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☆ Elon Musk says he doesn't 'know what the hell is going on' with the economy
▼ + stars: | 2023-07-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

I don't know what the hell is going on," Musk, the CEO of car company Tesla, said during a second-quarter earnings call with analysts on Wednesday. Tesla has already slashed prices for its electric vehicles, or EVs, repeatedly this year to not only keep up with the competition but also the economy. Tesla reported an all-time high revenue of $24.93 billion on Wednesday, beating the $24.47 billion analysts had forecast, per Refinitiv data. Earnings per share came in at 91 cents per share adjusted, beating the 82 cents per share analysts had expected. Tesla's share prices fell 4.2% to $279.07 apiece in after-hours trade.

Persons: Elon, Tesla, it's, Elon Musk, Musk Organizations: Service, US Federal Reserve Locations: Wall, Silicon

☆ Warren Buffett cashed in his monster bet on Microsoft buying Activision Blizzard - but left some money on the table
▼ + stars: | 2023-07-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett exited his wager on Microsoft buying Activision Blizzard last quarter, filings show. Buffett built a $5 billion Activision stake, wagering the stock would hit Microsoft's offer of $95. One of Buffett's deputies oversaw Berkshire's purchase of 14.7 million Activision shares in 2021. After Microsoft bid $69 billion for Activision in January 2022, Buffett scooped up nearly 50 million shares as an arbitrage. The good news has sent Activision stock up 11% this month to $93, less than 2% below Microsoft's offer price.

Persons: Warren Buffett, Buffett, He's, Berkshire Hathaway, he'd, Charlie Munger, Charlie, Munger, Warren Organizations: Microsoft, Activision Blizzard, Activision, Service, Securities and Exchange Commission, SEC, US Federal Trade Commission Locations: Wall, Silicon, British

☆ US FTC seeks additional info on Pfizer's proposed takeover of Seagen
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Pfizer logo is pictured on their headquarters building in the Manhattan borough of New York City, New York, U.S., November 9, 2020. REUTERS/Carlo Allegri/File Photo/File PhotoJuly 14 (Reuters) - The US Federal Trade Commission (FTC) has sought additional information and documentary material related to Pfizer's (PFE.N) proposed acquisition of Seagen Inc (SGEN.O), Seagen said on Friday. The antitrust agency sent the requests separately to both the companies, a regulatory filing said. Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies, to counter the fall in COVID-related sales and generic competition for some top-selling drugs. The recent scrutiny by the antitrust agency to block Amgen's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics (HZNP.O) has made investors jittery around the Pfizer-Seagen deal as well.

Persons: Carlo Allegri, Seagen, Khushi, Shailesh Organizations: Pfizer, REUTERS, US Federal Trade Commission, Seagen Inc, Horizon Therapeutics, Thomson Locations: Manhattan, New York City , New York, U.S, COVID, Bengaluru

☆ Flying cars in movies and TV and the real-life vehicles they inspired
▼ + stars: | 2023-07-15 | by ( Elias Chavez | ) www.businessinsider.com time to read: +2 min

The FAA just approved the first electric flying car, the Alef Model A, for test flights. The first flying car, a Model T with wings attached, was created 106 years ago. In 1930, the first flying car was featured in a movie, kicking off a long line of flying cars appearing on screen. The possibility of a flying car being available for an estimated $300,000 is exciting, but humans and engineers have been fascinated with the idea of flying cars for over 100 years. With the potential of flying cars around the corner, here's a look through the history of our obsession with making cars fly and the ups and downs that have come with it.

Persons: Carl Benz, Ford, Glenn Curtiss Organizations: FAA, Automotive, US Federal Aviation Administration Locations: California

☆ Fact Check-The Washington Post did not report Bill Gates has been arrested
▼ + stars: | 2023-07-14 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

(Advisory: This article includes links to photos and videos depicting death penalty scenes)The Washington Post did not publish a report earlier this month saying Bill Gates had been arrested. The Washington Post’s Public Relations Manager Savannah Stephens said in a July 13 email that no such story was published. Washington Post” (here). A search for articles related to Gates being arrested does not return any relevant results on The Washington Post site (tinyurl.com/35sucwh6). There is no evidence that The Washington Post published a report on Bill Gates being arrested for crimes against humanity.

Persons: Bill Gates, Gates, Savannah Stephens, retweets, Bill, Melinda Gates, Read Organizations: Washington Post, The Washington, Public, US Federal Marshals, Watch, . Washington Post, YouTube, Reuters Locations: The, Guantanamo, . Washington, U.S

☆ Are you owed a slice of the $100 million fine Bank of America has to pay?
▼ + stars: | 2023-07-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Bank of America was fined $250 million this week by US federal regulators for allegedly harming customers by double-dipping on fees, withholding credit card rewards and opening fake accounts. Of those fines, $100 million is set to go directly to consumers who were impacted by the bank’s alleged wrongdoing. People are generally bad at keeping or knowing how to access relatively recent bank records, said Harvey Rosenfield, founder of Consumer Watchdog, a nonprofit consumer advocacy group. It’s unlikely the average customer saved copies of their bank records or credit reports for over a decade, he said. As part of the agreement Bank of America settled with the CFPB, it is also required to identify consumers who were harmed.

Persons: they’re, you’re, you’ve, there’s, Bank of America’s, Harvey Rosenfield, didn’t, CFPB Organizations: New, New York CNN — Bank of America, Consumer Financial Protection Bureau, CNN, Bank of America, Bank of, Consumer Watchdog, Bank, of America Locations: New York

☆ The European Parliament is auditing years of its Google ads following a report that alleged YouTube misled advertisers
▼ + stars: | 2023-07-14 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

The European Parliament said it's auditing its YouTube advertising from 2020 to date. The European Parliament is auditing its Google advertising going as far back as 2020 following a report that alleged YouTube placed ads on third-party sites that violated its own standards. This evaluation process is still ongoing," said a European Parliament press representative in an emailed statement. From its initial assessment, the use of the GVP Network by the European Parliament was "residual," the representative said. The European Parliament has been put under pressure to suspend all of its Google advertising.

Persons: TrueView skippable, Adalytics, Marvin Renaud, Renaud, Roberta Metsola, Pravda.ru, monetization, Adweek, Ruben Schreurs Organizations: Google, YouTube, Fortune, Partner, GVP, GVP Network, US Treasury, Street Journal, Ebiquity Locations: TrueView, Russia, Russian, Ukraine

☆ Microsoft can close its Activision merger, federal judge rules
▼ + stars: | 2023-07-11 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

CNN —A federal judge will not block Microsoft (MSFT) from closing its $69 billion deal to acquire video game giant Activision Blizzard, a defeat for US regulators who had asked for a temporary injunction while legal challenges to the merger unfold. Microsoft could potentially finalize the deal with Activision in a matter of days, ahead of a July 18 contractual deadline, or the parties could mutually seek to extend that timeframe. During a five-day hearing last month in federal court, Microsoft executives including CEO Satya Nadella testified that properties such as “Call of Duty” would not be restricted from competitors following the deal’s close. UK officials also previously moved to block the Activision merger in April, citing some of the same concerns the FTC raised in its case and triggering an appeal from Microsoft. “Microsoft and Activision have agreed with the CMA that a stay of the litigation in the UK would be in the public interest and the parties have made a joint submission … to this effect.”

Persons: ”, “, Jacqueline Scott Corley, Corley, Satya Nadella, Tuesday’s, Microsoft’s, “ We’re, Brad Smith, we’ve, Bobby Kotick, Meta’s, ” Douglas Farrar, we’ll, ” Smith Organizations: CNN, Microsoft, Activision, US, Court, Northern, Northern District of, Sony PlayStation, Federal Trade Commission, FTC, Regulators, Nvidia, Nintendo, “, PlayStation, Appeals, Ninth Circuit, Markets, CMA Locations: Northern District, Northern District of California, ”, San Francisco

☆ China is teetering on the brink of deflation. That's a huge red flag for the global economy.
▼ + stars: | 2023-07-11 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

China is teetering on the brink of deflation – where prices fall, rather than rise. Essentially, it's the opposite of what's happening in the US – and that could be a huge red flag for the global economy. Deflation "is a very bad sign macroeconomically," economist Richard Koo said in a recent episode of Bloomberg's "Odd Lots" podcast. "Individually, [people trying to save money] might be doing the right things, but collectively, they may be killing the economy." But if those policies don't work, there could be pain ahead for the global economy.

Persons: it's, Richard Koo Organizations: Service, US Federal Reserve, Gross, Apple, Nike Locations: China, Wall, Silicon, Beijing, Japan

☆ Savers should be cheering higher interest rates. So why are they unhappy?
▼ + stars: | 2023-07-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —When central banks raise interest rates, mortgage borrowers can expect higher monthly repayments, while savers are supposed to be rewarded with bigger returns on their deposits. In Asia, the picture is less uniform: China cut its benchmark lending rate last month, adding to recent reductions in other interest rates, and Japan has kept its main interest rate negative in a bid to stimulate demand. However, rates on savings accounts there are closer to the central bank’s main rate than in other major economies. “While interest rates were ultra-low, the mortgage market was incredibly competitive, so [banks] were operating on unusually small margins between savings rates and mortgage deals… so they’re busy filling their boots,” she said. The top 100 US money market funds tracked by Crane Data are offering an average annual interest rate of 4.94%.

Persons: Nathan Howard, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Christopher Furlong, Crane, Peter Crane, they’ve Organizations: London CNN, Federal Deposit Insurance Corporation, US Federal Reserve, Bloomberg, Getty, European Central Bank, of, CNN, Getty Images Bank, Finance, Bank of England’s, HSBC, Barclays, Crane Data, Bank of England, “ Locations: Europe, United States, United Kingdom, Asia, China, Japan, South Korea

☆ CNBC Daily Open: Brace yourself for higher rates
▼ + stars: | 2023-07-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, chairman of the US Federal Reserve, during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, DC, US, on Thursday, June 22, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. More hikes, but slowerAlmost all Federal Reserve members expect more interest rate hikes at upcoming Federal Open Market Committee meetings, according to minutes of June's meeting. Prior to the June meeting, the Fed had raised rates for 10 consecutive times, with four of them being 0.75 percentage point increases.

Persons: Jerome Powell, Hong Organizations: US Federal Reserve, Banking, Housing, Urban Affairs Committee, CNBC, Federal Reserve, Treasury, Reading, Twitter Meta, Twitter Locations: Washington , DC, Asia, Pacific, Europe

☆ Hong Kong stocks slump on worries about Chinese banks, US interest rates
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hong Kong stocks on Thursday recorded their worst day in four months, after Goldman Sachs downgraded major Chinese banks on local government debt risks and the US Federal Reserve gave a hawkish outlook. Financial shares led the sell-off, after Goldman Sachs downgraded several Chinese banks. The Hang Seng Mainland Banks Index, which tracks mainland Chinese banks listed in Hong Kong, plummeted 6.5%. These banks face earnings risks stemming from their exposure to China’s local government debt, the Wall Street firm said. Sentiment in Hong Kong markets was also affected by the Fed’s hawkish rate outlook.

Persons: Goldman Sachs, Xi Jinping’s, ” “, ”, Stephen Innes, Janet Yellen, Biden, Korea’s Kospi Organizations: Hong Kong CNN, US Federal Reserve, Asia Pacific . Financial, Mainland Banks Index, Commerical Bank of China, Industrial Bank, Bank of China, Bank of Communications, Huaxia Bank, US, Nikkei Locations: Hong Kong, Asia, Mainland, “, China, Beijing, Shanghai

☆ Taylor Swift agreed to FTX partnership, but the crypto exchange bailed, source tells CNBC
▼ + stars: | 2023-07-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Former FTX Chief Executive Sam Bankman-Fried, right, exits the Manhattan federal court in New York City, Feb. 16, 2023. Taylor Swift signed and agreed to a sponsorship deal with bankrupt crypto exchange FTX after months of discussion before executives at FTX decided not to go through with the deal, a person familiar with the matter told CNBC. But Swift did ultimately agree to the deal, the person familiar with the matter told CNBC. Three other sources familiar with the matter told The New York Times that Swift's team signed the deal with FTX after six months of negotiations, and that Bankman-Fried ultimately pulled the plug. The person familiar with the matter asked to be kept anonymous due to ongoing federal and bankruptcy proceedings.

Persons: Taylor Swift, Sam Bankman, Swift, Bankman, Fried, FTX, Gary Wang, Caroline Ellison, Nishad Singh — Organizations: FTX, CNBC, The New York Times, New York Times, The Financial Times Locations: Manhattan, New York City

☆ US Supreme Court to decide legality of SEC in-house enforcement
▼ + stars: | 2023-06-30 | by ( Andrew Chung | ) www.reuters.com time to read: +3 min

FILE PHOTO: The U.S. Supreme Court is seen in Washington, U.S., June 29, 2023. The case represents the latest legal attack against the actions of the SEC, which enforces various federal laws that protect investors. The Supreme Court, which has a 6-3 conservative majority, has signaled skepticism toward expansive federal regulatory power. The justices in 2018 faulted the way the commission selected its in-house judges, and in April allowed targets of actions by the SEC and other regulators to immediately mount challenges to agency processes in federal court. The SEC charges against Jarkesy and his firm proceeded before an in-house judge.

Persons: Joe Biden’s, Evelyn Hockstein, George Jarkesy, Jarkesy, Paring, hemming Organizations: Reuters, U.S, Supreme, Securities, Exchange Commission, REUTERS, SEC, Patriot28, Circuit, Jarkesy Locations: Washington , U.S, Houston, disgorge, Constitution’s, ”

☆ Climate event El Niño could hit the economy from food prices to clothing sales this year
▼ + stars: | 2023-06-29 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

But that’s not the only effects expected: Combined with climate change, El Niño this year could dent US economic growth, potentially impacting everything from food prices to the winter clothing sales. Higher food prices are a common theme across El Niño events, according to a recent Deutsche Bank report. Dry weather has parched crops in El Salvador as the El Niño weather threatens food security. The last time there was an El Niño in 2018 through 2019, NOAA dubbed it “The Great Puny El Niño” due to its relatively weak impact on weather conditions. He projects that El Niño weather events could cause $84 trillion in economic losses in the 21st century.

Persons: Niño, that’s, ”, Christopher Callahan, ” Christopher Callahan, El, Lesley, Ann Dupigny, Giroux, Yi Yu, Linh Pham, Winters, Yu, Callahan, Simeon Siegel, “, Chris Scheuring, “ It’s, Camilo Freedman Organizations: CNN, Oceanic, Atmospheric Administration, NOAA, Dartmouth, Southern, University of Vermont, University of California, Southwestern, Vietnam Electricity Group, Bloomberg, Getty, Deutsche Bank, BMO Capital Markets, Dupigny, US Federal Aviation Administration, California Farm Bureau, La Union, Prediction Locations: Niño, University of California Irvine, Asia, Australia, Southwestern United States, Tri An, Vinh Cuu, Dong Nai Province, Vietnam, United States, rainier, El, Pasaquina, La, El Salvador

☆ Foreign borrowers issue a record amount of yuan debt, helping internationalize China's currency
▼ + stars: | 2023-06-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Offshore yuan notes have reached a record issuance, as foreign borrowers take advantage of China's lower rates. So far this year, $10.4 billion worth of so-called panda bonds have been issued in China by offshore borrowers. According to Bloomberg, international borrowers have issued around $10.4 billion worth of "panda bonds" in 2023, a form of offshore yuan notes that remain within China's domestic interbank market. This year's issuance of panda bonds marks a new high, surpassing the prior record of $10.2 billion for the same year-to-date span set in 2021. That has induced foreign borrowers like the Mercedes-Benz Group and the Hungarian government to take advantage of China's lower rates.

Persons: —, That's Organizations: Service, Bloomberg, Benz Group, European Central Bank, US Federal Reserve, P Global Locations: China

Compare Affinity Plus Federal Credit Union products Affinity Plus Federal Credit Union Membership Savings AccountAffinity Plus Federal Credit Union Better Than Free Checking AccountAffinity Plus Federal Credit Union Basic CertificateAffinity Plus Federal Credit Union Superior Money Market Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Affinity Plus Federal Credit Union Basic Certificate ReviewAffinity Plus Federal Credit Union Basic Certificate 4.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.30% to 4.25% Minimum Deposit Amount $500Affinity Plus Federal Credit Union Basic Certificate 4.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.30% to 4.25% Minimum Deposit Amount $500 View Full DetailsAffinity Plus Federal Credit Union Basic Certificate Affinity Plus Federal Credit Union, NCUA insured. Affinity Plus Federal Credit Union Superior Money Market Account Start banking Affinity Plus Federal Credit Union, NCUA insured. Affinity Plus Federal Credit Union FAQsWhere are Affinity Plus Federal Credit Union locations? How Affinity Plus Federal Credit Union ComparesAffinity Plus Federal Credit Union vs. Premier Members Credit UnionPremier Members Credit Union has 17 branches in Colorado.

Persons: It's, Anthony, Paul, We'll, Sallie Mae Sallie Mae, Sallie Mae, Sallie Mae doesn't Organizations: Affinity, Federal Credit Union, Federal Credit, Chevron, Foundation, Union's, Reading Chevron, Federal Credit Union Affinity, Google, Apple, Affinity Plus Federal Credit Union, Affinity Plus, State of, University of Minnesota Twin, Minnesota State, Minnesota State University, Mankato, Moorhead, Bemidji State University, Metropolitan State University, Southwest Minnesota State University, St, Cloud State University, Winona State University, University of Minnesota, Affinity Plus Federal, Federal, our Affinity, Finance, Premier, Credit Union Premier Members Credit Union, Credit Union, Premiers Credit Union, Members Credit Locations: Chevron, Minnesota, The Minneapolis, Nicollet, State of Minnesota, University of Minnesota Twin Cities, State, Bemidji, Twin Cities, Arden Hills, Minneapolis, Mounds View , New Brighton, Roseville, Shoreview, St, Alexandria, Cloud, Coon Rapids , Cambridge, New Hope, Brainerd Lakes, Roseville , Minneapolis, Paul, Eagan, Lakeville, Hastings, Mankato, Faribault, Fergus Falls, Grand Rapids , Rochester , Duluth, Mahnomen, Moorhead, Winona, Colorado

Teixeira has been held in federal prison in Plymouth County, south of Boston, while waiting trial. Prosecutors say Teixeira leaked classified documents to a group of gamers on the messaging app Discord. The leaked documents on Discord held highly classified information on allies and adversaries, with details ranging from Ukraine's air defenses to Israel's Mossad spy agency. President Joe Biden has ordered an investigation into why the alleged leaker had access to the sensitive information. Reporting by Rami Ayyub and Kanishka Singh; editing by Jonathan Oatis and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Douglas Teixeira, Teixeira, Teixeira's, Jack, Joe Biden, leaker, Rami Ayyub, Kanishka Singh, Jonathan Oatis, Alistair Bell Organizations: An Air National, Prosecutors, WikiLeaks, Justice Department, Thomson Locations: Worcester , Massachusetts, Ukraine, Plymouth County, Boston

☆ 5 wild conspiracy theories surrounding the sinking of the Titanic
▼ + stars: | 2023-06-21 | by ( Áine Cain | Will Gendron | ) www.businessinsider.com time to read: +2 min

JP Morgan was behind the whole thingA portrait of JP Morgan circa 1900. Photo by Museum of the City of New York/Getty ImagesThis rumor has everything you could want in a conspiracy theory. The Federal Reserve Bank. There's a theory out there that JP Morgan sank the Titanic in order to pave the way for the establishment of the Federal Reserve Bank in the US. Morgan was reportedly supposed to be on the ship, but decided to skip the maiden voyage at the last second.

Persons: Morgan, JP Morgan, John Jacob Astor, Benjamin Guggenheim, Macy's, Isidor Straus, Astor, We've, Straus, Ida, Layton, Morgan could've Organizations: Museum of, Federal Reserve Bank, Titanic, White Star, Pittsburgh Post, Gazette, US Federal Locations: City of New York, Europe

☆ Yes, inflation is coming down. That doesn’t mean goods and services will be cheaper
▼ + stars: | 2023-06-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

Inflation vs. deflationInflation is the rate at which prices for goods and services across an entire economy are rising over a given period of time. When inflation rises, it means you’ll have to spend more money to buy the same goods and services as you used to. For instance, goods and services sold in the United States cost 9.1% more last June compared to June 2021. That means global central bankers don’t actually want goods and services to get cheaper. If you think prices will go down in the future, you’re probably going to delay making a lot of purchases today.

Persons: don’t, you’re Organizations: New, New York CNN, Bank of England, European Central Bank, US Federal Locations: New York, China, United States, Japan

☆ What is Juneteenth? History of US federal holiday and its celebration explained
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +3 min

Juneteenth, long a regional holiday in the U.S. South, rose in prominence following protests in 2020 over police killings of George Floyd, Breonna Taylor, Rayshard Brooks and other African Americans. Juneteenth, a combination of the words June and 19th, is also known as Emancipation Day. Connecticut, Minnesota, Nevada and Tennessee have made Juneteenth a permanent public holiday for the first time this year, according to the Pew Research Center. In Alabama and West Virginia, Juneteenth has been authorized as a state holiday for this year by a governor’s proclamation. People are also celebrating the holiday by organizing for civil rights, reading books about African American heritage and history, attending festivals and musical performances, and dining at Black-owned restaurants.

Persons: Crystal Howard, Read, Joe Biden, George Floyd, Breonna Taylor, Rayshard Brooks, Abraham Lincoln's, Juneteenth, Aurora Ellis, Lisa Shumaker Organizations: Black Americans, U.S, District, Columbia, Pew Research, The U.S, Supreme, Thomson Locations: Texas, U.S, Nashville , Tennessee, United States, Connecticut, Minnesota, Nevada, Tennessee, Alabama, West Virginia, America, The

☆ Millions of Americans’ personal data exposed in global hack
▼ + stars: | 2023-06-16 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

CNN —Millions of people in Louisiana and Oregon have had their data compromised in the sprawling cyberattack that has also hit the US federal government, state agencies said late Thursday. The breach has affected 3.5 million Oregonians with driver’s licenses or state ID cards, and anyone with that documentation in Louisiana, authorities said. The hackers exploited a flaw in a popular file-transfer software known as MOVEit made by Massachusetts-based Progress Software. Hundreds of organizations across the globe have likely had their data exposed after the hackers used the flaw to break into networks in recent weeks. US officials described the cyberattack as an opportunistic, financially motivated hack that has not caused disruptions to agency services.

Persons: Casey Tingle, Aon, John Bel Edwards, ” Munish Walther, Puri, It’s, ”, Jeff Greene, “, Greene Organizations: CNN, Department of Energy, BBC, British Airways, University of Georgia, Social, Louisiana Office of Motor Vehicles, Louisiana Gov, US, Progress Software, FBI, Infrastructure Security Agency, National Security Council, Aspen Locations: Louisiana, Oregon, Russian, Massachusetts, Clop, Ukraine

☆ US government hit in global cyberattack
▼ + stars: | 2023-06-15 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +3 min

CNN —“Several” US federal government agencies have been hit in a global cyberattack that exploits a vulnerability in widely used software. A CISA spokesperson had no comment when CNN asked who carried out the hack of federal agencies and how many have been affected. But the news adds to a growing tally of victims of a sprawling hacking campaign that began two weeks ago and has hit major US universities and state governments. As of Thursday morning, the dark website did not list any US federal agencies. Progress, the US firm that owns the MOVEit software, has also urged victims to update their software packages and has issued security advice.

Persons: Eric Goldstein, cybersecurity, “, – Organizations: CNN, Infrastructure Security Agency, Johns Hopkins University, University of Georgia, –, BBC, British Airways Locations: Russian, Baltimore, Georgia’s, Minnesota, Illinois

☆ European Central Bank hikes interest rates to highest level in 22 years
▼ + stars: | 2023-06-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —The European Central Bank raised interest rates by a quarter of a percentage point Thursday, unmoved by recent data showing a mild recession last winter in the 20 countries that use the euro. The ECB has now hiked rates at eight consecutive meetings since July in a fight against inflation. The central bank diverged from the US Federal Reserve, which opted to pause its historic rate-hiking campaign Wednesday after 10 successive increases. Rising prices and higher interest rates are increasingly taking a toll on the euro area’s economy, which entered a mild recession around the turn of the year. That could bolster the case for the central bank to pause interest rate hikes soon.

Persons: Christine Lagarde Organizations: London CNN, European Central Bank, ECB, US Federal Reserve, Investors, Reuters Locations: Russia, Ukraine

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

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