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Mario Anzuoni | ReutersNational Amusements stopped merger discussions between Paramount Global and Skydance this week — throwing into question what's next for the legacy media giant during a tumultuous period for the industry. Bob Bakish stepped down from the top post in April and was replaced by the so-called Office of the CEO: CBS CEO George Cheeks, Paramount Media Networks CEO Chris McCarthy and Paramount Pictures CEO Brian Robbins. The deal had been awaiting signoff from Redstone, who owns National Amusements, the controlling shareholder of 77% of class A Paramount shares. National Amusements also voiced its support for Paramount's current leadership. In recent days, other potential bidders for National Amusements emerged, according to reports.
Persons: Mario Anzuoni, what's, Bob Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Jessica Reif, Ehrlich, Paramount's, Skydance, Redstone Organizations: Paramount Studios, Reuters National Amusements, Paramount Global, Paramount, CBS, Paramount Media Networks, Paramount Pictures, BofA Securities, CNBC, Amusements, RedBird Capital, KKR, Redstone, National Amusements, Apollo Global Management, Sony Locations: Los Angeles, Redstone
Oracle shares closed up more than 13% on Wednesday, a day after the software company announced its fourth-quarter results and cloud deals with Microsoft -backed OpenAI and Google . Alongside its results, Oracle said it is partnering with Microsoft and OpenAI to help supply additional computing capacity for the startup. Analysts from Citi said Oracle's sluggish revenue for the fourth quarter was offset by "tremendous RPO bookings growth." UBS analysts said the highlight of Oracle's results is its "extraordinary sequential backlog growth of $18 billion." Morgan Stanley analysts said Oracle's quarter was mixed, but the "near term AI build-out likely wins the day and sustains momentum in shares."
Persons: Larry Ellison, Safra Catz, Oracle, Morgan Stanley, — CNBC's Michael Bloom, Jordan Novet Organizations: Oracle, Microsoft, Google, Analysts, Citi, UBS Locations: San Francisco
What to Watch as the Fed Meets
  + stars: | 2024-06-12 | by ( Jeanna Smialek | ) www.nytimes.com   time to read: +1 min
Central bankers have held rates at 5.3 percent since July after a rapid series of increases starting in early 2022. Policymakers came into 2024 expecting to lower rates several times, but inflation has proved surprisingly stubborn, delaying those reductions. At the conclusion of their two-day meeting on Wednesday, Fed officials will release economic projections for the first time since March, updating how many rate cuts they expect this year. Regardless, central bankers are likely to remain coy about an important question: Just when will they begin lowering borrowing costs? Given that, officials are likely to try to keep their options open.
Organizations: Federal, coy
A staff wanted sign in the window of a restaurant in the Soho district of London, U.K., on Tuesday, Sept. 7, 2021. LONDON — U.K. unemployment unexpectedly rose to its highest level in two and a half years, data showed Tuesday, amid a heated general election campaign in which the economy is a key battleground. Simultaneous strong wage growth divided opinions from market-watchers mulling the timing of an interest rate cut from the Bank of England. While market pricing on Tuesday suggested next to no chance of a rate cut at the BOE's June meeting, and a 36% shot in August, that probability rises to nearly 60% for the September deliberations. Consultancy Capital Economics said that, while the stickiness of wage growth would be a "lingering concern" for the BOE, the rate should soon be on a "firm downward path" as unemployment rises.
Persons: Richard Carter, Cheviot, BOE, Capital's, Ruth Gregory, Rishi Sunak, Keir Starmer, Sunak, We've, it's, Starmer Organizations: LONDON, Bank of England, National Statistics, Reuters, Consultancy Capital Economics, Conservative Party, Labour, Conservatives Locations: Soho, London
Martonaphoto | Moment | Getty ImagesUpdates aimed at improving benefit accessThe Social Security Administration is taking steps to try to reduce some of the restrictions that come with SSI benefits. It is also expanding the rental subsidy policy for SSI applicants and beneficiaries, as well as the definition of a public assistance household. Those changes should allow more people to access and qualify for SSI, O'Malley said. Under current limitations, at work, SSI beneficiaries may not be able to contribute to a 401(k) or earn raises. Individuals who receive both Social Security and SSI benefits may see reductions to their payments.
Persons: O'Malley, Emerson Sprick, Rylin Rodgers, Rodgers, Wendell Primus, Nancy Pelosi, Tracey Gronniger Organizations: Social Security Administration, SSI, Social Security, Center, Microsoft, Brookings, Justice, Aging
Delta Air Lines said Monday that it will bring its premium economy service to transcontinental flights in September, its latest attempt to boost sales of higher-priced tickets to customers willing to splurge for more space and perks. Premium economy is a relatively new class of service that major airlines offer on longer, mostly international flights. Delta customers who purchase standard economy tickets will be able to pay for upgrades to premium economy on the transcontinental flights. The seats were sold as extra legroom tickets, which are a rung below premium economy. Some American Airlines ' shorter domestic flights operate a similar model, featuring lie-flat seats but not the Flagship service offered on international flights.
Persons: John F Organizations: Boeing, Delta Air Lines, JFK International, Delta, JetBlue Airways, Southwest Airlines, Kennedy International Airport, Medallion, American Airlines, Flagship Locations: Dublin, New York, Manhattan, Los Angeles, New
Gantry cranes stand in the APM Terminals yard at the Port of Mobile in Mobile, Alabama, U.S., on Thursday, July 20, 2017. This is another example of USMX members unilaterally circumventing our coast-wide Master Contract. A Maersk spokesman said in an emailed statement that APM Terminals remains "in full compliance with the ILA/USMX Master Contract." During a speech before union members that month, Daggett vowed the ILA would not take a back seat to anyone. The ILA indicated in its release that it will not meet with USMX until the "auto gate" issue is resolved.
Persons: Harold J, Daggett Organizations: APM, Port, Longshoremen's Association, United States Maritime Alliance, ILA, APM Terminals, Maersk, USMX, MSC Locations: Mobile, Mobile , Alabama, U.S, East Coast, Gulf Coast, Port of Mobile , Alabama, North America, Daggett, West Coast
Jose Uribe, the businessman who has said he bribed Senator Robert Menendez in return for his help in quashing a criminal investigation involving two people close to him, testified on Monday that he had asked the senator directly for his help and that Mr. Menendez had said he would “look into it.”Mr. Uribe said that on Sept. 5, 2019, the night before Mr. Menendez met with New Jersey’s attorney general to discuss the matter, he was invited to the senator’s girlfriend’s home in Englewood Cliffs, N.J., where he and Mr. Menendez sat on a backyard patio, with the senator smoking a cigar. Mr. Menendez rang a little bell that he had on the table, calling out “mon amour” — French for “my love” — and summoning Nadine Menendez, the woman he married the next year. Mr. Uribe said she brought him a piece of paper and went back into the house. At the senator’s request, Mr. Uribe wrote down the names of two friends and two companies he believed were under investigation. Mr. Menendez then took the paper, folded it and placed it in his pants pocket.
Persons: Jose Uribe, Robert Menendez, Menendez, Mr, Uribe, , Nadine Menendez Organizations: New Locations: quashing, Englewood Cliffs, N.J
8 storm signal raised for Super Typhoon Saola in Hong Kong, China, on Sept. 1, 2023. Hong Kong will no longer shut down its stock market during severe weather conditions, according to a Bloomberg report citing people familiar with the matter. The Hong Kong exchange typically halts trading when a typhoon signal or a so-called "black rainstorm warning" is issued. The previous CEO of Hong Kong Exchanges and Clearing, Nicolas Aguzin, told CNBC in 2022 that the bourse was reviewing that protocol. The Hong Kong exchange is expected to announce the proposed framework in the next few weeks, according to the people who spoke to Bloomberg.
Persons: Nicolas Aguzin Organizations: Super, Bloomberg, Hong, Hong Kong Exchanges, CNBC, bourse Locations: Hong Kong, China
It marked the first time since 1991 that the Swiss air force has operated from a highway. During the Cold War, aircraft in Europe trained to operate from non-traditional airstrips and improvised runways to reduce vulnerability. To reduce their vulnerability to long-range strikes, the air force is focusing on disaggregating and using improvised runways to conduct operations. The fighter aircraft were quickly refueled while their engines were running — a tactic known as hot-pit refueling — before they took off again. Not only for the Norwegian Air Force, but also for the Nordic countries, and for NATO," Chief of the Royal Norwegian Air Force Maj. Gen. Rolf Folland said in a press statement at the time.
Persons: , Russia's, Rolf Folland, They've Organizations: Service, NATO, Business, Swiss, Swiss Army, Norwegian Air Force, Nordic, Royal Norwegian Air Force, Royal Auxiliary Air Force, Commando Locations: Ukraine, Swiss, Europe, Switzerland, Norway, Finnish, Finland, Michigan, Wyoming, Texas
Trump is scheduled to attend the event in Las Vegas at the Ahern Luxury Boutique Hotel, which is owned by businessman Don Ahern. In 2022, an employee who worked at Ahern Rentals for 17 years alleged in a lawsuit that he witnessed Don Ahern repeatedly make racist and bigoted statements in the workplace. Among Townsend's allegations are that he heard Don Ahern say, "We don't like hiring n------. "Sir, within the last year or so before you left Ahern Rentals, did you hear Don Ahern use the N-word?" Two months later, United Rentals announced plans to acquire Ahern Rentals for $2 billion.
Persons: Don Ahern, Donald Trump, Mark Townsend, Ahern, Townsend, Trump, Mohammed Sami Bakdash, Bakdash Organizations: Xtreme Manufacturing, Ahern, CNBC, Trump, Ahern Rentals, United Rentals Locations: Henderson , Nevada, Las Vegas
Dollar finds footing as traders turn to U.S. services data
  + stars: | 2024-06-05 | by ( ) www.cnbc.com   time to read: +3 min
US Dollar notes and euro coins are arranged for a photograph on Sept. 11, 2017. The dollar steadied on Wednesday as traders pared back on riskier bets in emerging markets while waiting on an interest rate decision in Canada and on U.S. services data. Japanese real wages fell for a 25th straight month in April, data on Wednesday showed, as inflation outpaces nominal pay rises. The Swiss franc rose for a fourth straight session on the dollar overnight and at 0.8902 per dollar is close to breaking through its 200-day moving average. The New Zealand dollar was steady at $0.6173, while the Canadian dollar held the middle of a months-long range at C$1.3678 per dollar.
Persons: Jane Foley, Ryozo Himino, Narendra Modi, Chris Weston Organizations: Swiss, Bloomberg News, Bank of, Rabobank, BOJ, Westpac, New Zealand, African National Congress, Morena Locations: Canada, U.S, Bank of Japan, Asia, Japan, Morena
This summer, with Paris expected to draw nearly 15 million visitors between July 26 and Sept. 8 for the Olympic and Paralympic Games, that ritual is anything but certain. Many shopkeepers, bakers, restaurateurs and tour guides — citing patriotism as well as profit — say they’re planning to stay open. The 2012 London Olympics have cast a long shadow in Paris. Small-business owners in Paris are hoping history does not repeat itself. Most of the events in London were held in one section of the city, he said, while in Paris, they’re taking place all over.
Persons: who’s, Pierre Rabadan, they’re, , Organizations: Paris, Olympic, Paralympic Games Locations: Paris, London
Mike Blake | ReutersSince 2019, immigration has added 2 million workers to the U.S. labor supply, according to an April analysis by Tedeschi. Without immigrants, Tedeschi estimated that the size of the U.S. labor supply would have shrunk by 1.2 million during that period. The short answer is that this executive order will probably not increase inflation. Some experts say the executive order could bring down costs by smoothing out the U.S.-Mexico supply chain. Biden's executive order could help clear some of these supply chain bottlenecks.
Persons: Joe Biden, Leah Millis, Joe Biden's, Biden, Andrés Manuel López Obrador, Jose Luis Gonzalez, Ernie Tedeschi, Tedeschi, Trucks, Daniel Becerril, Donald Trump, I'd, Mike Blake, Tara Watson, Guillermo Arias, Jerry Pacheco, It's, Pacheco, Watson, Trump, Saul Loeb Organizations: White, . Border Patrol, Department of Homeland Security, NBC, Texas National Guard, Reuters, United, Yale University's, White House Council, Economic Advisers, Customs, Brookings, Immigrants, AFP, Getty Images Shipping, Border Industrial Association, Getty Locations: U.S, Mexico, Washington , U.S, United States, Texas, Ciudad Juarez, Nuevo Laredo, Biden's, San Diego , California, Mesa Port, Tijuana , Mexico, New Mexico, Calexico , California
A Chinese flag in Pudong's Lujiazui Financial District in Shanghai, China, on Sept. 18, 2023. China has alleged that the British Secret Intelligence Service MI6 turned two staff members of unnamed Chinese central state organs into spies for the British government, its State Security Ministry said in a statement on Monday. The ministry said the case against the two spies, a married couple, is under further investigation. In January, China revealed an espionage case in which it said MI6 used a foreigner in China to collect secrets and information. Britain in April charged two people with providing prejudicial information to China and last month charged three people with assisting Hong Kong's foreign intelligence service in Britain.
Persons: Hong Organizations: British Secret Intelligence Service, State Security Ministry Locations: Lujiazui, Shanghai, China, Britain
Because of his efforts to overturn the 2020 election, Rudolph W. Giuliani has been indicted in two states and hit with a $148 million defamation judgment that forced him to seek bankruptcy protection. Through all of that, he has kept a reliable financial ally: a charity founded to honor the memory of a firefighter killed on Sept. 11, 2001. The problem, according to his creditors’ lawyers, is that he has withheld that detail throughout his first five months of bankruptcy proceedings. The revelation of the revenue stream comes after months of deeply contentious arguments from creditors about the state of Mr. Giuliani’s personal finances, with complaints that much of it remains deliberately incomplete and opaque. Only recently did creditors learn, through social media, that Mr. Giuliani had a contract to earn money from a new branded coffee line.
Persons: Rudolph W, Giuliani, Mr, Stephen Siller Organizations: New, Giuliani Communications, Towers Foundation Locations: New York City
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
Employees check the trunk door on the bodywork of a Volkswagen AG Vento automobile on the production line at the Volkswagen India Pvt. India's economy grew at a faster-than-expected pace of 7.8% year-on-year in the January-March quarter, helped by strong growth in the manufacturing sector, and economists expect the momentum to remain strong this year. However, it was higher than the 6.7% growth forecast by economists in a Reuters poll. India's economic growth for the full fiscal year 2023/24 was revised up to 8.2%, the highest among large economies globally, from an earlier government estimate of 7.6%. Manufacturing output rose 8.9% year-on-year in the three months ending in March, compared with a revised expansion of 11.5% in the previous quarter, while farm output growth accelerated to 0.6% after revised 0.4% growth in the previous quarter, the data showed.
Persons: Narendra Modi Organizations: Volkswagen AG, Volkswagen India, Indian Locations: Chakan, Maharashtra, India
NEW YORK — New York Federal Reserve President John Williams on Thursday said inflation is still too high but he is confident it will start decelerating later this year. With markets on edge over the direction of monetary policy, Williams offered no clear signs on where he is leaning as far as possible interest rate cuts go. Williams called policy "well-positioned" and "restrictive" and said it is helping the Fed achieve its goals. But higher than expected inflation readings have altered that landscape dramatically, and current pricing is pointing to just one decrease, probably in November. Williams said he expects PCE inflation to drift down to 2.5% this year on its way back to 2% in 2026.
Persons: John Williams, Williams, CNBC's Sara Eisen, Dow Jones Organizations: Federal Reserve Bank of New, York Federal, Economic, of New, Fed, Commerce Department Locations: Federal Reserve Bank of New York, New York, York, of New York
Photographer: David Odisho/Bloomberg via Getty ImagesShares of Salesforce tumbled 20% Thursday morning, putting the stock on pace for its worst day in nearly 20 years. Its worst trading day on record is July 4, 2004, when shares fell 27% just days after the company went public. Salesforce expects second-quarter adjusted earnings per share of $2.34 to $2.36 on $9.2 billion to $9.25 billion in revenue. Goldman Sachs analysts reiterated their buy rating on the stock and said they view Salesforce as a "high-quality software franchise." Goldman Sachs analysts said in a note Wednesday that Salesforce is "an under-appreciated Gen-AI winner."
Persons: Marc Benioff, Benioff, David Odisho, Salesforce, LSEG, Salesforce's, Goldman Sachs, Morgan Stanley, — CNBC's Michael Bloom, Jordan Novet Organizations: Salesforce.com Inc, Bloomberg, Getty, Citi Locations: San Francisco , California, Francisco's
The new iPhone 15 Pro is displayed during an Apple event at the Steve Jobs Theater at Apple Park in Cupertino, California, on Sept. 12, 2023. Apple plans to open its first store in Malaysia next month, the company said Wednesday, underscoring a bigger push into the Asia region beyond China. The store will be located at The Exchange TRX mall in the Malaysian capital of Kuala Lumpur. It will open on June 22 at 10 a.m. local time, Apple said.
Persons: Steve Jobs, Apple Organizations: Steve, Apple Locations: Cupertino , California, Malaysia, Asia, China, Malaysian, Kuala Lumpur
In a letter to BuzzFeed’s board, a copy of which Ramaswamy posted online, the MAGA hardliner and former Republican presidential candidate recommended laying off large swaths of the company’s existing staff. He encouraged BuzzFeed’s board to transform the outlet into a creator-driven platform, suggesting it hire personalities akin to fellow radicals Candace Owens and Tucker Carlson. “Address your audience directly and candidly admit: We failed in our obligation to tell you the truth,” Ramaswamy encouraged BuzzFeed. But it was apparent that he does not view the right-wing entrepreneur’s ideas for the future of BuzzFeed as compelling. “I’m very skeptical it makes business sense to turn BuzzFeed into a creator platform for inflammatory political pundits.
Persons: Vivek Ramaswamy —, , Ramaswamy, MAGA hardliner, BuzzFeed’s, Candace Owens, Tucker Carlson, BuzzFeed, Donald Trump, ” Ramaswamy, Jonah Peretti, MAGA, ” Jeffrey A Sonnenfeld, , Vivek, Vivek Ramaswamy, Peretti, ” Peretti, , Sonnenfeld Organizations: New York CNN, Republican, , Yale School of Management, Facebook, Huffington Locations: New York, Covid, BuzzFeed
Gold recoups from 2-week low as traders eye U.S. inflation data
  + stars: | 2024-05-27 | by ( ) www.cnbc.com   time to read: +1 min
Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on Sept. 15, 2023. Gold prices on Monday drifted higher from a two-week low hit in the previous session as traders gauged fading hopes of U.S. interest rate cuts ahead of a key inflation report due later this week. The core personal consumption expenditures price index, the preferred inflation measure for the U.S. Federal Reserve, is due on Friday. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. Minutes from the Federal Reserve's meeting published last week showed the central bank's path to 2% inflation could take longer than expected.
Persons: Matt Simpson, Bullion, Index's Simpson Organizations: Novosibirsk Refining Plant, Index, U.S . Federal, Traders Locations: Novosibirsk, Russia
United Auto Workers (UAW) members and supporters on a picket line outside the ZF Chassis Systems plant in Tuscaloosa, Alabama, US, on Wednesday, Sept. 20, 2023. DETROIT – The United Auto Workers union is challenging the results of last week's organizing vote of Mercedes-Benz workers in Alabama, in which workers voted against union representation, and is asking federal officials to order a new election. Union organizing failed at the Alabama plant with 56% of the vote, or 2,642 workers, casting ballots against the UAW, according to the NLRB, which oversaw the election. The NLRB said its regional director will review the UAW's allegations of an unfair election. If after the hearing, she finds that the employer's conduct affected the election, she can order a new election.
Persons: Let's, isn't, Shawn Fain Organizations: United Auto Workers, UAW, ZF, Systems, DETROIT –, Mercedes, Benz, Union, National Labor Relations, NLRB Locations: Tuscaloosa , Alabama, Alabama, Detroit, Atlanta
Kevin Mayer, co-founder and co-CEO of Candle Media, speaks at the Milken Institute Asia Summit in Singapore on Sept. 29, 2022. Former TikTok CEO and Candle Media co-CEO Kevin Mayer says the hype around artificial intelligence has reached a crescendo, with company valuations looking "astronomical." "AI provides capabilities that have not yet been seen and are very valuable. But the hype cycle has been dramatic," Mayer said. "I think we'll see a peak of that, of the hype within AI, the valuations, and everyone talking about how it's gonna disrupt every single corner of our economic universe and personal lives."
Persons: Kevin Mayer, Karen Tso, Mayer Organizations: Candle Media, Milken Institute Asia Summit Locations: Singapore, Paris
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