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☆ The most important thing Warren Buffett said Saturday, and it isn't good news for the economy
▼ + stars: | 2023-05-08 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Investors always look to Buffett for economic insights as his myriad of businesses are closely tied to broader spending and overall demand. If you couldn't sell them one thing, they would put another thing in their backlog," Buffett said. Still, Buffett thinks Berkshire is positioned well in terms of its investment income as higher interest rates are earning the conglomerate a substantial return. Berkshire has fared well so far despite a challenging macro environment with operating earnings jumping 12.6% in the first quarter. "Nothing is sure tomorrow, nothing is sure next year, and nothing is ever sure, either in markets or in business forecasts, or in anything else," Buffett said.

☆ Harvard-trained psychologist shares 3 signs you're addicted to stress: 'It's a lot more common than you think'
▼ + stars: | 2023-05-07 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

Stress, even with the myriad of negatives it brings, can be addicting. Stress can cause a natural high by activating the arousal and attention centers in our nervous system, which, if prolonged, can be "as addictive as drugs," Hanna warns. In other words, your chronically stressed-out brain could be dependent on those small, euphoric hits of dopamine, says Debbie Sorensen, a Harvard-trained psychologist who specializes in burnout. But glorifying being busy all the time, both inside and outside of work, can be dangerous, making chronic stress and burnout all more likely. Research has shown that chronic stress, if unchecked, can cause high blood pressure, IBS, acne, and other health issues.

☆ Warren Buffett says Berkshire managers were surprised by economic slowdown, earnings to decline
▼ + stars: | 2023-05-06 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

— Warren Buffett struck a pessimistic tone about Berkshire Hathaway 's myriad of businesses on Saturday, saying he expects an earnings decline in light of an economic slowdown. Berkshire has fared well so far despite a challenging macro environment with operating earnings jumping 12.6% in the first quarter. And a number of our managers were surprised," Buffett said. The Federal Reserve just approved its 10th rate hikes since 2022, taking the fed funds rate to a target range of 5%-5.25%, the highest since August 2007. "It was more extreme in World War II, but this was extreme this time," Buffett said.

People at the See's Candies display at the Berkshire Hathaway Shopping Day event, May 5, 2023. Berkshire Hathaway 's annual shareholder meeting this weekend is kicking off with a shopping extravaganza. Called the "Berkshire Bazaar of Bargains," the shopping event is a tradition at the yearly convention. This year, shareholders can snap up Warren Buffett-themed plush dolls from Squishmallows for the first time. CNBC and CNBC.com will exclusively cover the annual meeting starting Saturday at 10 a.m.

☆ US Declining Population, Worker Shortage Will Cause Economic Crisis Without a Fix
▼ + stars: | 2023-05-04 | by ( Gadel Valle | ) www.businessinsider.com time to read: +15 min

That means that unless people start having a lot more kids, the US population could eventually start to shrink — just like China's population has. While the US population has managed to avoid an outright drop, population growth reached an unprecedented low of 0.12% in 2021. One way the US could encourage more immigration is by focusing on temporary visas for specific industries that need workers. And the treatment of workers in the country on temporary visas has been a problem for decades. After all, the US is running out of options, and soon its growing people shortage is going to spell economic disaster.

☆ Emma Raducanu to miss both French Open and Wimbledon because of surgery on both wrists and ankle
▼ + stars: | 2023-05-04 | by ( Ben Morse | ) edition.cnn.com time to read: +2 min

The 20-year-old explained that as a result, she will miss this summer’s tennis events, including the French Open and Wimbledon. She suffered an ankle injury before the Australian Open earlier this year, while tonsillitis forced her to withdraw from the Austin Open in February. Meanwhile, a recurring wrist injury, which hampered Raducanu last season, came back during the Miami Open, where she exited in the first round. Last month, Raducanu lost in the first round of the Stuttgart Open in less than an hour. Raducanu in action during her round of 32 match against Latvia's Jelena Ostapenko at the Stuttgart Open.

Programming note: The full interview with Richard Glossip will air Friday, May 5, on “The Lead with Jake Tapper,” which starts at 4 p.m. Lea Glossip, left, wife of death row inmate Richard Glossip, listens with death penalty opponent Sister Helen Prejean, right, during a news conference on Thursday, May 4, in Oklahoma City. Sneed admitted to killing Van Treese, but at trial, prosecutors portrayed the killing as a murder-for-hire plot orchestrated by Glossip. Ultimately, Reed Smith concluded “that no reasonable juror hearing the complete record would have convicted Richard Glossip of first-degree murder,” said Stan Perry, a partner at the firm. The Oklahoma State Penitentiary in McAlester, where Richard Glossip is set to be executed, is seen in 2015.

☆ Why Prices, Inflation Are Still Soaring: Corporate Price Gouging
▼ + stars: | 2023-05-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +16 min

While many of the problems that helped trigger the upward spiral have abated, prices are still high and getting higher. The idea that companies are taking advantage of disruptions to push price increases on consumers has many names — greedflation, excuseflation, price gouging, corporate profiteering — but the gist is the same. Supply-chain issues and other disruptions made sense as drivers of higher prices, Chris Becker, a senior economist and the associate director of policy and research at the Groundwork Collaborative, told me. "Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge." Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge.

☆ Hindenburg Research goes after Carl Icahn in latest campaign for market-moving short seller
▼ + stars: | 2023-05-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Carl Icahn speaking at Delivering Alpha in New York on Sept. 13, 2016.Notable short seller Hindenburg Research is going after famed activist investor Carl Icahn. "Overall, we think Icahn, a legend of Wall Street, has made a classic mistake of taking on too much leverage in the face of sustained losses: a combination that rarely ends well," Hindenburg Research said in a note released Tuesday. Headquartered in Sunny Isles Beach, Florida, Icahn Enterprises is a holding company that involves in a myriad of businesses including energy, automotive, food packaging, metals and real estate. Hindenburg said it believes the high dividend yield is "unsupported" by the company's cash flow and investment performance. Shares of Icahn Enterprises are down 0.5% on the year as of Monday's close.

☆ Fed report on SVB collapse faults bank's managers — and central bank regulators
▼ + stars: | 2023-04-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Central bank officials likely will turn their attention to cultural changes, noting that risks at SVB were not thoroughly examined. Future changes could see standardized liquidity requirements to a broader range of banks, and tighter supervision of compensation for bank managers. "[T]he combination of social media, a highly networked and concentrated depositor base, and technology may have fundamentally changed the speed of bank runs,' he said in the report. "Social media enabled depositors to instantly spread concerns about a bank run, and technology enabled immediate withdrawals of funding." Fed Chairman Jerome Powell said he welcomed the Barr probe and its internal criticism of Fed actions during the crisis.

☆ Il Makiage parent Oddity buys biotech startup Revela to design new molecules for beauty products
▼ + stars: | 2023-04-27 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Oddity is buying startup Revela for $76 million, its largest acquisition to date, and is putting another $25 million toward building Oddity Labs in Boston. The merger will bring to Oddity a team of scientists tasked with creating brand-new molecules, using artificial intelligence, that can be used in its cosmetics brands and future lines. AI-based molecule discovery is a common tool used in the pharmaceutical industry to create new drugs, but it isn't widely used in the beauty and wellness industry. Legacy brands have long relied on building products using proprietary formulations with a similar set of active ingredients, such as retinol, hyaluronic acid and peptides. "With this acquisition, we are using biologics to bring game-changing, science-backed beauty and wellness products to the market and to our users.

☆ ‘Fatal Attraction’ Review: Here’s Why She Did It
▼ + stars: | 2023-04-26 | by ( Mike Hale | ) www.nytimes.com time to read: +3 min

So Alexandra Cunningham (“Dirty John,” “Desperate Housewives”) and Kevin J. Hynes (“Perry Mason”), working with the film’s writer, James Dearden, have reimagined “Fatal Attraction” in myriad ways, none of which are erotic and few of which are thrilling. Dan is up for parole because in this new universe, he has served 15 years for the murder of his stalker, Alex Forrest (Lizzy Caplan). The temporal shifts also serve to educate both Dan and the audience about the noxious privilege and entitlement that precipitated his downfall. But apparently converting “Fatal Attraction” into a reasonably diverting crime drama wasn’t enough to remove the stain of the original. Ellen’s research leads her to reassess the behavior of her father’s murdered nemesis, and the greatest labor this “Fatal Attraction” takes on is its effort to turn Alex into an understandable, even sympathetic, character.

☆ How Putin spent 20 years rebuilding Russia's military 'and then just simply destroyed it' in Ukraine, according to an expert who watched it happen
▼ + stars: | 2023-04-25 | by ( Christopher Woody | ) www.businessinsider.com time to read: +17 min

Vladimir Putin has spent his two decades in power rebuilding and reforming Russia's military. Below, Galeotti describes those reforms, what they achieved, and how, in a devastating war in Ukraine, Putin has squandered the military he built. IGOR SAREMBO/AFP via Getty ImagesWhen Putin came to power at the end of the 1990s, what was the state of the Russian military? How did the Russian military underperform in that conflict in Georgia? What did those conflicts show about the capabilities of the Russian military and about the impact of those reforms?

Collisions are more likely in such cases, raising the odds of a devastating oil spill. It’s also harder to tell whether the vessels with murky ownership comply with the strict rules governing oil transfers at sea, according to Kenney. Group of Seven nations have imposed a cap on the price of Russian oil and oil products, and a smaller pool of buyers can also negotiate greater discounts. China’s imports of Russian oil in the first quarter of the year rose 38% compared with a year prior, according to Kpler data. As trade of Russian oil has become more complex, many Western shippers have pulled back.

The prospective class action complaint, filed in 2021 by two members of the annual paid subscription service Amazon Prime, alleged Amazon was unlawfully "tying" the online sale of third-party products to the use of the company's "Fulfillment by Amazon" program. The lawsuit said Amazon's alleged anticompetitive fulfillment practices had harmed "hundreds of millions of its loyal customers." Amazon's attorneys argued that fulfillment services are sold not to consumers who buy products but to third-party businesses that are selling goods on the company's platform. The antitrust case against Amazon was among private and state actions alleging violations of competition law. The case is Angela Hogan et al v. Amazon.com Inc, U.S. District Court, Western District of Washington, No.

☆ Elon Musk had a rough week across his empire — Tesla, Twitter and SpaceX
▼ + stars: | 2023-04-21 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

The investors are particularly concerned with Musk and Tesla's handling of human rights and workers' rights. Their letter recounts many lawsuits in which Tesla has been sued over: racial discrimination, union-busting, wage theft, sexual harassment and unsafe working conditions. "Instead of working to address problems with regulators, CEO Musk has made derogatory tweets and comments, fueling tensions," they wrote. The open letter to Tesla's board comes after Tesla shares have declined more than 15% over the past month. Musk-led Twitter also removed "government-funded" and "China state-affiliated" labels from Twitter accounts of a myriad of global media organizations.

☆ AT&T’s magic number falls short
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

To do that, it needs free cash flow. AT&T, which makes most of its money from cellular customers, added 424,000 postpaid phone subscribers, above expectations, according to Reuters. Some of the issue is seasonal, with payments to phone vendors up after a busy holiday season of selling devices. But dividend payouts totaled 200% of cash flow, up from 133% a year ago. Those payments totaled $1.3 billion this quarter, meaning cash flow would be negative without them.

☆ Strong individual performers can buoy whole sectors, Jim Cramer says
▼ + stars: | 2023-04-20 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Stocks that investors might expect to be shorted in the buildup to a recession are doing very well, buoying their whole sectors, CNBC's Jim Cramer said Thursday. There are certain kinds of industries that have historically been targeted by short sellers in the run-up to recession, Cramer said, including railroads, semiconductors, homebuilders and automakers. Steel firm Nucor would be an "obvious short" headed into a recession, Cramer said, but the company reported strong growth and "blew away the estimates." Homebuilders are likely short candidates ahead of a recession, but that doesn't seem to be happening here, Cramer said. But as Cramer has noted before, strong performing companies with effective management can weather most storms.

☆ George Santos insists he's donating his congressional salary, but he won't say where it's going: 'I owe you no explanation'
▼ + stars: | 2023-04-20 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Rep. George Santos has pledged several times to donate his entire congressional salary. "I owe you no explanation to what I do with my salary," he told Insider at the Capitol on Thursday. Two weeks ago, spokeswoman Naysa Woomer told Insider that "updates will be available at a later time," declining to provide further details. Pointing out that he's not legally required to disclose his salary donation details, Santos said that he still planned to make a salary donation announcement, but without any details. In May 2021, he again wrote on Twitter that he would "not accept a congressional salary at all."

☆ The messy, high-stakes world of private equity's fossil-fuel dilemma
▼ + stars: | 2023-04-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Most major private-investment firms are working to cut down on emissions their portfolio companies send into the atmosphere. It's also set targets to get three-quarters of its majority-owned power-and-energy portfolio companies' emissions that they generate directly and indirectly covered by Paris-aligned climate goals by 2025. A growing number of private-equity firms' pension-fund limited partners are under pressure themselves to either invest around environmental, social, and governance matters or shun investing through those lenses altogether. Firms' plans with their upstream investments tend to draw the most attention because they're involved in drilling for new oil and gas. If you're a private-equity firm and you continue to make new upstream investments, I don't believe you have a Paris-aligned plan.

☆ The World’s Richest Person Auditions His Five Children to Run LVMH, the Luxury Empire
▼ + stars: | 2023-04-19 | by ( Nick Kostov | Stacy Meichtry | ) www.wsj.com time to read: 1 min

PARIS—Once a month, Bernard Arnault gathers his children for lunch inside a private dining room at the headquarters of LVMH Moët Hennessy Louis Vuitton SE, his globe-spanning luxury goods company. The meal, which lasts exactly 90 minutes, begins with the French billionaire reading aloud discussion topics he has prepared on his iPad, according to people close to him. Mr. Arnault then goes around the table, asking each of his five adult children for advice. He’ll seek an opinion on specific managers at the company, the people said, or whether it’s time for a shake-up at one of LVMH’s myriad brands, which stretch from the champagne vineyards of France to handbag-making workshops in Italy and Texas.

☆ The Best Travel Card for Beginners
▼ + stars: | 2023-04-19 | by ( ) www.wsj.com time to read: +7 min

By Ana StaplesThe Chase Sapphire Preferred® Card is a solid pick for cardholders who want valuable travel benefits without a high annual fee. At $95 per year, the card offers strong travel protections usually found on travel cards with annual fees north of $400. Plus, it earns high rewards rates on purchases in dining and online grocery categories, which is why Buy Side from WSJ named it Best Travel Card for Beginners. Sapphire Preferred’s closest competitor—and our pick for the Best Travel Card—is the Capital One Venture Rewards Credit Card. What to know about Chase credit cardsJPMorgan Chase is the largest credit card issuer in the market, according to market tracker Nilson.

☆ What should you do with your 401(k) when you switch jobs? Experts weigh in
▼ + stars: | 2023-04-18 | by ( Holly Johnson | ) edition.cnn.com time to read: +11 min

Millions of people switch jobs every single year, and millions of 401(k) plans and other retirement accounts fall by the wayside as a result. We asked experts what most retirement savers should do if they have multiple old retirement accounts scattered around — here’s what they had to say. Keep track of your old 401(k) accountsTry and keep good records of your 401(k) accounts, including account numbers. Roll over your 401(k) accounts earlyRollover your old 401(k) accounts early to avoid confusion and potentially maximize returns. How to roll over an old 401(k) planYou can often roll over your 401(k) to an IRA online.

☆ Here are Tuesday's biggest analyst calls: Apple, Nvidia, Microsoft, Netflix, Amazon, Sunrun & more
▼ + stars: | 2023-04-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

This is relevant to Apple as we estimate that Google pays Apple ~$20bn for being the default search engine across iOS devices." Goldman Sachs reiterates Microsoft as buy Goldman says it's staying bullish heading into Microsoft earnings next week. Deutsche Bank reiterates Disney as buy Deutsche Bank says it sees an "attractive setup" heading into earnings in early May. HSBC upgrades Nvidia to buy from reduce HSBC said in its double upgrade of Nvidia that it's "all about AI." Deutsche Bank reiterates Amazon as buy Deutsche says it's standing by its buy rating on the e-commerce giant ahead of earnings later this month.

☆ From GE to Siemens, the wind energy industry hopes billions in losses are about to end
▼ + stars: | 2023-04-17 | by ( Bob Woods | ) www.cnbc.com time to read: +8 min

The wind farm includes 132 2-megawatt Gamesa G80 wind turbines along 12 miles of the Allegheny Front. (Photo by Chip Somodevilla/Getty Images) Chip Somodevilla | Getty Images News | Getty ImagesIt's been a tough couple of years for the U.S. wind energy industry. Although 2023 is expected to remain sluggish, GE Renewable Energy, Siemens Energy and Vestas Wind Systems, the leading makers of wind turbines — outside of China, which has built the world's largest wind energy infrastructure — and their suppliers are banking on growth over the next decade, particularly in the nascent offshore wind niche. "The wind energy market is stuck in this very strange paradox right now," said Aaron Barr, an industry analyst at Wood Mackenzie. Comparatively, the U.S. offshore wind industry is just ramping up after years of delays in permitting, environmental approvals and power purchasing agreements with utilities that buy wind energy.

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