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The same Chinese brokers who were laundering fentanyl proceeds were now heavily involved in marijuana trafficking across the U.S. as well. Over the past decade, Chinese organized crime groups in the U.S. quietly became the dominant money launderers for Mexican cartels. Since 2023, federal prosecutors have charged at least 31 people linked to Chinese groups accused of laundering cartel drug money. In the ensuing months, the team began to understand for the first time how the Chinese became the Mexican cartels’ go-to money launderers. The Chinese money brokers then arrange for the cartels to receive the equivalent amount in pesos or cryptocurrency in Mexico.
Persons: Ray Donovan, Joaquin “ El Chapo ” Guzman, Guzman, Donovan, , Michael Mezner, , I’ve, El Chapo, ” Donovan, , Christopher Urben, “ They’ve, Dennis Wilder, ” Wilder, Urben, ” Urben, Bill Bodner, Vanda Felbab, Brown, , They’re, Xi Jinping Organizations: Attorney’s, Central, Central District of, U.S, Division, CIA, Ministry of State Security, U.S ., National Intelligence, National Security Council, Los, Singapore —, Brookings Institution, Operations Division, DEA, Citibank Locations: U.S, East, China, El, Sinaloa, Pasadena, Calif, Central District, Central District of California, Virginia, United States, CJNG, propping, Los Angeles, San Francisco and New York, Asia, Australia, Singapore, New York, Chicago, Miami, Mexico, Los Angeles County . U.S, Guangzhou, America
"If I was using rideshares and the delivery apps and everything the way I was, I would run out of money each month," she said. For some, like Manley, it means going back to the old-fashioned way of doing certain things: shopping around for hotel deals, taking public transit more, and working out at home with fitness classes on video. AdvertisementGrant Plotkin, 26, is a Gen Zer who experienced the pre-2020 millennial subsidy as a young adult. The next iteration of the millennial subsidy might be gamifying surge pricing for groceries or a side of fries. AdvertisementHas the loss of the millennial subsidy affected your finances or lifestyle?
Persons: Sarah Manley, Manley, She's, they'd, Millennials, YipitData, Grant Plotkin, Zer, he's, Plotkin, Ubers, Brett House, that's, Bilal Baydoun, Baydoun Organizations: Service, Business, Bloomberg, Netflix, Columbia Business School, Dollar, Aldi, Big Tech, American Locations: Baltimore, it's
When Roy Cockrum, a one-time struggling actor and a former monk, won a $259 million Powerball jackpot in 2014, he decided to splurge on something a bit out of the ordinary: supporting nonprofit theater. He set up a foundation that has given away $25 million to 39 American theaters so far, which is why he found himself the other night at the Old Globe in San Diego. He was there to watch the premiere of a production he supported to help the theater reach a milestone: a large-scale staging of the only Shakespeare play it had yet to produce, an adaptation of the somewhat rarely performed three “Henry VI” plays. “The question I put to artistic directors is, ‘Is there a project you’ve always dreamed of doing that you couldn’t afford?’” Cockrum, an apple-cheeked, snowy-haired 68-year-old, said in an interview. “To help artistic directors dream bigger than they would otherwise.”At a time when nonprofit theaters across the country are struggling with rising costs, fewer subscribers, smaller audiences and dwindling corporate philanthropy, Cockrum’s generosity stands out.
Persons: Roy Cockrum, Henry VI ”, Organizations: Old Globe Locations: San Diego
Will A.I. Kill Meaningless Jobs?
  + stars: | 2024-08-03 | by ( Emma Goldberg | ) www.nytimes.com   time to read: +1 min
This is what it must have felt like to be a guest showing up for a party at Jay Gatsby’s house, Mr. Wang thought. He hopped from one software engineering role to another, toiling on some projects that he felt were meaningless. At Google, he worked for 15 months on an initiative that higher-ups decided to keep pursuing even though they knew it would never launch. He then spent more than a year at Facebook on a product whose primary customer at one point described it to the engineers as unhelpful. During the pandemic, tens of thousands of people joined the subreddit page r/antiwork to share quips about rejecting drudge work and, in most cases, all work.
Persons: Brad Wang, Jay Gatsby’s, Wang, drudge, , Herman Melville’s “, Scrivener, Organizations: Google, Facebook,
Advertisement"It wasn't the kind of movie that you're really watching every single word. On Tim Curry convincing her to read for 'Rocky Horror' and being afraid to sing 'Happy Birthday'Tim Curry, Barry Bostwick, and Susan Sarandon in "The Rocky Horror Picture Show." I know it looks like we had so much fun, but we really didn't hang out that much or do any of that. On her 'give and take' with Ridley Scott over the 'Thelma & Louise' scriptSusan Sarandon and Geena Davis in "Thelma & Louise." AdvertisementI think that's what you do with every project you go through, to just try to understand the whole.
Persons: Susan Sarandon, She's, Sarandon, Lou, who's, Sheryl Lee Ralph, Megan Mullally, Bette Midler, Billy Wilder, Bull Durham, Thelma, Louise, Ridley Scott, Tim Curry, Barry Bostwick, Michael Ochs, Tim Curry —, Tim, Janet, Nobody, it'll, Richard O'Brien, Kevin Costner, Ron Shelton's, Kevin, Costner, Robbins, Ron, wouldn't, It's, I've, Geena Davis, Ridley, I'm, Arnold Schwarzenegger, Mel Gibson Organizations: Business, SAG, WGA, Bull, Michael Ochs Archives, Hollywood Locations: Key West , Florida, Florida, Savannah, LA, London, Bull, Rome
Read previewWhen Maïa Maury, 25, started a new job in the US, she was happy to find that it came with her own assigned desk. AdvertisementWhile an assigned desk used to be a given in an office, the pandemic ushered in an era of hot desking and working from home. Now, cubicles and assigned office desks are more of a novelty, meaning those lucky few who get one are sometimes keen to make the most of it. AdvertisementAnother Gen Zer, Zernab Saeed, wanted to make the most of having a personal office desk in her first job out of college. Many companies are still shifting toward reducing office space, leaving fewer opportunities for people to enjoy having their own desks.
Persons: , Maïa Maury, who'd, hoover, Maury, Zernab Saeed, Zernab, Zernab Saeed Saeed, she's, there's, Caitlin Turner, HOK, Turner, Gen Zers, Gen, it's, Leonora Georgeoglou Organizations: Service, Business Locations: French
Sweaty startups are blue-collar businesses, often in unglamorous or laborious fields like septic services, car washes, or lawn care. It's what your grandparents would've just called a small business, but it was a tongue-in-cheek answer to the Silicon Valley-style entrepreneurship being glorified in culture at that time. Still, some small businesses look to private equity to scale their businesses in different markets, even if that means overhauling operations in some cases. "Small businesses partner with private-equity firms because they provide access to capital and organizational support to help companies grow," Drew Maloney, the council's president and CEO, told BI. Alejandro FlorezBoth of his parents were janitors, and when he was a senior in high school he started a small cleaning company that he grew by knocking on doors and cold-calling.
Persons: , Patrick Hocker, Hocker, he'd, Nick Huber, would've, Huber, he's, Drew Maloney, Stan Chen, Chen, Alejandro Florez, Florez, Chris Salisbury, BuzzFeed — Salisbury, Salisbury Organizations: Service, Business, Bluebird Pest Solutions, Pest, Alpine Investors, American Investment Council, BlackRock, America Locations: Virginia, Pest, Boston, San Francisco, America, Bradenton , Florida, Jacksonville, Orlando, nuDoors, Brooklyn , New York
A judge on Friday questioned the restoration of Elon Musk's multibillion-dollar Tesla pay package. Tesla's lawyers argue a shareholder vote approving the pay should be sufficient to reinstate it. The judge, who previously invalidated the pay package, said the issue "will not end here and now." AdvertisementThe Delaware judge who previously threw out Elon Musk's $55 billion Tesla pay package has cast new doubts on whether the CEO's massive benefits package should be reinstated despite approval from the company's shareholders. Tesla lawyers on Friday argued the pay should be reinstated following a June shareholder vote approving it.
Persons: Elon Musk's, , Elon, David Ross, Musk, Chancellor Kathaleen McCormick Organizations: Service, Elon Musk's, Associated Press, Business Locations: Delaware
There are still plenty of opportunities to snap up attractive stocks ahead of their earnings reports, according to Goldman Sachs. They include Affirm, Li Auto, Madison Square Garden Entertainment, Waystar and CAE. The firm said it sees upside to consensus estimates and that Madison Square Garden Entertainment has assets that are unparalleled in the "leading entertainment market in the world." Waystar Goldman Sachs is also bullish on Waystar ahead of its earnings report on Aug. 7 . MSG Entertainment "MSGE has best-in-class assets in the leading entertainment market in the world.
Persons: Goldman Sachs, Li Auto, Stephen Laszczyk, Laszczyk, Goldman, Will Nance, Nance, Waystar Goldman Sachs, Waystar, Adam Hotchkiss, Hotchkiss, Li, , MSGE Organizations: CNBC, Garden Entertainment, CAE, MSG Entertainment, Apple, Nasdaq, TAM, China Locations: Madison, New York, China, 2024E
Finance, health care and other regulated industries should consider their specific needs and tailor their defenses with military-grade components, he added. The implementation of military-grade cybersecurity is not without challenges. In 2024, regulated industries have witnessed a significant increase in both the number and cost of data breaches. Frederic Rivain, chief technology officer of Dashlane, holds a contrarian view on the need for military-grade defenses. "Multifactor authentication is important, and you must have it, but you still need to have multiple layers," Two Bears said.
Persons: CrowdStrike, Javad Abed, Abed, shouldn't, Cole, Didi, National Intelligence Avril Haines, Gen, Gary Orenstein, Orenstein, doesn't, Frederic Rivain, Rivain Organizations: Johns Hopkins Carey Business School, Delta Air Lines, Finance, IBM, Ponemon Institute, Bears, Amazon, Data, Verizon, National Intelligence, Employees Locations: ThinkGard, U.S, China, America
She left the corporate grind earlier this year and turned her side gigs into a full-time job. Her last position before moving into full-time self-employment had a base salary of $94,000. Advertisement"I was at this job, wasn't totally happy with it, and I knew I had been making decent money doing my side hustles part-time," she said. "When I'm doing that, I'm like, oh, I couldn't be doing this right now if I was working my corporate job," she said. Have you left your corporate job, made a career change, or turned your side hustle into a full-time job?
Persons: , Amber Smith, Smith, it's, I'm, wasn't, she's, I've, Taylor Swift Organizations: Service, Business, eBay Locations: Iowa, mhoff@businessinsider.com
Boris Roessler | Picture Alliance | Getty ImagesLONDON — European stocks were set to open lower Friday, extending losses amid a global downturn as a busy week of market action draws to a close. Germany's DAX was on course to open 104 points lower at 17,984, according to IG data, with France's CAC 40 down 40 points at 7,325. The regional Stoxx 600 index on Thursday suffered its worst session since mid-June, pulled down by financials as French bank Societe Generale downgraded its outlook and the Bank of England cut interest rates for the first time since 2020. The central bank decision took its key interest rate to 5% from 5.25%, in a move that markets had not been fully convinced it would carry out. Asia-Pacific markets saw steep losses Friday, with Japan's benchmark indexes tanking as much as 5%.
Persons: Boris Roessler, Germany's DAX, BOE Governor Andrew Bailey, BOE, Joe Tuckey Organizations: Getty, France's CAC, Societe Generale, Bank of England, CNBC, Argentex, U.S . Federal Reserve, Bank of, Apple, Intel, U.S . Bureau of Labor Statistics Locations: Frankfurt, Bank of Japan, Europe, Asia, Pacific
Read previewThis as-told-to essay is based on a conversation with Eleni Trapp, a 26-year-old UX designer from Florida who left her corporate job to freelance. Now, I'm a freelance UX designer who gets to write my own rules. As a UX designer, my job would be to transition their brick-and-mortar business into the digital landscape. I knew I wouldn't be happy settling into another corporate job so I decided to take a chance on freelancing. AdvertisementI'm building a space to channel my feminine rageAs I continue to freelance, I'm also building a business I'm endlessly passionate about.
Persons: , Eleni Trapp, It's, I'm, hadn't, I'd, wasn't, I've, Trapp, Tess Martinelli Organizations: Service, Business, LinkedIn Locations: Florida, tmartinelli@insider.com
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But that doesn't mean it's too late to revamp your public image. The internet obsessed over Mark Zuckerberg, switching his old aesthetic of hoodies and gray t-shirts to his new look — he now sports chain necklaces. Hannah Salton, a UK-based career coach and author with a background in corporate recruitment, said it's important to create a persona for work that you're comfortable with. Tailor your social media accountIt's vital to be aware of your online presence, including your social media accounts, she said.
Persons: , Mark Zuckerberg, he's, Hannah Salton, Salton, Cooper Neill, it's Organizations: Service, Business
The S & P 500 ended the week down by 2%. As of Friday, the Nasdaq Composite was more than 10% below its recent high, while the S & P 500 was down by 5.7%. Markets were last pricing in a 71% chance of a half percentage point rate cut in September, up from 22% on Thursday, according to the CME FedWatch Tool . Brands , Fidelity National Information Services , Uber Technologies , Marathon Petroleum , Caterpillar Wednesday Aug. 7 3 p.m. Consumer Credit (June) Earnings: Costco Wholesale , Warner Bros. Discovery , Occidental Petroleum , Ralph Lauren , CVS Health , Hilton Worldwide Holdings , Walt Disney Company Thursday Aug. 8 8:30 a.m.
Persons: Stocks, payrolls, Bill Hornbarger, Benjamin F, Edwards, Russell, Claudia Sahm, selloff, Michael Kantrowitz, Piper Sandler, Kantrowitz, Jan Hatzius, Goldman Sachs, Hatzius, CNBC's, Eli Lilly, Ralph Lauren, Martin Marietta Organizations: Nasdaq, Treasury, Investors, Federal Reserve, Walt Disney Company, Caterpillar, Costco, Micro Computer, PMI, PMI Services, Services PMI, Simon Property Group, Diamondback Energy, Tyson Foods, Devon Energy, Airbnb, Wynn Resorts, TransDigm, Brands, Fidelity National Information Services, Uber Technologies, Marathon Petroleum, Consumer Credit, Costco Wholesale, Warner Bros, Discovery, Occidental Petroleum, CVS Health, Hilton Worldwide Holdings, Gilead Sciences, Akamai Technologies, News Corp, Paramount Global, Expedia, Martin, Martin Marietta Materials Locations: Fortinet, Devon
Slowdown fearsGlobal markets are a blur of red on Friday as investors fret that the U.S. economy is heading for a slowdown. Lackluster tech earnings are weighing on sentiment (more on that below), but the bigger worry is a softening jobs market and a spending pullback by consumers that threatens to crimp corporate profit. That shines a spotlight on Friday’s jobs report, scheduled for release at 8:30 a.m. Eastern, and bolsters calls on the Fed to lower interest rates at its next meeting, in September. There’s even talk that the central bank could consider a jumbo half-percentage-point rate cut to pull off its hope for a soft landing in which inflation is cooled without tipping the economy into recession.
Persons: There’s Organizations: Fed Locations: U.S
AdvertisementBig tech companies are forecast to spend $1 trillion on data centers, real estate, chips and other gear to build AI models, tools and products. AdvertisementSome big tech companies have already whittled away a large chunk of their cash reserves chasing this AI trend. For more than a year, the assumption has been that generative AI will stoke a massive wave of new demand. What if that demand turns out to be weaker than expected? A major piece of evidence he shared was about demand for Microsoft's 365 Copilot service.
Persons: , Ashley Stewart, I've, Ashley, Keith Weiss, Morgan Stanley, Weiss, Andy Jassy, Sundar Pichai, Satya Nadella, BI's Ashley Stewart, Nadella Organizations: Service, Business, pharma, Big, Microsoft, stoke, Amazon, Google, CIO
The Nikkei 225 sank 4.5% on Friday, extending a global stock rout that started following the release of weak US economic data. The Bank of Japan (BOJ) raised interest rates by 15 basis points to 0.25% on Wednesday, its second hike this year, and announced plans to taper off its policy of bond buying. ”The hike has narrowed the difference in interest rate between the United States and Japan, which pushed the Japanese yen higher against the greenback. Combined with strong corporate earnings and effective corporate governance reforms, the weak yen propelled the Nikkei 225 to all-time highs this year. “From a Japanese equity perspective, the earnings boost from a weak yen is set to diminish,” Citi analysts said on Thursday.
Persons: , Ken Cheung, Frank Benzimra, Korea’s, Australia’s Organizations: Hong Kong CNN — Japan’s Nikkei, Nikkei, Bank of Japan, Traders, Mizuho Securities, greenback, Societe Generale, ” Citi, Dow, Nasdaq, Labor Department, , ” ANZ, Federal Reserve Locations: Hong Kong, United States, Japan, Asia, Shanghai
Chevron missed second-quarter earnings expectations, hurt by lower refining margins. When adjusting for $243 million in foreign currency impacts, Chevron booked adjusted earnings of $2.55 per share. Profits for international production fell about 30% to $2.3 billion compared with $3.29 billion in the year-ago period due to lower sales and natural gas prices as well a negative foreign currency impacts. International refining profits fell 25% to $317 million, compared with $426 million in the same quarter last year. Chevron shares closed nearly 5% lower Thursday and Hess stock fell nearly 8%.
Persons: Mike Wirth, Chevron's, Hess Organizations: Chevron, LSEG Locations: Orlando, San Ramon , California, Houston , Texas, Houston, U.S, Guyana
A pedestrian looks at an electronic stock board outside a securities firm in Tokyo, Japan, on Tuesday, Dec. 25, 2018. Japan's stock markets have hit a six-month low, declining for two straight days, after the Bank of Japan raised benchmark interest rates to their highest level since 2008. Speaking to CNBC's "Squawk Box Asia," Bruce Kirk, chief Japan equity strategist at Goldman Sachs said that the Japanese market rally had reached a "transitional phase." Yes, there's a fundamental shift taking place in the market, but it's not unusual," Kirk said. "I think people are now looking for areas that are more domestic demand focused, and that's really putting the interest back on Japan's small [and] mid-caps."
Persons: Bruce Kirk, Goldman Sachs, Kirk Organizations: Bank of Japan, Nikkei, CNBC Locations: Tokyo, Japan
Senator JD Vance of Ohio, the Republican vice-presidential nominee, is a pioneer in what friends and critics alike call a new form of Republican economic thinking. It’s a vision to steer the economy toward advancing socially conservative goals, even when those policies defy conservative orthodoxy about government intervention in private markets. Mr. Vance has built his brief political career on that new brand of economic populism. He has championed efforts to reward families for having children, with tax breaks that some Republican economists say discourage people from working. “He’s a social conservative first,” said Michael R. Strain, an economist at the conservative American Enterprise Institute in Washington who has known Mr. Vance and discussed policy with him for years, well before he decided to enter politics.
Persons: JD Vance, Ohio, Vance, , Michael R Organizations: Republican, American Enterprise Institute Locations: Washington
Read previewIn May, Ryan Salame was sentenced to 7½ years in prison for his role in Sam Bankman-Fried's multi-billion-dollar cryptocurrency fraud. In May, US District Judge Lewis Kaplan — who also oversaw Bankman-Fried's trial — sentenced Salame to 7.5 years in prison, higher than what prosecutors recommended. AdvertisementSalame says without evidence that a key witness in Bankman-Fried's trial liedSalame pleaded guilty to charges against him in September, shortly before the start of Bankman-Fried's criminal trial in Manhattan. At the trial, Singh said he initially cared about the political donations, but later just did whatever Salame told him to. In social media posts, Salame said Singh wasn't being truthful about his role in the use of FTX customer funds.
Persons: , Ryan Salame, Sam Bankman, Salame, Fried, SBF, Trump, Donald Trump, RyAN, Lewis Kaplan —, Kaplan, ANGELA WEISS, weren't, German Shepherd, Caroline Ellison, Gary Wang, Nashad Singh —, Wang, Singh, Ellison hasn't, Salame didn't, didn't, Nishad Singh, FTX, Ellison, Singh wasn't, Nishad, I've, Guy, hasn't, he's, Joe Biden, Bitcoin, Gary Gensler, Biden, Kamala Harris Organizations: Service, Business, Alameda Research, US Bureau of Prisons, US, Mega, FTX, Circle Trade, CPA, HK, Republican Party, Twitter, Alamada Research, Prosecutors, Getty, FTX's, Office, Southern, of, Bankman, Republican, Alameda, SEC, Trump Card Locations: Bankman, FTX, Alameda, Bahamas, America, Nashville, Manhattan, Washington ,, United States, German, of New York, York
However, after EzDubs went through the Y Combinator startup program last year, the company made a quick pivot, adding Microsoft's cloud into the mix. That's because EzDubs' founders learned of a partnership that enabled Y Combinator companies to receive $350,000 worth of credits on Microsoft Azure. The current offer includes $350,000 in AWS credits, plus $300,000 reserved for tapping the custom silicon, the spokesperson said. A spokesperson later said 58% of Y Combinator startups had taken up Microsoft's credit offer, a figure that doesn't reflect actual Azure usage. "Leading AI startups use OpenAI to power their AI solutions, therefore, making them Azure customers as well."
Persons: Amrutavarsh Kinagi, Kareem Nassar, Padmanabhan Krishnamurthy, EzDubs, Krishnamurthy, Y, Annie Pearl, it's, Satya Nadella, Sam Altman, Hayden, CNBC InKeep, OpenAI, Nick Gomez, InKeep's, InKeep, Gomez, CNBC's Andrew Ross Sorkin, Prady Modukuru, Modukuru, Anthropic, Daksh Gupta, Gupta, Nassar Organizations: Google, Microsoft, CNBC, Amazon, Services, Alchemist, AWS, Hayden Field, Sync Labs, Sync, OpenAI Locations: Palo Alto , California, OpenAI's, San Francisco
"The most powerful part of the AI story thus far is the chief technology officer, chief information officer," Griffin said at the Milken Global Institute. At the most profitable hedge fund of all time, that person is Umesh Subramanian, Citadel's chief technology officer. But in the age of generative AI, the role of the CTO has evolved into something that reaches far beyond the back office. Nearly two years after OpenAI introduced ChatGPT, finance firms are still trying to figure out the best ways to leverage generative AI for their own businesses and workers. Related stories"The level of investment right now in AI, trickling down the whole value chain, is no longer only a technology investment," Argenti said.
Persons: , Ken Griffin, Griffin, They've, Subramanian, OpenAI, it's, Andrew Chin, AllianceBernstein, Goldman Sachs, Marco Argenti, Chin, Wells, Bridget Engle, Engle, Keri Smith, Argenti, Citadel's Subramanian, Wall, Accenture's Smith, AllianceBernstein's Chin, Goldman's Argenti Organizations: Service, Citadel, Milken Global Institute, Business, BNY Mellon, Goldman, Amazon Web Services, Management, Accenture, Tech, Wall Locations: Wall
New York CNN —Chevron is moving its headquarters out of California, the company announced Friday. The oil giant said it would be relocating its corporate offices from San Ramon, where they have been since 2002, to Houston. This will be the first time Chevron will be headquartered outside of California since its founding more than a century ago. Chevron chairman and CEO Mike Wirth and vice chairman Mark Nelson will move to Houston by the end of 2024, while other corporate operations will slowly relocate over the next five years. Chevron’s exodus from the Bay Area comes on the heels of Elon Musk’s announcement last month that SpaceX and X, formerly known as Twitter, would be relocating to Texas, as well.
Persons: Mike Wirth, Mark Nelson, Elon Musk’s, Musk, Gavin Newsom, ” Musk, Organizations: New, New York CNN, Chevron, San, SpaceX, Twitter, CNN Locations: New York, California, San Ramon, Houston, Chevron, Bay, Texas, Hawthorne , California, Starbase , Texas, Austin , Texas
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