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☆ Buy this little-known brokerage that's poised to rally more than 70%, Goldman Sachs says
▼ + stars: | 2024-05-20 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Financial services company Marex Group could see more than 70% from here, due to its momentous growth rate, according to Goldman Sachs. The firm initiated coverage of London-based Marex Group, a global broker-dealer and commodities market maker, on Monday with a buy rating and a $33 per share price target. About half the growth came from acquisitions, while the rest came from organic growth and share gains, according to Goldman analyst Alexander Blostein. Catalysts behind this growth include strong industry volumes and tailwinds for the Futures Commission Merchants market. Marex Group debuted on the Nasdaq in late April, priced initially at $19 a share.

Persons: Goldman Sachs, Goldman, Alexander Blostein, Blostein, MRX, ROE Organizations: Marex, Futures Commission Merchants, Nasdaq, Futures Commission Locations: London, Europe

☆ How Red Lobster’s misguided endless shrimp promotion drove it into bankruptcy
▼ + stars: | 2024-05-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Red Lobster filed for bankruptcy Sunday, and the bankruptcy filing sheds new light on Thai Union’s role in the endless shrimp mishap. Red Lobster said it is investigating the circumstances of that promotion, which Red Lobster management opposed. Michael Nagle/Bloomberg/Getty Images“This decision created both operational and financial issues for [Red Lobster]… saddling the company with burdensome supply obligations” to Thai Union, Red Lobster said in the filing. “Certain operational decisions by former management have harmed [Red Lobster’s] financial situation in recent years,” Red Lobster said in its bankruptcy filing. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden.

Persons: Michael Nagle, ”, Alex Susskind, Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Mills, Cyrus McCrimmon, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Anthony Behar, SIPPL, AP Darden, they’ve, John Gordon, “, Patrick T, Fallon, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Union became Red, Thai Union, Red Lobster, Bloomberg, Getty, Cornell University, CNN, Baby Boomers, General, Howard, Restaurant Business, Darden, Lobster, Denver Post, Harvard Business School, Longhorn, AP, Gate, ‘, Thai, Getty Images Thai Union, ” Thai Locations: New York, Thai Union, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Square , New York, Sale, Torrance , California, AFP

☆ Brent oil gains after Iran's President dies, Saudi flags issue with King's health
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures extended gains on Monday, inching up amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and the Saudi crown prince cancelled a Japan trip, citing health issues with the king. Brent gained 10 cents, or 0.1%, to $84.08 a barrel by 0454GMT, after rising to $84.30 earlier, its highest since May 10. He added that WTI prices may rebound further toward $83.50 after rising above the 200-day moving average of $80.02. Despite the volatility in the region, oil prices moved only slightly. "Continuity in Saudi strategy is expected regardless of this health issue," he added.

Persons: Brent, Ebrahim Raisi, Saudi Arabian Crown Prince Mohammed bin Salman, King Salman, Yoshimasa Hayashi, Tony Sycamore, Sycamore, Warren Patterson, Patterson, Saul Kavonic, Prince Mohammed Bin Salman's Organizations: Brent, . West Texas, Saudi, Saudi Arabian Crown, Iranian, IG, ING, The, of, Petroleum, Petroleum Reserve Locations: Fort Stockton , Texas, Saudi, Japan, East Azerbaijan, Saudi Arabian, China, U.S, United States, Washington

☆ Red Lobster, an American Seafood Institution, Files for Bankruptcy
▼ + stars: | 2024-05-20 | by ( Ali Watkins | More About Ali Watkins | ) www.nytimes.com time to read: +1 min

Versatile and resilient, the lobster survives by molting, shedding its skin and growing into a new, bigger shell. Red Lobster said it planned to reduce its locations as it prepared to to sell most of its assets. In the meantime, surviving Red Lobster restaurants will remain open. It has been a painful, slow end for Red Lobster, whose death throes were telegraphed earlier this year when the company reportedly sought to restructure its debt. After decades as a General Mills subsidiary, Red Lobster was purchased by a private equity firm in 2014, and bolstered by a 2020 investment from a Thai seafood conglomerate.

Persons: molting Organizations: General Mills

Grayscale Investments announced that CEO Michael Sonnenshein stepped down on Monday, ending a 10-year run as the leader of the largest crypto asset manager. Under Sonnenshein, Grayscale played a key role in pushing the U.S. Securities and Exchange Commission to allow bitcoin ETFs. "The crypto asset class is at an important inflection point and this is the right moment for a smooth transition. In 2022, Grayscale launched a lawsuit against the SEC, after regulators turned down its bid to convert the investment vehicle into an exchange-traded fund. Michael Sonnenshein at the 2022 Forbes Iconoclast Summit at New York Historical Society on Nov. 3, 2022.

Persons: Michael Sonnenshein, Peter Mintzberg, Goldman Sachs, Edward McGee, Sonnenshein, Arturo Holmes Organizations: Investments, BlackRock, U.S . Securities, Exchange Commission, SEC, Fidelity, Forbes, Summit, New York Historical Society, Getty Locations: OppenheimerFunds

☆ Ex-Iranian official partly blames US sanctions for the helicopter crash that killed its president
▼ + stars: | 2024-05-20 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Read previewIranian President Ebrahim Raisi died in a helicopter crash on Sunday — and the country's former foreign minister believes US sanctions were partly to blame. AdvertisementIran's former foreign minister, Mohammad Javad Zarif, said the US sanctions — which prohibit Iran from purchasing US-built planes — could be partly to blame. In a phone interview with state TV on Monday, Zarif said the sanctions prevent Iran from having good aviation facilities. Related storiesThe US has imposed various sanctions against Iran since the seizure of the US Embassy in Tehran in 1979. In 2009, a Bell 212 operated by Cougar Helicopters crashed off the coast of Newfoundland in Canada.

Persons: —, Ebrahim Raisi, Raisi, Ahmad Vahidi, IRNA, ISNA, Mohammad Javad Zarif, Zarif, Farzin Organizations: Service, Business, State TV, Reuters, Bell, Iran International, ISNA News Agency, Washington Institute, The Washington Institute, Bloomberg, Cougar Helicopters, Post, United Arab Emirates, Safety, Iran's, of Foreign Affairs Locations: Iran, US, Iranian, Tehran, Canada, Louisiana, Newfoundland

☆ China sanctions Boeing, two U.S. defense contractors for Taiwan arms sales
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +1 min

Wang Wentao, China's commerce minister, attends a news conference on the sidelines of the National People's Congress in Beijing, China, on Wednesday, March 6, 2024. China's Ministry of Commerce announced sanctions against Boeing and two other defense companies Monday for arms sales to Taiwan, on the day of Taiwan's presidential inauguration. The move is the latest in a series of sanctions Beijing has announced in recent years against defense companies for weapons sales to Taiwan, a self-ruled island that China considers as part of its own territory. Lai Ching-te, Taiwan's new president, has vowed to strengthen Taiwan's security through imports of advanced fighters and other technology and strengthening its domestic defense industry. In April, China froze assets of General Atomics Aeronautical Systems and General Dynamics Land Systems held within China.

Persons: Wang Wentao, Lai Ching Organizations: National People's Congress, China's Ministry of Commerce, Boeing, Boeing's Defense, Space & Security, General Atomics Aeronautical Systems, General Dynamics Land Systems Locations: Beijing, China, Taiwan, China's

☆ OpenAI pulls ChatGPT AI voice over its resemblance to Scarlett Johansson in the movie 'Her'
▼ + stars: | 2024-05-20 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

OpenAI announced it would pull one of the ChatGPT voices named "Sky" after it created controversy for its resemblance to the voice of actress Scarlett Johansson in "Her," a movie about artificial intelligence. "We've heard questions about how we chose the voices in ChatGPT, especially Sky," the Microsoft -backed company posted on X. The news comes one week after OpenAI debuted a range of audio voices for ChatGPT, its viral chatbot, a new AI model called GPT-4o, and a desktop version of ChatGPT. Users watching the live demonstration of ChatGPT's audio capabilities immediately began to post on social media that the "Sky" voice sounded like Johansson in the movie. "Sky's voice is not an imitation of Scarlett Johansson but belongs to a different professional actress using her own natural speaking voice," the company wrote.

Persons: Scarlett Johansson, Radhika Jones, We've, Samantha, Johansson, OpenAI, Sam Altman, —, Anthropic, Mark Chen Organizations: Wallis Annenberg Center, Performing Arts, OpenAI, Microsoft, ChatGPT, Google Locations: Beverly Hills , California, ChatGPT, Ember

☆ Lauterbrunnen: Swiss village overwhelmed by tourists wants to charge visitors for entry
▼ + stars: | 2024-05-20 | by ( Amarachi Orie | ) edition.cnn.com time to read: +2 min

CNN —As Venice continues to trial its entry fee for day trippers, a popular village in the Swiss Alps is looking to follow its lead. One idea being mulled over is the introduction of an entry free for some visitors, Swiss Info reported Thursday, citing local newspaper Berner Zeitung. The first day of the Venice entry charge on April 25 was met with protests by some locals who felt their home was being turned into a theme park. The famous city, which is at the global forefront of the move to charge day trippers specifically, will continue to pilot it until July 14. The valley of Lauterbrunnen is home to numerous attractions, including Staubbach Falls, one of Europe’s highest unbroken waterfalls at 270 meters.

Persons: Karl Näpflin Organizations: CNN, Swiss, Berner Zeitung, ” Locations: Venice, Swiss, Lauterbrunnen, Bernese, Staubbach

☆ Elon Musk launches Starlink satellite internet service in Indonesia
▼ + stars: | 2024-05-20 | by ( ) edition.cnn.com time to read: +3 min

Denpasar, Indonesia Reuters —Elon Musk and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX’s satellite internet service for the nation’s health sector on Sunday, aiming to improve access in remote parts of the sprawling archipelago. Musk, wearing a green batik shirt, said the availability of the Starlink service in Indonesia would help millions in far-flung parts of the country to access the internet. Asked about whether he planned to also invest in Indonesia’s electric vehicle industry, Musk said he was focused on Starlink first. Prior to Sunday’s launch, Starlink obtained a permit to operate as an internet service provider for retail consumers and had been given the go-ahead to provide networks, having received a very small aperture terminal (VSAT) permit, Budi Setiadi told Reuters. SpaceX’s Starlink, which owns around 60% of the roughly 7,500 satellites orbiting earth, is dominant in the satellite internet sphere.

Persons: Indonesia Reuters — Elon Musk, Budi Gunadi Sadikin, Musk, ” Starlink, “, ”, Joko Widodo, Budi Arie Setiadi, Starlink, Budi Setiadi, SpaceX’s Organizations: Indonesia Reuters, Indonesian Health, SpaceX, Tesla, Indonesian, . Communications, Reuters Locations: Denpasar, Indonesia, Bali, Aru, Maluku, Southeast Asia, Malaysia, Philippine, Ukraine

☆ Britain expands AI safety institute to San Francisco amid scrutiny over regulatory shortcomings
▼ + stars: | 2024-05-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

The government on Monday announced it would open a U.S. counterpart to its AI safety summit, a state-backed body focused on testing advanced AI systems to ensure they're safe, in San Francisco this summer. The U.S. iteration of the AI Safety Institute will aim to recruit a team of technical staff headed up by a research director. In a statement, U.K. Technology Minister Michelle Donelan said the AI Safety Summit's U.S. rollout "represents British leadership in AI in action." The AI Safety Institute was established in November 2023 during the AI Safety Summit, a global event held in England's Bletchley Park, the home of World War II code breakers, that sought to boost cross-border cooperation on AI safety. The government said that, since the AI Safety Institute was established in November, it's made progress in evaluating frontier AI models from some of the industry's leading players.

Persons: Ian Hogarth, Michelle Donelan, it's, Anthropic Organizations: LONDON, Monday, AI, Technology, Safety, U.S, Microsoft, AI Safety, Institute, Seoul, European Union Locations: San Francisco, California, United States, U.S, London, British, Bay, OpenAI, England's Bletchley, South Korea, Bletchley Park, Seoul, Britain, European

☆ Europe Wants to Build a Stronger Defense Industry, but Can’t Decide How
▼ + stars: | 2024-05-20 | by ( Patricia Cohen | Liz Alderman | ) www.nytimes.com time to read: +1 min

France and Germany’s recent agreement to develop a new multibillion-dollar battlefield tank together was immediately hailed by the German defense minister, Boris Pistorius, as a “breakthrough” achievement. Russia’s invasion of Ukraine more than two years ago jolted Europe out of complacency about military spending. After defense budgets were cut in the decades that followed the Soviet Union’s collapse, the war has reignited Europe’s efforts to build up its own military production capacity and near-empty arsenals. Daunting political and logistical hurdles stand in the way of a more coordinated and efficient military machine. And they threaten to seriously hobble any rapid strengthening of Europe’s defense capabilities — even as tensions between Russia and its neighbors ratchet up.

Persons: Boris Pistorius, ” Locations: France, Ukraine, Europe, Soviet, Russia

☆ Cybersecurity professionals share best practices for securing 5G networks
▼ + stars: | 2024-05-20 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +6 min

Professionals at the RSA Conference shared insights on securing 5G devices and networks. Business Insider spoke with several cybersecurity professionals at the annual RSA Conference, which took place from May 6 to 9 in San Francisco. Private 5G networks will change the way in which everything connects." Here are cybersecurity professionals' best practices for securing 5G devices and networks. That's because as more devices get connected to 5G networks, the bigger the attack surface becomes.

Persons: —, Nathan Howe, it's, Andrea Carcano, Boaz Gelbord, Donna Johnson, you've, Christine Gadsby, It's, Darren Guccione, Guccione, Jimmy Mesta, Carcano Organizations: RSA, Service, Business, RSA Conference, Nozomi Networks, BlackBerry, RAD Security Locations: San Francisco, cybersecurity

☆ Zyn, America's favorite nicotine pouch, is running out of stock in some states
▼ + stars: | 2024-05-20 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Zyn shortages have been spotted in New York, New Jersey, and Florida. Zyn's popularity has surged among white-collar workers, including on Wall Street. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementZyn, a popular brand of nicotine pouches, may be harder to find in several states, including New York, New Jersey, and Florida. This story is available exclusively to Business Insider subscribers.

Persons: Philip Morris International's, —, they've Organizations: Service, Bloomberg, Business Locations: New York , New Jersey, Florida, New York, New Jersey

☆ It's shaping up to be a tough summer for the stock market, but Nvidia could help salvage things
▼ + stars: | 2024-05-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we examine how this summer is shaping up to be tough for the stock market . Stocks are on track to either remain flat or turn negative going forward , according to two market vets Jennifer spoke to. The pessimism about stocks' future is due to a few factors. Some Nvidia employees are considered to be millionaires SOPA ImagesThere is, however, one company that could salvage things: Nvidia. As the key chipmaker in the space, a win for Nvidia is a win for everyone betting on AI being the future.

Persons: —, Jenny Chang, Rodriguez, Jennifer Sor, Stocks, Jennifer, It's, Jerome Powell, BI's Linette Lopez, Warren Buffett Scott Morgan, Warren, Berkshire Hathaway, Goldman Sachs, Michael Burry, John Paulson, Alyssa Powell, Gen Zers, Instagram, Vincent Sandoval, Getty, Henrik Sorensen, Tyler Le, Larry Ellison, it's, aren't, Cash, Bill Lee, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, New York Knicks, NBA, Business, Getty, Fidelity, Hamptons, Nvidia, Reuters, Berkshire, JPMorgan, Meta, Sciences, Apple, The Locations: Montauk, Berkshire, New York, London

☆ Capacity will be 'strained' for some time, says Ryanair CFO
▼ + stars: | 2024-05-20 | 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 EmailCapacity will be 'strained' for some time, says Ryanair CFONeil Sorahan, CFO of budget carrier Ryanair, discusses earnings and the airline industry on CNBC's "Squawk Box Europe."

Persons: Neil Sorahan Organizations: Ryanair

☆ Exxon faces opposition from CalPERS after 'devastating' anti-ESG activist suit
▼ + stars: | 2024-05-20 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Exxon Mobil 's monthslong battle with two environmentally focused activist investors has cost the company the support of the California Public Employees' Retirement System. The two activists submitted a shareholder proposal that would have forced the company to reduce direct emissions and set a target for lowering emissions at suppliers and customers. Exxon sued the investors in Texas federal court in January, prompting them to withdraw the proposal. Even with the activists backing off, Exxon has continued its lawsuit to prevent the activists from ever again submitting such a proposal. CalPERS said in its letter that Exxon's "reckless" lawsuit threatened shareholder activism efforts on any issue.

Persons: Darren Woods, Arjuna, CalPERS, Marcie Frost, Theresa Taylor, it's, Greg Goff, Kaisa Hietala, Andy Karsner, Jeff Ubben Organizations: APEC, Summit, Moscone West, Exxon Mobil, California Public Employees, Exxon, CNBC, ExxonMobil, Securities and Exchange Commission, Inclusive Capital Locations: San Francisco , California, Texas

☆ This energy stock and other plays are set to jump the most over the next month, according to an AI model
▼ + stars: | 2024-05-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

One AI model that is built to help investors pick winners in the stock market has grown confident in the near-term upside for a mid-sized energy stock. Some of the data sources that feed into the iFi AI model include macroeconomic updates, news articles, fundamental company data and technical trading indicators. The AI model is bullish on more energy stocks than just Marathon, as Southwestern Energy also makes the cut. One potential momentum play from the iFi AI list is Vertiv , whose share price has more than doubled in 2024. The CEO of iFi AI, which launched in March , is CNBC senior analyst and commentator Ron Insana.

Persons: Ai, Ron Insana Organizations: Oil, Southwestern Energy, CNBC Locations: Marathon, LSEG, The Ohio

"Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending," McDonald's CEO Chris Kempczinski said on the company's conference call in late April. Paul Weaver | SOPA Images | Getty ImagesFor more than two years, consumers have dealt with sharply rising prices. But that doesn't mean the actual prices seen on grocery store shelves or restaurant menus will fall, and shoppers are feeling that pinch. While some CEOs have said that consumers are growing more cautious, others — like those in the airline industry — have celebrated strong and persistent spending. Corporate misfires can also lead to disappointing sales, even if their shoppers aren't necessarily pulling back on their spending.

Persons: Chris Kempczinski, Burger, Paul Weaver, Jerome Powell, Aurelia Concepcion, Concepcion, it's, Joe Raedle, Brett House, John David Rainey, Ramon Laguarta, Ed Bastian, We're, Daniel Slim, Brian Niccol, Calvin McDonald, Laxman Narasimhan, Sara Senatore, Spencer Platt Organizations: DAL, Washington Post, Home, Delta Air Lines, Consumers, of Labor, CPI, KFC, Starbucks, Columbia Business School, Walmart, Finance, CNBC, PepsiCo, Gatorade, Pepsi, United, Delta Airlines Boeing, Owen Roberts International, AFP, Getty, Delta, Target, Bank of America Locations: Manhattan, Bloomsburg , Pennsylvania, New York, Georgia, Ohio, Miami , Florida, U.S, Delta, Europe, Asia, Japan, George Town, Cayman Islands, New York City

☆ The US is reportedly rethinking plans to ban Russian diamonds amid industry pushback
▼ + stars: | 2024-05-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US is considering reducing efforts to enforce a ban on Russian diamonds, Reuters reported. AdvertisementThe US is rethinking restrictions on Russian diamonds after a wave of pushback from the industry and nations heavily involved in the diamond trade, Reuters reported on Monday. That's a step up from the initial sanctions, which previously allowed the trade of Russian diamonds that were polished in other countries. The government has received pushback from firms and nations heavily involved in the diamond trade. De Beers, one of the world's largest diamond miners, said it supported a ban on Russian diamonds but wants diamonds to be verified at the source of production, rather than in Belgium.

Persons: —, That's, crimp, Virginia Drosos, De Beers Organizations: Reuters, Service, European Union, White House, US, Signet, De Locations: European, Belgium, Russia

☆ Inside Oracle's Deadly Gamble on Cerner and Electronic Health Records
▼ + stars: | 2024-05-20 | by ( Ashley Stewart | Blake Dodge | ) www.businessinsider.com time to read: +29 min

That was the promise of Cerner, the medical-records company Oracle bought in 2021 for $28.3 billion — Oracle's biggest acquisition. At the time, Cerner managed the electronic health records for a quarter of all American hospitals, including those run by the Pentagon and the Department of Veterans Affairs. Larry EllisonCerner's electronic records, in short, were a deadly disaster for the VA. Never mind the futuristic, AI-driven healthcare system Ellison envisioned. In 2015, it beat out Epic, its main competitor, for a $4.3 billion contract to handle electronic health records for the Defense Department. It had agreed to process tens of millions of crucial medical records, but it couldn't handle the subsequent deluge of data.

Persons: Larry Ellison's, Ellison, Cerner, I'm, Larry Ellison, Neal Patterson, Cerner's, Patterson, Ellison's, they're, David Shulkin, Margaret Albaugh, Cerner couldn't, Charlie Bourg, —, Larry, Marc Benioff, Ellison protégé, Mike Wilson, David Agus, oncologist, Agus, he'd, Steve Jobs, Sensei, We've, Georges De Keerle, Cerner —, hadn't, Mike Sicilia, Sicilia, Oracle, Anthony Jones Jr, Jones, Donald Remy, didn't, Seema Verma, Neil Evans, Sara Vaezy, Ed Meagher, haven't, Charlie Monroe —, it's, Charlie Bourg —, Bourg, Charlie Monroe, Monroe, Cathy McMorris Rodgers, grandkids, We're, there's Organizations: Oracle's, Oracle, Pentagon, Department of Veterans Affairs, Cerner, RAND Corporation, RAND, Big Tech, GE, Siemens, Cerner Corporation, Defense Department, Department of Defense, Business, Spokane, Ellison Institute of Technology, Microsoft, Agency, Health, Amazon, Veterans ' Affairs, Oracle Health, Navy, Columbus VA, BI, Life Sciences, Intermountain Health, UPMC, DOD, Seabees Locations: Las Vegas, antiaging, Silicon Valley, Spokane , Washington, Cerner, VistA, Bourg, Washington, Sicilia, Ohio, Columbus, Providence, Spokane, Monroe, CloudWorld

☆ Hedge fund manager known for M&A picks reveals a new takeover target
▼ + stars: | 2024-05-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Oil services company Weatherford International is a ripe takeover target, according to Alexander Roepers, founder and chief investment officer at Atlantic Investment, who said the stock is set to soar. The Cambrian Fund at Atlantic Investment is up by about 40% over the past one year. The other two, Univar Solutions and West Rock, were acquired by private equity giant Apollo and Smurfit Kappa , respectively, resulting in significant gains for Atlantic Investment. SMDS-GB 1Y line Atlantic Investment ultimately sold its position, as they believed the company's value was between 450 and 500 pence. When asked about his approach to selling stocks, Roepers emphasized the importance of discipline.

Persons: Alexander Roepers, Weatherford, WFRD, Roepers, Kappa, Smith, I'm Organizations: Weatherford, Atlantic Investment, Schlumberger, Halliburton, London Value Investor Conference, Cambrian Fund, Value, Rheinmetall, Solutions, Investment Locations: Texas, Weatherford, Roepers, Ukraine, Atlantic, British, U.S

☆ Spirit Airlines gets rid of change and cancellation fees, joining Frontier
▼ + stars: | 2024-05-20 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Spirit Airlines is doing away with both change and cancellation fees, effective immediately, days after Frontier's similar announcement, part of an overhaul of the country's biggest discount carriers' longtime strategy. Ancillary revenue routinely surpasses those airlines' ticket prices. Most larger rivals such as Delta , American , Alaska and United got rid of change fees during the pandemic except for the cheapest, most restrictive tickets. Along with getting rid of change fees, Frontier also announced Friday that it will start offering bundles that include add-on options such as early boarding and checked baggage that they previously offered a la carte.

Persons: Matt Klein, Joe Biden, Biden Organizations: Spirit Airlines, Austin, Bergstrom International Airport, CNBC, Southwest Airlines, Frontier, Department of Transportation, Spirit Locations: Austin , Texas, Delta, Alaska, United

☆ New York AG announces $2 billion settlement with crypto lender Genesis
▼ + stars: | 2024-05-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

New York Attorney General Letitia James is settling with crypto lender Genesis for $2 billion to repay defrauded investors. The lawsuit was broadened in February, alleging that DCG and Genesis defrauded additional investors out of more than $2 billion. Despite a legal challenge brought by parent company DCG, a bankruptcy court approved the lender's Chapter 11 repayment plan, which included the settlement between James' office and Genesis. The settlement bars Genesis from operating in New York. The settlement also established a fund for victims comprising at least 29,000 New York residents who collectively gave more than $1.1 billion to Genesis through its Gemini Earn product.

Persons: Letitia James, James, DCG, Genesis Organizations: New, Digital Currency Group, Gemini Trust, Securities, Exchange Commission Locations: New York

☆ We asked ChatGPT to analyze Mark Zuckerberg's style. Here's what it said.
▼ + stars: | 2024-05-19 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

The internet has been buzzing about Mark Zuckerberg's new style choices. We showed ChatGPT some recent pictures of Zuckerberg and asked it to analyze his looks. AdvertisementMark Zuckerberg might be going viral for his new style, but ChatGPT has some fashion tips for the Meta CEO. To find out, Business Insider turned to ChatGPT for an analysis of Zuckerberg's style. This story is available exclusively to Business Insider subscribers.

Persons: Zuckerberg's, Zuckerberg, —, Mark Zuckerberg, ChatGPT, Zuck Organizations: Meta, Service, Business

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