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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow China, Russia, AI, and inflation threaten economic stability: Jeffrey SachsGeopolitical tensions with China, the U.S. and Russia will continue to hurt the economy, says Jeffrey Sachs, director of the Center for Sustainable Development. In this episode of "The Bottom Line," Sachs explains key risks for companies including climate change, inflation and productivity.
Persons: Jeffrey Sachs, Sachs Organizations: Center for Sustainable Development Locations: China, Russia, U.S
Geopolitical tension is the biggest risk to companies' bottom lines right now said Columbia University economics professor, Jeffrey Sachs. We should negotiate a peace in Ukraine," Sachs told CNBC. He said issues between China, Ukraine and Russia are major reasons why global profitability is low. Trade conflict between the U.S. and China is strained due to a history involving tariffs, tech rivalry and alleged spying. As a result, the U.S. government is dismantling long-standing supply chain relationships with China, creating supply shocks.
Persons: Jeffrey Sachs, Sachs, we're Organizations: Columbia University, CNBC, U.S Locations: U.S, Ukraine, China, Russia, United States
Meta CTO addressed speculation the company rushed to announce its Quest 3 headset because of Apple. Meta announced its Quest 3 headset four days before Apple unveiled its $3,500 Vision Pro at WWDC. Apple Vision Pro? The news came just four days before Apple announced its first "mixed reality" headset, the Vision Pro with a whopping $3,499 price tag, at its annual WWDC event. The Apple Vision Pro was announced four days after Meta's Quest 3.
Persons: Andrew Bosworth, Meta, Mark Zuckerberg's, Meta Bosworth, Boz, that's, Apple Boz, Bosworth Organizations: Apple, Meta, Quest, Morning, Mark Zuckerberg's Facebook, Apple's, Pro, Meta's, Apple Watch
The BBC staff member suspended on allegations of sexual misconduct was identified by his wife on Wednesday as Huw Edwards, an anchor on the BBC’s flagship nightly news program and one of its most prominent and distinguished figures. At the same time, London police said there was no evidence that Mr. Edwards had committed a crime, following a newspaper report last week that an unnamed BBC personality paid more than £35,000, or almost $45,000, to a teenager in exchange for explicit images over a period of several years that began when the person was 17 years old. Mr. Edwards’s wife, Vicky Flind, issued a statement on her husband’s behalf late Wednesday, saying he had been hospitalized with “serious mental health issues” and would respond to the allegations when he had recovered. “The events of the last few days have greatly worsened matters,” Ms. Flind said. “He has suffered another serious episode and is now receiving inpatient care, where he’ll stay for the foreseeable future.”
Persons: Huw Edwards, Edwards, Edwards’s, Vicky Flind, Ms, Flind, , Organizations: BBC, London
The producers and a licensing company co-owned by L.M. Montgomery wrote "Anne of Green Gables," about the title character's childhood in a fictional town on Prince Edward Island, in 1908. New York-based Anne With An E LLC produces "Anne of Green Gables: A New Musical." The licensing company countersued the producers for trademark infringement in May and said the new musical would confuse consumers. The case is Anne With An E LLC v. Anne of Green Gables Licensing Authority Inc, U.S. District Court for the Southern District of New York, No.
Persons: Producers, Anne, Montgomery's, Prince Edward Island, Montgomery, Anne of, Cameron Reuber, Peter Sloane, Leason Ellis, Marc Rachman, Davis, Gilbert Read, Anne of Green, author's, Blake Brittain Organizations: Gables, L.M, Green, Broadway, Authority, Southern, of, Anne of Green Gables, Thomson Locations: Manhattan, Canadian, Prince, Gables, . New York, Green Gables, Connecticut, of New York, Washington
Lucovsky built software for Google's AR products, including its recently canned "Iris" smart glasses. He said that Google's "unstable commitment and vision" to AR weighed on his decision to leave. Mark Lucovsky, a senior engineering director who was hired to lead work on Google's augmented-reality products, has left the company. "The recent changes in AR leadership and Google's unstable commitment and vision has weighed heavily on my decision," Lucovsky told Insider following his departure. Since shelving Iris, Google has sharpened its focus on building an Android platform to be used on an upcoming Samsung headset.
Persons: Mark Lucovsky, Google's, Lucovsky, Clay Bavor, he'd, Steve Ballmer, Ballmer Organizations: Google, Samsung, Microsoft, Meta
The two men — the American president and the British king — waited decades for their dream jobs, projecting a sense of normalcy and unity when they finally reached their thrones. They both prefer to ditch executive palaces for their respective retreats. The men, the 80-year-old President Biden and the 74-year-old King Charles III, are also united by their challenges. And they both battle skepticism over whether they are the right people to lead the increasingly diverse groups over which they preside. They are issues that Charles has been warning about since the 1970s and that Mr. Biden has made a central focus of his presidency.
Persons: , Biden, King Charles III, , Arianne Chernock, Charles Organizations: Boston University, Windsor Locations: Britain, London
[1/2] Meta's Threads app and Twitter logos are seen in this illustration taken July 4, 2023. Meta, which launched Threads on Wednesday and has logged more than 30 million sign ups, looks to take on Elon Musk's Twitter by leveraging Instagram's billions of users. Spiro, in his letter, accused Meta of hiring former Twitter employees who "had and continue to have access to Twitter's trade secrets and other highly confidential information," News website Semafor first reported. "Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information," Spiro wrote in the letter. "No one on the Threads engineering team is a former Twitter employee — that's just not a thing," Meta spokesperson Andy Stone said in a Threads post.
Persons: Dado Ruvic, Mark Zuckerberg, Alex Spiro, Meta, Spiro, Semafor, — that's, Andy Stone, Musk, Mark Lemley, Jeanne Fromer, Akash Sriram, Tiyashi Datta, Jody Godoy, Katie Paul, Shailesh Kuber, Josie Kao Organizations: REUTERS, Twitter, Meta, Facebook, Elon, Reuters, Stanford, New York University, Thomson Locations: Bengaluru, New York
Other executives who will remain on Mr. Cavanagh’s leadership team include Cesar Conde, chairman of NBCUniversal News Group, who will gain oversight of Telemundo and NBC’s local stations, and Mark Woodbury, the company’s parks chief. Mr. Cavanagh is essentially winnowing the number of executives who report directly to him, streamlining the company’s leadership ranks. He will also continue to work directly with Adam Miller, an executive vice president overseeing operations and technology as well as communications, human resources and corporate social responsibility; Kim Harris, the company’s general counsel; Anand Kini, NBCUniversal’s chief financial officer; and Craig Robinson, executive vice president and chief diversity officer. The promotions were the first major step taken by Mr. Cavanagh since he took over leadership of the company. Its previous chief executive, Jeff Shell, stepped down after an investigation into sexual harassment.
Persons: Mike Cavanagh, Cavanagh, Donna Langley, Mark Lazarus, Cavanagh’s, Cesar Conde, Mark Woodbury, Adam Miller, Kim Harris, Anand Kini, Craig Robinson, Jeff Shell Organizations: NBCUniversal News, Telemundo
Comcast president Cavanagh shakes up NBCUniversal leadership
  + stars: | 2023-07-06 | by ( ) www.reuters.com   time to read: +1 min
Cavanagh, who has been running NBCUniversal since April, said he would continue to lead the division as president of Comcast and not name a new CEO. In his first major action since taking the helm of the unit, Cavanagh also named Mark Lazarus as chairman of NBCUniversal Media Group while Cesar Conde will expand his role as head of the news division to oversee NBCUniversal Local and Telemundo Enterprises Group. Pearlena Igbokwe will continue to lead the four TV studios under the Universal Studio Group umbrella. Cavanagh took charge after Jeff Shell left following the acknowledgment of an inappropriate relationship with a woman in the company. Before his role as president, Cavanagh had served as the finance chief.
Persons: Mike Cavanagh, Donna Langley, Cavanagh, Mark Lazarus, Cesar Conde, Pearlena Igbokwe, Jeff Shell, Akash Sriram, Tanya Jain, Dawn Chmielewski, Sriraj Organizations: NBCUniversal, Group, Reuters, Comcast, NBCUniversal Media, NBCUniversal Local, Telemundo Enterprises Group, Universal Studio Group, Thomson Locations: Bengaluru, Dawn, Los Angeles
But not for King Charles III, sovereign of the United Kingdom of Great Britain and Northern Ireland. On Wednesday, he took part in a second ceremony in Scotland that bore all the regal trappings of a coronation, if not the same legal status. Charles was presented with a scepter, sword of state and the crown first worn at a coronation by Mary Queen of Scots in 1543. He and Queen Camilla participated in a solemn religious service at St. Giles’ Cathedral, gazing at the ancient Stone of Destiny, used in the inauguration of Scottish kings. Scotland has not been a kingdom since 1707, when the Act of Union brought it together with England.
Persons: King Charles III, Charles, Mary Queen of Scots, Queen Camilla, Giles ’ Organizations: Royal Air Force, of Union Locations: United Kingdom of Great Britain, Northern Ireland, Scotland, St, England, Scottish
It does the same for cannibalism, though there was nothing like that on the schedule as far as I knew. But we had all day to talk about eating people. First, empanadas. I drooled a little watching Machado and Mark take bites of the face-sized empanadas, which were perfectly golden brown, bubbly in the right spots and oozy, not greasy. They were tasty, Machado said, but she was partial to the chicken-and-cheese pastelillos, fried turnovers similar to empanadas, that her Puerto Rican mother used to make.
Persons: Justina Machado, Aaron Mark, Dolores Roach, , Mark, Machado, carne, Jane, Virgin Organizations: Broadway Locations: Washington Heights, Manhattan, Empanadas, Puerto Rican
MLB roundup: Astros blow big lead, still top Rangers 12-11
  + stars: | 2023-07-04 | by ( ) www.reuters.com   time to read: +4 min
[1/5] Jul 3, 2023; Arlington, Texas, USA; Houston Astros first baseman Jose Abreu (79) bats against the Texas Rangers during the sixth inning at Globe Life Field. Astros closer Ryan Pressly ended the game by striking out Jonah Heim for his 18th save. Adolis Garcia's solo homer tied the game at 10-10 in the seventh, and Corey Seager's sacrifice fly gave Texas an 11-10 lead in the eighth. Milwaukee trailed 6-3 before tying the game with two outs in the seventh inning on Jahmai Jones' bases-clearing, pinch-hit double. The Cubs threatened with two runners on and two outs in the ninth inning before Devin Williams struck out Dansby Swanson to secure Milwaukee's largest comeback victory of the season.
Persons: Jose Abreu, Jerome Miron, Chas McCormick, Abreu, McCormick, Will Smith, Ryan Pressly, Jonah Heim, Bryan Abreu, Travis Jankowski, Adolis, Corey Seager's, Willy Adames, Jahmai Jones, Adames, Mark Leiter Jr, Owen Miller's, Devin Williams, Dansby Swanson, Nick Madrigal, Tucker Barnhart, Michael Harris II, Marcell Ozuna, Bryce Elder, Raisel Iglesias, Gavin Williams, Steven Kwan, Joey Votto, Tyler Stephenson, Luke Weaver, Ian Gibaut, Buck Farmer, Derek Law, Alexis Diaz, Jeimer Candelario, Dickerson, Lane Thomas, Jake Irvin, Yuli Gurriel, Louis, Gurriel, Nick Fortes, Huascar Brazoban, Puk, Willson Contreras, Harrison Bader, York's Giancarlo Stanton, Yennier Cano, Anthony Rizzo, Danny Coulombe, Bader, Domingo, Tommy Kahnle, Clay Holmes Organizations: Houston Astros, Texas Rangers, Life, Astros, Rangers, Brewers, Cubs, Milwaukee, Chicago, Braves, Atlanta, Cleveland, Guardians, Reds, Cincinnati, Washington, Nationals, Marlins, Cardinals, Miami, The Marlins, Yankees, Orioles, New York, Baltimore ., Thomson Locations: Arlington , Texas, USA, Houston, Texas, Baltimore
The deal would provide holders of AMC common stock with shares worth an estimated $129 million to resolve allegations the company rigged a shareholder vote against them. More than 2,800 people objected to the settlement, which requires approval by Delaware Vice Chancellor Morgan Zurn to move forward. Rose Izzo, a Delaware resident who first invested in AMC in 2021, objected to the deal. The company's answer was to create preferred stock, which has traded at a steep discount to AMC's common stock. In February, AMC proposed a vote that would allow it to convert preferred stock to common stock and issue hundreds of millions of new shares.
Persons: Chancellor Morgan Zurn, Rose Izzo, Theodore Kittila, Mark Lebovitch, Lebovitch, Jody Godoy, Matthew Lewis Organizations: AMC Entertainment Holdings, AMC, Delaware, GameStop, AMC Entertainment Holdings Inc, Thomson Locations: Delaware, Pennsylvania, New York
Even King Charles Is Feeling Pinched by Rising Prices
  + stars: | 2023-06-29 | by ( Mark Landler | ) www.nytimes.com   time to read: +1 min
LONDON — King Charles III has vowed to streamline the royal family, which would make it less of a burden on British taxpayers. But a report on the family’s finances, released on Thursday, shows that goal remains elusive: The king had to dip into reserves to pay for swelling expenses in a year of momentous royal change. The death of Queen Elizabeth II and the inflation-fueled cost of refurbishing Buckingham Palace drove the family’s official expenses to more than 107 million pounds ($135 million) in the last financial year. That forced Charles to draw 20.7 million pounds ($26 million) from a reserve fund to cover a shortfall between the expenses and the annual grant that the family receives from the government. Charles is midway through an expensive home improvement project at Buckingham Palace, which means he and Queen Camilla are still living at his nearby residence, Clarence House.
Persons: Charles III, Queen Elizabeth II, Charles, , Queen Camilla, Clarence House Locations: Buckingham
The emergence of OpenAI's large-language model ChatGPT has spurred investor excitement over AI, helping stocks with direct or perceived exposure to AI soar. AI stocks led the stock market in the first half of the year, with leading AI chipmaker Nvidia touching a $1 trillion market capitalization in May. Jefferies maintains a buy rating on Alphabet stock with a $150 per share price target, or about 25% upside from Wednesday's $120.18 close. The bank has a $280 per share price target on the Facebook parent, or about 2% below Wednesday's $285.29 close. Thill "believes META is best positioned to take advantage of the AI opportunity vs. social peers TikTok and Snap," the Jefferies report said.
Persons: Jefferies, isn't, Mark Lipacis, Mark, Bard, Brent Thill, Lloyd Byrne, TikTok Organizations: Jefferies Equity Research, Nvidia, Intel, Microsoft, Jefferies, Google, Chevron, . Energy, Facebook
[1/2] U.S. President Joe Biden speaks with Chairman of TSMC Mark Liu during a visit to TSMC AZ's first Fab (Semiconductor Fabrication Plant) in P1A (Phase 1A), in Phoenix, Arizona, U.S. December 6, 2022. The first Arizona chip fabrication facility, or fab, is scheduled to be operational by 2024. TSMC did not disclose how many workers from Taiwan are currently in Arizona. The additions will not impact the 12,000 workers currently on-site every day or U.S.-based hiring, it added. While TSMC has said the bulk of its manufacturing, especially of the most advanced chips, will remain in Taiwan, it is also building a plant in Japan and considering another one in Germany.
Persons: Joe Biden, Mark Liu, TSMC, Jonathan Ernst, Biden, Ben Blanchard, Edwina Gibbs Organizations: REUTERS, Taiwan Semiconductor Manufacturing Co, Apple Inc, Nvidia Corp, TSMC's, Thomson Locations: P1A, Phoenix , Arizona, U.S, TAIPEI, Taiwan, ., Arizona, Japan, Germany, TSMC's Taipei
Democrats Reach Milestone: 100 New District Court Judges
  + stars: | 2023-06-28 | by ( Carl Hulse | ) www.nytimes.com   time to read: +1 min
President Biden and Democrats, largely stymied by Republicans from enacting their policy agenda, have transformed the Senate into a judicial confirmation factory that has just passed a major milestone in its drive to remake the federal courts, approving the 100th District Court nominee since Mr. Biden took office. The pace of the effort has surpassed the one set by Republicans when they pushed to reshape the courts during the administration of former President Donald J. Trump, putting the Biden administration 20 District Court nominees ahead of the Trump team at the same point in his term. “These judges will affect America long after just about every senator is out of here,” said Senator Chuck Schumer, the New York Democrat and majority leader, who has had a longtime interest in judicial confirmations. It’s hard.”Despite being slowed by absences and resistance from Republicans who see some Biden nominees as unacceptable, the Democrat-led Senate hit the 100 mark last week with a 50-49 vote to confirm Natasha Merle to a seat in the Eastern District of New York. She was one of a string of newly confirmed judges with civil rights backgrounds whose nominations had been slow to reach the floor given concerted Republican opposition.
Persons: Biden, Donald J, , Chuck Schumer, Natasha Merle Organizations: Democrats, Republicans, Trump, Biden, New York Democrat, Democrat, Senate, of Locations: America, Eastern, of New York
For Mr. Putin, who has cobbled together a surprisingly sturdy list of countries that either back his war on Ukraine or have stayed neutral, it was a much-needed display of mutual reassurance. Russia’s message, it seemed, was business as usual on foreign policy, even after the alarming events of last weekend. As rattled as they may have been by an armed insurrection in a nuclear-weapons state, Russia’s friends and business partners are unlikely to abandon Mr. Putin, according to diplomats and analysts. The more likely scenario, they say, is for them to hedge their bets against further Russian instability. But privately, if your goal is stability, then you should be worried about Putin’s ability to provide this stability.”
Persons: Vladimir V, Putin, Russia, I’m, , Michael A, “ It’s Locations: Moscow, Iran, Qatar, Ukraine, American, Russia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe bought a campground in 2016 for $1.6 million—today it's worth $6 millionMark Lemoine, 53, took a leap of faith in 2016 when he resigned from his state government job to pursue his lifelong dream of owning a campground. He and his wife, Karla, also 53, acquired the Coloma/St. Joseph KOA Campground in southwest Michigan for $1.6 million. After numerous renovations, new additions and dedicated care, their campground's value has skyrocketed to $6 million.
Persons: Mark Lemoine, Karla, Joseph KOA Locations: Coloma, St, Michigan
In 2016, Mark Lemoine came home from work and told his wife Karla Lemoine he wanted to quit his job and buy a campground. The Lemoines put their house on the market, withdrew all their savings and "sold everything we owned to buy the campground" for $1.6 million, Mark says. Mark and Karla Lemoine sold their house, car and more to buy a campground in Benton Harbor, Michigan. It brought in $1.2 million in revenue last year, enough for the Lemoines to pay themselves a combined $150,000 in salary. The Lemoines had to get creative to pay for their dream $1.6 million campground.
Persons: Mark Lemoine, Karla Lemoine, Mark, Karla, they'd, Devin Lieberman, they've, Joseph KOA, Roth IRAs Organizations: CNBC, America Locations: Michigan, Benton Harbor , Michigan, Grand Rapids, Chicago, Coloma, St, Rockford , Michigan
Financial markets, however, are still pricing in a 25-basis-point rate increase in July and no further hikes after that, according to CME FedWatch tool. Ahead of his second day of testimony before the U.S. Senate Banking Committee at 10 a.m. Shares of Tesla (TSLA.O) slid 3% before the bell after Morgan Stanley downgraded the electric automaker to "equal weight" from "overweight". ET, Dow e-minis were down 114 points, or 0.33%, S&P 500 e-minis were down 13.75 points, or 0.31%, and Nasdaq 100 e-minis were down 61 points, or 0.41%. Reporting by Shubham Batra and Shristi Achar A in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Tesla, Morgan Stanley, Jerome Powell, Powell, Mark Luschini, Janney Montgomery Scott, Shubham Batra, Shristi, Arun Koyyur Organizations: Dow, Nasdaq, Federal, U.S . Senate, Tesla, Dow e, Microsoft, Boeing, Accenture, Darden, Olive Garden, Thomson Locations: Washington, Wichita , Kansas, Bengaluru
CNN —The Vatican said Thursday it will hand over evidence in the disappearance of a 15-year-old daughter of one of its employees 40 years ago to the Rome city prosecutor. Emanuela Orlandi, who was the daughter of a prominent Vatican employee and lived within the walls of the holy city, disappeared in the summer of 1983 while on her way home from a music lesson in central Rome. Her father, Ercole Orlandi, who died in 2004, worked for the Institute for the Works of Religion in the Holy See. Her mother, Maria Orlandi, still lives in the family apartment in Vatican City. A year later, the Vatican agreed to exhume the tomb of two princesses thought to be buried in the cemetery of the Pontifical Teutonic College inside the Vatican City.
Persons: Emanuela Orlandi, Alessandro Diddi, ” Pietro Orlandi, Antonio Masiello, Diddi, , , Pietro Orlandi Orlandi, Ercole Orlandi, Maria Orlandi, Pietro Orlandi, Castel Sant ’ Angelo, Pope, Angelus, Orlandi, Mark Lewis, Mehmet Ali Agca, John Paul II, Organizations: CNN, Vatican, Dei Catholic, Institute, Religion, Pontifical Teutonic College, Vatican City Locations: Rome, Vatican, St, Piazza Navona, Vatican City, Italy
Financial markets, however, are still pricing in a 25-basis-point rate increase in July and no further hikes after that, according to CME FedWatch tool. After Powell reinforced the Fed's inflation objective, rate-sensitive megacap companies pushed Wall Street's major indexes lower for the third straight session on Wednesday. Yields on the 2-year and 10-year Treasury notes were little changed after the data and ahead of Powell's testimony before the U.S. Senate Banking Committee at 10 a.m. The S&P index recorded three new 52-week highs and three new lows, while the Nasdaq recorded 12 new highs and 33 new lows. Reporting by Shubham Batra, Shristi Achar A and Medha Singh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Tesla, Morgan Stanley, Jerome Powell, Powell, Wall, Mark Luschini, Janney Montgomery Scott, advancers, Shubham Batra, Shristi, Medha Singh, Arun Koyyur Organizations: Dow, Nasdaq, Tesla, U.S . Senate, Dow Jones, Boeing, Accenture, Darden, Olive Garden, NYSE, Thomson Locations: Washington, Wichita , Kansas, Bengaluru
Gretchen Whitmer's love for "The Big Lebowski" is well documented. Gretchen Whitmer's love for "The Big Lebowski" is well documented. "You know, it's funny; 'The Dude abides'—it's a really wise philosophy," Whitmer told The Atlantic's Mark Leibovich as he followed her around the state last week for a brief profile that was published on Thursday. Whitmer, who Biden reportedly vetted as a possible running mate in 2020, repeatedly reiterated her support for the president. Along the way, Whitmer picked up "the Big Gretch" nickname that she has embraced, though she cautioned that was not her initial response.
Persons: Gretchen Whitmer's, Whitmer, Biden, , that's, Coen, Mark Leibovich, Leibovich, doesn't, Joe Biden, Trump, Roe, Wade Organizations: Michigan Gov, Democrat, Service, Democratic Locations: Michigan, Dobbs
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