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CNN —Israel has warned that its war in Gaza could extend until the end of the year. Prolonging the war could have catastrophic consequences for Palestinians in the already ravaged territory and significant repercussions for Israel and beyond, experts said. “And currently Hamas doesn’t seem to be ready to release them.”Impact on Israel’s economyThe war hit Israel’s economy hard in the immediate aftermath of October 7. As of January, the Israeli military was spending $272 million per day on the war, according to the Israeli news site Ynet. Despite these efforts, the war persists, civilian casualties rise and famine spreads in Gaza, intensifying pressure from some of his electorate.
Persons: CNN — Israel, Tzachi Hanegbi, , Joe Biden, , Assaf Orion, Juliette Touma, Benjamin Netanyahu, Netanyahu, Yohanan Plesner, Plesner, Israel, Malcolm Shaw, Yaron Wax, Johanna Geron, INSS, Amir Levy, Orion, Daniel Hagari, ” Plesner, Biden Organizations: CNN, National, Institute for National Security Studies, Israel Defense Forces, London School of Hygiene, Tropical Medicine, Johns Hopkins Center, Humanitarian Health, Israel, United Nations, UN Relief and Works Agency for Palestine Refugees, Israeli, Israel Democracy Institute, International Criminal Court, International Court of Justice, United, P Global, Moody’s, Service, Troops, American, West Bank Locations: Gaza, Israel, Tel Aviv, Rafah, Europe, Palestinian, British, The Hague, Netherlands, Saudi Arabia, Riyadh, Egypt, United Arab Emirates
Over the past turbulent decade, through myriad self-inflicted troubles, Hunter Biden has relied on the kindness of friends and family — wives and girlfriends, business partners, his father and, most recently, a Los Angeles lawyer who provided the president’s son a $7 million lifeline. With Mr. Biden’s trial on gun charges set to begin on Monday in Delaware, Mr. Morris has said he might need to sell some real estate holdings or other assets if others do not step up to fill the gap, according to people familiar with the situation. He hopes to pressure the president’s advisers into helping find new donors, people close to the situation said. Financial troubles are nothing new for President Biden’s son, and his current woes are unlikely to prevent him from mounting a sturdy defense. But it adds a layer of stress and uncertainty, and could limit his ability to hire expert witnesses or other specialists in the gun case or in his trial on tax charges in California in September, they said.
Persons: Hunter Biden, Kevin Morris, , Biden’s, Morris Locations: Los Angeles, Mr, Delaware, California
CNN —Alcohol will no longer be permitted in the stands of the French Open after a series of reports of disruptive behavior from fans. Goffin said a spectator spat gum at him during his first round victory over Giovanni Mpetshi Perricard. Stephanie Lecocq/ReutersThis comes after Belgian player David Goffin said a spectator spat chewing gum at him during his first-round victory over Frenchman Giovanni Mpetshi Perricard. Meanwhile, on Wednesday, Iga Świątek criticized spectators for shouting during points following her tense second-round victory against Naomi Osaka. When you scream something during the rally or right before the return, it’s really, really hard to be focused … This is serious for us, we’re fighting our whole lives to be better and better and, sometimes, it’s just hard to accept that.
Persons: Amélie Mauresmo, Mauresmo, shouldn’t, , Goffin, Giovanni Mpetshi Perricard, Stephanie Lecocq, David Goffin, Frenchman Giovanni Mpetshi Perricard, Iga Świątek, Naomi Osaka, Roland Garros, Świątek, it’s, It’s, “ It’s Organizations: CNN, French Tennis Federation, Reuters Locations: Belgian,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed is feeling peer pressure, but Powell doesn't want to see inflation climb again: Peter BoockvarPeter Boockvar, Bleakley Financial Group, joins 'Fast Money' to talk the state of the economy and what's next for the Federal Reserve.
Persons: Powell, Peter Boockvar Peter Boockvar Organizations: Bleakley Financial, Federal Reserve
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. The stock got way ahead of itself," Jim Cramer said. People better start believing," Cramer said, noting that prior to earnings the stock had largely been under pressure since late March. Ulta shares have been struggling since April after CEO David Kimbell warned about slowing demand for beauty products at an investor event. The Investing Club owns cybersecurity peer Palo Alto Networks .
Persons: Jim Cramer's, Dell, Jim Cramer, MongoDB, Cramer, Richard Dickson, David Kimbell, Dave Kimbell, Dave, Estee Lauder, Zscaler Organizations: CNBC, Club, Dell Technologies, Navy, Wall, CNBC Investing Club, Investing, Palo Alto Networks Locations: Banana Republic, That's
CNN —A genetically engineered pig kidney has been removed from a transplant patient after it started losing function, according to a statement on Friday from NYU Langone Health. Lisa Pisano looks at photos of her dog after her surgeries at NYU Langone Health in New York on Monday, April 22, 2024. Shelby Lum/AP/FILEThe kidney had to be removed due “unique challenges in managing both her cardiovascular health and kidney function” 47 days after the transplant, NYU Langone Health said. Pisano family/NYU Langone Health“Lisa is a pioneer and a hero in the effort to create a sustainable option for people waiting for an organ transplant. While the kidney ultimately had to be removed from Pisano, Montgomery said the kidney would be studied for further insights and stressed the importance of her contribution to the larger goal.
Persons: Lisa Pisano, Pisano, NYU Langone, Shelby Lum, , Robert Montgomery, Todd, Lisa, Dr, Sanjay Gupta, It’s, Montgomery, and, “ Lisa, ” Montgomery, CNN’s Katherine Dillinger Organizations: CNN, NYU Langone Health, NYU, NYU Langone Transplant Institute, Procurement, Transplantation Network, CNN Health, US Food and Drug Administration Locations: Lisa Pisano of New Jersey, New York, Montgomery, Pisano
New Japanese 1000 Yen banknote on display inside the Currency Museum of the Bank of Japan's Institute for Monetary and Economic Studies. Data from Japan's Ministry of Finance on Friday confirmed the country's first currency intervention since 2022, after the yen plunged to a 34-year-low in April. The ministry on Friday stated Japan spent 9.7885 trillion yen ($62.25 billion) on currency intervention between April 26 and May 29, according to a Google-translated statement. Japan last intervened to stabilize the currency in October 2022, when the yen fell to lows of around 152 per dollar. Authorities intervened three times that year to stabilize the currency, reportedly spending as much as a combined 9.2 trillion yen over the period.
Persons: Shunichi Suzuki, Suzuki, CNBC's Dan Murphy Organizations: Currency Museum, Bank of Japan's Institute for Monetary, Economic Studies, Japan's Ministry of Finance, U.S, Bank of America Global Research, Bank of Japan, Japanese Finance, Authorities Locations: Japan, London
The assessment attributes the elevated casualty rate to Russia's brutal ongoing offensive, noting that Russia's ability to replenish its units is stretched thin due to its consistent losses. According to Friday's intel from the UK Ministry of Defense, the average number of Russian personnel casualties was over 1,200 a day in May, the highest number reported since the war began. The ministry also said the total number of killed or wounded Russian soldiers since the February 2022 invasion is likely at 500,000. It's likely also the result of Russia rushing relatively inexperienced and untrained soldiers into battle, often in bloody head-on assaults. But Russia's high casualties also prevents it from training more capable units and keeping a majority of its troops in battle long enough to gain experience.
Persons: , Stepanov, ISW, Oleksandr Syrskyi Organizations: Service, Business, intel, UK Ministry of Defense, Getty, Institute for, Washington DC, Ukrainian Locations: Russia, Kharkiv, AFP, Ukraine's, Washington, Ukraine, Ukrainian
Early on, Tatum absorbed lessons from former players who saw their NBA nest eggs go up in smoke for any number of reasons. But entering the league as the 19-year-old third overall pick in the 2017 NBA draft, Tatum says he had a lot to learn about money. Jayson Tatum is among the best-paid players in the NBA. But over the course of the past few years, he has learned that buying nice things isn't necessarily what makes him happy. Instead, he says the money he has spent taking his family on vacations has been by far the best money he has spent since entering the league.
Persons: Tatum, that's, Jayson Tatum Organizations: NBA, CNBC
Credit... Jehad Alshrafi/Associated PressThe Israeli military said on Friday that its forces had advanced into central Rafah, pushing even deeper into the southern Gaza city despite an international backlash and pressure from allies to scale back the latest offensive. Israeli commandoes backed by tanks and artillery were operating in central Rafah, the Israeli military said in a statement, without specifying precise locations. GAZA STRIP Area of image Central Rafah GAZA Israeli military vehicles EGYPT GAZA STRIP Area of image Central Rafah GAZA Israeli military vehicles EGYPT Much of eastern Rafah has been devastated since the offensive began in early May, particularly around the border crossing with Egypt, according to satellite photos from May 22. Israel captured the Rafah crossing in an overnight operation on May 7 that marked the beginning of their assault on the area. May 5 RAFAH Rafah crossing 1 mile May 22 GAZA STRIP Area of image Area of most damage Rafah crossing Source: Satellite imagery from Planet Labs The Rafah crossing has served as a vital conduit for getting humanitarian aid into Gaza amid widespread deprivation and hunger.
Persons: Jehad, Israel Organizations: Associated Press, United Nations, International Court of Justice, Planet Labs, Labs Locations: Rafah, Israel, Gaza, Egypt, United States, GAZA, Rafah GAZA, EGYPT GAZA, EGYPT, RAFAH Rafah, Palestinian
Donald J. Trump’s conviction on nearly three dozen felony counts plunges the country into unmapped political terrain, a rare moment that could reshuffle a 2024 race that for months has been locked in stasis and defined by a polarizing former president. The extraordinary conviction of a former president unleashes a series of unprecedented constitutional, electoral and logistical questions. Less clear is whether even Thursday’s striking verdict will shake the calcified public opinion of Mr. Trump, who for nearly a decade has defied predictions of his political demise. Now he must move through the rituals of an American presidential campaign as a criminal. The country will watch as Mr. Trump argues with President Biden over his criminal record next month at their first debate, in addition to sparring over the economy, foreign policy, immigration and abortion rights.
Persons: Donald J, Trump, Biden
CNN —The top four congressional leaders have formally invited Israeli Prime Minister Benjamin Netanyahu to address a joint meeting of Congress. The invitation comes after much speculation as additional military aid to Israel remains in question and Democrats are facing pressure from their left wing as the party remains divided over Israel’s handling of the war against Hamas. President Joe Biden on Friday laid out a three-phase proposal Israel has submitted to wind down the grinding crisis in Gaza. Less than an hour after Biden detailed the Israeli proposal, Netanyahu’s office insisted Israel would not end the war until Hamas is defeated and “all of its goals are achieved.”CNN previously reported that during a closed-door conference meeting in March, House Republicans raised the idea of inviting Netanyahu. CNN’s Kaanita Iyer, Haley Talbot, Melanie Zanona, Clare Foran, Kevin Liptak, Nikki Carvajal and Samantha Waldenberg contributed to this report.
Persons: Benjamin Netanyahu, , Mike Johnson, Hakeem Jeffries, Chuck Schumer, Mitch McConnell, , Joe Biden, ” Biden, Israel, Biden, Netanyahu, Johnson, CNN’s Kaanita Iyer, Haley Talbot, Melanie Zanona, Clare Foran, Kevin Liptak, Nikki Carvajal, Samantha Waldenberg Organizations: CNN, Israeli, United States House, United States Senate, Republicans, Senate, Hamas, ” CNN, House Republicans, Israel Locations: of Israel, Israel, Gaza
It serves as an example of how Russia has been exploiting Ukraine’s main vulnerabilities: insufficient manpower, artillery shortages, sparse air defenses and inadequate defensive fortifications. In the north, Moscow’s troops are aiming to bring its troops within tube artillery range of Kharkiv city. The nearby Russian city of Belgorod, for instance, has increasingly come under Ukrainian attack in recent months. Since then, Russian troops have made steady progress westwards in the direction of Pokrovsk, which serves as a vital military hub in Ukraine’s war effort. It was first captured by Russian forces in early March 2022 and Moscow again claimed control over it earlier this month, something denied by Ukraine.
Persons: Volodymyr Zelensky, , , Chasiv Yar, Ukraine’s Organizations: CNN, Russian, Ukraine Locations: Russia, Ukraine, Kharkiv, Vovchansk, Ukraine’s, Russian, Belgorod, Avdiivka, Pokrovsk, Bakhmut, Chasiv, Kramatorsk, Zaporizhzhia, Ukrainian, Moscow
Some of the biggest scandals in sports history have revolved around players and gambling. Pete Rose is barred for life from baseball, in an agreement stemming from admissions of gambling. These aren’t just hypothetical concerns: Jontay Porter, a center for the Toronto Raptors, was recently barred for life from the N.B.A. As the new baseball season was starting, federal prosecutors said the interpreter for the star pitcher Shohei Ohtani had stolen millions from Mr. Ohtani to pay off gambling debts to an illegal sports bookie. Major League Baseball is investigating Mr. Ohtani’s former teammate David Fletcher over allegations that he placed bets with the same bookie.
Persons: Pete Rose, Jontay Porter, Shohei Ohtani, Ohtani, Ohtani’s, David Fletcher Organizations: Black Sox, Toronto Raptors, Major League Baseball
Exxon and Chevron are the fund's top two holdings , representing 9.73% and 9.27% of total assets in FSTEX as of April 30. Exxon vs. Chevron Chevron came into the year facing production issues in the Permian Basin and cost overruns at its Tengiz project in Kazakhstan that frustrated investors, Holt said. And investors have taken notice of Exxon's lead position in the lucrative offshore oil development in Guyana. Chevron would look very attractive if the Hess deal closes due to the latter's large stake in Guyana, he said. "There's a little concern that if Chevron doesn't do the Hess deal, then they have to go and do another deal," Holt said.
Persons: Kevin Holt, Hess, Holt, hasn't, XOM, Chevron's, Tengiz Organizations: Exxon Mobil, Chevron, Invesco Energy, Exxon, Hess Corp, Hess, Chevron Chevron Locations: Guyana, U.S, Stabroek, FSTEX, Kazakhstan, Holt, Tengiz
Why job skills could make or break your next interview
  + stars: | 2024-05-31 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
Nearly half, or 45%, of employers scrapped degree requirements for some roles in the past year, and 72% now prioritize skills over certificates in job candidates, according to the ZipRecruiter survey. The trend, which prioritizes a candidate's practical skills and real-world experience over formal education, appears to be "gaining momentum," according to ZipRecruiter. Meanwhile, hiring managers are being more explicit in job ads about the specific skills they seek in applicants, said Cory Stahle, an economist at the job site Indeed. What this means for job seekers"If the [job ad's] focus is on skills, the focus of your resume should be on skills as well," Stahle said. While skills should be "prominent" in such cases, that doesn't mean applicants should forgo traditional information, Stahle added.
Persons: Cory Stahle, Stahle, Indeed's Stahle Organizations: Getty, Harvard Business School, Glass, USA, Finance, Harvard Locations: U.S
Check out the companies making headlines in midday trading: Dell Technologies — The software stock plunged 22% after executives cautioned that its gross margins could face more pressure in 2025. Zscaler — Shares added 5.2% after the cloud security company posted a fiscal third-quarter earnings and revenue beat. Gap — The clothing retailer soared 26% after posting fiscal first-quarter earnings per share of 41 cents, higher than the 14 cents analysts surveyed by LSEG had expected. The company beat earnings and revenue expectations for the April quarter, but still saw slower-than-expected consumption growth. SentinelOne expects its revenue to fall between $808 million to $815 million in 2024, which was lower than the $817 million forecast by LSEG.
Persons: Zscaler, LSEG, Nordstrom —, Nordstrom, chipmaker, Marvell, MongoDB, Sun Choe, Choe, Cooper, Paycom, Randy Peck, Christopher Thomas, Maheep, CNBC's Hakyung Kim, Yun Li, Jesse Pound, Pia Singh Organizations: Dell Technologies, Lionsgate, Citi, Starz, Nordstrom, Marvell Technologies, Vans, Cooper Companies, Mizuho Locations: Seattle
The Food and Drug Administration on Friday raised concerns about the health effects of MDMA as a treatment for post-traumatic stress disorder, citing flaws in a company’s studies that could pose major obstacles to approval of a treatment anticipated to help people struggling with the condition. The agency said that bias had seeped into the studies because participants and therapists were readily able to figure out who got MDMA versus a placebo. It also flagged “significant increases” in blood pressure and pulse rates that could “trigger cardiovascular events.”The staff analysis was conducted for an independent advisory panel that will meet Tuesday to consider an application by Lykos Therapeutics for the use of MDMA-assisted therapy. The agency’s concerns highlight the unique and complex issues facing regulators as they weigh the therapeutic value of an illegal drug commonly known as Ecstasy that has long been associated with all-night raves and cuddle puddles. Approval would mark a seismic change in the nation’s tortuous relationship with psychedelic compounds, most of which the Drug Enforcement Administration classifies as illegal substances that have “no currently accepted medical use and a high potential for abuse.”
Persons: Organizations: Drug Administration, Lykos Therapeutics, Drug
Thomas Coex | Afp | Getty ImagesThe oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts told CNBC, even as focus shifts from Middle East tensions to summer demand. OPEC+ producers are currently implementing a combined 5.86 million barrels per day of supply cuts. And then August is the peak month for tightness," Viktor Katona, lead crude analyst at Kpler, told CNBC. "However, I think that the market right now has priced in a full extension of the voluntary cuts. A high-inflation environment and tight monetary policy in turn reined in oil demand, but central banks have signaled readiness to lower interest rates in the second half of the year.
Persons: Thomas Coex, Viktor Katona, overproducers, Jorge Leon, Yemen's, Tamas Varga Organizations: Organization of, Petroleum, Afp, Getty, CNBC, Energy, Market Research, PVM Oil Associates, United Arab Emirates Locations: OPEC, Vienna, China, Iraq, Kazakhstan, Paris, Ukraine, Gaza, Red, Saudi Arabia, Russia, Guyana, Brazil, Canada
Investors should buy stocks ahead of next week's May jobs report, according to Fundstrat's Tom Lee. "We see high probability that stocks perform well into next week's May jobs report," Lee said. AdvertisementInvestors should buy the dip in stocks ahead of next week's release of the May jobs report, according to a Friday note from Fundstrat's Tom Lee. "Thus, we see high probability that stocks perform well into next week's May jobs report," Lee said. Such a report would match the April jobs report and likely put some pressure on the Fed to cut interest rates sooner than later.
Persons: Tom Lee, Lee, Organizations: Service, Nasdaq, Dow Jones, PCE, Housing
Singapore CNN —The death of any Filipino citizen at the hands of another country in the South China Sea would be “very close” to an act of war, Philippines President Ferdinand “Bongbong” Marcos Jr. warned Friday as his nation faces increasingly fraught clashes with Chinese vessels in the South China Sea. China has increasingly pushed its territorial claims in the South China Sea, and China Coast Guard ships, reinforced by maritime militia boats, have been involved in a series of fraught clashes over the last year that has seen Philippine ships damaged and Filipino sailors injured by water cannon. A China Coast Guard vessel sails close to a Philippines ship during a day of clashes in the South China Sea, March 5, 2024 Rebecca Wright/CNNKey global waterwayChina claims “indisputable sovereignty” over almost all of the 1.3 million-square-mile South China Sea – one of the world’s busiest waterways. Meanwhile, the Philippine Navy said it is prepared to protect the rights of Filipinos and would be increasing patrols in the South China Sea, including the areas of contested sovereignty, according to the PNA. “What I want to emphasize is that it is not China but the Philippines that has frequently escalated the situation in the South China Sea,” Ning added.
Persons: Ferdinand “ Bongbong ” Marcos Jr, Marcos, Lloyd Austin, Dong Jun, , , ” Marcos, Rebecca Wright, Mao Ning, ” Ning, Organizations: Singapore CNN, US, Coast Guard, China Coast Guard, CNN, West, Philippine Navy, Foreign Ministry Locations: Singapore, South, Philippines, South China, Philippine, Filipino, China, Beijing, Manila, United States, Washington, Vietnam, Malaysia, Brunei, Taiwan, Hague, China’s, West Philippine, Asia, Pacific
But both inflation and economic growth have upside and downside risks relative to consensus. AdvertisementOn inflation, Arnott believes it's far more likely that it surprises to the upside. AdvertisementTo take advantage of these asymmetries in the market, Arnott said that value stocks and TIPS are two investments that would perform well in a higher-inflation environment. One way investors can gain exposure to these assets is through funds like the iShares Core S&P U.S. Value ETF (IUSV), the Schwab U.S. More specifically, value stocks within both developed and emerging markets are trading in their "cheapest decile ever" compared to growth stocks, Arnott said.
Persons: , Rob Arnott, Arnott, it's, there's, I've, I'm Organizations: Service, Treasury, Securities, Business, Research Affiliates, Federal Reserve, Value, Schwab, MLP, Funds, Equity Locations: Schwab U.S
Dell Technologies — Stock in the personal computer and technology company slid more than 16% after executives warned about further margin pressure ahead. Nordstrom stuck by its full-year earnings forecast and reported strong growth in its Nordstrom Rack segment, which outperformed the headline brand stores. Gap — Shares climbed more than 25% after the apparel company lifted its full-year operating income forecast on the heels of a first-quarter earnings beat. Ulta on Thursday posted fiscal first-quarter earnings that reflected a 1.6% year-over-year increase in same-store sales, a significant slowdown from the same period a year earlier. MongoDB said it expected to earn 46 cents to 49 cents per share on $460 million to $464 million of revenue.
Persons: Jason Bazinet, Zscaler, Nordstrom, Ambarella, MongoDB, LSEG, Michelle, Sun, Choe, Wall, Lisa Kailai Han, Pia Singh, Jesse Pound Organizations: Dell Technologies, Lionsgate, Citi, Marvell Technologies, LSEG, Vans
Read previewUS efforts to counterbalance Chinese imports could instead create unsteadiness in the country's fight against inflation, S&P Global Intelligence wrote. Advertisement"Yet economists say the new duties, and tariffs more broadly, may carry an unwelcome consequence: higher prices and a heightened probability of higher-for-longer interest rates," S&P wrote. Of the 14 categories under scrutiny, the top five accounted for just 3% of Chinese imports into the US in 2022, S&P cited. But for domestic manufacturers, tariffs can ease the pressure to lower prices, as Chinese competitors lose their low-cost advantage. In this sense, protectionism can boost economic growth in the long run, but not before fueling market inefficiencies and complicating inflation.
Persons: , Donald Trump, hasn't shied, Biden, he's, Ben Herzon Organizations: Service, P Global Intelligence, Federal Reserve, Business, P's Locations: China
Declaring Hamas no longer capable of carrying out a major terrorist attack on Israel, President Biden said on Friday that it was time for a permanent cease-fire in Gaza and endorsed a new plan he said Israel had offered to win the release of hostages and end the fighting. “It’s time for this war to end, for the day after to begin,” Mr. Biden said, speaking from the State Dining Room at the White House. He also gave a stark description of Hamas’s diminished capabilities after more than seven months of Israeli attacks, saying that “at this point, Hamas is no longer capable of carrying out another Oct. 7.”“This is truly a decisive moment,” Mr. Biden said. “Israel has made their proposal. Hamas says it wants a cease-fire.
Persons: Biden, Israel, , ” Mr, Mr, “ Israel, Yahya Sinwar, Benjamin Netanyahu, Biden’s, Donald J, Trump Organizations: White Locations: Israel, Gaza
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