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☆ Freetrade, Britain's answer to Robinhood, says its CEO is stepping down
▼ + stars: | 2024-05-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

s LONDON — The boss of U.K. stock trading service Freetrade is stepping down and leaving the company with immediate effect, the company told CNBC exclusively Monday. Dodds remains the largest individual shareholder in Freetrade, owning a roughly 12% stake, according to company filings. Freetrade is default alive and ready to take on the incumbent platforms in the UK with self-sustaining growth," Dodds said. Dodds added: "I'm very happy to say Viktor will be stepping up to take over the helm as CEO. Nebehaj, Freetrade's incoming CEO, applauded Dodds' eight-year run as CEO and said that "it's natural that different stages of a company's growth require different leaders."

Persons: Adam Dodds, Davide Fioranell, Viktor Nebehaj, Nebehaj, Dodds, he'll, Rafael Henrique, " Dodds, Viktor, Perry Blacher, Freetrade, it's Organizations: CNBC, GameStop Locations: Freetrade, U.S

☆ Looks like Masayoshi Son's plan to go all in on AI is starting to pay off for SoftBank
▼ + stars: | 2024-05-13 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

The Japanese billionaire's conglomerate posted a $1.5 billion profit for its latest quarter. The gains come off the back of its big bet on chip firm ARM, which is targeting AI opportunities. Arm Holdings CEO Rene Haas is seeking to capitalize on the AI boom. But as the appetite for ARM's AI activities show, SoftBank has room to grow in the face of the latest boom. If he's able to find the right bets, AI could pay off handsomely in the long term.

Persons: Masayoshi, —, It's, SoftBank, Rene Haas, Michael M, Yoshimitsu Goto, Son, WeWork, AI's Organizations: ARM, Service, Son, Nasdaq, Apple, Arm, Funds, Nvidia Locations: Tokyo, Cambridge, London, Alibaba

☆ Citadel CEO Ken Griffin says the anti-Israel college campus protests are just 'performative art'
▼ + stars: | 2024-05-13 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Anti-Israel protesters are just engaging in a form of performance art, says Citadel CEO Ken Griffin. Griffin said he was pausing his donations to Harvard over its approach to on campus antisemitism. AdvertisementCitadel founder and CEO Ken Griffin, 55, isn't a fan of the anti-Israel protesters that have taken over American college campuses. That's just anarchy," Griffin said of the student protesters. Griffin's criticisms of student protesters highlight the huge influence that Corporate America has on higher education.

Persons: Ken Griffin, Griffin, —, we're, That's, Griffin didn't, Harvard didn't, Darren Woods, Kevin O'Leary, O'Leary Organizations: Israel, Citadel, Harvard, Service, Financial Times, Columbia University, UCLA, The New York Times, BI, mater, Harvard University, Harvard Gazette, Senate, IBM, Funds Association Network Miami, Ivy League, CNBC, Fox News Locations: Israel

☆ Arizona is a cautionary tale for school vouchers as a wave of states are giving parents cash to send their kids to private school
▼ + stars: | 2024-05-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Read previewThe prominence of school vouchers continues to surge across the country — but they might not benefit the families who need them the most. Over the past few years, states like Ohio and Arkansas have expanded their school voucher programs to allow most or all parents to receive funding to send their kids to private schools. The modern school voucher movement started to grow in the 1990s under the idea that the government would give parents a certain amount of money to put toward private school tuition. A new report from the Brookings Institution delved further into the implications of Arizona's voucher program. AdvertisementHave you received a school voucher or decided not to participate in your state's program?

Persons: —, Josh Cowen, Cowen, they've, Katie Hobbs, Rebecca Noble, Doug Ducey, Ducey, Hobbs Organizations: Service, Business, Michigan State University, Brookings Institution, Brookings, ESA, Catholic, Republican, Democratic, Arizona Locations: Ohio, Arkansas, Arizona, Brookings, Phoenix, Queen, Tennessee, Georgia, Alabama

☆ Opinion | Want to fix Social Security? The Well-Off Must Accept Smaller Checks.
▼ + stars: | 2024-05-13 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

That’s all that’s left until the combined Social Security accounts — the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund — are likely to run out of money and can no longer pay full scheduled benefits, according to the latest report of the Social Security trustees. (Even with no fix at all — highly unlikely — incoming payroll taxes would cover 83 percent of scheduled benefits.) What I do worry about is what Washington’s patch for Social Security will look like. The cold math shows that fixing Social Security in a lasting way will require a combination of tax increases and benefit cuts. And both parties’ leaders — President Biden and former President Donald Trump — have ruled benefit cuts off the table.

Persons: — President Biden, Donald Trump — Organizations: Security, Insurance Trust Fund, Disability Insurance Trust Fund, Social, Social Security, —

☆ Crypto prices are back. So are the TV ads.
▼ + stars: | 2024-05-13 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

Read previewOne sign we're in a crypto revival: Crypto prices are roaring again. Another sign: Crypto companies are advertising on TV again. Crypto.com isn't the only one pushing crypto on TV again. It makes perfect sense to run it side-by-side with ads telling you how fun it would be to bet on the very game you're watching (unless you're an NBA player). All that said, the 2024 crypto revival still seems more like an echo of the last boom than a replay.

Persons: —, you've, it's, Eminem, Matt Damon, Damon, Crypto.com, Coinbase cheekily, Crypto, Jack Dorsey, Kitty Organizations: Service, NBA, Business, UFC, GameStop

☆ GameStop short sellers have already lost $1 billion from Monday's monster rally
▼ + stars: | 2024-05-13 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The jaw-dropping rally in GameStop on Monday has already caused losses of $1 billion for short sellers, according to data from S3 Partners. "Expect short covering in this stock as it already had a 100/100 squeeze score prior to today's trading," said Ihor Dusaniwsky, S3 managing director of predictive analytics. Currently, the short position in GameStop shares amounts to more than 24% of all its shares that are freely available to trade, also known as the float, according to FactSet. Including Monday's losses, short sellers in GameStop have lost $1.43 billion in May alone, according to S3. "Short sellers may be in for a bumpy and bloody ride in these stocks," Dusaniwsky said.

Persons: Ihor, Roaring, Keith Gill, Dusaniwsky, Reddit, — CNBC's Scott Schnipper Organizations: GameStop, New York Stock Exchange, S3 Partners, Partners, AMC

☆ China is kicking off a $138 billion bond sale to help boost its flagging economy
▼ + stars: | 2024-05-13 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

China is about to start selling $138 billion in long-dated sovereign bonds, the finance ministry said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina will start selling bonds this week in a bid to boost its faltering economy. The finance ministry said it will issue 30-year sovereign bonds worth 40 billion yuan ($5.5 billion) on Friday in the first of several sales aimed at raising 1 trillion yuan ($138 billion) overall. Beijing revealed its plans to start selling ultra-long sovereign bonds in March.

Persons: —, Premier Li Qiang Organizations: Service, Premier, Business Locations: China, Beijing

GameStop shares rallied more than 40% in premarket trading Monday after "Roaring Kitty," the man who inspired the epic short squeeze of 2021, posted online for the first time in roughly three years. Roaring Kitty, whose legal name is Keith Gill, is a former marketer for Massachusetts Mutual Life Insurance. Currently, the short position in GameStop shares amounts to more than 24% of all its shares that are freely-available to trade, also known as the float. In response, one Robinhood user filed a class-action lawsuit following the app's decision to restrict GameStop trading on its platform. Another class-action lawsuit brought against Gill alleged that he pretended to be a novice trader despite being a licensed professional.

Persons: Roaring Kitty, Keith Gill, Gill, Capital, Ken Griffin's, Robinhood, Melvin Capital, Paul Dano Organizations: GameStop, Massachusetts Mutual Life Insurance, Ken Griffin's Citadel, Citadel Locations: Reddit

☆ BHP takeover bid for Anglo American 'a very complicated big deal,' investment management firm says
▼ + stars: | 2024-05-13 | 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 EmailBHP takeover bid for Anglo American 'a very complicated big deal,' investment management firm saysHugh Dive, CIO of Atlas Funds Management, discusses what's involved in the bid and the outlook for the deal, saying there are "a lot of regulatory issues."

Persons: Hugh Dive, what's Organizations: BHP, Atlas Funds Management Locations: American

☆ GameStop stock surges over 70%—but investors should still be wary of 'meme stocks'
▼ + stars: | 2024-05-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Between 2020 and 2021, he became one of the key internet personas who encouraged an army of day traders to heavily invest in GameStop, kicking off the "meme stock" frenzy. And in 2024, it appears that meme stocks are rallying again. Short sellers are individual investors or hedge funds who believe a certain stock's price will decline. If the stock price doesn't fall the way the short sellers anticipated, they can lose money, as happened with GameStop. Investors should also be wary of chasing meme stocks with the expectation of earning a profit.

Persons: Keith Gill, he's, Gill isn't Organizations: GameStop

☆ Chinese consumer stocks to buy even if the overall market rally fades
▼ + stars: | 2024-05-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

It's now focused on finding industry leaders with high free cash flow. Hong Kong-based AlphaHill Capital is looking specifically for Chinese consumer names with free cash flow growth, said Siliang Jiang, the firm's partner and portfolio manager. Jiang expects the Chinese consumer will start to turn around in the second half of this year or next year. China's "Consumer Confidence Index (CCI) edged up in the past 9 months, despite falling property prices and fears of 'household balance sheet recession '. Two of their picks based on positive free cash flow are Li Auto and New Oriental Education .

Persons: Ding Wenjie, Ding, It's, Siliang Jiang, Jiang, Li, Liqian Ren, Ren, — CNBC's Michael Bloom Organizations: Citi, China Asset Management Co, CNBC, Investors, China Merchants Securities, Baidu, Bank of America, Li Auto, New Oriental, Speed Railway, WisdomTree, Reuters Locations: China, India, Hong Kong, Tencent, Beijing, Shanghai, Shanghai . State

☆ This Old, Old House: Would You Buy a 1702 Fixer-Upper?
▼ + stars: | 2024-05-12 | by ( Steven Kurutz | ) www.nytimes.com time to read: 1 min

Lee McColgan’s career in finance was probably doomed as soon as he started visiting historic house museums. The first one he toured was the Fairbanks House, in Dedham, Mass., the oldest surviving timber-frame home in America, built in 1637. It was 2014, and Mr. McColgan was living in Omaha, where he worked as a sales representative for a large investment company. Despite a rural childhood in Vermont and an interest in visual arts and building, he had spent much of his adulthood working in a cubicle: five years of “jacking in” at a call center outside Boston, followed by several more as a Midwestern “external wholesaler” pitching mutual funds to financial advisers.

Persons: Lee McColgan’s, McColgan, “ Organizations: Fairbanks Locations: Dedham, Mass, America, Omaha, Vermont, ”, Boston

☆ I gifted myself an adult gap year for my 30th birthday. I've never been this happy and I'm the most broke I've ever been.
▼ + stars: | 2024-05-12 | by ( Jane Zhang | ) www.businessinsider.com time to read: +8 min

I immigrated to Canada from Nigeria when I was 22 for my master's degree and started working right after graduating. I had thought about starting my own clothing brand for years, so I started working on ideas for that too. One of the biggest things I'm taking away from this sabbatical is realizing that a lot of things are not that serious. I've never been this happy, and I'm the most broke I've ever been. AdvertisementIf you took a sabbatical and would like to share your story, email Jane Zhang at janezhang@businessinsider.com.

Persons: Alma Rex, Ezonfade, —, I'm, would've, I'd, what's, I've, Jane Zhang Organizations: Service, YouTube, Google, Abbey Locations: Toronto, Canada, Nigeria, Caribbean, Europe, Punta Cana, janezhang@businessinsider.com

☆ 'The deals are going to come': A real-estate investor with over 40 years of experience shares the 2 financing strategies he used to build up his portfolio — and the best way new investors can start sc
▼ + stars: | 2024-05-12 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Preparation and being in the right place at the right time is how he said he's built up his real-estate portfolio in Erie County, Pennsylvania, over the last four decades. Throughout his real-estate investing journey, many of Miller's deals came about through seller financing and being at the right place at the right time. Another financing strategy Miller employed to build his portfolio was using a hard-money lender. "Hard-money lending is probably something that's going to help you grow your portfolio faster than any other thing," Miller said. "Most of these programs range anywhere from a hundred percent financing all the way up to 105% financing, depending on the state."

Persons: Joel Miller, he's, Miller, Miller —, —, Miller's, Jeff Welgan, Freddie Mac's, Welgan Organizations: Business, Facebook, Housing Act Locations: Erie County , Pennsylvania, New

☆ Credit Cards Are Smarter: Better Fraud Detection, No Travel Alerts
▼ + stars: | 2024-05-12 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

I don't know how JPMorgan Chase knew that I would spend $200 on Botox in Argentina, but it did. It's great that banks and credit-card companies are getting better at discerning which payments are fraudulent and which are legit. Credit-card fraud protection is still far from perfect, but there's no denying that the technology is improving. So I reached out to some credit-card companies and academics to learn more. But it's cool that companies really are making fraud detection better, especially in a world where fraudsters themselves are constantly getting better.

Persons: JPMorgan Chase, it's, Nilson, We've, that's, Tina Eide, Eide, Mike Lemberger, they've, Lemberger, here's, Yann, Aël Le Borgne, Gianluca Bontempi, Bontempi, I'd, Le Borgne, somebody's, Emily Stewart Organizations: Citibank, JPMorgan, Federal Trade Commission, American Express, Netflix, Libre de Bruxelles, Companies, Visa, Citi, Business Locations: California, Buenos Aires, Botox, Argentina, North America, Belgium, Lemberger

☆ Trump asked top oil execs for $1 billion campaign cash in exchange for environmental policy rollbacks, report says
▼ + stars: | 2024-05-12 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

The transactional campaign promise indicates what a second Trump presidency would mean for the White House's environmental agenda. Pornsak Na Nakorn/EyeEm/GettyWhile Biden has positioned the climate crisis as an existential threat and championed aggressive environmental regulations, Trump has dismissed it as a hoax and systematically dismantled environmental protections during his tenure. Related storiesSince taking office in 2021, Biden has swiftly reversed many of Trump's environmental actions, including blocking future oil drilling in the Alaskan Arctic. However, despite oil industry grievances over Biden's policies, the US has experienced record oil production, leading to substantial profits for major energy companies like ExxonMobil and Chevron, said The Post. As the campaign trail heats up, Trump's message to the oil industry remains clear: support him, and he'll deliver on their demands.

Persons: —, Donald Trump, Joe, Trump, Getty, Biden, BI's Benji Jones, he'll Organizations: Service, Lago Club, The Washington Post, Business, Democratic, Post, Keystone XL, ExxonMobil, Chevron, Trump, Fox News, Iowa Locations: Gulf of Mexico

☆ Opinion: Michael Cohen has lied. Here’s why the Trump jury can believe him
▼ + stars: | 2024-05-12 | by ( Opinion Norman Eisen | ) edition.cnn.com time to read: +9 min

Pecker explained that for the scheme to further benefit Trump’s campaign, he later set in motion the hush money payment to Stormy Daniels. Trump claimed Cohen made the payment on his own and not at Trump’s direction, but Hicks did not believe him. He testified that he was under the belief that Cohen needed Trump’s approval to wire any funds and that Trump was the source. Former Trump Organization accountant Deborah Tarasoff also told the jury that Trump was directly involved in reimbursing Cohen. She spoke at length about how Trump continued to focus on personal and Trump Organization business minutiae while in the White House.

Persons: Norman Eisen, “, Donald Trump, CNN — Michael Cohen, Trump, Cohen, Stormy Daniels, Norm Eisen, Daniels, David Pecker, Pecker, Hope Hicks, ” Hicks, Hicks, Allen Weisselberg, ” Trump, Weisselberg, Keith Davidson, Davidson, Deborah Tarasoff, reimbursing Cohen, Tarasoff, Donald J, Eric Trump, Reimbursing Cohen Cohen, Trump’s, Jeffrey McConney, I’ve, ” McConney, Madeleine Westerhout, Westerhout, Sally Franklin, ” Organizations: CNN, Trump, American Media, National Enquirer, Trump Organization, Trump Revocable Trust, White House, White, Twitter, Facebook, Random, “ Trump, The Trump Organization Locations: Trump’s Manhattan, Manhattan, Trump, “

☆ Schools are bracing for widespread teacher layoffs. Here’s why
▼ + stars: | 2024-05-11 | by ( Katie Lobosco | ) edition.cnn.com time to read: +6 min

The funds must be used by the end of September, creating a sharp funding cliff as schools also struggle with widespread enrollment declines and inflation. Many districts have warned of layoffs as the current school year comes to a close and next year’s budgets are planned. Not only is the federal funding ending, but enrollment at the district’s schools has fallen by nearly 500 students – or roughly 5% – since 2019. Pandemic aid comes to an endAfter the Covid-19 pandemic hit in 2020, Congress authorized three rounds of federal funding to help K-12 schools respond. But that’s partly because some districts, flush with pandemic funding, have been adding positions while enrollment in public schools has been declining nationally.

Persons: Joe Biden, Micah Hill, Hill, Leslie Torres, Rodriguez, ”, Dan Goldhaber, –, Chad Aldeman, Heather Peske, Peske, it’s, ” Peske Organizations: Washington CNN — Schools, Public Schools, CNN, Hartford Public Schools, Secondary School Emergency, “, National Council Locations: Missoula , Montana, Missoula, Arlington , Texas, Hartford , Connecticut, Hartford, –, CALDER, Washington

☆ Why did early presidents not campaign? It’s all modern presidents seem to do
▼ + stars: | 2024-05-11 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

I talked to Brendan Doherty, a professor of political science at the United States Naval Academy and author of the books, “The Rise of the President’s Permanent Campaign” and “Fundraiser in Chief: Presidents and the Politics of Campaign Cash,” about why early presidents stayed off the trail and how this became the permanent campaign. Our conversation, conducted by email, is below:WOLF: Why didn’t early presidents personally campaign? DOHERTY: In the early decades of the republic, presidential candidates adhered to the norm that they should not actively campaign for office. DOHERTY: While early presidential candidates didn’t actively campaign, their supporters got the word out on their behalf. DOHERTY: Modern presidents campaign for themselves and for their fellow party members throughout their term in office.

Persons: Donald Trump, he’d, ”, Trump, “, Joe Biden, —, Brendan Doherty, DOHERTY, WOLF, didn’t, Andrew Johnson, Johnson, William Jennings Bryan, Republican William McKinley, Franklin Roosevelt, Harry Truman, Harry S, George Skadding, John F, Kennedy, Ronald Reagan, Herbert Hoover, Reagan, hadn’t, it’s Organizations: CNN, “, United States Naval Academy, Newspapers, Democratic, Republican, Truman, Catholic, White, Wisconsin and, Ronald, Electoral, Technological Locations: York, Pennsylvania , Michigan, Wisconsin, Florida, New Jersey, Wisconsin and West Virginia, Fairfield , Connecticut

☆ S&P 500 rebounds to less than 1% from a record after orderly three-week pullback
▼ + stars: | 2024-05-11 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

The five-month, 28% sprint from the October correction low to the record high on the last trading day of the first quarter left the S & P 500 overbought, overheated and over-loved. .SPX YTD mountain S & P 500, YTD So far, so good, three weeks down and now three weeks up, taking the S & P 500 back to within 1% of its March 28 peak. More specifically, he tracks the correlation between S & P 500 and the Citi Economic Surprise Index. Fidelity Investments head of global macro Jurrien Timmer fashioned this look at the path of S & P 500 earnings heading into and through each calendar year, with 2024 holding up better than 2023 was last year at this time. The last time the S & P 500 was at today's level above 5200 in late March, the 12-month forward price/earnings multiple was 21.

Persons: that's, Jerome Powell, Scott Chronert, It's, Powell, Lori Calvasina, we've Organizations: U.S, Bank, Citi, Citi U.S, Fidelity Investments, Treasury, RBC Capital

At the Milken Institute’s Global Conference this week, a little-known risky financial tool became the subject of a hot debate among Wall Street titans. Many private equity firms have quietly begun mortgaging their investment funds, piling leverage upon leverage. In other words, they’re taking out loans against the businesses they’ve already taken out loans to buy. At a time when dealmakers are desperate to raise new cash after the boom of the pandemic era, this mechanism — known as a net asset value loan — is allowing them to do it overnight. firms are using the tool as they set out to raise their next funds, especially those confronting a hurdle during a slow period for dealmaking: They have yet to return cash to the limited partners they tapped for their last round.

Organizations: Milken Institute’s Global Conference, Wall Street titans

☆ An early retiree explains the IRS rule he uses to withdraw $20,000 a year of his retirement money penalty-free even though he hasn't reached age 59 ½
▼ + stars: | 2024-05-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Courtesy of Eric CooperThe idea of early retirement didn't start to percolate until 2019. "That's when I found the Mr. Money Mustache website and this article that explained the simple math behind early retirement and the 4% rule." According to the 4% rule, which helps retirees determine how much they can spend without running out of money, Cooper had a big enough portfolio to stop working. Using Rule 72(t) to access his retirement money without penaltyWhen you contribute to retirement accounts like a 401(k) and IRA, you can start taking penalty-free withdrawals after age 59½. He rolled over $300,000 because that's about how much money he'll need for a $20,000 annual distribution each year until he's 59 ½.

Persons: Eric Cooper, Cooper, I'd, Cooper's, didn't, I've, It's, you've, That's Organizations: Business, Google, IRS Locations: percolate, Louisville

☆ 'This is where you start bear markets from': A notorious bear who called the 2000 and 2008 crashes warns stock-market conditions resemble a major peak more than any time in the last 100 years
▼ + stars: | 2024-05-11 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The gauge is shown below in green and red alongside S&P 500 price action in blue. Most strategists at major Wall Street banks, meanwhile, generally see the S&P 500 staying above 5,000 through 2024. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.

Persons: Jeremy Grantham, John Hussman, he's, Hussman, —, it's, Warren Buffett, there's, David Rosenberg Organizations: Hussman Investment Trust, Business, CPS, Federal Reserve, Rosenberg Research, Bureau of Labor Statistics, Employment Dynamics, bullish

☆ BMO is buying the real estate dip. These dividend-yielding stocks on are its buy list
▼ + stars: | 2024-05-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Real estate stocks have become oversold and that's presented an opportunity for investors, according to BMO. Real estate is the only S & P 500 sector that's in the red this year, off 6%. .SPLRCR YTD mountain S & P 500 Real Estate Sector year to date BMO identified four other periods of this abnormal underperformance. In the year following such troughs, real estate investment trusts outperformed the S & P 500 by about 17%, on average. "The death of commercial real estate is way, way precluded.

Persons: that's, Brian Belski, Belski, REITs, Charles Meyers Organizations: BMO, Real, Boston Properties, CNBC, Boomers, . Census, Hotels, Resorts Locations: New York, San Francisco

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