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☆ NATO unity will be tested at upcoming summit. Ukraine's possible entry may be the biggest challenge
▼ + stars: | 2023-07-09 | by ( ) www.cnbc.com time to read: +8 min

Patriot long-range air defence systems of the German Bundeswehr armed forces are deployed at Vilnius Airport ahead of the upcoming NATO Summit in Vilnius, Lithuania on July 7, 2023. "I don't think it's ready for membership in NATO," President Joe Biden told CNN in an interview airing Sunday. More than two-thirds of alliance members have banned the weapon because it has a track record for causing many civilian casualties. As for Ukraine's possible entry into NATO, the alliance said in 2008 that Kyiv eventually would become a member. "That's an issue that will cause tension and dissent, and that's not what the Vilnius summit is all about," he said.

Persons: NATO's, Joe Biden, Donald Trump, Biden, Douglas Lute, Barack Obama, Vladimir Putin, Wagner, Lute, Mitch McConnell, Putin, Daniel Fried, Volodymyr Zelenskyy, Recep Tayyip Erdogan, Finland, Erdogan, It's, Anders Fogh Rasmussen, Max Bergmann, They've, Bergmann, Viktor Orban, Idaho Sen, Jim Risch, aren't, Risch, I'm, we've, Jens Stoltenberg, who's, Mette Frederiksen, Stoltenberg, Rasmussen, Skip Davis, that's Organizations: German Bundeswehr, Vilnius Airport, NATO Summit, NATO, CNN, Republican, Kentucky, Associated Press, Putin, Atlantic Council, Ukraine, State Department, Center for Strategic, International Studies, Senate Foreign Relations, Danish, Center for Locations: German, Vilnius, Lithuania, Russian, Ukraine, Sweden, Eastern Europe, United States, Israel, Moscow, Finland, U.S, Russia, Kyiv, Poland, Estonia, Latvia, Czech Republic, Turkey, Stockholm, Idaho, Hungary, Baltic, Norwegian, Danish

☆ DOJ has spent over $9 million investigating Trump since special counsel was appointed
▼ + stars: | 2023-07-07 | by ( Hannah Rabinowitz | ) edition.cnn.com time to read: +3 min

CNN —The Justice Department has spent over $9.2 million investigating former President Donald Trump since the appointment of special counsel Jack Smith in November, according to the first public accounting of his expenses. Smith’s office, leading the high-profile investigations into Trump, has spent more than $5.4 million between November and March 31, the Justice Department said. Other DOJ entities have spent an additional $3.8 million to support Smith. Another $1 million dollars paid for investigative support and more than $80,000 went to helping employees relocate while they worked for the special counsel. Durham spendingDurham, the special counsel appointed to investigate potential misconduct in the Trump-Russia probe, spent more than $7 million from the time he started his investigation as a special counsel, according to Friday’s filing.

Persons: Donald Trump, Jack Smith, Smith, Robert Hur, John Durham, Robert Mueller, Trump . Hur, Joe Biden’s, Hur, Durham, Hillary Clinton Organizations: CNN, The Justice, Trump, Justice Department, DOJ, White Locations: Russia, Durham, acquittals

☆ June jobs report preview: Growth but gradual cooling expected
▼ + stars: | 2023-07-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —When the June jobs report lands on Friday, it’s all but certain to show that the US labor market has added jobs for 30 consecutive months. And this year’s monthly average of 314,000 net job gains far exceeds what was seen before the pandemic, including during that 100-month stretch post-Great Recession. Sarah House, senior economist at Wells Fargo, said she’s expecting a “gradual cooling” to wash over the labor market. “The jobs market is not collapsing,” she said. The timing of the Fourth of July holiday resulted in a load of labor market data landing within 24 hours of the government’s monthly jobs report.

Persons: Sarah House, she’s, ”, wilder, Andy Challenger, ” Aaron Terrazas Organizations: Minneapolis CNN, Federal Reserve, of Labor Statistics, Labor, Challenger, Fed Locations: Minneapolis, Wells Fargo

☆ Americans living in Europe on how easy it is to take PTO: 'I am still getting used to 30 days of vacation'
▼ + stars: | 2023-07-03 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +1 min

It's the only advanced economy in the world that doesn't have federal laws requiring paid leave for vacations or sick time, and as a result, many rely on policies that vary by employer. When left up to businesses, the average American worker gets just 11 days of paid vacation in their first year at a company, according to the Bureau of Labor Statistics. In a culture that prizes productivity, even workers who do get vacation days often leave them on the table. Krys Elexandra, 26, lived in Arizona and moved to Germany 18 months ago to explore Europe and because of her strong interest in German culture. Elexandra is entitled to 30 paid days off in Germany and was surprised to find it's "extremely easy" to request time off.

Persons: Krys Elexandra, Elexandra Organizations: Bureau of Labor Statistics, CNBC Locations: Europe, Arizona, Germany, South Korea

☆ Brazil’s Jair Bolsonaro is barred from running for office until 2030
▼ + stars: | 2023-07-01 | by ( ) www.cnbc.com time to read: +6 min

Former Brazilian President Jair Bolsonaro leaves his home following a search operation, in Brasilia, Brazil May 3, 2023. Far-right former Brazilian President Jair Bolsonaro was barred Friday from running for office again until 2030 after a panel of judges concluded that he abused his power and cast unfounded doubts on the country's electronic voting system. Five judges on the nation's highest electoral court agreed that Bolsonaro used government communication channels to promote his campaign and sowed distrust about the vote. Speaking to reporters in Minas Gerais, Bolsonaro lamented that the trial was unfair and politically motivated. Brazilian law forbids candidates with criminal sentences from running for office.

Persons: Jair Bolsonaro, Bolsonaro, Carlos Melo, Judge Carmen Lucia —, —, Alexandre de Moraes, Melo, Fernando Collor de Mello, Luiz Inácio Lula da Silva, Sen, Sergio Moro, Maria Maris, Maris, Lula, Swift jailing, Gleisi Hoffmann, mongers, Donald Trump, Marie Santini, Katia Caminha, Caminha, Bolsonaro's, Thomas Traumann, didn't, Traumann Organizations: Insper University, Liberal Party, Federal, Lula's Workers ' Party, Federal University of Rio, Bolsonaro, Associated Press, Sao Paulo Locations: Brasilia, Brazil, Sao Paulo, Minas Gerais, Rio de Janeiro, Federal University of Rio de Janeiro, Rio de, Copacabana, Sao, decamp, Florida

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

SummarySummary Companies Oil price structure implies demand bulls are retreating2-mth Brent spread in contango, implying oversupply concernECB poised for further rate hikesLONDON, June 27 (Reuters) - Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating. U.S. inventory data from the American Petroleum Institute industry group is expected after 2000 GMT, followed by government data on Wednesday. For the two-month spread , the market is in shallow contango, the opposite price structure, indicating traders are factoring in a currently slightly oversupplied market. The oil market has shrugged off a clash between Moscow and Russian mercenary group Wagner which was averted on Saturday. Russian oil loadings have kept on schedule.

Persons: Brent, Craig Erlam, Christine Lagarde, Wagner, PVM's Tamas Varga, Saudi Arabia's, Premier Li Qiang, Trixie Yap, Jan Harvey, Louise Heavens Organizations: Brent, U.S, West Texas, Central Bank, American Petroleum Institute, Reuters, Saudi, Premier, Thomson Locations: contango, U.S, Moscow, Russian, China

☆ Chipmaker Intel restructures manufacturing business
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Intel Corp (INTC.O) said on Wednesday its manufacturing business will work like a separate unit and will begin to generate a margin, but gave no clear timeline on when it will start scaling up, sending the chipmaker's shares down about 5%. The company also did not name a new external customer for the business as part of its foundry services, a key element of Intel's turnaround plans wherein it will offer its manufacturing services to other companies including its competitors. Intel's internal business units will now have a customer-supplier relationship with the manufacturing business, Chief Financial Officer David Zinsner said on an investor call. Based on that model, Intel will be the second largest foundry next year with manufacturing revenue of more than $20 billion, he said. "The presentation essentially tells investors that its current manufacturing is sub-scale and could remain sub-scale for a while," Chan added.

Persons: David Zinsner, Kinngai Chan, Chan, Chavi Mehta, Maju Samuel Organizations: Intel Corp, Intel, Taiwan Semiconductor Manufacturing, Thomson Locations: Bengaluru

☆ Readers’ Picks: 12 Pride Anthems
▼ + stars: | 2023-06-20 | by ( ) www.nytimes.com time to read: +3 min

“Smalltown Boy” is not necessarily about running away from a heterosexual upbringing but toward pride, freedom and acceptance. To me, “Holiday” was a metaphor for that place where I could live inside a bright, shiny rainbow. I took a few extra days of leave at the end, which happened to coincide with Seattle Pride. Diana Ross: “I’m Coming Out”My coming out song at the age of 38 was “I’m Coming Out” by Diana Ross. It may be rough, you may be alone, but you have that special song that the world needs to hear.

Persons: Bronski Beat, “, ”, J.P, Jack Terry, Northville, CeCe Peniston, CeCe, I’d, — Eric, Diana Ross, Harry N, Cohen, Cass Elliot, — Jared Schrock Organizations: Bronski, YouTube, Seattle Pride, Pride Locations: New York, Streeter, Alameda, Calif, Mich, Seattle, Kentucky, Pittsburgh

While on a working visit to Russia, the UAE president briefly toured the country’s pavilion at the St. Petersburg International Economic Forum (SPIEF). For the UAE, this is a “calculated risk” it is willing to take, part of the Gulf nation’s policy of de-escalation and dialogue in an increasingly polarized world, a top UAE official told CNN in exclusive comments on Thursday. “This polarization has to be broken,” Anwar Gargash, the diplomatic adviser to the UAE president, said. Meanwhile, its bilateral trade with Russia increased by 68% to $9 billion in 2022, mostly Russian exports to the UAE. But the UAE’s policy towards Russia has invited warnings from the US that individuals and institutions that allow Russia to evade sanctions risk losing access to G7 markets.

Persons: Mohamed bin Zayed, ” Sheikh Mohammed, Putin, ” Anwar Gargash, “, Sheikh Mohamed, Gargash, ”, ” Gargash, Brittney, Victor Bout, Sheikh Mohamed’s, Griner, Dina Esfandiary, Abdullah bin Touq Al Marri, Esfandiary Organizations: UAE CNN —, West, United Arab Emirates, St ., Economic, UAE, CNN, Putin, Crisis Locations: Abu Dhabi, UAE, Ukraine, Russia, St, St . Petersburg, “, Europe, East, North Africa, United States, Al Dhafra, Israel, China, Iran, Turkey, SPIEF, Emirates

☆ Goodbye Shein, Hello Temu. US shoppers are reportedly spending 20% more at the Chinese dollar store than at the hot fast-fashion retailer.
▼ + stars: | 2023-06-16 | by ( Jennifer Ortakales Dawkins | Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Spending on bargain Chinese shopping app Temu surpassed Shein in May, according to Bloomberg data. Consumer spending on Chinese apps is still only a fraction of spending on Amazon. Chinese e-commerce giants Shein and Temu are going head-to-head in a race to become America's most-beloved online shopping destination. Just in May, US spending on Temu was 20% higher than on Shein, Bloomberg reported on Wednesday. According to data from Bloomberg Second Measure, which analyzes credit and debit transactions data, spending on Shein and Temu is still just a fraction of Amazon.

Persons: Temu, Shein Organizations: Bloomberg, US, China Economic, Security Locations: Shein

☆ A baby born the day 'Avatar' was released will be able to legally drink in the US by the time the final movie comes out, as Disney delays the sequels yet again
▼ + stars: | 2023-06-13 | by ( Nathan Mcalone | ) www.businessinsider.com time to read: +3 min

Assuming no further delays, the last movie won't come out until 2031 — 22 years after the original. Disney announced a slew of delays on Tuesday including in the Marvel Cinematic Universe. Did you think the delays were over for the "Avatar" franchise? Disney announced a slew of delays on Tuesday that stretched from the Marvel Cinematic Universe to Pandora. Variety reported that while some Marvel delays were due to production issues around the Hollywood labor disputes, the "Avatar" delays were to "allow the post-production and visual effects department to continue expanding, developing and refining the different ecosystems across the vast world of Pandora."

Persons: James Cameron, Jason Guerrasio, Cameron, Guerrasio, Jon Landau Organizations: Disney, Marvel, Variety Locations: Hollywood

☆ London crypto move is a sign of desperate times
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

NEW YORK/LONDON, June 12 (Reuters Breakingviews) - UK Prime Minister Rishi Sunak is eager to bring some Silicon Valley glitz to London. Now venture capital investor Andreessen Horowitz is setting up its first non-US office in the British capital, to focus on blockchain and cryptocurrencies. The then-finance minister in 2021 declared as “fantastic” the decision by Deliveroo (ROO.L) to list its shares in London. Despite Sunak’s call for the UK to “embrace new innovations” like the blockchain, Britain’s appetite for crypto remains uncertain. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rishi Sunak, Andreessen Horowitz, Binance, Sunak, Deliveroo, “ gosh, Bobby Kotick, Anita Ramaswamy, Karen Kwok, Stellantis, Peter Thal Larsen, Streisand Neto Organizations: Reuters, U.S . Securities, Exchange Commission, Coinbase, Stanford University, Chips, Activision Blizzard, Twitter, Brookfield, Thomson Locations: London, U.S, Teck, China

Playing in a Champions League is the pinnacle for any player in club soccer and when asked what this moment would mean to his grandfather, Lukaku is almost unable to answer. He was my biggest fan.”As a child growing up in Belgium, Lukaku missed 10 years of watching the Champions League. “I couldn’t watch (the Champions League final), but now, by the grace of God, I can play one,” he adds. Manchester City has swept all before it in a light blue wave this season and sits on the cusp of a ‘treble,’ fresh from winning the Premier League title and the FA Cup. “Man City is a well-drilled team…Guardiola is such a good coach because every game is a different game plan,” Lukaku observes.

Persons: “, ” Lukaku, Darren Lewis, ”, Lukaku, …, Erling Haaland, Lexy Ilsley, Messi, Ronaldo, … Guardiola, “ It’s Organizations: CNN, Belgian, Anderlecht, Chelsea, Serie, Inter Milan, Champions League, League, ’, FC Milan, Coppa Italia, ” Inter Milan, Bayern Munich, Porto, Benfica, AC Milan, Manchester City, Premier League, FA Locations: Belgium, Barcelona, Manchester

☆ The stock market has flipped from 'sell the rip' to 'buy the dip,' and that should help push the S&P 500 above a key resistance level
▼ + stars: | 2023-05-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market has exited the "sell the rip" regime in favor of "buying the dip," according to Fundstrat's Tom Lee. That sets the S&P 500 up for a potential breakout above its 4,200 resistance level as investors worry about the debt ceiling. The bullish switch means the S&P 500 has a good chance of breaking above its key resistance level of 4,200 even as investors worry about the upcoming debt ceiling deadline. The return of "buy the dip" adds to Lee's confidence that the S&P 500 will rise above its closely watched resistance level of 4,200. Lee reiterated his S&P 500 year-end price target of 4,750, which represents potential upside of about 14% from current levels.

☆ 'It's a no-brainer': U.S. beats UK investment scene, says British MP, calling for radical overhaul
▼ + stars: | 2023-05-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Rachel Reeves, Britain's shadow Finance Minister, has said that the current U.K. business landscape pales in comparison to that of the U.S.Britain's shadow finance minister on Tuesday lambasted the country's business environment under the current Conservative government, saying that companies currently deciding whether to invest in the U.K. or in the U.S. faced "a no-brainer" decision. "Businesses say to me: if we've got a choice between investing in the U.S. or investing in the U.K., I'm afraid, at the moment, it's a no-brainer," Reeves said at a conference hosted by the Chartered Management Institute. "The deeper capital markets, as well as the government support for those growing industries, means investment in the U.S. makes sense in a way that it does not in the U.K.," she said. Reeves said that under Labour leadership, Britain would implement a "modern industrial strategy" encouraging the government and businesses to work in partnership. "At a time of huge change, we've got to have a business and government partnership to seize some of these big opportunities that are out there for the taking," she said.

☆ I quit Goldman Sachs after only a year. Here's how I knew leaving for a tech startup was the right career move.
▼ + stars: | 2023-05-15 | by ( Chris Hladczuk | ) www.businessinsider.com time to read: +8 min

Chris Hladczuk leads growth at Meow, a fintech startup, after quitting Goldman Sachs. I picked a weird day to quit — it was my 24th birthday and I called my boss to tell her I was leaving Goldman Sachs. The power of Goldman SachsI love Goldman because it taught me how to win. With my future career in mind, is my pace of learning higher at Goldman in investment banking or at an early-stage startup? Chris Hladczuk currently leads growth at fintech startup Meow.

☆ Billionaire investor Stanley Druckenmiller says the debt-ceiling crisis pales in comparison to the 'horror movie' of reckless spending
▼ + stars: | 2023-05-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"The fiscal recklessness of the last decade has been like watching a horror movie unfold." That's according to billionaire investor Stanley Druckenmiller, who has been raising the alarm about US deficits for several years. "The fiscal recklessness of the last decade has been like watching a horror movie unfold," he said in a Monday speech at the University of Southern California, according to Bloomberg. To Druckenmiller, spending on Social Security, Medicare and Medicaid will have to be cut in the future, if not today. Druckenmiller also laid responsibility on the Federal Reserve, as its easy-money policies encouraged market and spending recklessness for over a decade.

☆ Some airlines effectively charge parents to sit with their kids. Biden is shaming the industry into changing that.
▼ + stars: | 2023-04-22 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +7 min

Consumer groups and President Joe Biden are aghast that carriers have effectively charged families more to sit together. No airline explicitly imposes a "family seating fee," but consumer advocates have complained for years about how that's exactly what's happening. Airlines for America, an industry lobbying arm that counts the big four, America, Delta, Southwest, and United, among its members, previously pointed out that none of its members explicitly charge a family seating fee. This is a March 24, 2023 screenshot of the Department of Transportation's dashboard of airline family seating policies. Sen. Ed Markey of Massachusetts is working with a trio of other Senate Democrats, including Senate Majority Leader Chuck Schumer, on separate legislation on just family seating.

☆ A Supreme Court justice resigned 54 years ago over conduct that may 'pale in comparison' to Clarence Thomas' — but Thomas is almost certain to get off scot-free thanks in part to the 'Trump effect'
▼ + stars: | 2023-04-21 | by ( Kelsey Vlamis | Erin Snodgrass | ) www.businessinsider.com time to read: +7 min

Supreme Court Justice Abe Fortas resigned in 1969 over accusations of financial misconduct. But unlike Fortas, Thomas is unlikely to experience severe consequences in the post-Trump era. Like Fortas, Thomas has been accused of financial misconduct. Democratic lawmakers have called for an investigation into Thomas, and the Senate Judiciary Committee has said it will hold a hearing on Supreme Court ethics. "He will forever be remembered as the second Abe Fortas," Kalir said.

☆ An emboldened NATO provides a bittersweet moment for war-torn Ukraine
▼ + stars: | 2023-04-05 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

Congratulating Finland, Ukraine's President Volodymyr Zelenskyy said Finland now has a "reliable guarantee of safety – a collective guarantee." At the heart of NATO is the tenet that an attack on one member is an attack on all members. Finland and Sweden both applied to join NATO last May, prompted by Russia's invasion of Ukraine, and their membership bids were fast-tracked. To do so would have triggered NATO members' commitment to protect one another and Moscow would have faced the collective might of the alliance's armed forces. That's not to say that NATO didn't see the war coming in Ukraine in the run up to the invasion.

☆ The CEO of the world's biggest record company just got a new contract with stock options worth as much as $100 million
▼ + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Universal Music's CEO could receive stock options worth up to $100 million under a new contract. He took a annual pay cut to $5 million in the new contract that runs to 2028. Half of the $100 million equity option will be paid out in installments if the share price hits the targets of 26.50 euros, 30 euros, and 38 euros. The stock closed Friday at 23.30 euros in Amsterdam, valuing the company at just over 42 billion euros ($45 billion). Apple CEO Tim Cook collected almost $100 million last year alone, making about $83 million in stock awards, $12 million in incentives and salary of $3 million, CNBC reported.

Fitbit Versa 4 The Fitbit Versa 4 disappoints as a fourth-generation smartwatch as it lacks third-party app support, has issues with fitness tracking, and doesn’t allow for music storage. Fitbit Sense 2 vs. Fitbit Versa 4: Smartwatch performanceOne of the main nitpicks we have with these watches is their disappointing lack of smartwatch capability. Fitbit Sense 2 vs. Fitbit Versa 4: Health and fitness trackingRick Stella/InsiderThe biggest difference between the Versa 4 and the Sense 2 comes down to their individual health and fitness tracking performance. Fitbit Sense 2 vs. Fitbit Versa 4: Battery lifePerhaps the best feature native to both the Sense 2 and the Versa 4 is their battery life, which lasts roughly six days depending on how it's used. However, due to the Versa 4's shortcomings in both smarts and fitness tracking, it pales in comparison to the Sense 2.

☆ SVB customers tried to withdraw nearly all the bank’s deposits over two days, Fed's Barr testifies
▼ + stars: | 2023-03-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The run on Silicon Valley Bank's deposits this month went far deeper than was initially known. Regulators shuttered SVB on March 10 in the biggest bank failure since the 2008 financial crisis. The combined withdrawal figure of $142 billion represents a staggering 81% of SVB's $175 billion in deposits as of the end of last year. Lawmakers summoned top U.S. banking regulators to Washington to explain why Silicon Valley Bank and Signature Bank collapsed earlier this month. In fact, Fed supervisors began warning SVB management about the risk that higher interest rates posed to the bank's balance sheet in November 2021, Barr testified.

☆ Google Bard is already behind in the AI wars with OpenAI and Microsoft
▼ + stars: | 2023-03-23 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Google Bard, the search firm's answer to ChatGPT, has underwhelmed early testers. Users in the US and UK trying out the AI chatbot find it pales in comparison to OpenAI's tech. The makers of the Twofer Goofer word puzzle found ChatGPT was much better at solving the brainteasers than Google's Bard. It's possible that the company does have a super impressive AI tool up its sleeve. Insider's Hugh Langley reported earlier in March that Google employees are testing a more intelligent version of Bard, nicknamed "Big Bard."

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