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☆ Chobani Yogurt Founder Buys Anchor Brewing Company
▼ + stars: | 2024-05-31 | by ( Emily Schmall | More About Emily Schmall | ) www.nytimes.com time to read: 1 min

The billionaire owner of the yogurt company Chobani said on Friday that he had acquired Anchor Brewing Company, the San Francisco brewer that went out of business last year after 127 years. Hamdi Ulukaya, who is also Chobani’s chief executive, said a video posted on social media that he looked forward to bringing Anchor Brewing “back to life.” The price Mr. Ulukaya paid to acquire the brewing company’s assets from a liquidator was not disclosed. The company, said to be America’s oldest craft brewer, announced it was shutting down in July 2023, citing the effects of the pandemic, inflation and a highly competitive beer market. Sam Singer, a spokesman for Anchor, said on Friday that the company was “very pleased” about the acquisition.

Persons: Chobani, Hamdi Ulukaya, Ulukaya, Sam Singer Organizations: Anchor Brewing Company, Anchor Brewing, Anchor Locations: San Francisco

☆ Fintech targeted by climate skeptics banks $37 million from likes of UBS, Commerzbank
▼ + stars: | 2024-05-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

From left to right: Johan Pihl, Doconomy's chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. DoconomySwedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it's raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank . Credit ratings agency S&P Global came on board as a new investor, while existing shareholders Motive Ventures, PostFinance and Tenity also participated. watch nowDoconomy plans to use the fresh cash to drive expansion into North America and roll out new products, CEO and co-founder Mathias Wikstrom told CNBC in an interview. Mathias Wikstrom CEO, Doconomy

Persons: Johan Pihl, Mathias Wikstrom, it's, Tenity, Wikstrom, Jordan Peterson, It's, Doconomy Organizations: CNBC, UBS, Commerzbank, UBS Next, P Global, Motive Ventures, PostFinance, Boston Consulting Group, Mastercard, United Nations, Dreams Technology, Citi Ventures, Ikea Locations: Sweden, North America

☆ A wave of AI 'acquihires' is coming. Here's who could be looking for deals.
▼ + stars: | 2024-05-30 | by ( Rebecca Torrence | Riddhi Kanetkar | ) www.businessinsider.com time to read: +8 min

But the tech giant's play underscores the market's demand for tech talent — and venture capitalists expect a wave of "acquihires" to hit the AI ecosystem later this year. M&A dealmaking among AI startups is already off to a strong start this year, with 55 exits recorded in Q1 of 2024, per Crunchbase data. AdvertisementThe majority of AI startups are overpriced, said Konstantin Vinogradov, general partner at Runa Capital. AI startups with revenue in the single-digit millions that raised money at unicorn valuations, Dash said, might not even have that option. Those deals don't make sense for buyers, he said, which could lead Big Tech companies or other AI startups to poach their talent instead.

Persons: —, Inflection's, Ayangar, Konstantin Vinogradov, Somesh Dash, overshadowing, Shmuel Chafets, Sivesh Sivakumar, Shaun Johnson, Naveen Rao, Sivakumar, Johnson, PhotoRoom, Aravind Srinivas, Mike Smeed, Chafets, Dash, they'll Organizations: Service, Microsoft, Business, Investors, Runa, Big Tech, Apple, Target, Ventures, Accenture, Boston Consulting Group, Intuit, Nike, American Express, Safeway, InMotion Ventures, Disney, Netflix Locations: OpenOcean, Snowflake, Databricks

☆ Paul Singer's Elliott Management just raised $8.5 billion. The vaunted hedge fund laid out where it sees opportunities in its latest letter to investors.
▼ + stars: | 2024-05-30 | by ( Bradley Saacks | Alex Morrell | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAfter raising $13 billion in 2022, billionaire Paul Singer's Elliott Management raked in another sizeable haul over the past six months. This story is available exclusively to Business Insider subscribers. Related stories"Historical and mathematical fact can get lost in the excitement when stocks are on a tear," the letter states. The firm recently took a $2.5 billion stake in Texas Instruments, calling on the 94-year-old company to improve its free cash flow.

Persons: —, Paul Singer's Elliott, Elliott —, Elliott, doesn't Organizations: Service, Paul Singer's Elliott Management, Business, Texas Locations: YOLO

☆ Stocks making the biggest moves premarket: Marathon Oil, Robinhood, American Airlines, Chewy & more
▼ + stars: | 2024-05-29 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Dick's Sporting Goods — The sporting goods retailer popped 7.7% after reporting an earnings and revenue beat for its fiscal first quarter. It now expects earnings per share to be between $13.35 and $13.75, up from its prior range of $12.85 to $13.25. Robinhood — The stock broker shares jump 1.6% in premarket after the trading startup announced its first-ever share buyback plan. Chewy posted earnings per share of 15 cents, topping a FactSet estimate of just 4 cents per share. Cava — The stock fell 5% in premarket even though the restaurant chain posted earnings and revenue for the first quarter that topped expectations.

Persons: Dick's, Robinhood, Chewy, Cava, LSEG, CNBC's David Faber, Merck, —, Jesse Pound, Michelle Fox, Lisa Han, Sarah Min, Brian Evans, Hakyung Kim Organizations: ConocoPhillips —, Marathon Oil, Goods, LSEG . American Airlines —, United Airlines —, Jefferies, United Airlines, Google, HubSpot, Merck Locations: American, premarket

☆ CNBC Daily Open: Nasdaq tops 17,000; Exxon faces shareholder revolt
▼ + stars: | 2024-05-29 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nasdaq hits record in muted tradeThe Nasdaq Composite closed above 17,000 for the first time, driven by a surge in Nvidia shares, in an otherwise lackluster day for the market. The yield on the 10-year Treasury note rose following a $70 billion Treasury Department auction of 5-year notes that met with weak demand. T-Mobile plans to use U.S. Cellular's wireless spectrum to improve coverage in rural areas.

Persons: Neel Kashkari, Vasu Raja, Raja, Ryan Salame, Sam Bankman, Salame, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, . American Airlines, American Airlines, Mobile, U.S, Cellular, U.S . Cellular, GameStop, Commission

☆ ConocoPhillips is buying Marathon Oil in $22.5 billion deal
▼ + stars: | 2024-05-29 | by ( Mark Thompson | ) edition.cnn.com time to read: +2 min

ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. Shares of Marathon (MRO) were up more than 10% in premarket trade, while Conoco (COP) stock was down about 2%. “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory,” Ryan Lance, ConocoPhillips CEO, said in a statement. Until 1962, Marathon Oil was called The Ohio Oil Company, which was founded in 1887 and was bought two years later by John D. Rockefeller’s Standard Oil.

Persons: Hess, ” Ryan Lance, John D, Lee Tillman, ” Tillman Organizations: London CNN, Big Oil, ConocoPhillips, Oil, Marathon Oil, Occidental, Diamondback Energy, Endeavor Energy Partners, Marathon, Financial Times, Devon Energy, Ohio Oil Company Locations: Conoco, Houston, multibillion

Another mega oil dealBullish predictions for $100 crude oil may not have come to fruition, but that hasn’t stopped the deal frenzy in the fossil fuel sector. The latest: The Houston-based company ConocoPhillips has agreed to acquire its smaller rival, Marathon Oil, in an all-stock deal that values the company at $22.5 billion, including debt. The news comes a day after Hess shareholders approved Chevron’s $53 billion takeover in a contentious vote. The oil majors have pulled off some of the biggest deals in the past year despite tough regulatory scrutiny from the Biden administration and volatility in the oil market. Still, the U.S. giants are sitting on record profits, giving them the firepower to acquire smaller drillers with operations in the oil-rich Permian Basin and in the Gulf of Mexico.

Persons: hasn’t, Hess, Biden Organizations: ConocoPhillips, Marathon Oil Locations: Houston, U.S, Gulf of Mexico

☆ Jamie Dimon says there could be 'hell to pay' if the swelling private-credit market starts showing cracks
▼ + stars: | 2024-05-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

"There could be hell to pay" if private credit markets wobble, Jamie Dimon said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJPMorgan Chase CEO Jamie Dimon said private credit could spark turmoil if the opaque sector of financial markets weakens. The private credit market—a corner of finance dominated by non-bank lenders who originate loans to private businesses—has grown rapidly in recent years. "And the problems in financial markets are often caused by the 'not good one,' the people that make the mistakes."

Persons: Jamie Dimon, —, Dimon Organizations: Service, JPMorgan, Bloomberg

☆ ConocoPhillips to Acquire Marathon Oil in $22.5 Billion Deal
▼ + stars: | 2024-05-29 | by ( Bernhard Warner | More About Bernhard Warner | ) www.nytimes.com time to read: +1 min

ConocoPhillips agreed on Wednesday to acquire its smaller rival, Marathon Oil, the latest deal in a wave of consolidation sweeping the oil industry. The all-stock deal values Marathon at $22.5 billion, including debt. Marathon’s operations are in some of the most sought-after oil fields in New Mexico, North Dakota and Texas; it also drills offshore of Equatorial Guinea. Major oil companies have pulled off some of the biggest acquisitions of the past year despite regulatory scrutiny from the Biden administration and volatility in the oil market. The U.S. giants have been harnessing record profits, giving them the firepower to acquire smaller players with operations in oil-rich regions like the Permian Basin, Bakken Shale and in the Gulf of Mexico.

Persons: ” Ryan Lance, Biden Organizations: ConocoPhillips, Marathon Oil Locations: New Mexico, North Dakota, Texas, Equatorial Guinea, U.S, Gulf of Mexico

☆ Wells Fargo CEO talks up reasons to love the stock — plus, what's behind the market drop
▼ + stars: | 2024-05-29 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Apple and Nvidia, our two "own, don't trade" stocks were also the top performers among the entire 33 stock Club portfolio. When the Federal Reserve at some point removes its asset cap on Wells Fargo, Scharf said corporate lending and trading will be areas of growth for the bank. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Hess, Merck, Morgan Chittum, Charlie Scharf, Scharf, Wells, Wells Fargo's, " Scharf, it's, Wells Fargo, Eli Lilly, CNBC's David Faber, Locker, Jim Cramer's, Jim Organizations: CNBC, Dow, Nvidia, American Airlines, Tech, Apple, Microsoft, ConocoPhillips, Chevron, Banking, Investing Club, Wells, Bernstein's, Investment Banking, Wealth Management, Federal Reserve, FDA, Club, Costco, Broadcom, Jim Cramer's Charitable Locations: Wells Fargo

☆ Adam Neumann gives up on his plan to buy back WeWork
▼ + stars: | 2024-05-28 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Adam Neumann is giving up on plans to re-acquire WeWork. He called a different bankruptcy plan that cut him out "unrealistic and unlikely to succeed." AdvertisementAdam Neumann is abandoning his plans to re-acquire WeWork. Last month, the company announced a separate plan to emerge from bankruptcy that cut him out of its future. "Instead, the company looks to be emerging from bankruptcy with a plan that appears unrealistic and unlikely to succeed."

Persons: Adam Neumann, —, Neumann, he's, WeWork Organizations: Service

☆ Stocks making the biggest moves premarket: GameStop, Nvidia, Airbnb, Viking and more
▼ + stars: | 2024-05-28 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

GameStop — Shares surged nearly 27% following the company's announcement Friday that it had made around $933.4 million from a stock sale. Norwegian Cruise Line Holding — The cruise stock rose 3% following an upgrade to buy from neutral at Mizuho. Bank of America initiated coverage of Viking with a buy rating, citing its "singular brand and clear niche." UBS also gave it a buy rating, saying it's a "pure play in luxury travel." Airbnb — Shares of the short-term rental company added 1.5% following an upgrade by Wedbush to outperform.

Persons: DuPont's, Andrew Boone, Duolingo Max, Boone, Huntington Bancshares, Jesse Pound, Sarah Min, Michelle Fox Organizations: GameStop, Nvidia, Cruise, Mizuho, Street, New York Stock Exchange, Bank of America, UBS, JPMorgan, DuPont —, Citi, U.S, Cellular, Mobile

☆ HubSpot shares jump on talks of potential Google deal
▼ + stars: | 2024-05-28 | by ( Jennifer Elias | ) www.cnbc.com time to read: +1 min

HubSpot shares rallied 8% on Tuesday after CNBC's David Faber reported that Alphabet is looking at an all-stock offer for the software company. Reports of a potential deal first surfaced in early April, when Reuters published a story saying Alphabet was talking to advisors about making an offer for HubSpot. "There have been many reports about HubSpot being in conversations with Google," Faber said Tuesday. With a market cap of about $33 billion, after Tuesday's jump, HubSpot would be by far Alphabet's largest deal ever. HubSpot shares were up slightly for the year prior to Tuesday's gains, closing the day at $638.39.

Persons: HubSpot, CNBC's David Faber, Faber, — CNBC's Jordan Novet Organizations: Reuters, HubSpot, Bloomberg, Google, Motorola Mobility

☆ Wu-Tang Clan: Fans can finally get a chance to listen to the band’s one copy album… but there’s a catch
▼ + stars: | 2024-05-28 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +3 min

Wu-Tang Clan first announced in March 2014 that it would produce one copy of “Once Upon a Time in Shaolin” to be sold to the highest bidder. The album came in a hand-carved box with a leather-bound book of parchment paper containing lyrics and its backstory. The Wu-Tang Clan originated as a group of rappers from Staten Island, New York in the 1990s. In 2015, notorious “Pharma Bro” Martin Shkreli bagged the album for about $2 million – making it the world’s most expensive music album ever sold at the time. In 2021, the US Justice Department then sold the album without disclosing the buyer.

Persons: CNN —, ”, Wu, Jarrod Rawlins, “, ” Rawlins, Tang, ” Wu, Robert “ RZA ” Diggs, Forbes, RZA, Tang Clan, Bob Berg, Pharma Bro ” Martin Shkreli, Shkreli, Jon Lynn, PleasrDAO Organizations: CNN, Museum, Mona, Tang Clan, Pharma, America ”, Turing Pharmaceuticals, US Justice Department, DoJ, New Art Digital, New York Times Locations: Tang, Tasmania, Staten Island , New York, Shkreli, America

☆ Adam Neumann Gives Up on Buying Back WeWork
▼ + stars: | 2024-05-28 | by ( Bernhard Warner | More About Bernhard Warner | ) www.nytimes.com time to read: +1 min

Adam Neumann has officially admitted defeat in his quest to buy back WeWork, ending his bid to acquire the co-working company that he helped found in 2010 and built into a global enterprise valued at $47 billion before it fell into bankruptcy last year. “For several months, we tried to work constructively with WeWork to create a strategy that would allow it to thrive,” Mr. Neumann said in a statement to the DealBook newsletter. Mr. Neumann stepped down as WeWork’s chief executive in 2019 under pressure from directors and investors, after the company failed to go public amid questions about its business model and corporate governance. It marked a stunning fall for Mr. Neumann, the company’s charismatic frontman. But in February, DealBook reported that Mr. Neumann was planning an audacious move to buy back the company.

Persons: Adam Neumann, WeWork, Mr, Neumann, DealBook Organizations: Mr

Shares of U.S. Cellular popped more than 12% Tuesday after T-Mobile announced that it plans to acquire most of the company, including the wireless operator's stores, some of its spectrum assets and its customers in a deal worth $4.4 billion. The deal includes cash and up to $2 billion of debt, according to a press release from T-Mobile. T-Mobile will acquire about 30% of U.S. Cellular's wireless spectrum as part of the deal, according to the U.S. Cellular release. The company said it will allow U.S. Cellular customers to keep their current plans or switch to a T-Mobile plan. This will give U.S. Cellular customers a "strong anchor tenant" for at least 15 years after the deal's close, the company said.

Organizations: U.S, Mobile, . Cellular, Cellular, Ka'ena, Mint Mobile, U.S . Federal Communications Commission, Sprint, Street Journal, Verizon Locations: Krakow, Poland, U.S, United States

☆ Stocks making the biggest moves midday: GameStop, U.S. Cellular, Nvidia, Norwegian Cruise Line and more
▼ + stars: | 2024-05-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday: GameStop — Shares jumped nearly 23% following the video game retailer's announcement on Friday that it made about $933 million from a stock sale. U.S. Cellular — Shares added 7% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. T-Mobile was up less than 1%, while Telephone and Data Systems , which owns 84% of U.S. Cellular, slipped 2%. Norwegian Cruise Line — The cruise stock rose 3% after an upgrade to buy from neutral at Mizuho. Zscaler — The cybersecurity company shed nearly 4% following a downgrade at Wells Fargo to equal weight from overweight.

Persons: Agios, vorasidenib, —, Duolingo Max, Semler, Elon, Zscaler, Airbnb, Eli Lilly, Macheel, Pia Singh, Hakyung Kim, Jesse Pound Organizations: GameStop, . Illinois, U.S, Cellular, Mobile, Telephone, Data Systems, U.S . Cellular, . Food, Drug, Pharmaceuticals, Royalty Pharma, Nvidia, Cruise, Mizuho, Sarepta Therapeutics, RBC Capital Markets, RBC, Sea, Reuters, —, Energy Capital Partners, Wedbush, FDA Locations: U.S, Norwegian, Wells

☆ T-Mobile to acquire most of U.S. Cellular in $4.4 billion deal
▼ + stars: | 2024-05-28 | 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 EmailT-Mobile to acquire most of U.S. Cellular in $4.4 billion dealT-Mobile plans to acquire most of U.S. Cellular, in a deal worth $4.4 billion.

Organizations: Mobile, U.S, Cellular, U.S . Cellular

☆ T-Mobile is buying most of US Cellular for $4.4 Billion
▼ + stars: | 2024-05-28 | by ( Tom Carter | ) www.businessinsider.com time to read: +1 min

Telecoms giant T-Mobile is buying US Cellular's wireless operations for $4.4 billion. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementT-Mobile has struck a deal to buy "substantially all" of US Cellular's wireless operations for around $4.4 billion. T-Mobile will acquire US Cellular's wireless operations and around 30% of its spectrum assets. The company will also extend its leases on 600 US Cellular towers and sign long-term leases on around 2,100 more.

Persons: Ryan Reynolds, — Organizations: Mobile, Mint Mobile, Service Locations: Chicago

☆ T-Mobile is buying most of US Cellular for $4.4 billion
▼ + stars: | 2024-05-28 | by ( Tom Carter | ) www.businessinsider.com time to read: +1 min

Persons: Ryan Reynolds, — Organizations: Mobile, Mint Mobile, Service Locations: Chicago

☆ Should Elon Musk be paid $56 billion? Tesla shareholders get to vote
▼ + stars: | 2024-05-27 | by ( David Ingram | ) www.cnbc.com time to read: +10 min

Several investors released a joint letter this month urging fellow shareholders to vote down the package as excessive. Tesla shareholders approved the pay package in 2018, with compensation tied to Tesla's performance including its market value. And he still has time to meet goals he hasn't reached, including on revenue, because the pay package had a 10-year term. In the 440-page proxy statement explaining the vote, a committee of the Tesla board noted the "novel circumstances." Some people began sharing screenshots of their votes in April, shortly after the Tesla board announced the vote, and the deadline to vote online is June 12.

Persons: Elon Musk, The Beverly Hilton, Tesla, James Park, Musk, He's, Judge Kathaleen McCormick, McCormick, Nadya Malenko, hasn't, Ann Lipton, Lipton, — I'm, Musk's, there's, —, Rowe Price, didn't, Brad Lander Organizations: SpaceX, Tesla, The Beverly, Wall Street, University of California, CNBC, Bloomberg, Reuters, Boston College's, Tulane University, Disney, New York, Amalgamated Bank . Locations: Beverly Hills , California, U.S, Delaware, Austin , Texas, —, Los Angeles, Texas, New York City

☆ How a global seafood giant broke Red Lobster
▼ + stars: | 2024-05-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +15 min

Former Red Lobster employees say that while the pandemic, inflation and rent costs impacted Red Lobster, Thai Union’s ineptitude was the pivotal factor in Red Lobster’s decline. Kenny criticized Red Lobster employees at meetings and made derogatory comments about them, according to former Red Lobster leaders who worked closely with Kenny. Red Lobster’s annual customer count has dropped by 30% since 2019, Red Lobster said in its bankruptcy filing. Red Lobster employees say they were pressured by Thai Union representatives to buy more seafood from Thai Union. Thai Union representatives also began sitting in on meetings between Red Lobster and seafood suppliers, said one of the former Red Lobster employees who witnessed these conversations.

Persons: “, Ludovic Garnier, Jorge Silva, Red Lobster’s, ”, Les Foreman, Red, Thiraphong Chansiri, Angel, Feng shui, Chansiri, Amanda Mustard, Paul Kenny, Kenny, ’, Kenny’s, Bill Darden, General Mills, Darden, Kelli Valade, Valade, Trin, Tapanya, Kevin Lamarque, Barry Fulghum, Lobster, Leah Millis Organizations: New, New York CNN, Thai Union Group, Red, Lobster, Thai Union, CNN, Red Lobster, John West Foods, longtime, Reuters, Thai, West Coast, Lobster’s, Bloomberg, Getty, Minor, Thai Union —, Union, Darden, Gate, Golden, Capital, Facebook, Thai Union . Thai Union, ” Thai Union Locations: New York, Thai, Thailand, Thai Union, United States, Orlando, Australian, Dallas, America, United, Texas, Spring , Maryland

☆ European banks in Russia face 'awful lot of risk', Yellen says
▼ + stars: | 2024-05-25 | by ( ) www.cnbc.com time to read: +2 min

Kent Nishimura | Getty ImagesU.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort. "We are looking at potentially a tougher stepping-up of our sanctions on banks that do business in Russia," Yellen told Reuters in an interview, declining to provide specifics and not identifying any banks at which they could be aimed. Speaking on the sidelines of a G7 finance leaders meeting in northern Italy, Yellen said that sanctions related to banks' dealings in Russia would only be imposed "if there was a reason to do so, but operating in Russia creates an awful lot of risk," she added. European Central Bank policymaker Fabio Panetta had clear instructions for Italian banks on Saturday telling reporters that lenders must "get out" of Russia because staying in the country brings a "reputational problem." Raiffeisen is the largest European lender doing business in Russia, followed by UniCredit.

Persons: Janet Yellen, Kent Nishimura, Yellen, Central Bank policymaker Fabio Panetta, Joe Biden's Organizations: Treasury Department, Getty, Treasury, Reuters, Bank International, Central Bank, UniCredit, United Arab Locations: Washington , DC, Russia, U.S, Italy, Ukraine, China, United Arab Emirates, Turkey

☆ Daily marijuana use surpasses alcohol consumption, new study finds. Here's what it means for the industry
▼ + stars: | 2024-05-23 | by ( Brandon Gomez | ) www.cnbc.com time to read: +3 min

Although alcohol overall remains more widely used, 2022 was the first-time daily marijuana use overtook drinking at the same frequency, with roughly 17.7 million cannabis users and 14.7 million drinkers, respectively. That is a 15-fold increase for cannabis since 1992 when only 900,000 Americans disclosed using the drug daily compared with 8.9 million daily drinkers. The spirits and alcohol industry, however, has been working to defend its market share despite shifting trends among younger consumers. However, some analysts on Wall Street expect greater impact to the alcohol industry from cannabis adoption. "We estimate that legal cannabis could be negatively impacting beer volume [compound annual growth rate] by up to 230 bps in Canada and 75 bps in the U.S. where legal," said Bernstein analyst Nadine Sarwat.

Persons: Roth, Scott Fortune, Bill Kirk, Kirk, Fortune, Bernstein, Nadine Sarwat, Sarwat Organizations: The U.S . Drug Enforcement Administration, Carnegie Mellon University, Administration, Wall, distillers, Constellation Brands, Diageo, AB InBev, Molson Coors Locations: San Anselmo , California, The U.S, U.S, Canada

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