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☆ Meta created an AI advisory council that’s composed entirely of White men
▼ + stars: | 2024-05-23 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Meta this week appointed a group of outside advisors to provide guidance on its artificial intelligence strategy. The four-person advisory group is composed entirely of White men. The situation mirrors an incident last year at OpenAI when, in the wake of a leadership shakeup, it came under fire for appointing a board composed entirely of White men. The large language models that underpin AI systems are trained on vast troves of data, often written by humans and coming from the internet. Meta did not immediately respond to a request for comment on the council’s lack of diversity.

Persons: Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI, ” Joy Buolamwini, Meta Organizations: New, New York CNN, Microsoft, Meta, League, CNN Locations: New York, OpenAI

☆ It looks like someone tried to steal Graceland, possibly one of the dumbest crimes ever
▼ + stars: | 2024-05-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. New York CNN —We can’t be 100% sure that an obscure lending company just tried to steal Graceland. Her lawsuit says that the documents Naussany presented, including a 2018 notarized promissory note signed by Lisa Marie Presley, were forged. Even the notary public whose name appeared on the disputed document, told the court in an affidavit that no, they’d never notarized Lisa Marie Presley’s signature. (“Not acquire to proceed?”)It added: “There was no harm meant on Ms. Keough for her mothers LMP mis habits and mis managing of money.”(LMP, presumably, is Lisa Marie Presley.

Persons: CNN Business ’, Elvis Presley’s, —, Lisa Marie Presley, she’d, Naussany, Graceland, Riley Keough, Elvis’s, Keough, Mad Max Fury, Daisy Jones, ”, Naussany’s, Lisa Marie Presley’s, JoeDae Jenkins, Jenkins, ” Jenkins, Keough’s Organizations: CNN Business, New York CNN, Naussany, CNN, Naussany Investments Locations: New York, Tennessee, Graceland, Memphis, America, Shelby County, Naussany, Kimberling City , Missouri, Missouri

☆ Walmart and Target are slashing prices. What does that mean for inflation?
▼ + stars: | 2024-05-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

That doesn’t mean the battle against inflation is won. Walmart saw first-quarter sales at stores open at least a year climb 3.8% from the prior year, in part thanks to its ability to keep prices low even as inflation remains sticky. “Our combination of everyday low prices plus a large number of rollbacks is resonating” with consumers, Walmart CEO Doug McMillon said on a call with analysts. Investors will get more inflation data next week from the Personal Consumption Expenditures index for April. Without that discount, the combined fine would have topped £88 million ($112 million).

Persons: Doug McMillon, Price, we’re, ”, Preston Caldwell, Scarlett Johansson, Will Scarlett Johansson, OpenAI, Johansson, OpenAI’s, Sam Altman, Brian Fung, OpenAI didn’t, Anna Cooban, “ Organizations: CNN Business, Bell, New York CNN, Walmart, Ikea, Aldi, Morningstar Research Services, Bureau of Labor Statistics, Investors, Citi, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, CNN Locations: New York, United States

☆ The Washington Post publisher disclosed the paper lost $77 million last year. Here’s his plan to turn it around
▼ + stars: | 2024-05-23 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

Lewis’ plan, however, included more than just revamping The Post’s subscription offerings. While The Post clearly plans to bet big on infusing its products with A.I., it wants to emphasize the human element of its journalism. Whether the multi-pronged initiative is enough to turn The Post around, of course, remains to be seen. But the new publisher voiced confidence that these measures will put The Post on track for success. “I really hope at some point in the future, when you look back on this day,” he told staffers, “it’s actually quite a significant day in the history of our company.”

Persons: Will Lewis, strode, Lewis, “, ” Lewis, I’m, Axios, we’ve, ” Karl Wells, Lewis ’, Vineet Khosla, ”, Sally Buzbee, Kathy Baird, “ it’s Organizations: New York CNN, The Washington Post, Brit, Apple, POLITICO, Silicon Locations: New York

☆ Dow falls by more than 600 points as markets continue to fret about a rate cut
▼ + stars: | 2024-05-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —The Dow tumbled by more than 600 points Thursday afternoon as all three major indexes moved lower, even after AI-darling Nvidia delivered stellar quarterly earnings and announced a 10-for-1 stock split. Chipmaker Nvidia soared more than 9% as the wider market dropped lower, highlighting a lack of market breadth. The S&P 500 and Nasdaq Composite, which began the day at new intraday highs, fell by 0.8% and 0.5%, respectively. “I think we’re set up for stickier inflation.”“The bond market set the dour mood that we see across much of the market,” wrote Interactive Brokers chief strategist Steve Sosnick on Thursday. “Coming on the back of yesterday’s ‘higher for longer’ Fed Minutes, bond traders were in no mood to hear about a strengthening economy,” wrote Sosnick.

Persons: Dow, ”, Louis Navellier, Goldman Sachs, David Solomon, “ I’m, “, Steve Sosnick Organizations: New, New York CNN, Nvidia, Nasdaq, “ Tech, Navellier, NVIDIA, Federal Reserve, resurging, Boston College, Interactive Brokers, Treasury, ’, ” Boeing Locations: New York

☆ House Democrats investigate if Big Oil colluded with OPEC to inflate gas prices
▼ + stars: | 2024-05-22 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Congressional Democrats are investigating whether leading US oil companies have illegally colluded with one another and with OPEC to inflate prices at the pump, CNN has learned. The Federal Trade Commission earlier this month accused Sheffield, the founder of Pioneer Natural Resources, of conspiring with OPEC and its allies to boost prices. Pallone argued that public data suggests US oil producers did not ramp up drilling during the period that Sheffield was trying to influence his rivals. Pallone sent Exxon additional document demands, including communications between Pioneer employees who were involved in developing production plans and representatives of OPEC and OPEC+. Sheffield was among the oil CEOs who testified before Pallone’s committee during an April 2022 hearing on Big Oil and gas prices.

Persons: Frank Pallone Jr, ”, Scott Sheffield, “, ” Pallone, Sheffield, Hess, Pallone Organizations: New, New York CNN, Congressional, OPEC, CNN, Committee, Energy, Commerce, ExxonMobil, BP, New Jersey Democrat, Federal Trade Commission, Sheffield, Pioneer Natural Resources, FTC, Oil, Exxon, Chevron, Shell USA, Devon Energy, Big, ” Locations: New York, Chevron, Hess, BP America, New Jersey, Texas, OPEC, Russia, colluding, United States, ”, Occidental

☆ Sam Bankman-Fried is being moved to a new prison
▼ + stars: | 2024-05-22 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —Prison officials began transferring former crypto mogul Sam Bankman-Fried to a new facility early Wednesday, removing him from the Brooklyn, New York, jail where he’s resided for the past nine months, a spokesperson for Bankman-Fried said. Mendota is home to one medium-security federal correctional institution with an adjacent minimum-security satellite facility, according to the Bureau of Prisons website. Bankman-Fried had sought to stay in New York in the near term while preparing his appeal on multiple federal counts of fraud and conspiracy, for which he was sentenced in March to 25 years in prison. A jury last fall found Bankman-Fried guilty of carrying out what prosecutors called one of the biggest financial crimes in US history. The Bureau of Prisons declined to provide details, telling CNN that it doesn’t comment on “the conditions of confinement for any individual, including potential transfers,” citing security concerns.

Persons: Sam Bankman, he’s, Fried, — CNN’s Erin Burnett, Sabrina Souza Organizations: New, New York CNN — Prison, Stanford University, of Prisons, Prisons, CNN Locations: New York, Brooklyn , New York, Mendota , California, Mendota

☆ Strong spending is obscuring an economy that isn’t working for many Americans
▼ + stars: | 2024-05-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Even after years of inflation, geopolitical chaos and recession in Europe, the US economy remains robust and resilient. Unemployment rose to 3.9% last month, lower-income consumers are spending less and businesses are limiting employee hours and pay. A recent survey by Santander Bank of its customers found that while inflation fears have largely subsided, middle-income Americans are pessimistic about the economy. Those Americans could still be suffering, but their stories are obscured by data that paints a broad picture of a resilient economy. Piepszak, meanwhile, now leads the company’s newly combined commercial and investment bank with her co-CEO Troy Rohrbaugh.

Persons: ”, Gregory Daco, haven’t, Skyler Weinand, Regan, “, ” Nanette Abuhoff Jacobson, Bryan Mena, What’s, Jamie Dimon, Here’s, Dimon, he’s, —, ” Dimon, can’t, “ Dimon, Marianne Lake, Jennifer Piepszak, Piepszak, Troy Rohrbaugh, Rohrbaugh, Mary Erdoes, Jeremy Barnum, Daniel Pinto, COOs Gordon Smith, Smith, Satya Nadella, Bing Organizations: CNN Business, Bell, New York CNN, Regan Capital, Santander Bank, Hartford Funds, Bureau of Labor Statistics, Federal Reserve, JPMorgan, JPMorgan Chase, Bank of America, Microsoft Locations: New York, Europe, Redmond, Washington

☆ BuzzFeed stock soars after Vivek Ramaswamy acquires activist stake
▼ + stars: | 2024-05-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —BuzzFeed’s stock is soaring after former Republican presidential candidate Vivek Ramasamy revealed that he’s taken an activist stake in the beleaguered media company in a bid to adjust the firm’s strategy. Shares of BuzzFeed gained about 20% on Wednesday after a securities filing revealed that Ramaswamy has acquired a 7.7% stake in the company. Ramaswamy “believes the securities of the Issuer are undervalued and represent an attractive investment opportunity,” the filing. BuzzFeed’s portfolio of brands includes HuffPost, Tasty and the First We Feast brand that houses its “Hot Ones” YouTube series. Last year, BuzzFeed shuttered its Pulitzer Prize-winning digital news site as part of a broader move to slash the company’s headcount by 15%.

Persons: Vivek Ramasamy, he’s, Ramaswamy, ” Ramaswamy, Tricia McLaughlin, BuzzFeed, Ramaswamy “ Organizations: New, New York CNN, Republican, BuzzFeed, CNN, Networks Locations: New York

☆ Inflation is biting into Target’s ‘Tar-zhay’ luster
▼ + stars: | 2024-05-22 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Target has spent decades building a reputation for cheap chic home goods, clothing and other merchandise. It was the fourth-straight quarter of sales declines at Target (TGT). More than half of Target’s merchandise is discretionary. Target is trying to lure back shoppers by cutting prices on some key items and adding its own brands. The company also recently created a new house brand called Dealworthy to take on dollar stores and Walmart.

Persons: Target, pare Organizations: New, New York CNN — Target, Walmart, Costco, Target Locations: New York

☆ Shocking: Some AI developers didn’t listen when a woman rejected their offer
▼ + stars: | 2024-05-22 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Back in September, Scarlett Johansson, who played the hauntingly complex AI assistant in the 2013 Spike Jonze film “Her,” got a request from OpenAI’s CEO, Sam Altman. He wanted to hire Johansson to voice his company’s newest ChatGPT model, “Sky.” She said no. Johansson quickly lawyered up, saying Monday she was “shocked, angered and in disbelief” that Altman would use a voice “so eerily similar” to her own. OpenAI was forced to confront some of those concerns late last week, after two prominent employees left the company. “Being friends with AI will be so much easier than forging bonds with human beings,” wrote Wired editor Brian Barrett in a recent essay about the movie.

Persons: CNN Business ’, you’ve, Scarlett Johansson, Spike Jonze, ”, Sam Altman, Johansson, OpenAI, Altman, Altman —, Jan Leike, OpenAI’s, Ilya Sutskever, ” Altman, “, that’s, Joaquin, Brian Barrett, — CNN’s Clare Duffy, Brian Fung Organizations: CNN Business, New York CNN, Google Locations: New York, Silicon

☆ Israel’s seizure of AP equipment shows its hostile posture toward the free press
▼ + stars: | 2024-05-22 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

The Benjamin Netanyahu-led country on Tuesday took the outrageous step of seizing a camera and other video equipment used by The Associated Press to broadcast a live feed of Gaza — a decision the country only reversed amid severe backlash from free press advocates and following a White House request. And on Tuesday, it used that same law to target the AP, ostensibly confiscating its equipment because it provided its video feed to Al Jazeera, one of its thousands of global clients. A screenshot taken from AP video showing a general view of northern Gaza as seen from Southern Israel, before it was seized by Israeli officials on Tuesday, May 21, 2024. While Israel bowed to pressure on Tuesday and returned the AP’s equipment, the government notably offered no public apology to the renowned wire service. As the AP noted after its equipment was returned Tuesday, the underlying issues are still unresolved.

Persons: New York CNN —, Benjamin Netanyahu, Adrienne Watson, Watson, “, Israel, Shlomo Karhi, Al Jazeera, ” Organizations: New York CNN, The Associated Press, White, State Department, Government, Israel, National Security, AP, Qatari, Al, AP Israel, Israel’s Locations: New York, New York CNN — Israel, Gaza, Israel, Al Jazeera, Southern Israel

☆ Jamie Dimon is worried about how much the US is borrowing. Here’s why
▼ + stars: | 2024-05-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Major business leaders and economists are worried about America’s growing debt problem. Last week, JPMorgan CEO Jamie Dimon expressed fear that a crisis is looming and that unchecked deficit spending could explode. The big picture: Between the Trump-era tax cuts and Covid-era stimulus programs, the national debt has exploded in recent years. Trump Media (DJT) reported a loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year earlier. The company generated just $770,500 of revenue, marking the second-straight quarter where its revenue totaled less than $1 million.

Persons: Jamie Dimon, ”, ” Dimon, “, Ray Dalio, Columbia Business School Glenn Hubbard, Joe Biden’s, Jason Thomas, Carlyle, ” Thomas, Hanna Ziady, Liz Truss, Treasuries, Hubbard, Thomas, it’s, Donald Trump, Matt Egan, Devin Nunes, Martin Gruenberg, Elisabeth Buchwald, ” Gruenberg, Sen, Sherrod Brown, Gruenberg, He’s, Cleary Gottlieb Steen, Gruenberg’s, Gruenberg Organizations: CNN Business, Bell, New York CNN —, JPMorgan, Sky News, Financial, Columbia Business School, United, CNN, IMF, Congressional, Office, Peterson Foundation, Treasury, Trump Media, Trump Media & Technology Group, Truth Social, Company, Big Tech, ” Trump Media, Federal Deposit Insurance Corporation, Senate Banking Committee, FDIC, Hamilton Locations: New York, Bridgewater, United States, —, United, United Kingdom

☆ Wilson deal: Caitlin Clark just did something no athlete has done since Michael Jordan
▼ + stars: | 2024-05-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Breakout basketball star Caitlin Clark has a new achievement that hasn’t been accomplished since Michael Jordan. The WNBA player signed a multiyear deal with Wilson Sporting Goods Co., the league’s official basketball supplier, for “signature basketball collections celebrating Clark’s continued legacy,” the company announced Tuesday. In addition, she will “creatively direct her first-ever signature basketball line” that will roll out later this year. Wilson, which has produced the basketballs for the NBA for several decades, became the official game ball of the WNBA in 2020. Nike is also reportedly on the verge of signing Clark to design her shoe line, but no official deal has been formally announced.

Persons: Caitlin Clark, hasn’t, Michael Jordan, Clark’s, Wilson, Clark, “ Wilson, ” Clark, ” Organizations: New, New York CNN, WNBA, Wilson Sporting Goods Co, CNN, NBA, Indiana Fever, ESPN2, ESPN, Nike, Farm, Gatorade, Panini Locations: New York

☆ 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

☆ Jamie Dimon could step down sooner than expected. Here’s who could run the country’s biggest bank
▼ + stars: | 2024-05-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —JPMorgan Chase CEO Jamie Dimon has bumped up his retirement plans, the longtime head of America’s largest bank said Monday. Over the course of his tenure at JPMorgan Chase, he’s become somewhat synonymous with the largest US bank by assets. But Dimon can’t lead forever, and at 68 years old, the question of succession has grown more important. “Everyone knows they’re going to die, but at one point it’s right here and you realize it’s true and it’s true maybe sooner than you think,” Dimon said. “And so it’s nice to end every day by saying, ‘That was a good day.’ Every meeting, that was a good meeting.

Persons: Jamie Dimon, Dimon, he’s, —, ” Dimon, “, can’t, ”, “ Dimon, Marianne Lake, Jennifer Piepszak, Piepszak, Troy Rohrbaugh, Rohrbaugh, Mary Erdoes, Jeremy Barnum, Daniel Pinto, COOs Gordon Smith, Smith, what’s, hasn’t Organizations: New, New York CNN, JPMorgan, JPMorgan Chase, Bank of America, CNN, Bloomberg Locations: New York

☆ Trump’s new trade war would cost middle-class families at least $1,700 a year, report warns
▼ + stars: | 2024-05-21 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

New York CNN —Former President Donald Trump’s trade agenda amounts to a tripling-down of the trade war he waged during his first term in office. That’s nearly five times the total cost as a share of GDP from the 2018-2019 US-China trade war. Trump’s tariff proposals would cost the typical middle-income household at least $1,700 a year, the researchers found. Those aren’t comparable numbers,” Clausing said, referring to the amount of imports targeted by Biden and by Trump tariffs. Likewise, the US International Trade Commission found in a 2023 study that US importers “bore nearly the full cost” of tariffs.

Persons: Donald Trump’s, Trump, That’s, Kimberly Clausing, Mary Lovely, Clausing, aren’t, ”, Joe Biden, “, Biden, ” Biden hasn’t, Janet Yellen, ” Yellen, ” Clausing, Karoline Leavitt, ’, Bidenomics, ” Leavitt, Leavitt, Moody’s, Mark Zandi, ” Goldman Sachs, ” ‘, ” Chris Krueger Organizations: New, New York CNN, Trump, Peterson Institute for International Economics, Peterson Institute, UCLA School of Law, CNN, ” Biden, Biden, Treasury Department, US International Trade Commission, “, Cowen’s Washington Research Group Locations: New York, China, Frankfurt, Germany, Europe, United States, U.S, Washington

☆ How Red Lobster choked on its own Endless Shrimp deal
▼ + stars: | 2024-05-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

First, Red Lobster got screwed by private equity. Back in 2014, the Darden restaurant group spun off Red Lobster to a private equity firm. Thai Union, under Kenny’s direction, elbowed out other shrimp suppliers, “leaving Thai Union with an exclusive deal that led to higher costs to Red Lobster,” according to the filing. And if you’re the exclusive provider of shrimp to America’s biggest seafood chain, what’d be better than making that limited-time all-you-can-eat shrimp deal a permanent menu item? The all-you-can-eat shrimp deal alone didn’t doom Red Lobster, but boy did it do some damage at a time when the chain was already buckling.

Persons: Nathaniel Meyersohn, ”, Management wasn’t, Jonathan Tibus, Tibus, Paul Kenny, Kenny Organizations: New, New York CNN, Darden, Management, Thai Union, CNN Locations: New York, foundering, Bangkok, Thai

☆ Taylor Swift fans are causing a spike in European air travel, United says
▼ + stars: | 2024-05-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

The official kickoff for summer this weekend is going to get even busier, thanks in part to Taylor Swift. Bookings to other European cities where’s she’s performing in the coming weeks, including Madrid, Edinburgh and Dublin, are also surging, a United representative told CNN. United’s flights to Milan and Munich for Swift’s shows in July have captured the biggest increase in demand – upwards of 45% more passengers compared to last year. Delta Air Lines told CNN demand is on the rise for flights to her European tour. Airlines for America, a group representing major US airlines, predicts record numbers of passengers this summer, with carriers expected to fly 270 million passengers — up 6% from last year.

Persons: Taylor Swift, Swift, ”, Chicago’s O’Hare, United, ‘ Swiftonomics ’, “, Elvis, Beatlemania, Dr, Peter Brooks, Anna Cooban Organizations: New, New York CNN, Air, United Airlines, United, CNN, Houston . Delta Air Lines, Airlines for America, Barclays Locations: New York, Lisbon, Portugal, Europe, Madrid, Edinburgh, Dublin, Milan, Munich, East, Newark, Dulles, San Francisco, Denver, Houston, Delta, United Kingdom

☆ Nestlé is releasing a lineup of frozen food for people on Ozempic and other GLP-1 drugs
▼ + stars: | 2024-05-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Nestlé, the maker of frozen food brands like Stouffer’s and DiGiorno, is slimming down with a new line of meals for people taking GLP-1 drugs, such as Ozempic, for weight loss. However, a recent study on Wagovy significantly reduced heart risk in addition to helping with weight loss. An example of Vital Pursuit food. It also made a $100 million-plus deal to buy Sequence, a telehealth business that offers virtual prescriptions to patients for these weight loss drugs where appropriate. Food companies, like Nestlé, are also bracing for GLP-1 consumers to buy fewer sugary snacks and drinks.

Persons: New York CNN — Nestlé, It’s, Morgan, Steve Presley, Neil Saunders, Nestlé, it’s “, Saunders, ”, “ Nestlé, Sesame, WeightWatchers, ” Saunders, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, North, GlobalData, Lean, CNN, Companies, Costco, Equinox Locations: New York

☆ Bob Menendez: Trump circus overshadows senator’s corruption trial
▼ + stars: | 2024-05-21 | by ( Gregory Krieg | ) edition.cnn.com time to read: +8 min

So it goes for Menendez, who is likely pleased to have his legal drama playing out in relative obscurity. More recently, Fetterman mocked the senator’s defense, which relies in part on pointing the finger of blame on Nadine Menendez, his wife. Republicans in Washington, as they’ve done during these first two weeks of the Menendez trial in New York, have been consistently deferential to the New Jersey Democrat. Rep. Andy Kim, a popular Democrat from South Jersey, is expected to win the nomination to succeed Menendez. Andrew Giuliani, pressed for a thought on the senator’s trial or the allegations against him, shrugged.

Persons: New York CNN — Andrew Giuliani, Donald, ”, Rudy Giuliani squinted, “, ” He’s, Sen, Bob Menendez’s, –, Michael Cohen, Daniels, Menendez, Trump, Donald Trump Jr, Attorney Alvin Bragg, Ronny Jackson, Bob Costello, Pam Bondi, Missouri Sen, Eric Schmitt, Matt Whitaker, Sebastian Gorka, Gov, Dan Patrick, Jackson, María Elvira Salazar, Troy Nehls, Dale Strong, Daniel Webster of, Vladimir Putin’s, Cory Booker, Chuck Schumer, John Fetterman, George Santos, Fetterman, Nadine Menendez, ” Fetterman, Jake Tapper, Mitch McConnell, ” North Dakota Sen, Kevin Cramer, he’s, Andy Kim, Andrew Giuliani, haven’t, ” CNN’s Sabrina Souza Organizations: New, New York CNN, New York, Manhattan Criminal, Court, Republican, Democrat, The New, The New Jersey Democrat, Foreign Relations, Trump, Democratic, Manhattan, Attorney, Texas, Dale Strong of, Pennsylvania Democrat, New York Rep, “, Union, ”, Republicans, New Jersey Democrat, Democrats, GOP, ” North, Politico Locations: New York, Lower Manhattan, Manhattan, The, The New Jersey, Menendez’s, Florida, Sebastian Gorka , Texas, María Elvira Salazar of Florida, Texas, Dale Strong of Alabama, Daniel Webster of Florida, North Korea, Vladimir Putin’s Russia, New Jersey, Pennsylvania, Washington, Egypt, ”, “ State, Israel, ” North Dakota, South Jersey, New York City

☆ Peloton ‘paused the use of’ Sean ‘Diddy’ Combs’ music on its platform
▼ + stars: | 2024-05-21 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Peloton said it has paused the use of music recorded by Sean “Diddy” Combs on its workout class platform in response to a member of a private Facebook group for Peloton users. In the comment posted on Monday, the company said it also removed the Bad Boy Entertainment Artist Series, a line of classes and workouts using music from a record label founded by Combs, on its platform. “This means our Instructors are no longer using his music in any newly produced classes,” Peloton said in the post. I take full responsibility for my actions in that video,” Combs said in a video statement posted on Instagram on Sunday. In 2022, Peloton said it “indefinitely paused” playing Kanye West’s music from its streaming workout classes after he made antisemitic comments.

Persons: Sean “ Diddy ” Combs, Combs, — Cassie Ventura, ” Combs, “, Kanye, Buddy, CNN’s Jordan Valinsky, Alli Rosenbloom, Elizabeth Wagmeister Organizations: New, New York CNN, Bad Boy, CNN, Ventura Locations: New York

☆ Target is cutting prices on up to 5,000 items to lure back inflation-wary shoppers
▼ + stars: | 2024-05-20 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Target has slashed prices on more than 1,500 popular items beginning immediately, ranging from butter to laundry detergent, as the retailer attempts to attract inflation-wary shoppers turned off by high prices. Prices have dropped effective Monday, with “thousands more price cuts” — amounting to 5,000 items — being reduced over the summer, the retailer announced. Retail sales growth has taken a hit because of high prices: Last month, retail sales were unchanged from March, when spending increased by a downwardly revised 0.6%, the Commerce Department recently reported. By comparison, a year ago, retail sales surged by 3%. In response, Target recently created a new house brand called Dealworthy to take on dollar stores and Walmart.

Persons: Sarah Wyeth Organizations: New, New York CNN — Target, Ikea, Aldi, Shoppers, CNN, Commerce Department, Target, Walmart Locations: New York

☆ 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

☆ Why Jay Powell really wants to lower interest rates this September
▼ + stars: | 2024-05-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

It’s interesting to me that the equity market is cheering the idea that the Fed is going to be cutting rates. There tends to be a fine line between cutting rates and extending the economic cycle or cutting rates because the cycle is coming to an end (and the economy is softening). When the Fed is cutting rates, it’s cutting rates because a recession is about to happen, right? That’s why I say there’s a fine line between the Fed cutting to extend the cycle and the Fed cutting because a recession is about to happen. The Fed has been in this precarious space where they’re trying to avoid recession while lowering interest rates.

Persons: Dow, stoking, Bell, Tom Porcelli, Jerome Powell, Jay Powell, they’re, that’s, Donald, Goofy, Eva Rothenberg, Mickey Mouse, Snow White, Captain Hook, ”, Kate Shindle, “, Uber, Lyft, Jamie Long, Read Organizations: CNN Business, Bell, New York CNN — Markets, Federal Reserve, Fed, ’ Equity Association, Equity, National Labor Relations Board, Disneyland, Disney, ’ Equity, Walt Disney Company, Uber, Democratic, Minneapolis City Council Locations: New York, Anaheim , California, Minnesota, Minneapolis

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