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☆ We are beginning to enter a so-called 'debt doom loop', says Cato Institute's Romina Boccia
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are beginning to enter a so-called 'debt doom loop', says Cato Institute's Romina BocciaRomina Boccia, Cato Institute director of budget and entitlement policy, and Michael Linden, Washington Center For Equitable Growth senior policy fellow and former OMB executive associate director in the Biden administration, join 'Squawk Box' to discuss the latest negotiations on Congress, the impact of a potential shutdown on the markets and economy, and more.

Persons: Cato Institute's, Boccia, Michael Linden, Biden Organizations: Cato Institute, Washington Center, Equitable Growth

“It is no secret that Apple is making more money on Bing existing than Bing does,’’ Mikhail Parakhin, Microsoft’s chief of advertising and web services, said in U.S. District Court in Washington. Parakhin was describing Microsoft’s years of futility trying to supplant Google on Apple devices. The U.S. Department of Justice accuses Google of using similar agreements to lock out rival search engines such as Bing and Yahoo, stifling innovation. Asked by U.S. District Judge Amit Mehta whether a search engine could be built solely off machine learning, he replied: "We’ve seen companies try. One option would be to bar the Mountain View, California-based company from paying Apple and others to make Google the default search engine.

Persons: Apple, Microsoft’s Bing, Bing, ’, Mikhail Parakhin, Parakhin, Ken Smurzynski, Smurzynski, Satya Nadella, Nadella, Judge Amit Mehta, Mehta, Michael Liedtke Organizations: WASHINGTON, Google, Microsoft, Apple, U.S . Department of Justice, Bing, Yahoo, U.S, AP Locations: U.S, Washington, , California

☆ Business travel spending is recovering quicker than expected. These are the stocks to buy right now
▼ + stars: | 2023-09-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

There have been some encouraging signs that business travel is rebounding to pre-Covid spending levels sooner than anticipated, according to the Global Business Travel Association . Business travel was essentially shut down during the Covid pandemic, with many predicting a slow slog to revive sales and a landscape that would be permanently changed. Now the organization is predicting global business travel spending will surpass its 2019 spending level of $1.4 trillion in 2024, compared with its earlier forecast of 2026. Some 28% of those who make the business travel decisions and 32% of those in charge of company travel budgets said their workplace will increase business travel in the coming year, Morning Consult found. Of course, the recovery in business travel can also shift if there are changes in the economic environment.

Persons: Lindsey Roeschke, Roeschke, That's, Michael Linenberg, Linenberg, Patrick Scholes, Scholes, — CNBC's Michael Bloom Organizations: Global Business Travel Association . Business, Morning, Deutsche Bank, CNBC, American Airlines, Delta Air Lines, United Airlines, Ryman Hospitality Properties, Ole Opry, Hospitality, Hyatt Hotels Locations: Delta

WASHINGTON (AP) — The U.S. Justice Department pressed ahead with its antitrust case against Google Wednesday, questioning a former employee of the search engine giant about deals he helped negotiate with phone companies in the 2000s. Chris Barton, who worked for Google from 2004 to 2011, testified that he made it a priority to negotiate for Google to be the default search engine on mobile devices. Google counters that it dominates the internet search market because its product is better than the competition. And Barton testified that Google wasn't the only search engine seeking default status with phone companies. Google has emerged as the dominant player in internet searches, accounting for about 90% of the market.

Persons: Chris Barton, Barton, Microsoft's Bing, Trump, Judge Amit Mehta, Sundar Pichai, Larry Page, Eddy, Hal Varian, ____ Michael Liedtke Organizations: WASHINGTON, U.S . Justice Department, Google, Yahoo, Verizon, Justice Department, Inc, Apple Locations: U.S, , California

☆ Apple's about to reveal the new iPhone 15, switching up a feature it hasn't changed in 11 years
▼ + stars: | 2023-09-12 | by ( Michael Liedtke | Associated Press | ) www.businessinsider.com time to read: +5 min

The new high-end "Pro" versions of the next iPhone are rumored to include a periscope-style telephoto lens. The "Dynamic Island" found on the iPhone 14 Pro models could be making its way all versions of the iPhone 15. If the rumor mill pans out, this year's iPhone 15 Pro and Pro Max may feature a periscope-style telephoto lens that will improve the quality of photos taken from far distances. The iPhone 14 Pro starts at $1,000 while the Pro Max starts at $1,100. One of the biggest anticipated changes that Apple is expected to announce is a new way to charge the iPhone 15 models and future generations.

Persons: Max, Pro Max Organizations: Service, Apple's, Apple, Pro, Analysts Locations: Wall, Silicon, Apple's Cupertino California

☆ Recent pullback creating a buying opportunity in certain airline stocks, says Deutsche Bank
▼ + stars: | 2023-09-05 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

A recent sell-off in airline stocks has created an attractive entry point — but investors should be careful about which names they buy, according to Deutsche Bank. Airline stocks have pulled back about 15% since peaking in mid-July, analyst Michael Linenberg told clients in a note released Monday. That comes as investors attempt to gauge how rising fuel prices, increases in domestic capacity and macro economic uncertainty will impact these companies. AAL DAL,UAL YTD mountain The three airlines this year Airline stocks, he said, are discounting a hard economic landing unlike the broader market. High fuel prices have also been a key driver of downward pressure on these stocks, he said.

Persons: Michael Linenberg, Linenberg, AAL DAL, — CNBC's Michael Bloom Organizations: Deutsche Bank . Airline, NYSE Arca, nab, International, Sun Locations: Delta, United, China, Alaska, Allegiant, SkyWest

☆ She texted her mom on vacation: ‘I’ve met my husband.’ Here’s what happened next
▼ + stars: | 2023-09-01 | by ( Francesca Street | ) edition.cnn.com time to read: +15 min

‘Like a movie’Here's Michael and Isis on the Puerto Rico vacation in 2018. I’m already having a good time with my friends,’” Michael tells CNN Travel today. Michael and Isis’ sister were part of the same extended friend group at college, so he was intrigued to meet Isis. But Isis’ sister was, at first, less convinced. The couple started talking about moving somewhere new together and settled on Dallas, Texas, where they moved in 2019.

Persons: Woods, Michael Bradford, ”, “, who’d, Atlanta , Georgia –, Isis, Isis –, unquote, Isis ’, Michael, Isis Bradford, I’m, ’, ’ ”, ” Isis, –, Michael didn’t, Michael’s, We’re, let’s, ” Michael, she’d, Here's Michael, She’d, he’d, they’d, Isis Bradford Isis, ” “ Organizations: CNN, Caribbean, Concha Renaissance San, Resort, CNN Travel, La Concha, Puerto Rico, Washington D.C, MGM, Vegas Locations: Puerto Rico, Atlanta , Georgia, Condado, La, San Juan, Puerto, Atlanta, Washington, loggerheads, Dallas , Texas, Michael’s, Sintra , Portugal, Las Vegas, “

☆ Affirm shares rocket 29% after better-than-expected results and strong guidance
▼ + stars: | 2023-08-25 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Affirm Holdings Inc. website home screen on a laptop computer in an arranged photograph taken in Little Falls, New Jersey. Here's how the company did:Loss per share: 69 cents vs. 85 cents as expected by analysts, according to Refinitiv. 69 cents vs. 85 cents as expected by analysts, according to Refinitiv. Revenue: $446 million vs. $406 million as expected by analysts, according to Refinitiv. Affirm also gave strong guidance for the fiscal first quarter, projecting $430 million to $455 million in revenue, versus analyst expectations of $430 million.

Persons: Michael Linford, LendingTree's Matt Schulz Organizations: Deutsche Bank Locations: Little Falls , New Jersey, Refinitiv

☆ Zamrock legends make comeback with first album in 40 years
▼ + stars: | 2023-08-22 | by ( Chris Mfula | ) www.reuters.com time to read: +2 min

REUTERS/Matt Mills McKnight Acquire Licensing RightsLUSAKA, Aug 22 (Reuters) - After nearly four decades in oblivion, the Zambian psychedelic rock band WITCH that mesmerised audiences in the 1970s are back with a new album. Interest for Zamrock rose in the 2010s in the West, thanks to the internet and crate-digging producers as Los Angeles-based Now-Again Records re-released several albums of WITCH and other Zamrock artists. Following their comeback, WITCH - which stands for We Intend To Cause Havoc - are now introducing their new album "Zango" with concerts in the United States and Europe. "It's a fusion of traditional music, African music, funk, blues, jazz - it's a fusion of many genres," Chanda said. "Can this thing grow to a level where when someone comes to Zambia, says where can I listen to Zamrock?

Persons: Matt Mills McKnight, Emmanuel " Jagari, Chanda, Zamrock, Patrick Mwondela, Michael Linyama, Chris Mfula, Catherine Schenck, Matt McKnight, Bhargav Acharya, Angus MacSwan Organizations: REUTERS, Rights, Thomson Locations: Seattle , Washington , U.S, Rights LUSAKA, Zambian, Los Angeles, America, Europe, Lusaka, United States, Zimbabwe, Botswana, Zambia, Johannesburg, Seattle

☆ Redistricting battles could determine control of US House in 2024
▼ + stars: | 2023-08-03 | by ( Joseph Ax | ) www.reuters.com time to read: +6 min

But a series of legal challenges, including a major U.S. Supreme Court ruling, have cast many of those district lines into doubt. Legal experts said the ruling bolsters similar challenges in Georgia and Louisiana, where voting rights groups have argued that Republican-drawn maps marginalized Black voters. In Ohio, the state Supreme Court appears set to alter course after previously finding Republican maps violated the state constitution’s prohibition on gerrymandering. In Wisconsin, the most expensive state Supreme Court election in U.S. history resulted in a new liberal majority. OTHER BATTLESLast month, the Utah Supreme Court heard arguments over the state’s Republican-drawn congressional map, which carved Democratic Salt Lake County into four separate districts.

Persons: reconvenes, Leah Millis, –, ”, Michael Li, University’s, “, Kathy Hochul, Janet Protasiewicz Organizations: YORK, House, U.S . Capitol, Republican, REUTERS, Republicans, Census, Supreme, Center for Justice, U.S, Democrat, REPUBLICAN, STATE, Democratic, Ohio’s Republican, DEMOCRATIC, Utah Supreme Locations: New York, Utah, U.S, Washington , U.S, New, Black, Georgia, Louisiana, North Carolina, Ohio, In Wisconsin, Democratic Salt Lake County, New Mexico

☆ Analysts bail on Southwest Airlines after its disappointing quarterly earnings
▼ + stars: | 2023-07-28 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The analyst lowered his price target to $38 from $52, still implying 15% upside from Thursday's close. Raymond James also downgraded Southwest shares to outperform from strong buy, calling it a "Texas-size heartache." The firm reduced its price target to $40 from $47, implying a 21.1% rally. Bank of America decreased its price target on shares to $35 from $45, which implies just 6% upside from where shares ended Thursday. Southwest shares shed 0.6% Friday before the bell, following an almost 9% tumble during the previous trading session.

Persons: Michael Linenberg, Linenberg, Raymond James, Savanthi Syth, Syth, Andrew Didora, Didora, — CNBC's Michael Bloom Organizations: Southwest Airlines, Deutsche Bank, Deutsche, Southwest, Bank of America Locations: Alaska, American, United, Southwest, Texas

July 20 (Reuters) - Alabama's Republican-controlled legislature on Friday passed a new congressional map that increased the number of Black voters in one of the state's districts, but Democrats said the plan defied a U.S. Supreme Court ruling intended to protect minority voters' rights. More than one-quarter of Alabama's residents are Black, but under a Republican-drawn map approved in 2021, only one of the state's seven congressional districts, the 7th, is majority Black. Senator Bobby Singleton, a Black Democrat, accused fellow lawmakers of playing a "game" with Black voters. But Republicans said they were confident the 2nd district's new lines provided a meaningful opportunity for Black voters. Last week, a New York state appeals court ordered lawmakers to redraw the state's congressional map.

Persons: Scott Douglas, Terri Sewell, Bobby Singleton, Singleton, Michael Li, New York University's, Josephine Walker, Joseph Ax, Scott Malone, Aurora Ellis Organizations: Republican, U.S, Supreme, Greater Birmingham Ministries, Democratic U.S, Republicans, U.S . House, Representatives, Black, New York, Center for Justice, Democratic, Thomson Locations: Alabama, Black, U.S, New, New York, Washington

☆ Alabama lawmakers clash over Black voters as redistricting deadline looms
▼ + stars: | 2023-07-21 | by ( Joseph Ax | ) www.reuters.com time to read: +4 min

The plaintiffs in the Supreme Court case have already vowed to challenge either map in court, saying both would still violate the law. In 2022, a three-judge panel in a federal district court invalidated the current map as unlawful. Black Democratic lawmakers have called the maps a slap in the face to Black voters - and to the courts. "It is an embarrassment," said Juandalynn Givan, a Jefferson County legislator, adding that the Republican plan amounted to dropping "an F-bomb on the United States Supreme Court." "There certainly are places in the country where a 42% Black district would elect a Black-preferred candidate," Li said.

Persons: Scott Douglas, Terri Sewell, Juandalynn Givan, Michael Li, New York University's, Li, Joseph Ax, Josephine Walker, Scott Malone, Aurora Ellis Organizations: Republican, U.S, Supreme, Republicans, U.S . House, Senate, Greater Birmingham Ministries, Democratic U.S ., Lawmakers, Black Democratic, United States Supreme, New York, Center for Justice, Black, Democratic, Thomson Locations: U.S, Alabama's, Alabama, Black, Jefferson County, New, New York

☆ Fund manager up 45% this year gives his top picks for A.I. long-term trend
▼ + stars: | 2023-07-18 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baron Opportunity Fund has soared 45% this year, blowing its tech peers out of the water. The opportunity fund (BIOPX), with $1 billion assets under management, has notched a 10-year total return of about 15% on an annualized basis, according to Morningstar. Lippert said he owns about 40 names in the portfolio, including this year's big AI winner Nvidia . Another megacap name that Lippert owns to capitalize on the AI boom is Microsoft . "Everyone wants to talk about the big names, but we play this in a portfolio way," Lippert said.

Persons: Opportunity, Michael Lippert, we're, Lippert, Morningstar Organizations: Nvidia, Microsoft, AMD, Marvell Locations: ChatGPT

☆ Today's the day: Apple is expected to reveal a 'jaw dropping' new product that faces an uphill battle
▼ + stars: | 2023-06-05 | by ( Michael Liedtke | Associated Press | ) www.businessinsider.com time to read: +8 min

It'll be the company's first major new product since the first Apple Watch in 2014. Apple's goggles are expected be sleekly designed and capable of toggling between totally virtual or augmented options, a blend sometimes known as "mixed reality." Magic LeapDaniel Diez, Magic Leap's chief transformation officer, said there are four major questions Apple's goggles will have to answer: "What can people do with it? The anticipation that Apple's goggles are going to sell for several thousand dollars already has dampened expectations for the product. But those forecasts were obviously made before it's known whether Apple might be releasing a product that alters the landscape.

Persons: It'll, Apple, Steve Jobs, hasn't, Mark Zuckerberg, Tim Cook, Cook, it's, Sergey Brin, Daniel Diez, Magic, Dan Ives, Zuckerberg, Leap's Diez Organizations: Apple, Apple Watch, Meta, Google, Microsoft, Wedbush Securities, CCS Insight Locations: Cupertino , California, Italy, San Francisco

☆ Biden’s Debt Deal Strategy: Win in the Fine Print
▼ + stars: | 2023-06-03 | by ( Jim Tankersley | ) www.nytimes.com time to read: +2 min

Mr. Biden had insisted for months that he would not negotiate over raising the borrowing limit. But privately, many aides had been planning on talks all along — though they refused to admit those talks were linked to the debt limit. The Biden team reasoned that it would have to negotiate fiscal issues this year anyway, both on appropriations bills and on programs like food stamps that are included in a regularly reauthorized farm bill. It featured work requirements and measures to speed fossil fuel projects, and it raised the debt limit for one year. Mr. Biden, under fire from business groups and others who feared the standoff could result in the United States running out of money before the debt limit was raised, soon agreed to designate a team of negotiators.

Persons: Biden, Lael Brainard, Janet L, McCarthy, Young, Michael Linden, Louisa Terrell, Ricchetti Organizations: Biden, National Economic Council, Social Security, White House Locations: United States

It was one the president deployed once again behind closed doors at the White House. With Memorial Day on the horizon, senior White House officials said protecting veterans’ benefits was a top priority. They also knew it was a sensitive issue for Republicans’ politically, especially as House Republicans parried White House allegations about cuts to veterans’ services. White House officials would engage in conversations where their Republican counterparts would outline a potential resolution on issues. For months, White House officials hoped – and to some degree based on past battles, expected – Senate Republican Leader Mitch McConnell would engage in finding a resolution.

Persons: Joe Biden, Biden, “, ” Biden, Kevin McCarthy, simmered, Steve Ricchetti, Louisa Terrell, Shalanda Young, reticence, Biden didn’t, McCarthy, ’ carveouts, Republicans ’, Republicans parried, ” Terrell, ”, ” Young, Jeff Zients, –, would’ve, that’s, ” Zients, ” Ricchetti, Patrick McHenry, Young, Michael Linden, Ricchetti, McCarthy’s, Mitch McConnell, Terrell, McHenry, Garret Graves, Graves, Dan Meyer, they’ve, “ There’s, you’re, cleaver Organizations: CNN, Resolute, Legislative, White, Republican, FBI, Republicans, Internal Revenue Service, SNAP, Congressional, Office, Progressive, Young, White House, GOP, Biden, Republican Rep, Congress, dropoff, Air Force Academy Locations: Washington, Garret Graves of Louisiana, McHenry, Louisiana, Ukraine, Colorado

☆ Vodafone and Nestlé Created Panels to Avoid ‘Greenwashing’ Allegations
▼ + stars: | 2023-05-23 | by ( Dieter Holger | ) www.wsj.com time to read: +4 min

Vodafone Group and Nestlé have set up panels of experts to double check environmental claims before they appear on products and marketing, a move by the multinationals to avoid allegations of so-called greenwashing. The U.S. Federal Trade Commission is updating its environmental marketing guidelines and the EU has proposed that businesses need to offer scientific evidence. The panels at Nestlé and Vodafone are examples of how companies are stepping up their due diligence of green claims in response to mounting scrutiny, tighter regulation, shifting consumer preferences and the threat of lawsuits. So far, that hasn’t happened, Mr. Reiter said. The packaged-foods company’s panels are staffed by employees from marketing, regulatory, scientific affairs, sustainability, legal and communications.

☆ America Pays a High Price for Low Wages
▼ + stars: | 2023-04-28 | by ( Michael Lind | ) www.wsj.com time to read: +1 min

In “The Wealth of Nations,” the founding text of free-market economics, Adam Smith took it for granted that workers should be paid enough to cover the living costs of themselves and their dependents. “A man must always live by his work, and his wages must at least be sufficient to maintain him,” wrote Smith. “They must even upon most occasions be somewhat more, otherwise it would be impossible for him to bring up a family, and the race of such workmen could not last beyond the first generation.”In the last half-century, policy makers of both parties in the U.S. have successfully refuted Adam Smith. It turns out that it is indeed possible to pay wages to workers that are too low for their own maintenance, much less that of their families. This depends on using means-tested welfare programs like the earned-income tax credit (EITC), food stamps and housing vouchers, all of which compensate for wages that are too low for workers to live on.

☆ German magazine apologizes to Schumacher family over A.I. interview, sacks editor
▼ + stars: | 2023-04-23 | by ( ) www.cnbc.com time to read: +2 min

The publishers of a German magazine that ran an 'interview' with Michael Schumacher generated by artificial intelligence have sacked the editor and apologized to the Formula One great's family. His family said this week that they were planning legal action against weekly magazine Die Aktuelle, owned by the Essen-based Funke media group. "Die Aktuelle editor-in-chief Anne Hoffmann, who has held journalistic responsibility for the paper since 2009, will be relieved of her duties as of today." The latest edition of Die Aktuelle ran a front cover with a picture of a smiling Schumacher and the headline promising 'Michael Schumacher, the first interview'. "We're trying to carry on as a family, the way Michael liked it and still does.

CNN —The editor-in-chief of Die Aktuelle, a German magazine that published a fake artificial intelligence (AI) interview with Michael Schumacher, has been “relieved of her duties,” a statement from publishing house FUNKE said, alongside an apology to the Schumacher family. Schumacher has not been seen in public since he suffered a brain injury in a skiing accident in December 2013. It in no way meets the standards of journalism that we – and our readers – expect from a publishing house like FUNKE,” FUNKE magazine managing director Bianca Pohlmann said in the statement. Only toward the end of the article does it become apparent that the interview was produced by AI. Hannibal Hanschke/EPA-EFE/ShutterstockSince the accident, the Schumacher family has kept updates about the health of the motorsport legend to a minimum to protect their privacy.

☆ German magazine fires editor over AI 'interview' with Michael Schumacher
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

[1/2] Mercedes Formula One driver Michael Schumacher of Germany stands inside his team garage during the first practice session of the Japanese F1 Grand Prix at the Suzuka circuit October 5, 2012. REUTERS/Kim Kyung-HoonApril 22 (Reuters) - The publishers of a German magazine that ran an 'interview' with Michael Schumacher generated by artificial intelligence have sacked the editor and apologised to the Formula One great's family. His family said this week that they were planning legal action against weekly magazine Die Aktuelle, owned by the Essen-based Funke media group. The latest edition of Die Aktuelle ran a front cover with a picture of a smiling Schumacher and the headline promising 'Michael Schumacher, the first interview'. "We're trying to carry on as a family, the way Michael liked it and still does.

On that unredacted form, Kacsmaryk reported owning about $2.9 million in stock in the Florida-based supermarket company Publix. Federal judges are only required to report financial holdings in ranges, and don’t have to provide exact figures. One possible source of the Publix stock Kacsmaryk reported in 2017 is the judge’s grandmother. In 2020 and 2021, less than 4% of officials required to file judicial financial disclosures requested redaction, according to reports from the Administrative Office of the US Courts. In any case, experts said, the judge’s redacted report prevents transparency that litigants deserve.

CNN —The family of seven-time Formula One champion Michael Schumacher is planning legal action after a German magazine published a fake artificial intelligence (AI) interview, a family spokesperson told CNN on Thursday. “I can confirm that Michael Schumacher’s family is planning to take legal action over a fake artificial intelligence interview by German outlet Die Aktuelle,” a Schumacher spokesperson told CNN on Thursday. German weekly magazine Die Aktuelle published a fake AI interview with Michael Schumacher. “Please understand that we do not comment on this topic,” Barkhausen told CNN on Thursday. Since the accident, the Schumacher family has kept updates about the health of the motorsport legend to a minimum to protect their privacy.

☆ Schumacher family planning legal action over AI 'interview'
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Denis BalibouseApril 19 (Reuters) - Michael Schumacher's family are planning legal action against a German weekly magazine over an 'interview' with the seven times Formula One champion that was generated by artificial intelligence. A spokesperson for the Schumacher family, asked by Reuters for a comment on Wednesday, pointed to published reports of legal action. The family has guarded his privacy since, with access limited to those closest to him and little information given about his condition. The latest edition of Die Aktuelle ran a front cover with a picture of a smiling Schumacher and the headline promising 'Michael Schumacher, the first interview'. "We're trying to carry on as a family, the way Michael liked it and still does.

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