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☆ Prosus full-year core headline earnings jump 84%
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: 1 min

In this photo illustration a Prosus logo is seen on a smartphone and a pc screen. Dutch technology investor Prosus core headline earnings jumped 84% in the year to March 31, helped by a strong performance in e-commerce operations, it said on Monday. Its core headline earnings were $5.0 billion, compared with $2.7 billion a year earlier, the company said. The company recently appointed the head of its food delivery business iFood as its new CEO effective from July. The group's free cash-flow roughly tripled year-on-year to $524 million, also helped by e-commerce and the performance of its key investment, Chinese tech giant Tencent.

Persons: Ervin Tu

☆ Opinion | Jamaal Bowman’s Political Malpractice
▼ + stars: | 2024-06-24 | by ( Michelle Goldberg | ) www.nytimes.com time to read: +3 min

Now Israel’s champions, many of whom have never been comfortable with Bowman, are striking back, capitalizing on a political environment transformed by Oct. 7. Bowman’s challenger is the Westchester County executive, George Latimer, who refuses to criticize Prime Minister Benjamin Netanyahu of Israel, putting Latimer not just to Bowman’s right but also to the right of President Biden and Senator Chuck Schumer, the majority leader. I think Sanders was exaggerating, but the contest is probably the most important congressional primary this year. It’s setting a precedent for big money interference in local politics and tearing at the longtime progressive alliance between Black people and Jews. There is something deeply admirable about his refusal to subordinate his values to political expediency.

Persons: Jamaal Bowman, Bowman, Eliot Engel, George Latimer, Benjamin Netanyahu, Israel, Latimer, Biden, Chuck Schumer, Emerson, —, Bernie Sanders, Sanders, Hamas’s, he’s Organizations: Democrat, Westchester County, American Israel Public Affairs Committee’s, Israel Locations: New York’s, Israel, Westchester, Vermont, Black, Bronx, America, Gaza

☆ Stock futures are little changed after Nasdaq Composite registers worst day since April: Live updates
▼ + stars: | 2024-06-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 24, 2024. Stock futures were flat in overnight trading after a selloff in favored technology names brought the Nasdaq Composite to its worst day since April. During the regular session, the Dow Jones Industrial Average bucked Monday's selloff, adding nearly 261 points, or 0.67%. The S&P 500 dropped 0.31%, while the Nasdaq Composite shed 1.09% for its worst day since April as investors rotated out of semiconductors. Wall Street is looking ahead to earnings from FedEx and Carnival on Tuesday as the season nears its end.

Persons: Jeff deGraaf, CNBC's Organizations: New York Stock Exchange, Stock, Nasdaq, Dow Jones, SolarEdge Technologies, Pool Corp, Nvidia, Qualcomm, Broadcom, FedEx, Richmond Fed Locations: New York City, U.S

☆ EU allegations against Apple are worrisome but not a game-changer for the stock
▼ + stars: | 2024-06-24 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

Apple could face EU fines of up to 10% of the company's total global revenue if found in violation of the DMA's competition policies. Ultimately, though, JPMorgan analysts said Monday that Apple's AI features delay overseas would have little impact on financials. AAPL YTD mountain Apple YTD Overall, Apple stock has had a rocky 2024 performance. Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC) on June 10, 2024 in Cupertino, California. Apple will announce plans to incorporate artificial intelligence (AI) into Apple software and hardware.

Persons: Apple, Jim Cramer, it's, Jim, Melius, Siri, Pro Max, Jim Cramer's, Tim Cook, Justin Sullivan Organizations: Apple, European Union, CNBC, JPMorgan, The Club, Huawei, Developers, Pro, Apple Worldwide Developers Locations: Europe, Apple's, China, Cupertino , California

☆ Alex Jones’ court trustee plans to shut down his notorious conspiracy outlet Infowars
▼ + stars: | 2024-06-24 | by ( Hadas Gold | ) edition.cnn.com time to read: +3 min

CNN —Conspiracy theorist Alex Jones’ Infowars media empire will be shut down and sold off, a bankruptcy court-appointed trustee said in an emergency court filing Sunday, signalling the end of the notorious far-right outlet that Jones has used to spread dangerous misinformation and lies. But at that time, the judge ruled Jones’ media company Free Speech Systems, the parent of Infowars, would not be liquidated partly because the process would be costly and lengthy. The dismissal of the bankruptcy case against the outlet meant that the families were free to go after Jones’ assets, including Infowars, in state court. Since Jones is the owner of Free Speech Systems, a court appointed trustee was put in charge of the company. As a result, Jones’ trustee asked the bankruptcy judge for an emergency stay in the case to allow them to conduct an “orderly wind-down and sale process” of Infowars.

Persons: Alex Jones ’, Jones, Sandy Hook, “, Christopher Mattei, Connecticut, ”, ” Mattei, ” Jones, Infowars, “ I’m Organizations: CNN, Speech Systems, Free Speech Systems, Systems, Court, Free, “ Locations: Texas, Infowars, Connecticut, Infowars

☆ Covestro opens books to ADNOC over $12.5 billion takeover offer
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +2 min

German chemicals firm Covestro is giving ADNOC access to its books and stepping up talks based on an improved 11.7 billion euro ($12.5 billion) takeover offer, after more than a year of courtship by the Emirati energy company. Covestro said talks would proceed "in a timely manner" and there was no certainty of an agreement. A spokesperson for ADNOC welcomed Covestro's decision: "We look forward to jointly working with Covestro to swiftly progress due diligence for this important transaction," adding that this was ADNOC's final offer. ADNOC's initial informal offer to Covestro was reported in June 2023, but it wasn't until September last year that the German company entered into open-ended formal discussions. In December, it agreed to buy European chemical producer OCI's stake in ammonia and urea producer Fertiglobe for $3.6 billion.

Persons: Covestro, ADNOC, Austria's, Fertiglobe Organizations: Covestro, Abu, Abu Dhabi National Oil Co, Reuters, Jefferies, BP Locations: Leverkusen, Germany, Abu Dhabi

☆ Gold could rally to $3,000 over the next 12-18 months, according to Bank of America
▼ + stars: | 2024-06-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Gold prices could hit $3,000 per ounce over the next 12 to 18 months if demand increases among large institutional investors, according to Bank of America commodity strategists. Central bank demand is also a positive sign, according to Bank of America. Monetary authorities are planning to increase their purchases of gold, according to the World Gold Council's central bank survey . Central banks are increasing gold reserves as a hedge against inflation, according to the survey. Monetary authorities are also reducing U.S. Treasury holdings and increasing gold reserves amid worries about the dominance and health of the dollar, according to Bank of America.

Organizations: Bank of, Federal Reserve, Bullion Market, Bank of America, Monetary, World Gold, Treasury Locations: Central, China, Beijing, @GC

☆ An overload of warning signals mark the 'last straw' that could send the S&P 500 plunging 70%, famed permabear says
▼ + stars: | 2024-06-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

A high concentration of warning signals suggest a major market correction ahead, John Hussman said. AdvertisementA growing tally of ringing market alarms suggest the S&P 500 has at last reached its speculative peak, permabear John Hussman wrote on Monday. He predicted in 2000 that the S&P 500 would likely see negative total returns over the following decade, which it did. 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 significantly over the period.

Persons: John Hussman, —, Hussman Organizations: Service, Hussman Investment, Dow

☆ Why inflation is still upending retirement plans even as price growth slows
▼ + stars: | 2024-06-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Lower Social Security COLA forecast for 2025Unlike most other sources of retirement income, Social Security benefits are automatically adjusted for inflation each year. As current retirees continue to feel the pinch of higher costs, slowing inflation points to a lower Social Security cost-of-living adjustment next year. The Social Security cost-of-living adjustment may be 3% in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst. In contrast, beneficiaries saw a 3.2% Social Security cost-of-living adjustment this year — resulting in an average retirement benefit increase of just over $50 per month. That followed record high Social Security cost-of-living adjustments of 8.7% in 2023 and 5.9% in 2022.

Persons: Caroline Feeney, Feeney, they're, Mary Johnson, Johnson Organizations: Istock, Getty, Prudential's, Prudential, Social Security, Security, Urban, Clerical Workers, CPI

☆ Fundstrat's Tom Lee is about to raise his year-end forecast for the S&P 500
▼ + stars: | 2024-06-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Fundstrat's Tom Lee, who's been correctly nailing the stock market for the past few years, hinted that he was about to hike his year-end S & P 500 target even with the benchmark at record highs. Lee's 5,800 call would represent another 6% gain for the S & P 500 from current levels. Lee believes a strong force that could help lift the market is the $6 trillion in cash that's in money market funds. Lee would join a host of others on Wall Street who have recently raised their S & P 500 targets. On June 14, Goldman Sachs increased its price target on the S & P to 5,600.

Persons: Fundstrat's Tom Lee, who's, Fundstrat, Lee, Goldman Sachs, Bloomberg Organizations: Bloomberg, Wall, ISI, CNBC Market, Citigroup

☆ I'm an American sending my kids to camp in Italy. It's cheaper and kids eat freshly cooked meals.
▼ + stars: | 2024-06-24 | by ( Caroline Chirichella | ) www.businessinsider.com time to read: +3 min

Last year sent my daughter to summer camp for the first time and I was pleasantly surprised. Summer camp in Italy is nothing like what we think of in the US. Camp is cheaper in ItalyMy daughter goes to camp where we live in our small town. AdvertisementMy child plays freely and there's less structureAt summer camps in Italy, the children are sort of like free range chickens. She eats freshly cooked foodFood served at camps in Italy — and schools for that matter — is made fresh and on site.

Persons: I'm, I've, it's Organizations: Service Locations: Italy, Rome, Milan

☆ China employing 'gray zone tactics' at contested Second Thomas Shoal, Lowy Institute's Yaacob says
▼ + stars: | 2024-06-24 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Chinese Coast Guard vessels fire water cannons towards a Philippine resupply vessel Unaizah May 4 on its way to a resupply mission at Second Thomas Shoal in the South China Sea, March 5, 2024. China said the United States must refrain from "stirring up trouble" or taking sides on the South China Sea issue, after U.S. Secretary of State Antony Blinken said a security deal with the Manila extended to attacks on the Philippine coast guard. China is employing "gray zone tactics" against the Philippines at the contested Second Thomas Shoal reef, a move likely aimed at avoiding U.S. intervention in the region, according to Lowy Institute's Rahman Yaacob. Last week, Philippine officials said Chinese forces damaged the country's boats and injured several sailors near the Second Thomas Shoal — claimed by both Beijing and Manila — in the Spratly Islands of the South China Sea. Gray zone tactics refer to "coercive actions that are shy of armed conflict but beyond normal diplomatic, economic, and other activities," according to Rand Corporation.

Persons: Shoal, Antony Blinken, Lowy Institute's Rahman Yaacob, Thomas Shoal —, Yaacob Organizations: Guard, U.S, Manila —, Asia Program, Lowy Institute, Rand Corporation, Philippine Locations: Philippine, South China, China, United States, Manila, Philippines, Beijing, Spratly Islands, Yaacob, Asia, India

☆ China's ByteDance is reportedly working with Broadcom to develop advanced AI chip
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +3 min

BEIJING — China's ByteDance is working with U.S. chip designer Broadcom on developing an advanced AI processor, two sources familiar with the matter told Reuters, a move that would help TikTok's owner secure sufficient supply of high-end chips amid U.S.-Sino tensions. Securing AI chips is crucial for ByteDance to make its algorithms more powerful. To support its AI push, ByteDance has stockpiled Nvidia chips, according to a separate person who was briefed on the matter. Bytedance currently has hundreds of semiconductor-related job openings posted, including 15 for ASIC chip designers, according to checks of its website. It has also been poaching top people from other Chinese AI chip firms, according to one of the sources who has direct knowledge of this issue.

Persons: TSMC, ByteDance, Bailly, Bytedance Organizations: BEIJING, U.S, Broadcom, Reuters, ByteDance, supercomputing, China's, Competition, Huawei HWT.UL, Nvidia Locations: Washington, U.S, China, ByteDance

☆ Stock market today: US stocks slip as Nvidia sell-off drags tech lower
▼ + stars: | 2024-06-24 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks were mostly lower on Monday, driven by a sell-off in tech stocks led by Nvidia. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS stocks traded mostly lower on Monday, driven by a continued sell-off in technology stocks. Nvidia led the tech sector lower, falling about 5% and down about 14% from its record high reached last week. AdvertisementFed President Mary Daly said that the US labor market is showing signs of an inflection point that could ultimately turn lower.

Persons: —, Ray, Wang, Mary Daly, Daly Organizations: Nvidia, Service, Wall Street, Constellation Research, CNBC, PCE Locations: Here's

☆ Dollar steady ahead of inflation reading; yen teeters toward 160
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +3 min

The dollar was steady on Monday as traders looked ahead to fresh clues on the U.S. inflation path that will likely influence interest rates, while talk from Japanese authorities did little to temper the yen's decline back the round number of 160. The dollar was steady on Monday as traders looked ahead to fresh clues on the U.S. inflation path that will likely influence interest rates, while talk from Japanese authorities did little to temper the yen's decline back the round number of 160. The yen weakened to 159.94 per dollar in early trade on Monday, its lowest since April 29, when the yen touched a 34-year low of 160.245 leading to Japanese authorities spending some 9.8 trillion yen to support the currency. "The combination of slowing activity, a loosening labor market and slower inflation readings make us increasingly confident that the Fed will begin reducing policy rates in September," Citi said. The Australian dollar was last at $0.6640 and the New Zealand dollar was little changed at $0.6113.

Persons: Masato Kanda, Carol Kong, Emmanuel Macron, Christopher Wong Organizations: Bank of, Commonwealth Bank of Australia, Reuters, Citi, Fed, National, New Zealand Locations: Japan, U.S

☆ Why America's housing-affordability crisis will continue through at least 2026, according to BofA
▼ + stars: | 2024-06-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Prices will edge up over the next two years, Bank of America said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe pandemic-era housing boom hasn't worn off and should keep price momentum going until at least 2026, Bank of America said. The bank wrote on Monday that the US housing market will appreciate 4.5% and 5% this year and next. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Bank of America, Service, Business

☆ We gave up city life and moved to Bali. It was a lot more challenging than we expected.
▼ + stars: | 2024-06-24 | by ( Amanda Goh | ) www.businessinsider.com time to read: +5 min

My partner, Steve, and I moved to Bali two years ago, in July 2022. While living in the capital, I met Steve, who had moved over from Sydney to work in education in 2015. In Bali, we paid them in person for a few months before we finally learned how to do it online. We didn't celebrate ourselves enough for the milestones we achieved during our moveLooking back, we were too focused on getting our lives in Bali started right away. Many others I've spoken to in Bali are experiencing similar challenges of building a life and career here while transitioning from a 9-to-5 schedule.

Persons: —, Nadia Rose, Steve Willis, Steve, I've, we'd, We've Organizations: Service, Business Locations: Bali, Malaysia, Kuala Lumpur, Sydney, Australia, KL

☆ 7 reasons Nvidia is poised to soar 67% as its rally continues for the next 2 years, according to a Wall Street research firm
▼ + stars: | 2024-06-24 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Constellation Research said Nvidia stock will soar 65% to $200 per share over the next year. The research firm said it expects Nvidia stock to continue soaring for the next 18 to 24 months as it benefits from its AI dominance. These are the seven reasons Wang expects Nvidia stock to soar 65% from current levels. You're going to be locked in for quite some time and they've got quite a lead in terms of doing that." Wang isn't the only analyst on Wall Street with a $200 price target for Nvidia stock.

Persons: —, Ray, Wang, Jensen Huang, It's, Larry Ellisons, scott Mcnealys, Mark Zuckerbergs, they've, Wang isn't, Rosenblatt Organizations: Constellation Research, Nvidia, Service, Constellation, CNBC, Microsoft, Intel, Cisco, Wall Locations: that's

☆ 'Excellent buying opportunities': Morgan Stanley's Slimmon names 3 stocks he likes right now
▼ + stars: | 2024-06-24 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Equity markets have been rallying in the past week, with the S & P 500 benchmark briefly hitting a high of 5,500 last week before losing traction. That movement has raised concerns on whether valuations are stretched, but Morgan Stanley's Andrew Slimmon has maintained his bullish stance on the stock market. "But what's important to remember is that the S & P 500 has rallied 7 of the last 8 months and is up 40% from the October lows. One merit of large-cap stocks is that they "have better earnings revisions than the small-caps," since they buy back their stocks more aggressively, he explained. Three stocks Slimmon likes right now include investment bank JPMorgan Chase , insurance company Progressive Corp and Irish building materials company CRH .

Persons: Morgan Stanley's Andrew Slimmon, I'm, CNBC's, Slimmon Organizations: Morgan Stanley Investment Management, CNBC, U.S . Federal Reserve, JPMorgan Chase, Progressive Corp

☆ 34-year-old making $400,000 at TikTok: Being let go from Meta in 2022 was 'perfect timing'
▼ + stars: | 2024-06-24 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +13 min

TubeMogul was competing for an ad tech partnership with Netflix, so Lee learned about the company's own technology and culture. Lee started working at Netflix on its digital marketing programmatic buying team in 2014, earning a salary of $110,000. "It was actually perfect timing that I got laid off," Lee says of being part of Meta's November 2022 job cuts. While she wants to continue increasing her salary, money alone isn't enough. On her TikTok, YouTube and Instagram accounts, Lee shares career and lifestyle advice based on her experiences.

Persons: Sora Lee, Lee, Mickey Todiwala, she'll, hustles, Lee didn't, she's, you've, TubeMogul, Andrew Evers, Lisa Setyon, haven't, Jackson, Tesla, doesn't, I'm, Lee isn't Organizations: CNBC, University of California, TikTok, ByteDance, Netflix, Meta, Facebook, Child, Savings, Porsche, YouTube Locations: Berkeley, South Korea, San Mateo , California, TikTok, RSUs, TubeMogul, New York, Austin , Texas, Los Angeles, Meta's, Lake Tahoe, U.S

☆ Courts halt parts of Biden’s student loan repayment plan
▼ + stars: | 2024-06-24 | by ( Katie Lobosco | ) edition.cnn.com time to read: +1 min

Two lawsuits filed by Republican-led states argue that the Biden administration overstepped its authority when it implemented the SAVE (Saving on a Valuable Education) repayment plan. Two parts of the SAVE plan will be on pause until the cases are fully litigated. The Biden administration cannot cancel any more federal student debt for borrowers enrolled in the SAVE plan. Under the plan, borrowers qualify for debt forgiveness once they make at least 10 years of payments. The Biden administration will also be blocked from implementing further provisions of the SAVE plan.

Persons: Biden Organizations: Washington CNN, Republican, SAVE, of Education Locations: Kansas, Missouri

☆ My first cruise with my son was a nightmare. We lost power twice, had to shower with flip-flops, and couldn't make 2 of our destinations.
▼ + stars: | 2024-06-23 | by ( Heidi Borst | ) www.businessinsider.com time to read: +4 min

Setting sail on a fun-packed cruise ship where everything was pre-planned was the perfect solution. Related storiesI booked a five-night Key West and Bahamas cruise through Celebrity, leaving from Miami. Our cruise experience wasn't greatBoarding our cruise ship, the Celebrity Summit, went smoothly, and we went right to our stateroom, which appeared as advertised. AdvertisementWe enjoyed another beautiful day at South Beach, sinking our toes in white sand beaches and exploring the outdoor Lincoln Road Mall. Though our cruise experience was probably an outlier, I won't chance it again.

Persons: —, I'd, Estiatorio Milos, Easter, couldn't Organizations: Service, Business, Miami Beach Locations: Bahamas, Miami, South Beach, Key, Bimini, Nassau, South

☆ The unregulated multibillion-dollar life coaching industry can be a haven for discredited therapists
▼ + stars: | 2024-06-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Some therapists who have lost their licenses have rebranded themselves as "life coaches." The life coaching industry generated $4.5 billion in revenue in 2022. Life coaching is an unregulated industry, so prospective patients should tread carefully. They can try "life coaching" instead. This loosely defined group of professionals generated $4.5 billion in revenue in 2022, according to The International Coaching Federation.

Persons: —, they're Organizations: Service, International Coaching Federation, Business

☆ The No. 1 'counterintuitive' piece of advice for job seekers in today's market, says career coach
▼ + stars: | 2024-06-23 | by ( Jennifer Liu | ) www.cnbc.com time to read: +2 min

Some of the job seekers she works with have been looking for new work for over a year, if not longer, she tells CNBC Make It: "The job market is ridiculous." By the numbers, the U.S. labor market is strong on paper with low unemployment and high job openings. To those on the job market, Doe has one big piece of advice: It "might be a little counterintuitive, but it's actually to step away from your computer." "You don't have to spend money" to have professionals review your resume, help you practice your networking and interviewing skills, or offer other career advice, Doe says. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.

Persons: Brianna Doe, Doe, it's, who's Organizations: CNBC Locations: U.S

☆ These Nasdaq stocks are expected to fall as the latter half of the year begins
▼ + stars: | 2024-06-23 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Not all stocks can rally to new heights in the current bull market. The current bull market rally has seen all three major averages notching record high closings. But even with the prospects for the overall stock market looking rosy, some tickers stand out in a negative way. The stock has climbed 34% this year, jumping earlier this month after Lam Research unveiled a $10 billion share buyback plan and 10-for-1 stock split. Semiconductor stocks KLA , Qualcomm and Texas Instruments were the other names on the list that could soon see a pullback.

Persons: Lam, —, Fred Imbert Organizations: Nvidia, Dow Jones Industrial, Nasdaq, CNBC Pro, Lam Research, Semiconductor, Qualcomm, Texas Instruments Locations: LSEG

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