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Can the G.O.P. Really Become the Party of Workers?
  + stars: | 2024-08-24 | by ( Noam Scheiber | ) www.nytimes.com   time to read: +1 min
The most surprising moment of this year’s Republican National Convention may have come on its first night, when the president of the Teamsters railed in prime time against corporate elites and denounced a “war against labor” by business groups. The gasps from some in the hall were almost audible on television. But in many ways, it was a little-noted speech the week before, by Senator Josh Hawley of Missouri, that was more revealing about the party’s evolving relationship with organized labor. If anything, Mr. Hawley, a rising Republican star who is one of the Senate’s most conservative members, seemed to outflank the Teamsters’ leader. His speech, delivered at the National Conservatism Conference, criticized Republicans who “cheerleaded for corporate tax cuts and low barriers for corporate trade, then watched these same corporations ship American jobs overseas.” Mr. Hawley concluded that, “in the choice between labor and capital,” his party must “start prioritizing the workingman.”
Persons: Josh Hawley, Hawley, , Mr, Organizations: Republican, Convention, Teamsters, National Conservatism Conference Locations: Josh Hawley of Missouri
The corporate world reeled this week after a superyacht carrying the British software mogul Mike Lynch, his family and associates and others sank on Monday during a violent storm off the coast of Sicily. Of the 22 people on the yacht, 15 were rescued and seven bodies were recovered, including that of Mr. Lynch, an official in the Italian city of Palermo confirmed. The bodies of two other prominent business figures — Christopher J. Morvillo, a top white-collar defense lawyer, and Jonathan Bloomer, the chairman of Morgan Stanley International — were among those recovered. Others who were missing but whose bodies have now been recovered are Hannah Lynch, Mr. Lynch’s 18-year-old daughter; Mr. Morvillo’s wife, Neda Morvillo; and Mr. Bloomer’s wife, Judy Bloomer. Image Christopher J. Morvillo in New York in 2011. Credit... Scott Eells/BloombergChristopher MorvilloMr. Morvillo, 59, was a partner at Clifford Chance, the international law firm.
Persons: Mike Lynch, Mr, Lynch, — Christopher J, Jonathan Bloomer, Morgan Stanley, , Hannah Lynch, Lynch’s, Morvillo’s, Neda, Bloomer’s, Judy Bloomer, Recaldo Thomas, Christopher J, Morvillo, Scott Eells, Bloomberg Christopher Morvillo Mr, Clifford Chance, Robert, Martha Stewart Organizations: Morgan, Bloomberg Locations: British, Sicily, Italian, Palermo, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto industry accounts for nearly half of corporate spending in 2024 electionCNBC's MacKenzie Sigalos joins 'Worldwide Exchange' to discuss the crypto companies spending tens of millions of dollars to influence the 2024 elections.
Persons: CNBC's MacKenzie Sigalos
Investors are too optimistic about the near-term prospects of AI, Vanguard said. "This is double the annualized rate of the 1920s, when electricity lit up the nation," Vanguard wrote. AdvertisementBut Vanguard global chief economist Joe Davis thinks expectations are too high, and says that stocks are overvalued even if the AI boom plays out as anticipated. For context, the S&P 500's trailing one-year earnings growth rate through the second quarter of 2024 was 10.9%, according to FactSet data. That's probably not going to happen, which means we're unlikely to experience an AI-driven economic boom in 2025," he said.
Persons: , Joe Davis, It's, Davis, BlackRock Organizations: Vanguard, Service
The cybersecurity scam targeted well-known American companies like Skechers, Snapchat and Roku. As Vladislav Klyushin's cybersecurity scam grew, collecting more than $93 million in less than three years, the FBI's investigation was closing in on unraveling his scheme. CNBC's new original podcast series "The Crimes of Putin's Trader" takes you inside the mission to put Klyushin behind bars. The third episode of the podcast details how Klyushin made a critical mistake, finally opening the door for U.S. law enforcement to step in. The latest episode of the original podcast series takes listeners through the action – right up to when Klyushin steps off the plane in Switzerland, completely unaware of his catastrophic mistake.
Persons: Klyushin, Vladislav Klyushin's cybersecurity, Vladislav Klyushin, Eamon Javers, , you've, Steven Frank, Javers, Frank, we're Organizations: FBI, U.S, U.S . Department of Justice, CNBC, Washington, Swiss Federal Police Locations: Russian, Russia, Moscow, U.S, Switzerland
CNN —The Justice Department has filed a civil lawsuit against the real estate company RealPage, alleging the company’s software uses landlord data to artificially inflate the price of rent across the United States by quelling competition in the market. According to the complaint, the Texas-based company uses nonpublic data from landlords to train RealPage’s algorithm for pricing recommendations, creating a “vast scheme to subvert the competitive process,” one Justice Department official said. The lawsuit from the Justice Department comes amid a rise in corporate landlords – companies that own large numbers of rental units – a fact that was central to the case. “In a free market, these landlords would otherwise be competing independently to attract renters based on pricing, discounts, concessions, lease terms, and other dimensions of apartment leasing,” the Justice Department said in announcing the charges. “RealPage also uses this scheme and its substantial data trove to maintain a monopoly in the market for commercial revenue management software.”This is a developing story.
Persons: General Merrick Garland, , ” Garland, “ RealPage Organizations: CNN, The Justice, Justice Department, Justice, Department Locations: United States, Texas, Southern
PETA urged British paint company Farrow & Ball to rename paint colors like "Au Lait." The nonprofit singled out several paint color names saying they "normalize animal exploitation." Go to newsletter preferences Thanks for signing up! AdvertisementAnimal rights nonprofit People for the Ethical Treatment of Animals, or PETA, has urged a British paint company to rename some of its colors to be more "vegan-friendly." The provocative organization sent an open letter to Farrow & Ball objecting to paint names like "Dead Salmon" and "Smoked Trout," which they said "normalize exploiting animals."
Persons: Farrow, Ball, Ball's, , Yvonne Taylor Organizations: PETA, Service, People Locations: British
CNN —The United States on Friday unveiled a massive tranche of sanctions in the latest effort to target Russia’s war machine as the war with Ukraine continues. The sanctions from the US Treasury and State Departments hit nearly 400 people and entities both in and outside Russia, including China, Switzerland, Turkey and the United Arab Emirates, according to a press release from the Treasury Department. The sanctions – unveiled ahead of Ukrainian Independence Day – specifically target those supporting the Russian supply chain and defense base, as well as those helping Moscow to evade current sanctions. They come as Ukraine has launched an audacious incursion into Russia’s Kursk region. This story is breaking and will be updated.
Persons: Organizations: CNN, US Treasury, State, United Arab Emirates, Treasury Department, , Ukrainian, Treasury, State Department, State Atomic Energy Corporation Locations: United States, Ukraine, Russia, China, Switzerland, Turkey, Moscow, Russia’s Kursk, Russian
Delta Air Lines , which said fallout from the outage cost the company $550 million, is seeking damages from CrowdStrike and Microsoft. Software from CrowdStrike Check Point , SentinelOne and others in the endpoint-protection market currently depend on kernel mode. But an application in kernel mode that fails can cause all of Windows to crash. The Microsoft executive said removing kernel access in Windows would only solve a small percentage of potential problems. "We will share further updates on these conversations following the event," Microsoft Corporate Vice President Aidan Marcuss wrote in a blog post.
Persons: CrowdStrike, Aidan Marcuss Organizations: Delta Airlines, Microsoft, Delta Air Lines, CNBC, Windows, Apple, Rust Foundation, Microsoft Corporate Locations: Los Angeles, Airlines, Redmond , Washington, SentinelOne, macOS
New York CNN —New Starbucks CEO Brian Niccol won’t be a constant presence at its Seattle headquarters where he takes the helm next month. Starbucks is giving him a corporate jet to use to commute back and forth. Niccol is also expected to be traveling often, visiting stores and workers since he’s running a global operation of 39,000 stores and 450,000 employees. Earlier this month, Starbucks announced that Niccol would replace Laxman Narasimhan, whose stint as CEO lasted less than two years. Niccol is tasked with turning Starbucks’ fortunes around and mirroring the success he’s had at Mexican-inspired food chain Chipotle for the past six years.
Persons: Brian Niccol won’t, “ Brian Niccol, “ We’re, Niccol, Laxman Narasimhan, he’s, – CNN’s Chris Isidore Organizations: New, New York CNN, Starbucks, CNN, , International Energy Agency, Greenpeace, Institute for Policy Studies Locations: New York, Seattle, California, Newport Beach , California
watch nowAs the 2024 U.S. elections reach their home stretch, crypto companies are opening their wallets to try and influence the results. Nearly half of all the corporate money flowing into the election has come from the crypto industry, according to a report this week from the nonprofit watchdog group Public Citizen. More than 90% of the corporate crypto cash that's been raised was brought in this election cycle. Public Citizen's report found that of the 42 primary races that attracted money from crypto-backed super PACs, the candidate picked by the crypto industry won 36. "When Fairshake and its affiliates spend money to influence races, either by attacking crypto skeptics or boosting crypto supporters, the ads don't mention crypto at all," said Claypool.
Persons: Biden, Donald Trump, Rick Claypool, Coinbase, Andreessen Horowitz, Crypto, Brian Armstrong, Fairshake, It's, Claypool, Chuck Schumer, Kamala Harris's, Joe Biden, Harris, Faryar Shirzad, Trump, CNBC hasn't Organizations: Public Citizen, Securities and Exchange Commission, Republican, Senate, Supreme, Citizens, Federal, PAC, Public, CNBC, Trump, White Locations: Nashville , Tennessee, New York, California, cryptocurrencies, San Francisco, Nashville, United States
The Donor Report Card on Harris
  + stars: | 2024-08-23 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
Donors weigh in on the D.N.C. “I will bring together labor and workers and small-business owners and entrepreneurs and American companies to create jobs,” she told the Democratic National Convention last night. The nod to corporate America comes as Democrats try to firm up relations with big business. DealBook has been hitting the phones all week to hear what donors thought of the four-day convention. A flood of donors decided to go only after Harris became the presumptive nominee.
Persons: Kamala Harris’s, , DealBook, Harris, Brad Karp, Paul, Weiss, Raymond McGuire, Lazard, Blair Effron, John Rogers Jr Organizations: Democratic, Convention, Chicago, Centerview Partners, Ariel Investments Locations: America
With Federal Reserve rate cuts expected to begin in September, income investors may want to make sure their portfolio is in check. Instruments like money market funds and high-yield savings accounts will react pretty quickly to rate cuts. Some $6.24 trillion is currently sitting in money market funds, as of the week ended Wednesday, according to the Investment Company Institute . Clark Bellin, chief investment officer at Bellwether Wealth in Lincoln, Nebraska, is bullish in investment-grade corporate bonds right now. He prefers individual bonds over bond funds because the investor has more control.
Persons: Jerome Powell, Rick Rieder, Lawrence, Clark Bellin, Bellin, he'll, Fidelity's Michael Plage, Treasurys, Patience, BlackRock's Rieder Organizations: Federal, Treasury, U.S, BlackRock, Investment Company Institute Locations: Jackson Hole , Wyoming, Hauppauge, Lincoln , Nebraska
While expectations are high and caution is certainly warranted, we don't think it's quite that simple. While the Oscillator and Williams' work do point to possible selling pressure ahead, we don't want to get too bearish. However, we don't think the risks are so elevated as to warrant more than a small cash raise. We still view Nvidia as an "own it, don't trade it" stock, but we also don't keep our heads in the sand. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, Larry Williams, Williams, Jim, Estee Lauder, Morgan Stanley, hasn't, they've, We're, Jim Cramer's, Dominika Organizations: Nvidia, Club, Abbott Laboratories, Federal, Blackwell, Apple, Microsoft, Super Six, Jim Cramer's Charitable, CNBC, Nurphoto, Getty Locations: Williams
At least, that's what data security experts like Matt Radolec, vice president of incident response at data security company Varonis, say. "Copilots have pass-through permissions," Radolec said. There's also value in proceeding at a slow and steady pace with gen AI processes. Instead, Ensono is developing its own tool so the company can better enable and control its data security. Gen AI has made cybersecurity mistakes costlier, and insiders now pose a bigger threat — malicious or otherwise — than ever before.
Persons: Matt Radolec, GitHub, Salesforce's Einstein, Radolec, it's, they've, Shawnee Delaney, Uber, Delaney, Meredith Graham, I'm, Graham, costlier Organizations: Istock, Getty, Vaillance Group, Defense Intelligence Agency, Merck, Microsoft Locations:
Quang attributes the unexpected virality to a digital trend that first appeared at the end of 2023: the office siren. AdvertisementGoogle Trends shows searches for the term "office siren" increased tenfold between the first week of May and the first week of August. The office siren is a polarizing character — a sexed-up appropriation of office wear, restyled and applied to contexts outside the office. "Obviously, I'm not wearing this to the office," Quang said. "The office siren is just a character I'm playing."
Persons: , Julia Quang, Aritzia, Zers, Quang, Josephine Hansom, Hansom, Gen, Kirsten Classi, Zummo, she's, Corey Robinson, Abercrombie &, it's, Robinson, Heather McLean, McLean, Nancy Deihl, Gen Z, I'm Organizations: Service, Business, Brands, Abercrombie, Abercrombie & Fitch, New York University Locations: Quang, Canadian, America
For investors holding Japanese assets denominated in yen, the decline of the currency led to the value of their gains increasing. McManus isn't the only one who increased his exposure into the Japanese market following the early August sell-off. Before the yen started to strengthen, "Japanese investors could benefit because their lives and portfolios are denominated in yen. As a result, an appreciating yen will help overseas investors realize gains from the Japanese market as it continues its rebound. "This suggests that, if the cycle is heading towards [a] period of persistent yen strength, global investors should overweight Japan," Jefferies said.
Persons: , we're, Janus Henderson, Julian McManus, McManus, Jefferies, Shrikant Kale, Janus Henderson's McManus, Morgan Stanley, Daniel Blake, Peter Perkins, Perkins Organizations: Toyota, Bank of, U.S, Nikkei, Bank of America, Macro Research, Partners, Federal Reserve Locations: Japan
Hailed as Britain's Bill Gates, Lynch sold Autonomy, his groundbreaking data-management company, to Hewlett-Packard for $11 billion. Shareholders and business commentators were puzzled about what HP, a hardware company, would do with Autonomy, a software company — and why the latter was worth $11 billion. A year after the acquisition, HP wrote down $8.8 billion of the purchase value and accused Lynch of lying about Autonomy's finances. Lynch said HP stifled Autonomy with mismanagement and bureaucracy that pushed out employees and stymied sales. "This verdict closes the book on a relentless 13-year effort to pin HP's well-documented ineptitude on Dr. Lynch," Morvillo said in a joint statement with his attorney colleague Brian Heberlig.
Persons: , Mike Lynch, Bill Gates, Lynch, Sushovan Hussain, Stephen Chamberlain, Chamberlain, Chris Morvillo, Léo Apotheker, Apotheker, Meg Whitman, James B, Stewart, Time Warner, Bryn Colton, Hussain, hadn't, Henry Nicholls, David Cameron, Cameron, Lynch —, Whitman, Apotheker's, Robert Hildyard, Hildyard hadn't, wasn't, that'd, Guglielmo Mangiapane Morvillo, Morvillo, Brian Heberlig, Angela Bacares, Hannah, Charles Morvillo Organizations: Service, Autonomy, Hewlett, Packard, HP, Business, Cambridge University, Cambridge, Oracle, Adobe, Cisco, Shareholders, New York Times, Time, FBI, Deloitte, Telegraph, The New York Times, KPMG, US Justice Department, Justice Department, High Court, REUTERS, BBC, British Museum, Politico, The Times, Times, Bacares Locations: San Francisco, London, California, Kenya, Sicily
Both candidates’ plans would probably raise the deficit and increase demand, including through government spending and tightening the labor market, Joe Brusuelas, chief economist at RSM US, told CNN via email. Trump has so far not released as detailed an economic plan as Harris. Risks of fueling demandA central part of Harris’ economic plan is making housing more affordable. “The problem right now is too many people chasing too few houses,” Justin Wolfers, professor of public policy and economics at the University of Michigan, told CNN. Economists have told CNN that businesses would be forced to raise wages and prices.
Persons: what’s, Kamala Harris, Donald Trump, Harris, Trump, Joe Brusuelas, Brusuelas, Harris ’, ” Marc Goldwein, ” Goldwein, , , Biden, Joe Biden, ” Justin Wolfers, Michelle Holder, Holder, , ’ Trump, ” Harris Organizations: CNN, RSM, Budget, Child Tax, , Federal Reserve, Tax Foundation, Social Security, University of Michigan, John Jay College, Center, American Progress Fund, Peterson Institute for International Economics, National Guard Locations: , New York, China
After two rough quarters, Palo Alto Networks on Monday evening delivered the type of earnings report we expect from one of the best cybersecurity companies in the world. PANW YTD mountain Palo Alto Networks YTD The issue with billings in recent quarters has been that the high cost of money has resulted in increased negotiations on terms and financing options. Palo Alto Networks Why we own it: We believe cybersecurity is a secular growth market as bad actors are relentless and companies simply cannot afford to not invest in defense. Palo Alto Networks headquarters in Santa Clara, California, US, on Monday, Aug. 14, 2023. Palo Alto Networks Inc. is scheduled to release earnings figures on August 18.
Persons: management's, billings, Dipak Golechha, Nikesh Arora, Arora, Palo, we're, platformization, I've, Jim Cramer, Jim Cramer's, Jim, David Paul Morris Organizations: Palo Alto Networks, Revenue, LSEG, Total billings, U.S, Networks, billings, Palo Alto, Alto Networks, Cisco Systems, Palo, CNBC, Bloomberg, Getty Locations: Palo, billings, XDR, Palo Alto, Santa Clara , California
Harley-Davidson said Monday that it’s ending diversity and other progressive initiatives at the company. Harley-Davidson is the latest major American brand to backtrack from DEI policies it had supported in recent years. Harley-Davidson faced pressure online from Robby Starbuck, a conservative activist who has successfully taken on DEI policies at several American companies. The company also said it would end its relationship with the Human Rights Campaign, a leading LGBTQ+ advocacy group. Harley-Davidson joins Tractor Supply and John Deere to backtrack on policies following pressure campaigns led by Starbuck.
Persons: John Deere, Harley, Davidson, Robby Starbuck, Starbuck, , Harley Davidson, ” Starbuck, Elon Musk Organizations: New, New York CNN — Tractor, Harley, Wisconsin LBGT Chamber of Commerce, Human Rights, United, CNN, Tractor Supply Locations: New York, Milwaukee, Wisconsin
Then, they traded based on that insight, buying and selling stock from well-known American companies like Skechers, Snapchat and Roku. Vladislav Klyushin, who was sentenced to nine years in an American prison for his $93 million hack-to-trade conspiracy. "[They're] breaking into these American companies," said Steven Frank, a federal prosecutor familiar with the case. "Stealing information day after day…and just trading on it." Zoom In Icon Arrows pointing outwards The homepage for the Russian cybersecurity firm M-13, which was stealing financial information from American companies.
Persons: Vladislav Klyushin, Klyushin's, Roku, Tesla, Steven Frank, Klyushin, Massachusetts CNBC's Eamon Javers, Javers, , Evan Gershkovich, Ella Milman, Roberto Schmidt Organizations: Attorney's, Massachusetts, of Massachusetts, Tesla, FBI, U.S, Wall Street, Russia, Joint Base Andrews, Afp, Getty, CNBC Locations: Russian, U.S, Russia, Maryland
Kenon Chen, a member of BI's Workforce Innovation board, is Clear Capital's strategy and growth EVP. This article is part of "Workforce Innovation," a series exploring the forces shaping enterprise transformation. AdvertisementAs a participant in BI's Workforce Innovation board, he's hoping to talk about how to surface the positive outcomes of AI. Why is the topic of workforce innovation a priority now? What are some concrete examples of how you're integrating AI innovation into the workforce?
Persons: Kenon Chen, , Chen, appraisers, It's, it's Organizations: Service, Clear, United Wholesale Mortgage
Economists like to say the cure for high prices is high prices. In other words, consumers eventually start to hold back on spending when they are faced with increasing costs. On Monday, the New York Federal Reserve reported that consumers' three-year inflation outlook hit a record low. Many economists credit the Federal Reserve's decision to raise interest rates starting in the spring of 2022 with helping to curb the upswing. It is that last factor that the Federal Reserve is keenly focused on.
Persons: , Andrew Jassy, Wells Fargo, Mark Hamrick, Organizations: of Labor Statistics, Federal Reserve's, New York Federal Reserve, Federal, Fed, BLS, Gallup, Federal Reserve Locations: U.S, York
CNN —Team GB runner Rose Harvey completed the women’s marathon at the 2024 Paris Olympic Games despite having a broken leg, she said on social media. And according to the GB runner, scans after the race revealed Harvey had suffered a stress fracture to her femur. “But despite that most of my race goals having slipped away, there was still a tiny part of my Olympic dream that I could hang onto – and that was finishing the Olympic marathon. It was heartbreaking.”Harvey completed the Olympic women's marathon 78th overall with a time of 2:51:03. She had been selected to run for Team GB at the Paris Games after completing the 2023 Chicago Marathon in a time of 2:23:21, just 26 seconds off Hassan’s Olympic record time in Paris.
Persons: Rose Harvey, Harvey, ” Harvey, Harvey “, , Sifan Hassan, , Cameron Spencer, Phil Kissi, she’ll, I’ll, It’s Organizations: CNN — Team, Olympic Games, Pancras International, British, Getty, Team GB, Paris Games Locations: St, London, Battersea Park, Paris,
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