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Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary. "I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told La Tribune Dimanche, per a Bloomberg translation. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe." China has pushed back on the West's claims of overcapacity, accusing the bloc of being protectionist and of trying to curb China's economic development. However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine.
Persons: , Janet Yellen, Olaf Scholz, Xi Jinping's, Emmanuel Macron, Macron, Matt Geraci, Geraci, Ursula von der Leyen, Von, Leyen, Léonie Allard, Allard, Xi Organizations: Service, State Authority, European Union, Business, La Tribune Dimanche, Atlantic, Associated Press, European, overcapacity, Council's Locations: China, France, Serbia, Hungary, European, Germany, Europe, Beijing, Washington, Russia, Ukraine
A fusion reactor in southern France achieved a significant milestone toward clean, limitless energy. The fusion reactor, WEST, created a super-hot plasma and sustained it for a record-breaking 6 minutes. AdvertisementA fusion reactor in southern France, called WEST, just achieved an important milestone that brings us one step closer to clean, sustainable, nearly limitless energy. Fusion energy is more powerful than any form of energy we have today. Commercial fusion energy is still likely decades away, but Delgado-Aparicio thinks they're making steps toward "this big goal of giving energy to humankind."
Persons: , Luis Delgado, Aparicio, PPPL's, they're, Roux, it's, Delgado, PPPL, Julian Stratenschulte, Tullio Barbui, Novimir Pablant, Delgadot, KSTAR Organizations: WEST, Service, New, Princeton Plasma Physics, NASA Solar Dynamics, CEA, Roux WEST, Getty, Atomic Energy Commission, ITER, Commonwealth Fusion Systems, SPARC Locations: France, Princeton, French
Members of the Kardashian-Jenner family have been attending the Met Gala since 2013. Kim Kardashian's outfits, in particular, have become some of the most famous worn at the event. AdvertisementIt's tough to imagine the Met Gala without the Kardashian-Jenner family. And while some of their outfits have made Met Gala history, others have missed the mark. Here's a look at everything the family has worn at the annual event, ranked from least to most iconic.
Persons: Kardashian, Jenner, Kim Kardashian's, , Kim Kardashian, Kanye, Kris Jenner Organizations: Service, Costume Institute
Turkey has suspended trade with Israel, demanding a cease-fire in Gaza. AdvertisementTurkey halted trade with Israel last week, demanding a permanent cease-fire in Gaza and criticizing Western influence in the war. That's a significant portion of Israel's trade, according to recent trade data. Though they didn't name the United States, Turkish leaders also called out the West's tolerance and support of the war. The United States abstained from the vote, sparking sharp dissent from Israeli President Benjamin Netanyahu.
Persons: Israel, , Tayyip Erdogan, Benjamin Netanyahu, Netanyahu, Joe Biden, Erdogan Organizations: Service, Israel, Israel Defense Forces, Reuters, MIT Media Lab, United Nations, United Locations: Turkey, Israel, Gaza, Rafah, That's, China, United States
Russian energy giant Gazprom posted its first annual loss since 1999. AdvertisementRussian energy producer Gazprom Group reported its first annual loss in 24 years, with restricted energy flows to Europe a leading factor in dragging down earnings. International Energy Agency data indicates that gas flows to Europe hit their lowest levels since the early 1970s. Meanwhile, Gazprom has outlined investments totaling 2.57 trillion rubles for this year, indicating a reduction of nearly 16% compared to its projections for 2023. Russia has managed to reroute much of its energy flows to other countries such as China and India.
Persons: Organizations: Gazprom, Service, Gazprom Group, Bloomberg, Ukraine, International Energy Agency, Reuters Locations: Europe, Russian, Ukraine, Russia, China, India
SoFi Technologies — The consumer fintech company's stock price plunged about 10% on disappointing second-quarter earnings guidance. AT & T — The telecommunications stock popped 2.8% after Barclays upgraded AT & T to overweight from equal weight, citing a "mismatch" between the company's valuation and its growth prospects. Apple — Shares rose more than 3% after Bernstein upgraded the tech stock to outperform from market perform. Dave — Shares popped 9.8% after JMP initiated coverage of the fintech company with an outperform rating. Shares popped 9.8% after JMP initiated coverage of the fintech company with an outperform rating.
Persons: FactSet, Tesla, Domino's, LSEG, Roku, David Joyce, Bernstein, Toni Sacconaghi, Dave —, Dave, AMC preannounced, Bob Bakish, , Sarah Min, Tanaya Macheel, Yun Li, Lisa Kailai Han, Michelle Fox Organizations: Technologies, Elon, Sunday, U.S, Philips —, Philips, Barclays, Seaport Research Partners, Apple, Airlines —, Jeffries, AMC Entertainment Holdings, AMC, Paramount Locations: China, U.S
The airports losing Southwest service are:AdvertisementSyracuse Hancock International Airport in New York. Bellingham International Airport in Washington. Southwest also said it would "significantly restructure other markets," including putting capacity reductions at Hartsfield-Jackson Atlanta International Airport and Chicago O'Hare International Airport. Related stories"To improve our financial performance, we have intensified our network-optimization efforts to address underperforming markets," Southwest CEO Bob Jordan said in the earnings report, noting the impact could go into 2025. The backlash has prompted Boeing CEO Dave Calhoun to announce his resignation from the company, effective at the end of the year.
Persons: , George Bush, Boeing's Max, Max, Bob Jordan, Jordan, Dave Calhoun, Boeing's, Larry Kellner, Stan Deal, Stephanie Pope, Sam Salehpour Organizations: Service, Boeing, Max, Southwest Airlines, Business, Southwest, Syracuse Hancock International, Bellingham International Airport, Cozumel International, George Bush Intercontinental Airport, Alaska Airlines, Hartsfield, Jackson Atlanta International Airport, Chicago O'Hare International, Ryanair, United Airlines, Boeing Commercial Locations: New York, Bellingham, Washington, Cozumel, Mexico, Houston, Southwest, Alaska
Southwest Airlines is weighing changes to its cabin that could involve abandoning its single-class, open-seating system to drive up revenue, CEO Bob Jordan told CNBC on Thursday. The changes would mark a massive shift for the carrier that has stood apart from rivals for decades with its simpler business model. Southwest's all-Boeing 737 fleet has a single economy class cabin and no seating assignments, though it does offer earlier boarding to customers for a fee so they can snag their preferred seats. The airline has focused on keeping its product simple and user-friendly for years, aiming to keep its own costs and complexity to a minimum. Meanwhile, rivals including Delta and United have touted high revenue growth for premium seating such as business class and strong upsell rates.
Persons: Bob Jordan, Jordan Organizations: Airlines, CNBC, Boeing, Delta
Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable. Saudi Arabia is fostering closer ties with China and wooing Chinese investments and business partnerships. Unlike the West, Saudi Arabia is cozying up to China. "There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. In March last year, China brokered a détente between Saudi Arabia and Iran, prompting concerns over waning US influence in the Middle East.
Persons: Amin Nasser, Nasser, China's overcapacity, Janet Yellen, Olaf Scholz, China Nasser's, Faisal Alibrahim, Alibrahim, Jon Alterman Organizations: Saudi, Service, Saudi Aramco, World Energy, Financial Times, West, Nikkei, Aramco, Center for Strategic, International Studies, China Economic, Security Locations: China, Saudi Arabia, Saudi Aramco, Saudi, Rotterdam, East Asia, Beijing, Saudi Arabian, Iran, United States
Analyst Laura Champine also lowered her price target to $80 from $85, implying a 6% increase for the stock. "New York City office is one of the few REIT subsectors seeing improved demand," the analyst wrote. The bank double-upgraded the e-commerce platform to overweight from underweight and hiked its price target to $62 from $35. Feather added that eBay stock is currently trading at a discount versus peers, with Etsy trading around 35% higher. "JetBlue's DNA aligns with our broader preference for loyalty, premium, and international exposure ... albeit with less vigor than the Big 3," the analyst wrote.
Persons: TD Cowen, Morgan Stanley, Needham, Laura Martin, Andy, Martin, — Jesse Pound, Laura Champine, Champine, — Lisa Kailai Han, Tesla, Emmanuel Rosner, Elon Musk, Rosner, Fred Imbert, John Kim, Kim, SLG, KeyBanc, Eric Heath, Heath, Nathan Feather, Feather, James West's, West, Jamie Baker, Baker, Lisa Kailai Han, Matthew Ramsay, Ramsay Organizations: CNBC, Nvidia, Amazon, Wholesale, BJ's Wholesale, Deutsche Bank, Tesla, Reuters, BMO Capital Markets, Green Realty, New York City, SL Green Realty, SL Green, SL, KeyBanc, eBay, EBAY, GE, ISI, GE Vernova, General Electric, JPMorgan, JetBlue JPMorgan, JetBlue, Jetblue, Technology, NVIDIA, Match Group Locations: China, Manhattan, York City, Wednesday's, York
Boeing's corporate planes collectively flew about 4,500 hours across some 1,800 flights last year, according to data from the aviation-tracking website JetSpy. Jet Edge InternationalThe fleet's top airports include Chicago International Airport, Washington Dulles International Airport, and Boeing Field King County International Airport — all located near Boeing's corporate offices and factories. AdvertisementThe locations of Boeing's corporate fleet on April 12, according to JetSpy data. For instance, JetSpy data shows aerospace company Lockheed Martin collectively flew its five private jets for about 2,700 hours in 2023. AdvertisementBoeing wrote in the filing that its CEO "is required to use company aircraft for all business and personal travel for security reasons."
Persons: , Dave Calhoun, Calhoun, Brian West, Lockheed Martin, Taylor Swift, Elon Musk, Max, messier Organizations: Service, Business, Boeing Business Jets, Canadian, Bombardier, Challenger, Jet Edge, Chicago International Airport, Washington, International Airport, Boeing Field King County International, Airport, Lebanon Municipal Airport, Wall Street Journal, Boeing, Lockheed, PepsiCo, Costco, Alaska Airlines, Calhoun . Locations: Westchester, New York, Lebanon, New Hampshire, South Carolina, New Canaan , Connecticut, American
Even as Russian bombs pound Ukraine, Moscow's mercenaries and spies are busy trying to set much of the rest of the world afire. To Russia, the conventional warfare waged in Ukraine, and unconventional "gray zone" warfare waged around the world, are two sides of the same coin. Human intelligence operations are used to attempt elite capture through the offer of assistance to politicians who support Russian interests. "As the war in Ukraine protracts, Russia has an interest in creating crises further afield," said RUSI. "As a lot of Russia's unconventional operations are self-defeating, countering Russian unconventional warfare must be premised on careful, selective, and intelligence- driven targeting," the study emphasized.
Persons: , RUSI, Vladimir Putin, Jack Watling, Oleksandr Danylyuk, Nick Reynolds, Britain —, Yevgeny Prigozhin, Putin, Ramzan Kadyrov, Kadyrov, Michael Peck Organizations: Service, Britain's Royal United Services Institute, Business, Kremlin, Soviet Union, NATO, Directorate, Staff of, Armed Forces, Getty, Russian, Central African, Wagner, GRU Expeditionary Corps, Convoy, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Ukraine, Russia, Europe, Africa, Central Asia, Soviet, Montenegro, Moscow, Moldova, Russian, Britain, Ukraine protracts, Balkans, Russia's, Libya, Mali, Sudan, Central African Republic, Chechnya, Forbes
China’s top leader, Xi Jinping, and Russia’s foreign minister, Sergey V. Lavrov, met in Beijing on Tuesday, in a session seen as laying the groundwork for an expected visit to China by President Vladimir V. Putin of Russia and pushing back against mounting pressure from the United States and its allies. Mr. Lavrov’s visit came just days after Treasury Secretary Janet L. Yellen warned of “significant consequences” if Chinese companies provided material support for Russia’s war in Ukraine. It also took place as President Biden was set to host the leaders of Japan and the Philippines on Wednesday to boost economic and security ties to counter China’s growing assertiveness in Asia. Earlier in the day, Mr. Lavrov met with his Chinese counterpart, Wang Yi, and said the two sides had talked about deepening security ties to resist the West's “anti-Chinese” and “anti-Russian orientation.” In a sign of the Kremlin’s continued deference to China, Mr. Lavrov reaffirmed Russia’s rejection of any “outside interference” over Beijing’s claims to the de facto independent island of Taiwan. “There is no place for dictatorships, hegemony, neocolonial and colonial practices, which are now being widely used by the United States and the rest of the ‘collective West,’” Mr. Lavrov said.
Persons: Xi Jinping, Sergey V, Lavrov, Vladimir V, Putin, Lavrov’s, Janet L, Yellen, Biden, Wang Yi, , Mr Locations: Beijing, China, Russia, United States, Ukraine, Japan, Philippines, Asia, Taiwan
In today's big story, we're looking at how China's plan for reinvigorating its economy has the rest of the world worried . The country is overproducing goods and then flooding global markets with them to save its struggling economy, writes Business Insider's Huileng Tan. Decades ago, as the country opened up its economy, China underwent rapid industrialization, allowing it to produce cheap goods. AdvertisementUS Treasury Secretary Janet Yellen has already warned China shock 2.0 could destabilize the global economy, specifically impacting green-energy exports . He pointed to China's GDP growth outpacing the US when the numbers are adjusted for disinflation and inflation in each country, respectively.
Persons: , Chelsea Jia Feng, Huileng Tan, Huileng, China's, Janet Yellen, Tyler Le, Ray Dalio, that's, it's, Dalio's, Nicholas R, Lardy, Donald Trump, M, There's, Angus Deaton, Walter Huang, Sevonne Huang, Justin Sullivan, Alyssa Powell, Tesla, Hubspot, Mikel Jaso, Zers, That's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, West, New York Federal Reserve, Bridgewater Associates, Getty, Apple, Reuters, Google, McKinsey Locations: China, Glendale, Ariz, New York, London, Chicago
US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.
Persons: , Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua
This could create a "China shock 2.0" that impacts other economies around the world. AdvertisementThis is just one of the industries the world is bracing for in the next phase of the "China shock." What happened in China shock 1.0? How Beijing could be creating China shock 2.0Now, China is targeting three new strategic industries that the rest of the world is also eyeing. What are the US and the rest of the world doing about China shock 2.0?
Persons: , Xi, David H, Autor, David Dorn, Gordon H, Hanson, Rajiv Biswas, who's, Biswas, keener, Janet Yellen, Yellen, it's, Wang Wenbin, Wang, Nomura Organizations: Service, Beijing, OECD, European Union, Department of Energy, Treasury, European Commission, EU, Act, Wall Street, Bloomberg Locations: China, EU, Beijing, Communist China, Georgia, Southeast Asia, Africa, Latin America
Read previewA former employee of Kanye West's has accused the rap mogul of threatening the staff and students of his private Christian school, Donda Academy, according to a new lawsuit filed Tuesday. Representatives for Donda Academy, Yeezy, and a lawyer for West did not immediately respond to a request for comment from Business Insider. AdvertisementPhillips was hired shortly after West's business empire began to collapse following his repeated antisemitic comments on social media, in which he claimed he would go "death con 3" on Jewish people. But, despite his public apologies for the remarks, Phillips said West's antisemitic comments and praise of Hitler continued at work, sometimes within earshot of students. "Fearing for their jobs and also to de-escalate Kanye's absurdities (so that the two present school children did not hear), the school staff did their best to ignore him."
Persons: , Kanye West's, It's, Donda, Trevor Phillips, Ye, West, Hitler, Phillips, Kanye, Pablo, West's, Bill Gates, Carney, Shegerian Organizations: Service, Donda Academy, Business, Yeezy, West, Associates Locations: Paris, California . West
The US must resist Russian disinformation tactics and help Ukraine, leading war watchers argue. Experts suggest persistent support for Ukraine and stopping Russia from shaping perception. ISW emphasized that Russia is benefitting from Western countries that continuously withhold crucial weapons from Ukraine that can significantly incapacitate it. Lithuania has been helping Ukraine to repair its Leopard 2 tanks after they were damaged in the war against Russia. "Russia cannot defeat Ukraine or the West — and will likely lose — if the West mobilizes its resources to resist the Kremlin," the analysts wrote.
Persons: , ISW, Germany's, Olaf Scholz, Scholz, Abrams, Alexander Welscher Organizations: Service, Ukraine, Archer Artillery, Getty, Press, Russia, Kremlin Locations: Ukraine, Russia, West, Washington, Russian, Europe, Donetsk Oblast, Roman, Lithuania, United States
Investors looking for income along with potential capital appreciation may want to check out a few underperforming dividend stocks. Still, dividend stocks tend to do well during periods of economic recovery, which is now underway, Bank of America said recently . At least 51% of analysts covering these stocks rate them a buy or overweight, and the names have at least 10% upside to the average price target, according to FactSet. Here are those stocks: Mondelez currently has a 2.4% dividend yield and 20% upside to the average price target. About 65% of the analysts covering the stock rate it a buy or overweight, per FactSet.
Persons: Savita Subramanian, Mondelez, Dirk Van de, Christopher Del Moral, Niles Organizations: Bank of America, CNBC, Oreo, Ritz, Chesapeake Energy, Southwestern Energy, East West Bancorp Locations: U.S, Europe, snacking, Marcellus Shale, East
Russia's central bank says it has few alternatives other than the Chinese yuan as a key reserve asset. "These factors predetermine the key role of the Chinese yuan in the formation of reserve assets," it said. AdvertisementA state of increasing isolationRussia's increasing reliance on the yuan shows its economy is becoming increasingly isolated in the international trade and finance system. Moscow's reliance on the Chinese yuan comes with risks. Russian companies that borrow in the Chinese yuan are facing increased lending costs, Bloomberg reported last month.
Persons: , Vladimir Putin, SWIFT Organizations: Service, Central Bank of Russia, Bloomberg Locations: Russia, Russian, Ukraine, India, China, Moscow, EU
China has helped Russia and Iran sidestep Western sanctions on their oil exports, says the think tank Atlantic Council. Critics say that China aids Russia solely to protect its own interests. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia and Iran's successful workarounds of the West's sanctions on their oil exports largely hinge on the contributions of China, economic think tank the Atlantic Council wrote in a new report. As the two countries face escalating sanctions from the US-led alliance, Beijing has created an alternative market for their restricted oil.
Persons: , Iran's Organizations: Atlantic Council, Service, Business Locations: China, Russia, Iran, Beijing
In 1970, more than two-thirds of American adults between 25 and 49 lived with a spouse and at least one kid. For a society structured around the ideal of the nuclear family, its demise has left everyone wondering: What happens now? Without one partner focused on full-time housekeeping, the amount of work required to run a nuclear family isn't really feasible. It doesn't take much of a mental leap to see why capitalism and the nuclear family make for such cozy bedfellows. Coontz, a leading historian of the American family, notes that every family structure comes with its own set of distinct weaknesses, strengths, and possibilities.
Persons: Elon Musk, Vivek Ramaswamy, O'Brien, David Brooks, Moira Weigel, Brooks, Charles E, " O'Brien, Stephanie Coontz, Kristen Ghodsee, Ghodsee, coparenting, Mark Boster, Coontz, Organizations: Pew Research, Elon, Labor, Getty, University of Pennsylvania, Brookings Institution, Pew, Los Angeles Times, Guardian Locations: The, California, Somerville , Massachusetts
Over 3.7 million barrels of Russian diesel are sitting on ships idling in waters near Brazil, Bloomberg reports. Though reasons are unclear, it marks the latest delay in Russian energy flows amid sanctions. More Russian ships bound for Brazil are veering off course from their expected routes. AdvertisementTankers loaded with millions of barrels of diesel are drifting along the coast of Brazil, Bloomberg reports, the latest delay in Russia's oil shipments amid the West's sanctions. Bloomberg said Wednesday that vessels carrying over 3.2 million barrels of Russian diesel fuel are languishing in waters off the world's fifth-largest nation, according to data from Kpler.
Persons: Organizations: Bloomberg, Service, Business Locations: Brazil
Russia's oil industry is facing challenges due to intensified Western sanctions. Secondary sanctions are spooking global banks, some of which are turning away from doing business with Russia. AdvertisementRussia's oil industry may finally be meeting its reckoning as the West intensifies its sanctions regime. "After the decline at the beginning of the year, exports have been rebounding, driven by the increase in oil prices," said Nabiullina, according to an official transcript. International crude oil prices are up over 10% so far this year.
Persons: , Elvira Nabiullina Organizations: Service, Bank of, Business Locations: Russia, Bank of Russia
CEO Bjørn Gulden was appointed as the company was reeling after the end of its Yeezy collection. Gulden, a former athlete, refocused on Adidas' classic Samba sneaker, popular with Gen Z. AdvertisementGulden began his career playing soccer for national leagues in Germany and Norway before an injury forced him to retire. Gulden has successfully ramped up production of Adidas' Samba and Gazelle sneakers. "We currently have maybe the hottest shoe in the market … and it's the Adidas Samba," Gulden said on an earnings call last year.
Persons: Bjørn Gulden, Z, , Ye, didn't, Manuel, Manuel Neuer, Gulden, Rihanna, Jay Organizations: Adidas, Service, Kanye West, FT, German, Puma, Defamation, Business, Street Journal Locations: Germany, Norway
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