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☆ Porsche reveals a new hybrid 911 as more consumers embrace hybrids over electric vehicles
▼ + stars: | 2024-05-28 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

They have become increasingly popular in the United States even as sales of purely electric models have started to slow. The German automaker Porsche, a division of Volkswagen AG, already sells plug-in hybrid models like the Cayenne e-Hybrid SUV and Panamera e-Hybrid four-door car, but a hybrid 911 is another matter. Initially, hybrid power will be available in only one version of the car, the high performance 911 Carrera GTS. In another major change for Porsche, this car will not be a plug-in hybrid, as other Porsche hybrid models have been. Besides hybrids, Porsche also sells fully electric cars, the Taycan and the new Macan Electric SUV.

Persons: CNN —, didn’t, Ferdinand Porsche Sr, Ferdinand “ Ferry, Ferry’s, Ferdinand “ Butzi Organizations: CNN, CNN — Porsche, Porsche, Volkswagen AG, Carrera, Volkswagen Locations: United States, Cayenne

☆ I'm a professional declutterer. Here are 5 things from your bathroom you need to throw out.
▼ + stars: | 2024-05-28 | by ( Julia Williamson | ) www.businessinsider.com time to read: +4 min

As a professional decluttrer, here are five things I recommend you purge today. As for throwing things away, don't worry about waste; keeping something but not using it is the same as consigning it to the trash. AdvertisementSo much 'other' stuff ends up in the bathroomMany things find their way into the bathroom that are only tangentially connected to hygiene. Items like candles, toys, lint rollers, irons — all kinds of things find their way into the bathroom and refuse to leave. If you don't actually use it in the bathroom, there might be a better place to store it.

Persons: you've, bobby Organizations: Service, Business

☆ How to Reverse America's Urban Doom Loop: Use Abandoned Steam Pipes
▼ + stars: | 2024-05-28 | by ( Adam Rogers | ) www.businessinsider.com time to read: +9 min

Instead, it's drawing a feed of blistering, high-pressure, vaporized water from a century-old loop of steam pipes that runs beneath the city's streets. Like dozens of cities, New York has a loop of steam pipes under its streets that could help reverse the urban doom loop. Lindsey Nicholson/UCG/Universal Images Group via Getty ImagesIn July, Vicinity is installing what will be the nation's first zero-carbon urban steam loop. AdvertisementThe most convincing evidence that steam loops make economic sense comes from who's getting into the district-energy game. Meaning: Can we use steam loops to fix the urban doom loop before the climate doom loop dooms us all?

Persons: I've, Nobody, Francisco, Kevin Hagerty, Lindsey Nicholson, Blake Ellis, Burns, McDonnell, Tim Danz, it's, Danz, Hagerty, Decarbonizing, COVID, Costa Samaras, They'll, Adam Rogers Organizations: California, Vicinity Energy, Getty, Cal, Antin Infrastructure Partners, KKR, Scott Institute for Energy, Innovation, Carnegie Mellon, Business Locations: Francisco, California, New York City, Boston, Washington, New York, England, Chicago, Miami, San Diego, Portland, Milwaukee

☆ Saudi Arabia is reportedly trying to plug a $21 billion deficit by selling bonds
▼ + stars: | 2024-05-28 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Read previewSaudi Arabia plans to raise money by selling bonds as it presses ahead with massive spending projects, Bloomberg reported. Riyadh previously sold $12 billion of sovereign debt in January, while planned desert megacity Neom has also reportedly mulled issuing Islamic bonds in a bid to raise more cash. AdvertisementThe latest bond sale comes as Saudi Arabia presses ahead with Mohammed bin Salman's Vision 2030 plan that seeks to diversify its oil-reliant economy. In February, The Wall Street Journal reported that Saudi Arabia had started borrowing to help fund Neom and other Vision 2030 "gigaprojects."

Persons: —, Goldman Sachs, Mohammed bin Salman's, Cristiano Ronaldo, Karim Benzema, Neymar, LIV, Tim Callen Organizations: Service, Bloomberg, Business, Citigroup, BNP, Saudi Pro League, Street Journal, Gulf States Institute Locations: Saudi Arabia, Riyadh, Washington, Saudi

☆ Ozempic reduces risk of serious illness and death in people with diabetes and kidney disease, study finds
▼ + stars: | 2024-05-24 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +8 min

Diabetes is a key risk factor for kidney disease, which is one of the leading causes of death in the United States and worldwide; about 1 in 3 people with diabetes also has chronic kidney disease, according to the US Centers for Disease Control and Prevention. But new research shows that weekly injections of semaglutide cut the risk of severe outcomes from diabetic kidney disease by about 24%. The new study found even broader related benefits of semaglutide treatment among people with diabetic kidney disease. “Kidney disease attributed to diabetes, or diabetic kidney disease, is one of the most common and deadly complications of diabetes. Yet, unfortunately, there’s very low awareness around it,” said Dr. Katherine Tuttle, chair of the Diabetic Kidney Disease Collaborative for the American Society of Nephrology.

Persons: ”, Vlado Perkovic, “ Semaglutide, Martin Holst Lange, Katherine Tuttle, ” It’s, Tuttle, semaglutide, It’s, Dr, Sanjay Gupta, White, ” Tuttle Organizations: CNN, Diabetes, US Centers for Disease Control, New England, of Medicine, European Renal Association Congress, University of New, University of New South Wales Sydney, Novo Nordisk, American Society of Nephrology, Providence Inland Northwest Health, Health Sciences, University of Washington, CNN Health Locations: United States, University of New South, Danish, American

☆ These Teens Adopted an Orphaned Oil Well. Their Goal: Shut It Down.
▼ + stars: | 2024-05-24 | by ( Delger Erdenesanaa | ) www.nytimes.com time to read: +1 min

As a child in Bolivia, Mateo De La Rocha told his family he wanted to work as a garbage man when he grew up. In La Paz, his home city at the time, trash piles were everywhere. In Mr. De La Rocha’s eyes, the local sanitation worker was the only person cleaning up pollution. As many as 3.9 million abandoned and aging oil and gas wells dot the United States, according to the Environmental Protection Agency. estimates that abandoned wells collectively released 303,000 metric tons of methane in 2022, roughly equivalent to how much carbon dioxide 23 gas-burning power plants might release in one year.

Persons: Mateo De La Rocha, De, ”, De La Rocha Organizations: Paz, Environmental Protection Agency Locations: Bolivia, United States, Cary, N.C, Ohio

☆ Boeing expects a 2024 cash burn, slow recovery of airplane deliveries amid crisis, CFO says
▼ + stars: | 2024-05-23 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

A month ago, West forecast Boeing would generate free cash flow "in the low single-digit billions." The company's aircraft deliveries in the first quarter fell to the lowest level since the pandemic. Other problems have also sprung up, including a pause on deliveries of 737 Max planes to China to review batteries for the cockpit voice recorder. Parts shortages have also slowed deliveries of 787 Dreamliners, Boeing has said. American Airlines last month said it would cut some international flights because of delays of the wide-body jets.

Persons: Brian West, West, Dave Calhoun, Max Organizations: American Airlines Boeing, Reagan National, FAA, Boeing, Wolfe Research, Federal Aviation Administration, Civil Aviation Administration, China, American Airlines, United Airlines, Southwest Airlines Locations: Los Angeles, United States, Washington , U.S, China

☆ TikTok is becoming a new GoFundMe, with views replacing donations to help people get out of debt
▼ + stars: | 2024-05-22 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +7 min

Read preview"We are paying off each other debt on TikTok," a creator recently declared. The creator, named Yolanda, was gushing about the "pay off each other's debt" trend that seems to have become popular on the app. More than 4,000 videos have been posted under the #payoffdebttrend hashtag on TikTok, with creators asking for help for various reasons including medical bills, student debt, and unexpected costs. The requirements for earning money on TikTok are to have at least 10,000 followers and to have amassed 100,000 video views in the previous 30 days. AdvertisementAccording to creators who previously spoke with BI in 2022, the amount TikTok pays creators varies widely from a few pennies to $17 per 1,000 views.

Persons: —, Yolanda, TikTok, Katya Varbanova, Jake Heisenburg, Heisenburg, commenter, didn't, he'd, Markia Brown, Mark Tilbury, Varbanova, it's, Brown, isn't Organizations: Service, Business, New York Federal Reserve Bank, TikTok, Facebook Locations: TikTok, Experian

☆ Things are about to get a lot tougher for Jensen Huang's Nvidia
▼ + stars: | 2024-05-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

The 61-year-old Silicon Valley veteran running Nvidia has overseen a $2 trillion surge in its value since the start of last year. Justin Sullivan/Getty ImagesThe hype behind Nvidia's chips is no joke. But competitors have been busy developing AI chips of their own to reduce reliance on Nvidia's increasingly expensive offerings. AMD CEO Lisa Su, who's Huang's cousin, is aiming to pry Nvidia customers away with a chip named the MI300X that costs between $10,000 and $15,000. If they succeed in using Triton, they could be one step closer to a future in which alternatives to Nvidia's chips are easier to use.

Persons: —, Jensen Huang, Sam Altman, Mark Zuckerberg, Matt Bryson, Huang, isn't, Justin Sullivan, Taylor Swift, Nvidia's, Blackwell, Zuckerberg, Lisa Su, who's, Jensen, AMD, CUDA, OpenAI Organizations: Service, Silicon, Nvidia, Microsoft, Apple, Business, GTC, AMD, Google, Meta, Financial Times Locations: San Jose , California, Woodstock

☆ BMW unveils its latest ‘Art Car,’ courtesy of abstract artist Julie Mehretu
▼ + stars: | 2024-05-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

Designed and engineered in collaboration with the Italian race car manufacturer Dallara, it’s low and wide with an enormous rear wing and a large vertical rudder. For the commission, which marks the 20th BMW Art Car, Mehretu chose to adapt one of her most famous works: The painting “Everywhen,” which is now in the collection of the Museum of Modern Art in New York City. The first woman to take on a BMW Art Car was South African artist Esther Mahlangu, who in 1991 painted a 525i sedan. In 1996, Holzer covered a BMW Le Mans race car in the words “Protect Me From What I Want,” among other provocative phrases. Esther Mahlangu's 'Art Car' featured the bold colors and geometric patterns used in the traditional arts and crafts of the Southern Ndebele people.

Persons: Andy Warhol, Jeff Koons, Jenny Holzer, Robert Rauschenberg, Julie Mehretu, Mehretu, ” Mehretu, André, Alexander Calder, Hervé Poulain, Poulain, Calder, Roy Lichtenstein, Warhol, Esther Mahlangu, Holzer, Esther Mahlangu's, Enes, Goldman Sachs, “, Marian Goodman, I've, ” Julian Kroehl, BMW Mehretu, Madeleine Grynsztejn, ”, Julie, ” Grynsztejn Organizations: CNN, BMW, Pompidou Center, Le, Dallara, Museum of Modern Art, BMW “, CSL, BMW Le, Daytona, Fine Arts, Rhode Island School of Design, MacArthur, US Department of State, of, Pritzker, Museum of Contemporary Art Chicago Locations: Ethiopian American, Paris, New York City, American, African, Southern, Manhattan, Addis Ababa, Ethiopia, United States, New York

☆ A Microsoft under attack from government and tech rivals after 'preventable' hack ties executive pay to cyberthreats
▼ + stars: | 2024-05-22 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +13 min

The decision by Microsoft to link executive compensation to successful cybersecurity performance is another is prompting discussions at other firms. One change the tech giant is making in response: linking executive compensation more closely to cybersecurity. In recent years, many Fortune 500 companies, including Apple, have added bonus pay tied to ESG metrics. The conversations about cybersecurity-linked executive pay have started taking place at other companies since Microsoft made its move, according to Aalap Shah, managing director at executive compensation consultant Pearl Meyer. Madnick's research shows that gaps in corporate culture are often culprits in high-profile hacks, not just the Microsoft example.

Persons: Brad Smith, Charlie Bell, Aalap Shah, Pearl Meyer, It's, I've, Shah, —, Stuart Madnick, Madnick, Ryan Kalember, unavoidability, Jen, Kalember, ransomware, Mike Doonan, Doonan Organizations: Microsoft, U.S, Hill, Google, U.S . Department of Homeland, Initiative, Microsoft Security, Team, Companies, Fortune, Apple, MIT, Infrastructure Security Agency, CNBC, Technology, State Department Locations: China, Russia, cybersecurity, U.S

☆ Lowe's CEO explains why the company is partnering with Big Tech
▼ + stars: | 2024-05-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

In a Tuesday interview with CNBC's Jim Cramer, Lowe's CEO Marvin Ellison described the home improvement retailer's partnerships with Big Tech companies like Apple and Nvidia . Ellison said Lowe's offers a Chat GPT plug in that aims to better assist customers, adding that the company also has a program designed for Apple's Vision Pro. Lowe's peer Home Depot has also delved into the AI space by partnering with Alphabet . And like Home Depot, Lowe's is feeling the burden of high interest rates. "We're preparing to be at our best when the cycle turns up, and we know that's going to happen," he said.

Persons: CNBC's Jim Cramer, Marvin Ellison, We've, Ellison, Lowe's Organizations: Big Tech, Apple, Nvidia, Apple's Vision, Home Depot, Google

☆ China's hot EV market is no longer focused solely on lower sticker prices. Which stocks to watch
▼ + stars: | 2024-05-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Winning in China's electric car market is no longer just about having the cheapest price. Despite new U.S. tariffs , the Chinese electric car industry is already moving into a new phase of competition no longer centered on sticker prices alone, many in the industry say. Hong Kong-listed Fuyao, a major supplier of glass for cars, is one of JPMorgan's top picks to take advantage of China's growing electric car market. The Shenzhen-listed Chinese battery giant, Contemporary Amperex Technology , is one of JPMorgan's top Chinese electric car supply chain plays. Last week, Chinese electric car company Nio released a new car in a lower-priced range of just over 200,000 yuan.

Persons: Stephen Dyer, AlixPartners, BYD, Xiaomi, Tesla, Nio, William Li, — CNBC's Michael Bloom Organizations: JPMorgan, Greater, Greater China Business, Amperex, Li Auto, Tesla Locations: Hong Kong, China, Greater China, Asia, Beijing, Shenzhen

☆ Warren Buffett's Berkshire has been a net seller of stocks for 6 quarters in a row. Here's why
▼ + stars: | 2024-05-19 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett's Berkshire Hathaway has been a net seller of stocks for six straight quarters despite the recent disclosure of a headline-making purchase of a stake in insurer Chubb . In fact, Berkshire hasn't been a net buyer of stocks since the third quarter of 2022, according to an analysis of filings. The bulk of the first quarter selling came from trimming Berkshire's massive Apple bet by 13% after reaping enormous gains. "If I saw one of those now, I'd do it for Berkshire," Buffett told shareholders, referring to his Japanese investment. Berkshire's cash hoard reached a record $189 billion in the first quarter, up from almost $168 billion in the fourth quarter.

Persons: Warren, Berkshire Hathaway, Chubb, Berkshire hasn't, Buffett, hasn't, I've Organizations: Berkshire, HP, Paramount, Treasury, Federal Reserve Locations: The Omaha, Berkshire, Omaha, Zurich, Louisiana, Pacific

My condolences go out to the families that lost a loved one during yesterday’s severe weather event,” Gonzalez said. Over 531,000 customers in Harris County remain without power early Saturday following the line of storms, according to PowerOutage.us. “Isolated to scattered severe thunderstorms appear possible across portions of the Southeast and Carolinas on Saturday, and parts of the Upper Midwest,” the center said. The greatest chances for severe weather are across parts of Nebraska and Kansas, with a slight level 2 of 5 risk of severe thunderstorms issued by the Storm Prediction Center. By the end of the weekend, thunderstorm chances will diminish for most of the Southeast and Mid-Atlantic, the weather service said.

Persons: Samuel Peña, Harris County Sheriff Ed Gonzalez, Gonzalez, ” Gonzalez, David J, Phillip, –, Houston Mayor John Whitmire, ” Whitmire, Logan Riely Organizations: CNN, Houston Fire, Harris County Sheriff, Authorities, CenterPoint Energy, National Weather Service, Houston Mayor, Carolinas, Storm Prediction Locations: Houston, Southeast, Gulf, Harris County, Cypress , Texas, City, Texas, Louisiana, Houston , Texas, Mexico, Carolinas, Midwest, Plains, Nebraska, Kansas

☆ How Spirit AeroSystems fits into Boeing's rebound plan
▼ + stars: | 2024-05-18 | by ( Erin Black | ) www.cnbc.com time to read: +1 min

And in an effort to correct manufacturing flaws and get production back on track, it announced it's in talks to buy fuselage maker Spirit AeroSystems — a company that Boeing spun off in 2005. Spirit AeroSystems, which is not to be confused with Spirit Airlines, is one of the biggest aerostructure companies in the world with many locations around the globe. "Spirit provides 100% of the fuselages for the world's second-most popular aircraft, the 737. " Over the past few years, there have been a series of manufacturing flaws that have come out of the Spirit AeroSystems factory on some fuselages that are going to Boeing. Spirit, however, also supplies parts to Airbus and other plane manufacturers, making the deal a little complex.

Persons: Max, Kevin Michaels Organizations: Boeing, Airbus, Spirit Airlines

☆ Biden’s tariffs on Chinese imports are boosting these beaten-down stocks
▼ + stars: | 2024-05-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Beaten-down clean energy stocks have rallied this week. The iShares Global Clean Energy exchange-traded fund, which tracks sectors from renewable electricity to semiconductors to solar energy, has gained roughly 3%. Plug Power shares have climbed 33%, Enphase Energy shares have gained 8% and NextEra Energy shares have added 4%. Some investors warn that though the tariffs could continue boosting clean energy stocks, the recent rally isn’t driven by just improving fundamentals. Damaging hacks expose the weak underbelly of America’s health care systemA pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers, reports my colleague Sean Lyngaas.

Persons: New York CNN — It’s, Joe Biden, CNN’s Kayla Tausche, ”, Steve Sosnick, Roaring Kitty, Keith Gill, Dow, Nicole Goodkind, stoking, Gary Pzegeo, ” Read, Sean Lyngaas, cybersecurity, ” Joshua Corman, Sen, Ron Wyden Organizations: CNN Business, Bell, New York CNN, Clean Energy, Enphase Energy, NextEra Energy, Biden, Federal Reserve, Interactive Brokers, CNN, GameStop, AMC Entertainment, Roaring, Dow Jones Industrial, Nasdaq, Markets, Bureau of Labor Statistics, CIBC Private Wealth, “ Industry, Oregon Democrat Locations: New York, China

☆ Boeing shareholders re-elect departing CEO Calhoun to board
▼ + stars: | 2024-05-17 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Boeing CEO Dave Calhoun speaks briefly with reporters as he arrives for a meeting at the office of Sen. Mark Warner (D-VA) on Capitol Hill January 24, 2024 in Washington, DC. Boeing shareholders voted to re-elect the outgoing CEO Dave Calhoun to the board of directors, a preliminary tally on Friday showed, as he sought to reassure investors that the manufacturer is on the path to stability amid its latest safety crisis. Boeing also replaced its board chair and the head of its commercial airplane unit in the shakeup. Boeing's new chairman, Steve Mollenkopf, told shareholders at the company's annual meeting Friday that he has consulted with investors and customers on Calhoun's successor. Proxy advisor Glass Lewis had recommended that shareholders vote against Calhoun and two other board members.

Persons: Dave Calhoun, Sen, Mark Warner, Calhoun, Boeing's, Steve Mollenkopf, Glass Lewis, Max Organizations: Capitol, Boeing, Federal Aviation Administration, Justice Department Locations: Washington , DC

☆ Boeing whistleblower died by suicide, police investigation reveals
▼ + stars: | 2024-05-17 | by ( Sara Smart | ) edition.cnn.com time to read: +4 min

CNN —Boeing whistleblower John Barnett died by suicide, according to a police report released on Friday, bringing to end an investigation of the shocking death of a longtime employee who raised concerns about the airplane manufacturer’s safety and production standards – and who sued the company, claiming Boeing illegally retaliated against him. Barnett, 62, was found dead in a vehicle on March 9 from a self-inflicted gunshot wound in Charleston, South Carolina. The investigation found that Barnett was shot in the head at close range and the weapon was found in his right hand. “As a quality manager at Boeing, you’re the last line of defense before a defect makes it out to the flying public,” Barnett told the Times. That led the US Justice Department to announce this week that Boeing could face criminal prosecution for its history of safety problems.

Persons: John Barnett, Barnett, Robert Turkewitz, Brian Knowles, Barnett’s, ”, ” Barnett, I’d, Brad Zaback, ” Zaback, Max Organizations: CNN — Boeing, Boeing, Charleston Police Department, Coroner’s Office, Police, CNN, New York Times, Times, US Justice Department Locations: Charleston , South Carolina, Charleston

☆ In-N-Out Burger is one of the 10 best-led companies in America, says new report—a workplace culture expert isn't surprised
▼ + stars: | 2024-05-16 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

The In-n-Out logo is displayed on the front of an In-n-Out restaurant on October 28, 2021 in Pleasant Hill, California. The new ranking doesn't surprise LaShawn Davis, a leadership and workplace culture expert who founded and runs consulting firm The HR Plug. Davis has worked in human resources for more than a decade, and says it's clear why In-N-Out Burger rivals those tech companies when it comes to leadership and culture. "It starts with the CEO," Davis tells CNBC Make It. In-N-Out's CEO is Linsi Snyder, 42, who took over her family's business at age 27 after a series of family deaths.

Persons: Burger, LaShawn Davis, Davis, Linsi Snyder, Snyder, NBC's, Lynsi Snyder, Lynsi Torres, Rod Association's Lucas, Bob Johnson, —, Forbes —, Daniel Zhao, who've, Zhao Organizations: Nvidia, CNBC Locations: Pleasant Hill , California, Burger, Redding , California

☆ United Airlines says FAA cleared it to add new aircraft, routes after safety review
▼ + stars: | 2024-05-16 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

United Airlines said the Federal Aviation Administration has cleared it to add new aircraft and routes months after the regulator stepped up its scrutiny of the carrier following several safety incidents. United said in March that the FAA had stepped up scrutiny of the airline after a spate of incidents earlier this year. That prevented it from launching new routes, including flights to Faro, Portugal, ahead of the busy summer travel season. The clearance from the FAA is welcome news as United and other carriers expect a record peak season this year. "We will continue to see an FAA presence in our operation as they review our work processes, manuals and facilities," it said in its employee memo.

Persons: United Organizations: Airlines, Federal Aviation Administration, FAA, Management, Boeing, Max, Alaska Airlines Locations: Faro, Portugal, Japan, San Francisco, Oregon

☆ Jamie Dimon and Ray Dalio sound the alarm on soaring US government debt
▼ + stars: | 2024-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The chorus of voices warning about the dangers of record US government debt is growing louder. In the past 24 hours, JPMorgan (JPM) CEO Jamie Dimon and Ray Dalio, founder of the world’s biggest hedge fund, have weighed in with concerns about America’s debt pile. Ray Dalio, the billionaire founder of Bridgewater Associates, during a Bloomberg Television interview in New York in April 2024. Dimon acknowledged that debt-fueled government spending, including pandemic stimulus, had been one of the reasons behind robust growth in the world’s biggest economy. Debt servicing costs have also soared, on the back of higher official interest rates, leaving less money for public services.

Persons: Jamie Dimon, Ray Dalio, Dimon, you’ll, Dalio, I’m, ”, Victor J, we’ve, ” Dimon, Liz Truss Organizations: London CNN, JPMorgan, Sky News, Treasury, Financial Times, International Monetary Fund, Congressional, Office, Bridgewater Associates, Bloomberg Television, Bloomberg, Getty, Treasury Department, IMF, US, Federal Locations: Russia, New York, America, Covid, United, United Kingdom

☆ Warren Buffett downsized his Apple stake for tax reasons. Here's what it means
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett surprised many by selling a significant portion of his gigantic Apple stake, and his reason for the sale was even more surprising. Buffett, who trimmed Berkshire Hathaway's Apple holding by 13% in the first quarter after reaping enormous gains, suggested that the sale was for tax reasons. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. There's no special tax rate for capital gains in a corporation as they become part of the entity's income. Corporate income tax rate The corporate tax rate in the U.S. averaged 32.1% from 1909 to 2024, with a peak of 52.8% in the late 1960s, according to the Internal Revenue Service.

Persons: Warren Buffett, Buffett, There's, Kelly Gillette Organizations: Apple, Treasury Department, U.S, Internal Revenue Service, Armanino LLP, Apple Berkshire, Berkshire Locations: Berkshire, Omaha, Texas

☆ Apple looks kind of ridiculous right now
▼ + stars: | 2024-05-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Apple, though, has kept pretty quiet about its own AI ambitions so far — and it's increasingly obvious. "The buzz around AI, and specifically GenAI, has been so deafening that Apple is noticeable by omission," Dipanjan Chatterjee, vice president and principal analyst at Forrester, told Business Insider. Still, if the rumors about OpenAI or Gemini iPhone integration are true, this week's "strong announcements actually would bode well for Apple," William Kerwin, an analyst at Morningstar, said. AdvertisementThe analyst told BI that the new iPad rollout is simply an "appetizer to the real meat and potatoes" of Apple's AI strategy, expected to be announced at the WWDC in June.

Persons: —, Sam Altman's, Google's, Dipanjan Chatterjee, Forrester, Chatterjee, Gene Munster, it'd, Apple's, bode, William Kerwin, Siri, Dan Ives Organizations: Service, Big Tech, Business, Apple, Conference, Google, Deepwater Asset Management, Morningstar, Microsoft

☆ Warren Buffett's Berkshire Hathaway made a number of changes in its equity portfolio last quarter
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett unveiled Chubb as his secret buy and Berkshire Hathaway's equity portfolio had some other changes in the first quarter, according to a new regulatory filing. Firstly, the Omaha-based conglomerate tweaked his energy exposure last quarter, adding to its Occidental Petroleum holding slightly and trimming the Chevron stake. Berkshire has been steadily increasing its Occidental bet since it first took a position in the first quarter of 2022. It was previously disclosed that Buffett trimmed Berkshire's Apple holding by 13% in the first quarter. Other than these changes, Berkshire's top 10 holdings remained unchanged last quarter.

Persons: Warren Buffett, Chubb, Buffett Organizations: Berkshire, Occidental Petroleum, Chevron, Occidental, HP, Paramount Locations: Omaha, Berkshire, Louisiana, Pacific

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