons: Joe Biden, Andrew Caballero, reynolds, Biden, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, that's, Ethan Miller, isn't, Miller Organizations: Madison College, AFP, Getty, American, Planning, Progress, D.C Locations: Madison , Wisconsin, Orlando , Florida, Washington

☆ NATO’s next challenge: How to reverse years of underfunding defense
▼ + stars: | 2024-04-03 | by ( Luke Mcgee | ) edition.cnn.com time to read: +8 min

For over a decade, allies have chronically underspent on defense while the West’s adversaries modernized and bolstered their own military capabilities. Defense spending stayed low across the West not just because of budget pressures, but also because everyone – including the US – was frightened to provoke Russia. However, the nature of NATO allies’ support for Ukraine – much of it direct military support – has exposed the vulnerability that years of underfunding has caused the alliance. Fabian Bimmer/Pool/ReutersThis means that the challenge in front of NATO allies now is not just how can they meet the demand for weapons coming from Ukraine, but how do they reverse years of underfunding their own defenses? Some allies don’t trust that others will be quite so generous with defense spending if the Russia-Ukraine war were to end.

Persons: Vladimir Putin’s, Putin, Volodymyr Zelensky, Murat Kula, ”, ” John Herbst, Antony Blinken, Ulf Kristersson, Andrew Caballero, Reynolds, underfunding, It’s, Herbst, NATO’s, –, Jens Stoltenberg, Olaf Scholz, Fabian Bimmer, Stoltenberg, ” Stoltenberg, Peter Ricketts, Douglas Lute, “ Organizations: CNN, NATO, Turkish, Anadolu Agency, Pentagon, “, Swedish, US State Department, Getty, Ukraine, Rheinmetall, Trump Locations: Soviet, Bosnia, Kosovo, Afghanistan, Iraq, Ukraine, United States, British, Vilnius, Russia, Kyiv, Europe, Germany, AFP, North Korea, Iran, Washington, Unterluess, Baltic, Brussels, Finland, Sweden, NATO

☆ YouTube could be worth $400 billion — that's more than Disney and Comcast combined. We should be paying more attention.
▼ + stars: | 2024-03-28 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

Now YouTube could be worth as much as $400 billion, per analyst Michael Nathanson. You're still not getting close to the $375 billion to $400 billion value Nathanson is talking about. AdvertisementOr, alternately: You could combine Comcast ($172 billion) and Disney ($224 billion, after a big ramp-up this year — Nelson Peltz, your services are no longer needed) and end up with a $396 billion company. (You would also get to watch a funny wrestling match between Disney CEO Bob Iger and Comcast CEO Brian Roberts who have a long-standing enmity.) So if you're talking about video, and the internet, and advertising and audience and value and you're not talking about YouTube?

Persons: Michael Nathanson, —, ANDREW CABALLERO, REYNOLDS, let's, you'll, Lucia Moses, Nathanson, — Nelson Peltz, Bob Iger, Brian Roberts Organizations: Google, YouTube, Service, Big Tech, Meta, Twitter, Netflix, Paramount, Warner Bros Discovery, Fox, Comcast, Disney

☆ It's comeback season for social media
▼ + stars: | 2024-03-23 | by ( Joi-Marie Mckenzie | Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

This story is available exclusively to Business Insider subscribers. But first: Social media is making a comeback. I'm not alone: Sharing on social media has tapered off, Business Insider reported back in 2023, but consuming content hasn't. Now social media platforms — Facebook, Instagram, TikTok, and others — are clamoring to get users to stay just a little while longer. It's clear social media isn't giving up without a fight — and right now, it seems we're OK with that.

Persons: —, Instagram, Tyler Le, edu, Mark Zuckerberg, I'm, Gen Z, Kate Middleton, BBC Studios Kate, Princess, Wales, she's, Read, Andrew Caballero, Reynold, Jenny Chang, Rodriguez Sam Altman, OpenAI, Altman, Pete Ballmer, Abanti Chowdhury, Steve Ballmer's, Pete, didn't, Kristen Wiig's, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Dispatch Social, Facebook, BBC Studios, Aurora, Getty, Biosciences, Hulu, Netflix Locations: Finland's, Utsjoki, Lapland, New York

☆ Ukraine's Patriot kills of Russian planes and missiles have turned a US air-defense weapon with a troubled past into a hero
▼ + stars: | 2024-03-23 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +16 min

Ukraine's use of the US-made Patriot system has been celebrated. A mixed pastThe MIM-104 Patriot missile system is a ground-based, mobile surface-to-air missile battery that can down crewed and uncrewed aircraft, cruise missiles, and short-range and tactical ballistic missiles. AdvertisementNone of Ukraine's Patriot missile systems have been confirmed destroyed, though there have been Russian claims, but the system has been involved in confirmed kills of Russian aircraft and missiles. "We were again, very much surprised by what we see now, what the effectiveness of the Patriot system seems to be," he said. The problem with Patriot missiles for Ukraine mirrors its main obstacle in trying to fight Russia: A critical shortage of supplies and ammunition.

Persons: —, Frederik Mertens, Justin Bronk, Mertens, Joe Raedle, Bronk, Timothy Wright, Nathan White, Mick Ryan, Gilles BASSIGNAC, Houthi, Wright, Jeffrey Lewis, Tom Karako, ANDREW CABALLERO, REYNOLDS, Ryan, Karako, it's, BI's Jake Epstein, Rajan Menon, Volodymyr Zelenskyy, Ukraine Bronk, Jan Kallberg, Ukraine Oleksandr Gusev Organizations: Service, Patriots, Patriot, U.S . Army Security, Hague, Strategic Studies, Royal United Services Institute, Iraq's, US Army, Raytheon, Iraqi, International Institute for Strategic Studies, Australian Army, Getty Images, Middlebury Institute of International Studies, Missile Defense, Center for Strategic, International Studies, Airforce, Getty, Defense, NATO, Emergency Service, Centre for, Kyiv, Pentagon Locations: Ukraine, Russia, United States, Iraq, Iraqi, Saudi Arabia, Getty Images Saudi Arabia, Yemen, Monterey, Prince, Al, Kyiv, Russian, UAE

☆ Silicon Valley's elite are moralizing about the future of AI
▼ + stars: | 2024-03-04 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

It has reignited the savior complex of Silicon Valley's biggest personalities too. AdvertisementThough some questions are being asked about how much of a case Musk has here, the whole saga has offered plenty of incentive to Silicon Valley's more opinionated leaders to moralize on the future of AI. The open option — in theory at least — champions AI models that are transparent about how they're trained and collectively developed by a global community of developers. (2) Big companies, small companies, independent developers, and open source communities should be free to pursue AI. But which side of the battle the rest of Silicon Valley's AI leaders fall on will be watched just as closely.

Persons: —, Elon, Sam Altman's OpenAI hasn't, OpenAI —, they're, Meta, Sam Altman, Andrew Caballero, Reynolds, Marc Andreessen, Vinod Khosla, Andreessen, shouldn't, isn't, 2VqL6T5qZe, Marc Andreessen 🇺🇸 ( Organizations: Service, Microsoft, OpenAI, Business, Getty, Manhattan, Chinese Communist Party, Big Locations: China, San Francisco, jure

☆ Live updates: Biden, Trump visit US-Mexico border in reelection effort
▼ + stars: | 2024-02-29 | by ( Aditi Sangal | Elise Hammond | ) edition.cnn.com time to read: +2 min

President Joe Biden speaks to the press before boarding Marine One on the South Lawn of the White House in Washington, DC, on February 29. Andrew Caballero-Reynolds/AFP/Getty ImagesPresident Joe Biden’s visit to the US-Mexico border to hammer Republicans over the failed Senate border bill, which included tough border security measures, marks a dramatic shift for a White House that generally distanced itself from the issue. Images of thousands of migrants arriving at the US-Mexico border dogged the administration as it wrestled with how to manage multiple different nationalities — a significant change from previous years that proved challenging. Sources tell CNN that discussions about the border at the White House were often tense as the issue increasingly became a political liability for Biden. But now, the White House is trying to take advantage of Republicans backing away from the Senate border bill — and seizing on border security to take swipes at the GOP.

Persons: Joe Biden, Andrew Caballero, Reynolds, Joe Biden’s, Biden, — Organizations: White, Getty, CNN, GOP, ”, Senate, Homeland Locations: Washington ,, AFP, Mexico, El Paso , Texas

☆ Here’s why a SCOTUS ruling on social media rules matters to so many people
▼ + stars: | 2024-02-27 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

It’s obvious enough that the legislation would affect those social media giants, who are challenging the laws’ constitutionality through industry trade associations. But in scrutinizing the laws’ scope and First Amendment impacts, justices from both sides of the ideological spectrum worried Monday that the legislation’s effects could spill far beyond major social media platforms. “We’re talking about the classic social media platforms, but it looks to me like it could cover Uber. Social media applications are seen on an iPhone in this photo illustration taken on 10 November, 2023 in Warsaw, Poland. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) Andrew Caballero-Reynolds/AFP/Getty ImagesThat law permits social media users to try to sue platforms for violations.

Persons: CNN — Uber, —, Henry Whitaker, “, ”, Amy Coney Barrett, Sonia Sotomayor, Whitaker, Jaap Arriens, ” Whitaker, Sotomayor, Ketanji Brown Jackson, “ I’m, ” Jackson, Uber, Aaron Nielson, Barrett, ” Sotomayor, ” Nielson, ” Chris Marchese, ANDREW CABALLERO, REYNOLDS, Andrew Caballero, Reynolds, Neilson, ” Barrett, you’ve, Elena Kagan, you’re, Kagan Organizations: CNN, Facebook, YouTube, Web, LinkedIn, NetChoice Litigation, AFP, Getty, Texans, PayPal Locations: Texas, Florida, Warsaw, Poland, ” Texas, ”, Washington , DC, AFP, El Paso

☆ Google's mission is organizing the world's information. Its 'woke' AI debacle prompted critics to say it's failing.
▼ + stars: | 2024-02-27 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read previewSince its inception, Google has had a mission statement that is now practically enshrined as lore: "To organize the world's information and make it accessible and useful." Its AI, critics say, risks suppressing information instead by being too "woke." AdvertisementGoogle's AI troublesGoogle has more than 90% of the search market, giving it dominant control over the world's information flow online. Advertisement"The original mission was to index all the world's information. In a blog published Friday, Google vice-president Prabhakar Raghavan acknowledged some of the images Gemini generated turned out to be "inaccurate or even offensive."

Persons: —, Larry Page, Sergey Brin, Gemini, Peter Kafka, Adolf Hitler, Elon, David Sacks, Critics, Sam Altman, Andrew Caballero, Reynolds, Bilal Zuberi, Brad Gerstner, Microsoft —, Elon Musk, OB1CCZHan3, Prabhakar Raghavan, overcorrected, Raghavan Organizations: Service, Google, Business, Craft Ventures, Lux Capital, Microsoft, Elon Locations: Menlo Park, AFP

☆ What we know: Kansas City Chiefs embrace community as shooting investigation continues after 2 teens charged
▼ + stars: | 2024-02-16 | by ( Ashley Williams | Ashley R. Williams | ) edition.cnn.com time to read: +6 min

Gunfire interrupts an afternoon of celebratingPeople flee after shots were fired near the Kansas City Chiefs' Super Bowl LVIII victory parade on February 14, 2024, in Kansas City, Missouri. 43-year-old woman killed, several kids hurtThe gunfire killed Elizabeth “Lisa” Lopez-Galvan, a 43-year-old mother and DJ who was remembered as an avid Kansas City Chiefs fan with a natural gift for bringing laughter to those she knew. Chiefs give back to hurting communityThe Kansas City Chiefs and the United Way of Greater Kansas City launched KC Strong, an emergency response fund to help the shooting victims and their families, the team announced on X Friday. A sign made from chairs spelled out "KC STRONG" Thursday afternoon, Feb. 15, 2024, in front of Union Station, the site of a mass shooting at the Kansas City Chiefs Super Bowl rally on Wednesday. Tammy Ljungblad/The Kansas City Star/Tribune News Service/Getty ImagesThe siblings, ages 8 and 10, posed for photos in their hospital rooms with the Mahomes couple.

Persons: –, Stacey Graves, “, Andrew Caballero, Reynolds, ” Jacob Gooch, ”, Manny Abarca, CNN’s Laura Coates, Graves, Elizabeth “ Lisa ” Lopez, Galvan, Lisa Lopez, KKFI Lopez, Stephanie Meyer, ” Graves, Patrick Mahomes, Tammy Ljungblad, Taylor Swift, Lopez, Travis Kelce, CNN’s Alisha Ebrahimji, Alaa Elassar, Kevin Dotson, Caroll Alvarado, Megan Thomas, Michelle Krupa Organizations: CNN, Kansas City, Chiefs Super Bowl, Chiefs, Kansas City Chiefs, Denver, NBA’s Nuggets, Getty, Union Station, Police, “, CBS, ” Authorities, Children’s Mercy Hospital, Children’s Mercy, Alcohol, Tobacco, Firearms, Explosives, Greater Kansas City, KC, Kansas City Chiefs Super, Kansas City Star, Tribune, Service, Swift Locations: Kansas, United States, Kansas City , Missouri, AFP, Union, Jackson County, Greater Kansas, Brittany

☆ CNBC Daily Open: Concerns over sluggish U.S. consumer spending
▼ + stars: | 2024-02-16 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

(Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Shares of most of those artificial intelligence companies soared on Thursday, reflecting investors' strong interest to ride on Nvidia's AI growth story. [PRO] Asia's AI standoutsGiven the artificial intelligence boom, Morgan Stanley picked stocks it called "underappreciated beneficiaries" in Asia-Pacific. The biggest share of AI beneficiaries in Asia and emerging markets were found in IT and communications, the bank said.

Persons: ANDREW CABALLERO, REYNOLDS, BOJ, Kazuo Ueda, Tesla, Jim Farley, It's, Morgan Stanley Organizations: Pentagon, AFP, Getty, CNBC, Nikkei, Dow Jones, Nasdaq, Bank of Japan, U.S, Ford Ford, Ford Pro Locations: Arlington , Virginia, Asia, Pacific, Germany, Japan, Riding

☆ Kansas City shooting: Police investigating what motivated shooter at a Chiefs Super Bowl celebration
▼ + stars: | 2024-02-14 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +10 min

Andrew Caballero-Reynolds/AFP/Getty Images In pictures: Shooting in Kansas City after Chiefs celebration Prev NextThe celebration started with Chiefs players on double-decker buses, including Super Bowl MVP Patrick Mahomes, waving to fans as they rolled through the city. He said he immediately picked up his daughter and sheltered in a nearby restaurant with Kansas City Chiefs players, owners, family members and Chiefs head coach Andy Reid. The Kansas City Chiefs said its players, coaches and staff are all accounted for and safe. Kansas City Chiefs star tight end Travis Kelce expressed anguish over the shooting. “For this joy to be turned to tragedy today in Kansas City cuts deep in the American soul.

Persons: Stacey Graves, “, Graves, ”, Lisa Lopez, Galvan, ” Kelly Dougherty, Lisa Augustine, Quinton Lucas, CNN Paul Contreras, Contreras, CNN’s Erin Burnett, ” Contreras, ” Graves, ‘, Andrew Caballero, Reynolds, Charlie Riedel, Jamie Squire, Reed Hoffmann, David Rainey, Kirby Lee, David Eulitt, Patrick Mahomes, Manny Abarca, CNN’s Laura Coates, ” Abarca, Andy Reid, Abarca, ” Madison Anderes, He’s, ” Anderes, Anderes, Mayor Lucas, ” Lucas, Travis Kelce, ” Kelce, Joe Biden Organizations: CNN — Police, Kansas City Chiefs, Bowl, Chiefs, Kansas City Police, CNN, Kansas City, ” Police, FBI, Alcohol, Tobacco, Firearms, Explosives, Justice, Police, KC, Authorities, Mercy Hospital, Lisa Augustine . Kansas City, Wednesday, Getty, Law, USA, Sports, Reuters Police, Reuters Law, Super, Kansas City Public School Board, Union Station, Station Locations: Kansas City , Missouri, United States, Kansas, Kansas City, KKFI, Lisa Augustine . Kansas, AFP

☆ Biden has forgiven $136 billion in student debt. More relief is on the way
▼ + stars: | 2024-02-12 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesIt's never been a better time to get rid of your student debt. Paul Morigi | Getty ImagesThe Biden administration has tried to reverse the trend of borrowers being excluded from the relief on technicalities. Some 790,000 public servants have gotten their debt erased as a result, amounting to more than $56 billion in relief. Total and Permanent Disability DischargeThe Biden administration has also forgiven the student debt of more than 510,000 disabled borrowers. Borrower defenseAnother 1.3 million borrowers have walked away from their debt over the past few years thanks to the Borrower Defense Loan Discharge.

Persons: Joe Biden, Andrew Caballero, Reynolds, Joe Biden's, James Clyburn, he's, George W, Bush, Paul Morigi, Biden, Kantrowitz Organizations: Air Force, Joint Base Andrews, AFP, Getty, Supreme, CNBC, U.S . Department of Education, Public, Consumer Financial, Studentaid.gov, of Education, Social Security Administration, Department of Veterans Affairs, Education Department Locations: Maryland

☆ US starts retaliatory strikes in Iraq and Syria against Iran-linked targets
▼ + stars: | 2024-02-03 | by ( ) www.cnbc.com time to read: +4 min

In Syria, the strikes killed 23 people who had been guarding the targeted locations, said Rami Abdulrahman, director of the Syrian Observatory for Human Rights, an organization that reports on war in Syria. The White House said the United States had informed Iraq ahead of strikes. Baghdad later accused the United States of deception, saying a U.S. claim of coordination with the Iraqi authorities was "unfounded". The Syrian foreign ministry said the United States was fueling conflict in the region in a "very dangerous way". Britain called the United States its "steadfast" ally and said it supports Washington's right to respond to attacks.

Persons: Joe Biden, Andrew Caballero, Reynolds, Joe Biden's, Nasser Kanaani, Rami Abdulrahman, Douglas, Sims, Chip Somodevilla, General Douglas Sims, Biden, Lloyd Austin, Austin, Ebrahim Raisi, Radek Sikorski Organizations: Air Force, Joint Base Andrews, AFP, Getty, United, Revolutionary Guard, U.S, Syrian, Human Rights, Chiefs, Capitol Visitors Center, Joint Staff, Pentagon, U.S . Defense Locations: Maryland, United States, Iraq, Syria, U.S, Iran, Israel, Gen, Washington ,, Tehran, Lebanon, Yemen, Iraqi, Baghdad, Washington, Britain, Polish, Brussels

☆ Apple's sales plunged in China — these are the iPhone giant's 5 biggest problems right now
▼ + stars: | 2024-02-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesApple is facing renewed challenges in China, one of its most critical markets. The iPhone giant's sales in the greater China region in the December quarter fell nearly 13% to $20.8 billion. "This increased competition exerts pressure on both Apple's older models and the base models of its new series." For a long time, Apple has been seen as a luxury brand in China with high appeal among younger audiences. GeopoliticsAnd like many foreign technology firms operating in China, the specter of geopolitics constantly hangs over.

Persons: Tim Cook, Andrew Caballero, Reynolds, Will Wong, Shah, Josh Koren, CNBC's, Gen, Koren, Apple Organizations: Economic Cooperation, APEC, Apple, AFP, Getty, Huawei, IDC, CNBC, Musketeer Capital Partners, Samsung, Bloomberg Locations: Asia, San Francisco, China, Cupertino , California, 4Q23, Xiaomi

☆ Biden administration unveils proposed changes to big banks' overdraft fees
▼ + stars: | 2024-01-17 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Samuel Corum/Bloomberg via Getty ImagesWASHINGTON — The Consumer Financial Protection Bureau on Wednesday unveiled long-awaited changes to how the nation's biggest banks structure overdraft protection plans. Since 2000, American consumers have paid an estimated $280 billion in bank overdraft fees, according to CFPB data. During that time, the annual revenue big banks derived from overdraft fees soared, helped along by the boom in consumer debit cards tied directly to checking accounts. Taken together, these banks typically account for more than 80% of the overdraft fees charged in any given year. Banking trade groups deeply opposed to any changes in the overdraft rules have already begun to mobilize opposition, which is only expected to grow.

Persons: Washington . Samuel Corum, Joe Biden, Parks, Lael Brainard, Andrew Caballero, Reynolds, CFPB, Biden Organizations: Consumer Financial, Bloomberg, Getty Images WASHINGTON, National Economic, White, AFP, Getty, Banking, Consumer Bankers Association Locations: Washington ., Washington ,

☆ Walmart and Target borrowing ideas from each other shows we're in a new economic landscape
▼ + stars: | 2023-12-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at the rising similarities between Target and Walmart. Dominick Reuter/Business InsiderIf imitation is the sincerest form of flattery, Walmart and Target are embarking on some serious tributes to each other. AdvertisementTwo of the country's largest retailers are taking pages from each other's playbooks as they adjust to a changing economic landscape. And Walmart founder Sam Walton openly admitted he stole borrowed plenty of ideas from Sol Price, the originator of the wholesale club model. That's led Walmart to see an increase in higher-income clientele, a trend they're leaning into.

Persons: —, Dominick Reuter, Insider's Dominick Reuter, Dominick, Christina Hennington, it's, Sam Walton, Sol Price, That's, Charlie Flanagan, Management's Bryan Kelly, Li Deng, Mike Schuster, Sam Altman Andrew Caballero, Reynolds, Daniel Ek, Slaven Vlasic, Rebecca Zisser, Elon, Zers, Xochitl Gomez, Alyson Hannigan, Jason Mraz, Charity Lawson, Ariana Madix, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Target, Walmart, AQR, Investments, AQR Capital Management, Vatic Investments, Sigma, Investment, Barclays, ING, MSCI Israel, Tel, Tel Aviv Stock Exchange, Israel Securities Authority, Reuters, Broadcom, VMware, The New York Times, Inc, Adobe, ABC, Major, Baseball, MLB Network Locations: Israel, Tel Aviv, New York City, San Diego, London, New York

☆ Why Biden Touts Jobs When Americans Care About Prices
▼ + stars: | 2023-12-03 | by ( Annie Linskey | Amara Omeokwe | ) www.wsj.com time to read: 1 min

President Biden has built the case for a second term by saying his policies have strengthened the labor market. Photo: andrew caballero-reynolds/Agence France-Presse/Getty ImagesWASHINGTON—President Biden likes to talk about “jobs, jobs, jobs” when touting his economic record. The problem is that voters are far more worried about prices, prices, prices. The disconnect is one reason why his Bidenomics re-election pitch is landing flat despite a broadly resilient U.S. economy that has defied expectations. Prices have gone up by 19% since the start of the pandemic, a hard-to-forget leap that has left voters in search of someone to blame.

Persons: Biden, andrew caballero, reynolds Organizations: Agence France, Getty, WASHINGTON —

☆ Top 10 things to watch in Thursday's stock market, including Jim Cramer's Benioff interview
▼ + stars: | 2023-11-30 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. Citi raises Club holding Costco (COST) price target to $585 per share from $530, citing an acceleration of November sales. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion.

Persons: Marc Benioff, Einstein, Jeff Marks, Charles Munger, Warren Buffett's, Charlie, Peter Arduini, Jim Cramer's, Jim Cramer, Jim, Andrew Caballero, Reynolds Organizations: Nasdaq, Dow, UAW, General Motors, Citi, Club, Costco, Barclays, Company, NBA, GE Healthcare, Nvidia, Brands, Barrick, Jim Cramer's Charitable, CNBC, Economic Cooperation, APEC, AFP, Getty Locations: U.S, Asia, San Francisco , California

☆ Voters See American Dream Slipping Out of Reach, WSJ/NORC Poll Shows
▼ + stars: | 2023-11-24 | by ( Aaron Zitner | ) www.wsj.com time to read: 1 min

Many Americans say it has become harder to achieve the American dream, which often includes the goal of owning a home. Photo: andrew caballero-reynolds/Agence France-Presse/Getty ImagesThe American dream—the proposition that anyone who works hard can get ahead, regardless of their background—has slipped out of reach in the minds of many Americans. Only 36% of voters in a new Wall Street Journal/NORC survey said the American dream still holds true, substantially fewer than the 53% who said so in 2012 and 48% in 2016 in similar surveys of adults by another pollster. When a Wall Street Journal poll last year asked whether people who work hard were likely to get ahead in this country, some 68% said yes—nearly twice the share as in the new poll.

Persons: andrew caballero, reynolds, — Organizations: Agence France, Wall Street

☆ CNBC Daily Open: An alternative to Altman
▼ + stars: | 2023-11-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Andrew Caballero-reynolds | Afp | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq increased 2.4%, its first three-week positive streak since June. Even if it were the latter, OpenAI is "not the only game in town," as industry analyst Patrick Moorhead put it. In other words, there will be other companies — like Anthropic or Google — more than ready to assume AI leadership.

Persons: Sam Altman, Andrew Caballero, reynolds, Stocks, Scott Ladner, OpenAI, Sam Altman's, Ilya, Zachary Lipton, Patrick Moorhead Organizations: Economic Cooperation, APEC, Afp, Getty, CNBC, Dow Jones, Nasdaq, Dow, Horizon Investments, Carnegie Mellon University Locations: Asia, San Francisco , California, U.S

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