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☆ China raising its retirement age may be unpopular but it's much needed, analysts say
▼ + stars: | 2024-09-13 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

Economists have long called for an overhaul of the nation's retirement age laws, currently among the world's lowest, which was set in an era of lower life expectancies. Raising the retirement age would help ease local governments' pension pool cash crunch, Sheana Yue, an economist from Oxford Economics said. Still, "more needs to be done to improve retirement adequacy," Maybank's Tay said, while stating that China needs a stronger pension plan and diversified investment avenues to ensure sustainable retirement savings. China's Ministry of Human Resources and Social Security has added a few tools for citizens to check their indicated retirement age on its website and mobile app. China may roll out "another round of delay in the late 2030s, especially if China's pension fund balance is tight," Xu cautioned.

Persons: Erica Tay, Tay, Bruce Pang, Tianchen Xu, Xu, Yue, Maybank's Tay Organizations: Getty, Maybank Investment Banking Group, CNBC, Economist Intelligence Unit, Oxford Economics, Academy of Social Sciences, China's Ministry of Human Resources, Social Security Locations: Fuyang, China, JLL, Beijing

☆ Photo hints a big US Air Force Reaper drone competition was focused on one of China's fake islands in the South China Sea
▼ + stars: | 2024-09-13 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Read previewA newly released photo suggests a recent US Air Force Reaper combat drone event appears to have been focused to some degree on an artificial Chinese island in the South China Sea. AdvertisementOne of the screens featured a map of Mischief Reef and the surrounding area in the contested Spratly Islands of the South China Sea. The South China Sea has long been a source of tension between the US and China, as well as a number of other Indo-Pacific nations. AdvertisementSatellite imagery of the Mischief Reef in the South China Sea. "Air Force Special Operations Command is focused on specialized air power," said Col. Mark Jones, AFSOC concepts and capabilities development division chief, in the Wednesday release.

Persons: —, Thomas Shoal, Deanna Muir, Deanna Muir China, Mark Jones Organizations: Service, US Air Force, Wing, Business, Air Force, Operations, Squadron, Technologies, Air Force Special, Command Locations: South China, Florida, Spratly, Philippines, Beijing, China, Washington

☆ Evergrande Chairman Hui kept in special detention center in Shenzhen
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +1 min

Hui Ka Yan, the chairman of China Evergrande Group — the company at the center of the country's property sector crisis — has been moved to a special detention center in Shenzhen, two sources with knowledge of the matter said. After China's securities regulator found Evergrande's flagship unit had inflated earnings and committed securities fraud, Hui was fined $6.6 million in March and barred from the securities market for life. Chinese authorities have detained many former high-flying business executives and some have remained in detention for years with little or no information about their fate. He was transferred to Shenzhen a few months ago to allow him to more easily communicate with top Evergrande executives, said the second source. Evergrande is headquartered in the neighboring southern city of Guangzhou and its wealth management unit is based in Shenzhen.

Persons: Hui Ka Yan, Hui, Evergrande Organizations: China, — Locations: Shenzhen, Beijing, Guangzhou

☆ China fines PwC a record $62 million for its role in the Evergrande collapse
▼ + stars: | 2024-09-13 | by ( ) edition.cnn.com time to read: +3 min

Chinese regulators have hit PwC’s auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm’s audit of troubled property developer China Evergrande Group. “PwC has seriously eroded the basis of law and good faith, and damaged investors’ interest,” said the China Securities Regulatory Commission in a statement. PwC Zhong Tian, the registered accounting entity and the main onshore arm of PwC in China, was the country’s top-earning auditor in 2022, according to the latest official data. The ministry also imposed a fine of 116 million yuan ($16 million) on PwC Zhong Tian for its auditing failure of Hengda in 2018, according to an MOF statement. The CSRC said in a separate statement that it had confiscated PwC Zhong Tian’s revenue involved in the Evergrande case totalling 27.7 million yuan and fined the unit 297 million yuan.

Persons: Zhong Tian, “ PwC, ”, PwC Zhong, Daniel Li, Hemione Hudson, CSRC, PwC Organizations: China Evergrande Group, Big, —, China Securities Regulatory Commission, China’s Ministry of Finance, Bank of China Locations: China, PwC, Hong Kong, New York

☆ Biden administration expected to unveil new evidence of RT’s key role in Russian intelligence operations globally
▼ + stars: | 2024-09-13 | by ( Kylie Atwood | Sean Lyngaas | ) edition.cnn.com time to read: +3 min

CNN —The Biden administration is expected on Friday to announce a major effort to blunt the global influence of RT and expose what it says is the Russian state media network’s key role in the Kremlin’s global intelligence and influence operations, according to a senior administration official and three other sources familiar with the matter. A key finding from the new US intelligence is that, for more than a year, the Russian government has quietly embedded an intelligence-gathering unit within RT that is focused on influence operations globally, one of the sources familiar said. That activity has been part of US officials described as a big expansion of RT’s role as an arm and mouthpiece of the Kremlin abroad. The activity goes beyond propaganda and covert influence operations to even include military procurement, the source said. The US believes RT propaganda and disinformation has been key to generating pro-Russia reactions to the Ukraine war globally, the senior administration official said.

Persons: CNN —, Biden, “, –, RT, Trump, Joe Biden Organizations: CNN, State Department, Kremlin, of Justice, UN, Assembly, US Department of Justice, US, European Union, Saharan Africa RT, Huawei Locations: Russian, Russia, America, Ukraine

☆ How the New Hampshire National Guard failed to protect women
▼ + stars: | 2024-09-13 | by ( Haley Britzky | ) edition.cnn.com time to read: +19 min

His attorney told CNN Patterson is expected to retire as a major, one rank below lieutenant colonel, by November 1. His case is perhaps the most high-profile example of a problem women say has plagued the New Hampshire National Guard for years: A toxic, sexist work environment. The New Hampshire National Guard told CNN in a statement that 2023 was an anomalous year for sexual assault reports. “There’s way too much of ‘foxes guarding the henhouse’ in every angle of the [National Guard Bureau],” the IRC member said. “The National Guard belongs to the governors, and so they can do what they want.”The office of New Hampshire Gov.

Persons: Mark Patterson, Patterson, ”, he’d, CNN Patterson, “, Kennith Kruger, Patterson “, ’, Katrina Dupuis, Dupuis, weren’t, ’ ” Dupuis, ” Dupuis, she’d, “ aren’t, David Mikolaities, didn’t, Emily Paige Kamal, ” Kamal, Kate Kuzminski, ” Kuzminski, Maj, Charles Johnston, Chris Sununu, Sununu, Jaleesa Ackerman, Ackerman, ’ ”, Keri Wareing, Wareing, ” Wareing, Jeanne Shaheen, they’ve, Shaheen, OCI, Shaheen “, They’re Organizations: CNN, New Hampshire National Guard, Army, National Guard, Guard, New Hampshire National, New Hampshire National Guard’s Army, Department of, New, New Hampshire Department of Military Affairs, Veterans Services, The New Hampshire National Guard, ‘, Pentagon, Military, Veterans, Center, New American Security, Pembroke , New Hampshire . Tech, Defense, Independent Review Commission, National Guard Bureau, New Hampshire Gov, Services, Manchester Police Department, Mikolaities, Criminal, Organization, Independent, Capitol, Senate Armed Services Committee, Senate National Guard Caucus Locations: New Hampshire, Wyoming, NH, The, New American, Pembroke , New Hampshire, New

In the first college admissions process since the Supreme Court struck down affirmative action last year, Asian American enrollment at the most prestigious U.S. schools paints a mixed, uneven picture. Columbia University — which, unlike the other Ivies, groups Pacific Islanders with Asian Americans — saw an increase of nine percentage points in its enrollment of Asian American applicants, while Brown saw an increase of four percentage points. It doesn’t mean that race is entirely ruled out of the admissions process, however. Poon, who is the author of “Asian American is Not a Color: Conversations about Race, Affirmative Action, and Family,” said that with race masked in the admissions process, concerns around biases are actually more prevalent. And it’s going to be difficult to determine, for example, why there were drops in Asian American enrollment at some schools as well.

Persons: ”, OiYan Poon, ” Poon, —, Brown, St . Louis, Edward Blum, Hopi Hoekstra, ” Hoekstra, Jonathan Palumbo, Whitney Soule, Dartmouth —, John Roberts, ” Julie J, Poon Organizations: Ivy League, Yale, Princeton, Harvard, University of Illinois, Columbia University —, Pacific Islanders, MIT, Amherst College, Washington University, Conservative, Fair, NBC News, ” Harvard, of Arts and Sciences, Harvard Crimson, ”, University of Pennsylvania, — Cornell, Dartmouth, University of North, University of Maryland, Universities, Federal Student Aid, NBC Asian Locations: U.S, Columbia, Brown, University of Illinois Urbana, Champaign, St ., University of North Carolina, NBC Asian America

☆ Trooper suspended over Karen Read investigation won't testify in another high-profile murder case
▼ + stars: | 2024-09-12 | by ( Tim Stelloh | Gemma Dicasimirro | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

Michael Proctor, the Massachusetts state trooper suspended over his conduct while he was investigating Karen Read, will not testify in another high-profile case on which he was a lead investigator, prosecutors said. The department devoted dozens of additional officers to investigating the case, the filing says. The filing cites Proctor’s testimony in the Read case, in which he testified that he made derogatory comments about Read to his family, friends and supervisors, and it says the prosecutor’s office is reviewing data extracted from the trooper’s cellphone. The agency had opened an internal affairs investigation into allegations of "serious misconduct" raised at trial, a state police official said at the time. He pleaded guilty to wire fraud, interstate transportation for a scheme to defraud and unlawful monetary transaction, the prosecutor's office said.

Persons: Michael Proctor, Karen Read, Proctor, Brian Walshe, fraudster, Ana Walshe, Read, Read’s, Andy Warhol Organizations: Attorney’s, Prosecutors, Massachusetts State Police, Attorney's Office, New, U.S Locations: Massachusetts, Norfolk County, Boston

Taking a high dose of ADHD drugs is linked to more than five times greater risk of developing psychosis or mania, according to a new study published Thursday in the American Journal of Psychiatry. The research is among the first to find a relationship between escalating doses of the drugs — amphetamines, in particular — and a greater likelihood of psychotic symptoms. The drugs include Adderall, Vyvanse and generic amphetamines, such as dextroamphetamine. The medium dosage — 20 mg to 40 mg of Adderall, 50 mg to 100 mg of Vyvanse or 15 mg to 30 mg of dextroamphetamine — was linked to a 3.5 times higher risk. There was no increased risk of psychosis with another ADHD drug, Ritalin, which isn’t an amphetamine.

Persons: it’s, ”, Jacob Ballon, hadn’t, Will Cronenwett, ” Cronenwett, Vyvanse, Takeda, Lauren Moran, Brigham, “, ” Moran, Moran, Cronenwett, ” Ballon, they’re Organizations: American, of Psychiatry, Stanford Medicine, Northwestern Medicine, Psychiatry, NBC News, Takeda Pharmaceuticals, . Food, Drug Administration, FDA, Pharmaceuticals, McLean Hospital, Mass Locations: United States, U.S, Boston

☆ Microsoft to cut 650 jobs at its Xbox gaming unit — read the full memo from top exec Phil Spencer
▼ + stars: | 2024-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Patrick T. Fallon | Bloomberg | Getty ImagesMicrosoft on Thursday said that it is cutting 650 roles at its Xbox gaming division, in the latest major round of layoffs to hit the video game industry. It marks the third series of redundancies in Microsoft's video game unit since the company's blockbuster acquisition of Activision Blizzard, the publisher behind the Call of Duty franchise, for $69 billion in cash. In a memo obtained by CNBC, Phil Spencer, CEO of Microsoft Gaming, told employees that the firm had taken this "difficult" decision to align its post-acquisition team structure and "organize our business for long term success." Bethesda publishes major gaming titles, such as the Fallout and The Elder Scrolls series. Major gaming studios have cut thousands of jobs around the world, beginning in 2023 and continuing into 2024.

Persons: Phil Spencer, Patrick T, Spencer, Japan's, Playtika Organizations: Microsoft, Fallon, Bloomberg, Getty, Activision Blizzard, Duty, CNBC, Microsoft Gaming, Xbox, Activision, ZeniMax Media, Bethesda Softworks, Bethesda, Japan's Sony, PlayStation, Gaming Locations: Los Angeles, U.S

☆ I'm a former divorce attorney. I was shocked at how much grief I felt after my friends got divorced.
▼ + stars: | 2024-09-12 | by ( Kelsey Eisen | ) www.businessinsider.com time to read: +5 min

Related stories"I think it's very understandable to feel grief while experiencing a friend's divorce," Hui told Business Insider. With divorce or separation, the members may have to renegotiate their relationship not only to the partner that is separating but to the partner's friends or family," Hui said. A friend's split can make us "think of our own relationship to divorce, changes, and endings in relationships" and bring up feelings of loss, sadness, anger, or betrayal. AdvertisementI was able to move forwardTaking Hui's advice, I ruminated on what exactly this divorce was bringing up for me. AdvertisementOur friend group has rallied around our friend and each other, creating a new chosen family built on honesty, empathy, and support.

Persons: —, I'm, Cassandra, Troy, They're, shamefully, Aaron Hui, Hui, it's Organizations: Service, Business

☆ General Mills sells North American yogurt operations in $2 billion deal to focus on stronger brands
▼ + stars: | 2024-09-12 | by ( ) edition.cnn.com time to read: +2 min

CNN —General Mills will sell its North American yogurt business to French dairy firms Groupe Lactalis and Sodiaal in a $2.1 billion deal, the Cheerios maker said on Thursday. Reuters reported in April that General Mills was working with investment bank JPMorgan Chase to attract interest from potential buyers for the business, which houses brands such as Yoplait and Liberté. The North American yogurt business contributed about $1.5 billion to General Mills’ fiscal 2024 net sales. Bloomberg News earlier on Thursday reported that General Mills was in talks to sell the North America yogurt operations to Groupe Lactalis and Sodiaal. In 2021, General Mills sold the European operations of Yoplait to Sodiaal.

Persons: Mills, Lactalis, Sodiaal, Jeff Harmening, Yoplait, General Mills Organizations: CNN, Groupe Lactalis, Canadian, Reuters, JPMorgan Chase, Bloomberg, General, PAI Partners Locations: U.S, Valley , Minnesota, North America, Yoplait, Sodiaal

☆ Cristiano Ronaldo urges Manchester United to ‘rebuild everything’ as the club looks to rediscover past success
▼ + stars: | 2024-09-12 | by ( George Ramsay | ) edition.cnn.com time to read: +4 min

CNN —If Manchester United is broken, then Cristiano Ronaldo thinks that he has the keys to fix it. “The coaches, they say they cannot compete to win the league and the Champions League,” he said. “If you’re a Manchester United coach, you cannot say that, that you’re not going to fight to win the league or the Champions League. Erik ten Hag is in his third season managing Manchester United. Now playing for Al-Nassr in Saudi Arabia, Ronaldo said that he still loves United and wants to see the club succeed.

Persons: Cristiano Ronaldo, Rio Ferdinand, Ronaldo, Erik, Hag, “, ”, you’re, ” United, Sir Alex Ferguson, United, Michael Regan, Piers Morgan, TalkTV, Molly Darlington, Ferdinand, Ruud van Nistelrooy, ” Ronaldo Organizations: CNN, Manchester, United, Champions League, Manchester United, ”, Premier League, League, Manchester City, Liverpool, Fulham, Brighton, Europa League, Tottenham Hotspur, Red Devils, Al, Portugal, Croatia, Scotland Locations: Portuguese, Manchester, Liverpool, “, Saudi Arabia, Real Madrid

☆ The current market is 'directionless,' one CIO says, naming 6 stocks he likes right now
▼ + stars: | 2024-09-12 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Defensive and dividend plays Alexander's strategy in playing the market right now is through defensive sectors and dividend players. As for dividend plays, Alexander is bullish on the utilities and telco sectors amid falling Treasury yields . Big pharma plays Alexander is also likes health-care and biotech players, especially big pharmaceutical companies producing products serving medical needs. Names he likes include AbbVie , AstraZeneca , Novartis and Johnson & Johnson . Johnson & Johnson, meanwhile, has been building out a "pipeline of drugs," Alexander added.

Persons: Ted Alexander, we've, we're, Alexander, it's, bullish, Durex, They've, Mead Johnson, Johnson Organizations: U.S, U.S . Federal, Sydney, Telecommunications, AT, Verizon, Frontier Communications, London Stock Exchange, Big pharma, AstraZeneca, Novartis, Johnson Locations: U.S ., South Dallas, U.S

Microsoft told employees on Thursday that it has hired Carolina Dybeck Happe as its executive vice president and chief operations officer, reporting to CEO Satya Nadella. Dybeck Happe comes from GE, where she was senior vice president and chief financial officer from 2020 until September 2023. She will join Microsoft's senior leadership team alongside finance chief Amy Hood, cloud and AI engineering leader Scott Guthrie and other executives. GE CEO Larry Culp called Dybeck Happe "a high-impact executive" when GE announced in 2019 that it had picked Dybeck Happe to replace Jamie Miller as chief financial officer. Before that, she spent almost 17 years at Swedish lock company Assa Abloy, where she became chief financial officer and deputy CEO.

Persons: Carolina Dybeck, Satya Nadella, Dybeck Happe, Microsoft's, Amy Hood, Scott Guthrie, Nadella, Dybeck, Rajesh Jha, Larry Culp, Jamie Miller, Kevin Turner, Gene Munster Organizations: Microsoft, GE, Microsoft Digital IT, Microsoft Business Operations, GE Aerospace, GE Vernova, New York Stock Exchange, Maersk, Walmart Locations: Carolina, Swedish

☆ Nvidia chips are in such high demand that customers are 'emotional,' Huang said
▼ + stars: | 2024-09-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewNvidia CEO Jensen Huang said that a shortage of his company's products is making customers "emotional" and that things are tense. Huang, dubbed the King of AI, said the demand for Nvidia's products is so high because everyone wants to get them first — and they want a lot. He added, "Demand is so great that delivery of our components, our technology, infrastructure, and software is really emotional for people." "We probably have more emotional customers today. In August, Nvidia sparked worries that its next generation of AI chips, Blackwell , would be delayed by two to three months.

Persons: —, Jensen Huang, Huang, Goldman Sachs, Blackwell Organizations: Service, Business, Nvidia, Meta, Microsoft, Google, Blackwell Locations: San Francisco

☆ Israeli commander to resign after being accused of failing to prevent October 7
▼ + stars: | 2024-09-12 | by ( Jennifer Hauser | Lauren Izso | ) edition.cnn.com time to read: +2 min

CNN —An Israeli intelligence commander, who critics say played a pivotal role in failing to prevent the October 7 attacks, is resigning, Israel’s military told CNN. Later that month, Israeli Prime Minister Benjamin Netanyahu also received sharp public criticism after he accused security chiefs in a later-deleted social media post of failing to warn him about the impending attack. In a May interview with Dr. Phil McGraw on the “Dr. We have to admit that,” Netanyahu told Dr. Phil. When asked if he held himself to that standard and failed in some way he added, “I hold myself and everyone on this.

Persons: Yossi Sariel, “, Kan, ” Kan, Shin Bet, ”, ” Shin, Ronan Bar, Benjamin Netanyahu, Phil McGraw, Phil, Netanyahu, ” Netanyahu Organizations: CNN, Israel Defense Forces, Kan Locations: Israeli, “, Israel

☆ Russia is counterattacking in Kursk and could be trying to split Ukrainian forces, military experts say
▼ + stars: | 2024-09-12 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +1 min

Russia has counterattacked in Kursk, claiming to have recaptured 10 settlements. The Institute for the Study of War said Russian forces may be planning to try to split Ukrainian-held areas. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia claims to have recaptured 10 settlements in Kursk, in a move that suggests a counteroffensive is in the works, according to multiple reports.

Persons: —, Apty Alaudinov Organizations: Service, Business Locations: Russia, Kursk, Russian

Ukraine CNN —Olga is running around the intensive care unit, constantly checking her patients’ oxygen levels, adjusting their medication and noting their vitals. Ivana Kottasova/CNNThe evacuation train transports wounded soldiers from the frontlines to hospitals across Ukraine. He told CNN he was hurt in a Russian drone strike. I got more motivated,” he told CNN with a smile. After her shift ended, she told CNN that seeing critically ill patients coming from the frontlines is the toughest part of her job.

Persons: Ukraine CNN — Olga, anesthetist doesn’t, It’s, Ivana Kottasova, Oleksandr, “, ”, CNN Oleksandr, Yevgeniy, Oleksandr Pertsovskyi, Pertsovskyi, Volodymyr Zelensky, Zelensky, Stanislav, Olga, –, anesthetist Organizations: Ukraine CNN, CNN, Ukrainian Medical Forces, “, Ukrainian Railways, ICU, CNN Ambulance, Kremlin Locations: Ukraine, Ukrainian, Bakhmut, Russian, Russia, Crimean, Donetsk, “, Crimea, Moscow

☆ Ukraine says it shot down a $50M Su-30 Russian fighter jet, sending it crashing into the Black Sea
▼ + stars: | 2024-09-12 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Read previewUkraine's Defense Intelligence says its forces have shot down a Russian fighter jet over the Black Sea, sharing a video of the apparent strike. According to the post, Russian forces lost contact with the aircraft around 5 a.m. local time and launched a search and rescue operation about three hours later. It said a telltale streak of jet fuel was found on the water, as well as parts of the plane's wreckage. Advertisement-1 russian Su-30SM jet 🔥Warriors of the @DI_Ukraine special unit destroyed a russian Su-30SM combat aircraft with MANPADS over the Black Sea. pic.twitter.com/yaKnzWXyYF — Defense of Ukraine (@DefenceU) September 12, 2024The pro-Ukrainian Telegram channel Crimean Wind, which monitors developments on the peninsula, also posted about a missing Russian Su-30 jet, citing an unnamed Ukrainian army source.

Persons: —, Russian Sukhoi Su, ince, cale Organizations: Service, Intelligence, Business, Naval Aviation Regiment Locations: Russian, Ukrainian, Cape Tarkhankut, Crimea, Saki

☆ Flights are getting more expensive again as airlines scale back their growth plans
▼ + stars: | 2024-09-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Alaska Airlines on Thursday raised its third-quarter profit forecast to a range of $2.15 to $2.25 per share from a previous outlook of no more than $1.60 per share. It also said it expects unit revenue to rise by as much as 2% after previously estimating flat to "positive" unit revenue. Delta has said it expected a $500 million hit from the outage and its aftermath, when it canceled some 7,000 flights. Alaska said it had a tailwind from the outage, which affected Delta customers more than those on other airlines. Delta's president, Glen Hauenstein, told a Morgan Stanley conference on Thursday that Delta isn't seeing a lingering impact on bookings from the outage.

Persons: Glen Hauenstein, Morgan Stanley Organizations: Alaska Airlines, Delta Air Lines Locations: Alaska

Here's a rapid-fire update on all 32 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. AMD shares have caught a bid in recent days, but they're still cheap considering the growth of its AI processors. Broadcom : Investors who don't own any Broadcom yet should consider starting a position here, Jim said. Although it's tempting to offload shares, Jim said to stick with Honeywell for now because there's huge value in individual businesses like aerospace. There's little negative to say about this portfolio stock.

Persons: Jim Cramer's, Jim, Apple, haven't, it's, that's, he'll, Bob Iger, Bob Chapek, Larry Ellison, Biogen, Eli Lilly, Lowe's, Vimal Kapur, We'd, Linde, Lilly, Morgan Stanley, Goldman Sachs, It's, Jensen Huang, Kamala Harris, Republican Donald Trump, CrowdStrike, Palo, — we're, we're, Brian Niccol, Sands, Stanley Black, Decker, Wells, Charlie Scharf's, Jim Cramer, Angela Weiss Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Abbott Laboratories, Abbott Labs, AMD, Amazon, Web, Broadcom, VMWare, Federal Reserve, Costco Wholesale, Coterra, DuPont, New York Times, Oracle, GE Healthcare, GE, Honeywell, Linde, Microsoft, Nvidia, Republican, Palo Alto Networks, Palo, Procter & Gamble, Procter, Gamble, Constellation Brands, Modelo, Stanley, TJX, Marshalls, Jim Cramer's Charitable, Traders, New York Stock Exchange, AFP, Getty Locations: Nvidia's, San Francisco, China, Dover, United States, industrials, OpenAI, Palo Alto, Wells Fargo

☆ Samsung Electronics plans global job cuts of up to 30% in some divisions: Reuters, citing sources
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: +3 min

Samsung Electronics, the world's top maker of smartphones, TVs and memory chips, is cutting up to 30% of its overseas staff at some divisions, three sources with direct knowledge of the matter told Reuters. The sources declined to be named because the scope and details of the job cuts remained confidential. Samsung Electronics , the world's top maker of smartphones, TVs and memory chips, is cutting up to 30% of its overseas staff at some divisions, three sources with direct knowledge of the matter told Reuters. The job cuts come as Samsung grapples with mounting pressure on its key units. One of the sources familiar with the plans said the job cuts were being made in preparation for a slowdown in global demand for technology products as the global economy slows.

Persons: Samsung's, Samsung Organizations: Samsung Electronics, Reuters, Samsung, Manufacturing, South Korean, SK Hynix, Apple, Huawei Locations: Americas, Europe, Asia, Africa, South Korea, India, China

☆ A Navy SEAL unit that killed Osama bin Laden is busy preparing for a possible Chinese invasion of Taiwan: report
▼ + stars: | 2024-09-12 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Read previewA Navy SEAL unit that killed Osama bin Laden is busy preparing for a possible Chinese invasion of Taiwan, the Financial Times reported, citing people familiar with the preparations. SEAL Team 6, an elite military special missions unit, has spent more than a year planning and training for a potential Chinese invasion of the island at its Dam Neck base in Virginia Beach, per the FT. People familiar with its planning did not provide details to the FT about what specific missions it is preparing for. These include the rapid modernization of its armed forces over the past two decades, and drills around Taiwan. According to a June report from the American think tank RAND Corp, the US — if it decided to defend Taiwan from a Chinese invasion — may have to do it alone as several of its biggest allies are unlikely to commit troops.

Persons: —, Osama bin Laden, Osama bin, Phil Davidson, Adm, Samuel Paparo Organizations: Service, Navy SEAL, Financial Times, Business, Operations Command, Pentagon, Department of Defense, American Enterprise Institute, Institute for, Pacific, Japan's Nikkei, RAND Corp Locations: Taiwan, Virginia Beach, Afghanistan, Yemen, Syria, Somalia, Pakistan, China

☆ A real-estate investor who started with condos explains why they're ideal for beginners — and why he eventually sold to 'graduate' to a different property type
▼ + stars: | 2024-09-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +1 min

He sold his three condos in 2024 to invest in either commercial deals or build affordable housing. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Let me try renting it,'" the New Jersey-based investor told Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: Steve Lewis, —, I'd Organizations: Service, Business Locations: New Jersey

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