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☆ Jamie Dimon is worried about how much the US is borrowing. Here’s why
▼ + stars: | 2024-05-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Major business leaders and economists are worried about America’s growing debt problem. Last week, JPMorgan CEO Jamie Dimon expressed fear that a crisis is looming and that unchecked deficit spending could explode. The big picture: Between the Trump-era tax cuts and Covid-era stimulus programs, the national debt has exploded in recent years. Trump Media (DJT) reported a loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year earlier. The company generated just $770,500 of revenue, marking the second-straight quarter where its revenue totaled less than $1 million.

Persons: Jamie Dimon, ”, ” Dimon, “, Ray Dalio, Columbia Business School Glenn Hubbard, Joe Biden’s, Jason Thomas, Carlyle, ” Thomas, Hanna Ziady, Liz Truss, Treasuries, Hubbard, Thomas, it’s, Donald Trump, Matt Egan, Devin Nunes, Martin Gruenberg, Elisabeth Buchwald, ” Gruenberg, Sen, Sherrod Brown, Gruenberg, He’s, Cleary Gottlieb Steen, Gruenberg’s, Gruenberg Organizations: CNN Business, Bell, New York CNN —, JPMorgan, Sky News, Financial, Columbia Business School, United, CNN, IMF, Congressional, Office, Peterson Foundation, Treasury, Trump Media, Trump Media & Technology Group, Truth Social, Company, Big Tech, ” Trump Media, Federal Deposit Insurance Corporation, Senate Banking Committee, FDIC, Hamilton Locations: New York, Bridgewater, United States, —, United, United Kingdom

☆ The Chair of the FDIC is facing calls to resign after scathing report. The implications for banks could be significant
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency. If he heeds the calls, there could be significant ramifications for banks across the country. “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.

Persons: New York CNN — Martin Gruenberg, Cleary Gottlieb Steen, Gruenberg, ‘, ’, “, ” That’s, CNN Gruenberg “, Joe Biden, Bill Foster, That’s, Travis Hill, Rulemaking, ” Dennis Kelleher, Hill, Cowen, Sen, Elizabeth Warren aren’t, Karine Jean, Pierre didn’t, Biden, Kelleher Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Hamilton, FDIC, CNN, Democrat, Democratic Rep, Republican, Senate, Democratic, Better, Federal Reserve, White Locations: New York, Basel

☆ Move over New York Times, now LinkedIn is adding brain-busting games
▼ + stars: | 2024-05-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Watch out “Connections,” LinkedIn says it’s adding a variety of games aimed at making actual connections. The Microsoft-owned platform, best known for professional networking and sharing news, is taking a page from the New York Times and adding three, free “thinking-oriented” games as a way to tap into the explosive popularity of brain-busting puzzles people are adding to their daily routine. People share articles less to push advice on people and more because “they’re trying to build meaningful relationships,” Daniel Roth, editor in chief of LinkedIn, told CNN. “We’ve seen that with the recent explosion of short games that help you.”What are the games? Ultimately, Times’ games have become a major revenue driver for the newspaper.

Persons: “ they’re, ” Daniel Roth, ”, “ We’ve, Minda Smiley, “, Roth, Laura Lorenzetti, Smiley Organizations: New, New York CNN —, LinkedIn, Microsoft, New York Times, CNN, “, Times, New York World Locations: New York, Queens, ”

☆ Jamie Dimon fears for the future of the free world and US debt
▼ + stars: | 2024-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is worried about the future of the free world. “The geopolitical situation is probably the most complicated and dangerous since World War II,” Dimon said during a talk at the Economic Club of New York on Tuesday. “The world order that formed after WWII, Bretton Woods, WTO [the World Trade Organization], and the UN is kind of being challenged,” he said. This is not the first time Dimon has warned that the world is on the brink of a massive realignment. The country’s national debt is now over $34.5 trillion, or about $103,000 for every American.

Persons: Jamie Dimon, ” Dimon, Dimon, Bretton, ”, That’s, “, Jerome Powell, Niall Ferguson, Chris Isidore, Tesla, Elon Musk, Jeanne Sahadi, Joe Biden, “ won’t Organizations: CNN Business, Bell, New York CNN, JPMorgan, Economic, of New, World Trade Organization, UN, AAA, NATO, Atlantic Treaty Organization, Federal, Federal Trade Commission, FTC, of Commerce Locations: New York, of New York, Ukraine, NATO, Israel, US, China, Bretton Woods, WTO, Russia

☆ Donald Trump's Truth Social has crashed 70% from its peak — and experts say the meme stock may fall further
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Donald Trump's meme stock has plunged by 70% from its peak last month. Trump Media & Technology Group, which owns Truth Social, soared after it went public. AdvertisementDonald Trump's meme stock skyrocketed in March but has now crash-landed. Advertisement"Given Donald Trump's substantial fanbase, particularly during election cycles, he could wield significant influence over specific stocks, such as Truth Social stock," he said. The sharp rise in Truth Social price will definitely be a short-run phenomenon because it is not fully backed by fundamentals."

Persons: Donald Trump's, —, Donald, Trump, Michele Costola, Costola, Imran Yousaf, Warren Buffett, Yousaf, it's, TMTG, they'll, Devin Nunes Organizations: Trump Media & Technology Group, Service, Bloomberg, Foscari University of Venice, Kean University, GameStop Locations: Tuesday's

☆ Google removing links to California news websites as part of test in response to pending legislation
▼ + stars: | 2024-04-12 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Google headquarters is seen in Mountain View, California, United States on May 15, 2023. Google will begin removing links to California news websites from search results for some Californians in response to a bill that would require online ad companies to pay a fee for connecting state residents to news sources. The recent developments have upended many online publishers that count on Facebook and Google for traffic and are particularly painful for publications that rely on advertising revenue. "If passed, CJPA may result in significant changes to the services we can offer Californians and the traffic we can provide to California publishers," Zaidi wrote. Supporters of the California bill say it will help news publishers receive a fair chunk of the ad profits reaped by tech juggernauts like Apple , Google and Meta.

Persons: Jaffer Zaidi, Zaidi Organizations: Google, California Journalism, Facebook, Meta, Google News, Apple Locations: View , California, United States, California, France, Germany, Spain, Australia, Canada, New Zealand

☆ Employee Productivity Is Booming As Workers Get Better at Their Jobs
▼ + stars: | 2024-03-21 | by ( Neil Dutta | ) www.businessinsider.com time to read: +11 min

At the simplest level, labor productivity is how much output (widgets, meals, spreadsheet computation) one person can complete in an hour. Employers were running around with fishnets trying to find people, and workers used their leverage. By contrast, the late 1990s were a period of higher productivity growth and underestimated growth, starting the year at 2% but ending closer to 4%. But it's probably too soon to be thinking about these factors as the main driver of recent productivity growth. The investment implications of this are clear: Stronger productivity growth implies a higher speed limit for the economy.

Persons: —, it's, we'll Organizations: Federal Reserve Bank of San, Labor, P Global, Manufacturing, Capital, Employers, downturns, Professional Locations: Silicon Valley, Federal Reserve Bank of San Francisco

☆ Climate Change and ‘Last-chance Tourism’
▼ + stars: | 2024-03-03 | by ( Desiree Ibekwe | ) www.nytimes.com time to read: +1 min

A lot of climate discussion revolves around time. Lines rise across charts predicting the next century. As the Earth warms, natural wonders — coral reefs, glaciers, archipelagos — are at risk of damage and disappearance. This has motivated some travelers to engage in “last-chance tourism,” visiting places threatened by climate change before it’s too late. (Early tourists included Mary Shelley and Mark Twain.)

Persons: it’s, ” Paige McClanahan, Mary Shelley, Mark Twain Organizations: Times Locations: Glace, French

☆ Valley National Bank CEO on NYCB closure and dealings with regulators
▼ + stars: | 2024-02-22 | 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 EmailValley National Bank CEO on NYCB closure and dealings with regulatorsIra Robbins, Valley National Bank chairman and CEO, joins 'Power Lunch' to discuss the chief executive's sentiment after hearing news about New York Community Bank, how Robbins would characterize their interactions with regulators, and more.

Persons: Ira Robbins, Robbins Organizations: Bank, National Bank, New York Community Bank

Pitchfork announced it was no longer a freestanding music site, after digital publications BuzzFeed News and Jezebel disappeared last year. Even The Washington Post, whose subscriptions boomed during the Trump administration, has seen a falloff, leading its management to acknowledge that it was too optimistic in expansion plans and needed to cut costs. THE PATH FORWARD IS JUST AS BUMPYSome of the troubled outlets also have unique issues that contributed to their problems. “We need journalists in society, and we will find a way to fill that need,” he said. But in the short run, it's going to be ugly.”___David Bauder covers media for The Associated Press.

Persons: —, tacos, Jezebel, Conde, walkouts, ”, Didier Saugy, Gray, Jeff Jarvis, ” Jarvis, “, Trump, Jeff Bezos, Patrick Soon, Jarvis, Aileen Gallagher, that's, Elon Musk's, ” Gallagher, Jim VandeHei, haven't, Tara Dublin, Steve Reilly, you've, ___ David Bauder Organizations: National Press, Los Angeles Times, Business, Time, Washington Post, Pitchfork, Washington Post , New York Daily News, Conde Nast, Press Club, Northwestern University, New York Times, Hollywood, Philanthropy, Associated Press, MacArthur Foundation, Knight Foundation, ” Tech, Syracuse University, Google, Publishers, Facebook, Twitter, Sports, Axios, Politico Locations: Washington, Washington Post , New, United States

☆ Meta's retreat from news accelerated in 2023, leaving publishers scrambling for traffic
▼ + stars: | 2024-01-22 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +14 min

At Mother Jones, a 48-year-old nonprofit magazine specializing in politics and investigations, the implications were dramatic. "The firehose of Facebook traffic was never going to pay for our journalism, for the majority of our journalism," Bauerlein said. Last decade, many publishers saw their "social traffic decline pretty dramatically," with Facebook deprioritizing text-based articles in favor of video content, Cholke said. "If we all end up finding news in the metaverse, then you'll be finding Mother Jones in the metaverse," she said. What Mother Jones won't do, she said, is "bet everything on one platform, because that never works out."

Persons: Mark Zuckerberg, Sen, John Kennedy, Bill Clark, Reuters Mother Jones, Monika Bauerlein, Mother Jones, Meta, Donald Trump, Bauerlein, Jill Nicholson, Nicholson, Zuckerberg, David Carr, Carr, We've, Meta hasn't, It's, Similarweb, Sam Cholke, John S, Adams, Jonah Peretti, " Peretti, Jessica Probus, BuzzFeed's, BuzzFeed, Probus, Cholke, that's, Chartbeat's Nicholson, Mathew Ingram, Facebook, Ingram, Pew, Elisa Shearer, influencers, Jones Organizations: Facebook, Reuters, Mother, CNBC, Google, Meta, Daily, Comcast, Vice Media, Institute for Nonprofit News, Texas Tribune, Montana Free Press, The Texas Tribune, Institute for Nonprofit, Longtime, Columbia Journalism, Pew Research Center, Pew Locations: Washington, France, Germany, Australia, Helena, American

File photo: A person holds a photo of late Haitian President Jovenel Moise, who was shot dead earlier this month, during his funeral at his family home in Cap-Haitien, Haiti, July 23, 2021. Vincent was arrested days after the attack alongside another Haitian-American, James Solages. At these meetings, the filing said, Vincent often wore a U.S. State Department pin leading people to believe he was employed by the U.S. government. Jaar and Rivera were both sentenced to life in prison, while John is expected to be sentenced on Dec. 19. Reporting by Sarah Morland and Kylie Madry; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Jovenel Moise, Ricardo Arduengo, Joseph Vincent, Vincent, Jovenel Moise's, Prince, James Solages, Solages, Christian Sanon's, Moise, Vincent's, Joseph Joel John, German Rivera, Rodolphe Jaar, Jaar, Rivera, John, Sarah Morland, Kylie Madry, Bill Berkrot Organizations: REUTERS, U.S . Drug Enforcement Administration, U.S . State Department, U.S ., Thomson Locations: Cap, Haitien, Haiti, U.S, American, Colombian, Florida, Haitian, Chilean

[1/3] An employee hiring sign is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. So far, he said at a Boston Fed labor market conference earlier this month, measures like the employment-to-population ratio largely have not behaved differently for key racial groups, for women versus men, or among those with different education levels. Research has since tended to suggest that there may be untapped pools of labor that only become available when the job market is tight - an argument for keeping monetary policy looser than not. The labor market recovery so far has been "remarkably equitable," she said. Pandemic-era programs threw a safety net under many families, and the tight job market that has since developed helped many get a foothold, Rouse said.

Persons: Elizabeth Frantz, William M, Rodgers III, Rodgers, Torsten Slok, Jerome Powell, quartile, Chris Wheat, Cecilia Rouse, Joe Biden, Rouse, what's, we're, Howard Schneider, Dan Burns, Paul Simao Organizations: REUTERS, Rights, Institute for Economic Equity, St, Louis Federal Reserve, Boston Fed, Blacks, Apollo Global Management, JPMorgan Chase Institute, Workers, Reuters Graphics, of Economic Advisers, Brookings Institution, Thomson Locations: Arlington , Virginia, U.S, joblessness

☆ OpenAI's chaos has both hastened the arms race to AI dominance and opened the door to competitors
▼ + stars: | 2023-11-25 | by ( Monica Melton | ) www.businessinsider.com time to read: +4 min

OpenAI chaos has calmed as CEO Sam Altman is reinstated and an investigation begins. AdvertisementThe drama of Sam Altman unexpectedly being fired on Friday and then reinstated to OpenAI Tuesday night has reached a close. AI ethics experts have expressed concern about the power of AI technology being controlled by the hands of a few. "The increasing concentration of capital, compute, and data are a problem," Emily M. Bender, a University of Washington linguistics professor, told BI. The seemingly earth-shattering news from OpenAI may have instead opened a door for resourcefulness and for other players to emerge.

Persons: Sam Altman, —, OpenAI, Émile Torres, Altman, Emily M, Bender, nilly, Ali Alkhatib, Pistilli Organizations: Service, University of Washington, Microsoft Locations: AGI

☆ Journalism professor’s six-word mantra is a blueprint for how news outlets should cover the 2024 race
▼ + stars: | 2023-11-15 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

“The stakes, of course, mean the stakes for American democracy,” Rosen told me by phone Tuesday. Needless to say, sounding the alarm on Trump’s disturbing conduct is more difficult than engaging in horse race coverage. “And [horse race coverage] is an easy way to make a complicated subject come alive for audiences,” Rosen added. “Rather, that the horse race should not be the model for how you design your coverage. “We are getting more and more stakes journalism from our national media,” Rosen said.

Persons: CNN — “, Jay Rosen, Rosen, —, ” Rosen, “, Donald Trump, they’re, ” That’s, “ Rather, ” Organizations: CNN, York University, The New York Times, Washington Post, Associated Press, MSNBC Locations: U.S

☆ UniCredit’s Greek stake is less odd than it seems
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

But Italy’s UniCredit (CRDI.MI), which on Monday purchased 9% of Alpha Bank for about 300 million euros, should have better luck. This will include merging the lenders’ Romanian units and Alpha distributing UniCredit’s asset-management products in Greece. Probably the most reassuring news for investors in the Italian bank is that Orcel has no plans to raise its stake. UniCredit hasn’t requested regulatory permission to buy more and doesn’t envisage doing so, according to a person familiar with the matter. For shareholders, then, UniCredit’s mini-Greek adventure is unusual but easily tolerable.

Persons: Italy’s, Andrea Orcel, Crédit, Société, Orcel, UniCredit, UniCredit hasn’t, Liam Proud, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Alpha Bank, Alpha, Piraeus Financial, X, SEC, Thomson Locations: Greece

☆ Former US astronaut Frank Borman dies at 95
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +4 min

NASA astronaut Frank Borman in an undated photo. Borman served as the commander of Apollo 8, the first mission to fly around the world. Born in Gary, Indiana, on March 14, 1928, he was the oldest American astronaut still living; that mantle now passes to Jim Lovell, who is also 95 but eleven days younger. Like most of his fellow generation of astronauts, he trained as a test pilot before being selected for NASA's second astronaut program in 1962. In 1970 Borman retired from NASA and the Air Force and became an adviser to Eastern Airlines.

Persons: Frank Borman, Borman, Jim Lovell, Borman's crewmate William Anders, Susan, Eric Beech, Dan Whitcomb, Bill Trott, Rosalba O'Brien Organizations: NASA, Apollo, Handout, REUTERS, Former U.S, Eastern Airlines, American, Air Force, U.S . Military Academy, Gemini, Texas Air Corp, Politico, Thomson Locations: Former, Billings , Montana, Gary , Indiana, Arizona, Las Cruces , New Mexico, U.S

☆ French love letters written 265 years ago opened for the first time
▼ + stars: | 2023-11-06 | by ( Ashley Strickland | ) edition.cnn.com time to read: +9 min

“These letters are about universal human experiences, they’re not unique to France or the 18th century,” Morieux said in a statement. Seeing that the small letters were still sealed, he asked whether correspondence could be opened and was granted permission. Next time you write to me, please do not forget your father,” his mother’s letter read. “Here is a son who clearly doesn’t like or acknowledge this man as his father,” Morieux said. The contents of the letters written to the crew of the Galatée have fascinated him, and he wants to keep pulling that thread.

Persons: Galatée, Renaud Morieux, they’re, ” Morieux, ” Marie Dubosc, “, Louis Chambrelan, Dubosc, Chambrelan, Morieux, ”, Nicolas Quesnel, Marguerite, Renaud Morieux Quesnel’s fiancée, Marianne, ” Marianne, Quesnel’s, ’, scriveners, …, Anne Le Cerf, ” Anne Le Cerf, Nanette, Jean Topsent, Renaud Morieux Morieux Organizations: CNN, Admiralty, British Royal Navy, Pembroke College, Cambridge, Sciences Sociales, “, National, Society of Prisoners Locations: Bordeaux, Quebec, London, United Kingdom, France, Brest

☆ Fed's Bostic, cheered by jobs data, still leans against further rate hikes
▼ + stars: | 2023-11-03 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 3 (Reuters) - Federal Reserve Bank of Atlanta President Raphael Bostic, weighing in after the release of the latest round of jobs data, said on Friday that the economy's current path appears to indicate that further interest rate increases will not be required. Even so, he said, "there's still a lot that’s going to happen between now and even the next meeting. The jobs report came after the Fed earlier this week held its short-term interest rate target at the 5.25% to 5.5% level it has been at since late July. The Fed preserved the option to raise rates further but most investors believe it won't, and the jobs data helped bolster the case for no further action. Bostic said he is not looking for the U.S. to have a recession as part of his current forecast.

Persons: Raphael Bostic, Bostic, We're, I'm, Michael S, Daniel Wallis Organizations: Federal Reserve Bank of Atlanta, Fed, Thomson

DETROIT (AP) — Jeep maker Stellantis has reached a tentative contract agreement with the United Auto Workers union that follows a template set earlier this week by Ford, two people with knowledge of the negotiations said Saturday. Political Cartoons View All 1223 ImagesLike the Ford contract, the Stellantis deal would run through April 30, 2028. Jermaine Antwine and other Stellantis workers picketing outside the automaker’s Sterling Heights, Michigan, were excited Saturday after hearing news of a tentative deal. The union and Stellantis went into intense negotiations on Thursday, the day after the Ford deal was announced, and finalized the agreement on Saturday. Under the Ford deal, workers with pensions also will see small increases when they retire, and those hired after 2007 with 401(k) plans will get large increases.

Persons: Stellantis, Bruce Baumhower, “, Fain, Baumhower, Shawn Fain’s, ”, Jermaine Antwine, Antwine, Ford, Haleluya Hadero, Corey Williams Organizations: DETROIT, United Auto Workers, Ford, Workers, Jeep, UAW, General Motors, GM, Saturday, Kentucky, Plant, Detroit, Hollywood, Teamsters, AP Locations: Michigan, Ohio, Stellantis, Belvidere , Illinois, Toledo , Ohio, Sterling Heights , Michigan, Pontiac , Michigan, Sterling, Texas , Michigan, Missouri, Louisville, Jersey City , New Jersey

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. "Supply of Wegovy is the most important thing for specialist healthcare investors covering Novo right now," said Barclays analyst Emily Field. Some analysts said a firm date would ease concerns that Novo's supply constraints could allow rival Eli Lilly (LLY.N) to get ahead, when it launches its Mounjaro weight-loss drug. Eli Lilly, the world's most valuable drug company ahead of Novo, has said it expects U.S. approval for the drug, currently licensed for diabetes, to be used for weight loss by the end of the year. Novo is spending billions to increase Wegovy output and hiring more contract manufacturers to fill the pens.

Persons: Victoria Klesty, Wegovy, Novo, Emily Field, Eli Lilly, Markus Manns, Manns, Catalent, Jefferies, Jacob Gronholt, Pedersen, Maggie Fick, Josephine Mason, Jane Merriman Organizations: REUTERS, Novo Nordisk, Wegovy, Barclays, U.S . Food, Drug Administration, Union Investment, Thomson Locations: Oslo, Norway, Victoria, COPENHAGEN, United States, Danish, Germany, Novo, U.S, Brussels, London

☆ Opinion: I’m an American stranded in Gaza. Why isn’t the US doing more to bring us home?
▼ + stars: | 2023-10-26 | by ( Stephanie Griffith | ) edition.cnn.com time to read: +16 min

We were at my wife’s parents house a couple of days into the war when there was an airstrike about 100 feet from my parents’ house. We all huddled together until we had to leave northern Gaza and head south. And my wife’s parents are between northern Gaza and Gaza City itself. And all they would say is, “We don’t have any information.”Listen, we live in northern Gaza. We’ve been told by the State Department transit will be allowed for Americans and their immediate relatives, meaning spouse and children if they’re not American.

Persons: Abood Okal, Wafa Abuzayda, Yousef, —, Wafa, Gazans, Okal, we’ve, ”, John Kirby, We’re, ” Kirby, ” Okal, Stephanie Griffith, hadn’t, let’s, ’, we’re, she’s, Abood, You’ve, haven’t, ” Abood, “, Israel, They’re, everyone’s, We’ve, they’re Organizations: CNN, Palestinian Health Ministry, Israeli Defense Forces, State Department, White House, West Bank, IDF, State, Palestinian Locations: Gaza, Massachusetts, Egypt, Israel, Palestine, New Jersey, Ramallah, Gaza City, Jerusalem, Cairo, Washington ,, Rafah, American, Cambridge

MEXICO CITY, Oct 26 (Reuters) - Mexican distiller Becle (CUERVO.MX), the world's largest tequila producer, lost $1.54 billion in market capitalization from a share selloff on Thursday after a stronger peso battered profits. Mexican firms' foreign income was devalued by gains in the peso, which strengthened 14% to the dollar over the year ending Sept. 30. Becle said it would continue shifting into the premium-priced liquor market and planned capital spending in the lower range of $200 million to $225 million this year. When stripping out the effects of foreign exchange, annual sales should still grow by a high-single digit percentage, Becle said. ($1 = 18.1430 Mexican pesos)Reporting by Sarah Morland; Editing by Kylie Madry and Rod NickelOur Standards: The Thomson Reuters Trust Principles.

Persons: Becle, Jose Cuervo, Gordon Dron, Morgan, Sarah Morland, Kylie Madry, Rod Nickel Organizations: MEXICO CITY, Itau, J.P, Thomson Locations: MEXICO, U.S, Europe, America

PORT-AU-RPINCE, Oct 19 (Reuters) - Haitian gangs run schools, clinics and foundations in place of an increasingly absent government, even as their criminal rackets help gang leaders amass funds and afford luxury homes with swimming pools in the hemisphere's poorest country. That was one of the findings of a comprehensive United Nations report published on Wednesday. "Gangs are getting stronger, richer, better armed and more autonomous," according to a 156-page report from a U.N. experts panel. The report concluded that gangs frequently use rape to terrorize and extort victims, demand money and control food supplies. The Caribbean nation's gangs have significantly expanded their influence in recent years, driving mass-migration and internal displacements while plunging millions into severe hunger.

Persons: They're, Bwa Kale, Harold Isaac, Sarah Morland, David Alire Garcia, Sandra Maler Organizations: PORT, United Nations, coalescing, Thomson Locations: United States, Caribbean, Port, Mexico City

Some observers say his moves are largely consistent with both the views of California voters and the political tone that Newsom struck in his first term. While Newsom delighted labor advocates with many of his signatures, he also angered them with some vetoes. “It’s because that’s what Californians want their governor to be.”Newsom's actions reflect that he is “a consistently left-of-center Democratic governor,” said Wesley Hussey, a political science professor at California State University, Sacramento. Lorena Gonzalez Fletcher, who heads the California Labor Federation, said “it's almost cruel” that workers who go on strike aren't guaranteed insurance benefits. Newsom signed legislation to make sure LGBTQ+ foster youth are placed with families able to support their well-being, train school staff to better support LGBTQ+ students and seal legal gender-change petition documents for minors.

Persons: Gavin Newsom, Newsom, Elizabeth Ashford, Robert Rivas, Jerry Brown, Arnold Schwarzenegger, it's, “, ” Ashford, ”, Wesley Hussey, Mark Baldassare, Lorena Gonzalez Fletcher, ” Newsom, Baldassare, Melissa Romero, Assemblymember Chris Ward, ” Ward, Sen, Shannon Grove, Grove, ‘, ” ___ Sophie Austin, @sophieadanna Organizations: —, Democratic, California State University ,, Public, Institute of California, Hollywood, California Labor Federation, Republicans, California Environmental Voters, Homelessness, California Legislative, Caucus, Republican, Associated Press, America Statehouse News Initiative, America Locations: SACRAMENTO, Calif, — California, California, California State University , Sacramento, ”

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