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How American carmakers lost ground in China
  + stars: | 2024-05-11 | by ( Robert Ferris | In | ) www.cnbc.com   time to read: +2 min
American automakers and their non-Chinese counterparts are fighting an existential battle, as local rivals in China outpace them. GM's sales in China, including those of joint ventures it maintains in the country, have fallen from a high of 4 million vehicles in 2017 to 2.1 million in 2023. Several factors have contributed to the decline of U.S. automakers in China. That's precisely why American automakers shouldn't give up on China despite the U.S. companies' sales setbacks, according to Bill Russo, a former Chrysler executive who runs Automobility, a consulting firm in Shanghai. "If you don't compete in China, then what are you going to do when China shows up in your backyard?"
Persons: Michael Dunne, Dunne, Berkshire Hathaway, , shouldn't, Bill Russo, Russo, haven't Organizations: U.S, Ford, GM, Hyundai, Kia, Nissan, Lotus, Volvo, Berkshire, Huawei, Chrysler Locations: China, U.S, Sweden, Shanghai
New York CNN —If you took an American Airlines flight in the 1960s, you’d be wined and dined from the Coach-class “Royal Coachman” menu. “Meal service was once a point of pride,” said Henry Harteveldt, who covers the travel industry for Atmosphere Research Group. Meal service was a big focus of [competition] because entertainment options were more limited,” Harteveldt said. The September 11 attacks accelerated the decline of free airline meals. Airline meals had been the brunt of jokes and criticism for decades, but now people miss them.
Persons: you’d, , Henry Harteveldt, Peter Stackpole, Robert Crandall, Blaise Waguespack, It’s, Beef, ” Harteveldt, Rob Welham, Molly Brandt Organizations: New, New York CNN, American Airlines, Atmosphere Research, Pan American Airline, Shutterstock Airlines, Carriers, Singapore Airlines, Michelin, Embry, Riddle Aeronautical University, , Smithsonian, ” Airlines, “ Airlines, British Airways, Camera, Airlines, Continental Airlines, North America, mojo Locations: New York, Daytona Beach , Florida, Delta, North
Cowbells herald a third Trump outburstDonald Trump at his criminal hush-money trial with lawyers Todd Blanche, left, and Emil Bove. I will not tolerate that," state Supreme Court Justice Juan Merchan complained of Trump to defense lawyer Todd Blanche, his voice raised. Then there was Stormy DanielsA courtroom sketch of Stormy Daniels on the witness stand in Donald Trump's hush-money trial. Defense lawyer Susan Necheles questions Stormy Daniels as Donald Trump and Judge Juan Merchan look on. Advertisement"As recently as, I believe, Wednesday night, he was on TikTok," Blanche, the defense lawyer, complained to Merchan before court broke for the week on Friday.
Persons: , Donald Trump, Trump, riled Trump, they're, Debbie Walsh, Walsh, Donald Trump's, Allison Greenfield, enemies.i Curtis, David Dee Delgado, Arthur Engoron, who'd, Greenfield, Jean Carroll Donald Trump, Jean Carroll, Andrew Kelly, Luiz C . Ribeiro, Lewis Kaplan, audibly —, Carroll, Roberta Kaplan, Cowbells, Todd Blanche, Emil Bove, Jabin, Michael Cohen, Stormy Daniel, Joe Biden's, Juan Merchan, Stormy Daniels, Jane Rosenberg, Daniels, swatting Trump, Merchan, audibly, — Daniels, Blanche, Susan Necheles, Mary Altaffer, Michael Cohen Cohen — Trump's, fining Trump, Cohen, he's, MAGA Organizations: Service, Business, Trump, Center for American Women, REUTERS, New York Daily News, Tribune, Getty, Reuters, GOP, AP Locations: Manhattan, York, New, New York City, Lake Tahoe, New York
Less than six months out from the presidential contest, leading Republicans, including several of Donald J. Trump’s potential running mates, have refused to commit to accepting the results of the election, signaling that the party may again challenge the outcome if its candidate loses. The evasive answers show how the former president’s refusal to concede his defeat after the 2020 election has ruptured a tenet of American democracy — that candidates are bound by the outcome. Mr. Trump’s fellow Republicans are now emulating his hedging well in advance of any voting. For his part, Mr. Trump has said he will abide by a fair election but has also suggested that he already considers the election unfair. Mr. Trump frequently refers to the federal and state charges he is facing as “election interference.” He has refused to rule out the possibility of another riot from his supporters if he loses again.
Persons: Donald J, nonanswers, Trump’s, Trump Organizations: Republican
"So looking at even a $150,000 price tag for a house, you're just like, when is that ever going to happen?" In the fourth quarter of 2019, millennials held $3.5 trillion in real estate wealth; as of the fourth quarter of 2023, that's more than doubled. Average millennial wealth doubled between 2019 and 2023, according to an analysis from the Center for American Progress. For example, Gen Xers' real wealth grew by only 4% in the four years following 2007's Great Recession. Baby boomers' real wealth grew by 46% in the four years after the 1990 recession.
Persons: , James Barnes, Barnes, you'd, millennials, Khary, Gen Xers, boomers, Joe Biden, Biden, didn't, Amanda, Rob Gruijters, They're, there's, Caitlin de Oliveira, she's Organizations: Service, Navy, BI, Center for American Progress, University of Cambridge, Research Locations: Lawrenceville , Georgia, Atlanta, Alabama, , Texas
She put the “plop plop, fizz fizz” into Alka-Seltzer. She warned Benson & Hedges smokers that long cigarettes might pop balloons or set fire to beards. And from Niagara Falls to Broadway, she reached millions with her “I ♥ NY” campaign. Ms. Wells Lawrence was the first woman to own and run a major national advertising agency — Wells Rich Greene — and the first female chief executive of a company listed on the New York Stock Exchange. She was “arguably the most powerful and successful woman ever to work in advertising,” Stuart Elliott, who was then the advertising columnist of The New York Times, wrote in 2002 of Ms. Wells Lawrence, who sold her agency for $160 million (about $385 million today) and retired in 1990.
Persons: Seltzer, Benson, Mary Wells Lawrence, Katy Bryan, Ms, Wells Lawrence, Wells Rich Greene —, ” Stuart Elliott Organizations: Braniff, Alka, Hedges, New York Stock Exchange, The New York Times Locations: Niagara Falls, Broadway, Ohio, New York, London
Horror stories about 'veneer techs' are going viral. Unlicensed practitioners can cause irreversible damage, the American Dental Association warned. But an emerging crop of unlicensed practitioners — who go by the dubious distinction of "veneer techs" — could cause serious damage. But many so-called veneer techs focus on a less invasive procedure known as composite-bonded veneers, according to a new report in The Cut. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: American Dental Association, Service, Business Locations: Illinois, Nevada
Palestinian flags fluttered in the breeze above two neat rows of orange and green tents on Thursday at Cambridge University, where students read, talked and played chess at a small encampment to protest the Gaza war. There were no police officers in sight and not a lot for them to do if they did turn up, unless they felt like joining a wellness circle or a workshop on kite-making. Pro-Palestinian encampments have spread to 15 universities across Britain in recent days, but there were few signs yet of the violent confrontations that have shaken American campuses.
Organizations: Cambridge University Locations: Gaza, Britain
Orleck and Tamari are among at least 50 professors arrested at campus protests across the country, according to a CNN review of police records, court filings, and news reports. (Since April 18, more than 2,400 students have been arrested amid protests on more than 50 campuses.) Officials from several universities where professors were arrested in connection with recent protests declined to comment on individual cases. All the professors, Blair said, were “expecting to get arrested.” Though Blair himself was not arrested, at least four other UCLA professors were that day. “I want to say some of my colleagues, particularly at Emory and Washington University, were treated much more brutally.
Persons: Orleck, whiplash, Steve Tamari, Louis, Tamari, , Caroline Fohlin’s, Fohlin, Gregory Pflugfelder, Isaac Kamola, Alex Kent, , Kamola, “ There’s, Gregory Fenves, Fenves, Emory, Carol Folt, Andrew Guzman, Minouche Shafik, Joseph Howley, Graeme Blair, Blair, , ” Orleck, she’d “, they’re, Sian Leah Beilock, WMUR, ” Tamari, Mo, Christine Tannous, Andrew Martin, hasn’t, ‘ Don’t, “ Don’t, ” Michael Allen, ” Allen, Allen, I’m, St . Louis, Michael Allen “, Chancellor Martin, Bikrum Gill, Gill, ” Gill, it’s Organizations: CNN, Dartmouth College, Washington University, Palestinian, Emory University, Columbia University, New York Times, American Association of University, ’ Center, Defense, Faculty of Columbia University, Getty, Emory, University of Southern, USC, Columbia, UCLA, Justice, Green, Hanover Police Department, Police, Louis Post, AP Protesters, Boeing Company, Israel Defense Forces, University, Desirée, Virginia Tech Locations: New Hampshire, St, Palestinian American, Atlanta, New York, Columbia’s, Palestine, Gaza, Los, Los Angeles, Dartmouth, Emory, Palestinian, American, Louis , Missouri, Missouri, Illinois, Louis, Washington, Israel, St .
Yet two rounds, or 36 holes, away from possibly making history, Nelly Korda is an athlete who seems at ease with what could lie ahead. Korda, the world No.1, was six shots off the lead after her first round. At last month’s The Chevron Championship, Korda won her fifth consecutive title to join Annika Sörenstam and Nancy Lopez as the only players to win five in a row on the tour. Nelly Korda has won 13 times on the LPGA Tour. “I just felt like mentally, I just needed the rest,” Korda told ESPN.
Persons: Nelly Korda, Korda, Madelene Sagstrom, Rose Zhang, Annika Sörenstam, Nancy Lopez, Elsa, , ” Korda, Zhang Organizations: CNN, Cognizant, Chevron, LPGA, ESPN, Eagle Locations: American, Clifton , New Jersey
New York CNN —A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8. “Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers. The new rule would apply to large credit card issuers — those with more than 1 million accounts. The push to target credit card fees is part of the Biden administration’s efforts to ease financial burdens for many Americans. The new rule also intended to close a 2010 loophole the CFPB says has been “exploited” by credit card companies to hike fees on late payments.
Persons: Mark T, Pittman, Donald Trump, , Chuck Bell, Biden Organizations: New, New York CNN, Biden, US, Chamber of Commerce, Consumer Financial, CNN, of Commerce, Consumer Locations: New York, Fort Worth , Texas
The report also did not find that Israel had intentionally obstructed humanitarian aid into Gaza. Such a finding would have triggered a U.S. law barring military aid to countries that block such assistance. They argue that Israel has indiscriminately killed civilians with American arms and intentionally hindered U.S.-supplied humanitarian aid. Either would violate U.S. laws governing arms transfers to foreign militaries, as well as international humanitarian law, which is largely based on the Geneva Conventions. The United States provides Israel with $3.8 billion in annual military aid, and Congress last month approved an additional $14 billion in emergency funding.
Persons: Biden, Israel “, , President Biden, Israel, Israel’s, Israel ”, Brian Finucane, Finucane, , Chris Van Hollen, Netanyahu, Benjamin Netanyahu, Mr, ” “, , Josh Paul, Biden’s, John F, Kirby Organizations: State Department, Israel Defense Forces, President, Crisis, United, U.S ., Biden Administration, Israel, The State Department, Central Kitchen Locations: Israel, Gaza, United States, U.S, Rafah, Congress, Geneva, Maryland,
Opinion | The Limits of Moralism in Israel and Gaza
  + stars: | 2024-05-11 | by ( Ross Douthat | ) www.nytimes.com   time to read: +1 min
Foreign policy can make a mockery of moral certitude. It’s why the “good war” of World War II involved a partnership with a monster in Moscow and the subjection of half of Europe to totalitarian oppression. But in active controversies the tragic vision can seem like a cold way of looking at the world. A “realist” foreign policy can slide from describing power to excusing depredations. It can underestimate the power of a righteous cause — as I underestimated, for instance, Ukraine’s capacity to defend itself in 2022.
Locations: Moscow, Europe, Vietnam, Beijing
CNN —Many people love their ultraprocessed foods. More than 70% of the US food supply is made of ultraprocessed food. But a diet heavy in ultraprocessed food isn’t good for us, science has shown. Eating ultraprocessed foods raises the risk of developing or dying from dozens of health conditions, according to a February review covering nearly 10 million people. The no-fly list of ultraprocessed food is loaded with store-bought chips, sugar-packed yogurts and candy-filled trail mix.
Persons: Skip, Al Bochi, Casey Barber’s, Suzy, Karadsheh, Bochi’s, Parfaits, CNN’s Sandee LaMotte, Madeline Holcombe Organizations: CNN, Food and Agriculture Organization, United Nations, Olive, Olive Tree Nutrition Locations: Olive Tree
Some airlines are using artificial intelligence to improve travel. United Airlines uses ConnectionSaver, an AI-powered tool that helps manage connecting flights. And Smart Gating technology helps American Airlines flights find the nearest available gate. Industry leaders like United Airlines and American Airlines are using AI tools to create a smoother travel experience, a welcome effort for passengers who experienced an average flight delay of 53 minutes last year. One of the most impactful ways airlines are using AI — according to The New York Times — is helping determine whether a plane should wait for its connecting passengers.
Persons: , The New York Times — Organizations: United Airlines, American Airlines, Service, Industry, The New York Times, Business
Can Your Investment Portfolio Reflect Your Values?
  + stars: | 2024-05-11 | by ( Ron Lieber | ) www.nytimes.com   time to read: +1 min
The protests roiling college campuses are filled with all sorts of demands, but many of them have one thing in common: money. Many pro-Palestinian protesters want their school’s endowments to pull money from investments in companies that have financial ties to Israel. We all want to live our values and have our colleges, employers and communities do so, too. We saw similar protests in the 1970s and ’80s with South Africa and in the continuing debate over climate change. Students, especially, can learn a lot about investing, governance and complexity through trying to influence their schools.
Organizations: South Locations: Israel, South Africa, Gaza
Citigroup analysts upgraded India to "overweight" from "neutral" in their emerging markets allocation on Friday, citing strong earnings and economic growth momentum. It also attributed India's one-year forward price-to-earnings (P/E) of 20x, which is slightly higher than the long-term averages, to a stable earnings trajectory. The brokerage remains "overweight" on India's banks, insurers, public sector enterprises, autos and capital goods companies among others. Citi downgraded China to "neutral" from "overweight", saying the recent rally in its stock markets occurred despite weakening fundamentals. Citi reiterated its "overweight" rating on Taiwan and Korea, maintaining "underweight" on Latin American countries.
Persons: Surendra Goyal Organizations: Hong, Citigroup, Citi, Jefferies, Asia Locations: India, China, Asia Pacific, Japan, Taiwan, Korea
The Department of Defense is working on initiatives to face the drone threat, but the US military doesn't yet appear ready to confront this ever-evolving challenge, especially on the scale seen in Ukraine. AdvertisementA US military MQ-9 Reaper drone waits for take-off at Kandahar Air Base in Afghanistan on March 9, 2018. US military leaders have repeatedly stressed there's no silver bullet to defeat small drones in battle. Shellie HallStudents there spend several weeks learning how to identify, engage, and defeat small drones. The drone threat draws certain parallels to fighting in Iraq and Afghanistan, where hidden bombs posed a tremendous threat.
Persons: GENYA SAVILOV, Mick Ryan, hasn't, you've, Franz J, Marty, Samuel Bendett, Paul Scharre, that's, Mike Parent, Mark Schauer, Parent, Paul Butcher, Cpl, Doug Bush, Amber Osei, Moseph Sauda, doesn't, Sauda, America's, Bram Janssen, Scharre, Justin Bronk, Jack Watling, Ryan Organizations: Business, Troops, of Defense, Department of Defense, Getty, Australian Army, Islamic State, Kandahar Air Base, Defense Ministry, Karabakh . Defense Ministry, Azerbaijan, AP, Pentagon, US Army, Aircraft Systems, Solutions, 71st Jaeger Brigade, US Army Yuma, Technology, Army, sUAS University, US Marine Corps, Force, Central Command, Shellie, National Training Center, US Army Air Defense Artillery, Center, New, New American Security, Base, London's Royal United Services Institute Locations: Russian, Ukrainian, Ukraine, prowling, Jordan, Chasiv Yar, Donetsk, AFP, Afghanistan, Armenia, Azerbaijan, Russia, Nagorno, Karabakh, Avdiivka, Yuma, East, Oklahoma's Fort Sill, California, Fort Sill, China, Luhansk Region, Europe, Iran, New American, Iraq, Washington, Bagram, Kabul, Australian
The European leg of Taylor Swift's record-breaking Eras Tour kicked off on Thursday. The Eras tour is the first concert tour to gross over $1 billion, estimates showed. AdvertisementThe European leg of Taylor Swift's Eras Tour kicked off in Paris on Thursday. Estimates showed that the Eras tour is the first concert tour to gross over $1 billion. Hotel booking statistics also help to capture the sense of how in-demand Eras Tour tickets are.
Persons: Taylor, , Dara Khosrowshahi, Swift, Beyoncé, AirDNA Organizations: Service, Department, Uber, Federal Reserve, Associated Press, Swift, Liverpool, Ireland, Miss Americana Locations: Paris, Singapore —, , Australia, Stockholm, Cardiff, Vienna, Austria, Warsaw, Poland, Europe, Ukraine
"I've been a steadfast participant in this diet culture. AdvertisementIn 1988, Oprah Winfrey appeared on her show pulling a wagon full of fat, representing the 67 pounds she had lost in four months. Now, Winfrey told the audience that she wants to support them in their shift toward self-acceptance and healthier mindsets. Oprah Winfrey discussed her history with weight loss culture during the three-hour live stream from Weight Watchers. Shortly after, the Oscar winner helmed the ABC televised special "Shame, Blame and the Weight Loss Revolution," which saw her discuss the growing popularity of weight loss drugs such as Ozempic, Mounjaro, and Wegovy.
Persons: , Oprah Winfrey, Winfrey, I've, makeovers, We've, Sima Sistani Organizations: Service, Business, WW International, National Museum of, WeightWatchers, ABC
Xavier Gutierrez, CEO of the Arizona Coyotes and CEO of ImpactX Sports Group (L), and Pedro Guerrero, CEO of Guerrero Media. Gutierrez had previously been a managing director at private equity firm Clearlake Capital Group and knew Meruelo for about a decade before becoming the NHL's first-ever Latino CEO. It took a Latino owner to hire a Latino CEO, Gutierrez explained in an interview, because Hispanics are not well-represented in leadership positions in professional sports. Gutierrez, who is technically still CEO of the Arizona Coyotes even though the franchise is inactive, says he is the only non-owner Latino CEO. Gutierrez and Pedro Antonio Guerrero, the CEO of executive advancement company Guerrero Media, introduced Latinos in Sports at an event in Miami last week.
Persons: Xavier Gutierrez, Pedro Guerrero, Alex Meruelo, Gutierrez, Jorge Mas, haven't, Pedro Antonio Guerrero, Vianni Lubus, Mike Valdes, Fauli, José Feliciano Organizations: Arizona Coyotes, ImpactX Sports, Guerrero Media, Hockey League's Arizona Coyotes, Arizona team's, Coyotes, Clearlake Capital Group, NHL, National Football League, National Basketball Association, Major League Baseball, Major League Soccer, MLS, Inter Miami CF, Sports, CNBC, Chemistry Cultura, Clearlake Capital, Premier League's Chelsea Football Club Locations: Utah, Arizona, Guadalajara, Mexico, Cuban, American, U.S, Canada, Miami
Not surprisingly, China’s leaders did not like what they heard, and they didn’t budge. Years of erratic and irresponsible policies, excessive Communist Party control and undelivered promises of reform have created a dead-end Chinese economy of weak domestic consumer demand and slowing growth. The only way that China’s leaders can see to pull themselves out of this hole is to fall back on pumping out exports. The tide of Chinese exports will continue, tensions with the United States and other trading partners will grow, China’s people will become increasingly unhappy with their gloomy economic prospects and anxious Communist Party leaders will respond with more repression. It is baked into China’s political system and has only worsened during President Xi Jinping’s decade in power.
Persons: Antony Blinken, Janet Yellen, that’s, Xi Organizations: Communist Party Locations: Beijing, United States
Scammers pretending to be Trea Turner stole thousands from a 70-year-old Parkinson's patient. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA 70-year-old Parkinson's patient says someone pretending to be an American baseball superstar stole thousands of dollars from her. Scammers will often impersonate someone close to their victim to gain their trust in what is known as an "imposter scam." This story is available exclusively to Business Insider subscribers.
Persons: Trea Turner, , Scammers Organizations: Service, Business Locations: American
A former White House aide who worked closely with Donald J. Trump testified on Thursday about a significant meeting between Mr. Trump and his personal lawyer that is at the center of Mr. Trump’s criminal trial, the first prosecution of a former American president. Ms. Westerhout will return to the stand Friday, facing additional questions from Mr. Trump’s legal team. She took questions Thursday after two days of sometimes graphic and frequently heated testimony by Ms. Daniels. Ms. Daniels denied repeated accusations by Mr. Trump’s lawyers that she was motivated by money in divulging the sexual encounter, and that her account on the stand was inconsistent with others she has given in the past. Ms. Daniels also offered a quick retort when Mr. Trump’s lawyer Susan Necheles said she has sought to make money off the ordeal: “Not unlike Mr. Trump.”
Persons: Donald J, Trump, Madeleine Westerhout, Michael D, Cohen, Stormy Daniels, Westerhout, Ms, Daniels, Susan Necheles, Organizations: White House, Mr Locations: American, Lake Tahoe, Nev
Opinion | Is There a Post-Religious Right?
  + stars: | 2024-05-10 | by ( Ross Douthat | ) www.nytimes.com   time to read: +3 min
My one-liner “captured a widely shared assumption” that Trump’s rise signaled “the birth of an irreligious right animated by white racial grievance,” he wrote. The old religious right may have suffered a fatal blow in 2016. But what succeeded it was not a post-religious racialist party, as some feared and others hoped. was preparing to establish white supremacy now are more likely to denounce its ambitions as “Christian nationalist.” Whatever else one makes of this charge, it implies an acknowledgment that a post-religious right has failed to materialize. But when Schmitz says a post-religious right has “failed to materialize” I have to strongly disagree.
Persons: Donald Trump, Matthew Schmitz, , , that’s, Schmitz, Mitt Romney, Republican pollster Patrick Ruffini, Vance, George W, Bush, Trump, Norman Vincent Peale Organizations: Republican, Trump, Christian, Republican Party Locations: American, Ohio
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