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☆ What’s open and closed on Juneteenth 2024
▼ + stars: | 2024-06-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Here’s what’s open and closed on Juneteenth 2024. TD Bank, which has remained open in previous years, will also be closed Wednesday. Schools and government agenciesFederal offices will be closed on Juneteenth. In 2023, at least 28 states recognized Juneteenth as a public holiday for which state workers received a paid day off, according to a Pew Research analysis. RetailersMost major retailers and grocery stores will be open on Juneteenth.

Persons: New York CNN —, Gordon Granger, Abraham Lincoln, —, Juneteenth, Here’s, CNN’s Harmeet Kaur Organizations: New, New York CNN, Black Americans, Union Army, Washington DC, Black American, United States Postal Service, UPS, FedEx, Nasdaq, New York Stock Exchange, Federal Reserve, Chase, Bank of America, TD Bank, Pew, Walmart, Target Locations: New York, United States, Galveston , Texas, Juneteenth

☆ US announces major bust as efforts to crack down on Chinese money launderers working with drug cartels ratchet up
▼ + stars: | 2024-06-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +17 min

A US-based lawyer who has represented accused Chinese money launderers said the tempo of law enforcement operations against the alleged launderers has increased in recent weeks as federal agents close in on “bigger fish” among Chinese money launderers in the US. None of the federal law enforcement agencies involved in tracking Chinese money launderers agreed to be interviewed on the record. Grassley and Whitehouse have each introduced legislation they say is key to closing loopholes in US law that are actively exploited by the cartels’ money launderers. Elaborate networksRecent court documents illuminate how far-flung and elaborate US-based networks of alleged Chinese money launderers are. Mirror TransactionsExperts say the Chinese money launderers have mastered the art of so-called mirror transactions, which involve a series of deposits at multiple bank accounts to conceal the drug money.

Persons: ”, Anne Milgram, surveil, “, Don Im, Biden, HSI, Ricardo Mayoral, William Kimbell, ” Kimbell, launderers, —, Sen, Sheldon Whitehouse, ” Whitehouse, Treasury Department —, Whitehouse, Christopher Wray, Joe Biden, Xi Jinping, Republican Sen, Charles Grassley, Enhua Fang, Li Pei Tan, Tan, Joe Habachy, Matthew Rothbeind, Fang, Chaojie Chen, Chen, Greg Hunter, ” David Luckey, JPMorgan Chase Organizations: CNN, Drug, Administration, Sinaloa Cartel, US Court, Central, Central District of, DEA, IRS, “, Centers for Disease Control, Federal, Homeland Security, Treasury, Treasury Department, Treasury’s, Network, Homeland Security Investigations, DHS, Financial Crimes, Rhode Island Democrat, intel, Department of Homeland Security, FBI, Senate, ” CNN, White, Office of National Drug Control, Service, Biden, Republican, Grassley, Rand Corporation, of, JPMorgan Chase, Bank of America, JPMorgan, Organization Locations: California, Mexican, China, Mexico, Los Angeles, Sinaloa, Central District, Central District of California, Colombia, America, Oregon, Virginia, South Carolina, Washington, DC, North, Central America, —, Iowa, North Carolina, Belize, Chinese, Georgia, Chicago, Tulsa, East Coast, Detroit , Chicago, Ohio, Western, of North Carolina, Wells Fargo

☆ 10 things to watch in the stock market Monday on a holiday-shortened week
▼ + stars: | 2024-06-17 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

For the week: The tech-heavy Nasdaq gained 3.2%, while the S & P 500 rose 1.6% and the Dow fell 0.5%. The analysts raised their price target to $106 per share from $85. There were several price target bumps on Micron ahead of earnings next week on June 26. Nike price target was lowered to $114 per share from $116 at Morgan Stanley. Citigroup price target was increased to $66 per share from $63 by RBC Capital.

Persons: Wedbush's Ives, Toll, Goldman Sachs, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Dow, Fed, Citi, UBS, Microsoft PT, Microsoft, Apple, Union Pacific, Loop, Autodesk, Wall Street, Micron, Bank of America, PT, Nike, Citigroup, RBC Capital, Jim Cramer's Charitable, CNBC, Dow Nasdaq, Microsoft Apple, Union Pacific Activist Investor, Micron Nike Citigroup

☆ There's a 'stealth erosion' in global US dollar reserves, but there's no dominant replacement yet
▼ + stars: | 2024-06-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewThe US dollar is in a state of "stealth erosion," the International Monetary Fund, or IMF, wrote in a report on Tuesday. This effect masked the shift of central banks and governments out of dollar reserves. Instead, the shares of "non-traditional reserve currencies" have risen, according to the IMF. These include the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singaporean dollar, and Nordic currencies. AdvertisementThe dollar's decline in FX reserves doesn't appear to be about sanctionsThe IMF's report comes amid ongoing discussions about de-dollarization.

Persons: — Organizations: Service, International Monetary Fund, Business, US Federal Reserve, IMF, Canadian, South Korean, greenback Locations: Russia, Moscow, Ukraine

☆ 3 risks to global economic growth
▼ + stars: | 2024-06-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The World Bank on Tuesday raised its 2024 outlook for global economic growth to hold steady at 2.6%, an increase from its previous projection of 2.4% growth. “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a release accompanying the report. Prospects for the world’s poorest economies are even more worrisome.”Here are three risks the World Bank sees. The World Bank said that spillover risk from the Russia-Ukraine war and Israel-Hamas war could curb global growth by pushing up oil prices and shipping costs. Trade tensions are already brewing between some of the world’s biggest global economic engines.

Persons: ” Indermit Gill, Jerome Powell, ”, Ayhan Kose, Danielle Wiener, Bronner, Joe Erlinger, aren’t, TikTok, John S, James L, Donald Trump, Joe Biden’s, Biden Organizations: CNN Business, Bell, New York CNN, Bank, World Bank, European Central Bank and Bank of Canada, US Federal Reserve, European Commission, EU, Bureau of Labor Statistics, McDonald’s, Pew Research Center, Knight Foundation, TikTok Locations: New York, Russia, Ukraine, Israel, India, Mexico, United States, France, United Kingdom, China, Beijing

☆ Google cut Uncle Sam a $2 million check so it could avoid a jury trial. A judge just agreed
▼ + stars: | 2024-06-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +1 min

CNN —A US federal judge ruled on Friday that an antitrust lawsuit brought by the US government against Google will be decided by a judge and not a jury after Google wrote the government a check, paying back the full amount of monetary damages the lawsuit sought. The case regarding Google’s advertising technology is the first antitrust suit against a Big Tech company brought by the Biden administration. US District Judge Leonie Brinkema’s decision on Friday is a setback for the Justice Department, which sought a jury trial for the case. We’re glad the Court ruled that this case will be tried by a judge,” Schottenfels said. We look forward to making our case in court.”A hearing is set for June 21 on Google’s motion for summary dismissal, which would terminate the case without a trial.

Persons: Biden, Leonie Brinkema’s, Brinkema, —, Peter Schottenfels, “ DOJ’s, We’re, ” Schottenfels, we’ve, ”, Brian Fung Organizations: CNN, Google, Big Tech, Justice Department, DOJ

☆ Wall Street is putting its foot down as ‘Roaring Kitty’ sends GameStop soaring again
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +9 min

That means that Gill has the right to purchase 12 million shares of GameStop at $20 apiece by a set expiration date. GameStop shares closed Wednesday at $46.55 a share, more than double the price locked in by those options. Gill hasn’t explicitly told anyone to buy GameStop shares or that he thinks it’s headed to the moon. In comparison, shares of GameStop and AMC Entertainment have surged 167% and 99%, respectively, since Gill’s return to social media. Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021.

Persons: Kitty, Keith Gill, Gill, Michael M, Gill hasn’t, it’s, Jay Woods, Woods, hasn’t, Morgan Stanley, Gill isn’t, copycats, Warren Buffett, Berkshire Hathaway, Buffett, Chubb, ”, Bill Galvin, Gill’s, Hanna Ziady, Christine Lagarde —, ” —, Read, OpenAI, Brian Fung, Inflection’s, didn’t, Keith Gill’s Organizations: CNN Business, Bell, New York CNN, GameStop, AMC Entertainment, CNN, Gamestop, New York Stock Exchange, Street, Freedom Capital, Berkshire, The Securities, Exchange Commission, SEC, Financial, Traders, stoke, Wall, Retail, Roaring Kitty YouTube, European Central Bank, US Federal Reserve, Bank of England, ECB, Federal Trade Commission, FTC, Justice Department, Microsoft, Google, Nvidia, of Justice Locations: New York, New York City, Massachusetts, Washington, Europe

☆ IKEA wants to pay real people to work in its new store inside Roblox game
▼ + stars: | 2024-06-07 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

London CNN —IKEA has put a new spin on remote working, seeking 10 real-life staff to work in its Roblox virtual store that opens on June 24 and becoming the first brand to offer paid work on the gaming platform. “This is not the typical IKEA job,” the Swedish flatpack giant said in the listing for jobs in its Roblox outlet, called “The Co-Worker Game.”IKEA is launching a new game. IKEA is expanding into the virtual world. IKEA is not the first brand to enter the virtual world, following in the footsteps of Walmart (WMT), among others, which created a virtual Roblox store allowing users to buy physical items and receive them in the mail. It wasn’t immediately clear whether customers will be able to buy real IKEA products through its game.

Persons: Brandon Bell Organizations: London CNN, IKEA, Ikea, Walmart, CNN Locations: Swedish, United Kingdom, Ireland, London, United States

☆ ECB: Interest rates are coming down in Europe
▼ + stars: | 2024-06-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. Central banks in Switzerland and Sweden have also cut interest rates this year. Analysts doubt the central bank will cut rates again at its next meeting in July. It added that it would keep interest rates “sufficiently restrictive for as long as necessary” to return inflation to the 2% target. Higher interest rates tend to attract more international capital flows into a country, lifting demand for its currency.

Persons: Christine Lagarde, Cyrus de la Rubia Organizations: London CNN, European Central Bank, US Federal Reserve, Bank of England, ECB, Bank of Canada, P Global, Hamburg Commercial Bank, Fed, Traders Locations: Ukraine, United States, United Kingdom, Switzerland, Sweden, Hamburg, Frankfurt, Europe

☆ 3 catalysts could spark a 10% sell-off in the stock market this summer, according to JPMorgan
▼ + stars: | 2024-06-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The May jobs report could spark a bearish narrative change in the stock market. AdvertisementA 10% sell-off in the stock market is possible this summer after a massive year-to-date rally, according to JPMorgan. "The combination of earnings season stock performance and narrowing market breadth points to a market that needs a new set of catalysts and/or reassurance about the prevailing market narrative," JPMorgan said. "Momentum unwind"The bulk of the stock market's recent gains have been driven by momentum, with tech stocks leading the advance. AdvertisementJPMorgan said a jobs report below 50,000 to 75,000 range or above the 250,000 to 300,000 range could spark a narrative change and hurt stock prices.

Persons: — Organizations: JPMorgan, Service

CNN —Dr. Anthony Fauci, the former director of the National Institute of Allergy and Infectious Diseases, testified on Monday at a House subcommittee hearing about the US response to the Covid-19 pandemic and the origins of the virus. The hearing was Fauci’s first public testimony on Capitol Hill since his retirement from government service. It turned contentious at times as Republicans grilled Fauci over a wide range of topics, including the basis for public health recommendations during the pandemic and email use by public health officials. Fauci said there was a “disconnect between the health-care system and the public health system” during Covid-19 in the US. That’s in large part why public health agencies emphasized the importance of people wearing masks to reduce the number of germs that could float in the air and make people sick.

Persons: Anthony Fauci, Fauci, ” Fauci, Morens, David Morens, ”, — Jeremy Farrar, Kristian Andersen, “, Debbie Dingell, “ They’re Organizations: CNN, National Institute of Allergy, Capitol, US Centers for Disease Control, National Institutes of Health, NIH, FOIA, Wellcome, Scripps Research, World Health Organization, Wuhan Institute of Virology, US Department of Energy, Democratic, CDC Locations: Covid, “, China

☆ Mexico election: What to know about a historic presidential race
▼ + stars: | 2024-06-01 | by ( Aditi Sangal | ) edition.cnn.com time to read: +6 min

Here’s who is running for president:Claudia SheinbaumThe 61-year-old Sheinbaum is a former Mexico City mayor and climate scientist. A longtime political ally of incumbent President Andrés Manuel López Obrador, she was the Mexico City environment secretary from 2000-2006 when he was mayor. Her close alignment with López Obrador has been both a blessing and a curse politically. (López Obrador has repeatedly dismissed whispers that he favors a candidate that he could influence, telling press in February that he would “retire completely” after his term.) For a relative newcomer, Galvez’s entry into the presidential race has gained impressive momentum, experts say.

Persons: Here’s, Claudia Sheinbaum, Andrés Manuel López Obrador, Sheinbaum, López Obrador, she’s “, “, Lopez, •, Xóchitl, Vicente Fox, • Galvez, ” Jorge Álvarez Máynez, Jorge Álvarez Máynez, San Pedro Garza García, • Máynez, López, Myriam Guadalupe Castro Yáñez, Greg Abbott, Gálvez, CNN’s Rafael Romo, David Shortell Organizations: Mexico City, National Guard, PRI, PAN, Federal Electricity Commission, Institute for Economy, National Migration Institute, National School of Social, National Autonomous University of Mexico, Texas Gov, Washington Locations: Mexico City, Chiapas, Guanajuato, Jalisco, Morelos, Puebla, Tabasco, Veracruz, Yucatán, Mexico, San, prohibitionism, UNAM, Texas, United States

☆ Treasury yields fall as investors look to key data
▼ + stars: | 2024-05-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was down by 3 basis points at 4.594%, falling back below the 4.6% mark it had crossed Wednesday for the first time in a month. The 2-year Treasury yield was last at 4.966% after falling by nearly 2 basis points. U.S. Treasury yields were lower on Thursday as investors looked ahead to key economic data and assessed the state of the economy. Investors awaited key economic data due toward the end of the week, with the latest personal consumption expenditures price index figures due Friday. Policymakers have in recent weeks indicated that interest rate cuts may be a while off, with Minneapolis Fed President Neel Kashkari telling CNBC that it could take "many more months of positive inflation data" before he would support rate cuts.

Persons: Neel Kashkari Organizations: U.S, Treasury, Investors, PCE, Federal, Minneapolis, CNBC

☆ Wu-Tang Clan: Fans can finally get a chance to listen to the band’s one copy album… but there’s a catch
▼ + stars: | 2024-05-28 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +3 min

Wu-Tang Clan first announced in March 2014 that it would produce one copy of “Once Upon a Time in Shaolin” to be sold to the highest bidder. The album came in a hand-carved box with a leather-bound book of parchment paper containing lyrics and its backstory. The Wu-Tang Clan originated as a group of rappers from Staten Island, New York in the 1990s. In 2015, notorious “Pharma Bro” Martin Shkreli bagged the album for about $2 million – making it the world’s most expensive music album ever sold at the time. In 2021, the US Justice Department then sold the album without disclosing the buyer.

Persons: CNN —, ”, Wu, Jarrod Rawlins, “, ” Rawlins, Tang, ” Wu, Robert “ RZA ” Diggs, Forbes, RZA, Tang Clan, Bob Berg, Pharma Bro ” Martin Shkreli, Shkreli, Jon Lynn, PleasrDAO Organizations: CNN, Museum, Mona, Tang Clan, Pharma, America ”, Turing Pharmaceuticals, US Justice Department, DoJ, New Art Digital, New York Times Locations: Tang, Tasmania, Staten Island , New York, Shkreli, America

☆ Opinion: What Alito’s flag controversies say about the Supreme Court
▼ + stars: | 2024-05-23 | by ( Julian Zelizer | ) edition.cnn.com time to read: +6 min

CNN —If Chief Justice John Roberts is really an institutionalist — someone deeply concerned about the integrity of the Supreme Court and public perceptions about it — then he has a big problem on his hands. The discovery also comes at a time when the Supreme Court will be making a decision about Trump’s claims of sweeping presidential immunity, his get-out-of-jail-free card for the federal cases he faces. The notion that the Supreme Court can be trusted to be an arbiter above partisan politics has suffered major blows in recent years. Supreme Court decisions have not been the only issue. The Alito flag controversy is another blow to the image of the court.

Persons: Julian Zelizer, ”, John Roberts, —, Samuel Alito —, Donald Trump, Alito, Alito hasn’t, Trump, SCOTUS, “, Dobbs, Roe, Wade, Clarence Thomas ’, Virginia Thomas, Thomas ’, Roberts, George W Organizations: CNN, Princeton University, Twitter, Supreme, New York Times, Jackson, Health, Annenberg Public, Center, Pew Research Center, Republican Locations: New Jersey, Virginia, Vietnam, Florida

☆ Fed Governor Waller wants 'several months' of good inflation data before lowering rates
▼ + stars: | 2024-05-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., on Friday, Sept. 23, 2022. Federal Reserve Governor Christopher Waller, citing a string of data showing that inflation appears to be easing, said Tuesday that he does not think further interest rate increases will be necessary. Yet Waller said he's not ready to back interest rate cuts. Markets have had to recalibrate their expectations for monetary policy this year. In the early months, futures markets traders priced in at least six rate cuts this year starting in March.

Persons: Christopher Waller, Waller, he's Organizations: US Federal Reserve, Washington , D.C, Federal, Peterson Institute for International Economics, Market, Labor Department Locations: Washington ,, Washington

☆ Dollar steady; ether fuels crypto rally
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +3 min

Cryptocurrencies rallied, led by a surge in ether on growing anticipation of an impending approval of spot ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Against the yen , the dollar rose 0.07% to 156.37 in the early Asian session. However, the still-stark interest rate differentials between the U.S. and Japan maintained the appeal of the yen as a funding currency. Still, the cautious Fed rhetoric has so far done little to significantly alter the market pricing for rate cuts, with investors betting on two cuts this year beginning September. Analysts said the latest crypto rally came on the back of speculation that an approval of spot ether ETFs by the U.S. SEC could be imminent, following in the footsteps of the listing of bitcoin ETFs earlier this year.

Persons: Cryptocurrencies, Carol Kong, Bitcoin, Tony Sycamore Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Commonwealth Bank of Australia, New Zealand, Reserve Bank of Australia's, IG Locations: Japan

☆ Treasury yields hold steady as investors weigh inflation, interest rate outlook
▼ + stars: | 2024-05-21 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by less than one basis point to 4.4335%. The 2-year Treasury yield was last at 4.8371% after rising by less than one basis point. U.S. Treasury yields were little changed on Tuesday as investors considered the path ahead for inflation and interest rates following a series of remarks from Federal Reserve speakers. Investors assessed the state of the economy, especially regarding inflation, and how this may affect interest rates. On the data front, existing as well as new home sales figures and durable goods orders data are due this week.

Persons: Philip Jefferson, Michael Barr, Barr Organizations: Treasury, Federal Reserve, Investors, Fed

☆ Dollar calm as traders await clues on U.S. rate path
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, a person seen holding a 100 US dollar bill in his hand. The dollar was broadly steady on Monday as investors awaited further clues to help chart the U.S. interest rate path in the wake of cautious comments from Federal Reserve officials, even as inflation shows signs of cooling. The Japanese yen was flat at 155.74 per dollar, with traders on alert for any signs of government intervention. That has prompted traders to trim the amount of easing expected this year to about 46 bps, with only a rate cut in November fully priced in. In other currencies, sterling touched a two-month high of $1.2711 ahead of the crucial UK inflation report due on Wednesday.

Persons: Brian Jacobsen, Powell, Jackson, Flash PMIs, Paul Mackel, BoE, Charu Chanana Organizations: Federal Reserve, Annex Wealth Management, ANZ, European Central Bank, Bank of England, HSBC, New Zealand, Reserve Bank of New, Saxo Locations: Tokyo, Germany, U.S, Reserve Bank of New Zealand

At least some of the workers are described as North Korean nationals in the indictment. Some of these IT workers work closely with North Korean hackers, who are also a rich source of revenue for the regime, according to experts. A previous CNN investigation found that the founder of a California-based cryptocurrency startup had unwittingly paid tens of thousands of dollars to a North Korean engineer. And North Korean illustrators and graphic designers appear to have helped produce work for US animation studios unbeknownst to those companies, independent researchers told CNN last month. The researchers discovered a trove of cartoon sketches on an open computer server on the North Korean portion of the internet.

Persons: Christina Chapman, Chapman, ” Organizations: CNN, Court, District of Columbia, North Korean, State Department, cyberattacks, White Locations: Arizona, Valley, Pyongyang, Korean, California, North Korean

☆ Palo Alto nears a key test that could break it out of Wall Street's penalty box
▼ + stars: | 2024-05-15 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Shares of Palo Alto plunged 28% on Feb. 21, a session after the company delivered a more cautious outlook for the rest of 2024. The shift in business strategy requires Palo Alto to give customers its new services and products for free to demonstrate their many benefits. PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance 2. The Club is focused on how much industry spend is going to Palo Alto versus competitors, but we're not concerned about demand for the company's offerings. In this photo illustration the Palo Alto Networks logo seen displayed on a smartphone and on the background.

Persons: Morgan Stanley, Sellers, Nikesh Arora, Palo, We'd, it's, PANW, Arora, Jim Cramer, We've, nudging, Stephen Vintz, we're, Jim, Jim Cramer's, Rafael Henrique Organizations: Palo Alto Networks, Wall Street, Palo, Tech, Barclays, Palo Alto, billings, Wall, Alto Networks, UnitedHealth Group, Change, Healthcare, Club, Microsoft, Vans, Corp, Caesars Entertainment, Securities, Exchange, US Fed, CNBC, Networks, Getty Locations: Palo Alto, U.S, Palo, billings, Palo Alto's, Alto

☆ I'm a CEO who microdoses magic mushrooms to feel like my best self at work
▼ + stars: | 2024-05-15 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +5 min

For as long as I can remember, I've been on a quest to feel my very best. Even with my wellness routine, I had this sense of overwhelm as I tried to juggle so many responsibilities. My work in the wellness industry means I can try innovative brands at the forefront of plant medicine from trusted sources. Related storiesThey were simply another addition to my whole-body wellness routine. AdvertisementI don't see it as a magic pill but as part of my wellness routine that helps optimize my mind and body.

Persons: —, Kiana, Anvaripour, I've, I'm, microdosing, it's Organizations: Service, Business Locations: Los Angeles, LA, California, Cali

☆ Gig work is the new Ellis Island for immigrants looking for work. But many drivers feel trapped in the long hours and low pay.
▼ + stars: | 2024-05-12 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +12 min

Immigrants nationwide are relying heavily on gig work driving for Uber and Lyft to make ends meet. AdvertisementThe major ride-hailing companies told BI they aim to support immigrant drivers. BI spoke with a dozen immigrant Uber and Lyft drivers who moved to South Florida from countries including Cuba, El Salvador, Haiti, and Venezuela. Dozens of ride-hail drivers from across the country who spoke to BI over the last few months said they've recently noticed more immigrant drivers on the apps. AdvertisementDespite the challenges of earning enough, some drivers are set on perfecting strategies to make driving work for them.

Persons: Uber, —, Rodolfo, He's, he's, Katie Wells, Ellis, Wells, they've, she's, Edgar, didn't, hasn't, Alex, haven't, Eliezer, Carlos, Nicanor Organizations: Service, Ipsos, McKinsey, Georgetown University, International Rescue, Immigrants, Economic, The Washington Post, New York, Deliveristas Unidos, BI, Uber, Amazon, Miami, downtown Locations: South Florida, Venezuela, Washington, DC, Cuba, El Salvador, Haiti, New, Miami, Haitian, Nicaragua, Miami Beach, New York, downtown Miami

☆ There’s a surprising bit of good news lurking in the stock market
▼ + stars: | 2024-05-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders fear that elevated rates will uphold painfully high borrowing costs for consumers, squeeze corporate profit and weigh down the market. The labor market has stayed strong, consumers have continued spending and stocks have notched repeated record highs. The April jobs report was a welcome sign that the labor market is cooling without cratering. The labor market added just 175,000 positions last month, marking its lowest tally since October 2023 and a sharp cooldown from the upwardly revised 315,000 jobs added in March. First-time applications for unemployment benefits climbed last week to 231,000, the highest level since last August, in another sign that the labor market is cooling.

Persons: “, ”, Jeff Buchbinder, Jerome Powell, ” Powell, April’s, David Russell, Matt Egan, Wally Adeyemo, Read, Diksha Madhok, Narendra Modi, Modi, Mukesh Ambani, Gautam Adani, Ambani, Ji, ” Modi, Rahul Gandhi Organizations: CNN Business, Bell, New York CNN, Federal, Traders, CNN, Fed, LPL, ” Treasury, Treasury, Reliance Industries, Adani, Indian National Congress Locations: New York, Thursday’s, ’, India

☆ Columbia University protests: Trump-appointed judges say they’ll boycott Columbia grads over university’s handling of student dissent
▼ + stars: | 2024-05-07 | by ( Gloria Pazmino | ) edition.cnn.com time to read: +3 min

New York CNN —A group of 13 conservative US federal judges are vowing to not hire Columbia University law students or undergraduates because of how the school has handled pro-Palestinian demonstrations on its campus in recent weeks. “As judges who hire law clerks every year to serve in the federal judiciary, we have lost confidence in Columbia as an institution of higher education. CNN has reached out to Columbia University for comment. They typically hire law school graduates for clerkships that can eventually lead to high-paying and prestigious jobs. If not, employers are forced to assume the risk that anyone they hire from Columbia may be one of these disruptive and hateful students,” the judges wrote.

Persons: Minouche Shafik, Gillian Lester, Judge James C, Elizabeth L, Matthew H, Solomson, Donald Trump, Matthew Kacsmaryk Organizations: New, New York CNN, Columbia, . ” Columbia University, New York Police Department, Police, CNN, U.S ., Appeals, Fifth Circuit, Eleventh Circuit, U.S . Court, Federal, Columbia University, Northern District of, Hamilton Hall Locations: New York, Manhattan, Gaza, Columbia, Texas, Northern District, Northern District of Texas, Amarillo

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