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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
At a campaign event last month in Pennsylvania, the heartland of American steel manufacturing, President Biden made clear that he does not want the proposed takeover of U.S. Steel by Japan’s Nippon Steel to happen. “We’re finally making sure that United States Steel stays United States Steel,” Mr. Biden said. “It’s not going to be anybody else’s steel.”How that promise will be kept has yet to be determined. U.S. Steel said this week in its first-quarter earnings release that it expected the acquisition to be completed in the second half of this year, but noted that timing depended on getting regulatory approvals. On Friday, Nippon Steel said that it was delaying its timeline for the deal to close, from the middle of the year to the end of 2024, because it had been asked to provide more information about the transaction to the Department of Justice, which is reviewing the deal.
Persons: Biden, “ We’re, Mr, “ It’s Organizations: U.S, Steel, Japan’s Nippon Steel, United States Steel, . Steel, Nippon Steel, Department of Justice Locations: Pennsylvania
On Tuesday, Google’s employees gathered for an all-hands meeting named T.G.I.F. These companywide meetings are rarely held on Fridays these days, but the name has stuck. Executives shared highlights from a recent earnings report and cloud-computing conference, and warned workers against taking disruptive actions in the wake of internal protests against a cloud-computing contract with Israel. But no one in the meeting, two employees said, broached a topic that could have a dramatic impact on Google: its landmark antitrust trial with the Justice Department, where arguments are finally coming to an end this week. For eight months, while tech policy experts have tried to divine what a Google victory or loss would mean for the power of tech giants in the United States, Google’s employees have mostly ignored the antitrust fight, according to interviews with a dozen current and recent workers, who asked not to be identified because they were not authorized to discuss the legal matter.
Organizations: Google, Justice Department Locations: Israel, United States
Al-Bursh was arrested along with 10 other medical workers in December during the Israeli military ground invasion of the Jabalya refugee camp, CNN previously reported. He was taken away while treating patients in Al-Awda Hospital, according to the statement. Earlier on Thursday, Israel released dozens of Gaza detainees via the Kerem Shalom crossing in southern Israel. The seven-month bombardment of Gaza has killed more than 34,600 people, according to the Gaza health ministry. Concerns are also heightened over an anticipated Israeli military operation in southern Gaza’s Rafah, prompting renewed calls for a ceasefire.
Persons: Adnan Al, Bursh, Israel, Marwan Abu Saada, , “ Dr, Adnan, ” Saada, , , Ismail Khadr Organizations: CNN, Shifa, Palestinian Prisoners ’ Society, ’ Affairs, Al, Awda, Israel Defense Forces, IDF, United Nations Locations: Gaza, Al, Gaza City, , Israel, Gaza’s Rafah
Financially speaking, the United States has been a Teflon nation. Bad things happen — near defaults, giant budget deficits, a Capitol invasion — but nothing sticks for long. If the United States becomes dysfunctional enough, global investors will rationally conclude that the safe haven isn’t safe anymore. Financing costs in the United States will rise, economic growth will slow, and living standards will fall short of expectations. “Promoting democracy is also good economic policy.” I assume her speech is at least partly politically motivated, but I also think she’s right.
Persons: Janet Yellen, Organizations: Capitol Locations: United States, Canada, Germany, Japan, China, Arizona
CNN —Boris Johnson was turned away from a polling station while trying to vote in the United Kingdom’s local elections after forgetting to bring photo ID – a requirement he introduced while prime minister. Polling station staff were forced to turn the former prime minister away as he tried to cast his ballot in South Oxfordshire on Thursday, PA media reported. New rules requiring photo ID to vote were introduced by Johnson’s Conservative government in the Elections Act 2022. Veterans minister Johnny Mercer apologized to Diver. “The legislation on acceptable forms of ID came out before the veterans ID cards started coming out in January this year.
Persons: Boris Johnson, Johnson, Adam Diver, Johnny Mercer, ” Mercer, Rishi Sunak Organizations: CNN, United, Johnson’s Conservative, Labour Party Locations: South Oxfordshire
The Death of a Treaty Could Be a Lifesaver for Taiwan
  + stars: | 2024-05-03 | by ( John Ismay | ) www.nytimes.com   time to read: +1 min
During a military exercise with the Philippines that began last month, the U.S. Army deployed a new type of covert weapon that is designed to be hidden in plain sight. Called Typhon, it consists of a modified 40-foot shipping container that conceals up to four missiles that rotate upward to fire. It can be loaded with weapons including the Tomahawk — a cruise missile that can hit targets on land and ships at sea more than 1,150 miles away. In 2019, President Donald J. Trump abandoned the treaty, in part because the United States believed Russia had violated the terms of the pact for years. But U.S. officials said that China, with its growing long-range missile arsenal, was also a reason the Trump administration decided to withdraw.
Persons: Donald J, Trump Organizations: U.S . Army, Nuclear Forces Treaty Locations: Philippines, U.S, United States, Russia, China
Two more states with near-total abortion bans are poised to have citizen-sponsored measures on the ballot this year that would allow voters to reverse those bans by establishing a right to abortion in their state constitutions. On Friday, a coalition of abortion rights groups in Missouri turned in 380,159 signatures to put the amendment on the ballot, nearly double the 172,000 signatures required by law. The Missouri organizers’ announcement followed a petition drive in South Dakota that announced on Wednesday that it, too, had turned in many more signatures than required for a ballot amendment there. Groups in about 10 other states have secured spots on the ballot for abortion rights measures or are collecting signatures to do so. Those include Arizona and Nevada, swing states where Democrats are hoping that voters who are newly energized around abortion rights will help President Biden win re-election.
Persons: Roe, Wade, Biden Organizations: United States Locations: Missouri, South Dakota, Arizona, Nevada
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
While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks. The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.
Persons: Lobster, , , John Gordon, Michael Nagle, Alex Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Glen Martin, Mills, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Justin Sullivan, they’ve, Les Foreman, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Lobster, Thai Union, Bloomberg, Getty, Red Lobster, CNN, Cornell University, Baby Boomers, General, Howard, Restaurant Business, Darden, Denver Post, Harvard Business School, Longhorn, Darden Restaurants, Gate, , Thai, , ” Thai Locations: New York, United States, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Sale, Thai Union, Thailand
Editor’s Note: This article was originally published by The Art Newspaper, an editorial partner of CNN Style. (CNN) — The Italian artist and provocateur Maurizio Cattelan shines a light on gun violence and the divisions in US society in a new installation at Gagosian in New York City. “We live in a world where the rich are getting richer and the poor are becoming poorer,” Cattelan told The Art Newspaper. America was about wealth, and this new work is about violence and wealth,” he added. Read more stories from The Art Newspaper here.
Persons: , provocateur Maurizio Cattelan, , ” Cattelan, Solomon, Gagosian, Francesco Bonami, Maurizio Cattelan's, Kevin Frayer, , Read Organizations: The Art, CNN, Art, Guggenheim Museum, Gagosian, UCCA, Contemporary Art, Art Basel Locations: New York City, Brooklyn, Europe, ‘ America, United States, America, Beijing, China, Miami Beach
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
Why the far side of the moon? But the far side of the moon — it is not actually the dark side of the moon — is distinct from the near side. With a lunar far side sample, scientists can begin to probe why the two sides of the moon are so different. Because the same side of the moon always faces Earth, it is impossible to directly establish communications with the lunar far side. Chang’e-7, expected to launch in 2026, will search for water at the lunar south pole.
Persons: maria Organizations: Soviet, China National Space Administration Locations: United States, Soviet Union, China, Chang’e
Here’s a look at some of the pro-Palestinian campus protests around the world. AustraliaOver the past few weeks, pro-Palestinian protest camps have appeared in at least seven universities across Australia. FranceIn Paris, pro-Palestinian protests erupted at the Sciences Po university and the Sorbonne university in late April. At McGill University in downtown Montreal, pro-Palestinian student protesters have set up an encampment on the front lawn. On May 2, a Quebec Superior Court judge rejected an injunction request that would have forced the pro-Palestinian protesters to leave their encampment.
Persons: Hilary Whiteman, , Owen Humphreys, Miguel Medina, Emmanuel Macron, ” Louise, ” Samuel Lejoyeaux, “ I’ll, , India Eric Garcetti, Christinne, Oliver Marsden, ” Ali Organizations: CNN, New York’s Columbia University, Portland State, UCLA, United Nations, The University of Queensland, Students for Palestine, Palestine, University of Sydney, Sydney, United, United Kingdom Pro, Newcastle University, Newcastle University’s, , Sciences Po, Sorbonne, . Riot, Sorbonne University, Getty Images Sciences, Columbia University, Columbia, Harvard, Yale, UNC, Vanderbilt, , Union of Jewish Students of France, Le Monde, CRS, Jawaharlal Nehru University, Jamia Milia Islamia University, BJP, Bharatiya Janata Party, Communist Party, ’ Federation of India, At McGill University, Palestinian, Israel . Mounted, McGill University's, University of Toronto’s, University of British, CBC News, Reuters, American University of Beirut, American University of, Getty Locations: Gaza, United States, Europe, Asia, Israel, Gaza’s Rafah, Australia, Brisbane, United Kingdom, Newcastle, England, Leeds, Bristol, Warwick, Britain, France, Paris, Palestine, AFP, de, India, New Delhi, Columbia, Jamia, Canada, Montreal, Quebec, University of British Columbia, Vancouver, Lebanon, American University of Beirut, Beirut
The dividend yield differential between Europe and the U.S. is the narrowest it's ever been, making Europe more appealing, according to Goldman Sachs. Goldman said there are also good opportunities in value stocks right now, particularly in banks and energy. The MSCI Europe Value index offers a dividend yield of 4.8% — 2.8 times that of the MSCI Europe Growth. Goldman added that the volatility surrounding rates now suggests that value stocks should continue to outperform growth equities. Here are some stocks in Goldman's screen of high dividend yield names.
Persons: Goldman Sachs, Goldman, CNBC's Michael Bloom Organizations: Companies Locations: Europe, United States, U.S
Fugitive Chinese billionaire Guo Wengui hold a news conference on November 20, 2018 in New York, on the death of of tycoon Wang Jian in France on July 3, 2018. The chief of staff to controversial exiled Chinese businessman Guo Wengui pleaded guilty in New York on Friday to a fraud conspiracy that swindled more than $1 billion from hundreds of thousands of victims around the world, prosecutors said. Yvette Wang's plea came weeks before the 53-year-old Guo is set to stand trial in Manhattan federal court for related charges. Wang was scheduled to stand trial with Guo in that case before her plea. She faces a maximum possible sentence of 10 years in prison for the charges of conspiracy to commit wire fraud, and conspiracy to commit money laundering.
Persons: Guo Wengui, Wang Jian, Yvette Wang's, Guo, Wang, Steve Bannon, Damian Williams Organizations: Trump White House, Manhattan U.S Locations: New York, France, Manhattan, United States
Although the Met Gala serves as a branding event for Vogue, it has long accepted sponsorships from the tech giants that have threatened the very survival of legacy media publications. Jeff Bezos, the Amazon founder, appeared as the ball’s honorary chair in 2012. Four years later, when Apple was a Met Gala sponsor, its chief executive, Tim Cook, showed up in tux and tails. And Instagram supplied cash in 2022. In the wake of that political firestorm, Shou Chew, the 41-year-old chief executive of TikTok, is expected to join dozens of celebrity guests at the Metropolitan Museum of Art in Manhattan on Monday evening.
Persons: Jeff Bezos, Apple, Tim Cook, TikTok, goliath, Condé Nast, Biden, Shou Chew Organizations: Vogue, Amazon, Metropolitan Museum of Art Locations: United States, Manhattan
Liberia’s president has signed an executive order establishing a war crimes court, the culmination of a decades-long effort to bring justice to victims of the country’s two civil wars, which killed an estimated 250,000 people from 1989 to 2003. Lawmakers in Parliament — including some who are expected to face prosecution under the court — passed a resolution calling for the move last month. “For peace and harmony to have a chance to prevail, justice and healing must perfect the groundwork,” President Joseph Boakai said as he signed the order on Thursday, to the applause of lawmakers and ministers. Although some of those behind the violence have faced prosecution abroad, no one has been held legally accountable within the country for the massacres, rape, torture and conscription of child soldiers that left deep scars on generations of people in Liberia, a West African nation founded 200 years ago by freed slaves from the United States.
Persons: , Joseph Boakai Organizations: Lawmakers Locations: , Liberia, West African, United States
But even after two years of quantitative tightening, the amount of bonds and securities that the Fed still retains is stupendous. Quantitative tightening is a perilous operation. Earlier attempts — notably, in 2019 — disrupted financial markets. The slow pace of quantitative tightening is partly responsible for the Fed’s inability to contribute to the national budget. That’s because the Fed has also raised interest rates, which move in the opposite direction of bond prices.
Persons: Organizations: Fed, Treasury, Silicon Valley Bank Locations: United States
When a journalist is killed, it is not just their voice that is silenced: Press freedom is your freedom. Over 30 years ago, the United Nations recognized May 3 as World Press Freedom Day: a global reminder of the importance of press freedom and an opportunity to assess its health around the world. The Committee to Protect Journalists (CPJ) found that at least 100 journalists and media workers have been killed since we last marked World Press Freedom Day. Tragically, on this World Press Freedom Day, our work is needed more than ever. On this World Press Freedom Day, the fallen who gave their lives for the truth should serve as a reminder as to why press freedom is really your freedom.
Persons: Jon Williams, Rory Peck, Read, Jon Williams Rory Peck, Bayeux, , Simon Cumbers, Simon, Al, Louise, Cumbers, Johnny Green, Thomas Jefferson, ” Jefferson, it’s, Dom Phillips, Phillips, Aldeia Maloca, Bruno Pereira, Joao Laet, don’t Organizations: Rory Peck Trust, BBC News, ABC News, CNN, 1st Cavalry, Canadian, BBC, The Washington Post, United Nations, Protect Journalists, Getty, United, Twitter, Facebook Locations: Bayeux, Northern France, France, Omaha Beach, Europe, Nazi Germany, Normandy, Paris, , Saudi Arabia, Al Qaeda, Saudi, Riyadh, Ireland, London, South, Indonesia, Turkey, India, Madrid, Irish, Kabul, Afghanistan, Gaza, Ukraine, Honduras, Sudan, Philippines, Brazil, Aldeia, Roraima, AFP, Britain, United States, Israel, Egypt
Editor’s Note: This is a version of CNN’s Royal News, a weekly dispatch bringing you the inside track on Britain’s royal family. London CNN —King Charles III was presented with the historic document that officially records his accession and crowning on Wednesday, as the one-year anniversary of his coronation next week draws closer. Charles became the British monarch on the death of his mother, Queen Elizabeth II, on September 8, 2022. His coronation was held eight months later on May 6, 2023 in an event unlike anything the nation had seen in seven decades. “Having it on the websites, it makes it more interesting for people,” the King remarked, according to PA Media.
Persons: London CNN — King Charles III, Charles, Queen Elizabeth II, Buckingham, King, Queen Camilla, Antonia Romeo, Charles ’, Edward II, Queen Isabella, ” Charles, Timothy Noad, Aaron Chown, Stephanie von Werthern, Gill, Camilla, Penny Mordaunt, Earl Marshal, Duke, Oliver Dowden, Queen Victoria Organizations: CNN’s Royal, London CNN, Westminster Abbey, Press Association, UK’s, Media, PA Media Locations: London, British, Westminster, Bookbinders, United Kingdom, Norfolk
London CNN —The Italian company that helped rebuild a bridge that collapsed in Genoa in 2018 says it is ready to do the same in Baltimore. The bridge replaced the Morandi bridge, which collapsed in August 2018. Mauro Ujetto/NurPhoto/Getty ImagesThe Morandi bridge in Italy’s port city of Genoa collapsed in August 2018 after heavy rainfall, killing 43 people. WeBuild Group was among the companies that built the Genoa San Giorgio bridge in just 15 months to replace the Morandi bridge. The project, completed in 2020, cost a total of €290 million ($312 million), including the cost of demolishing the remains of the collapsed bridge.
Persons: Francis Scott Key, ” Carlo Ratti, Genoa's, Mauro Ujetto, Joe Biden, “ I’ve, ” Biden, Organizations: London CNN, WeBuild, Massachusetts Institute of Technology, Maryland Transportation, Port, Maryland Department of Transportation, CNN Locations: Genoa, Baltimore, United States, Genoa's San Giorgio, Italy’s, Genoa San Giorgio, Port of Baltimore
Turkey said late Thursday that it had halted all trade with Israel until “uninterrupted and adequate humanitarian aid is allowed into Gaza,” signaling further deterioration in relations between the two countries. Turkey’s Trade Ministry said in a statement that exports and imports “for all products” would pause. Mr. Katz also said he had instructed the Foreign Ministry to create alternatives for trade with Turkey, focusing on local production and imports from other countries. Turkey reported $5.4 billion in exports to Israel in 2023 and $1.64 billion in imports, according to United Nations figures. The Turkish leader has also forcefully defended Hamas and recently met with Ismail Haniyeh, the group’s political leader, and other Hamas officials in Istanbul on April 20.
Persons: Israel Katz, Recep Tayyip Erdogan, Mr, Katz, Erdogan, Ismail Haniyeh, , “ Israel, Hakan Fidan Organizations: Turkey’s Trade Ministry, Bloomberg, Foreign Ministry, United Nations, Ministry, Trade Ministry, Israel, International Court of Justice Locations: Turkey, Israel, Gaza, Istanbul, “ Israel, Palestine
These are just the tip of the iceberg of the challenges faced by many media workers in Latin America, where experts say the status of press freedom is increasingly worrisome. The Prosecutor’s Office confirmed in a press conference that they believed the crime was linked to his journalistic work. Last week, the Mexican president criticized the US State Department’s report on human rights in the world, which refers to concerns over press freedom in Mexico, saying that US authorities should “be respectful”. In a publication in social network X, Cuban Foreign Minister Bruno Rodríguez said US officials are not concerned about the human rights of Cubans and that the United States has its own human rights violations. Nicaragua: Ortega-Murillo regime targets journalismHarassment of the press in Nicaragua has been widely reported on numerous occasions.
Persons: CNNE, Francisco Cobos, , Cobos, Andrés Manuel López Obrador, López Obrador, Enrique Peña Nieto, Felipe Calderón, Lourdes Maldonado López, Maldonado López, Séptimo Día, Roberto Figueroa, Xochitl Zamora, Lourdes Maldonado, Maldonado ´, Marco Ugarte, AP López Obrador, Andres Oppenheimer, Javier Milei, Lopez Obrador, Abraham Jimenez, Jimenez, civically, , Miguel Diaz, Yamil Lage, Jiménez, Bruno Rodríguez, Ortega, Murillo, Juan Lorenzo Hollman Chamorro, Hollman Chamorro, Chamorro, Carlos Fernando Chamorro, Rosario Murillo, … provocateurs, Chávez, Vos, Chavez, ” Edgar López, López, Juan Pablo Lares, Maximiliano Bruzual, Ariana Cubillos, Nicolas, Maduro’s, Yván Gil, ” Jeannine Cruz, Gustavo Petro, Nayib Bukele, Gonzalo Zegarra, Rey Rodríguez, Manuela Castro, Ana María Cañizares, Ivonne, José Álvarez, Elvin Sandoval, Iván, Sarmenti, Español Organizations: CNN, Amnesty International, Protect Journalists, Univision, Televisa, Prosecutor’s, AP, CIA, Canel, Getty, Cuban Foreign, La Prensa, National Police, , El, Regional, Democracy, Nicaraguan, State Department, National College of Journalists, Venezuelan, TC Television, Communication, Locations: Mexico, Cuba, Venezuela, Nicaragua, Latin America, Mexican, American, Tamaulipas, McAllen , Texas, Tijuana, Morelos, Tijuana , Mexico, Spain, Cuban, Havana, AFP, United States, Costa Rica, El Confidencial, Managua, NIcaragua, Sur, Washington, Venezuelan, , Caracas, , Ecuador, Guayaquil, America, Argentina, Colombian
Opinion | Nuclear Power as a Clean Energy Tool?
  + stars: | 2024-05-03 | by ( ) www.nytimes.com   time to read: +1 min
To the Editor:Re “Reviving Nuclear Energy Is a Fantasy,” by Stephanie Cooke (Opinion guest essay, April 24):Meeting the climate crisis and achieving net zero by 2050 without nuclear energy is a fantasy. The reality is that the United States must deploy every tool at its disposal to reach our clean energy goals. Nuclear power has delivered clean energy for over half a century. It also provides nearly half of the United States’ clean energy today. Climate Change Conference and the International Atomic Energy Agency Summit show that world leaders recognize we’ve only begun to see nuclear power’s potential to complement renewable energy sources in the race to net zero.
Persons: Stephanie Cooke, we’ve Organizations: Nuclear, United, International Atomic Energy Agency Locations: United States
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