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The Consumer Financial Protection Bureau headquarters in Washington, D.C., on May 14, 2021. The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal. The court in a 7-2 decision rejected an argument that the CFPB's funding method violated the U.S. Constitution's Appropriations Clause because Congress had not annually authorized money for the agency. Instead, Congress authorized the CFPB to draw funding from the Federal Reserve system that the agency's director deems necessary for its work. The majority's ruling reversed a decision by the 5th Circuit U.S. Court of Appeals, which found the CFPB's funding mechanism was unconstitutional.

Persons: Clarence Thomas, Thomas, John Roberts, Brett Kavanaugh, Amy Coney Barrett, Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson, Samuel Alito, Neil Gorsuch, Thursday's, Alito groused Organizations: Consumer Financial, Washington , D.C, Federal Reserve, Federal, System, 5th Circuit U.S, of Appeals, Community Financial Services Association of America, Consumer Service Alliance of Texas Locations: Washington ,

☆ 3 casino-gaming influencers break down how they make money from their content and the challenges of promoting gambling
▼ + stars: | 2024-05-13 | by ( Tiara White | ) www.businessinsider.com time to read: +4 min

Read previewThe expansion of legal gambling in the US has kickstarted the growth of gambling influencers who play and promote sports betting, slots, and other casino games online. On Wednesday at the SBC North America Summit in New Jersey, the three gambling influencers broke down how they make money from their content and the challenges of promoting gambling online. AdvertisementUnlike some other content niches, restrictions on gambling content can limit the ways influencers earn and how much they can make. Platforms like YouTube and Twitch restrict gambling on certain sites, while others, including Instagram and TikTok, limit how gambling content is distributed. The pros and cons of affiliate deals for gambling influencersDuffy said he likes doing affiliate deals because he can be a positive influence in the industry.

Persons: —, Josh Duffy, Kelly Koffler, Jon Della Terza, influencers, Duffy, influencers Duffy, Koffler Organizations: Service, YouTube, Business, SBC North America Summit Locations: New Jersey

☆ Jeff Zucker Abandons Telegraph Bid, Putting London Paper Back Into Play
▼ + stars: | 2024-04-30 | by ( Michael M. Grynbaum | More About Michael M. Grynbaum | ) www.nytimes.com time to read: +1 min

Jeff Zucker’s bid for Tory titan-hood has come to an end. The media executive on Tuesday formally abandoned his attempt to take the reins of London’s Daily Telegraph, bailing out after British political and news leaders balked at Mr. Zucker’s reliance on Emirati financiers to bankroll the effort. Mr. Zucker’s venture company, RedBird IMI, had sought government approval to complete a debt-for-equity deal that would hand it control of The Telegraph and its sister magazine, The Spectator. Because of the withdrawal, other prospective owners may now attempt to purchase the publications. “Our ownership would have seen the strongest editorial protections ever put forward for a U.K. newspaper, along with much-needed investment,” a RedBird IMI spokesperson said in a statement.

Persons: Jeff Zucker’s, “, Sheikh Mansour bin Zayed al Nahyan Organizations: London’s Daily Telegraph, Mr, RedBird IMI, The Telegraph, The, IMI, The Spectator, RedBird, Media Investments, United Locations: Abu Dhabi, United Arab Emirates

☆ Opinion: Investing in oil and gas doesn’t make sense anymore
▼ + stars: | 2024-04-04 | by ( Opinion Tom Steyer | ) edition.cnn.com time to read: +7 min

Some might think that, questions of morality aside, fossil fuel investments are just too good to pass up. Even in the United States, where President Joe Biden’s Inflation Reduction Act is making historic investments in clean energy, oil exports are at an all-time high. On closer examination, the simplest argument against funding new oil, gas and coal projects is not that they’re immoral. What should be even more concerning to investors is that fossil fuel companies’ challenges go beyond supply and demand. Finally, there is perhaps the greatest risk fossil fuel investors face: the industry’s massive profits are largely dependent on special treatment by governments.

Persons: Tom Steyer, Pimco, Vladimir Putin’s, Joe Biden’s, I’ve, —, there’s, Morgan Stanley, persuasively, Herbert Stein Organizations: Solutions, CNN, JPMorgan Chase, State Street, Global Energy Monitor, Farallon Capital, ” Locations: BlackRock, Ukraine, United States, Texas, Farallon

☆ Trump claims he has $500 million cash, after his lawyers say he can't get $454 million bond
▼ + stars: | 2024-03-22 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Donald Trump on Friday claimed to have nearly half a billion dollars in cash — after his lawyers said he doesn't have enough money to post a bond for his $464 million civil fraud appeal. He also claimed the judge who delivered the fraud verdict was preventing him from spending his money on his presidential campaign. This marked the first time Trump has said he would spend his own money to fund his presidential campaign. His lawyers claimed Monday that it was "impossible" for him to get a bond, because he does not have the cash to secure one and because no potential insurers will accept Trump's real estate instead. Her office has already begun preparing to take action in Westchester County, where Trump owns several properties.

Persons: Donald Trump, Trump, Letitia James, —, James Organizations: U.S, New York, NBC, Trump Locations: Manhattan, New York, Westchester County

OpenAI is reinstating CEO Sam Altman to its board of directors and said it has “full confidence” in his leadership after the conclusion of an outside investigation into the company's turmoil. After months of investigation, it found that Altman's ouster was a “consequence of a breakdown in the relationship and loss of trust” between him and the prior board, OpenAI said in a summary of the findings Friday. The investigation found the prior board acted within its discretion. “The review concluded there was a significant breakdown in trust between the prior board, and Sam and Greg,” Bret Taylor, the board’s chair, told reporters Friday. After it retained the law firm in December, OpenAI said WilmerHale conducted dozens of interviews with the company’s prior board, current executives, advisers and other witnesses.

Persons: Sam Altman, Altman, OpenAI, Sue Desmond, Hellman, Melinda Gates, Nicole Seligman, Fidji Simo, “ I’m, ” Altman, he’s, ”, Helen Toner, Tasha McCauley, “, Greg Brockman, ” OpenAI, Brockman, Greg, ” Bret Taylor, Taylor, Microsoft —, Toner, McCauley, Ilya Sutskever, Sutskever, Ilya, Elon Musk, Larry Summers, Adam D’Angelo, WilmerHale, WilmerHale didn't, Musk, ” Taylor Organizations: Sony, San, OpenAI, Microsoft, Georgetown University, RAND Corporation, Facebook, Elon, U.S ., Associated Press Locations: San Francisco, U.S

But nothing is certain yet, aside from the interest from mostly European and Western countries that bankroll CERN, which is home to the Large Hadron Collider. She said review committees had not turned up any “technical show-stoppers” for the project so far. Photos You Should See View All 45 ImagesHowever, the science that the future collider could generate remains largely unknown. “It’s true that at the moment we do not have a clear theoretical guidance on what we should look for,” Gianotti said. Monday’s briefing on the new collider included some proposed changes to the original plan announced in 2019.

Persons: ”, Fabiola Gianotti, ” Gianotti Organizations: GENEVA, —, European Organization for Nuclear Research, CERN, Collider, collider Locations: Swiss

☆ A millennial sports bettor who's wagered nearly $1 million on FanDuel shares the 7 things new gamblers should do — and avoid
▼ + stars: | 2024-02-03 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Read previewWhen states across the US started legalizing sports gambling in 2018, Jimmy, a New York-based sports bettor in his 30s, was ready. Since January 2022, Jimmy and his cousin have bet nearly $1 million through FanDuel and netted roughly $35,000 in winnings, according to a document viewed by Business Insider. Don't bet more than you're willing to loseJimmy said establishing a bankroll and unit size are important steps for new bettors. The unit size is the percent of the bankroll — Jimmy said ideally it's 1% — that gamblers dedicate to the typical bet. Despite his success with sports betting, Jimmy said he and his cousin both have part-time jobs.

Persons: —, Jimmy, FanDuel, Jimmy hasn't, they've, they'd, it's, bettor, parlays, shouldn't, Timothy Fong, Don't, he's, we'll Organizations: Service, Business, American Gaming Association, Sports, NCAA, NBA, WNBA, UCLA, Studies, National Council, Virgin Islands Locations: New York, Young, Canada, Virgin

☆ EU Leaders to Pledge Continued Military Support to Ukraine at Summit - Draft Text
▼ + stars: | 2024-01-30 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

BRUSSELS (Reuters) - European Union leaders will restate their determination to continue to provide "timely, predictable and sustainable military support" to Ukraine at a summit on Thursday, according to draft conclusions of the meeting. "The European Council also reiterates the urgent need to accelerate the delivery of ammunition and missiles," the draft text, seen by Reuters, also says. The draft summit conclusions leave open whether the leaders will also pledge to put another 5 billion euros for Ukraine aid into a fund called the European Peace Facility, which has been used to bankroll donations of weapons to Kyiv. EU members have been wrangling for months over the future of the fund's role in military aid to Ukraine, with Germany suggesting the focus should now be on bilateral aid from individual EU countries. The idea of pledging a further 5 billion euros is included in the draft text in square brackets - indicating it is still a matter of discussion.

Persons: Andrew Gray Organizations: Union, European, Reuters, Peace, EU, GV De Locations: BRUSSELS, Ukraine, Kyiv, Germany, Brussels, Hungary

☆ Moneyball-Plus: What Happens When Investors Treat Athletes Like Startups
▼ + stars: | 2024-01-28 | by ( Joseph Bien-Kahn | ) www.businessinsider.com time to read: +27 min

What if athletes could sell a percentage of their future earnings to investors, the same way tech entrepreneurs offer a stake in their promising new ideas in return for venture capital? "We look at the game very, very differently than everyone else," Schwimer tells the pitcher. Finlete is launching a fund that allows fans to buy shares in a prospect's future earnings. What if you could sell a share of your future earnings, he asked, for $10,000? Today, he says, more than 80% of the players BLA has invested in are outside the league's top 300 prospects.

Persons: They're, Michael Schwimer, —, Schwimer, BLA, haven't, Fernando Tatis Jr, We've, it's, Daniil, David Liberman, Garrett Broshuis, he'd, He'd, Houdini, Christian Petersen, Erik Kratz, Kratz, Cole Hamels, Hamels, Sean M, Marvin Bush, George W, Bush, Paul DePodesta, bankroll BLA's, Bill Miller, Miller, HBO's, Michael, Jeff Bezos, Bezos, I'd, I'm, Steven Duncker, Goldman Sachs, Elly De La Cruz, Dylan Buell, phenom, Scott Boras, Yermín Mercedes, Francisco Mejía, countersue Mejia, Gervon Dexter, they're, Dexter, Wharton, He's, he'll, isn't, scoffing, he's Organizations: Philadelphia Phillies, Big League, San Diego Padres, Benchmark Capital, Sports, Wharton Sports Business, MLB, University of Virginia, Partners, Phillies, Getty, AAA, Arizona Fall League, Ritz Carlton, Cleveland Browns, Dodgers, Cleveland Indians, Big League Advance, Chicago Bears, University of Florida, Huntsman, NCAA Locations: Maryland, Philadelphia, United States, baseball's, Latin America, America, Dominican Republic, Cleveland, Florida

And the DeSantis campaign made many of them, his advisers, allies and supporters have acknowledged to CNN in interviews. Republican presidential candidate and Florida Governor, Ron DeSantis, speaks during a campaign event in Hampton, New Hampshire, on January 17, 2024. Michael Reaves/Getty Images DeSantis and his wife, Casey, have three children: from left, daughters Mamie and Madison and son Mason. But that approach was rejected by the woman who would be announced as DeSantis’ campaign manager, Generra Peck. And yet, in the face of this overwhelming rejection of his pitch to Make America Florida, DeSantis refused to change gears.

Persons: Ron DeSantis steeled, Donald Trump, DeSantis, Trump, “, Nikki Haley, Trump hadn’t, ” DeSantis, Elon Musk, ”, Curt Anderson, Alex Castellanos, Ron DeSantis, Joseph Prezioso, It’s, Casey, God, Rupert Murdoch’s, Will Lanzoni, Jane, Zuma Press DeSantis, Dunedin High School DeSantis, US Navy DeSantis, John Boehner, Charles Dharapak, Bill Clark, Tom Williams, Trey Gowdy, Al Drago, Zack Wittman, Patrick Farrell, Andrew Gillum, Chris O'Meara, Jeff J Mitchell, Stephen M, Dowell, Chris Kleponis, Lynne Sladky, Steve Cannon, Fernando Medina, Deborah Birx, Doug Mills, Kimberly Guilfoyle, Saul Loeb, Madison, Tori Lynn Schneider, Vera Leip, Joe Raedle, Michael Reaves, Mamie, Mason, WFTS DeSantis, Joe Biden, Hurricane Ian, Charlie Crist, Marco Bello, Reuters DeSantis, Sophie Park, Jordan Gale, –, Stormy Daniels, Jeff Roe, Ken Cuccinelli, Roe, scrappy, Ken Griffin, bankroll DeSantis, Griffin, Dana Bash, Generra Peck, Musk, ” Donors, Peck, Christina Pushaw, Bryan Griffin, Hugh Hewitt, Scott Olson, Ryan Tyson, Zuckerbucks, Kim Reynolds, Reynolds, Iowa –, Anna Moneymaker Organizations: CNN, Trump, New, GOP, Former South Carolina Gov, Christian Broadcasting Network, Elon, Republican, “ JV, ”, Politico, Florida Governor, Getty, Republican Party, New York Post, Disney, Florida Gov, Little League Baseball, Petersburg Times, Zuma Press, Dunedin High School, Yale University, US Navy, Navy, General's Corps, District, DeSantis, First, Bloomberg, Miami Herald, Tribune, Service, Democratic, Orlando Sentinel, White, Orlando Magic, NBA, Coronavirus, New York Times, Tallahassee Democrat, USA, Conservative Political, Conference, University of South, Reuters, Iowa State University football, PAC, “, Fox News, Florida, Central Bank Digital Currency, Iowa, Gov, “ Iowa Republican, Republicans Locations: Iowa, Florida, New Hampshire, Hawkeye, Hampton , New Hampshire, AFP, Wally's, Jacksonville , Florida, Dunedin , Florida, Windsor, V, St, Florida's, Tampa , Florida, Orlando, Jacksonville, Sanford , Florida, Tallahassee , Florida, Tallahassee, Pompano Beach , Florida, Miami, Surfside , Florida, University of South Florida, Covid, Tampa, Bedford, Bedford , New Hampshire, Ames , Iowa, New York, Dunedin, Newton , Iowa, Park City , Utah, Tennessee, South Carolina, Trump, Des Moines, West Des Moines , Iowa, Myrtle Beach, “ Iowa, America Florida

Beshear's national profile rose after his convincing reelection win over GOP challenger Daniel Cameron last November. The newly formed 501(c)(4) group called “Heckbent” will promote key Beshear proposals by supporting grassroots advocacy, said Eric Hyers, his chief political strategist. There was no such group to promote Beshear's agenda during his first term, when his notable legislative successes often were overshadowed by his many policy disputes with GOP lawmakers. The governor's record of legislative achievements is more checkered — something the new group will try to change with messaging that could focus on areas represented by GOP lawmakers. He's so far failed to persuade lawmakers to appropriate state funds to provide preschool for every Kentucky 4-year-old.

Persons: Andy Beshear, Daniel Cameron, Beshear, Eric Hyers, ” Hyers, Donald Trump, He's, David Osborne Organizations: —, Gov, Republican, State, GOP, supermajorities, GOP House Locations: FRANKFORT, Ky, Kentucky

DAVOS, Switzerland (AP) — The Earth is heating up, as is conflict in the Middle East. They'll be among more than 2,800 attendees, which also include academics, artists and international organization leaders. OpenAI chief Sam Altman will be in Davos along with top executives from Microsoft, which helped bankroll his company's rise. TRYING AGAIN TO SAVE THE PLANETOf all the lofty hopes in Davos, the perennial one of late has been the search for creative and promising ways to fight climate change. “Davos is a powerful combination potentially, of a lot of concern about the environment, and a lot of high-powered finance present,” she said.

Persons: Isaac Herzog, Volodymyr Zelenskyy, They'll, Bronwen Maddox, Israel's, Herzog, Benjamin Netanyahu's, ”, Sam Altman, Vladimir Putin, Li Qiang, Ursula von der Leyen, Joe Biden's, Jake Sullivan, Emmanuel Macron, Antony Blinken, Javier Milei, Donald Trump —, Biden, John Kerry, Chatham House's Maddox Organizations: Young Swiss Socialists, Chatham House, Intelligence, Microsoft, European Commission, Chatham, “ Locations: DAVOS, Switzerland, Russia, Davos, Chatham, Gaza, Yemen, Qatar, Jordan, Lebanon, China, U.S, Dubai, “ Davos

☆ Opinion: Why crypto was the perfect tool for criminals and kleptocrats
▼ + stars: | 2023-12-02 | by ( Opinion Casey Michel | ) edition.cnn.com time to read: +6 min

CNN —The news last week of money laundering charges against crypto exchange Binance and its CEO, Changpeng Zhao, sent shockwaves through both financial markets and crypto consumers alike. But for those familiar with the history of modern money laundering, they’re hardly surprising. Over and again, everything from Manhattan high-rises to Malibu beachfronts to Midwest manufacturing plants have allegedly housed illicit wealth, easily and anonymously. But crypto was also, in many ways, the perfect tool for kleptocrats and criminals trying to dodge sanctions and duck investigators. Like banks, real estate and more before it, the best days of the crypto industry as a haven for money laundering may yet be behind it.

Persons: Casey Michel, Changpeng Zhao, Zhao, ”, Versha Sharma, Hamas’s Al, they’re, —, kleptocrats Organizations: CNN, Wall Street Journal, Binance, Hamas’s, ISIS, Patriot Locations: Washington, American, Manhattan, Malibu, Midwest

LAS VEGAS (AP) — Formula One is hoping to turn its luck around on the Strip, like so many other Las Vegas visitors who blow a big bankroll soon after they arrive. F1 ran a 90-minute session until 4 a.m. — when the streets had to be returned to the city for morning commuter traffic. A penalty because he ran over a drainage cover on the Las Vegas Strip, something completely out of his control and extremely dangerous considering it penetrated his seat? Because governing body FIA has no mechanism not to penalize a team that makes extensive car changes during a race weekend, Sainz has, of course, been penalized. Las Vegas is the most expensive race to attend to on the 24-event schedule.

Persons: Carlos Sainz Jr, Ferrari — Sainz, Stefano Domenicali, Renee Wilm, “, ”, let’s, ” It's, Sainz, Ferrari, Charles Leclerc, Max Verstappen, Mercedes, Toto Wolff, Williams, James Vowles, Fred Vasseur, I’m, ” Wolff, ___ Organizations: LAS VEGAS, Liberty Media, Las Vegas, Saturday, Las, FIA, F1, Locals, Liberty, Netflix Locations: Sin City, United States, Vegas, Europe, Las Vegas

☆ Megacaps' Mega Deals: How big tech could be using AI investments to bankroll itself
▼ + stars: | 2023-11-17 | 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 EmailMegacaps' Mega Deals: How big tech could be using AI investments to bankroll itselfBig tech names like Microsoft, Google and Amazon have poured billions into the biggest names in the AI startup world, effectively replacing what used to be the role of high-profile, highly capitalized tech investors like Tiger Global and Softbank. And in some cases, through exclusive cloud contracts, those investments in startups come right back in the form of cloud revenue. This week on TechCheck, we dig into the megacaps' mega deals, and how big tech could be using AI investments to bankroll themselves.

Organizations: Microsoft, Google, Tiger

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. We want reform so that we don't end up in the same mess again as we had with Credit Suisse." Earlier this year, Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank saying it had been quick to respond, calling instead for more powers to take lenders to task. The regulator, however, has enjoyed little support among Swiss politicians, many of whom long sought to keep it weak. In the run up to the collapse of Credit Suisse, FINMA saw a string of key departures.

Persons: Ruben Sprich, Eva Herzog, Herzog, FINMA, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Credit Suisse, Swiss, UBS, International Monetary Fund, Thomson Locations: Bern, Switzerland, Europe, Swiss

If you have all or most of your money in a single investment account, you're missing opportunities to build wealth. If you're serious about building wealth, there are seven types of accounts you need to have to make it happen. If you're making estimated quarterly tax payments, you'll need to accumulate funds in your tax savings account as you earn them. Note that a "tax savings account" is not a different banking product — it's just a designated use for a savings account, like an emergency fund would be. (Like the tax savings account, this isn't a different product your bank offers — it's a specific use for an account like a high-yield savings account.)

Persons: —, Ally, Charles Schwab, it's, you'll, Roth, you've, It's, Robinhood, That's, We're, There's, I've, multimillionaires, Read Organizations: Service, Roth IRA, Roth, IRA

A U.S. foreign development agency announced on Wednesday it would lend $553 million to establish a deepwater shipping-container terminal at the Port of Colombo in Sri Lanka, expanding America’s effort to finance infrastructure around strategic parts of Asia. Adani will help develop the terminal with Sri Lankan partners. The money from the U.S. International Development Finance Corporation resembles the kind of big-ticket deals that China’s development banks have struck around the world over the past decade. Under its Belt and Road Initiative, central to the foreign policy of President Xi Jinping, China made loans to build up ties around Asia, including in Sri Lanka. The Development Finance Corporation was created during the Trump administration to bankroll international infrastructure projects, cooperating with the State Department to support U.S. foreign policy and curb Chinese influence.

Persons: Narendra Modi, Adani, Xi Jinping, Trump Organizations: Port, Adani, Sri, U.S . International Development Finance Corporation, Initiative, Development Finance Corporation, State Department Locations: Colombo, Sri Lanka, Asia, India, China, United States

LAS VEGAS, Oct 28 (Reuters) - U.S. Republican presidential candidates including frontrunner Donald Trump will address major Republican Jewish donors in Las Vegas on Saturday at a gathering that will seek their unequivocal commitment to wiping out Palestinian Hamas militants. A pro-DeSantis super PAC has attacked Haley on the Israel front, claiming she supports resettling refugees from Gaza in the United States. The RJC's Brooks said he was sure Trump would show "further commitment" to Israel on Saturday. To be sure, Israel is unlikely to be an election-defining issue and Republican voters are warier of foreign conflicts. "The growing isolationist movement in our party is dangerous," said Levine, who is supporting Senator Tim Scott and also likes Haley.

Persons: Donald Trump, Matt Brooks, Florida Governor Ron DeSantis, Nikki Haley, Haley, Trump, Israel, Benjamin Netanyahu, RJC's Brooks, Joe Biden, Brooks, Vivek Ramaswamy, Eric Levine, Ramaswamy's, Levine, Tim Scott, Alexandra Ulmer, Ross Colvin Organizations: LAS VEGAS, Republican, Republican Jewish, Israel, Reuters, Florida Governor, South, Trump, DeSantis, White, Hezbollah, Saturday, Democratic, Thomson Locations: Las Vegas, Gaza, Israel, Washington, South Carolina, United States, Iowa, New York

☆ These are the House Republicans running for speaker
▼ + stars: | 2023-10-22 | by ( Jack Forrest | ) edition.cnn.com time to read: +8 min

CNN —The high-stakes race for House speaker enters a new phase this week, with a slate of new candidates vying for the gavel following Rep. Jim Jordan’s exit from the race. The former National Republican Congressional Committee chairman was first elected to Congress in 2014 and became majority whip earlier this year. Bergman is a member of the House Armed Services Committee where he chairs the Intelligence and Special Operations Subcommittee. Scott, who represents Georgia’s 8th Congressional District, serves on the House Permanent Select Committee on Intelligence, the House Armed Services Committee and the House Agriculture Committee. Johnson sits on the House Judiciary Committee, Select Committee on the Weaponization of the Federal Government and on the House Armed Services Committee.

Persons: Jim Jordan’s, Kevin McCarthy, Tom Emmer Emmer, ” McCarthy, “ He’s, Tom, ”, ” Emmer, Donald Trump, Emmer, Kevin Hern The, Hern, McCarthy, Jack Bergman Bergman, –, Bergman, Austin Scott The, Austin Scott The Georgia Republican –, Scott, Byron Donalds The, ” Donalds, Francis Rooney, Donalds, Mike Johnson The, ” Johnson, Johnson, Pete Sessions, Colin Allred, Sessions, Trump, Rudy Giuliani, Ukraine –, Dan Meuser, Elise Stefanik, Meuser, Tom Corbett, Gary Palmer Palmer, Palmer, Steve Scalise Organizations: CNN, Republicans, GOP, Minnesota Republican, Press, Caucus, National Republican, Minnesota, Financial Services, Rep, Kevin Hern The Oklahoma Republican, Republican, Committee, McDonalds, Small Business, US Marines, Michigan’s, House Armed, Austin Scott The Georgia Republican, Jordan, California Republican, University of Georgia, Congressional, Intelligence, House Armed Services Committee, Agriculture, Byron Donalds The Florida Republican, Freedom Caucus, GOP Rep, Florida’s, Florida State University, Mike Johnson The Louisiana Republican, House Republican, House GOP, Federal Government, Pete Sessions Sessions, Texas, ”, Sessions, Trump, Pennsylvania Republican, Gov, Alabama’s, Energy, Commerce Locations: Michigan, Austin Scott The Georgia, Ohio, California, Georgia, Florida, Mike Johnson The Louisiana, House, Dallas, Waco , Texas, Ukraine, Pennsylvania, Alabama

☆ Data centers are booming. Their need for power is causing utilities to retreat on green energy.
▼ + stars: | 2023-10-09 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +18 min

Katie Hobbs at Google's September announcement of a a new $600 million data center in Mesa, Arizona. The amount of electricity needed to power data centers in the U.S. is expected to more than double by 2030, according to McKinsey. "With data centers, you're going to do all of the above to have capacity to meet those loads." Utilities struggle to meet data center loads while cutting carbonThe utility-level impact of the data center industry's energy demand reaches beyond Phoenix. In preliminary documents, it has identified data centers as "the major source of load growth during 2023-2038."

Persons: Karla Moran, Moran, Katie Hobbs, you've, Terry Boston, James Glynn, Glynn, Caryn Potter, it's, OPPD, that's, David Corbin, Corbin, Valerie Plesch, Aaron Ruby, Devon Smiley, Smiley, Lee Kestler, Ruby, George Frey, Wendy Bridges, Bridges, Jill Hanks, Hanks, Potter, Meghin Delaney, Reno, Kestler, EdgeCore, Hunter Holman, Delaney, Holman Organizations: Microsoft, Google, Digital Realty, Arizona Gov, McKinsey, PJM, Columbia University's Center, Global Energy Policy, Southwest Energy Efficiency, Utilities, Omaha Public Power, Sierra Club's, The Washington, Getty, Dominion Energy, Dominion, Blackstone, KKR, APS, Phoenix, Goodyear, NV Energy, Reno, Bay Area, Silver State, Western Resource Locations: Phoenix, Salt, Mesa , Arizona, City, Mesa, U.S, Arizona, Phoenix . Omaha , Nebraska, New York, Sierra Club's Nebraska, Woodbridge , Virginia, Virginia, Nebraska, OPPD, Eagle Mountain , Utah, Brookfield, Seattle, Goodyear, Bay, Nevada, Reno, Las Vegas, North

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ Saudi Arabia is pouring billions into soccer, golf, and Formula 1. Its crown prince doesn't care if anyone calls it 'sportswashing.'
▼ + stars: | 2023-09-30 | by ( George Glover | ) www.businessinsider.com time to read: +9 min

Saudi Arabia is pouring billions into sports in a bid to transform its economy. Crown Prince Mohammed bin Salman has made the sector a key part of his Vision 2030 plan. But the reality is that the crown prince has a grander ambition: to level up Saudi Arabia's economic growth. "But Saudi Arabia is piling into other sports too, because they want to achieve a lot in a short period of time." AdvertisementAdvertisementAs Crown Prince Mohammed made clear last week, all this forms part of a broader strategy to supercharge Saudi Arabia's economy through investment.

Persons: Prince Mohammed bin Salman, bankrolled, —, Cristiano Ronaldo, Phil Mickelson, Anthony Joshua, –, Jamal Khashoggi, they've, Steve Luciano, AP Ronaldo, Al Nassr, Ballon, Karim Benzema, Neymar, Sadio, PIF, LIV Golf, Mickelson, Dustin Johnson, Brooks Koepka, LIV, Joshua, that's, Tyson Fury, Oleksandr Usyk, Frank Warren, Prince Mohammed, Mohammed bin Salman, Leon Neal, Simon Chadwick, Chadwick, megastars, Ronaldo –, Salman, bin Salman, Saudi Arabia –, St Andrews, Nick Kyrgios, who've, Elsa, he'd, they'll Organizations: Newcastle United, Service, Washington Post, Saudi, Investment Fund, Premier League, UEFA Champions League, Saudi Public Investment Fund, Newcastle, AP, Saudi Pro League, Georgetown University Qatar, PGA, WWE, Fox News, SKEMA Business School, Indian Premier League, FIFA Locations: Saudi Arabia, Saudi, England, Riyadh, Brazil, Liverpool, Kingdom, Jeddah, Lille, France, Reiche, Iran, Miami, Augusta, bankroll

During the third quarter, U.S. dealmaking contributed to a larger-than-usual share of global activity and offset a decline in volumes in Europe and Asia Pacific, accounting for about half of global volumes. Deal volumes in Europe and Asia Pacific fell 31% and 9%, respectively. To date, private equity deal volumes have slumped 48% to $313.73 billion, compared to the same period last year. Deal activity driven by activist shareholders was muted as several big-name activists reached settlements with corporate boardrooms. Dealmaking in technology, which typically accounts for the largest share of deal volumes, has fallen 51% so far this year.

Persons: Brendan McDermid, dealmaking, We're, Melissa Sawyer, Sullivan, Cromwell, dealmakers, headwinds, Tony Kim, Roark Capital's, ”, Andre Kelleners, Goldman Sachs, Naveen Nataraj, Kappa, WestRock, it’s, Rob Kindler, Weiss, Garrison, it'll, Anton Sahazizian, Anirban Sen, Timothy Gardner Organizations: REUTERS, Cromwell LLP, Asia Pacific, Investment, U.S . Steel, Centerview Partners, U.S . Investment, Evercore Inc, Cisco, Splunk Inc, Fidelity National Information Services, Reuters, Paul, Moelis, Thomson Locations: New York City, U.S, United States, Europe, Asia, Cleveland, Rifkind, Wharton, New York, London

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