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☆ USS Harder: Wreck of famed US Navy World War II sub found off the Philippines
▼ + stars: | 2024-05-24 | by ( Brad Lendon | ) edition.cnn.com time to read: +3 min

CNN —The wreck of one of the most storied US Navy submarines of World War II has been found in the South China Sea eight decades after its last patrol, the Navy’s History and Heritage Command said Thursday. “Harder was lost in the course of victory. U.S. Navy archive photo of USS Harder. The NHHC said the wreck of the Harder was confirmed by data provided by the Lost 52 Project, an effort led by Tim Taylor, CEO of Tiburon Subsea, to find the 52 US subs lost in World War II. Harder, which had the motto of “Hit ‘em Harder,” was captained by Cmdr.

Persons: Harder, “ Harder, ”, Samuel J, Cox, NHHC, Tim Taylor, NHHC’s Cox, Samuel Dealey, Dealey Organizations: CNN, Navy, South China, Heritage Command, US Navy, U.S . Navy, Harder, East, US, National, Honor Museum, Honor Locations: South, Philippine, Luzon, Philippines, Bataan, Japanese, Tiburon, Japan, East Indies, Southeast Asia

☆ Dollar holds firm as traders trim U.S. rate cut bets
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: +3 min

"The carry of holding dollars is far juicier," he said, while policymakers' rhetoric has also made traders nervous about inflation and the risk rate cuts would be distant or small. Traders have pushed out the timing of the first Fed rate cut to December. Thursday's business surveys from S&P Global supported the conviction among many traders that the Fed may keep rates higher for longer. But not for traders who are positioned for Fed cuts. Rates markets still price a near 90% chance the ECB cuts rates next month.

Persons: Martin Whetton, Matt Simpson, Sterling, Christopher Waller Organizations: U.S, Westpac, Federal, Traders, P Global, European Central Bank, Federal Reserve Locations: Sydney

☆ Here are JPMorgan's top clean energy picks for the rest of 2024
▼ + stars: | 2024-05-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

JPMorgan's top picks for the rest of the year are two smaller, lesser known companies — Hannon Armstrong Sustainable Infrastructure and TPI Composites . Hannon Armstrong finances renewable projects and TPI builds blades for wind turbines. The investment bank has $39 price target for Hannon Armstrong, implying 21% upside from Thursday's close of $32.13. When long-term Treasury rates are higher than short-term rates, Hannon Armstrong can book projects at the higher rate but finance them at the lower rate. Nextracker's price target remains at $63, suggesting 23% upside from the last closing price of $51.32.

Persons: JPMorgan's, — Hannon Armstrong, Hannon Armstrong, TPI, Mark Strouse, Strouse Organizations: U.S, JPMorgan, — Hannon Armstrong Sustainable Infrastructure, TPI Composites

☆ Japanese stocks are rallying this year. But one key group of investors is missing
▼ + stars: | 2024-05-24 | by ( Hakyung Kim | ) www.cnbc.com time to read: +6 min

Japanese stocks are enjoying a banner year, with foreign investors plowing into the market. Japanese investors are hesitant Japanese investors have long been skeptical of the local stock market after the asset price bubble burst in the early 1990s. Another reason Japanese investors may not be as keen on their domestic market could be the yen falling sharply. Outlook for Japanese stocks still strong Despite the recent bout of selling from local investors and the market's recent struggles, many global investors remain bullish on Japanese stocks. This is another "slow-moving but important tailwind to Japanese stocks," with more room to run, according to Zachary Hill, Horizon Investments head of portfolio management.

Persons: Goldman Sachs, Morgan Stanley, Kishida, Julian McManus, Janus Henderson, Bernstein, Zachary Hill, Raymond Chan, Chan, McManus, he's, Warren Buffett Organizations: Japan Exchange Group, Nikkei, Bank of Japan, U.S ., Ministry of Internal Affairs and Communications, Investment, Association, Prime, Nippon, Savings, U.S, Horizon Investments, Federal Reserve, Asia Pacific, Allianz Global Investors, Mitsui, Itochu, Sumitomo Locations: U.S, Japan, Asia

☆ The European housing crisis warping millennial life: The average Croatian lives with parents until 33
▼ + stars: | 2024-05-24 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +9 min

According to Eurostat, the EU statistical office, the average Croatian leaves their parents' home at over 33 years of age, its highest figure. Joshua Zitser/Business InsiderIn the US, almost everyone has moved out by then. Joshua Zitser/Business InsiderWhile tourism brings economic opportunities for Vukovic and many others, he says it has also worsened the already dysfunctional housing market. But in parts of Dubrovnik, Vukovic explained, that's not feasible. Joshua Zitser/Business InsiderFor Josip Crncevic, 34, prices feel far out of reach.

Persons: —, Joshua Zitser, Malohodžić, Ivan Vukovic, Vukovic, Filip Brkan, that's, Josip Crncevic, Crncevic, homeownership, it's, he'd, Marija, Sanja, Angelo, Cikato, Diana Marlais, Bogdan Dascalescu, wouldn't Organizations: Service, Croatian, Business, Eurostat, BI, UNESCO, Heritage, King's, Real Estate Business Association of, Croatian Chamber Locations: Dubrovnik's, Croatia, Dubrovnik, Independence, HBO's, Dubrovnik's suburbs, Marija

☆ The draw has been made for Rafael Nadal at the French Open. It couldn’t have gone much worse for the Spaniard
▼ + stars: | 2024-05-24 | by ( Matias Grez | Sammy Mncwabe | ) edition.cnn.com time to read: +2 min

4 Alexander Zverev in the opening round of what is set to be the final French Open of his career. While Nadal has beaten Zverev seven times in their previous 10 meetings, the German is one of the favorites to lift the title. The fourth seed arrives at Roland Garros full of confidence after winning the Italian Open last week, his ninth Masters 1000 title. The two last met in an intense 2022 French Open semifinal where Zverev retired mid-match following an ankle injury that sidelined him for the rest of the year. The 22-time grand slam champion even admitted after his heavy second-round defeat to Hubert Hurkacz at the Italian Open earlier this month that he wasn’t sure if would be able to play at the French Open.

Persons: CNN — Rafael Nadal, Alexander Zverev, Roland Garros, Nadal, Zverev, Spaniard, Hubert Hurkacz, Novak, Tomas Machac, Stanislas Wawarinka, Andy Murray Organizations: CNN, Nadal, Madrid

☆ Another woman accuses Sean ‘Diddy’ Combs of sexually assaulting her in a lawsuit
▼ + stars: | 2024-05-24 | by ( Dalia Faheid | Elizabeth Wagmeister | ) edition.cnn.com time to read: +6 min

This is the eighth lawsuit against Combs since November – the seventh directly accusing him of sexual assault. Another lawsuit accused his son Christian Combs of sexual assault, and Sean Combs is accused of aiding and abetting. Lampros claims that Combs raped her after she “pleaded with Mr. Combs to stop.” “She was nude, sore, and confused” the next morning, according to the lawsuit. According to Lampros, she was also not allowed to talk about her relationship with Combs to anyone, the lawsuit claims. Mr. Combs would also threaten to blacklist her in the industry if she tried to mess with him in any way,” the suit said.

Persons: Sean “ Diddy ” Combs, Lampros, Combs, “, ” Lampros, Cassie Ventura, Christian Combs, Sean Combs, ”, “ Ms, Lampros “, she’s, Lampros ’, Tyrone Blackburn, Rodney Jones, Grace O’Marcaigh, Crystal McKinney, drugging, Aaron Dyer, “ Mr Organizations: CNN, New York’s Fashion Institute of Technology, Bad Boy Records, Arista Records, Sony Music Entertainment, Diddy’s, Records, Lampros, Department of Homeland Security Locations: New York, New York City, Manhattan

☆ Wells Fargo goes on quiet hiring spree to expand from lending. What it means for the stock
▼ + stars: | 2024-05-24 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

He added, "Wells Fargo could fetch a higher multiple in the market as a result." A Wells Fargo spokesperson declined to comment on the total number of CIB-related hires across all levels in the division. Wells Fargo and other banks have benefited in recent years as the Federal Reserve began hiking interest rates in March 2022. More recent data indicates that Wells Fargo's investment banking revenue share globally has jumped to No. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.

Persons: Wells, Wells Fargo, JPMorgan Chase, Jeff Marks, Charlie Scharf, Scharf, Doug Braunstein, Braunstein, Fernando Rivas, Rivas, Jonathan Weiss, Weiss, Piper Sandler, Wells Fargo's Scharf, NII, Kroger, Scharf's, Scott Siefers, Siefers, Jim Cramer's, Jim Cramer, Jim Organizations: Wall, CNBC, JPMorgan, CIB, Wells, North American Investment Banking, Barclays, Deutsche Bank, Suisse —, Management, Federal Reserve, Fed, Albertson's, Federal Trade Commission, Currency Locations: Wells Fargo, Americas, U.S, IPOs, Wells, New York City

☆ Talking politics at work: If you must, tread carefully
▼ + stars: | 2024-05-24 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

Sometimes someone with strong views can be unnerved by a person who thinks nothing is ever a big deal, and vice-versa. Either way, the question is: How can we keep our conversations about any of these lightening rod issues from derailing our ability to work well together? For employers: Stress civility and set guardrailsRegardless of any one hot-button issue, it seems like US culture has become less civil over time. And many polarizing conversations are happening at work in ways they weren’t years ago, according to SHRM, the leading human resources membership association. … Recognize that while his opinion may be contrary to yours, what is the goal of being at work?

Persons: New York CNN —, Donald Trump’s, ’ ”, Christy Pruitt, Haynes, Pruitt, Oliver Brecht, Cindy O’Peka, It’s, ” Pruitt, “ Compartmentalize, –, ”, “, ” Brecht, it’s, O’Peka Organizations: New, New York CNN, NeuroLeadership Institute, Consulting Locations: New York, Gaza

☆ Carlo Acutis, Italian teenager nicknamed ‘God’s influencer,’ set to become Catholic Church’s first millennial saint
▼ + stars: | 2024-05-24 | by ( Christopher Lamb | ) edition.cnn.com time to read: +2 min

CNN —Carlo Acutis, an Italian teenager and computer prodigy who earned the nickname “God’s influencer,” is set to become the Catholic Church’s first millennial saint. Pope Francis has recognized a second miracle attributed to Acutis, a gamer and computer programmer who died from leukemia in 2006 at age 15. Many attended the beatification ceremony of Carlo Acutis at the St. Francis Basilica on October 10, 2020 in Assisi, Italy. Vatican/Getty ImagesDuring his life, Acutis used his technological skills to spread awareness of the Catholic faith, including setting up a website documenting miracles. Prospective candidates for sainthood normally need to have two miracles attributed to them before they can be canonized.

Persons: CNN — Carlo Acutis, God’s, Pope Francis, Acutis, Carlo Acutis, Francis Basilica, “, Pope, Acutis –, –, Mario, Pokémon Organizations: CNN, Catholic Locations: Italian, Assisi, Italy, London, Milan, Costa Rica, Florence

☆ She was the first Black woman to fly in the US Air Force. Now this trailblazing pilot is getting ready for her final flight
▼ + stars: | 2024-05-23 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +9 min

“To still impart that knowledge on young people, and particularly young black women, that they can do this.”Becoming a pilot was something Claiborne, originally from Virginia, could never have imagined for herself as a young girl. When asked about the transition to flying commercial planes, Claiborne stresses that “a pilot is a pilot.”“You’re in different type organizations, but you’re still a pilot,” she adds. So this is an opportunity for her to really enjoy herself.”Increasing diversityClaiborne is committed to increasing pilot diversity and will continue to mentor young women. It’s estimated that there are less than 150 Black women pilots in the US, and Claiborne feels a huge responsibility as one of them. While this may be the end of her commercial flying career, Claiborne isn’t necessarily saying “goodbye” to piloting forever, and would love to fly a World War II aircraft one day.

Persons: CNN — She’s, Theresa Claiborne, “ I’ve, ” Claiborne, Claiborne, “, ”, I’d, ” “, Caliborne, Ruth Bader Ginsburg, you’re, I’ve, Bessie Coleman, she’s, “ I’m, it’ll, they’d, Claiborne isn’t, ‘, ’ ” Organizations: CNN, Newark Liberty International, Air Force Reserve, Corps, US Air Force, California State University, KC, United Airlines, United, ”, US Bureau of Labor Statistics, It’s, Tuskegee Airmen Locations: New Jersey, Lisbon, Portugal, Virginia, Turkey, Sacramento, Claiborne, United States, Newark , New Jersey, Paris, Newark

☆ Ether could surge 60% after ETFs are approved, trading firm says
▼ + stars: | 2024-05-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The price of ether could rise 60% if spot ETFs are approved, QCP Capital wrote. The previous success of spot bitcoin ETFs serves as an example of potential upside. Eyes are currently on the second-biggest cryptocurrency as US regulators are deciding on whether to approve the first ether spot ETFs in the country. That token's stellar run was set off in mid-January when the SEC similarly greenlit spot bitcoin ETFs. What's more, head of FX Research Geoff Kendrick wrote that the spot ether ETFs are unlikely to stumble on the same issues that tormented bitcoin, such as heavy inflow volatility.

Persons: —, bitcoin, QCP, Geoff Kendrick Organizations: QCP, SEC, Service, BlackRock, [ Depository Trust, Clearing Corporation, Chartered, FX

☆ Trump holds campaign rally in the Bronx as he seeks to make inroads with Hispanic and Black voters
▼ + stars: | 2024-05-23 | by ( Kate Sullivan | ) edition.cnn.com time to read: +4 min

CNN —Former President Donald Trump is scheduled to hold a rally Thursday in the Bronx as his campaign looks to make inroads with Hispanic and Black voters ahead of November’s election. A Trump campaign official told CNN that several factors, including the former president’s long history of living and working in New York and his efforts to win over minority voters, played into the decision to hold the Bronx rally. The Bronx is a Democratic stronghold, which Trump lost by about 68 points to Joe Biden in 2020. Residents in the South Bronx, where Trump’s rally is taking place, are mainly Hispanic (64%) and Black (31%), according to the US Census Bureau. Several House Republicans from New York said they could no longer make it to Trump’s event due to changes in the chamber’s voting schedule Thursday.

Persons: Donald Trump, Trump, Joe Biden, Hillary Clinton, “, Elise Stefanik, ”, Barack Obama, Janiyah Thomas, Alexandria Ocasio, Cortez, Ritchie Torres, Torres, CNN’s Kit Maher Organizations: CNN, Trump, New York, Republican, Democratic, Residents, Census Bureau, Republicans, Biden, Americans, African, gaslight, NY1, The New York Times Locations: Bronx, Trump’s New York, New York, Crotona Park, South Bronx, Manhattan, New, “ New York, Central Park, Charlottesville , Virginia, Cortez, Crotona

☆ CNBC's Inside India newsletter: The secret of the stock market rally
▼ + stars: | 2024-05-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. "This particular product, and broadly speaking, the domestic investor, has driven the upsurge in the Indian stock markets," Mahesh Nandurkar, head of India research at Jefferies, told CNBC. For instance, of the nearly 4,900 actively traded India-listed stocks, 300 stocks had a fall in revenue in the last two consecutive financial years. Foreign investors have historically had a significant influence on local equity markets. For now, the savings directed into equity markets are still a tiny proportion of the overall savings Indians put away annually.

Persons: it's, Mahesh Nandurkar, Hermes, Jonathan Pines, Deepak Jasani, Jefferies, Nandurkar Organizations: Association for Mutual Funds, SBI Equity, Opportunities, ICICI Prudential, Advantage Fund, Jefferies, CNBC, Federated Hermes, HDFC Securities Locations: India, Japan

☆ Does college still pay? Workers without a degree are doing better than they have in years, report finds
▼ + stars: | 2024-05-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

watch nowOutcomes for workers without a degree are improvingIn fact, young adults without a college degree are doing better than they have in years, according to Pew's analysis of government data. Since then, circumstances — and earnings — have continued to rise for workers with just a high school diploma or some college. Improving job opportunities for "new-collar" workers without a degree continues to drive more students away from college. Finishing college puts workers on track to earn a median of $2.8 million over their lifetimes, compared with $1.6 million if they only had a high school diploma, Georgetown's report found. Adults with at least a bachelor's degree report higher financial well-being than adults with lower levels of education, according to a Federal Reserve study on economic well-being of U.S. households.

Persons: Fry, —, Hafeez Lakhani, There's, Pew, Paul Steiner Organizations: Labor, Georgetown University Center, Education, Federal, College, ECMC Group, Virginia's Fairfax County Public Schools, Community Education Locations: New York, York, U.S, Virginia's Fairfax County

☆ Recession is still a real threat, Jamie Dimon and David Solomon warn
▼ + stars: | 2024-05-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewPersistent inflation and a full-blown recession are still firmly on the table, two Wall Street titans have warned. Jamie Dimon told CNBC on Thursday that sticky inflation is more likely than many people think. Dimon said the "worst outcome" would be stagflation — a painful combination of elevated inflation, higher rates, and a recession that would hit consumers and pull down corporate profits. No cuts and a real slowdownDavid Solomon struck a similar tone at a Boston College event on Wednesday, Bloomberg reported. Solomon also said in March that he was less certain of a soft landing than the market consensus.

Persons: —, Jamie Dimon, Dimon, David Solomon, Goldman Sachs, Solomon Organizations: Service, Wall, CNBC, JPMorgan, Business, Federal Reserve, Boston, Bloomberg

☆ Mount Everest: Kenyan mountaineer Joshua Cheruiyot Kirui dead and Nepali sherpa still missing
▼ + stars: | 2024-05-23 | by ( Larry Madowo | ) edition.cnn.com time to read: +3 min

CNN —An experienced Kenyan mountaineer died Wednesday and rescuers are still searching for the Nepali sherpa who was with him, after the team attempted to summit Mount Everest without supplemental oxygen, according to the Nepali government and his employer. The body of 40-year-old Joshua Cheruiyot Kirui was found about 20 meters from the summit of the world’s highest mountain, an official of Nepal’s Department of Tourism told CNN. Kirui, a banker based in Nairobi, and the 44-year-old guide Nawang Sherpa were reported missing early Wednesday after going out of radio contact. A rescue team then began searching for them in camps and trails along the expansive mountain, Gautam told CNN. Spring is the prime time to climb Everest, although some mountaineers might climb in the less favorable autumn season.

Persons: Joshua Cheruiyot Kirui, “, Gautam Khim Lal, Gautam, Kirui, … it’s, ”, Paul Russo, There’s, CNN’s Sugam Organizations: CNN, Nepali sherpa, Nepal’s Department of Tourism, Bank, Kenyan Locations: Kenyan, Nairobi, Nepal, Everest, Kenya, Manaslu, Mt Everest, Tibet, China

☆ 5 millennials who are on their way to financial independence share why they have no intention of retiring early
▼ + stars: | 2024-05-23 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

October, a speech-language pathologist for New York City Public Schools, started her journey toward financial independence a few years ago. October is one of many millennials who are working toward achieving financial independence, one of the main goals of the FIRE — financial independence, retire early — community. Some millennials who successfully achieved financial independence told BI that a traditional retirement is overrated. Advertisement"The whole time I've been thinking in terms of my financial independence as what I call single-player mode. She sees financial independence as an extension of her drive to fulfill passion projects.

Persons: —, Shelly, she'll, she's, She's, millennials, They're, Scott Rieckens, Millennials, Oz Chen, he's, Oz Chen He's, hasn't, I'm, Chen, Gabriela Ariza, Ariza, David, Jill Pawley, Jilly Pawley, they'll, they've, It's, Jill Organizations: Service, New York City Public Schools, Business, Neighborhood Assistance Corporation of America Locations: Yonkers, New York City, Los Angeles, Illinois, Chicago, Rockford, Haiti, Michigan

☆ Buthidaung: Fires rage as Rohingya caught up on the front lines of Myanmar’s civil war
▼ + stars: | 2024-05-23 | by ( Helen Regan | Avery Schmitz | ) edition.cnn.com time to read: +11 min

This satellite image shows Buthidaung, Myanmar, on January 17, 2024. © 2024 Maxar Technologies This satellite image shows Buthidaung, Myanmar, on May 18, 2024. This satellite image shows a damaged bridge in Buthidaung, Myanmar, on May 18, 2024. Warnings of further atrocitiesAn immediate concern is a humanitarian crisis in Rakhine state, with newly displaced residents unable to access food or clean water. The Myanmar military has blocked all access,” said Nay San Lwin.

Persons: Farooq, ”, Young, Volker Türk, Kyaw, –, Buthidaung –, “, John Quinley, Khaing, Lwin, Rohingya, Pan, Matthew Miller Organizations: CNN, Arakan Army, AA, Resource Management, Free Rohingya Coalition, International Court of Justice, Council, Myanmar, UN Human Rights Council, National Unity Government, Free Rohingya Coalition –, Maxar Technologies, “, ” CNN, Bangladesh, Labs, Medecins, Rakhine . State Department, Unity Government Locations: Myanmar’s, Myanmar, Rakhine, Arakan, Bangladesh, Buthidaung, Lwin, Indonesia, San Lwin, Rakhine State

☆ 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

☆ Jane Seymour on Her Best Movie & TV Roles: 'Wedding Crashers,' 'Dr. Quinn,' 'Bond'
▼ + stars: | 2024-05-23 | by ( Caralynn Matassa | ) www.businessinsider.com time to read: +14 min

AdvertisementI had to look and play a virgin — which I managed to do quite convincingly into my 40s on "Dr. Quinn," by the way. But I've only ever done two TV series, so now it's "Dr. Quinn" or "Harry Wild." AdvertisementAnd by the way, I got the worst reviews ever on "Dr. Quinn" as well. Studio Seven Productions/NM/Sygma via Getty ImagesI was going to bring up "Dr. Quinn" next — did you expect it to turn into such a beloved show when you initially signed on? There's another factoid that when I did "Dr. Quinn," I only washed my hair in English rainwater that was flown in on a 747 every week.

Persons: Roger Moore, Jane Seymour, Bond, Seymour, Harry Wild, she's, She's, Lindsay Lohan's, — she's, Christopher Reeve, Quinn, " Milne, I'd, It's, I'm, I've, Christopher Reeve Jane Seymour, Eddie Sanderson, Dana, Reeve, Chris, —, Sir, Shaw, Colin Powell, Dr, Doctor Quinn, Jane, she'll, we've, it's, Owen Wilson, You've, it'd, Owen, I'm Kitty Cat, Steffan, Princess Leia, Spielberg, Richard Chamberlain Organizations: Business, Acorn, Netflix, Hearts Foundation, Medicine, Seven, Getty, CBS, Orange, Raiders Locations: English, Dublin, Calgary, Eden, Hong Kong, New York, Mexico

☆ Amazon’s new cloud boss inherits a business under pressure to keep pace in AI
▼ + stars: | 2024-05-23 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +12 min

"It's very early days in generative AI," said Jassy, who succeeded Jeff Bezos as CEO in 2021. Davidson, told CNBC that Amazon was "caught flat-footed" by the generative AI boom. During a Q&A session on Wednesday, Jassy was asked twice about the status of Amazon's generative AI efforts. He said the company is "seeing a lot of momentum" in generative AI within AWS to where it's now a multibillion-dollar business based on annualized revenue. Amazon has previously said it intends to use generative AI to make Alexa more conversational.

Persons: Noah Berger, Andy Jassy, OpenAI's ChatGPT, Adam Selipsky, Jassy, Jeff Bezos, Matt Garman, Gil Luria, Davidson, Luria, Bezos, Selipsky, Casey McGee, McGee, Anthropic, Dario Amodei, OpenAI, it's, Garman, Amazon, wasn't, Dilip Kumar, Kumar, Swami Sivasubramanian, Jamie Meyers, Meyers, Matt, Jordan Novet, Kate Rooney Organizations: Web Services, Getty, Amazon, Microsoft, Google, D.A, CNBC, Amazon Web, Alexa, AWS, Nvidia, ChatGPT, Accenture, Toyota, Nasdaq, Investments Locations: Las Vegas, Vegas, Bezos, Anthropic

☆ UK election 2024: Everything you need to know
▼ + stars: | 2024-05-23 | by ( Rob Picheta | ) edition.cnn.com time to read: +11 min

Rishi Sunak’s rival for power is Labour leader Keir Starmer, who is heavily favored to become Britain’s new prime minister in July. Labour leader Keir Starmer -- the frontrunner in the election -- launches his campaign in Gillingham on Thursday. Given Labour’s standing in the polls, Starmer is more equipped to take the fight to other groups. In the UK, voters don’t elect a prime minister directly. But this is a formal role only; the King won’t contradict his prime minister or overrule the results of an election.

Persons: CNN —, Rishi Sunak, We’ll, Keir Starmer, Sunak, Downing, Maja Smiejkowska, – Sunak, Boris Johnson’s, Liz Truss, Boris Johnson, Johnson, Stefan Rousseau, Jeremy Corbyn, Theresa May, Sunak hasn’t, –, Starmer, Henry Nicholls, Rishi Sunak’s, Gareth Fuller, Reform Party –, David Cameron, King Charles III, won’t Organizations: CNN, CNN — Britain’s, Labour, Reuters, Sunak’s Conservative Party, Liberal Democrats, Conservatives, Conservative, Party, Getty, European Union, Reform Party, Scottish National Party, Green Party, National Health Service Locations: Westminster, Rwanda, England, AFP, Gillingham, Gaza

☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

☆ Nearly half of Americans say having a college degree is less important now than it was 20 years ago
▼ + stars: | 2024-05-23 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

In 2011, 86% of college graduates said their degree had been a good investment; in 2013, 70% of U.S. adults said a college education was "very important," according to Pew Research Center and Gallup surveys. Today, 29% of Americans say that college isn't worth the cost — and roughly half (49%) say having a four-year college degree is less important for landing a high-paying job today than it was 20 years ago, according to a new survey from the Pew Research Center. Only 22% of U.S. adults say the cost of getting a four-year degree today is worth it even if someone has to take out loans, Pew found. College graduates on average earn more than those without a four-year degree — but this so-called college wage premium is shrinking. A recent report from the San Francisco Federal Reserve found that the college wage gap peaked in the mid-2010s but declined by four percentage points in 2022.

Persons: Pew, Richard Fry Organizations: Pew Research Center, Gallup, U.S . News, College, San Francisco Federal Reserve, Economic, Institute, Pew, CNBC Locations: U.S

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