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"I expect that inflation will move back down on a monthly basis to levels that were more like the lower readings we were having last year," he told attendees at a banking conference. So we're just going to have to see where the inflation data fall out." The index, a proxy for wholesale prices, accelerated 2.2% on an annual basis, the highest reading in a year. "This will be the most important read of the month [excluding nonfarm payrolls] as inflation continues to defy expectations," said Dan North, senior economist at Allianz Trade North America. Even if the report comes in around consensus expectations, it will be "inadequate progress for the Fed to consider a cut until September," he added.
Persons: Frederic J, Brown, Dow Jones, Jerome Powell, we're, Dan North Organizations: AFP, Getty, Federal Reserve, Labor Department's Bureau of Labor Statistics, Allianz Trade North, Fed Locations: Rosemead , California, Amsterdam, Allianz Trade North America
At the end of a somber day in the Ukrainian capital, Secretary of State Antony J. Blinken slipped into a seat at Barman Dictat, a crowded basement cocktail bar where a punk-jazz band was squealing away. After a few songs, the band’s frontman called Mr. Blinken onstage on Tuesday and, by prearrangement, America’s top diplomat slung a red Gibson guitar over his shoulder. “I know this is a really, really difficult time,” said Mr. Blinken, who had discarded his typical dark suit and tie for blue jeans and a dark button-down shirt. It was a reference to recent Russian military gains. Ukraine’s soldiers, particularly in the northeastern city of Kharkiv, he said, “are suffering tremendously.”“But they need to know, you need to know, the United States is with you, so much of the world is with you,” he said, hitting the core message of his unannounced visit to Kyiv, a trip intended in part to spotlight nearly $61 billion in additional military aid signed into law by President Biden in April after months of delays mainly caused by a small band of right-wing House Republicans.
Persons: Antony J, Blinken, Barman Dictat, prearrangement, , , Biden Organizations: House Republicans Locations: Kharkiv, United States, Kyiv
Mr. Cohen said that, according to Mr. Trump, she recommended calling it “locker-room talk” to explain it away. Mr. Cohen brought many of those moments to life, describing Mr. Trump’s micromanagement and his campaign’s panic after the release of the “Access Hollywood” tape. Mr. Cohen also bolstered testimony by David Pecker, the former National Enquirer publisher, establishing a deal to suppress unflattering stories about Mr. Trump. “Once I received the money back from Mr. Trump, I would deposit it and no one would be the wiser,” Mr. Cohen said. He also held a news conference blasting Democrats, whom he and Mr. Trump blame for the case, and Mr. Cohen.
Persons: Michael D, Cohen, Donald J, Trump’s, , Stormy Daniels, Trump, Daniels, Melania, , Todd Heisler, ” Mr, Karen McDougal, ” Cohen, Mr, Trump’s micromanagement, David Pecker, Keith Davidson, Daniels’s, , , Allen Weisselberg, J.D, Vance of, Vance, Rick Scott of, Ken Paxton, Tommy Tuberville, Michael Cohen, Organizations: ., New York Times, Playboy, National Enquirer, Republican, Prosecutors Locations: Manhattan, Lower Manhattan, Vance of Ohio, Rick Scott of Florida, Texas, Alabama
“This case is going to turn in large part on the cross-examination of Mr. Cohen. Cohen said that Trump told him: “Women are going to hate me. “This was all about the campaign.” Cohen also testified that Trump said he would not be on the market for long, implying he could get another wife quickly. Throughout his testimony, Cohen said he always kept Trump up to speed with his activities. “Everything required Mr. Trump’s sign-off,” he said, noting the Daniels payment was no exception.
Persons: CNN — “, Michael Cohen, Donald Trump’s, Cohen, Trump, ” Ryan Goodman, CNN’s Erin Burnett, ” Trump, Bernarda Villalona, , Donald Trump, , “ Michael Cohen, David Schoen, ” Schoen, CNN’s Wolf, quagmire, Joe Biden, Judge Juan Merchan, Cohen –, , Ohio Sen, J.D, Vance, Alabama Sen, Tommy Tuberville, mulls, “ What’s, Stormy Daniels, Susan Hoffinger, Hoffinger, Daniels, Daniels ’, , ” Cohen, smirked, Trump’s, , , reimbursements Cohen, Allen Weisselberg Organizations: CNN, Prosecutors, Republican, NYU Law, Trump, New, New York Times, Judge, Alabama, GOP, Ohio Republican, Trump Organization, White House Locations: New York, Siena, York, Ohio
CNN —House Speaker Mike Johnson is not waiting for ex-President Donald Trump to be judged by a jury of his peers. Vance, a possible VP contender, was there along with Alabama Sen. Tommy Tuberville, a famed former college football coach. The speaker’s appearance is different, given the constitutional heft of his office and the figurative connotations it evokes. Some experts have questioned whether any other defendant besides Trump would face the same indictment at the hands of a prosecutor, Manhattan District Attorney Alvin Bragg, a Democrat. Trump is exercising his right to mount a defense and is considered innocent until proven guilty.
Persons: Mike Johnson, Donald Trump, He’s, Trump, Johnson, Michael Cohen, Ohio Sen, J.D, Vance, Alabama Sen, Tommy Tuberville, Doug Burgum, , he’s, Stormy Daniels, Daniels, Cohen, Trump’s, , ” Johnson, Attorney Alvin Bragg, Organizations: CNN —, Republican, Louisiana Republican, Trump, , Ohio, Alabama, North Dakota Gov, GOP, Attorney, Democrat Locations: Louisiana, New York, Manhattan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJan Kniffen on the state of consumer: Spending is slowing marginallyJan Kniffen, J. Rogers Kniffen WWE CEO, joins 'Sqawk on the Street' to discuss the state of the consumer, retail earnings, inflation, and more.
Persons: Jan Kniffen, Kniffen, J, Rogers Kniffen Organizations: Rogers Kniffen WWE
President Biden on Monday ordered a company with Chinese origins to shut down and sell the Wyoming cryptocurrency mine it built a mile from an Air Force base that controls nuclear-armed intercontinental ballistic missiles. The cryptomining facility, which operates high-powered computers in a data center near the F.E. Warren base in Cheyenne, “presents a national security risk to the United States,” the president said in an executive order, because its equipment could be used for surveillance and espionage. The order did not detail those risks. But Microsoft’s report to the federal committee, obtained last year by The Times, said, “We suggest the possibility that the computing power of an industrial-level cryptomining operation, along with the presence of an unidentified number of Chinese nationals in direct proximity to Microsoft’s Data Center and one of three strategic-missile bases in the U.S., provides significant threat vectors.”
Persons: Biden, Warren, Organizations: Monday, Air Force, New York Times, Microsoft, Pentagon, Foreign Investment, The Times, Microsoft’s Data Locations: Wyoming, Cheyenne, United States, U.S
GameStop’s share price skyrocketed on Monday after the man who became the face of “meme stock” mania in 2021 with his enthusiastic promotion of the struggling video game retailer emerged from a three-year hiatus. On Sunday evening, Keith Gill, the trader known on some social media platforms as Roaring Kitty, posted an illustration of a person holding a video game controller while leaning forward on a chair on X. On no other news, GameStop’s stock more than doubled in early trading, prompting several temporary volatility-related halts by the New York Stock Exchange. The company’s shares approached a two-year high, adding billions in market value in a matter of hours. But even after Monday’s surge, GameStop’s stock remained well below the heights it reached in 2021.
Persons: Keith Gill, Kitty, Gill, Ferris, Ludacris Organizations: New York Stock Exchange, GameStop, AMC Entertainment
The New York Stock Exchange welcomes Squarespace, Inc. (NYSE: SQSP), on May 19, 2021, in celebration of its Direct Listing. Squarespace , the website-building platform, announced on Monday it would go private in a $6.9 billion all-cash deal with private-equity firm Permira, after nearly three turbulent years on the public market. All three have approved the transaction and will continue to be investors after the Permira deal closes. Qualtrics, for example, was spun off from SAP in 2021 and was quickly taken private again in 2023 by Canada's pension plan and Silver Lake in a $12.5 billion deal. Japanese giant Toshiba also went private in 2023 in a $13.6 billion deal, after years of speculation and tumult, including a sustained engagement with activist investor Elliott.
Persons: Squarespace, Permira, Anthony Casalena, Ares Capital, Anthony, David Erlong, Squarespace's, Elliott, Morgan, Skadden, Richards, Layton, Finger, Goldman Sachs, Watkins Organizations: New York Stock Exchange, Inc, Accel, General Atlantic, Ares, Blackstone, SAP, Toshiba, Investors, Latham Locations: J.P
Donald Trump upended decades of American policy when he started a trade war with China. Many thought that President Biden would reverse those policies. Instead, he’s stepping them up. Jim Tankersley, who covers economic policy at the White House, explains.
Persons: Donald Trump, Biden, Jim Tankersley Organizations: White Locations: China
This week, however, Mr. Cohen is poised to unfix Mr. Trump’s life. And, on occasion, Mr. Cohen has said, Mr. Trump put Mr. Cohen on the phone with his wife, Melania, to reassure her that he hadn’t been unfaithful. Mr. Cohen was no longer a Trump Organization employee, and Mr. Trump had excluded him from a job in Washington. When one of Mr. Trump’s friends asked Mr. Trump why he kept Mr. Cohen so close, Mr. Trump replied, “He has his purpose.”Image In 2016, Mr. Cohen campaigned for Mr. Trump, but he did not get a job in the administration. At that meeting, Mr. Cohen has said, he and Mr. Trump confirmed their plan to falsify the records.
Persons: Michael D, Cohen, Donald J, Trump, litigators, Cohen’s, Trump’s, Stormy Daniels, Mr, lackey, , Jim Cole, , Donny Deutsch, ” Mr, Deutsch, “ Donald, Trump’s “, , ” ‘, T.J . Kirkpatrick, ” Jeffrey McConney, dryly, Roy M, Cohn, Joseph McCarthy, Rosie O’Donnell, John Taggart, Barron, Donald Trump Jr, hadn’t, Black, Karen McDougal, Daniels, Jonathan Ernst, Cohen puttered, Lanny J, Davis, doesn’t revel, Omarosa Manigault Newman, Michael, Jim Lo Scalzo, You’re, , Alina Habba, perjured, isn’t, Habba, Ms, “ You’re, Hope Hicks, scoffed, “ Michael Cohen Organizations: York, Prosecutors, Mr, Trump, Associated, The New York Times, Trump Organization, CNBC, Communist, National Enquirer, Playboy, Credit, Nike, “ Fox & Friends, Democratic, Federal Bureau of Prisons, White, New Locations: Manhattan, New York, Long, Trump’s New York, Trump, Miami, Moscow, Iowa, Washington, Otisville
Hong Kong CNN —For decades, Western companies made a fortune betting on the inexorable rise of the Chinese consumer. Now an economic slump and the emergence of ferocious local competitors means those bets look less safe as price wars erupt. Tesla’s China market share shrank to 4% in April, almost halving from 7.7% in March, according to data released by the China Passenger Car Association on Friday. In the 1990s, “every company in the West” was hiring consultants and having boardroom meetings about how to do more in China, according to Stevenson-Yang. He added that he continues to feel optimistic about the Chinese market in the long term.
Persons: , Anne Stevenson, Yang, Stevenson, aren’t, Yang Wang, Kevin Frayer, Tim Cook, iPhones, Cotti, Luckin, Belinda Wong, , McDonald’s, Wallace Organizations: Hong Kong CNN, China Passenger Car Association, J Capital Research, EV, Apple, Starbucks, Counterpoint Research, Macao —, Huawei, China Academy of Information, Communications Technology, Luckin Coffee, McDonalds, KFC, Burger Locations: China, Hong Kong, Shanghai, United States, Germany, Brazil, Beijing, Greater China, Taiwan, Macao, Starbucks China, Dominos, India
The $130,000 payment led to the charges against the former president: that Mr. Trump falsified 34 business records to hide a reimbursement to Mr. Cohen. Mr. Trump, 77, has denied the charges and says he did not have sex with Ms. Daniels. Here are five takeaways from Mr. Trump’s 16th day on trial:Cohen brought four weeks together in one day. Since testimony began April 22, prosecutors have been stitching together the motive and methods of the $130,000 payment, using evidence like phone logs, emails and text messages and witness testimony. Mr. Cohen brought many of those moments to life, describing Mr. Trump’s micromanagement and his campaign’s panic after the release of the “Access Hollywood” tape just before the 2016 election.
Persons: Michael D, Cohen, Donald J, Trump’s, , Stormy Daniels, Trump, Daniels, Mr, Trump’s micromanagement
The trial of former President Donald J. Trump has all the elements of a made-for-TV thriller: sex, politics and potential consequences for the future of the republic. One problem: no TV. The testimony on Monday of Michael Cohen, Mr. Trump’s lawyer-turned-witness for the prosecution, was the kind of highly anticipated, high-drama moment that would make for riveting television if it could be watched live. Sketches, still photographs and footage of Mr. Trump walking in and out of the courthouse now typically fill the screens of the major cable news channels, as their on-air personnel narrate the day’s events. The coverage has the feel of a live baseball radio broadcast, with commentators creating word-pictures for their audience.
Persons: Donald J, Trump, Michael Cohen, Trump’s Locations: Lower Manhattan
Senator J.D. Vance, an Ohio Republican, joined Donald J. Trump’s entourage in court on Monday as the prosecution’s star witness, Michael D. Cohen, the former president’s fixer-turned-nemesis, took the stand. Mr. Vance’s presence could signal a new frontier for Mr. Trump’s testing of potential running mates. But Mr. Vance, who had been aggressively critical of Mr. Trump before running for office, has worked to repair that relationship, and is now one of his most vocal defenders in the Senate. Mr. Vance’s seat in court on Monday could also be chalked up simply as well-timed support for the former president.
Persons: J.D, Vance, Donald J, Michael D, Cohen, Trump, Vance’s, Tommy Tuberville, Nicole Malliotakis, Brenna Bird Organizations: Ohio Republican Locations: Ohio, Alabama, New York, Iowa
Senator Robert Menendez arrives at the federal courthouse in Manhattan, New York, United States on May 13, 2024. A judge on Monday admonished attorneys for playing legal games shortly after they convened for the start of the federal bribery trial of Sen. Robert Menendez, D-N.J."There's been too much gamesmanship here," Judge Sidney Stein told prosecutors and defense attorneys before jury selection began for the trial in federal court in Manhattan. His wife, Nadine Menendez, is also charged in the corruption case, but her trial was severed from her husband's due to what her lawyers said were medical issues. Prosecutors from the U.S. Attorney's Office for the Southern District of New York told Stein that they expect to lay out their case in four-and-a-half to six-and-a-half weeks. The trial itself could last around six to seven weeks, Stein told dozens of prospective jurors before giving them a rough outline the 18-count indictment against Menendez and his co-defendants.
Persons: Robert Menendez, Sen, There's, Sidney Stein, Stein, I'm, Menendez, Wael Hana, Fred Daibes, Jose Uribe, Prosecutors, Nadine Menendez, Donald Trump, Stormy Daniels Organizations: New, Senate Foreign Relations, Prosecutors, Attorney's, Southern, of, of New York, Manhattan Supreme Locations: Manhattan , New York, United States, Manhattan, New Jersey, Egypt, Qatar, of New
At the end of a tense court day in his criminal trial in Manhattan, former President Donald J. Trump on Thursday sent an email to his followers with a dramatic subject line: “I stormed out of court!”The reality was far more muted. When the day ended, Mr. Trump calmly left the courtroom, as is typical of many criminal defendants. He strode toward reporters and a camera stationed in the hallway and gave a minute-long statement attacking the case, the judge and the proceedings. Still, in his message to followers, Mr. Trump depicted himself as a firebrand who angrily fled the proceedings over perceived injustice. “I’m DONE with the election interference,” he wrote.
Persons: Donald J, Trump, strode, , , “ Joe Biden, I’m Organizations: Mr Locations: Manhattan
Editor’s Note: This article was originally published by The Business of Fashion, an editorial partner of CNN Style. The design was upcycled from vintage Chanel scarves by stylist Logan Horne, whose brand, J. Logan Home, specializes in refashioning heritage luxury accessories. Fashion brands' legal claims are varied but ultimately boil down to concerns that third parties are free-riding on brands’ valuable IP in ways that could risk confusing consumers, eroding primary sales and tarnishing or diluting carefully cultivated marks. Some big brands, like Prada, Gucci and indeed Levi’s, have already dabbled with upcycling collections and programs of their own. These days, she says she’s having about a conversation a week with brands interested in exploring collaboration, but the industry moves slowly.
Persons: Travis Kelce, Logan Horne, Logan, Webster, They’ve, Chanel, Horne, , Susan Scafidi, J, Logan Home’s, Christian Vierig, Louis Vuitton, Levi’s, Jeremy Moeller, Irene Calboli, ” Chanel, des, Batsheva Hay, Monica Schipper, , Hay, upcycling, I’m, Prada, Gucci, Anna Foster, Gabriela Hearst Organizations: The, Fashion, CNN, NFL, Dua, Law, Paris Fashion, Business of, , Getty, Logan Home, Texas, M University, Fashion Trust, Business of Fashion, Industry Locations: New York, Texas, Beverly Hills , California, India, Europe
Democratic candidates for the Senate in Arizona, Nevada, Pennsylvania and Wisconsin lead their Republican rivals and are running well ahead of President Biden in key states where he continues to struggle, according to polls by The New York Times, The Philadelphia Inquirer and Siena College. The battleground surveys of registered voters indicate that the president’s difficulties against former President Donald J. Trump may not be enough to sink other Democrats, especially Senate incumbents who are facing less-well-known Republicans. Ticket-splitters are not abundant — about 10 percent of Trump voters back the Democratic candidate for Senate in the four states, while about 5 percent of Biden supporters back the Republican. But those voters are enough to give Democrats a chance at holding the Senate, where they currently hold a one-seat majority. To maintain control, the Democrats would have to sweep every competitive Senate seat and win the White House.
Persons: Biden, Donald J, Trump Organizations: Senate, Republican, The New York Times, Philadelphia Inquirer, Siena College, Trump voters, Democratic, White Locations: Arizona , Nevada , Pennsylvania, Wisconsin
The striking amount of time and energy that went into covering up Donald J. Trump’s alleged affairs in the run-up to the 2016 election, and the panic among his aides over their impact on female voters, returned front and center in the testimony of Michael D. Cohen on Monday. Mr. Cohen and a team at The National Enquirer spoke seemingly constantly about how to keep these women quiet, even as new accounts surfaced that required awkward conversations with the candidate. Accounting departments were engaged, front companies were created, and misleading invoices were produced, according to witnesses for the prosecution. The “Access Hollywood” tape, a recording of Mr. Trump talking about groping women with impunity, landed like a bombshell in 2016. Mr. Trump urged Mr. Cohen, who was in London, to reach out to his contacts in the news media.
Persons: Donald J, Trump’s, Michael D, Cohen, Trump, Mr, Chris Cuomo Organizations: National Enquirer, Mr, CNN, Trump Locations: London
Donald J. Trump leads President Biden in five crucial battleground states, a new set of polls shows, as a yearning for change and discontent over the economy and the war in Gaza among young, Black and Hispanic voters threaten to unravel the president’s Democratic coalition. The surveys by The New York Times, Siena College and The Philadelphia Inquirer found that Mr. Trump was ahead among registered voters in a head-to-head matchup against Mr. Biden in five of six key states: Michigan, Arizona, Nevada, Georgia and Pennsylvania. Mr. Biden led among registered voters in only one battleground state, Wisconsin. Mr. Trump led in five states as well, but Mr. Biden edged ahead in Michigan while trailing only narrowly in Wisconsin and Pennsylvania. While Mr. Biden won all six of those states in 2020, victories in Pennsylvania, Michigan and Wisconsin would be enough for him to win re-election, provided he won everywhere else he did four years ago.
Persons: Donald J, Trump, Biden Organizations: Democratic, The New York Times, Siena College, The Philadelphia Inquirer, Mr Locations: Gaza, Michigan, Arizona , Nevada , Georgia, Pennsylvania, Wisconsin, Pennsylvania , Michigan
Three fellow prison inmates charged in the brutal bludgeoning death of James (Whitey) Bulger, the wily and charismatic Boston gangster who had evaded a federal dragnet for 16 years, have agreed to a plea deal, according to a filing by federal prosecutors in West Virginia on Monday. Fotios Geas, Paul J. DeCologero and Sean McKinnon faced murder and conspiracy charges after Mr. Bulger, 89, was found beaten to death in his cell in 2018, just hours after being transferred from a Florida lockup where he had been serving two consecutive life sentences for his role in 11 murders. The details of the agreement were not disclosed. In a three-page motion, prosecutors said that the three men had agreed to “cooperate” with the government in preparing a report specifying the circumstances of Mr. Bulger’s killing at the Hazelton federal prison in Bruceton Mills, W.Va.Prison officials had quickly identified Mr. Geas as a suspect in the immediate aftermath of the attack. After a four-year investigation, prosecutors said Mr. DeCologero, a Boston-area gang leader, also took an active role in battering Mr. Bulger, while Mr. McKinnon served as a lookout.
Persons: James, Whitey, Bulger, Fotios Geas, Paul J, DeCologero, Sean McKinnon, Bulger’s, Geas, McKinnon Organizations: Boston Locations: West Virginia, Florida, Hazelton, Bruceton Mills, W.Va, Boston
Michael D. Cohen, the do-anything fixer who once boasted of burying Donald J. Trump’s secrets and spreading his lies, took the stand at the former president’s criminal trial in Manhattan on Monday and exposed those machinations to the jury and the world. Narrating the prosecution’s case in tell-all detail, Mr. Cohen testified that Mr. Trump in 2016 had personally directed him to pay off a porn star and had approved a dubious reimbursement plan. “Just do it,” the former fixer recalled Mr. Trump saying about the hush-money payment to the porn star, Stormy Daniels. After Mr. Trump had won the White House, Mr. Cohen demanded his money back, he said, and met with Mr. Trump, who approved monthly reimbursements. Then, the president-elect changed the subject to his new job, saying “This is going to be one heck of a ride in D.C.”
Persons: Michael D, Cohen, Donald J, Trump, Stormy Daniels, Organizations: White, Mr Locations: Manhattan
Jury selection begins Monday in the federal criminal trial of U.S. Sen. Bob Menendez, D-N.J., who is charged with accepting "hundreds of thousands of dollars" in bribes — including some in gold bars — in return for official acts. It also alleges the couple received "gold bars, payments toward a home mortgage, compensation for a low-or-no-show job, a luxury vehicle and other items of value," such as jewelry and exercise equipment. The other two, Fred Daibes and Wael Hana, have pleaded not guilty and will stand trial alongside Menendez. The indictment noted a search of Menendez's home in 2022 turned up "two one-kilogram gold bars and nine one-ounce gold bars that had serial numbers indicating they had previously been possessed" by Daibes. The federal criminal trial is the second Menendez has faced since he was elected to the Senate in 2006.
Persons: . Sen, Bob Menendez, he's, Nadine Menendez, Damian Williams, Jose Uribe, Fred Daibes, Wael Hana, Menendez, Daibes, Uribe, He's, Donald Trump Organizations: ., Senate Foreign Relations, Prosecutors, Southern, of New York, Government, Democratic, Senate, Democratic Party Locations: New Jersey, Qatar, Egypt, Hana, Cuba, Florida, Paris
He also pleaded guilty to personal financial crimes unrelated to Mr. Trump, including tax evasion. Three months later, Mr. Cohen was back in federal court to plead guilty once again. That time, he accepted responsibility for lying to Congress about plans to build a Trump Tower in Moscow, saying he did so out of loyalty to Mr. Trump. His loyalty faded in 2018 as the authorities closed in on Mr. Cohen, and Mr. Trump shunned him. Mr. Cohen is now the star witness in Mr. Trump’s criminal trial in Manhattan, which centers on a hush-money deal.
Persons: Michael D, Cohen’s, Cohen, Donald J, Trump, Mr Organizations: Trump, Mr Locations: Moscow, Manhattan, Otisville, New York City
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