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Volkswagen cuts 2024 outlook as car demand falters
  + stars: | 2024-09-27 | by ( ) www.cnbc.com   time to read: +2 min
A VW Golf GTI stands in a parking lot within sight of the brand tower on the grounds of the VW plant in Wolfsburg, Germany. Volkswagen cut its annual outlook for the second time in less than three months on Friday, citing a weaker-than-expected performance at its passenger car division as pressure on Europe's top automaker continues to rise. The lowered outlook is the latest from Germany's car giants, with Mercedes-Benz and BMW both downgrading their annual forecasts earlier this month as a result of weakening demand in China, the world's biggest car market. Volkswagen said it was cutting its outlook "in light of a challenging market environment and developments that have fallen short of original expectations, particularly at the brands Volkswagen Passenger Cars, Volkswagen Commercial Vehicles and Tech. Porsche, the holding company of the Porsche and Piech families that holds most of the voting rights in Volkswagen and is the carmaker's single biggest shareholder, also cut its own outlook in the wake of Volkswagen's downgrade.
Persons: IG Organizations: VW, Volkswagen, Mercedes, Benz, BMW, IG Metall, Volkswagen Commercial Vehicles, Porsche Locations: Wolfsburg, Germany, China
Bernard Arnault's net worth has soared by $24 billion in four days to $201 billion. The LVMH CEO is set to leapfrog Mark Zuckerberg and become the world's third-richest person. AdvertisementBernard Arnault has grown $24 billion richer in four days — and looks set to overtake Mark Zuckerberg as the world's third-richest person. He was the richest person on the planet with a $231 billion net worth in late March. AdvertisementThe decline in LVMH stock this year has narrowed from about 20% to 5%, meaning it's no longer languishing at a two-year low.
Persons: Bernard Arnault's, Mark Zuckerberg, , Bernard Arnault, leapfrog Zuckerberg, Larry Ellison, He's, who's, Louis Vuitton, Dom Perignon Champagne Organizations: Service, Dior, Tiffany, Oracle, LVMH Locations: China, Moncler, Cashmere, Japan
Shigeru Ishiba is set to be appointed Japan's prime minister on Tuesday. Ishiba has previously suggested that Japan's military pact with the US should be overhauled. AdvertisementShigeru Ishiba, a former defense and agriculture minister, is set to become Japan's next prime minister. AdvertisementHis leadership is likely to transform Japan's military alliance with the US, as well as have wider implications for the region's security. However, Japan's military is beset by recruiting challenges and is experiencing manpower shortages.
Persons: Shigeru Ishiba, Japan's, Ishiba, , Fumio Kishida Organizations: Liberal Democratic Party, Service, LDP, Reuters, Wall Street, Washington, Foreign Relations, NATO, Guardian, Japan's Yomiuri Locations: Japan, Taiwan, China
A new WSJ report sheds light on the internal tensions at OpenAI amid CTO Mira Murati's exit. The report said execs worried the company could collapse when cofounder Ilya Sutskever left in May. AdvertisementQuestions are swirling about what exactly has been going on at OpenAI amid a string of high-profile executive departures including former CTO Mira Murati. AdvertisementIt also reveals that executives worried about a potential collapse after OpenAI cofounder Ilya Sutskever left in May, and their attempts to woo the AI researcher back before reconsidering the offer. However, the Journal's reporting offers some fresh details about Murati's involvement as CTO amid the crunch to ready and ship new products.
Persons: Mira Murati's, execs, Ilya Sutskever, , Mira Murati, Sam Altman, Murati's, Sutskever, Altman, hadn't, Jan Leike, Greg Brockman, Brockman, Murati, Sarah Friar Organizations: Service, Wall, Business, CNBC
France's harmonized inflation rate fell sharply in September, preliminary data from the National Institute of Statistics and Economic Studies (Insee) showed Friday. Harmonized consumer prices in the euro zone's second-largest economy came in at 1.5% in September, down from 2.2% in August. The Harmonized Index of Consumer Prices (HICP) is adjusted for comparison with other euro zone countries. Altogether, Insee said that the September drop in consumer prices represents the sharpest monthly fall since 1990. Tobacco prices were expected to be virtually unchanged in September, compared to the previous month, Insee said.
Organizations: Eiffel, Paris, National Institute of Statistics, Economic Studies, Consumer, Reuters, European Central Bank, ECB, France's, Index, Olympic, Paralympic Games Locations: Paris, London
In pictures: Dame Maggie Smith
  + stars: | 2024-09-27 | by ( Brook Joyner | ) edition.cnn.com   time to read: +1 min
Dame Maggie Smith, one of Britain’s best-known actresses on stage and screen, has died, her sons announced in a statement shared by their publicist Clair Dobbs. She was 89. Smith began her acting career on stage in the 1950s and in 1964, she played Desdemona to Laurence Olivier’s Othello, before reprising the role for the film version the following year. She came to the notice of younger viewers as the strict but fair witchcraft teacher Minerva McGonagall in “Harry Potter and the Sorcerer’s Stone”, also appearing in several “Harry Potter” sequels. In her later years, Smith became a role model for ageing gracefully, a process she handled with her customary charm and wit.
Persons: Dame Maggie Smith, Clair Dobbs, Smith, Desdemona, Laurence Olivier’s, Miss Jean Brodie, , Minerva McGonagall, “ Harry Potter, Harry Potter Locations:
Jennifer Aniston was the last of the main six to officially join the cast. The show's producers didn't know if they'd keep her as Rachel at first. Warner Bros. TelevisionNow one of the most sought-after actors in Hollywood, Aniston was still new to acting when the pilot of "Friends" was filmed. In 2013, Aniston told Us Weekly that she was the last of the six main cast members to be added to the series. Aniston proved integral to the cast and went on to win an Emmy for her performance as Rachel Green.
Persons: Jennifer Aniston, didn't, they'd, Rachel, Aniston, Rachel Green Organizations: Warner Bros . Television, Hollywood, Weekly
Former Vanity Fair reporter Dominick Dunne is central to "Monsters: The Lyle and Erik Menendez Story." Dunne's theories about the Menendez brothers' motives are featured in the series. Dominique Dunne was Dunne's youngest child, and her death turned him into a crime reporterValerie Harper and Dominique Dunne in 1981. He covered several more high-profile cases on top of the Mendedez brothers' trial in 1993. "Monsters: The Lyle and Erik Menendez Story" is available to stream on Netflix.
Persons: Dominick Dunne, Lyle, Erik Menendez, Menendez, Dunne, , Erik Menendez's, Ryan Murphy, Ian Brennan's, Kitty Menendez, Nathan Lane, wasn't, Tammi Menendez, Murphy, Joan VanderMolen, o7KEOEoYwr — Tammi Menendez, It's, Dominique Dunne, Valerie Harper, Lee Green, Ellen Griffin, Dunne's, Dominique, John Thomas Sweeney, Sweeney, Slate, Anthony Pellicano, Pellicano, Dominick, Jimi Celeste, Patrick McMullan, Phil Spector's, CourtTV, Dominick Dunne's Power Organizations: Service, Netflix, Variety, Business, American Broadcasting Companies, Getty Locations: Hollywood
The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks. DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.
Persons: Charlie Ergen, EchoStar, MoffettNathanson's Craig Moffett, — CNBC's Lillian Rizzo Organizations: Dish Network, DirecTV, TPG, AT, Dish, Satellite, Netflix, Disney, Amazon Prime, Sling, T, CNBC, ESPN
Both the Dow Jones Industrial Average and S & P 500 have broken out to new highs this month. BTIG chief market technician Jonathan Krinsky asked this week, referring to the S & P 500. The S & P 500 had risen more than 5%, while the tech-heavy Nasdaq Composite was higher by more than 1%. For the S & P 500, those levels represent declines of about 6% to 9%, as of Thursday's close. Initial Claims (09/28) 9:45 a.m. PMI Composite final (September) 9:45 a.m. S & P PMI Services SA final (September) 10 a.m.
Persons: Jonathan Krinsky, Dow, Adam Turnquist, LPL Financial's Turnquist, Jeff Hirsch, he's bullish, Hirsch wouldn't, Lamb Weston, Nonfarm Payrolls, , Nick Wells Organizations: Federal, Dow Jones Industrial, Dow, CNBC, Nasdaq, LPL, Chicago PMI, Dallas Fed, PMI, Manufacturing, Nike, McCormick, ADP, PMI Services SA, Services PMI, Constellation Locations: Europe, U.S, Chicago
Since 2019, the company has had what Sam Altman called an "unusual" hybrid structure. AdvertisementAfter operating under what Sam Altman called an "unusual" structure for more than four years, OpenAI is reportedly preparing to become a for-profit business. OpenAI could be structured as a public-benefit corporation, Bloomberg reported, an entity that balances profit with mission. An OpenAI spokesperson told the outlet the nonprofit entity "will continue to exist" and was core to its mission. OpenAI was established as a nonprofit in 2015, but in 2019, it created a "capped profit" subsidiary, OpenAI LP.
Persons: OpenAI, Sam Altman, Altman, , Mira Murati, Anthropic, it's, Anat Alon, Beck, Alon, Eric Chaffee, Chaffee, OpenAI didn't Organizations: Service, Reuters, Bloomberg, CNBC, Elon, Microsoft, Case Western Reserve University's School of Law, Case Western Reserve University Locations: OpenAI, Delaware
Wang, chief China equity strategist at Morgan Stanley, told CNBC's " Street Signs Asia " Friday that the index could rise by another 10%. But she cautioned that more details on Beijing's recent economic stimulus measures were needed for a sustained rally. Chinese stocks rose further after Beijing on Thursday called for halting the real estate slump and a strengthening of monetary and fiscal policy. He said he's bought more Chinese stocks since. "After the break, we would really like to see as soon as possible the execution details on the physical spending and on the market stabilization measures," Wang said.
Persons: Morgan Stanley's Laura Wang, Wang, Morgan Stanley, CNBC's, Goldman Sachs, David Tepper, he's Organizations: CSI Locations: Shanghai, Shenzhen, China, Beijing
Lelian Chew is the founder of The Atelier & Co, a Singapore-based luxury wedding planning company. I spent a decade at Goldman Sachs, working in Singapore and Hong Kong managing key relationships by flying to a different Chinese city each day. English wasn't his first language, so he misunderstood and thought I was starting a wedding planning business. He immediately asked me to help plan his son's wedding, insisting I take a look since I knew the family well. Many of our elder clients want to see their grandchildren uphold customs they cherish, like family crests and cultural elements.
Persons: Chew, Chew doesn't, , Lelian Chew, Goldman Sachs, I, Lelian, it's Organizations: Service Locations: Singapore, Hong Kong, Indonesia, Maldives
Shailene Woodley reacted to the news about a potential season three of "Big Little Lies." Woodley told Business Insider that she doesn't have much information about it and remains skeptical. Advertisement"Big Little Lies" star Shailene Woodley can't say much about season three of the hit HBO drama series — not because she's being secretive, but because she has limited information. "Big Little Lies," based on Liane Moriarty's novel of the same name, debuted in 2017. Reese Witherspoon, Shailene Woodley, and Laura Dern on season one of "Big Little Lies."
Persons: Shailene Woodley, Woodley, , Jane Chapman, Liane Moriarty's, Zoë Kravitz, Jean, Marc Vallée, Andrea Arnold, Valée, Kravitz, GQ, it's, Reese Witherspoon, Laura Dern, Nicole Kidman, Witherspoon, Kidman, Liane Organizations: Service, HBO, Hollywood
Apartment prices were slightly cheaper in September than in August as interest rates fell. AdvertisementRent inched lower in September as the unofficial moving season starts to wind down, but apartment prices are still near all-time highs. 14 affordable cities where rent is down meaningfullyNearly two-thirds of the nation's 100 biggest real-estate markets experienced either lower or flat rent in September, according to Zumper. However, only 14 cities have one-bedroom apartments that cost less than the national median of $1,533 and were at least 2% cheaper than last year. AdvertisementBelow are those 14 cities, along with their month-over-month and year-over-year rent changes, median rent prices, the monthly savings vs national median, and national rent ranking.
Persons: , Zumper, It's, Anthemos Georgiades Organizations: Service, Federal Reserve
China's stock markets surged this week, marking the best weekly performance since late 2008. AdvertisementChina's stock markets closed sharply higher Friday, notching their best week in 16 years as investors joined the rally party. The stock market party overwhelmed tech systemsThe stock market party got too hot to handle. AdvertisementFurthermore, the US Federal Reserve has started cutting interest rates, which has historically benefited Chinese markets, they added. So even if Beijing's stimulus isn't enough for China's economy, a liquidity or leverage-driven market rally could still be "very powerful," they wrote.
Persons: , Vishnu Varathan, Hong, Hao Hong, Pan Gongsheng, Data.TS, Freya Beamish, Rory Green Organizations: Service, Grow Investment, Shanghai Stock Exchange, of America, Bank of America, US Federal Reserve, People's Bank of China Locations: China, Beijing, Asia, Japan, Shanghai, India
The Federal Supreme Court (STF) in Brazil suspends Elon Musk's social network after it fails to comply with orders from Minister Alexandre de Moraes to block accounts of those being investigated by the Brazilian justice system. X has to pay one last fine before the social network owned by Elon Musk is allowed back online in Brazil, according to a decision out Friday from the country's top justice, Alexandre de Moraes. Earlier this month, X filed paperwork informing Brazil's supreme court that it is now in compliance with orders, which it previously defied. X's legal representative in Brazil, Rachel de Oliveira, is also required to pay a fine of 300,000 reals. Earlier this month, the STF froze the business assets of Musk companies, including both X and satellite internet business Starlink, operating in Brazil.
Persons: Alexandre de Moraes, Elon Musk, Brazil's, Rachel de Oliveira, de Moraes, Musk, X, STF Organizations: Federal Supreme Court, Elon, Globo, Tribunal Federal, SpaceX Locations: Brazil, Brazilian
Dell is mandating all global sales workers return to the office five days a week from Monday. AdvertisementDell has issued a return-to-office mandate calling for all of its sales workers to work from the office five days a week. The tech giant sent a memo to its entire global sales team on Thursday, requiring them to be in the office all week from Monday. Field sellers who can't go into a Dell office should prioritize time spent in person with customers and partners. Bill ScannellPresident, Global Sales & Customer OperationsJohn ByrnePresident, Sales, Global Regions, Dell Tech SelectImplementation will be subject to local laws, regulations and practices, including works council and employee representative consultation where applicable.
Persons: , Dell, Bill Scannell, John Byrne, Byrne, Vivek Mohindra, Mohindra, Andy Jassy, we're, Let's, John, Polly Thompson Organizations: Dell, Service, Dell Tech, Business, Global, Dell Technologies, Global Regions
Like Costco as consumers seek value: Analyst
  + stars: | 2024-09-27 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLike Costco as consumers seek value: AnalystShelby McFaddin, senior analyst at Motley Fool Asset Management, says customers are in a better place now than they have been for a few years, but continue to look for savings in both staples and discretionary items.
Persons: Shelby McFaddin Organizations: Costco
Lyle Menendez and Erik Menendez killed their parents in 1989, but they have the support of family members. The first season of "Monster" was about Jeffrey Dahmer, and angered his victims' families. AdvertisementOnce again, Netflix's "Monsters" has angered the families at the center of the true crime show, but co-creator Ryan Murphy is standing firm. Lyle Menendez and Erik Menendez admitted to killing their parents during their first trial in 1993, arguing they acted in self-defense after years of abuse. Still, "Monster: The Jeffrey Dahmer Story" was nominated for 13 Emmys, and Netflix has already renewed the anthology for a third season.
Persons: Lyle Menendez, Erik Menendez, Ryan Murphy, Jeffrey Dahmer, , Lyle, Menendez, Erik Menendez's, Tammi Menendez, Murphy, Dominick Dunne, Joan VanderMolen, o7KEOEoYwr — Tammi Menendez, Dunne, Ian Brennan, Steve Granitz, It's, Kim Kardashian, Cooper Koch, Evan Peters, Dahmer, Netflix Dahmer, Rita Isbell, Errol Lindsey, Netflix should've, Tatiana Banks, Lindsey's, show's, haven't, Thomas M, Jacobson, " Jacobson Organizations: Service, Netflix, Hollywood
Moo Deng crypto. Given the sudden popularity of Moo Deng, the Thai national treasure whose name roughly translates as “bouncy pork,” it was only a matter of time before someone turned her into a digital asset. And given the nature of such memecoins, which have zero underlying value and trade purely on vibes, it’s no surprise Moo Deng Coin has shot up 1,400% since it was created less than three weeks ago. (It should be noted that crypto traders suspect this anonymous Moo Deng booster is an “insider,” since they bought the coin four hours after its creation, per the crypto news site Decrypt. Moo Deng coin is just the latest product of a niche online culture that also birthed Dogecoin (created as a joke to dunk on bitcoin) and Shiba Inu coin (a joke to dunk on Dogecoin).
Persons: Moo Deng, it’s, Deng, Shiba Inu Organizations: New, New York CNN Locations: New York, Thai
New York City Mayor Eric Adams arrived in federal court in Manhattan on Friday morning for his arraignment on criminal charges of receiving illegal campaign donations and undisclosed luxury travel gifts while doing favors for Turkey's government and Turkish businessmen. Adams, 64, was charged in a five-count indictment unsealed Thursday alleging conspiracy, bribery, wire fraud, and soliciting campaign contributions by foreign nationals. Kathy Hochul, a fellow Democrat weighs whether to force him from office by invoking a never-before-used provision of the city's Charter. Adams is set to be arraigned at noon ET before a magistrate judge, where he is expected to enter a not-guilty plea. District Court Judge Dale Hoe has scheduled an initial conference in Adams' case for Oct. 2, rejecting a request by the mayor's lawyer to hold the arraignment and that conference on a single day.
Persons: Eric Adams, Adams, Kathy Hochul, Dale Hoe Organizations: York City Locations: York, Manhattan, Turkish, city's
Jennifer Oliva quit her job after a return-to-office mandate in Fall 2021. AdvertisementThis as-told-to essay is based on a conversation with Jennifer Oliva, a 54-year-old who quit her job after receiving an RTO mandate. I was happier even though I was technically on the clock and logged in for more hours working from home. In November, I asked my boss again if I could work a hybrid schedule and only come into the office a few days a week. I work many more hours than when I worked my network TV job, even factoring in a commute, but I can spread out the work throughout the day.
Persons: Jennifer Oliva, , I, I'd, I'm, Lauryn Haas Organizations: Service, lhaas Locations: New York City, Washington
Meta CEO Mark Zuckerberg presents Orion AR Glasses, as he makes a keynote speech during the Meta Connect annual event, at the company's headquarters in Menlo Park, California, U.S. September 25, 2024. The most impressive aspect of Meta's Orion augmented-reality glasses has more to do with size and comfort than flashy computer graphics. Meta CEO Mark Zuckerberg revealed the Orion glasses on Wednesday and pitched them as "a glimpse of a future that I think is going to be pretty exciting." While Orion is not capable of putting users in fully virtual worlds, the glasses can overlay digital graphics onto the real world. And unlike VR headsets that can be cumbersome to wear for extended periods, Boorstin said she found the Orion glasses to be a good fit.
Persons: Mark Zuckerberg, Orion, Julia Boorstin, Boorstin, they're Organizations: Meta, CNBC, Orion, Connect, Apple Vision Locations: Menlo Park , California, U.S
When my dad died, I realized life insurance was a priority, but it doesn't cover everything I need. After that ordeal, I decided to up my life insurance to ensure that my family wouldn't face the same troubles if I died unexpectedly. It was important to me that — on top of paying funeral costs — my life insurance policy also covered our home's mortgage. Unlike critical illness insurance, cancer insurance only covers costs associated with cancer. While different health insurance plans offer different treatment coverages, Aflac's cancer insurance offers supplemental coverage that covers several treatment options.
Persons: I'm, doesn't, Samantha Chavarria Samantha Chavarria, she's, Read Organizations: Cancer, Aflac, Ambulance, Houstonia, Twitter Locations: Latina, Houston
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