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Nine people were arrested Tuesday morning at the University of Minnesota’s Twin Cities campus after they formed an encampment that went against school policy, the university told CNN in a statement. The university's Department of Public Safety received reports Tuesday morning of an encampment near the Northrop Mall on the Twin Cities campus, the statement said. Police arrived around 6 am local time and told those at the encampment "they were in violation of both University policy and state trespassing law," they said. Police asked the group to disperse by 7 am and told they would be arrested if they stayed. The university said in its statement it "supports and respects free speech through lawful protest" and "supports the rights of all members of our University community to speak and demonstrate peacefully."

Organizations: University of Minnesota’s, CNN, university's Department of Public Safety, Northrop, Twin Cities, Police, University, The, Staff, Justice, University of Minnesota Locations: University of Minnesota’s Twin Cities, Palestine

☆ Takeaways from Sam Bankman-Fried’s second day in front of a jury
▼ + stars: | 2023-10-30 | by ( Lucy Bayly | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Prosecutors grilled former crypto king Sam Bankman-Fried on Monday as his criminal fraud trial entered its third week. The pace of withdrawals then increased further, with about $4 billion in net withdrawals the following day, or 100 times more than a typical day. A market downturn meant that assets associated with FTX’s sister company, the hedge fund Alameda Research, “declined massively in value,” he said. Ellison agreed Alameda should have been hedgedBankman-Fried on Monday recalled a conversation he had with Caroline Ellison, his ex-girlfriend and then-CEO of Alameda Research. “Do you recall saying FTX and Alameda acted separately?” Sassoon asked.

Persons: Sam Bankman, Bernie Madoff, ”, Fried, Judge Lewis Kaplan, Bankman, FTX, “, SBF, Ellison, Caroline Ellison, Danielle Sassoon, ” Sassoon, “ I’m, Sassoon, ” SBF, What’s Organizations: New, New York CNN, Prosecutors, Alameda Research, “, PR Locations: New York, Alameda, Alameda . Alameda

New York CNN —Former crypto billionaire Sam Bankman-Fried took the stand in front of a judge and jury last week in his criminal fraud trial. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. Bankman-Fried is being accused of using this “back door” to transfer billions of dollars in FTX customer funds to Alameda. He initially thought FTX would failWhen Bankman-Fried and Gary Wang started FTX in 2019, there were already dozens of crypto exchanges. I’m not sure that I would quite answer yes to the question as you most recently phrased it.

Persons: Sam Bankman, Fried, “, ”, we’ve, Caroline Ellison, Bankman, Mark Cohen, ” Cohen, Cohen, didn’t, FTX, Gary Wang, Binance, ” SBF, Lewis Kaplan, Kaplan interjected, Danielle Sassoon, I’m Organizations: New, New York CNN, Prosecutors, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya Locations: New York, Bahamas, Alameda, Kansas City, Bankman, FTX

☆ Inflation is cooling, but the price hikes aren’t done
▼ + stars: | 2023-10-25 | by ( Lucy Bayly | Alicia Wallace | ) edition.cnn.com time to read: +8 min

Inflation in the United States has unquestionably cooled after hitting 40-year highs last year. Other key inflation gauges, the more comprehensive Personal Consumption Expenditures price index and the wholesale-focused Producer Price Index, have moderated as well. A spike in gas prices and other components such as persistently high shelter costs have kept inflation elevated. The locally owned Walnut Group restaurant company closed its venerable Mediterranean Restaurant (fondly called The Med), the French bistro Brasserie Ten Ten and the newer Italian entrant Via Perla. Courtesy Tim Romano PhotographyAlthough Brasserie Ten Ten had a nearly two-decade run before its closure, it was like starting a brand new restaurant, Hessel said.

Persons: Marlon Pando, White Lotus, Tony Hessel, he’s, Jerome Powell, Brandon Bell, —, ”, Lydia Boussour, United States —, Pando, “, Price, Frederic J . Brown, Mark Zandi, Chase Castor, hadn’t, Holly Wade, Peggy Romano, Romano, Brasserie, Tim Romano, Hessel, ” Hessel, you’ve, it’s Organizations: Minneapolis CNN —, Disney, Mexican Grill, White, Getty, Moody’s, National Federation of Independent, Washington Post, NFIB Research, shocker, Walnut Group, Via Perla Locations: Minneapolis, New Jersey, Boulder , Colorado, United States, Mexican, Austin , Texas, Alhambra , California, AFP, Marion , Kansas, —, Walnut

New York CNN —CNN’s Kaitlan Collins will anchor a new show at 9 pm starting in June, CNN CEO Chris Licht announced Wednesday. Since then, the 9 pm slot was hosted by a cast of CNN anchors, special interviews and town halls. Licht said Collins will leave the CNN This Morning show, which will be led by Poppy Harlow “alongside a rotation of CNN guest anchors.” Collins’ departure from the morning show is the second in a month after Don Lemon parted ways with CNN in April. CNN's Kaitlan Collins Jeremy Freeman/CNNCollins last week interviewed former President Donald Trump during CNN’s contentious and controversial town hall event. “I’m so thankful for my friend and co-anchor Poppy and will be cheering on the CNN This Morning team every day.”Collins, 31, joined CNN in 2017 as White House reporter.

Food prices soared 18.2% through the year to February, the sharpest rise since the late 1970s. The latest figures could make it more likely that the Bank of England hikes interest rates again when it meets Thursday. "It's still a very close call, but these figures give us a bit more confidence in our forecast that the Bank will raise interest rates from 4% to 4.25% tomorrow." The data complicates the central bank's decision over whether it should raise rates for the 11th consecutive time Thursday — and makes it harder for the government to deliver on its January pledge to halve inflation this year. Wages rose 6.5% in January compared with a year prior, far below the inflation rate both that month and in February.

New York CNN —A key measure of inflation fell dramatically in February, according to the latest Producer Price Index, which tracks what America’s producers get paid for their goods and services. Producer price increases slowed to an annual pace of 4.6% last month, significantly down from 6% in January, the Labor Department reported Wednesday. Economists surveyed by Refinitiv had been expecting the 12-month rise in wholesale prices to slow to a 5.4% increase. Those are down from January’s downwardly revised 5% annual price gain and 0.1% monthly increase. The latest Consumer Price Index, which was released Tuesday, showed prices were up 6% during the 12 months ended in February.

Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. What seemed like a safe bet quickly came unstuck, as the Federal Reserve hiked interest rates aggressively to tame inflation. When interest rates rise, bond prices fall, so the jump in rates eroded the value of SVB’s bond portfolio. The bank’s stock plummeted 60% Thursday and dragged other bank shares down with it. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.

☆ Weekly jobless claims edged up last week, but the labor market remains robust
▼ + stars: | 2023-02-09 | by ( Lucy Bayly | ) edition.cnn.com time to read: +1 min

New York CNN —First-time applications for unemployment benefits rose last week to 196,000, a slightly higher total than the 190,000 that economists were expecting — but still a historically low number. Despite widely publicized layoffs from tech giants, media companies and the financial sector in recent weeks, the US labor market remains robust after eight rate hikes in 11 months meant to cool the economy. While the central bank’s actions so far have slowed business investment and flash-frozen parts of the housing market, it has not crushed America’s white-hot jobs market. Last week’s jobs report data showed a whopping 517,000 positions were added in January, with widespread job gains across several sectors. While weekly jobless claims data can be volatile and is frequently revised, recent totals have remained historically low.

CNN Business —The Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum. The most recent Job Openings and Labor Turnover Survey showed Wednesday that there were almost 1.7 jobs available for every job seeker in October. The decline in job openings is a positive development, Powell said Wednesday. And the rate hikes could be doing more harm than good. Since rate hikes can take months, even years, to flow through the economy, the Fed now appears to be adopting a “lower and slower” model of smaller rate hikes over a longer period.

☆ The trade issues at stake for US and China economies at Indonesia meeting
▼ + stars: | 2022-11-14 | by ( Juliana Liu | ) edition.cnn.com time to read: +7 min

Frustrated by China’s huge trade surplus and accusing it of stealing US intellectual property, former President Donald Trump slapped tariffs on $50 billion of Chinese goods in June 2018. China, with its nearly $18 trillion economy, has in recent years been the main driver of global growth. China responded by slapping tariffs of its own on iconic American products like Harley-Davidson and Jack Daniel’s. Tech curbsBekink said she did not expect any dramatic shifts in trade flows to emerge as a result of the Biden-Xi meeting. US imports of semiconductors from China are 26% lower than before the imposition of 25% tariffs, according to Peterson.

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