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☆ Despite recent apologies and reassurances, documents leaked to Vox show OpenAI pressured departing employees over equity
▼ + stars: | 2024-05-23 | by ( Sarah Gray | Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

A Vox story on Saturday said the company could take back vested equity if departing employees did not sign a non-disparagement agreement. "For a company to threaten to claw back already-vested equity is egregious and unusual," California employment law attorney Chambord Benton-Hayes told Vox. AdvertisementOn Saturday, OpenAI CEO Sam Altman said on X, "Vested equity is vested equity, full stop." We have not and never will take away vested equity, even when people didn't sign the departure documents. Not signing "could impact your equity," OpenAI told one of them, per Vox.

Persons: —, Chambord Benton, Hayes, Vox, Sam Altman, Altman, Kelsey Piper's, OpenAI execs, Jason Kwon, Kwon, OpenAI, i've, Scarlett Johansson Organizations: Service, Equity, Business, Vox Locations: California, Vox

Morgan Stanley accompanied the move by cutting its price target to $100 from $120. His $185 price target, up from $160, forecasts that shares of Take-Two could rally 23% from Wednesday's close. — Lisa Kailai Han 5:55 a.m.: Bernstein initiates Ford at an outperform rating Investors who don't own Ford are missing out, according to Bernstein. — Lisa Kailai Han 5:55 a.m.: JPMorgan upgrades Hasbro Don't expect Hasbro's momentum to slow in the near future, according to JPMorgan. It also raised its price target on shares to $74 from $61, implying upside of 22%.

Persons: Bernstein, Morgan Stanley downgrades NetEase, Morgan Stanley, Alex Poon, Poon, Lisa Kailai Han, Omar Dessouky, Dessouky, — Lisa Kailai Han, Sam Poser, Sean Dodge, Dodge, GoodRx, Ford, Daniel Roeska, Roeska didn't, Roeska, Christopher Horvers, Fred Imbert Organizations: CNBC, Ford, JPMorgan, Hasbro, NetEase, Bank of America, Rockstar Games, Rockstar, Supreme, Corp, Trading, EMEA, Timberland, RBC, RBC Capital Markets, pharma, Kroger Locations: China, Wednesday's, Americas

☆ Buying a piece of Nvidia is about to get a whole lot cheaper
▼ + stars: | 2024-05-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewBuying a share of Nvidia is about to get a lot cheaper. The microchip maker announced a 10-for-1 stock split in its first-quarter earnings on Wednesday. Nvidia's management said the goal of the stock split was to "make stock ownership more accessible to employees and investors." Chipotle approved a 50-for-1 stock split in April, saying it would make its shares "more accessible to employees as well as a broader range of investors." AdvertisementHe did so because Berkshire was acquiring a railway company, and he wanted its shareholders to be able to easily exchange their shares for Berkshire shares in a tax-free swap.

Persons: —, Price, Elon Musk's Tesla, Warren Buffett, it's Organizations: Service, Nvidia, Business, Dow, Big Tech, Apple, Microsoft, EV, Berkshire Hathaway's, Berkshire, Burlington Northern Locations: Berkshire

☆ JPMorgan says China can't be ignored: 'you have to do business there'
▼ + stars: | 2024-05-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

"You can't ignore it, you have to do business there, even if you decide not to do business there, you need to understand what's going on," Leenart said, adding that what happens in China "influences every industry around the world." In terms of purchasing power parity, China currently accounts for 19% of global GDP and 48% of Asia's GDP . China is too big to be sidelined, and investors "have to do business there," JPMorgan Asia Pacific CEO Sjoerd Leenart said Thursday, adding that the country had emerged as the second world power. Given how extensively China is linked with the region, Leenart emphasized that there needs to be "good activity" in China in order to have a buoyant investment banking business. "I think that [China] have a lot to sell to the world, and that product will be needed all over the world," said Leenart, adding that he sees a lot of opportunity in China.

Persons: Leenart, CNBC's, Sjoerd Leenart, We've Organizations: JPMorgan Chase &, CNBC's Sri, Global China Summit, JPMorgan Asia Pacific, Investors, China's National Bureau of Statistics, Reuters, Wilson Locations: New York, United States, China, CNBC's Sri Jegarajah, Shanghai . China, Asia, Japan, South Korea, Taiwan, Vietnam

☆ 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

☆ UK-supplied drones have destroyed over $1.2 billion of Russian military gear in Ukraine, says UK official
▼ + stars: | 2024-05-23 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +2 min

Read previewUK drones given to Ukraine have been used to take out more than $1.2 billion worth of Russian military gear, according to the UK's defense secretary, citing Ukrainian figures. "Our Ukrainian partners conservatively estimate that UK drones have destroyed over £1 billion worth of Russian hardware," Grant Shapps told a delegation of Ukrainian ministers at a defense forum in London on Monday, per The Telegraph. Related storiesHe also mentioned one-way attack drones that are "making their mark," and drones that guide artillery and missiles toward Russian targets. In March, the UK's Ministry of Defence announced it would deliver an additional 10,000 drones to Ukraine, as part of its latest $413 million military aid package. In February, Ukraine announced it was setting up a separate branch of its military focused purely on drone warfare.

Persons: —, Grant Shapps, Shapps, DragonFire — Organizations: Service, Business, UK's Ministry of Defence, UK Ministry of Defence Locations: Ukraine, London, Russia, Crimea, Dnipro

☆ Gold prices drift lower on hawkish Fed minutes
▼ + stars: | 2024-05-23 | by ( ) www.cnbc.com time to read: +2 min

Gold prices extended their record rally on Monday, supported by speculative buying and continued tensions in the Middle East, which overshadowed strong U.S. job growth in March. Gold prices fell for a third straight session on Thursday after minutes from the most recent Federal Reserve meeting indicated that some officials were inclined to raise interest rates. Spot gold fell 0.3% at $2,370.74 per ounce, as of 0335 GMT, after falling more than 1% in the previous session. "Gold did take a bruising after the Fed minutes reminded investors that interest rate cuts are far from imminent," said Tim Waterer, chief market analyst at KCM Trade. Spot silver fell 0.8% to $30.52, platinum edged 0.2% lower to $1,032.54 and palladium dropped 1.1% to $988.25.

Persons: Bullion, Tim Waterer, Waterer Organizations: Reserve, KCM, Fed, Traders, Reuters Locations: ., U.S

☆ Oil prices fall on worries of higher U.S. interest rates
▼ + stars: | 2024-05-23 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand. Brent crude futures fell 27 cents, or 0.3%, to $81.63 a barrel at 0004 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 35 cents, or 0.5%, at $77.14. Higher interest rates boost borrowing costs, crunching funds that could boost economic growth and oil demand.

Persons: Brent Organizations: Brent, . West Texas, Federal, Energy Information Administration, Organization of, Petroleum, Secretariat, Russian Energy Ministry, Wednesday, Citi Research, Citi Locations: Cushing , Oklahoma, U.S, Russia, OPEC

☆ Here are Thursday's biggest analyst calls: Nvidia, Tesla, Ford, Super Micro, Wendy's, Hasbro, Take-Two, Wynn & more
▼ + stars: | 2024-05-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Nvidia as buy Bank of America raised its price target on the stock to $1,320 per share from $1,100 following earnings. Deutsche Bank initiates Freshpet a buy Deutsche said it sees "multiple structural tailwinds" for shares of the pet food and health company. Deutsche Bank initiates BellRing Brands as buy Deutsche said it sees a long runway for growth for the food company. " Deutsche Bank initiates Legend Biotech as buy Deutsche said it's bullish on the biotech company's multiple myeloma drug Carvykti. Bank of America reiterates Super Micro Computer as buy Bank of America said Nvidia's earnings report on Wednesday bode well for companies like Super Micro.

Persons: Bernstein, Ford, Morgan Stanley downgrades NetEase, Morgan Stanley, Evercore, BRBR, Wedbush, Jefferies, GDRX, Oppenheimer, Armour, Kevin, Dell, Chubb, Stephens, FHN, Tesla, Argus, it's bullish, bode Organizations: " Bank of America, Nvidia, Bank of America, Deutsche Bank, Deutsche, BellRing Brands, JPMorgan, Hasbro, RBC, Norfolk Southern, NSC, GE Vernova, GE, UBS, Eastman Chemical, Eastman, SAP, underperform Bank of America, Berkshire Hathaway's, of America, Rockstar Games, NextEra Energy Partners, Argus, Wynn, Biotech, Computer Locations: U.S, China, Berkshire, Macau, Las Vegas, 2H24

☆ Asia markets in mixed territory after Fed raises concern over 'persistent' inflation
▼ + stars: | 2024-05-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

An inflatable bull during a ceremony marking the first day of trading of the year at the Korea Exchange (KRX) headquarters in Seoul, South Korea, Tuesday, Jan. 2, 2024. SeongJoon Cho/Bloomberg via Getty ImagesAsia-Pacific markets were mixed after minutes from the last U.S. Federal Reserve meeting revealed that Fed officials have grown more concerned about inflation, with members indicating they lacked confidence to move forward on interest rate reductions. In Asia, investors will assess flash business activity data from Australia and Japan, as well as Singapore's final first quarter gross domestic figures. South Korea's central bank will be announcing its policy rate decision today. Analysts polled by Reuters expect the Bank of Korea to hold its benchmark lending rate at 3.5%, although a note from ING last week said the meeting will still be closely watched, "as two new members have joined the [BOK's] board since the last meeting and it will be interesting to see if this has changed the view of the board."

Persons: SeongJoon Cho Organizations: Korea Exchange, Bloomberg, Getty Images, Federal Reserve, Reuters, Bank of, ING Locations: Seoul, South Korea, Getty Images Asia, Pacific, U.S, Asia, Australia, Japan, Korea's, Bank of Korea

☆ Elon Musk has lost his focus, former Tesla board member says
▼ + stars: | 2024-05-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California. Tesla could use more of high-profile CEO Elon Musk's divided focus at a critical juncture for the electric vehicle industry, former board member Steve Westly said Thursday. And it appears now that Mr Musk's focus is in too many areas," Westly told CNBC at the annual VivaTech conference in Paris. Tesla could use more of it," said Westly, who is managing director of venture capital firm The Westly Group and an early Tesla investor. Just how much of a liability Musk is for Tesla, however, Westly said was "for the board to decide."

Persons: Elon Musk, Tesla, Elon Musk's, Steve Westly, Westly, Jensen Huang —, he's Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, CNBC Locations: Beverly Hills , California, Paris

☆ Shock summer election in Britain predicted to deliver 'historic' result
▼ + stars: | 2024-05-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

British Prime Minister Rishi Sunak makes a statement in the rain outside 10 Downing Street, announcing the UK general election will take place on 4 July in London, United Kingdom on May 22, 2024. News of the vote came as a surprise to the public, the media and much of Sunak's own party. 'As good as it gets'Bronwen Maddox, director of Chatham House think tank, said the election date had shocked many Conservatives who thought it would be held nearer to the U.S. election in November. Market bets on an interest rate cut in the summer fell as a result, and it now looks unlikely the central bank will cut on June 20, its last meeting before the election. So if that translates to a general election as well, then that Labour landslide is looking much less certain."

Persons: Rishi Sunak, Sunak, Price, Bronwen Maddox, I'm, Maddox, Rachel Reeves, Sir Keir Starmer, Angela Rayner, Leon Neal, James, Hannah Bunting, CNBC's, Tony Blair, John Major, Bunting, we've Organizations: British, Anadolu, Getty, Conservative Party, Conservatives, Labour Party, Downing, Bank of England, Chatham House, CNBC, Bank of England's, Labour, Centre, University of Exeter Locations: London, United Kingdom, U.K, Europe, Gaza, Rwanda, Purfleet

☆ I was an airline pilot for 11 years. The Singapore Airlines incident shows why you should always wear your seatbelt.
▼ + stars: | 2024-05-22 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

The Singapore Airlines incident this week is a reminder that passengers should always wear a seatbelt when flying, even if the seatbelt sign is off. The interior of Singapore Airlines flight SQ321 is pictured after an emergency landing at Bangkok's Suvarnabhumi International Airport. Singapore Airlines incidentThe damage on Singapore Airlines flight SQ321 saw panels and oxygen masks hanging from the ceiling. Obtained by Reuters/HandoutWhat happened with the Singapore Airlines flight was an extreme case. I don't ever worry about flying, and even after the Singapore Airlines incident, I wouldn't worry about flying because I know it's so unusual.

Persons: —, Emma Henderson, Stringer, it's, you'll Organizations: Service, University, Singapore Airlines, Business, REUTERS, Reuters, Pilots Locations: Bangkok, Geneva

☆ The key levels to watch on Nvidia's stock chart with its big earnings report almost here
▼ + stars: | 2024-05-22 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +4 min

That's not a lot of wiggle room if the stock reacts negatively to earnings: if the stock undercuts $915 (and stays below it), the breakout would be nullified. In other words, if an upside gap is filled this time instead, the market could be telling us that something has changed. In other words, NVDA has had many years of success both as a company and as a stock. It would take a lot more than a reaction to a single earnings report to change that. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: it's, we're, That's, NVDA, Frank Cappelleri Organizations: Nvidia

☆ How RFK Kennedy Jr. turned from tragedy and tumult to environmentalism before becoming the face of vaccine skepticism
▼ + stars: | 2024-05-22 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +10 min

Read previewRobert F. Kennedy's children have spent a lifetime trying to add their marks to their slain father's legacy. The first Kennedy to run for the presidency in decades, Robert F. Kennedy Jr. is doing so without the family's well-documented loyalty. Born into privilege in 1954, Robert F. Kennedy Jr. was raised between Massachusetts and suburban Virginia estates. Robert F. Kennedy Jr. was later a pallbearer at his father's funeral, joined by Astronaut John Glenn and former Defense Secretary Robert McNamara. Robert F. Kennedy Jr. was one of the pallbearers in his father's funeral.

Persons: —, Robert, Robert F, Kennedy, Kennedy Jr, McLean, Ethel Kennedy, wasn't, Kathleen, Joseph P ., Hubert Humphery's, Astronaut John Glenn, Robert McNamara, Michael Ochs, Jack Paar, Oprah, Frank M, Johnson Jr, Emily Black, Robert Morgenthau, JFK, Robert Boyle, Mary Richardson, Kerry Kennedy, Boyle, William Wegner, Wegner, Wegener, spasmodic dysphonia, Richardson, Cheryl Hines, Larry David Organizations: Service, Camelot, Business, RFK, Georgetown Preparatory School, Astronaut, Michael Ochs Archives, Georgetown Prep, Millbrook School, Harvard, JFK, RFK Jr, Civil, London School of Economics, University of Virginia Law School, Southern, of, The New York Times, Natural Resources Defense Council, Fishermen's Association, Washington Post, Hudson, Time Magazine, Los Angeles Times, STAT, World Health Defense Fund, Associated Press Locations: Massachusetts, Virginia, Hickory Hill, McLean , Virginia, New York, Charlottesville, Black's, Bloomington , Indiana, Dominican Republic, Manhattan, of New York, South Dakota, York, Hudson, Bedford

Analyst Ronald Epstein downgraded the electronics maker to underperform from neutral and slashed $15 off his price target to $150. Analyst Rupesh Parikh reiterated his outperform rating on the wholesaler, while lifting his price target by $45 to $850. Analyst Tal Liani reiterated his buy rating on the software stock and price target of $315. Analyst Gabriela Borges upgraded the retail software stock to buy from neutral and raised her price target by $7 to $74. He also slapped a $42 price target on the stock, implying upside of nearly 17%.

Persons: Goldman Sachs, Piper Sandler, Kraft Heinz, Ronald Epstein, Epstein, — Alex Harring, Oppenheimer, Rupesh Parikh, Parikh, Alex Harring, Daniel Grosslight, Grosslight, HIMS, he's, Tal Liani, Liani, CORA, it's, Morgan Stanley, Josh Baer, Baer, Box's, there's, Goldman, Gabriela Borges, Borges, Shopify, Michael Lavery, Lavery, KHC, Fred Imbert Organizations: CNBC, Garmin Garmin, Bank of America, Garmin, Costco, Citi, Kraft, ~$ Locations: Tuesday's, Swiss, Shopify

☆ Local energy production is key to keeping the UK's energy prices down, SSE CEO says
▼ + stars: | 2024-05-22 | 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 EmailLocal energy production is key to keeping the UK's energy prices down, SSE CEO saysAlistair Phillips-Davies, CEO of SSE, discusses the firm's full-year results and explains the company's continued efforts to reduce reliance on Europe for energy in the U.K.

Persons: Alistair Phillips, Davies Locations: Europe

☆ These are JPMorgan’s highest conviction stock picks over the next 12 months
▼ + stars: | 2024-05-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Specifically, analyst Chris Schott called Eli Lilly one of his highest conviction opinions. Analyst Harlan Sur noted that one of his top picks includes semiconductor manufacturer Broadcom , which has rallied 25% in 2024. In the report, the bank also highlighted data centers as an area that investors should watch. As demand grows for data centers, beneficiaries could include stocks such as Vertiv , up an eye-watering 106% in 2024, which is one of analyst Steve Tusa's highest conviction picks in the electrical equipment industry. Other stocks JPMorgan listed in the report include Delta Airlines and Carvana .

Persons: Chris Schott, Eli Lilly, Harlan Sur, Steve Tusa's, Rajat Gupta, — CNBC's Michael Bloom Organizations: JPMorgan, Dow Jones, Major Pharma, Broadcom, Delta Airlines

☆ It's not your imagination. Pickleball courts are everywhere
▼ + stars: | 2024-05-22 | by ( Jessica Golden | ) www.cnbc.com time to read: +4 min

In 2017, fewer than half of the largest U.S. cities offered formalized pickleball courts. "We have found New York City parks to really understand the popularity of pickleball and also the need for more courts," said Cannon. We're excited to meet the increasing demand and bring Pickleball Kingdom's premier indoor pickleball to the masses," said Ace Rodrigues, founder and CEO of Pickleball Kingdom. Pickleball courts are also popping up at gyms throughout the country. Life Time, an "athletic country club," currently boasts almost 700 pickleball courts across its 170 U.S. locations.

Persons: Wang Fan, Will Klein, Klein, pickleball, Erica Desai, Mary Cannon, Pickle, Cannon, Desai, Pickleball, Rodrigues, Andre Agassi, Bahram Akradi, Ben Johns, Collin Johns, Anna Bright, Tyson McGuffin, Mike Stobe Organizations: Central Park, China News Service, Getty, Trust, Public, Pickle, Long, PENN, Garden Locations: Central, New York City, pickleball, Louisville , Kentucky, Madison , Wisconsin, Honolulu, Manhattan , Brooklyn, Long Island City, Kingdom, Pickleball, United States, Pickleball Kingdom, U.S, Annapolis , Maryland, Madison

☆ This unexpected corner of the market offers quality dividend payers, Bank of America says
▼ + stars: | 2024-05-22 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Investors hunting for income ought to look to small-cap stocks for a few high-quality dividend payers, according to Bank of America. There are names within it that offer quality dividend yields, according to Jill Carey Hall, equity strategist at Bank of America, in a Monday research report. Further, once the Federal Reserve begins cutting rates, yields paid on cash will fall, and that will make these dividend payers even more attractive for income. Finally, Bank of America added Essential Properties Realty Trust to its list of buy-rated dividend payers. The stock has a dividend yield of 4.2%, and shares are up 7.5% in 2024.

Persons: Russell, Jill Carey, Peter Galbo, Utz, Alton Stump, Stump, Nick Joseph Organizations: Bank of America, Nasdaq, Federal Reserve, Brands, Properties Realty Trust, Citi Locations: West, Midwest, Southwest, Hanover , Pennsylvania, comps

☆ European leaders are planning a $4.3 billion Iron Dome-style defense system
▼ + stars: | 2024-05-22 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Read previewEuropean countries are preparing to reveal plans for a $4.3 billion Iron Dome-style air and missile defense system, Poland's prime minister announced on Monday. The European Sky Shield Initiative, or ESSI, is conceived as a means to jointly procure ground-based interoperable air defense systems. There is no reason for Europe not to have its missile defense shield," Tusk said, per The Telegraph. Related storiesIsrael's Iron Dome has long been seen as one of the world's most advanced air defense systems, protecting the country's skies from rockets and other projectiles. AdvertisementWhile a direct hot-war attack by Russia on NATO Europe is not considered an immediate likelihood, many countries — particularly those that border Russia — are deeply alarmed.

Persons: —, . Donald Tusk, Tusk, ESSI, Olaf Scholz, It's, Andrzej Duda Organizations: Service, AVN, European Council, Kyiv Post, Business, Sky Shield Initiative, Telegraph, NATO, Patriots, IRIS Locations: Kyiv, Israel, Europe, Russia, Iran, NATO Europe, Ukraine, Germany, Austria, Switzerland, Turkey, Greece, German, ESSI

☆ 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

☆ Baby boomers have been America's secret weapon for fending off recession
▼ + stars: | 2024-05-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewTalks of a looming recession are flaring across Wall Street, but the savings war chest of baby boomers has staved off a US downturn. AdvertisementInstead, only the goods sector has shown signs of a growth recession, Yardeni said. But that's after the lockdown's hard-to-beat buying spree; today, goods spending remains at a record high when adjusted for inflation. Related storiesBut to Yardeni, they're the reason no consumer recession has appeared in the past two years, he separately wrote in April:"The Baby Boomers watched a lot of 'Star Trek' during the 1960s. AdvertisementMeanwhile, the baby boomer focus on service spending may also have deformed indicators, making things look gloomier than they are.

Persons: —, Ed Yardeni, Yardeni Organizations: Service, Business, Financial Times, Boomers

☆ A former model accused Diddy in a new lawsuit of sexually assaulting and drugging her in 2003. He's now facing 5 suits.
▼ + stars: | 2024-05-22 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

Read previewA former model filed a lawsuit Tuesday, accusing embattled music mogul Sean "Diddy" Combs of sexually assaulting her in 2003. Crystal McKinney, according to a lawsuit obtained by Business Insider, met Combs at a 2003 Men's Fashion Week event in Manhattan when she was 22. According to the lawsuit, McKinney was introduced to Combs by a fashion designer who believed Combs could "advance her modeling career." AdvertisementAccording to the lawsuit, McKinney was invited back to Combs' recording studio and given what she believed to be laced marijuana. One woman said in her suit filed in December that Combs "sex trafficked and gang raped" her as a 17-year-old in 2003.

Persons: —, Sean, Diddy, Combs, Crystal McKinney, McKinney, Comb's, Cassie Ventura, Ventura, Aaron Dyer, Dyer, Mr Organizations: Service, Business, New York's Southern, Court, NYC, Associated Press, CNN, Los Angeles Hotel, Department of Homeland Security Locations: Manhattan, New York's, Los, Los Angeles, Miami

☆ India's central bank approves highest-ever dividend to the government
▼ + stars: | 2024-05-22 | by ( ) www.cnbc.com time to read: +2 min

A youth walks past the entrance of the Reserve Bank of India head office in Mumbai on Nov. 17, 2021. The board of India's central bank approved a record surplus transfer of 2.11 trillion rupees ($25.35 billion) to the government for the fiscal year ended March, sharply above analysts' and government projections. The government had budgeted a dividend of 1.02 trillion rupees from the Reserve Bank of India, state-run banks and other financial institutions, interim budget estimates for the fiscal year 2024/25 show. The RBI board also decided to raise the contingency risk buffer (CRB) to 6.5% from 6% previously. Analysts had expected a surplus transfer in the range of 750 billion rupees to 1.2 trillion rupees, aided by strong foreign exchange earnings.

Persons: Garima Kapoor Organizations: Reserve Bank of India, Elara Locations: Mumbai, India's

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