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Three years after Biden administration officials tightened sanctions on a billionaire Israeli mining executive for corrupt business practices in the Democratic Republic of Congo, they have reversed themselves and are offering the executive a deal they hope will bolster the supply of a metal vital to electric vehicles. The plan would allow the executive, Dan Gertler, to sell off his remaining stakes in three giant copper and cobalt mining operations in Congo. Once Mr. Gertler sells his positions, the Biden administration hopes Western-leaning companies will be more willing to invest in Congo, perhaps delivering a greater supply of cobalt to the United States as automakers race to increase domestic production of batteries. But certain State and Treasury Department officials strongly opposed the effort, saying that Mr. Gertler should not be allowed to profit from his deal-making, which the Biden administration earlier argued had cheated the citizens of Congo out of more than $1 billion in mining revenues.
Persons: Dan Gertler, Gertler, Biden Organizations: Biden, Democratic, Treasury Department Locations: Democratic Republic of Congo, Congo, United States
The company said it now expects net income of roughly $7 billion, down from a range of $7 billion to $7.5 billion. Walmart — Shares rallied nearly 6% after the company reported adjusted first-quarter earnings of 60 cents per share, topping the 52 cents expected from analysts polled by LSEG. Chubb — Shares of the insurance company advanced nearly 4% after Warren Buffett's Berkshire Hathaway revealed Chubb was the confidential stock the conglomerate had been purchasing for two straight quarters. Berkshire bought nearly 26 million shares for about $6.7 billion, making it the second-largest holder in Chubb, according to a regulatory filing. GameStop , AMC — The meme stocks retreated for a second day following a speculative rally in the beginning of the week.
Persons: Chubb, Warren Buffett's Berkshire Hathaway, Goose, GoodRx, Raymond James, Samantha Subin, Alex Harring, Yun Li, Pia Singh Organizations: European Union, Facebook, Deere — Deere, Walmart —, LSEG, Revenue, Walmart, Berkshire, GameStop, AMC, UBS, AIG, Nippon Life Locations: Corebridge
New York CNN —Netflix is rebuilding the cable bundle, sans one important ingredient: news. The company, having blown up the decades-old linear television business and ushered in the costly and destabilizing era of streaming, is inching closer and closer to resembling the entertainment behemoths of yesteryear. Netflix has shown little-to-no interest in investing in either live-news or pre-taped programming (a la, a show akin to “Vice News Tonight” or “60 Minutes”). Rebuilding the traditional cable package without news is akin to putting together a meal that includes steak, potatoes and ice cream, but not the broccoli. The vegetables might not be the tastiest, most popular item on the menu, but neglecting them would not be healthy.
Persons: Tom Brady, John Mulaney’s “, , Bela Bajaria, , Organizations: New York CNN, Netflix, NFL, WWE, Meta, Republicans, Journalists, Warner Bros, Discovery, CNN, Comcast, NBC, Disney, ABC News, Paramount, CBS, SPAN Locations: New York
Dylan Field, co-founder and CEO of Figma, speaks at the startup's Config conference in San Francisco on May 10, 2022. Figma, a cloud-based design tool company, said Thursday it will allow investors, including current and former employees, to sell their shares in a tender offer that values the company at $12.5 billion. That's up 25% from the valuation at which the company fundraised in 2021, but below the $20 billion acquisition offer Adobe made in 2022. Adobe and Figma called off the planned acquisition in December following regulatory scrutiny. In December, a regulatory filing said Adobe would pay Figma a $1 billion breakup fee.
Persons: Dylan Field, Kleiner Perkins, Salesforce, Figma, Morgan, CNBC's Jordan Novet Organizations: Figma, Adobe, Microsoft, Google, Oracle Locations: San Francisco, Sequoia
I asked a financial planner how I can grow my passive income since I can't work more in a week. It felt like the only way to continue to expand and earn more money would be to introduce passive income streams. But in 2024, I found myself eager to find a few new passive income streams. "Audit what you're already working with and see how you can turn it into a passive income stream." After a month, I was able to bring in $390 in passive income just through those ads.
Persons: , I've, Jeff Rose, Rose, it's, It's, you've Organizations: Service
The league ended its exclusive window to renew a deal with its two current media partners, Disney and Warner Bros. Warner Bros. Warner Bros. Warner Bros. Warner Bros.
Persons: Adam Silver, it's, NBCUniversal, NBCUniversal's, Warner, David Zaslav, Organizations: National Basketball Association, Warner Bros, Turner Sports, Comcast, CNBC, Disney, NBA, Discovery, Warner Bros . Discovery Locations: Cleveland , Ohio
Read previewReal estate mogul Frank McCourt is the latest person to raise his hand to try to acquire TikTok's US business. Related stories"We thought this was a really fantastic opportunity to accelerate the creation of an alternative internet," McCourt told the Associated Press. McCourt wants to change TikTok's basic business to an open-source model that allows users and creators more control over their data. McCourt told the New York Times that he doesn't want the algorithm. "We doubt very much that China would sell TikTok with the algorithm," McCourt told the Times.
Persons: , Frank McCourt, McCourt, Kirkland, Ellis, TikTok, Forbes, Tim Berners, Lee, TikTok . McCourt, Eric Schmidt, Steven Mnuchin, he's Organizations: Service, Guggenheim Securities, Business, Associated Press, Liberty, Los Angeles Dodgers, Big Tech, New York Times, Times Locations: China
Read previewTraditional media and entertainment companies must undergo "radical levels of reinvention," John Peters, Accenture's lead for media and entertainment clients, told Business Insider. Traditional media companies, like live broadcasting or linear channels, are "seeing viewership migrate away from their platforms," Peters said. Advertisement"They're increasingly moving to social media and social video platforms and video games," Peters said. Here are three things that traditional media companies can learn from social media giants, per the Accenture report. AdvertisementPeters also pointed to events like the annual Academy Awards or live sports as opportunities for media companies to use UGC.
Persons: , John Peters, Accenture's, Peters, Goldman Sachs, Nikki Mendonca, Mendonca, Elon Organizations: Service, Accenture, Business, Media Industry, Netflix, Hulu, WARC Media, Meta, Media, UGC, Apple, Google, Spotify, Disney Locations: North America, Europe, Asia, America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStock market's 'sell in May' adage doesn't pay off, says Annex's Brian JacobsonBrian Jacobson, Annex Wealth Management chief economist, joins 'Power Lunch' to discuss the markets, earnings season and what he think will be the catalyst for the market to continue to move higher.
Persons: Annex's Brian Jacobson Brian Jacobson Organizations: Wealth Management
India's mid-cap stocks are in a "bubble" despite the country's promising economic prospects, according to contrarian fund manager Jonathan Pines. Pines added that he's unable to justify current stock prices, even when accounting for "aggressive assumptions" about future growth in India's mid-cap stocks. The mid-cap 'bubble' Pines revealed that his fund recently held two Indian stocks, one of which was SJVN . SJVN, a mid-cap stock in the hydropower energy sector, has experienced a "vertical price" movement, which Pines attributed to a potential bubble in the Indian mid-cap market. The only 'reasonable' Indian stock On the other hand, GAIL India , a natural gas distribution company, remains the sole Indian stock in Pines' portfolio.
Persons: Jonathan Pines, it's, Pines, Rohit Natarajan, SJVN, Sudhanshu Bansal, GAIL India, GAIL Organizations: Federated, Antique, JM Financial, Federated Hermes Asia Locations: Pines, Japan, India, India's, U.S
CNN —A David Hockney painting bought by famed US screenwriter and producer Norman Lear for $78,000 is expected to fetch up to $35 million at auction. “A Lawn Being Sprinkled” is going under the hammer as part of a sale of the collection of Norman Lear and Lyn Davis Lear that is estimated to bring in more than $50 million, according to a statement from auction house Christie’s. Lear paid what was a record-breaking price for a Hockney work when he acquired the painting in 1978, according to the auction house, but nowadays the artist’s most valuable pieces sell for tens of millions rather than tens of thousands. Norman Lear pictured in 2020. Chris Pizzello/Invision/APBorn in Bradford, northern England, Hockney traveled to California in 1964 and subsequently spent many years there, painting some of his best known works.
Persons: David Hockney, Norman Lear, Lyn Davis Lear, Lear, Hockney, Ed Ruscha’s, Willem de Kooning, Robert Rauschenberg, Ellsworth Kelly, Daniel Leal, ” Christie’s, , Norman, Lyn, Max Carter, Chris Pizzello Organizations: CNN, Getty, Times Locations: Los Angeles, Bradford, England, California
Shortly after the opening bell, we will be selling 25 shares of Palo Alto Networks at roughly $315.50. We talked Wednesday on our Morning Meeting about how Palo Alto Networks may have a positive setup into earnings Monday night , according to Morgan Stanley. We thought Morgan Stanley's call was pointing out because into earnings in February, Morgan Stanley said it was "sitting this quarter out." Its call proved prescient when Palo Alto shares fell almost 30% in a single session after missing estimates on billings and reducing its outlook. For example, Morgan Stanley says this deal benefits Palo Alto it several ways, helping it accelerate market share in security analytics.
Persons: Jim Cramer's, Morgan Stanley, we've, Palo, Morgan Stanley's, It's, Jim Cramer, Jim Organizations: Palo Alto Networks, billings, UnitedHealth, Palo, Networks, IBM, CNBC Locations: billings, Palo Alto
Investing can be intimidating, but financial planners recommend index funds to make things easier. Index funds are generally low-cost, but make sure you understand what fees are involved. Instead, experts have a suggestion to reduce the overwhelm for new and experienced investors alike: total stock market index funds, which give you exposure to the stock market more broadly. AdvertisementWhen you're picking your total market index fund, keep in mind that many of the funds are tracking the same indexes. Susan Dziubinski, an investment specialist at investment research firm Morningstar, identified total market funds as one of the five best ways to invest money.
Persons: Bryan Hasling, Hasling, there's, Charles Schwab, Susan Dziubinski, Morningstar, Dziubinski, doesn't Organizations: Apple, Financial, Fidelity Investments, Wall Street Locations: U.S
Columbia cited security concerns in canceling the large event, a school official told CNN, and instead is holding smaller ones. “Canceling the traditional commencement ceremony was one of the toughest calls in a year of many tough calls,” Shafik wrote in an op-ed in the Columbia Daily Spectator, noting her top priority has been the safety of students, faculty and staff. Fifty people were arrested, and police began the booking process onsite, university spokesperson Tom Vasich said in an email. Pro-Palestinian protesters had set up a campus encampment on April 29, when the university also called in local law enforcement. “This is not protest, this is pure hate.”The building’s takeover came a day after the UCB Divest Coalition agreed to end its campus encampment following discussions with university leadership.
Persons: Minouche Shafik, , Shafik “, Ben Chang, Shafik, , ” Shafik, Tom Vasich, ” Vasich, Vasich, Anna, Dan Mogulof, Nazism ”, David, Mogulof, Santiago Mejia, ” Carol Christ, Jagdeep Singh Bachher, Ana Mari Cauce, ” Cauce, David Ryder David Ryder, , Russell Dorn, Robert Manuel, ” Manuel, Manuel, , ” Benjamin Meyer, Morehouse, Joe Biden’s, David A, Thomas, CNN’s Victor Blackwell, Amanda Musa, Matt Egan, Julia Vargas Jones, Andy Rose, Chris Boyette, Melissa Alonso Organizations: CNN — Pro, Columbia University, Ivy League school’s, New York, CNN, Barnard College, American Association of University Professors, , Columbia Daily Spectator, UC Irvine, University of California, Irvine Police Department, Orange County Sheriff’s Department, Authorities, KABC, UC Berkeley, Pro, KGO, Jewish Community Relations, Nazism, UCB, UC Berkeley’s, Palestine, San Francisco, Getty, UC Regents, UC, Regents, University of Washington, Seattle, Wednesday, REUTERS, Reuters, University, ” DePaul University, Police, DePaul University in, WLS, DePaul, ” University, Coalition, ” Morehouse, Morehouse College’s, White House, White Locations: Israel, Gaza, Shafik, Columbia, Irvine, Orange, Berkeley, Merced, Seattle, DePaul University in Chicago, Atlanta
Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. A shopping extravaganzaFor many shareholders, the annual meeting is less about buy-and-hold investing and more about, well, buying. Judith Lieber clutches were among the items on sale at Borsheim's in Omaha, Nebraska. The CHI Health Center before the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. Warren Buffett poses with Martin, the Geico gecko, ahead of the Berkshire Hathaway Annual Shareholder's Meeting in Omaha, Nebraska on May 3rd, 2024.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, Charlie Munger, I've, I'd, Borsheim's, Judith Lieber, Ryan Ermey, Diane Cunningham Redden, , Clayton, Brooks, Sarah Min, who'd, She'd, they'd, James Eddins, Greg Abel, Carol Loomis, David A, Charlie, Guy Spier, Spier, Charlie Munger's, Doerthe Obert, Martin Organizations: Berkshire, Berkshire —, Oracle, CNBC, Nebraska Furniture Mart, IWC, CHI, Buffett, Squishmallows, Berkshire Hathaway, CHI Health, Apple, Harlem Globetrotters, Grogen, Aquamarine Fund, Grogan Locations: Omaha , Nebraska, Berkshire, England, Woodstock, Omaha, Geico, Nebraska, Borsheim's, China, Australia, Cincinnati , Ohio, Diane Cunningham Redden Cincinnati , Ohio, Columbus , Nebraska, Fairhope , Alabama, Zurich
It aligned with the life-changing money advice he received from a boss in his early 20s. The stock market: from tech stocks to low-cost index fundsCooper's investment strategy has evolved over the years. AdvertisementTo lower his risk, "I am in the process of transitioning my portfolio to mostly low-cost index funds, which are very popular among the FI community." "They're all paid off and bring in about $65,000 a year in rent," he said, adding that they played an important role in his early retirement. Advertisement"I think the easier route is to invest in low-cost index funds," he said, noting that the playbook is much simpler.
Persons: , Eric Cooper, I'd, Cooper, Cooper's, Roth Organizations: Service, Business, Roth IRA, FI Locations: Louisville, Egypt
While he suffered in wet running shoes all day, a few of the guides around him were wearing Teva sandals. In the last 30 years, Paigen's take on the sport sandal, Chaco, has become a cult favorite among outdoor adventurers worldwide. With the sandal design finalized, all that was left to decide was a name. AdvertisementTaking a closer look at the Chaco Z/1 Classic SandalChaco now sells many different sandal styles. For years I was firmly against wearing sandals, but I've softened my stance recently.
Persons: Mark Paigen, Paigen's, Paigen, I've, I'm, Chacos, — Sally Kaplan, they'd, Lavender, couldn't, Connie Chen, Chaco, — Breton Fischetti, REI Organizations: Business, Wolverine Worldwide, Urban Outfitters, Commerce Urban, Amazon, Nordstrom, Nike Locations: Colorado, Chaco, New York,
Read previewTwo-year-old Graza has popularized squeeze bottles filled with olive oil that appear in seemingly every food influencer's social videos. And those influencers are playing a key role in the brand's largest product launch to date beyond the squeezable bottles: Beer-can refills. On May 9, Graza rolled out beer cans of olive oil, sending the new product to about 300 creators, said Kendall Dickinson, head of social and influencer marketing for Graza. The goal was to show people how to refill the signature squeezable bottles with more sustainable cans and a kitchen funnel. For example, a TikTok and Instagram video shows how to make onion rings using Pabst Blue Ribbon beer and Graza's olive oil.
Persons: , Graza, Kendall Dickinson, Andrew Benin, influencers, Dickinson, Harris Teeter, We've Organizations: Service, Graza, Business, Procter, Gamble, Walmart Locations: Benin
The index has rallied nearly 30% from its January low, having entered a bull market earlier this month. Longfor Group, the ninth largest homebuilder in China, surged 11%, becoming the top performing stock on the Hang Seng Index. “We think this is a largely symbolic move to show support for the sector with a ‘national team’ for the housing market,” said Citi analysts. “We are cautiously optimistic about the ‘government-led buying on unsold units’ as it’s still being rolled out in more cities, “ said Jeff Zhang, an equity analyst at Morningstar. Nasdaq Golden China Index, which tracks Chinese companies listed on Wall Street, has gained 11% since the start of April.
Persons: , , Jeff Zhang Organizations: Hong Kong CNN, Longfor, China Holdings, National Development, Reform Commission, , Citi, ING Group, Morningstar, homebuyers, Communist Party, Nasdaq Locations: China, Hong Kong, Beijing, Hangzhou, Xi’an, Chengdu, Shanghai
CNN —Microsoft has asked at least 100 of its employees in China to consider moving to other countries, according to Chinese state media reports. Microsoft employees, mostly involved with cloud computing, were recently offered the opportunity to work in the United States, Australia or Ireland, among other countries, state-run outlet The Paper said in a report Wednesday, citing an unnamed source. The Wall Street Journal reported Thursday that Microsoft asked as many as 800 employees — mostly engineers with Chinese nationality working on cloud computing and AI — to consider relocating. In a statement reported by Reuters, Microsoft (MSFT) said providing internal opportunities for some employees was part of its regular business and the company remained committed to China. In recent months, the United States has also enlisted its allies in Europe and Asia in restricting sales of advanced chipmaking equipment to China.
Persons: , Biden, Joe Biden Organizations: CNN, Microsoft, Street, The, Reuters, Microsoft Research Locations: China, Beijing, Washington, United States, Australia, Ireland, Europe, Asia
Royal Mail owner IDS set to agree $4.4 bln Kretinsky takeover bid
  + stars: | 2024-05-15 | by ( ) www.cnbc.com   time to read: +2 min
IDS owns UK's Royal Mail, which is loss making, and international parcels network GLS. Royal Mail was privatised in 2013 in one of Britain's biggest state sell-offs in decades. It is expected the commitment to offer these contractual undertakings to the British government would be reflected in the cooperation agreement between the parties if a firm offer is made, it added. EP Group now has until May 29 to make a formal offer or walk away. EP is a 100% shareholder in VESA Equity investment which owns Kretinsky's IDS stake of nearly 28%.
Persons: Daniel Kretinsky, Keith Williams Organizations: International, Services, IDS, Royal Mail, UK's, Royal, National Security and Investment, Reuters, Equity Locations: Czech, London, Britain, British
That's because the amount of money that's converted is subject to ordinary income tax – which can be as high as 37%. Even for those who are taxed at a lower rate, a sufficiently large conversion might bump them into a higher tax bracket. Long-term capital gains taxes have three tiers, depending on an investor's income: 0%, 15% and 20%. In a higher tax environment, "tax loss harvesting will become more important, and doing it in a performance-neutral way," said Jerrod Pearce, a certified financial planner and partner at Creative Planning in Overland Park, Kansas. Don't sell highly appreciated assets to generate cash if you're donating to charity.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, Trump, Tim Steffen, Baird, Roth, Steffen, that's, Jerrod Pearce Organizations: Creative Planning, Mutual Locations: Berkshire, Washington, Overland Park , Kansas
"They can't do any more to Boeing," Cramer said. When you go after a person, that's jail time, and that's how you fix things, unfortunately. Wells Fargo raised its price target on Toll Brothers to $150 per share from $142 ahead of next week's earnings. "It is the key to the market," Cramer said, before pointing to a Dell stock chart and circling the day of Nvidia 's GTC conference. Cramer added, "You've got to go to Dell, and that's been off to the races ever since then."
Persons: Jim Cramer's, Jim Cramer, Cramer, Wells Fargo, would've, They're, Morgan Stanley, Jensen, Michael Dell, You've, that's, Mills, Campbell, Bernstein, Kellogg Organizations: CNBC, Club, Boeing, Justice Department, CPI, Dell Technologies, Dell, Nvidia
Technical signals are indicating the dramatic meme stock rally , driven by a short squeeze, could soon come to a painful end, according to Wolfe Research's Rob Ginsberg. A short squeeze occurs when investors who had bet against a stock by borrowing shares and hoping to buy them back later at a lower price luck out. This then pushes the stock price higher. SunPower , another short squeeze candidate, dropped 19% Wednesday before the open, after surging 60% Tuesday. Wolfe Research said an index it manages with Nomura that measures stocks with high short interest this week "rallied into a lower high at long-term resistance."
Persons: Wolfe, Rob Ginsberg, Ginsberg, Nomura, Michael Bloom Organizations: GameStop, AMC, Wolfe Research
Check out the companies making headlines in midday trading: GameStop , AMC Entertainment — The so-called meme stocks retreated significantly after a two-day rally . GameStop declined about 30%, while AMC dropped 20% as the trading frenzy seemed to fade. The sell-off in AMC shares also came after the company announced a debt-for-equity swap. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively. According to the firm, shares could benefit from Chinese government stimulus policy and Nio's latest battery as a service, or BaaS, strategy, which could drive sales, said the bank.
Persons: Max, Morgan Stanley, JPMorgan Chase, Glenn Murphy, Cowen, Yun Li, Pia Singh, Michelle Fox, Alex Harring, Jesse Pound Organizations: GameStop, AMC Entertainment, AMC, Boeing, Justice Department, Dell Technologies, JPMorgan, Tesla, Management, New York Community Bancorp, Petco, Wellness Locations: Nio
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