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Strained Chinese cities struggle to pay home buying subsidies
  + stars: | 2024-04-30 | by ( ) www.cnbc.com   time to read: +2 min
Chinese cities have promised subsidies and other incentives to prop up the ailing property sector but have failed to deliver, frustrating potential homebuyers. The 30-year-old now pays 6,000 yuan of her 8,000 monthly salary on the mortgage for the 1.1 million yuan apartment and another 1,800 yuan to rent another one, relying on her parents for other basic expenses. Weifang, with a population of more than 9 million and an economy larger than Croatia's, and dozens of other Chinese cities, have promised subsidies and other incentives to homebuyers to prop up the ailing property sector. But the real estate downturn also affects the ability of cities to lease land to developers, a key revenue source. This meant some local governments were unable to raise funds to pay the promised subsidies, frustrating buyers and casting doubts over future support measures.
Persons: Amy Wang, Wang, Christopher Beddor, Gavekal Organizations: People's, Communist Party Locations: Hangzhou city, Zhejiang province, China, Weifang, Shangqiu
Valuations coming down So if earnings are up, why is the S & P off its highs? Today, a month later, 2024 earnings estimates are essentially the same but the multiple has declined to 20.8. The S & P 500 hit a low of 4,117 on Oct. 27 and only recovered when rates came down in early November. There are some big drags on earnings Some companies are seeing large declines in earnings estimates that are weighing on their sectors. When including this one-time item, the S & P 500 earnings growth rate for the first quarter declines to 5.6%, from 8.7%, LSEG has noted.
Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Christopher Suh, Stephen Squeri, Hess, Nick Raich, LSEG, Hal Lawton, Brian Niccol, CNBC's Kate Rogers, Horton, Paul Romanowski, Kimberly, Clark, Michael Hsu Organizations: Companies, Netflix, JPMorgan, GE Aerospace, Caterpillar, Microsoft, Merck, Ford, Waste Management, Royal, Consumer, American Express, Energy, Marathon Petroleum, Apache, Valero Energy, Oil, Occidental Petroleum, Devon Energy, ConocoPhillips, Exxon Mobil, Scout, Bristol Myers Squibb, Karuna Therapeutics, Boeing, Nvidia, Meta, AMD Locations: financials, industrials, Royal Caribbean, North America
A year and a half after police and intelligence officers in Germany uncovered a plot to overthrow the country’s government and replace its chancellor, the first of three trials in the sprawling case is set to begin on Monday in Stuttgart. Most of the would-be insurrectionists were arrested in December 2022, when heavily armed German police officers stormed houses, apartments, offices and a remote royal hunting lodge and made dozens of arrests. Those charged included a dentist, a clairvoyant, an amateur pilot and a man running a large QAnon telegram group. The German authorities contend that their figurehead was Heinrich XIII Prince of Reuss, an obscure and conspiracy-minded aristocrat who would have been made chancellor if the coup had succeeded.
Persons: Heinrich XIII Prince of Reuss Locations: Germany, Stuttgart
The fusion of human ingenuity and machine intelligence is offering an innovative approach to personalized mental-health care. They can also use AI to assess the quality of their services and find ways to improve as providers of mental-health care. As technology becomes more involved in mental-health care, ensuring data security, confidentiality, and equitable access to services must be top priorities. How an AI platform is helping mental-health-care providers improve their servicesThe AI platform Lyssn is another tech-driven tool for mental-health services. Lyssn aims to hold providers accountable for improved care, especially because "the quality of mental-health care is highly variable," Imel said.
Persons: , Christopher Romig, Stella, Shaheen Lakhan, Daniel Rimm, Haig Goenjian, Zac Imel, Michael Tanana, Imel, Darin Carver, Carver, It's Organizations: Service, Therapeutics, Click Therapeutics, Food and Drug Administration, Weber Human Services Locations: Tanana
Butterfield's parents cofounded Flickr, and their father later cofounded Slack. Their parents, Caterina Fake and Stewart Butterfield, cofounded Flickr in 2004, and Stewart Butterfield went on to cofound Slack. Their disappearance resulted in an extensive search effort in Tenderloin, an area in San Francisco known for homelessness, crime, and drugs. Butterfield's parents, Stewart Butterfield and Caterina Fake, were married from 2001 until 2007, the New York Post reported. Stewart Butterfield cofounded Slack in 2013 with Cal Henderson.
Persons: Butterfield, Slack, , Mint Butterfield, Caterina Fake, Stewart Butterfield, cofound Slack, Christopher, Kio, Dizefalo, Adam Schermerhorn, Schermerhorn, Jyri Engeström, Cal Henderson Organizations: Flickr, Service, Saturday, Police, Marin County Sheriff's, San Francisco, Office, New York Post, Yahoo Locations: San Francisco, Tenderloin, Marin County, Marin
Venice CNN —Pope Francis has become the first pontiff to visit Venice’s contemporary art festival during a trip which saw him visit a female prison and rehabilitate the reputation of a pioneering American nun artist. Francis began his Venice trip by greeting each of the approximately 80 inmates in the prison courtyard, several of whom are involved in the exhibition. For 2024, the Venice Biennale has taken the theme “Foreigners Everywhere” and seeks to highlight artists from marginalized backgrounds. The Venice Biennale was first held in 1895 and takes place every other year, with each country having their own pavilion (the Vatican is the world’s smallest sovereign territory). For 2024, it has taken the theme “Foreigners Everywhere” and seeks to highlight artists from marginalized backgrounds.
Persons: Venice CNN — Pope Francis, Pope, Chiara Parisi, Bruno Racine, , Francis, Marco Perego, Zoe Saldaña, Saldana, ” Francis, ” Pope Francis, , Corita Kent, Kent –, Frida Kahlo, Louise Bourgeois —, ” Kent, Mary, James McIntyre, Saint Mark, Cardinal José Tolentino de Mendonça, Maurizio Cattelan, Pope John Paul II Organizations: Venice CNN, Vatican Media, Getty, Immaculate, Vatican, biennale Locations: American, Italian, Venice, Los Angeles, St, Portuguese
What’s So Funny About a Dead Comedian?
  + stars: | 2024-04-28 | by ( Christopher Maag | ) www.nytimes.com   time to read: 1 min
A few weeks after Kenny DeForest died, a group of his friends gathered in an apartment in Los Angeles. The mood was somber — Mr. DeForest was only 37, and he had died from traumatic brain injuries after falling off an electric bike in Brooklyn. But Mr. DeForest was a professional comedian, and his friends were all comedians, and any gathering of comedians eventually comes to feel like a party. They were playing a game where everybody gets a card with a single word and then gives clues to help their teammates guess the word. Will Miles, one of Mr. DeForest’s best friends, plucked a card from the deck.
Persons: Kenny DeForest, DeForest, Will Miles, DeForest’s, “ Kenny Locations: Los Angeles, Brooklyn
Chinese submarine crews are training to operate farther into the Western Pacific. AdvertisementChina is forcing its submarine crews to endure more intensive and realistic training exercises. Ironically, while rigorous training is intended to create a more skilled and aggressive submarine force, these changes could backfire. "What the literature does suggest is that the PLAN submarine force is simultaneously incorporating a wide range of new operational guidance, platforms, and technologies that are pushing the crews and equipment of the PLAN submarine force in ways they have not been stressed before." "But it still must improve further to be capable of supporting what is expected of the submarine force."
Persons: , Christopher Sharman, Terry Hess, evaluators, VCG, Crews, submariners, Sharman, Michael Peck Organizations: Pacific, Service, Training, China Maritime Studies, US Naval War, People's Liberation Army Navy, PLA, PLAN, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: China, Pacific, Western, Soviet, Russia, Ukraine, Forbes
One of the men, a young Briton known for his hawkish views on China, worked as an aide to a prominent member of the British Parliament. Another, a German citizen of Chinese descent, was an assistant to a member of the European Parliament representing Germany’s far right. While from different countries and seemingly divergent backgrounds and outlooks, both men became ensnared this week in accusations of espionage on behalf of China — and a widening pushback in Europe against malign Chinese influence in politics and commerce. In all, six people in three separate cases have been charged this week in Europe with spying for China: two in Britain and four in Germany.
Locations: China, German, Germany’s, Europe, Britain, Germany
A day later, Andy Kim, a little-known Democratic congressman from southern New Jersey, gathered his top advisers for a conference call. Everyone present assumed that Mr. Kim would announce his intention to challenge Mr. Menendez for his Senate seat. And Mr. Kim would need the blessing of political bosses across the state, an especially urgent task in New Jersey, where local party leaders have held enormous sway over primary elections for generations. “You don’t upset a two-term incumbent by flying by the seat of your pants,” Mr. Carroll said. Mr. Kim listened quietly.
Persons: Robert Menendez, Andy Kim, Kim, Menendez, Zack Carroll, Kim’s, Mr, Carroll Organizations: Benz, Congress Locations: New Jersey
Former Moody's top lawyer pleads guilty in tax case
  + stars: | 2024-04-26 | by ( ) www.cnbc.com   time to read: +1 min
Moody's Corporation logo is photographed on the firm's headquarters in Lower Manhattan, NY. A former longtime general counsel to Moody's has pleaded guilty to willfully failing to file federal income tax returns, federal prosecutors in New Jersey said Friday. Goggins pleaded guilty on Thursday before a federal magistrate judge in Newark, New Jersey, prosecutors said. "Mr. Goggins deeply regrets and accepts full responsibility for failing to file certain personal income tax returns," Christopher Ferguson, a lawyer for Goggins, said in a statement. Goggins retired from Moody's in September after more than two decades and was replaced as general counsel by Richard Steele.
Persons: Moody's, John Goggins, Goggins, Christopher Ferguson, Richard Steele, Ferguson Organizations: Moody's, New, New Jersey U.S Locations: Lower Manhattan, NY, New Jersey, Newark , New Jersey, Moody's
Ukraine has removed Abrams tanks from the front lines, Pentagon officials told the Associated Press. AdvertisementUkraine has withdrawn its US-supplied Abrams tanks from the front lines in the face of Russian drone warfare tactics, two US defense officials told the Associated Press. A Russian reconnaissance drone knocked out an M1 Abrams tank near Avdiivka in eastern Ukraine in February, according to Russian state media. AdvertisementUkraine has lost five Abrams tanks in recent months, The New York Times reported this month, citing an unnamed senior US official. AdvertisementUkraine has used them to devastating effect to take out Russian tanks, with drones responsible for two-thirds of Russian tanks taken out, a NATO official told Foreign Policy earlier this month.
Persons: Abrams, , Christopher Grady, Grady, Markus Reisner, Ukraine's Organizations: Pentagon, Associated Press, Service, Joint Chiefs of Staff, Abrams, New York Times, US, NATO, Soviet, Challenger Locations: Ukraine, Russian, Avdiivka, Austrian
The Justice Department settled over 100 claims from victims of Larry Nassar for $138.7 million. But it's ignored claims from Jeffrey Epstein victims, who say law enforcement failed to protect them. Representatives for the Justice Department didn't immediately respond to Business Insider's request for comment Friday. But the Justice Department, while not denying wrongdoing, hasn't engaged in settlement talks, he said. He said, "It's confusing and confounding" that the FBI isn't addressing the claims of Epstein's victims with the same urgency it gave Nassar's.
Persons: Larry Nassar, it's, Jeffrey Epstein, Epstein, , Nassar, Jordan Merson, Merson, Justice Department didn't, Jane, Alexander Acosta, Donald Trump's, Ghislaine Maxwell, Acosta, Cory Booker, Marsha Blackburn, Christopher Wray, Wray, hasn't Organizations: Department, Service, Justice Department, USA Gymnastics, Justice, FBI, Business, DOJ, Miami Herald, Department's, US, US Virgin Islands Locations: New York, Florida, US Virgin
Prosecutors on Thursday accused former President Donald J. Trump of violating a gag order four additional times, saying that he continues to defy the judge’s directions not to attack witnesses, prosecutors and jurors in his hush-money trial. “He’s doing what the order tells him not to do,” said Christopher Conroy, a prosecutor for the Manhattan district attorney. As Mr. Conroy laid out what he said were violations, Mr. Trump whispered to his lawyer Todd Blanche and frowned. After they spoke, Mr. Blanche rubbed his face several times. With the latest allegations, prosecutors now say that Mr. Trump has violated the gag order 15 times in less than two weeks.
Persons: Donald J, Trump, , , Christopher Conroy, Conroy, Todd Blanche, Blanche, Juan M Locations: Manhattan
If Nemat Shafik, the president of Columbia University, has convinced the world of anything during these last several calamitous days, it is almost certainly that there is no position in American executive life as thankless, as depleting or less enviable than running a major academic institution in an age of chronic, reflexive agitation. Criticized for capitulating to congressional Republicans in a hearing on antisemitism last week, she quickly found she had not been nearly ingratiating enough. “There is a pretty broad consensus that bringing in the police was precipitous and counterproductive,” Christopher Brown, a history professor who spoke at the rally, told me. In the spring of 1968, Columbia’s president, Grayson Kirk, rarely depicted without a pipe, moved in comparatively slow motion in response to unrest that had become an inflection point in the wave of campus activism that was redirecting history. Within days, students had occupied five buildings, seized the president’s office and taken Dean Henry Coleman hostage, holding him in his office for 26 hours.
Persons: Nemat, capitulating, Shafik, ” Christopher Brown, , Grayson Kirk, Dean Henry Coleman Organizations: Columbia University, Republicans, Columbia, Barnard, New York Police Department Locations: Vietnam, Harlem
Mr. Trump’s top lawyer said in response that Mr. Trump was simply defending himself from political attacks. The tabloid discovered that the story was apparently false, but paid $30,000 anyway, “because of the potential embarrassment” it could have caused Mr. Trump, Mr. Pecker said. When he proposed the magazine, Mr. Pecker said, Mr. Trump’s biggest question was, “Who’s going to pay for it?”Trump’s short leash could get shorter. For their part, prosecutors said they were not seeking to jail Mr. Trump, but wanted him to be fined. When Mr. Blanche finished his argument, Mr. Trump immediately beckoned him over before he snatched a piece of paper off the defense table.
Persons: Donald J, Trump, Juan M, Merchan, Trump’s, , Justice Merchan, Todd Blanche, “ you’re, David Pecker, Mr, Stormy Daniels, Daniels, , Pecker, Michael D, Cohen, Marion Curtis, Pecker’s, Trump “ Donald, “ Who’s, Christopher Conroy, Michael Cohen, , ” Mr, Conroy, Blanche, Mark Peterson Organizations: National Enquirer, ” Prosecutors, Republican, Trump, Credit, Associated, Trump Mr Locations: Manhattan, York, Washington, New York
In March, Russia dealt with its highest-ever number of AWOL cases since the war began, Mediazona reported. AdvertisementRussian courts assessed 684 absences without leave in March, the highest-ever monthly count since the war in Ukraine began, independent Russian media reported. Citing public records, independent outlet Mediazona reported on April 12 that a daily average of 34 AWOL sentences were carried out in military courts that month. Related storiesRussian courts have dealt with some 2,300 AWOL cases since the start of 2024, and about 7,400 total cases since Moscow invaded Ukraine in February 2022, according to Mediazona. This spring, Russia is set to call up some 150,000 men for routine, statutory military service, which typically lasts about one year.
Persons: Mediazona, , Christopher Cavoli Organizations: Service, UK Defence Ministry, Russian Ministry of Defense, Business, US Army, NATO Locations: Russia, Ukraine, Moscow, Europe
In recent months, the company has foreshowed it plans to challenge the law on First Amendment grounds. Krishnan said even the national security argument will not withstand legal scrutiny because the Chinese government could easily purchase the same data on Americans through the open market. TikTok’s looming legal challenge will be one of several that could eventually reach the US Supreme Court that could completely redefine online speech. Other high-profile cases that will determine whether social media companies can moderate content on their platforms are also likely to be decided this year. “The rules for online speech are being written by the Supreme Court this year,” Persily said.
Persons: CNN —, Joe Biden, , Shou Chew, TikTok, Ramya Krishnan, Nate Persily, Persily, , Christopher Wray, ” Wray, ” TikTok, ” Persily, Krishnan Organizations: CNN, Communist Party, Columbia University, Stanford, Stanford Cyber Policy, American, FBI, NBC, Supreme Locations: China, Montana, TikTok, American
TikTok’s Pro-China Tilt
  + stars: | 2024-04-24 | by ( David Leonhardt | ) www.nytimes.com   time to read: +1 min
Just a few months ago, it seemed unlikely that the U.S. government would force ByteDance, the Chinese company that owns TikTok, to sell it. The platform is popular, and Congress rarely passes legislation aimed at a single company. If ByteDance does not sell TikTok within 12 months, it will be banned in the United States. TikTok is also owned by a company based in the leading global rival of the United States. And that rival, especially under President Xi Jinping, treats private companies as extensions of the state.
Persons: TikTok, ByteDance, Biden, Xi Jinping, ” Christopher Wray Locations: Ukraine, Taiwan, Israel, United States
Independent presidential candidate Robert F. Kennedy Jr.'s large family keeps speaking against him. Kennedy, whose campaign could hurt Donald Trump's reelection chances, brushed it off in a lengthy social media post highlighting his affection for them. "I hear some of my family will be endorsing President Biden today," Kennedy posted. And we love our president," Christopher Kennedy told Politico shortly after RFK Jr. decided to run as an Independent. Many of his relatives haven't been nearly as kind when speaking out against Kennedy, as seen below:
Persons: Robert F, Kennedy Jr, Joe Biden, Biden's, , Joe Biden's, Biden, Kennedy, Donald Trump's, Christopher Kennedy, haven't Organizations: Service, Democratic, Politico, RFK Jr Locations: Philadelphia
Some companies that are about to report earnings could see a slide in their share prices. With the busiest week of earnings season underway, investors are certainly in for a hectic time. Nearly a third of the companies in the S & P 500 are scheduled to report their earnings this week. CNBC Pro screened the S & P 500 for companies that could see their stocks tumble after earnings. Industrial technology company Rockwell Automation has had its earnings revised downward 29 times in the past three months.
Persons: Myers Squibb, Steve Chesney Organizations: CNBC Pro, Myers, Bristol, Myers Squibb, Rockwell Automation, Gilead Sciences Locations: Bristol, Biopharmaceutical, Gilead
CNN —An email Monday night from Donald Trump – subject line: “My farewell message” – carried a fateful warning to his backers. Throughout the first six days of his trial, Trump’s dramatized retellings of his legal peril have veered considerably from the events actually unfolding in and around Manhattan’s criminal courthouse. In one fundraising email on the first day of his trial, Trump claimed he “stormed out” of the proceedings. With the courtroom quiet Tuesday, Trump flipped through a pile of papers loud enough to hear the pages turning. “I will not have any jurors intimidated in the courtroom,” Merchan said.
Persons: Donald Trump, , Trump, Rather, untethered, , he’s, unremarkably Trump, Judge Juan Merchan, Stormy Daniels, E, Jean Carroll, Merchan, ” Merchan, hasn’t, “ You’re, , Todd Blanche, Christopher Conroy, Blanche, , CNN’s Kate Sullivan, Kristen Holmes, Jeremy Herb, Lauren del Valle, Kara Scannell Organizations: CNN, Trump, Columbia University, Truth, Protesters Locations: Manhattan, Fiji, Lower Manhattan
Germany said on Wednesday that it would resume funding for the main U.N. agency aiding Palestinians in Gaza, known as UNRWA, after an independent review found that Israel had not provided evidence of an allegation that led many donor nations to withdraw support for the agency. The announcement was likely to cause further strain in Germany’s longstanding close ties with Israel, which have deteriorated because of differences over the war in Gaza. Germany, which gave more than $200 million to UNRWA in 2023, is the agency’s second largest donor after the United States, which has also withdrawn its funding and has yet to say whether it will restore it. “The German government has looked closely at the allegations made by Israel against UNRWA and has been in close contact with the Israeli government, the United Nations and other international donors,” read a statement issued by Germany’s foreign and development ministries on Wednesday.
Persons: Israel, Organizations: UNRWA, United Nations Locations: Germany, Gaza, Israel, United States
Israel welcomed a U.S. aid package signed by President Biden on Wednesday that will send about $15 billion in military aid to Israel, increasing American support for its closest Middle East ally despite strains in their relationship over Israel’s prosecution of the war in the Gaza Strip. “Our alliance is ironclad,” Israel Katz, the country’s foreign minister, said in a statement thanking Mr. Biden for signing the legislation. It was part of a long-stalled $95.3 billion in aid that had faced vehement opposition from some Republicans over its support for Ukraine, which is also part of the legislation, as is Taiwan. The aid for Israel includes more than $5 billion to replenish three of the country’s defense systems: Iron Dome, which intercepts rockets that fly in high arcs; David’s Sling, which shoots down drones, missiles and rockets; and Iron Beam, which was designed to use laser beams to destroy incoming projectiles. It also includes $1 billion to enhance the production and development of artillery and munitions and $2.4 billion for American military operations in the U.S. Central Command region, which includes the Middle East as well as parts of South Asia and East Africa.
Persons: Israel, Biden, ” Israel Katz, Mr Organizations: Ukraine, U.S . Central Command Locations: Israel, East, Gaza, Taiwan, South Asia, East Africa
Dan Braido, Audley Wilson and Andy Siegel are the co-founders of RoboBurger, which makes vending machines that dispense customized burgers — a concept they call "the future of fast food." Yet by the end of the episode, O'Leary teamed up with a guest judge, Fanatics CEO Michael Rubin, to offer the RoboBurger founders $1.5 million. Seeking $1.5 million despite no profitsThe trio of founders brought a vending machine for the judges to try. RoboBurger's vending machine on display on the set of ABC's "Shark Tank." At the time of filming, RoboBurger had been in "beta testing" for 18 months, with more than 12,000 burgers sold, the founders said.
Persons: Dan Braido, Audley Wilson, Andy Siegel, Kevin O'Leary, O'Leary, Michael Rubin, Rubin, Cuban, Christopher Willard, hadn't, Siegel, RoboBurger didn't, RoboBurger, Wilson Organizations: RoboBurger, Disney, Sharks Locations: Jersey City , New Jersey
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