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Banking regulators on Friday disclosed that they found weaknesses in the resolution plans of four of the eight largest American lenders. The Federal Reserve and the Federal Deposit Insurance Corporation said that the so-called living wills — plans for unwinding huge institutions in the event of distress or failure — of Citigroup , JPMorgan Chase , Goldman Sachs and Bank of America filed in 2023 were inadequate. Regulators found fault with the way each of the banks planned to unwind their massive derivatives portfolios. The living wills are a key regulatory exercise mandated in the aftermath of the 2008 global financial crisis. "We are fully committed to addressing the issues identified by our regulators," New York-based Citigroup said in a statement.
Persons: Jane Fraser, JPMorgan Chase, Goldman Sachs, credibly, we've Organizations: Citigroup, Banking, Housing, Urban Affairs Committee, Nations Largest Banks, Federal Reserve, Federal Deposit Insurance Corporation, JPMorgan, Bank of America, Regulators, Wall, Goldman, Bank of, FDIC, Citi Locations: New York
As spring turned to summer this week, extreme heat caught much of New York City by surprise, sending concerned residents to prepare for rising temperatures earlier than usual, while various city agencies, civic organizations and businesses have also been adjusting their seasonal calendars. As climate change extends the traditional summer and batters the city with spontaneous rain storms, many New Yorkers are discovering that they are not quite in sync with the weather anymore and have to rethink how to adapt to the passing months. Look no further than this week: The city has already activated its first heat emergency plan of the year, but school remains in session, pools have yet to open and public beaches are still staffing up with lifeguards. For the most part, New Yorkers made modest adjustments to their schedules, postponing outings or being cautious if they pressed ahead, exercising and running errands, for example, during the morning and the evening — the coolest parts of the day.
Organizations: New Yorkers Locations: New York City, New
"Only pirates do this," General Romeo Brawner Jr. said in a social media post regarding the recent actions of the Chinese coast guard. This is how barbaric the Chinese Coast Guard is in the recent RoRe mission of the Armed Forces of the Philippines. The Chinese coast guard might have used pirate-like tactics, but it's not legally piracy. This photo taken on February 15, 2024, shows an aerial view of Scarborough Shoal in the disputed South China Sea. The nine-dash line is a map marking designating China's sweeping and controversial claims to the South China Sea.
Persons: , Romeo Brawner Jr, , 7vzFDem1DE — Jay Tarriela, it's, Harrison Prétat, Thomas Shoal, Prétat, Thomas, Brawner, Philippines MaryKay Carlson Organizations: Service, Staff, Armed Forces, Business, China, China's Coast Guard, South China, Coast Guard, Center for Strategic, Studies, Maritime Transparency Initiative, BRP, BRP Sierra Madre, UN, ROSA, Philippine Navy, Mutual Defense, People's Locations: Philippines, China, Philippine, Beijing, South, BRP Sierra, Scarborough Shoal, AFP, South China, Manila, It's, People's Republic of China
AdvertisementIn Australia, I've benefited from financial support from my parents and partner. I don't pay rent or utilities except for WiFi. AdvertisementI also think that this culture has allowed me to feel less pressure to go out and I've performed better academically. I don't think my job outcome would have been as good if I were in the US. My parents plan on coming back to Australia when they retire, so I am very much looking forward to that.
Persons: , Aolin Xu, I've, I, they're, Australia doesn't, Ernst & Young Organizations: Service, Business, University of New, UNSW, Australian, US, Ernst & Locations: Australia, Washington, Canada, America, University of New South Wales, Sydney, Bali, Malaysia, EY
The most important thing to remember when traveling is your routine, according to Daley. Tom Daley attends the GQ Men Of The Year Awards 2023. Mike Marsland/Contributor/WireImageDaley, 30, told Business Insider that the most important thing when traveling is to try to maintain some kind of routine. "When I was younger, traveling when you're 10 to 15 years old, you don't really have many issues," he said. Being able to stick to the routine, being able to know what you're going to be doing, when, it's all about the consistency," he said.
Persons: Daley, Tom Daley, Mike Marsland, WireImage Daley, I've, you'll
New York CNN —Nvidia’s eye-popping gains this year have helped propel the stock market to repeated record highs. Can Nvidia’s blockbuster gains continue, and what does its outsized market cap mean for the stock rally? Now everyone says, “the market is dependent on Nvidia’s earnings.” You’re going to see a kind of a shift in market cap over the years. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market.”Still, mortgage rates remain higher than anything seen in the decade before 2022, the year the Federal Reserve began to raise interest rates to combat inflation. The Fed doesn’t directly set mortgage rates but its actions do influence them through the benchmark 10-year US Treasury yield, which moves in anticipation of the Fed’s policy moves.
Persons: OpenAI’s, Bell, Christopher Barto, ” You’re, Bryan Mena, Freddie Mac, , Sam Khater, Freddie Mac’s, don’t, Read, Ilya Sutskever, Clare Duffy, Sutskever, Geoffrey Hinton Organizations: CNN Business, Bell, New York CNN, Nvidia, Microsoft, Fort Pitt Capital Group, Apple, Meta, Google, Amazon, , Federal Reserve, Treasury, Superintelligence Inc, SSI Locations: New York
The Biden administration on Friday outlined its plans to curb new American investment in critical Chinese technology industries that could be used to enhance China’s military, further straining economic ties with Beijing at a time when trade tensions are rising. The proposed Treasury Department rules would prohibit certain U.S. investments in Chinese companies that are developing semiconductors, quantum computers and artificial intelligence systems. The Biden administration is trying to restrict American financing from helping China develop advanced technology that could be used for weapons tracking, government intelligence and surveillance. They come nearly a year after President Biden signed an executive order calling for the investment ban, which will largely affect venture capital and private equity firms that do business with Chinese companies. “This proposed rule advances our national security by preventing the many benefits certain U.S. investments provide — beyond just capital — from supporting the development of sensitive technologies in countries that may use them to threaten our national security,” said Paul Rosen, the Treasury Department’s assistant secretary for investment security.
Persons: Biden, , Paul Rosen Organizations: Beijing, Department, Treasury Locations: China
At least 14 Malaysians, 165 Indonesians, 68 Jordanians, 35 Pakistanis, 35 Tunisians, 11 Iranians and 98 Indians have died, according to authorities in each country. According to a CNN tally, this brings the latest official death toll for this year’s pilgrimage to at least 460. The death tolls are expected to rise much further, as Saudi Arabia and Egypt have yet to release official figures. The Bernama report did not specify if the dead were members of the country’s official Hajj delegation. The government is targeting 30 million pilgrims by 2030.
Persons: Mostafa Madbouly, Abdel Fattah el, Mecca Rafiq Maqbool, Mohd Na’im Mokhtar, , Arafat, Prophet Mohammed, King Salman bin Abdulaziz, Prince Mohammed bin Salman, Edward Szekeres, Handi Alkhshali, Aishwarya S Iyer Organizations: CNN, Jordanian Foreign Ministry, Crescent, Saudi, Reuters, Saudi Ministry of Health, Associated Press, AP Malaysia’s, Religious, News Agency, Hajj, India’s Ministry, External Affairs, Saudi General Authority, Statistics Locations: Mecca, Jordanian, Saudi Arabia, Egypt, Mina, Saudi
The decline comes after the AI chipmaker on Tuesday briefly topped Microsoft as the most valuable public company. Nike — The athletic clothing maker moved 1% higher following an upgrade at Oppenheimer to outperform from market perform. Asana — Shares popped more than 3% after the software firm announced a $150 million share buyback plan. Gilead Sciences — The pharmaceutical stock rose more than 2.6%, building on a rally of 8.5% from the previous session. Delta Air Lines — The stock rose 0.7% following news Thursday that the airliner announced a quarterly dividend of 15 cents a share, a 50% increase from previous levels.
Persons: Oppenheimer, Gilead, LendingTree, Bernstein, Toni Sacconaghi, — CNBC's Brian Evans, Michelle Fox, Jesse Pound, Sarah Min Organizations: Nvidia, Microsoft, Sarepta Therapeutics, U.S . Food, Drug Administration, Nike, Gilead Sciences, Bloomberg, Apple —, Air Lines Locations: U.S, Gilead
Hertz Global — Shares rose more than 10% after the car rental giant upsized a bond offering to $1 billion . Asana — The stock popped 10.5% after the software firm announced a share buyback plan that would cost $150 million. Nvidia — The chipmaker dropped another 1% following a 3.5% decline in the previous session. Gilead Sciences — Shares of the pharmaceutical company popped around 2%, adding to an 8.5% rally from the previous session. Palo Alto Networks — Shares rose 2.4% after D.A.
Persons: Gilead, LendingTree, Davidson, D.A, Boyd Gaming, Boyd, , Alex Harring, Yun Li, Lisa Kailai Han, Hakyung Kim, Michelle Fox Organizations: Therapeutics, U.S . Food, Drug Administration, FDA, Hertz, Nvidia, Gilead Sciences, Bloomberg, Palo Alto, D.A, Penn Entertainment, Boyd, Reuters, Boeing Locations: U.S, Gilead, Palo, cybersecurity, Thursday's
Overall, Mr. Trump was a daunting $100 million behind Mr. Biden at the start of April. And for the first time, Mr. Trump’s principal campaign committee had more cash than Mr. Biden’s: $116.5 million to $91.6 million. report does not translate to boots on the ground tomorrow,” Dan Kanninen, Mr. Biden’s battleground states director, said in an interview. So far, Mr. Biden has enjoyed a tremendous advertising advantage over Mr. Trump. Hopefully that changes as we get even closer.”For now, Mr. Biden is racing to replenish his coffers in June.
Persons: Donald J, Trump, Biden, outpacing, Trump’s, , Brian Derrick, ” Mr, Timothy Mellon, “ What’s, Dan Kanninen, Donald Trump, ” Steven Cheung, Mr, Joe, President Trump, Cheung, Jimmy Kimmel, Barack Obama, Erin Schaff, Nikki Haley, Haley’s, John Paulson, Stephen A, MAGA, Rufus Gifford, Mitt Romney, Barack Obama’s, Jon Reinish, He’s, Obama, Terry McAuliffe, Bill Clinton, — Andy Beshear, JB Pritzker, Gretchen Whitmer Organizations: Mr, Democratic National Committee, Republican National Committee, Trump, Biden, Democratic, Republican, The New York Times, Blackstone, Make, Inc, MAGA Inc, Hollywood, Illinois Locations: New York, Los Angeles, Trump’s Florida, Mar, AdImpact, Pennsylvania, Georgia, Virginia, Kentucky, Michigan, Atlanta
Jeff Bezos is trying to end a financial catastrophe at The Washington Post, employing new leaders. But on Friday a crucial player, Robert Winnett, decided not to join and helm the newsroom after all. AdvertisementJeff Bezos has grand plans to remake The Washington Post. The incoming editor for the newsroom — Robert Winnett, the golden boy of the UK's Daily Telegraph newspaper — pulled out of the job Friday morning. He ditched the role after a slew of revelations about his own past as a writer in London and that of Will Lewis, the Washington Post publisher and old friend who tapped him for the top job.
Persons: Jeff Bezos, Robert Winnett, , Will Lewis Organizations: Washington Post, Service, Daily Telegraph, Business Locations: London
My parents, who still live in the US, always talked about how much we could save if I went to university in Australia. AdvertisementIn Australia, I've benefited from financial support from my parents and partner. I don't pay rent or utilities except for WiFi. I don't think my job outcome would have been as good if I were in the US. My parents plan on coming back to Australia when they retire, so I am very much looking forward to that.
Persons: , Aolin Xu, I've, I, they're, Australia doesn't, Ernst & Young Organizations: Service, Business, University of New, UNSW, Australian, US, Ernst & Locations: Australia, Washington, Canada, America, University of New South Wales, Sydney, Bali, Malaysia, EY
What's next: Media Matters filed a motion to dismiss Musk's lawsuit in March, but a judge has yet to rule. VCG/GettyGovernment lawsuits and investigationsSEC investigation into Musk's Twitter takeoverThe issues: The Securities and Exchange Commission is investigating Elon Musk's Twitter purchase. Matt Winkelmeyer/Getty ImagesPersonal lawsuits against MuskTornetta v. MuskThe issues: Tesla shareholder Richard Tornetta sued Musk and Tesla in a class action lawsuit regarding Musk's compensation package, which was worth $55.8 billion at the time. Several lawsuits also allege Musk discriminated against them because of their race, gender, or disability in choosing to fire them. The executives were set to receive golden parachutes, but claim Musk and X have not paid them out.
Persons: , Elon Musk, Musk, Claire Boucher, Grimes, Alex Spiro, Sam Altman, Donald Trump, Spiro, Anna Webber, Angelo Carusone, What's, Gina Carano, Schaerr Jaffe, Tesla, Musk's, Elon, SEC hasn't, Elon Musk's, who've, Owen Diaz, Matt Winkelmeyer, Richard Tornetta, Kimbal Musk, He's, Boucher, Benjamin Brody, Brody, Brody reverberated, Ben Brody, didn't, Robert Kaiden, Kaiden, he's, Agrawal, Parag Agrawal, Ned Segal, Twitter Vijaya Gadde, Sean Edgett, Segal, hadn't Organizations: Service, SpaceX, Business, OpenAI, SEC, Trump, Trump —, Elon, Variety, Media, X Corp, Disney, National Labor Relations Board, UAW, Tesla, Getty Government, Twitter, Securities, Exchange Commission, Justice Department, Reuters, Traffic, Administration, NHTSA, Apple, NLRB, Musk's SpaceX, US, Employment Opportunity, Musk, Nazi, Litigation Locations: Texas, Texas and Missouri, America, Nazi Germany, California, Delaware, San Francisco
Most of the earnings reports — 25 out of 32 portfolio names — were ranked as good or great by the Investing Club. Similar to prior quarters, we grouped company results into one of four categories. Meta Platforms : Sales, earnings and cash flow results all topped expectations . However, sales and earnings both outpaced expectations, as did return on tangible common equity, a key consideration when valuing banks. The company also raised its outlook for full-year earnings growth to 25% year-over-year from 20%.
Persons: we're, Dover, Eli Lilly, Blackwell, Abbott, , Wall, We'll, Morgan Stanley, Nikesh, Stanley Black, Wells, Estee Lauder, Fabrizio Freda, Jim Cramer's, Jim Cramer, Jim, Hock Tan, Broadcom Lucas Jackson Organizations: Investing, Apple, Services, Broadcom, VMware, Coterra, DuPont, Microsoft, Nvidia, Wynn Resorts, Super, Abbott Labs, Web Services, Constellation Brands, Constellation, Ford, Ford Pro, Wall Street, Alto Networks, Procter & Gamble, TJX, GE Healthcare, Honeywell, Linde, Jim Cramer's Charitable, CNBC Locations: Dover, China, Eaton, Las Vegas, China's Macao, billings, Wells Fargo,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We need a long-term plan' for the sector, Italian Property Developers Association President saysAngelica Donati, president of Ance Giovani, the Italian property developers association, discusses the Italian "Superbonus" scheme, and what the country needs for an effective energy transition strategy in unison with Europe.
Persons: Angelica Donati, Ance Giovani Organizations: Italian, Developers Locations: Europe
Though municipal bonds generally offer income that's free of federal income taxes – and state taxes if the investor resides in the issuing state – they also come with lower yields compared to other bonds. When it comes to muni bonds, the higher your tax bracket, the more valuable the tax-free income is. A tax-conscious approach to fixed income You don't have to bulk up on municipal bonds to get the best yield for your tax scenario. Municipal bonds are good contenders in taxable brokerage accounts, where investors can benefit from their tax-free income. Some fund families offer "tax-aware strategies" either in mutual funds or ETFs, which can include some exposure to municipal bonds, as well as equities.
Persons: Wells Fargo, aren't, Nisha Patel, That's, Collin Martin, Michael Carbone, it's, Beth Foos Organizations: Wells, Wells Fargo Investment Institute, Federal Reserve, SEC, Bond, Corporate Bond, York Life Investments, Schwab Center, Financial Research, Morningstar Locations: Wells Fargo, Chelmsford , Massachusetts
That's when Virginia joins the small but growing ranks of states protecting disconnects during extreme heat. "We have to account for extreme heat outside the normal months of the year that are increasingly hotter now," Aird said. I predict we will see more places experiencing heat crises and heat emergencies. Nearly three million people have their electricity shut off annually because they cannot afford to pay monthly bills, according to the Energy Justice Lab. A majority of states (40) have statutory-based utility disconnection protections that cover specific times of year and vulnerable populations, according to the Energy Justice Lab.
Persons: Virginia sweltering, Lashrecse Aird, Aird, David Konisky, Konisky Organizations: Indiana University, Energy Justice Lab, Energy Justice, Energy, Washington D.C Locations: Virginia, That's, Petersburg
We got it done in 11 weeks, because we work together," Moore said. Last month, the Maryland Transportation Authority issued its first request for proposals to rebuild the bridge. The Maryland Transportation Authority is expected to choose the firms this summer. U.S. Transportation Secretary Pete Buttigieg told CNBC the new bridge will be far better than the old one that opened in 1977. "We know things that we didn't know in the 1970s, about how to put up a bridge," Buttigieg said.
Persons: Baltimore's Francis Scott Key, Wes Moore, " Moore, Moore, Francis Scott Key, Kevin Dietsch, Pete Buttigieg, Buttigieg, Nobody Organizations: Seaboard, Maryland, CNBC, Port, Getty, Maryland Transportation Authority, Maryland Transportation, . Transportation Locations: Port of Baltimore, Patapsco, Baltimore , Maryland, Maryland
Leopatrizi | E+ | Getty ImagesMore built-for-rent single-family homes are being constructed in the U.S., according to the National Association of Home Builders, and experts say this is in part due to the housing affordability crisis. Construction began on about 18,000 single-family, built-for-rent homes in the first quarter of 2024, a 20% jump compared with the first quarter of 2023, according to NAHB, which analyzed data from the U.S. Census Bureau's Quarterly Starts and Completions by Purpose and Design. Single-family built-for-rent starts grew to 90,000 units in 2023, up from 81,000 units in 2022, the National Association of Realtors reported. The growing share of built-for-rent single-family homes is a response to demand from "people who can't afford today's very expensive, out-of-reach housing market," Lautz said. Homeowners are also responsible for shouldering "hidden costs" that aren't figured into a mortgage payment, such as maintenance, repairs, taxes and insurance.
Persons: Robert Dietz, Molly Boesel, Jessica Lautz, Lautz, NAHB's Dietz, Boesel Organizations: National Association of Home Builders, Census, Finance, JPMorgan, Trump, National Association of Realtors, Survey, U.S . Census, NAR, Mortgage, Association Locations: U.S
With North Korea aggressively testing devastating weapons, Seoul is aghast at the Putin-Kim meet-up. SEOUL, SOUTH KOREA - 2024/04/22: South Korea's 24-hour Yonhapnews TV shows a file image of North Korea's missile launch during a news program on a TV at Yongsan Railroad Station in Seoul. Now, South Korean officials say the revitalized partnership between North Korea and Russia may prompt Seoul to lift its ban on sending weapons to Ukraine. South Korea has a substantial conventional arms manufacturing sector and is the world's 10th biggest arms exporter, per the Stockholm International Peace Research Institute. Putin sought to assure Seoul that the treaty only dealt with either country defending each other, though he did not address South Korea's concerns that Russia was enabling Pyongyang.
Persons: Kim, Kim Jae, Putin Organizations: North, Putin, SOUTH, Getty Images, Stockholm International Peace Research Institute, DPRK, RIA Novosti Locations: North Korea, Seoul, SEOUL, SOUTH KOREA, Yongsan, Korea, Pyongyang, Moscow, Russia, Ukraine, South Korea, Stockholm, Republic of Korea, RIA
Meanwhile, Melius Research upped its price target on the leading artificial intelligence chipmaker to $160 a share from $125. Their new price target is $477 a share, down from $535. DA Davidson started coverage of Club name Palo Alto Networks with a buy rating and price target of $380 a share. Snowflake 's price target at Wells Fargo was lowered to $200 a share from $225, though analysts kept their buy rating on the data-analytics stock. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Stocks, Dow, Oppenheimer, Bernstein, Toni Sacconaghi, It's, Northrop Grumman, Analysts, Davidson, billings, Morgan Stanley, Frank Slootman, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Nvidia, Research, Nike, Analysts, Apple, Northrop, Palo Alto Networks, Alcoa, JPMorgan, Kroger, Jim Cramer's Charitable, CNBC Locations: Freeport, McMoRan, Wells
Does off-season travel exist anymore?
  + stars: | 2024-06-20 | by ( Lilit Marcus | ) edition.cnn.com   time to read: +8 min
Then, you can plot a graph to see which months are higher and lower than that total to determine when the peak season is. “In Thailand, low season typically spans from April to September with April and May being really hot,” says Ponti. “During this low season the tourist volumes each month constitute more than 7% of the annual total. Angelos Tzortzinis/dpa/picture alliance/Getty ImagesArguably the biggest single factor affecting what we know as “peak season” travel is weather. “For me, the challenge is about finding the joy in those low seasons, finding those nuggets of gold.”
Persons: , Olivier Ponti, Ponti, Angelos Tzortzinis, Ged Brown, Mikey Sadowski, there’s, we’re, Sadowski, David Silverman, it’s, ForwardKeys ’ Ponti, Ann Woodward, , Woodward, , I’ve, , Brown, haven’t, ” Brown Organizations: CNN, United Nations, European Travel Commission, Intrepid, Travelers Locations: Italy, Hong Kong, Amsterdam, Japan, Canary, Spain, Thailand, Hawaii, Maldives, , , Athens, Greece, Europe, Denmark, Sweden, Nepal, Mexico, New York
This guide has everything you need about where to watch a free Spain vs. Italy live stream wherever you are in the world. How to watch free Spain vs. Italy live streams from anywhereWith a quick and easy workaround, you can catch all Euro 2024 action for free, including Spain vs. Italy today. ET / 8 p.m. BST / 3 a.m. AWSTWhere to watch Spain vs. Italy in the USAFox has picked up the rights to the vast majority of games in the USA, including Spain vs. Italy. ITV specifically has the free Spain vs. Italy live stream today. Where to watch Spain vs. Italy in AustraliaOptus Sport, a paid streaming service, exclusively holds all the Euro 2024 live streams in Australia.
Persons: you'll, ExpressVPN, That's Organizations: Business, BBC, ITV, Olympics, Wimbledon, USA Fox, Fox, Fubo, Nations, Australia Optus Sport, Optus Locations: Spain, Italy, Ireland, USA, Slovakia, Ukraine, Georgia, Australia
That's pushed tech heavyweights and Club names such as Apple , Nvidia , Microsoft and Broadcom higher and the S & P 500 to record highs along with them. The market-cap weighted S & P 500, which we report on all time, has gained more than 4% since May 30. But, a version of the index that assigns each company the same influence, known as the S & P 500 Equal-Weight , has advanced only around 1%. The divergence helps explain why our trusted momentum indicator, the S & P Short Range Oscillator , has been closer to oversold territory than overbought during the run higher. Recent years haven't been so kind to them, with the stock underperforming the S & P 500 considerably over the past three years.
Persons: That's, Morgan Stanley, Wells, Banks, Abbott, We've, Lingo, Stanley Black, Decker, DuPont, DuPont —, Ed Breen, Lori Koch, Vimal Kapur, Jim Cramer, Darius Adamczyk, haven't, Jim Cramer's, Jim, Johannes Eisele Organizations: Apple, Nvidia, Microsoft, Broadcom, Wall Street, Federal, Abbott, Abbott Labs, Mizuho Securities, DuPont, Honeywell, Systems, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Wall, Afp, Getty Locations: Dover, Wells Fargo, Missouri, Abbott's, U.S, Decker, New York City
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