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☆ Move over dealmakers: Portfolio-company operators are the rising stars of private equity
▼ + stars: | 2024-08-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +11 min

Read previewDealmakers have always been the stars of private equity. AdvertisementKevin Desai, partner and private equity sector leader at PwC PWCBut in the current climate, portfolio-operations professionals are gaining esteem. AdvertisementPrivate equity 3.0Rising interest rates nearly two and a half years ago ushered in a new economic reality that hit private equity firms right in the pocket. Since private equity relies on debt to boost returns, the first option is off the table. These people are taking their talents to private equity firms to manage smaller companies using an already proven playbook for technological transformation.

Persons: —, you've, Marc Rowan, Rowan, Kevin Desai, Desai, I've, What's, they're, quants, we've Organizations: Service, Business, PricewaterhouseCoopers, University of Chicago, Walmart, Nike, Harvard Business Locations: dealmaking

☆ A millennial couple with a $1.2 million net worth explains how they both plan to retire by 35
▼ + stars: | 2024-08-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

They've managed to do all that while never making more than about $200,000 combined in yearly income from work. "We got our first house young, but we didn't buy all new furniture; we furnished it with hand-me-downs and thrift store finds," Wallace said. Between their three homes, which total $1.9 million in value, they have about $850,000 in equity, and they don't plan on paying them off early as interest rates on them are below 3.5%. Becoming millionairesThey hit their first half-million in 2021 and became millionaires in 2022, bringing their net worth above $1.2 million this year. They both plan on retiring in four years but anticipate working in part-time roles that better align with their passions.

Persons: Andrea Wallace, They've, Wallace, we've, Roth IRAs, they've, they're Organizations: Service, Business, FI, FIRE, Hallmark, Arizona State University, Lean FIRE Locations: Phoenix, California

☆ I quit my Big 4 accounting job to be a full-time entrepreneur. It's useful to have a stable job for as long as you can.
▼ + stars: | 2024-08-14 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +8 min

Macdonald, 32, quit his accounting job at PwC in 2016 to work on ManiLife full-time. I decided to accept a job at PwC, a Big Four accounting company, for a three-year graduate program. When the time came to return to my accounting job in September 2015, I gave up my peanut butter venture and returned to the UK. I had shelved my idea for a peanut butter brand to work at PwCI came up with the idea for ManiLife — my peanut butter company — living in Argentina. Having a stable job helped me get my business off the groundI think I left my PwC job at the right time.

Persons: —, Stu Macdonald, Macdonald, I'd, weren't, didn't, I've, I'm Organizations: Service, Business Locations: Wilmslow , England, PwC, Argentina, Córdoba, British

☆ UBS posts $1.14 billion profit in second quarter, smashing expectations
▼ + stars: | 2024-08-14 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

General view of the UBS building in Manhattan, New York City, on June 5, 2023. Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, as revenue came in higher than expected. Net profit attributable to shareholders came in at $1.136 billion for the period, versus a company-compiled consensus forecast of $528 million. UBS had swung back to profit in the first quarter after two quarterly losses, but it warned that its net interest income would fall in both its global wealth management and its personal and corporate banking divisions. It has now been over a year since UBS completed the legal takeover of Credit Suisse, triggering a huge integration process and forming a wealth management juggernaut.

Organizations: UBS, Wednesday, Credit Suisse Locations: Manhattan , New York City, Swiss

☆ Rose Harvey: Team GB runner says she completed Olympic marathon with broken leg
▼ + stars: | 2024-08-14 | by ( Ben Morse | ) edition.cnn.com time to read: +2 min

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, “

☆ Asia-Pacific markets continue winning run as U.S. producer prices rises less than expected
▼ + stars: | 2024-08-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets have extended gains on Wednesday after producer prices in the U.S. came in lower than expected for July. In Japan, business sentiment at manufacturers turned slightly less confident in August compared with the month before, according to the Reuters Tankan survey. The Tankan survey — which tracks the Bank of Japan's quarterly survey of the same name — showed that the sentiment index for manufacturers slipped to +10 in August, while the non manufacturers index fell to +24. The Reserve Bank of New Zealand is also due to announce its latest decision on its official cash rate on Wednesday. Economist expectations are varied, with a Reuters poll forecasting the central bank will maintain rates at 5.5%.

Persons: Dow, — Organizations: Dow Jones, Reuters, Bank of Japan, Reserve Bank of New Locations: Ginza, Tokyo, Japan, Asia, Pacific, U.S, South Korea, China, Reserve Bank of New Zealand

The situation has prompted Hunter Biden to add noted defense attorney Mark Geragos, who runs his firm out of Los Angeles, for the tax trial. The Delaware trial lasted seven days, but a tax trial is expected to last much longer, meaning at a far greater cost for the defendant. A previous deal between Hunter Biden and special counsel David Weiss to avoid trials and potentially prison time a year ago fell apart in dramatic fashion. Lunden Roberts, the mother of one of Hunter Biden’s children whom he had a child support battle over, has also been subpoenaed to testify, her lawyer says. Hunter Biden’s attorneys Lowell and Geragos have experience advocating for high-profile pardons.

Persons: CNN — Hunter Biden, Joe Biden’s, Biden, Hunter Biden, Mark Geragos, Money, Kevin Morris, Abbe Lowell, Winston, Strawn, Lowell, David Weiss, Biden’s, Beau Biden, Lunden Roberts, Hunter Biden’s, –, – Joe Biden, ”, Geragos, Bill Clinton, CNN’s Marshall Cohen Organizations: CNN, Capitol, West Coast, White House, Justice Department, Prosecutors, Internal Revenue Service Locations: California, Los Angeles, Delaware, Geragos, Hollywood, West, Washington , DC

☆ Murdoch family battle highlights Nevada's secret trust boom
▼ + stars: | 2024-08-13 | by ( Robert Frank | ) www.nbcnews.com time to read: +6 min

The Murdoch family feud taking place in an obscure Nevada court highlights the state’s surging popularity as a global center of family trusts and a friendly home to the world’s biggest fortunes. The Western state’s fast-growing industry of trust and estate attorneys, trust companies and facilitators keeps a deliberately low profile. At the center of the Murdoch case is the Murdoch Family Trust, which holds the powerful voting shares in News Corp. and Fox Corp. that effectively control the companies. (The trust also contains the family farm in Australia, the Murdoch art collection and its Disney shares.) “Normally a family would have some ties in Nevada to establish trust, either living here or having real estate,” Tyrell said.

Persons: Murdoch, ”, Steven Oshins, ” Oshins, Thomas Piketty, Emmanuel Saez, Gabriel Zucman, Rupert Murdoch, Lachlan, James, Elisabeth, Prudence, it’s, Rupert, Elyse Tyrell, Tyrell Law PLLC, Rupert Murdoch —, It’s, ” Tyrell, “ Organizations: IRS, Division, Trust, News Corp, Fox Corp, Disney, The New York Times, Street Journal, Fox, Henderson , Nevada . Trust Locations: Nevada, “ Nevada, South Dakota, Tennessee , Delaware, U.S, Australia, Henderson , Nevada

☆ CFPB Director Rohit Chopra on simplifying subscription cancellations and taking on AI chatbots
▼ + stars: | 2024-08-13 | 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 EmailCFPB Director Rohit Chopra on simplifying subscription cancellations and taking on AI chatbotsConsumer Financial Protection Bureau Director Rohit Chopra joins 'Squawk Box' to discuss the agency's plan to target corporate practices that officials claim waste consumers' time and burden them with red tape, when the use of automated chatbots and AI voice recordings break the law, and more.

Persons: Rohit Chopra Organizations: chatbots, Financial

☆ DOJ's Kanter on preserving competition: We want existing incumbents to work harder and deliver more
▼ + stars: | 2024-08-13 | 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 EmailDOJ's Kanter on preserving competition: We want existing incumbents to work harder and deliver moreJonathan Kanter, Assistant Attorney General for Justice Department’s Antitrust Division, joins 'Squawk Box' to discuss the government's battles against corporate giants, fallout from Google's antitrust ruling, DOJ's antitrust fight against Big Tech and healthcare sectors, and more.

Persons: DOJ's Kanter, Jonathan Kanter Organizations: Justice Department’s Antitrust, Big Tech

☆ The big ‘carry trade’ unwind is far from over, strategists warn
▼ + stars: | 2024-08-13 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

watch nowEconomists have said it is difficult to accurately assess the scale of the yen carry trade, with estimates varying widely. Some analysts, using Japan's foreign portfolio investments, say the yen carry trade could total as much as $4 trillion, Reuters reported. "The real Japan strategy is not just a quick carry trade, borrowing at close to zero interest rates in Japan and investing in high yield assets. Analysts at Barclays said systematic selling pressure does not appear to have been exhausted yet and it's "too early" to call an all-clear to the carry trades unwind. We expect volatility to remain elevated, which should continue to hurt EM carry trades," the analysts at Barclays said in a research note published Sunday.

Persons: Kazuhiro Nogi, Richard Kelly, he'd, Kelly, CNBC's, Nogi, Jesper Koll, Koll, What's Organizations: Tokyo Stock Exchange, Afp, Getty, Bank of Japan, TD Securities, Reuters, TS Lombard, Bank of, The Bank of Japan, Federal Reserve, Monex, Barclays Locations: Tokyo, Japan, MEX, Brazil, Bank of Japan, U.S

☆ Murdoch family battle highlights Nevada’s secret trust boom
▼ + stars: | 2024-08-13 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

The Murdoch family feud taking place in an obscure Nevada court highlights the state's surging popularity as a global center of family trusts and a friendly home to the world's biggest fortunes. The Western state's fast-growing industry of trust and estate attorneys, trust companies and facilitators keeps a deliberately low profile. Yet experts estimate the state likely has hundreds of billions of dollars in trust assets locked away in nondescript office buildings or trust companies, offering little to no visibility to the outside world. In the race among states to attract the hundreds of billions of dollar in new trust assets, Nevada has a comfortable lead. Perhaps its most powerful advantage, and the one with direct bearing on the Murdoch case, is trust flexibility.

Persons: Rupert Murdoch, Lachlan Murdoch, Drew Angerer, Robert Frank, Murdoch, Steven Oshins, Oshins, Thomas Piketty, Emmanuel Saez, Gabriel Zucman Organizations: News Corp, Fox News, Century Fox, Allen & Company Sun Valley Conference, Getty, IRS, Division Locations: Sun Valley , Idaho, Nevada, South Dakota, Tennessee , Delaware, U.S

☆ 'Plenty of reasons to worry': A former IMF official shares 5 reasons the chances of a recession are 'very high' — and warns the Fed should have cut rates already
▼ + stars: | 2024-08-13 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Desmond Lachman, a former IMF deputy director, says there are "plenty of reasons to worry" about the US economy in the months ahead. Another risk is the prospect of a second Trump presidency, given his proposed policies around tariffs and taxes, Lachman said. Advertisement"There are a huge number of risks," Lachman said. "The Fed could cut interest rates midmeeting but that would be because the sky was falling. But if the sky is not falling, the Fed doesn't want to give the impression that the sky is falling," Lachman said.

Persons: Desmond Lachman, Lachman —, Lachman, Trump, —, France Organizations: Service, Business, Lachman, American Enterprise Institute, AEI, Trump, EU Locations: China, Israel, Gaza, Lebanon, Palestine, Iran, France, Italy, Europe

☆ Fact check: Trump made at least 20 false claims in his conversation with Elon Musk
▼ + stars: | 2024-08-13 | by ( Daniel Dale | ) edition.cnn.com time to read: +34 min

Here is a fact check:CrimeTrump claimed, “Our crime rate’s going through the roof.”Facts First: Trump’s claim is false. Facts First: Trump did express uncertainty about the number, but his “like 60 million or something” claim is false. They take ‘em out, and they bring them to the United States.”Facts First: Trump’s claim is baseless. He said, “With Ukraine, so we’re in for $250 billion and they’re in for about $71 billion.”Facts First: Trump’s claim is false. But Trump’s claim that the US has committed or provided far more aid than Europe is not true regardless.

Persons: Donald Trump, –, Elon Musk, Kamala Harris, Trump, Jeff Asher, ” Anna Harvey, “, we’ve, ”, Biden, Gary Griggs, Griggs, Harris, Harris “, ” Trump, wasn’t, Alejandro Mayorkas, Breitbart, ” Roberto Briceño, Venezuela’s, León, Joe Biden, ” Michelle Mittelstadt, can’t, Steven Cheung, Congo ’ Trump, Patrick Muyaya Katembwe, ” Serge Mombouli, Barack Obama’s, Obama, Obama’s, We’ll, Ukraine Trump, Europe Trump, Trump’s, Mike Pompeo, ” Pompeo, China, you’re, ‘, Iran haven’t, ” Matt Smith, Biden’s, Smith, Ali Vaez, Ronald Reagan’s, Barack Obama, George W, they’d, Scott Gottlieb, ” Gottlieb, General Merrick Garland, Musk, Alvin Bragg’s, Matthew Colangelo, Colangelo, Bragg, CNN’s Tami Luhby, William Montes Organizations: Washington CNN, Republican, Democratic, Public, New York University, CNN, Major Cities Chiefs Association, Biden, Global, Trump, NASA, Meteorological Organization, University of California, Oceanic, Fox News, The New York, White, Homeland, Central, “, Border, Venezuelan, of, Patrol, Republicans, Migration, Institute, Breitbart, Congo, PAC, Central America Trump, Obama, Customs Enforcement, Policy Institute, ICE, El Salvador, Electoral, Ukraine, Kiel Institute, European Union, European Automobile Manufacturers ’ Association, State, Americas, Crisis, Federal, Defense Department, Food and Drug Administration, FDA, Justice Department, New Locations: Trump’s, Santa Cruz, Gulf of Mexico, Florida, Mar, El Salvador, Guatemala, Honduras, United States, Mexico, Venezuela, “ Venezuela, Congo, Democratic Republic of Congo, Republic of Congo, Africa, Republic of, Washington, Europe, Ukraine, Germany, Kiel, ”, EU, Iran, Lebanon, Israel, China, that’s, Kpler, Malaysia, Afghanistan, Asia, Fulton County , Georgia, Manhattan, New York

☆ Inside the tax battles Tim Walz fought — and won — in Minnesota
▼ + stars: | 2024-08-13 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

Kevin Mohatt | ReutersSix years before Tim Walz was tapped to be Vice President Kamala Harris' running mate, he was busy running for governor of Minnesota. Eric Gibson, then president of Ultra Machining Company, recalled asking Walz whether the Democrat believed that high corporate and state taxes hurt workers. Minnesota currently taxes corporate income at 9.8%. The nonpartisan Tax Foundation says that's the highest corporate tax rate of any state in the nation. Minnesota Governor Tim Walz speaks next to Wisconsin Governor Tony Evers at Yellowjacket Union, at University of Wisconsin-Superior, in Superior, Wisconsin, U.S. March 2, 2022.

Persons: Kamala Harris, Tim Walz, Kevin Mohatt, Walz, Eric Gibson, Gibson, Geoff Baker, Baker, Douglas Loon, Kamala, Andrew Harnik, wasn't, Harris, Tony Evers, Evelyn Hockstein, Loon, Minn, Bill George, George said Walz, George Organizations: Democratic, Minnesota, Chippewa, Reuters, Ultra, Democrat, CNBC, McFarland Truck Lines, Foundation, Democrats, Senate, Minnesota Chamber of Commerce, Fortune, UnitedHealth, U.S, Gov, Getty, Minnesotans, Tax, Yellowjacket Union, University of Wisconsin, Mayo Clinic Locations: Eau Claire , Wisconsin, U.S, Minnesota, Gull Lake, McFarland Truck Lines . Minnesota, Gull, Glendale , Arizona, Wisconsin, Superior, Superior , Wisconsin, St, Paul, Rochester, Minn

☆ I quit my job at Meta and traveled to Bali to find myself — but 2 months later, I moved back into my parents' house more confused than ever.
▼ + stars: | 2024-08-13 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +7 min

Read previewThis as-told-to essay is based on a conversation with Simone Landis, a 29-year-old from San Francisco who quit her job at Meta. In the fall of 2022, I quit my job and booked a flight to Bali in pursuit of my very own Eat, Pray, Love experience. AdvertisementMy events job at Meta was tough to transition onlineI started working at Meta in the fall of 2019 within its global security department. Related storiesI quit my job and flew to BaliI quit my job at Meta in the fall of 2022, didn't renew my lease, and booked a two-month trip to Bali. Now, I'm working more hours and taking on more responsibility and creative liberties.

Persons: —, Simone Landis, It's, I'd, Bali I, I'm, it's, Tess Martinelli, tmartinelli@businessinsider.com Organizations: Service, Meta, Business Locations: San Francisco, Bali, Bay, Meta

☆ Banksy London Zoo mural offers clue to why wild animals have been appearing all over city
▼ + stars: | 2024-08-13 | by ( Associated Press | ) edition.cnn.com time to read: +3 min

London AP —Workers arriving at the London Zoo early Tuesday were surprised to discover an unexpected exhibit that suggested the animals were being set free. A mural by elusive street artist Banksy showed a gorilla holding up the entrance gate as birds took flight and a sea lion waddled away. James Warren/SIPAPRE/APThree monkeys by Banksy adorn a bridge over Brick Lane in London on August 7, 2024. Aitor Alcalde/Getty ImagesEach of the works posted on Banksy’s Instagram page have included a London Zoo hashtag, said Dan Simmonds, animal operations manager at the zoo. It was not clear if the zoo mural would be the final in the series.

Persons: Banksy, James Warren, Aitor, Dan Simmonds, ” Simmonds, “, Carl Court, Simmonds, ” Organizations: London AP — Workers, London Zoo, Aitor Alcalde, Getty, Cyclists, selfies Locations: London, Charlton, Brick Lane, London's Chelsea, Bristol, England, City

☆ Whoever can finally coin an effective economic message could win the White House
▼ + stars: | 2024-08-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

CNN —Voters keep telling pollsters that their economic insecurities are the biggest issue in the 2024 election. Former President Donald Trump will try to make a case against Kamala Harris’ role in the Biden economy on Wednesday in North Carolina. President Joe Biden dedicated his domestic agenda to restoring economic fairness and sought to revive manufacturing and repair the country’s crumbling infrastructure. As the effective incumbent in this race, Harris is vulnerable to any sudden shifts in the economic outlook. But with Trump seeking an opening to define her negatively — especially on the economy — Harris must act fast.

Persons: Donald Trump, Kamala Harris, Biden, Trump, Joe Biden, Harris, Kamala, He’s, Price, “, Biden Administration’s, ”, —, ” Harris, ” Trump, hasn’t, “ You’ve, Scott Jennings, Anderson Cooper, “ You’re, Brad Todd, CNN’s Kasie, he’s, ” Todd, Kevin McCarthy, Elon Musk, Sen, JD Vance, Harris ’, Bill Clinton, Barack Obama, Clinton, Obama, Obama –, –, — Harris, Tim Walz, She’s Organizations: CNN — Voters, Trump, Home Depot, Republican, Democratic, Biden, CNN, Fox News, Air Force, Democratic National Convention, NPR, PBS, Marist, New York Times, Siena College, Minnesota Gov, pharma Locations: North Carolina, Asheville , North Carolina, Maryland, Raleigh, Ohio, Chicago, Nevada, Phoenix, California, States, Pennsylvania, Michigan, Wisconsin

☆ The Olympics brought rare unity to France. Now back to the political games.
▼ + stars: | 2024-08-12 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Smith-Circle-Byline-Template.Jpg | Alexander Smith | ) www.nbcnews.com time to read: +7 min

PARIS — It’s 1:00 a.m. on the banks of the Canal de Saint-Denis and the 2024 Paris Olympics closing ceremony finished an hour ago. But the political and social turmoil France faced before a ghostly metal horse galloped down the Seine has not gone away. French President Emmanuel Macron at the Paris Olympic Games. The French president could easily have been giving his view on France’s immediate political future when discussing the rain-drenched opening ceremony with NBC News. Optimism aside, analysts believe the country faces years of deadlock that could end with a far-right president in 2027.

Persons: Denis, Sara Zinger, Mary Mathurin, France's Leon Marchand, Dar Yasin, Emmanuel Macron, Pascal Le Segretain, Macron, Macron’s, Rainbow Murray, they’ve, Murray, Le Pen, Lady Gaga —, Le, Maxime Jourdan, Marine Le Pen, Charles Platiau, who’s, it’s, Rene Nijhuis, Paris Mayor Anne, Marie Hidalgo, France’s Le, Alain Jocard, Hector Gore Organizations: PARIS, Stade de France, Marine, Paris Olympic, NBC, Queen Mary University of London, Rally, Olympics, Olympic, BSR Agency, Getty, Eiffel, Concorde, triathletes, Paris Mayor, France’s Le Figaro, Metro, Paris Games, French, Square, Games Locations: Saint, Parisian, hipsters, France, Paris, Europe, Seine, Montmartre, AFP

☆ White House aims to make it easier for consumers to get refunds, cancel subscriptions
▼ + stars: | 2024-08-12 | by ( Josephine Rozzelle | Josie Rozzelle Is A Cnbc Digital Rotational Associate Covering Politics. | ) www.nbcnews.com time to read: +4 min

“I think we can all relate to this,” White House domestic policy advisor Neera Tanden told reporters Friday. Dubbed the “Time is Money” initiative, the actions will make it easier for consumers to cancel subscriptions, get refunds, submit health care and insurance forms online, and access high-quality customer service. Another existing effort cited by the White House is a June 2023 FTC proposal to target companies that use deceptive customer feedback practices, like fake reviews. None of the actions that make up the “Time is Money” initiative will require congressional approval, a senior administration official said. The White House has pursued aggressive antitrust regulations and taken a highly skeptical approach to crypto currencies, both of which have rankled Wall Street.

Persons: Neera Tanden, ”, Biden, Kamala Harris, Broad, Harris, ” Tanden, policyholders, Xavier Becerra, Julie Su, “ Organizations: Biden, House, Democratic, Consumer Financial Protection Bureau, Federal Communications Commission, Federal Trade, FTC, of Health, Human Services, of Labor, Department of Transportation, Republicans, Representatives, White House

☆ Gautam Adani hit by fresh Hindenburg allegations against India’s market regulator
▼ + stars: | 2024-08-12 | by ( ) edition.cnn.com time to read: +3 min

Adani Group companies shed as much as $19 billion in market value on Monday after Hindenburg Research accused the Indian market regulator probing the group of having links to offshore funds also used by Adani. Adani Enterprises and Adani Ports were among the biggest losers on India’s blue-chip Nifty 50 index. Total losses in Adani companies narrowed to $9 billion after the early plunge. It caused one of the most stunning upheavals in India’s corporate history in January 2023 when it alleged improper use of tax havens and stock manipulation by the Adani Group. “We do not think SEBI can be trusted as an objective arbiter in the Adani matter,” Hindenburg said on Saturday.

Persons: Adani, Gautam, Hindenburg, Madhabi Puri, Vinod Adani, Gautam Adani, ”, Sunny Agrawal, Buch, ” Hindenburg, SEBI, “, Kranthi Bathini, Rahul Gandhi, ” Ajay Seth Organizations: Adani, Hindenburg Research, Adani Enterprises, Securities and Exchange Board of India, SBICAPS Securities, Equity, WealthMills Securities Locations: New York, Madhabi Puri Buch

☆ 4 reasons why Wall Street's anxiety over excessive AI spending boom is 'premature,' Bank of America says
▼ + stars: | 2024-08-12 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bank of America offered four reasons why investors are worrying too much about high AI spending. Investors can look forward to fresh catalysts ahead, such as Nvidia's upcoming Blackwell AI product, the bank said. Second, AI spending is focused on more than just creating new revenue streams. For instance, these expenditures help tech firms maintain social or e-commerce dominance, or protect their reign over the online search sector. "Concerns about the return on investment (ROI) on high AI capex is valid but premature and inconclusive in our view," the bank wrote.

Persons: —, Goldman Sachs Organizations: of America, Blackwell, Service, Bank of America, 5G, Nvidia, Meta, Microsoft, Apple

☆ The era of freeloading is officially over
▼ + stars: | 2024-08-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

But thanks to the fine-tuning of the tech that Corporate America uses to police subscriptions, those freeloading days are over. Costco and Disney this month took a page from the Netflix playbook and announced they are cracking down on account sharers. Disney’s streaming business — Disney+, Hulu and ESPN+ — only became profitable in the second quarter this year. Like Netflix, Costco is betting that you’re already emotionally invested in the routine and the satisfaction of getting a closet’s worth of toilet paper that can last the whole year. Last year, the store reported $4.6 billion in revenue from membership fees, and that accounts for the majority of its profit.

Persons: CNN Business ’, they’d, It’s Organizations: CNN Business, New York CNN, Thought Police, Costco, Netflix, America, Disney, Wall Street, Amazon, Apple, HBO, YouTube, Hulu, ESPN, Costco there’s Locations: New York

☆ Uber, Facing Sexual-Assault Litigation, Pushes Plan That May Curb Suits
▼ + stars: | 2024-08-12 | by ( Jessica Silver-Greenberg | ) www.nytimes.com time to read: 1 min

It has been a decades-long dream of corporate America: making it harder for aggrieved customers, workers and others to file lawsuits against companies seeking compensation for alleged injuries, mistreatment and other harms. Now Uber, the giant ride-hailing company that has been a magnet for such litigation, is pitching a plan that could fulfill that fantasy, at least in one state. The company is seeking to place a measure on Nevada’s ballot that would drastically limit the amount of money that lawyers could collect when they brought successful lawsuits. If the measure passes, it will make it less attractive — and in some cases financially impractical — for plaintiffs’ lawyers to file such suits.

Locations: America

☆ White House launches broad new regulatory effort, as Harris prepares to unveil economic plan
▼ + stars: | 2024-08-12 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden attends a press conference during NATO's 75th anniversary summit, in Washington, U.S., July 11, 2024. "I think we can all relate to this," White House domestic policy advisor Neera Tanden told reporters Friday. Democratic presidential nominee and Vice President Kamala Harris is preparing to unveil her presidential campaign's first economic policy plans this week. "The CFPB will identify when the use of automated chatbots or automated artificial intelligence voice recordings is unlawful, including in situations in which customers believe they are speaking with a human being," according to a White House fact sheet. The initiative also calls on health insurance companies to allow policyholders to submit claims online.

Persons: Joe Biden, Leah Millis, Neera Tanden, Biden, Kamala Harris, Broad, Harris, Craig Hudson, Tanden, policyholders, Xavier Becerra, Julie Su Organizations: NATO's, Biden, House, Democratic, U.S, Las Vegas Aces, White, Reuters, Consumer Financial Protection Bureau, Federal Communications Commission, Federal Trade, FTC, of Health, Human Services, of Labor Locations: Washington , U.S

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