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Hong Kong CNN —Hong Kong on Tuesday formally began the process of enacting a controversial homegrown national security law in a move that could have deep ramifications for the city’s status as a global financial hub. Beijing’s national security crackdown of recent years has transformed once-freewheeling Hong Kong, silencing almost all dissent and jailing dozens of political opponents. Under Hong Kong’s mini-constitution agreed by the two powers, the city is required to enact laws to prohibit acts that endanger national security. “Foreign agents and Hong Kong independence ideas are still lurking in Hong Kong society.”Hong Kong Chief Executive John Lee speaks during a press conference at government headquarters in Hong Kong on January 30, 2024. The new security law could bring further uncertainty for Hong Kong, which is striving to maintain its status as Asia’s premier financial hub following three years of strict Covid restrictions and Beijing’s national security crackdown.
Persons: Hong, it’s, John Lee, , It’s, we’ve, ” Lee, Lee, Peter Parks, Chris Tang, ” Tang, Tang Organizations: Hong Kong CNN, Tuesday, Hong, CIA, British, Getty Locations: Hong Kong, Beijing, China, AFP, Hong Kong’s, East, West
SEOUL, South Korea (AP) — Samsung Electronics on Tuesday reported an annual 34% decline in operating profit for the last quarter as sluggish demands for its TVs and other consumer electronics products offset hard-won gains from a slowly recovering computer chip market. Samsung’s operating profit was measured at 2.8 trillion won ($2.1 billion) for the three months through December, compared to 4.3 trillion ($3.2 billion) from the same period last year. Its operating profit for the full year 2023 was at 6.5 trillion won ($4.8 billion), which marked an 85% decline from 2022 and represented the company’s lowest since 2008, when global markets were weathering a financial crisis. While the company’s semiconductor division posted a loss of 14.9 trillion won ($11 billion) in 2023, the losses narrowed during the fourth quarter, with the DRAM business returning to profit. “In 2024, the memory business expects the market to continue to recover despite various potential obstacles, including interest rate policies and geopolitical issues,” Samsung said in a statement.
Persons: , ” Samsung Organizations: Samsung Electronics Locations: SEOUL, South Korea, Korean
At Sundance, a reckoning with our digital selves
  + stars: | 2024-01-29 | by ( Thomas Page | ) edition.cnn.com   time to read: +11 min
Harper that premiered at this month’s Sundance Film Festival, rapper Kemba enters an electronics store. Sundance is a broad church, but one throughline this year was a reckoning with our digital selves. Courtesy of Sundance InstituteIn the game Steen could be whatever he wanted to be, do whatever he wanted to do. The Sundance Film Festival concluded on January 28. Documentary Competition)“Sujo” (World Cinema Dramatic Competition)“A New Kind of Wilderness” (World Cinema Documentary Competition)Audience Favorite Awards“Daughters” (U.S.
Persons: J.M, Harper, Kemba, , headspace Harper, Deus, J.M . Harper, Jazmin Jones, Olivia McKayla Ross, Mavis Beacon, Mandela, she’s, Jones, McKayla Ross Gen, we’re, Siri, knotty, L’espérance, feelgood, Thelma, Squibb, Beacon, Yeleen Cohen, , Kristin Stewart, Sam, Andy Zuchero, Stewart, Steven Yeun, Déja, Liam, “ Sebastian ”, Mikko Mäkelä, Ruaridh, Mollica, David Nellist, Sebastian, James Watson, “ Ibelin, Benjamin Ree, Mats Steen, Steen, Steen’s, Ibelin . Ibelin, he’d, Ree, Ibelin, Steen's avater Ibelin, It’s, ’ “, Steen –, Sujo, Dìdi ”, Ibelin ”, Kneecap Organizations: CNN, Sundance, Motorola, Sundance Institute, Americans, Iam, AIs, Netflix, Sundance Film Locations: , Haiti, , New York, Norwegian
Sony is making a bold bet on Africa's video game industry. The Japanese consumer electronics and gaming giant has invested an undisclosed sum into Carry1st, a video game studio based in Cape Town, South Africa, via its Sony Innovation Fund venture arm, Carry1st told CNBC exclusively. The deal is a strategic investment that will see the two companies partner on a range of commercial opportunities. "We believe very firmly that there is an incredibly underrated console opportunity in Africa," Robbin-Coker said, citing countries like Nigeria, Morocco and Algeria as places where console adoption is rising a lot. Sony is coming into an emerging gaming market with blistering growth potential.
Persons: Carry1st, Cordel, Coker Organizations: Sony, Sony Innovation Fund, CNBC, PlayStation Locations: Cape Town , South Africa, Africa, Nigeria, Morocco, Algeria, Konvoy
S&P 500 futures are near flat Monday night as investors analyzed the latest corporate earnings with the Federal Reserve policy meeting on the horizon. These moves follow a winning day on Wall Street that brought the Dow and S&P 500 to their sixth record closes of the year. Monday marked the start of a busy week for corporate earnings, with 19% of companies in the S&P 500 set to report. Of the nearly one-quarter of S&P 500 members that have already reported, about 72% exceeded Wall Street expectations, according to FactSet. Elsewhere on Tuesday, investors will follow Microsoft and Alphabet , two of the mega-cap technology names set to report earnings this week.
Persons: Keith Buchanan, We've Organizations: New York Stock Exchange, Federal Reserve, Nasdaq, Dow Jones Industrial, Whirlpool, Dow, Globalt Investments, U.S . Treasury Department, Federal, Microsoft, Apple, General Motors, UPS, Starbucks Locations: New York City, U.S
I think you're better off investing in higher-quality earbuds. The earbuds are good in a pinch but I don't think they last long. Dina RichardsDollar Tree has some great finds, but I'm not often impressed by its electronics aisle. I've been especially disappointed by the earbuds I've purchased from the chain. The pairs I've bought have tangled easily or had issues with muffled sound.
Persons: Dina Richards, I'm, I've
It's ironic: We are at a moment where supply of money and demand for goods are intersecting. We have two markets: the Treasury market and the equity market, with the first more powerful than the second, even if we can't tell that in the scrum of earnings announcements. If the Fed signals more rate cuts, then we will be set up for higher stock prices if the companies deliver good earnings. The possibility of higher earnings so far has been controlled by supply and demand and the disinflation it is breeding, which may continue this week. Hence the power of their earnings to generate the mask of a higher market price-to-earnings ratio.
Persons: We've, Josh Frost, , disinflation, Tesla, Amy Hood, McCormick, Costco's Kirkland, Jerome Powell doesn't, Price, it's, Dupont —, Dupont, Josh Frost —, Jim Cramer's, Jim Cramer, Jim, Jerome Powell, Brendan Mcdermid Organizations: Treasury, Federal Reserve, Devices, Microsoft, Apple, Financial Markets, Nvidia, Google, Walmart, Starbucks, Fed, Caterpillar, Boeing, Jim Cramer's Charitable, CNBC, New York Stock Exchange
Business: Xperi is a technology company that develops software solutions and has the following four main business segments. Rubric is a deep value, long/short investor that will become active in situations that require it. The problem is a culture that is not focused on shareholder value. Accordingly, Rubric Capital nominated Conrad and Lacey for election as directors to the company's board at Xperi's 2024 annual meeting. There is a big difference between settling for two additional directors on a seven-person board and replacing two incumbent directors on a five-person board.
Persons: Xperi, David Rosen, Rosen, Tobii, Conrad, Lacey, Ken Squire Organizations: Smart, TiVo, SAC Capital, Tobii, 13D Locations: New York, Swedish
One ton of circuit boards from old e-waste can contain 100 times more gold than a ton of mined gold. Now, scrappers like Wade Crawley in Sydney, Australia, are cashing in. He's partnered with Mint Innovation, a company that invented a safer and cleaner way to recover precious metals from electronics. In one day, Mint can salvage up to $85,000 in gold from recycled electronics. This story is available exclusively to Business Insider subscribers.
Persons: Wade Crawley, He's Organizations: Mint, Business Locations: Sydney, Australia
Chinese-founded online retail giant Shein is not positioning itself as an Amazon "clone," the company told CNBC, as it prepares for a U.S. public listing later this year. But that expansion will vary from market to market, and skew heavily toward Generation Z — born between the late 1990s and early 2000s — and younger Millennial consumers, who were born between the early 1980s and late 1990s. "I don't see us an an Amazon clone per se," Pernot-Day said at the World Economic Forum in Davos, Switzerland. "So, product categories vary across these markets. But the core point is that being receptive and responsive to Generation Z, younger Millennial shoppers, is something that leads to growth," he added.
Persons: Peter Pernot, , Inditex Organizations: CNBC, Economic Locations: U.S, Davos, Switzerland, The Singapore, Zara
Samsung Electronics Co. Galaxy S24 smartphones during a media preview event in Seoul, South Korea, on Monday, Jan. 15, 2024. Samsung, the world's most prolific smartphone maker, is leaning into artificial intelligence as the key to unlocking greater sales this year. Photographer: SeongJoon Cho/Bloomberg via Getty ImagesBaidu AI Cloud will be integrating its Ernie chatbot into Samsung's Galaxy S24 smartphones, allowing users to translate calls in real time, among other features. Ernie is the Chinese tech giant's answer to OpenAI's ChatGPT, a chatbot powered by artificial intelligence technology that's able to generate humanlike responses to users' prompts. Baidu claims it is the "most powerful version of Ernie foundation model to date," with the full capabilities of understanding, generation, reasoning, and memory.
Persons: SeongJoon Cho, Ernie chatbot, Ernie, OpenAI's, Apple Organizations: Samsung Electronics Co, Samsung, Bloomberg, Getty, Baidu, Samsung's, Apple, IDC, Vivo, Huawei Locations: Seoul, South Korea, China
If you happen to be a fan of soft-sided suitcases, consider the Travelpro Platinum Elite Expandable Carry-On, which I named my top overall soft-side carry-on pick. Plus, it comes with some handy extras that help set it apart, and offers exceptional quality for the price. This bag comes in nine color options: Shadow Black, Intrigue Black (a more textured look), Rich Espresso, Vintage Grey, Bordeaux, True Navy, Metallic Sand, Olive Green, and Coastal Blue. And for extra peace of mind, this suitcase comes with a 100-day trial period and a lifetime warranty against any defects. AdvertisementThe bottom lineFor a high-quality bag that should last you years, the Travelpro Platinum Elite Expandable Carry-On is an excellent option.
Persons: I've, Hannah Freedman, Rich, Olive Green, Travelpro, Briggs Organizations: True Navy, Aviation Administration, FAA, Riley Locations: Grey, Bordeaux
Read previewThere's a new online marketplace for used Apple products. On January 25, electronics retailer Newegg launched Newegg Refreshed — which sells refurbished tech gadgets, including a selection of Apple MacBooks, Watches, iPhones, and more. The tech giant has its own space for selling pre-owned tech, and prices are similar to Newegg for most devices. The tech giant began selling used iPhones in 2016, 9to5Mac reported. Newegg; AppleFor those who prefer to use tech from outside the Apple family, Newegg has added refurbished options for computer parts and gadgets as part of its Refreshed program.
Persons: , Newegg, Apple, 9to5Mac Organizations: Service, Business, Apple
Oppenheimer reiterates Apple as outperform Oppenheimer said it's bullish on Apple's future in gaming. Bank of America reiterates Alphabet as buy Bank of America raised its price target on the stock to $175 per share from $166. Bank of America reiterates Apple as buy Bank of America said it's standing by its buy rating Apple. Bank of America reiterates Amazon as buy Bank of America said Amazon is "well positioned." RBC downgrades Northrop Grumman to sector perform from outperform RBC downgraded the stock after its earnings earnings and says upside is limited.
Persons: Oppenheimer, it's, Tesla, TD Cowen, Needham, headwinds, JPMorgan downgrades Dow, Piper Sandler, Piper, UBS downgrades Archer, Daniels, Northrop, Goldman Sachs, Goldman, Jabil, Wedbush, Evercore Organizations: Seagate, Apple, Bank of America, JPMorgan, Airlines, American Airlines Group, UBS, Humana, Intel, SEC, Deutsche Bank, Deutsche, SNAP, Bancorp, Daniels Midland, Price Target, RBC Locations: Mexico
The declines have come from just about every sector, with the exception of technology, which has seen its earnings estimates rise since October 1. A good example: IBM , which beat earnings expectations and highlighted an uptick in demand for artificial intelligence products and services. Outside of technology, earnings expectations are lower than three months ago, but are now rising again. "The market has been anticipating improving earnings expectations, and it's getting them. By that I do not mean that earnings estimates are rising, I mean they are not getting cut as much anymore," Raich added.
Persons: Nick Raich, it's, Raich, Sherwin, Williams, Heidi Petz, Kimberly, Clark, Nelson Urdaneta, that's, shipper J.B, Hunt, John Roberts, McCormick, Gamble, STMicroelectronics, Jim Fitterling, DuPont, hasn't, ASML, Andre Schulten, Baker Hughes Organizations: IBM, Treasury, Scout, Paint Stores, Insurance, Procter, Swift Transportation, Dow Inc, Texas, 3M, Gamble, FedEx, Humana, Adobe, Dupont Locations: Americas, China
Goldman Sachs reiterates Apple as buy Goldman said it's standing by the tech giant heading into earnings on February 1. Bank of America reiterates Meta as buy Bank of America raised its price target on Meta to $425 per share from $405. Piper Sandler reiterates Microsoft as overweight Piper warned investors in a note on Thursday not to "sleep" on Microsoft Cloud. Bank of America downgrades Boeing to neutral from buy Bank of America said in its downgrade of the stock that it sees too much regulatory scrutiny. Bank of America upgrades Heico to buy from neutral Bank of America said investors should buy the dip in the aerospace and electronics aftermarket company. "
Persons: Needham, Rivian, Morgan Stanley, Tesla, Goldman Sachs, ServiceNow, Goldman, it's, TAL, BTIG, Jefferies, Wells, Piper Sandler, Piper, JPMorgan downgrades Hertz, JPM, Hertz Organizations: Bank of America, IBM, Revenue, Apple, JPMorgan, Tal, Bloom Energy, Gray Customers, Amazon, " Bank of America, Meta, DuPont, Microsoft, Deutsche Bank, Avis, Deutsche, Boeing, Alaska Airlines, of America Locations: ServiceNow, China, Bloom
DuPont preannounced disappointing earnings results before the opening bell Wednesday, sending the stock down roughly 13%. Operating fourth-quarter EBITDA (earnings before interest, taxes, depreciation, and amortization) is expected to be about $715 million, operating cash flow about $640 million, and adjusted free cash flow is expected to be about $500 million. That compares to estimates, according to FactSet, of $746 million, $573 million and $447 million, respectively. These forecasts represent across-the-board misses versus Street expectations for sales of $3.04 billion, operating EBITDA of $751 million, and earnings of 88 cents per share. Given the slower recovery and impact on 2024 earnings, we are reducing our DuPont price target to $78 per share from $85.
Persons: We're, That's, destocking, it's, Dupont, Patience, Danaher, Jim Cramer's, Jim Cramer, Jim, Jeff Fusco Organizations: DuPont, LSEG, Caterpillar, Nvidia, Danaher, Devices, AMD, Broadcom, CNBC Locations: Wilmington , Delaware
Following the trade, Jim Cramer's Charitable Trust will own 145 shares of CAT, decreasing its weighting to 1.37% from 2.70%. We sold some DuPont shares a couple of weeks ago to protect against this, but after seeing the reaction to these shortfalls we are compelled to take more action. We bought DuPont because we wanted an industrial with a low price-to-earnings multiple to play the recovery in the semiconductor industry. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer's, , Jim Cramer, Jim Organizations: Caterpillar, CAT, Wall, DuPont, PPG, Electronics, CNBC Locations: China
CNBC | Evelyn ChengBEIJING — Hot competition in China's electric car market is pushing local automakers to sell vehicles with fancy tech that Tesla doesn't yet offer in the country — and sometimes at lower prices. Tesla's cars don't come with those accessories, and Elon Musk's automaker only offers a limited version of its driver-assist tech in China right now. Xpeng 's G9 SUV, widely considered a leader in China for driver-assist tech on city streets, starts at 289,900 yuan. That's because electric car batteries and other parts aren't made in the U.S., which means American companies are already paying a premium for core components of the electric car, Li said. Traditional foreign auto giants like Volkswagen are struggle to adjust to the surge of electric cars in China, while domestic companies, including smartphone company Xiaomi and Geely-backed startup Zeekr, are rushing to release electric cars.
Persons: Evelyn Cheng, Tesla, Elon, Li Yi, Aito, Li Auto, Yiming Wang, Wang, Li, wasn't, Appotronics, aren't, BYD, Zhong Shi, Omer Ganiyusufoglu Organizations: CNBC, Elon Musk's, Huawei, HSBC, Consumers, China Renaissance Securities, Price, U.S ., U.S, China Automobile Dealers Association, BYD, Volkswagen, German's National Academy of Science, Engineering Locations: Evelyn Cheng BEIJING, China, Shenzhen, Europe, Shanghai, U.S, Tesla
According to a McKinsey report from 2022 based on a decade of data, role transitions are inherent in labor markets. The generative AI platform dubs itself a "tutor for learners" and an "assistant for teachers." Meanwhile, nonprofit organization All Star Code had a scholar visualize themselves progressing in their tech career over the next decade by creating a 30-second video using generative AI platform Runway. There lies the ultimate caveat in AI-enabled career transitions. Panetta feels like the human role in hiring — regardless of the qualifications of candidates — will play a potentially bigger role in career transitions.
Persons: Yee, Lareina Yee, Karen Panetta, That's, Panetta, Sal Khan, Bill Gates, Khan, , Bias, doesn't Organizations: McKinsey, Strategic, Institute of Electrical, Electronics Engineering, Tufts School of Engineering, Khan Academy, OpenAI Locations: America
After two trips to my local Where Ya Bin store, I've seen enough returned Amazon items to last a lifetime. (Amazon would not answer specific questions about its relationship with bin stores and why certain products end up there. Gloria Dawson / Business Insider"People generally love it or hate it," Jason Carrick, the owner of Where Ya Bin, told me. What to expect when bin shoppingHours and prices at Where Ya Bin Gloria Dawson / Business InsiderI visited a Where Ya Bin store in Columbus, Ohio, on a Saturday and Wednesday in December. Despite my hesitations, I bought a few items and can see the benefits of bin store shopping.
Persons: , Gloria Dawson, I've, I'm, Jason Carrick, It's, Carrick, Bin Gloria Dawson, Kamala Harris, Hightower, Gloria Organizations: Service, Business, National Retail Federation, Bed, Amazon Locations: Local, Ohio , Florida, South Carolina, North Carolina, Columbus , Ohio, Bed Bath
Delivery apps like Instacart and Walmart Spark often 'batch' orders together. Drivers have a choice, companies sayBatches have been part of Instacart's strategy for "several years," a company spokesperson told BI. Advertisement"Some customers get angry wondering why it's taking so long," the Alabama driver said. Customers give drivers low ratings and pull away tips as a result, the driver told Insider. AdvertisementDo you work for Instacart, Spark, or another delivery service and have a story idea to share?
Persons: , they'll, Instacart, Uber, commenter Organizations: Walmart, Service, Drivers, Alabama, FedEx, UPS, SEC Locations: Alabama, North Carolina, New York City, Queens, Brooklyn
By Liz LeeBEIJING (Reuters) - China's chief intelligence agency posted on social media a comic strip featuring foreign-looking characters secretly extracting rare earths, in a story portraying the country's strategic metals under threat from covetous "overseas organisations". No foreign government or agencies were named in the comic strip, and the ministry did not specify any measures to counter foreign "interest" in China's rare earths. It also banned the export of technology to make rare earth magnets, in addition a ban on technology to extract and separate rare earths. The restrictions have fanned fears that the supply of rare earths might ignite tensions with the West, particularly the United States, which accuses China of using economic coercion to influence other countries. The newspaper said the United States, Japan and the European Union, among others, have for a long time "coveted China's rare earth mineral resources".
Persons: Liz Lee BEIJING, Li Baiyang, Liz Lee, Miral Fahmy Organizations: State Security, United, Mining, Times, European Union, Global Times, Nanjing University Locations: China, United States, Beijing, U.S, Japan
Colombia was playing Mexico and we decided to watch the second half at mine,” the single father recalls. “Numerous US citizens in Colombia have been drugged, robbed, and even killed by their Colombian dates,” it added. US officers have also seen an increase in reports of robbery cases involving online dating apps in the last 12 months, the alert notes. While he hasn’t been on any dating apps since then, Carlos does not blame the apps for his experience. “Unfortunately, people around me essentially said it was my fault for doing this (going on a dating app).
Persons: Carlos, ” Carlos –, , scopolamine, , ” Carlos, Federico Gutierrez, Gutierrez, ” Gutierrez, , hasn’t Organizations: Bogota CNN —, US State Department, US, Colombian, Embassy, US Overseas Security Advisory Council, CNN, US Embassy, Medellin, Police Department Locations: Bogota, American, Colombia, Mexico, Medellin, Caribbean, Santa Marta, Bogotá, Colombian, Cartagena, Colombian Caribbean
AdvertisementI know that every time I submit a résumé, as I said in my cover letter, "there is a 0.49% chance that a human will even see this application, let alone this cover letter." I stopped pouring my heart and soul into my cover lettersIn the past, if there was a cover letter, I put my heart and soul into it every single time. With this latest cover letter, it was the first time that I came across a required cover letter in several months. AdvertisementA cover letter submitted by Kevin Cash that he says is no-nonsense. As I said in my cover letter, "I just need someone to give me a chance."
Persons: Kevin Cash, Cash, He's, I'd, I've, It's, Hey, Kevin, didn't, that's, Uber, I'm, it's Organizations: Navy, Mensa, LinkedIn Locations: Portland , Oregon
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