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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump verdict has the potential to create 'chaos' in financial markets: Portfolio managerPhillip Toews of Toews Asset Management says the "long-term playout" of Trump's verdict will last until the U.S. presidential elections in November.
Persons: Phillip Toews Organizations: Management
The European Union's upcoming 14th sanctions package against Russia must do more to choke off energy exports and clamp down on circumvention by third parties, an advisor to the office of Ukrainian President Volodymyr Zelenskyy told CNBC. He noted that EU states would need to work more cohesively for sanctions to stand a chance of crossing the line by the end of next month as planned. "The most critical aspect of the 14th sanctions package is its adoption by the end of June, but some member states currently pose a challenge to this," Vlasiuk said via email Thursday. The EU's special envoy for the implementation of sanctions, David O'Sullivan, was in Kyiv on Thursday to discuss the latest sanctions package amid ongoing pushback from member states such as Hungary. Among the proposed measures is a ban on Russian liquified natural gas, or LNG, exports and a crackdown on sanctions circumvention via countries including Kremlin ally Belarus.
Persons: Volodymyr Zelenskyy, Vladyslav Vlasiuk, Vlasiuk, David O'Sullivan, Nataliia, Shapoval, Dmitry Birichevsky Organizations: CNBC, Kremlin, Russian Sanctions, EU, KSE Institute, Russian Foreign Ministry, Ria Locations: Wilhelmshaven, Germany, Russia, Kyiv, Hungary, Belarus, China, India, Ria Novosti, Ports, France, Belgium, Spain, Asia
The Conviction of Donald J. Trump
  + stars: | 2024-05-31 | by ( David Leonhardt | ) www.nytimes.com   time to read: +1 min
The criminal justice system finally caught up to Donald Trump. First, he was a New York businessman whose company violated discrimination laws, failed to repay debts and flirted with bankruptcy. Yesterday, however, a criminal jury judged Trump for the first time. The prosecutors argued that Trump had falsified business records to hide a sexual affair from voters and corrupt the 2016 election. Trump has become the first former president of the United States to be a convicted felon.
Persons: Donald Trump, Trump Locations: New York, Georgia, Manhattan, United States
Darren Van Dreel, a 58-year-old electrician from Oshkosh, Wis., has followed the twists and turns of the investigations into former President Donald Trump over the years: the Mueller report, two impeachments and a flurry of criminal cases, most of which have been mired in delays. So on Thursday evening, while he and his wife, Misty McPhee, were on a long drive from Wisconsin to the Washington, D.C., area, there was only one thing to do when the verdict came in. “I high-fived my wife,” said a grinning Van Dreel, as he waited for a sandwich on Friday morning in the liberal Del Ray neighborhood of Alexandria, Va. “I was just so pleasantly surprised that finally somebody’s holding him accountable.”When a Manhattan jury found Trump guilty of 34 counts of falsifying business records on Thursday, Trump’s campaign declared that the country had “fallen,” and his allies painted a picture of a nation consumed by rage. His supporters flooded corners of the internet with angry imagery (more on that below), and echoed his claims that the verdict was illegitimate.
Persons: Darren Van Dreel, Donald Trump, Mueller, Misty McPhee, , Van Dreel, Del, Trump, Trump’s Organizations: D.C Locations: Oshkosh, Wis, Wisconsin, Washington, , Del Ray, Alexandria, Va, Manhattan
New Japanese 1000 Yen banknote on display inside the Currency Museum of the Bank of Japan's Institute for Monetary and Economic Studies. Data from Japan's Ministry of Finance on Friday confirmed the country's first currency intervention since 2022, after the yen plunged to a 34-year-low in April. The ministry on Friday stated Japan spent 9.7885 trillion yen ($62.25 billion) on currency intervention between April 26 and May 29, according to a Google-translated statement. Japan last intervened to stabilize the currency in October 2022, when the yen fell to lows of around 152 per dollar. Authorities intervened three times that year to stabilize the currency, reportedly spending as much as a combined 9.2 trillion yen over the period.
Persons: Shunichi Suzuki, Suzuki, CNBC's Dan Murphy Organizations: Currency Museum, Bank of Japan's Institute for Monetary, Economic Studies, Japan's Ministry of Finance, U.S, Bank of America Global Research, Bank of Japan, Japanese Finance, Authorities Locations: Japan, London
Earlier this year, I wrote about a friend who was attacked and thrown to the ground on a September afternoon, while she was walking toward Borough Hall in Brooklyn to go to the post office. She was on the phone with her mother when a man, whose erratic behavior she had noticed in the distance, pushed her into the street, leaving her with bruises, a chipped tooth and fear new to her after decades of living in New York. At the time, it did not seem as though the assault might be part of a dark emerging trend. But the incident would presage many others — instances in which women in New York were randomly punched on the street in the middle of the day. A few days before the announcement, a 9-year-old girl standing with her mother was punched in the face by a man at Grand Central Station.
Persons: Joseph Kenny Organizations: Borough Hall, city’s Police Department, Grand Central Station Locations: Brooklyn, New York, Manhattan, Chelsea
CNN —The story of the past 27 months since Russia invaded Ukraine has been one of crumbling taboos. Despite securing more weapons from the United States last month, Ukraine has not been able to use them as it pleases. Red lines fadeThe US is joining the United Kingdom, France, Germany and several others in removing restrictions on how Ukraine uses the weapons it is given. Before Biden gave the green light, Putin had made veiled nuclear threats to countries considering allowing Ukraine to strike Russia with their weapons. In both cases, Russia had warned Ukraine and its Western allies not to cross its red line.
Persons: Joe Biden, Antony Blinken, Biden, Volodymyr Zelensky, Valentyn Ogirenko, Adam Kinzinger, Ben Hodges, , Vladimir Putin’s, Kateryna, Narciso Contreras, Franz, Stefan Gady, Ukraine “, Mathieu Boulegue, , Putin, ” Stepanenko Organizations: CNN, Russian, Firefighters, Reuters, Institute for, Anadolu, Getty, International Institute for Strategic Studies, Kharkhiv, Center for, United, Russia Locations: Russia, Ukraine, Kyiv, United States, Moscow, Kharkiv, Washington, , Prague, Czech, pummel Kharkiv, Russian, Kharkiv Oblast, Vovchansk, Kharkiv region, United Kingdom, France, Germany, Crimea, Kherson, Donetsk, Luhansk, Zaporizhia
Singapore CNN —The death of any Filipino citizen at the hands of another country in the South China Sea would be “very close” to an act of war, Philippines President Ferdinand “Bongbong” Marcos Jr. warned Friday as his nation faces increasingly fraught clashes with Chinese vessels in the South China Sea. China has increasingly pushed its territorial claims in the South China Sea, and China Coast Guard ships, reinforced by maritime militia boats, have been involved in a series of fraught clashes over the last year that has seen Philippine ships damaged and Filipino sailors injured by water cannon. A China Coast Guard vessel sails close to a Philippines ship during a day of clashes in the South China Sea, March 5, 2024 Rebecca Wright/CNNKey global waterwayChina claims “indisputable sovereignty” over almost all of the 1.3 million-square-mile South China Sea – one of the world’s busiest waterways. Meanwhile, the Philippine Navy said it is prepared to protect the rights of Filipinos and would be increasing patrols in the South China Sea, including the areas of contested sovereignty, according to the PNA. “What I want to emphasize is that it is not China but the Philippines that has frequently escalated the situation in the South China Sea,” Ning added.
Persons: Ferdinand “ Bongbong ” Marcos Jr, Marcos, Lloyd Austin, Dong Jun, , , ” Marcos, Rebecca Wright, Mao Ning, ” Ning, Organizations: Singapore CNN, US, Coast Guard, China Coast Guard, CNN, West, Philippine Navy, Foreign Ministry Locations: Singapore, South, Philippines, South China, Philippine, Filipino, China, Beijing, Manila, United States, Washington, Vietnam, Malaysia, Brunei, Taiwan, Hague, China’s, West Philippine, Asia, Pacific
In a statement of its commitment to artists and to downtown, the Institute of Contemporary Art, Los Angeles is planning to buy the East Seventh Street building it occupies and improve it with a cafe, outdoor space and studios for a new artists-in-residence program. “I want to make sure that this institution is here for generations to come,” Anne Ellegood, the museum’s director, said in a recent interview, “making sure it’s sustainable.”Since the institution moved from the west side — where it was called the Santa Monica Museum of Art — and rebranded itself with a new name in the downtown Arts District in 2017, Ellegood said, its location has become integral to its identity. “It’s literally a neighborhood named for artists, which is increasingly a neighborhood where artists are not present and can’t afford to be here,” she said.
Persons: ” Anne Ellegood, , Santa Monica Museum of Art —, Ellegood, “ It’s, Organizations: Institute of Contemporary Art, Seventh, Santa Monica Museum of Art, Arts District Locations: Los Angeles,
Over the past two years, the group known as OPEC Plus has agreed to a succession of cuts to oil output. The oil producers’ assumption has been that these trims would be temporary, but they have begun to take on an air of permanence as prices have been relatively subdued. Any relaxation of cuts would risk sinking prices in what looks like a soft market, analysts say. It is a frustrating situation for oil producers like Iraq and the United Arab Emirates, which could pump additional crude, bolstering their budgets. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, who is expected to lead the meeting, relishes surprises, so other outcomes are possible.
Persons: That’s, , Richard Bronze, Mr, Bronze, Prince Abdulaziz bin Salman Organizations: Plus, United Arab Emirates Locations: Iraq, Saudi Arabia, Russia, Saudi
Why job skills could make or break your next interview
  + stars: | 2024-05-31 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
Nearly half, or 45%, of employers scrapped degree requirements for some roles in the past year, and 72% now prioritize skills over certificates in job candidates, according to the ZipRecruiter survey. The trend, which prioritizes a candidate's practical skills and real-world experience over formal education, appears to be "gaining momentum," according to ZipRecruiter. Meanwhile, hiring managers are being more explicit in job ads about the specific skills they seek in applicants, said Cory Stahle, an economist at the job site Indeed. What this means for job seekers"If the [job ad's] focus is on skills, the focus of your resume should be on skills as well," Stahle said. While skills should be "prominent" in such cases, that doesn't mean applicants should forgo traditional information, Stahle added.
Persons: Cory Stahle, Stahle, Indeed's Stahle Organizations: Getty, Harvard Business School, Glass, USA, Finance, Harvard Locations: U.S
Sadly, two months ago, my dog, Smooshie, passed away after being with me every minute of the day for the last nine years. My dog was a big part of my family from the startAlmost nine years ago, I saw a picture of a young Shih Tzu on a Facebook animal shelter site. I stepped in, and Smoosh came home with me. A few minutes later, we drove by an older man walking a young Shih Tzu down the road. I decided spur of the moment to pull off to the side of the road, and the man approached me with his Shih Tzu.
Persons: , Shih Tzu, Smoosh, Ryan Crawley, Scrappy Organizations: Service, Business
In today's big story, we're looking at the historic guilty verdict against former President Donald Trump . In a historic verdict, former President Donald Trump was convicted of all 34 criminal counts related to a hush-money payment made to a porn star , write Business Insider's Laura Italiano, Jacob Shamsian, and Natalie Musumeci. AdvertisementIt's the first time a US president has become a convicted felon. This was a rigged trial by a conflicted judge that was corrupt," Trump told reporters in the Manhattan courtroom hallway. Trump told reporters Thursday the "real verdict is going to be November 5 by the people."
Persons: , Donald Trump, Tyler Le, Laura Italiano, Jacob Shamsian, Natalie Musumeci, Trump, Stormy Daniels, BI's Lloyd Lee, There's, didn't, Chip Somodevilla, Scott Eisen, Joe Biden, Alyssa Powell, Rob Arnott, Bob Elliott, Paul Singer's, Jane Street, Jenny Chang, Rodriguez, Liz Reid, Satya Nadella, Sam Altman, Nadella, Kevin Dietsch, Charles Schwab, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Republican, Trump, NBC, Getty, Wall, Elliott Management, BI, Tech, Sigma, Google, Microsoft, Apple, Big Locations: Giza, Manhattan, Bridgewater, New York, London
An offshore oil platform is seen at sunset near Huntington Beach, California, on Feb. 9, 2024. U.S. crude oil was on pace Friday for its worst month of the year, ahead of an OPEC+ meeting this weekend during which the cartel will review its production levels. Here are today's energy prices:OPEC+ members on Sunday are expected to review voluntary output cuts of 2.2 million barrels per day. Oil market analysts generally agree that the group will likely keep those cuts in place. Chinese refiners' output has also slumped, and European refiners have been slow to return from spring maintenance, which has also pressured demand, according to the investment bank.
Persons: Helima Croft Organizations: Brent, Sunday, RBC Capital Markets, JPMorgan Locations: Huntington Beach , California, U.S
Cyber insurance has become "a very fashionable product," Jain said at the annual meeting. Shokrai says categorizing how to attribute an event is the topic of much debate between insurance companies. "That is a big debate between insurance companies; it is an important distinction that needs clarity," Shokrai said. "I will tell you that most people want to be in anything that's fashionable when they write insurance. "Probably Warren Buffet would have called cybersecurity insurance an opportunity when he was younger," he said.
Persons: Buffett, Glombicki, Gerald Glombicki, Fitch, Berkshire Hathaway, Chubb, Jain, it's, Warren Buffett, Ajit Jain, Michael Chertoff —, Mark Friedlander, Friedlander, " Friedlander, Monica Shokrai, Warren Buffet, Shokrai, isn't, Josephine Wolff, Steve Griffin, they'll, They're, Charlie, Munger, Griffin, Warren Organizations: Industry, AIG, Berkshire Hathaway's, Berkshire, Homeland Security, Insurance, Google, The Fletcher School, Tufts University, L3 Networks Locations: Fitch Rating's, Berkshire, Omaha, California, . Berkshire
That would likely be enough to take on DuPont's water business if they wanted it. Foot Locker's new price target: Shares of Foot Locker are up Friday, a day after gaining 14% in response to a better-than-expected quarter against very low expectations. 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. The Foot Locker logo is displayed in a store in San Francisco, California, on May 19, 2023.
Persons: Jim Cramer, it's, Bullish, Ed Breen, you'd, Breen, We've, Locker, Mary Dillon's, Jim Cramer's, Jim, Justin Sullivan Organizations: CNBC, Dell Technologies, Marvell Technology, DuPont, Nike, Jim Cramer's Charitable Locations: San Francisco , California
Costco has multiple levers of growth at its disposal, which should lead to a further boost in the stock even after its already impressive year-to-date gains. "If you're disappointed, go to another stock," Jim Cramer said during Friday's Investing Club's Morning Meeting . Jim said investors should not be concerned about the pullback because the stock often drops the day after earnings. COST 1Y mountain COST 1-year stock performance. In addition to exceeding estimates on the top and bottom lines in its fiscal 2024 third quarter, Costco turned in a better-than-expected 6.5% comparable sales increase.
Persons: Jim Cramer, Jim, Costco, Ron Vachris, Gary Millerchip —, Millerchip, Vachris, D.A, Davidson, Redburn, Rich Galanti, it's, Jim Cramer's, John Keeble Organizations: Costco, Walmart, Kroger, Costco Logistics, CNBC, Lakeside, Getty Locations: U.S, Japan, Korea, China, Grays, United Kingdom
FCC ends affordable internet program due to lack of funds
  + stars: | 2024-05-31 | by ( Brian Fung | ) edition.cnn.com   time to read: +3 min
Washington CNN —The Affordable Connectivity Program, which helped low-income Americans get online, is no more. The program’s lapse threatens to throw nearly 60 million Americans into financial distress, CNN has reported. The program officially ends on June 1, said the Federal Communications Commission, which administered the Affordable Connectivity Program (ACP) to approximately 1 in 5 households across the country and on tribal reservations. “The Affordable Connectivity Program filled an important gap that provider low-income programs, state and local affordability programs, and the Lifeline program cannot fully address,” said FCC Chairwoman Jessica Rosenworcel in a statement, referring to the name of another, similar FCC program that subsidizes wireless and home internet service. He also announced a series of voluntary commitments by a handful of internet providers to offer — or continue offering — their own proprietary low-income internet plans.
Persons: , Jessica Rosenworcel, Joe Biden, Mike Johnson didn’t, Biden, Kathryn de Wit, Wit, Organizations: Washington CNN, Program, Republicans, Democratic, CNN, Federal Communications Commission, Lifeline, FCC, Republican, Comcast, Cox, Verizon, ACP, Congress, Pew
Want a low mortgage rate? Take someone else’s
  + stars: | 2024-05-31 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +6 min
This means that a buyer keeps the seller’s repayment period, mortgage balance and, notably, the seller’s lower mortgage rate. Securing that ultra-low mortgage rate means that Harper will save thousands of dollars in monthly payments. “I just decided I wanted to see how low I could pay on the interest rate,” Harper said. And while the mortgage rate on the second loan may be high, the total monthly payment could still be lower — if the assumed mortgage rate is low enough. Snagging a low mortgage rate like Harper’s in today’s high interest rate environment may seem like a dream come true to some prospective homebuyers, but the process is not always smooth sailing.
Persons: , Ted Tozer, Ginnie Mae —, Tozer, Ellen Harper, Harper, , ” Harper, ” Tozer, homebuyers, he’d, Raunaq Singh Organizations: CNN, of Housing, Urban, Urban Institute, Intercontinental Exchange, Federal Housing Administration, US Department of Veterans Affairs, Realtors Locations: Georgia, Georgia , Arizona , Colorado , Texas, Florida
US indices rallied after a promising PCE report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As projected, core PCE rose 0.2% in April. ""The equity market wants to see a slowdown in economic growth and today's PCE data provided a soft-landing report," David Donabedian said, chief investment officer of CIBC Private Wealth US. Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:
Persons: , Friday's, David Donabedian, Eric Sterner Organizations: Dow, Nasdaq, Service, Dow Jones, Nvidia, Microsoft, PCE, CIBC Private Wealth, Federal Reserve, Apollon Wealth Management
Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023. Billionaire investor Bill Ackman is selling a 10% stake in Pershing Square, aiming to eventually take his investment firm public. Pershing Square had $18.6 billion in total assets under management as of the end of April. Most of its capital is in Pershing Square Holdings, a closed-end fund that trades on European stock exchanges. Ackman has become one of the world's most prominent hedge-fund investors after years of market-topping returns and vocal activist campaigns.
Persons: Bill Ackman, eyeing, Ackman, Ryan Organizations: Pershing, Capital Management, Delivering Alpha, Billionaire, Street Journal, Ryan Israel, Pershing Square Holdings, New York Stock Exchange, Grill, Hilton, Herbalife Locations: New York City, U.S, Israel, North America
But this was no ordinary extraordinary case. And President Biden was no disinterested bystander. If Mr. Biden spoke out directly, he would doubtlessly feed into Mr. Trump’s false narrative that the prosecution was nothing more than a political hit job to take out his challenger. Mr. Biden’s damned-if-you-do, damned-if-you-don’t conundrum meant that his political risks essentially outweighed his presidential imperatives. While many of his predecessors have played a pastoral role at other moments when the justice system was tested during incendiary cases — think Rodney King, Michael Brown or George Floyd — Mr. Biden concluded that speaking out would make things worse, not better.
Persons: Biden, Donald J, Trump, Biden’s, Rodney King, Michael Brown, George Floyd — Mr Organizations: White Locations: United States
The company said just two customers represented 24% of its revenue in the first quarter. UBS thinks the biggest mystery customer — accounting for 19% of revenue last year — is Microsoft. And UBS believes Nvidia's biggest customer of them all is Microsoft. According to supply chain data estimates from Bloomberg, Arcuri is spot on with Microsoft being Nvidia's largest customer. Bloomberg data estimates that Microsoft makes up 15% of Nvidia's revenue, followed by Meta Platforms at 13% of revenue, Amazon at 6% of revenue, and Alphabet at about 6% of revenue.
Persons: , Blackwell, Timothy Arcuri, Arcuri Organizations: Nvidia, UBS, Microsoft, Service, SEC, OpenAI, Bloomberg, Meta, Amazon
Part of the slow spending approach is coming from the fact that senior executives are looking at gen AI the wrong way, said Sreekanth Menon, global leader, AI and machine learning at Genpact. The research showed that about half of the executives are framing gen AI solely as a productivity tool. "The infancy of gen AI, combined with a warped conception of its potential, has led to reluctant budgetary spending." The research from Genpact and HFS showed that business leaders are dedicating up to 10% of their IT budgets to gen AI projects. "To successfully move AI from a pilot stage to production, organizations need to pause and ensure their gen AI plan is aligned with specific business objectives, not just productivity," he said.
Persons: Andriy Onufriyenko, Sreekanth Menon, Menon, Paul Pallath, Pallath Organizations: HFS Research
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpot bitcoin ETF approval 'huge game changer' for the industry: Bitwise CCOKatherine Dowling, general counsel & chief compliance officer at Bitwise Asset Management, discusses crypto ETFs and recent progress on digital asset legislation from Consensus 2024.
Persons: Bitwise CCO Katherine Dowling Organizations: Bitwise Asset Management
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