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☆ Tesla shares to get hit this quarter on lower demand and margins, predicts Wells Fargo
▼ + stars: | 2024-07-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Tesla shares are likely to take a hit in the third quarter as the company's strategy of boosting sales by slashing prices loses steam, according to Wells Fargo. TSLA YTD line Tesla Wells Fargo has an underweight investment opinion on Tesla and a price target of $120 per share, implying nearly 40% downside from Friday's close of $197.88. has plateaued, and Tesla faces aggressive competition in China from companies such as BYD, leaving "little immediate levers to pull to increase volumes," the Wells Fargo analysts said. The research team is also worried about the demand and profit margins for Tesla's smaller, mass-market Model 2. "We are cautious on margins given likelihood of more price cuts & lower volumes," the Wells analysts said.

Persons: Colin Langan, TSLA, Tesla Organizations: U.S . Electric, Wells Locations: Wells Fargo, EU, China, U.S

☆ Gen Z's shopping decisions are heavily driven by TikTok and influencers, report finds
▼ + stars: | 2024-07-01 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Young Asian woman unboxing new purchase clothings from cardboard box that received from her online shopping retail delivery at home. Online shopping, trustworthy parcel delivery serviceGeneration Z in Asia-Pacific is taking fashion cues from idols and influencers, heavily driven by TikTok, a new KPMG report showed. Gen Z ranked social commerce (63%) and livestreaming commerce (57%) as important to their shopping experience, the survey revealed. Social commerce was the most popular form of retail tech among Gen Z – especially in China, Vietnam, Indonesia and the Philippines. Gen Z is known as the first generation to grow up with the internet and digital devices as a part of daily life.

Persons: Gen, Z, Irwan Djaja Organizations: KPMG Locations: Asia, Pacific, China, Singapore, Indonesia, Vietnam, Philippines, KPMG Indonesia

☆ 'Shadow Stand-Ins': How Workers Secretly Outsource Their Jobs
▼ + stars: | 2024-06-30 | by ( Rob Price | ) www.businessinsider.com time to read: +20 min

Related storiesThough Remi recruited people she knew, shadow stand-ins are often sourced from a complex online web of faceless providers. Facebook Groups are a popular forum for recruiting shadow stand-ins, providing a two-sided marketplace where workers and providers can connect to one another. The dustup highlighted a key drawback to shadow stand-ins: While alluring, things can go horribly wrong. "It required a lot of micromanaging," said a backend engineer in Pennsylvania who hired shadow stand-ins to help him juggle multiple jobs. Pay rates for shadow stand-ins are "definitely more than what people earn in their regular payday, that's for sure," he said.

Persons: Remi, Zer, couldn't, — Remi, Walter Keane, Margaret, Tim Ferriss, Raj Kumar, isn't, Kevin, Andrew, it's, Lorenzo Matteucci, Brandon Nowak, —, Amber Clayton, Tim Woodruff, Woodruff, they're, Ranjan, Kiran, Rahul, Peter Steele, Michel Anteby, doesn't Organizations: Business, Labor, Verizon, Southwestern, Facebook, Amazon Web Services, BI, Companies, Corporations, Society for Human Resource Management, Secret Service, Department of, Treasury, FBI, LinkedIn, Boston University Locations: Chicago, India, Pakistan, China, Southwestern US, Atlanta, San Jose , California, Bengaluru, American Java, Southeast Asia, United States, Colorado, Southern California, Pennsylvania, Washington, Indian, Michigan, Oregon, England

☆ Hungary’s populist Orbán to take over EU presidency as many issues hang in the balance
▼ + stars: | 2024-06-30 | by ( ) www.cnbc.com time to read: +3 min

Viktor Orban, Hungary's prime minister, arrives on day one of the European Union (EU) leaders summit at the EU Council headquarters in Brussels, Belgium, on Monday, May 30, 2022. Hungary's motto for its presidency — Make Europe Great Again — raised eyebrows for its resemblance to the famous tagline of former U.S. President Donald Trump. The EU presidency rotates among its member countries, and while the post holds little real power, it does allow countries to put their priorities high on Europe's agenda. As Hungary's takeover approached, leaders in Brussels rushed to push through important policy decisions while Belgium was still at the helm. "(A Hungarian) delay, according to most European leaders, is already calculated and being taken into consideration as if it's something which is most likely going to happen."

Persons: Viktor Orban, Hungary's, Viktor Orbán, Donald Trump, Dorka Takácsy, —, Takácsy, Orbán Organizations: European Union, EU, —, Centre, Integration, Budapest Locations: Brussels, Belgium, Hungary, Ukraine, Russia, China, Moldova

☆ Warren Buffett's Berkshire Hathaway raked in billions from BYD, the China EV maker Munger called a 'damn miracle'
▼ + stars: | 2024-06-30 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Sixteen years ago, Warren Buffett's Berkshire Hathaway unveiled a $230 million investment in Chinese electric vehicle startup BYD , sparking questions about the conglomerate's unusual foray into early-stage technology. Lately, Berkshire has been selling down the position, ringing the register after earning billions of dollars during its hyper-growth phase. Berkshire trimmed its BYD stake to 5.99% as of June 19 from 7% just a few days earlier , according to a Hong Kong Stock Exchange filing . It has since become the top car brand in China, as well as a major producer of EV batteries. "From a standing start at zero and with very little capital, he rapidly was able to create the best-selling single model in China," Munger said.

Persons: Warren Buffett's Berkshire Hathaway, Charlie Munger, —, Munger, Wang Chuanfu, he's, Buffett, Thomas Edison, Bill Gates, BYD, Tesla, Li Lu Organizations: Hong Kong Stock Exchange, Oracle, EV, Elon, Seattle, Capital, Berkshire Locations: China, Berkshire, Munger, Omaha, Shenzhen, Hong Kong

☆ Warren Buffett once went to China with Bill Gates — and lived on burgers, fries, and Cherry Coke
▼ + stars: | 2024-06-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Luckily his close friends, Microsoft cofounder Bill Gates and his then-wife Melinda, went to great lengths to ensure he wouldn't starve. "To his delight he was served course after course of his french fries —even for dessert," Schroeder reported. When they stopped at restaurants for lunch and dinner, Buffett was again served burgers and fries while the others chowed down on Chinese food. During a scenic private cruise, Buffett, Gates, and Gates' dad played bridge. "Buffett towed the Gateses straight to McDonald's to buy hamburgers in the middle of the night," Schroeder wrote.

Persons: —, Warren Buffett, Bill Gates, Melinda, Alice Schroeder, Buffett, Schroeder, Cherry Coke, Rick Wilking, Gates Organizations: Service, Business, Berkshire Hathaway, Reuters Locations: China, Sichuan, Champagne, gulps, Berkshire, Hong Kong

☆ Meet NATO's next chief, the 'Trump whisperer' and fierce critic of Vladimir Putin
▼ + stars: | 2024-06-30 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNATO has selected outgoing Dutch Prime Minister Mark Rutte as its next Secretary-General. Rutte, a fierce critic of Russian President Vladimir Putin, will take over from Jens Stoltenberg on October 1, ending the latter's decadelong run at the helm of the alliance. Ukrainian president Volodymyr Zelenskyy and Dutch Prime Minister Mark Rutte.

Persons: —, Mark Rutte, Rutte, Vladimir Putin, Jens Stoltenberg, Philippe Dickinson, Dickinson, Trump, Rachel Rizzo, he's, Volodymyr Zelenskyy, Michael O'Hanlon, Putin Organizations: Service, Dutch, Business, Transatlantic Security, Strategy, Security, Alliance, Trump, NATO, Atlantic Council's, Getty, Brookings Institution, Malaysia Airlines Flight Locations: Netherlands, Ukraine, Gaza, Russia, China, Dutch

☆ The IMF slams the US with urgent warnings over its debt, deficits, and trade barriers
▼ + stars: | 2024-06-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

In a report last week, it called out high debt, banking vulnerabilities, and trade barriers. These are important downside risks that could impact the global economy, it said. AdvertisementChronic deficits are leading toward a debt-to-GDP ratio of 140% by 2032, IMF said, a situation that needs to be addressed urgently. Advertisement"These create systemic risks to the U.S. and global economy that are entirely avoidable. Meanwhile, Washington's increasingly protectionist approach to trade is a risk to US and global growth, the IMF said.

Persons: —, Washington's, Biden, Trump Organizations: Monetary Fund, Service, International Monetary Fund, IMF, Republicans, Democrats, Silicon Valley Bank, Republican Locations: Washington, Silicon, Basel, China, Beijing, U.S

☆ Morgan Stanley says this is the stock to play China's EV industry consolidation
▼ + stars: | 2024-06-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Morgan Stanley has resumed coverage of Hong Kong-listed Geely with an overweight rating on expectations the Chinese automaker can weather macro and industry uncertainties. "We see Geely as a beneficiary of market consolidation," Morgan Stanley Asia equity analyst Tim Hsiao and a team said in a June 25 report that resumed coverage of the stock. Hangzhou-based Geely entered China's auto industry in 1997 and is known for acquiring Volvo in 2010. But the company raised the share of its new energy vehicles to 32% so far this year, higher than peers such as Great Wall Motor, for which the share is 23%, the Morgan Stanley analysts pointed out on Tuesday. The Morgan Stanley analysts on Tuesday set a price target of HK$11.20 ($1.43), about 27% above where shares closed Friday.

Persons: Morgan Stanley, Tim Hsiao, Geely, PHEV, Morgan Stanley's, BYD, bode Organizations: U.S, European Union, Lynk, Volvo, HK Locations: Hong Kong, Morgan Stanley Asia, Hangzhou, New York, China, EVs

☆ A new era of smartphone wars is about to begin
▼ + stars: | 2024-06-30 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Competition may have died down but the original smartphone wars were so intense for Steve Jobs he once declared that he'd start a "thermonuclear war." Smartphone wars in the AI eraThe smartphone market has been lagging. The company will be banking on Apple Intelligence being a hit with consumers, potentially revitalizing sales in markets like China. Samsung Galaxy S24 lineup. SamsungThe South Korean tech giant must be hoping to regain its crown as king of the smartphone market.

Persons: —, Steve Jobs, Jobs, Walter Isaacson, Justin Sullivan, Assurant, Tim Cook, Siri, Apple, OpenAI, iPhones, Wang Gang, it's Organizations: Service, Apple, Samsung, Business, Android, Google, Samsung Galaxy, Samsung's, Apple Intelligence, Worldwide, Huawei, Project Astra, Galaxy, South, IDC Locations: China, Paris

CNN —A Chinese rocket crashed after being accidentally launched during a ground test Sunday, its company Space Pioneer said in a statement. The crash happened when the first stage of the Tianlong-3 rocket detached from its launch pad during a test, due to structural failure. “Due to the structural failure of the connection between the rocket body and the test platform, the first-stage rocket was separated from the launch pad,” Space Pioneer, also known as Beijing Tianbing Technology, said. Space Pioneer, a leading company in the commercial rocket sphere, specializes in liquid-propellant rockets. In April 2023, it successfully launched its Tianlong-2 rocket, making the company China’s first commercial launch operator to send a liquid carrier rocket into space and successfully enter orbit, according to state media.

Persons: China’s Chang’e, Xi Jinping – Organizations: CNN, Beijing Tianbing Technology Locations: Gongyi, China, Beijing, United States

☆ The reason why NATO and Europe found Biden’s debate performance so alarming
▼ + stars: | 2024-06-30 | by ( Luke Mcgee | ) edition.cnn.com time to read: +3 min

CNN —Joe Biden’s performance at the CNN presidential debate against Donald Trump has raised concerns with US allies - particularly within NATO and Europe. Those concerns, to be clear, are not about whether or not Biden is fit to make decisions. Nor is the concern that Biden’s stumbling, at times incomprehensible, performance has ensured a second Trump term. That has been at the heart of European strategic thinking since Trump took office in 2016 and has continued through Biden’s presidency. The concerns that America’s allies have are that the most powerful country on earth cannot provide the one thing they most want: stability.

Persons: Joe Biden’s, Donald Trump, Biden, Trump Organizations: CNN, NATO, Trump Locations: Europe, China, Russia, Ukraine

☆ Peleliu: US Marine Corps rebuilds runway on site of ‘nightmare’ World War II battle
▼ + stars: | 2024-06-30 | by ( Brad Lendon | ) edition.cnn.com time to read: +7 min

The Marines named the rebuilt landing strip the “Sledge” runway in honor of a veteran of the Peleliu battle, Pfc. The United States must recapitalize islands gained during World War II to form a Second Island Chain of strategic expeditionary points,” Georgulis wrote. For Washington, establishing strong ties to Pacific island states is also seen as a way to keep China from gaining footholds in the region. Along with the runway, US Marines are helping make improvements to the Peleliu Civic Center Museum, to house artifacts from the World War II battle. At an event last month marking the landing of the Marine aircraft on Peleliu, island Gov.

Persons: weren’t, Eugene Sledge, Corbis, Sledge, Grant Georgulis, ” Georgulis, Xi Jinping, Biden, Palauans, Carlos Del Toro, Del Toro, Surangel Whipps, Emais Roberts, ” Organizations: CNN, Marine Corps, Marines, KC, Heritage Command, 1st Marine Regiment, HBO, ” Troops, First Marine Division, Pentagon, “, US Air Force, US Defense Department, Marshall, Xinhua, US Coast Guard, US, Palau, Peleliu Civic Center Museum, Marine, Gov Locations: Peleliu, China, Palau, Okinawa, ”, Beijing, Japan, Philippines, United States, Marianas, Guam, China’s, Yap, Federated States, Micronesia, Pacific, Washington, Papua New Guinea, Solomon Islands, Palau’s, Koror, South Korea, Taiwan

☆ Here are our top 3 and bottom 3 stocks during a divergent second quarter
▼ + stars: | 2024-06-30 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The Nasdaq was the big winner of the second quarter, adding 8.26% over the past three months thanks to an artificial intelligence-powered tech rally. Best Performers NVDA YTD mountain Nvidia YTD Nvidia continued to be the top-performing stock in the portfolio for the second quarter in a row, gaining 36.73%. AAPL YTD mountain Apple YTD The second big winner was Apple , which rose 22.82% in Q2. Worst Performers EL YTD mountain Estee Lauder YTD Estee Lauder was the worst name of the second quarter for the Club portfolio, losing 30.98%. DIS YTD mountain Disney YTD The second worst performer was Disney , which dropped 18.85% in April through June.

Persons: Dow, Blackwell, Jensen Huang, Lauder YTD Estee Lauder, Disney, Nelson Peltz, Disney's, Decker, Stanley Black, Jim Cramer's, Jim Cramer, Jim, Eduardo MunozAlvarez Organizations: Dow Jones, Nasdaq, CNBC, Club, Nvidia, Management, Apple, Apple Intelligence, iPhone, Broadcom, Investors, Asia Travel, DIS, Disney, Federal, Jim Cramer's Charitable, Corbis, Getty Locations: U.S, China, Asia, India, Square

☆ Putin getting tight with Kim Jong Un could be as big of a problem for China as it is for the US
▼ + stars: | 2024-06-30 | by ( Chris Panella | ) www.businessinsider.com time to read: +9 min

Last week, Putin visited North Korea for the first time in 24 years. AdvertisementSouth Korea's 24-hour Yonhapnews TV shows a file image of North Korea's missile launch during a news program on a TV at Yongsan Railroad Station in Seoul. The closeness of Russia and North Korea leaves Chinese leader Xi Jinping in a rather odd spot as well. AdvertisementNow, that's seemingly only going to grow as the US and its allies watch North Korea and Russia more closely. Russian President Vladimir Putin, left, and North Korea's leader Kim Jong Un pose for a photo during a signing ceremony of the new partnership in Pyongyang, North Korea.

Persons: —, Vladimir Putin, Kim Jong, it's, Putin, Kim Jae, Joe Biden isn't, Xi Jinping, Victor Cha, Joe Biden, SAUL LOEB, Kim, Donald Trump, Cha, they'll, Li Jian, Kristina Kormilitsyna, Kurt Campbell, Campbell Organizations: Service, North, Business, Getty, Center for Strategic, International Studies, Getty Images, UN, South, KCNA, REUTERS, Democratic People's, Council, Foreign Relations Locations: Ukraine, China, Korea, North Korea, Pyongyang, Russia, North, Yongsan, Seoul, North Korea's, United States, Asia, Nusa Dua, Bali, Getty Images Beijing, People's Republic of China, Beijing, Korean, South Korea, Japan, DPRK, Democratic People's Republic of Korea, Russian, Sputnik, Northeast Asia

☆ A prominent think tank says China could take control of Taiwan without even launching an invasion — here's how
▼ + stars: | 2024-06-30 | by ( Cameron Manley | ) www.businessinsider.com time to read: +6 min

Read previewChina could take control of Taiwan without ever having to invade, a prominent think tank has said. China has already begun carrying out certain elements of such a campaign, launching increasing military exercises around the island. AdvertisementHowever, a "law enforcement-led gray zone operation" would complicate any third-party intervention, per the CSIS report. Tensions between China and Taiwan are increasing by the dayRelations between Taiwan and China remain on a knife edge. Chinese military exercises off Taiwan.

Persons: —, stoking, RHSKKjXtOu, pzmpXbWd0k —, Sidharth, Feng Hao, Joe Biden, Dong Jun, Xi Jinping, Gui, Tom Shugart Organizations: Service, Washington DC, for Strategic, International Studies, Business, pzmpXbWd0k — CSIS, China Coast Guard, Maritime, Administration, American Enterprise Institute, Institute for, Royal United Services Institute, CNN, PLA, China Military, Anadolu, Getty, Taiwan Relations, CSIS, Chinese Defense, US Navy, Center, New, New American Security Locations: China, Taiwan, Taiwan Strait, Singapore, Beijing, Gui Xinhua, New American

☆ Here’s what it means when a company like Boeing faces criminal charges
▼ + stars: | 2024-06-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

While criminal charges against corporations are fairly common, the overwhelming majority are against small, closely-held companies. Earlier criminal settlement now at riskThe potential charges hanging over Boeing currently revolve around that January 2021 deferred prosecution agreement. They have argued Boeing should face new criminal charges and pay a fine as great as $24.9 billion. In May, the Justice Department said it was looking into bringing criminal charges against Boeing once again due to a potential violation of that January 2021 agreement. Arlen said it is common for smaller companies to be forced out of business by criminal charges and the penalties that follow.

Persons: ”, Jennifer Arlen, Arlen, Lindsey Wasson, ” Arlen, “, Max, David Burns, Mark Forkner, Eduardo Soteras, Arthur Andersen Organizations: New, New York CNN, Justice Department, Boeing, Dow Jones, New York University, Control, Max, Federal Aviation Administration, FAA, Alaska Airlines Flight, NTSB, Getty, Alaska Airlines, Prosecutors, CNN, Oil, BP, US Environmental Protection Agency, Ethiopian Airlines Locations: New York, China, Renton , Washington, Alaska, AFP

☆ Biden and Trump both want you to ignore the obvious
▼ + stars: | 2024-06-29 | by ( Katherine Tangalakis-Lippert | Erin Snodgrass | ) www.businessinsider.com time to read: +9 min

But that's not what it looked like on Thursday when Biden floundered in his debate performance against former President Donald Trump, political strategists told Business Insider. "It was a disaster for President Biden," Alex Zdan, GOP political strategist and former New Jersey Republican candidate for US Senate, told BI. Where the similarities endAnother Trump presidency would mean a vastly different America than if Biden won a second term. When BI reached out for comment, representatives for the Trump campaign declined to answer questions about similarities between Trump and Biden. To have a chance, Biden will need that constituency to ignore his poor debate performance and questions about his age.

Persons: Joe Biden, Biden, that's, Donald Trump, Alex Zdan, David Triana, Gavin Newsom, Triana, Dustin Siggins, Siggins, Rebecca Horan, MAGA, Horan, —, Trump, Timothy Snyder, He's, He'd, gamely, he's, Christian Grose, Qasim Rashid, Rashid, Biden's Organizations: Service, North Carolina State Fairgrounds, Business, GOP, New, New Jersey Republican, US, Republicans, Democratic, Triana, Democratic Party, MAGA Republicans, Trump, BI, Independents, USC, Biden, New York Times, Board, Times Locations: New Jersey, North Carolina, American, China, Virginia and Illinois, America, —

☆ Rare purple pigment found in Bronze Age pottery
▼ + stars: | 2024-06-29 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

CPA Media Pte Ltd/Alamy Stock PhotoAncient Greeks and the Romans considered Tyrian purple, first developed in the Bronze Age, an elite, royal color. But the recipe for the long-lasting pigment, made using Mediterranean sea snails, disappeared with the fall of the Byzantine Empire. Now, researchers have found the precious pigment within pottery fragments containing 3,600-year-old purple dye from a Bronze Age workshop in Kolonna on the Greek island of Aegina. Life for a vulnerable child in the Stone Age would have been difficult because Neanderthals moved from place to place. Meanwhile, the agency has selected SpaceX to design a vehicle that will drag the space station out of orbit at the end of the decade when it ceases operations and plummets into the ocean.

Persons: Jesus Christ, Down, paleoanthropologist Mercedes Conde, Valverde, ” Conde, Trent Sugg, Tracy Dyson, NASA’s OSIRIS, REx, China’s, NASA’s, Mars, Emin Yogurtcuoglu, —, — Wood, Ashley Strickland, Katie Hunt Organizations: CNN, CPA Media, University of Alcalá, NASA, Collins Aerospace, Boeing, SpaceX, Anadolu Agency, Getty, CNN Space, Science Locations: Byzantine Empire, Kolonna, Aegina, Spain, “, Iceland, Rainier, Washington, Kyrenia

☆ Nike is struggling to get its stride back
▼ + stars: | 2024-06-29 | by ( Alex Bitter | ) www.businessinsider.com time to read: +5 min

One answer rests in what the company calls its "lifestyle" business — basically, shoes and clothing meant for casual wear. Related storiesWhile revenue from performance products grew in Q4, declines in its lifestyle business overshadowed them, contributing to the worse-than-expected results. AdvertisementIn its last fiscal year, lifestyle products have grown to about 60% of Nike's business, UBS analyst Jay Sole estimates. "One of our big takeaways from Nike's 4Q report is its lifestyle business needs a major reset," Sole said. While CFO Friend said management is "confident that we are repositioning Nike to be more competitive," investors have yet to be convinced.

Persons: —, Matthew Friend, Friend, John Donahue, Jay Sole, Donahue, Jefferies, Randal Konik, Simeon Siegel, we're Organizations: Service, Business, Nike, Reuters, UBS, Nike's, Street, BMO Locations: China, Portland, Nike's

☆ China and Russia are in a bad marriage that the West shouldn't try to break up
▼ + stars: | 2024-06-29 | by ( Michael Peck | ) www.businessinsider.com time to read: +10 min

Already, Russia's military and China's People's Liberation Army have held around 25 joint exercises since 2005, involving ships, aircraft and ground troops. Equally important is that China has become a key enabler of Russia's war in Ukraine. Advertisement"Policymakers and planners should avoid overestimating the state of military cooperation and operational integration that exists between Russia and China," RAND warned. AdvertisementDespite boasting of their military ties, Russia and China don't have much faith in each other's military prowess. In their 2001 friendship treaty, China and Russia did agree to consult with each other should either nation be attacked.

Persons: Mladen Antonov, Russia's, Mark Cozad, Cozad, Hitler, Michael Peck Organizations: Service, Communist, Business, NATO, RAND Corp, Liberation Army, British, RAND, PLA, People's, Army, Russian, Grand Alliance, Western Allies, Central, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Soviet Union, China, Beijing, Moscow, U.S, Russian, Europe, Taiwan, Ukraine, Russia, Britain, South Korea, America, Vietnam, Korea, Syria, West, Central Asia, United States, Forbes

☆ Younger generations of Asians are spending big on art
▼ + stars: | 2024-06-28 | by ( Lucy Handley | In | ) www.cnbc.com time to read: +4 min

Younger, wealthy shoppers in Asia are splashing their cash on art, according to a longtime collector and senior auction house executive. Chen Yongnuo | China News Service | Getty ImagesAnd, while the size of the global art market fell 4% last year to around $65 billion, according to the Art Basel & UBS Art Market Report 2024, sales in China rose by 9% in 2023, overtaking the U.K. as the world's second-largest art market. For Sotheby's, the rise in younger buyers is driven in part by an increase in online activity. "The definition of digital art nowadays has been expanded from simply photography to video art to NFTs to AI-generated art," she told CNBC's "Art of Appreciation." "With the younger generations becoming more and more prominent in the market ... digital artists ... will be the group of artists getting more attention," Siyang-Le added.

Persons: Nicolas Chow, Gen X, we've, X, Chow, CNBC's, Z, Gen, Yoshitomo Nara, Chen Yongnuo, Clare McAndrew, Angelle, Mak2, Li Zhihua Organizations: …, —, Art Basel, UBS Survey, China News Service, UBS Art, Arts Economics, Survey, Art, CNBC's, Getty Locations: Asia, Shanghai, millennials, Christie's Hong Kong, Sotheby's Hong Kong, China, Hong Kong, Art Basel Hong Kong

☆ China is testing the limits of a critical U.S.-Philippines defense pact — will Washington respond?
▼ + stars: | 2024-06-28 | by ( Dylan Butts | ) www.cnbc.com time to read: +6 min

An aerial view shows a Philippines Navy vessel that has been grounded since 1999 to assert the nation's sovereignty over the Second Thomas Shoal, a remote South China Sea reef also claimed by China. Experts say the latest incident represents an escalation and shows the limitations of the U.S.-Philippines Mutual Defense Treaty signed in 1951. Ezra Acayan | Getty Images News | Getty Images"The Philippines will continue to resupply the Sierra Madre, and hopefully invest in more outposts in their Exclusive Economic Zone in the South China Sea ... The Philippines defense chief has reiterated that the military would not announce its resupply missions to the shoal in advance. The country has also been working to bolster its own defense capabilities in the South China Sea with the support of the U.S.What's at stake?

Persons: Thomas, Jay Directo, Thomas Shoal, Philippines Mutual Defense Treaty, Chester Cabalza, Cabalza, Ezra Acayan, Richard Heydarian, Abdul Rahman Yaacob, Matteo Piasentini, Ferdinand Marcos Jr, Paisentini, Lowy Institute's Yaacob, Geopolitica's Organizations: Philippines Navy, Afp, Getty, U.S ., Philippines Mutual Defense, International Development, Security Cooperation, Bilateral, Philippine Coast Guard personnel, Coast Guard, University of the, U.S, Pacific Command, Philippines, Lowy, Asia Program, Philippine Navy, Sierra Madre Locations: Philippines, China, South China, Spratly, Philippine, Manila, Beijing, U.S, South, U.S . China, Washington, University of the Philippines, Philippine Government, United States, Pacific, Italian, Sierra, Asia

☆ I'm pulling out my old hedge fund playbook to see which stocks are working — and which ones are not
▼ + stars: | 2024-06-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I found this levered concept incredibly valuable when I ran other peoples' money at my hedge fund years ago. My first question to them, usually interjected, rudely, if I were bored or confused was: "What the heck is this business levered to?" Palo Alto Networks To understand this kind of leverage that I am talking about — as opposed to the kind that involves debt —let's start with something easy, let's start with the stock of Palo Alto Networks . We own Palo Alto because its fortunes are levered to something that has the most explosive growth of an industry I know: cybercrime. If we didn't own Palo Alto we would own CrowdStrike.

Persons: —, Nikesh Arora, Estee Lauder, Wynn, Fabrizio Freda, Jim Cramer's, Jim Cramer, Jim, Virginia Sherwood Organizations: Palo Alto, Palo Alto Networks, Wynn, GE Healthcare, Danaher, Wynn Resorts, Costco TJX Companies, Costco, Jim Cramer's Charitable, CNBC, NYSE Locations: Palo, China, Las Vegas, Macao, Maxx

HANGZHOU, China — Apple 's mixed-reality headset began deliveries in China on Friday with a retail price roughly 18% higher than in the U.S. The device starts at 29,999 yuan ($4,128) in China, compared with a $3,500 retail price in the U.S. When asked by CNBC, a customer surnamed Chen in Beijing said his suggestion to Apple CEO Tim Cook was to make Vision Pro cheaper by about 10,000 yuan ($1,376). Greater China accounted for about 18% of Apple's revenue in the three months ended March 30, according to an Apple filing. Chen pre-ordered his Vision Pro and was at a major store in Beijing to pick it up and receive some training on how to use it.

Persons: Chen, Tim Cook, salespeople Organizations: U.S, CNBC, Vision, Apple, Huawei, Beijing — Locations: HANGZHOU, China, U.S, Beijing, Weibo, Greater China

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