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☆ Trump, fraud, and minding the GAAP: A guide to the accounting rules at the heart of his NY trial, courtesy of 2 standup comics who happen to be CPAs
▼ + stars: | 2023-10-09 | by ( Laura Italiano | ) www.businessinsider.com time to read: +8 min

Trump's $250M fraud trial hinges on whether he followed generally accepted accounting principles. AdvertisementAdvertisementTrying to follow the Trump Organization civil fraud trial but don't understand all the quacking about "GAAP, GAAP, GAAP" — those wonky, "generally accepted accounting principles" at the heart of the trial? Donald Trump leaves his civil fraud trial in New York on its third day of testimony. "I know Trump would like to see them 'wiggle, wiggle, wiggle' for sure," she added. AdvertisementAdvertisementTrump's civil fraud trial begins its second week on Tuesday.

Persons: —, Donald Trump, Donald Trump , Jr, Trump, Letitia James, Donald Trump's, Tammara Buckey, Buckey, Buckley, Missy Hydrick, Steve Gianturco, He's, Stevie GB, Brendan McDermid, Gianturco, Seth Wenig, FASB, Fabio, James, Jason Derulo Organizations: Service, Trump Organization, New York, Trump, NY, CPA, Federal, Accounting Locations: Huntsville , Alabama, Long Island , New York, New York, York, Manhattan's

☆ Guggenheim upgrades Microsoft, says generative AI is 'too strong' to ignore
▼ + stars: | 2023-09-25 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Generative AI advancements can help Microsoft bounce back from its recent losses, according to Guggenheim. Analyst John DiFucci upgraded the stock to neutral from sell, saying the "potential monetary benefit from Generative AI is too strong a force to contend with" despite the company's recent underperformance. The analyst removed his price target on the stock as he believes the stock is trading around a fair valuation. Prior to the upgrade, DiFucci was the last analyst with a sell rating on Microsoft, according to FactSet. Guggenheim expects Office to continue to benefit from these factors, even aside Generative AI, he said.

Persons: John DiFucci, OpenAI, DiFucci, Guggenheim, GenAI, Michael Bloom Organizations: Microsoft, Guggenheim, ChatGPT, Microsoft's, Office

☆ Cramer's week ahead: Pay attention to the Federal Reserve's meeting
▼ + stars: | 2023-09-15 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday gave investors tips for what to focus on during the coming week, highlighting the Federal Reserve's Wednesday decision on interest rate hikes for the rest of the year. Grocery-delivery company Instacart may also release initial public offering pricing Monday night, Cramer said, and Tuesday will bring an earnings report from AutoZone. "When there's a Fed meeting coming up in less than a week and nobody seems worried about it, maybe you want to brace yourself for a little turbulence," he said. On Thursday, Cramer will be looking at Olive Garden owner Darden 's earnings report, which may provide some clarity on whether consumers are spending money dining out. And Friday will mark a week since the United Auto Workers union went on strike against the country's primary automakers.

Persons: CNBC's Jim Cramer, We've, there's, Jay Powell, Cramer, Jerome Powell, I'm, Powell, General Mills, Darden, Shawn Fain Organizations: Disney, ESPN, ABC, Nexstar, AutoZone, FedEx, KB, Fed, Olive Garden, United Auto Workers Locations: Orlando , Florida, General

☆ September to remember or to forget? Here are things working for and against the stock market
▼ + stars: | 2023-09-04 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I never like higher rates at any end of the curve. At every benchmark, you will first hear that every bull market ends because of higher rates. We have done well in the stock market at 7% on the 20-year and well at half that. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Shawn Fain, Fain, He's, haven't, Tesla, —, Mike Wilsons, Mike Wilson, Morgan Stanley's, Here's, it's, there's, that's, Jim Cramer's, Jim Cramer, Jim, Jim Cramer Rob Kim Organizations: Companies, Federal Reserve, Big, ARM Holdings, Club, MarketEdge, United Auto Workers, UAW, Ford, ARM, American Free Trade, Netflix, Earth, Apple, Treasury, Fed, CNBC Locations: Mexico, United States, Canada

☆ Faced With Evolving Threats, U.S. Navy Struggles to Change
▼ + stars: | 2023-09-04 | by ( Eric Lipton | More About Eric Lipton | ) www.nytimes.com time to read: +1 min

One, the T-38 Devil Ray, which can reach speeds of up to 90 miles per hour — faster than just about any other vessel in the Navy — was awaiting its next assignment. Alongside it was the Ocean Aero Triton, whose solar-power system allows it to operate for three months at a time without any need to refuel. He said he found enormous enthusiasm for the idea among frontline commanders in the Pacific and the Middle East. “We are trying to improve Navy power, but we need to do more than that: We need to reimagine Navy power,” he said in an interview this summer, just after retiring from the Navy. It is vital that we throw off old conventions.”

Persons: Ray, Navy —, Devil Ray, Admiral Selby, ” Organizations: Navy, Triton, Naval Research Locations: Asia, Persian, Bahrain, San Diego, Pacific

☆ Analysis: Trump's trial calendar vs. the US political calendar
▼ + stars: | 2023-08-28 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

On Monday, a federal judge in Washington, DC, set March 4, 2024, as the start date for the first of his two federal criminal trials. Track developments in Trump’s criminal cases. There will also be a busy court schedule between now and the trial date start as the prosecution and defense offer and respond to pretrial motions, witnesses and other issues. Chutkan said during the proceeding Monday she contacted the judge overseeing Trump’s criminal trial in New York, related to hush-money payments in 2016, which is set to begin March 25. He told CNN’s Jim Sciutto on Monday that there should be time to complete the federal election interference case before voters choose the next president.

Persons: CNN — Donald Trump’s, Read, Tanya Chutkan, Barack Obama, Trump’s, Chutkan, Trump, Fani Willis, Willis, Mark Meadows, Mitt Romney, Joe Biden, Hillary Clinton, Obama, Andrew McCabe, CNN’s Jim Sciutto, “, ” McCabe, Ethan Cohen, Cohen, Jean Carroll, –, Letitia James Organizations: CNN, Republican, GOP, White House, Republicans, FBI, South, Primaries, Trump, New York Locations: Washington ,, Texas, California, New York, Florida, Fulton County, Georgia, Milwaukee, Iowa, Hampshire, Nevada, South Carolina, Michigan, Idaho, North Dakota, Alabama , Alaska , Arkansas , California , Colorado , Maine , Massachusetts, Minnesota, North Carolina , Oklahoma , Tennessee , Texas, Utah, Vermont , Virginia, Hawaii, Mississippi, Washington, Arizona , Florida , Illinois , Kansas , Ohio, Louisiana, Delaware, Rhode Island , Wisconsin, Pennsylvania, Connecticut, Indiana, Maryland , Nebraska, West Virginia, Kentucky , Oregon, Montana , New Jersey, New Mexico, South Dakota

☆ The Netherlands gifted Ukraine a fleet of F-16 fighter jets 9 years after Putin's proxies blew MH17 out of the sky, killing 196 Dutch passengers
▼ + stars: | 2023-08-27 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +5 min

The Netherlands is sending up to 42 F-16 fighter jets to Ukraine to help aid its war against Russia. The event marked the arrival of the first bodies of the victims of flight MH17, which was shot down over Russian separatist-controlled territory, killing all 298 passengers, including 196 Dutch nationals. Matthew LotzColijn said the tragedy also helped Dutch people contextualize Russia's war on Ukraine. REUTERSBut while the delivery of F-16 jets may seem symbolic, Colijn said it was largely a pragmatic move. The Dutch defense ministry has long been planning on phasing out its aging F-16 fleet, which it has been replacing with F-35s.

Persons: Vladimir Putin, Putin, Mark Rutte, Chris Colijn, Matthew Lotz Colijn, Rutte, doesn't, Colijn, Piet Ploeg, Ploeg, Volodymyr Zelenskyy, Russia Paul van Hooft, van Hooft, Van Hooft, I'm Organizations: Russia, Eindhoven Airbase, Service, Eindhoven, Malaysia Airlines Amsterdam, Ukraine —, Reuters, RTL Nederland, US Air Force, Fighting Falcons US Air Force, Tech, REUTERS, MH17, Foundation, Dutch, Hague, Strategic Studies Locations: Netherlands, Ukraine, Wall, Silicon, Kuala Lumpur, Russian, Russia

☆ Christian Pulisic: US captain scores sensational goal on AC Milan debut
▼ + stars: | 2023-08-22 | by ( Ben Morse | ) edition.cnn.com time to read: +2 min

CNN —US Men’s National Team captain Christian Pulisic scored a sensational goal on his debut for Italian side AC Milan on Monday night. The 24-year-old’s thunderous 21st-minute strike was the second of the night in AC Milan’s 2-0 victory over Bologna as the team began its Serie A campaign strongly. Nice to get a goal, while a clean sheet and a win are always nice.”Giroud scored Milan’s opening goal, tapping home from close range after just 11 minutes. Following a disappointing Serie A title defense last season – though the Italians did reach the semifinals of the Champions League – AC Milan has recruited heavily this offseason in the hope of reclaiming the Scudetto. Pulisic scores Milan's second goal against Bologna.

Persons: Christian Pulisic, Pulisic, Olivier Giroud, ” Pulisic, DAZN, ” Giroud, Sandro Tonali, Midfielders Ruben Loftus, Cheek, Luka Romero, Tijjani Reijnders, Yunus Musah, Noah Okafor, Samuel Chukwueze, Alessandro Sabattini, ” Milan, Stefano Pioli, “, ” Pioli, ” Organizations: CNN, US Men’s National Team, Italian, AC Milan, Champions League –, Milan, English Premier League, Newcastle United, Midfielders, Chelsea, Bologna Locations: Chelsea, Bologna, Italy, Milan, London, “

☆ Wall Street is declaring victory too early — the US is still headed for a recession
▼ + stars: | 2023-08-22 | by ( William Edwards | ) www.businessinsider.com time to read: +11 min

In theory, these higher interest rates push down demand and slow inflation by forcing companies to cut prices to attract stretched-thin customers. And Americans have been spending right through the higher interest rates: Personal consumption expenditures and retail sales numbers have continued to forge upward. But eventually, this attitude will wane as people realize that the higher rates aren't a flash in the pan. The Treasury yield curve measures the different interest rates that are paid out on various bonds issued by the US government. It's the same story every time, both Kantrowitz and Rosenberg say: Investors are bad at pricing in a recession before it unfolds.

Persons: Michael Kantrowitz, Piper Sandler, Milton Friedman, Bob Doll, Doll, David Rosenberg, Rosenberg, Tom Essaye, Essaye, Granger, Kantrowitz, Jerome Powell, William Edwards Organizations: Philadelphia Fed, Bank of America, JPMorgan, Consumer, Crossmark Global Investments, BlackRock, Silicon Valley Bank, Rosenberg Research, Fed, Auto, Wall, CPI, Institute for Supply Management's, Treasury, Royal Bank of Canada Locations: Silicon, YOLO

☆ EU ready to strengthen maritime security cooperation with the Philippines
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/4] Philippine President Ferdinand Marcos Jr., claps beside European Commission President Ursula von der Leyen, after signing ceremonies at the Malacanang Presidential Palace in Manila, Philippines, July 31, 2023.Aaron Favila/POOL via REUTERSMANILA, July 31 (Reuters) - The European Union is ready to strengthen cooperation with the Philippines on maritime security, European Commission President Ursula von der Leyen said on Monday, as she stressed the importance of a free and open Indo-Pacific region. She was speaking after a meeting with Philippine President Ferdinand Marcos Jr. in Manila where the two leaders discussed a range of issues from security and trade to climate change. "We are ready to strengthen the cooperation with the Philippines on maritime security in the region by sharing information, conducting threat assessment and building the capacity of your coast guard," she said in a joint press conference with Marcos. Von der Leyen on Monday reaffirmed the EU's support for a 2016 international arbitration ruling that invalidated Beijing's expansive claims, saying the ruling is legally binding and provides the basis for resolving disputes peacefully. Von der Leyen also said the European Union will support the Philippines' fight against climate change, which is a priority for Marcos as he pushes to increase renewables in the country's power mix to 35% by 2030.

Persons: Ferdinand Marcos Jr, Ursula von der Leyen, Aaron Favila, Marcos, Von der Leyen, Karen Lema, Neil Jerome Morales, Kanupriya Kapoor Organizations: Philippine, European, REUTERS, European Union, Thomson Locations: Manila, Philippines, REUTERS MANILA, The Philippines, United States, China, South China, European

☆ Russian Optimism Over Defeat of Western-Made Tanks May Be Premature
▼ + stars: | 2023-06-10 | by ( Sam Fellman | ) www.businessinsider.com time to read: +3 min

A terrifying video captures a Russian drone's attack on a German-made Leopard tank below. Some believe they are signs Ukraine's counter-offensive is a failure. Ukraine's counter-offensive has just begun. One terrifying video captures a Russian loitering drone's attack on a German-made Leopard 2 tank below. The Leopard is among the more advanced weapons Ukraine has received from its Western backers to aid in retaking its land from Russian invaders.

Persons: Ukraine's, —, couldn't, Russian ultranationalists, Insider's Ryan Pickrell Organizations: Service, Ukraine, Institute for, Zaporizhia — Locations: Russian, Ukraine, Zaporizhia, Russia

☆ 'I will cry 100%': Firmino braces for emotional Anfield farewell
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +2 min

May 20 (Reuters) - Liverpool forward Roberto Firmino expects his final game at Anfield to be an emotional affair and the Brazilian said he is bracing for a flood of tears as he prepares to leave the Premier League club after eight trophy-laden years. Firmino, who has scored 109 goals since his move from Hoffenheim in 2015, has won every major trophy with Liverpool including the Premier League, Champions League, FA Cup and League Cup. "I am trying to focus on the game, but after it I will cry 100%," Firmino told reporters ahead of Saturday's game against Aston Villa, Liverpool's last home game of the season. "I will miss everything -- my teammates, the club, the fans, especially the fans. At his peak, Firmino was the fulcrum in Liverpool's three-pronged attack, forming a devastating partnership with Mohamed Salah and Sadio Mane.

☆ The stealth F-22 Raptor's days are numbered, and the Air Force is officially looking for designs for the fighter jet's next-gen replacement
▼ + stars: | 2023-05-18 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The Air Force is officially seeking designs for the next-gen fighter to replace the F-22 Raptor. "We will lose that edge if we don't move forward now," Frank Kendall, Air Force secretary, said. "No one does this better than the US Air Force, but we will lose that edge if we don't move forward now." There are two of these sixth-generation projects currently underway, one for the Air Force and the other for the Navy. The Air Force has pushed for the retirement of some earlier F-22s, but it has received pushback from Congress.

☆ How the debt ceiling showdown could play into China’s hands and weaken US global power
▼ + stars: | 2023-05-17 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

One way to raise the debt ceiling might be to build a coalition of Republicans and moderate Democrats to isolate the extremists in his own party. “I cannot in good conscience support a debt ceiling proposal that pushes people into poverty,” Fetterman said. The length of a debt ceiling raise could also be an issue. Many Democrats want a deal that pushes the politically perilous need to raise the debt ceiling past the next election. Potentially, both chambers could vote on a short-term extension to raise the debt ceiling to allow time for more negotiations.

☆ Ukrainian defenders oust Russian forces from some positions in Bakhmut -Ukraine general
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

KYIV, May 1 (Reuters) - Ukrainian units have ousted Russian forces from some positions in Bakhmut amid fierce battles, a top Ukrainian general said on Monday, as the White House believes that more than 20,000 Russian fighters have been killed in Ukraine since December. "The situation (in Bakhmut) is quite difficult," Col. Gen. Oleksandr Syrskyi, the Ukrainian commander of ground forces, said in a statement on the Telegram messaging app. Syrskyi said that new Russian units are being "constantly thrown into battle for Bakhmut" despite taking heavy losses, Syrskyi said, adding: "But the enemy is unable to take control of the city." Russian forces have steadily made incremental gains in Bakhmut, but Ukraine said on Sunday that it was still possible to supply the defenders with food, ammunition and medicine. Kyiv is widely expected soon to launch a counter-offensive to retake swathes of territory in the east and south that were occupied by Russian forces following the invasion 15 months ago.

☆ Ukrainian defenders oust Russian forces from some positions in Bakhmut - Ukraine general
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

KYIV, May 1 (Reuters) - Ukrainian counterattacks have ousted Russian forces from some positions in the besieged eastern city of Bakhmut, but the situation remains "difficult", a top Ukrainian general said in comments released Monday. "The situation is quite difficult," said Col. Gen. Oleksandr Syrskyi, the commander of ground forces, in a statement on Telegram. "At the same time, in certain parts of the city, the enemy was counterattacked by our units and left some positions." He added that new Russian units, including paratroopers and fighters from the Wagner mercenary group, were being "constantly thrown into battle" despite taking heavy losses. Russian forces have steadily made incremental gains in Bakhmut, but a Ukrainian military spokesman said on Sunday it was still possible to supply the defenders with food, ammunition and medicine.

☆ Small businesses are filing for bankruptcy at a higher rate than at the peak of the pandemic - and a looming credit crunch could make things worse
▼ + stars: | 2023-04-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Before March, the number of small- and mid-sized businesses filing for bankruptcy was already on the rise, meaning the bank turmoil only exacerbates an existing trend. What risks are you watching as far as a credit crunch in the US for the coming months? First Citizens, the company that bought Silicon Valley Bank's assets, is run by a family that's no stranger to buying failed banks. The bank is run by a billionaire North Carolina family that's bought over 20 small failed banks since 2008. With the recent takeover, it's poised to stand among the largest 20 banks in the US.

☆ Private bankruptcy filings are blowing past their COVID-era peaks as credit stress builds for small businesses
▼ + stars: | 2023-04-01 | by ( Carla Mozée | ) www.businessinsider.com time to read: +5 min

Private bankruptcy filings this year have surpassed a peak set in the early stage of the pandemic, UBS said. So far in 2023, private bankruptcy filings have outstripped a peak set in the early stage of the COVID pandemic by a wide margin. Bankruptcy hot spots include the real estate industry, which has led this year's increase in private bankruptcy filings. The UBS Evidence Lab Corporate Bankruptcy Monitor tracks US corporate chapter 7, 11, and 15 bankruptcy filings. After sifting through data, UBS outlined several takeaways, including that private bankruptcy filings are led by the real estate, chemicals, healthcare, and retail industries.

Repsol says the plant, which transforms used cooking oil into so-called sustainable aviation fuel (SAF), has attracted plenty of customers. But it is concerned Europe's investment environment will complicate the industry's efforts to take off. "Europe needs to step up and throw its weight behind a domestic SAF industry to ensure it does not fall behind." That's a bit under 1% of global aviation fuel demand," said Jonathan Wood, Neste's vice-president of renewable aviation. "America's programme of both federal and state incentives for SAF production is the mark of global leadership on the net-zero transition," IAG told Reuters.

Commodity trading advisers (CTAs) - funds that try to profit by buying or selling when there is a clear direction in markets - slumped 4.3% in the three days to Monday, according to analysis from UBS. "We have seen certainly on (last) Friday and Monday capitulation trades from hedge funds, so all hedge funds have been short duration positioned and we have heard a lot of desks needed to shut down their risk," said Kaspar Hense, a senior portfolio manager at BlueBay Asset Management. Hedge funds felt this "brutally" in Japanese markets, Hense said, where positioning from hedge funds and CTAs had been particularly "one sided" in anticipation of an end to the Bank of Japan's yield curve control policy. British macro hedge fund manager Crispin Odey's main fund posted a minus 4.7% February performance and is down 3% so far this year, said a note from his hedge fund to clients. Very few macro economic funds tracked by bank research seen by Reuters have reported March numbers.

☆ Philippines, US kick off joint drills amid China concerns
▼ + stars: | 2023-03-13 | by ( Adrian Portugal | ) www.reuters.com time to read: +3 min

REUTERS/Lisa Marie DavidFORT MAGSAYSAY, Philippines March 13 (Reuters) - The Philippines and United States launched army-to-army exercises on Monday, with a focus on enhancing the Southeast Asian nation's ability to protect and defend its territory from external threats. "The scenarios would involve the defence of the Philippine archipelago from potential foreign aggressors," Philippines Army Chief Lieutenant General Romeo Brawner told reporters following the opening ceremony. "Since this is an army-to-army exercise, we will focus on defence operations such as air defence and also our defence from the shorelines," he added. Under the agreement, the United States can use the bases for joint training, pre-positioning of equipment and building of facilities such as runways, fuel storage and military housing, but not to maintain a permanent presence. China has slammed the expanded agreement, calling it "part of U.S. efforts to encircle and contain China through its military alliance with this country".

☆ Glencore Profits Handsomely at the Fulcrum of Energy Transition
▼ + stars: | 2023-02-15 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

For Glencore, coal remains a comfortable cushion until the copper supercycle kicks off in earnest. Coal gave Glencore —one of its last major allies—a lot to be grateful for in 2022. This year, its fortunes will depend more on a metal powering the other end of the global energy transition: copper. The mining and commodities-trading company posted another year of blockbuster earnings Wednesday. Glencore’s adjusted earnings before interest, taxes, depreciation and amortization rose 60% to a record $34.1 billion, including $17.9 billion from coal mining.

☆ After nearly 2 decades in service, the F-22 has its first air-to-air kills — neither against the jets it was designed to fight
▼ + stars: | 2023-02-10 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The F-22, the top US air superiority fighter jet, finally has it's first air-to-air kills. In a week, this jet downed a Chinese spy balloon and an unidentified "object" in two separate engagements. Neither kill was a jet that the F-22 was designed to fight. A US Air Force F-22 prepares for aerial refueling over the Nevada Test and Training Range on March 2, 2011. Despite having operational experience in Syria in the 2010s targeting Islamic State assets, the advanced fighter has never recorded a confirmed air-to-air kill, but now it has two.

☆ Djokovic beats Tsitsipas for 10th Australian Open, 22nd Slam
▼ + stars: | 2023-01-29 | by ( ) www.cnbc.com time to read: +7 min

Serbia's Novak Djokovic is presented with the trophy by former player Ken Rosewall after winning his final match against Greece's Stefanos Tsitsipas. Djokovic stretched his unbeaten streak in Melbourne to 28 matches, the longest run there in the Open era, which dates to 1968. Djokovic was participating in his 33rd major final, Tsitsipas in his second — and the 24-year-old from Greece's other one also ended in a loss to Djokovic, at the 2021 French Open. Little doubt this is of no solace to Tsitsipas, but there is no shame in failing to defeat Djokovic in Melbourne. Still, Srdjan Djokovic did not attend his son's semifinal or the final.

☆ A top investment chief explains why bonds offer an attractive hedge for a mild and brief recession in 2023
▼ + stars: | 2023-01-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm senior reporter Phil Rosen, and below I'm sharing my conversation with Northwestern Mutual's chief investment officer, Brent Schutte. He sees the bond market as this year's best recession hedge. Phil Rosen: You said you're expecting a mild and brief recession this year. Brent Schutte: The good news is that the bond market has repriced, and the bond market is a hedge against that recession. BC: I do think earnings will come down this year, and cheaper equities give a margin of safety against that.

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