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Pilots of the "Sharp Kartuza" division of FPV kamikaze drones prepare drones for a combat flight on May 16, 2024 in the Kharkiv region, 8 km from the border with Russia. Six NATO countries neighboring Russia are joining forces to build a "drone wall" to protect their borders, Lithuania's interior minister announced on Friday. In an interview with Finnish television channel Yle, cited by the Financial Times, Finland's Interior Minister Mari Rantanen said that the drone wall plan would "improve in time." The interior ministers of the six countries taking part in the drone wall project met in the Latvian capital of Riga on May 23 and 24. "The phenomenon of instrumentalized migration on the EU's external borders is a common challenge for our countries.
Persons: Agne Bilotaite, Bilotaite, Mari Rantanen, Rantanen Organizations: NATO, Yle, Financial Times, Finland's, EU Locations: Kharkiv, Russia, Norway, Poland, Lithuanian, Baltic, Latvia, Estonia, Finland, Latvian, Riga, Belarus, Africa
As the price of gold hits new all-time highs and silver rallies to a multi-year high, Bank of America has identified four exchange-traded funds (ETFs) that offer attractive exposure to precious metals. The top-rated ETFs include abrdn Physical Silver Shares ETF (ticker SIVR), iShares Silver Trust (SLV), Invesco DB Precious Metals Fund (DBP) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). Bank of America rated all four ETFs "more attractive" in comparison to other ETFs with similar assets. These funds reflect baskets of physical precious metals, with varying allocations to silver, gold, palladium, and platinum. abrdn Physical Silver Shares ETF SIVR is the cheapest silver fund in Bank of America's coverage, with a total expense ratio of 0.50%.
Persons: Jared Woodard, SLV, Michael Bloom Organizations: Bank of America, Precious Metals Fund, Bank of, Treasury, Bank, Precious Metals Locations: BofA
Investor darling Nvidia continued its artificial intelligence-fueled boom, with its earnings beating expectations last week. But some analysts are worried about a potential slowdown in growth from the previous quarter, or an "air pocket" in sales toward year-end. But investors who are worried about being overexposed to Nvidia or who want to make their portfolios more balanced could consider replacing their Nvidia allocation or complementing it with other growth stocks with a low correlation to the chipmaker. Using FactSet, CNBC Pro screened four exchange-traded funds for stocks that have negative or low correlation to Nvidia in the past month. The ETFs are Vanguard S & P 500 Growth ETF, Schwab U.S. Large-Cap Growth ETF, Vanguard Russell 1000 Growth ETF and Fidelity Enhanced Large Cap Growth ETF.
Persons: Lucas Keh, Nancy Tengler, CNBC's, Vanguard Russell Organizations: Nvidia, Investments, CNBC Pro, Schwab U.S, Growth, Vanguard, Fidelity
Make It has spoken with plenty of millionaires over the years and often asks them, "What do you refuse to spend money on?" "It's actually really fun being able to buy something and then choosing not to," he previously told CNBC Make It. Here's what he and four other self-made millionaires say they never spend money on. Fast fashionJonathan Sanchez, a self-made millionaire and founder of Parent Portfolio, maintains a low clothing budget by keeping things straightforward. That's Crush Your Money Goals founder Bernadette Joy's thinking when it comes to workout clothes.
Persons: Todd Baldwin, frugality, It's, Jonathan Sanchez, I'm, Steve Adcock, Adcock, Jim Cramer, wouldn't, Cramer, Bernadette Joy's Organizations: CNBC, Parent
Opinion | Debating the Best Way to Fix Social Security
  + stars: | 2024-05-26 | by ( ) www.nytimes.com   time to read: +1 min
To the Editor:Re “Want to Fix Social Security? The Well-Off Must Accept Smaller Checks,” by Peter Coy (Opinion, nytimes.com, May 13):I find it maddening that the only solution to the Social Security Trust Fund difficulties offered by conservatives is reducing benefits. There are a number of acceptable increases that could solve the funding problems of Social Security and Medicare. Let me suggest a few: The Social Security tax stops at a relatively low income level, $168,600 annually, this year. Speaking of all of a person’s income, why is it that only “earned” income is taxed for Social Security?
Persons: Peter Coy, stiffs Organizations: Social Security Trust Fund, Social Security
The law has drawn stiff rebukes from the United States and Europe. The State Department has announced visa restrictions on officials behind the foreign-agent law and Congress has threatened further sanctions. The clash over the foreign-agent law in a small country nestled in the Caucasus Mountains has been largely overshadowed by Russia’s war on Ukraine. Georgia, in fact, was the first neighboring country invaded by Russia post-Soviet Union, in 2008, to block its westward drift. Now the ruling party, Georgian Dream, seems to share Russia’s goal, though it has generally avoided openly siding with Russia.
Persons: Vladimir Putin’s, oligarch Bidzina Ivanishvili —, Russia —, Ivanishvili Organizations: Russian, The State Department, European Union Locations: Republic of Georgia, Vladimir Putin’s Russia, United States, Europe, Ukraine, Georgia, Russia, Soviet Union, Georgian, Tbilisi,
Housing experts were betting on mortgage rates to decline this year on looser Fed policy. Yet, the 30-year mortgage rate has been stuck around 7% all year. Freddie Mac and Fannie Mae say they expect mortgages to stay in the 7% range through 2024. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With the Federal Reserve looking unlikely to ease rates before September, housing market analysts are recalibrating mortgage rate outlooks, as home loan rates are heavily influenced by the Fed funds rate.
Persons: Freddie Mac, Fannie Mae, Organizations: Service, Federal Reserve, Business
However, this criteria leaves low-income households who don't qualify relying on thinly stretched grocery budgets, food pantries, or employer meal discounts. Many ALICEs worry their family will go hungry, but they're running out of options to put food on the table. AdvertisementKelley also said she doesn't live near many food pantries and has to drive long distances to reach a grocery store or Walmart. AdvertisementDo you live paycheck to paycheck? Are you open to sharing how you afford food, housing, and other expenses?
Persons: , Cherie Tobias, Tobias, She's, ALICE —, she's, ALICE, Melinda Binkley, Binkley, Lisa Kelley, Kelley, Melissa Hedden, Hedden, it's, isn't Organizations: Service, Business, SNAP, Cincinnati, Walmart, BI Locations: Applebee's, Hastings , Michigan, Stillwater , Minnesota, Wilmington , North Carolina
While we were building our businesses, we were also building our family: our kids are now 20, 19, 16, and 12. Related storiesI think of it as more of a salary approach to allowance than paying kids for specific chores. I taught the three uses of moneyOne of my most frequent dad-isms is about the three uses of money: giving, saving, and spending. I relate money to the real worldMoney can be very abstract, so I've always tried to tie it into my kids' daily actions. We opened bank accounts when the kids were 5, and got them debit cards when they were preteens.
Persons: David Ciccarelli, Stephanie, we'd, I've, I'm Organizations: Service, Disney Locations: voices.com, New York City, Tesla
Japanese stocks are enjoying a banner year, with foreign investors plowing into the market. Japanese investors are hesitant Japanese investors have long been skeptical of the local stock market after the asset price bubble burst in the early 1990s. Another reason Japanese investors may not be as keen on their domestic market could be the yen falling sharply. Outlook for Japanese stocks still strong Despite the recent bout of selling from local investors and the market's recent struggles, many global investors remain bullish on Japanese stocks. This is another "slow-moving but important tailwind to Japanese stocks," with more room to run, according to Zachary Hill, Horizon Investments head of portfolio management.
Persons: Goldman Sachs, Morgan Stanley, Kishida, Julian McManus, Janus Henderson, Bernstein, Zachary Hill, Raymond Chan, Chan, McManus, he's, Warren Buffett Organizations: Japan Exchange Group, Nikkei, Bank of Japan, U.S ., Ministry of Internal Affairs and Communications, Investment, Association, Prime, Nippon, Savings, U.S, Horizon Investments, Federal Reserve, Asia Pacific, Allianz Global Investors, Mitsui, Itochu, Sumitomo Locations: U.S, Japan, Asia
Read previewBarry Sternlicht became a real estate billionaire by snapping up commercial properties on the cheap during market downturns. The 63-year-old Miami-based executive, who built his firm Starwood Capital into a more than $100 billion real estate investment behemoth, has now found himself on the flipside of that formula. The situation is a reversal of fortune for Sternlicht, who is more used to capitalizing on real estate dips than becoming entangled in them. But investor sentiment darkened as interest rates rose and put pressure on real estate asset values. "They're concerned that there may be more markdowns in net asset value if interest rates stay higher for longer.
Persons: , Barry Sternlicht, SREIT, Sternlicht, Matt Malone, REITs, Malone, Kevin Gannon, Gannon, Jon Mechanic, Fried Frank, Mechanic, Barry Organizations: Service, Starwood Capital, Starwood, Income Trust, Business, Federal Reserve, Shareholders, Westin, Caesars, Opto Investments Locations: Miami, Vegas, SREIT
Workday : The HR software company cut its subscription revenue outlook, and the stock was being punished Friday, down 13.5%. "Everybody in the country is trying to scale back" human resources, Jim Cramer said Friday, adding that's the problem. The stock Wednesday finished well off the highs for the session and then went down and up Thursday and Friday. Cramer said "Deckers is very well run company" but warned that footwear and apparel "can be fickle." Cramer said he owns ether in his personal portfolio.
Persons: Jim Cramer's, Jim Cramer, Cramer, UGGs Organizations: CNBC, Club, HR, Ross Stores, Ross, Intuit, SEC, U.S . Locations: Maxx
New York CNN —Buying or selling a stock is about to get a lot snappier starting next Tuesday. But that doesn’t mean it’ll get smoother, at least right away — and some financial firms are preparing to handle any possible bumpiness. Clearinghouses, which sit between buyers and sellers, collect margins from traders as evidence that they can afford to make the transaction. Baird has had a T+1 committee in place since last summer to ensure such hiccups don’t happen, Lee said. “The existing two-day period to settle trades exposes investors and the industry to unnecessary risk and is ripe for change,” Robinhood CEO Vlad Tenev said in a February 2021 release.
Persons: , That’s, ” Gary Gensler, , Rich Lee, Baird, Lee, Reddit, Vlad Tenev, Max, Gregory Wallace, Brian West, Mike Whitaker, ” “, ” Whitaker, Read, Meta, that’s, Clare Duffy, Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI Organizations: CNN Business, Bell, New York CNN, Securities and Exchange Commission, Employees, GameStop, AMC Entertainment, AMC, Robinhood, Investors, Boeing, FAA, Federal Aviation Administration, Wolfe Research, ABC, Microsoft, Meta Locations: New York, OpenAI
Hedge funds are shedding mega-cap tech and buying up other AI beneficiaries, says Goldman Sachs. Funds cut positions in Google, Amazon, Microsoft, Meta, and Nvidia for lesser-known AI plays. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . At the start of the second quarter, hedge funds were still clutching onto most of the blue-chip Magnificent Seven. Besides Tesla, all the stocks remained high on Goldman Sachs' Very Important Positions (VIP) list of top hedge fund holdings, according to a May 21 note.
Persons: Goldman Sachs, , hasn't, it's, Tesla Organizations: Google, Microsoft, Meta, Nvidia, Service, Business Locations: Goldman's
British fund manager abrdn's CEO Stephen Bird to step down
  + stars: | 2024-05-24 | by ( ) www.cnbc.com   time to read: +1 min
British fund manager abrdn said on Friday CEO Stephen Bird will step down after four years in the role, and finance chief Jason Windsor will take the helm on an interim basis. The Edinburgh-based company had named Windsor as the CFO last July. Bird, a former Citigroup executive who took over as chief executive in 2020, has sought to drive a turnaround by shedding jobs, reducing its range of funds and expanding into mass-market investing, following the takeover of online platform interactive investor in 2022. Trading and net flows so far in the second quarter have shown similar trends to the previous three-month period, abrdn said. Last month, it had reported 0.8 billion pounds ($1.02 billion) of net inflows over the January-March period, while its assets under management increased 3% to 507.7 billion pounds.
Persons: abrdn, Stephen Bird, Jason Windsor, Bird Organizations: Citigroup Locations: Edinburgh, Windsor
Luckily, Goldman hadn't filled the role, so I started working for them in November 2018. Working at Goldman Sachs would always be limitingI liked working as a trader at Goldman, but it wasn't fulfilling. I slowly realized that working for Goldman or any company, the end goal is limited to possibly being a partner. At the same time all this was happening, Luna Crypto, followed by the crypto market, crashed. AdvertisementThe crypto industry had been decimated, and I'd lost around two-thirds of my savings in cryptocurrency.
Persons: , Hong, Goldman Sachs, wasn't, Goldman hadn't, There's, I'd, Matthew, Aaron, He'd, Aron, Goldman, Luna Crypto, I, FTX, We're Organizations: Service, Credit Suisse, Business, Amazon, Goldman Locations: Hong Kong, Canada, Barcelona, Singapore, cryptocurrency
He added, "Wells Fargo could fetch a higher multiple in the market as a result." A Wells Fargo spokesperson declined to comment on the total number of CIB-related hires across all levels in the division. Wells Fargo and other banks have benefited in recent years as the Federal Reserve began hiking interest rates in March 2022. More recent data indicates that Wells Fargo's investment banking revenue share globally has jumped to No. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.
Persons: Wells, Wells Fargo, JPMorgan Chase, Jeff Marks, Charlie Scharf, Scharf, Doug Braunstein, Braunstein, Fernando Rivas, Rivas, Jonathan Weiss, Weiss, Piper Sandler, Wells Fargo's Scharf, NII, Kroger, Scharf's, Scott Siefers, Siefers, Jim Cramer's, Jim Cramer, Jim Organizations: Wall, CNBC, JPMorgan, CIB, Wells, North American Investment Banking, Barclays, Deutsche Bank, Suisse —, Management, Federal Reserve, Fed, Albertson's, Federal Trade Commission, Currency Locations: Wells Fargo, Americas, U.S, IPOs, Wells, New York City
General signage before practice for the first round of the 2024 NCAA Tournament at PPG Paints Arena. Charles LeClaire-USA TODAY SportsA major change could be coming for college athletes — they may soon start getting paid. Other casesThe settlement is expected to cover two other antitrust cases facing the NCAA and major conferences that challenge athlete compensation rules. Hubbard v. the NCAA and Carter v. the NCAA are also in front of judges in the Northern District of California. College sports have been trending in this direction for years, with athletes receiving more and more monetary benefits and rights they say were long overdue.
Persons: Charles LeClaire, , Charlie Baker, Steve Berman, Grant, Michael McCann, McCann, Logan Riely, Hubbard, Carter, Fontenot, they're, George Zelcs Organizations: PPG Paints, NCAA, ACC, SEC, Former Arizona State, Grant House, Sedona Prince, TCU, NBC, Washington Huskies, Michigan Wolverines, College Football Playoff, Notre Dame, Big, Atlantic Coast, Washington, Oregon State, Northern District of, College Locations: Oregon, amateurism, Houston, Southeastern, Washington State, Northern District, Northern District of California, Colorado, Fontenot
London CNN —Money generated by Russian financial assets frozen in Europe will soon start flowing to Ukraine, giving Kyiv a boost as it struggles to counter an advance by Moscow’s troops. The plan “would essentially bring forward that flow of interest proceeds from the assets… (through a loan) given to Ukraine,” Yellen told broadcaster Sky News in an interview this week. “Ukraine has substantial needs, and being able to marshal significant resources to help Ukraine is important,” she said. Most of the frozen Russian money is held in Europe, and the euro is the world’s second-most important currency after the US dollar. This would give Kyiv access to a much larger amount of money than using future or current windfall profits from Russian assets.
Persons: Janet Yellen, ” Yellen, Gabriel Bouys, Joe Biden, ” Lee Buccheit, Trade Valdis Dombrovskis, Yellen, there’s, , Buchheit, Putin, Organizations: London CNN, Union, Sky News, , US, Getty, University of Edinburgh Law School, CNN, EU, Trade, Reuters, Russia, Ukraine, World Bank Locations: Europe, Ukraine, West, Italy, Russia, Ukraine’s, Kharkiv, Frankfurt, Germany, “ Ukraine, Stresa, AFP, EU, Belgium, Kyiv
It's holding on to its weekly gain of 20%, and is on pace for its best week in more than a year. Earlier this week surged more than 20% over two days, as expectations of an SEC approval of ether ETF applications changed abruptly. By contrast, in the weeks leading up to approvals for bitcoin ETFs, the SEC was reported to be engaging actively with fund issuers. Coinbase , which may be a beneficiary of ether ETFs, was more than 1% in premarket trading, while Robinhood nearly 1%. Cryptocurrency prices, including ether's, may also be tempered by the Thursday afternoon stock market sell-off.
Persons: Rachel Lin, Ether, Alex Saleh, Coinbase, bitcoin Organizations: Metrics, Securities and Exchange Commission, SEC
Boeing and NASA are moving forward with the launch of the company's Starliner capsule, set to carry U.S. astronauts for the first time, despite a "stable" leak in the spacecraft's propulsion system. "We are comfortable with the causes that we've identified for this specific leak," Boeing Vice President and manager of the company's Commercial Crew program, Mark Nappi, said during a press conference on Friday. "We know we can manage this [leak], so this is really not a safety of flight issue," Nappi added. Boeing is now targeting June 1 for the first crewed launch of its spacecraft, with backup opportunities on June 2, June 5 and June 6. To date, Boeing has eaten $1.5 billion in costs due to Starliner setbacks, in addition to nearly $5 billion of NASA development funds.
Persons: Mark Nappi, Nappi Organizations: National Aeronautics and Space Administration, NASA, United Launch Alliance, Boeing's, NASA's Boeing, Cape Canaveral Space Force, Boeing, International Space Locations: Florida
Circuit ruled against the SEC's denial of spot bitcoin ETFs, the regulatory agency "pivoted" and approved those funds in January. The bill sets up a regulatory framework for crypto assets. Gensler said crypto assets — and exchanges in particular exchanges — do not meet this test: "This field is not decentralized. He said crypto exchanges are "operating in ways that are conflicted in ways that traditional exchanges [are not]. Gensler says he is not against financial innovation The SEC chairman pushed back against the claim he was against financial innovation.
Persons: Gary Gensler, Eric Pan, Gensler, Joe Biden's, Pan, We'd Organizations: SEC, U.S . Securities, Exchange Commission, Investment Company, ICI Leadership Summit, U.S ., Appeals, Representatives, Innovation, Technology, Century, Futures
The rollout of the Biden administration's CHIPS Act award money has so far focused on providing major awards for major companies, with just four leading-edge semiconductor manufacturers receiving the lion's share of the $33 billion that has been allocated to this point. Now, with $6 billion remaining, the focus is shifting to sending smaller awards to smaller companies—dozens of them, up and down the supply chain. "We are really focused on investing across the semiconductor ecosystem," Michael Schmidt, director of the CHIPS Program Office at the Commerce Department, told CNBC. Intel , Taiwan Semiconductor , Samsung and Micron combined will receive nearly $28 billion, while GlobalFoundries received $1.5 billion and four smaller companies – BAE Systems, Microchip , Polar Semiconductor and Absolics – received a combined $392 million. Another $3.5 billion has been set aside for the "secure enclave" program, which will produce semiconductors for military use.
Persons: Michael Schmidt, Schmidt, Gina Raimondo, GlobalFoundries, Organizations: Biden, Commerce Department, CNBC, Intel, Taiwan Semiconductor, Samsung, Micron, BAE Systems, Polar Semiconductor
CNBC Daily Open: Nvidia shares top $1,000 on AI boom
  + stars: | 2024-05-23 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia to split stock, sales to soarShares of Nvidia rose more than 7%, topping $1,000 for the first time, in after-hours trading after its first-quarter earnings and sales beat analysts' expectations. The company plans to split its stock 10 for 1. The media outlet went public in 2021 and has seen its shares fall 94% since then.
Persons: OpenAI, Vivek, Vivek Ramaswamy, Ramaswamy, Goldman Sachs Organizations: CNBC, Nvidia, Dow Jones, Nasdaq, Dow, Google, GOP, Securities and Exchange Commission
HarbourVest Global Private Equity , a diversified listed private equity investment company, could see its share price rise by more than 40%, according to analysts at investment banks Peel Hunt and Jefferies. Richard Hickman, the managing director of HVPE, describes it as the "most diversified, listed private equity investment company in London." "We're a global fully diversified portfolio covering buyout funds, the more established businesses from small cap through medium to large cap." NAV represents the value of an investment fund's assets per share. They estimate that share buybacks at the current discount could result in a 1.4% uplift in net asset value per share.
Persons: Peel Hunt, Jefferies, Richard Hickman, HVPE, Hickman, Alan Brierley, Ben Newell, Warren, Buffett Organizations: HarbourVest Global, Equity, Peel, London Stock Exchange, CNBC, NAV, Jefferies, Investec Locations: London
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