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☆ These are JPMorgan's top stock picks for clients heading into May
▼ + stars: | 2024-05-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

JPMorgan spotlighted a fresh set of stocks, reflecting its analysts' top picks as May begins, including Caterpillar , Bank of America and TJX Companies . The firm's focus list includes its top equity ideas targeted around growth, income, value and short strategies. Nicholas Rosato, head of JPMorgan's North American Equity Research, said all the stocks on the list have an overweight rating. Here are some of the top picks: United Airlines shares are up about 25% in 2024, fueled largely by a strong second-quarter earnings forecast . No longer included in this month's focus list are CMS Energy and Prologis , both of which are still rated overweight by JPMorgan.

Persons: Nicholas Rosato, Morgan Stanley, Ravi Shanker, Jay Sole, Rosato Organizations: JPMorgan, Caterpillar, Bank of America, TJX Companies, North American Equity Research, United Airlines, Boeing, Investors, UBS, CMS Energy, Prologis, CMS Locations: Thursday's, Maxx

☆ Lando Norris claims first win of F1 career, storming to victory at Miami Grand Prix in front of star-studded crowd
▼ + stars: | 2024-05-06 | by ( Ben Morse | Thomas Schlachter | ) edition.cnn.com time to read: +3 min

CNN —Lando Norris won the first race of his Formula One career, storming to victory at the Miami Grand Prix on Sunday in front of a crowd flooded with celebrities. Sunday’s victory was also McLaren’s first grand prix victory since 2021 – and second in the last 12 years. “He drove perfectly, the car was really fast.”Norris finished 7.61 seconds ahead of second-placed Verstappen to win the 2024 Miami Grand Prix. The F1 season next heads to Italy for the Emilia Romagna Grand Prix with the race weekend starting on May 17. This year’s attendance at the Miami Grand Prix was a sold out 275,000 across the race weekend, according to Formula One.

Persons: CNN — Lando Norris, Max Verstappen, Ferrari’s Charles Leclerc, – Norris, “ I’m, I’ve, ” Norris, –, McLaren, Zak Brown, Norris, ”, ” Brown, Mark Thompson, Verstappen, Brit, “, Lando, It’s, it’s, ” Verstappen, Lisa, Blackpink, Tom Brady, Blackpink’s Lisa, Camila Cabello, Ed Sheeran, Anthony Mackie, Patrick Mahomes, Travis Kelce, Odell Beckham Jr, Fred Kerley, Keke Palmer, Daniel Ricciardo, Rudy Carezzevoli, Donald Trump Organizations: CNN, Miami, Prix, McLaren, Sky Sports, Getty, Emilia, Grand Prix, Miami Grand Prix, North, NFL, Miami International, Kansas City Chiefs, Former, Formula One Locations: British, Italy, Grand, North America

☆ Dozens of former employees plan to sue Bowlero alleging discrimination after EEOC closes case, lawyer says
▼ + stars: | 2024-05-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. "Because of limited resources, we cannot file a lawsuit in every case where we find discrimination," the EEOC explains on its website. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they "are pleased with the outcome of the EEOC investigation."

Persons: Bowlero, Thomas Shannon, Robert Lavan, there's, it's, Daniel Dowe, EEOC, Dowe, Alex Spiro, Hope Skibitsky, Quinn Emanuel, Thomas Tanase, Tanase's, didn't Organizations: U.S, Commission, CNBC, AMF, Lucky, Wall Street, Bowlero Locations: North America, Virginia

☆ Ali Partovi learned to code in a war zone. Now, he's trying to build a new kind of venture fund.
▼ + stars: | 2024-05-06 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But amid the chaos, there was one solid thing in Partovi's life, one thing he knew he could always put in order: computer code. Related storiesNow, Partovi has reached the top echelon of seed investors, ranking 13th on Business Insider's Seed 100 list. 'Neo Scholars'Through his seed-stage fund Neo, Partovi has amassed a formidable portfolio of early-stage investments, including Ramp, Deel, Vanta, MosaicML, and many more. As these "Neo Scholars," as they're known, graduate or drop out to build startups, Neo backs them with money from its investment fund.

Persons: —, Ali Partovi, Saddam Hussein, Partovi's, Hadi, Partovi, Facebook, Uber, There's Erik Goldman, Dropbox, Vanta, There's Ari Steinberg, who's Organizations: Service, Business, Boston University, Sharif University of Technology, Harvard, Microsoft, University, CS, Stanford, Facebook, Airbnb Locations: Tehran, Iran, Iraq, North America, Silicon

☆ Maersk North America president on returning to Baltimore port and the shipping outlook
▼ + stars: | 2024-05-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaersk North America president on returning to Baltimore port and the shipping outlookCharles Van der Steene, president of Maersk North America, joins CNBC's Lori Ann Larocco to discuss the Baltimore port reopening timeline, peak shipping season, and the US consumer and economy.

Persons: Charles Van der Steene, Lori Ann Larocco Organizations: North America, Maersk Locations: Baltimore, Maersk North America

☆ Elon Musk is tightening his grip on Tesla
▼ + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.

Persons: Tom Zhu, —, Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware

☆ Howard Schultz tells Starbucks to fix its stores and mobile app to reverse 'fall from grace'
▼ + stars: | 2024-05-06 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Longtime Starbucks CEO Howard Schultz has some thoughts on Starbucks' poor sales. He said the chain needs to listen to baristas, fix its app, and focus on the customer experience. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHoward Schultz says Starbucks needs to fix its stores and mobile app to reverse its "fall from grace." "The company's fix needs to begin at home: US operations are the primary reason for the company's fall from grace," Schultz wrote.

Persons: Howard Schultz, —, Schultz Organizations: Starbucks, Service, Business Locations: North America, China

☆ US brands like McDonald's and Starbucks are facing mounting backlash in the Middle East as tensions rise
▼ + stars: | 2024-05-06 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Read previewFor the second quarter in a row, America's biggest fast-food brands continued to see their sales hit by consumer boycotts in the Middle East. McDonald's said last week that it took a sales hit from "the ongoing war in the Middle East" at restaurants in that part of the world. AdvertisementSome consumers in the Middle East and other parts of the world have avoided brands associated with the US, citing America's support of Israel. At Starbucks, the problems in the Middle East took a toll on second-quarter international sales, CFO Rachel Ruggeri said. The analysts wrote that "a social media narrative around [Starbucks'] position on the Middle East may be the primary driver" of slower sales in the US.

Persons: —, McDonald's, Ian Borden, We're, Chris Kempczinski, Rachel Ruggeri, Laxman Narasimhan, David Gibbs, Gibbs Organizations: Service, Business, Starbucks, Bank of America, KFC, Yum ! Brands Locations: Japan, Europe, America, Domino's, Gaza, Israel, China, North America

☆ Fast food chains are getting the message about soaring prices
▼ + stars: | 2024-05-06 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

To win penny-pinching customers back, some say they're planning smaller price increases for the rest of the year. Wendy's CFO Gunther Plosch told investors on Thursday that consumers are "still under pressure" — especially those with household incomes under $75,000. Chains raised prices drastically during the pandemic to offset rising labor and food costs, and it's coming back to bite them. For some restaurant chains, comparable sales even fell. McDonald's would "certainly" be "prudent and thoughtful" about any further price increases in the rest of 2024, Borden said.

Persons: —, Gunther Plosch, Ian Borden, Joshua Kobza, Burger, Popeyes, Burger King, Wendy's, William Blair, Sharon Zackfia, Borden, Katie Fogertey Organizations: Service, Starbucks, KFC, US, Bureau of Labor Statistics Locations: Burger, North America

☆ U.S. automakers like GM are rapidly losing ground in China, once an engine for growth
▼ + stars: | 2024-05-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

China was once a profit engine for GM, and its top sales market from 2010 to 2023. GM revealed several vehicles last week in China, including plug-in hybrid versions of its Buick GL8 minivan, a best-seller in China, and the Chevrolet Equinox crossover. "We think clearly that market has shifted and the landscape has shifted … with the capability of the Chinese [automakers]," Barra said. But it has had to aggressively cut prices to compete against Chinese automakers such ay BYD, Nio and others. Stellantis CEO Carlos Tavares earlier this year called Chinese automakers his company's "No.

Persons: Mary Barra, Jeff Kowalsky, we're, Barra, Paul Jacobson, GM wasn't, John Murphy, Michael Dunne, Dunne, Mark Fulthorpe, They'll, they've, Tesla, lockdowns, Elon Musk, Tingshu Wang, Reuters Tesla, Morgan Stanley, Adam Jonas, Musk, Junheng Li, Stellantis, Carlos Tavares, Zhu Jiangming, We've, We're, Ford, John Lawler, Lawler Organizations: General Motors Co, Bloomberg, Getty, General, GM, U.S, Chevrolet, SAIC, GM Pan, Asia Automotive Technology Center, Nurphoto, PSA Groupe, Chrysler, EVs, GM's, Buick, Wuling Motors, Motors, Bank of America Securities, China, Hummer, Durant Guild, America's, Detroit, P Global Mobility, Ford Motor, Tesla, Reuters, EV, Baidu, Warren Capital, Ford, Guangzhou Automobile Group, India & Asia, Lincoln, Lincoln Nautilus Locations: Detroit , Michigan, China, Barra, Beijing, Asia, Shanghai, Russia, India, Thailand, Australia, North America, South Korea, Brazil, Europe, GM's U.S, Qingdao, East China's Shandong, Indonesia, U.S, Nio, Greater China, South America

☆ Olive oil may lower risk of dementia-related death
▼ + stars: | 2024-05-06 | by ( Kristen Rogers | ) edition.cnn.com time to read: +5 min

CNN —A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists. Olive oil can be a healthy, tasty addition to foods such as sandwiches and salads. Replacing 5 grams — around 1.2 teaspoons — of margarine or mayonnaise consumed daily with olive oil was associated with an 8% to 14% lower risk of death from dementia. “It is also possible that olive oil has an indirect effect on brain health by benefiting cardiovascular health,” she added. Besides cooking with olive oil, you can also use it to make salad dressings or vinaigrettes, mayonnaise, pesto or bread dip.

Persons: Anne, Julie Tessier, Harvard University’s T.H, “, Duane Mellor, ” Mellor, Tessier, ”, David Curtis, Mellor, Curtis, Olive, it’s Organizations: CNN, Harvard, JAMA, American Society, Harvard University’s, of Public Health, Nurses, Health, Aston Medical School, Aston University, University College London Locations: Chan, North America, United Kingdom

☆ Jim Cramer says Howard Schultz's open letter to Starbucks is unlike anything he's seen before
▼ + stars: | 2024-05-06 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

The difficult road ahead for Club holding Starbucks took a dramatic, unexpected turn this weekend — one that Jim Cramer said he's not seen before in his four decades on Wall Street. "I think he's coming from the point of view just sadness about where the franchise is," Jim said. Narasimhan said Starbucks is working on a plan to speed up customer service and improve its supply chain. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Former Starbucks CEO Howard Schultz testifies about the company's labor and union practices during a Senate Committee on Health, Education, Labor and Pensions hearing on Capitol Hill in Washington, DC, March 29, 2023.

Persons: Jim Cramer, he's, Howard Schultz, Schultz, I've, Jim, Laxman Narasimhan, Kevin Johnson, SBUX, Narasimhan, Howard, Jim Cramer's, Saul Loeb Organizations: Club, Starbucks, CNBC, LinkedIn, Health, Education, Labor, Capitol, AFP, Getty Locations: U.S, North America, China, Washington , DC

☆ ‘The Fall Guy’ Fizzles With $28 Million in Ticket Sales
▼ + stars: | 2024-05-05 | by ( Brooks Barnes | ) www.nytimes.com time to read: +1 min

“The Fall Guy” seemed to have everything. Universal backed “The Fall Guy” with a six-month marketing campaign, releasing trailers that racked up 400 million views and carpet-bombing televised sporting events, including the Super Bowl, with ads. It added up to only $28.5 million in North American ticket sales from Friday to Sunday, the worst start to Hollywood’s all-important summer season since 1995. “The Fall Guy” cost Universal at least $200 million to make and market and was released in 4,002 theaters in the United States and Canada. “You want to explain to shareholders why you spent hundreds of millions of dollars on a newfangled idea that crashed?”

Persons: Guy ”, ”, David A, Gross Organizations: North, Universal Locations: United States, Canada

☆ Many Gen Zers in their 'decisive decade' are leaving school and struggling to find work. They're part of America's disconnected youth.
▼ + stars: | 2024-05-05 | by ( Allie Kelly | Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Read previewYoung Americans are feeling increasingly isolated from their offices and classrooms, and these "disconnected youth" — or "opportunity youth" — may be ill-positioned for the future. Loneliness and a tough job market are leaving many Gen Zers feeling stuck, isolated, and unsupported. In fact, they're members of the disconnected youth — defined as Gen Zers who are not in school and not working. Disconnected youth are at risk of long-term stagnationMost Gen Zers — who are between the ages of 12 and 27 — are in this decisive decade. How to help disconnected youthAlthough many disconnected youth struggle with school and work, researchers cautioned against a "one size fits all" solution.

Persons: —, Gen Zers, Richard Reeves, Reeves, Zers, aren't, Zers —, Jonathan Zaff, Ian Rowe, Lara Aknin, Zaff, Zer, isn't Organizations: Service, Brookings, Business, Federal Reserve Bank of Dallas, National Center for Education Statistics, Boston University, American Enterprise Institute, Partnership Locations: North America, Brookings

☆ There's a messy battle over AI going on in DC — and there's no end in sight
▼ + stars: | 2024-05-05 | by ( Madison Hall | ) www.businessinsider.com time to read: +10 min

Why does the US not have federal AI regulation? Biden signed the executive order on "Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence" near the end of 2023. Another challenge comes from AI experts and researchers choosing private sector jobs instead of ones in the government, a kind of "brain drain," Zhang said. "Less than 40% go to government looking to create all those AI regulations and governance structures." AdvertisementThe vast majority of AI experts end up working in the private sector rather than for universities or federal governments.

Persons: —, hasn't, Joe Biden, Trump, Kevin McCarthy, Biden, I'm, Jason Green, Lowe, It's, Sen, Martin Heinrich, Sam Altman, Bill O'Leary, Rebecca Finlay, Finlay, we're, she's, Daniel Zhang, Zhang, Drew Angerer, That's, there's Organizations: Service, White, Business, Bills, Republican, Artificial Intelligence, Federal Government, Science & Technology, Congress, Microsoft, Google, Defense, Center, Senate, Washington, Getty, Stanford Institute for, AI, Stanford's, for, Biden Locations: Silicon Valley, Korean, Washington , DC, Congress, North America

☆ Activist Nihon Global puts forth ideas to build shareholder value at noodle giant Toyo Suisan
▼ + stars: | 2024-05-04 | by ( Kenneth Squire | ) www.cnbc.com time to read: +11 min

Toyo Suisan has consistently outperformed Nissin Foods in North America, one of the most profitable and fastest-growing markets in the world. It generally starts with shareholder proposals that by regulation can only address specific issues, such as capital allocation and dividends. Last year, 3% of corporate governance shareholder proposals were passed and 4% of balance sheet-based shareholder proposals were passed. First, it shows the opportunities available to activists in Japan where reasonable shareholder proposals could lead to significant shareholder value creation. Brian Doyle of Nihon Global and his team are a good example of this.

Persons: Toyo Suisan, Toyo Suisan's, Nissin, Nihon, hasn't, Judge Chamberlain Haller, Vinny, Nihon Global's, Brian Doyle, Hiroyuki Otsuka, Carlyle, Ken Squire Organizations: Toyo, Nihon Global Growth Partners Management, Nihon Global, Nihon, Nissin, Foods, Nissin Foods, Tokyo Stock Exchange, U.S, White, Newton Investment Management, 13D Locations: Japan, Toyo, North America, Mexico, U.S, American, United States, Asia

☆ Eta Aquariid meteor shower: How and when to watch
▼ + stars: | 2024-05-04 | by ( Ashley Strickland | ) edition.cnn.com time to read: +5 min

CNN —May kicks off with the Eta Aquariid meteor shower, and experts are anticipating a better show than in recent years, according to the American Meteor Society. The Eta Aquariid shower is often considered the best meteor shower of the year for the Southern Hemisphere, where sky-watchers could see between 20 and 40 meteors each hour, or perhaps even more, according to EarthSky. The source of the Eta Aquariid meteor shower is Halley’s comet. It happens again in October, resulting in the Orionid meteor shower. The American Meteor Society is inviting spectators to share their observations of the shower, which will help astronomers determine whether there were more meteors than expected.

Persons: CNN —, EarthSky, Capricornids, Buck Organizations: CNN, American Meteor Society, Southern, Hemisphere, NASA, ” Astronomers, Eta, Meteor, Taurids, Farmers Locations: South America, Europe, Asia, Africa, North America

☆ China’s Xi is visiting Europe for the first time in five years – his goodwill tour will be an uphill struggle
▼ + stars: | 2024-05-04 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Major breakthroughs with China’s toughest critics will be hard to come by unless Xi is ready to make surprise concessions. And the trip could instead serve to underscore divisions – not only between Europe and China – but those within Europe that could play to China’s favor, analysts say. Chinese President Xi Jinping and French President Emmanuel Macron visit a garden in Guangdong during Macron's state visit to China last April. Putin has said he plans to visit China this month, according to Russian state media. Xi may also look to highlight Chinese investments in both Belgrade and Budapest in a message to the rest of Europe.

Persons: Xi Jinping, Andrea Bocelli, –, Xi, China –, ”, Noah Barkin, Hungary –, Ursula von der Leyen, Emmanuel Macron, Von der Leyen, Olaf Scholz, Chong Ja Ian, “, Chong, Jacques Witt, China’s, Macron, Russia …, Wang Yiwei, Vladimir Putin, Putin, Aleksandar Vučić, Viktor Orban – Organizations: CNN, European Union, Ukraine, German Marshall Fund of, EU, “, National University of Singapore, Getty, Beijing’s Renmin University, NATO, Reuters, EV Locations: China, Italy, France, Germany, United Kingdom, Russia, “ China, Europe, Berlin, United States, Serbia, Hungary, Beijing, Paris, “ France, North America, Guangdong, Ukraine, Switzerland, Barkin, “, Belgrade, Budapest, Balkans, Balkan

☆ Live Updates: The April Jobs Report
▼ + stars: | 2024-05-03 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

PinnedIt’s been a hot spring for the American labor market, and while the summer forecast is milder, it’s not clear when the cool-down will begin. The last three months have seen an upswing in job creation, bending what had been a bumpy but definite downtrend since the post-pandemic resurgence. Does that mean the labor market is taking off again without ever having touched down? Workers are quitting their jobs at even lower rates than they were in 2019. “You don’t have that cost of onboarding and starting over again if you can hold on to them.”

Persons: It’s, ”, Stephen Brown, Belinda Román, “ Organizations: Labor Department, North, Capital Economics, Institute for Supply Management, National Federation of Independent, Workers, St, Mary’s University Locations: North America, San Antonio

— Warren Buffett's annual shopping event, the pregame to Berkshire Hathaway 's annual meeting, is wowing shareholders flocking here this weekend. JazwaresSquishmallow pit at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024. Sarah Min | CNBCSome highlights include the latest Squishmallows toys for Buffett and Charlie Munger, a splashy Squishmallows pit, as well as other displays. Poor Charlie's AlmanackCharles Munger remembrance ahead of the Berkshire Hathaway Annual Shareholders Meeting at Omaha, Nevada on May 3, 2024. Sarah Min | CNBCThe Bookworm only had one book to sell this year: "Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T.

Persons: Warren Buffett, Charlie Munger, Sarah Min, — Warren, Berkshire Hathaway, Brooks, Buffett, Charles Munger, Charles T, Munger, Haslam, Warren Buffett's Berkshire Hathaway, CNBC Brooks Organizations: Berkshire Hathaway, CNBC OMAHA, Berkshire, CHI, CNBC, CNBC Jazwares, Berkshire Hathaway's, FlightSafety, CNBC Berkshire, Travel Centers, Procter & Gamble Locations: Omaha , Nebraska, Neb, Omaha , Nevada, Berkshire, North America, Brooks, Queen

☆ Pro-Russia hackers are breaking into critical American and European infrastructure, security agencies warn
▼ + stars: | 2024-05-03 | by ( Ella Sherman | ) www.businessinsider.com time to read: +3 min

Pro-Russia hackers are targeting infrastructure systems in the US and Europe, says a security advisory. Hackers have infiltrated infrastructure sectors in water, dams, energy, and agriculture. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementInfrastructure systems in the US and Europe are vulnerable targets for pro-Russia hackers, numerous security agencies cautioned in a May 1 advisory statement. The agencies observed pro-Russia hackers compromise the operational technology of infrastructure such as "Water and Wastewater Systems (WWS), Dams, Energy, and Food and Agriculture Sectors."

Persons: —, Sandworm Organizations: Service, FBI, Infrastructure Security Agency, Wastewater Systems, Energy, Food, Agriculture, Google, Department of Justice Locations: Russia, Europe, North America, Dams, Texas, Ukraine, South Korea

☆ It's getting really hard to find a job that pays well
▼ + stars: | 2024-05-03 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Job growth in April was concentrated in traditionally low-paying sectors like healthcare and retail. Wage growth, though slower, still outpaces inflation, which is still a boon for workers. That's because the industries that led job growth in April are traditionally low-paying. Indeed, job growth is concentrated in industries that are historically low-paying — and continue to pay less than the average across private industries. As Pollak notes, "wage growth has come down sharply, but it's mostly come down in industries where it was very rapid before."

Persons: —, it's, Jobs, that's, Labor Julie Su, Julia Pollak, It's, Kate Bahn, Insider's Aki Ito, Pollak, ALICE, They're, Nick Bunker, Bunker Organizations: Service, Federal Reserve, Labor, Healthcare, Institute for Women's, North, Business Locations: Bahn, North America

☆ Maryland is about to get $350 million from insurance in bridge collapse
▼ + stars: | 2024-05-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure. The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy. The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away. The accident temporarily closed much of the operations of the Port of Baltimore, trapping ships in the port. The planned payment by Chubb was first reported Thursday by the Wall Street Journal.

Persons: Francis Scott Key, Chubb, Henry Daar, Dali Organizations: New, New York CNN, Francis Scott Key Bridge, WTW, Grace Ocean Private Limited, Synergy Marine PTE LTD, CNN, National Transportation, Wall Street Locations: New York, Maryland, North America, Baltimore, Port of Baltimore

☆ UK to suffer slowest growth of all rich nations next year, OECD says
▼ + stars: | 2024-05-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.K.'s "sluggish" growth prospects have put it on course to be the worst-performing economy of all advanced nations next year, according to new forecasts from the Organisation for Economic Cooperation and Development. The downbeat prediction comes as the global economy shows signs of recovery, with growth forecast to remain steady at 3.1% in 2024, before rising modestly to 3.2% in 2025. "We start seeing some recovery in many parts of the world," Alvaro Pereira, director of the OECD's policy studies branch, told CNBC's Silvia Amaro Thursday. Growth among advanced nations next year is set to be led by North America, which Pereira said follows "strong growth" forecasts of 2.6% in the U.S. in 2024. Growth in Europe, meanwhile, is expected to pick up next year after a sluggish 2024.

Persons: Alvaro Pereira, CNBC's Silvia Amaro Thursday, Pereira Organizations: Organisation for Economic Cooperation, Development, North Locations: Germany, Paris, Canada, France, Japan, U.S, North America, Europe

☆ Tesla tells the EV industry: fend for yourselves
▼ + stars: | 2024-05-02 | by ( Graham Rapier | ) www.businessinsider.com time to read: +4 min

Tesla has laid off most of its charging team, causing confusion about the future of its Supercharger network. Virtually all major automakers have adopted Tesla's charging techTesla has committed to doubling its network size in-party with public money. Advertisement"I got a bounce from every email address," said Andres Pinter, co-CEO of Bullet EV Charging Solutions, which has about a dozen ongoing projects underway for Tesla. The automakers Tesla partnered with can already access existing plugs, but the recent layoffs raise questions about the network's future growth. Perhaps that's not enough to offset the costs of rapidly building new Supercharger stations that will ultimately benefit other carmakers, as well as Tesla.

Persons: Tesla, —, Andres Pinter, he'd, Musk, Superchargers, Pinter, Elon Musk, it's, that's Organizations: Service, Ford, Motors, American, Tesla, Elon, Solutions, Department of Energy, EV

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