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☆ Watch now: ETF Edge live from the Piper Sandler Global Exchange conference
▼ + stars: | 2024-06-05 | by ( Bob Pisani | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 1:15 PM ET. Please refresh the page if you do not see a player above at that time.] CNBC's ETF Edge is dedicated to the fastest-growing trend in investing right now: ETFs. Every Monday, Bob Pisani will be joined by a panel of top market participants to offer educational and actionable advice to help you build your best portfolio.

Persons: Bob Pisani Organizations: Edge

☆ India’s economic boom won’t be derailed by its election shock
▼ + stars: | 2024-06-05 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

New Delhi CNN —Narendra Modi has declared victory in India’s election but he’ll need the support of smaller parties to govern, a shock result that could make it harder for him to pass major economic reforms. Experts have highlighted land reform as an example of policies that might now be tougher for Modi to implement. India will need to address those issues if it is to capitalize on the massive rethink underway among companies on supply chains. Despite the surprise electoral setback for Modi’s right-wing, Hindu-nationalist Bharatiya Janata Party (BJP), experts say the world’s fastest growing major economy will continue to live up to its billing. The party’s underperformance led to a plunge on India’s stock market, which had its worst day in four years Tuesday.

Persons: New Delhi CNN — Narendra Modi, ”, Peeyush Mittal, Modi, ” Shilan Shah, underperformance, Aditya Suresh, Shah, Malcolm Dorson, It’s Organizations: New, New Delhi CNN, Matthews Asia, Apple, Foxconn, Bharatiya Janata Party, BJP, Capital Economics, Investors, Macquarie Capital, Unified Locations: New Delhi, United Kingdom, India, China, San Francisco, Beijing, Washington, United States, Western

☆ In India’s Election, Democracy Lives On - The New York Times
▼ + stars: | 2024-06-05 | by ( Lydia Polgreen | ) www.nytimes.com time to read: +2 min

For decades, Hindu nationalists had sought to build a temple in Ayodhya, at a spot they believe to be the birthplace of the Hindu god Ram. The only problem was that there was already a house of worship on the spot, a mosque built by a Mughal emperor in 1528. A Hindu mob had dismantled the mosque in 1992, setting off riots that killed 2,000 people, most of them Muslims. World leaders sought Modi’s support on issues ranging from the war in Ukraine to the climate crisis, cementing India’s ascent in global affairs. But the ever unpredictable electorate of the world’s largest democracy responded to Modi’s demand for still more power resolutely: No thanks.

Persons: Narendra Modi, Ram, Modi, ” Organizations: Bharatiya Janata Party Locations: India, Ayodhya, China, Ukraine

☆ Analysis: India wants to be the next economic superpower. Half of its population holds the key
▼ + stars: | 2024-06-05 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

New Delhi CNN —India, the world’s fastest growing major economy, is not firing on all cylinders. The engineering graduate started working at Finnish electronics manufacturer Salcomp’s factory in the southern Indian state of Tamil Nadu last year. Adnan Abidi/ReutersLike India, women in China were also relegated to subordinate roles for centuries. Factory jobsMuch of this change is visible in Tamil Nadu, India’s industrial powerhouse where companies such as Foxconn and Samsung have manufacturing plants. Employees test mobile phones on an assembly line of a unit of Foxconn Technology in Sriperumbudur, Tamil Nadu, on July 12, 2019.

Persons: Narendra Modi, Gunasri Tamilselvan, Tamilselvan, “, ”, It’s, Chandrasekhar Sripada, Adnan Abidi, Mao, ” Mao, Modi, Vishnu Venugopalan, Deepesh Nanda, Karen Dias, Parameshwari, Arun Roy, Roy Organizations: New, New Delhi CNN, European Union —, CNN, World Bank, Bank, McKinsey, Indian School of Business, Reuters, Communist Party, Apple, Samsung, Guidance, Tata Group, Tata Power, Foxconn Technology, Bloomberg, Getty, Tata, Tamil Locations: New Delhi, India, Tamil Nadu, South Asia, United States, China, Nongriat, Shillong, Meghalaya, Beijing, Washington, Guidance Tamil, Sriperumbudur, Tirunelveli, Zhengzhou, Tamil

☆ Analysis: Voters reject Modi’s vision for one-party state in India’s 2024 election
▼ + stars: | 2024-06-05 | by ( Rhea Mogul | ) edition.cnn.com time to read: +7 min

According to most polls, India’s election was a foregone conclusion. Prime Minister Narendra Modi’s right-wing, Hindu-nationalist alliance was expected to secure a supermajority – and with it the power to enact radical change unopposed. To Modi’s critics and opponents, India was on the fast track to becoming a de-facto one-party state. Going into this election, Modi had set a goal of winning 400 seats in the lower house of parliament, or Lok Sabha. The BJP’s inability to secure an outright majority “pricks the bubble of Modi’s authority,” wrote political scientist Pratap Bhanu Mehta Tuesday night.

Persons: Narendra Modi’s, Modi, Bharatiya Janata Party wouldn’t, God, ”, Pratap Bhanu Mehta, “, Jawaharlal Nehru, Ritesh Shukla, Arathi Jerath, India’s, Arvind Kejriwal, Critics, –, ” Mehta, Sanjay Singh, “ Modi, Neelanjan Sircar Organizations: CNN, Bharatiya Janata Party, …, BJP, Aadmi Party, ‘, National Democratic Alliance, Center for Policy Research Locations: India, Lok Sabha, –, Ayodhya, New Delhi, Delhi

India's Prime Minister Narendra Modi flashes victory sign at the Bharatiya Janata Party (BJP) headquarters to celebrate the party's win in country's general election, in New Delhi on June 4, 2024. Completed vote counts by the Election Commission of India showed that Modi's BJP won just 240 seats. India's Parliament has 543 seats, and the party or coalition that wins at least 272 forms the government. Modi's decade-long ruleUnder Modi, India, home to 1.4 billion people, has witnessed robust economic growth. While India has seen robust economic growth under Modi, observers and critics have warned about the country's "democratic decline."

Persons: Narendra Modi, Money Sharma, Modi, Aiyar, CNBC's, Shilan Shah, Shah, Kranthi, Sensex, Samir Kapadia, that's, Malcolm Dorson Organizations: India's, Bharatiya Janata Party, BJP, Afp, Getty, Indian, Modi's BJP, National Democratic Alliance, Developmental Inclusive Alliance, Indian National Congress, Policy Research, Centre, Monitoring, Capital Economics, BSE, WealthMills Securities, Adani, Adani Enterprises, State Bank of India, ICICI Bank, Monetary Fund, India Index, Vogel, Dem, Global, Vogel Group, IMF Locations: New Delhi, India, INDIA, China, Sweden

☆ Indian stocks have worst day in 4 years as Modi’s hopes of a huge majority fade
▼ + stars: | 2024-06-04 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —Indian stocks plunged Tuesday as vote counting in the country’s election suggested Prime Minister Narendra Modi’s dream of a landslide victory is at risk, raising doubts about his ability to push through more aggressive economic reforms. India’s benchmark Sensex index, which tracks 30 large companies, and the broader Nifty 50 index each closed down by nearly 6%. The worst daily drop for Indian stocks since 2020 came just 24 hours after both indexes hit record highs as weekend exit polls prompted experts to predict a resounding victory for Modi. The 73-year-old ran on his economic record over the past 10 years, a period of robust growth for India. But investors have complained about the high price of Indian stocks and some analysts believe a correction could be healthy for markets.

Persons: Narendra Modi’s, Modi, India’s, ”, Yashovardhan Khemka, Manish Jain Organizations: New, New Delhi CNN, Bharatiya Janata Party, BJP, Research, Analytics, Abans Holdings, National Stock Exchange of India, Shenzhen Stock Exchange, Hong Kong Exchange, bourse, World Federation of Exchanges, Mirae Locations: New Delhi, India, Mumbai, United States, China

☆ While new electric vehicle sales are slowing, used sales are ramping up
▼ + stars: | 2024-06-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —Sales of new electric vehicles have started to slow, but the opposite is happening with used EVs. The used car sales website Carvana saw its used EV sales more than double since last year. While increases in used EV sales are huge, they still make up a small portion of overall used vehicle sales. Used EVs still cost more, on average, than used gas-powered vehicles, but they cost a lot less than new EVs. While prices for new EVs average around $63,000, prices for used ones average around $36,000, according to Cars.com.

Persons: EVs, Carvana, wasn’t, Price, Cars.com, Truecar, “, who’ve, ”, Matt Jones, ” Manheim, “ We’ve, it’s, Grace Huang, we’ve, Tesla, Jones, Rebecca Lindland, Courtney Vaughn, “ I’m, Lindland Organizations: CNN —, EV, TrueCar, Cox Automotive, Cox, Cars.com, Chevrolet, Hyundai, Hyundai Kona EV, US Department of Locations: Georgia, New York, California, ”

☆ Top MBAs are flocking to search funds. One Harvard grad explained why he founded a $530,000 fund to buy tech companies.
▼ + stars: | 2024-06-03 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

He landed on an option that's becoming increasingly popular with top MBAs and entrepreneurs: launching his own search fund. AdvertisementHere are three reasons why he decided on a search fund:Shift in the search fund businessSingh graduated from Harvard's MBA program in 2022. "Historically, tech people have stayed away from search funds because it's not exciting to them," he said. These could be projects that convert on-premise software companies to cloud companies or projects that change one-time software purchases to yearly subscriptions. Singh said he knew of about 20 MBAs from his Harvard cohort who started search funds, out of about 800 in his class.

Persons: —, Gaurav Singh, Singh, that's, he'd, wouldn't, Harvard Organizations: Service, Harvard Business School, Business, Stanford Graduate School of Business, Stanford, Investors Locations: Toronto, Stanford, Midwest

☆ AMD announces new AI chips amid intensifying competition with Nvidia, Intel
▼ + stars: | 2024-06-03 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Advanced Micro Devices Inc. unveiled new so-called accelerator chips that it said will be able to run artificial intelligence software faster than rival products. Photographer: David Paul Morris/Bloomberg via Getty ImagesAMD on Monday announced new artificial intelligence chips as it seeks to establish itself as a leader amid competition with the likes of Nvidia and Intel . During a keynote address, Su unveiled the Ryzen AI 300 series for next-generation AI laptops. And in partnership with Microsoft , these chips will power laptops equipped with the tech giant's AI chatbot Copilot. This comes less than two months after AMD's April announcement of new processors that can run AI workloads – the Ryzen Pro 8040 for laptops and the Ryzen Pro 8000 for desktops.

Persons: Lisa Su, David Paul Morris, Su, chatbot, workloads Organizations: Devices Inc, AMD, Bloomberg, Getty, Monday, Nvidia, Intel, Qualcomm, Microsoft Locations: San Jose , California, Taipei

☆ Google cuts at least 100 jobs across fast-growing cloud unit, sources say
▼ + stars: | 2024-06-03 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

Thomas Kurian, CEO of Google Cloud, speaks at a cloud-computing conference held by the company in 2019. Alphabet is laying off employees from several teams in Google's cloud unit, one of its fastest-growing businesses, CNBC has learned. A Google spokesperson told CNBC the cuts are incremental across teams to better align its go-to-market organization. Some of those who lost their jobs had worked on the company's annual Google Cloud Next that took place in mid-April, said people familiar with the situation. However, the cloud unit, led by CEO Thomas Kurian, has been under pressure to continue accelerating growth as competition heats up in AI.

Persons: Thomas Kurian, we've, Sundar Pichai Organizations: Google, CNBC, Employees, Amazon Web Services, Microsoft

☆ Who will win India’s general election and become the new prime minister? Votes get counted in world’s largest election
▼ + stars: | 2024-06-03 | by ( Rhea Mogul | ) edition.cnn.com time to read: +6 min

Some 642 million people cast their vote in the world’s largest election, as swathes of the country was blanketed in searing heat, making people sick and killing dozens. India's Prime Minister Narendra Modi shows his ink-marked finger after casting his vote outside a polling station in Ahmedabad, India, on May 7, 2024. The leader of the party that wins a majority will become prime minister and form a ruling government. His BJP centered its manifesto on job creation and anti-poverty programs, with a focus on women, the poor and farmers. He’s promised to turn India into a developed nation by 2047 and transform the country into a global manufacturing hub.

Persons: Narendra Modi, India’s, Adnan Abidi, Modi, He’s, God, –, Rahul Gandhi, Gandhi, Raj K Raj, Arvind Kejriwal, ” Organizations: CNN, Bharatiya Janata Party, BJP, Indian National Congress, India's, Reuters, National Democratic Alliance, Congress, Hindustan Times, Aadmi Party Locations: India, –, Lok Sabha, Asia, United States, China, Russia, Ahmedabad, Kerala, Uttar Pradesh, Lok, New Delhi, Delhi

☆ Home prices are falling at the fastest pace since 2022 as stubborn interest rates slash demand
▼ + stars: | 2024-06-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Home prices are dropping thanks to high mortgage rates weighing on demand. The 30-year fixed mortgage rate edged up last week, hovering above 7%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHome prices are falling at the fastest pace in over a year, thanks to demand plunging amid stubbornly high mortgage rates, according to Redfin. That's the highest percentage of sellers that have slashed prices since November 2022, when the 30-year fixed mortgage rate spiked past 7% for the first time in more than 20 years.

Persons: — Organizations: Service, Business

☆ Sensex, Nifty 50: Indian stocks hit record highs as markets hope for a big Modi election win
▼ + stars: | 2024-06-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —Indian markets hit record highs on Monday as experts predicted a resounding victory for incumbent Prime Minister Narendra Modi in national elections. India’s benchmark Sensex index, which tracks 30 large companies, and the broader Nifty 50 index each jumped over 3% in early trade. The 73-year-old ran on his economic record over the past 10 years, a period of robust growth for India. “With the exit polls pointing towards 370 seats mark and ahead of street expectations of 320-350 seats, markets have reacted positively,” said Manish Chowdhury, head of research at brokerage StoxBox. The country’s stock markets have performed well during his tenure.

Persons: Narendra Modi, ” Modi, India’s, ”, Manish Chowdhury, Modi, Adani, Gautam Adani, Mukesh Ambani, Ambani, Hindenburg’s Organizations: New, New Delhi CNN, Adani, Adani Enterprises, Reliance Industries, Bloomberg, Modi, Hindenburg, National Stock Exchange of India, Shenzhen Stock Exchange, Hong Kong Exchange, bourse, World Federation of Exchanges Locations: New Delhi, India, United States, China, American

☆ European markets set to open higher ahead of ECB decision later this week
▼ + stars: | 2024-06-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

European markets are poised to start the month higher Monday as investors look ahead to the European Central Bank's latest interest rate decision later this week. The U.K.'s FTSE 100 was last seen 63 points higher at 8,340, according to IG data, while Germany's DAX was up 173 points at 18,652. France's CAC was 62 points higher at 8,041and Italy's MIB was up 359 points at 34,893. The move would mark the first time the ECB has cut rates ahead of the U.S. Federal Reserve. U.S. stock futures also started the month in positive territory, coming off the back of a strong May in which all three major averages notched their sixth positive month in seven.

Persons: Germany's DAX, China's Organizations: Central, CAC, ECB, U.S . Federal Locations: Spain, France, Germany, Asia, Pacific

☆ Top MBAs are flocking to search funds. One Harvard grad explained why he founded a $600,000 fund to buy tech companies.
▼ + stars: | 2024-06-03 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

☆ N.H.L.’s Move to Salt Lake City Is Latest Sports Downsizing
▼ + stars: | 2024-06-02 | by ( Ken Belson | ) www.nytimes.com time to read: +1 min

The team, which will be renamed, will begin play next season in the Delta Center in Salt Lake City, home of one of the Smiths’ other teams, the Utah Jazz of the National Basketball Association. Salt Lake City’s metropolitan area is less than half the size of Phoenix’s; Salt Lake City is the 29th-largest media market while Phoenix is the 11th largest. But the league’s decision was less about the size of Salt Lake City and more about its demographics. Like Phoenix, Salt Lake City is one of the country’s fastest-growing cities. But in Utah, a thriving tech industry has attracted an influx of young workers with disposable incomes.

Persons: Ryan Smith, Ashley Organizations: National Hockey League, Arizona Coyotes, Delta Center, Smiths, Utah Jazz, National Basketball Association, . Locations: Oklahoma City, Las Vegas, Winnipeg , Manitoba, Salt Lake City, Salt, City’s, Phoenix, . Utah, Utah

☆ Congestion Pricing Ignites an Old Rift: Drivers vs. Transit Riders
▼ + stars: | 2024-06-02 | by ( Bernard Mokam | ) www.nytimes.com time to read: +1 min

In 2010, Filolaos Kefalas, an electrical engineer, drove a black Corvette into Manhattan for his first date with Lisa Daglian, a transit advocate. “You know you can take the train,” Ms. Daglian, 61, recalled saying. But Mr. Kefalas has his reasons for driving, he said. “Time is money,” Mr. Kefalas, also 61, said. “I try to go the quickest way possible.”The rift between Ms. Daglian, who now leads the Permanent Citizens Advisory Committee to the Metropolitan Transportation Authority, and Mr. Kefalas did not derail their romance — they are married.

Persons: Filolaos, Lisa Daglian, “, Ms, Daglian, Kefalas, ” Mr Organizations: Committee, Metropolitan Transportation Authority Locations: Manhattan, Bayside , Queens, United States

☆ 25 cities where rents are falling despite the biggest national increases in nearly two years
▼ + stars: | 2024-06-02 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

One-bedroom rent hadn't surged that fast since August 2022, while two-bedroom rent rose by the most in 20 months. May marked the second time in three months that monthly rent ticked higher, following flat price growth in April. An ominous omen for inflationFaster rent growth won't just affect tenants. Below are the 25 US cities where rent for a one-bedroom apartment declined from where it was in April, according to Zumper. Along with each are its month-over-month and year-over-year rent changes, average rent price, and national rent ranking among the nation's 100 biggest markets.

Persons: —, That's, 6hkPHpnbuq — James Faris, @JamesFaris_, Anthemos Georgiades Organizations: Service, Business, CPI, Consumer

☆ 2024 men’s T20 World Cup: boasting over a billion fans, cricket arrives on the shores of the US
▼ + stars: | 2024-06-01 | by ( Ben Morse | ) edition.cnn.com time to read: +6 min

And now, 180 years later, international cricket returns to the US with the men’s T20 World Cup. Three venues across the country – in Lauderhill, Florida, New York and Dallas – have been constructed to host T20 World Cup games. The Grand Prairie Cricket Stadium in Dallas, Texas, will host the first game of the men's 2024 T20 World Cup. The Kensington Oval in Bridgetown, Barbados, will host the men's T20 World Cup final. How to watchThe 2024 men’s T20 World Cup begins on Saturday, June 1, with the two North American debutants – the US and Canada – opening proceedings against one another.

Persons: cricket’s, –, US –, Dallas –, Lauderhill, Shelby Tauber, ” Victor Cruz –, New York Giants –, Monank Patel, Corey Anderson, Anderson, Ali Khan, Khan, “, Brian Lara, Viv Richards, Chris Gayle, Randy Brooks, St, Vincent, “ I’ve, Frank Nsubuga, Joel Ford, ” Organizations: CNN — Cricket, Major League Cricket, US, Dallas, Nassau County International Cricket, Prairie Cricket, Bloomberg, Getty, Inter Miami, Major League Soccer, New York’s Major League Baseball, Adelaide Oval, “, New York Giants, New Zealand, Black Caps, Guardian, Caribbean . Cricket, West Indies, Kensington, North, Reuters, ICC, Grand Prairie Cricket, West, Sunday, Sky Sports, UK Star Sports Network, Disney Locations: Manhattan, Caribbean, Lauderhill , Florida , New York, Nassau, New York, India, Pakistan, Dallas , Texas, Florida, Australia, York, Ohio, Trinidad and Tobago, Guyana, Barbados, Bridgetown, AFP, Barbuda, Saint Lucia, Grenadines, Uganda, Canada, Papua New Guinea

☆ Modi's BJP-led alliance projected to win parliamentary majority in India's election, exit polls show
▼ + stars: | 2024-06-01 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

India's Prime Minister Narendra Modi looks set for a rare third consecutive term in power, as local exit polls on Saturday suggested his Bharatiya Janata Party-led alliance will clinch a parliamentary majority. According to an exit poll summary by local news channel NDTV, the BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of parliament. The party or coalition that wins at least 272 votes will form the government. Final results, expected on Tuesday, can diverge from exit poll projections. If the exit polls, which have a patchy record, are confirmed, Modi will serve for another five years as the country's prime minister — a position he has held since 2014.

Persons: Narendra Modi, Modi, —, Hajra, Anand Rathi Organizations: India's, Bharatiya Janata Party, NDTV, BJP, National Democratic Alliance, Monetary Fund, Brokers, CNBC Locations: India

☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

☆ Warren Buffett is worried about potential for 'huge losses' in booming, but still tiny insurance market
▼ + stars: | 2024-05-31 | by ( Kevin Williams | ) www.cnbc.com time to read: +11 min

Cyber insurance has become "a very fashionable product," Jain said at the annual meeting. Shokrai says categorizing how to attribute an event is the topic of much debate between insurance companies. "That is a big debate between insurance companies; it is an important distinction that needs clarity," Shokrai said. "I will tell you that most people want to be in anything that's fashionable when they write insurance. "Probably Warren Buffet would have called cybersecurity insurance an opportunity when he was younger," he said.

Persons: Buffett, Glombicki, Gerald Glombicki, Fitch, Berkshire Hathaway, Chubb, Jain, it's, Warren Buffett, Ajit Jain, Michael Chertoff —, Mark Friedlander, Friedlander, " Friedlander, Monica Shokrai, Warren Buffet, Shokrai, isn't, Josephine Wolff, Steve Griffin, they'll, They're, Charlie, Munger, Griffin, Warren Organizations: Industry, AIG, Berkshire Hathaway's, Berkshire, Homeland Security, Insurance, Google, The Fletcher School, Tufts University, L3 Networks Locations: Fitch Rating's, Berkshire, Omaha, California, . Berkshire

☆ Wall Street Lands on India, Looking for Profits It Can’t Find in China
▼ + stars: | 2024-05-31 | by ( Alex Travelli | ) www.nytimes.com time to read: 1 min

Mumbai, India’s financial capital, has seen a lot of new faces over the past year. The heads of global banks have been trooping through, visiting its stock exchanges, buying property and hiring new staff. A postpandemic boom has pushed the value of India’s stock market to about $5 trillion, putting it neck and neck with Hong Kong’s. Wall Street can’t ignore India anymore. Mumbai has been India’s commercial hub for eight decades, but it was relatively unfamiliar to global finance until the past two years.

Persons: Hong Kong’s Locations: Mumbai

☆ How East West Bancorp has gained an edge by serving the Asian American community
▼ + stars: | 2024-05-31 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

East West Bancorp shares have eked out a small gain in 2024, up 2%. Despite the heightened scrutiny around regional banks, little-known East West Bancorp has been able to pull ahead thanks to a key customer base: Asian Americans. American dream = home ownershipPart of what's helping East West succeed with Asian Americans goes all the way back to its origins. East West Bancorp was founded in 1973 as a federal savings and loan in the Los Angeles area to service the Chinese American and immigrant community struggling to obtain mortgages and business loans. East West also drives cross-border activity between the U.S. and other Asian countries, such as Thailand and Vietnam.

Persons: Alexander Yokum, Wells, Timur Braziler, Fannie Mae, Freddie Mac, —, Braziler, Christopher Del Moral, Niles, it's, Del, Steven Leung, Leung, CFRA's Yokum, Yokum, Dominic Ng, that's Organizations: East West Bancorp, Regional Banking, Bancorp, West Bancorp, CFRA, Federal Housing Finance Agency, East, East West, U.S, Bancorp's Locations: Southern California, U.S, United States, East, Los Angeles, Asia, FactSet, East West, New York, Beijing, China, Shanghai, Thailand, Vietnam, Washington

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