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☆ Why Your Chocolate Fix Is About to Get More Expensive
▼ + stars: | 2024-05-10 | by ( J. Edward Moreno | ) www.nytimes.com time to read: +1 min

A failed crop, followed by a wave of financial speculation, put cocoa prices on a roller coaster this year, rattling an industry reliant on inexpensive crops and labor. For much of the past decade, the price of cocoa in one key global benchmark hovered around $2,500 per metric ton. They pushed the price above $6,000 a ton in February, $9,000 a ton in March and $11,000 a ton in mid-April. Since then, the price has swung wildly, falling nearly 30 percent in just two weeks before bouncing up again. Large food companies have been raising prices and warning that they’ll have to continue to do so if cocoa doesn’t stabilize.

Persons: they’ve Locations: West Africa

☆ The world's largest fans designed to suck carbon from the air are up and running in Iceland
▼ + stars: | 2024-05-09 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Climeworks' direct-air-capture plant can remove up to 36,000 metric tons of carbon from the air a year. AdvertisementThe startup Climeworks this week switched on the largest direct-air-capture plant, which pulls carbon dioxide from the sky and locks it away underground. Climateworks' Mammoth plant also cost hundreds of millions of dollars to build, though the company didn't disclose the exact amount. AdvertisementClimeworks aims to become large enough to remove 1 million metric tons of carbon a year by 2030 and 1 billion metric tons by 2050 — or a megaton and gigaton. The two plants could remove more than 2 million metric tons of carbon dioxide from the air each year.

Persons: Climeworks, —, it's, JPMorgan Chase, Jan Wurzbacher, Wurzbacher Organizations: Service, UN, Carbon Project, Microsoft, Swiss, JPMorgan, US Department of Energy, Occidental Petroleum Locations: Mammoth, Iceland, Paris, Canada, Norway, Oman, Kenya, Louisiana, West Texas

☆ Planet Fitness is raising prices even as it warns customers are growing cost-conscious
▼ + stars: | 2024-05-09 | by ( Brandon Gomez | ) www.cnbc.com time to read: +3 min

Planet Fitness said it's hiking its base-level membership prices for new customers for the first time since 1998, even as the gym operator warns that customers are growing increasingly cost-conscious. Current members will continue to pay $10 per month "for the duration of their membership," Planet Fitness said Thursday alongside its quarterly earnings report. Planet Fitness also said it will start testing higher prices for its top-tier membership, known as the Black Card, this summer. Life Time members tend to be older, more affluent gymgoers, whereas Planet Fitness appeals to a younger, more budget-conscious consumer. The Street is bullish on a company turnaround from Planet Fitness' incoming CEO, Colleen Keating, who assumes the role on June 10.

Persons: Tom Fitzgerald, Craig Benson, Benson, Piper Sandler, Korinne Wolfmeyer, Colleen Keating Organizations: Time Holdings, White, Fitness

☆ Planet Fitness will raise its $10 membership plan for the first time in 26 years
▼ + stars: | 2024-05-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —The Planet Fitness $10-a-month membership plan is a powerful marketing tool and a central part of its strategy. Planet Fitness will raise the price of its “classic” membership from $10 a month to $15 for new members beginning in the summer. “It’s a ‘get you off the couch’ price,” Planet Fitness’ former CEO told CNN in 2022. Planet Fitness blared out the $10 gym plan, which includes annual fees and free training, in commercials. “We’ve seen in every industry people move in price,” Planet Fitness interim CEO Craig Benson said.

Persons: Sharon Zackfia, William Blair, “ We’ve, Craig Benson, ” Organizations: New, New York CNN, CNN, Fitness, Black Card Locations: New York, United States, Square

☆ An OpenAI rival says its new AI model is not only cheaper to run than GPT-4, but it's also more useful
▼ + stars: | 2024-05-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Read previewOpenAI rival Cohere has unveiled an updated AI model it says is more useful and cheaper to run than GPT-4. The AI startup says it is rolling out the ability to fine-tune its Command R AI model, allowing it to outperform larger models like GPT-4 in some use cases while costing up to fifteen times less to operate. Similarly, when analyzing financial data Command R was 6.2% more accurate than GPT-4 and 5.3% more accurate than Claude. AdvertisementCohere said that as Command R, which initially launched in March, is significantly smaller than the likes of GPT-4, it costs much less to run. Related storiesFine-tuning on the Command R model is available on Cohere's platform from Thursday, with availability on other platforms coming in the near future.

Persons: —, Cohere, Nick Frosst, Claude Opus, Claude, Mark Zuckerberg, Sam Altman, Altman, they're, Frosst, It's, Emad Mostaque, Mustafa Suleyman, We're Organizations: Service, Business, Amazon, GPT, Command, Meta, Intelligence, Stanford University, Cohere, Big Tech, Stability, Microsoft Locations: GPT, Toronto

☆ 'Biggest investment opportunity': Investment manager names stocks to play the copper market
▼ + stars: | 2024-05-09 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

Will McDonough, CEO of merchant bank Corestone Capital, says he has "not seen this level of interest and conversation on copper." "Any population growth or industrial growth leads to growth in copper demand. And with the whole battery and electrification movement, there is going to be so much demand for lithium and copper that the company can benefit from," the investment manager said. Copper futures Aside from stocks, McDonough suggests buying copper futures as a good way to play the opportunities in the copper market and the rising demand for the metal. "I think that the price of copper is way under-appreciated.

Persons: Will McDonough, McDonough, SQM Organizations: CNBC Pro, New York Stock Exchange, Sociedad, Minera de Chile SA, BHP Locations: Minera, Chilean

☆ Tyler Boebert still hasn't gotten a lawyer for his theft case: 'I've gotten a lot closer on working things out'
▼ + stars: | 2024-05-09 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

Tyler Boebert, son of GOP Rep. Lauren Boebert, says he still doesn't have a lawyer for his criminal case. AdvertisementGOP Rep. Lauren Boebert's teenage son, Tyler Boebert, appears to have dragged his feet in getting a lawyer to represent him in his criminal case. Police say Tyler Boebert was spotted in a Colorado store where a stolen credit card was used. I wish you'd turned in that application a little sooner," Neiley told Tyler Boebert. Rep. Lauren Boebert.

Persons: Tyler Boebert, Lauren Boebert, —, Lauren Boebert's, I've, John Neiley, you'd, Neiley, Boebert, wouldn't, Elizabeth Frantz, Tyler Organizations: GOP, Service, Courthouse, Judicial, Police, Rifle Police Department, The Washington, Getty, Colorado congresswoman Locations: Colorado, Colorado's Garfield, Garfield, , Colorado, Rifle , Colorado

☆ Trump Media investor convicted of insider trading ahead of merger
▼ + stars: | 2024-05-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media . Two co-defendants of Garelick, the brothers Michael and Gerald Shvartsman, pleaded guilty to insider trading charges on April 3. "Garelick's federal conviction is yet another stark reminder that insider trading is always a losing bet." DWAC and Trump Media completed their merger in late March. Trump Media hired a new auditor, Semple, Marchal & Cooper LLP last weekend to replace BF Borgers.

Persons: Bruce Garelick, Donald Trump, Stormy Daniels, Michael, Gerald Shvartsman, Garelick, Michael Shvartsman's, Damian Williams, Williams, DJT, Benjamin Borgers, Semple, Cooper Organizations: Manhattan Federal Court, Trump Media, Trump, Garelick, Rocket, Prosecutors, Acquisition Corporation, Trump Media & Technology Group, Manhattan U.S, Public, Securities and Exchange Commission, SEC, BF, CPA, Marchal Locations: Manhattan, New York City, New York, U.S

☆ Equinox's new $40,000 membership promises to help you 'live 100 healthy years.' Longevity experts say doing these 4 simple things will work just as well.
▼ + stars: | 2024-05-08 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +6 min

Read previewA luxury gym chain is launching a program costing $40,000 a year that it says will help clients to boost their longevity. But experts told Business Insider you don't need to spend thousands of dollars to enjoy a long, healthy life. The program, which will later be available in other states, aims to help customers "live 100 healthy years," Jonathan Swerdlin, co-founder of Function Health, told CNBC. Research suggests that weight, or strength, training is beneficial for longevity because it builds muscle mass, which helps maintain strength and mobility into older age. One 2022 study found that those who did 30 minutes of strength training a week were 10% to 20% less likely to die from chronic illnesses, such as heart disease, diabetes, and cancer.

Persons: —, Jonathan Swerdlin, Maveron, Dan Belsky, Robert N Butler, Michael Snyder, Snyder, Belsky, Virend Somers Organizations: Service, Function, CNBC, Business, Consulting, of Labor, Robert N Butler Columbia Aging Center, Center for Genomics, Medicine, Stanford University, Research, Mayo Clinic Locations: New York City, Highland Park , Texas

☆ 54% of young Americans say food costs are the biggest strain on their finances
▼ + stars: | 2024-05-08 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Younger Americans are feeling the pinch from inflation, with 54% saying that rising food costs have hit them the hardest. The findings are part of a recent CNBC/Generation Lab survey that polled 1,033 people between the ages of 18 and 34. When asked where in their budget inflation affected them the most, respondents choose food by a significant margin:Food: 54%54% Rent: 22%22% Discretionary spending: 10%10% Health care: 6%6% Utilities: 5%Overall inflation has cooled off since its 9.1% year-over-year peak in June 2022, but it continues to rise at a 3.5% year-over-year pace as of March, according to the most recent data available from the consumer price index, which tracks the price of goods and services over time. Higher borrowing costs are another factor leading to younger people feeling strained, as the average credit card balance for Gen Z and millennials increased 62% and 50%, respectively, between March 2022 and February 2024, according to a recent Intuit Credit Karma survey.

Organizations: CNBC, Intuit, Karma

☆ It's possible to spend over $3,000 now for a maxed-out iPad with all the bells and whistles
▼ + stars: | 2024-05-08 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

The new iPad Pro can get pricey when it comes to upgrades. In an announcement that Apple CEO Tim Cook described as the "biggest day for iPad since its introduction," the tech giant launched brand new iPad Air and iPad Pro models along with a new Pencil Pro stylus and a Magic Keyboard. The iPad Pro comes with a new OLED display and up to two terabytes of storage. AdvertisementIf the $3,000 range is too steep, Apple also dropped the price of its 10th-generation iPad to $350 on Tuesday. Though older, it's still compatible with previous generations of the Pencil and Magic Keyboard Folio.

Persons: —, Tim Cook Organizations: Service, Apple, Business

☆ FTX plans to give customers their money back — with one painful caveat
▼ + stars: | 2024-05-08 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

FTX will pay back 98% of creditors at least 118% of what they're owed, its bankruptcy lawyers said. But payments will be based on crypto values in 2022, not what its worth now as the prices surge. FTX predicts it will have between $14.5 and $16.3 billion available for distribution — mostly from previous Alameda and FTX Ventures investments, bankruptcy lawyers said. FTX founder Sam Bankman-fried was arrested in January 2023 and convicted last fall of fraud, conspiracy, and money laundering. The jury was not allowed to consider any bankruptcy activities in rendering its verdict — though the judge factored into his sentencing that FTX lawyers said victims would recover their losses.

Persons: FTX, they're, —, Jacob Shamsian, Sam Bankman Organizations: Service, FTX Ventures, Bloomberg Locations: Alameda

☆ Bill Hwang, Whose Firm Archegos Collapsed in 2021, Is About to Go on Trial
▼ + stars: | 2024-05-08 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Three years ago, a multibillion-dollar investment firm called Archegos Capital Management blew up with little warning, causing big losses for some Wall Street banks and leading to federal criminal charges against the firm’s founder, Bill Hwang. On Wednesday, Mr. Hwang, 60, who was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation, is set to go on trial in Manhattan federal court. Federal prosecutors are seeking to secure a conviction in a major stock market manipulation case in which Mr. Hwang, whose legal name is Sung Kook Hwang, was one of the big financial losers. Archegos had managed money mainly for Mr. Hwang, his family and some of his employees, and much of his family’s wealth was wiped out when the firm collapsed in March 2021. Also on trial with Mr. Hwang is Patrick Halligan, the former chief financial officer of Archegos.

Persons: Bill Hwang, Hwang, Sung Kook Hwang, Archegos, Patrick Halligan Organizations: Archegos Capital Management, Authorities Locations: Manhattan, Wall

☆ FTX Customers Poised to Recover All Funds Lost in Collapse
▼ + stars: | 2024-05-08 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Customers of the failed cryptocurrency exchange FTX are poised to recover all of the money they lost when the firm collapsed in 2022 and receive interest on top of it, the company’s bankruptcy lawyers said on Tuesday. The announcement was a landmark in the attempt to recover the $8 billion in customer assets that disappeared when FTX imploded virtually overnight, setting off a crisis in the crypto industry. Those payments would flow from a pool of assets that FTX’s lawyers have pulled together in the 17 months since the exchange collapsed, the lawyers said. The amount owed to customers was calculated based on the value of their holdings at the time of FTX’s bankruptcy in November 2022. A customer who lost one Bitcoin when FTX imploded, for example, would be entitled to less than $20,000, even though a Bitcoin is now worth more than $60,000.

Persons: FTX Locations: Delaware

☆ The market tries to extend its winning streak. Here's what working for and against stocks
▼ + stars: | 2024-05-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Persons: Jim Cramer, Jerome Powell, Jim Cramer's, Stanley Black, Decker, Cramer, Jim, That's, there's, Nelson Peltz, Peltz, We've, we'll Organizations: CNBC, Federal, Logitech, After West Texas, Energy Department, Strategic Petroleum Reserve, Susquehanna, Disney, Developers, Apple, Wynn Resorts, Arista Networks, Rivian, Occidental Petroleum, Bros, Reddit, Emerson Electric, Jim Cramer's Charitable Locations: FirstSource, After, Macao, Las Vegas, Occidental, Lyft

☆ Will China's comeback stock rally last? Wall Street weighs in and shares stock picks
▼ + stars: | 2024-05-07 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

China stocks have staged such a strong rally after a protracted slump for the past few years that they're beating even the S & P 500 so far this year. The MSCI China index, which includes the mainland A-shares, Hong Kong-listed shares and U.S.-listed China names, has jumped around 9%, while the KraneShares CSI China Internet ETF is up around 13%. Most analysts said whether the rally can be sustained will largely depend on China policy. How to play China Though most were bullish on China stocks, they would be selective in stock-picking. They include: SPDR S & P China ETF iShares MSCI China A ETF Global X MSCI China Consumer Disc ETF iShares MSCI Hong Kong ETF — CNBC's Michael Bloom contributed to this report.

Persons: Bernstein, it's, —, Goldman Sachs, Kevin Liu, CICC, Nomura's, Goldman, Kweichow, Ping, Morningstar, Michael Bloom Organizations: U.S, CSI China, Investors, CICC Research, CNBC, BYD, SAIC, Changan Automobile, Energy, Anhui, Cement, JPMorgan, Kuaishou, Ping An Insurance, China Merchants Bank, Hong, China, iShares, China Consumer Locations: China, Hong Kong

☆ Jeff Bezos and Lauren Sánchez made their Met Gala debut as a couple. Here are the other billionaires that joined them.
▼ + stars: | 2024-05-07 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +2 min

Jeff Bezos and Lauren Sánchez attended their first Met Gala together. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJeff Bezos and Lauren Sánchez attended their first Met Gala together on Monday. AdvertisementThe Met Gala brings together the rich and famous. Individual tickets to this year's event cost $75,000, and the price of booking a table started at $350,000, Time reported.

Persons: Jeff Bezos, Lauren Sánchez, Sánchez, Oscar, la, —, It's, Anna Wintour Organizations: Service, Vogue, White House, Metropolitan Museum Locations: Coachella

☆ Biden set to meet with executives from Citi, United Airlines, Marriott and others
▼ + stars: | 2024-05-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

US President Joe Biden speaks about his Investing in America agenda at the Wilmington Convention Center in Wilmington, North Carolina, on May 2, 2024. President Joe Biden is set to meet Tuesday afternoon with a slate of executives from a variety of industries, some of which have been the targets of his regulatory agenda. The guest list includes United Airlines CEO Scott Kirby, Citi CEO Jane Fraser, Evercore founder and senior chairman Roger Altman, Marriott International CEO Anthony Capuano, Flex CEO Revathi Advaithi, Bechtel Group CEO Brendan Bechtel, former Xerox CEO Ursula Burns and Corning CEO Wendell Weeks, according to a White House official. Biden is planning to discuss his "strategy of investing in America and rebuilding international alliances," the official said in a statement. And as part of a broader siege against what Biden calls "junk fees," the White House has issued rules prohibiting certain fees from airlines and credit card companies.

Persons: Joe Biden, Scott Kirby, Jane Fraser, Roger Altman, Anthony Capuano, Revathi Advaithi, Brendan Bechtel, Ursula Burns, Corning, Wendell Weeks, Biden Organizations: Wilmington Convention, United Airlines, Citi, Marriott International, Flex, Bechtel, Xerox, White, Federal Trade Commission, Department Locations: Wilmington, Wilmington , North Carolina, America

☆ Super-aged Japan now has 9 million vacant homes. And that’s a problem
▼ + stars: | 2024-05-07 | by ( Chris Lau | Mayumi Maruyama | ) edition.cnn.com time to read: +6 min

“This is a symptom of Japan’s population decline,” said Jeffrey Hall, a lecturer at Kanda University of International Studies in Chiba. “It’s not really a problem of building too many houses” but “a problem of not having enough people,” he said. According to figures compiled by the Ministry of Internal Affairs and Communications, 14% of all residential properties in Japan are vacant. “When an earthquake or a tsunami occurs, there is a possibility that vacant houses will block evacuation routes as they break down and get destroyed,” he said. In other rural areas with a high concentration of vacant houses, akiya have stalled development, the professor said.

Persons: ”, Jeffrey Hall, “ It’s, don’t, Akio Kon, it’s, “ They’re, Buddhika Weerasinghe, Yuki Akiyama, Akiyama, ” Akiyama Organizations: CNN, Kanda University of International Studies, Ministry of Internal Affairs and Communications, Kanda University, “, Bloomberg, Getty, Ministry, Internal Affairs, Communications, Tokyo City University, Homes Locations: Japan, New York City, Tokyo, Kyoto, Chiba, Kanda, Yato, Yokosuka City, Kanagawa prefecture, Tambasasayama, Noto, Ishikawa, Europe, West, “

☆ Stanley Druckenmiller gives Biden's economic policies an 'F', blames the Fed for reigniting inflation
▼ + stars: | 2024-05-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Reckless government spending enabled by the Federal Reserve is hurting average Americans and endangering President Joe Biden's re-election chances, billionaire investor Stanley Druckenmiller said Tuesday. Everybody seems to get it but Yellen, who just keeps spending and spending," Druckenmiller said. Druckenmiller's comments come with the Fed still trying to bring inflation down, as policymakers have dashed investors' hopes for aggressive interest rate cuts this year. Getting markets enthused about rate reductions was a mistake because it set financial conditions "on fire," he said. Inflation was coming down, financial conditions were tightening," he said.

Persons: Joe Biden's, Stanley Druckenmiller, Janet Yellen, Jerome Powell, Druckenmiller Organizations: Federal Reserve, Duquesne Family Office, Fed

☆ Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday. Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Since the indicative offer was announced by BBVA, Sabadell have risen 8.8% while shares in BBVA have fallen 9.7%. Taking into account Monday's closing share price, the premium would just be equivalent to 7.8%, valuing Sabadell at around 11 billion euros. The combined entity would also overtake Caixabank as the biggest domestic lender in Spain with over 625 billion euros in assets in the country, compared with Caixabank's just over 574 billion euros.

Persons: Sabadell's, Carlos Torres, Caixabank, Caixabank's Organizations: BBVA, Banco Sabadell, Sabadell, Santander Locations: Spanish, Madrid, Spain, Sabadell

☆ House Judiciary chief launches investigation into Formula 1 over Andretti exclusion
▼ + stars: | 2024-05-07 | by ( Sahil Kapur | ) www.cnbc.com time to read: +2 min

The chairman of the powerful House Judiciary Committee is launching an investigation into Formula 1 and its U.S. owner, Liberty Media , to demand answers about the sport's decision to deny Andretti Global a spot on the grid. The letter is dated Tuesday and addressed to Greg Maffei, the president and CEO of Liberty Media, and Stefano Domenicali, the president and CEO of Formula One Group. "Delaying Andretti Cadillac's entry into Formula One for even one year will harm American consumers to benefit failing Formula One teams," Jordan writes. "Limiting the number of teams in Formula One will increase the price of sponsoring or buying into an existing Formula One team. The letter comes days after Mario Andretti, a former Formula 1 world champion, visited Capitol Hill and spoke at a press conference with lawmakers to pressure the sport to admit Andretti Global.

Persons: Mario Andretti, John James, Jim Jordan, Greg Maffei, Stefano Domenicali, Andretti, Jordan Organizations: Washington , DC, Andretti, Capitol, General Motors, Committee, Liberty Media, NBC News, Formula One, Formula, One, Andretti Global, Capitol Hill Locations: Washington ,, Ohio, United States, Michigan

☆ Panera’s Charged Lemonade, the subject of multiple wrongful death lawsuits, is being axed from its menu
▼ + stars: | 2024-05-07 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Panera Bread is eliminating Charged Lemonade from its menu, the caffeinated beverage that has sparked multiple lawsuits and caused a public relations nightmare for the company. The Charged Lemonades will come off the menu in the next two weeks, according to Bloomberg, which first reported the news. The chain declined to comment to CNN on the timeline of the drinks’ removal. A Panera spokesperson said new drinks will replace it, including low-sugar and low-caffeine options, including a new blueberry lavender lemonade, pomegranate hibiscus tea, citrus punch and a tropical green smoothie. Panera kept the Charged Lemonades on the menu, despite the controversies, because experts say removing the drink immediately could have come across as an implied admission that something was wrong with it in the first place.

Persons: Panera, James Haggerty, Haggerty Organizations: New, New York CNN, Bloomberg, CNN, Reuters Locations: New York

☆ The alleged architect of a multibillion-dollar fraud that shook Wall Street heads to trial
▼ + stars: | 2024-05-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —In the spring of 2021, you might have heard about a small investment firm with an odd name, Archegos, that imploded practically overnight and left big Wall Street banks sweating over billions of dollars in losses. Put simply, prosecutors say Hwang had used financial instruments called “total return swaps” to gain exposure to the stocks without actually owning them. Over the course of a year, prosecutors say, Hwang grew his $1.5 billion portfolio into a $35 billion portfolio. Why the case mattersWhite-collar crime on Wall Street may seem like a distant problem for most Americans, and that may be true. And sometimes, as in the financial crisis of 2008, it was a bit of Wall Street tinkering in derivatives contracts that blew up in banks’ faces and collapsed the housing market.

Persons: CNN Business ’, Bill Hwang, Hwang, Matt Egan, Banks, Archegos, ” Hwang, Hwang didn’t, ”, isn’t, Dennis Kelleher Organizations: CNN Business, New York CNN, Archegos, Management, Viacom, Discovery, Warner Bros, CNN, Term Capital Management, Credit Suisse, Employees, Bloomberg, Tiger Asia Management Locations: New York, Korean, York City, ’

Apple revealed new iPad Air and iPad Pro models at its "Let Loose" event on Tuesday. The iPad Pro models are the first to feature OLED displays with deeper contrast. AdvertisementApple overhauled its iPad lineup on Tuesday during its "Let Loose" event in California — including fancy new screens for its top-of-the-line "Pro" models. AppleThe iPad Air comes in four colors: a new blue, a new purple, and the usual Starlight and Space Gray. Related storiesBut the standout feature is the new screens, which are the first OLED displays in the iPad lineup.

Persons: Apple, —, Tim Cook Organizations: Service, Apple, Gray, Apple Apple Locations: California

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