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☆ Jack Dorsey said Twitter's board 'has always been a problem' and that he plotted his exit from the firm because of its activist investor
▼ + stars: | 2024-05-10 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Jack Dorsey said Twitter's board — and its activist investor — prompted him to plan an exit from the firm. "I was happy to see it end," Dorsey said of the board when Elon Musk took Twitter private. AdvertisementDorsey told Solana that earlier on, he'd tried to bring Musk onto Twitter's board but was stopped twice. In April 2022, Musk joined Twitter's board of directors after taking a 9.2% stake in the company. But Dorsey said he was also unhappy with the board because of an activist investor seeking to boot him, he said.

Persons: Jack Dorsey, —, Dorsey, Elon Musk, Mike Solana, Parag Agrawal, Solana, he'd, Musk, Paul Singer, Elliot Management's, It's, Dorsey didn't, Bluesky, Donald Trump, Nick Fuentes Organizations: Elon, Twitter, Service, Fund, Elliott Management

☆ Cass Elliot’s Death Spawned a Horrible Myth. She Deserves Better.
▼ + stars: | 2024-05-09 | by ( Lindsay Zoladz | ) www.nytimes.com time to read: +1 min

Onstage with her group the Mamas & the Papas at the Monterey International Pop Festival in June 1967, Cass Elliot, the grand doyenne of the Laurel Canyon scene, bantered with the timing of a vaudeville comedian. “Somebody asked me today when I was going to have the baby, that’s funny,” she said, rolling her eyes. The unspoken punchline — if you could call it that — was that she had already given birth to a daughter six weeks earlier. July 29 is the 50th anniversary of her untimely death at 32, a tragedy that still spurs unanswerable questions. Might Elliot, who was one of Johnny Carson’s most beloved substitutes, have become the first female late-night talk show host?

Persons: Cass Elliot, “, ”, —, Owen Elliot, Kugell, ” Elliot, Elliot, Johnny Carson’s Organizations: Mamas, Monterey, Pop Festival, Sunset Locations: Laurel, Los Angeles

Great Barrier Reef, Australia CNN —As the early-morning sun rises over the Great Barrier Reef, its light pierces the turquoise waters of a shallow lagoon, bringing more than a dozen turtles to life. CNN witnessed bleaching on the Great Barrier Reef in mid-February, on five different reefs spanning the northern and southern parts of the 2,300-kilometer (1,400-mile) ecosystem. “It’s a die-off,” said Professor Ove Hoegh-Guldberg, a climate scientist at the University of Queensland in Australia and chief scientist at The Great Barrier Reef Foundation. Our destination is Lady Elliot Island, a remote coral cay perched on top of the southern end of the Great Barrier Reef. — Lady Elliot Island Eco Resort Guano miners once stripped Lady Elliot Island of its topsoil.

Persons: Elliot Island, ”, Kate Quigley, “ We’re, Ove Hoegh, I’m, Guldberg, ‘, Elliot, Peter Gash, “, ” Gash, Lady Elliot, ” Peter Gash, CNN Gash, Derek Manzello, Peter Harrison, “ We’ve, ” Harrison, ” David Ritter, ” Ritter, David Wachenfeld Organizations: Australia CNN —, Atmospheric Administration, NOAA, CNN, Minderoo, University of Queensland, Eco, Reef Watch, Southern Cross University, Australian Institute of Marine Science, Greenpeace, Australia CNN Scientists, AIMS Locations: Australia, El, Brisbane, Queensland, Red Sea, Indonesia, Seychelles, Caribbean, Florida, “, New South Wales, Greenpeace Australia, Briggs, Elliot Island

Microsoft and a major chemical stock were among Friday's biggest analyst calls. He also lowered his price target by $1 to $25, which implies shares can fall roughly 19% from Thursday's close. Sandler increased his price target by $27 to $200, which implies 26.6% potential upside. JPMorgan: Analyst Mark Murphy added $30 to his price target, which is now at $470. He also hiked his price target to $61 from $55, which implies upside of 8% going forward.

Persons: Morgan Stanley, Mobileye, Adam Jonas, Jonas, — Pia Singh, Stifel, Stanley Elliot, Elliott, Alphabet's, Oppenheimer, Jason Helfstein, Ross Sandler, Sandler, Brent Thill, Google's, Justin Post, Post, Wall, Raimo Lenschow, Wells, Michael Turrin, MSFT, Turrin, Mark Murphy, Murphy, Keith Weiss, Weiss, Jeffrey Zekauskas, Zekauskas, Dow, Fred Imbert Organizations: CNBC, Microsoft, JPMorgan, Dow Inc, TAM, Caterpillar, Google, Barclays, –, Jefferies, Bank of America, DOW Locations: Israel, Thursday's, reaccelerate, Wells Fargo

☆ Barclays swings back to profit in first quarter amid strategic overhaul
▼ + stars: | 2024-04-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies. The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.

Persons: C.S, Venkatakrishnan, — CNBC's Elliot Smith Organizations: LONDON, Barclays, Reuters, Tesco Bank, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank

☆ Lionel Messi produces virtuoso MLS performance with two goals and assist in Inter Miami’s 3-1 victory over Nashville SC
▼ + stars: | 2024-04-21 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

CNN —Lionel Messi once again produced a virtuoso performance for Inter Miami, scoring two goals and providing the assist for Sergio Busquet’s strike in his club’s 3-1 victory over Nashville SC. Since joining Inter Miami last July, Messi has lit up the MLS and on Saturday he became the first player in the league to make multiple goal contributions in five of a season’s first six games. Inter Miami earned a 3-1 victory over Nashville SC. “I’m very happy (to get the assist from Messi),” Busquet told reporters, per ESPN, after scoring his first goal for Miami. We need to keep working to keep meeting our objectives.”And the Argentine superstar confirmed Inter Miami’s win in the 80th minute when he coolly converted a penalty to give his team a 3-1 lead that Nashville could not overturn.

Persons: Lionel Messi, Sergio Busquet’s, Messi, Franco, Elliot Panicco, Luis Suárez, Doug Murray, Suárez, “, ” Busquet Organizations: CNN, Inter Miami, Nashville SC, MLS, Eastern Conference, Chase Field, Nashville, Miami, Miami . Inter Miami, Messi, ESPN, Inter Miami’s Locations: Barcelona, Miami, Argentine

☆ Opinion: Shaking off the Trump effect
▼ + stars: | 2024-04-21 | by ( Richard Galant | ) edition.cnn.com time to read: +19 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. CNN —“We are most deeply asleep at the switch,” wrote Annie Dillard, “when we fancy we control any switches at all. When the Senate voted to send new aid to Ukraine, Israel and Taiwan two months ago, House Speaker Mike Johnson took no action. With the help of Democrats, the House approved aid to Ukraine, Israel and Taiwan on Saturday. Writing for CNN Opinion, he emphasized that there are legal principles that require universities to prohibit expressions of antisemitism.

Persons: CNN —, ”, Annie Dillard, “, time’s, —, Mike Johnson, Donald Trump, Joe Biden, Trump, Biden, Sleepy Joe ”, Israel, Johnson, MAGA, Julian Zelizer, Walt Handelsman, Marjorie Taylor Greene’s, Kevin McCarthy’s, Clay Jones, Fareed Zakaria, Alejandro Mayorkas, “ Biden, ” Zakaria, Bill Clinton, ” Trump, Jack Ohman, Agency Donald Trump’s, dozed, Elliot Williams, Patrick T, Brown, …, ‘, ’, Attorney Alvin Bragg, ” Will, Jeffrey Abramson, ” “, Norm Eisen, Stormy Daniels, ” Eisen, Michael Cohen, Elie Honig, Frida Ghitis, Benjamin Netanyahu, ” Lisa Benson, GoComics.com Peter Bergen, Daniel R, DePetris, Dean Obeidallah, Susanne DeWitt, ” David Schizer, ” Schizer, Danielle Campoamor, Caitlin Clark, Simone Biles, Campoamor, Latika Bourke, John Howard, Justin J, Pearson, Winston Churchill, Holly Thomas, Boris Johnson, Rishi Sunak’s, It’s, ” Thomas, YouGov, ” Don’t, Drew Sheneman, Agency David M, Perry, Frankie de la, Angel Reese, Roy Schwartz, Joni Mitchell —, Raul A, Reyes, Sonia Sotomayor, Jules Boykoff, Jaime M, Valiathan, Ed Manning, Sara Stewart, Noah Berlatsky, Taylor Swift Amy Bass, Taylor Swift, Swift, Department ”, ” Bass, “ Swift, Joe, Alwyn, Diana, they’re, Clara Bow, Dylan Thomas, Patti Smith — Organizations: CNN, Republicans, MAGA Republicans, Agency, Congress, Biden, Homeland, National Guard, ‘, Manhattan, Attorney, New York Democrats, Twitter, Facebook, New York Times, Trump, Berkeley, Nazism, Columbia, Nike, Team USA, Sydney, Port, Conservative, Squadron, Royal Auxiliary Air Force, Central Press, Hulton, National Health Service, WNBA, Ungentlemanly, Department Locations: Ukraine, Israel, Taiwan, Manhattan, Iran, Russia, China, ‘, New, CNN Iran, “ Israel, Gaza, Israeli, Damascus, Iraq, America, Dearborn, Nazi Germany, Berkeley , California, Berkeley, East Bay, Sydney, Port Arthur, Tennessee, Surrey, Croydon, Quebec, Britain, Vancouver, London, Welsh

Donald Trump's Truth Social posts repeating unsubstantiated claims about potential jurors is "baiting" Judge Juan Merchan into acting and "thumbing his nose at the system," Elliot Williams, CNN legal analyst, said. "However, it is not entirely straightforward under New York law what happens next," Williams added. Prosecutors say Trump has violated his gag order seven more times, pointing to posts online and calling the situation "ridiculous." Williams notes that despite the repeated violation allegations, Merchan can't just throw Trump in jail. The judge has to bring Trump in for a hearing and he has to decide if it's a civil or criminal proceeding.

Persons: Donald Trump's, Juan Merchan, Elliot Williams, Williams, Trump, Merchan, he's Organizations: CNN, Prosecutors, Trump Locations: York

☆ Time’s 100 Most Influential People: Five icons you should know from the 2024 list
▼ + stars: | 2024-04-18 | by ( Leah Asmelash | ) edition.cnn.com time to read: +7 min

TIME released its list of the 100 Most Influential People for 2024 on Wednesday. The annual list, which asks cultural and political icons to highlight the changemakers of the past year, features dozens of athletes, entertainers, artists and politicians. Beninese music legend Angélique Kidjo wrote about Nigerian artist Burna Boy, who in turn wrote about rapper 21 Savage. Shawn Fain, UAW PresidentPresident Joe Biden wrote about Shawn Fain, president of the United Auto Workers, for TIME. Mohammed Abed/AFP/Getty ImagesAt just 25 years of age, Motaz Azaiza is the youngest person on this year’s TIME list.

Persons: Alex Rodriguez, Patrick Mahomes, Amy Poehler, Maya Rudolph, Raquel Willis, Elliot Page, Angélique Kidjo, Burna Boy, Taraji P, Henson, Coleman Domingo, Shawn Fain, Joe Biden, Tom Williams, ” Fain, Biden, “, —, Fain, ” Biden, Motaz Azaiza, Yasmeen Serhan, Mohammed Abed, Azaiza, Instagram, ” Serhan, CNN —, ” Azaiza, ” Jenni Hermoso, Jenni Hermoso, Mana Shim, Fran Santiago, Luis Rubiales, Hermoso’s, Rubiales, Hermoso, “ Hermoso, ” Shim, Sakshi Malik, Nisha Pahuja, Brij Bhushan Sharan Singh, Manish Rajput, Malik, Singh, ” Malik, Bhushan Sharan Singh’s, ”, Yulia Navalnaya, Russia’s, Alexei Navalny, Kamala Harris, Monika Skolimowska, Alexey Navalny, Putin, “ Putin, Navalnaya, “ Navalnaya, ” Harris Organizations: CNN, TIME, United Auto Workers, UAW, Toyota, Honda, Hyundai, Getty, “, UEFA Women's Nations League, UEFA, Spanish Women’s National Team, FIFA, Wrestling Federation of India, India Today, Delhi Locations: Dua Lipa, Gaza, AFP, Palestinian, Spanish, American, Indian, Rio ., Europe, Berlin, Paris, Hague, ”, Russian, Russia

☆ Opinion: Trump might have dozed off in court. Here’s how that could come back to bite him
▼ + stars: | 2024-04-18 | by ( Opinion Elliot Williams | ) edition.cnn.com time to read: +7 min

Still, the question remains: Can Trump consistently stay awake through the long slog of a criminal trial? Still, it was a striking image that simulcast three individuals in one: a criminal defendant; one of the most powerful people on the planet; and a napping old man. Not everyone is so lucky when those around them fall asleep in court. A defendant whose liberty is on the line would be well advised to find out a way to stay awake. (Some judges might frown upon a defendant chewing gum in court, but sleep specialists have identified plenty of other ways to stay awake, some of them courthouse-friendly.)

Persons: Elliot Williams, Donald Trump, Trump, Maggie Haberman, Thursday’s, Pope Benedict XVI, Silvio Berlusconi dozed, George W, Ruth Bader Ginsburg, snoozing, “, it’s, ” Organizations: CNN, Justice Department, Twitter, Trump, The New York Times, “, Italian, Bush Presidential, Supreme, Union Locations: Raben, Manhattan, United States, Malta

☆ Coral bleaching: Ocean heat is driving a mass bleaching event, and it could be the worst on record
▼ + stars: | 2024-04-15 | by ( Rebecca Wright | ) edition.cnn.com time to read: +6 min

CNN —Coral reefs around the world are experiencing a mass bleaching event as the climate crisis drives record-breaking ocean heat, two scientific bodies announced Monday — with some experts warning this could become the worst bleaching period in recorded history. If ocean temperatures don’t return to normal, bleaching can lead to mass coral death, threatening the species and food chains that rely on them with collapse. Professor Ove Hoegh-Guldberg, a climate scientist specializing in coral reefs based at the University of Queensland in Australia, predicted this mass bleaching event months ago. In February, scientists at the Coral Reef Watch program at NOAA added three new alert levels to the coral bleaching alert maps, to enable scientists to assess the new scale of underwater warming. Bex Wright/CNNIn mid-February, CNN witnessed extensive coral bleaching on Australia’s Great Barrier Reef – the world’s largest coral reef system – on five different reefs spanning the northern and southern areas.

Persons: ” Derek Manzello, Ove Hoegh, “, Guldberg, ”, Lillian Suwanrumpha, Niña, El, Manzello, ” Manzello, Lady Elliot, Bex Wright, Selina Stead, ” Stead, David Ritter Organizations: CNN, Atlantic, National Oceanic, Atmospheric Administration, Reef, Reef Watch, Pacific, University of Queensland, NOAA, Getty, Niña, Australian Institute of Marine Science, Park Authority, AIMS, UN, Greenpeace Locations: Pacific, Florida, Caribbean, Mexico, Brazil, Australia, Persian Gulf, Indonesia, Africa, Seychelles, Raja Ampat, Indonesia's West Papua, AFP, El, Lady, Greenpeace Australia

☆ Liverpool ‘lost the plot’ after being rocked by Atalanta in Europa League quarterfinal
▼ + stars: | 2024-04-12 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

CNN —Liverpool and its manager Jürgen Klopp were left stunned after losing 3-0 at home in the first leg of its Europa League quarterfinal against Italian side Atalanta on Thursday. Atalanta, currently sixth in Serie A, could have scored more at Anfield had it not been for Liverpool goalkeeper Caoimhin Kelleher. But Atalanta broke the deadlock in the 38th minute when Gianluca Scamacca’s effort found a way past Kelleher. The goal sparked panic at Anfield as Liverpool went searching for a goal to help reduce the deficit. Fans had earmarked the Europa League final in Dublin, Ireland, as Klopp’s potential last game in charge, but those plans now seem in jeopardy.

Persons: Jürgen Klopp, Caoimhin Kelleher, ” Klopp, “, Atalanta, Kelleher, Mario Pašalić, Darwin Núñez, Harvey Elliot, Gianluca Scamacca’s, Teun Koopmeiners, Visionhaus, Klopp, Mohamed Salah, Juan Musso, Scamacca, Salah, Pašalić, Europe –, Liverpool’s, it’s, ” Organizations: CNN, Liverpool, Europa League, Italian, Atalanta, Serie, Anfield, English Premier League –, Arsenal, Reds, Barcelona, Champions League, Premier League, Crystal Locations: Liverpool, Anfield, Italy, Europe, Klopp, Dublin, Ireland

☆ 'Lose-lose situation': New Swiss bank laws could derail UBS' challenge to Wall Street giants
▼ + stars: | 2024-04-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.

Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland

☆ Ukraine war live updates: Ukraine accused of another nuclear plant drone strike; Flooding worsens in Russia's Orenburg
▼ + stars: | 2024-04-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A view shows the Zaporizhzhia Nuclear Power Plant during the visit of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. Officials at the Russian-controlled Zaporizhzhia nuclear plant in southern Ukraine on Tuesday accused Kyiv of a further drone attack, after an unmanned aerial vehicle allegedly fell onto the roof of its training centre. Kyiv has denied that it is behind a series of strikes on Europe's largest nuclear plant in recent days that prompted the International Atomic Energy Agency to sound the alarm over nuclear safety, and has instead accused Moscow of using the seized facility as a propaganda platform. U.S. State Department Spokesman Matthew Miller on Tuesday called on Russia to end its militarized occupation of the facility and said Moscow is "playing a very dangerous game,"Meanwhile, Russian authorities continue to battle historic flooding in the southern region of Orenburg. More than 300 homes have been flooded and there's an order in place to evacuate more than 100,000 people as water levels in the Ural River continue to rise rapidly.

Persons: Matthew Miller Organizations: International Atomic Energy Agency, . State Locations: Russia, Ukraine, Zaporizhzhia, Russian, Kyiv, Moscow, Orenburg

☆ Bernanke Review: How the former Fed boss could shake up the Bank of England
▼ + stars: | 2024-04-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Former Federal Reserve Board Chair Ben Bernanke speaks during a discussion on "Perspectives on Monetary Policy" during the Thomas Laubach Research Conference at the Federal Reserve Board building in Washington, DC, May 19, 2023. LONDON — The Bank of England will on Friday publish a long-awaited review by former Federal Reserve Chair Ben Bernanke that could lead to significant changes in its monetary policymaking. The review was launched last summer to assess the Bank's struggles to accurately project the huge global spike in inflation, following Russia's invasion of Ukraine. The first deals with how the Bank of England communicates uncertainty around its central forecasts. The "fan chart" is the Bank's long-held method of presenting the probability distribution that forms the basis of its inflation forecasts.

Persons: Ben Bernanke, BOE, Goldman Sachs, Bernanke, Goldman, Jari Stehn, James Moberly, Stehn Organizations: Federal Reserve, Thomas Laubach Research, Federal Reserve Board, LONDON, Bank of, Federal, MPC, Bank of England, Bank Locations: Washington , DC, Bank of England, Ukraine

☆ Opinion | What War by A.I. Actually Looks Like
▼ + stars: | 2024-04-10 | by ( David Wallace-Wells | ) www.nytimes.com time to read: +2 min

apocalypse — visions that sometimes featured autonomous weapons systems going rogue — you might have expected an enormous and alarmed response. Instead, the report that a war was being conducted partly by A.I. Perhaps that was partly because — to an unnerving degree — experts accept that forms of A.I. are already in widespread use among the world’s leading militaries, including in the United States, where the Pentagon has been developing A.I. Many of us still regard artificial intelligence wars as visions from a science-fiction future, but A.I.

Persons: Yuval Abraham, A.I, Obama, It’s, ” Elliot Ackerman, James Stavridis Organizations: Israel Defense Forces, Pentagon, Foreign Affairs, Washington Post, Associated Press Locations: Gaza, United States, Ukraine, Yemeni, Red

☆ Russia-Ukraine war updates: Zaporizhzhia nuclear plant struck by drones; Zelenskyy calls for more support amid Kharkiv bombardment
▼ + stars: | 2024-04-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Russian-controlled Zaporizhzhia nuclear power plant in southern Ukraine on June 15, 2023. The United Nations' atomic energy watchdog sounded the alarm Sunday after drones struck a nuclear reactor at the Russian-held Zaporizhzhia nuclear plant in southern Ukraine. The International Atomic Energy Agency said the serious incident "endangered nuclear safety and security" as Europe's largest nuclear plant was directly targeted by military strikes for the first time since November 2022. Ukrainian President Volodymyr Zelenskyy on Sunday called for greater international support for his country's air defense systems, as Russia continues its aerial bombardment of Kharkiv and surrounding regions. Meanwhile, Russian Foreign Minister Sergei Lavrov arrived in China on Monday for talks over Ukraine and the situation in Asia-Pacific.

Persons: Volodymyr Zelenskyy, Sergei Lavrov Organizations: United Nations, International Atomic Energy Agency Locations: Russian, Ukraine, Russia, Kharkiv, China, Asia, Pacific, Odesa

☆ Credit Card Companies Are About to Invent New Fees for Consumers
▼ + stars: | 2024-04-07 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

Some of those annoying fees on your credit card may soon be getting smaller. Banks and credit-card companies are almost certainly trying to figure out where else they squeeze money out of you. The response to the interchange-fee settlement has been a bit more muted: The Electronic Payments Coalition, which represents Visa, Mastercard, and other credit-card companies, said it was OK with the swipe-fees cap. Taken together, it's clear that many companies in the credit-card business would rather not be dealing with this situation. According to the Merchants Payments Coalition, Mastercard is now planning to increase different credit card fees soon, it's "network assessment" fee.

Persons: Banks, Matt Schulz, JPMorgan Chase, Mark Elliot, Doug Kantor, Mark Mason, Rich Fairbank, We've, it's, Ira Rheingold, Amanda Jackson, Emily Stewart Organizations: Consumer Financial, Mastercard, Visa, Bank Policy Institute, Electronic Payments Coalition, UBS, JPMorgan, American Express, National Association of Convenience Stores, Merchants Payments Coalition, Capital, JPMorgan Chase, National Association of Consumer, Companies, Financial Reform, Business

☆ Free trade flaws fueled Trump's rise in 2016 — and the problems remain, top economist says
▼ + stars: | 2024-04-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Decades of trade deficits and a strong dollar created too many "losers" in the U.S. economy who turned to Donald Trump's protectionist policies, according to Richard Koo, chief economist at the Nomura Research Institute — and those conditions remain. Trump's "America First" economic policies led his administration to institute a slew of trade tariffs on China, Mexico, the European Union and others, including slapping 25% duties on imported steel and aluminum. These policies have drawn widespread criticism from economists, who argue that tariffs are counterproductive, as they make imported goods more expensive for the average American. "When we studied economics and free trade, in particular, we were taught...that free trade always creates both winners and losers in the same economy, but the gain that winners get is always greater than the loss of the losers, so the society as a whole always gains. So that's why the free trade is good," he noted.

Persons: Donald Trump, Jonathan Diller, Donald Trump's, Richard Koo, Trump, Steve Sedgwick, Koo Organizations: U.S, New York City Police Department, NYPD, Nomura Research Institute, European Union, Republican Locations: New, Rockaway, Queens, Massapequa Park , New York, U.S, China, Mexico

☆ Russia-Ukraine war live updates: Russian drone attack kills rescue workers in Kharkiv; Russia says NATO dialog at 'zero' but does not seek conflict
▼ + stars: | 2024-04-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Military experts operate at the site of a Russian aerial bombing of a high-rise residential building in the Shevchenkivskyi district on March 27, 2024 in Kharkiv, Ukraine. Russian drone strikes on Kharkiv early Friday morning killed at least four people, including three rescue workers, and injured 12 more, according to Ukrainian officials. A repeat attack on a separate area of Ukraine's second-largest city killed three rescue workers who had arrived on the scene after the first strike, he added. As NATO foreign ministers gather in Brussels to mark the defense alliance's 75th anniversary, Russian Deputy Foreign Minister Alexander Grushko told state news agency RIA that dialog with Moscow had been reduced to a "critical zero" by Washington and Brussels. Grushko reportedly said relations were "predictably and deliberately" deteriorating, but that Russia has no intention of entering into open conflict with any NATO member.

Persons: Igor Terekhov, Alexander Grushko, Grushko Organizations: Kharkiv, NATO Locations: Shevchenkivskyi, Kharkiv, Ukraine, Russian, Brussels, Moscow, Washington, Russia

☆ Ukraine war live updates: Belarus starts military drills near EU borders; Russia targets energy infrastructure in drone strikes
▼ + stars: | 2024-04-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin (L) and Belarussian President Alexander Lukashenko (R) enter the hall during the plenary session of the Supreme Council of Russia and Belarus, at the Konstantin Palace on January 29, 2024, in Saint Petersburg, Russia. Belarus began military drills on Tuesday in regions along its border with Ukraine, together with European Union nations Lithuania and Poland, the Russian ally's defense ministry said. Russia and Ukraine meanwhile continued to exchange drone strikes in recent days, with Russia on Monday night targeting energy facilities in raids on the Dnipropetrovsk and Kirovograd regions, Ukraine's Operational Command "South" said on Facebook. The head of Ukraine's national grid company said on Monday that while Russian drone attacks have significantly damaged the Ukrainian power system, a total collapse is unlikely. Ukrainian President Volodymyr Zelenskyy held talks on Monday with military and government officials over Kyiv's drone production plans and a project to build an "integrated electronic warfare control system" to protect Ukrainian troops from Russian drone attacks.

Persons: Vladimir Putin, Alexander Lukashenko, Konstantin, Volodymyr Zelenskyy Organizations: Supreme, of, European Union, Command, Facebook Locations: of Russia, Belarus, Saint Petersburg, Russia, Ukraine, Lithuania, Poland, Russian, Gomel, Grodno, Dnipropetrovsk, Kirovograd

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ UBS chief's surprise return to the Swiss banking giant bagged him a $15.9 million paycheck
▼ + stars: | 2024-03-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023. UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse. Hamers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS' annual report published on Thursday. In total, the bank's executive board picked up a 140.3 million Swiss franc pay package in 2023, a significant increase from the previous year's 106.9 million francs. UBS shares have gained more than 52% since Ermotti took the reins on April 5, 2023.

Persons: Sergio Ermotti, Colm Kelleher, Ermotti, Ralph Hamers, Hamers Organizations: UBS, Credit Suisse Locations: Zurich, Swiss

☆ U.S. stocks have 'limited upside' from here, says Goldman Sachs Asset Management
▼ + stars: | 2024-03-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

U.S. stocks have "limited upside" from here, given the macroeconomic backdrop — and investors should be looking for better opportunities elsewhere, according to Goldman Sachs Asset Management. The U.S. economy has been surprisingly resilient in the face of the Federal Reserve's aggressive monetary policy tightening over the last two years, defying expectations of a 2023 recession. Though GSAM's base case is for the Fed to engineer a soft landing and for the U.S. economy to avoid recession, James Ashley, head of international market strategy, told CNBC on Wednesday that if a recession were to come, it would be this year. "The Fed only began to hike in March of '22, so when we're talking about recession risks in 2023, that would have assumed a very rapid passthrough from the transmission of monetary policy into the real economy. In other words, it was premature," Ashley said.

Persons: James Ashley, Ashley Organizations: Goldman Sachs Asset Management, Fed, CNBC Locations: U.S

☆ Nigeria's central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis
▼ + stars: | 2024-03-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The Central Bank of Nigeria on Tuesday hiked its key interest rate by 200 basis points, as Africa's largest economy looks to recover from a historic currency crisis and soaring inflation. The CBN announced that its main monetary policy rate would rise to 24.75% from 22.75%, in its second consecutive hike after February's 400 basis point increase. Governor Olayemi Cardoso told a press conference that policymakers believed they need to continue tightening in order to tame runaway inflation, according to Reuters. "That may be a sign that some MPC members are concerned about the impact on growth from tighter monetary policy," he suggested in a note on Tuesday. Capital Economics expects further tightening, given Governor Cardoso's need to bring down the curtain on the country's inflation and currency crises.

Persons: Olayemi Cardoso, David Omojomolo, Cardoso's Organizations: Central Bank of Nigeria, CBN, Reuters, Capital Economics, MPC Locations: Africa

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