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☆ I was fired from a new job in less than a week after I started. It taught me not every opportunity is a good opportunity.
▼ + stars: | 2024-05-03 | by ( Sarah Dolezal | ) www.businessinsider.com time to read: +7 min

Read previewThis as-told-to essay is based on a conversation with Calli Nguyen, a 24-year-old social media marketer from Baton Rouge, LA, about getting fired after less than one week of work. I now feel that getting fired after less than a week of employment was a blessing in disguise. The experience taught me that not every opportunity is a good opportunity. Afterall, I did list my social media marketing skills on my résumé. AdvertisementMy boss wanted her social media marketing to look a certain way: showcasing stock photos of attractive women with outdated fonts.

Persons: —, Calli Nguyen, It's, I've, Afterall, Ma'am, Z, it's, doesn't Organizations: Service, Business Locations: Baton Rouge , LA

☆ Federal Reserve interest rate verdict: Central bankers meet to decide on next move
▼ + stars: | 2024-05-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —The Federal Reserve is expected to announce Wednesday that it is keeping interest rates at a quarter-century high for the sixth-straight meeting. Other Fed officials have already introduced the possibility of a rate hike, in addition to the chance of no rate cuts this year. Williams later said that another rate hike is possible if economic data warrants it. That combination eerily resembled stagflation, which triggered a broad stocks selloff on Wall Street Thursday. The threshold for a rate hike is ‘extremely high’Another interest rate hike is back in the conversation, but at the moment, it’s still not likely the Fed will do that.

Persons: Jerome Powell, ” Powell, Powell, John Williams, Williams, Neel Kashkari, Austan Goolsbee, “, can’t, it’s, Goldman Sachs, Wall, ” Oren Klachkin Organizations: Washington CNN, Federal, Index, New York Fed, Bloomberg, Minneapolis, Chicago Fed, Commerce Department, JPMorgan, Bank of America, Nationwide, CNN Locations: New, Chicago, Wells Fargo

☆ ‘Baby Reindeer’: What you need to know about the Netflix show people can’t stop talking about
▼ + stars: | 2024-04-24 | by ( Sandra Gonzalez | ) edition.cnn.com time to read: +3 min

Gadd’s retelling of his real-life encounters with a stalker through the fictional Donny Dunn in “Baby Reindeer” is also a story of trauma and healing. (From left) Richard Gadd as Donny and Jessica Gunning as Martha in "Baby Reindeer." Ed Miller/NetflixGunning plays Donny’s stalker Martha, a troubled woman who claims to be a lawyer but is more than anything a career creeper and repeat offender. By the end of the journey, it’s clear that “Baby Reindeer” was made with purpose, something that often escapes projects that earn their popularity on the merit of being about incidents so messy (and sometimes horrifying) that you can’t look a way. “Baby Reindeer” might be is a sign that true crime TV is finally growing up.

Persons: Dateline ” –, bartends, Richard Gadd’s, Donny Dunn, Donny, Gadd, hasn’t, Jessica Gunnning, ”, That’s, Reindeer’s, Richard Gadd, Jessica Gunning, Martha, Ed Miller, Netflix Gunning, ” Nava, Teri, Shalom Brune, Franklin, Tom Goodman, Hill, Danny Kirrane Organizations: CNN, Dateline, Guardian, Netflix, HBO Locations: British

☆ Americans’ attitudes toward the economy hold steady despite disappointing inflation reports
▼ + stars: | 2024-04-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington CNN —Americans haven’t felt any better about the economy these past few months, but they haven’t felt any worse either. The Federal Reserve cares whether or not Americans have faith that inflation will eventually return to levels they’re used to. Consumer prices were 3.5% higher in March from a year earlier, a much bigger increase than February’s 3.2% and above what economists were forecasting. On a monthly basis, consumer prices rose 0.4%, also above expectations. The economy is coming into focusEveryday Americans, on the other hand, haven’t fretted about progress on inflation potentially stalling.

Persons: haven’t, ”, Joanne Hsu, ” Oren Klachkin, Stocks, Goldman Sachs, “, ” Goldman Sachs’s, Jan Hatzius, they’re, Joe Biden, Biden, Donald Trump Organizations: Washington CNN, University of Michigan’s, Consumers, Nationwide, CPI, Bank of America, CNN Locations: Pennsylvania, Scranton , Pennsylvania

☆ Ecuador’s raid on Mexico’s embassy shocked Latin America. Here’s why it may still pay off for Daniel Noboa
▼ + stars: | 2024-04-10 | by ( Stefano Pozzebon | ) edition.cnn.com time to read: +7 min

Ecuador's President Daniel Noboa during his inauguration at the National Assembly in Quito on November 23, 2023. A close ideological ally of Correa, Lopez Obrador had since December allowed Glas to live at the Mexican embassy—territory that is technically off limits for local authorities. Lopez Obrador last week seemed to criticize the election that brought Noboa to power, suggesting the climate of fear created by Villavicencio’s murder had favored Noboa. President of Mexico Andres Manuel Lopez Obrador speaks during a briefing at Palacio Nacional on March 12 in Mexico City. Hector Vivas/Getty ImagesWhile Lopez Obrador is at the sunset of his political career, Noboa is just getting started and seeks a strong platform to run for re-election next year.

Persons: “, ”, Jorge Glas, Ecuador’s, Daniel Noboa, Andres Manuel Lopez Obrador, Noboa, Guillermo Lasso, Fernando Villavicencio, Alfredo ‘ Fito ’ Macias, RODRIGO BUENDIA, Glas, Rafael Correa, Lopez Obrador, Evo Morales, Peru’s Pedro Castillo, Correa, Villavicencio’s, Santiago Orbe, ” Orbe, Mexico Andres Manuel Lopez Obrador, Hector Vivas, Emilio Lezama, Bukele, Latinobarometro, It’s, it’s Organizations: Bogota CNN —, Colombian, National, Getty, Ecuadorian, CNN, Palacio Nacional, International Court of Justice Locations: Bogota, America, Guyana, Quito, Mexican, Mexico, Latin America, AFP, Ecuador, Glas, Vienna, Ukraine, Mexico City, El, El Salvador

☆ With the market stumbling, we're hunting for quality stocks to buy into weakness
▼ + stars: | 2024-04-10 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

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

Persons: Jim Cramer, Stocks, Abbott, Stanley Black, Decker, Cramer, Johnson, Carolyn Boroden, Jim Cramer's, Jim, Michael M Organizations: CNBC, Treasury, Federal, Apple, Palo Alto Networks, Constellation Brands, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: homebuilders, Boroden, Palo, New York City

☆ Russia could turn on Putin as the nation's economic strength wanes and sanctions keep tightening, economists say
▼ + stars: | 2024-03-31 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Russia's economic strength is likely to wane this year, economists say. Putin's economic fantasyThe tailspin Sonnenfeld, Tian, and Guriev are predicting seems contradictory to what Russia is presenting on the surface. Russian inflation is also high, clocking in at 7.58%, according to data from Russia's economic ministry. Guriev doesn't believe Russia's economy will completely unravel, as central bankers will work hard to limit the damage. Advertisement"It's unlikely the Russian economy will spiral into a macroeconomic meltdown, and that the Russian political system will," he said.

Persons: Putin, Joe Biden, —, Vladimir Putin, Jeffrey Sonnenfeld, Steven Tian, Tian, Trump's, Sergei Guriev, Sonnenfeld, he's, Guriev, Putin's Organizations: Service, Yale, London Business School, Russia Locations: Russia, Ukraine, Russian, Moscow, Soviet

☆ NBC’s Ronna McDaniel disaster is dragging Comcast into the political firestorm
▼ + stars: | 2024-03-28 | by ( Oliver Darcy | ) edition.cnn.com time to read: +8 min

It’s difficult to succinctly summarize the disastrous state of affairs at the news division, given that multiple engines are failing simultaneously. sand and refusing to dump McDaniel until after his top television personalities, including Chuck Todd and Rachel Maddow, went on the air and excoriated the hire. Ironically, NBC News’ attempt to make inroads with Republicans through the hiring of McDaniel has had the opposite effect. On Wednesday, Trump spent part of the day ranting on Truth Social against the Comcast boss over the McDaniel disaster, characterizing Roberts as a weak leader whose employees are running amok. I asked Comcast spokespeople on Wednesday if either Roberts or Cavanagh were taking any action.

Persons: Brian Roberts, Cesar Conde, Conde, “, Ronna McDaniel, McDaniel, Chuck Todd, Rachel Maddow, Puck’s Dylan Byers, Byers, Carrie Budoff Brown, Republican Richard Walters, Todd, ” Brown, Richard Walters, Stephen Labaton, Labaton bashed, Labaton, Rashida Jones, Jones, Rebecca Blumenstein, Blumenstein, I’m, Elon Musk, Donald Trump’s, Biden, Tom Cotton, Roberts, Trump, ” Trump, It’s, can’t bode, Conde’s, Michael Cavanagh, Cavanagh Organizations: New York CNN, Comcast, NBC News, NBC Universal News Group, Republican National, NBC, MSNBC, NBC News ’, Republican, NBCU, Fox, The New York Times, NBCU News, –, Comcast spokespeople Locations: New York, Miami, Washington, MSDNC

☆ The Baltimore bridge disaster is just the latest knock to global shipping and trade
▼ + stars: | 2024-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Over the past few years, supply chain woes have repeatedly come into the spotlight. Since then, global integrated supply chain systems just seem to keep getting disrupted — be it by the COVID-19 pandemic or Russia's war in Ukraine. The domino effect is due to the "just in time" model that supply chains have been relying on for decades. Here are three key reasons why supply chains just seem to keep screwing up in recent years. Examining ongoing conflicts in the Black Sea and Red Sea respectively shows how geopolitical conflicts affect global supply chains.

Persons: —, they've, Donald Trump, Dali, Francis Scott Key, Project44, Nari Viswanathan, Viswanathan, tailspin, Julie Gerdeman, Trump, Rahul Khanna, Geoff Weiss, Allan Post, Justus Heinrich, Khanna Organizations: Service, Business, Maersk, BI, Shipping, Allianz, Allianz Commercial, Technologies Locations: China, Ukraine, Baltimore, The Port, of Baltimore, Europe, Asia, Iran, Israel, Suez, Good, Africa, Panama, El, Egypt

☆ How NY's Judge Engoron is tightening the leash on Trump ahead of looming Truth Social merger and fraud judgement deadline
▼ + stars: | 2024-03-21 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

There are currently 415 entities — including the LLCs holding his physical properties — under the Trump Org umbrella. Trust Revocable Trust, which holds all of Trump Org's assets and for which Trump is the sole beneficiary. The judge also ordered on Thursday that Trump foot the bill for the additional staff needed for this extra monitoring. More penaltiesViolations of Thursday's order could result in the judge ordering more penalties against Trump Org, the judge warned. Trump and his three codefendants — Donald Trump, Jr., Eric Trump, and former Trump Org CFO Allen Weisselberg — owe a combined fraud-trial penalty of $467 million as of Thursday, according to a penalty calculator maintained by the Associated Press.

Persons: —, Donald Trump's, Trump's, Barbara Jones —, who's, Arthur Engoron, Trump, Engoron, Donald J, Jones, Letitia James, — Donald Trump , Jr, Eric Trump, Allen Weisselberg —, he's Organizations: Service, Wall Street, Business, Trump Organization, Trump Org, Trump, Trump's, Revocable Trust, New York, Associated Press, New, Bloomberg Locations: Trump's, New York, Westchester County, Manhattan, Seven Springs

☆ NYCB says it lost 7% of deposits in the past month, slashes dividend to 1 cent
▼ + stars: | 2024-03-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

New York Community Bank said Thursday it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital. The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the capital raise. NYCB also said it's slashing its quarterly dividend for the second time this year, to 1 cent per share from 5 cents, an 80% drop. In a little more than a month, the bank changed its CEO twice, saw two rounds of rating agency downgrades and announced deepening losses. At its nadir, NYCB's stock sank below $2 per share Wednesday, down more than 40%, before ultimately rebounding and ending the day higher.

Persons: Steven Mnuchin's, NYCB, downgrades Organizations: York Community Bank, Strategic Capital, Moody's, Mnuchin's Liberty Strategic Capital Locations: New York

☆ Woman Could Have Prevented Great Recession; Ignored by Wall Street Men
▼ + stars: | 2024-03-04 | by ( Josie Cox | ) www.businessinsider.com time to read: +21 min

The story of Brooksley Born is not only the tale of a remarkable regulator whose Cassandra-like warnings — if heeded — could've prevented the great financial crisis from exploding into raging, ruinous enormity. Not long after she assumed chairmanship of the CFTC, Born started to feel a lingering unease with the rapidly expanding derivatives market. So to Rubin, Born was more of an inconvenience than anything, and she certainly wasn't in his club. Not long after, Treasury officials lobbied Congress to pass legislation preventing the CFTC from being able to regulate the OTC derivatives market. In the months and years that followed, it became increasingly hard to deny that the multi-trillion-dollar OTC derivatives market was the root cause of the great financial crisis.

Persons: Lehman Brothers, jolting, — could've, It's, Potter Stewart, Henry Edgerton, Porter, she'd, Bill Clinton, Clinton, Janet Reno, Brooksley, Michael Greenberger, Born, Gibson, weren't, Robert Rubin, Goldman Sachs, Rubin, Michael Hirsh, Alan Greenspan, Greenspan, Ayn Rand, Hirsh ., Hirsh, Greenspan didn't, braggadocian machismo, lauding Rubin, Lawrence Summers, Arthur Levitt, Josie Cox, Levitt, Summers, Jim Leach, Richard Lugar, —, Bethany McLean, Joe Nocera, Bob Rubin, Born's Cassandra, George W, Bush, Lauren Rivera, Christine Lagarde, Lehman, ABRAMS Organizations: Stanford University, Stanford Law School, Stanford, Appeals, District of Columbia Circuit, Arnold, Futures Trading Commission, American, CFTC, Bankers Trust, Procter, Gamble, Sumitomo, Federal Reserve, Fed, Securities and Exchange Commission, Financial Markets, Abrams, Term Capital Management, Enron, SEC, Born, Northwestern's Kellogg School of Management, Financial, International Monetary Fund, Lehman Brothers, Reuters, Street, The Washington Post, Guardian, Abrams Press Locations: California, Vietnam, United States, Washington, America, ABRAMS , New York

☆ The deep Biblical spirituality of Bob Marley’s music is being overlooked
▼ + stars: | 2024-03-03 | by ( John Blake | ) edition.cnn.com time to read: +15 min

They hiked, jet-skied and spent much of the time listening to Scott’s favorite musician, reggae superstar Bob Marley. He found refuge, though, in Marley’s music. “But Bob Marley’s music is what got us through. These Marley fans and scholars say it’s time to stop glossing over or editing out Marley’s “subversive spirituality.”“The Bible was as important to Marley’s music as his guitar,” MacNeil says. Actor Kingsley Ben-Adir, who plays Marley in "Bob Marley: One Love," attends the movie's premiere on January 23, 2024, in Kingston, Jamaica.

Persons: CNN — Dean MacNeil couldn’t, “, MacNeil, Scott, Bob Marley, ”, Marley, ” MacNeil, Bob Marley’s, Rita Marley, Kingsley Ben, Adir, Marcus Ingram, Matthew, Jesus, Luke, Vivien Goldman, Bob Dylan, Johnny Cash, Jimi Hendrix, Goldman, King James Bible, Judah, Haile Selassie I, Selassie, “ Jah, it’s, “ He’s, ” Rastafarians, Collin Reid, Adam Hochschild, ” Hochschild, Deepak Sarma, ” Marley, Marcus Garvey, Marley’s, didn’t, White, ” Marley didn’t, Jamaicia, Angela Weiss, Gibson Les Paul, John Lennon, John Blake Organizations: CNN, Time, BBC, Getty, Case Western Reserve University, National, Forbes Locations: Connecticut, Vermont, Jamaica, Kingston , Jamaica, America, Jerusalem, British, Ethiopia, “ Bury, United Kingdom, Jamacia, Ohio, ganja, Jamaican, Africa, Miami, Trench, Hollywood, Kingston

☆ Oprah to Leave Weight Watchers Board
▼ + stars: | 2024-02-29 | by ( Emily Schmall | ) www.nytimes.com time to read: 1 min

Oprah Winfrey said that she was stepping down from the board of Weight Watchers, a few months after going public about taking a medication for weight loss. The entertainment mogul has been the most prominent spokeswoman for Weight Watchers since joining its board in 2015, helping it weather competition from other weight loss companies while opening up a broader conversation around obesity and diet. Her endorsement of Weight Watchers — she has said she lost 40 pounds using the company’s point system — convinced many others to sign up, analysts said. The announcement sent Weight Watchers shares into a tailspin, with stock falling 25 percent in early trading Thursday.

Persons: Oprah Winfrey

☆ Wall Street's favorite recession gauge has been flashing for 16 months, but the other key ingredient of a downturn is nowhere to be seen
▼ + stars: | 2024-02-28 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

A key recession signal has been flashing for 16 months, but the other half of a downturn is missing. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The firm pointed out that the spread between the 10-year and three-month treasury yields has been inverted for 16 months. Advertisement10-year minus 3-month Treasury yields from 1982 Federal Reserve Bank of St. LouisThat said, the inverted curve only accounts for 50% of a solid recession call. Meanwhile, Morgan Stanley's chief economist, Ellen Zentner, warned that a "hard landing" downturn is guaranteed as the impact of Fed rate hikes still hasn't been felt fully throughout the economy.

Persons: —, Louis That, Jamie Dimon, Morgan Stanley's, Ellen Zentner Organizations: Service, DataTrek Research, Treasury, Reserve Bank of St, Fed, JPMorgan Locations: downturns, Kuwait

☆ I dated my coworker. Then he broke up with me and became my boss.
▼ + stars: | 2024-02-27 | by ( Lara Sterling | ) www.businessinsider.com time to read: +9 min

While we didn't work together directly, I interacted with him sometimes. But even back then, I knew that dating a coworker was a bad idea. AdvertisementThough our company didn't forbid colleagues from dating one another, we both already sensed the taboo nature of our dalliance so we tried to keep it a secret. When you add in the chance of sexual harassment allegations, I would never recommend dating a coworker. Even if you work in different departments, dating a coworker is opening a Pandora's box of emotions that are difficult to navigate professionally.

Persons: —, Austin, peeking, we'd, Logic, Eros, didn't, It's, I've, I'm, you've, who've, haven't, Lara Sterling Organizations: Service, Business, Austin, Society for Human Resource Management Locations: Austin, Los Angeles

☆ Home Prices May Be Sky-High, but America Is Not in a Housing Bubble
▼ + stars: | 2024-02-14 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

The housing market, they claimed, was a bubble destined to burst. I’ve spent the past few years asking experts a simple question: Has the housing market reached bubble territory? AdvertisementFor a time, it seemed like the housing market was doing a speedrun through Simonsen’s checklist. And even if the economy does take a turn, a run-of-the-mill recession probably wouldn’t be enough to topple the housing market. The housing market is far from balanced, but we’re at least heading in that direction.

Persons: doomsayers, I’ve, Redfin, you’ve, you’ll, Mike Simonsen, megalandlords, ”, Ian Shepherdson, Goldman Sachs, Jerome Powell, Powell, Rick Palacios Jr, John Burns, ” doomsayers, might’ve, It’s, it’s, Logan Mohtashami, don’t, US homebuilders, “ It’s, ” Mohtashami, Selma Hepp, Fannie Mae, Palacios, ” Palacios, Mohtashami Organizations: Altos Research, Wall, John, John Burns Research, Consulting, Mortgage Bankers Association, Federal Reserve Bank of New, Federal Housing Finance Agency Locations: Charlotte, North Carolina, Austin, Las Vegas, Miami, Boise , Idaho, Dallas, Federal Reserve Bank of New York, US

☆ Analysis: At this general election in Pakistan, old dynasties vie for power and populist Imran Khan languishes in prison
▼ + stars: | 2024-02-07 | by ( Sophia Saifi | Rhea Mogul | ) edition.cnn.com time to read: +13 min

That sets the stage for a difficult road to recovery for whoever wins in a nation where no democratically elected prime minister has ever completed a full term in office. Pakistan's former Prime Minister Imran Khan attends a lawyers' convention in Lahore on September 21, 2022. Veteran Sharif will face a strong challenge, however, from first-time candidate for Prime Minister, Bilawal Bhutto Zardari, 35, son of slain former leader Benazir Bhutto. Manahil Ahmed, 23, called Pakistan’s political environment “particularly hostile” right now. For Pakistan’s military and police forces, the last year was the bloodiest in a decade.

Persons: Imran Khan, –, Arif Ali, Nawaz Sharif, Sharif, Bilawal Bhutto Zardari, Benazir Bhutto, Khan –, Khan, Fareed Khan, ”, Rabiya Arooj, Khan’s, Bushra Bibi, Imran Khan's, Asad Zaidi, Pakistan’s, Farzana Shaikh, “, ’, Murtaza Solang, Maryam Nawaz Sharif, Mohsin Raza, he’s, Raja Ikram, Ameer Hamza, Manahil Ahmed, Shaikh, Hussain Nadim, Maurice R, Greenberg, ‘, Aamir Qureshi, Shoaib Tanveer, Baou Nadeem, ” Shaikh, Farooq Naeem, “ Sharif, He’s, Tim Willasey Organizations: Pakistan CNN —, Getty, PTI, World Bank, Pakistan, Bloomberg, The Royal Institute of International Affairs, CNN, for Research, Security Studies, Pakistan’s People’s Party, Pakistan Muslim League, Baloch Liberation Army, Yale University, Pakistan Army –, Workers, King’s College London Locations: Islamabad, Pakistan, Pakistan CNN — Pakistan, Lahore, AFP, Karachi, “, Rawalpindi, Asia, Hafizabad, Khan’s, Khyber Pakhtunkhwa, India, Afghanistan, Iran, State Khorasan, restive Balochistan, Balochistan, Punjab, Sharif, States, China, British

☆ Fed Chair Powell: The ‘time is coming’ for a rate cut
▼ + stars: | 2024-02-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Federal Reserve Chair Jerome Powell said the time is coming for interest rate cuts, but asked Americans for a bit more patience in the central bank’s fight against inflation. That means the Fed is due to cut rates in 2024, which officials themselves projected in December. But the central bank’s January policy statement pushed back on expectations of the first rate cut coming at their next meeting in March. Still, financial markets see a 20% chance the Fed will cut rates in March and a 71.3% chance they cut in May, according to the CME FedWatch Tool. But that hasn’t stopped Congress from pressuring Powell to cut rates.

Persons: Jerome Powell, “ We’ve, ” Powell, ”, Price, Powell, “, Scott Pelley, can’t, hasn’t, Democratic Sen, Sherrod Brown, ” Brown, Brown, Elizabeth Warren, we’re Organizations: New, New York CNN — Federal, CBS, Fed, Federal Reserve, Governors, Democratic, Banking, New York Community Bancorp, New York Community Locations: New York, Street, Ukraine, Asia, ”

☆ China rolls out fresh property relief measures to stem the fallout from Evergrande's meltdown
▼ + stars: | 2024-01-31 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Officials in China are boosting property sector relief measures to blunt the impact of Evergrande's collapse. The new measures are part of a wider series of economy-boosting initiatives, especially in the real estate sector, which constitutes one-quarter of the country's economy. The crisis in the property sector stems from huge debt and overbuilding in the last decade, which has resulted in a liquidity crisis for many property developers, including Evergrande. The company's troubles sent country's property sector into a tailspin starting in 2022 when it defaulted on some of its offshore bonds. China is moving mountains to hold the real estate sector's crisis from pouring into other sectors.

Persons: — Organizations: Service, Beijing, China's Ministry of Housing, China Mingsheng Banking Corp, China Securities Journal, Guangzhou, Reuters, Bloomberg Locations: China, Hong Kong, Nanning, Guangxi, Chongqing, Suzhou, Shanghai, restructurings

☆ Regional banks are back in focus after NY Community Bancorp stock drops 38% in one day
▼ + stars: | 2024-01-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Regional bank stocks are back in the hotseat thanks to a truly horrific financial report from New York Community Bancorp. That caused shares of New York Community Bancorp to drop 38% in one day, and the stock hit a 25-year low. The bank’s stress brought down other regional bank stocks, with KBW Regional Banking Index closing down by 6% on Wednesday. That’s nothing compared to the devastating tailspin regional bank stocks encountered last spring. But New York Community Bancorp’s troubles may open up fresh wounds.

Persons: Thomas Cangemi, Cangemi, “ rightsize, “, ” Organizations: New, New York CNN, New York Community Bancorp, New York Community, Bank, KBW, York Community, Signature Bank Locations: New York, New, York

☆ Evergrande, the massive Chinese real estate developer with $300 billion in debt, is ordered to liquidate by a Hong Kong court
▼ + stars: | 2024-01-29 | by ( Clare Jim | Xie Yu | ) www.businessinsider.com time to read: +3 min

A Hong Kong court on Monday ordered the liquidation of real-estate developer China Evergrande Group. Evergrande is the world's most indebted developer with more than $300 billion of total liabilities. AdvertisementA Hong Kong court on Monday ordered the liquidation of China Evergrande Group, a move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain the deepening crisis. Evergrande had been working on a $23 billion debt revamp plan with the ad hoc bondholder group for almost two years. Before Monday, at least three Chinese developers have been ordered by a Hong Kong court to liquidate since the current debt crisis unfolded in mid-2021.

Persons: —, Evergrande, Hui Ka Yan, Linda Chan Organizations: Monday, China Evergrande, Service, Hong, China Evergrande Group, Hong Kong High, Evergrande Locations: Hong Kong, Beijing, China

☆ China Evergrande Must Be Liquidated, a Judge Said. What Happens Next?
▼ + stars: | 2024-01-29 | by ( Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. The worries in real estate, where most households put their savings, helped tip the economy into a downturn. The Evergrande bankruptcy will play out in Hong Kong and China. A Hong Kong judge, Linda Chan, on Monday ordered Evergrande’s liquidation and appointed Alvarez & Marsal, a firm that specializes in bankruptcy cases, to manage the unwinding. The firm’s role will be to help creditors — particularly overseas investors who made loans to Evergrande — get some of their money back.

Persons: Lehman, Linda Chan, Alvarez, —, Marsal Organizations: Lehman Brothers, U.S ., Hong, Marsal, Court, Alvarez Locations: China, U.S, Hong Kong, Beijing

☆ There may be little to recover in the $300 billion Evergrande debt saga
▼ + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.

Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia

☆ Opinion: Elon Musk, Harvard and the art of ‘taking action’ while doing nothing
▼ + stars: | 2024-01-23 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +9 min

CNN —Elon Musk, who spends much of his time on futuristic endeavors, took a step into history on Monday. Like in other entities where an upsurge in antisemitic activity started making headlines, Musk was taking performative action at Auschwitz. It was an effort to appear to be taking action while doing nothing. After his visit to the death camp, Musk appeared at a conference on antisemitism in nearby Krakow, Poland. President Claudine Gay was asked in Congress if calls for genocide against Jews violate Harvard rules against bullying and harassment.

Persons: Frida Ghitis, CNN — Elon Musk, Musk, “ Hitler, ”, ” Musk, dumbest, George Soros “, Ted Deutch, Elders of Zion, X, “, Tucker Carlson, Claudine Gay, Israel “, Israel, he’s “, Alan Garber, Garber, Derek Penslar, Penslar, Larry Summers Organizations: CNN, Washington Post, Politics, Frida Ghitis CNN, Center, Twitter, Defamation, American Jewish Committee, Elders of, Media Matters, Apple, Disney, IBM, Media, Harvard University, Harvard, Jewish, Harvard’s, Jewish Studies Locations: Auschwitz, Israel, Gaza, United States, Krakow, Poland

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