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President Biden told a group of Democratic governors on Wednesday that he was staying in the 2024 campaign, as the group peppered the president with questions about the path forward after Mr. Biden’s disastrous debate performance last week. After the meeting, a handful of governors spoke with reporters outside the White House, with one, Gov. Kathy Hochul of New York, declaring, “President Joe Biden is in it to win it, and all of us said we pledged our support to him.”Gov. Tim Walz of Minnesota, the chair of the Democratic Governors Association, said: “He has had our backs through Covid, through all of the recovery, all of the things that have happened. The governors have his back, and we’re working together just to make very, very clear on that.”But he added, “A path to victory in November is the No.

Persons: Biden, Biden’s, Kathy Hochul, Joe Biden, Tim Walz, ” Organizations: Democratic, ”, Democratic Governors Association Locations: New York, Minnesota, Covid

☆ Russian submarines fought a torpedo duel in waters surrounded by NATO allies
▼ + stars: | 2024-07-02 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

Read previewTwo Russian submarines recently fought a torpedo duel, conducting training that involved detecting enemies, evading attacks, and working combat maneuvers. The exercises took place in the Baltic Sea, waters sometimes referred to as a "NATO lake" due to its waters being surrounded by NATO allies since Sweden and Finland ascended into the alliance. The Kilo-class, diesel-electric submarines Novorossiysk and Dmitrov held a training duel involving torpedo fire, according to Russian state-run media TASS. After wrapping up the torpedo training, the two Russian submarines went on to conduct other combat exercises in the Baltic Sea, Russian media said. Ships from NATO navies sail in formation in the Baltic Sea during the exercise Baltic Operations 2023.

Persons: —, Shawn Coover Organizations: Service, NATO, Business, Russian Kilo, Ships, US Marine Corps, Staff Locations: Baltic, Sweden, Finland, Novorossiysk, Dmitrov, Russian, Russia, Ukraine, Denmark, Germany, St, Petersburg, Primorsk, Kaliningrad, Moscow

CNN —A major Supreme Court ruling Friday that shifted power from the executive branch to the judiciary stands to transform how the federal government works. By overturning a 1984 precedent, the court’s conservative majority has made countless regulations vulnerable to legal challenge. The Supreme Court ruling could boost efforts by conservatives who have taken aim at the Biden Environmental Protection Agency’s rules limiting planet-warming pollution from vehicles, oil and gas wells and pipelines, and power plants. The ruling has injected legal uncertainty into regulations of all types, including those on technology, labor, the environment and health care. But the Supreme Court has yet to decide a case heard this term that might gut that limitation.

Persons: ”, Kent Barnett, —, Thomas Berry, John Roberts, Roberts, Elena Kagan, Sonia Sotomayor, Joe Biden, Shawn ThewPool, Adam Rust, ” Rust, Andrew Schwartzman, Alexander MacDonald, ” MacDonald, Sharon Block, ” Block, Biden, Andrew Twinamatsiko, ” Twinamatsiko, “, Paul Gallant, TD Cowen, David Vladeck, Chevron —, Ann Carlson, Carlson, David Doniger Organizations: CNN, Biden, University of Georgia School of Law, Chevron, Natural Resources Defense, Republican, Democratic, Cato Institute . Chief, State of, Consumer, Consumer Financial Protection Bureau, Federal Trade Commission, Consumer Federation of America, “, Supreme, Securities, Exchange Commission, Benton Institute for Broadband & Society, Department of Labor, National Labor Relations Board, Opportunity Commission, Harvard Law School, Center, Labor, American Cancer Society, US Food and Drug Administration, US Department of Health, Human Services, Medicare, Services, Medicaid, Human Services Department, HHS, O’Neill Institute for National, Global Health Law, Georgetown University, FDA, Federal Communications Commission, EPA, National, Traffic Safety Administration, University of California, Natural Resources Defense Council Locations: Obamacare, Chevron, State, Washington , DC, Texas, Littler, Los Angeles

☆ Too Much Winning? Even Trump’s Fans Are Uneasy After Biden’s Weak Debate.
▼ + stars: | 2024-06-29 | by ( Shawn Mccreesh | ) www.nytimes.com time to read: 1 min

The day after President Biden melted down in Thursday’s prime-time debate, Gov. Glenn Youngkin of Virginia stood beside former President Donald J. Trump on a farm in Chesapeake, gushing. “This is the best Trump rally ever!”In the past, when it suited him, Mr. Youngkin kept his distance from Mr. Trump and his unpredictable behavior. “Hello, Virginia,” Mr. Trump cooed as he took the stage before thousands of his supporters in what Republicans increasingly see as a winnable state. “Did anybody watch a thing called the debate?” He roared: “That was a big one.”On the surface, the rally in Chesapeake was a quick-turn victory lap after the debate and before the 2024 race hits a higher gear.

Persons: Biden, Glenn Youngkin, Donald J, Trump, Youngkin, ” Mr Organizations: Trump, Republicans Locations: Virginia, Chesapeake, , Virginia

They started the night hoping that President Biden would use the first debate of 2024 to his advantage, that he would finally quash fears about his age and give the impression of a determined statesman compared with former President Donald J. Trump. But for the roughly 40 Democrats who gathered Thursday night at a union hall in Sacramento, it did not take long for the mood to descend into something between grim despair and mild panic. Within minutes, even ardent supporters in the capital of California fell silent, exchanging glances and acknowledging quietly that Mr. Biden, his virtues aside, seemed less forceful than Mr. Trump, and weary. Toward the end, some of the younger attendees left before the debate was over. “Neither of them inspires confidence,” said Dubrea Sanders, 25.

Persons: Biden, Donald J, Trump, ”, Dubrea Sanders, “ It’s, Mr Organizations: Trump, Young Democrats Locations: Sacramento, California, China

☆ Morgan Stanley says memory stocks are set for 'new highs' and names its top picks
▼ + stars: | 2024-06-27 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Morgan Stanley analysts say they are expecting the computer memory sector to hit new highs over the rest of 2024, despite investors "generally" not being comfortable buying such stocks at such lofty prices. Aside from their attractive valuations, memory stocks are expected to see a lift in demand on the back of stronger usage of artificial intelligence-powered applications, infrastructure, tools and services, the analysts added. Top pick and overweight-rated stocks SK Hynix , the South Korean chipmaker, is Morgan Stanley's "top pick." Both stocks trade on the Korean Exchange and in the iShares MSCI South Korea ETF (SK Hynix has a 10.7% weight while Samsung Electronics has a 22.2% weight). Morgan Stanley is overweight on the stock and gives it a price target of $86, or nearly 12% upside.

Persons: Morgan Stanley, Shawn Kim, Morgan Stanley's, — CNBC's Michael Bloom Organizations: SK Hynix, Samsung Electronics, South Korean, SK Hynix —, Samsung, Korean Exchange, Western Locations: Korean, Korea

☆ Newsom Uses Annual State Address to Confront Republicans Across the Nation
▼ + stars: | 2024-06-25 | by ( Shawn Hubler | ) www.nytimes.com time to read: +1 min

Gavin Newsom of California, whose liberal state has been hammered by Republicans for months as a hellscape of homelessness, crime and high taxes, used his annual State of the State address on Tuesday to slam “conservatives and delusional California bashers” and defend “the California way of life.”Rather than appear before a joint session of the State Legislature, Mr. Newsom prerecorded his speech and posted it on social media, directing his message at least as much to a national audience as to Californians. It came two days before former President Donald Trump and President Biden were scheduled to debate in Atlanta, where Mr. Newsom was expected to appear in the so-called spin room as a feisty surrogate. In his remarks, which hinted at arguments Mr. Biden is likely to touch upon on Thursday, Mr. Newsom presented the Democratic policies that are California’s hallmark as an “antidote to the poisonous populism of the right.”Mr. Newsom, 56, has been among the president’s most visible supporters, and has long contended that Democrats have underestimated the hostility of the MAGA Republican movement. He has been viewed as a future presidential candidate and has seemed to relish challenging conservatives head on.

Persons: Gavin Newsom, ”, Newsom, Donald Trump, Biden, Mr, MAGA Organizations: California, State Legislature, Democratic, MAGA Republican Locations: California, Atlanta

☆ Disney's 'Inside Out 2' could be the first billion-dollar movie of 2024
▼ + stars: | 2024-06-24 | by ( Sarah Whitten | ) www.cnbc.com time to read: +5 min

Disney and Pixar's "Inside Out 2" could be the first film since Warner Bros.' "Barbie" to top $1 billion at the global box office. "Inside Out 2" has yet to open in Japan, which contributed nearly $33 million to the $850.5 million global total of the first film in 2015. Before "Inside Out 2," no Disney animated feature from Pixar or Walt Disney Animation had generated more than $480 million at the global box office since 2019. "'Inside Out 2's' performance is the culmination of many things," said Shawn Robbins, founder and owner of Box Office Theory. Last year, that audience came out in droves for Universal's "The Super Mario Bros. Movie," which generated more than $1.36 billion at the global box office.

Persons: Phyllis Smith, Amy Poehler, Paul Dergarabedian, Shawn Robbins, Mario, Robbins, NBCUniversal Organizations: Disney, Warner Bros, Pixar, Walt Disney Animation, Force, Mario Bros, Comcast, CNBC Locations: Japan, NBCUniversal

☆ New ‘Apprentice’ Book Paints Trump as Wounded, Forgetful and Hung Up on Hollywood
▼ + stars: | 2024-06-22 | by ( Shawn Mccreesh | ) www.nytimes.com time to read: +1 min

It was May 2021, and Donald J. Trump was wounded. He told Mr. Trump he wanted to write a book, not about the unpleasantness of the previous four years, but about that prelapsarian period before Mr. Trump entered politics. Mr. Trump was sold. “He was at his lowest then,” Mr. Setoodeh, 42, said over lunch in Manhattan’s West Village on Friday. “You’ll sell 10,000 books at one rally,” he told Mr. Setoodeh.

Persons: Donald J, Trump, he’d, Ramin Setoodeh, “, ”, Setoodeh, ” Mr, ’, Mr Organizations: Capitol, Trump, Mr, NBC Locations: Washington, Manhattan’s

☆ Fake elector case in Nevada dismissed over venue question, state attorney general vows appeal
▼ + stars: | 2024-06-21 | by ( Associated Press | ) edition.cnn.com time to read: +5 min

Nevada Attorney General Aaron Ford said he’ll take the issue to the state Supreme Court after Clark County District Court Judge Mary Kay Holthus ruled that Las Vegas was the wrong venue for the case. “They’re done,” said Margaret McLetchie, attorney for Clark County Republican Party chairman Jesse Law, one of the defendants in the case. The state Republican Party issued a statement welcoming the court decision, pointing to Ford’s vow to appeal and asking for contributions to continue the court fight. Chattah ran as a Republican in 2022 for state attorney general and lost to Ford by just under 8% of the vote. Also, unlike other states, Nevada did not have a legal challenge pending in courts at the time.

Persons: Donald Trump, Aaron Ford, he’ll, Mary Kay Holthus, we’ll, ” Ford, “ They’re, ”, Margaret McLetchie, Jesse Law, Michael McDonald, Jim DeGraffenreid, Shawn Meehan, Jim Hindle, Eileen Rice, McDonald’s, Richard Wright, Ford, ” Wright, Holthus, Matthew Rashbrook, McDonald, Brian Hardy, Meehan, Sigal Chattah, Chattah, Joe Biden, Kenneth Chesebro, Chesebro, Trump, Biden, State Barbara Cegavske, Cegavske Organizations: LAS VEGAS, Las, Clark County Republican, Democratic, Republican, “, Republican Party, Convention, Ford, Trump, State Locations: Nevada, Clark, Las Vegas, Carson, Douglas, Storey County, Carson City, Reno, ”, Nevada’s Storey, Milwaukee, Arizona, Georgia, Michigan, New Mexico, Pennsylvania, Wisconsin

☆ Four self-made millionaires echo the same advice for success: Just get started
▼ + stars: | 2024-06-21 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +6 min

Throughout my time working at CNBC, I've chatted with different entrepreneurs, from people who started successful side hustles to the founders of global unicorn companies. In my conversations with successful entrepreneurs, I've found that those who became successful and "made it" tend to echo the same advice. Advice #2: Lean into what makes you uniqueAnother piece of advice Mahlum gave is to lean into what makes you yourself. "I think the best advice that I can give to fellow entrepreneurs is to be different," he told CNBC. Advice #4: Just get startedIn all my conversations with entrepreneurs, by far, the one piece of advice I've heard the most, is to simply get started.

Persons: Shawn Tsao, I've, Jason McGowan, McGowan, they'd, Anne Mahlum, Solidcore Anne Mahlum, Mahlum, Edward Tirtanata, Tirtanata, Uber, Jack Organizations: CNBC, I've, Lean, Nike Locations: New York, Solidcore, Indonesian, Southeast Asia

☆ Trump Tries to Set Expectations, and Floats Excuses, for His Debate With Biden
▼ + stars: | 2024-06-19 | by ( Shawn Mccreesh | ) www.nytimes.com time to read: +1 min

He repeatedly mused about the potential scenarios, lowering expectations that he would dominate Mr. Biden and then, as if he couldn’t help himself, raising them again. Mr. Trump, 78, has spent months casting the 81-year-old Mr. Biden as a husk of a man who can barely walk or formulate complete sentences. Republicans have pumped out a stream of videos of Mr. Biden walking stiffly — some deceptively edited — that are meant to be proof of Mr. Biden’s decline. “Biden can’t stand up!” one woman yelled during Mr. Trump’s speech. She stood near another woman who wore a T-shirt with a picture of Mr. Biden that read, “Impeach me.

Persons: Donald J, Trump, Biden, couldn’t, Trump’s, “ Biden, Mr, ” Organizations: Mr Locations: Racine, Wis, Atlanta

On Today’s Episode:Netanyahu Criticizes the U.S. For Holding Up Some Weapons Deliveries, by The New York TimesU.S. Pier for Gaza Aid Is Failing, and Could Be Dismantled Early, by Helene Cooper and Eric SchmittNvidia Becomes Most Valuable Public Company, Topping Microsoft, by Tripp Mickle and Joe RennisonCalifornia Joins Growing National Effort to Ban Smartphone Use in Schools, by Shawn Hubler

Persons: Netanyahu, Helene Cooper, Eric Schmitt Nvidia, Topping, Tripp Mickle, Joe Rennison, Shawn Hubler Organizations: The New York Times U.S, Public Company, Topping Microsoft Locations: Pier, Gaza, Joe Rennison California

☆ Family films led by 'Inside Out 2' could reignite the box office
▼ + stars: | 2024-06-19 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

A big piece has been missing from the box office — family films. A handful of kid-friendly hits — Universal's "Super Mario Bros." chief among them — have boosted ticket sales. So far in 2024, the domestic box office is down 23% from last year and trails 40% from 2019. More kid-friendly hits, like the coming "Despicable Me 4," could be one of the keys to a box office rebound. "Family movies come in all shapes and sizes," said Shawn Robbins, founder and owner of Box Office Theory.

Persons: Amy Poehler, Maya Hawke, Joy, Mario, Chris Johnson, Shawn Robbins, Robbins, Barbie Organizations: Disney, Star Wars, Marvel Locations: Disney, Midwestern

☆ 'Inside Out 2' takes $295 million and breaks box-office records in a big boost for Disney
▼ + stars: | 2024-06-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Read preview"Inside Out 2" smashed box-office records this weekend, giving Disney a big boost as the summer blockbuster season kicks off. On that measure it's a better debut than "The Super Mario Bros Movie" managed and is also the biggest worldwide opening weekend of the year, Deadline reported. Latin America in particular embraced "Inside Out 2" with open arms, giving it a $61 million total across the region. Related storiesDisney also said "The Incredibles 2," released in 2018, was the only Pixar release to perform better in the US across its opening weekend. AdvertisementThe first "Inside Out" made $90 million in the summer of 2015 with a $858 million global total.

Persons: —, Mario, Disney, Shawn Robbins, Mouse, Guy Organizations: Service, Disney, Business, Pixar, Marvel Locations: America

☆ ‘Pig butchering’ crypto scam: Americans taking their lives after losing savings to international criminal gangs
▼ + stars: | 2024-06-17 | by ( Teele Rebane | Ivan Watson | ) edition.cnn.com time to read: +17 min

In early March, Dennis’ children scheduled a meeting to help their father get back on his feet after the scam. Matt and Adrienne lost their father Dennis to suicide in March after he fell victim to a cryptocurrency investment scam. Hard to believe I’m falling for a man I have never seen or spoken to,” Carina told him just a few weeks in. Carina, scam victimCarina didn’t tell her family about what had happened and the stress she was under until the very final moment. After months of hiding it, Carina told her family, who suggested she speak to Kraken directly.

Persons: Matt, “, Adrienne’s, Dennis Jones, Jessie, ”, Dennis, Dennis ’, Adrienne, ” Matt, Chris Turner, Amanda Swinhart, they’ve, Erin West, “ I’ve, I’ve, Erin, “ We’ve, Shawn Bradstreet, Jim Castel, Bradstreet, Bumble, GASO, that’s, Tom Booth Rakesh, Rakesh, “ Klara Semonov, Tawee Sodsong, Tom Booth Pachara, Jeff Rosen, ’ Carina, “ Evan ”, Carina, WhatsApp, ” Carina, Evan Van ”, CNN Evan, Evan, consoling, Jim Castel ‘, ” Dennis messaged, ” Adrienne, Carina didn’t, “ It’s, ” Dennis ’ Organizations: Lifeline, International Association for Suicide Prevention, Befrienders Worldwide, CNN, Facebook, FBI, San, LinkedIn, Meta, Indian, Thai National Broadcasting, Befrienders Locations: Virginia, Southeast Asia, scammers, Santa Clara, California’s Bay, San Francisco, Myanmar, Cambodia, Laos, Thailand, Thai, ”, Russian, Salt Lake City, scamming

☆ At Biden Fund-Raiser, Hollywood and Democrats Let the Trump Attacks Fly
▼ + stars: | 2024-06-16 | by ( Shawn Mccreesh | Adam Nagourney | ) www.nytimes.com time to read: +1 min

A Hollywood fund-raiser Saturday night intended to bolster President Biden’s war chest turned into a platform for some of the most concerted and toughest attacks to date on former President Donald J. Trump by the Biden campaign, as entertainers, Barack Obama and even Jill Biden assailed Mr. Trump’s ethics and his suitability to return to the White House. Ms. Biden, after being introduced by Barbra Streisand, said the choice was between her husband, “who honors the rule of law instead of trying to bend it to his way,” and Mr. Trump, “who wakes up every morning caring about one person and one person only: himself.”“Mr. Trump has told us again and again why he wants the White House — to give himself absolute power, to not be held accountable for his criminal action,” Ms. Biden continued. His aim, she told the crowd, “was to destroy the democratic safeguards that stand in his way.”Mr. Obama invoked Mr. Trump’s felony convictions — something that Mr. Biden has for the most part avoided doing — to applause from the crowd.

Persons: Donald J, Trump, Biden, Barack Obama, Jill Biden, Ms, Barbra Streisand, “, ”, Mr, Obama

☆ 'Inside Out 2' hits $155 million domestic debut, second-highest animation opening ever
▼ + stars: | 2024-06-16 | by ( Sarah Whitten | ) www.cnbc.com time to read: +5 min

"Inside Out 2" debuted with an estimated $155 million domestically, the second-highest theatrical opening of an animated film and the first film since Warner Bros.' "Barbie" to top $100 million during its debut. Of note, Disney does not consider its 2019 live-action remake of "The Lion King," which generated $191.7 million during its debut, an animation film. "Let's issue a collective 'welcome back' to Disney, Pixar, and the summer box office," said Shawn Robbins, founder and owner of Box Office Theory." Typically, these films average $100 million to $200 million openings, with 2019's "Avengers: Endgame" hitting a record $357.1 million. It boasts the biggest domestic debut of 2024, surpassing "Dune: Part Two" and its $82.5 million in opening weekend ticket sales.

Persons: King, Shawn Robbins, Robbins, Paul Dergarabedian, Guy, Comscore's Dergarabedian, Disney, Hunter Organizations: Disney, Pixar, Warner Bros, Walt Disney Animation, Marvel, Labor, Comcast, CNBC Locations: North America, Comscore, NBCUniversal

☆ The ‘Inside Out 2’ movie is a summer box office success
▼ + stars: | 2024-06-16 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

The studio’s latest animated film, “Inside Out 2,” has rocked the lethargic summer box office, becoming the first movie of 2024 to reach $100 million in domestic sales during its opening weekend. Heading for a $155 million weekend per Comscore estimates, the movie marks the most lucrative box office opening since last July’s “Barbie,” which grossed $162 million. According to Comscore and Disney, “Inside Out 2” has also cinched the No. “The story of the summer was always going to come down to how Pixar (‘Inside Out 2’) and Marvel (‘Deadpool & Wolverine’) rebounded,” said Loria. Domestic box office totals since the beginning of May are still down by about 28% compared to this time last year, according to Comscore data.

Persons: Joy, ”, “ Barbie, “, Daniel Loria, Shawn Robbins, Disney’s, Deadpool, ’, Paul Dergarabedian, Dergarabedian Organizations: New, New York CNN, Disney, Box, showtime, ” Industry, Pixar, Guild, SAG, Marvel Locations: New York, United States

☆ It’s Donald Trump’s 78th Birthday. He Isn’t Happy About It.
▼ + stars: | 2024-06-14 | by ( Shawn Mccreesh | ) www.nytimes.com time to read: +1 min

“Donald hates his birthdays,” Ivana Trump once said of her ex-husband. He looked genuinely upset on Sunday when his supporters sang an early “Happy Birthday” to him at a rally in Las Vegas. “You know,” he told them, “there’s a certain point at which you don’t want to hear ‘Happy Birthday.’ You just want to pretend the day doesn’t exist.”No doubt. The Trump team spent the week blasting out selectively edited videos of Mr. Biden toddling around Europe, looking like Corrado Soprano lost in Newark. “Biden was seen staring off into the distance and wandering around like a brain-dead zombie,” said Karoline Leavitt, a Trump campaign press secretary.

Persons: “ Donald, ” Ivana Trump, ”, “, ’, Biden, Corrado Soprano, “ Biden, Karoline Leavitt Organizations: Trump, Biden toddling Locations: Las Vegas, Europe, Newark

☆ Election Updates: Trump turns 78 today, and Democrats are trolling him in Milwaukee.
▼ + stars: | 2024-06-14 | by ( Shawn Mccreesh | ) www.nytimes.com time to read: +1 min

“Nobody’s heard this story before,” Mr. Trump had said to the group. “I’ll never forget that Bibi Netanyahu let us down,” Mr. Trump told the group. Mr. Trump has indicated mixed feelings about his own birthday. The birthday celebration that Club 47 USA has planned on Friday will take place at a convention center down the road from Mar-a-Lago. Mr. Trump is expected to speak at 7 p.m.

Persons: Donald J, Trump, serenaded, Qassim Suleimani, “ Nobody’s, ” Mr, you’ve, ”, Benjamin Netanyahu, Israel, “ I’ll, Bibi Netanyahu, ’ Organizations: Capitol, Mr, Hamas Locations: Palm Beach, Fla, Florida, United States, Gen, Las Vegas, Mar

4:35Americans Love to Shop Online. 0:59‘Lack of Further Progress’ on Inflation Keeps Interest Rates High0:59Fed Wants More ‘Good Data’ Before Cutting Interest Rates, Powell Says0:26Boeing Cargo Plane Makes Emergency Landing in Miami1:00PGA Tour Boss Describes What Led to His Medical Leave of Absence1:55Elon Musk Apologizes for Endorsing Antisemitic Conspiracy Theory1:51Disney C.E.O. Denies Plan to Sell TV Business1:20David Zaslav Defends Unpopular Decisions at Warner Bros. Discovery1:37Harris Not Worried About Biden Trailing Trump in Key Polls0:53U.S. Will Take Years to Reach Chip Independence, Nvidia C.E.O. Says1:06McCarthy Says He Is Undecided on Whether to Seek Re-Election0:40

Persons: Powell, Elon Musk, David Zaslav, Harris, McCarthy Organizations: Boeing Cargo, Disney, Sell, Warner Bros, Biden, Trump, Chip Independence, Nvidia C.E.O Locations: Miami, Chip

☆ How California, Once Flush, Got Stuck With a Budget Shortfall
▼ + stars: | 2024-06-13 | by ( Shawn Hubler | ) www.nytimes.com time to read: +1 min

California’s state budget dwarfs the gross domestic products of some countries, supporting the nation’s most populous state and the world’s fifth-largest economy. When Golden State finances swing, there is an impact — and they can swing wildly. Two years ago, the state was projecting a record surplus; now, state lawmakers are confronting tens of billions of dollars in red ink. State law requires legislators to pass a balanced budget by June 15 each year or lose their pay and expense money. Why do California’s finances jump around so much?

Persons: Gavin Newsom Organizations: Golden, Gov

☆ Europe risks trade war with China by hiking tariffs on its electric cars
▼ + stars: | 2024-06-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

The European Commission, the EU’s executive arm, launched the probe in October to establish whether Chinese EV prices are artificially low because of subsidies and so hurt European carmakers. Europe is the main destination for Chinese EV exports. The new EV tariffs are likely to kick off intense negotiations between Beijing and Brussels aimed at averting a damaging trade war. Many of them manufacture cars in China and then sell them in Europe, a set-up that will be more costly as a result of the higher tariffs. Alternatively, Beijing could pledge investment into EU countries and promise better market access in China for EU firms, the Rhodium analysts wrote.

Persons: ” Will Roberts, BYD, Roberts, …, Olaf Scholz, ”, Joe Biden, Olesya Dmitracova, Mark Thompson, Shawn Deng, Alex Stambaugh Organizations: London CNN, European Union, European Commission, Commission, Volvo, SAIC, EV, EU, Rho Motion, China’s Ministry of Commerce, Rho, Renault’s, CNN, “, France EU, Group Locations: China, Beijing, European, Brussels, Washington, EU, Europe, Renault’s Dacia, “ Beijing, Germany, France, Spain, United States, Hungary, London, Hong Kong

☆ UAW President Shawn Fain under investigation by federal monitor
▼ + stars: | 2024-06-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Shawn Fain, who led the United Auto Workers union in its strike against all three unionized American automakers last fall, is under investigation by a federal monitor overseeing the union. It dredges up past union corruption issues that sent previous union officials to prison, an issue that helped Fain win a narrow upset victory to lead the union last year. Fain was a guest of President Joe Biden at the State of the Union speech, where Biden recognized and praised him. Biden also joined Fain on the picket line during last year’s auto strike, the first sitting president to visit a picket line. Fain, a former critic of both former President Donald Trump and the Biden administration, has become a vocal supporter of Biden, who has been endorsed by the UAW.

Persons: Shawn Fain, Fain, Margaret Mock, “, Neil Barofsky, Rich Boyer, Boyer, Barofsky, Mock, ” Barofsky, ”, We’re, Stellantis, Joe Biden, Biden, Donald Trump Organizations: New, New York CNN, United Auto Workers, UAW, Volkswagen, Stellantis, TARP, General Motors, Ford, State Locations: New York, Tennessee, Mercedes, Alabama

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