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ImageHERE’S WHAT’S HAPPENINGExxon Mobil strikes an agreement to win regulatory approval of its $60 billion megadeal. Elsewhere, shares in Shell were up after the producer reported $7.7 billion in adjusted quarterly earnings, beating analyst expectations. The U.S. imposes sanctions on Chinese companies over military support for Russia’s war effort. The Biden administration announced on Wednesday nearly 300 sanctions, including on more than a dozen Chinese businesses, aimed at disrupting Moscow’s full-scale invasion of Ukraine. The culprit: pressure on prices, amid growing competition from Eli Lilly’s Zepbound, supply constraints and scrutiny from lawmakers.
Persons: Scott Sheffield, Biden, Janet Yellen, Antony Blinken, Eli Lilly’s Zepbound, James Comer, Comer Organizations: Labor Department, Exxon Mobil, Natural Resources, Wall Street, Novo Nordisk, Republican, European Commission Locations: Shell, U.S, Ukraine, Danish, Kentucky, iRobot
Changing their name may be an important step a transgender or nonbinary person takes to embrace their identity. But doing so is seldom easy and can create even more problems — particularly for your finances — after the fact, according to a recent white paper published by J.P. Morgan Wealth Management. Credit reports using deadnames — former names that individuals no longer use — are common and can result in credit discrimination against trans people, J.P. Morgan says. Getting approved to rent an apartment is just one of the issues that can arise out of inaccuracies on your credit report. Potential employers, utilities and phone companies and more may pull your credit report as part of a background check to hire you or establish services at your home.
Persons: J.P, Leo Aquino, Shelby Anderson, Morgan, deadnames, , Aquino, hadn't, Anderson Organizations: Morgan Wealth Management, CNBC, Social Security Locations: U.S
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "That's a win for stocks," Jim Cramer said Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Jim Cramer, Jerome Powell, should've, Jim, — Stanley Black, Decker, Linde, TJX, Jim Cramer's Organizations: CNBC, Federal, Fed, Coterra Energy, Apple, UBS, TJX Companies, LIN Locations: China, TJX, HomeGoods
The U.K.'s "sluggish" growth prospects have put it on course to be the worst-performing economy of all advanced nations next year, according to new forecasts from the Organisation for Economic Cooperation and Development. The downbeat prediction comes as the global economy shows signs of recovery, with growth forecast to remain steady at 3.1% in 2024, before rising modestly to 3.2% in 2025. "We start seeing some recovery in many parts of the world," Alvaro Pereira, director of the OECD's policy studies branch, told CNBC's Silvia Amaro Thursday. Growth among advanced nations next year is set to be led by North America, which Pereira said follows "strong growth" forecasts of 2.6% in the U.S. in 2024. Growth in Europe, meanwhile, is expected to pick up next year after a sluggish 2024.
Persons: Alvaro Pereira, CNBC's Silvia Amaro Thursday, Pereira Organizations: Organisation for Economic Cooperation, Development, North Locations: Germany, Paris, Canada, France, Japan, U.S, North America, Europe
The bill, called the Warehouse Worker Protection Act, is the first attempt to police warehouse quotas at the federal level, after similar laws have passed in states including California, New York, Washington and Minnesota. The legislation would require employers to be more transparent about workplace quotas and potential disciplinary consequences, and provide workers with at least two business days' notice of any changes to quotas or workplace surveillance. Wendy Taylor, a packer at an Amazon warehouse in Missouri, said during Markey's press conference on Thursday that she and others are "fighting for quota transparency." Taylor blamed Amazon's "inhumane work rates" for the injury, and added, "Amazon workers provide same-day shipping, but we can't even get the same-day care we deserve." WATCH: Amazon's worker safety hazards come under fire from regulators and the DOJ
Persons: Democratic Sen, Ed Markey, Markey, It's, Wendy Taylor, packer, Taylor, Amazon's Organizations: Democratic, Amazon, Health, Education, Labor, Pensions, Occupational Safety, Health Administration, OSHA, U.S, Attorney's, U.S . Department of Justice, DOJ Locations: California , New York, Washington, Minnesota, U.S, Missouri
An attendant holds a sample of newly-designed Japanese 10,000 yen banknote, with three-dimensional holographic technology to prevent forgery, for a photograph at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 28, 2023. The yen gave up ground in early trade on Thursday, reversing direction after a sudden surge against the dollar overnight that traders and analysts were quick to attribute to intervention by Japanese authorities. The dollar was 0.9% higher at 155.98 yen as of 0100 GMT, retracing about half of its late Wednesday surge from around 157.55 to exactly 153 over a period of about 30 minutes. "The 'sneak attack' element really is the MOF (Japan's Ministry of Finance) looking to punish speculators and send a warning about shorting the yen." That helped lift the dollar to a 34-year peak of 160.245 yen on Monday and also spurred a sharp reversal which official data suggested was due to Japanese intervention totalling about $35 billion.
Persons: Jerome Powell, Masato Kanda, Kyle Rodda, Sterling, Powell, Jack Mclntyre Organizations: National Printing Bureau, Federal Reserve, Reuters, Capital.com, Japan's Ministry of Finance, Bank of Japan, Brandywine Locations: National Printing Bureau Tokyo, Tokyo, Japan, U.S, Melbourne
Israeli Prime Minister Benjamin Netanyahu has long sought relations with Saudi Arabia, home of Islam’s holiest sites, as the move could domino across the wider Muslim world. The first component includes a package of agreements between the US and Saudi Arabia, another component has the normalization of relations between Saudi Arabia and Israel, and a third component for a pathway to a Palestinian state. The subsequent Israeli assault on Gaza, which has left the enclave in ruins and killed more than 34,000 Palestinians, may have changed the parameters of the deal for Saudi Arabia, analysts say. However, there has been no indication that the Biden administration would opt to bypass Congress for the bilateral agreement with Saudi Arabia to pass. Saudi Arabia is rich in uranium deposits and has insisted on being able to enrich it domestically, which would be a first for an Arab state.
Persons: Benjamin Netanyahu, Matthew Miller, ” Miller, Antony Blinken, , Blinken, Prince Mohamed bin Salman, Netanyahu, Biden, Prince Faisal bin Farhan, Israel, Lindsey Graham, ” Graham, Firas Maksad, , Jamal Khashoggi, ” Maksad, Crown Prince, Karen Young, Edward J, Markey Organizations: CNN, State, Saudi, State Department, Abraham Accords, Israel, MBS, Saudi Foreign, Republican, Senate, Bahrain, Biden, Strategic Outreach, Middle East Institute, Washington DC, Congress, Washington Post, Crown, Columbia University’s Center, Global Energy, Neighboring United, Democratic, Nuclear Weapons, NATO Locations: Saudi Arabia, United States, Israel, Iran, Russia, China, Palestinian, Gaza, , Riyadh, Saudi, Washington, Turkey, “ Saudi Arabia, Emirates, Bahrain, U.S
President Joe Biden said on Wednesday that "xenophobia" from China to Japan and India is hobbling their growth, as he argued that migration has been good for the U.S. economy. President Joe Biden said on Wednesday that "xenophobia" from China to Japan and India is hobbling their growth, as he argued that migration has been good for the U.S. economy. "One of the reasons why our economy's growing is because of you and many others. Because we welcome immigrants," Biden said at a Washington fundraising event for his 2024 re-election campaign and marking the start of Asian American, Native Hawaiian and Pacific Islander Heritage Month. "Why is China stalling so badly economically, why is Japan having trouble, why is Russia, why is India, because they're xenophobic.
Persons: Joe Biden, Biden Organizations: Pacific Islander Heritage, Immigrants, Monetary Fund Locations: China, Japan, India, U.S, Washington, Hawaiian, Russia
Ukrainian servicemen ride on an armored personnel carrier in a field near Chasiv Yar, Donetsk, on April 27, 2024, amid the Russian invasion of Ukraine. The United States on Wednesday issued hundreds of fresh sanctions targeting Russia over the war in Ukraine in action that took aim at Moscow's circumvention of Western measures, including through China. The U.S. Treasury Department imposed sanctions on nearly 200 targets and the State Department designated more than 80 in one of the most wide-ranging actions against Chinese companies so far in Washington's sanctions aimed at Russia. China's support for Russia is one of the many issues threatening to sour the recent improvement in relations between the world's biggest economies. "The Chinese side firmly opposes the U.S.'s illegal unilateral sanctions," he said.
Persons: Janet Yellen, Antony Blinken, Yellen, Liu Pengyu Organizations: The U.S . Treasury, State Department, The U.S, Treasury, World Trade Organization, U.S Locations: Chasiv Yar, Donetsk, Ukraine, United States, Russia, China, The U.S, The, Hong Kong, Washington, U.S
J. David Ake | Getty ImagesIf your current federal student loan servicer is Mohela, or the Missouri Higher Education Loan Authority, the U.S. Department of Education said it will soon transfer some student loan borrowers to different servicers. Change impacts Mohela borrowersThe Education Department began transferring a portion of Mohela's borrowers this week to different companies, it said in an April 29 blog post. "A different servicer will begin managing these loans and assisting these borrowers," the department said. The Education Department contracts with different companies to service its federal student loans, including Mohela, Nelnet and EdFinancial. Why the transfer is happeningWhat borrowers should do amid transitionBorrowers who are being transferred to a different servicer should receive alerts from Mohela and their new servicer, the Education Dept.
Persons: David Ake, servicer, Mark Kantrowitz Organizations: US Department of Education, Missouri Higher Education Loan Authority, U.S . Department of Education, Education Department, The Education Locations: Washington ,, Missouri, Mohela
But when it comes to affordability, or lack thereof, not all cities are created equal. In a recent study, Creditnews Research ranked the most populous U.S. cities by the percentage of neighborhoods financially within reach for the average married couple. To create its ranking, Creditnews used median income for married households in order to determine the percentage of unaffordable neighborhoods. Of the 10 cities with the most unaffordable neighborhoods, four are in California. Two cities in the Golden State, Los Angeles and San Jose, were found to be 100% unaffordable for the average married couple household.
Persons: Creditnews, Sam Bourgi Organizations: Creditnews Research, Golden State, CNBC Locations: U.S, California, Golden, Los Angeles, San Jose
The FTC filed a complaint alleging that Scott Sheffield attempted to collude with representatives of OPEC to reduce oil and gas output to increase prices at the pump and inflate Pioneer's profits. "The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously," spokesman Doug Farrar told CNBC. In response, Exxon agreed to keep Sheffield off its board, the oil major said in a statement Thursday. The FTC alleged that Sheffield repeatedly held private conversations with high-ranking OPEC representatives to assure them that Pioneer and its competitors in the Permian Basin were working to keep oil output artificially low. "Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing," the company said in the statement.
Persons: Scott Sheffield, Doug Farrar, Exxon, Sheffield, Sheffield's, Lina Khan, — CNBC's Pippa Stevens, Mary Catherine Wellons, Lina Khan's Organizations: Federal Trade Commission, Natural Resources, OPEC, Exxon Mobil, Pioneer, FTC, Justice Department, Wall Street, CNBC, Exxon, Sheffield
Gold prices flutter higher as Fed holds rates steady
  + stars: | 2024-05-02 | by ( ) www.cnbc.com   time to read: +2 min
The Fed left interest rates unchanged on Wednesday as expected. Its latest policy statement kept key elements of its economic assessment and policy guidance intact, framing its discussion of interest rates around the conditions under which borrowing costs can be lowered. Traders were relieved that Powell slammed the door shut for further hikes, helping gold prices climb back above $2,300, City Index senior analyst Matt Simpson said. Lower interest rates increase the appeal of holding non-yielding bullion. The U.S. non-farm payrolls report is due on Friday.
Persons: Jerome Powell, Powell, Matt Simpson, Simpson Organizations: Federal Reserve, U.S ., Traders, City Index, U.S, Palladium, MKS PAMP
Coinbase reported better-than-expected revenue in its first-quarter earnings report on Thursday. Transaction revenue has historically been a primary driver of revenue, with subscription and services revenue bringing in $511 million for the quarter. The stock tends to benefit from big gains in bitcoin as large rallies in the cryptocurrency lead to increased trading volumes and demand for other services. During the first quarter, bitcoin hit a new all-time high above $73,000 in March, and ethereum, the second-biggest digital asset, underwent its first major upgrade in over a year. "Indeed, trading volumes on Coinbase's platform have come well down from early-March levels."
Persons: Coinbase, bitcoin, Raymond James analysts, Raymond James Organizations: SEC, Coinbase Locations: U.S, bitcoin, Crypto.com
U.S. bank Citi refreshed its list of "highest conviction ideas" for Europe and recommended a specific trading strategy that investors can adopt right now. "The focus is on bottom-up ideas," Citi's analysts wrote in an Apr. The list also "highlights liquid names in which investors can build positions," the Citi analysts added. Citi's focus list delivered returns of 3.4% over the last 12 months and 5.4% in the past three months. Citi has a target price of £200 on the LSE-listed stock, giving it 34% potential upside.
Persons: , Leonardo Citi, Leonardo, — CNBC's Michael Bloom Organizations: Citi, U.K . Ministry of Defence, Revenue, London Stock Exchange, New York Stock Exchange, LSE Locations: Europe, U.S, Ireland, Australia, Italy
CNBC's Inside India newsletter: Will AI make or break India?
  + stars: | 2024-05-02 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +9 min
But one that could foreshadow India's growth story. Can Teleperformance's stock plunge be the canary in the coal mine for what is likely to happen to India because of AI? But it's likely to be a blip for India's growth trajectory, given the macro forces at play. Besides creating jobs that are less likely to be immediately disrupted by AI, India could also be a net beneficiary of artificial intelligence. The Indian stock market indexes, Sensex and Nifty 50 , are heading for a positive week again — up by 1% and 1.2%, respectively.
Persons: Findlay Kember, Klarna, ChatGPT, K Krithivasan, Krithivasan, Narendra Modi, It's, Shilan Shah, Goldman Sachs, Vinay Dwivedi, Ashok Gulati, Nomura, League Pickleball, Karine Jean, Pierre, Jerome Powell, Raghuram Rajan, Ashish Jain, CNBC's Ayushi Jindal Organizations: AFP, Getty, India's Tata Consultancy Services, Financial Times, TCS, World Bank, International Monetary Fund, University of Oxford, Capital Economics, Investment, Nomura, Qualcomm, Powerchip Semiconductor Manufacturing, UPI, India, Commission, Agricultural, United Pickleball Association, Global Sports, PPA, League, Washington Post, White, U.S ., Federal, CNBC, Reserve Bank of India, University of Chicago Booth School of Business Locations: Swedish, Paris, India, Chennai, U.S, Europe, China, Singapore, South Korea, Canada, United States
The flag of the United States of America and the flag of the Republic of China. Americans overwhelmingly hold an unfavorable view of China, with an increasing number labeling the nation as an enemy of the United States, according to a Pew Research Center survey released Wednesday. Half the respondents identified China as a competitor, while 6% saw it as a partner to the U.S. The polling results come at a contentious time between the world's top two economies and ahead of the U.S. presidential elections. The survey also found that those who say the current U.S. economic situation is bad are more likely to blame China and hold unfavorable opinions of the country.
Persons: Joe Biden, Donald Trump, ByteDance, Pew Organizations: Pew Research Center, D.C, U.S, Democratic Locations: United States, America, Republic of China, China, Washington, U.S
Servicemen of the National Guard of Ukraine undergo training to storm enemy trenches using simulation equipment as the war between Russia and Ukraine continues in Kharkiv Region, Ukraine on February 29, 2024. The U.S. has formally accused Russia of using chemical weapons against Ukrainian troops and announced late Wednesday that it is imposing more sanctions on Russian individuals and entities. The U.S. State Department released a statement late Wednesday in which it accused Russia of violating the Chemical Weapons Convention (CWC), which bans the production and use of chemical weapons, by using the choking agent chloropicrin against Ukrainian forces. Chloropicrin was used as a poison gas in World War I but is now more commonly used in agriculture as an insecticide. "When inhaled, these agents cause alveoli, air sacs in the lungs, to secrete fluid, essentially drowning those affected," the Organisation for the Prohibition of Chemical Weapons states.
Persons: Chloropicrin Organizations: National Guard, Ukrainian, U.S . State Department, Chemical Weapons Convention, CWC, Russian, Chemical Weapons Locations: Ukraine, Russia, Kharkiv Region, U.S
Moderna on Thursday posted a narrower-than-expected loss for the first quarter as the company's cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. The biotech company booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago. The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine. For the first quarter, Mock said the company is "more encouraged by what we're seeing from a productivity perspective" than the higher sales of its Covid vaccine. Cost of sales was $96 million for the fourth quarter, down 88% from the same period a year ago.
Persons: we've, Stéphane Bancel, Jamey Mock, Mock, OpenAI Organizations: Moderna, LSEG, CNBC, Research, Mock, Merck Locations: Moderna, U.S, America
Earnings per share rose 1% to $1.53, a March quarter record, and exceeded the LSEG consensus estimate of $1.50. This resulted in stronger-than-expected free cash flow, which is more important than operating cash flow because it is cash Apple can ultimately return to shareholders via buybacks and dividends. During the reported quarter, Apple paid over $27 billion to shareholders, including $3.7 billion in dividends and equivalents and another $23.5 billion via the repurchase of 130 million shares. Quarterly results Apple's services sales notched another record, which offset a slight miss in product sales and led to beats on gross and operating income. iPad sales are expected to gain double digits year over year, much better than the 5.9% expected on Wall Street.
Persons: Tim Cook, Cook, we're, Apple, Luca Maestri, Maestri, Jim Cramer's, Jim Cramer, Jim Organizations: Apple, Management, MacBook, MacBook Air, Apple Watch, Fortune, Apple Vision, KLM Airlines, CNBC, Apple Inc, Visual China, Getty Locations: China, Greater China, America, East, Canada, India, Spain, Turkey, Indonesia, WWDC, U.S, Australia, France, Germany, Japan, Shanghai
But the other part of the deal, which is seen as critical to winning support in Congress, is for Saudi Arabia to normalize relations with Israel. There are a lot of “ifs” and “provided thats” in this equation that seem most unlikely today. As a result, the U.S. and the Saudis are considering finalizing the deal and taking it to Congress with the stated proviso that Saudi Arabia will normalize relations with Israel the minute Israel has a government ready to meet the Saudi-U.S. terms. Hopefully, though, if there can be a permanent end of fighting and a return of all Israelis taken hostage, Israel will hold new elections. And then — maybe, just maybe — the choice on the table for Israelis will not be Bibi or no Bibi, but Bibi or a credible pathway to peace with Saudi Arabia and the Palestinians.
Persons: Biden, Israel, , Netanyahu, Bibi Organizations: U.S, West Bank, Palestinian, Saudi, New York, Facebook Locations: U.S, Saudi Arabia, Japan, Taiwan, Israel, Gaza
CNBC's Jim Cramer said Thursday that investors need weaker figures from Friday's labor report if they want stocks to rally, adding that inflation data is what is truly driving market action. "I wish the market didn't work this way, but that's the reality, and it's why you need to bet against the U.S. economy tomorrow if you're hoping for higher stock prices." Cramer said he hates having to root against the economy, but investors are so focused on what "big picture data" might signal to the Fed that information such as the April jobs report controls market action — even during an influential earnings week. He also said the focus on the federal funds rate makes the stock market a "plaything" for those who want to bet on the Fed's next move. "It's absurd — it's the opposite of a stock picker's market."
Persons: CNBC's Jim Cramer, Cramer Organizations: Federal Locations: U.S
An article on a fake online news outlet that Meta has linked to Russia’s information operations attributed the clashes unfolding on American college campuses to the failures of the Biden administration. A newspaper controlled by the Communist Party of China said the police crackdowns exposed the “double standards and hypocrisy” in the United States when it comes to free speech. On X, a spokesman for Iran’s Ministry of Foreign Affairs, Nasser Kanaani, posted a cartoon of the police arresting a young protester in the guise of the Statue of Liberty. As protests over the war in Gaza have spread across the United States, Russia, China and Iran have seized on them to score geopolitical points abroad and stoke tensions within the United States, according to researchers who have identified both overt and covert efforts by the countries to amplify the protests since they began. There is little evidence — at least so far — that the countries have provided material or organizational support to the protests, the way Russia recruited unwitting Black Lives Matter protesters to stage rallies before the 2016 and 2020 presidential elections.
Persons: Biden, Nasser Kanaani, Organizations: Communist Party of, Iran’s Ministry of Foreign Affairs Locations: Communist Party of China, United States, of, U.S.A, Gaza, Russia, China, Iran
Here's what to know about "Fallout" season two. It seems likely 'Fallout' season 2 will visit a classic location from a beloved gameNew Vegas in Amazon's "Fallout." HOLYSHIT HOLYSHIT HOLYSHIT HOLYSHIT HOLYSHIT HOLYSHIT HOLYSHIT HOLYSHIT HOLYSHIT THAT ENDING OH MY GOD MY EXCITEMENT LEVELS ARE THROUGH THE ROOF AFTER THAT ENDING #Fallout — Glassman044 (@glassman044) April 21, 2024When speaking to Business Insider ahead of "Fallout" season one, showrunner Graham Wagner said that there's a lot the makers didn't do in the series (like introducing a deathclaw) in the hopes that they got a second season. If Amazon gets the cameras rolling this year, it's possible "Fallout" season two might arrive on the streamer in early 2026. AdvertisementAaron Moten, Walton Goggins, and Ella Purnell will return for 'Fallout' season 2Aaron Moten as Maximus, Walton Goggins as The Ghoul, Ella Purnell as Lucy in "Fallout."
Persons: , Lucy MacLean, Ella Purnell, Hank MacLean, Kyle MacLachlan, Lucy, it's, Hank, he's, Maximus, Aaron Moten, Graham Wagner, irrefutably, Wagner, Walton Goggins, Walton, MacLachlan, — Eammon Jacobs, Sarita Choudhury, Norm, Moisés Arias, Will Thaddeus, Johnny Pemberton Organizations: Amazon, Service, New Vegas Locations: Amazon's, Vegas, New Vegas
A woman in New York who was using TikTok to sell unauthorized weight-loss drugs, including products labeled Ozempic, is facing charges of smuggling and receiving and distributing misbranded drugs, federal prosecutors said. The arrest on Wednesday of Isis Navarro Reyes, 36, who also went by Beraly Navarro and, according to prosecutors, was not licensed to administer medication, followed an investigation that involved an undercover officer. Late last year, the officer sent a message to a cellphone number listed by her at the end of a TikTok video. In the video, Ms. Reyes, of Shirley, N.Y., on Long Island, showed her viewers how to inject what she claimed was Ozempic and shared her experience using the drug. In January, after exchanging messages with Ms. Reyes, the officer asked to buy some Ozempic, a drug for diabetes that has become popular for weight loss.
Persons: Isis Navarro Reyes, Beraly Navarro, Reyes Organizations: Southern, of Locations: New York, Shirley, N.Y, Long, of New York
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