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☆ Spain, Norway and Ireland’s recognition of a Palestinian state is likely to have little impact on Israel
▼ + stars: | 2024-05-22 | by ( Luke Mcgee | ) edition.cnn.com time to read: +3 min

CNN —Europe has struggled over the Middle East for a very long time. The decision by Ireland, Spain and Norway to recognize a Palestinian state tells us more about the domestic politics of those countries than anything else. In Ireland, Spain and Norway, support for a Palestinian state chimes with the broader electorate and is unlikely to receive any political blowback. European countries simply do not have a huge amount of influence in this area. That isn’t to say Europeans didn’t care about the Middle East, specifically the Palestinian cause.

Persons: Benjamin Netanyahu, Israel, Israel – Organizations: CNN, Israel, European Union, European Commission, European, EU Locations: Europe, Ireland, Spain, Norway, Israel, Palestinian, Germany, Hungary, Poland, Palestine, Oslo, European Union

☆ Scientists a step closer to unraveling mystery of sun’s magnetic field
▼ + stars: | 2024-05-22 | by ( Katie Hunt | ) edition.cnn.com time to read: +5 min

In contrast to previous research that assumed the sun’s magnetic field originates from deep within the celestial body, they suspect the the source is much closer to the surface. This view of the sun's magnetic field was generated by NASA's Solar Dynamics Observatory. NASA/GSFC/Solar Dynamics ObservaModeling the sun’s magnetic fieldIt’s difficult to see the sun’s magnetic field lines, which loop through the solar atmosphere to form a complicated web of magnetic structures far more complex than Earth’s magnetic field. To better grasp how the sun’s magnetic field works, scientists turn to mathematical models. Like the 11-year solar magnetic cycle, torsional oscillations also experience an 11-year cycle.

Persons: Galileo, ”, Daniel Lecoanet, ” Lecoanet, “, Lecoanet, Geoff Vasil, Ellen Zweibel, Zweibel Organizations: CNN, Northwestern University’s McCormick School of Engineering, Center for Interdisciplinary Exploration, Research, Astrophysics, NASA's Solar Dynamics, NASA, Dynamics, University of Edinburgh, University of Wisconsin Locations: United Kingdom, Madison

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

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

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

Analyst Ronald Epstein downgraded the electronics maker to underperform from neutral and slashed $15 off his price target to $150. Analyst Rupesh Parikh reiterated his outperform rating on the wholesaler, while lifting his price target by $45 to $850. Analyst Tal Liani reiterated his buy rating on the software stock and price target of $315. Analyst Gabriela Borges upgraded the retail software stock to buy from neutral and raised her price target by $7 to $74. He also slapped a $42 price target on the stock, implying upside of nearly 17%.

Persons: Goldman Sachs, Piper Sandler, Kraft Heinz, Ronald Epstein, Epstein, — Alex Harring, Oppenheimer, Rupesh Parikh, Parikh, Alex Harring, Daniel Grosslight, Grosslight, HIMS, he's, Tal Liani, Liani, CORA, it's, Morgan Stanley, Josh Baer, Baer, Box's, there's, Goldman, Gabriela Borges, Borges, Shopify, Michael Lavery, Lavery, KHC, Fred Imbert Organizations: CNBC, Garmin Garmin, Bank of America, Garmin, Costco, Citi, Kraft, ~$ Locations: Tuesday's, Swiss, Shopify

☆ A celebrity esthetician started an anti-aging skincare routine when she was in her 40s. Here's how she 'saved' her skin.
▼ + stars: | 2024-05-22 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +4 min

Read previewCynthia Franco is no stranger to anti-aging skincare concerns. Taking sun protection seriouslyPrior to learning more about anti-aging, Franco said she didn't think too much about sun protection. A quality vitamin C serum goes a long wayFranco said the third step in the "line of defense" against premature signs of aging is a vitamin C product. Invest in extras like retinol and peptidesFranco said the first three steps are "non-negotiable" staples of any good anti-aging skincare routine. She also called peptides the "crème de la crème" of anti-aging skincare products, especially if you start using them after your 30s.

Persons: —, Cynthia Franco, Barry Keoghan, Queen Latifah, Franco, I, Retinol Organizations: Service, Business

☆ DuPont de Nemours to split into three companies
▼ + stars: | 2024-05-22 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —DuPont de Nemours, the American multinational chemical company that traces its history back to 1802, announced plans to split into three publicly traded companies on Wednesday. DuPont’s breakup comes amid other large, multi-national companies announcing breakups in recent years, with many CEOs and corporate boards touting the agility of smaller companies. In a statement, Breen echoed a similar refrain, saying the three smaller companies would have greater flexibility after the spin-off. This is the second DuPont breakup in half a decade. In 2019, DowDuPont, which was created in a DuPont merger with Dow Chemical, broke apart into three separate entities: DuPont, Dow Chemical and Corteva, the company’s agriculture business.

Persons: Lori Koch, Ed Breen, Koch, Breen, ”, “, Kellogg, DuPont Organizations: CNN, DuPont de Nemours, DuPont, ”, General Electric, Dow Chemical

☆ Ms Rachel, the YouTuber, launched a campaign to help kids in Gaza and other conflict zones. Then came the angry comments
▼ + stars: | 2024-05-22 | by ( Faith Karimi | ) edition.cnn.com time to read: +7 min

“Hiiii, heeeello,” she chirps while waving cheerfully in social media clips that feature upbeat nursery rhymes, dances and language lessons for preschool children. Instead of her usual smiling, clapping and cheering, the popular social media creator, whose full name is Rachel Griffin Accurso, was in tears. But I can handle this,” she said in a video posted to her accounts last Thursday. In the caption on her tearful May 16 video, Accurso reiterated her concern for all the world’s children. “Palestinian children, Israeli children, children in the US – Muslim, Jewish, Christian children – all children, in every country,” she wrote.

Persons: “, TikTok, Rachel Griffin Accurso, ”, Accurso, wasn’t, –, Rachel, she’d, she’s, Rogers, James Elder, —, Giselle Ugarte, ” Ugarte, influencers Organizations: CNN, YouTube, Democratic, New York Times, United Nations Children’s Fund, UNICEF Locations: Instagram, Gaza, Israel, gaza, Sudan, Ukraine, Democratic Republic of the Congo, New York, Rafah, Palestinian, “

☆ Here are Wednesday's biggest analyst calls: Nvidia, Meta, Tesla, Chipotle, Ferrari & more
▼ + stars: | 2024-05-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Wednesday's biggest calls on Wall Street: Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating on Tesla but says it's only a matter of time before others automakers begin to take advantage of AI also. Morgan Stanley reiterates Meta as overweight Morgan Stanley said that, as users adopt the company's Reels product it becomes a "monetization opportunity." Morgan Stanley reiterates Dell as a top pick Morgan Stanley said Dell remains a favorite name at the firm. Morgan Stanley reiterates McDonald's as overweight Morgan Stanley said it's standing by the fast-food chain. Morgan Stanley reiterates Ferrari as overweight Morgan Stanley said it's standing by its overweight rating on the automaker.

Persons: Morgan Stanley, Tesla, Piper Sandler, Piper, Meta, Dell, JMP, Oppenheimer, it's, Goldman Sachs, Goldman, Kraft Heinz, McDonald's, Rosenblatt, John Malone, Sportico, Morgan Stanley downgrades, Generac, Jefferies, Needham, Stryker, Ferrari, MSFT Organizations: GM, Ford, Nvidia, Blackwell, ODM, Lenovo, Dell, China Tech Hardware, Costco, " Bank of America, Bank of America, Kraft, Brunswick, UBS, Brunswick Corporation, Atlanta Braves Holdings, Deutsche Bank, Waste Management, Deutsche, Price, Jefferies, Prudential, Lincoln National, Microsoft, Garmin, of America Locations: Coinbase, Shopify

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

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

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

☆ A Hawaiian wedding planner shares 4 insider tips for planning a wedding on the pricey island
▼ + stars: | 2024-05-22 | by ( Aleenah Ansari | ) www.businessinsider.com time to read: +6 min

Support local vendors whenever possibleThe wedding industry is incredibly lucrative, and a huge economic boost for Hawaii. Zablan-Duvauchelle said couples can find local photographers and wedding planners, as well as buy guest favors from local businesses. Advertisement"Having a local wedding planner can help you identify local vendors," Zablan-Duvauchelle said. AdvertisementIf you want to meet some of your vendors for hair and makeup trials or catering tastings, Zablan-Duvachelle suggests booking a wedding planning trip to help guide your decision-making. It's the small things that countNo matter where you decide to have your wedding, Zablan-Duvauchelle said the details make a wedding sing.

Persons: —, Zabrina Zablan, Duvauchelle Organizations: Service, Business Locations: Hawaii, Alaska, New York City, San Francisco, O'ahu, Waikiki, Poipu, Waimea, Kauai, Zablan

☆ Norway, Ireland and Spain to recognize Palestinian statehood
▼ + stars: | 2024-05-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Norway, Ireland and Spain will recognize an independent Palestinian state, the three countries' prime ministers said Wednesday, in the hope of bringing about a peaceful resolution to a conflict that has raged for more than 75 years. Spain's Prime Minister Pedro Sanchez said on social media that his country will approve the recognition of a Palestinian state in the Council of Ministers on May 28, according to a CNBC translation. Irish Prime Minister Simon Harris also confirmed the news in a press conference: "Today, Ireland, Norway, and Spain are announcing that we recognize the state of Palestine. Each of us will now undertake whatever national steps are necessary to give effect to that decision." "I'm confident that further countries will join us in taking this important step in the coming weeks," he said.

Persons: Jonas Gahr Stoere, Pedro Sanchez, Simon Harris, Harris Organizations: Reuters, Spain's, Ministers, CNBC, Irish Locations: Norway, Ireland, Spain, Palestinian, Palestine

☆ Stocks making the biggest moves after hours: Nvidia, Snowflake, VF Corp. and more
▼ + stars: | 2024-05-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines after the bell : Nvidia — The chipmaker added about 4% after announcing a 10-for-1 stock split . Nvidia also surpassed Wall Street's fiscal first-quarter estimates on the top and bottom lines, and it issued strong guidance for the current quarter. Fiscal first-quarter revenue surpassed the Street's expectations, coming in at $829 million, versus consensus estimates for $786 million, per LSEG. — The apparel and footwear company sank 9% after posting an unexpected loss for the recent quarter and revenue that fell short of Wall Street's estimates. VF Corp. posted a loss of 32 cents per share on $2.37 billion in revenue.

Persons: LSEG, FactSet, Synopsys, LiveRamp, Dow Jones, Goldman Sachs, Morgan Stanley, Ed Breen, Lori Koch, Breen, —, Darla Mercado, Sarah Min, Scott Schnipper, Christina Cheddar, Berk Organizations: Nvidia, Super Micro, Devices, Corp, VF Corp, LiveRamp Holdings, News Corp, JPMorgan, DuPont de Nemours, DuPont

☆ Carissa Moore: Before stepping away from surfing, Olympic champion has a showdown with ‘big, intense, scary’ Teahupo’o
▼ + stars: | 2024-05-22 | by ( George Ramsay | ) edition.cnn.com time to read: +7 min

CNN —Carissa Moore remembers the first time she surfed Teahupo’o, the barreling wave located off the island of Tahiti. “I was so out of my league,” recalls Moore, who has surfed the famous break numerous times throughout her career. “It’s those waves that scare you the most that end up being the best,” Moore tells CNN Sport. Moore waits for a wave at Teahupo'o during the Tahiti Pro event on August 11 last year. “Maybe I return, maybe I just focus on Moore Aloha and free surfing and doing film projects.

Persons: CNN — Carissa Moore, surfed Teahupo’o, Moore, ”, “, Teahupo’o, ” Moore, “ It’s, ’ ”, Red Bull, Ben Thourad, I’ve, I’m, “ I’m, “ There’s, Brent Bielmann, what’s Organizations: CNN, CNN Sport, Tahiti Pro, Tahiti, Getty, International Surf Association, Surf League, surfing's, Moore Aloha Locations: Tahiti, Polynesia, Hawaii, AFP, Japan, Paris

☆ How AI and bionics are helping Ukrainian soldiers return to action
▼ + stars: | 2024-05-22 | by ( Ryan Bergeron | ) edition.cnn.com time to read: +4 min

The Esper Hand is the first product from Esper Bionics, a Ukrainian-US based company focused on next-generation prosthetics. “I think AI will be the next step in bionics,” says Dima Gazda, CEO of Esper Bionics. According to Esper Bionics, 70 Ukrainian soldiers are currently serving with Esper Hands, but the need greatly outnumbers the supply. Every morning, a group of Ukrainian veterans gather inside the clinic and go over the schedule for the day. Esper Bionics sells the Esper Hand (which normally sell for around $20,000) to Protez at manufacturing costs, and then Protez fits them to users for free.

Persons: CNN — Valera Kucherenko, I’m, ” Kucherenko, Kucherenko, who’ve, “, ”, Dima Gazda, Esper, It’s, Esper Bionics, Yakov Gradinar, ” Gradinar, Gradinar, Valera Kucherenko –, ” Gazda Organizations: CNN, Intelligence, Protez, Protez Foundation Locations: Ukrainian, Russia, Ukraine, Minneapolis, Minnesota

☆ Opinion: Trump’s defense ends on one disastrous witness
▼ + stars: | 2024-05-22 | by ( Opinion Norman Eisen | ) edition.cnn.com time to read: +6 min

Part of the reason for those modest hopes was the fact that the defense case would not include testimony by the defendant. Later, the charging conference to agree on jury instructions showed how daunting the law is that Trump faces. All of that is bad news not just for Costello, whose clash with Merchan won Trump’s praise outside the courtroom Monday, but also for the defense. Because Costello was one of Trump’s only witnesses, there is also the risk that he — and the jury’s reaction to his poor attitude — will taint the defense case overall. There was little the defense could do about the law in the charging conference beyond their usual able argument.

Persons: Norman Eisen, “, Donald Trump, Juan Merchan, Robert Costello, Costello, Michael Cohen, Susan Hoffinger, ” Cohen, Rudy Giuliani, Cohen, —, Trump, Norm Eisen, Stormy Daniels, ”, parrying, Merchan, it’s, Matthew Colangelo, “ I’m Organizations: CNN, Trump, Trump —, FBI, Prosecutors, Twitter, Facebook Locations: Manhattan, , New York

☆ 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

☆ Microsoft’s latest AI tool is alarming privacy experts
▼ + stars: | 2024-05-22 | by ( Samantha Kelly | ) edition.cnn.com time to read: +5 min

CNN —Microsoft’s buzziest new AI feature is raising concerns that it could potentially be misused in the wrong hands. It’s different from a keyword search; the tool regularly saves screenshots of the user’s screen and stores them directly on the device. It then uses AI to process the data and make it searchable. Jen Golbeck – a professor of AI at the University of Maryland who focuses on privacy – said the recall feature could pose a potential “nightmare” if the device falls into the wrong hands. Still, Michela Menting, a senior research director at ABI Research, believes the feature is a “step backwards” for privacy.

Persons: Jen Golbeck –, –, ”, that’s, Satya Nadella, Geoff Blaber, ” Blaber, Golbeck, Blaber, Michela Organizations: CNN, University of Maryland, Data Protection, ICO, Microsoft, Wall Street, CCS Insight, ABI Research

We recently got an in-depth look at how mattresses were made on a tour of the 3Z Brands factory in Glendale, Arizona. With the extra capacity, 3Z Brands also makes mattresses for other companies, including Nectar, GhostBed, Allswell, and Nest Bedding. Here's a detailed account of our tour of the 3Z Brands factory and a look into how mattresses are made, from sewing to packaging. AdvertisementConstructing the pocket coilsThe pocket springs found in hybrid mattresses arrive at the factory in huge coils. AdvertisementAssembling the mattressOnce the foam, pocket springs, and mattress covers are ready, it's time to assemble all the components together.

Persons: Brands, James Brains, 3Z, Jaclyn Turner, John Merwin, serging, Jaclyn, Stephen Light Organizations: Business, 3Z Brands, 3Z Locations: Glendale , Arizona, Brooklyn

☆ Screw helping the NFL, Taylor Swift could save Broadway next
▼ + stars: | 2024-05-21 | by ( Laura Wheatman Hill | ) www.businessinsider.com time to read: +7 min

Read previewTaylor Swift has such a major influence on the American economy she might just be able to revitalize Broadway. When Swift filed to trademark the phrase "Female Rage: The Musical" on May 11, fans began to wonder if she just might shift her talents to musical theater next. AdvertisementSwift is more than ready for Broadway — and the Eras Tour is proofThe Eras Tour is already quite a theatrical experience. Michael Campanella/TAS24/Getty ImagesAttending one of Swift's concerts on the Eras Tour is already pretty close to seeing a Broadway show. Swift has options if she does head to BroadwayTaylor Swift could star in her own Broadway show or just lend her writing chops to one.

Persons: —, Taylor Swift, Swift, Travis Kelce, she's, Dimitrios Kambouris, haven't, Britney Spears, Katharine Quinn, Quinn, Michael Campanella, TAS24, it's, She's, Kevin Mazur, Deborah Rayne, Billy Flynn's, Broadway Taylor Swift, CHRISTINE OLSSON, Rayne, Tony, Oscar, Angelina Jolie, she'd, Sara Bareilles, Beyoncé Organizations: Service, Broadway, Chiefs, Business, Hollywood, Department, Broadway League, Opera Locations: —, Ohio, NYC, Chicago

☆ The West always gives Ukraine weapons one year after it actually needs them, Zelenskyy says
▼ + stars: | 2024-05-21 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

Ukraine's president told Reuters that the West always gives it weapons a year after it needs them. Volodymyr Zelenskyy said the West needs to be more involved in the war and shoot down Russian missiles. AdvertisementUkrainian President Volodymyr Zelenskyy said the country's Western allies always give it weapons one year after it actually needs them. "Every decision to which we, then later everyone together, comes to is late by around one year," Zelenskyy told Reuters on Monday. This story is available exclusively to Business Insider subscribers.

Persons: Volodymyr Zelenskyy, —, Zelenskyy Organizations: Reuters, Service, Business Locations: Ukraine

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

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

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

☆ China is trying to end its ‘epic’ property crisis. The hard work is just beginning
▼ + stars: | 2024-05-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.

Persons: ”, Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan

☆ World Economic Forum founder Klaus Schwab to step back from executive role
▼ + stars: | 2024-05-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Klaus Schwab speaks as part of SWITCH GREEN during day 1 of the Greentech Festival at Kraftwerk Mitte aired on Sept. 16, 2020 in Berlin, Germany. The World Economic Forum confirmed Tuesday that founder Klaus Schwab is moving away from the day-to-day management of the organization after more than 50 years at the helm. The forum said that the move was part of a years' long strategy to change its management structure, shifting governance to a president and managing board. The forum did not reveal who would succeed Schwab and become the face of its elite annual meeting in Davos, Switzerland. The non-profit think tank confirmed that Schwab would transition to a role as chairman of the board of trustees.

Persons: Klaus Schwab, Brende, Schwab, WEF Organizations: Kraftwerk, Economic, CNBC Locations: Berlin, Germany, Davos, Switzerland

☆ FDIC chairman Martin Gruenberg to resign following investigations into sexual harassment at the bank regulator
▼ + stars: | 2024-05-21 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

The report also probed FDIC chairman Martin Gruenberg's strong temper. Staying in office would prevent FDIC vice chairman Travis Hill, a Republican, from becoming the agency's acting chairman. The White House said that President Joe Biden would soon nominate a new FDIC chairman and that it expects the Senate to move quickly to confirm the nominee. "I accept the findings of the reports and as chairman, I take full responsibility to anyone who has experienced sexual harassment, discrimination or other misconduct at the FDIC," Gruenberg said at the hearing. Investigators said they set up a hotline in mid-January and received more than 500 complaints — largely from current employees — about sexual harassment, discrimination, and other issues.

Persons: —, Martin Gruenberg's, Gruenberg, Travis Hill, Joe Biden, Cleary Gottlieb Steen, Hamilton Organizations: Service, Federal Deposit Insurance Corporation, Business, Democratic, Wall Street, Republican, Journal, Senate, FDIC

☆ China's sweeping measures to prop up the property sector will need time to show results
▼ + stars: | 2024-05-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

A real estate construction site in Wanxiang City, Huai 'an City, East China's Jiangsu province, May 17, 2024. Future Publishing | Future Publishing | Getty ImagesBEIJING — China's sweeping moves on Friday to increase support for real estate will take time to show results, analysts said. Despite the news, S&P is still sticking to its base case from earlier in the month that China's property market is likely still "searching for a bottom," Edward Chan, director, corporate ratings, said during the firm's webinar on Monday. But he pointed out that for real estate to see significant stabilization, homebuyers' demand and confidence will need to improve after a market downturn of nearly three years. "We believe Beijing is headed in the right direction with regard to ending the epic housing crisis," Nomura's Chief China Economist Ting Lu said in a report Monday.

Persons: Huai, Edward Chan, Ting, Nomura, Goldman Sachs, Chief China Economist Hui Shan, Ting Lu, P's Chan Organizations: Future Publishing, Getty, BEIJING, Chief China Economist, China Locations: Wanxiang City, City, East China's Jiangsu, Hong Kong, Beijing, Ting Lu, China

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