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☆ TikTok Is About to Become Even More Powerful Thanks to Millennials
▼ + stars: | 2024-05-23 | by ( Emilie Friedlander | ) www.businessinsider.com time to read: +14 min

"I have friends that say that TikTok Shop has ruined the app," Casey Lewis, a trends researcher, said. "It can be good — especially as TikTok moves to TikTok Shop — if they're able to capitalize on this shift and sell products more effectively to older users." Just because something is going viral on TikTok doesn't necessarily mean Gen Z is behind it. The same could be said of Gen Z, which would explain the generations' shared fascination with a time before smartphones and round-the-clock news. The Gen Z users I spoke with didn't seem particularly concerned about an influx of olds.

Persons: Keara Sullivan, Zers, Rushmore, Sullivan, Ryan Broderick, Adam Bumas, Broderick, TikTok, —, Cory Doctorow, it's, Kevin Munger, Doctorow, Casey Lewis, Lewis hasn't, Gen Zers, Jonathan Gelfond, Taylor Lorenz, Lorenz, Munger, Gen Z, Lewis, Stanley, Alpha, Zers —, Gen Alpha, hasn't, millennials, Jason Parham, Leslie Horn Petersen, she's, Gen, didn't, I've, Emilie Friedlander Organizations: New, Pew Research Center, Facebook, Senate, Microsoft, Penn State, Little League, Business, QVC, UC Santa Barbara, The Washington Post, YouTube Locations: New York, tfym, millennials, Brooklyn, Philadelphia

☆ Is Pet Insurance Worth It? for Most People, the Answer Is No.
▼ + stars: | 2024-05-23 | by ( Emily Stewart | ) www.businessinsider.com time to read: +12 min

The North American Pet Health Insurance Association found that pet owners in the US paid $3.9 billion in premiums in 2023, a 22% increase from the year before. One thing is for sure: As the industry grows, pet insurance is becoming as confusing and messy as health insurance is for humans. Pet insurance isn't technically even health insurance; it falls in the property-and-casualty category. AdvertisementThe big problem with pet insurance is it's just an expensive productThere are three categories of pet insurance: accident only; accident and illness; and accident, illness, and wellness. Advertisement"It's important that pet owners understand the scope of what their pet insurance does and does not cover, so they're not caught off guard by unexpected payments," he said.

Persons: Gina Papini, Kato, Papini, That's, they've, Kevin Brasler, that's, Dan, Michael San Filippo, they're, Doug Kenney, Kenney, It's, Brasler, she's, Emily Stewart Organizations: American Pet Products Association, Pet Health Insurance Association, American Veterinary Medical Association, Rover, Consumers, Business Locations: reimbursing, Mexico

☆ Oreo-maker Mondelez fined $366 million for rigging European markets
▼ + stars: | 2024-05-23 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Mondelez, the maker of Oreo and Cadbury Dairy Milk chocolate, has been fined €337.5 million ($366 million) for hindering the trade of chocolate, cookies and coffee between European Union countries in order to keep prices high. Margrethe Vestager, the EU’s competition chief, said in a statement Thursday that Mondelez had illegally limited cross-border sales within the EU to maintain higher prices for its products. The European Commission, which started looking into the case in 2019, found that Mondelez International (MDLZ) had deliberately restricted cross-border trade and abused “its dominant position” in some national markets for the sale of chocolate bars. Mondelez made an accrual for the fine last year and no further measures will be necessary to finance it. In another case, Mondelez required a customer to charge higher prices for exports compared with domestic sales.

Persons: London CNN — Mondelez, Margrethe Vestager, Mondelez, “, Mark Thompson Organizations: London CNN, Cadbury, Union, European Commission, Mondelez International, EU Locations: Netherlands, Belgium, Germany, Austria, Bulgaria, Romania

☆ Citigroup fined for almost dumping $189 billion into European markets by accident
▼ + stars: | 2024-05-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets. Without that discount, the combined fine would have topped £88 million ($112 million). The Bank of England highlighted an incident in May 2022 when one of the bank’s “experienced” traders sold $1.4 billion worth of stocks on European exchanges in error. Citigroup’s systems blocked $255 billion of that, meaning that $189 billion was sent to its trading platform for sale “over the rest of the day.” In total, $1.4 billion worth of stocks was sold before the trader canceled the transaction. Following the incident, Citigroup has taken steps to “improve and strengthen” the security of its trading systems, the central bank said.

Persons: ”, Sam Woods Organizations: London CNN —, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, Bank of England, FCA, “ Locations: ”

☆ Biden jumps on Trump ‘unified Reich’ video that plays into a key theme of president’s reelection push
▼ + stars: | 2024-05-22 | by ( Kyle Feldscher | Kevin Liptak | ) edition.cnn.com time to read: +4 min

Boston CNN —President Joe Biden and his campaign are looking to capitalize on former President Donald Trump’s posting of a video showing images of a fake newspaper article that references a “unified Reich” if he’s reelected in 2024. The video has been removed from Trump’s Truth Social account, but the Biden campaign has quickly incorporated the former president’s use of verbiage associated with Nazi Germany into messaging. Biden made Trump’s comments the focus of two closed-door campaign fundraisers Tuesday night, a video on his social media platforms and a fundraising email. It’s the language of Hitler’s Germany,” Biden told donors in Boston during a campaign reception. “Is this on his official account?” Biden asks in the video.

Persons: Joe Biden, Donald Trump’s, he’s, Trump, Biden, “ That’s, ” Biden, Adolf Hitler, Donald Trump, “ What’s, ”, Karoline Leavitt, ” “ Organizations: Boston CNN, Trump, White House Locations: Charlottesville , Virginia, Nazi Germany, Germany, Boston, Nazi, America, New York

☆ Citi fined $78 million after a European trader's fat-finger trade caused a flash crash in stocks
▼ + stars: | 2024-05-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

A trading mistake at Citigroup in 2022 has led to a $78 million fine against the bank. The "fat-finger" trade caused a brief flash crash in European stocks in May 2022. The brief flash crash caused by the mistaken trade briefly wiped out $322 billion in market value. A trader in Citigroup's London unit entered one too many zeros in a trade in May 2022, sparking a short-lived flash crash in European stocks. AdvertisementThe $78 million fine from UK regulators is in addition to about $50 million Citigroup lost on the trade, bringing the total cost of the fat-finger trade to about $130 million.

Persons: — Organizations: Citigroup, Service, Bloomberg, Bank of England's Prudential Regulatory Authority Locations: Citigroup's London, Stockholm

☆ Citi fined $79 million by British regulators over fat-finger trading and control errors
▼ + stars: | 2024-05-22 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

LONDON — British regulators on Wednesday dished out a combined £61.6 million ($79 million) in fines to U.S. investment bank Citi for failings in its trading systems and controls. "Firms involved in trading must have effective controls in place in order to manage the risks involved. The regulators said that certain system and control issues persisted during the probe period and led to trading incidents, such as so-called fat-finger trading blunders. "Deficiencies in CGML's trading controls contributed to this incident, in particular the absence of certain preventative hard blocks and the inappropriate calibration of other controls," the statement read. "We immediately took steps to strengthen our systems and controls, and remain committed to ensuring full regulatory compliance."

Persons: Sam Woods Organizations: CitiBank, LONDON, Citi, Prudential, Authority, Financial, Citigroup Global Markets, prudential, CNBC Locations: Manhattan, New York City

☆ A Microsoft under attack from government and tech rivals after 'preventable' hack ties executive pay to cyberthreats
▼ + stars: | 2024-05-22 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +13 min

The decision by Microsoft to link executive compensation to successful cybersecurity performance is another is prompting discussions at other firms. One change the tech giant is making in response: linking executive compensation more closely to cybersecurity. In recent years, many Fortune 500 companies, including Apple, have added bonus pay tied to ESG metrics. The conversations about cybersecurity-linked executive pay have started taking place at other companies since Microsoft made its move, according to Aalap Shah, managing director at executive compensation consultant Pearl Meyer. Madnick's research shows that gaps in corporate culture are often culprits in high-profile hacks, not just the Microsoft example.

Persons: Brad Smith, Charlie Bell, Aalap Shah, Pearl Meyer, It's, I've, Shah, —, Stuart Madnick, Madnick, Ryan Kalember, unavoidability, Jen, Kalember, ransomware, Mike Doonan, Doonan Organizations: Microsoft, U.S, Hill, Google, U.S . Department of Homeland, Initiative, Microsoft Security, Team, Companies, Fortune, Apple, MIT, Infrastructure Security Agency, CNBC, Technology, State Department Locations: China, Russia, cybersecurity, U.S

☆ America's Surge of Dumb Neighborhood Names, Real-Estate Rebrands
▼ + stars: | 2024-05-22 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

Neighborhood names are also shorthand for your rent or mortgage payments. In 2017, real-estate brokers in the historically Black New York neighborhood of Harlem sparked backlash when they tried to rebrand its south end as SoHa. At their best, new neighborhood names bring people together over a shared sense of pride in their little corner of the world. Along the way, these neighborhood names have veered into parody territory. I'm not saying that neighborhood names should be set in stone — in fact, I think it's natural for them to evolve alongside their populations.

Persons: you've, MoRA, Nashville's, they're, Let's, Gill Holland, Holland, Nestor Davidson, David Fagundes, Grant McKenzie, McKenzie, Hakeem Jeffries, Jeffries, Davidson, They're, Bob Dylan's, Marshall, Lily, I'm, Willy, Dirtbag, Little Italy — Organizations: Market, McGill University, University of Maryland, Houston, Financial, Tribeca, McGill, Google, Democratic, New York State Assembly, New York Times, Apple, North Arts District, Congress, Little Locations: Denver, Charlotte , North Carolina, LoSo, Boston, Louisville , Kentucky, NuLu, Austin, America, New York City, Louisville, Holland, North Carolina, Greenwich, Louisville's, Phoenix, Holland's, York, New York, Manhattan, Side, Chelsea, Maryland, Harlem, SoCo, Soho, Dowisetrepla, Charlotte, East Williamsburg

☆ The Dow is set to surge 50% by 2030 as the 'roaring 20s' are alive and well for stocks, market vet says
▼ + stars: | 2024-05-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

With the stock market trading at record highs, the "Roaring 20s" thesis is alive and well. That's according to Ed Yardeni, who expects the Dow and S&P 500 to soar 50% by 2030. "That target could be achieved with a forward P/E of 20 and forward earnings at $400 per share," Yardeni said. AdvertisementWith stocks trading at record highs, the "Roaring 20's" bull thesis remains intact, according to market veteran Ed Yardeni. AdvertisementForward S&P 500 earnings per share hit $257.20 last week, and analysts currently estimate that S&P 500 EPS will rise to $278 in 2025 and $313 in 2026.

Persons: Ed Yardeni, Yardeni, —, Eric Wallerstein, Wallerstein Organizations: Dow, Service, Dow Jones Industrial, CNBC, Yardeni Research

☆ A celebrity esthetician started an anti-aging skincare routine when she was in her 40s. Here's how she 'saved' her skin.
▼ + stars: | 2024-05-22 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +4 min

Read previewCynthia Franco is no stranger to anti-aging skincare concerns. Taking sun protection seriouslyPrior to learning more about anti-aging, Franco said she didn't think too much about sun protection. A quality vitamin C serum goes a long wayFranco said the third step in the "line of defense" against premature signs of aging is a vitamin C product. Invest in extras like retinol and peptidesFranco said the first three steps are "non-negotiable" staples of any good anti-aging skincare routine. She also called peptides the "crème de la crème" of anti-aging skincare products, especially if you start using them after your 30s.

Persons: —, Cynthia Franco, Barry Keoghan, Queen Latifah, Franco, I, Retinol Organizations: Service, Business

☆ I went to a modern Texas steakhouse for the first time. Here are 7 things that surprised me about my $100 meal.
▼ + stars: | 2024-05-22 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

On a recent trip to Dallas, I ate at a modern Texas steakhouse, Knife. My meat was a little rarer than I would have liked, but I was surprised that I didn't mind at all. AdvertisementI'm a New Yorker who recently visited Dallas for the first time. However, while I've visited Austin and Houston before, I've never eaten at a Texas steakhouse. This story is available exclusively to Business Insider subscribers.

Persons: —, I've, York steakhouses Organizations: Service, New Yorker, Business Locations: Dallas, Texas, New, York, Austin, Houston

☆ So you finally got TSA pre-check. Here's how to avoid being the most annoying person in line and get through fastest.
▼ + stars: | 2024-05-21 | by ( Joey Hadden | ) www.businessinsider.com time to read: +5 min

In the TSA PreCheck line, pre-screened travelers can go through security quickly without taking off their shoes or removing electronics or liquids from their carry-on bags. In November 2023, the TSA reported that more than 17 million Americans have TSA PreCheck. Ott said this can cause the line to move slower, but he shared his best tips for TSA PreCheck travelers. I have it in my backpack, knowing I'll put it on as soon as I get through PreCheck," Ott told BI. Be ready before it's your turnWhen you first get in line, Ott recommends having your boarding pass and identification out before it's your turn to show them.

Persons: —, Chase, John Raoux Gilbert Ott, Ott, ROBYN BECK, we'd Organizations: Service, TSA, Business, Venture, Capital, Chase Sapphire Reserve, Delta, American Express, AP, Getty

☆ Children continue to work at poultry processor, Labor Department says, even after teen worker’s recent death
▼ + stars: | 2024-05-21 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Children have again been found working at a Mar-Jac Poultry slaughterhouse, according to the US Department of Labor. The latest discovery in Alabama comes less than a year after a teen worker was killed at a company facility in Mississippi. The DOL’s recent allegation follows an incident last year in which a teen died at a Mar-Jac facility in Mississippi. According to Mar-Jac Poultry Alabama’s website, “Mar-Jac Poultry does not sell to the general public, individual restaurants or convenience stores. The Labor Department has lately been trying to crack down on incidents of child labor, especially at meatpacking facilities.

Persons: DOL, ”, Mar, Jac, “ Mar, “, Jac Poultry, —, Kavilanz, Amy Simonson Organizations: New, New York CNN, Jac, US Department of Labor, CNN, Mar, Labor, Fair Labor, ABC News, Occupational Safety, Health Administration, The Labor Department, Department of Labor, Health, Human Services Locations: New York, Alabama, Mississippi, Mississippi , Alabama, Georgia, Alabama and Mississippi, DOL, Fayette

☆ J Rogers Kniffen WWE CEO: Consumer is fine so far
▼ + stars: | 2024-05-21 | 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 EmailJ Rogers Kniffen WWE CEO: Consumer is fine so farJan Kniffen, J Rogers Kniffen WWE CEO, joins CNBC's 'Squawk on the Street' to discuss the state of consumers, retail companies, and more.

Persons: J Rogers Kniffen, Kniffen Organizations: J Rogers Kniffen WWE

☆ Amazon, Meta back Scale AI in $1 billion funding deal that values firm at $14 billion
▼ + stars: | 2024-05-21 | by ( Riley De León | ) www.cnbc.com time to read: +1 min

Artificial intelligence startup Scale AI said Tuesday that it has raised $1 billion in a Series F funding round that values the enterprise tech company at $13.8 billion — almost double its last reported valuation. 12 on this year's CNBC Disruptor 50 list, has now raised $1.6 billion to date. Existing investors including Y Combinator, Nat Friedman, Index Ventures, Founders Fund, Coatue, Thrive Capital, Spark Capital, Nvidia, Tiger Global Management, Greenoaks, and Wellington Management also participated in the round. Scale AI is playing a key role in the rise of generative artificial intelligence and large language models, with the data — whether it is text, images, video or voice recordings — needing to be labeled correctly before it can be digested and used effectively by AI technology. Scale AI has evolved from labeling data used to train models that powered autonomous driving to now helping to improve and fine tune the underlying data for nearly any organization looking to implement AI, powering some of the most advanced models in use.

Persons: Elad Gil, Y Combinator, Nat Friedman, Alexandr Wang Organizations: CNBC, Accel, Cisco Investments, Intel Capital, ServiceNow Ventures, AMD Ventures, WCM, Color Genomics, Meta, Ventures, Founders Fund, Spark Capital, Nvidia, Tiger Global Management, Wellington Management Locations: San Francisco, AGI

☆ Cramer's Lightning Round: Lazard is a buy
▼ + stars: | 2024-05-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Lazard's year-to-date stock performance. Stock Chart Icon Stock chart icon Enbridge's year-to-date stock performance. Stock Chart Icon Stock chart icon Advanced Drainage System's year-to-date stock performance. Stock Chart Icon Stock chart icon AST SpaceMobile's year-to-date stock performance. Stock Chart Icon Stock chart icon Palantir's year-to-date stock performance.

Persons: Lazard, We've, I've, I'm, It's, Jacobs Organizations: Technologies, Therapeutics, Sarepta Therapeutics, S.A, Petroleo Brasileiro S.A, Jacobs Solutions Locations: Halleluiah

☆ It's so tough to pay cash in China that the government had to fine a KFC for not accepting banknotes
▼ + stars: | 2024-05-21 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

China has mandated that local businesses leave the door open for cash payments as it tries to attract foreign investment and tourism after the pandemic. AdvertisementHungry for foreign business, China has rushed to bridge the gap. Major payment platforms Alipay and WePay started allowing visitors to link their international bank cards to their Chinese accounts. It's illegal in China to reject cash for purchases, and the central government's crackdown has intensified in the last several years. Investor relations for Yum China, which operates KFC in China, did not immediately respond to a request for comment sent by Business Insider.

Persons: —, WePay Organizations: Service, KFC, People's Bank of China, Business, China Post, New China Life Insurance, PICC, Regulators, Yum Locations: Beijing, Wuxi, Jiangsu, Mongolia, China, Gansu, New, Shanghai, Tourism, Yum China

☆ Swifties who met at the Eras Tour last year just got engaged. Their proposal involved a friendship bracelet.
▼ + stars: | 2024-05-21 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +7 min

But on June 3, 2023, the two finally made it to the second night of Swift's Eras Tour in Chicago. After almost a year of dating, including attending three more Eras Tour shows together, the two got engaged this past weekend. Advertisement"At an Eras Tour in SoFi, I gave her a friendship bracelet to ask her to be my girlfriend," McCarty said. "I remember that one time you gave me a bracelet," Messinger said in her proposal. They named their dog August after the song, and plan to attend the Eras Tour show in London this summer to celebrate their engagement.

Persons: —, Taylor Swift, Kayla McCarty, Kat Messinger, would've, hadn't, McCarty, MaryGrace, Messinger, Kayla McCarty Messinger, Kat, I'd, " McCarty, Swift, Travis Kelce, Taylor, She's Organizations: Service, Business, Yosemite National Locations: Chicago, California, Messinger, Iowa, SoFi, Portland , Oregon, Yosemite, Portland, London

☆ Here's how Disney’s streaming business can work toward Netflix-like profitability
▼ + stars: | 2024-05-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +14 min

Disney's streaming margins, while still negative due to losses and nowhere near Netflix's, have improved significantly in recent quarters and are now on the doorstep of an important milestone. Disney's streaming overview Disney+ is its flagship streaming service across the globe. The ARPU discrepancy on Disney+ core helps explain why Netflix is much more profitable than Disney's streaming business. Given that Disney's streaming business has rolled out pretty much everywhere across the globe, Cruetz said moving forward "it's about driving more penetration in those markets." The latest is a matchup with Disney and HBO's parent Warner Bros Discovery , whose flagship streaming service is called Max.

Persons: Bob Iger, Disney, Iger, Covid, Morgan Stanley, It's, That's, Cowen, Doug Creutz, Hulu's, Cowen's Cruetz, Brandon Nispel, Cruetz, TD Cowen, Max, Creutz, cannibalization, it's, KeyBanc's Nispel, Wells Fargo, Jim Cramer's, Jim Cramer, Jim, Presley Ann Organizations: Disney, Netflix, ESPN, Reliance Industries, Century Fox, CNBC, Comcast, Capital, Warner Bros Discovery, Getty Locations: Netflix's, Hulu, India, Malaysia, Philippines, Thailand, U.S, Canada, Europe, Africa, West Asia, Los Angeles

☆ How Trump's presidency became a roller-coaster ride for many of America's top CEOs
▼ + stars: | 2024-05-21 | by ( John L. Dorman | ) www.businessinsider.com time to read: +9 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In August 2017, a Trump Tower event meant to provide updates about Trump's infrastructure plan became dominated by his response to the violence in Charlottesville. And in February 2018, Trump's infrastructure proposal took a back seat amid accusations of misconduct by two close aides. But after the election, Trump invited a broad array of tech leaders to Trump Tower and expressed a desire to work with them on innovation. In 2020, several tech leaders — including Cook — were critical of Trump's visa restrictions that would impact highly-skilled foreign workers in the industry.

Persons: —, Donald Trump, Hillary Clinton, Trump, Steve Mnuchin, Goldman Sachs, Gary Cohn, Wilbur Ross, Trump's, Elon Musk, Heather Heyer, Andrew Harnik, I've, Kenneth Frazier, Kevin Plank, 3M's Inge Thulin, Brian Krzanich, , Jim Comey, we've, Senate — Trump, Joe Biden, Tim Cook, Manuel Balce Ceneta, he'd, Jeff Bezos, Biden, Cook, Cook — Organizations: Service, White, National Economic Council, Business, Democrats, GOP, Tesla, AP, Merck, American Manufacturing Council, Policy, Trump, House, Republicans, Senate, Amtrak, Apple, Twitter, Democratic Locations: United States, Charlottesville, Va, weren't, Paris

☆ He moderated r/Ukraine, shaping how the world sees the war. Now he has to fight in it.
▼ + stars: | 2024-05-21 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +6 min

Read previewA man who spent two years moderating one of the internet's most influential sources of information on Ukraine is being called up to fight against Russia. Mykola Sokalskii, a 39-year-old film producer from Kyiv, started live-streaming on Reddit in 2020 after the pandemic began. Speaking to Business Insider, Sokalskii said the subreddit "skyrocketed" in popularity on Russia's full-scale invasion in 2022, swelling from 80,000 members to 906,000. "But that's just the way things are, and that's also the way you can portray war. Ukraine's parliament also passed a bill earlier this month that would allow the country's military to recruit prisoners to fight .

Persons: —, Mykola Sokalskii, Sokalskii, Sokalskii —, that's, Skolskii, he'd, Zelenskyy, Narciso Contreras Organizations: Service, Russia, Business, New York Times, 42th Brigade, Anadolu, Getty Locations: Ukraine, Kyiv, Russia, Germany, Ukraine's Donetsk Oblast

☆ I didn't change my name after I got married despite being traditional in other ways. It doesn't make me less in love.
▼ + stars: | 2024-05-20 | by ( Danielle Hayden | ) www.businessinsider.com time to read: +3 min

I got engaged at 23 and married my college sweetheart in a big church wedding. I didn't like how that felt, seeing last names that didn't match. To this day, I still sometimes get cards in the mail from family members addressed to Danielle James or even Danielle Hayden James, his last name tacked on right after my own. That doesn't make them any less "in love" or any less of a family unit. And once, when we rented a car, an employee didn't believe we were married and, therefore, both were permitted to drive, despite our wedding rings and my insistence.

Persons: I've, James, you've, Danielle Hayden …, Danielle James, Danielle Hayden James, I'm, —, didn't, Hayden Organizations: Facebook

☆ Didi co-founder Liu steps down after decade at the helm of Chinese ride-hailing company
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

Didi Global, the Chinese ride-hailing company, must face a lawsuit in a U.S. court claiming it defrauded investors by concealing and disobeying a Chinese government order to postpone its 2021 initial public offering until it resolved cybersecurity and privacy concerns. Didi Global 's co-founder Jean Liu has stepped down from her roles as president and board director of China's biggest ride-hailing firm to take on a new role, according to an internal company memo. Didi, which is seen as China's answer to Uber but has faced prolonged regulatory scrutiny, will no longer have a position of president, it said in the memo seen by Reuters. The company was penalized with a $1.2 billion fine in July 2022 over data security violations. Didi began to recover from its regulatory challenges in early 2023 when it received permission to relaunch its apps.

Persons: Didi Global, Jean Liu, Didi, Liu, Goldman Sachs, Will Cheng, Liu Chuanzhi Organizations: Reuters, Lenovo, Alibaba, Uber, Apple, U.S Locations: U.S, China

☆ What the Dow Jones Hitting 40,000 Points Tells Us - The New York Times
▼ + stars: | 2024-05-20 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

Last week, for the first time in history, the Dow Jones industrial average closed above 40,000. Unlike many right-wing commentators, I don’t consider the stock market the best indicator of the economy’s health, or even a good indicator. The background here is the gap between what we know about the actual state of our economy and the way Trump and his allies describe it. Unemployment has now been below 4 percent for 27 months, a record last achieved in the late 1960s, ending in February 1970. U.S. economic growth over the past four years has been much faster than in comparable major wealthy nations.

Persons: hyperpartisanship, Donald Trump, Trump Organizations: Dow

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