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☆ Trump Trial Live Updates: Witness Who Extracted Secret Recordings to Return to the Stand
▼ + stars: | 2024-05-03 | by ( Matthew Haag | ) www.nytimes.com time to read: +5 min

Before the tape was revealed, Mr. Trump’s legal team aggressively attacked the credibility of Mr. Davidson during a cross-examination that quickly turned hostile. Frequently, Mr. Davidson would respond, “I don’t recall.”Mr. Bove confronted Mr. Davidson about his “fuzzy” memory and Mr. Davidson responded forcefully that his answers had been truthful. Image The jury heard a recording, made by Michael D. Cohen, Mr. Trump’s longtime fixer, during the 2016 campaign. That included one in which Mr. Trump and Mr. Cohen discussed a hush-money deal for Karen McDougal, a former Playboy model who was trying to sell a story about an affair with Mr. Trump. The potential witness list has several major names, including Ms. Daniels, Mr. Cohen and Hope Hicks, who is Mr. Trump’s former spokeswoman.

Persons: Keith Davidson, Stormy Daniels, Donald J, Juan M, Trump, Merchan, Daniels, Davidson, Michael D, Cohen, Mr, Emil Bove, ” Mr, Bove, ”, “, Trump’s, Maansi Srivastava, Davidson’s, Justice Merchan, Alvin L, Bragg, Todd Blanche, ” Trump, Blanche, Doug Mills, Biden’s, Biden, We’re, Douglas Daus, Karen McDougal, Hope Hicks Organizations: Trump, Prosecutors, Trump White House, New York, ., White, Playboy Locations: Manhattan, Michigan, Wisconsin

☆ Boeing has lost $32 billion since 2019, with no end in sight. How long can it keep losing money?
▼ + stars: | 2024-05-03 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —Few companies have lost more than the $32 billion that Boeing has lost in the last five years. There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”It’s not that Boeing’s problems aren’t serious. And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now. Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time. So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.

Persons: “, ”, Richard Aboulafia, Ron Epstein, Dave Calhoun, ” It’s, Max, Uber, Brian West, “ We’re, Ben Minicucci, Calhoun, Epstein Organizations: New, New York CNN, Boeing, Bank of America, Alaska, Alaska Airlines Boeing, Max, Carnival Corp, Airbus, Airline, Alaska Air, Virgin America, Virgin, year’s, GM Locations: New York, it’s

☆ How to buy your first luxury watch
▼ + stars: | 2024-05-03 | by ( Christy Choi | ) edition.cnn.com time to read: +9 min

Learn the lingoJust like buying a car, there are some technical terms prospective watch buyers can benefit from knowing. Parts of the watchCrown: Small knob found on the side of the watch used to change the date and time. Automatic movement: A mechanical watch that does not need a battery to move, it relies on movement from the wearer to wind. Buy a watch for the right reasons and consider what you need from itDon’t get sucked into hype around a watch. See if the designer made any othersWhile on the lookout for a watch to wear to his wedding, Pang saw a six-figure Audemars Piguet watch.

Persons: you’ve, it’s, Patek Philippe, Cartier, Vacheron Constantin, Sotheby Asia’s, Joey Luk, Charles Frodsham, “, ”, Johnathan Chan, you’re, Helbert Tsang, Tim Stracke, don’t, Luk, Carlos Pang, Pang, Gerald Genta, Chan, … Organizations: CNN, Rolex, Horology, Facebook, IWC, ” Locations: haute, Hong Kong, Geneva

☆ Americans would rather live a shorter life in good health than a longer life with health issues, new poll finds
▼ + stars: | 2024-05-03 | by ( Renée Onque | ) www.cnbc.com time to read: +3 min

It seems like everyone wants to live longer these days. But a recent survey found that Americans are no longer just looking for ways to live longer: they want to be healthier while doing so. In a poll of 2,200 American adults, Medtronic and Morning Consult asked participants if they would prefer to live a shorter, healthier life or a longer life with health issues. The results show that 62% agree or partly agree with feeling concerned that they won't be as healthy or will be in pain if they live a longer life. The actions that people say they're taking to increase their lifespan are eating healthy, exercising and taking preventative health measures.

Persons: Thomas Perls, Perls Organizations: Centers for Disease Control, Boston University Chobanian, Avedisian School of Medicine, CNBC Locations: U.S, England

☆ Sex tapes! Celebrity rehab! Trump hush-money trial goes full National Enquirer as Hulk Hogan, Lindsay Lohan, Charlie Sheen are name-dropped.
▼ + stars: | 2024-05-03 | by ( Laura Italiano | ) www.businessinsider.com time to read: +10 min

Charlie Sheen, Hulk Hogan, Lindsay Lohan, and Tila Tequila were all name-dropped. Charlie Sheen, Hulk Hogan, Lindsay Lohan, Floyd Mayweather, Tila Tequila — all were name-dropped in morning testimony. Bove asked. Bove asked Davidson. Advertisement"I've represented several clients who had claims against Charlie Sheen," Davidson answered carefully.

Persons: Stormy Daniels, Keith Davidson, Charlie Sheen, Hulk Hogan, Lindsay Lohan, Tila Tequila, —, Donald Trump's, Floyd Mayweather, Playboy Bunny Karen McDougal, Trump, Daniels, Davidson, Emil Bove, Donald Trump, Jane Rosenberg Bove, You've, Bove, you've, shakedowns, McDougal, lister, Hogan, Kevin Winter, Terry Bollea, Bollea, Hulk, Amy Sussman, Lindsay Lohan Davidson, Betty Ford, Lohan, Valerie Macon, Kevin Blatt, Tequila, Charlie Sheen's, Jamie McCarthy, Sheen, Blatt, I've, Anderson, Heidi Gutman, Capri Anderson, I'm Organizations: Service, National Enquirer, Manhattan, Enquirer, Trump, Reuters, Hulk Hogan's, TMZ, Morning America Locations: Manhattan, Sheen, Capri, Anderson

☆ Credit Agricole's first-quarter earnings jump as investment banking beats rivals
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +2 min

Credit Agricole , France's second-biggest listed bank, posted a forecast-beating 55% jump in first-quarter net profit on Friday, helped by corporate and investment banking sales that outperformed rivals. Net profit in the January to March period rose to 1.9 billion euros ($2.04 billion), above the 1.48 billion-euro average of 19 analyst estimates compiled by the company. Sales climbed 11% to 6.81 billion euros, topping analyst expectations of 6.47 billion euros. The cost of risk, or money put aside for bad loans, was 400 million euros, 105 million euros less than expected. Targets include annual underlying net income of more than 6 billion euros and a return on tangible equity of more than 12%.

Persons: Amundi Organizations: Credit Agricole, BNP Paribas, Societe Generale, Agricole Locations: France's, France

For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans. Opinion Guest Essay Make Billionaires Pay (Their Taxes)Until recently, it was hard to know just how good the superrich are at avoiding taxes. Let’s agree that billionaires should pay income taxes equivalent to a small portion — say, 2 percent — of their wealth each year. Billionaires who already pay the baseline amount of income tax would have no extra tax to pay. The idea that billionaires should pay a minimum amount of income tax is not a radical idea.

Persons: Emmanuel Saez, Gabriel Zucman, we’ve, Demetrio Guzzardi, Jeff Bezos, Bezos, Berkshire Hathaway, Warren Buffett, Elon Musk, Bernard Arnault, Arnault’s, Arnault, Reagan, Critics, haven’t, Biden Organizations: Government, Social Security, European Economic Association, Institut des Politiques, Economic, Amazon, Elon, Twitter, Shepard, Getty, Trump, Internal, Abaca, New York, Facebook Locations: United States, Netherlands, States Netherlands Italy France, Italy, France, Tesla, LVMH, America, Europe, Sweden, Germany, Switzerland, U.S, Brazil, South Africa, Spain

New Labour Party MP for Blackpool South, Chris Webb (C) reacts as his win is announced at the count centre in Blackpool, north-west England on May 3, 2024, during the Blackpool South by-election. The opposition Labour Party won a Blackpool South by-election, taking the seat from the Conservatives. The Reform UK party, founded by Brexit proponent Nigel Farage, came in third. Labour leader Keir Starmer posted on the social media platform X that the "swing towards Labour in Blackpool South is historic." Angela Richardson, deputy chair of the Conservative Party, told the BBC the result "was not unexpected," especially given the circumstances that sparked the by-election.

Persons: Chris Webb, Rishi Sunak's, David Jones, Nigel Farage, Scott Benton's, Keir Starmer, Angela Richardson Organizations: New Labour Party, Blackpool South, Blackpool, LONDON, Rishi Sunak's Conservative Party, Labour Party, Conservatives, New Labour, Conservative, Reform UK, Labour, Conservative Party Locations: Blackpool, England, Britain

☆ A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.'
▼ + stars: | 2024-05-03 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kirsch is hoping to start collecting Social Security checks in a couple of years, just before his 67th birthday. Related storiesFor many, Social Security won't be enough to fill the gaps. As of March 2024, the Social Security Administration said that its average monthly check sent to recipients is $1,774.83. And, if lawmakers don't intervene, the US Social Security fund is set to dry out by the late 2030s. "Start saving and do it as aggressively as you can," he said.

Persons: —, David Kirsch, Kirsch, Hill , New Hampshire —, he's, Kirsch isn't, didn't Organizations: Service, He's, Business, Walmart, Survey, Income, Social, Social Security Administration, US Social Security Locations: Caribbean, South America, Hill , New Hampshire

☆ Restaurants are competing for frugal diners’ dollars
▼ + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.

Persons: ”, Laxman Narasimhan, “, we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, —, Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia

☆ 'Trader justice': Ex-SocGen trader fired for risky bets claims he was made a 'scapegoat'
▼ + stars: | 2024-05-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

A former Societe Generale trader who was fired for unauthorized risky bets has lambasted the French bank for making him a "scapegoat" and failing to take its share of responsibility for missing the trades. A SocGen spokesperson declined to comment on the post, but provided a statement on the pair's dismissal. Kataria said the trades were auto-booked and a "daily email was sent to the entire group mentioning the trades have been reconciled." "It's very easy for other people to say that we were not aware of the trades done by me," he wrote. "Trading Industry is so big but there are no rules or regulations which fight for trader justice," he said.

Persons: Kavish Kataria, Kataria, SocGen, Kevin Ng, Jerome Kerviel Organizations: Societe Generale, Hong, Financial Times, LinkedIn Locations: Hong Kong, Paris

☆ DJT stock: Truth Social keeps shrinking despite the Trump trial and looming election
▼ + stars: | 2024-05-03 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Yet new data shows its main product — the conservative-friendly social network Truth Social — remains a very tiny player in its industry, and it’s getting even smaller. “If your entire social circle is on a social media platform, that’s a strong pull to sign up. ‘Meme stock’ argumentTrump recently received another 36 million shares of Trump Media as part of a bonus known as earnout shares. Including those new shares, Trump owns 114.75 million shares of Trump Media — a stake valued at $5.6 billion. Of course, Kennedy notes that there is a counter argument that Trump Media is not a typical social media stock, and so traditional metrics like growth and revenue don’t really matter.

Persons: Donald Trump, it’s, ”, Matthew Kennedy, Kennedy, “, Trump, Shannon Devine, ” Devine, Similarweb, Mark Zuckerberg’s Meta, Gettr, Tom Liu, Musk, ” Kennedy Organizations: New, New York CNN, Trump Media & Technology, Trump Media, CNN, Trump, Truth, Renaissance, Social, ” Trump Media, Elon Musk Locations: New York, Similarweb

☆ A NATO country said it could join Ukraine's war with Russia if 2 conditions are met
▼ + stars: | 2024-05-03 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

His remarks about French soldiers defending Ukraine are among the most hawkish by a Western leader. AdvertisementFrance's President Emmanuel Macron reaffirmed that he would consider sending French troops to Ukraine, and spelled out the conditions in which this could place. He added that if Russia defeats Ukraine it would then likely seek to attack another European country. Related storiesMacron's remarks about sending French troops to defend Ukraine were among the most hawkish by a Western leader. The Kremlin's spokesman, Dmitry Peskov, in response to Macron's earlier remarks, said that deploying NATO troops to Ukraine would lead to war between Russia and the alliance.

Persons: Emmanuel Macron, —, Macron, Vladimir Putin, I'm, Dmitry Peskov, Peskov, Ruth Deyermond Organizations: Service, NATO, Ukraine, RFE, RL, Business Locations: Ukraine, France, Russian, Europe, Russia

☆ Most of Warren Buffett’s wealth was accumulated after age 65. Here’s what that can teach individual investors
▼ + stars: | 2024-05-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

"His skill is investing, but his secret is time," Morgan Housel wrote in the bestselling business book, "The Psychology of Money." To that point, 99% of Buffett's net worth was accumulated after he was 65 years old, Housel said during a 2022 interview with CNBC. That's up substantially from the $84.5 billion net worth Buffett had at the time Housel's book was published in 2020. Most of that wealth came in Buffett's later years, Housel wrote, with $84.2 billion after he turned 50 and $81.5 billion after he turned 65. "The trick is to have a very long hill, which means starting very young or living … to be very old," Buffett said.

Persons: Warren Buffett, Berkshire Hathaway, Morgan Housel, Housel, Buffett Organizations: Berkshire, Berkshire Hathaway, CNBC Locations: Omaha , Nebraska, Buffett's

☆ Donald Trump says he wasn't sleeping in court but simply closing his 'beautiful blue eyes' so that he could 'listen intensely'
▼ + stars: | 2024-05-03 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewFormer President Donald Trump says he didn't fall asleep during his hush-money trial. Trump has been regularly appearing in a Manhattan court since the trial kicked off on April 15. "I simply close my beautiful blue eyes, sometimes, listen intensely, and take it ALL in!!!" Related storiesHaberman, however, did acknowledge that there were times where Trump really was just closing his eyes. Besides the case in Manhattan, Trump has been charged in three other criminal cases, including a state criminal case in Georgia over accusations that he attempted to overturn the 2020 election results.

Persons: —, Donald Trump, Trump, Stormy Daniels, Hunt, Maggie Haberman, CNN's Kaitlan Collins, Haberman, It's, UBLPJEbA0y, Jon Stewart Organizations: Service, New York Times, CNN, Washington Post, Business, Times, Independent, Trump Locations: Manhattan, Georgia, Lago

☆ How the US became hooked on sports betting – and the cost it’s having on lives
▼ + stars: | 2024-05-03 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +11 min

“I noticed all my memories were really gambling related,” Malek explains to CNN Sport. So right where the AGA and the National Council for Problem Gambling is located – the nation’s capital – they abolished all public funds for problem gambling,” adds Whyte. Ramon Zelaya, the moderator of Reddit’s problem gambling forum, concurs. “I think the pace of innovation right now, particularly as it relates to fan engagement and betting, and in play betting and live betting will continue to increase,” said Maloney. Reportedly there were two specific games in which DraftKings Sportsbook flagged prop bets involving Porter in its daily betting insights.

Persons: CNN —, Saul Malek, he’d, “, ” Malek, I’d, Malek, ”, Michael Reaves, Getty, Dominick Reuter, Joe Maloney, ” Maloney, ” Keith Whyte, Maloney, “ We’re, Al Bello, Whyte, “ We’ve, LeBron James ’, DraftKings, you’re, Greg Olsen, Jared C, Tilton, Adam Silver, Silver, Ramon Zelaya, ” Zelaya, “ I’ve, Sportradar, expained, Candice Ward, Reuters Maloney, Jontay Porter, Porter, “ It’s, Brian Sevald Organizations: CNN, CNN Sport, Gamblers Anonymous, Saturday’s Kentucky Derby, Kentucky Derby, Supreme, District of Columbia, Super, American Gaming, Monmouth, Getty, “, Republicans, National Council, Belmont Park, ESPN, NCAA, NFL, NASCAR Hall of Fame, NBA, Reuters, Sporting, Toronto Raptors Locations: Saturday’s, Churchill, Nevada, Monmouth, Oceanport , New Jersey, AFP, America, New York, Belmont, District, –, North Carolina

☆ The fall of Gucci was inevitable
▼ + stars: | 2024-05-03 | by ( Madeline Berg | ) www.businessinsider.com time to read: +13 min

"We got used to hearing about double-digit growth at Gucci," Fflur Roberts, the head of luxury goods at Euromonitor, told Business Insider. "I think of what a fashion editor is wearing — it's not Gucci," Lindsey Solomon, a fashion publicist, told BI. After taking the top spot on the Lyst Index of fashion's hottest brands in 2022, Gucci dropped to number 11 last quarter. "We still believe the Gucci brand's current growth rate, which is 10 times higher than that of the industry, represents a risk going forward," Morningstar's Sokolova wrote in a 2017 note. Gucci relied heavily on China for its growth, but stores — perhaps including this one in China's Hainan Province — have struggled recently.

Persons: Alessandro Michele's, loafers, Gigi Hadid, Sienna Miller, Steve Madden, ASOS, Sally Singer, Michele, Fflur Roberts, Alessandro Michele, Harry Styles, Billie Eilish, Jared Leto, Kevin Mazur, Bauer, Griffin, Jeff Kravitz, Gucci, Sabato De Sarno, Lindsey Solomon, De Sarno, François, Henri Pinault, China —, Jelena Sokolova, Solomon, Daniele Venturelli, Michele —, Sokolova, It's, Thomas Chauvet, Morningstar's Sokolova, Michele's Gucci, wasn't, Jeremy Moeller, Chauvet, Roberts, Chanel, Gucci's, Gucci hadn't, Hermès, Birkin, Louis Vuitton's Neverfull, Pinault, Louis, Euromonitor's Roberts Organizations: Creative, Gucci, The Recording Academy, Axelle, Morningstar, BI, Citi, Disney, Getty, Revenue, China News Service, Bain, Louis Vuitton Locations: Euromonitor, China, The Asia, Pacific, China's Hainan Province, Asia

☆ Trump trial resumes after infamous Cohen phone call tape is played for jury
▼ + stars: | 2024-05-03 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Former U.S. President Donald Trump attends the first day of his trial for allegedly covering up hush money payments at Manhattan Criminal Court on April 15, 2024 in New York City. The lawyer, Keith Davidson, negotiated six-figure hush money deals for porn star Stormy Daniels and former Playboy model Karen McDougal ahead of the 2016 presidential election. On the night Trump won that election, Davidson texted the Enquirer's then-editor in chief, "What have we done?" But he added that he and the top editor, Dylan Howard, understood at the time that "our activities may have in some way assisted the presidential campaign of Donald Trump." Jurors heard a recording of Trump saying asking Cohen, "So what do we got to pay for this — 150?"

Persons: Donald Trump, Keith Davidson, Stormy Daniels, Karen McDougal, Trump, Daniels, Attorney Alvin Bragg, Judge Juan Merchan, Merchan, Davidson, Trump's, Michael Cohen, David Pecker, Dylan Howard, Douglas Daus, Cohen, McDougal Organizations: U.S, Manhattan Criminal, Prosecutors, New, Trump, Manhattan, Attorney, National Enquirer, American Media Locations: New York City, New York

☆ A NATO country says it could join Ukraine's war with Russia if 2 conditions are met
▼ + stars: | 2024-05-03 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

AdvertisementFrench President Emmanuel Macron reaffirmed that he'd consider sending French troops to Ukraine and spelled out the conditions in which this could place. He added that if Russia defeated Ukraine, it would then probably seek to attack another European country. Related storiesMacron's remarks about sending French troops to defend Ukraine are among the most hawkish by a Western leader. In response to Macron's earlier remarks, the Kremlin's spokesperson, Dmitry Peskov, said deploying NATO troops to Ukraine would lead to war between Russia and the alliance. Analysts recently discussed with Business Insider the likelihood of Russia attacking NATO, with the Russian-military expert Ruth Deyermond saying Putin's regime was too weak militarily to risk a direct confrontation with NATO.

Persons: Emmanuel Macron, —, Macron, Vladimir Putin, I'm, they've, Dmitry Peskov, Peskov, Ruth Deyermond Organizations: Service, NATO, Ukraine, Russia, Radio Free, Radio Liberty, Analysts, Business Locations: Ukraine, France, Russian, Europe, Russia, Radio Free Europe

☆ China's true military spending in 2022 was likely worth $711 billion, or 'nearly equal' to the US military budget that year: US think tank
▼ + stars: | 2024-05-03 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

A new report says China's $229 billion military budget in 2022 was actually equivalent to $711 billion. AdvertisementIn June 2023, Sen. Dan Sullivan of Alaska warned Congress that China's military was catching up to America's faster than previously imagined. That makes Beijing's spending in 2022 "nearly equal" to the US defense budget of about $740 billion that year, wrote Eaglen, a senior fellow at AEI. Using that factor, Eaglen wrote that it's highly likely China's spending on personnel that year was worth $293 billion of US military spending. US military spending is also often cited as higher than the actual defense budget.

Persons: —, Sen, Dan Sullivan, Mackenzie Eaglen, Sullivan, Eaglen, haven't Organizations: AEI, Service, Republican, American Enterprise Institute, Pentagon, Beijing, United Nations, Labor, US Army, People's Armed Police, Liberation Army's, Publishing, Getty, China's, Guard Locations: Alaska, Beijing, Washington, China, Nanning, South, Guangxi Zhuang Autonomous, United States

☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

☆ Buying a first home is 'prohibitively expensive' and 'almost impossible' for many, says Janet Yellen
▼ + stars: | 2024-05-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewOwning a home is a key element of the American dream, yet it's become an unattainable fantasy for many people, Janet Yellen said. At the same time, the 30-year fixed mortgage rate has surged from around 3% at the end of 2021 to around 7%. As a result, Yellen said that buying a first home is "almost prohibitively expensive." Prospective sellers are holding off on listing their properties because they're unwilling to give up the dirt-cheap mortgage rate they secured years ago. AdvertisementBiden has also proposed a one-year tax credit of up to $10,000 for middle-class families that sell their starter home to someone who'll live in it.

Persons: —, Janet Yellen, Yellen, Biden Organizations: Service, Treasury, Business, Federal Reserve, White House, Tax, stoke

☆ Japanese yen: How the currency’s record slump is squeezing the Japanese
▼ + stars: | 2024-05-03 | by ( Juliana Liu | ) edition.cnn.com time to read: +7 min

Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency. A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added. … and lots of drawbacksBut the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.

Persons: hasn’t, Hiroko Ishikawa, “ It’s, ” Ishikawa, “, we’re, We’re, Himari Semans, That’s, ” Nigel Green, Kit Juckes, Warren Buffett, ” Sean Callow, ”, Sato Hitomi, Semans, I’ve, —, Laura He, Chris Lau Organizations: Tokyo CNN, US, Reserve, CNN, Nikkei, Bank of Japan, deVere, greenback, Labor, Societe Generale, New Zealand, Japan’s National Tourism Organization, Tokyo’s Locations: Hong Kong, Tokyo, Japan, United States, Sydney, Hawaii

☆ Travis Kalanick's $15 billion food tech company cuts employees globally in profitability push
▼ + stars: | 2024-05-03 | by ( Meghan Morris | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewSix months after layoffs at food technology company City Storage Systems, another round of cuts hit teams globally, per leaked audio obtained by Business Insider. More than 80 US employees were cut at Otter, the company's restaurant tech arm, said a source familiar with the people laid off. This story is available exclusively to Business Insider subscribers. In fall 2021, CEO Travis Kalanick raised $850 million for CSS from investors including Microsoft, at a $15 billion valuation.

Persons: —, Guido Gabrielli, Otter, Travis Kalanick, Kalanick, Uber, Gabrielli Organizations: Service, Storage Systems, Business, CSS, Microsoft, BI Locations: Canada, Latin America

☆ The portfolio manager whisperers
▼ + stars: | 2024-05-03 | by ( Alex Morrell | ) www.businessinsider.com time to read: +24 min

AdvertisementHistorically, a hedge fund's chief investment office or senior portfolio manager was responsible for vetting and wooing key investment hires. They can also help hedge funds save on outside recruiting costs, which can add up to tens of millions a year. Hedge funds targeted institutional salespeople at investment banks with exposure to hedge funds, as well as asset allocators with chops in portfolio-manager selection and due diligence. Assets at multimanager hedge funds have boomed since 2018. The principle may work for fictional baseball diamonds, but the reality at hedge funds is more complicated.

Persons: Taylor Swift, Travis Kelce, Goldman Sachs, —, That's, headhunter who's, liken, Nick Saban's, Midlevel, headhunter, Ken Griffin, Michael Kovac, execs, Jennifer Blake, BD Thomas DeAngelis, Walleye Capital Paritosh Singh, Americas Michael Grad, BlueCrest Lindsay Previdi, Point72, Freestone Grove Matthew Giannini, Ken Griffin's, ExodusPoint, Brevan Howard, breakneck buildout, Michael Gelband —, Jonathan Hoffman, Alexander Phillips, ExodusPoint's, Millennium's Izzy Englander, noncompetes, Millennium Management Amanda Gordon, multimanagers, who've, Goldman, Schonfeld, Brevan Howard —, Neil Chriss, Harry Schwefel, Jonathan Brenner, Walleye's, Thomas DeAngelis, DeAngelis, Brenner, DeAngelis hasn't, Kansas City Chiefs Travis Kelce, Erick W, Rasco, Donald Trump's, America couldn't, Citadel execs Todd Barker, Daniel Morillo —, Jeff Runnfeldt, Bobby Jain, allocator Organizations: NFL, Business, Citadel, BD, University of Alabama, execs, Balyasny, Walleye Capital, Millennium, Americas, Freestone Grove, — Citadel, Walleye, BI, Costco, Millennium Management, Bloomberg, Getty, Investor, Barclays, Barclays Capital Solutions, Brookfield, Paloma Partners, Kansas City Chiefs, San Francisco 49ers, Allegiant, Getty Images, Black, Investors, ex, Fortress Locations: America, multimanagers, —, Hudson Bay, Schonfeld, Israel, multimanager, Europe, Middle East, Africa, Vegas, Balyasny

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