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☆ JPMorgan Chase says its stress test losses should be higher than what the Fed disclosed
▼ + stars: | 2024-06-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The bank took the unusual step of issuing a press release minutes before midnight ET to disclose its response to the Fed's findings. JPMorgan said that the Fed's projections for a measure called "other comprehensive income" — which represents revenues, expenses and losses that are excluded from net income — "appears to be too large." Under the Fed's table of projected revenue, income and losses though 2026, JPMorgan was assigned $13 billion in OCI, more than any of the 31 lenders in this year's test. It also estimated that the bank would face roughly $107 billion in loan, investment and trading losses in that scenario. "Should the Firm's analysis be correct, the resulting stress losses would be modestly higher than those disclosed by the Federal Reserve," the bank said.

Persons: Jamie, JPMorgan Chase, Banks Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, JPMorgan, Federal Reserve, Bank of America, Citigroup Locations: Washington ,, OCI

☆ Zaccharie Risacher: Who is the No. 1 overall pick in the 2024 NBA Draft?
▼ + stars: | 2024-06-27 | by ( Ben Morse | ) edition.cnn.com time to read: +4 min

Risacher was selected by the Atlanta Hawks with the first overall pick in the 2024 NBA Draft on Wednesday, making history in the process. The selection of the 19-year-old small forward means that for the first time in modern NBA Draft history, the No. His father, Stéphane, was part of the French team which won the silver medal in the men’s basketball competition at the 2000 Olympics Games in Sydney. 1 overall pick was but a dream for Atlanta by the end of last season as the team only had a 3% chance of landing the top pick in the lottery. He’s a versatile defender, a really good shooter and a high-IQ type player,” Hawks general manager Landry Fields said about the Risacher pick.

Persons: Victor Wembanyama, Risacher, Stéphane, Wembanyama, ” C’est, Bo u, ince, Johns, y McKie, sid e, Kell, ike, ady to do Organizations: CNN, Atlanta Hawks, ASVEL, Atlanta, Wembanyama, San Antonio Spurs Locations: Spain, France, Georgia, Málaga, Lyon, Sydney

☆ Scouting Report: What the 2020 Debates Reveal About a Biden-Trump Matchup
▼ + stars: | 2024-06-27 | by ( Adam Nagourney | ) www.nytimes.com time to read: 1 min

President Biden will turn and look straight into the camera, ignoring his opponent and the moderators, speaking directly to voters. Look for Mr. Trump to seize the spotlight at every opportunity, bulldozing anyone on the stage — including the moderators. It has been nearly four years since either Mr. Trump or Mr. Biden has appeared on a debate stage. The two men spent a total of 180 minutes sparring in 2020. The sessions were loud, combative, chaotic and often nasty — but they were also instructive, suggesting the styles and weaknesses that may be on display again.

Persons: Biden, Trump Locations: Atlanta

☆ 11 big cities where home prices are falling the most
▼ + stars: | 2024-06-27 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +1 min

The median home price in May was $442,500, up from $441,000 in 2023, according to Realtor.com. Still, several big US cities saw home prices drop in May compared to the same time period in 2023. Miami saw the biggest decline — home prices fell by 11.2% year-over-year to $439,000. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: Realtor.com, — Organizations: Miami, Service, Business

☆ The Supreme Court is poised to unleash a weapon against Biden's climate policies
▼ + stars: | 2024-06-27 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

Climate advocates and business groups are closely watching the US Supreme Court this week. The court could issue a ruling that sharply curtails the federal government's power to regulate the environment, including President Joe Biden's climate policies. Legal experts say the Supreme Court, with its conservative majority, is likely to overturn or significantly limit the Chevron doctrine. Meanwhile, he added, administrative lawyers have been preparing for this very scenario at the Supreme Court. Biden's EPA hasn't relied on the Chevron doctrine to defend its climate rules.

Persons: Joe Biden's, Charles Koch, Chevron, Biden, isn't, Ronald Reagan, David Doniger, Reagan, Doniger, Obama, Neil Gorsuch, Elena Kagan, Trump Organizations: Service, Business, Action Institute, Environmental, Agency, Natural Resources Defense Council, Chevron, Trump, EPA, Republican, Supreme Locations: Chevron

☆ The International Space Station is getting the scrap, and Elon Musk's SpaceX is being paid close to $1 billion to do the honors
▼ + stars: | 2024-06-27 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +1 min

SpaceX has been chosen to drag the International Space Station out of orbit. NASA will give Musk's space exploration company $843 million for the mission. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNASA has tasked Elon Musk's SpaceX with building a vehicle powerful enough to pull the International Space Station (ISS) out of orbit. "NASA announced SpaceX has been selected to develop and deliver the U.S. Deorbit Vehicle that will provide the capability to deorbit the space station and ensure avoidance of risk to populated areas," per the statement.

Persons: —, Elon Organizations: SpaceX, Space, NASA, Service, . Deorbit, Business

☆ The $7 billion Purdue bankruptcy plan giving the Sacklers immunity from more lawsuits gets nixed by Supreme Court
▼ + stars: | 2024-06-27 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

Read previewThe US Supreme Court has struck down a $7 billion bankruptcy plan for Purdue Pharma that would have protected the Sackler family from further lawsuits — a ruling that could mean "chaos" for other big legal liability cases. The Sackler family, which ran Purdue, agreed to provide up to $6 billion in funding in exchange for immunity from further legal action. Anne Andrews, a leading bankruptcy lawyer for victims, predicted tumult if the Supreme Court struck down the Purdue plan in an interview with Business Insider ahead of the decision. Related stories"The U.S. Supreme Court got it right — billionaire wrongdoers should not be allowed to shield blood money in bankruptcy court," he said. Its plan, which would provide $2.5 billion, is currently on appeal in the Third Circuit Court of Appeals.

Persons: —, Sackler, Anne Andrews, William Tong, wrongdoers, Johnson, Leigh O'Dell, Beasley Allen, J's Organizations: Service, Purdue Pharma, Purdue, Business, Sackler, U.S, Supreme, Justice Department, J, Boy Scouts of Locations: Boy Scouts of America

☆ Releasing ChatGPT made OpenAI the poster company of the AI race. But winning it is proving really hard.
▼ + stars: | 2024-06-27 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read preview"Try talking with it here," Sam Altman wrote on X, linking to an "early demo" of ChatGPT. AdvertisementIt made OpenAI the poster child of the race to create human-like artificial general intelligence, which has become Altman's stated mission. OpenAI still has no release date for Sora, the model that generates videos based on users' text prompts and was first demonstrated publicly in February. AdvertisementThis month did give OpenAI something to celebrate; Apple announced that it was partnering with the company to bring ChatGPT to iPhones, iPads, and Macs. ChatGPT gave OpenAI a headstart in the race to make AGI.

Persons: —, Sam Altman, ChatGPT, Altman's, OpenAI, Scarlett Johansson, Altman, Sora, Sundar Pichai, Claude, OpenAI isn't Organizations: Service, Business, Tech, Microsoft, Apple, Google, Meta, ChatGPT, Chatbot Locations: Silicon Valley, GPT

☆ Stocks making the biggest moves premarket: Walgreens, Levi Strauss, Micron and more
▼ + stars: | 2024-06-27 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Micron — Shares slipped nearly 6% after the semiconductor manufacturer posted revenue guidance of $7.6 billion for its current quarter, coming in line with analyst expectations. Walgreens Boots Alliance — Shares tumbled more than 11% after the retail pharmacy company reported a third-quarter earnings miss and cut its full-year adjusted profit outlook. Goldman Sachs — The U.S. banking stock slipped nearly 2% after the latest round of stress test results . However, the company reported EBITDA guidance for its fiscal year 2025 that was 5% lower than analyst consensus estimates, according to FactSet. U.S. Bancorp — The bank stock slipped more than 1% following a downgrade to neutral from overweight at J.P. Morgan.

Persons: Levi Strauss, Suzano, Walgreens, Goldman Sachs, Morgan, Vivek Juneja, — CNBC's Michelle Fox, Alex Harring, Fred Imbert Organizations: Micron, GSK —, Centers for Disease Control, LSEG, Walgreens, Federal Reserve, . U.S, Bancorp Locations: U.S, .

☆ Ancient bone shows how Neanderthals cared for the vulnerable, study says
▼ + stars: | 2024-06-27 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

The find suggested that members of the community cared for and looked after the vulnerable child, who lived at least 146,000 years ago. The research is at odds with the image of Neanderthals, ancient human relatives who went extinct around 40,000 years ago, as brutish cavemen. The study did not include precise dating of the bone, which would require extraction of ancient DNA, but Neanderthals occupied the site 146,000 to 273,000 years ago. Study of the fossil revealed abnormalities in the ear bone. “For decades, it has been known that Neanderthals cared for and looked after their vulnerable companions,” Conde-Valverde said.

Persons: ”, paleoanthropologist Mercedes Conde, Valverde, “, Conde, ” Conde, Mercedes Conde, Julia Diez, Chapelle, Penny Spikins, Spikins, wasn’t Organizations: CNN, University of Alcalá, Syndrome, Valero, University of York Locations: Spain, Spain’s Valencia, Conde, United States, what’s, Iraq, France, United Kingdom

☆ Yen weakens past 160 against the dollar, reigniting intervention speculation
▼ + stars: | 2024-06-27 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Persistent weakness in the yen is raising concerns about the potential for a resurgence in cost-push inflation, likely weighing on private consumption. Bloomberg | Bloomberg | Getty ImagesThe Japanese yen hit a near-38 year low against the U.S. dollar late Wednesday, raising expectations that authorities could intervene in currency markets again. Stock Chart Icon Stock chart iconThe last time the yen crossed the 160 level, the currency subsequently strengthened sharply during the trading session, prompting analysts to speculate about an intervention. Japan's Ministry of Finance later confirmed the intervention in May, saying that it had spent 9.7885 trillion yen ($62.25 billion) on currency intervention between April 26 and May 29, according to a Google-translated statement. That was the first time that the Japanese government has undertaken such a market measure since October 2022, according to ministry records.

Organizations: National Printing Bureau, Bloomberg, Getty, U.S ., Japan's Ministry of Finance Locations: National Printing Bureau Tokyo, Tokyo, Japan

☆ Airbnb is still trying to work with the city of Barcelona despite the ban, says CEO Brian Chesky
▼ + stars: | 2024-06-27 | 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 EmailAirbnb is still trying to work with the city of Barcelona despite the ban, says CEO Brian CheskyAirbnb CEO Brian Chesky sits down with CNBC's Andrew Ross Sorkin at the Aspen Ideas Festival to discuss summer travel, how the company addresses Barcelona's ban on Airbnbs, and more. NBCUniversal News Group is the media partner of the Aspen Ideas Festival.

Persons: Brian Chesky, CNBC's Andrew Ross Sorkin Organizations: Aspen Ideas, NBCUniversal Locations: Barcelona

The Opinion Video above lays out the unique challenges facing President Biden and Donald Trump when they meet in Atlanta on Thursday for their first 2024 presidential debate. A lot has happened in the four years since they last appeared together on a debate stage, including a violent insurrection at the U.S. Capitol, many more months of a raging pandemic, the overturning of Roe v. Wade, galloping inflation and the outbreak of wars in Ukraine and the Middle East. Indeed, there’s no shortage of matters for the two men to discuss. In the Opinion Video above, we draw on footage of their past performances, in debates as well as on the campaign trail, to show what each candidate needs to do — and what he needs to avoid — to win the day. The stakes are high, and so is the risk of failure.

Persons: Biden, Donald Trump, Roe, Wade Organizations: U.S . Capitol Locations: Atlanta, Ukraine

☆ Markets are adjusting to stubborn inflation. Election noise could spoil the calm
▼ + stars: | 2024-06-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Add to that the noise surrounding the US election, and it could be a rougher second half. Central Banks in Canada and the eurozone have both cut interest rates, but inflation rose in both of those regions last month. Australia, meanwhile, saw its inflation rate rise to 4% this week, stoking fears that the Reserve Bank of Australia could soon move to raise rates again. It was already well known that no documentation was found to show who worked on the door plug. Without the bolts, the door plug incident was pretty much inevitable.

Persons: London CNN —, they’ve, Michelle Bowman, she’s, Mary Daly, Austan Goolsbee, stoking, Joe Biden, Donald Trump, ”, José Torres, Torres, wouldn’t, Joseph Stiglitz, Trump, Trump’s, Max, “, Al Michaels, Michaels, Peacock, ” Michaels, ‘, CNN Michaels, Read Organizations: CNN Business, Bell, London CNN, Federal Reserve, foibles, San Francisco Fed, Chicago Fed, Central Banks, Reserve Bank of Australia, Interactive Brokers, Treasury, Trump, Peterson Institute, Oxford Economics, Allianz, CNN, Boeing, Alaska, Alaska Airlines, National Transportation Safety Board, Alaska Air, NBC, Summer Games, Olympics Locations: London, Canada, Australia, Renton , Washington, Paris, ’

☆ Here's how inflation has ratcheted up the cost of basics like housing and food for families across the US
▼ + stars: | 2024-06-27 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

ALICE Americans make above the federal poverty level but not enough to comfortably afford all their daily expenses, often making too much to qualify for government assistance. The ALICE Essentials Index, which includes housing, childcare, food, transportation, healthcare, and technology costs, has risen by a projected 7.3% annually from 2021 to 2023; comparatively, CPI has risen by 6.1%. The ALICE Essentials Index for rural areas was slightly higher than that for urban areas, at 7.5% and 7.2%, respectively. "Long before everybody else was upset about inflation, ALICE was dealing with inflation," Hoopes said. Still, ALICE Americans tend to be overrepresented in these roles, as many pay below the ALICE threshold of about $55,000 a year.

Persons: —, ALICE —, ALICE Americans, ALICE, Stephanie Hoopes, United For ALICE, Hoopes, There's Organizations: Service, Business, CPI, United For, United Locations: West, Georgia, Florida, South Carolina, Midwest, Northeast

☆ Inside the New Job Stress Test Used From the NFL to the C-Suite
▼ + stars: | 2024-06-27 | by ( Scott Nover | ) www.businessinsider.com time to read: +14 min

In fact, I outperformed nearly all draft prospects in certain categories of this test, floundering on only one. Related storiesFor many years, the standard-bearer for evaluating the brains of NFL athletes was the Wonderlic, a short IQ test with a series of increasingly difficult questions. Stroud, then favored to be the first player selected in the NFL draft, over the Alabama quarterback Bryce Young. But then Stroud, the alleged dolt, went on to have one of the best rookie campaigns of any NFL quarterback, while Young struggled all year. Unfazed by the controversy over Stroud, S2 has begun selling its tests to other sectors.

Persons: Pong, Jack Marucci, Marucci, we've, Brandon Ally, Scott Wylie, Ally, Wylie, Patrick Mahomes, Lamar Jackson, John Michel, C.J ., Bryce Young, Young, Stroud, Stroud's, Aaron Rodgers, That's, Myers, Briggs, Goldman Sachs, Alberto Miranda, that's, Michel, Scott Nover Organizations: National Football League, SEC, Louisiana State University, NFL, Loyola University Maryland, Ohio State, Alabama, Athletic, Jets, Athletic Intelligence, intuit, Boeing, Meta, BI Locations: Tennessee, Nashville, C.J . Stroud, Stroud, Columbus , Ohio

☆ How the N.Y.P.D. Quietly Shuts Down Discipline Cases Against Officers
▼ + stars: | 2024-06-27 | by ( Eric Umansky | ) www.nytimes.com time to read: 1 min

Brianna Villafane was in Lower Manhattan protesting police violence in the summer of 2020, when officers charged into the crowd. One of them gripped her hair and yanked her to the ground. “I felt someone on top of me and it was hard to breathe,” she said. Ms. Villafane received a letter from the oversight agency about its conclusions. The next step would be a disciplinary trial overseen by the New York Police Department, during which prosecutors from the oversight agency would present evidence and question the officer in a public forum.

Persons: Brianna Villafane, “, Villafane, ” Organizations: New York, New York Police Department Locations: Lower Manhattan, New York City

☆ Vienna is the world's most livable city for the third straight year: EIU report
▼ + stars: | 2024-06-27 | 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 EmailVienna is the world's most livable city for the third straight year: EIU reportSyetarn Hansakul, senior analyst for Asia at the Economist Intelligence Unit, discusses its Global Liveability Index 2024, saying the "usual suspects" in Asia-Pacific continue to be in the top 10.

Persons: Syetarn Hansakul Organizations: Asia, Economist Intelligence Unit Locations: Asia, Pacific

☆ I'm a Californian who visited Jacksonville Beach for the first time. I preferred the Florida spot over Santa Monica for a laid-back vacation.
▼ + stars: | 2024-06-27 | by ( Molly O'Brien | ) www.businessinsider.com time to read: +1 min

I'm a Californian who visited Jacksonville Beach, Florida, for a spring getaway. Everything was generally more low-key in Jacksonville, and the beach was less crowded. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But I decided to visit Jacksonville Beach, Florida, (or "Jax Beach" as I heard it referred to by many locals) for a spring trip. This story is available exclusively to Business Insider subscribers.

Persons: —, I've, It's, Jax Organizations: Jacksonville, Service, Business Locations: Jacksonville Beach , Florida, Jacksonville, Florida, Los Angeles, Santa Monica, Southern California

☆ In a new round of 'panda diplomacy,' China sends giant bears to the U.S. after two decades
▼ + stars: | 2024-06-27 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Four-year-old Yun Chuan, a male panda, and Xin Bao, a female panda who's turning four in July, departed from Bifengxia Giant Panda Base, in China's Sichuan province on Wednesday. The pair will reside at the San Diego Zoo for the next 10 years, according to a press release from the zoo. The Chinese team will spend about three months in San Diego to help the pandas settle in, state media China Daily said. Yun Chua, the male panda, is the son of Zhen Zhen, who was born at San Diego Zoo in 2007. The zoo has not had residing pandas since 2019, after a 27-year-old female giant panda, Bai Yun, and her 6-year-old son, Xiao Liwu, returned to China.

Persons: Yun Chuan, Xin Bao, Todd Gloria, I'm, Paul Baribault, Huang Shan, Yun Chua, Zhen Zhen, Bai Yun, Xiao Liwu Organizations: San Diego Zoo, San Diego, San Diego Zoo Wildlife Alliance, NBC News Locations: China, San Diego, U.S, Beijing, China's Sichuan, San, United States

☆ New discoveries show what life was like for the ultra-wealthy in Ancient Rome after Pompeii excavation
▼ + stars: | 2024-06-27 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +1 min

A vivid blue shrine showcased the owner's deep pockets. Archaeologists believe this room, painted an unusual light blue color, may have been used as a shrine by the house's owners. The owners had it painted blue, which would have been very rare and expensive at the time. "Having a whole room painted in blue would have made a major statement about the wealth of the house owner," Barrett said. A pile of oyster shells was found near other building materials, Barrett said.

Persons: Barrett Organizations: Parco, Reuters, Paints Locations: ABACAPRESS.COM

☆ Opinion | The Causes of Jamaal Bowman’s Undoing
▼ + stars: | 2024-06-27 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “A Progressive’s Loss Signals a Shift to the Center” (front page, June 27):Notwithstanding the penchant for handicapping that permeates the article, Jamaal Bowman’s landslide loss tells us nothing about the future of “the left” or the “Squad” (scare quotes). Not only did Mr. What the article does tell us, and it’s not rocket science, is that Democrats need to be running moderates in moderate districts and progressives in progressive districts if we want to take back the House. There’s plenty of time to argue after we replace the current clown show. Michael K. CantwellDelray Beach, Fla.To the Editor:You offer needlessly complex reasons for why and how Jamaal Bowman lost his seat in Congress, ranging from broad shifts in the electorate away from progressive ideologies to differences in organizational skill and campaign spending between groups like Justice Democrats and the American Israel Public Affairs Committee, or AIPAC.

Persons: Jamaal Bowman’s, Bowman, Michael K, Cantwell, Jamaal Bowman Organizations: Justice Democrats, American Israel Public Affairs Committee Locations: Beach, Fla

☆ Your mac and cheese is about to get cheesier, and you can thank the sad state of the economy for it
▼ + stars: | 2024-06-27 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

General Mills will boost product flavors to attract price-conscious customers amid inflation. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The snack and cereal maker said it will improve the taste of some of its biggest products to boost sales as inflation continues to hit consumers. This story is available exclusively to Business Insider subscribers.

Persons: Mills, —, Jeff Harmening Organizations: Service, Business

☆ Starliner still hasn't returned to Earth. The repeated delays may be the next big headache for Boeing.
▼ + stars: | 2024-06-27 | by ( Tom Carter | ) www.businessinsider.com time to read: +1 min

Two NASA astronauts are still in space after Boeing's Starliner spacecraft faced delays. The company faces questions over safety after a door plug on one of its planes blew out in midair. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. AdvertisementWhen Boeing announced in 2015 that its $4.2 billion spacecraft would be named Starliner, NASA officials hailed the manufacturer's innovation as a "great victory" that heralded the start of a new age of space exploration.

Persons: —, Butch Wilmore, William Organizations: NASA, Boeing, Service, International

☆ Biz leaders could learn a thing or 2 from the way Ayo Edibiri directed her very first episode of 'The Bear'
▼ + stars: | 2024-06-27 | by ( Alexandra Karplus | ) www.businessinsider.com time to read: +1 min

Ayo Edibiri directed episode six on season three of "The Bear." The actor said she tried her best to stay in a good mood and "talk decently to people" on set. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAyo Edebiri stepped into the director's chair for an episode on season three of "The Bear," and she says her focus was on bringing positive energy to the set.

Persons: Ayo Edibiri, —, Ayo, Edebiri, Sydney Adamu, Jeremy Allen White Organizations: Service, Hollywood, Golden Globe, Sydney, Business

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