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☆ China, Xi Jinping Plan to Crush Elon Musk, Tesla, and the US EV Industry
▼ + stars: | 2024-02-25 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

If China EV Inc. were allowed to enter the US today or next year, the legacies would be gutted." The year Musk tittered at the idea of Chinese EVs overtaking Tesla, the country produced only 5,000 electric cars. It has more trade barrier protection from a China Auto Inc. onslaught, but it may not work forever. AdvertisementWe want to maintain an auto industry in the US — that's essential for jobs, national security, and for other sectors of the economy. Sure, Chinese EV makers are lean and mean, but they've never had to deal with international markets before.

Persons: Elon Musk, Warren Buffett, Le, haven't, carmakers, Jim Farley, Tesla, Xi, Andy Wong, Xi Jinping, Li Auto, BYD, Trump, Mary Lovely, Joe Biden's, Biden, it's, Lovely, they've Organizations: Tesla, Bloomberg TV, America's, GM, Ford, Sino, EV, China EV Inc, ascendance, Chery, US, Chinese Communist Party, CCP, Companies, SAIC, Energy Department, China Auto Inc, Peterson Institute, United Auto Workers, White, Auto Locations: Chinese, China, Beijing, Japan, Europe, North America, Brussels, Washington, Hungary, Mexico, Canada, America

☆ The Fed engineered a miracle. Now comes the hard part.
▼ + stars: | 2024-02-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Yet two months into 2024, Jerome Powell and his Fed colleagues seems to have nearly pulled off what many would have called a miracle not long ago. Between a rock and a hard placeThe January Fed meeting minutes reinforced policymakers' careful approach for the months ahead. AdvertisementTo be sure, as far as policy expectations, markets have only recently arrived on the same page as the Fed. "The Fed doesn't want to be seen as having allowed inflation to reignite," he added. "The Fed doesn't want to undo all the good work they've done, and needlessly push the economy into a recession."

Persons: —, Jerome Powell, Powell, James McCann, Abrdn, Gene Goldman, CME's, Gregory Draco, Draco, Larry Summers, Summers, Cetera's Goldman, Goldman, Abrdn's McCann, McCann Organizations: Service, Federal Reserve, Business, Co, Fed, Cetera Investment Management, Bloomberg

☆ Steep rate cuts are coming as the job market looks poised to weaken, Wells Fargo strategist says
▼ + stars: | 2024-02-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewSteep rate cuts from the Federal Reserve could be coming later this year thanks to weakening in the job market, which likely isn't as robust as some of the latest data has made it out to be, according to Wells Fargo strategist Erik Nelson. Advertisement"We need a catalyst, we need some data that shows these recent, strong data were just a blip. But much of that strength may be seasonal and no longer reflected in upcoming job reports, Nelson said. Other market commentators have warned that hiring activity could weaken in 2024 as tighter financial conditions take a toll on businesses. Though the jobless rate is low, continuing unemployment claims are hovering around 1.9 million, according to Fed data.

Persons: —, Wells, Erik Nelson, Nelson, Paul Dietrich Organizations: Service, Federal, Bloomberg, Business, Fed, New York Fed, Yale School of Management

☆ There's a 'meaningful' chance the Fed's next move is a rate hike, former Treasury Secretary Larry Summers says
▼ + stars: | 2024-02-16 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

A wave of inflationary signals means that the Federal Reserve's next move could be a rate hike, former Treasury Secretary Larry Summers said. His read on recent key inflation indicators in January, including a 3.1% year-over-year increase in the consumer price index and a 0.9% rise in the producer price index, formed the basis of his rationale. When it comes to identifying deflationary trends in shelter prices, Summers noted that many economists tend to focus solely on rental markets. AdvertisementSummers noted that the Fed isn't going to want to let up too soon and risk cutting rates while inflation is still a problem. The disease tends to come back and it tends to be harder to go after the second time."

Persons: Larry Summers, Summers, there's Organizations: Federal, Bloomberg, Business

☆ Corporate borrowers are coming under stress even as the rest of the economy looks strong, top Apollo exec says
▼ + stars: | 2024-02-13 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

There are "pockets of stress" within an otherwise strong US economy, Apollo's co-president Jim Zelter said. Many corporate borrowers are grappling with high debt and a slow recovery from the pandemic. AdvertisementCorporate borrowers represent "pockets of stress" within an otherwise robust economy, according to Apollo Global Management co-president Jim Zelter. A string of strong economic indicators has been released in recent weeks. The conundrum for investors has been that strong economic data pushes back on expectations for rate cuts in the near-term.

Persons: Jim Zelter, Zelter, —, there's, it's Organizations: Service, Apollo Global Management, Bloomberg, Fed

☆ Paramount Global to lay off 800 employees after record Super Bowl ad revenue and ratings
▼ + stars: | 2024-02-13 | by ( Liam Reilly | ) edition.cnn.com time to read: +2 min

CNN —Paramount Global, the owner of broadcast and cable TV networks, announced Tuesday it will lay off hundreds of staffers as the media giant looks to reduce costs and grow revenue. The news comes just days after its CBS network saw record-breaking advertising sales and the highest-rated telecast for the Super Bowl. The company’s chief executive, Bob Bakish, announced the layoffs in a memo to employees Tuesday obtained by CNN. While Bakish did not specify the number of layoffs, sources familiar with the matter told CNN around 800 employees, or roughly 3% cut of the company’s workforce, will be affected. Paramount is the latest media conglomerate to lay off staffers in 2024.

Persons: Bob Bakish, Bakish, —, ” Bakish, Shari Redstone, David Zaslav, David Ellison’s Skydance, Condé Nast Organizations: CNN, Paramount Global, CBS, Super, National, Warner Bros, Discovery, RedBird, Paramount, Bloomberg, Los Angeles Times, TIME, Business, Condé, Forbes, The New York Daily News

☆ Consumer culture’s queen Martha Stewart walked so a generation of lifestyle influencers could run
▼ + stars: | 2024-02-03 | by ( Catherine | Thorbecke | ) edition.cnn.com time to read: +5 min

CNN —In the spring of 2015, homemaking expert Martha Stewart was giving Justin Bieber some dating advice. Long before Kylie Jenner may or may not have become a self-made billionaire, Stewart became the first woman to actually achieve that status when the company she founded, Martha Stewart Living Omnimedia, went public in 1999. But the “Martha Stewart” brand lives on across thousands of products that reach approximately 100 million consumers each month, according to a tally from the current owner, Marquee Brands. There is no modern lifestyle brand without Stewart, who taught a generation of women how to turn themselves into a brand and grow a business. After she sold her namesake brand, Stewart has turned to social media to unlock new streams of revenue while still forging what feels like authentic connections with her millions of followers.

Persons: Martha Stewart, Justin Bieber, Stewart, Justin, Long, Kylie Jenner, Omnimedia, MSLO, Martha Stewart ”, ”, Michael Kupinski, “, ” Kupinski, ” It’s, Gwyneth Paltrow, Jessica Alba, TikTok, ” Martha Stewart, Marc Bryan, Brown, ” Claire Saffitz, Gary Nardilla, Martha, ” Nardilla, Stewart’s, Tang ”, Martha’s, Saffitz Organizations: CNN, Comedy, Marquee Brands, Noble Financial Capital Markets, Bloomberg, Everett, CNN Studios Locations: West Virginia, Instagram, Martha’s Chard

☆ China is stepping up to save its economy this year, but the data just doesn't seem to be getting much better
▼ + stars: | 2024-02-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

In January, authorities pulled about a dozen moves to stabilize a stock market rout and to support the property sector. But China's economic data isn't encouraging, and investor confidence is still low. Investors are cautiousThe moves gave some support to Chinese markets, but investors are still cautious. China's economic data hasn't been rosy either. Consumer appetite for property is still lowStill, overall consumer appetite for the property market appears to be in the dumps.

Persons: —, Hao Hong, Premier Li Qiang, Hong, Min Lan Tan, Tan Organizations: Service, Bloomberg, Grow Investment, Premier, Reuters, Investors, CSI, Securities Times, Estate Information Corp, Asia Pacific, UBS, Nikkei Locations: China, Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou, Guangxi, Nikkei Asia

☆ Unemployment will double by the end of the year with an economic hard landing inevitable, strategist says
▼ + stars: | 2024-01-29 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Unemployment will double to 6%-7% and a hard landing will hit by the end of 2024, a Mizuho strategist said. "The inflation decline is not a benign indicator of, oh, we've done it, we've got a soft landing." "The hard landing will be a sharp increase in unemployment," Mizuho strategist Dominic Konstam told Bloomberg TV on Monday, forecasting unemployment rates at 6% or 7% by the end of the year. The labor market is increasingly coming into focus in the soft landing debate, as hiring stalls and layoffs increase. "The inflation decline is not a benign indicator of, 'oh, we've done it, we've got a soft landing,'" he said.

Persons: we've, —, Mizuho, Dominic Konstam, Goldman Sachs, Konstam, Powell Organizations: Service, Bloomberg, ata Locations: Covid

☆ 3 reasons the US economy's strength right now is a head-fake, according to Mohamed El-Erian
▼ + stars: | 2024-01-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The narrative that the US economy could achieve a soft landing still faces challenges, Mohamed El-Erian told Bloomberg TV. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMarket confidence in a US soft landing ignores three vulnerabilities that still pose a recessionary threat, economist Mohamed El-Erian told Bloomberg TV. The bank expects a noticeable mid-year slowdown, contrasting Wall Street's soft landing consensus. Secondly, inflation will also keep a recession on standby, as it's no given that it won't rebound, El-Erian warned.

Persons: Mohamed El, Erian, —, it's, Wells, November's, I've, Yemen's Houthi Organizations: Bloomberg, Service, Federal Reserve Locations: Europe, Red, Africa

☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ Israel's central bank estimates spending to fight Hamas will be about 10% of GDP
▼ + stars: | 2024-01-17 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Israel's war with Hamas is costing the country the equivalent of 10% of GDP, the central bank's governor said. The Bank of Israel has estimated that it will cost about $58 billion between 2023 and 2025. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Hamas war will cost Israel the equivalent of a 10th of the country's GDP, the central bank's chief said on Wednesday. AdvertisementThe central bank has also stepped in to stop the shekel from sliding last year, providing $15 billion through swap lines, and pushing the currency up 8.8% against the dollar in November.

Persons: —, Amir Yaron, Yaron Organizations: The Bank of Israel, Service, Bank of Israel, Bloomberg Locations: Israel

☆ The US economy is in a Goldilocks period, and the Fed has a 'loaded gun' it can use if conditions worsen, Apollo co-president says
▼ + stars: | 2023-12-05 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

The Fed has a "loaded gun" it can use if the Goldilocks economy worsens, Apollo Asset Management's co-president said. That's as the central back has kept rates high, giving policymakers room to lower them. "I would argue that the Fed put is back, sort of, on the market right now," James Zelter told Bloomberg TV. AdvertisementZelter noted the Fed has maintained "fairly high rates," which currently stand at 5.25%-5.5% — the highest since 2001 . Those Goldilocks conditions have helped stocks rocket upwards, as markets bet on the end of the Fed's rate hikes.

Persons: That's, James Zelter, —, Zelter, Mohamed El Organizations: Fed, Bloomberg, Service, Apollo Asset Management

The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

☆ Dollarization will provide an 'incredible boost' to Argentina's economy, veteran emerging-markets investor says
▼ + stars: | 2023-11-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

A plan by Argentina's president-elect to dollarize the economy won the backing of Mark Mobius. The veteran emerging-market investor said the currency shift would be an "incredible boost" for the economy. The comments from the veteran emerging-market investor come after Javier Milei won Argentina's presidency over the weekend, bringing his dollarization plans a step closer to reality. Dollarization critics have warned that a sudden currency switch could trigger a recession, citing a shortage of dollar reserves at Argentina's central bank. AdvertisementMobius also warned that the current condition of Argentina's economy has made investing there difficult.

Persons: Mark Mobius, —, Javier Milei, Milei, Mobius, Milei's, it's Organizations: Service, Bloomberg, Argentina's, Mobius, Federal Reserve Locations: Argentina, Argentina's

☆ Satya Nadella says he wants governance changes on OpenAI's board but didn't say if Microsoft is getting a seat
▼ + stars: | 2023-11-21 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

Microsoft CEO Satya Nadella said that he wants changes to the OpenAI board after it fired Sam Altman. During these interviews, he offered nothing but praise for recently ousted OpenAI CEO Sam Altman but made comments about OpenAI's board governance. "We just want to make sure that things are done in a way that will allow us to continue to partner well," Nadella told the outlet. Nadella told Swisher that he was blindsided by the Friday ousting of Altman by the board of directors. "I've not been told about anything," Nadella told Bloomberg TV Monday.

Persons: Satya Nadella, Sam Altman, Nadella, Altman, —, Kara Swisher, BloombergTV, Swisher, Sam, Greg Brockman, wasn't Organizations: Service, CNBC, Microsoft, OpenAI, Bloomberg Locations: OpenAI

☆ Silicon Valley agrees that Satya Nadella is winning
▼ + stars: | 2023-11-21 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Satya Nadella has strengthened Microsoft by snapping up Sam Altman amid the ongoing drama at OpenAI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAs the rapidly unfolding saga at OpenAI continues, key players and observers in the tech industry have been heaping praise on Satya Nadella for his clever strategizing. He wrote in an X post , "You now understand why Satya Nadella is one of the greatest tech CEOs of this generation." "Incredible execution by Satya in one of the most dynamic situations in tech history," he said in an X post .

Persons: Satya Nadella, Sam Altman, Dan Ives, Altman, —, OpenAI, Nadella, Greg Brockman, Brockman, Aviral Bhatnagar, Aaron Levie, Satya, Jim Fan, Fan, Altman's, doesn't, it's, Sam Organizations: Microsoft, Service, Guardian, Bloomberg, Wedbush, Business, Venture, RBC Capital Markets, Nvidia Locations: OpenAI

☆ Satya Nadella says it doesn't matter where Sam Altman ends up because he'll still be working with Microsoft anyway
▼ + stars: | 2023-11-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Satya Nadella said Sam Altman will be working with Microsoft no matter where he ends up working. On Monday, the Microsoft CEO announced he hired Altman after the former OpenAI CEO's shock firing. AdvertisementOn Monday, Microsoft CEO Satya Nadella announced he was hiring Sam Altman. Still, Nadella told Bloomberg TV on Monday it doesn't matter where Altman ends up working — because "irrespective of where Sam is, he's working with Microsoft." OpenAI only told Microsoft about Altman's ouster a few minutes before its announcement, sources told Business Insider's Kali Hays and Ashley Stewart.

Persons: Satya Nadella, Sam Altman, Altman, —, Greg Brockman, Brockman, Nadella, Sam, OpenAI, Kali Hays, Ashley Stewart Organizations: Microsoft, Service, Bloomberg, BI Locations: Silicon Valley, OpenAI

☆ JPMorgan boss Jamie Dimon warns it's too early for a Fed victory lap, as inflation 'may not go away that quickly'
▼ + stars: | 2023-11-15 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Markets are probably overreacting to the October inflation data, according to Jamie Dimon. The JPMorgan CEO told Bloomberg that he's "afraid inflation may not go away that quickly". AdvertisementThe Federal Reserve shouldn't call time on its inflation fight just yet, according to Jamie Dimon. "I'm afraid inflation may not go away that quickly," Dimon added. AdvertisementThe JPMorgan boss isn't the only big name on Wall Street telling markets not to put too much stock in Tuesday's CPI print.

Persons: Jamie Dimon, —, Stocks, Dimon, El Financiero, that's, Dimon –, they've, isn't, Ken Griffin Organizations: JPMorgan, Bloomberg, Service, JPMorgan Chase, El Financiero Bloomberg, CPI, Billionaire Citadel

☆ Citadel chief Griffin weighs backing Haley in Republican primary
▼ + stars: | 2023-11-14 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

Billionaire Citadel CEO Ken Griffin is "actively contemplating" financially supporting former U.S. ambassador to the United Nations Nikki Haley in the Republican primary for president. Yes or no," Griffin said in an interview Tuesday with Bloomberg TV, when asked whether he planned to financially support Haley. Griffin is the latest of several wealthy, Republican donors who have said in recent days that they plan to support Haley over Trump and the rest of the primary field. But on Monday he told CNBC that following Scott's announcement, he planned to support Haley exclusively from now on. Until Sunday, Sabin had been fundraising for Scott's primary effort.

Persons: Ken Griffin, Nikki Haley, we're, Griffin, Haley, Forbes, Donald Trump, Trump, Ron DeSantis, Sen, Tim Scott, Scott, Stanley Druckenmiller, Druckenmiller, Andy Sabin, Sabin, Eric Levine Organizations: Citadel, CNBC's, Alpha, Billionaire Citadel, U.S, United, Republican, Bloomberg, Florida Gov, Trump, CNBC Locations: New York, New York City

China's delegate to the meeting, Vice Minister of Science and Technology Wu Zhaohui, was present on Thursday, his ministry said on Friday. The Chinese technology ministry declined to say why China did not agree to the proposal, which was about AI model testing. British Prime Minister Rishi Sunak chaired Thursday's meeting that comprised "a small group of like-minded senior representatives from governments around the world", Britain said, including the U.S. vice president and the EC president. Some British lawmakers had criticised China's participation in the inaugural AI summit. Sunak told reporters: "Some said we shouldn't even invite China, others said we would never get an agreement with them.

Persons: Ursula von der Leyen, Kamala Harris, Rishi Sunak, Giorgia Meloni, Antonio Guterres, Yoshua Bengio, Mila, Microsoft Brad, Technology Wu Zhaohui, Wu, Oliver Dowden, Sunak, Paul Sandle, Brenda Goh, Alistair Smout, Cynthia Osterman Organizations: Italy's, UN, Quebec AI Institute, Microsoft, Safety, Science, Technology, Bloomberg, U.S, European Union, Thomson Locations: British, SHANGHAI, LONDON, China, Britain, Beijing, Bletchley Park, England, United States, Bletchley, London, Shanghai

☆ Markets are misreading Fed officials' comments, and the central bank could still raise rates, analyst warns
▼ + stars: | 2023-10-17 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

The markets have been misinterpreting recent Fedspeak, a Barclays analyst said. Markets "have read far too much into recent Fedspeak that implied that these higher rates might have done some of the heavy lifting." If a strong US economy is driving interest rates higher, the Fed may have to hike rates again. But I think we've read far too much into recent Fedspeak that implied that these higher rates might have done some of the heavy lifting," she said. The so-called Fedspeak infused markets with optimism that the central bank will be pausing rate hikes.

Persons: —, Meghan Graper, isn't, Powell, Jerome Powell, Graper Organizations: Barclays, Service, Bloomberg, Economic, of New Locations: of New York

☆ Tensions are boiling over as America's elite colleges respond to Hamas' terrorist attack on Israel
▼ + stars: | 2023-10-13 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

Tensions have boiled over around how colleges are responding to Hamas' terrorist attack on Israel. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementTensions are running high at America's elite colleges, as students, professors, and well-connected, wealthy alumni respond to Hamas' terrorist attack on Israel. At Harvard, the much-maligned student letter has been deleted, after several student groups retracted their support for it.

Persons: —, Bill Ackman, Mark Rowan, Stanford, Larry Summers, Summers, Joe McCarthy, Jason Furman, Ackman, Israel, Alex Morey Organizations: Elite, Harvard, Yale, Penn, Service, Harvard Palestine Solidarity Groups, Cambridge, University of Pennsylvania, Apollo Global Management, Twitter, Indiana University, Columbia University, New York Police, . Police, Bloomberg, NYU, University of Arizona, Foundation, Rights Locations: Israel, Penn, Palestine, New York, Hamas, Gaza

☆ Former Harvard president Larry Summers thinks Bill Ackman asking for lists of student names is the 'stuff of Joe McCarthy'
▼ + stars: | 2023-10-12 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Bill Ackman wants Harvard to disclose the names of students blaming Israel for Hamas attacks so potential employers can avoid hiring them. Former Harvard president Larry Summers told Bloomberg he thought Ackman was "getting a bit carried away" with his call. Summers told Bloomberg in an interview on Wednesday he thought Ackman was "getting a bit carried away" with his call for the university to release students' names. Many in the groups had no idea there was even going to be a letter," Summers said during the interview. AdvertisementAdvertisementThe former Harvard president echoed some of these sentiments in a post he published on X shortly after the interview.

Persons: Bill Ackman, Israel, Larry Summers, Ackman, Joe McCarthy, —, Ackman's, Summers, McCarthy, Joseph McCarthy, Ted Cruz, Boaz Barak, Harvard Hillel — Organizations: Harvard, Bloomberg, Service, Harvard University, American, Ackman

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