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☆ 1,000 workers at one car factory in China were told to either quit or sit around on minimum wage until the market picks up again: Nikkei
▼ + stars: | 2024-06-05 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Li Auto workers are facing layoffs or minimum wage due to weak electric vehicle sales. 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 . AdvertisementAs China grapples with manufacturing overproduction, some workers at one of China's auto plants face a difficult choice about their jobs. Newlywed Lisa told Nikkei on Tuesday that in her brand-new factory for Li Auto, more than 1,000 employees like her were given the choice of either quitting or receiving minimum wage until business improves.

Persons: —, Newlywed Lisa, Lisa Organizations: Li Auto, EV, Service, Nikkei, Business Locations: China

☆ Europe Has Fallen Behind the U.S. and China. Can It Catch Up?
▼ + stars: | 2024-06-05 | by ( Patricia Cohen | ) www.nytimes.com time to read: 1 min

Europe’s share of the global economy is shrinking, and fears are deepening that the continent can no longer keep up with the United States and China. “We are too small,” said Enrico Letta, a former Italian prime minister who recently delivered a report on the future of the single market to the European Union. “We are not very ambitious,” Nicolai Tangen, head of Norway’s sovereign wealth fund, the world’s largest, told The Financial Times. “Americans just work harder.”“European businesses need to regain self-confidence,” Europe’s association of chambers of commerce declared.

Persons: ”, Enrico Letta, ” Nicolai Tangen Organizations: European Union, Financial Times Locations: United States, China, Italian

☆ Diamond industry 'in trouble' as lab-grown gemstones tank prices further
▼ + stars: | 2024-06-05 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022. Lab-grown diamonds, which can be up to 85% cheaper than natural diamonds, are made in a controlled environment using extreme pressure and heat. Lab-grown diamond sales have surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky. An industry 'in trouble'"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months. Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight.

Persons: Leon Neal, Duncan Wanblad, De, Paul Zimnisky, De Beers, Marcelo Esquivel, Ankur Daga, Daga, Anish Aggarwal, Lionel Bonaventure Organizations: Afp, Getty, De, BHP, Financial Times, De Beers, CNBC, Daxue Consulting, Bloomberg, Zimnisky Locations: Harrods, London, De Beers, American, China, U.S

☆ Modi thought he would smash the polls. Now he has to answer to a group of kingmakers.
▼ + stars: | 2024-06-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

It's why the election results have been a shocking blow to Modi and the BJP despite them winning. The result was especially humbling for Modi because the NDA was projected to slam-dunk the election with a whopping 400 seats. And with uncertainty hanging over the BJP's hold on power, questions are growing about what India's policies might soon look like. Rossow said that despite Modi extending his influence over key institutions such as the courts, voters are still making their choices count. "This election, even if Prime Minister Modi retains power, shows the power of India's democracy," said Rossow.

Persons: —, Narendra Modi, Modi, trounce, Richard Rossow, Jeff Lande, Lande, Kapil Sharma, isn't, Sharma, Gautam Nair, Rossow Organizations: Service, Bharatiya Janata Party, Business, BJP, National Democratic Alliance, Developmental Inclusive Alliance, Telugu Desam Party, Janata Dal, Bloomberg, India, Studies, Center for Strategic & International, Asia Center, Industry, China's, Atlantic, CSIS, Harvard Locations: India, India's, kingmakers, United States, China

☆ Chinese trade group seeks drone jammers for Russian buyers
▼ + stars: | 2024-06-05 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —A Chinese government trade body has sought drone detectors and jammers for apparent Russian buyers, adding to concerns that Beijing may be supplying dual-use technology to Moscow. They are known for being used by the Russian army during its 2022 invasion of Ukraine to identify drone activity. He told CNN by phone that it was removed because it was “improper.” CNN has also reached out to the Yunfu trade association for comment. Mastro said she is “not particularly surprised” that local Chinese governments would help Russian companies seek drone equipment. Last week, the US warned it could act against Chinese firms and financial institutions in response to Beijing’s alleged backing of Russian war efforts.

Persons: Vladimir Putin, Xi Jinping, Volodymyr Zelensky, “, ”, Oriana Skylar Mastro, Stanford University’s Freeman, Mastro, doesn’t, Antony Blinken, Washington Organizations: Hong Kong CNN, Guangdong Provincial Association, Promotion of, province’s Commerce Department, Assel Labs, 3MX, City’s Association, Promotion of International Trade, United, CNN, US, Stanford, Stanford University’s Freeman Spogli Institute for International Studies Locations: China, Hong Kong, Beijing, Moscow, Guangdong, Russia, Russian, Ukraine, United States, Singapore, “ Beijing

☆ Stocks making the biggest moves premarket: Hewlett Packard Enterprise, Instacart, CrowdStrike and more
▼ + stars: | 2024-06-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Hewlett Packard Enterprise — The technology stock climbed 15% after Hewlett Packard reported stronger-than-expected results for its fiscal second quarter. Dollar Tree — The discount retailer slipped 2% after reporting first-quarter results that were in line with analysts' expectations, according to LSEG. PVH — Shares slipped more than 1% after the luxury clothing brand owner announced that Martijn Hagman, CEO of Tommy Hilfiger Global and PVH Europe, would be leaving the company. PVH also reported a first-quarter earnings and revenue beat and raised its full-year earnings guidance. Instacart — Shares of the e-commerce company rose nearly 2% after an upgrade to buy from hold at research firm Gordon Haskett.

Persons: CrowdStrike, LSEG, Hewlett Packard, Rick Dreiling, PVH, Martijn Hagman, Tommy Hilfiger, Nio, Roaring Kitty, Tom O'Malley, Gordon Haskett, Hanesbrands, —, Jesse Pound Organizations: Hewlett Packard Enterprise, PVH, Reuters, AMC Entertainment, GameStop, Materials, KLA, Barclays, Taiwan Semiconductor Manufacturing, Authentic Brands Locations: PVH Europe, China

☆ Here are Wednesday's biggest analyst calls: Apple, Nvidia, Amazon, Meta, Uber, Disney, Coinbase, Tesla & more
▼ + stars: | 2024-06-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating heading into the June 13 shareholder meeting. Bank of America reiterates Nvidia as buy Bank of America said it's sticking with its buy rating on shares of Nvidia . "We initiate coverage on Jazz Pharmaceuticals (JAZZ) with a Buy rating and 12-month price target of $169." Needham reiterates Coinbase as buy Needham said it's sticking with its buy rating on Coinbase . "We are initiating coverage of LFMD with an Overweight rating and $12 price target."

Persons: it's, ODFL, Morgan Stanley, Tesla, Elon, Gordon, Gordon Haskett, Oppenheimer, Uber, Guggenheim, Goldman, Bernstein, Needham, Coinbase, Raymond James, Meta, Key Organizations: BMO, Dominion, Bank of America, Nvidia, Barclays, Taiwan Semiconductor, Boston Beer, Materials, Applied Materials, JPMorgan, Citi, Apple, Apple's Worldwide, Conference, Disney, Walt Disney, Jazz Pharmaceuticals, EV, Meta, HSBC Locations: TSMC, China, U.S, CY25

☆ Ex-OpenAI employee speaks out about why he was fired: 'I ruffled some feathers'
▼ + stars: | 2024-06-05 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Read previewA former OpenAI researcher opened up about how he "ruffled some feathers" by writing and sharing some documents related to safety at the company, and was eventually fired. Leopold Aschenbrenner, who graduated from Columbia University at 19, according to his LinkedIn, worked on OpenAI's superalignment team before he was reportedly "fired for leaking" in April. The AI researcher previously shared the memo with others at OpenAI, "who mostly said it was helpful," he added. Related storiesHR later gave him a warning about the memo, Aschenbrenner said, telling him that it was "racist" and "unconstructive" to worry about China Communist Party espionage. He said he wrote the document a couple of months after the superalignment team was announced, which referenced a four-year planning horizon.

Persons: —, Leopold Aschenbrenner, OpenAI's, podcaster Dwarkesh Patel, Aschenbrenner, OpenAI, Sam, Sam Altman Organizations: Service, Columbia University, Business, China Communist Party Locations: OpenAI

☆ Indian Prime Minister Narendra Modi's election shortfall leaves Wall Street scrambling
▼ + stars: | 2024-06-05 | by ( Seema Mody | ) www.cnbc.com time to read: +5 min

Indian Prime Minister Narendra Modi gestures, at the Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. Over the past several years, chief executives from some of the biggest companies in the United States have invested time and money into relationships with Modi, as they set their sights on the Indian market. Modi's economic agendaModi's failure to secure a supermajority for his party also raises new questions about the Modi government's broader economic agenda. Now, one of the labor laws that Modi's government had intended to reform may not get implemented, because Modi's party, the Bharatiya Janata Party, or BJP, no longer holds an outright majority in Parliament. Supporters of the ruling Bharatiya Janta Party (BJP) holding cut-outs of India's Prime Minister a Narendra Modi during an election campaign rally in Amritsar on May 30, 2024.

Persons: Narendra Modi, Adnan Abidi, Garre, Modi, Pramit Chaudhuri, Rahul Sharma, Shafer Cullen, Sharma, Chaudhuri, Raghuram Rajan, Rajan, Narinder Nanu Organizations: Indian, Bharatiya Janata Party, BJP, Reuters, Bernstein, GE Aerospace, Apple, Nvidia, CNBC, Modi, Coalition, Asia Society's, Reserve Bank of India, University of Chicago's Booth School of Business, Bharatiya Janta Party, India's, Afp, Getty Locations: New Delhi, India, United States, China, Asia, Asia Society's India, Eurasia, Amritsar

☆ Signs are pointing to a Nike rebound. How to play it using options
▼ + stars: | 2024-06-05 | by ( Tony Zhang | ) www.cnbc.com time to read: +2 min

Nike (NKE) is underperforming the market and its sector since mid 2021. With valuations near its historical lows and the potential for China growth to rebound, it is time for investors to start paying attention to Nike again. The trade Options on NKE are expensive now with implied volatility on the higher end of the range. DISCLOSURES: (Long Nike) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: NKE, I'm Organizations: Nike Locations: China

☆ India’s economic boom won’t be derailed by its election shock
▼ + stars: | 2024-06-05 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

New Delhi CNN —Narendra Modi has declared victory in India’s election but he’ll need the support of smaller parties to govern, a shock result that could make it harder for him to pass major economic reforms. Experts have highlighted land reform as an example of policies that might now be tougher for Modi to implement. India will need to address those issues if it is to capitalize on the massive rethink underway among companies on supply chains. Despite the surprise electoral setback for Modi’s right-wing, Hindu-nationalist Bharatiya Janata Party (BJP), experts say the world’s fastest growing major economy will continue to live up to its billing. The party’s underperformance led to a plunge on India’s stock market, which had its worst day in four years Tuesday.

Persons: New Delhi CNN — Narendra Modi, ”, Peeyush Mittal, Modi, ” Shilan Shah, underperformance, Aditya Suresh, Shah, Malcolm Dorson, It’s Organizations: New, New Delhi CNN, Matthews Asia, Apple, Foxconn, Bharatiya Janata Party, BJP, Capital Economics, Investors, Macquarie Capital, Unified Locations: New Delhi, United Kingdom, India, China, San Francisco, Beijing, Washington, United States, Western

☆ China is trying to overcome weaknesses in its military by 'aggressively recruiting' Western pilots to train its aviators, Five Eyes intel allies warn
▼ + stars: | 2024-06-05 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Read previewChina is "aggressively recruiting" Western military personnel to train its air force pilots and naval aviators, attempting to lure them in with "lucrative" contracts and promises of opportunities to fly "exotic aircraft," the US and its allies are warning. Related storiesChinese schemes target Western pilots, flight engineers, air operations center personnel, and technical experts knowledgeable about military tactics, techniques, and procedures. The Chinese military "wants the skills and expertise of these individuals to make its own military air operations more capable while gaining insight into Western air tactics, techniques, and procedures," the newly released bulletin said. Advertisement"The insight the PLA gains from Western military talent threatens the safety of the targeted recruits, their fellow service members, and US and allied security," it added. Despite efforts from Western governments to warn its veterans and military personnel about the Chinese poaching efforts, the recruitment continues to evolve, the bulletin noted.

Persons: —, New Zealand —, Michael Casey, Chen Jimin, Casey, Wang Jingtian Organizations: Service, New Zealand, NATO, People's Liberation Army, Business, PLA, US National Counterintelligence and Security, Zhuhai Air Show, China News Service, Getty, US, Job, US Marine Corps Locations: China, Canada, Australia, New, Beijing, Washington, Changchun, China's Jilin Province

☆ U.S. Counterterrorism Chief Is Stepping Down
▼ + stars: | 2024-06-05 | by ( Eric Schmitt | More About Eric Schmitt | ) www.nytimes.com time to read: +1 min

The director of the National Counterterrorism Center will step down next month, Biden administration officials said on Wednesday. The director, Christine S. Abizaid, has served three years as the country’s top counterterrorism official. In recent years, a resurgent China and Russia, as well as the wars in Ukraine and in Gaza, have replaced counterterrorism as the country’s main national security priorities. The Islamic State affiliate in Afghanistan, ISIS Khorasan, dramatically demonstrated its expanding reach earlier this year, conducting deadly attacks in Iran and Russia. In addition to supporting Hamas in Gaza, Iran backs extremist groups in Lebanon, Syria, Iraq and Yemen.

Persons: Christine S, Abizaid, Al Qaeda Organizations: National Counterterrorism Center, Biden, Islamic State, ISIS Locations: China, Russia, Ukraine, Gaza, Doha, Qatar, Israel, State, Iraq, Syria, Africa, Afghanistan, ISIS Khorasan, Iran, Lebanon, Yemen

☆ Elliott builds $2 billion position in SoftBank, pushes for buyback
▼ + stars: | 2024-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Investment firm Elliott Management has rebuilt its position in Japanese conglomerate SoftBank and is pushing the Masayoshi Son-led firm to begin a $15 billion share buyback, according to a person familiar with the matter. The news, first reported by the Financial Times, sent SoftBank shares up as much as 6.3%. SoftBank shares have surged in recent months largely off the back of its Arm investment. SoftBank's Japanese shares trade at their highest level in decades. SoftBank launched a $20 billion share buyback and asset disposal program in 2020 during Elliott's initial campaign.

Persons: Son, Elliott, SoftBank, Elliot, Nabeel Bhanji, unfriendliness, WeWork Organizations: SoftBank Group Corp, University of Tokyo, Investment, Elliott Management, Financial Times, Tokyo Stock Exchange, Mitsubishi Fudosan, Toshiba, Dai Nippon Printing, Vision Locations: Tokyo, Japan, SoftBank, China

☆ Analysis: India wants to be the next economic superpower. Half of its population holds the key
▼ + stars: | 2024-06-05 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

New Delhi CNN —India, the world’s fastest growing major economy, is not firing on all cylinders. The engineering graduate started working at Finnish electronics manufacturer Salcomp’s factory in the southern Indian state of Tamil Nadu last year. Adnan Abidi/ReutersLike India, women in China were also relegated to subordinate roles for centuries. Factory jobsMuch of this change is visible in Tamil Nadu, India’s industrial powerhouse where companies such as Foxconn and Samsung have manufacturing plants. Employees test mobile phones on an assembly line of a unit of Foxconn Technology in Sriperumbudur, Tamil Nadu, on July 12, 2019.

Persons: Narendra Modi, Gunasri Tamilselvan, Tamilselvan, “, ”, It’s, Chandrasekhar Sripada, Adnan Abidi, Mao, ” Mao, Modi, Vishnu Venugopalan, Deepesh Nanda, Karen Dias, Parameshwari, Arun Roy, Roy Organizations: New, New Delhi CNN, European Union —, CNN, World Bank, Bank, McKinsey, Indian School of Business, Reuters, Communist Party, Apple, Samsung, Guidance, Tata Group, Tata Power, Foxconn Technology, Bloomberg, Getty, Tata, Tamil Locations: New Delhi, India, Tamil Nadu, South Asia, United States, China, Nongriat, Shillong, Meghalaya, Beijing, Washington, Guidance Tamil, Sriperumbudur, Tirunelveli, Zhengzhou, Tamil

☆ Russia's biggest energy company says it'll take it at least 10 years to recover gas sales lost because of the Ukraine war
▼ + stars: | 2024-06-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's gas giant Gazprom won't recover gas sales lost to the Ukraine war for at least a decade. Gazprom will likely lose its leading role in Russia's energy sector over time. AdvertisementGazprom, Russia's state-owned energy giant, likely won't recoup pre-war gas sales for a decade, research commissioned by the company said. By that year, gas exports to Europe will barely average a third of the volumes sold before 2022, when Moscow invaded Ukraine. Although Europe has long been the primary hub for Russia's gas, the war triggered a wave of retaliatory sanctions, upending trade with the West.

Persons: —, that's Organizations: Gazprom, Financial Times, Service, Financial, West Locations: Ukraine, Russia's, Europe, Moscow, Siberia, Russia, Beijing, China

☆ How a pro-Trump media outlet allegedly funneled tens of millions in an illicit money laundering scheme
▼ + stars: | 2024-06-05 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

The sophisticated scheme boosted revenue flowing into the coffers of The Epoch Times, the Justice Department said. In one year, revenue at the Trump-boosting outlet ballooned 410%, jumping from $15 million to about $62 million, the Justice Department added. But, when CNN asked for further comment on Tuesday, The Epoch Times brass chose to stay mum. The indictment said there was an entire group at The Epoch Times that took part in the alleged money laundering scheme. Notably, Tang and Fakkert declined to answer questions about whether they were aware of the alleged scheme.

Persons: Donald Trump’s, Weidong Guan, Guan, MAGA, Gong, Mark Zuckerberg, Trump, ”, “, Department’s, Guan —, John Tang, Jasper Fakkert, Tang, Fakkert, It’s Organizations: New York CNN, Department of Justice, Times, Epoch Times, Justice Department, Trump, Department, Fox News, New York Times, Facebook, NBC News, Epoch, CNN, Outfront, PayPal, Justice Locations: New York, ”, China

☆ Intel CEO: China is a big market for us
▼ + stars: | 2024-06-05 | 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 EmailIntel CEO: China is a big market for usPat Gelsinger, CEO of Intel, says "we need to build good products that are interesting to China."

Persons: Pat Gelsinger Organizations: Intel Locations: China

☆ Modi is on a mission to assert India's global power. His election setback won't deter him.
▼ + stars: | 2024-06-05 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Read previewIndia's Prime Minister Narendra Modi emerged from Tuesday's election with his air of invincibility damaged. AdvertisementA leader of the global southUnder Modi, India's growth has put it on the path to becoming the world's third-biggest economy by 2027 — and it has become an important and increasingly abrasive global power player. He has sought to balance this by forming ties with US adversary Russia and has clashed with Asia's chief power, China. Advertisement"This election result is unlikely to have much of an impact on India's international security actions," said Rossow. Alexandr Demyanchuk/AFP/Getty ImagesBut there will be serious challenges for Modi in seeking to cement India's new global status.

Persons: —, Narendra Modi, Modi, Richard Rossow, Joe Biden, Dan Kitwood, it'll, Rossow, Modi's, Vladimir Putin, Alexandr Demyanchuk, Vladimir Putin's, Washington, China's Xi Jinping, Putin, Ashley J Organizations: Service, BJP, Business, Modi, UN Security Council, Center for Strategic, International Studies, India, US, UK, Washington Post, Indian, Shanghai Cooperation Organisation, Carnegie Endowment, International Peace Locations: India, Russia, China, New Delhi, Australia, Japan, Canada, Russian, Samarkand, AFP, Vladimir Putin's Russia, Ukraine, Pakistan

☆ Nvidia passes Apple in market cap as second-most valuable public U.S. company
▼ + stars: | 2024-06-05 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Nvidia passed Apple in market cap on Wednesday as investors continue betting on the chipmaker behind the artificial intelligence boom. Nvidia also hit a $3 trillion market cap milestone on Wednesday after shares rose over 5%. Microsoft is the most valuable publicly traded company, with a market cap of $3.15 trillion, as of Wednesday. Apple was the first company to reach a $1 trillion and $2 trillion market cap. Nvidia shares have gone parabolic as its AI business has developed, rising more than 3,290% over the past five years.

Persons: Jensen Huang, Apple Organizations: Nvidia, Technology, Apple, Microsoft Locations: San Jose , California, China, U.S

☆ In India’s Election, Democracy Lives On - The New York Times
▼ + stars: | 2024-06-05 | by ( Lydia Polgreen | ) www.nytimes.com time to read: +2 min

For decades, Hindu nationalists had sought to build a temple in Ayodhya, at a spot they believe to be the birthplace of the Hindu god Ram. The only problem was that there was already a house of worship on the spot, a mosque built by a Mughal emperor in 1528. A Hindu mob had dismantled the mosque in 1992, setting off riots that killed 2,000 people, most of them Muslims. World leaders sought Modi’s support on issues ranging from the war in Ukraine to the climate crisis, cementing India’s ascent in global affairs. But the ever unpredictable electorate of the world’s largest democracy responded to Modi’s demand for still more power resolutely: No thanks.

Persons: Narendra Modi, Ram, Modi, ” Organizations: Bharatiya Janata Party Locations: India, Ayodhya, China, Ukraine

☆ India wants to be the new China. Modi's shock election result shows it won't be easy.
▼ + stars: | 2024-06-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The growth is in part thanks to a shift in supply chains and investment flows as companies try to stop relying solely on China. India's stock markets tanked on the shock election results, with the benchmark Sensex index crashing over 5% in one day on Tuesday following the news. Despite the knee-jerk reaction, most analysts are optimistic about India's economic outlook given that Modi is still in charge. He said India will do better to capitalize on its services industry, especially since so many Indians are English speakers.

Persons: —, Narendra Modi's, Modi, Atman Trivedi, China, Council's Trivedi, Vishnu Varathan, Raghuram Rajan, NPR's, It's, Rajan Organizations: Service, Indian, Business, Bharatiya Janata Party, —, Atlantic, Asia Center, Centre, Monitoring, Coalition, Albright, Group, Mizuho Bank, United Nations Population Fund, University of Chicago Booth School of Business, Central Bank of India, International Monetary Fund Locations: China, India, Communist China, Asia, Japan

☆ Yes, Narendra Modi won again. So what's all the fuss about?
▼ + stars: | 2024-06-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

It's why the election results have been a shocking blow to Modi and the BJP despite them winning. The result was especially humbling for Modi because the NDA was projected to slam-dunk the election with a whopping 400 seats. Should they all ditch Modi for his rivals in the Indian National Developmental Inclusive Alliance, they could oust him from leadership. Rossow said that despite Modi extending his influence over key institutions such as the courts, voters are still making their choices count. "This election, even if Prime Minister Modi retains power, shows the power of India's democracy," said Rossow.

☆ Nomura Research: China is facing a 'balance sheet recession'
▼ + stars: | 2024-06-05 | 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 EmailNomura Research: China is facing a 'balance sheet recession'Richard Koo of Nomura Research Institute says the situation China is facing is similar to what Japan faced in the 1990s.

Persons: Richard Koo Organizations: Nomura Research, Nomura Research Institute, Japan Locations: China

☆ Lululemon dominated the pricey athleisure market for years. Now it faces big competition
▼ + stars: | 2024-06-05 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +5 min

The departure of the company’s chief product officer adds to a “wall of worry” Raymond James analysts said. Choe joined Lululemon more than seven years ago and became chief product officer in 2018, according to her LinkedIn. “I think that there’s a lot of people out there who believe that she was the person behind the scenes and was the most instrumental to Lululemon’s success,” Nikic said. Lulu has been “hyper aware” of dupe culture, Nikki Neuburger, then its Chief Brand Officer, previously said in an interview with CNN Business. However, Lululemon wasn’t stocked enough in these smaller sizes, which could have led these younger shoppers to competitors, Nikic said.

Persons: New York CNN —, Lulu, Alo, –, Sun Choe, ” Raymond James, Choe, Raymond James, Tom Nikic, “, ” Nikic, Mike Kemp, Vuori, Nikki Neuburger, Hailey Bieber, Martha Stewart, Lululemon, Nikic, Calvin McDonald, Samsul Said Organizations: New, New York CNN, preteens, Nike, Wall, Vans, CNN, Jefferies, CNN Business, Shoppers, Bloomberg, Getty Locations: New York, athleticwear, Covent, London, United Kingdom, Los Angeles, preteen, Bukit Bintang, Kuala Lumpur, Malaysia, China

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