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At the Milken Institute’s Global Conference this week, a little-known risky financial tool became the subject of a hot debate among Wall Street titans. Many private equity firms have quietly begun mortgaging their investment funds, piling leverage upon leverage. In other words, they’re taking out loans against the businesses they’ve already taken out loans to buy. At a time when dealmakers are desperate to raise new cash after the boom of the pandemic era, this mechanism — known as a net asset value loan — is allowing them to do it overnight. firms are using the tool as they set out to raise their next funds, especially those confronting a hurdle during a slow period for dealmaking: They have yet to return cash to the limited partners they tapped for their last round.

Organizations: Milken Institute’s Global Conference, Wall Street titans

☆ Malaysia’s ‘orangutan diplomacy’ plan slammed as ‘obscene’
▼ + stars: | 2024-05-11 | by ( Heather Chen | ) edition.cnn.com time to read: +6 min

Halved oil palm kernels are seen on the trade floor of a commodities conference and exhibition in Kuala Lumpur. “Orangutan diplomacy will not solve Malaysia’s deforestation crisis,” Heng Kiah Chun, a regional campaign strategist for Greenpeace Southeast Asia, told CNN. By 2012, their numbers had dropped by almost two-thirds, to 104,700 and the decline has continued,” the WWF report said. Therefore it is crucial that all remaining orangutan habitats are conserved,” WWF Malaysia told CNN in a statement. “Orangutan conservation is best achieved by ensuring the protection and conservation of their natural habitats – and that no further forest conversion into palm oil plantations is allowed.”

Persons: ”, Johari Abdul Ghani, ” Ghani, Tengku Bahar, ” Stuart Pimm, Pimm, Ghani, ” Heng Kiah Chun Organizations: CNN, Getty, Duke University, Malaysia’s Ministry of, Commodities, Chengdu Research Base, Visual China, Malaysian, World Wildlife Fund, WWF, Rimba, Greenpeace Southeast, CNN Conservation, WWF Malaysia Locations: China, Australia, Malaysia, Asia, Indonesia, Kuala Lumpur, Beijing, Malaysian, EU, India, Tengku, AFP, South Carolina, Greenpeace Southeast Asia, WWF Malaysia, Borneo, Brunei, “

☆ How the Fed’s quest for transparency made markets more volatile
▼ + stars: | 2024-05-11 | by ( Merritt Enright | ) www.cnbc.com time to read: +2 min

Markets typically respond to Fed comments with price swings in either direction, and recent research shows they are particularly reactive to Powell. And given the Fed's "data-dependent" approach, the baseline can change rapidly as new economic reports are released. "So now we're stuck with a system where there's only one view, there's only one outlook, it's a baseline outlook. And there's really no way to understand the Fed's thinking about where are the risks." Watch the video above to learn more about how the Fed's busy speaking schedule can create market volatility and how it balances transparency with market impact.

Persons: Jerome Powell, Powell, Andrew Levin, —, Levin, Ben Bernanke Organizations: Fed, Federal, Center for Economic Policy Research, Dartmouth College, Federal Reserve Locations: Federal, what's

☆ The Long, Tortured Road to Biden’s Clash With Netanyahu Over Gaza War
▼ + stars: | 2024-05-11 | by ( Peter Baker | ) www.nytimes.com time to read: +1 min

President Biden laid it out for Prime Minister Benjamin Netanyahu of Israel long before letting the public know. For the first time, the president who had so strongly backed Israel’s war against Hamas was essentially threatening to change course. Six days later, on Feb. 17, Mr. Biden heard from Secretary of State Antony J. Blinken. Despite the president’s warning, Mr. Blinken reported that momentum for an invasion of Rafah was building. Mr. Netanyahu responded defiantly, vowing to act even “if we need to stand alone.”

Persons: Biden, Benjamin Netanyahu, Israel, Antony J, Blinken, Netanyahu, ” Organizations: Hamas Locations: Gaza, Rafah, Munich, United States, Israel

☆ Consumer sentiment tumbles as inflation fears surge, closely watched survey shows
▼ + stars: | 2024-05-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Consumer sentiment slumped as inflation expectations rose, despite otherwise strong signals in the economy, according to a closely watched survey released Friday. The University of Michigan Survey of Consumers sentiment index for May posted an initial reading of 67.4 for the month, down from 77.2 in April and well off the Dow Jones consensus call for 76. Along with the downbeat sentiment measure, the outlook for inflation across the one- and five-year horizons increased. The inflation readings represent the biggest pitfall for policymakers as the Federal Reserve contemplates the near-term path of monetary policy. The next important data point for inflation comes Wednesday when the Labor Department releases its consumer price index report for April.

Persons: Dow Jones, Joanne Hsu, Paul Ashworth, Jeffrey Roach, it's, Jerome Powell Organizations: The University of Michigan Survey, Dow, North, Capital Economics, Federal Reserve, LPL, Fed, Labor Department Locations: North America, Michigan

☆ There’s a surprising bit of good news lurking in the stock market
▼ + stars: | 2024-05-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders fear that elevated rates will uphold painfully high borrowing costs for consumers, squeeze corporate profit and weigh down the market. The labor market has stayed strong, consumers have continued spending and stocks have notched repeated record highs. The April jobs report was a welcome sign that the labor market is cooling without cratering. The labor market added just 175,000 positions last month, marking its lowest tally since October 2023 and a sharp cooldown from the upwardly revised 315,000 jobs added in March. First-time applications for unemployment benefits climbed last week to 231,000, the highest level since last August, in another sign that the labor market is cooling.

Persons: “, ”, Jeff Buchbinder, Jerome Powell, ” Powell, April’s, David Russell, Matt Egan, Wally Adeyemo, Read, Diksha Madhok, Narendra Modi, Modi, Mukesh Ambani, Gautam Adani, Ambani, Ji, ” Modi, Rahul Gandhi Organizations: CNN Business, Bell, New York CNN, Federal, Traders, CNN, Fed, LPL, ” Treasury, Treasury, Reliance Industries, Adani, Indian National Congress Locations: New York, Thursday’s, ’, India

☆ Here are Friday's biggest analyst calls of the day: Nvidia, Tesla, Apple, 3M, Bumble, Nike, Walmart, Palantir & more
▼ + stars: | 2024-05-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Wedbush reiterates Apple as outperform Wedbush said it's standing by its outperform rating on shares of Apple . Bank of America reiterates Palantir as buy Bank of America said it's standing by its buy rating on shares of Palantir. Bank of America initiates Apogee Therapeutics at buy Bank of America said the biotech company has best-in-class potential. Bank of America upgrades Bumble to buy from neutral Bank of America sees "multiple expansion" for the dating app company. Bank of America reiterates Walmart as buy Bank of America said it's bullish heading into Walmart earnings on May 16.

Persons: Bernstein, Wedbush, Palantir, Wells, CRNC, Stifel, TD Cowen, Morgan Stanley, Raymond James, it's, Bumble, Lear, Tesla, Oppenheimer, Guggenheim Organizations: Nvidia, Citi, Cheesecake, Apple, Worldwide, " Bank of America, Bank of America, Mizuho, Apogee Therapeutics, Warner Brothers Discovery, HSBC, TPG, of America, Dominion, underperform Bank of America, Dominion Energy, Barclays, Nike, Walmart, Supercenters, Moffett Locations: WWDC, Palantir, OW, U.S

☆ Legendary investor Stanley Druckenmiller says copper is a great bet for the next 6 years because EVs, data centers, and missiles all depend on it
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Billionaire investor Stanley Druckenmiller says demand from EVs, data centers, and even missiles are a boon for copper. Druckenmiller initiated a new position in copper miner Freeport-McMoRan in the fourth quarter. AdvertisementThe price of copper will hit new record highs over the next five to six years, according to billionaire investor Stanley Druckenmiller. "Copper is a pretty simple story, takes about 12 years, greenfield to produce copper, and you got EVs, the grid, data centers, and believe it or not munitions. At the 2023 Sohn Investment Conference, Druckenmiller said copper was "in the tightest position, well frankly I've ever studied."

Persons: Stanley Druckenmiller, Druckenmiller, —, Druckenmiller's, he's Organizations: Service, CNBC, Investment Locations: Freeport, McMoRan, Ukraine, Israel, Taiwan

☆ OpenAI reportedly plans to announce Google search competitor on Monday
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +1 min

OpenAI plans to announce its artificial intelligence-powered search product on Monday, according to two sources familiar with the matter, raising the stakes in its competition with search king Google. OpenAI plans to announce its artificial intelligence-powered search product on Monday, according to two sources familiar with the matter, raising the stakes in its competition with search king Google. Bloomberg and the Information have reported that Microsoft -backed OpenAI is working on a search product to potentially compete with Alphabet's Google and with Perplexity, a well-funded AI search startup. OpenAI's search product is an extension of its flagship ChatGPT product, and enables ChatGPT to pull in direct information from the Web and include citations, according to Bloomberg. ChatGPT is OpenAI's chatbot product that uses the company's cutting-edge AI models to generate human-like responses to text prompts.

Persons: ChatGPT Organizations: Google, Bloomberg, Microsoft

☆ Eurovision is back, but will Baby Lasagne or Nemo triumph? Your complete guide
▼ + stars: | 2024-05-10 | by ( Rob Picheta | ) edition.cnn.com time to read: +11 min

“People are like ‘OK, Sweden is the spiritual home of Eurovision’ – I see Eurovision as this moving entity,” she tells CNN. “The whole product, ABBA, is a vibe, isn’t it?”ABBA sing "Waterloo" at Eurovision 50 years ago. But ABBA are the past; Baby Lasagne, Windows95Man and Nemo – a person, not a fish – are very much the present. This year’s slim favorite is Baby Lasagne, whose arena-pounding anthem “Rim Tim Tagi Dim” describes a brain drain affecting Croatian towns. He credits his fiancée with helping him launch his career – “She’s the lasagne, and I’m just the baby,” he tells CNN.

Persons: Paul Anka, Abba –, Loreen, –, “, Loreen –, they’ve, ” Loreen, Olle Lindeborg, Lasagne, Nemo, Sarah Bonnici, aga, you’d, Music ”, Dominic Lipinski, Marcus, Martinus, ”, – “, I’m, Switzerland’s Nemo, ” Nemo, ” Joost Klein's, Jens Büttner, Joost Klein, Teemu Keisteri, he’s, Windows95Man, it’s, Belgium’s Mustii, Bonnie Tyler’s, Sanjin, Marina Satti, Hera Bjork, ” Saba, Slimane, who’s, ” Poland’s Luna, Jeff Spicer, ” we’re, Luna “, doesn’t, we’re, ” Portugal’s, … “, Alyona Alyona, Jerry Heil, Jens Bittner, ” Joost Klein, bro, airdropped, Angelina, Greta Thunberg, Eden Golan, audibly, they’ll, oddballs gunning Organizations: CNN, Waterloo, Malmo, Eurovision, Getty, Pulitzer, aga … aaa, aaa, United, Music, MAG, San, ” “ Hurricanes, Israel, European Broadcasting Union Locations: Sweden, AFP, Malmo, Europe, Armenia, wail, Gaza, Israel

☆ Apple is revamping Siri with generative AI to catch up with chatbot competitors, report says
▼ + stars: | 2024-05-10 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

Apple plans to implement generative AI into its virtual assistant Siri, NYT reported. Apple reportedly wants the AI Siri to be able to chat, summarize texts, and do existing tasks better. The report comes amid fears that Apple is lagging behind competitors when it comes to gen AI. AdvertisementThe report comes amid talk that Apple is playing catchup to competitors on AI, as the company hasn't yet made any generative AI announcements. The iPhone company's CEO, Tim Cook, has teased during earning calls that big news about generative AI products is right around the corner.

Persons: Siri, —, Apple, catchup, Tim Cook Organizations: Apple, Service, The New York Times, Times

☆ NBA Playoffs: Cleveland Cavaliers stun Boston Celtics on the road 118-94 to steal Game 2
▼ + stars: | 2024-05-10 | by ( Samuel Joseph | Sam Joseph | ) edition.cnn.com time to read: +4 min

CNN —The Cleveland Cavaliers leveled their Eastern Conference semifinal series against the Boston Celtics, taking down the No. The Cavaliers bounced back from a demoralizing Game 1 blowout to flip the script and steal home-court advantage away from Boston. All-Star guard Donovan Mitchell scored 29 points, grabbed seven rebounds and dished out eight assists to help Cleveland to its first win of the series. I was just continuing to find ways to apply pressure on them,” said Mitchell after the game. Joshua Gateley/Getty ImagesPJ Washington added another 29 points and 11 rebounds for Dallas, while Gilgeous-Alexander led OKC with 33 points, 12 rebounds, eight assists and two blocks.

Persons: Donovan Mitchell, Cavs, Mitchell, ”, Evan Mobley –, Jarrett Allen, –, Caris, Jayson Tatum, Tatum, Max Strus, Brian Babineau, Jaylen Brown, Joe Mazzulla, “, Luka Dončić, Dončić –, Shai Gilgeous, Alexander, Nikola Jokić –, ” Dončić, “ I’m, Joshua Gateley, PJ Washington, OKC Organizations: CNN, The Cleveland Cavaliers, Eastern Conference, Boston Celtics, Cavaliers, Celtics, “, Six Cavaliers, Cleveland, Miami Heat, Boston, Mavericks, Thunder, Dallas Mavericks, Oklahoma City Thunder, Dallas, American Airlines Center Locations: Boston, Cleveland, Ohio, Slovenian, Oklahoma, Dallas

☆ Film Academy Looks Overseas for Donors
▼ + stars: | 2024-05-10 | by ( Robin Pogrebin | More About Robin Pogrebin | ) www.nytimes.com time to read: +1 min

The Academy of Motion Picture Arts and Sciences on Friday announced a global $500 million fund-raising effort to help diversify its base of support and ensure its financial future in a period of transformation for the film industry and the nonprofit cultural sector. “Both are going through radical business model shifts right now due to changing audience habits and revenue streams,” Bill Kramer, the chief executive of the Academy of Motion Picture Arts and Sciences, said in an email. The academy plans to use about $300 million of the new funds to bring its endowment to $800 million; the remainder will go toward operating expenses and special projects. The academy currently has an annual operating budget of about $170 million, 70 percent of which comes from its Oscars broadcast deal with Disney and ABC, which runs through 2028. About $45 million of the operating expenses are used by the Academy Museum of Motion Pictures.

Persons: Bill Kramer, ” Organizations: Motion Picture Arts, Sciences, Academy of Motion Picture Arts and Sciences, Disney, ABC, Academy Museum of Motion Pictures Locations: Rome, Italian

☆ Traders reassess Bank of England rate cuts as UK grows at fastest rate in nearly 3 years
▼ + stars: | 2024-05-10 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Bank of England Governor Andrew Bailey attends the central bank's Monetary Policy Report press conference at the Bank of England, in London, on May 9, 2024. Markets on Friday were pricing in an around 48% chance of a rate cut in June according to LSEG data, slightly higher than Thursday's 45% probability. "The broader message and the tone of the MPC were more dovish than we had anticipated," they said in a note published following the BOE's latest interest rate decision. The central bank on Thursday said it would leave interest rates unchanged for now, and stressed that a June rate cut was in no way guaranteed. Two members of the Monetary Policy Committee voted to cut rates, one more than at the central bank's previous meeting.

Persons: Andrew Bailey, Yui Mok, YUI MOK, BOE Organizations: England, Bank of England, The Bank of England, Getty, Swiss Bank UBS, MPC, Monetary Locations: London

☆ Grammy nominee Bas said AI still can't make music that evokes feeling: 'AI never been to the club.'
▼ + stars: | 2024-05-10 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Bas said AI can't yet replicate human experiences and evoke emotions in music. Bas said human taste is essential to helping AI make music enjoyable. "The core of writing music, you're trying to evoke an emotion out of your audience, whether it's joy, heartbreak, whatever the case may be," Bas said at the "Leading with AI" conference this week. With AI tools, "when I try to give it those prompts, it's a little tough to get that across." Related storiesThe "Leading with AI" conference was hosted by Harvard's Digital Data Design Institute and Harvard Business School, which drew leaders in business, technology, and academia to discuss the challenges and opportunities of AI.

Persons: Bas, —, it's, They're Organizations: Harvard, Service, Harvard's, Design Institute, Harvard Business School

☆ Asia is an 'advanced player' in cryptocurrency, says Ledger CEO
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsia is an 'advanced player' in cryptocurrency, says Ledger CEOPascal Gauthier, CEO of the digital asset security and utility company, discusses the Bitcoin Asia conference in Hong Kong and the state of the cryptocurrency industry in the region.

Persons: Pascal Gauthier Organizations: Asia Locations: cryptocurrency, Asia, Hong Kong

☆ Xi wants to boost trade and investment between Europe and China. It won't be easy.
▼ + stars: | 2024-05-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

According to the business chamber's survey, just 13% view China as a top investment destination — a record low. EU firms' China operations are 'decoupling' from their headquartersIt's not just the gloomy economy and slowing demand that are weighing on investor confidence. EU firms have also started to "decouple" their operations in China as the number of foreign nationals employed locally falls. It also makes it increasingly difficult for the China operations of the EU firms to get approval from their headquarters. The European business chamber called for "full access to legitimate and trustworthy sources of economic data" in its report.

Persons: —, Xi Jinping, It's, Jens Eskelund Organizations: Service, European Union Chamber of Commerce, Business Locations: Europe, France, Serbia, Hungary, China

☆ Guyana: Nigel Dharamlall accused of sexual assault by another woman
▼ + stars: | 2024-05-10 | by ( Tara John | ) edition.cnn.com time to read: +4 min

The accuser, economist Sarah Aneesah Hakh, told an online press conference held in the capital Georgetown that former Minister Nigel Dharamlall sexually assaulted her in 2020 and 2021. Hakh said the first alleged incident occurred during a business meeting when Dharamlall was Guyana’s senior minister of regional development. He has been photographed recently with Guyanese President Irfaan Ali and Vice President Bharrat Jagdeo. In a March statement, Guyanese women’s rights group Red Thread criticized officials for failing the accuser. During their meeting, Hakh alleges Dharamlall tried to remove her clothes.

Persons: Sarah Aneesah Hakh, Nigel Dharamlall, Hakh, Dharamlall, ” Hakh, Irfaan Ali, Bharrat Jagdeo, “, ”, Ali, ‘, they’re Organizations: CNN, People’s Progressive Party, ” CNN, Anna Regina State House, Dharamlall, Guyanese Locations: Guyana, Georgetown, Guyanese, Cummings

☆ Dollar nurses losses after another set of soft jobs data
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +4 min

Against the Japanese yen, the dollar was trading at 155.39 yen , down from highs of 155.95 hit in the previous session. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 105.25. "We note jobless claims are weekly data that can be very volatile from week to week," Commonwealth Bank of Australia's Joseph Capurso, said in a note. "The BoE's urgency and willingness to cut ahead of the Fed will continue to weigh on the currency," Goh said. Being added to the list makes it harder for U.S. suppliers to ship to the targeted entities.

Persons: Commonwealth Bank of Australia's Joseph Capurso, Shunichi Suzuki, Rong Ren Goh, Sterling, BoE, Goh Organizations: U.S, Federal Reserve, dovish Bank of England, Commonwealth Bank of Australia's, Tokyo, Japan's Finance, Eastspring Investments, Bank of England, Monetary, Committee, Fed, Treasury, Traders, PPI, Federal Locations: U.S, United States

☆ Justice Thomas Denounces ‘the Nastiness and the Lies’ Faced by His Family
▼ + stars: | 2024-05-10 | by ( Abbie Vansickle | ) www.nytimes.com time to read: +1 min

Justice Clarence Thomas denounced on Friday “the nastiness and the lies” that have shadowed him in recent years as public scrutiny has mounted over his wife’s efforts to subvert the 2020 election and luxury gifts he has accepted from billionaire friends. It amounted to some of the most extensive public remarks he has made since revelations that he failed to disclose years of lavish trips from wealthy conservatives, like the Texas real estate magnate Harlan Crow, including on private jets and a superyacht. “My wife and I, the last two or three years, just the nastiness and the lies,” said Justice Thomas, who did not specify what he was referring to in addressing a full ballroom of lawyers and judges gathered for a judicial conference in Alabama. “There’s certainly been a lot of negativity in our lives, my wife and I, over the last few years, but we choose not to focus on it.”The justice faced calls for recusal after text messages and emails showed that his wife, Virginia Thomas, known as Ginni, sought to overturn the election, appealing to administration officials and lawmakers. Justice Thomas has continued to participate in a number of cases related to the 2020 election, including three about Jan. 6 on the docket this term.

Persons: Clarence Thomas, Harlan Crow, “, ”, Thomas, “ There’s, Virginia Thomas, Justice Thomas Locations: Texas, Alabama

☆ Justice Kavanaugh on the Presidency, the Court and Taylor Swift
▼ + stars: | 2024-05-10 | by ( Adam Liptak | ) www.nytimes.com time to read: 1 min

As the Supreme Court term enters its homestretch, Justice Brett M. Kavanaugh shared reflections on presidential power, the court’s popularity and Taylor Swift at a judicial conference in Austin, Texas, on Friday. He did not discuss the many major cases that will be decided by early July, including ones affecting former President Donald J. Trump, abortion and gun rights. He talked about his years as staff secretary to President George W. Bush and the insights they had given him on the pressures of the office of the presidency. “Being a Supreme Court justice is hard, some days. Neither is anything close to being president in terms of the stress, the difficulty, the pressure, day to day, no matter who is president.”

Persons: Brett M, Kavanaugh, Taylor Swift, Donald J, Trump, George W, Bush, “, ” Locations: Austin , Texas

☆ Sports gambling is taking a cue from Wall Street, and it could be a problem for sportsbooks
▼ + stars: | 2024-05-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how a sports bettor trying to hedge a $1.7 million payout shows the gambling world is taking a page out of Wall Street's book . The big storySports gambling goes Wall StreetiStock; Rebecca Zisser/BIHow would you like to turn $100 into $1.7 million in a little over a year? Thanks to a secondary market for gambling tickets, Shelton could sell his ticket to another bettor. And not unlike Wall Street's feelings about retail traders, Shelton is the type of gambler sportsbooks love. Unlike mom-and-pop gamblers who often bet on a whim, so-called sharps' systematic approach to gambling can pose a problem for sportsbooks.

Persons: —, Rebecca Zisser, Wayne Shelton, Shelton, Matthew Fox, Anthony Edwards, Joshua Gateley, sportsbooks, Shelton's longshot, Goldman Sachs, Sam Bankman, Fried, Puck, SBF, Justin Sullivan, Getty Sundar Pichai, Pichai, Jack Dorsey, he'd, Mike Solana, Dorsey, Bluesky, Demis, Microsoft's Mustafa Suleyman, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Sports, MLB, NFL, NBA, Oklahoma City Thunder, Thunder, Dallas Mavericks, Western Conference, ESPN, Boston Celtics, Minnesota Timberwolves, Getty, Detention, MDC, Bloomberg, Bay Area, YouTube, Spotify, Apple, Warner Brothers, Justice League, Big, Honda Locations: China, Russia, Brooklyn's, Young, New York City, New York, Bay, London

☆ 'Fierce' Russian attacks test Ukraine's defenses near its 2nd largest city
▼ + stars: | 2024-05-10 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Russia has launched a major attack in Ukraine's northeastern Kharkiv region. Zelenskyy said Ukrainian forces have responded to the attack, but "a fierce battle is underway." There are fears it could be part of a renewed drive for the city of Kharkiv that Russia failed to seize in the war's early months. AdvertisementRescuers work at a house in Kharkiv on May 10, 2024 after a Russian missile attack. The analysts said Moscow lacks enough troops in the area, and did not try to attack the city from multiple directions.

Persons: Zelenskyy, —, Volodymyr Zelenskyy, Dara Massicot, Andrii, Andrii Kovalenko, Kovalenko Organizations: Service, Images, Slovakian, Carnegie Endowment, International, AP, Institute for, National Security and Defense Locations: Russia, Ukraine's, Kharkiv, Kyiv, Ukraine, Ukrainian, Vovchansk, Moscow, Russian

☆ Glen Davis: NBA champion sentenced to 40 months in prison for part in plan to defraud league’s health care plan out of millions of dollars
▼ + stars: | 2024-05-10 | by ( Ben Morse | Amanda Musa | ) edition.cnn.com time to read: +3 min

CNN —Former NBA champion Glen Davis has been sentenced to 40 months in prison for his part in a scheme to defraud the league’s health care plan out of millions of dollars, according to federal court records from the Southern District of New York. Davis – whose nickname while he played in the NBA was “Big Baby” – was also ordered to pay $80,000 in restitution, according to court documents. In November, Davis was found guilty of wire fraud, health care fraud, conspiracy to commit health care fraud and conspiracy to make false statements related to health care matters, court documents show. Williams, who has been called the “leader of the conspiracy” by prosecutors, pleaded guilty to aggravated identity theft and conspiracy to commit health care fraud and wire fraud in 2022, according to a judgment order. The scheme, Strauss said, began around November 2017.

Persons: CNN —, Glen Davis, Davis, ”, –, Terrence Williams, Williams, Rashard Lewis, Kevin C, Cox, Audrey Strauss, Strauss Organizations: CNN, NBA, Southern, of, Seattle Supersonics, Oklahoma City Thunder, Boston Celtics, Celtics, Orlando Magic, Los Angeles Clippers, Orlando, Eastern, FBI, Manhattan Locations: of New York, Beverly Hills , California, Taiwan

☆ India’s time zone: Why the world’s most populous country has a unique one
▼ + stars: | 2024-05-09 | by ( Dhruv Tikekar | ) edition.cnn.com time to read: +8 min

India’s half-hour zone dates back to colonial rule of India and the era when ever-faster steamships and trains were shrinking the world. The start of the 20th century saw some push from scientific associations to calibrate India’s time to GMT. That recommendation was rejected by the colonial government, which opted for a unified time that sat squarely in the middle: five and a half hours ahead of GMT. In 2015, North Korea moved out of sync with South Korea by creating “Pyongyang Time,” putting the country eight and a half hours ahead of GMT instead of nine. India’s colonial-era time zone decision making, however, reflected a chorus of political, scientific and commercial voices both from within the government and outside of it, Gordon says.

Persons: Hulton, ”, Geoff Gordon, Gordon, “, it’s, Wong Maye, Hugo Chávez, Nicolas Maduro, Terry Gilliam, Rube Goldberg, Maulik Jagnani, Jagnani Organizations: CNN, East India Company, Hulton Deutsch, University of Amsterdam, Madras, Washington D.C, Greenwich Meridian, Greenwich Observatory, Meridian, Royal Society, Prime Meridian, Physical Laboratory, Tufts University, NPL Locations: New York, London, Tokyo, Iran, Myanmar, Australia, India, British, Madras, Chennai, “, Bombay, Kolkata, Washington, London ., Greenwich, North Korea, South Korea, Korea, Pyongyang, Brazil, ”, Greenwich , London, China, Assam, Arunachal Pradesh, Gujarat

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