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☆ US Supreme Court prepares to hear landmark social media cases
▼ + stars: | 2024-02-25 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Monday’s Supreme Court showdown in NetChoice v. Paxton and Moody v. NetChoice will determine whether states can forbid social media companies from blocking or removing user content that goes against platform rules. The Florida and Texas laws are broadly written, but officials from both states say the laws will keep social media sites from unfairly silencing conservatives. Social media platforms have insisted for years that they don’t discriminate against right-wing speech. It also allows individual social media users to sue platforms if they believe they have been unfairly censored or “deplatformed.”Florida Gov. The NetChoice cases reflect a deep divide in how many people see social media.

Persons: Paxton, Moody, Ron DeSantis, Florida’s, Carl Juste, Greg Abbott, Donald Trump, Biden, David Paul Morris, “, ”, ” David Greene Organizations: Washington CNN, Facebook, YouTube, Social, Gov, Florida Gov, Miami Herald, Texas ’, Circuit, Republican, Texas, Bloomberg, Getty, Frontier Foundation, EFF, CNN, Freedom, Press Locations: Texas, Florida, . Texas, NetChoice, Miami, Walnut Creek , California

☆ DuPont is turning, plus the Nvidia halo and how to play Palo Alto's sell-off
▼ + stars: | 2024-02-22 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

In the Nvidia halo, Jim Cramer likes ServiceNow , and of the semiconductor capital equipment makers he says Lam Research is the best. Looking to pick up PANW: Jim Cramer says the Palo Alto Networks sell-off is still overdone by about 25 points. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Eaton, ServiceNow, Lam, Ed Breen's, Cramer, Breen, Jim Cramer's, Jim, David Paul Morris Organizations: CNBC, Nvidia, Nasdaq, Broadcom, Microsoft, Lam Research, Palo Alto Networks, DuPont, Barclays Industrials, Coterra Energy, Intuit, Warner Bros Discovery, Jim Cramer's Charitable, Bloomberg, Getty Locations: We're, DuPont, Santa Clara , California

☆ Julian Assange makes last-ditch attempt in UK court to avoid extradition to the US
▼ + stars: | 2024-02-20 | by ( Lauren Said-Moorhouse | Claudia Rebaza | ) edition.cnn.com time to read: +14 min

LEON NEAL/AFP/Getty Images Assange attends a seminar at the Swedish Trade Union Confederation in Stockholm on August 14, 2010. LEON NEAL/AFP/Getty Images Assange and his bodyguards are seen after a news conference in Geneva, Switzerland, in November 2010. FABRICE COFFRINI/AFP/Getty Images Assange, on the balcony of the Ecuadorian Embassy, holds up a United Nations report in February 2016. Carl Court/Getty Images Assange speaks to the media in May 2017, after Swedish prosecutors had dropped their investigation of rape allegations against Assange. Jack Taylor/Getty Images Assange was seen for the first time in months during a hearing via teleconference in Quito, Ecuador, in October 2018.

Persons: London CNN — Julian Assange’s, Priti Patel, Assange, Julian Assange, Jack Taylor, LEON NEAL, BERTIL ERICSON, FABRICE COFFRINI, Carl Court, Geoff Caddick, Oli Scarff, CARL COURT, Leon Neal, Philip Toscano, Ricardo Patino, Frank Augstein, David Paul Morris, John Stillwell, Mike, Pompeo, Maria Sol Borja, Chelsea Manning, Alastair Grant, Daniel Leal, Elizabeth Cook, Assange’s, Edward Fitzgerald, ”, “, ” Fitzgerald, Fitzgerald, Assange “, ” Mark Summers, Stella, Julia Hall, Rebecca Vincent, ” Vincent, Nick Vamos, “ It’s, Vamos Organizations: London CNN, WikiLeaks, European, of Human Rights, Ecuadorian, Guardian, Getty, Swedish Trade Union Confederation, St, Paul's, Court, British, Ecuadorian Embassy, Oxford Union Society, Ecuadorian Foreign, Southwest Festival, Bloomberg, United Nations Human Rights, United, United Nations, CIA, CNN, Army, Ecuador, Southwark Crown, Metropolitan Police, US Justice Department, Eastern, of, Department, US, UK’s, Media, Foreign Press Association, Amnesty, International Campaigns, US Espionage, Peters & Peters, Prosecution Service Locations: United States, British, Belmarsh, Queensland, Australia, Westminster, London, Afghanistan, AFP, Stockholm, Iraq, Geneva, Switzerland, Sweden, Ecuador, Austin , Texas, Ecuadorian, United Nations, United Kingdom, Quito, Southwark, America, of Virginia, Guantanamo, Australian, Europe, UK’s

☆ Cloudflare stock jumps 21% on earnings beat as the company wins larger deals
▼ + stars: | 2024-02-08 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

The company's net loss of $27.9 million, or 8 cents per share, narrowed from $45.9 million in the year-ago quarter. On a conference call with analysts, Prince mentioned business from the U.S. Commerce Department. Analysts surveyed by LSEG had expected 12 cents per share in adjusted earnings and revenue of $372.3 million. The company sees 58 cents to 59 cents in adjusted earnings per share and revenue from $1.648 billion to $1.652 billion. Analysts polled by LSEG were looking for 56 cents in adjusted earnings per share and $1.652 billion in revenue.

Persons: Matthew Prince, David Paul Morris, Cloudflare's, Cloudflare, Prince, Mark Anderson, Marc Boroditsky, Michelle Zatlyn wouldn't, LSEG Organizations: Cloudflare Inc, Bloomberg, Getty, LSEG, U.S . Commerce Department, Clearlake Capital, Insight Partners Locations: San Francisco , California, Israel

It's a story increasingly familiar in the energy industry: Some utility companies don't properly assess the risks wildfires pose to their operations. The primary purpose is to prevent power lines from igniting a wildfire during periods of high fire danger. The lawsuit also alleges the company "inexcusably kept their power lines energized during the forecasted high-fire danger conditions." A PG&E utility worker locates a gas main line in the rubble of a home burned down by wildfire in Paradise, California, Nov. 13, 2018. Several of those agencies track statewide wildfire information, but most did not keep track of the names of utility companies associated with wildfire incidents.

Persons: Michelle Glogovac, Glogovac, Laurie Allen, Brent Jones, Allen, Jones, inexcusably, Michael Wara, Shelee Kimura, Yuki Iwamura, David Pomerantz, Pomerantz, Patti Poppe, It's, JOSH EDELSON, Warren Buffett's, Stanford's, CNBC's Brian Sullivan, David Paul Morris, Institute's Pomerantz, Tama Organizations: CNBC, Electric, Energy, Stanford University, Hawaiian Electric, AFP, Getty, Policy, Policy Institute, NV Energy, Warren Buffett's Berkshire Hathaway Energy, Bloomberg, Getty Images Locations: Paradise , California, Lahaina , Hawaii, Hawaii, Maui, Maui County, Lahaina, California, Nevada, Warren, — Arizona, California , Colorado, Hawaii , Montana , Nevada , New Mexico , Oregon , Utah, Washington, Arizona , New Mexico, Utah

☆ Satya Nadella's first decade as Microsoft CEO was defined by cloud. What's next?
▼ + stars: | 2024-02-04 | by ( Jordan Novet | ) www.cnbc.com time to read: +11 min

Jason Redmond | AFP | Getty ImagesWhen Satya Nadella replaced Steve Ballmer as Microsoft CEO in February 2014, the software company was mired in mediocrity. Many tech industry analysts and investors would say that, thanks largely to Nadella, Microsoft is now set up to be a powerhouse for the foreseeable future. In a 2020 interview, Pat Gelsinger, then CEO of VMware, said offering his company's software on Microsoft's Azure cloud was akin to a "Middle East peace treaty." Nadella is perhaps best known in the tech industry for pushing Microsoft deeper into cloud computing. While some in the younger generations have Microsoft software at work, it's not necessarily what they grew up using and may not be what they prefer.

Persons: Satya Nadella, Bing, Jason Redmond, Steve Ballmer, Aravind Srinivas, Jeff Bezos, Nadella, Aaron Levie, Levie, Larry Ellison, David Paul Morris, Pat Gelsinger, Michael Nathan, Nathan, he'd, He's, Nat Friedman, Friedman, Kevork Djansezian, Ballmer, Kevin Dallas, I've, Dallas, it's, Gen Z, OpenAI's, Commission's Lina Khan, Sam Altman, Altman, OpenAI isn't, hasn't, Jefferies Organizations: Microsoft, AFP, Getty, Apple, Google, Amazon, Oracle Corp, Oracle, Bloomberg, VMware, Intel, Linux, Ballmer, Los Angeles Clippers, Microsoft Corp, Nokia, Activision Blizzard, Adobe, Activision, Federal, U.S . Justice Department, CNBC Locations: Redmond , Washington, San Francisco, Microsoft's, Silicon Valley, Los Angeles , California, U.S, Europe

☆ Microsoft gets a price target hike after posting a great quarter driven by AI
▼ + stars: | 2024-01-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

Microsoft reported strong fiscal second-quarter results Tuesday, boosted by the strength of AI. Cloud unit Azure was better than expected thanks to organizations running AI applications on its cloud. That's double from last quarter as Azure AI customers grew to 53,000 from more than 18,000 last quarter. What's fascinating about Azure AI is that over one-third of its customers are completely new to Azure, according to Microsoft, highlighting the importance every organization has in understanding its AI strategy. Microsoft guided Productivity and Business Processes revenues to $19.3 billion to $19.6 billion, ahead of the consensus of $19.45 billion.

Persons: Satya Nadella, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Microsoft, Revenue, LSEG, Nvidia, AMD, Productivity, LinkedIn, Activision Blizzard, Windows, Activision, CNBC, CES, Bloomberg, Getty Locations: Las Vegas

☆ Why does gas cost more in California?
▼ + stars: | 2024-01-27 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

It adds about 10 cents of additional cost per gallon of gas, said Borenstein. Yet, in the fall of 2022, California gas prices shot up to a record high of nearly $6.50 per gallon after multiple refineries suffered outages. The shrinking number of oil refineries in California is another reason there’s a growing gap between California and the rest of the country’s gas prices. Those 11 refineries produce 90% of California’s gas and diesel fuel, according to California’s energy department. But Borenstein has another theory for why the price of gas is so much higher in California.

Persons: That’s, Severin Borenstein, Borenstein, Ronald Reagan, ” Reagan, David Paul Morris, ”, “, Patrick De Haan, ” Borenstein Organizations: Los Angeles CNN —, AAA, University of California Berkeley’s Haas School of Business, California Air Resources Board, Gov, Carrell, Act, Bloomberg, Getty, American Lung Association, US Energy Information Administration, Drivers, Shell, Mobil Locations: United States, California, Golden, Angeles, Los Angeles, San Francisco , California, Hawaii, Texas, Oklahoma, Louisiana, “ California, Chevron

☆ How America’s economy keeps defying expectations when the rest of the world is struggling
▼ + stars: | 2024-01-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Economists were convinced the last quarter of 2023 had to be the one where economic growth slowed significantly after the prior quarter’s gangbuster 4.9% annualized growth rate. Gross domestic product, the broadest measure of economic output, did slow last quarter to a 3.3% annualized rate. It’s remarkable given economists were expecting 1.5% annualized GDP growth last quarter. But what’s perhaps most remarkable about the US economic growth rate is how much it towers over similarly sized advanced economies. Covid stimulus money is helping Americans avoid cutting back on spending.

Persons: Larry David, that’s, rateaccording, Joseph Gagnon, David Paul Morris, Gagnon, That’s, Alicia Wallace, Hanna Ziady, he’s, I’ve, it’s Organizations: New, New York CNN, Gross, Peterson Institute for International Economics, Federal Reserve, Bloomberg Locations: New York, Singapore, Europe, Ukraine

☆ Synopsys to Acquire Ansys in $35 Billion Deal
▼ + stars: | 2024-01-16 | by ( Asa Fitch | Ben Glickman | ) www.wsj.com time to read: 1 min

The acquisition allows Synopsys to expand the industries it targets. Photo: David Paul Morris/Bloomberg NewsSynopsys agreed to acquire Ansys for $35 billion of cash and stock in a deal that would expand the company’s reach in simulation software for designers of microchips, cars and airplanes. Synopsys is one of two big players, along with Cadence, in the software that chip designers use to lay out circuitry and test it prior to manufacturing. As chip-making advances and designers start to stack silicon wafers on top of each other, physics simulations like those Ansys provides have become increasingly important.

Persons: David Paul Morris, Synopsys Organizations: Bloomberg, Cadence

☆ Exxon Mobil CEO urges COP28 to focus on reducing emissions — not phasing out fossil fuels
▼ + stars: | 2023-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

There's also an ongoing debate about whether an agreement should center on "abated" fossil fuels, which are trapped and stocked with carbon capture and storage technologies, or "unabated" fossil fuels, which are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases. "We cannot save a burning planet with a firehose of fossil fuels," Guterres said. "The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not everyone is on board with calls to phase out fossil fuels, however. An Exxon Mobil gas station in Washington, DC, US, on Tuesday, Nov. 28, 203.

Persons: Darren Woods, There's, Steve Sedgwick, Woods, U.N, António Guterres, Guterres, Phaseout, David Paul Morris, Exxon Mobil's Woods, Tengku Muhammad Taufik, I'm Organizations: UNITED, EMIRATES, Exxon Mobil, United Arab Emirates, United Arab, Exxon Mobil Corp, Economic Cooperation, APEC, Bloomberg, Getty Images Bloomberg, Getty, Exxon, Big Oil, Petronas, Natural Resources, Mobil Locations: Dubai, COP28, Russia, United Arab Emirates, Asia, San Francisco , California, San Francisco, China, UAE, Washington , DC

☆ Salesforce Keeps Growth Dreams Alive Enough
▼ + stars: | 2023-11-30 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Salesforce CEO Marc Benioff speaks during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco on Nov. 16. Photo: David Paul Morris/Bloomberg NewsThere was a time—and not very long ago—that Salesforce would have scoffed at 11% growth. That was then. The cloud software giant’s fiscal third-quarter ended October was the third consecutive period showing revenue growing at that pace year over year. The company also used Wednesday’s report to affirm Wall Street’s projection for 10% growth in the current quarter ending in January—9.8% if not rounding.

Persons: Marc Benioff, David Paul Morris Organizations: Economic Cooperation, Bloomberg Locations: Asia, San Francisco, —

☆ A year after ChatGPT’s release, the AI revolution is just beginning
▼ + stars: | 2023-11-30 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +11 min

Seemingly overnight, the user-friendly generative AI technology enraptured the globe. It also promised to revolutionize the future of white-collar work — so long as it didn’t cause an AI apocalypse in the process. ‘The world woke up to the AI revolution’And one year since ChatGPT’s public release, the fervor around AI is still at a fever pitch. And AI’s long-prophesied impacts to the labor market is also beginning to emerge, both inside and outside the tech industry. “Many, many, many jobs that are currently done by humans, AI will be able to do,” said Clune, the AI researcher at the University of British Columbia.

Persons: New York CNN —, Sam Altman, ChatGPT, ” Jeff Clune, hasn’t, ” Clune, ”, OpenAI’s, Jakub Porzycki, Suresh Venkatasubramanian, ” Venkatasubramanian, “ It’s, it’s, Venkatasubramanian, Clune, we’re, ChatGPT’s, OpenAI, David Paul Morris, “, CNN’s Kara Swisher, Altman, —, ” Altman Organizations: New, New York CNN, Big Tech, Tech, University of British, CNN, ChatGPT’s, Brown University, Economic Cooperation, Bloomberg, Getty, Microsoft — Locations: New York, University of British Columbia, Krakow, Poland, OpenAI, Asia, San Francisco , California

☆ Don’t read too much into those Black Friday and Cyber Monday spending totals
▼ + stars: | 2023-11-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

“It shows the psychological mind frame of consumers,” said Mickey Chadha, vice president of corporate finance at Moody’s Investors Services, referring to holiday spending data. This year, dollar sales growth for the holidays in the United States is forecast to slow to 3.3% from 6% last year. It means the spending growth it reported was “driven by net-new demand, not simply higher prices,” Adobe said. The experts CNN spoke to were all in agreement: Holiday spending data — no matter how good or bad — doesn’t represent the state of the entire US economy. A report she coauthored with Chadha predicts holiday sales will grow “a fairly modest 1% to 3%” this year.

Persons: ”, Mickey Chadha, Aditya Bhave, David Paul Morris, That’s, Tamara Charm, Charm, ” Adobe, Chedly Louis, Chadha, Michael Zdinak, he’s, Bhave, that’s Organizations: New, New York CNN, Moody’s Investors Services, Adobe Analytics, Adobe, P Global Market Intelligence, Bank of America, Bloomberg, Getty, Consumer, Consumers, McKinsey, CNN, Moody’s Investors Locations: New York, United States, That’s

☆ Meta Designed Products to Capitalize on Teen Vulnerabilities, States Allege
▼ + stars: | 2023-11-25 | by ( Jeff Horwitz | ) www.wsj.com time to read: +1 min

Meta says it didn’t design its products to be addictive for teens. Photo: David Paul Morris/Bloomberg NewsMeta Platforms sought to design its social-media products in ways to take advantage of known weaknesses of young users’ brains, according to newly unredacted legal filings citing internal company documents. An internal 2020 Meta presentation shows that the company sought to engineer its products to capitalize on the parts of youth psychology that render teens “predisposed to impulse, peer pressure, and potentially harmful risky behavior,” the filings show. References to the documents were initially redacted in the suit, which was filed in late October by members of a coalition of 41 states and the District of Columbia, alleging that Meta has intentionally built Facebook and Instagram with addictive features that harm young users. Meta approved the filing of an unredacted version on Wednesday.

Persons: Meta, David Paul Morris Organizations: Bloomberg, Meta, District of Columbia

☆ GM’s Driverless Taxis Need to Slow Down
▼ + stars: | 2023-11-21 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

A Cruise autonomous taxi in San Francisco, California, earlier this year. Photo: David Paul Morris/Bloomberg NewsStep on the accelerator with driverless vehicles and you scare off regulators and the public, but hit the brakes and you lose financial backers. It won’t be an easy balance for Cruise to strike as it looks for a route out of today’s crisis. The autonomous-taxi venture 80%-owned by General Motors has lost both its co-founders since Sunday, including Chief Executive Officer Kyle Vogt . The resignations, which capped a tumultuous few weeks since the suspension of Cruise’s autonomous-driving permit by the California Department of Motor Vehicles, might make it easier to convince regulators that the business can make a fresh start.

Persons: David Paul Morris, Cruise, Kyle Vogt Organizations: Bloomberg, General Motors, California Department of Motor Vehicles Locations: San Francisco , California

☆ Unions are the strongest in decades. Nearly a million Americans got double-digit raises as a result
▼ + stars: | 2023-11-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Nearly 900,000 Americans sitting down to Thanksgiving dinner this week will have unions – and the double-digit pay increases they won – to thank. The strike lasted more than six weeks before the union won contracts it was seeking from all three unionized US automakers. The unions won significant pay increases and job protections they were seeking. And even with some of the contracts that pass, some union members offer significant opposition, believing they could have negotiated for even more. The union won a contract approved by 86% of membership who voted on ratification.

Persons: “, ”, Wheaton, Emily Elconin, David Paul Morris, Stellantis, Kate Andrias, Mike Blake, It’s, Greg Regan, ” Regan, Heidi Shierholz, union’s, Cornell’s Wheaton, That’s, EPI’s Organizations: New, New York CNN, CNN, Cornell University’s School of Industrial and Labor Relations, United Auto Workers, General Motors, Ford, Kaiser Permanente, Ford Motor Co, Michigan Assembly, Bloomberg, Getty, Writers Guild, SAG, Teamsters, UPS, Culinary, Los, Pilots, American, United, Southwest, The, Professional, American Airlines, FedEx, United Airlines, San Francisco International Airport, Detroit, MGM Entertainment, UAW, Big, GM, Labor, Columbia Law, Motors, Workers, AFL, Economic Policy Institute, Labor Department, Union, Toyota, Honda, Hyundai, Starbucks, Starbucks Workers United, ” Locations: New York, Buffalo, Kaiser, Michigan, Wayne , Michigan, DisneyWorld, Los Angeles, Vegas

☆ OpenAI Says Sam Altman Is Out as CEO: ‘Board No Longer Has Confidence’
▼ + stars: | 2023-11-20 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

OpenAI Says Sam Altman Is Out as CEO: ‘Board No Longer Has Confidence’OpenAI said co-founder Sam Altman is leaving as chief executive. Mira Murati, chief technology officer at the artificial-intelligence company, will serve as interim CEO. Photo: David Paul Morris/Bloomberg News

Persons: OpenAI, Sam Altman, Mira Murati, David Paul Morris Organizations: Bloomberg

OpenAI said co-founder Sam Altman is leaving as chief executive. Mira Murati, chief technology officer at the artificial-intelligence company, will serve as interim CEO. Photo: David Paul Morris/Bloomberg NewsOpenAI ’s investors are making efforts to bring back Sam Altman , the chief executive officer who was ousted Friday, the latest development in a fast-moving chain of events at the artificial-intelligence company behind ChatGPT. Altman is thinking about returning but has told investors that if he does return, he wants a new board and governance structure, people familiar with the matter said. He has separately discussed starting a company that would bring on former OpenAI employees, including several who quit in protest over his ouster.

Persons: OpenAI, Sam Altman, Mira Murati, David Paul Morris, Altman Organizations: Bloomberg, ChatGPT

☆ Joe Biden Turns 81 Years Old
▼ + stars: | 2023-11-18 | by ( The Editorial Board | ) www.wsj.com time to read: +1 min

President Joe Biden during an Asia-Pacific Economic Cooperation (APEC) leaders retreat, San Francisco, Nov. 17. Photo: David Paul Morris/Bloomberg NewsIf President Biden’s birthday Monday is anything like his last one, he’ll eat a cake quietly with family and hope nobody else notices. Mr. Biden’s granddaughter was wed on the South Lawn. Regardless, voters have managed to notice that Mr. Biden is showing his years. And who says Mr. Biden hasn’t united the country?

Persons: Joe Biden, David Paul Morris, Biden’s, Biden, Biden hasn’t, muttered sotto Organizations: Economic Cooperation, Bloomberg, CNN Locations: Asia, San Francisco

☆ Target Gave Investors an Early Christmas Gift
▼ + stars: | 2023-11-15 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Target’s comparable sales fell less in its most recent quarter than analysts had expected. Photo: David Paul Morris/Bloomberg NewsTarget didn’t quite hit the bull’s-eye, but it’s no longer missing it by a mile. The retailer said on Wednesday that comparable sales fell 4.9% in its quarter ended Oct. 28 compared with a year earlier—better than the 5.2% decline that Wall Street analysts polled by Visible Alpha were expecting. The stock surged 18% in early trading.

Persons: David Paul Morris Organizations: Bloomberg, Target, Street, Alpha

Chinese leader Xi Jinping arrived in San Francisco on Tuesday ahead of a high-stakes meeting with President Biden at the APEC summit. It will be the first time Biden and Xi will speak since the U.S. shot down a suspected Chinese surveillance balloon in February. Photo: David Paul Morris/Bloomberg NewsSAN FRANCISCO—President Biden and Chinese leader Xi Jinping are going into a high-stakes summit Wednesday with a long list of contentious issues between the world’s two leading powers—and narrow room to find compromise. The two countries are close to finalizing agreements to restore communications between their militaries and cooperate in choking off fentanyl trafficking, U.S. officials said. U.S. and Chinese officials also have discussed a potential agreement for China, which has made no major order for Boeing jets since 2017, to resume purchases of the 737 Max.

Persons: Xi Jinping, Biden, Xi, David Paul Morris, President Biden, Max Organizations: APEC, Bloomberg, FRANCISCO, Boeing Locations: San Francisco, U.S, China

☆ Aristocrat Leisure Raises Dividend After FY Profit Jumps 53%
▼ + stars: | 2023-11-15 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

Aristocrat Leisure reported a net profit for the 12 months through September of A$1.45 billion. Photo: David Paul Morris/Bloomberg NewsSYDNEY—Australian gaming company Aristocrat Leisure lifted its annual profit 53% and raised its final dividend following a strong performance in its slot-machine business. The ASX-listed company on Wednesday reported a net profit for the 12 months through September of 1.45 billion Australian dollars (US$924.8 million), compared with A$948.5 million a year earlier. Revenue rose 13% to A$6.30 billion.

Persons: David Paul Morris Organizations: Leisure, Bloomberg News SYDNEY —, Revenue Locations: Bloomberg News SYDNEY — Australian

☆ Russia relishes divisions between China and the U.S., pouring cold water on Xi-Biden talks
▼ + stars: | 2023-11-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

Russian President Vladimir Putin speaks during his press conference at the Konstantin Palace on July 29, 2023 in Saint Petersburg, Russia. Russian media have already reveled in pouring cold water on the Asia-Pacific Economic Cooperation (APEC) summit where Xi and Biden are due to meet Wednesday. Russian President Vladimir Putin was not invited due to U.S. sanctions so Deputy Prime Minister Alexei Overchuk is representing Russia at the summit. A range of Russian newspapers including Kommersant, Izvestia, Argumenty i Fakty, Nezavisimaya Gazeta and Komsomolskaya Pravda did not feature any news on the APEC summit or Xi-Biden talks. China's President Xi Jinping and U.S. President Joe Biden at the G20 Summit in Nusa Dua on the Indonesian island of Bali on Nov. 14, 2022.

Persons: Vladimir Putin, Konstantin, Xi Jinping, Joe Biden, Xi, Biden, Katherine Tai, Tai, David Paul Morris, Xi's, Alexei Overchuk, Dmitry Peskov, Kamala Harris, Kent Nishimura, Komsomolskaya, Putin, — Xi, Sergei Guneyev, Ian Bremmer, Saul Loeb Organizations: Getty, U.S, Economic Cooperation, Novosti, APEC, U.S . Trade, Russian Federation, San Francisco International Airport, American, Bloomberg, Getty Images Bloomberg, Israel, Kremlin, SAN FRANCISCO, Merchant Exchange Club, Tass, Kommersant, Izvestia, Gazeta, Komsomolskaya Pravda, Sputnik, AFP, West, Analysts, Eurasia Group, China's, Afp Locations: Saint Petersburg, Russia, Russian, San Francisco, China, Beijing, Washington, Moscow, Asia, United States, San Francisco , California, Ukraine, Pacific, U.S, CALIFORNIA, Taiwan, Nusa Dua, Indonesian, Bali

☆ Here’s the inflation breakdown for October 2023 — in one chart
▼ + stars: | 2023-11-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The Fed aims for a 2% annual inflation rate over the long term. Gasoline prices fell in OctoberWhat's happening under the surfaceEnergy prices can whipsaw inflation readings due to their volatility. That's why economists like to look at a measure that strips out these prices when assessing underlying inflation trends. This pared-down measure — known as the "core" CPI — fell to an annual rate of 4% in October from 4.1% in September. Housing inflation declined in October, to 6.7% relative to a year earlier, and has fallen from a peak over 8% in March 2023, according to BLS data.

Persons: Joe Biden, David Paul Morris, Sarah House, Mark Zandi, Zandi, It's Organizations: Bloomberg, Getty Images Bloomberg, Getty, Wells, Wells Fargo Economics, U.S . Bureau of Labor Statistics, Moody's, CPI, BLS Locations: Hercules , California, U.S, Wells Fargo, American, Russia, Ukraine

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