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☆ Genius or madness? Why Putin wants an economist to be Russia's new defense minister at a key point in the war
▼ + stars: | 2024-05-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

But Putin's replacement of Defense Minister Sergei Shoigu was unexpected — and his choice of successor, civilian economist Andrei Belousov, was even more of a surprise. Russia's incoming Defense Minister Andrey Belousov. "Belousov's main goal is to secure [Russia's] military needs in terms of arms. The Kremlin announced on Sunday that Shoigu, Russia's defense minister since 2012, had been relieved of his post and would become secretary of Russia's influential Security Council. Prigozhin died last August in a plane crash after a short-lived and ill-fated rebellion against Russia's military leadership.

Persons: Vladimir Putin, Miguel Diaz, Maxim Shemetov, Sergei Shoigu, Andrei Belousov, Belousov, Putin, Andrey Belousov, Shoigu, Belousov's, Dmitry Peskov, Peskov, Uralvagonzavod, Ramil Sitdikov, Staff Valery Gerasimov, Tatiana Stanovaya, Stanovaya, Nikolai Patrushev, Yevgeny Prigozhin, Ukraine —, Prigozhin, Valery Gerasimov, Mikhail Klimentyev Organizations: Cuban, Canel, Reuters, NATO, Institute for, Anadolu, Getty, Kremlin, Russian MoD, Defense Ministry, Sputnik, Afp, Staff, Carnegie Russia Eurasia Center, CNBC, Nazi, Security, Wagner Group, Russian Armed Forces, Russian Defence, Defence Ministry Board, National Defence Control Centre Locations: Moscow, Russia, Ukraine, Washington, Kharkiv, Russian, Urals, Nizhny Tagil, Nazi Germany, Kremlin

☆ Russia's economy can't avoid a crisis forever and it's becoming more vulnerable to shocks, think tank researcher says
▼ + stars: | 2024-05-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewRussia's economy is fragile and policymakers won't be able to stave off a crisis for very long, a think tank researcher argued in a post on Tuesday. AdvertisementRussia's economy has flashed key signs of weaknesses since the West first began imposing sanctions on the nation in 2022. And high interest rates, necessitated by all that inflation, stifle investment in productivity and further distort the economy," Kolyandr said. AdvertisementOther experts have noted that Russia faces a dilemma as it juggles managing its economy and prolonging its war against Ukraine. According to one European economist, the nation has become dependent on war for economic growth, and it can't afford to win or lose the war.

Persons: —, Alexander Kolyandr, Kolyandr, Putin Organizations: Service, Centre for, Kremlin, Business Locations: Russian, Ukraine, Central, Russia, West, Europe

☆ Microsoft and Amazon to invest $5.6 billion into France as Macron courts tech giants
▼ + stars: | 2024-05-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Microsoft said in a statement Monday that it's committing 4 billion euros ($4.3 billion) toward expanding its cloud and AI infrastructure in France, in addition to funding AI skilling and support for France's technology industry. The announcement was made during the "Choose France" summit, a gathering dedicated to encouraging foreign investment in France. Amazon, meanwhile, made a commitment of its own to invest 1.2 billion euros in France. Collectively, the commitments from Microsoft and Amazon to France amount to $5.6 billion of funding. In total, France reportedly bagged a record 15 billion euros of investment commitments from foreign companies at an annual "Choose France" summit on Monday.

Persons: it's, ”, Brad Smith, “, —, Frederic Duval, Duval, Emmanuel Macron, Macron, Redmond Organizations: Microsoft, Amazon, Facebook, FAIR, Mistral Locations: Athens, Greece, France, French, Mulhouse, Amazon's, Paris, Washington, Mistral

☆ Putin axes defense minister, replaces him with an economist
▼ + stars: | 2024-05-13 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Putin replaced his longtime defense minister Sergei Shoigu with an economist Andrey Belousov. AdvertisementRussian leader Vladimir Putin is replacing his longtime defense minister Sergei Shoigu, 68, with an economist. On Sunday, Putin named former deputy prime minister and economic development minister Andrey Belousov, 65, as his new defense chief. Shoigu, who served as defense minister since 2012, now runs Russia's Security Council instead, taking over from Putin ally Nikolai Patrushev. Representatives for Russia's defense ministry didn't immediately respond to a request for comment from BI sent outside regular business hours.

Persons: Vladimir Putin, Putin, Sergei Shoigu, Andrey Belousov, Belousov, —, Dmitry Peskov, Shoigu, Nikolai Patrushev, Peskov, Timur Ivanov, Admiral Sir Tony Radakin, Wagner, Yevgeny Prigozhin, Prigozhin, Shoigu's, It's, didn't Organizations: Sunday, Service, TASS, Russian Ministry of Defense, Security, Putin, Industrial Commission, CNN, BI Locations: Shoigu, Russia, Ukraine

☆ Putin replaces longtime defense minister in surprise move; Russia claims gains as fighting rages in northeast Ukraine
▼ + stars: | 2024-05-13 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Sputnik/Gavriil Grigorov/Kremlin via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. Russian President Vladimir Putin has moved his longtime ally Sergei Shoigu from the defense ministry to Russia's powerful Security Council amid a government reshuffle. Russian economist Andrei Belousov will be Russia's new defense minister, while Shoigu will replace Nikolai Patrushev, another long-standing Putin ally, as the secretary of the powerful Security Council. Shoigu had headed the defense ministry since 2012, going in to the role with no military experience, and oversaw Russia's invasion of Ukraine in February 2022. In other news, Russia's Defense Ministry on Sunday claimed more advances in the Kharkiv area of Ukraine after Russian forces launched a new offensive in the northeastern region.

Persons: Vladimir Putin, Sergei Shoigu, Staff Valery Gerasimov, Staff Sergei Rudskoi, Andrei Belousov, Shoigu, Nikolai Patrushev, Putin, Yevgeny Prigozhin, Prigozhin, Belousov Organizations: Staff, Armed Forces, Sputnik, Security Council, Wagner Group, Kremlin, Russia's Defense Ministry, Sunday Locations: Ukraine, Rostov, Don, Russia, Kremlin, Russian, Kharkiv

President Vladimir V. Putin of Russia replaced his minister of defense on Sunday as he shook up his national security team for the first time since his invasion of Ukraine. Mr. Putin kept the minister, Sergei K. Shoigu, in his inner circle, tapping him to run the country’s security council. Andrei R. Belousov, an economist who served as first deputy prime minister in the last government and previously was the economic development minister, was nominated to become the new defense chief. It is unclear how much authority over the war effort Mr. Shoigu will retain. colleague of Mr. Putin who has headed the Russian security council for 16 years, would be moved to another position to be announced in the coming days.

Persons: Vladimir V, Putin, Sergei K, Andrei R, Shoigu, Nikolai P, Mr Locations: Russia, Ukraine

☆ Sergei Shoigu: Putin replaces Russia’s defense minister with a civilian, citing rising military costs and need for innovation
▼ + stars: | 2024-05-12 | by ( Anna Chernova | ) edition.cnn.com time to read: +3 min

CNN —Russian President Vladimir Putin has replaced his defense minister Sergei Shoigu with a civilian, Andrey Belousov, citing the country’s rising military spending and the need for “innovation.”Shoigu had been “relieved” of his post of Minister of Defense by presidential decree and been appointed Secretary of Russia’s Security Council, Kremlin spokesperson Dmitry Peskov said on Sunday night local time. Shoigu would also become Putin’s deputy in Russia’s Military-Industrial Commission, Peskov said, while Nikolai Patrushev, the previous Secretary of the Security Council, would “transfer to another job.”Belousov, who previously served as first deputy prime minister, is a civilian. “Today on the battlefield, the winner is the one who is more open to innovation,” Peskov said. Peskov added that the new appointment did not signal a shift in Russia’s current military system. In his new role, Shoigu will oversee Russia’s military industrial complex, Peskov said.

Persons: Vladimir Putin, Sergei Shoigu, Andrey Belousov, ” Shoigu, ”, Dmitry Peskov, Shoigu, Peskov, Nikolai Patrushev, ” Belousov, Putin, ” Peskov, It’s, Valery Gerasimov, Shoigu’s, Timur Ivanov, Ivanov, Ukraine –, Wagner, Yevgeny Prigozhin Organizations: CNN, Defense, Russia’s Security, Russia’s, Industrial Commission, Security, Russian Ministry of Defense, of Economic, Staff Locations: Ukraine, Russia

☆ Connecticut takes aim at the college affordability crisis — 'We're trying to do everything we can,' governor says
▼ + stars: | 2024-05-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Hartford, Connecticut Sean Pavone | Istock | Getty ImagesWhen it comes to improving access to higher education, each state is largely left to its own devices. Connecticut, for example, recently rolled out several programs to establish pathways to college and lower the debt burden. Free college program"We're trying to do everything we can to make education less expensive to start with," Lamont said. Like a growing number of states, Connecticut recently introduced a free tuition program for students attending community college either full- or part-time. In Connecticut, students receive "last-dollar" scholarships, meaning the program pays for whatever tuition and fees are left after federal aid and other grants are applied.

Persons: Hartford , Connecticut Sean Pavone, Anthony Carnevale, Ned Lamont, Here's, Lamont, Joe Biden, Terrence Cheng, Sandy Baum, Baum Organizations: Istock, Georgetown's Center, Education, Workforce, CNBC, Free, Finance, Harvard, State Colleges, Urban Institute's Center Locations: Hartford , Connecticut, Connecticut, , Connecticut

☆ India’s time zone: Why the world’s most populous country has a unique one
▼ + stars: | 2024-05-09 | by ( Dhruv Tikekar | ) edition.cnn.com time to read: +8 min

India’s half-hour zone dates back to colonial rule of India and the era when ever-faster steamships and trains were shrinking the world. The start of the 20th century saw some push from scientific associations to calibrate India’s time to GMT. That recommendation was rejected by the colonial government, which opted for a unified time that sat squarely in the middle: five and a half hours ahead of GMT. In 2015, North Korea moved out of sync with South Korea by creating “Pyongyang Time,” putting the country eight and a half hours ahead of GMT instead of nine. India’s colonial-era time zone decision making, however, reflected a chorus of political, scientific and commercial voices both from within the government and outside of it, Gordon says.

Persons: Hulton, ”, Geoff Gordon, Gordon, “, it’s, Wong Maye, Hugo Chávez, Nicolas Maduro, Terry Gilliam, Rube Goldberg, Maulik Jagnani, Jagnani Organizations: CNN, East India Company, Hulton Deutsch, University of Amsterdam, Madras, Washington D.C, Greenwich Meridian, Greenwich Observatory, Meridian, Royal Society, Prime Meridian, Physical Laboratory, Tufts University, NPL Locations: New York, London, Tokyo, Iran, Myanmar, Australia, India, British, Madras, Chennai, “, Bombay, Kolkata, Washington, London ., Greenwich, North Korea, South Korea, Korea, Pyongyang, Brazil, ”, Greenwich , London, China, Assam, Arunachal Pradesh, Gujarat

☆ A Highway Split Their Community. Efforts to Fix That Face Opposition.
▼ + stars: | 2024-05-07 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Steps from his front yard, thousands of cars rumble past each day as they travel along the Kensington Expressway, an expansive six-lane highway that slices through his neighborhood on Buffalo’s East Side. It has also posed a physical barrier, making it harder for residents to reach grocery stores and parks. State officials say the $1 billion project, backed by a $55.6 million federal grant, will enhance pedestrian access and stimulate economic growth. They include Mr. Richardson, 69, a retired electrician who moved to the neighborhood nearly a decade ago. He said that he did not think covering a section of the highway would do much to improve the area’s air quality and that he would rather see the highway completely torn out.

Persons: David Richardson, Richardson Organizations: Biden, Mr Locations: Kensington, Buffalo, . New York State

☆ China's trade war with the US is unlikely to cool down this election year, so it's working on Europe instead
▼ + stars: | 2024-05-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary. "I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told La Tribune Dimanche, per a Bloomberg translation. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe." China has pushed back on the West's claims of overcapacity, accusing the bloc of being protectionist and of trying to curb China's economic development. However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine.

Persons: —, Janet Yellen, Olaf Scholz, Xi Jinping's, Emmanuel Macron, Macron, Matt Geraci, Geraci, Ursula von der Leyen, Von, Leyen, Léonie Allard, Allard, Xi Organizations: Service, State Authority, European Union, Business, La Tribune Dimanche, Atlantic, Associated Press, European, overcapacity, Council's Locations: China, France, Serbia, Hungary, European, Germany, Europe, Beijing, Washington, Russia, Ukraine

☆ These sisters became co-owners of the family farm at 22 and 24, joining the ranks of women as key decision-makers on farms
▼ + stars: | 2024-05-05 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +7 min

Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey. Courtesy: Alstede FarmsSisters Rebekah Alstede Modery and Sarah Alstede were raised on a New Jersey farm. In February, the sisters joined their father, Kurt Alstede, and their stepmother, Mary Thompson-Alstede, as co-owners of Alstede Farms. 'A huge undertaking' as a familyCo-owners of Alstede Farms from left to right: Mary Thompson-Alstede, Rebekah Alstede Modery, Kurt Alstede and Sarah Alstede. Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey.

Persons: Rebekah Alstede Modery, Sarah Alstede, Rebekah, Kurt Alstede, Mary Thompson, It's, Dominique Sims, NASS, Agriculture hasn't, Inwood, Lance Honig, Sarah, that's, Bernt Nelson, Rachel Schattman, Alstede Organizations: Delaware Valley University, CNBC, Centenary University, Alstede, National Agricultural Statistics Service, U.S . Department of Agriculture, The Ohio State University, Agriculture, Agricultural Resource Management, USDA Economic Research Service, American Farm Bureau Federation, University of Maine, Farmers Locations: Chester , New Jersey, New Jersey, Sarah, Agriculture, U.S

☆ Even With Gaza Under Siege, Some Are Imagining Its Reconstruction
▼ + stars: | 2024-04-28 | by ( Peter S. Goodman | ) www.nytimes.com time to read: +1 min

They were there to plan for the reconstruction and long-term economic development of Gaza. Gaza was under relentless bombardment by Israeli military forces in response to terrorist attacks launched by Hamas in October. Communities throughout the territory were being reduced to rubble, and tens of thousands of people had been killed. The group included senior officials from American and European economic development agencies, executives from Middle Eastern finance and construction companies, two partners from the international consulting firm McKinsey & Company, and a managing director of the World Economic Forum. Officially, they were attending only as individuals, not as representatives of their institutions.

Organizations: Middle, McKinsey & Company, Economic Locations: London, East, Europe, United States, Gaza

☆ Saudi Arabia's oil giant boss speaks up for China, saying its massive production of solar panels and EVs helps affordability
▼ + stars: | 2024-04-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable. Saudi Arabia is fostering closer ties with China and wooing Chinese investments and business partnerships. Unlike the West, Saudi Arabia is cozying up to China. "There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. In March last year, China brokered a détente between Saudi Arabia and Iran, prompting concerns over waning US influence in the Middle East.

Persons: Amin Nasser, Nasser, China's overcapacity, Janet Yellen, Olaf Scholz, China Nasser's, Faisal Alibrahim, Alibrahim, Jon Alterman Organizations: Saudi, Service, Saudi Aramco, World Energy, Financial Times, West, Nikkei, Aramco, Center for Strategic, International Studies, China Economic, Security Locations: China, Saudi Arabia, Saudi Aramco, Saudi, Rotterdam, East Asia, Beijing, Saudi Arabian, Iran, United States

☆ How 2 participants in Houston's basic-income program plan to spend the $500 a month: 'When you live paycheck to paycheck, it's horrible'
▼ + stars: | 2024-04-23 | by ( Allie Kelly | Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

He knows the GBI money will help him breathe a little easier. Uplift Harris' program will begin payments in the meantime, according to the office of Precinct 1 Commissioner Rodney Ellis. Uplift Harris participants hope the program will make them more financially stableGuaranteed basic income is an increasingly popular solution to combat poverty in US cities. GBI participants have previously told BI that they used the funds to secure housing and food, pay off debt, and afford school supplies for their children. Have you benefited from a guaranteed basic income program?

Persons: —, Delwin Sutton, doesn't, Sutton, Ken Paxton, Harris, Paxton, Rodney Ellis, Sutton doesn't, Dustin Palmer, We've, Palmer, Jay Carter, isn't, Carter, Still, Harris County Attorney Christian D, Menefee Organizations: Service, Business, Harvard, Yale, Texas Attorney, Services, American, Republican, Harris County Attorney, Austin, South Dakota Republicans, doesn't Locations: Houston, Harris, Harris County, GBI, Texas, Austin, San Antonio, El Paso County, The Arizona, South Dakota, Iowa

☆ To my son, born in the climate crisis: These helpers changed the fate of the titi
▼ + stars: | 2024-04-22 | by ( Bill Weir | ) edition.cnn.com time to read: +10 min

As River Weir has grown, Bill has been collecting stories of hope, resilience and Earth repair to share with him. “I became really frustrated by the lack of transparency,” Charlie told me. And at an expo in 2006, the fate of the titis turned for the better when the Vargas family walked in. But when she needed $1.2 million to buy nearly 1,000 acres of neighboring ranchland, Chris needed to find more helpers. “It may take a day to cut a hectare of forest,” she told me as we hiked past her plantings and into a meticulous greenhouse.

Persons: Bill Weir’s, Mister Rogers, Weir, Bill, Bill Weir, ” Rosamira Guillen, ”, Rosamira Guillen, Julian Quinones, titi, Rosamira, Charlie Knowles, Richard Nixon’s, Charlie, Laurie Marker, “ I’m, “, Akiko Yamazaki, John Lukas – Charlie, WCN, Rosamina, ” Julian Quinones, Jane Goodall, Vargas, Kira, Chris Vargas, ‘, Steve Jobs, ” Chris, Chris, CNN Bill, Olivia Organizations: CNN, Wildlife Conservation Network, expos Locations: . Dear, South America, Colombia, Barranquilla, American, Namibia, Silicon Valley, ranchland

☆ Offshore wind projects have been dogged by inflation and culture wars. Now they’re making a comeback
▼ + stars: | 2024-04-18 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —After a disastrous year marked by high costs, accusations of environmental harm and project cancellations in 2023, there’s a sense the US offshore wind industry is on a rebound. But offshore wind is increasingly Trump-proof, according to a top White House climate official, wind CEOs and an industry analyst. “This year will be a significant year for offshore wind development,” BOEM director Elizabeth Klein told CNN in a statement. The US supply chain for offshore wind is still being built; therefore, projects are turning to European manufacturers to get blades, gearboxes, and other components. Now, he said, Northeast governors “just want to make sure their states have energy.”New York has been aggressively pursuing offshore wind projects, rebidding previously canceled projects and accepting those projects at higher prices.

Persons: ”, Sam Huntington, “, aren’t, Donald Trump –, Trump, Ali Zaidi, that’s, ” Zaidi, we’ve, Zaidi, “ We’re, ” Huntington, Elizabeth Klein, Matthew J, Lee, There’s, Clint Plummer, ” Plummer, Pedro Azagra Blázquez, ” Blázquez, rebidding, Plummer, they’re Organizations: CNN, P, White House, White, Biden, US Bureau of Ocean Energy Management, Vineyard, New, Boston Globe, Power Locations: Wisconsin, Trump, Europe, Gulf of Maine, Oregon, New Bedford, Massachusetts, Huntington, New York, Danish, Asia, Friendly, New England, York

☆ A beheading meme and 'Mark Ruffalo, naked' — how 'anti-Trump' posts got 5 New Yorkers booted from the hush-money trial
▼ + stars: | 2024-04-17 | by ( Laura Italiano | ) www.businessinsider.com time to read: +9 min

She was the first of the prospective jurors who were challenged by Trump's defense team on Tuesday over their "anti-Trump" social media. AdvertisementThe prospective juror, identified only as "B-133," had clearly "attended an "anti-Trump rally," defense lawyer Susan Necheles protested. When it was released in 2016, the clip was shared on the Facebook account of the husband of prospective juror B-330. "I would have to say that politically, yes, I do," the prospective juror answered. "Boys request to return to cave"The final prospective juror questioned on their social media posts was a retired grandmother from Manhattan's Lower East Side.

Persons: —, Trump, Mark Ruffalo, Donald Trump's, Juan Merchan deadpanned, Todd Blanche, who'd, Joe Biden's, Susan Necheles, Joshua Steinglass, stammered, Blanche, he'd, DJT, Donald Trump, Robert Downey Jr, Neil Patrick Harris, Donald Trump …, sheepishly, Barack Obama, Trump's, Steinglass, Biden, Harris, Blanche complainingly, Blanche huffed Organizations: Service, Trump, Business, Yorkers, Facebook, Economic Development Corporation, Biden, Thai, White, Republicans Locations: New York City, Midtown, Manhattan's, Thailand, Trump

☆ Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis
▼ + stars: | 2024-04-12 | by ( Heather Chen | ) edition.cnn.com time to read: +12 min

The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system. But Vietnamese political experts said a permanent appointment would not end the instability.

Persons: Truong My Lan, Van Thinh, siphoned, “, Eric Chu, Vietnam’s, Vo Van, Trong, Thuong, Vo Van Thuong, Richard A, Brooks, Nguyen Xuan Phuc, Pham Binh, Le Hong Hiep, Yusof, ” Hiep, ”, Thu, General Trong, Xi Jinping, ” Zachary Abuza, Salt Bae, Lam, ” Abuza, Nguyen Phu Trong, Evelyn Hockstein, Abuza, Bui Thanh Soh, ” Soh, Vo, Xuan, Thuong’s, Le Hong Organizations: CNN, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, SCB, Express, Communist Party, Institute, Crisis Group, National War College, Vietnamese Communist Party, Public Security, Vietnam, International Monetary Fund, Companies, Apple, Intel, Vietnam's Communist Party General, Yusof, Brookings Institution, “, Crisis Locations: Vietnam, Saigon, People’s, Ho Chi Minh City, Hong Kong, Duc, Singapore, Asia, China, Washington, “, London, Turkish, Hanoi, Bangkok

The Denver-Boulder metro region in Colorado is among the winners in the migration shuffle. Led by Denver and Boulder, Colorado has built a thriving tech industry ecosystem attracting both startups and tech giants — Google, Amazon and Salesforce all now have a major presence in the area. CNBCOver the last five years, about $17 billion in VC funding has poured into the area, according to research firm CB Insights. While the Denver startup community has seen dramatic expansion, it hasn't made as much progress on diversifying its business community. However, even the top 10 cities for Black-owned business growth in the study fall far short of corresponding metro population metrics.

Persons: Niji Sabharwal, Sabharwal, Jared Polis, Dan Caruso, CNBC's Carl Quintanilla, Caruso, hasn't, Zaneta Kelsey, Donavan Bennett, Bennett Organizations: Rockies, CNBC, Denver, Google, Colorado Office, Economic Development, International Trade, Boulder, Zayo, Brookings Institute Locations: CNBC's, U.S, California, Denver, Boulder, Colorado, San Francisco, High City, It's, Boulder , Colorado, Black

☆ Norfolk Southern reaches $600 million settlement to settle East Palestine derailment suit
▼ + stars: | 2024-04-09 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

But Norfolk Southern didn’t admit to any liability or wrongdoing as a result of the settlement. Following the February 3, 2023, Norfolk Southern freight train derailment, residents were ordered to evacuate temporarily. But several class-action lawsuits say the company hasn’t done enough to remediate the toxic chemicals released into the area. They also blamed Norfolk Southern for negligence. Shares of Norfolk Southern (NSC) fell 2% in premarket trading.

Persons: “, ”, Seth Katz, Burg Simpson Eldredge Hersh, Jardine, Elizabeth Graham of Grant, Eisenhofer, Jayne Conroy, Simmons Hanly Conroy, Michael Morgan, Morgan, Norfolk Southern Organizations: New, New York CNN, Norfolk Southern, Norfolk, National Transportation Safety, Senate Locations: New York, Palestine , Ohio, State, East Palestine

☆ Texas AG sues county over Houston-area guaranteed income program giving participants $500 a month no strings attached
▼ + stars: | 2024-04-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Read previewThe Texas Attorney General's office sued Harris County, which contains Houston, over its new guaranteed income pilot that would give nearly 2,000 residents $500 a month for 18 months with no strings attached. The state is seeking to block Harris County from giving its first payments to participants, which are slated to start in April. In response, Harris County Attorney Christian D. Menefee said that the lawsuit is "nothing more than another attack" on the county government. The Austin Guaranteed Income Pilot has distributed $1,000 a month to 135 low-income families, who reported using their money for housing, food, and other daily costs. Republican lawmakers are trying to ban guaranteed income programs in states such as Arizona, Iowa, South Dakota, and Wisconsin.

Persons: —, Ken Paxton, Harris, Harris County Attorney Christian D, Menefee, Dustin Palmer, Paxton, Sen, Paul Bettencourt Organizations: Service, Texas, Business, American, Harris County Attorney, Republican, Austin Locations: Harris, Houston, Texas, Harris County, Austin, Arizona , Iowa, South Dakota, Wisconsin

☆ China is producing too much stuff. The West is worried.
▼ + stars: | 2024-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.

Persons: —, Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ Fed's Mester still expects rate cuts this year, but rules out May
▼ + stars: | 2024-04-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Cleveland Federal Reserve President Loretta Mester said Tuesday she still expects interest rate cuts this year, but ruled out the next policy meeting in May. Should that continue, rate cuts are likely, though she didn't offer any guidance on timing or extent. While looking for rate cuts, Mester said she thinks the long-run federal funds rate will be higher than the long-standing expectation of 2.5%. After the March meeting, the long-rate rate projection moved up to 2.6%, indicating there are other members leaning higher. Mester noted the rate was very low when the Covid pandemic hit and gave the Fed little wiggle room to boost the economy.

Persons: Loretta Mester, Mester Organizations: Cleveland Federal, Market Locations: Cleveland

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