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☆ Federal judge rejects $30 billion settlement between Visa, Mastercard and retailers
▼ + stars: | 2024-06-25 | by ( Elisabeth Buchwald | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. Mastercard and Visa, two of the world’s largest credit card networks, reached their proposed multi-billion antitrust settlement with US merchants in March. But a memo released by the court on Tuesday said that she was “not likely to grant final approval” to the preliminary settlement absent any changes. The proposed settlement would have lowered those fees by at least 0.04% percentage points for a minimum of three years. What the preliminary settlement entailedThe proposed settlement, which hinged on final approval from the Eastern District of New York, resulted from a longstanding antitrust class-action lawsuit in 2005.

Persons: Judge Margo Brodie, “, colluded, —, Christopher Jones, ”, ” Jones, Tuesday’s, Judge Brodie, RILA Organizations: New, New York CNN, Mastercard, Visa, Court, of, Merchants Payments Coalition, Main, Retail Industry, Association, Target, Dollar Locations: New York, Eastern, of New York

Many merchants and trade groups including the National Retail Federation opposed the accord, saying card fees would remain too high, while Visa and Mastercard would retain too much control over card transactions. The decision could force Visa and Mastercard to negotiate a settlement more favorable to merchants, or go to trial. Visa and Mastercard said they were disappointed with the outcome. Some U.S. senators have promoted legislation, the Credit Card Competition Act, to let merchants use other payment networks to process Visa and Mastercard transactions. The judge's decision does not affect an earlier $5.6 billion class action swipe fee settlement among Visa, Mastercard and about 12 million merchants.

Persons: Brendan McDermid, Margo Brodie, Brodie, Nilson, Doug Kantor, Jonathan Stempel, Deepa Babington, Leslie Adler Organizations: Mastercard Inc, New York Stock Exchange, REUTERS, Companies, Mastercard, National Retail Federation, Visa, National Association of Convenience Stores, U.S, Merchant Discount Antitrust Litigation, Court, Eastern District of, Thomson Locations: New York City, U.S, Brooklyn, Manhattan, Eastern District, Eastern District of New York, New York

☆ New ‘Apprentice’ Book Paints Trump as Wounded, Forgetful and Hung Up on Hollywood
▼ + stars: | 2024-06-22 | by ( Shawn Mccreesh | ) www.nytimes.com time to read: +1 min

It was May 2021, and Donald J. Trump was wounded. He told Mr. Trump he wanted to write a book, not about the unpleasantness of the previous four years, but about that prelapsarian period before Mr. Trump entered politics. Mr. Trump was sold. “He was at his lowest then,” Mr. Setoodeh, 42, said over lunch in Manhattan’s West Village on Friday. “You’ll sell 10,000 books at one rally,” he told Mr. Setoodeh.

Persons: Donald J, Trump, he’d, Ramin Setoodeh, “, ”, Setoodeh, ” Mr, ’, Mr Organizations: Capitol, Trump, Mr, NBC Locations: Washington, Manhattan’s

☆ Klarna rival Zilch raises $125 million with aim to triple sales and accelerate path to IPO
▼ + stars: | 2024-06-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Zilch initially sourced credit for its installment plans and other loans from Goldman Sachs 's private credit arm. The additional $190 million of credit will become available to Zilch as the firm continues to grow. Once Zilch has reaches the $315 million maximum funding threshold, it expects to generate nearly $10 billion of GMV by 2026. The firm reported revenues of £30 million ($38 million) in the 12 months ended March 2023. Zilch also has an advertising sales network where it provides placements for retailers to promote their wares to consumers.

Persons: Phil Belamant, Zilch, it's, Goldman Sachs, Philip Belamant, we've, Goldman, Belamant Organizations: LONDON, Deutsche Bank, Goldman, CNBC, Apple, Citi

☆ I'm a Costco forklift driver. My job is essential to the warehouse's success.
▼ + stars: | 2024-06-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +8 min

Read previewThis as-told-to essay is based on a conversation with a Chicago-area Costco forklift driver who requested anonymity as they are not authorized to speak with the media. I was a supervisor in the warehouse and then ultimately settled down as a forklift driver. Typically, Costco forklift drivers are seen kind of like supervisors, because you designate the flow of the building. I also make more as a forklift driver now than I did ten years ago as a supervisor. You can't keep it on the floor, so you're gonna have to rack it on tall steel shelves, and you're gonna eventually have to bring that stuff down.

Persons: —, I'm, it's, they've, There's, there's, — there's, let's Organizations: Service, Costco, Business, OSHA, Gatorade Locations: Chicago, Kirkland

☆ Mastercard to phase out manual card entry for online payments in Europe by 2030
▼ + stars: | 2024-06-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

LONDON — The experience of paying for products and services online could feel a lot different in the coming years. Starting from 2030, Mastercard will no longer require Europeans to insert their card numbers manually when checking out online — no matter what platform or device they're using. Mastercard will announce Tuesday in a fireside chat with CNBC that, by 2030, all cards it issues on its network in Europe will be tokenized. The firm says it's been working with banks, fintechs, merchants, and other partners to phase out manual card entry for e-commerce by 2030 in Europe, in favor of a one-click button across all online platforms. Cards stored in a merchants' page or electronic wallet via tokenization can be automatically updated wherever they're stored when they're replaced or renewed.

Persons: it's, they're Organizations: Mastercard, CNBC Locations: Europe, fintechs

☆ Friendly Credit Card Fraud: Consumer Chargebacks Hurt Businesses
▼ + stars: | 2024-06-10 | by ( Emily Stewart | ) www.businessinsider.com time to read: +10 min

Annoyed, mostly at myself but also a little bit at the seller, I had a sinister thought: What if I file a dispute with my credit-card company? AdvertisementA credit-card charge-back happens when a consumer sees something they don't like or recognize on their statement and asks the bank to look into it. Much of that is friendly fraud: The report cited a statistic from the data-analytics company Datos Intelligence that 75% of all the fraud digital businesses see is first-party fraud. Your order arrived and you claim it didn't: fraud. I've never disputed a purchase before, and my credit-card company would like to keep me happy.

Persons: —, I'd, Oscar Bello, wasn't, Domenic Cirone, Robert Painter, Kevin, they've, what's, Bello, I've, Emily Stewart Organizations: Equifax, Mastercard, Datos Intelligence, Citi, Chargeback, Mmm, Business Locations: Ethoca, New Orleans

☆ Move over, Nvidia: Fund manager likes 'overlooked' chipmaker with billions in AI chip sales
▼ + stars: | 2024-06-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Chipmaker Nvidia is clearly the poster child for artificial intelligence, according to one portfolio manager — but she says another firm is being overlooked. "[We] think of Nvidia as the poster child for AI chips, and they are. But, [Broadcom] was another company that posted over a billion in revenue from AI chips," Pleydell-Bouverie told CNBC's Pro Talks . For the first quarter , Broadcom said revenue came in at $11.96 billion , topping analysts' forecasts of $11.72 billion. AVGO YTD mountain Year-to-date share movement in Broadcom Pleydell-Bouverie flagged that the company has a "leading position" in segments like custom ASICs (Application-Specific Integrated Circuits).

Persons: —, Clare Pleydell, Bouverie, CNBC's, Hock Tan, Bernstein, Stacy Rasgon, Fred Imbert Organizations: Nvidia, Broadcom Inc, Broadcom, Nasdaq, Broadcom Pleydell, Circuits, Liontrust Global Technology Fund, Technology

☆ EBay to drop American Express over fees, says customers have other options
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +3 min

Online marketplace behemoth eBay said it plans to no longer accept American Express , citing what the company says are "unacceptably high fees" and that customers have other payment options to shop online. It's a notable blow to American Express, whose customers are often the most attractive among merchants and spend the most money per month on their cards. "After careful consideration, eBay has decided to no longer accept American Express globally effective Aug. 17 due to the unacceptably high fees American Express charges for processing credit card transactions," said eBay spokesman Scott Overland, in a statement. Overland said that eBay customers have become aware of new ways to pay for items, making payments more competitive than ever before, and AmEx was no longer a necessary partner for eBay. "We know that the vast majority of eBay customers are willing to use alternative payment options to continue enjoying buying and selling on our marketplace," Overland said.

Persons: It's, it's, Scott Overland, Overland, AmEx, cardmembers, Adam Isserlis, Steve Squeri Organizations: behemoth, American, American Express, Costco, eBay, Apple Pay, PayPal, Visa, Amazon, National Retail Federation, AmEx, Mastercard, Express Locations: U.S, Keefe

☆ How a humble Indian fabric became a symbol of luxury in 1960s America
▼ + stars: | 2024-06-05 | by ( Christy Choi | ) edition.cnn.com time to read: +9 min

But this staple of preppy American fashion has humble origins, far from Martha’s Vineyard or the hallways of Yale or Harvard, in Chennai, India, the coastal city from which it takes its name. Krishnan Nair,” a biography of the Indian textile magnate and hotelier who first sold Jacobson the madras, in a video interview with CNN. From Chennai to shores of the CaribbeanFort St. George was established in the 1630s, helping the British cement a monopoly on the highly lucrative Indian textile industry. Research by the London School of Economics estimates that Indian cotton textiles, which were often exchanged for slaves, accounted for 30% of the total export value of 18th century Anglo-African trade. A madras fabric weaving workshop in Chennai, the Indian city once known as Madras, circa 1990.

Persons: Lisa Birnbach’s “, Ralph Lauren, Brooks, William Jacobson, ”, Bachi Karkaria, Captain C.P, Krishnan Nair, Jacobson, Tony Cenicola, Karkaria, — Nair, “, ’, David Ogilvy, Leonard McCombe, Nair, Ogilvy, Elihu Yale, George, Hathaway, India Madras ”, Eli Yale, King George I, Hathaway Yale, Yale, Kai Toussaint Marcel, Marcel, Tommy Hillfiger, Kimberly M, Jenkins, Patrick Horvais, madras “ Organizations: CNN, Brooks Brothers, Yale, Harvard, New York Times, Milton Academy, madras, Ivy League, East, Yale College, Yale University, Yale . Yale, East India Company, Metropolitan Museum of Art, Parsons School of, London School of, Princeton, Miss College, Sports Locations: madras, Bahamas, Chennai, India, Madras, West Africa, Milton , Massachusetts, superstardom, East India, Fort St, India Madras, Scottish, North Africa, Nigeria, America, Caribbean, St, West Indies, England, France, New Orleans, East Coast, Bermuda, madras Bermuda, Rhode Island, Newport, South Florida, Palm, Fisher

☆ How American Express Became Millennials, Gen Z's Favorite Credit Card
▼ + stars: | 2024-06-03 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

But now, for a growing cohort of Gen Zers and millennials, it's their card, too. According to the company, millennials and Gen Z consumers made up 60% of its new customer acquisitions worldwide, and 75% of its new platinum and gold accounts were opened by millennial and Gen Z members. Related storiesAmex has implemented a number of tactics to pull off its youth revolution and cement its place as a status symbol among relatively affluent millennial and Gen Z consumers. For many young consumers, having an Amex rewards card is sort of like having a good, varied subscription service that runs them less than $60 a month. AdvertisementAll that aside, the Amex Platinum Card seems neat.

Persons: Gen Zers, youngs, it's, they'd, Amex, Zers, Gen X, Z, Steve Squeri, Jim Cramer, Gen Zs, Michael Miller, Uber, Miller, Daisy Hernandez, Guy, Stephen Biggar, Amex isn't, Chase Sapphire, I've, Emily Stewart Organizations: American Express, Express, Mastercard, Visa, American, CNBC, Morningstar Research, New York Times, Wall Street, Saks, Walmart, US, Argus Research, bodega, Business Locations: Coachella

☆ Amazon's Shopify killer got off to a slow start, according to sellers and internal emails
▼ + stars: | 2024-06-03 | by ( Madeline Stone | Eugene Kim | ) www.businessinsider.com time to read: +10 min

Rainier...)," Larsen wrote in the email, referring to a snowcapped peak near Seattle, where Amazon is headquartered. Months later, Amazon struck a deal with Shopify that put Buy with Prime on the Shopify merchant marketplace, extending the tool's reach with sellers. Advertisement"When merchants push that metric to >75%, it'll be a good indication that we've found product-market fit," Larsen wrote. To use Buy with Prime, Amazon charges merchants a 3% Prime service fee in addition to fulfillment fees and payment processing fees. However, Piiparinen said the 3% service fee is less than the referral fees merchants pay when selling on Amazon.com.

Persons: —, Craig Leslie, Leslie, It's, Peter Larsen, Andy Jassy, Larsen, Santos, Anders Piiparinen, who's, doesn't, Piiparinen, Amazon's, Smart, ZOA, GreatCircleUS.com, Madeline Stone Organizations: Service, Amazon, Business, Bean Coffee Company, Shoppers, Ekrin Athletics, BI, Prime Locations: . Rainier, ., Seattle, Piiparinen, mstone@businessinsider.com

☆ Shopify COO says in leaked memo that the Shopify Plus brand has 'outlived its usefulness' and will no longer be used
▼ + stars: | 2024-05-30 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Read previewShopify plans to stop referring to its Shopify Plus offering as a stand-alone brand, according to an internal post viewed by Business Insider. By deprecating the Shopify Plus brand, Shopify could be signaling that it no longer needs or wants to differentiate between its various customer segments. To make this obvious, we started a product line called Shopify Plus and built entire marketing campaigns around the Shopify Plus brand. We built Plus brand as a counter-position to the Shopify brand. Shopify Plus will have all the same brand equity as Shopify Advanced or Shopify Basic.

Persons: —, Kaz Nejatian, Nejatian, Harley Finkelstein, Shopify, Bobby Morrison, Adrianna Burrows Organizations: Service, Business, Shopify, Manhattan Associates Locations: Shopify's, mstone@businessinsider.com

☆ How Temu parent PDD dethroned Alibaba to become China's most valuable e-commerce company
▼ + stars: | 2024-05-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

PDD's value-for-money positioning and growth of its Temu marketplace has helped the company lead China's e-commerce arena, analysts said, making it the country's most valuable company in the segment. PDD Holdings reported stellar first-quarter results on Wednesday last week, sending its shares surging as much as 7.5%, and driving its market-cap past that of rival Alibaba Group . PDD shares have more than doubled in value — up 109% — in the past year, according to LSEG data. PDD, which also owns Chinese discount shopping app Pinduoduo has a market-cap of about $208 billion, compared with Alibaba's $196 billion, according to LSEG data. The market has "now more than priced in" the two key concerns – domestic competition and U.S.-China tensions – which were behind our earlier downgrade on PDD in March, said Keung.

Persons: Morningstar, Chelsey Tam, PDD, Goldman Sachs, Temu, Ronald Keung Organizations: PDD Holdings, Alibaba, Morningstar Locations: China

☆ Dubai Old Town: Dubai’s ‘soul’ is about more than historic buildings
▼ + stars: | 2024-05-27 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +11 min

So in 2016, Badran set up her own tour company, Wander with Nada, to “show a different side of Dubai” to travelers. Her bespoke private tours are designed to suit the interests of each visitor, but her favorite itinerary is Dubai’s “old town,” a group of small neighborhoods around Dubai Creek where the city began and Badran spent her childhood. Badran leads me through the narrow alleys around the Dubai Old Souk, home to stores run by Indian-origin families. Stores in Old Dubai Souk. “Dubai is about opening your mind,” Badran says, “and embracing this diversity that makes it unique.”

Persons: Nada Badran, Badran, “, ”, Nada, Rebecca Cairns, Al Maktoum, Sheikh Mohammed bin Rashid Al Maktoum, Al Talli, There’s, —, it’s, ” Badran, Al Shindagha, Al, Djamel Boussaa, ” Boussaa, hasn’t, Rashid Haghaght, Al Karama, ” “ Organizations: CNN, “, United Arab Emirates, Dubai, Heritage, UNESCO, Al Shindagha, Trading Locations: Florence, Dubai, The, Arabian, “ Dubai, ”, Rome, Athens, Edinburgh, UAE, Oman, today’s Iraq, Bani Yas, Al Shindagha, Suadna, South, West Asia, Al, Saudi Arabia, Al Fahidi, Jordan, Deira, Isfahan, Old Dubai, Abu Dhabi, Sharjah, Al Rigga, Souk, Old Dubai Souk, Jebel Ali, Iran, India, China

The information for the following product(s) has been collected independently by Business Insider: Wyndham Rewards® Earner Plus Card, Wyndham Rewards® Earner Card, Wyndham Rewards® Earner Business Card, Capital One Spark Miles for Business†, Capital One Spark Miles Select for Business†. Introduction to Wyndham RewardsWhile it's often overshadowed by bigger and flashier hotel loyalty programs, Wyndham Rewards deserves some attention, too. How to join Wyndham Rewards and start earning points and elite statusTravelers can enroll in Wyndham Rewards for free, and automatically receive free Wi-Fi during stays. Earning Wyndham pointsThere are myriad ways to accumulate Wyndham points, beginning with the most obvious option: Hotel stays through Wyndham. Wyndham Rewards frequently asked questionsHow can I earn Wyndham Rewards points without staying at a hotel?

Persons: Wyndham, Howard Johnson, gofree Wyndham, Cardholders, cardholders, Wyndham Timeshare, you'll, it's, Wyndham Rewards, redemptions, Maui Oceanfront, Redemptions, Eric Rosen Eric Rosen, Condé Organizations: Business, Wyndham Rewards, Wyndham, Business †, Vacasa, Read, Wyndham Grand, Ramada, Marriott Bonvoy, Hilton, Diamond, Base, Caesars Entertainment, Walmart, Target, Avis, Caesars, Staples, Lowes, Apple, Marathon Gas, Wyndham Hotels, Club Wyndham, Caesars Rewards, Costco, National Parks Conservation Association, National Geographic, Bloomberg Locations: AmericInn, La, Travelodge, North America, Belize, Costa Rica, Wyndham, Paris, Las Vegas, Macy's, Grubhub, Waikiki, Oahu, Kona, Hai Villas, Kauai, Chevron, Los Angeles, Australia, Kenya, Laos

☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

☆ San José: Colombia launches expedition to explore 300-year-old Spanish shipwreck filled with sunken treasure
▼ + stars: | 2024-05-22 | by ( Heather Chen | Michael Rios | ) edition.cnn.com time to read: +3 min

The images will then be used to build an inventory of the archaeological discoveries on the seabed. But it has also sparked a multi-billion dollar legal battle. Colombia maintains that it first discovered the San José in 2015 with help from international scientists. SSA has launched a legal battle against the Colombian government in the Permanent Court of Arbitration, claiming it is entitled to approximately $10 billion – half the estimated value of the shipwreck’s treasure. The loss of the San José and its cargo was said to have caused financial hardships to merchants throughout Europe and the New World, according to reports released by SSA.

Persons: –, Juan David Correa Organizations: CNN, Colombian Institute of Anthropology, Wednesday, San, San Jose Galleon, SSA Locations: Colombia, Spanish, Caribbean, Cartegena, Colombian, Potosi , Peru, Panama, Cartagena, San Jose, José, Europe

☆ World’s most expensive feather sells at New Zealand auction
▼ + stars: | 2024-05-21 | by ( Rosa Rahimi | ) edition.cnn.com time to read: +3 min

CNN —A feather from a long-extinct New Zealand bird has set a record after selling for $46,521 NZD (about $28,400 USD), the auction house handling the sale has said. The huia bird feather, which was expected to sell for up to $3,000 NZD ($1,830), smashed the estimate on Monday to become the world’s most expensive feather ever sold, Webb’s Auction House said. For Maori, the bird’s feathers were a mark of high status and the distinctive, white-tipped plumage were used for ceremonial headdresses. A Maori chief wears a huia feather in his hair Bettmann Archive/Getty ImagesEuropean New Zealanders also came to see the huia as a symbol of prestige. “People kind of had a frenzy and decided that everyone wanted a huia feather,” said Morris of the event.

Persons: Leah Morris, Duke, Duchess, York, ”, Morris, Johannes Keulemans Organizations: CNN, Museum, New, Getty, New Zealand, New Zealand’s Ministry for Culture and Heritage Locations: Zealand, Auckland, New Zealand, Zealanders, Dutch

☆ Buy this little-known brokerage that's poised to rally more than 70%, Goldman Sachs says
▼ + stars: | 2024-05-20 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Financial services company Marex Group could see more than 70% from here, due to its momentous growth rate, according to Goldman Sachs. The firm initiated coverage of London-based Marex Group, a global broker-dealer and commodities market maker, on Monday with a buy rating and a $33 per share price target. About half the growth came from acquisitions, while the rest came from organic growth and share gains, according to Goldman analyst Alexander Blostein. Catalysts behind this growth include strong industry volumes and tailwinds for the Futures Commission Merchants market. Marex Group debuted on the Nasdaq in late April, priced initially at $19 a share.

Persons: Goldman Sachs, Goldman, Alexander Blostein, Blostein, MRX, ROE Organizations: Marex, Futures Commission Merchants, Nasdaq, Futures Commission Locations: London, Europe

☆ With JPMorgan, Mastercard on board in biometric 'breakthrough' year, you may soon start paying with your face
▼ + stars: | 2024-05-20 | by ( Todd Wasserman | ) www.cnbc.com time to read: +5 min

In January, Steak 'N Shake, a fast-casual restaurant in the Midwest, started installing facial recognition kiosks in its 300 locations for patron check-in. "We believe our partnership with JPMorgan is a watershed moment for biometric payments as it represents the first time a leading merchant acquirer has agreed to push biometric payments to its merchant customers," Miller said. "JPMorgan brings the kind of credibility and assurance that both merchants and consumers need to adopt biometric payments." The majority still prefer fingerprint scans to facial recognition, according to a 2023 survey from PYMENTS, but age is a factor. Juniper Research forecasts over 100% market growth for global biometric payments between 2024 and 2028, and by 2025, $3 trillion in mobile, biometric-secured payments.

Persons: PopID, Dennis Gamiello, John Miller, Miller, acquirer, Sheldon Jacobson, Jacobson Organizations: Foods, Mastercard, NEC, Target, AliPay, KFC, JPMorgan, Consumers, Juniper Research, University of Illinois, Facebook Locations: Flippy, Pasadena , Calif, Midwest, Brazil, Asia, Pacific, Illinois, China, McDonald's, U.S, Urbana, Champaign

☆ Top Street analyst is right about the stock of this off-price retailer: It's a buy
▼ + stars: | 2024-05-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

A top Wall Street analyst's stellar endorsement of TJX Companies makes us want to buy more shares of the discount retailer. Matt Boss of JPMorgan — Jim Cramer's favorite retail analyst — said Friday that several off-price retailers, including Ross Stores , Burlington Stores , and Club holding TJX, were buys. One possible catalyst for TJX stock is the company's quarterly earnings report this coming Wednesday before the opening bell. Part of the reason is also the growing appeal in off-price retailers and discounters as consumers in higher and higher income brackets seek value. "I continue to think that Costco is the stock to buy off of Walmart," Jim said Thursday.

Persons: Matt Boss, JPMorgan, Jim Cramer's, —, Boss, HomeGoods —, Jim, TJX, Walmart's, Jim Cramer, Jeff Greenberg Organizations: TJX Companies, Ross Stores, Burlington Stores, JPMorgan, Walmart, Costco, TJX, CNBC, Universal, Getty Locations: Maxx, Port St Lucie , Florida

☆ Australia’s ‘world’s oldest’ loong: Vandals target the Chinese parade dragon in an Australian museum
▼ + stars: | 2024-05-16 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

CNN —Australian police are seeking two people for allegedly vandalizing a century-old Chinese parade dragon and other valuable artefacts at a museum in a small town known for its historic links to China. The vandalism took place last week at the Golden Dragon Museum in Bendigo, about 100 miles northwest of Melbourne, according to the police and head of the museum. Golden Dragon MuseumBendigo, currently a city of some 100,000 people, has had Chinese residents for more than a century. To this day, a large dragon parade is held every Easter to raise money for a local hospital. The Golden Dragon Museum was opened in 1991 “to document, interpret and preserve the Chinese heritage in Australia” according to the museum’s website.

Persons: Toyota Prado, ”, Loong, “ Loong, Dai, “, Hugo Leschen, Sun Loong, Leschen, Yi Organizations: CNN, Australian, Dragon Museum, . Victoria Police, Toyota, “ Investigators, Golden Dragon Museum Bendigo, Miners, Bendigo Tourism, Dragon, Yi Yuan, Nine, Chinese Community Council of Australia Locations: China, Bendigo, Melbourne, Australia, Victoria, Yi Yuan Chinese

☆ King Charles III Unveils First Official Painted Portrait Since Coronation
▼ + stars: | 2024-05-14 | by ( Livia Albeck-Ripka | More About Livia Albeck-Ripka | ) www.nytimes.com time to read: +1 min

The 7.5 foot-by-5.5-foot portrait was commissioned by the Worshipful Company of Drapers, a medieval guild of wool and cloth merchants that is now a philanthropy. It will hang in Drapers’ Hall, the group’s baronial quarters in London’s financial district, which has a gallery of monarchs from King George III to Queen Victoria. Mr. Yeo has also painted the king’s wife, Queen Camilla, and his father, Prince Philip. He has said that the best portraits capture visual characteristics that remain relevant even as the person ages. When it came to the king, Mr. Yeo told The Times that he had noticed physical changes in their four sittings together — during which time the king was going through a metamorphosis of stature.

Persons: King George III, Queen Victoria, Yeo, . Yeo, Queen Camilla, Prince Philip, Tony Blair, Dennis Hopper, Nicole Kidman, Rupert Murdoch Organizations: Worshipful Company, Drapers, Times, British Locations: British

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

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

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

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