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☆ Developer Michael Shvo plans bulk sale of Mandarin Oriental condos after default
▼ + stars: | 2024-09-09 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Read previewMichael Shvo, who shot to prominence in recent years buying billions of dollars of trophy real estate assets, has defaulted on the debt connected to a luxury condo building in Los Angeles. The site was purchased in 2019 by a group of investors that included Shvo, Bilgili Group, and Deutsche Finance. It has hired the real estate services firm Newmark to market the offering to investors and arrange a transaction. AdvertisementShvo purchased $3 billion of prominent real estate assets, including the Transamerica Pyramid building in San Francisco and 711 Fifth Ave. in Manhattan. In previous statements, a spokeswoman explained that BVK's investments with Shvo were handled through intermediaries, including Deutsche Finance and another German financial firm, Universal Investment.

Persons: —, Michael Shvo, –, Serdar, Newmark, Shvo, BVK Organizations: Service, Los, Los Angeles Recorder's Office, Acore, Beverly, Business, Bilgili, Deutsche Finance, Bayerische, Bilgili Group, Shvo, BVK, Biligili, Core, Universal Investment Locations: Los Angeles, Beverly Hills, Munich, San Francisco, Manhattan, Beverly, New York

☆ The plot to topple Putin
▼ + stars: | 2024-09-09 | by ( Paul Starobin | ) www.businessinsider.com time to read: +32 min

But it was only when Putin launched his full-scale invasion of Ukraine , in 2022, that Ammosov began to plot the overthrow of his homeland. As I found in months of wide-ranging interviews, everyone aspiring to a new Russian revolution grasps the seemingly impossible odds of their bid to topple Putin. Ponomarev — who was profiled last year in The Washington Post under the headline "Could this man bring down Putin?" Most applicants live in Russia, Sokolov tells me, but submissions have come from as far away as Uruguay. "I know a lot of good officers" in the CIA, Ponomarev told me, who "sympathize" with the anti-Putin insurgency.

Persons: Vladislav Ammosov, Ukraine —, Ammosov, wondrously, Vladimir Putin, Putin, Simona Supino, Alexey Navalny —, Ilya Ponomarev, Ponomarev —, —, Sean Guillory, Denis Sokolov, Sokolov, Galina Starovoytova, Anastasia Sergeeva, Sergeeva, Valter, Putin —, Tatiana Kosinova, Yelena Bonner, Itil, Boris Nemtsov, Nemtsov, Vladimir Lenin, specter, NurPhoto, Lenin, Leon Trotsky, Mao Zedong, Fidel Castro, Boris Akunin, Ponomarev, Trotsky, Mao, Castro, Alexei Sobchenko, Sergei Chuzavkov, Ilya Ponomarev Ponomarev, Michał Kamiński, Kosinova, Pavel Ivanovich Chichikov, Nikolai Gogol's, . Barnum, Bernie, Madoff, Donald, Leonid Nevzlin, Mikhail Khodorkovsky, Navalny, King George III, Khodorkovsky, Garry Kasparov, Putin's, Andrey Volna, Brian Fitzpatrick, Charlie Wilson's, Tom Hanks, Philip Seymour Hoffman, Daniel Fried, William Burns, Fried, Biden, We're, Evgenia, it's Organizations: Putin, Ukrainian, Russian Federation, The Washington Post, University of Pittsburgh, Civic Council, Kennan, Wilson Center, GRU, Russia, BI, International Republican Institute, CIA, Kremlin, Russian, Memorial, Soviet Union, of America, Civic, Ukraine's Ministry of Defense, Russian Volunteer Corps, European, Human Rights, Siberian Battalion, Ammosov, Ukrainian Armed Forces, Putin's Defense Ministry, True, Bolsheviks, of Russia Legion, People's Deputies, State Department, Justice Department, Polish Senate, Trump University, Trump, Khodorkovsky, FBI, Intelligence, Senate, Ukrainian Security Services, Bolshevik Locations: Siberia, Russia, Warsaw, Poland, Ukraine, Sakha, India, Putin Russia, Russian, Kyiv, The, restive North Caucasus, Washington, Soviet Union, Moscow, WhatsApp, Ukrainian, Soviet, Crimean, USSR, Europe, Uruguay, Armenia, Georgia, Kazakhstan, America, Canada, Great Britain, Germany, Australia, Belgorod, Kursk, Kremlin, China, Cuba, True Russia, Ponomarev, Northern Virginia, Polish, ., Lviv, Yukos, London, Pennsylvania, Texas, Afghanistan, Putin Russian, Tallinn, Estonia

☆ The US is dismantling nuclear warheads to power next-gen reactors
▼ + stars: | 2024-09-09 | by ( Ella Nilsen | ) edition.cnn.com time to read: +8 min

This fuel is set to power the next generation of America’s nuclear reactors — small, modular power stations that are easier and cheaper to build. They require far less upkeep and physical space than the aging fleet of large nuclear power plants. “In order to meet our energy security needs and our climate goals, we do need significantly more nuclear energy deployed.”The nuclear power industry is increasingly looking to smaller reactors, which run on HALEU. The uranium for conventional reactors is enriched up to 5% and HALEU is uranium enriched between 5-20%. Highly enriched uranium is anything more than 20% and is used in weapons or naval submarines.

Persons: —, Michael Goff, Bill Gates, ”, Jeff Navin, “, hasn’t, Benjamin Rasmussen, Jeff Chamberlin, Goff, Dan Leistikow, Josh Jarrell, Leistikow, Centrus, TerraPower’s Navin, ” Navin Organizations: CNN, Manhattan Project, National Nuclear Security, US, Energy, of Nuclear Energy, Idaho National Laboratory, Department of Energy, New York Times, United, US Energy Department, Miller, Centrus Energy, Idaho National Laboratories, Idaho National Labs, Energy Department, DOE Locations: Oak Ridge , Tennessee, Oak Ridge, Tenneseee, United States, Russia, Ukraine, Idaho, Wyoming, Kemmerer , Wyoming, Congress

☆ How to trade Adobe's upcoming earnings using options
▼ + stars: | 2024-09-09 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

I'll break down various option trade scenarios into the earnings, focusing on one that will benefit from a big move in any direction. Adobe's Creative Cloud subscription model generates recurring revenue and maintains a solid customer base, from freelancers to large enterprises. Adobe's Document Cloud, featuring Acrobat and PDF solutions, is critical in digital document management and e-signatures. Of course, any bears out there could also use a calendar to bet on a downside move, using a $500 Sep/Jan put calendar. Combining the call and put calendar is a trade I usually refer to as a strangle swap.

Persons: Adobe Sensei, Jan, I've Organizations: Adobe, Labor, CNBC, NBC UNIVERSAL

☆ Big Lots files for bankruptcy
▼ + stars: | 2024-09-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy. As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations. Big Lots blamed several economic factors for its bankruptcy, including high inflation and interest rates. Big Lots is in the process of closing roughly 300 of its 1,400 store across the United States. Big Lots joins a growing list of well-known retailers hitting financial turbulence as customers cut back spending on non-essential items.

Persons: ”, Bruce Thorn, McDonald’s, it’s, Sarah Foss, ” Foss Organizations: New, New York CNN, Nexus Capital Management, Lots, Walmart, Debtwire, CNN Locations: New York, United States

☆ Starbucks' new CEO just started the job. Here's what he could shake up, from the menu to the C-suite.
▼ + stars: | 2024-09-09 | by ( Alex Bitter | ) www.businessinsider.com time to read: +5 min

Niccol, who has spent six years as the CEO of Chipotle, officially took the reigns at Starbucks on Monday. Niccol could also bring big changes to Starbucks' menu and stores. Related storiesNiccol "will bring a similar discipline that will enable Starbucks to better succeed with menu innovation," Charles wrote. New menu items — including those that target new meals and times of the day — could also be on the agenda, Deutsche Bank's Silberman wrote. Niccol could implement a similar strategy at Starbucks and use it to expand Starbucks' breakfast and lunch offerings, she said.

Persons: —, Brian Niccol, Laxman Narasimhan, Niccol hasn't, isn't, didn't, John Ivankoe, Lauren Silberman, John Culver, Roz Brewer, Silberman, Niccol, Chipotle, Cowen, Andrew Charles, Charles, Deutsche Bank's Silberman, Gregory Francfort, skillset, Taco Bell, Eric Gonzalez, Narasimhan, Niccol's, Gonzalez Organizations: Service, Starbucks, Business, JPMorgan, Deutsche Bank, Walgreens, Deutsche, Guggenheim Partners, Taco, Capital Locations: China

☆ Battery giant Northvolt to lay off staff in huge cost-cutting drive amid EV market slowdown
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Northvolt, a key battery producer for Europe's electric vehicle industry, announced Monday that it plans to cut jobs, shut down one of its sites, and enter into discussions with partners and investors to secure the future of a facility in Poland. Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry. The battery maker cited a "challenging macroeconomic environment and our subsequent reassessment of Northvolt's near-term priorities" as the key reasons behind its decision to embark on the cost-cutting drive. Northvolt has faced a litany of pressures in recent months — not least the demand challenges facing the broader electric vehicle industry. BMW said at the time that the deal had been cancelled due to Northvolt being unable to deliver on time.

Persons: Northvolt, Peter Carlsson Organizations: Volkswagen, Volvo, Alternative Fuels, BMW, EV Locations: Poland, Stockholm, Sweden, Europe

☆ Here's everything Apple just announced: iPhone 16, iPhone 16 Pro, Apple Watch Series 10, AirPods 4 and more
▼ + stars: | 2024-09-09 | by ( Hayden Field Ashley Capoot Kif Leswing Todd Haselton | Hayden Field | Ashley Capoot | ) www.cnbc.com time to read: +2 min

Apple just unveiled the iPhone 16 Pro and the iPhone 16 Pro Max, which join the iPhone 16 and iPhone 16 Plus the company announced earlier. Apple's iPhone 16 Pro has a 6.3-inch display, and the Apple 16 Pro Max has a 6.9-inch display, larger than those of previous models, which measured in at 6.1 inches and 6.7 inches, respectively. The new models also have the "thinnest borders on any Apple product," Apple said, calling them "by far our best iPhone displays ever." The company also said the new iPhone 16 Pro Max has "the best iPhone battery life ever" but did not offer additional details. The iPhone 16 Pro starts at $999, and the Pro Max starts at $1,199, Apple said.

Persons: Max, Apple, Pro Max, — Hayden Organizations: Apple, Apple Intelligence, Pro, preorder

☆ China's CPI climbs by a less-than-expected 0.6% as transport and home goods prices fall
▼ + stars: | 2024-09-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China on Monday reported its consumer price index rose by 0.6% year on year in August, missing expectations as transportation and home goods prices, as well as rents declined. Food prices climbed by 2.8% year on year in August, the first positive print since June 2023, according to Wind Information data. Pork prices surged by 16.1% in August, while vegetable prices climbed by 21.8%. Pork, a food staple in China, has an outsized weighting in the country's consumer price index. Core-CPI, which strips out food and energy prices, climbed by 0.3% in August from a year ago, a slower rise for a second-straight month.

Persons: Wang Yifan Organizations: Nanhua Locations: China, BEIJING — China

☆ Boeing reaches deal with union to avoid strike
▼ + stars: | 2024-09-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Boeing and the Machinists union, which represents 33,000 of its employees on the West Coast, have reached a tentative deal that could avoid a strike that had been set to start this Friday. Before it will take effect, the deal would need the approval of the rank-and-file union members who build commercial jets. But leadership of the union praised the tentative deal and said it achieved the union’s goals. The deal represents Boeing’s biggest pay raise for union members. The deal also includes increased job security for union members with a promise to build the next new airplane at one of the union-represented plants in the Puget Sound region.

Persons: “, “ We’ve, ” Stephanie Pope, Max, ” Jon Holden, Brandon Bryant, Dave Calhoun, ” Calhoun, “ We’re, we’re, ”, Kelly Ortberg Organizations: New, New York CNN, Boeing, International Association of Machinists, Aerospace Workers, Boeing’s, Puget, Boeing Boeing, Alaska Airlines, UPS, General Motors, Ford, Union, ” Company Locations: New York, West Coast, South Carolina, Seattle, Portland , Oregon

☆ We lived in Charleston for a year, but it was too expensive and crowded. Now, we're happily settled 2 hours north.
▼ + stars: | 2024-09-08 | by ( Mcduffie Putnam | ) www.businessinsider.com time to read: +5 min

But at my core, I'm a native South Carolinian and I've lived all over the state throughout the years. Many three-bedroom homes in the Charleston area have recently sold for $500,000 or more — some for over $1 million, according to Redfin. AdvertisementWe're now in a smaller South Carolina city, where our everyday life is pretty goodFlorence has a smaller population than Charleston. McDuffie PutnamAfter almost a year, we decided that the traffic, crowds, and cost of living in the Charleston area were not for us. Florence is in the northeastern portion of South Carolina, about 90 minutes from the Myrtle Beach area and two hours from Charleston.

Persons: —, I've, we've, Peter Unger, We're, McDuffie Putnam, we'd, We've Organizations: Service, US News, Business, Homes, Charleston Locations: Frankfurt, New York City, South Carolinian, Charleston, South Carolina, Zillow, Florence, Columbia, Florence , South Carolina, Myrtle Beach, Southern

In mid-December 2005, back when U.S.-Russia relations remained on relatively friendly terms, a new media channel called Russia Today began broadcasting English-language news. “It’s a very good start,” Russian President Vladimir Putin was quoted as saying of Russia Today at the time. In subsequent years, Russia Today would rebrand to RT, expand into other languages, and even open a studio in Washington, D.C. in 2010. The Tennessee company was not named in the indictment but appears to be Tenet Media, according to a review by NBC News of details included in the indictment. Instead of shuttering, the state media organization found alternate ways to distribute content, including a social media bot farm, the DOJ said in a July news release outlining its efforts to remove the content.

Persons: “, Vladimir Putin, Russia wasn’t, Margarita Simonyan, Elena Mikhaylovna Afanasyeva, Kostiantyn Kalashnikov, Melanie Smith, We’ve, there’s, ” Smith, ”, Eduard Grigoriann, Lauren Southern, Donald Trump, Hillary Clinton, Darren Linvill, ” Linvill, ” Simonyan Organizations: Russia Today, RIA, U.S, Institute for Strategic, NBC News, Kremlin, RT, Government, Tenet Media, NBC, YouTube, Justice Department, WikiLeaks, RT America, DirecTV, DOJ, Clemson University’s, Espanol Locations: Russia, RIA Novosti, Washington ,, U.S, Europe, Tennessee, London, Ukraine, America

☆ How some of the biggest right-wing media stars ended up as unwitting puppets of Russian propaganda
▼ + stars: | 2024-09-07 | by ( Hadas Gold | ) edition.cnn.com time to read: +13 min

Now, the Justice Department is alleging that some of the biggest stars in right-wing social media were, unwittingly, part of a sinister Russian operation to influence the 2024 US election. What is Tenet Media? “Overt shilling”The Russians also pushed Tenet to promote videos that were going viral on social media, according to the indictment. Tenet Media has not responded to requests for comment and stopped posting content on Wednesday. After the 2016 US presidential election, congressional and federal investigations showed Moscow had successfully co-opted unwitting Americans to stage protests, run social media accounts and host events at its behest.

Persons: CNN — They’re, weren’t, Tim Pool, Benny Johnson, Lauren Southern, Tayler Hansen, Matt Christiansen, Dave Rubin, Johnson, MAGA influencers, Rubin, Glenn Beck’s, Enrique Tarrio, Jack Posobiec, Pool, Donald Trump, Donald Trump Jr, Christiansen, Lauren Chen, Liam Donovan, Chen, Donovan, ”, Donald Trump’s, Vladimir Putin, Viktor Orban, Evgenia Novozhenina, “, Trump, Q, Justin Trudeau, Putin, Trudeau, Israel, ” Rubin, Eduard Grigoriann, “ Grigoriann, Tenet, Tucker Carlson, Carlson fawned, I’ll, Nina Jankowicz, ’, unvarnished ’, Renee DiResta, Donie O’Sullivan Organizations: CNN, Justice, Justice Department, Tenet Media, Kremlin, Vice Media, Independent, Young Turks, YouTube, Tenet, Google, Proud Boys, Blaze Media, Ukraine, The Justice Department, Republican Party, Trump, Democrats, ”, United, ISIS, Hungary's, Reuters “, Canadian, Hamas, FBI, Fox News, American Sunlight, Media, DOJ, Soviet, Stanford Internet Observatory Locations: Tennessee, Russia, Ukraine, ”, “ Ukraine, United States, Moscow, Russian, Colorado, American

CNNOver the last few decades, a growing number of Christians have left traditional, predominantly White evangelical churches. The post-evangelical movement predates former President Donald Trump’s political rise, but has been accelerated by his alliance with White conservative evangelical leaders. White evangelicals have been a key part of the Republican coalition since the 1980s. The exit polls estimated that 26% of 2016 voters and 28% of 2020 voters were White evangelicals. Still, Trump has maintained overwhelming support among White evangelicals since consolidating their support during the 2016 Republican primary.

Persons: North Carolina CNN — Larissa Miller, Billy Graham, Graham, she’d, ’ ” Miller, Miller, She’s, Larissa Miller, Donald Trump’s, It’s, who’ve, –, Kamala Harris, Trump, Harris, ”, Matt O’Neil, Christian, Donald Trump's, Jordan Gale, Randall Balmer, “, I’ve, David Gushee, Flamy Grant, televangelists, Shawn Bowers Buxton, ” O’Neil, MAGA, they’re, Critics, Karoline Leavitt, Joe Biden, ” Trump, Ralph Reed, Jimmy Carter, ” Reed, Ronald Reagan, “ There’s, Jesus, James Talarico, we’re, Donald, Doug Pagitt, God, ” Miller Organizations: North Carolina CNN, CNN, Fox News, Trump, –, Watershed, Republican, Public Religion Research, New York Times, Episcopal, Dartmouth College, Mercer University, Trump –, News Service, Trump ”, & Freedom Coalition, Republicans, Democratic, White, Texas Democrat Locations: Charlotte, North Carolina, White, American, Cedar Rapids , Iowa, ”, Charlotte’s, Chantilly, Watershed, Charlotte , North Carolina, Independence, Israel, Texas, Georgia, Michigan , Wisconsin, Pennsylvania

☆ These Americans are trying to make ‘underconsumption core’ trendy
▼ + stars: | 2024-09-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

Enter underconsumption core, or a lifestyle that involves using just a small rotation of things for years rather than chasing the latest trend. Users are posting videos on TikTok showing off their underconsumption core lifestyles, with many receiving hundreds of thousands of likes. Experts say the underconsumption core trend isn’t just about maintaining a budget or wanting to get rid of stuff. Still, Americans are spendingDespite the underconsumption core trend’s popularity, spending in the US remains strong overall. Suzanne Lambert, a 32-year old consultant based in Virginia, says she canceled her subscription to a beauty box after watching underconsumption core videos.

Persons: “, ”, Megan Doherty Bea, Bea, Stanley, Diana Wiebe, Wiebe, ’ ”, Nikki Baird, Katrina Leibee, Leibee, ♬, Norah Jones Eleanor, Eleanor, June’s, Suzanne Lambert, Lambert, Scott Rick, Rick Organizations: New, New York CNN, University of Wisconsin - Madison, Savings, Kohl’s, ‘, Denver, CNN, Commerce Department, University of Michigan’s Ross School of Business Locations: New York, United States, Ohio, Utah, West Africa, Arlington , Virginia, Virginia

☆ British competition regulator objects to Google's ad tech practices
▼ + stars: | 2024-09-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

LONDON — Britain's competition watchdog on Friday issued a statement of objections over Google's ad tech practices, which the regulator provisionally found are impacting competition in the U.K. In a statement, the Competition and Markets Authority alleged that the U.S. internet search titan "has harmed competition by using its dominance in online display advertising to favour its own ad tech services." The CMA further noted that Google disadvantages ad technology competitors, preventing them from competing on a "level playing field." "Many businesses are able to keep their digital content free or cheaper by using online advertising to generate revenue. The core of this case rests on flawed interpretations of the ad tech sector."

Persons: Juliette Enser, —, Enser, Dan Taylor, Taylor Organizations: Markets Authority, CMA, Google Locations: U.S

☆ The weirdest startup in healthcare has a blank check from General Catalyst
▼ + stars: | 2024-09-05 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +17 min

Hemant Taneja, the CEO of top venture firm General Catalyst, cofounded the healthcare startup Commure in 2017, and launched it in 2020. AdvertisementIt's made six acquisitions in four years — a remarkable number for a healthcare startup. He hatched Commure inside General Catalyst in 2017 alongside former leaders from Google, Salesforce, and healthcare data analytics firm Health Catalyst. The Philadelphia-based health system co-created a startup with General Catalyst, patient engagement platform Tendo, in 2020. General Catalyst said HATCo will work closely with its more than 20 health system partners, including HCA Healthcare.

Persons: Hemant Taneja, Catalyst, PitchBook, Commure, It's, Augmedix, He's, Tyler Le, Taneja, Livongo, Teladoc, Glen Tullman, Ashwini Zenooz, CommureOS, Tanay Tandon, Rusty Russell, Strongline, Tandon, didn't, General Catalyst, it's, Axios, he's, HATCo, GABRIELLA AUDI, wasn't, Hemant Organizations: Catalyst, Business, Catalyst's, Google, NASDAQ, Jefferson Health, Healthcare, HCA Healthcare, Athelas, SMP Labs, SMP, Commure, BI, FCC, Labs, Strongline Pro, Strongline, Northern District of, Canopy, General, Health, Healthcare Assurance Transformation Corporation, Summa Health, Olive AI, Augmedix, HCA, Getty, Big Tech, Commure's Locations: Livongo, Philadelphia, Commure, PatientKeeper, Athelas, Strongline, Northern District, Northern District of California, Ohio, Augmedix

☆ Longevity experts gathered in Copenhagen. Here's what they ate — and why you should try these meals, too.
▼ + stars: | 2024-09-05 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +8 min

But at the 11th Aging Research and Drug Discovery meeting in Copenhagen last week, the food was good. Noma cofounder Claus Meyer, who drafted the first New Nordic Food Manifesto, is also behind the company that catered ARDD 2024. Bright pink pickled onions, for example, provide a great flavor punch in the mix, but are also nice for your gut. Bright pink pickled onions, for example, provide a great flavor punch in the mix, but are also nice for your gut. But, for now, I have some ideas on how to make my lunches and snacks a little better for my longevity.

Persons: —, Claus Meyer, Meyers, Hilary Brueck Meyers's, dieticians, Yum, Hilary Brueck, Eugen Chirita, that's, it's Organizations: Service, Aging Research, Drug, Business, Nordic Food, xmazepa Locations: Copenhagen, Denmark

☆ China is telling Gen Zers to beware of online dating and rock music because they might be traps by spies or the West
▼ + stars: | 2024-09-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Read previewOfficials in China have been telling young people that spies or foreign powers could be out to trick them through casual activities such as online dating and listening to pop music. National authorities raised these red flags at least twice recently, amid a wider push from China's leader, Xi Jinping, to bolster Chinese national security by getting citizens to be more proactive. The South China Morning Post reported that a new foundational textbook for college students warned them about pop culture and rock 'n' roll as oft-used tools for foreign subversion. AdvertisementThe Ministry of State Security has meanwhile cautioned young people to beware of part-time job offers and online dating prospects that might be "secret-stealing traps" laid by foreign spies. The idea here is that the spies target students in scientific research fields to trick them into disclosing sensitive information or sending photos of classified sites.

Persons: —, Xi Jinping Organizations: Service, Business, China Morning Post, Ministry of Education, of State Security, Ministry of State Security Locations: China, Beijing

☆ Salesforce to acquire startup Own for $1.9 billion in cash
▼ + stars: | 2024-09-05 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Marc Benioff, CEO of Salesforce.com, speaks during a keynote at the Dreamforce 2023 conference in San Francisco on Sept. 12, 2023. Salesforce announced Thursday that it would pay $1.9 billion in cash for Own Co., a startup specializing in tools for backing up data in cloud-based applications. The startup, formerly known as OwnBackup, was valued at $3.35 billion in a 2021 funding round. Salesforce Ventures, the cloud software company's venture arm, invested in that round and earlier ones. WATCH: Salesforce CEO Marc Benioff goes one-on-one with Jim Cramer

Persons: Marc Benioff, Salesforce, MuleSoft, Benioff, we've, Jim Cramer Organizations: Salesforce.com, Own Co, Salesforce Ventures, Salesforce, Covid, Microsoft's Dynamics, Informatica Locations: San Francisco, Salesforce, Central

☆ Beleaguered Burberry is no longer one of UK’s most valuable public companies
▼ + stars: | 2024-09-05 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Luxury brand Burberry is dropping out of Britain’s main stock index after suffering a steep fall in value following a plunge in sales and profits. The 168-year-old brand will leave the FTSE 100, which brings together the 100 most valuable companies listed on the London Stock Exchange, as a result of a quarterly review, the exchange said in a statement Wednesday. Spending on luxury goods has been slowing globally but particularly in the world’s no. 2 economy China, hitting not only the likes of Burberry but also higher-end brands. In July, the company replaced its chief executive — who had spent just two years in the role — after another disappointing quarter.

Persons: —, Gerry Murphy, “, Anna Cooban Organizations: London CNN, Burberry, London Stock Exchange Locations: China

☆ Atlanta Fed President Bostic says officials can't wait for inflation to hit 2% before cutting
▼ + stars: | 2024-09-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Atlanta Federal Reserve President Raphael Bostic signaled Wednesday that he is ready to start lowering interest rates even though inflation is still running above the central bank's target. The Fed's preferred measure showed inflation running at a 2.5% rate in July, and just a slightly higher 2.6% core rate when excluding food and energy. His comments also come two days before what is expected to be a pivotal nonfarm payrolls report as most economists see the labor market losing momentum. However, the data and our grassroots feedback describe an economy and labor market losing momentum," he said. Indeed, he cited multiple factors indicating that inflation is progressing convincingly back to the Fed's target as the labor market moderates.

Persons: Raphael Bostic, Bostic Organizations: Atlanta Federal Reserve, Atlanta Fed's Locations: Atlanta

☆ Qualcomm ramps up challenge to Intel and AMD with latest AI PC chip
▼ + stars: | 2024-09-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Qualcomm took the wraps off the Snapdragon X Plus 8-core at the IFA conference in Berlin, Germany. The latest chips expand Qualcomm's Snapdragon X Series for PCs, which it launched last year. Meanwhile, Qualcomm's Snapdragon X Series is built on architecture from British chip designer Arm , allowing the processors to run complex applications with good energy-efficiency. A number of major PC makers have adopted Qualcomm's Snapdragon X series chips for their devices. Companies like Lenovo have launched Copilot+ PCs based on Qualcomm chips and Windows operating system.

Persons: Cristiano Amon, Amon, Neil Shah, Qualcomm's, Shah, Ramon Costa Organizations: Qualcomm, Intel, IFA, Samsung, Microsoft, CNBC, Counterpoint Research, Mobile, Windows, Lenovo Locations: Berlin, Germany, U.S

☆ Dollar Tree shares plunge 22% after discounter cuts full-year forecast
▼ + stars: | 2024-09-04 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

A sign is posted in front of a Dollar Tree and Family Dollar store on March 13, 2024 in Rio Vista, California. Shares of Dollar Tree fell more than 22% on Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers. Dollar Tree includes two store chains, its namesake, which sells a wide variety of lower-priced items like party supplies, and Family Dollar, which carries more food. At Dollar Tree, same-store sales increased by 1.3% and at Family Dollar, same-store sales fell by 0.1%. Dollar Tree bought Family Dollar for nearly $9 billion in 2015 and since then, it's struggled to strengthen the grocery-focused chain and better compete with Dollar General.

Persons: Jeff Davis, Todd Vasos, Davis, it's, —, Robert Hum Organizations: LSEG, Dollar, Walmart Locations: Rio Vista , California

Molson Coors is the latest addition to a growing list of companies reversing their diversity, equity and inclusion policies. Molson Coors will also ensure all corporate charitable giving programs are focused on supporting "core business goals" such as alcohol responsibility, disaster relief efforts and promoting access to higher education. Although conservative activist Robby Starbuck characterized the moves as preemptive changes in response to his probe into the company's DEI practices one week ago, Molson Coors says in its memo that the decision "has been in process since March." Molson Coors' decision comes after a wave of retailers over the summer took a step back in their DEI efforts. Corporate DEI practices received renewed interest in the wake of the murder of George Floyd and the Black Lives Matter protests of 2020, but have struggled in the aftermath of the Supreme Court decision to overturn affirmative action in colleges.

Persons: Molson Coors, Robby Starbuck, Davidson, Lowe's, George Floyd Organizations: Molson, CNBC, Molson Coors, Groups, Business, Tractor Supply, Human Rights, Companies, Harley, Ford Locations: U.S, America

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