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German automotive giant Volkswagen on Tuesday said it was scrapping six labor agreements as the company's standoff with unions and its works council intensified. "The company sees itself forced to do so because of the current economic challenges," Volkswagen said in a statement translated by CNBC. That applies to the company as well as the wage agreement levels," Volkswagen human resources chief Gunnar Kilian said in the statement. In a statement released Tuesday, VW Works Council head Daniela Cavallo reiterated that there would be pushback to Volkswagen's plans. We will not accept this silently and without action," he said in a statement translated by CNBC.

Persons: Gunnar Kilian, Daniela Cavallo, Thorsten Gröger Organizations: Volkswagen, VW, CNBC, VW Works, IG Metall Locations: Zwickau, Germany

☆ Johnny and Matthew Gaudreau tearfully remembered at joint funeral
▼ + stars: | 2024-09-09 | by ( David Close | ) edition.cnn.com time to read: +4 min

CNN —The lives of Johnny and Matthew Gaudreau were remembered at an emotional, joint memorial service at St. Mary Magdalen Catholic Church in Media, PA, on Monday. Mourners arrive for the joint funeral of NHL player Johnny Gaudreau and his brother Matthew Gaudreau. During her eulogy, Johnny Gaudreau’s widow Meredith revealed she was in her ninth week of pregnancy with the couple’s third child. “To Columbus and our Blue Jackets family. Matthew Gaudreau, 29, played professionally for five seasons after college.

Persons: Johnny, Matthew Gaudreau, Mary Magdalen, Sean Monahan, Kevin Hayes, Seth Jones, Cole Caufield, Jack Eichel, Gary Bettman, Johnny Gaudreau, Matt Rourke, Matthew, Matthew Gaudreau’s, Madeline, Johnny Gaudreau’s, Meredith, “, we’ve, ”, Tony Penna, Fr . Penna, Guy, Jane Organizations: CNN, Mary Magdalen Catholic Church, NHL, Calgary Flames, Columbus Blue Jackets, Calgary, Blue Jackets, Boston College, Gloucester Catholic High School, Gaudreau Locations: St, Media ,, New Jersey, Philadelphia, Calgary, Columbus, John, Media

☆ The world just endured the hottest summer on record
▼ + stars: | 2024-09-06 | by ( Sam Meredith | ) www.nbcnews.com time to read: 1 min

The summer of 2024 was the hottest on record, according to the European Union’s climate monitor, extending an alarming run of temperature records that has put the planet firmly on course to notch its hottest year in human history. The EU’s Copernicus Climate Change Service (C3S) said on Friday that the global average temperature for the boreal summer, which refers to the Northern Hemisphere’s June through August period, was the highest on record. The summer months were found to be 0.69 degrees Celsius above the 1991-2020 average for the June-August period. It surpasses the previous record from June-August last year, which was 0.66 degrees Celsius above the average baseline. Samantha Burgess, deputy director of C3S, said the world had experienced the hottest June and August, the hottest day on record and the hottest boreal summer on record in the space of just three months.

Persons: Samantha Burgess, C3S Organizations: Northern

☆ World swelters through its hottest summer on record for the second year running
▼ + stars: | 2024-09-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The summer of 2024 was the hottest on record, according to the European Union's climate monitor, extending an alarming run of temperature records that has put the planet firmly on course to notch its hottest year in human history. The summer months were found to be 0.69 degrees Celsius above the 1991-2020 average for the June-August period. It surpasses the previous record from June-August last year, which was 0.66 degrees Celsius above the average baseline. Samantha Burgess, deputy director of C3S, said the world had experienced the hottest June and August, the hottest day on record and the hottest boreal summer on record in the space of just three months. "This string of record temperatures is increasing the likelihood of 2024 being the hottest year on record," Burgess said in a written statement.

Persons: Samantha Burgess, C3S, Burgess Organizations: Northern Locations: Seoul

☆ Water shortages are likely brewing future wars — with several flashpoints across the globe
▼ + stars: | 2024-09-05 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

The Stockholm International Water Institute (SIWI), a non-profit with expertise in water governance, has said that even amid a possible rise in social conflicts and violence, "water can be a bridge to peaceful negotiations rather than a trigger or weapon of war." The severity of the global water crisis has been further underlined by an alarming rise in the number of security incidents. Egypt-Ethiopia tensionsVillanova University's Galgano identified nine international river basins as flashpoints in which conflict is either already taking place or the potential for armed conflict is high. These included the Nile Basin in Africa, the Tigris-Euphrates River Basins of southwestern Asia and the Helmand and Harirud Rivers along the border of Afghanistan and Iran. Major international river basins in conflict.

Persons: Hamed, Francis Galgano, You've, you've, Galgano, Idrees Mohammed, Villanova University's Galgano, Harirud Rivers, GERD, They've, Recep Tayyip Erdogan, Hussein Faleh Organizations: Afp, Getty, Villanova University in, CNBC, Department, Environment, Villanova University, Stockholm International Water Institute, World Resources Institute, Bharatiya Janata Party, BJP, Control, Villanova Locations: Lake Urmia, Iran, Villanova University in Pennsylvania, transboundary, Stockholm, Bengaluru, Mexico's, Tehran, India, Egypt, Ethiopia, Africa, Asia, Helmand, Harirud, Afghanistan, Turkey, Syria, Iraq, Iraq's, Basra

☆ My family decluttered my grandmother's house and organized a huge garage sale. It helped me clean my own apartment.
▼ + stars: | 2024-09-04 | by ( Meredith Wilshere | ) www.businessinsider.com time to read: +4 min

This summer, three generations of my family — from my grandmother to my mom and aunts down to me — got together at my grandmother's house to put on a two-day garage sale. We spent a lot of time organizing the garage sale togetherAll three generations of my family combined our things for the two-day garage sale, where we grouped items, laid them out on tables, and invited neighbors and passersby to peruse. The garage sale took massive organization between the family to pick a weekend and gather all the items together. Each family member could preshop the sale if one member got rid of something another wanted. It helped us connect with the community, give our items new life, and clear up space in our homes.

Persons: —, Meredith Wilshere, Marie Kondo Organizations: Service, New Locations: New York City

☆ Sweden's Volvo Cars scraps plan to sell only electric vehicles by 2030
▼ + stars: | 2024-09-04 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Volvo Cars, which is owned by China's Geely Holding, had been among the first legacy carmakers to promise a complete switch to EVs. The firm said its long-term aim remains to become a fully electric carmaker. The target replaces a 2021 pledge for Volvo Cars' lineup to be fully electric by the end of the decade. The move means Volvo Cars follows in the footsteps of other industry players in scaling back its EV ambitions. Shares of Volvo Cars traded more than 4% lower Wednesday.

Persons: China's Geely, carmakers, Mercedes, Jim Rowan Organizations: Volvo, China's, Volvo Cars, Benz Group, Volkswagen Locations: Germany

☆ Defense stocks in an ESG portfolio? A profound — and controversial — shift seems to be underway
▼ + stars: | 2024-09-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Jessica Gow | Afp | Getty ImagesRussia's ongoing war in Ukraine has resulted in a profound shift in the way defense stocks are viewed by mission-driven fund managers, according to two European defense giants. Defense stocks have typically been excluded from portfolios based on environmental, social and governance (ESG) factors due to ethical concerns over their association with warfare. Nonetheless, the inclusion of defense stocks in sustainably-minded portfolios remains controversial. It's really important that we see the role that defense companies play in protecting a free society. It's really important that we see the role that defense companies play in protecting a free society," he said.

Persons: Micael Johansson, Jessica Gow, Johansson, CNBC's Silvia Amaro, It's, Brad Greve, BAE Systems Johansson, hasn't, Ida Kassa Johannesen, Johannesen, Justin Tallis, Saab's Johansson, ESG, John Keeble, Greve Organizations: Saab, Afp, Getty, BAE Systems, Ukraine —, Saxo Bank, CNBC, Democratic, U.S, Republican, Democrats, Malloy Aeronautics, British Aerospace BAE Systems, Farnborough, Exhibition, Conference Centre Locations: Stockholm, Ukraine, Africa, Democratic Republic, Congo, Palestine, London, Farnborough, England

☆ I fell for my neighbor, and he's now my boyfriend. We struggle with boundaries since we live so close to each other.
▼ + stars: | 2024-08-24 | by ( Isabel Ravenna | ) www.businessinsider.com time to read: +5 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Whenever I get asked this, I always give a short and sweet answer: "He moved in next door to me." AdvertisementBut when a stranger moved into an apartment next door, it was the start of something special. But that was technically the first time I met Greg. Our situation demands unique conversations, and while they may be unconventional, they're exactly what makes our bond so strong.

Persons: —, Greg, He'd, Meredith Grey, smoothie, I'd, it's Organizations: Service, Business

☆ Treasury yields mixed as investors brace for Fed Chair Powell’s speech at Jackson Hole
▼ + stars: | 2024-08-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: 1 min

The U.S. 10-year Treasury fell slightly on Friday as investors awaited remarks from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium. At 4:08 a.m. ET, the yield on the 10-year Treasury was down under a basis point to 3.85%, and the yield on the 2-year Treasury rose under a basis point to 4.01%. Yields and prices move in opposite directions. One basis point equals 0.01%.

Persons: Jerome Powell, Jackson Organizations: Treasury, Federal

☆ World’s second-largest diamond discovered in Botswana
▼ + stars: | 2024-08-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Botswana's President Mokgweetsi Masisi holds a large diamond discovered in Botswana at his office in Gaborone on August 22, 2024. One of the largest diamonds ever to be excavated was found in Botswana at a mine owned by Canadian firm Lucara Diamond. Lucara said on Wednesday that the gem was discovered at the Karowe Diamond Mine in northeastern Botswana using X-ray technology. Photos published on Getty Images on Thursday showed Botswana President Mokgweetsi Masisi holding the 2,492-carat diamond at his office in the capital of Gaborone. Botswana is one of the world's biggest diamond producers, accounting for 20% of global production last year, according to GlobalData.

Persons: Mokgweetsi Masisi, Lucara Diamond, Cullinan, Lucara, William Lamb Organizations: Getty Locations: Botswana, Gaborone, South Africa, British

☆ AI copilots are making internal breaches easier and costlier to defend against
▼ + stars: | 2024-08-23 | by ( Rachel Curry | ) www.cnbc.com time to read: +7 min

At least, that's what data security experts like Matt Radolec, vice president of incident response at data security company Varonis, say. "Copilots have pass-through permissions," Radolec said. There's also value in proceeding at a slow and steady pace with gen AI processes. Instead, Ensono is developing its own tool so the company can better enable and control its data security. Gen AI has made cybersecurity mistakes costlier, and insiders now pose a bigger threat — malicious or otherwise — than ever before.

Persons: Matt Radolec, GitHub, Salesforce's Einstein, Radolec, it's, they've, Shawnee Delaney, Uber, Delaney, Meredith Graham, I'm, Graham, costlier Organizations: Istock, Getty, Vaillance Group, Defense Intelligence Agency, Merck, Microsoft Locations: —

☆ 'Cheap' and 'under-owned': CIO makes the case for UK stocks despite U.S. bounce back
▼ + stars: | 2024-08-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

U.K. stocks are looking particularly attractive after a fresh bout of market volatility, according to the chief investment officer of financial firm Wren Sterling. It is in this context that Wren Sterling's Rory McPherson believes British stocks look "cheap" and "under-owned." When asked whether investors should consider U.K. stocks as part of a shift away from U.S. tech companies, McPherson replied, "Well, we think so. I mean you look at the market like the U.K., it's on 12 times earnings, its cheap, its under-owned. Analysts have recently turned bullish on U.K. stocks, which had been unpopular for years.

Persons: Wren Sterling, Wren, Rory McPherson, McPherson, CNBC's, " McPherson Organizations: Global, U.S, Analysts, BlackRock Investment, BlackRock, Labour Party, CNBC, Bank of, Bank of England Locations: U.S

☆ World's largest sovereign wealth fund posts $138 billion in first-half profit as AI demand boosts tech
▼ + stars: | 2024-08-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Norway's massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust returns on its investments in technology stocks. The so-called Government Pension Fund Global — the world's largest sovereign wealth fund — said it had a value of 17.75 trillion kroner at the end of June. Norway's sovereign wealth fund said its equity portfolio posted a return of 12.5% through the first half of the year, while its fixed income and unlisted real estate portfolios incurred marginal losses. It said higher capital costs had adversely affected the value of investments in the period from January to June. One of the world's largest investors, Norway's sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector.

Persons: —, Nicolai Tangen, Tangen, NBIM's Tangen Organizations: Fund, Norges Bank Investment Management, Reuters

☆ The big ‘carry trade’ unwind is far from over, strategists warn
▼ + stars: | 2024-08-13 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

watch nowEconomists have said it is difficult to accurately assess the scale of the yen carry trade, with estimates varying widely. Some analysts, using Japan's foreign portfolio investments, say the yen carry trade could total as much as $4 trillion, Reuters reported. "The real Japan strategy is not just a quick carry trade, borrowing at close to zero interest rates in Japan and investing in high yield assets. Analysts at Barclays said systematic selling pressure does not appear to have been exhausted yet and it's "too early" to call an all-clear to the carry trades unwind. We expect volatility to remain elevated, which should continue to hurt EM carry trades," the analysts at Barclays said in a research note published Sunday.

Persons: Kazuhiro Nogi, Richard Kelly, he'd, Kelly, CNBC's, Nogi, Jesper Koll, Koll, What's Organizations: Tokyo Stock Exchange, Afp, Getty, Bank of Japan, TD Securities, Reuters, TS Lombard, Bank of, The Bank of Japan, Federal Reserve, Monex, Barclays Locations: Tokyo, Japan, MEX, Brazil, Bank of Japan, U.S

☆ Photos show massive wildfire raging in Greece as residents near Athens forced to flee homes
▼ + stars: | 2024-08-13 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: 1 min

Greek authorities on Tuesday issued an evacuation alert for the seaside town of Nea Makri in eastern Attica, as firefighters continued to battle a massive blaze burning through the Athens suburbs. Hundreds of European firefighters, backed by fire engines and waterbombing aircraft, have sought to contain the country's worst wildfire this year. The fire began on Sunday roughly 20 miles from Athens, according to Sky News. Strong winds and scorching temperatures have created tinderbox conditions in the southern European country. Authorities in Greece, which experienced Europe's largest wildfire ever recorded last year, have ordered the evacuation of several towns in the north-eastern suburbs of the capital in recent days.

Organizations: Sky News, Authorities Locations: Nea Makri, Attica, Athens, Greece

☆ Adani Group shares shed billions after Hindenburg allegations against regulator
▼ + stars: | 2024-08-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Adani group is one of the India's largest multinational company with a diversified business portfolio. Shares of Adani Group fell on Monday, after a new report from U.S. short seller Hindenburg accused the chair of India's capital markets regulator of having conflicts of interest that prevented an in-depth probe of fraud allegations. Shares of Adani Total Gas, Adani Power, Adani Wilmar and Adani Energy Solutions also fell sharply on the news. Madhabi Puri Buch and Dhaval Buch both denied wrongdoing and said the report's claims were baseless. Hindenburg's latest report comes roughly 18 months after it first accused the Adani Group of stock manipulation and corporate fraud.

Persons: Hindenburg, Adani, Madhabi Puri, Dhaval Buch, Puri, Gautam Adani, CNBC's Ganesh Rao Organizations: Adani, Adani Enterprises, Adani Energy Solutions, Securities and Exchange Board of India, Sunday Locations: Mumbai, Madhabi Puri Buch, Puri Buch

☆ The popular 'carry trade' is unwinding — and economists fear Fed rate cuts could make matters worse
▼ + stars: | 2024-08-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Rapid interest rate cuts from the Federal Reserve could make matters worse for the global "carry trade" unwind, according to economists at TS Lombard. The warning comes as market participants seek to aggressively roll back on carry trades following a dramatic global sell-off in risk assets. Carry trades refer to operations wherein an investor borrows in a currency with low interest rates, such as the Japanese yen, and reinvests the proceeds in higher-yielding assets elsewhere. The readings led investors to worry that the Federal Reserve may be behind the curve in cutting interest rates to fend off a recession. But this would exacerbate any carry trade unwind," economists at TS Lombard said in a research note published Monday.

Persons: paring Organizations: Federal Reserve, TS Lombard, Stock, Federal Locations: Europe

☆ 10-year Treasury yield rebounds after hitting its lowest level in more than a year
▼ + stars: | 2024-08-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The yield on the 2-year Treasury note traded over 11 basis points higher at 3.992%. Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%. The yield on the benchmark 10-year Treasury note traded more than 7 basis points higher at 3.855% at 7:08 a.m. It comes after the yield on the 10-year Treasury note on Monday fell to its lowest level since June 2023 . Brzeski said he expects the Fed to move forward with a 50 basis point interest rate cut next month in order to bolster market confidence.

Persons: Jerome Powell, Mary Daly, Austan, Carsten Brzeski, CNBC's, Brzeski Organizations: Global, Federal, U.S, ING Research, Fed Locations: U.S, San Francisco, Chicago

☆ I ordered the same 6 drinks at Dunkin' and Dutch Bros Coffee, and the pricier chain just barely came out on top
▼ + stars: | 2024-08-05 | by ( Meredith Schneider | ) www.businessinsider.com time to read: +1 min

I compared six beverages at Dutch Bros Coffee and Dunkin'. Dutch Bros took the lead on most of the drinks, but Dunkin' still does caramel coffee best. I can't wait to return to Dutch Bros for oat-milk lattes, iced mochas, and cold brews. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDunkin' and Dutch Bros are currently at the top of my coffee-shop rotation.

Persons: Dunkin, — Organizations: Bros, Service, Business Locations: Massachusetts, The Oregon

☆ Investors are unwinding the biggest ‘carry trade’ the world has ever seen, SocGen strategist says
▼ + stars: | 2024-08-05 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Carry trades refer to operations wherein an investor borrows in a currency with low interest rates, such as the Japanese yen, and reinvests the proceeds in higher-yielding assets elsewhere. "You can't unwind the biggest carry trade the world has ever seen without breaking a few heads. A change in Japanese monetary policy prompted one strategist to warn of the "implosion" of the yen carry trade over a short-term basis. watch nowEd Rogers of Rogers Investment Advisors said the yen carry trade isn't dead yet, despite the deepening stock market sell-off. "Certainly there is going to be some momentary panic, I think, about the yen carry trade.

Persons: Richard A, Brooks, Kit Juckes, Juckes, Russell Napier, Ed Rogers, Rogers, CNBC's Organizations: Tokyo Stock Exchange, Afp, Getty, Swiss, Societe Generale, U.S, Bank of Japan, Rogers Investment Advisors Locations: Tokyo, London

☆ Everyone is talking about the Sahm recession indicator. Here’s what you need to know
▼ + stars: | 2024-08-05 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

A weaker-than-expected July jobs report on Friday officially triggered the Sahm rule. "We are not in a recession now — contrary the historical signal from the Sahm rule — but the momentum is in that direction," Sahm told CNBC by email on Friday. That frankly is not good enough, we can do better than avoiding a recession," Sahm told CNBC's "The Exchange." Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting at the William McChesney Martin Jr. Federal Reserve Board Building on July 31, 2024 in Washington, DC. In mid-June, Sahm told CNBC that the U.S. central bank risked tipping the economy into contraction by not cutting interest rates sooner.

Persons: Claudia Sahm, Sahm, —, we're, CNBC's, Dario Perkins, Perkins, Jerome Powell, William McChesney Martin Jr, Andrew Harnik Organizations: Federal, CNBC, U.S . Federal, New Century Advisors, New, Lombard, National Bureau of Economic Research, Federal Reserve, Getty, U.S Locations: U.S, Washington , DC

☆ My wife isn't 'just' a stepmom to my son. He sees her as his other mom.
▼ + stars: | 2024-08-03 | by ( Sa'Iyda Shabazz | ) www.businessinsider.com time to read: +5 min

My wife came into my son's life when he was 6 years old and quickly stepped into a parental role. Although she didn't give birth to my son, my wife is absolutely his second mother. Seeing my wife willingly step into a parental role with my son has strengthened our relationship. "You're my mom too," my son will say when my wife calls herself his stepmom. I know that's exactly the role my wife plays, and my son and I are all the more lucky for it.

Persons: —, Kamala Harris, Doug Emhoff's, Harris, didn't, she's, doesn't, I'm, Meredith Blake, Lindsay Lohan, von Schraeder, temptresses Organizations: Service, Business

☆ I've been a professional hair and makeup artist for years. I swear by these 10 Dollar Tree products.
▼ + stars: | 2024-08-02 | by ( Meredith Schneider | ) www.businessinsider.com time to read: +1 min

I was a hair and makeup artist for over six years, and I buy several beauty products at Dollar Tree. The budget variety store stocks some of my favorite lip oils, eyeliners, and masks. I also keep my hair supplies stocked with the help of Dollar Tree's comb and elastic selections. AdvertisementAs a professional hair and makeup artist, you have to keep your kit updated with the latest colors, products, tools, and accessories. The discount variety store isn't anything like the dollar stores I grew up going to.

Persons: —, I've Organizations: Service, Business

☆ The end of the 'carry trade'? How Japan's yen could be ripping through U.S. stocks
▼ + stars: | 2024-08-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Stocks are experiencing a broad slump, with many market participants caught off guard by the speed of the yen's rally. The Japanese national flag is seen at the Bank of Japan (BoJ) headquarters in Tokyo on July 31, 2024. 'An implosion of the carry trade'U.S. stocks kicked off the month sharply lower, as fresh data prompted fears of a worsening economic outlook. "First of all, the hawkish Bank of Japan caused an implosion of the carry trade over a short-term basis. And all of that helps push equity markets, which had been quite expensive, even lower," he continued.

Persons: Nogi, Russell Napier, Napier, Cedric Chehab, Chehab, CNBC's Organizations: Afp, Getty, U.S ., U.S, Bank of Japan, The Bank of Japan, Federal, Dow Jones, Nasdaq, BMI, hawkish Bank of Japan Locations: Tokyo, China, Japan, U.S

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