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Saudi Arabia's Public Investment Fund on Wednesday signed a memorandum of understanding with Brookfield Asset Management, under which the wealth fund will serve as a strategic anchor investor for the asset manager's newly announced private equity vehicle for the region, Brookfield Middle East Partners. Signed at the eighth edition of Future Investment Initiative, Saudi Arabia's flagship annual economic conference in Riyadh, the non-binding agreement marks the kingdom's latest push for financial partnerships that boost private equity investment and economic development within its borders. The move is in line with Saudi Arabia's recently-updated Investment Law, which seeks to attract more foreign direct investment — it's set itself a lofty target of $100 billion in annual FDI by 2030. Currently, that figure has averaged around $12 billion per year since Vision 2030 was announced in 2017, according to data from the kingdom's investment ministry — still a long way from that goal. The PIF, the kingdom's $925 billion sovereign wealth fund, has deployed billions in capital around the world as it aims to diversify Saudi Arabia's revenue streams away from oil, materializing the central goal of Crown Prince Mohammed bin Salman's Vision 2030 campaign.
Persons: , Prince Mohammed bin Salman's, Yasir al Rumayyan, Bruce Flatt Organizations: Saudi, Public Investment Fund, Wednesday, Brookfield Asset Management, Brookfield Middle East Partners, Future Investment Initiative, Saudi Arabia's, Brookfield, Brookfield Academy Locations: Riyadh, Saudi Arabia, Saudi
My goal is to bring Shake Shack to the world," Lynch said. "I don't think there is a competitor for Shake Shack. We talk about ourselves as being a part of the fine casual movement; leading the fine casual movement." Nearing ten years on the market, Shake Shack started business in New York City as part of Danny Meyer's restaurant empire. "Now's our opportunity to leverage all of that and start opening up new markets and bringing Shake Shack to a lot more countries."
Persons: CNBC's Jim Cramer, Shake, Rob Lynch, " Lynch, Shack, Danny Meyer's, Meyer, Lynch Organizations: Shake Shack, Shake, Square Cafe, Michelin, Gramercy, Wednesday Locations: New York City, New York, California, JFK, LaGuardia, Newark, East, Asia, Europe
CNN —Chipotle customers have complained that portion sizes are all over the map. Frustrated Chipotle customers took to posting on social media this year, accusing the company of skimping on servings. He added that about 10% of stores were outliers in portion sizes and would be re-trained. Chipotle employees were never directed to serve customers less, Niccol said, but the claims prompted a reevaluation of the entire system. He said there’s a been a noticeable shift from previous unhappiness and customers are “really excited” about Chipotle’s new portion sizes.
Persons: Scott Boatwright, Chipotle, Chris Kempczinski, pico de, Brian Niccol, Niccol, Organizations: CNN, , Employees, New, Starbucks Locations: skimping, Wells, New York City, portioning
New York CNN —“Jump ball.” “Coin flip.” “Toss up.” “Dead heat.” “Deadlocked.” On TV and online, political analysts are running out of ways to say the presidential race is effectively tied. As CNN’s Dana Bash said on “Inside Politics” Tuesday, “this race could not be closer.”In this final week of the campaign, the most important thing for the news media to communicate is uncertainty. On the right, former President Donald Trump and many of his right-wing media allies are expressing unbridled confidence that the Republican is going to win next week. “I spend more hours figuring out ways to say this race is close than New Yorkers spend in traffic,” Enten quipped. Even after all the polls are closed, there may still be uncertainty about the outcome since different states tabulate votes in different ways.
Persons: , ” “, CNN’s Dana Bash, Rick Klein, Donald Trump, Laura Ingraham, Jesse Watters, Trump, Matt Lewis, Donie O’Sullivan, , Kamala Harris, they’re, Michelle Obama, Harry Enten, ” Enten, Enten, Harris, “ I’ve, ” Anthony Salvanto, ” Salvanto Organizations: New, New York CNN, , ABC News Washington, CNN, Republican, Fox News, Trump, MSNBC, Fox, Journalists, CBS News Locations: New York, “ MAGA, New
"It's gonna sound weird, but success for me was failing," she told CNBC Make It. But why failing can lead to better future outcomes is generally misunderstood, says Amy Edmondson, a professor at Harvard Business School and author of "Right Kind of Wrong: The Science of Failing Well." "There's one really important misconception about failing, which is that failure and mistake are the same thing," she says. If you're pursuing a new hobby or switching into a different role at work, know that failure is likely ahead. A productive failure meets four criteria, Edmondson says.
Persons: Jeff Bezos —, Gabby Douglas, Amy Edmondson, Edmondson Organizations: CNBC, Harvard Business School
Elon Musk's xAI is raising fresh funding at a $40 billion valuation, the WSJ reported. Social media network X, meanwhile, is currently valued at $9.4 billion, according to Fidelity filings. AdvertisementA new funding round in the works for xAI could value Elon Musk's startup at more than four times what his social media network, X, is currently worth, according to recent Fidelity filings. The AI startup is reportedly in talks to raise funding at a $40 billion valuation, according to the Wall Street Journal. Assuming the investment was made at X's $44 billion valuation, the fund now estimates X's value to be around $9.4 billion.
Persons: Elon Musk's, , Musk, ChatGPT, That's Organizations: Social, Fidelity, Service, Elon, Wall Street, Sequoia Capital, Growth Locations: a16z, xAI
Biden mentioned Puerto Rico, slandered as a “floating island of garbage” by a comedian at Trump’s event on Sunday night. “The only garbage I see floating out there is his supporters,” Biden said, pausing for a moment before continuing. She’s now almost certain to be asked whether she also regards Trump’s backers as “garbage.” Her answer will only prolong the story. In a neck-and-neck race that may be decided by mere thousands of votes in swing states, neither Harris nor Trump can afford mistakes. And as CNN reported on Tuesday, his gaffes have caused responses – from eyerolls to outright anger – from some Harris campaign aides.
Persons: CNN — Joe Biden, he’d, Donald Trump, Biden, Kamala President Harris ’, I’m, ” Biden, Harris, , Andrew Bates, Hillary’s Clinton’s, , Karoline Leavitt, Joe Biden, Kamala Harris don’t, Trump, ” Harris, Harris ’, She’s, Hillary, Adolf Hitler, Tony Hinchcliffe, ” Trump, Fox News ’ Sean Hannity, president’s, I’ll, Gretchen Carlson, CNN Clinton, Obama, Bill Clinton, Barack Obama, ” Clinton, Arnold Palmer, isn’t, Hillary Clinton’s “, Biden’s, he’s, Gabby Giffords, CNN’s Kayla Tausche, MJ Lee, Kevin Liptak Organizations: CNN, Madison, slandered, White House, Puerto Rico spewed, Democratic, Trump, East, East Coast Democratic, , New, Fox News, Biden, Republicans, Capitol, Democratic National Convention, Republican, Puerto, Justice Department, GOP Locations: Puerto Rico, Puerto Rican, Delaware, New York, Puerto, Madison, East Coast, Washington, admonishments, Pennsylvania, Lancaster, Lehigh County, eyerolls, Trump, New Hampshire, Arizona, misspeak,
Chipotle says it's tried to ensure "consistent and generous portions" after customer complaints. The move and unusual price fluctuations for avocados have hit the chain's profitability. Profit margins for the chain suffered last quarter due to a concerted effort to provide "consistent and generous portions" in every order, the company said Tuesday. "We are committed to ensuring that we give the right portion to every guest that walks into the building." Related storiesWhile that's good news for Chipotle diners, the chain said it was partly the reason for a hit to profitability in the last fiscal quarter.
Persons: Chipotle, it's, , Scott Boatwright, Adam Rymer Organizations: Service, New York Locations: Chipotle, New York City
Beijing (Reuters) — Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it maintained strong sales momentum helped by government trade-in incentives. Net profit rose to 11.6 billion yuan ($1.63 billion) in the July-September quarter, the company said in a stock exchange filing. For the first nine months, net profit was up 18.1% to 25.2 billion yuan. With third-quarter revenue up 24% on year to 201.1 billion yuan ($28.24 billion), BYD’s quarterly revenue for the first time outpaced Tesla, whose revenue for the July-September quarter reached $25.2 billion. Tesla still beat BYD in terms of EV sales globally during July to September.
Persons: BYD, Tesla, Morgan Stanley Organizations: Reuters, Local, BYD Locations: Beijing, China
The appearance of Ohtani in this year’s edition of the World Series has captivated Japan and emerged as a television ratings phenomenon. Seth Wenig/APCustomers choose a T-shirt at a pop-up store for Major League Baseball star Shohei Ohtani ahead of the first World Series game between the Los Angeles Dodgers and the New York Yankees, in Tokyo, Japan, on October 25, 2024. Everyone shouts Ohtani, Ohtani, and it makes me extremely happy. When combined with US viewership, the first two World Series games have averaged 29.7 million viewers across the two countries. MLB has shown a remarkable 225% increase in social media engagement, with views across various platforms rising by 229%, the league reported, reflecting the growing excitement surrounding the World Series and its star players.
Persons: Shohei Ohtani, , , Ryosuke Matsumoto, Tomoyuki Masuda, Seth Wenig, Shohei, Kim Kyung, Mamoru Tanaka, Major League Baseball —, Matsumoto, Eugene Hoshiko, Ohtani, Yoshinobu Yamamoto, Yamamoto Organizations: Tokyo, CNN, — Baseball, Los Angeles Dodgers, New York Yankees, Dodgers, Major Leagues, Yankees, Yankee, AP, Major League Baseball, Fox Sports, AP CNN, Los Angeles Angels, The Dodgers, MLB Locations: Japan, United States, Tokyo, Shibuya, Bronx, Kyoto, New York, Ohtani, Ohtani's, Oshu, Los Angeles
The only player previously to reach those totals in a game was Oscar Robertson, who did it twice in 1962. In total, four Nuggets players hit the 20-point mark and six scored in double figures. The Nuggets have now played in two straight OT games on back-to-back nights after Monday night’s win over the Toronto Raptors. The Slovenian finished with 24 points, eight rebounds and eight assists, while backcourt partner Kyrie Irving had 35 points, four rebounds and five assists. Warriors win without injured Steph CurryThe Golden State Warriors rallied from a 20-point deficit in the first half to earn a big 124-106 win over the New Orleans Pelicans without injured star Steph Curry.
Persons: Nikola, Jokić, Oscar Robertson, Aaron Gordon, Jamal Murray, Russell Westbrook, “ It’s, it’s, ” Jokić, Dennis Schröder, Cam Thomas, Cameron Johnson, Luka Dončić, Dončić, Irving, David Berding, , ” Dončić, Karl, Anthony Towns, Julius Randle, Donte, Anthony Edwards, Randle, Steph Curry, Andrew Wiggins, Buddy Hield, Lindy Waters, Henderson, Steve Kerr, Waters, “ I’ve, ” Kerr, It’s, ” Curry, Zion Williamson, Brandon Ingram Organizations: CNN, Denver Nuggets, Brooklyn Nets, Nuggets, night’s, Toronto Raptors, Nets, Seven Nets, Mavericks, Timberwolves Minnesota Timberwolves, Dallas Mavericks, Timberwolves, Western, ESPN, Warriors, Golden State Warriors, New Orleans Pelicans, The Warriors, Getty, Clippers, Pelicans, Golden State, Brooklyn Nets Dallas Mavericks, Minnesota Timberwolves New Orleans Pelicans, Golden State Warriors Sacramento Kings, Utah Jazz Locations: Brooklyn, Slovenian, absense
Take-Two Interactive is in talks to sell its adtech division Chartboost. AdvertisementTake-Two Interactive, the video games giant behind franchises like "NBA 2K24" and "Grand Theft Auto," is in talks to sell its adtech division Chartboost. Adtech companies AppLovin and LoopMe have emerged as potential buyers for the Chartboost assets, the people said. AdvertisementTake-Two acquired Chartboost through its 2022 $12.7 billion purchase of the mobile gaming company Zynga. AppLovin offers a similar, but larger, business to Chartboost — offering developers adtech to make money from their mobile games and find new users.
Persons: , LoopMe, AppLovin, It's, Maggie Mesa, LUMA Organizations: AAA, Service, Business, Zynga, Mayfair Equity Partners, LUMA Partners Locations: FarmVille, Chartboost
The 6-trillion-yuan worth of debt would be raised over three years including 2024, said the sources, adding the proceeds would primarily be used to help local governments address off-the-books debt risks. Local governments would be allowed to raise that amount on top of their usual annual issuance quota, which mainly funds infrastructure spending. The quota stood at 3.9 trillion yuan this year and 3.8 trillion in 2023. The latest move is aimed at enhancing local governments' ability to manage land supply, and alleviate liquidity and debt pressures on both local governments and property developers, they added. Special-purpose bonds are a tool for off-budget debt financing used by Chinese local governments, with the proceeds raised typically earmarked for specific policy objectives, such as infrastructure expenditures.
Persons: Stringer, Donald Trump, it's, Tommy Xie, Trump, Kamala Harris Organizations: Afp, Getty, National People's Congress, Reuters, Information, NPC, Greater, Greater China Research, OCBC Bank, U.S, Trump, Republican, Democratic Locations: Chongqing, China, Beijing, Greater China
The "phased rollout" of the new Free Application for Federal Student Aid is on track for the upcoming academic year, the U.S. Department of Education says. So far, the 2025-26 FAFSA has been available to limited groups of students in a series of beta tests that began on Oct. 1. It will become available to all students and contributors on or before Dec. 1, the Education Department said. As of Oct. 29, the government's FAFSA Issues page lists 22 unresolved issues, down from 25 a few weeks ago, he said. "We've made a lot of progress resolving those issues and we are now seeing more students able to complete their form."
Persons: James Kvaal, Mark Kantrowitz, We've, Kvaal Organizations: Federal Student, U.S . Department of Education, Education Department, Education, CNBC, Finance, Ivy League
A little over a year into running her cleaning business, Cool Aunt Cleaners, Anna-Marie Ortiz has learned a lot about the resilience and adaptability needed to succeed as a small business owner. Matt Wolcott | CNBC Make ItOrtiz started the business in July 2023 with her last $2,000 in savings. Despite the failure, running the shop gave Ortiz lasting insights she was able to apply to her cleaning business. To drum up business, Ortiz put up flyers and handed out business cards in targeted neighborhoods. Looking aheadOrtiz has ambitious plans to expand Cool Aunt Cleaners beyond Portland and turn it into a "seven-figure business."
Persons: Marie Ortiz, , Anna, Matt Wolcott, Ortiz, she's, it's, I've, they're, recalibrating, Ortiz doesn't, she'd Organizations: CNBC, Butler Community College, Transportation, Amazon Prime, Spotify Locations: Portland , Oregon, Wichita , Kansas, Wichita, Kingman , Kansas, Lawrence , Kansas, Portland, West Coast, forbearance
“Today, I am restoring stability to our public finances and rebuilding our public services,” Reeves said, arguing that the now-opposition Conservative Party had “failed” Britain, including by inadequately budgeting for required government spending. A black hole in the public finances. Public services on their knees. The government will instead introduce a new tax system for such individuals, raising £12.7 billion ($16.5 billion) over the next five years. The tax hike will eventually raise £25 billion ($33 billion) per year.
Persons: Rachel Reeves, ” Reeves, , Reeves, Jeremy Hunt’s, Hunt Organizations: London CNN, Labour, Conservative Party, National Health Service, Labour Party, ’ National Insurance Locations: United Kingdom, , Britain
Opening Bell: October 30, 2024
  + stars: | 2024-10-30 | 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 EmailOpening Bell: October 30, 2024Watch the opening bell for the New York Stock Exchange and the Nasdaq from October 30, 2024.
Organizations: New York Stock Exchange, Nasdaq
The Dodgers got their looks against the Yankees in this series, even if there were times when they struggled to capitalize. It took the Yankees fumbling on defense in the fifth inning just to allow the Dodgers back into Game 5. The previous time came in the 1956 World Series when the Yankees blew a five-run lead against the Brooklyn Dodgers in Game 2. The downside of the Dodgers’ bullpen game in Game 4The Dodgers’ handling of Game 4 was not illogical in a vacuum. They had a 3-0 lead series lead.
Persons: Freddie Freeman, Aaron Judge, Anthony Volpe, Gerrit Cole, Mookie Betts, Walker Buehler, Alex Verdugo, relentlessness, Clay Holmes, Tommy Kahnle, Luke Weaver, Tommy Edman, Will Smith, Gavin Lux, lofting, Shohei Ohtani, Betts, Weaver, Sarah Stier, Cole, Volpe, Chisholm, Anthony Rizzo, Dave Roberts, Jack Flaherty, Flaherty, Giancarlo Santon’s, Giancarlo Stanton, Alex Slitz, Juan Soto, Chisholm’s, Verdugo, tapper, Stanton, homering, Anthony Banda —, Elsa, Getty Organizations: Los Angeles Dodgers, Dodgers, New York Yankees, Yankee, Yankees, The Dodgers, New, Brooklyn Dodgers, Dodgers ’, DH Locations: Verdugo
Reddit shares soar 40% on profitability, rosy guidance
  + stars: | 2024-10-30 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +2 min
Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange on March 21, 2024. Shares of Reddit popped more than 40% on Wednesday, one day after the social media company posted a surprise profit in its third-quarter results and offered rosy guidance. Reddit said fourth-quarter revenue will be between $385 million and $400 million, above the average analyst estimate of $357.9 million. "It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability," Reddit CEO Steve Huffman said in a press release. They said they're encouraged by Reddit's strong revenue growth, improved profitability and growing daily active unique users.
Persons: Steve Huffman, Snoo, Reddit, JP Morgan, they're, Bernstein, Jekyll, Hyde, that's, Michael Bloom, Jonathan Vanian Organizations: New York Stock Exchange, LSEG, Citi, JP
His chicken finger restaurant chain Raising Cane's brought in $3.7 billion in net sales last year, contributing significantly to his estimated net worth of $9.5 billion. With cash flowing again, Graves made his payments and avoided selling any company equity, he says. Graves: I remember watching on television from our location on Lee Drive [in Baton Rouge, Louisiana] when the levees broke. At first, my American dream was: You can go out and start your own business, and you can make the business work, and that's a success. Bring people into a great place to work that's a great place to grow.
Persons: Todd Graves, Cane's, Graves, they're, you'd Organizations: CNBC, LSU, Forbes, Hurricane, Tyson Foods Locations: Louisiana, Orleans, New Orleans, Baton Rouge , Louisiana
Define your real estate goalsWhat are you looking to gain from real estate investing, and what risks are you willing to take? REITs (real estate investment trusts)One of the best ways to start investing in real estate as a beginner is with a real estate investment trust (REIT). Real estate limited partnershipsA real estate limited partnership (RELP) provides investors with a diversified portfolio of real estate investment opportunities. Other notable real estate books worth checking out include:"The Warren Buffet Way" By Robert G. Hagstrom"The Real Estate Investor's Guide to Flipping Houses" By J. Scott"The Intelligent Investor" By Benjamin GrahamLocal real estate investment clubsConnecting with local real estate investment enthusiasts can be a great way to engage with the real estate community and expand your knowledge. FAQs about real estate investing for beginnersHow much money do I need to start investing in real estate?
Persons: Dana Bull, Chad Carson, CoachCarson.com, Equity REITs, Richard Ratner, Ratner, Bull, , Brandon Turner, Insider's, Robert G, Scott, Benjamin Graham Organizations: Dana Bull Real Estate Consulting, Equity, Publicly, Bel Air Investment Advisors, Property, Resources, Beginners, Benjamin Graham Local Locations: Chevron, REITs
New York-based BBG Ventures has raised a new $60 million fund. The latest fund will invest in both female founders and those with diverse backgrounds. Ten years later, the seed stage fund has raised a new $60 million fund and is moving beyond just backing female founders to any entrepreneur from a diverse background. AdvertisementWhen Verizon bought AOL in 2015, BBG Ventures separated and raised a new $50 million fund. Related storiesDua explained that the decision to move beyond exclusively backing just female founders reflects the duo's shift in thesis around innovation.
Persons: , VCs, Susan Lyne, Nisha Dua, Lyne, Dua, Nordstrom, clamoring Organizations: BBG Ventures, California Endowment, Mizuho, Service, AOL, Founders, Spring Health, Verizon, State of Michigan Retirement Services, Illumen, Investments, Fairview Capital, Bank of America Locations: York, U.S, Spring, Nara, Dua, Lyne
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The betting site Polymarket has emerged as a hot topic in the 2024 presidential race. Wagers in its pop culture section show the bro-y vibe of the site: Zyn, Andrew Tate, and Hawk Tuah. Let's look at some of the wagers:Will Trump say "skibidi" before the election? Will Donald Trump say "mog" in 2024? AdvertisementFor the record, I think the odds that Trump will say "skibidi" before the election are way too low.
Persons: Trump, Andrew Tate, Hawk, , Will Trump, Will Kamala Harris, Joe Rogan's, Will Donald Trump, Roaring Kitty, Logan Paul, Max Read, Joe Rogan, Gen Z'ers, MAGA, Theo Von, Adin Ross, Taylor Swift, Travis Kelce, Shayne Coplan, There's, Polymarket, haven't, I'm, who's, John Herrman, McDonald's Organizations: Service, Trump, New, New York Magazine, Harris, Dodgers, Yankees Locations: MrBeast
Apple on Wednesday introduced new MacBook Pro laptops with updated processors, in what is likely the company's last major hardware announcement of the year. Apple says the new chips are 1.8 times faster than the M1, which powered Apple's 2021 MacBook Pro. Additionally, all of the new MacBook Pro models come with at least 16GB of RAM. The more memory a computer has, the more it is capable of handling larger and more sophisticated AI models. Doubling the RAM on its laptops represents the most significant change Apple has made to its lineup of computers to better support Apple Intelligence.
Persons: Tim Cook, Apple Organizations: Apple Inc, Apple Worldwide, Apple, M4, Apple Intelligence, MacBook Locations: Cupertino , California
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