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☆ Wells Fargo kicks off our bank earnings Friday. Rate cuts and dealmaking will be in focus this season
▼ + stars: | 2024-04-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +11 min

Club holding Wells Fargo will post quarterly results on Friday, followed by our other financial holding, Morgan Stanley, on Tuesday. In theory, higher borrowing costs mean Wells Fargo can generate more money from those interest-earning assets, but it's not that simple. It's hard to say with the fluid inflation and rate expectations whether Wells Fargo might change its NII outlook when it reports on Friday. Wells Fargo also has a key long-term growth prospect in the potential removal of its $1.9 trillion Fed-imposed asset cap. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.

Persons: Morgan Stanley, We're, Jim Cramer, Wells, Wells Fargo's, Mike Santomassimo, Santomassimo, Jim said, Jim, Wells Fargo, Charlie Scharf, Charlie's, He's, Morgan, there's, Jefferies, Reddit's, James Gorman, Ted Pick, Jim Cramer's Organizations: Club, Silicon Valley Bank, UBS, Investment, JPMorgan, Jefferies, Discover, Wall Street, Amer Sports, Astera Labs, Reddit's, New York Stock Exchange, Street Journal, CNBC Locations: Wells, Silicon, Wells Fargo, Capital, Wilson, Morgan, New York City, U.S

WEST PALM BEACH, Fla. (AP) — The Messenger, an ambitious online news site that billed itself as a nonpartisan digital outlet and spent some $50 million ratcheting up its business effort, abruptly shut down Wednesday after only eight months in operation. In his email, Finkelstein said he hadn't shared the news with employees earlier because he had been trying desperately to raise enough funds to become profitable “literally until earlier today." “We exhausted every option available,” Finkelstein wrote, saying he was “personally devastated.”The Messenger website carried only its name and an email address Wednesday night. Planned cuts also have sparked walkouts by employees at other venues, including the New York Daily News and Forbes magazine. The Messenger was launched last May and spent heavily — some would say excessively, given the current media climate — in hopes of becoming a media heavyweight.

Persons: Jimmy Finkelstein, Finkelstein, hadn't, ” Finkelstein, “, ambitiously, Critics, Jonah Peretti, he'd, ” Organizations: The New York Times, Los Angeles Times, Sports Illustrated, Business, New York Daily News, Forbes, Associated Press, Washington D.C Locations: BEACH, Fla, New York, Washington, Florida

☆ A Map Without Israel Plunges a Grade School Into a Political Firestorm
▼ + stars: | 2024-01-19 | by ( Ginia Bellafante | More About Ginia Bellafante | ) www.nytimes.com time to read: +2 min

A follow-up in The Post later that day focused on the outrage of local officials. Tova Plaut, an instructional coordinator for the department, has been especially vocal about what has happened at P.S. “This particular example speaks to why there needs to be systemwide training on how to recognize antisemitism,” she said. District 15 was “committed to making sure our students feel safe and supported at all times,” he wrote, perhaps somewhat ambitiously. “It would be devastating if the program were cut,” Lauren Katzman, the mother of a first grader at 261, told me.

Persons: Dan Goldman, “, Tova, ”, Rafael T, Alvarez, ’, ” Lauren Katzman Organizations: Democratic, city’s Department of Education, Holocaust, Alliance, New York Peace Institute Locations: Boerum, Israel, nonexistence, P.S

☆ See how SpaceX's Starship rocket design has evolved through the years, in photos
▼ + stars: | 2023-10-22 | by ( Marianne Guenot | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +9 min

AdvertisementAdvertisementElon Musk is expecting SpaceX's Starship mega-rocket to take to the skies again, months after the ship blew up on its first-ever attempt to reach orbit. SpaceX's Starship stacked atop its Super Heavy booster near Brownsville, Texas. Originally teased under the name Mars Colonial Transporter, Starship's first rocket design was called "Interplanetary Space Transporter" as SpaceX realized its ambitions went beyond transport to Mars. 2019: Starhopper reaches 492 ft in flightSpaceX's Mars Starship prototype "Starhopper" hovers over its launchpad during a test flight in Boca Chica Trevor Mahlmann/ReutersThe first Starship prototype wasn't really a Starship at all. The first full-fledged Starship prototype to really catch some air was called Starship serial no.

Persons: Elon Musk, —, Musk, Gwynne Shotwell, BFR, Boca Chica Trevor Mahlmann, Twitter Musk, SN15, Starship's, Ashlee Vance Organizations: Elon, SpaceX, Service, Mars, Reuters, Super, Boca Chica, Raptor, Twitter, Mk1, Popular Mechanics, ambitiously, Engineers Locations: Brownsville , Texas, Starhopper, Boca Chica , Texas

But officials have made clear recently that other forms of US aid are potentially in jeopardy if Ukraine does not do more to address corruption. The US has provided Ukraine with over $23 billion in direct budget support since the war began, according to the Congressional Research Service. In a statement to CNN, the Ukrainian embassy in Washington said that Ukraine has moved “ambitiously” to pass reforms, including on its IMF program. That money is also the “most closely scrutinized” form of aid to Ukraine, a senior Democratic Senate aide told CNN. The US intends to provide up to $3.3 billion in direct economic aid to Ukraine if Congress authorizes its $24 billion supplemental request for Ukraine.

Persons: Biden, Jake Sullivan, Antony Blinken, Volodymyr Zelensky, Matthew Miller, Miller, ”, Denys Shmyhal, Blinken, “, It’s, Megan Reed, Sen, Lindsey Graham, Zelensky Organizations: CNN, Ukraine, The State Department, Congressional Research Service, United States Agency for International Development, USAID, World Bank, Ukrainian Ministry of Finance, International Monetary Fund, IMF, National Bank of, General Prosecutors, National Security, Ukrainian, White, Ukrainska Pravda, Government of, EU, State Department, NATO, Ukrainian Ministry of Defense, Democratic, Republicans, Pentagon, The Defense, Ukrainian MoD Locations: Ukraine, Ukrainian, Washington, National Bank of Ukraine, USA, Russia, Kyiv, Europe, Government of Ukraine, United States, EU

☆ Komsomolsk-on-Amur: Kim Jong Un visits fighter jet plant in Russia as Putin accepts invite to North Korea
▼ + stars: | 2023-09-15 | by ( Helen Regan Mariya Knight Anna Chernova Akanksha Sharma | Helen Regan | Mariya Knight | ) edition.cnn.com time to read: +7 min

Images showed Kim and his delegation at the Yuri Gagarin Komsomolsk-on-Amur Aircraft Plant (KnAAZ), which is named after the famed Russian cosmonaut, and being shown the inside of a fighter jet, according to Russian state media RIA Novosti. At a state banquet with Putin Wednesday, Kim vowed to establish “a new era of 100-year friendship” between the two countries. In return, Putin signaled a willingness to assist North Korea in developing its space and satellite program. Ukraine’s Defense Intelligence said Wednesday that military cooperation between Russia and North Korea was not new. Meanwhile, the national security advisers of the United States, South Korea, and Japan on Thursday jointly issued a warning regarding potential violations of international sanctions by North Korea and Russia.

Persons: Kim Jong Un, Kim’s, Kim Jong Il, Kim, Yuri Gagarin Komsomolsk, Alexander Zhornik, Mikhail Degtyarev, Vladimir Putin, Putin, Sergey Lavrov, Dmitry Peskov, Kim Jong, Peskov, ”, “, AP Kim, ambitiously, ” Kim, Mykhailo Podolyak, Andrii Yusov, ” Yusov, Biden, Wagner Organizations: CNN, North, Ministry of Defense, TASS, Amur Aircraft, Fleet, Russia, Russian, Putin, AP, Ukrainian, Ukraine’s Defense Intelligence, Defense Intelligence, South, United Nations Locations: Russia, Komsomolsk, Russian, Khabarovsk, Vladivostok, East, North Korea, Ukraine, Moscow, Pyongyang, North, Korean, United States, Korea, Ukrainian, South Korea, Japan

☆ Elizabeth Holmes Reports to Prison to Begin More Than 11-Year Sentence
▼ + stars: | 2023-05-30 | by ( Erin Griffith | ) www.nytimes.com time to read: +1 min

Ms. Holmes has appealed her case, though her requests to remain out of prison during the appeal have been denied. Ms. Holmes founded Theranos in 2003 after dropping out of Stanford University at age 19. Ms. Holmes and Mr. Balwani were indicted that year. Mr. Balwani was convicted on 12 counts of fraud and is serving a nearly 13-year sentence in a federal prison in San Pedro, Calif. Since her conviction, Ms. Holmes has been living in a rental home in San Diego near the family of Billy Evans, who is the father of her two children.

☆ Fintech firm Klarna halves net loss in first quarter as it races toward profitability
▼ + stars: | 2023-05-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Klarna, the Swedish buy now, pay later fintech company, halved its net loss in the first quarter, recording a significant improvement in its bottom line after a major cost-cutting drive. The company posted a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the 2.6 billion krona loss in the same period a year ago. Klarna reported total net operating income of 5 billion Swedish krona, up 22% year-over-year. The results show how Klarna is making "significant strides" toward profitability on a monthly basis, the firm said. Buy now, pay later firms, which allow shoppers to defer payments to a later date or pay over installments, have been particularly impacted by souring investor sentiment on technology, amid a worsening macroeconomic environment.

☆ Did the Rock & Roll Hall of Fame (Gasp) Get It Right?
▼ + stars: | 2023-05-05 | by ( ) www.nytimes.com time to read: +2 min

Dear listeners,I don’t have much reverence for the Rock & Roll Hall of Fame — a shadowy and arbitrary institution founded by record executives and music industry influencers who have historically hewed to a pretty narrow definition of rock ’n’ roll. However, this year’s inductees, which were announced earlier this week, represent one of the strongest classes in recent memory. “Rock ’n’ roll is not an instrument; rock ’n’ roll is not even a style of music,” he said. “Rock ’n’ roll is a spirit. Rock ’n’ roll is not conforming to the people who came before you, but creating your own path in music and in life.”

☆ Saudi Arabia takes step to join China-led security bloc, as ties with Beijing strengthen
▼ + stars: | 2023-03-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Arabia's cabinet approved a decision to join a China-led security bloc, strengthening Riyadh's eastern ties in a further step away from U.S. interests. The organization further tallies four observer states — including Iran — and nine dialogue partners, counting in Saudi Arabia, Qatar and Turkey. The White House did not immediately respond to a CNBC request to comment on Saudi Arabia's new dialogue partner status in the SCO. Saudi interests have long been intertwined with those of leading SCO members China and Russia. Beijing is Riyadh's largest trading partner, with bilateral trade worth $87.3 billion in 2021, according to Reuters.

☆ How Rivian went from Wall Street darling to another struggling EV startup
▼ + stars: | 2023-02-28 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +8 min

Another Rivian customer told Insider they placed a reservation last July. A Rivian spokesperson told Insider that timing is "based on a number of factors, including delivery location, configuration and original preorder or reservation date." The Rivian spokesperson told Insider Scaringe's language refers to "how we deliver over the long term." An employee laid off in Rivian's first round of cuts last summer told Insider it felt like growing pains many other companies have experienced. Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order-holder?

☆ PE firm Bridgepoint takes a majority stake in Equativ, valuing the adtech firm at around $370 million
▼ + stars: | 2023-02-23 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +4 min

Bridgepoint Development Capital has taken a majority stake in the adtech firm Equativ. It values Equativ at 350 million euros, or $371 million, according to a person familiar with the matter. Private equity firm Bridgepoint has taken a majority stake in Equativ, the French adtech company formerly known as Smart Adserver, the pair said on Thursday. A person familiar with the matter said the deal values Equativ at 350 million euros, or around $371 million. Bridgepoint raised 1.7 billion euros for its BDC IV fund, while Croissance had raised 100 million euros.

☆ Melissa Lee On How Her Family Helps Her Live Ambitiously
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMelissa Lee On How Her Family Helps Her Live AmbitiouslyThe host of Fast Money shares how her parents achieving their American dream helped Lee achieve her dreams.

☆ Former Wall Street darling Rivian suddenly has a lot to prove
▼ + stars: | 2023-02-11 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +8 min

It came after Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. The company had 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising ride-share insurance costs. Shopify: 1,000 jobs cutIn July, Shopify announced it laid off 1,000 employees, which equals 10% of its global workforce. Tesla: 6,000 jobs cut

☆ Crypto.com lays off 20% of workforce after FTX collapse blunted ambitious growth
▼ + stars: | 2023-01-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Crypto.com announced Friday that it's laying off 20% of its workforce. The company has 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. Like FTX, Crypto.com entered into high-profile promotion deals and sponsorships, signing an eye-popping naming deal for the former Staples Center in 2021 that is valued at $700 million over 20 years. "We have a significant year ahead of us as we continue to help restore trust in our industry," Marszalek wrote. Marszalek founded Singapore-based Crypto.com in 2016, overseeing a company that reportedly reached at least $1.2 billion in revenue by 2021.

☆ Sam Bankman-Fried was the poster boy for 'effective altruism.' Now, its followers are heartbroken and critics are questioning its 'weird' funding setup.
▼ + stars: | 2022-12-03 | by ( Grace Dean | ) www.businessinsider.com time to read: +8 min

Sam Bankman-Fried was a proponent of effective altruism: earning as much as possible to give your wealth away. He had a huge influence on the effective-altruism movement, which counts Silicon Valley tech workers and Oxford University academics among its fans. 'Devastated'Bankman-Fried was the main funder of Future Fund, a charitable project run by the FTX Foundation. "We joined the Future Fund to support incredible people and projects," they said, "and this outcome is heartbreaking to us." Science groups that had received money from the Future Fund told the magazine Science in mid-November that they were unsure of their funding's future.

☆ 'Interview With the Vampire' review: AMC pumps fresh blood into Anne Rice's story
▼ + stars: | 2022-09-30 | by ( Review Brian Lowry | ) edition.cnn.com time to read: +3 min

Desperate to replace “The Walking Dead,” AMC might have completed an improbable baton pass from zombies to another kind of undead. In that sense, this seems to have been produced at least as much with AMC+ in mind as the linear network AMC. Sam Reid as Lestat Du Lioncourt and Jacob Anderson as Louis De Pointe Du Lac in "Interview with the Vampire." “Anne Rice’s Interview With the Vampire” premieres October 2 at 10 p.m. ET on AMC and AMC+.

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