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☆ Xi shakes up China’s military in rethink of how to ‘fight and win’ future wars
▼ + stars: | 2024-04-27 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

Chinese leader Xi Jinping oversees the inauguration of the Information Support Force of the People's Liberation Army at a ceremony in Beijing on April 19, 2024. The Information Support Force will be led by top generals from the now-defunct SSF. These functions will now be supervised at his level and not through the Strategic Support Force, which served as a middleman,” Wuthnow said. Though US intelligence officials said the balloon was part of an extensive surveillance program run by the Chinese military, Xi may not have been aware of the mission. Chinese leader Xi Jinping has scrapped the People's Liberation Army's Strategic Support Force, a branch he founded in 2015.

Persons: Xi Jinping, Xi, ”, Wu Qian, SSF, Bi Yi, Li Wei, Ju Qiansheng, Joel Wuthnow, ” Wuthnow, Joe Biden, didn’t, Xinhua News Agency James Char, Char Organizations: Hong Kong CNN, Strategic Support Force, Support Force, PLA, China’s Defense, Aerospace Force, Cyberspace Force, Central Military Commission, Logistic Support Force, Information, Force, People's Liberation Army, Xinhua News, Information Support Force, Xinhua, Pentagon, National Defense University, Aerospace Systems Department, Network System Department, Xinhua News Agency, Rajaratnam, of International Studies, SSF’s Aerospace Systems Department, “, Communist Party, Taiwan Locations: China, Hong Kong, Beijing, Washington, United States, Singapore, Ukraine, Taiwan Strait, Taiwan

☆ Biden Taunts Trump, Calling Him a ‘Loser,’ Trying to Get Under His Skin
▼ + stars: | 2024-04-26 | by ( Katie Rogers | ) www.nytimes.com time to read: +1 min

This week, one presidential candidate has called the other a loser, made fun of him for selling Bibles, and even poked fun at his hair. That kind of taunting is generally more within the purview of former President Donald J. Trump, whose insults are so voluminous and so often absurd that they have been cataloged by the hundreds. But lately, the barbs have been coming from President Biden, who once would only refer to Mr. Trump as “the former guy.”Gone are the days of calling Mr. Trump “my predecessor.”“We’ll never forget lying about Covid and telling the American people to inject bleach in their arms,” Mr. Biden said at a fund-raiser on Thursday evening, referring to Mr. Trump’s suggestion as president that Americans should try using disinfectant internally to combat the coronavirus. “He injected it in his hair,” Mr. Biden said. He is coming up with those lines himself: “This isn’t ‘S.N.L.,’” said James Singer, a spokesman and rapid response adviser for the Biden campaign, referring to “Saturday Night Live.” “We’re not writing jokes for him.”

Persons: Donald J, Trump, Biden, ” “ We’ll, ” Mr, Mr, ’ ”, James Singer, “ We’re, ” Organizations: Mr

☆ Britney Spears and Her Father Settle Legal Dispute Over Conservatorship
▼ + stars: | 2024-04-26 | by ( Liz Day | Lauren Herstik | ) www.nytimes.com time to read: +1 min

More than two years after a judge ended the conservatorship that had given James P. Spears control of his pop star daughter’s life, Britney Spears and her father have settled their outstanding legal dispute over the payment of his legal fees and his management of her finances. The terms of the settlement were not disclosed in court filings made by both parties in Los Angeles Superior Court on Thursday. But the two sides had been at odds over the size of Mr. Spears’s legal fees and questions about his oversight of her money as conservator. Ms. Spears’s 13-year-long conservatorship, which began in 2008 after a series of public breakdowns, was terminated in 2021. Mr. Rosengart argued that, in particular, his client should not have to pay her father’s current legal bills, asserting in court papers that Mr. Spears had paid himself $6 million, improperly surveilled his daughter and engaged in financial misconduct during his tenure.

Persons: James P, Britney Spears, Spears’s, Mathew S, Rosengart, Spears Organizations: Los Angeles Superior Court Locations: Los Angeles

☆ As ‘Alien’ turns 45, those screams still echo through space and time
▼ + stars: | 2024-04-26 | by ( Brian Lowry | ) edition.cnn.com time to read: +4 min

CNN —“In space, no one can hear you scream.”“Alien” premiered with that memorable advertising line in June 1979. I went to see “Alien” on its opening weekend with my older brother, knowing relatively little about it. Driving to the Avco cinemas in Westwood near UCLA, we immediately noticed the long line for tickets wrapping around the theater and heading down the block. Yaphet Kotto, Sigourney Weaver and Ian Holm in "Alien." Yet in the 1970s, with films like “Jaws,” “Star Wars” and “Alien,” they seemed to emerge almost organically, yielding screams, either of delight or horror, that, like those memories, have echoed across space and time.

Persons: CNN —, “, Ridley Scott’s, Ellen Ripley, Sigourney Weaver, Tom Skerritt, Yaphet Kotto, Ian Holm, –, thrall, Ripley, Romulus, ”, James Cameron’s Organizations: CNN, Los Angeles Times, Avco, UCLA, Fox, Hollywood Locations: Westwood

☆ Here are Friday's biggest analyst calls: Nvidia, Microsoft, Alphabet, Apple, Snap, Intel, Western Digital and more
▼ + stars: | 2024-04-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Friday's biggest calls on Wall Street: Bank of America reiterates Alphabet as buy Bank of America said it is sticking with its buy rating on Alphabet following earnings Thursday. Deutsche Bank reiterates Snap as buy Deutsche Bank said it is sticking with its buy rating on the stock following earnings on Thursday. " Goldman Sachs reiterates Intel as sell Goldman Sachs said it is standing by its sell rating on Intel shares following earnings Thursday. Benchmark upgrades Western Digital to buy from hold Benchmark upgrades Western Digital following the company's "major upside" earnings report. Bank of America reiterates Nvidia as buy Bank of America said Nvidia remains a top idea at the firm.

Persons: Goldman Sachs, prioritization, Maxim, Bank of America downgrades Hertz, Raymond James, Knight, Morgan Stanley downgrades Mobileye, Morgan Stanley, Piper Sandler, Wells, Dow Organizations: Bank of America, Deutsche, Deutsche Bank, Microsoft, Intel, TAM, Apple, Barclays, Enphase Energy, Digital, " Bank of America, Sonic Automotive, underperform Bank of America, Underperform, of America, Nvidia, AMD, MU, Caterpillar, Air Defense, Swift Transportation, EPAM, IT Services, Materials, Compass Minerals, JPMorgan, Dow, Teledyne, HSBC Locations: China, underperform, Israel

☆ Andrew Cuomo agrees to testify to Congress on Covid-19 nursing home advisory
▼ + stars: | 2024-04-26 | by ( Jake Tapper | Piper Hudspethblackburn | ) edition.cnn.com time to read: +4 min

Andrew Cuomo, after being subpoenaed last month, has agreed to testify to Congress about his controversial nursing home advisory from the early days of the Covid-19 pandemic, Rep. Brad Wenstrup told CNN’s Jake Tapper on Friday. Cuomo has insisted that advisory was consistent with guidance from the Centers for Medicare and Medicaid Services and the Centers for Disease Control and Prevention. However, his upcoming appearance before lawmakers is a sign of continuing scrutiny over his handling of long-term care facilities during the pandemic. The voluntary agreement means that Cuomo will participate with a transcribed interview rather than a deposition. Wenstrup told Tapper on Friday that the panel will also hear from Cuomo’s former secretary Melissa DeRosa and former commissioner of the New York State Department of Health Dr. Howard Zucker.

Persons: Andrew Cuomo, Brad Wenstrup, CNN’s Jake Tapper, “ Governor Cuomo, ” Wenstrup, “ I’m, Cuomo, Wenstrup, Rich Azzopardi, “, Letitia James, New York State Department of Health undercounted, Thomas DiNapoli, Tapper, CNN’s KFile, Melissa DeRosa, Howard Zucker, James ’, CNN’s Veronica Stracqualursi, Kaanita Iyer Organizations: CNN, Former New York Gov, Ohio Republican, Democratic, Centers, Medicare, Services, Centers for Disease Control, New York, New York State Department of Health Locations: ”

☆ Student Leader of Columbia Protests: ‘Zionists Don’t Deserve to Live’
▼ + stars: | 2024-04-26 | by ( Katherine Rosman | ) www.nytimes.com time to read: +1 min

Video of incendiary comments by one of the leaders of the student protest encampment at Columbia University surfaced online Thursday evening, forcing the school to again confront an issue at the core of the conflict rippling across campuses nationwide: the tension between pro-Palestinian activism and antisemitism. The student, Khymani James, said in the January video that “Zionists don’t deserve to live” and “Be grateful that I’m not just going out and murdering Zionists.”Mr. James made the comments during and after a disciplinary hearing with Columbia administrators that he recorded and then posted on Instagram. The hearing, conducted by an associate director of the university’s Center for Student Success and Intervention, was focused on an earlier comment he shared on social media, in which he discussed fighting a Zionist. “I don’t fight to injure or for there to be a winner or a loser, I fight to kill,” he wrote.

Persons: Khymani James, don’t, “, I’m, ” Mr, James, ” Organizations: Columbia University, Columbia, university’s Center

☆ 28 cities where rent is in free fall this spring — and why renters in New York City have reason for optimism despite paying $4,280 for a one-bedroom apartment
▼ + stars: | 2024-04-26 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Median rent for one-bedroom apartments in the US declined again in April, according to @Zumper. AdvertisementLandlords aren't able to charge tenants more because apartment supply is surging across the nation at the highest rate in decades, according to Zumper. A flood of supply should keep rent growth in check for the remainder of the year and even into 2025, in Zumper's view. Below are the 28 US cities where rent for a one-bedroom apartment is cheaper than it was in March, according to Zumper. Along with each are its month-over-month and year-over-year rent changes, average rent price, and national rent ranking among the top 100 markets in the nation.

Persons: —, iM2zdLRQMA — James Faris, @JamesFaris_, Ivy Zelman, Anthemos Georgiades, Zumper Organizations: Service, Business, Federal Reserve, Apple, Big Apple Locations: New York City, York City

☆ This little-known drone stock is poised to rally more than 56%, Raymond James says
▼ + stars: | 2024-04-26 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Kratos Defense & Security Solutions is seeing its business thrive amid accelerating defense spending stemming from global conflicts, according to Raymond James. He also raised his price target by $7, or 35%, to $27, suggesting the stock could climb 56% from Thursday's close. "Kratos provides content on most of the major western air defense systems," Gesuale said in a report to clients after the market closed Thursday. At the same time, NATO's orders for Multiple Air Defense Systems, $11 billion of which require Kratos materials over several years, could also boost the stock, he added. KTOS YTD mountain Kratos shares over the past year.

Persons: Raymond James, Brian Gesuale, Kratos, Gesuale Organizations: Kratos Defense, Security, Air Defense, NATO, Arrow Systems, Multiple Air Defense Systems Locations: Thursday's, Israel, Ukraine, Taiwan, U.S

☆ What the pro-Palestinian protesters on college campuses actually want
▼ + stars: | 2024-04-26 | by ( Matt Egan | Ramishah Maruf | ) edition.cnn.com time to read: +8 min

“We are not going anywhere until our demands are met,” Khymani James, a student at Columbia University, said during a news briefing Wednesday. Student demonstrators occupy the pro-Palestinian "Gaza Solidarity Encampment" on the West Lawn of Columbia University on April 24, 2024 in New York City. The Columbia protesters are also calling for the university to “disclose and sever all ties” with the New York Police Department. For example, Columbia protesters want the university to sever ties with the school’s center in Tel Aviv and a dual degree program with Tel Aviv University. New York University protesters use the school’s Tel Aviv center as a rallying cry as well.

Persons: ” Khymani James, Michael M, “, Mike Johnson, Charlie Eaton, ”, It’s, Mark Yudof, it’s, ” Yudof, Yudof, he’s, Jonathan Macey, Macey, ” Lauren Post, don’t, Cary Krosinsky, Lockheed Martin, Basil Rodriguez, Rodriguez, ” Rodriguez, John Towfighi Organizations: New, New York CNN — College, Hamas, Universities, Columbia University, Student, Lawn of Columbia University, Getty, University of Southern, ”, Princeton University, Ivy League, Columbia University Apartheid, Columbia, New York Police Department, Students, Tel Aviv University . New York University, Republican, University of California, “ Bankers, Yale Law School, Defamation League, Post, ADL, Yudof, BDS, Universities don’t, Yale, Lockheed, Raytheon, CNN Locations: New York, America, Israel, Gaza, Palestinian, New York City, University of Southern California, Harlem, Columbia, Tel Aviv, South Africa, Merced, Ivory, Iran, Russia

Mr. Pecker was also asked whether he believed Mr. Trump was concerned that his wife or family would find out about the affairs. director, and Reince Priebus, who was chairman of the Republican National Committee, Mr. Pecker reassured Mr. Trump that everything was fine. Mr. Trump then told the group that Mr. Pecker probably “knows more than anyone else in this room.”“It was a joke,” Mr. Pecker testified, adding, “They didn’t laugh.”Pecker did a lot for Trump, who could be hard to please. Mr. Pecker variously described Mr. Trump as becoming “very angry” and “very aggravated.”Still, Mr. Pecker said he felt no ill will. Mr. Pecker described a 2002 meeting in which Mr. Schwarzenegger asked Mr. Pecker not to run negative stories about him before his run for governor of California.

Persons: Donald J, Trump, Stormy Daniels, Donald Trump, David Pecker, Pecker, Karen McDougal, Daniels, McDougal, Trump’s, Michael D, Cohen, Marion Curtis, “, Mr, McDougal —, —, ” Mr, ”, Ahmed Gaber, James Comey, Reince Priebus, ” Pecker, Emil Bove, Arnold Schwarzenegger, Schwarzenegger Organizations: National Enquirer, AMI, ., Associated, Prosecutors, Trump, White, The New York Times, Republican National Committee, Mr, Republican Locations: Trump’s, California

covers extremism and political violence for The Times, focusing on the criminal cases involving the Jan. 6 attack on the Capitol and against former President Donald J. Trump.

Persons: Donald J, Trump Organizations: The Times, Capitol

The Harvey Weinstein Appeal Ruling, AnnotatedThe 2020 conviction of Harvey Weinstein on felony sex crime charges in Manhattan was overturned on Thursday by New York’s top court. The ruling by the New York Court of Appeals said the trial judge in Mr. Weinstein’s case, Justice James M. Burke, erred in letting prosecutors call some women as witnesses who said Mr. Weinstein had assaulted them, but whose accusations were not included as charges. The appeals court found that Mr. Weinstein, the disgraced Hollywood producer whose case ignited the #MeToo movement, had not received a fair trial. The New York Times is annotating the ruling. Download the original PDF.

Persons: Harvey Weinstein, James M, Burke, Weinstein, “, Mr Organizations: New, Appeals, Hollywood, New York Times Locations: Manhattan, California

☆ Meta's AI venture is a good long-term investment, says Raymond James' Josh Beck
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeta's AI venture is a good long-term investment, says Raymond James' Josh BeckJosh Beck, Raymond James senior internet analyst, joins 'Closing Bell' to discuss Meta and if investors should play into its AI venture.

Persons: Raymond James, Josh Beck Josh Beck

☆ Hubble image may contain evidence of stellar cannibalism in dumbbell-shaped nebula
▼ + stars: | 2024-04-25 | by ( Ashley Strickland | ) edition.cnn.com time to read: +4 min

The nebula, 3,400 light-years away in the Perseus constellation, is an expanding shell of gases kicked out by a dying red giant star. Before the aging red giant star collapsed, it released a ring of gas and dust. The companion star, once in orbit around the red giant, is nowhere to be seen in Hubble’s image. Since collapsing, the red giant star has transformed into a dead stellar remnant known as an ultra-dense white dwarf star. “The space telescope is the most scientifically productive space astrophysics mission in NASA history,” according to a NASA release.

Persons: Charles Messier, Pierre Méchain, Hubble, James Webb Organizations: CNN, Hubble, NASA

☆ Weinstein’s Conviction Is Overturned: 5 Takeaways
▼ + stars: | 2024-04-25 | by ( Maria Cramer | ) www.nytimes.com time to read: +1 min

In a 4-to-3 decision on Thursday, New York’s highest court overturned Harvey Weinstein’s 2020 conviction on felony sex crime charges, a reversal that horrified and dismayed many of the women whose decision to speak out against Mr. Weinstein, a prominent Hollywood producer, accelerated the #MeToo movement. The New York Court of Appeals agreed with Mr. Weinstein’s defense team that the trial judge who presided over the sex crimes case in Manhattan, Justice James Burke, made a critical error when he let prosecutors call as witnesses several women who testified that Mr. Weinstein had assaulted them, even though none of those allegations had led to charges. The women became known as Molineux witnesses, a term that refers to trial witnesses who are allowed to testify about criminal acts that the defendant has not been charged with committing. In writing for the majority, Judge Jenny Rivera said permitting such testimony in Mr. Weinstein’s case had served to wrongly “diminish defendant’s character before the jury.”

Persons: Harvey Weinstein’s, Weinstein, James Burke, Jenny Rivera, Weinstein’s, ” Organizations: New, Mr Locations: Hollywood, New York, Manhattan, Molineux

☆ Two horses in a ‘serious condition’ after running loose in central London, minister says
▼ + stars: | 2024-04-25 | by ( Jack Guy | ) edition.cnn.com time to read: +2 min

CNN —Two Household Cavalry horses which broke free and ran through the streets of London on Wednesday are in a “serious condition,” a British government minister has said. The army said in an update on X on Thursday that five horses tried to bolt and four broke loose. The two horses are said to be in a "serious condition." Footage emerged on social media on Wednesday of the horses running through central London. Jordan Pettitt/PAStartling footage emerged on social media on Wednesday showing the two horses – one apparently covered with blood – running through Aldwych in central London.

Persons: ”, we’ll, James Cartlidge, Nick Ferrari, Cartlidge, ” Cartlidge, Jordan, Jordan Pettitt Organizations: CNN, Cavalry, British Army, LBC, Sky News, Britain’s, Media, Mercedes, Household Cavalry Locations: London, Vida, Aldwych, Clermont, Buckingham, Hyde, Buckingham Palace

☆ Deutsche Bank investment banking unit 'standout' in first quarter, CFO says
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeutsche Bank investment banking unit 'standout' in first quarter, CFO saysJames Von Moltke, chief financial officer at Deutsche Bank, comments on the German lender's first-quarter results.

Persons: James Von Moltke Organizations: Deutsche Bank

☆ Justice Department rebuffs Republican requests for audio of Biden interview with special counsel
▼ + stars: | 2024-04-25 | by ( Annie Grayer | ) edition.cnn.com time to read: +5 min

CNN —The Department of Justice doubled down on its decision to not release the audio files of President Joe Biden’s interview with special counsel Robert Hur to House Republicans, stating that Republicans have not established a legitimate legislative purpose for demanding these recordings, in a new letter obtained by CNN. The DOJ’s refusal to turn over the audio comes as Republicans find their impeachment inquiry into the president stalled now that the prospects of the investigation ending in impeachment are increasingly unlikely. Without the votes in their narrow majority or evidence of an impeachable offense, Republicans are now struggling with how to end their probe. Uriarte pointed to the possibility that audio files can be manipulated through “cutting, erasing, and splicing” in a way that increases the privacy concerns of the witness. Uriarte therefore accused Republicans of going after these audio files for the wrong reasons.

Persons: Joe Biden’s, Robert Hur, Carlos Uriarte, James Comer, Jim Jordan, General Merrick Garland, Hur, Mark Zwonitzer, Uriarte, Biden, ” Uriarte, spokespeople, Comer, Jordan, “, Arseniy Yatsenyuk, Zwonitzer, ” Organizations: CNN, Department, Justice, House Republicans, Republicans, DOJ, Ukrainian, Fox News, “

☆ JPMorgan: Need to separate the macroeconomic and equity market conversations when dealing with China
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan: Need to separate the macroeconomic and equity market conversations when dealing with ChinaJames Sullivan of JPMorgan discusses why investors in China need to focus on bottom-up company research rather than investing in the index as a whole, as well as the challenges facing the Chinese EV space.

Persons: China James Sullivan Organizations: JPMorgan Locations: China

covers extremism and political violence for The Times, focusing on the criminal cases involving the Jan. 6 attack on the Capitol and against former President Donald J. Trump.

Persons: Donald J, Trump Organizations: The Times, Capitol

☆ Deutsche Bank posts better-than-expected profit in first quarter amid investment banking recovery
▼ + stars: | 2024-04-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Deutsche Bank on Thursday reported a 10% rise in first-quarter profit, beating expectations amid an ongoing recovery in its investment banking unit. Net profit attributable to shareholders was 1.275 billion euros ($1.365 billion) for the period, ahead of an aggregate analyst forecast of 1.23 billion euros for the period, according to LSEG data. Deutsche Bank said this was its highest first-quarter profit since 2013. Revenues at its investment bank increased 13% to 3 billion euros, following a 9% slump through full-year 2023 which had dragged down overall profit. Germany's biggest lender reported net profit of 1.3 billion euros in the prior quarter and of 1.16 billion euros in the first quarter last year.

Persons: James von Moltke, CNBC's Annette Weisbach Organizations: Deutsche Bank, Deutsche Bank's, Private Bank, Asset Management

☆ ‘Shogun’s’ Hiroyuki Sanada on bringing the acclaimed FX miniseries to life
▼ + stars: | 2024-04-25 | by ( Christy Choi | ) edition.cnn.com time to read: +4 min

Editor’s Note: This interview was aired on CNN’s “First Move With Julia Chatterley.”CNN —With “Shogun,” Hiroyuki Sanada wanted to get things right. “So, I wanted to…introduce the world correctly.”He plays Lord Yoshii Toranaga on the acclaimed FX miniseries, an adaptation of James Clavell’s best-selling 1975 novel of the same name. Not a stereotypical samurai.”Video Ad Feedback Watch: Hiroyuki Sanada speaks to CNN's Julia Chatterly on how "Shogun" has become a global hit. 02:16 - Source: CNNWhile Sanada, 63, has been acting for close to six decades, this is the first time he’s taken on a producer role. What we tried to do with that gaze was find a way to transcend culture.”The miniseries has proved popular.

Persons: Julia Chatterley, ”, ” Hiroyuki Sanada, Yoshii Toranaga, James Clavell’s, Tokugawa Ieyasu, Hiroyuki Sanada, CNN's Julia Chatterly, Sanada, John Blackthorne, Cosmo Jarvis, “, Anna Sawai, Lady Mariko, Michael De Luca, Justin Marks, Rachel, Kondo, Michelle Yeoh, Ke Huy Quan, Beef, Ali Wong, Steven Yeun Organizations: ” CNN, CNN, FX, Disney Locations: Japan, Hollywood, Clavell’s

☆ 7 major cities where renting is significantly cheaper than buying following the worst year for home affordability in decades, according to leading analyst Ivy Zelman
▼ + stars: | 2024-04-25 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Home affordability has also been crippled by a combination of limited home supply and resilient demand due to solid wage growth, Zelman noted. Rent growth fell again on a year-over-year basis in April, according to a new report from real-estate site Zumper. And Zelman found that wage growth will outpace that of rent this year. AdvertisementOwning a home costs an average of 9% more on a square-foot basis than renting, according to Zelman & Associates. Along with each is the per-square-foot cost premium of owning compared to renting, according to Zelman & Associates.

Persons: —, Ivy Zelman, I've, Zelman, Zelman isn't Organizations: Service, Zelman, Associates, Business, Wall, Toll Locations: Houston, Tampa

☆ Billionaire's million-dollar Nantucket beach house has officially been swept away
▼ + stars: | 2024-04-25 | by ( Madeline Berg | Dan Latu | ) www.businessinsider.com time to read: +6 min

This story is available exclusively to Business Insider subscribers. AdvertisementA representative for Sternlicht told Business Insider the house was to be demolished but did not provide further comment. The tony island of Nantucket is a favorite among billionaires like former Google CEO Eric Schmidt and Blackstone leader Steve Schwarzman. "Erosion takes out houses, roads, infrastructure, sewer beds, even airport runways," he told Business Insider. Despite the island's propensity for natural destruction, the town has strict rules regarding what structures owners can take down.

Persons: Barry, Sternlicht, Forbes, Shelly Lockwood, tony, Eric Schmidt, Steve Schwarzman, James Pallota, Pallota, Lockwood, Brendan Maddigan, Steven Cohen, Cohen Organizations: Service, Billionaire, Business, Sternlicht, Nantucket Current, Blackstone, Celtics, Boston Globe Locations: Nantucket

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