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The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California. Vietnamese automaker VinFast, for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars. Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal," according to VinFast. VinFast's future matters for Vietnam, both because its ambitions dovetail with the Communist Party's own goals, and because of parent company Vingroup's large role in the Vietnamese economy. "We will never let VinFast go," he told Vingroup shareholders at their annual general meeting in April, according to state media.
Persons: Le Thi, VinFast, It's, Vingroup, Pham Nhat Vuong, Tu Le Organizations: Angeles Auto, Nasdaq, General Motors Corp, Ford Motor Co, Communist, Vingroup's, U.S . Securities, Exchange Commission, Sino Locations: Los Angeles , California, Le, U.S, VinFast, North Carolina, California, Vietnam, Ukraine, Asia
A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. Beijing has long touted its ambitions for increasing global use of the Chinese yuan — also known as the "renminbi" or "RMB" — in an international financial market where the U.S. dollar is the dominant currency. watch nowLast year, the HKEX announced a "Dual-Counter" program that allows investors to trade Hong Kong-listed securities in Hong Kong dollars or Chinese yuan. The euro was slightly higher at 5.6%, while the U.S. dollar dominated with a nearly 85% share, the data showed. A maturing financial marketDeveloping more Chinese yuan-denominated investment products also requires a maturation of the local financial sector.
Persons: China’s renminbi, Athit Perawongmetha, Bonnie Chan, Chan, We're, SWIFT, Fred Hu, Hu, it's, Patience, Kenny Lam Organizations: Reuters, Hong Kong Exchanges, U.S ., International Monetary Fund, U.S, Primavera Capital, Sigma Asia Locations: U.S, Bangkok, Thailand, Reuters DALIAN, China, Beijing, Russia, Dalian, Hong Kong, Shanghai, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe euphoria for Nvidia could drive the market cap to $6 trillion, says EMJ Capital's Eric JacksonEric Jackson, EMJ Capital founder and president, joins 'Closing Bell' to discuss Nvidia as the stock rebounded following a slight sell-off.
Persons: EMJ Capital's Eric Jackson Eric Jackson Organizations: Nvidia, EMJ Capital
An oil tycoon convicted of cheating and instigating forgery is selling his mansion in Singapore for $32 million. In land-scarce Singapore, Good Class Bungalows — mansions on private land — are a trophy among the ultrawealthy. AdvertisementA former oil tycoon convicted of cheating and instigating forgery is selling his mansion in Singapore for $43 million Singapore dollars, or $32 million. Lim Oon Kuin, the founder of the collapsed oil firm Hin Leong Trading, is putting his Good Class Bungalow in Tanglin Hill, one of the city's wealthy enclaves, for sale. The largest and most expensive type of landed home available in Singapore is known as a Good Class Bungalow, or GCB.
Persons: Shou Zi Chew, James Dyson, , Lim Oon Kuin, Hin Organizations: Good, Service, Hin Leong, Business Locations: Singapore, Tanglin Hill
CNN —WikiLeaks founder Julian Assange was released from a British prison and was making his way back to his home country Australia on Monday after his 12-year battle against extradition to the United States ended in a plea deal. Assange boarded a flight from London’s Stansted airport on Monday after being released on bail from prison, according to a statement from WikiLeaks on Tuesday. “Julian Assange is free,” WikiLeaks said. WikiLeaks founder Julian Assange boards a plane at a location given as London, Britain, in this still image from video released on June 25, 2024. Former Ecuadorian president Lenín Moreno told CNN he is glad the Wikileaks founder won’t be handed over to the US.
Persons: Julian Assange, Assange, “ Julian Assange, , Chelsea Manning, , Jack Taylor, Hillary Clinton’s, John Podesta, Abu Hamza al, Masri, Joe Biden, Assange’s, Stella Assange, “ Julian, Lenín Moreno, won’t, Moreno, Gustavo Petro Organizations: CNN, Ecuadorian, WikiLeaks, US Justice Department, Wikileaks, Army, US, of Scientology, European, Human Rights, Westminster Magistrates, Democratic National Committee, London’s Metroplitan Police, UN, Amnesty, American Locations: Australia, United States, London, Iraq, Afghanistan, London’s Stansted, , United Kingdom, Britain, Saipan, Northern Mariana Islands, Hawaii, Townsville, Queensland, Guantanamo Bay, Iraqi, Sweden, Stockholm, Westminster, England, London’s, Colombia, Mexico
A 2-year-old startup founded by Harvard dropouts has just raised $120 million in venture funding to try and build a competitive chip and take on Nvidia in artificial intelligence. Co-founder and CEO Gavin Uberti said that as AI develops, most of the technology's power-hungry computing requirements will be filled by customized, hard-wired chips called ASICs. "We're making the biggest bet in AI," Uberti said in an interview. Other chip startups taking on Nvidia include Cerebras Systems, which is building a physically larger AI chip, and Tenstorrent, which is using a trendy technology called RISC-V to build AI chips. Venture capitalists invested $6 billion in AI semiconductor companies in 2023, up slightly from $5.7 billion in 2022, according to data from PitchBook.
Persons: Gavin Uberti, Uberti, we'll, Peter Thiel, Stanley Druckenmiller, Kyle Vogt, we've, Robert Wachen Organizations: Nvidia, Harvard, Apple, Venture Partners, Cerebras Systems, Semiconductors, Taiwan Semiconductor Manufacturing Co, Venture Locations: Cupertino , California, PitchBook
Stock futures hovered near the flatline Tuesday evening after the S&P 500 rebounded from a rough start to the week. S&P 500 futures hovered pulled back 0.03, while Nasdaq 100 futures hovered near the flatline. In Tuesday's regular trading, both the S&P 500 and the Nasdaq Composite ended three days of declines, buoyed by a bounce in Nvidia shares. The artificial intelligence darling's market cap gives it tremendous sway over the S&P 500, and its 154% surge in 2024 has raised concerns over a lack of breadth in this year's rally. "We look for the market to broaden out, but it's not necessarily a binary choice between megacaps and smaller caps, but more bias going forward to looking at these other companies in the S&P 500."
Persons: Dow, Paul Hickey, CNBC's, it's, General Mills Organizations: New York Stock Exchange, Stock, Nasdaq, Dow Jones, FedEx, Rivian Automotive, Volkswagen, Nvidia, Investment Group, Federal, Micron Technology Locations: Paychex
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket seeing rising anxiety over economy and earnings, says Vital Knowledge's Adam CrisafulliAdam Crisafulli, Vital Knowledge founder, and Paul Hickey, Bespoke Investment Group co-founder, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: Vital, Adam Crisafulli Adam Crisafulli, Paul Hickey Organizations: Vital Knowledge, Investment Group
CNN —Toys “R” Us is proving artificial intelligence could have a future in film. The retail toy brand premiered a short promo film at the 2024 Cannes Lions Festival in France this week that was created almost entirely by using OpenAI’s new text-to-video tool. Toys “R” Us said it believes it is the first brand to debut a film using the technology. A spokesperson for the creative agency told CNN that Toys “R” Us has not yet made a decision if the promo will become a TV ad. OpenAI has not yet announced an official release date for Sora but rumors indicate it could launch later this summer.
Persons: Charles Lazarus, Geoffrey the, “ Charles Lazarus, OpenAI, Organizations: CNN, Cannes Lions Festival Locations: France
What to Know About Julian Assange and His Plea Deal
  + stars: | 2024-06-25 | by ( Glenn Thrush | ) www.nytimes.com   time to read: +1 min
Julian Assange spent his youth in Australia during the 1980s in a state of chaotic, perpetual motion. It would eventually place him on the edge of global disruption in an era of backlash against the national security and political establishments. This week, Mr. Assange, the 52-year-old founder of WikiLeaks, boarded a private jet from London for the long flight to a U.S. courtroom in Saipan. He is expected to plead guilty early Wednesday to a single count of illegally obtaining and disseminating national security information. Mr. Assange is expected to be freed immediately, after the U.S. Justice Department agreed to accept the five years he has already served at Belmarsh prison in Britain.
Persons: Julian Assange, Assange Organizations: WikiLeaks, U.S . Justice Department Locations: Australia, Melbourne, London, U.S, Saipan, Britain
Nvidia stock has plunged 16% in the past week, erasing $431 billion in market value. AdvertisementNvidia stock has suffered a painful four-day decline that has erased $431 billion in market value. The AI tech giant, which was the world's most valuable company just last week, is now worth $2.9 trillion, making it once again the third largest company behind Microsoft and Apple. AdvertisementAltogether, Nvidia stock is down 16% from its record high. "The surge in Nvidia share price has been so remarkable throughout 2024 that most investors are still in the black.
Persons: , Jensen Huang, Neil Roarty, Huang, Ray, Wang, Vivek Arya Organizations: Service, Nvidia, Microsoft, Apple, SEC, Constellation, CNBC, Bank of America
Leon Neal/AFP/Getty Images Assange addresses the Oxford Union Society from the Ecuadorian Embassy in January 2013. David Paul Morris/Bloomberg/Getty Images Assange attends a news conference inside the Ecuadorian Embassy in London in August 2014. FABRICE COFFRINI/AFP/Getty Images Assange, on the balcony of the Ecuadorian Embassy, holds up a United Nations report in February 2016. Carl Court/Getty Images Assange speaks to the media in May 2017, after Swedish prosecutors had dropped their investigation of rape allegations against Assange. Jack Taylor/Getty Images Assange was seen for the first time in months during a hearing via teleconference in Quito, Ecuador, in October 2018.
Persons: Julian Assange, , ” Assange, Assange, Kim Hong, Ramona Manglona, Chelsea Manning, Jack Taylor, LEON NEAL, BERTIL ERICSON, FABRICE COFFRINI, Carl Court, Geoff Caddick, Oli Scarff, CARL COURT, Leon Neal, Philip Toscano, Ricardo Patino, Frank Augstein, David Paul Morris, John Stillwell, Mike, Pompeo, Maria Sol Borja, Alastair Grant, Daniel Leal, Elizabeth Cook, Anthony Albanese, Joe Biden, ASSANGE, Adrienne Watson, Stella, , Gabriel Shipton, he’s, hasn’t, Julian, , ” Shipton Organizations: Northern Mariana Islands CNN, Northern, Northern Mariana Islands . Justice Department, WikiLeaks, United States, Reuters, Army, Metropolitan Police, US Justice Department, British, Justice Department, Guardian, Getty, Swedish Trade Union Confederation, St, Paul's, Court, Ecuadorian Embassy, Oxford Union Society, Ecuadorian Foreign, Southwest Festival, Bloomberg, United Nations Human Rights, United, United Nations, CIA, CNN, Ecuadorian, Ecuador, Southwark Crown, White, Sweden, National Security, Department of Justice, BBC Radio Locations: Saipan, Northern Mariana, London, United Kingdom, Hawaii, Northern Mariana Islands, Australia, United States, Iraq, Afghanistan, Sweden, Ecuadorian, Ecuador, Westminster, AFP, Stockholm, Geneva, Switzerland, Austin , Texas, United Nations, Quito, Southwark, Baghdad, Guantanamo Bay
The billionaire entrepreneur noted that Turth Social is tiny compared to other social media. AdvertisementTrump Media's stock price is "absurdly out of the realm of normal business," according to LinkedIn co-founder Reid Hoffman. Trump Media is worth just a fraction of LinkedIn, which was bought out for $26 billion in 2016. For reference, TMTG made just $4.1 million last year and lost $58 million, according to its financial statements. "Trump Media is probably more appropriately valued close to $40 million rather than several billion."
Persons: Reid Hoffman, TMTG, , Hoffman, Donald Trump's Organizations: Trump, Service, LinkedIn, CNN, Trump Media Locations: SPAC
Function announces $53 million funding
  + stars: | 2024-06-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFunction announces $53 million fundingDr. Mark Hyman, co-founder and chief medical officer at Function, joins 'Squawk Box' to discuss the company's series A funding round, comprehensive health services, and more.
Persons: Mark Hyman
DETROIT – General Motors' Cruise autonomous vehicle unit on Tuesday announced former Amazon and Microsoft executive Marc Whitten as its new CEO. His appointment comes at a crucial time for Cruise, which is testing and relaunching its autonomous vehicles on public roadways. Following the incident, several key leaders, including Cruise CEO and co-founder Kyle Vogt, departed the company. The probe also investigated allegations of a cover-up by Cruise leadership, but investigators did not find evidence to support those claims. Cruise was a crucial part of GM's plan to double revenue to $280 billion by the end of this decade.
Persons: Marc Whitten, Whitten, Kyle Vogt, Marc, Mary Barra, Cruise, Rowe Price, Nick Mulholland, Craig Glidden, Glidden, Grant Dixton, Dixton, Mary Organizations: DETROIT, Motors, Amazon, Microsoft, Cruise, GM, Honda Motor, Walmart, Rivian, Activision Blizzard, Boeing Locations: San Francisco, Phoenix , Houston, Dallas, Dubai
CNN —Julian Assange is no martyr, but the Trump administration’s continued pursuit of the WikiLeaks founder ended up making him one — in the eyes of many Australians. Assange, who was released from prison in the UK on June 24, has long been a polarizing figure in his native Australia. Once Assange pleads guilty, under the plea agreed with the US, he will have spent five years in solitary confinement. Assange’s WikiLeaks disclosures put Western human intelligence sources at risk by the way they were dumped on the internet unredacted. He is reported to be heading to Canberra where he’ll be given a hero’s welcome by some, including his family and hardline supporters.
Persons: Latika Bourke, , Read, CNN — Julian Assange, Trump, Latika Bourke Louis Douvis, Assange, narcissist, Pamela Anderson, Vivienne Westwood, Assange “, Chelsea Manning, Matt Canavan, ” Canavan, Julian Assange, Saeed Khan, Canavan, “ he’s, George W, , Assange’s, Julian Hill, Stella Assange, indefatigably, Hill, Caroline Kennedy, Joe Biden, Anthony Albanese, Albanese’s, Albanese, Scott Morrison, he’s, ” Hill, Assange hasn’t, he’ll Organizations: Nightly, Sydney Morning Herald, Love, CNN, WikiLeaks, Trump, US Army, Australian, Wikileaks, Getty, Reuters, Australian Labor, Democrat, Labor, Liberal, Twitter, Facebook Locations: Australian, India, British, Ecuadorian, London, Sweden, Sydney's, Australia, AFP, Saipan, Northern Mariana Islands, Iraq, Canberra
A retirement savings crisis is looming for people who have 401(k) plans and other retirement balances woefully short of what they will need to live on. But some workers — called "super savers" — are managing to successfully grow their retirement nest eggs. Super savers are workers who are putting away more than 10% of their salaries toward their retirement plans, according to new research from nonprofit Transamerica Institute and its division Transamerica Center for Retirement Studies. The rest, 44%, have reached super saver status — with 15% of workers putting 11% to 15% of their annual pay toward retirement, Transamerica said. Notably, the youngest cohort — Generation Z — has the most super savers, with 53%, followed by millennials and baby boomers, each with 44%, and Generation X, with 40%.
Persons: , Transamerica, millennials, Ted Jenkin, Jenkin Organizations: Transamerica Institute, Transamerica, Retirement Studies, CNBC, Finance, Social Security Workers Locations: Atlanta
Lauren Sánchez has been wearing daring outfits since the start of her career as a TV news anchor. Her most striking fashion choices have included corset minidresses and see-through lace gowns. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhen Lauren Sánchez attends an event, she's tough to miss. In April, Sánchez first caught major style attention when she wore a semi-sheer corset gown to attend a White House state dinner.
Persons: Lauren Sánchez, Jeff Bezos, , fiancé Jeff Bezos, they're, she's, Sánchez Organizations: Amazon, Service, White House, Business
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow up, Nvidia sinksThe Dow Jones Industrial Average rose 260 points as investors rotated out of technology and into banking and energy stocks, such as Goldman Sachs and Chevron. He expressed concerns about potential criticism from former President Donald Trump if rate cuts occur before the election. "I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election," he said. James Butterfill, head of research at CoinShares, attributes the sell-off to concerns over the number of rate cuts.
Persons: Dow, Goldman Sachs, David Rubenstein, Rubenstein, CNBC's Andrew Ross Sorkin, Donald Trump, Bitcoin, James Butterfill, Shein Organizations: CNBC, Nvidia, Dow Jones, Chevron, Nasdaq, Treasury, The Carlyle, Federal Reserve, Novo Nordisk Locations: Israel, Lebanon, Novo, North Carolina, Danish, London, U.S, Beijing, Singapore, China
The plea deal Julian Assange, the founder of WikiLeaks, has reached with prosecutors is bad for American press freedoms. Under the deal, he is expected to walk free after spending more than five years in British custody, most of which were spent fighting extradition to the United States. The result is an ambiguous end to a legal saga that has jeopardized the ability of journalists to report on military, intelligence or diplomatic information that officials deem secret. Enshrined in the First Amendment, the role of a free press in bringing to light information beyond what those in power approve for release is a foundational principle of American self-government. This new precedent will send a threatening message to national security journalists, who may be chilled in how aggressively they do their jobs because they will see a greater risk of prosecution.
Persons: Julian Assange Organizations: WikiLeaks Locations: United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin miner Hut 8 soars more than 15% after announcing $150 million AI investment: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Phil Harvey, founder and CEO of Sabre56, a hosting provider and crypto mining consultant, weighs in on the recent surge in partnerships between miners and AI firms.
Persons: explainers, Phil Harvey Organizations: CNBC Crypto, CNBC
Nvidia (NVDA) is finally showing signs of profit-taking, suggesting that the entire technology sector might be ready for a breather. This could present many bearish trading setups in various stocks because of the influence Nvidia has had leading the AI bubble. For now, let's focus on making a bearish trade in the Invesco QQQ Trust , an ETF that tracks the Nasdaq 100 index. The Trade The trade structure I have chosen here is called a Bear Call Spread also known as a Call Credit Spread. As long as QQQ stays below $483 in the next 17 days, this trade will return a 38% ROI on the money risked.
Persons: Nishant Pant Organizations: Nvidia, Trust, CNBC, NBC UNIVERSAL
Julian Assange, the founder of WikiLeaks, pleaded guilty on Wednesday to a felony charge of violating the U.S. Espionage Act, securing his freedom under a plea deal that saw its final act play out in a remote U.S. courtroom in Saipan in the Western Pacific. He appeared in court wearing a black suit with his lawyer, Jennifer Robinson, and Kevin Rudd, the Australian ambassador to the United States. His family and lawyers documented his journey from London to Bangkok and on to Saipan, capital of the Northern Mariana Islands, a U.S. commonwealth. They posted photos and videos online from a chartered jet.
Persons: Julian Assange, Jennifer Robinson, Kevin Rudd, Mr, Assange, Stella Organizations: WikiLeaks, . Espionage Locations: Saipan, Western, Australian, United States, Australia, London, Bangkok, Northern Mariana Islands, U.S
As Florida Panthers captain Aleksander Barkov skated around the ice with the Stanley Cup — it marked a dramatic turning point for a long-suffering franchise and fan base. "The team had struggled with attendance, certainly a lack of winning," Florida Panthers President and CEO Matt Caldwell told CNBC's "Last Call" on Friday. Upon purchasing the last-place Panthers, Viola made his intensions clear at his first official team press conference in 2013. "My family and I are honored to take the helm of the Florida Panthers organization with the No. 1 goal of putting a winning team on the ice year after year and bringing a Stanley Cup to our incredible fans here in South Florida," Viola said.
Persons: Aleksander Barkov, Barkov, , Vinnie Viola, Matt Caldwell, CNBC's, Vinnie …, Viola Organizations: Florida Panthers, Stanley, Virtu, Panthers Locations: South Florida
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy stocks are only real hedge in an oil shock crisis: DataTrek Research's Nick ColasNick Colas, DataTrek Research co-founder, joins 'Power Lunch' to discuss what he calls summertime surprises in the market.
Persons: Nick Colas Nick Colas Organizations: Energy, Research
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