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☆ Your next landlord may be a pro sports team
▼ + stars: | 2024-02-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

But team owners in recent years have turned to real estate development to bring in extra cash and drive up the asset values of their franchises. “It makes perfect sense for a team owner to play real estate,” said Propheter. “That means that team owners do have a lot of leverage,” he said. “Stadium subsidies transfer wealth from the general tax base to billionaire team owners, millionaire players, and the wealthy cohort of fans” who regularly attend games. “Generally speaking, the people who come off well are the team owners and the developers,” Zimbalist said.

Persons: ”, Geoffrey Propheter, Daniel Slim, “, Andrew Zimbalist, Louis, Harry Cabluck, Bruce Ratner, Stan Kroenke, Matthew Grimes Jr, Steve Cohen, Mark Cuban’s, Adelson, “ I’m, ” Zimbalist Organizations: New, New York CNN, Professional, Billionaire, University of Colorado Denver, Sofi, Getty, Washington Wizards, Capitals, Sweet, Smith College, Riverfront, Busch, Baltimore Orioles, Camden, Barclays Center, Nets, Los Angeles Rams, “ Battery, Atlanta Braves, Golden State Warriors ’ Chase Center, Texas Rangers, Globe, Arlington, New York Mets, Hard, Citi Field . Dallas Mavericks, Vegas Sands Corp, Management Locations: New York, North America, Inglewood , California, AFP, Washington, Alexandria , Virginia, Cincinnati, St, Pittsburgh, Brooklyn, New Jersey, ”, “ Battery Atlanta ”, Truist, Atlanta, San Francisco, “, City, Arlington , Texas, ” Cuban

☆ Weekly mortgage demand from homebuyers is flattening as interest rates rise
▼ + stars: | 2024-02-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Together, those two jumps made for the third-biggest increase in mortgage rates since March 2020. The refinance share of mortgage activity increased to 35.4% of total applications from 34.2% the previous week. Mortgage rates fell back slightly on Tuesday, but the move higher was an adjustment to surprisingly strong economic data, according to Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham, They've Organizations: Mortgage, U.S . Labor Department, Mortgage News Daily, Mortgage News, CNBC PRO

☆ Mortgage rates jump back over 7% as stronger economic data rolls in
▼ + stars: | 2024-02-05 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Mortgage rates have been on a wild ride since the summer, briefly crossing to a 20-year high of 8% in October. Mortgage rates do not follow the Fed directly, but they follow loosely the yield on the 10-year Treasury, which is heavily influenced by the central bank's impression of the economy at any given time. As mortgage rates fell over the past two months, buyers seemed to be returning to the market. Mortgage applications to purchase a home had been rising steadily, but fell back in the last few weeks, as mortgage rates edged higher. "If we see more data like last Friday's jobs report, rates will have a hard time getting back below 7%.

Persons: Li Jianguo, Matthew Graham, Michael Fratantoni, Graham Organizations: National Association of Realtors, Getty, Mortgage News, Federal, Treasury, Fed, Mortgage, Association . Mortgage, CNBC PRO Locations: Millbrae , California, United States, Xinhua

☆ Epstein’s Longtime Accountant Sheds Light on Disgraced Financier’s Businesses
▼ + stars: | 2024-02-01 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

His accountant for 14 years, Richard Kahn, said in a confidential deposition that he had learned about the worst of Mr. Epstein’s activities only after his death. Richard Kahn, who was Mr. Epstein’s accountant for 14 years, said in a confidential deposition that he had learned about the worst of Mr. Epstein’s activities only after his death, the people said. Mr. Epstein killed himself while being held in a federal jail on sex trafficking charges after his July 2019 arrest. Why the Deposition Testimony MattersThe deposition was taken in connection with a class-action lawsuit that accused JPMorgan Chase of having facilitated Mr. Epstein’s sex trafficking during the years he was a customer. JPMorgan agreed last year to pay $290 million to nearly 200 victims in a settlement.

Persons: Jeffrey Epstein, Richard Kahn, Jeffrey Epstein’s, Epstein, JPMorgan Chase, Mr, Kahn, Kahn’s Organizations: Mr, . New York, Offender, Associated Press, JPMorgan Locations: .

☆ Weekly mortgage demand drops as buyers struggle to find affordable homes
▼ + stars: | 2024-01-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After rising for several weeks, mortgage demand fell last week as buyers faced increased competition for a limited supply of homes. Total mortgage application volume fell 7.2% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Lower mortgage rates are putting more pressure on home prices, and are bringing more buyers into the market, increasing competition. Mortgage rates have barely moved in the last two weeks, but that could soon change. Friday's monthly employment report could also impact markets and swing mortgage rates in either direction depending on what it says about the broader economy.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Clarksburg , Maryland

☆ US F-16 fighter crashes off South Korea in third loss of Korea-based jet in a year
▼ + stars: | 2024-01-31 | by ( Brad Lendon | Oren Liebermann | ) edition.cnn.com time to read: +2 min

Seoul, South Korea CNN —A United States Air Force F-16 fighter jet crashed after suffering an in-flight emergency off the coast of South Korea Wednesday, in the third crash of one of the US military’s Korea-based warplanes in less than a year. The pilot, assigned to the 8th Fighter Wing, ejected safely and was recovered about 50 minutes after the crash, the Air Force statement said. Wednesday’s crash was the third of a South Korea-based F-16 in less than a year, though there are no indications they are related. An F-16 Fighting Falcon assigned to the 80th Fighter Squadron takes off from Kunsan Air Base, South Korea, on September 18, 2023. In May 2023, an F-16 crashed into an agricultural area near Osan Air Base, south of Seoul, during training.

Persons: ”, Matthew Gaetke ,, Samuel Earick, Kunsan Organizations: South Korea CNN, United States Air Force, Kunsan Air Base, 8th Fighter, Air Force, Matthew Gaetke , 8th Fighter, 80th Fighter Squadron, . Air Force, Korean, Osan Air Base, US Air Force, Air Forces, Air Force Safety Center Locations: Seoul, South Korea, Korea, Korean, Republic, Osan

For more than a decade, the pioneers of the cryptocurrency industry envisioned digital coins as an alternate branch of finance, a renegade sector that would operate outside the reach of big banks and government regulators. In recent years, regulators have seized on that legal precedent to argue that cryptocurrencies are just another security, like shares of Apple or General Motors. The crypto industry has fought back, leaving it in a legal gray zone with an uncertain future in the United States. Now the long-running dispute is edging closer to a resolution, as federal judges begin weighing in on a series of lawsuits by the nation’s top securities regulator against some of the largest crypto firms. This month, judges held hearings in two of the most consequential cases, which could dictate whether the multitrillion-dollar crypto industry can continue growing in the United States.

Organizations: Apple, General Motors Locations: United States

☆ ‘Zoomers’ Review: Just Don’t Kill the Vibes
▼ + stars: | 2024-01-26 | by ( Brittani Samuel | ) www.nytimes.com time to read: +1 min

It’s immediately clear that the 30-something Gasda, whose 2022 play “Dimes Square” captured the crowd of artists, writers and scenesters in New York City’s downtown, has spent significant time observing his younger subjects. With the exception of a few awkward phrases, his naturalistic play captures the way Gen Z talks. “Zoomers” opens with three roommates ambling around their Brooklyn apartment in Bushwick, a land where shaggy hair is a personality trait and hard kombucha might as well be on tap. Michael (Jonah O’Hara-David), Jacob (Henry Lynch), and Jada (Reneé-Nicole Powell) are recovering from a night of respective drinking, smoking weed and existential dread. For the emotionally stunted Jacob in particular, it’s a pleasurable escape whenever conversations get too heated.

Persons: “, Matthew Gasda, It’s, ”, Z, ambling, Jonah O’Hara, David, Jacob, Henry Lynch, Jada, Nicole Powell, Ella, Sophia Englesberg, George Olesky Organizations: Brooklyn Center for Theater Research Locations: New York, Brooklyn, Bushwick, catharsis

NEW YORK (AP) — Amazon-owned Ring will stop allowing police departments to request doorbell camera footage from users, marking an end to a feature that has drawn criticism from privacy advocates. In a blog post on Wednesday, Ring said it will sunset the “Request for Assistance” tool, which allows police departments and other public safety agencies to request and receive video captured by the doorbell cameras through Ring’s Neighbors app. Eric Kuhn, the head of Neighbors, said in the announcement that law enforcement agencies will still be able to make public posts in the Neighbors app. In a bid to increase transparency, Ring changed its policy in 2021 to make police requests publicly visible through its Neighbors app. Ring also maintains the right to share footage without user consent in limited circumstances.

Persons: Ring, Eric Kuhn, ” Kuhn, Matthew Guariglia Organizations: . Police, Electronic Frontier Foundation, Federal Trade Commission Locations: Guariglia

☆ Amazon’s Ring to shutter video-sharing program popular with police
▼ + stars: | 2024-01-24 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Authorities seeking Ring surveillance videos must now submit a formal legal request to the company, rather than soliciting footage directly from users through the app, Ring said in a blog post Wednesday. Hundreds of law enforcement agencies have struck up partnerships with Ring, according to a tracker maintained by the consumer advocacy group Fight for the Future. But, he warned, it would not necessarily stop police from continuing to persuade Ring users to voluntarily give up their rights. Police are able to contact Ring users off the app. And Ring users can still decide if they want to voluntarily send video, sounds or images from their Ring devices to law enforcement.

Persons: ”, Evan Greer, Matthew Guariglia, Guariglia, didn’t, Ring, Massachusetts Democratic Sen, Ed Markey, “, enforcement’s Organizations: CNN, “, Electronic Frontier Foundation, Police, Fraternal, of Police, EFF, Massachusetts Democratic Locations: Massachusetts

☆ Digital World Shares Surge as Republican Primary Field Narrows
▼ + stars: | 2024-01-22 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Shares of Digital World Acquisition Corporation, the cash-rich shell company that plans to merge with former President Donald J. Trump’s social media company, soared as much as 70 percent on Monday, a day after Gov. Ron DeSantis of Florida dropped out of the race for the Republican presidential nomination and brought Mr. Trump even closer to securing it. The jump reflected investors’ enthusiasm around Trump Media & Technology Group, the beleaguered company that has been trying since 2021 to merge with Digital World, a special purpose acquisition company. Digital World raised roughly $300 million in its September 2021 initial public offering — money that the Trump company needs to run its business. Digital World’s shares had already more than doubled since Mr. Trump won the Iowa caucuses on Jan. 15.

Persons: Donald J, Ron DeSantis, Trump, ”, Kristi Marvin Organizations: Acquisition Corporation, Gov, Republican, Trump Media & Technology Group Locations: Florida, Iowa

☆ Apple knew AirDrop users could be identified and tracked as early as 2019, researchers say
▼ + stars: | 2024-01-12 | by ( Sean Lyngaas | Brian Fung | ) edition.cnn.com time to read: +9 min

Washington CNN —Security researchers warned Apple as early as 2019 about vulnerabilities in its AirDrop wireless sharing function that Chinese authorities claim they recently used to track down users of the feature, the researchers told CNN, in a case that experts say has sweeping implications for global privacy. AirDrop lets Apple users who are near each other share files using a proprietary mix of Bluetooth and other wireless connectivity without having to connect to the internet. A Chinese tech firm, Beijing-based Wangshendongjian Technology, was able to compromise AirDrop to identify users on the Beijing subway accused of sharing “inappropriate information,” judicial authorities in Beijing said this week. The Chinese tech firm, Wangshendongjian Technology, that claimed to have exploited AirDrop appeared to have used some of the same techniques first identified by the Darmstadt researchers in 2019, said Alexander Heinrich, one of the German researchers. “Now that Chinese security agencies are exploiting this vulnerability, it’s a tough political problem for Apple.”

Persons: Apple, “, ”, Benjamin Ismail, Florida Sen, Marco Rubio, ” Rubio, Milan Stute, Sascha Meinrath, Palmer, Alexander Heinrich, ” Heinrich, Kenn White, Heinrich et al, ” White, Sen, Ron Wyden, ” Wyden, “ Apple, Qi An Xin, Dakota Cary, SentinelOne, Ismail, would’ve, Matthew Green Organizations: Washington CNN —, CNN, Apple, Bluetooth, Technology, Republican, Senate Intelligence Committee, Technical University of Darmstadt, Penn State University, Wangshendongjian Technology, ” Apple, Oregon Democrat, Beijing, Olympic, Xinhua, Johns Hopkins University, “ Locations: China, Washington, Hong Kong, Beijing, Florida, Germany, Darmstadt, Oregon, cyberattacks, Dakota

☆ Morgan Stanley to Pay $249 Million in Block Trading Investigation
▼ + stars: | 2024-01-12 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Morgan Stanley agreed to pay $249 million in penalties to resolve investigations by federal prosecutors and securities regulators into the firm’s practices in handling some large stock trades, authorities and the bank said on Friday. As part of the settlement, Morgan Stanley entered into a nonprosecution agreement with the government and will not be charged with any criminal wrongdoing. The conduct took place from 2018 to 2021, the authorities said. Federal prosecutors said in a statement that Morgan Stanley had not uncovered the deceptive trading on its own nor did it report it to the authorities. But prosecutors said they had decided not to file criminal charges against Morgan Stanley because the bank had cooperated with the investigation and because there was no evidence that the bank’s corporate management had knowledge of any wrongdoing.

Persons: Morgan Stanley Organizations: Securities and Exchange Commission Locations: Manhattan

☆ Mortgage demand down 9.4% for final week of 2023, despite recent drop in interest rates
▼ + stars: | 2024-01-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand ended 2023 on a sour note, despite a sharp drop in mortgage interest rates during December. Total application volume was down 9.4% for the week ended Dec. 29, compared with two weeks earlier, according to the Mortgage Bankers Association's seasonally adjusted index. The average rate on the 30-year fixed ended the year at 6.76%, lower than where it was two weeks ago, but higher than it was a week ago. The builders are a bright spot, especially because they can buy down mortgage rates, but new homes do come at a price premium. Mortgage rates started this week higher after also edging up on Friday.

Persons: Joel Kan, refinanced, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Daily, Reserve, CNBC PRO Locations: Miami , Florida

☆ Cher says this career mistake cost her 'a lot of money': 'I was so stupid'
▼ + stars: | 2023-12-05 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

Cher has sold over 100 million records and won a trove of awards, including a Grammy, an Emmy and an Oscar, across her six-decade career. But there's one mistake the 77-year-old singer made earlier in her career that still haunts her — and cost her "a lot of money," she shared in a new interview. While that line made it to the final recorded version of "Believe," Cher's name doesn't appear in the songwriting credits. "Believe," which was released in 1998, is one of Cher's best-selling records to date. Warner Records, the label that released "Believe," did not immediately respond to CNBC Make It's request for comment.

Persons: Cher, Vernon Kay, Kay, I've, Rick Carnes, Carnes, Brian Higgins, Stuart McLennan, Paul Barry, Steven Torch, Matthew Gray, Timothy Powell Organizations: BBC, Recording Academy, Songwriters Guild of America, Warner Records, CNBC

☆ Mortgage demand from homebuyers gets a boost as interest rates continue to fall
▼ + stars: | 2023-11-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates fell last week for the fourth time in five weeks, and homebuyers appear to be responding. That left total mortgage application volume essentially flat last week, up just 0.3% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home rose 5% for the week but were still 19% lower than the same week one year ago. Mortgage rates are now 88 basis points higher than they were a year ago, but most current homeowners refinanced when rates were at record lows two years ago. "With rates already at two-month lows last week, the result is gentle descent to slightly lower two-month lows."

Persons: Joel Kan, Matthew Graham, Graham Organizations: Mortgage, Mortgage News, CNBC PRO Locations: refinance

☆ Russia's huge Air Force is still mostly intact, but it hasn't been building the jets it needs to win on the ground in Ukraine
▼ + stars: | 2023-11-28 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

After nearly two years of combat in Ukraine, Russia's air force is still largely intact. If Russia's air force can't perform that mission, Russian ground forces will continue to struggle. AdvertisementDespite its losses in the Ukraine, Russia's air force is still quite robust. What Russia doesn't have is the support aircraft needed to find and attack enemies on the ground. AdvertisementAs long as Ukraine's air defenses aren't suppressed, the Russian Air Force can't provide meaningful support to ground troops.

Persons: —, Cmdr, Matthew Galamison, Michael Petersen, Galamison, Petersen, Sukhoi Su, Mihail Tokmakov, Sefa, Michael Peck Organizations: Service, Kremlin, Russian Defense Ministry Press Service, AP, NATO, US, US Naval War College, US Air Force's Air, Space Operations, Getty, Russian Air Force, EA, Kyiv, Russia's, Russian Army, REUTERS, British Defence Ministry, Anadolu Agency, Defense, Foreign Policy, Twitter, LinkedIn Locations: Ukraine, Moscow, Russia, Russian, Ukrainian, Kyiv, Kyiv City, Chernihiv, Forbes

☆ Mortgage demand jumps to six week high as interest rates continue to drop
▼ + stars: | 2023-11-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Total application volume increased 3% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most mortgage rates in our survey decreased, with the 30-year fixed mortgage rate decreasing to the lowest rate in two months," said Joel Kan, MBA's deputy chief economist. Applications to refinance a home loan increased 2% for the week and were just 4% lower than the same week one year ago. Applications for a mortgage to purchase a home increased 4% week to week but were still 20% lower than one year ago. Mortgage rates moved slightly lower this week, but analysts are not expecting any major moves in the near future.

Persons: Joel Kan, Kan, Matthew Graham Organizations: U.S . Mortgage, Mortgage, National Association of Realtors, Mortgage News Locations: Columbus , Ohio, U.S

Customers from Iran, Cuba and Syria — all of which face sanctions — were able to access the Binance platform. In addition to the outlawed foreign transactions, Binance did business with firms based in the United States even though it was not supposed to have any U.S. customers on its Binance.com platform. Instead, a different platform, Binance.US, which Mr. Zhao also owned, was required to handle the business and abide by U.S. anti-money laundering laws. But Mr. Zhao and other Binance employees believed it would be better for the main cryptocurrency exchange to handle big U.S. customers, the court filings state. At times, Binance has processed two-thirds of all digital currency trades, making it a vital power broker and intermediary in the crypto world.

Persons: Zhao, Binance, —, ” Locations: Iran, Cuba, Syria, United States

☆ Elon Musk isn't helping his CEO Linda Yaccarino's claims that X is safe for companies
▼ + stars: | 2023-11-17 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +4 min

Linda Yaccarino's efforts to reassure companies about X are being undermined by Elon Musk. Yaccarino released a statement on Thursday saying X is working to combat antisemitism. However, one day before her post, Musk supported an antisemitic conspiracy theory on the platform. AdvertisementLinda Yaccarino's efforts to reassure companies that X is safe for brands are being undermined by Elon Musk's actions. The contrast between Yaccarino's statement and Musk's post was not lost on platform users.

Persons: Linda Yaccarino's, Elon Musk, Yaccarino, Musk, —, Elon Musk's, …, Linda Yaccarino, Dustin Moskovitz, Ross Gerber, Tesla, VWqtI32Jxz — Matthew Gertz, Yaccarino —, Yaccarino's, Lou Paskalis, they're Organizations: Service, IBM, Financial, Media, Apple, Comcast, X, Business, Reuters, Vox Media, Conference

☆ Where are they now: The many fascinating Bridgewater employees from the book on Ray Dalio 'The Fund'
▼ + stars: | 2023-11-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +17 min

The new book, "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" — which Dalio and his lawyers have pushed back against — describes everything from Bridgewater's investment process to internal grudges and backstabbing to allegations of sexual harassment. Here are the places where the dozens of Bridgewater employees and consultants named in the book ended up. Dalio, the book said, wrote into the firm's bylaws that he could never hold that title again. Before that, she was the head of investment research and a co-chief investment officer for sustainability. He's worked at different funds since leaving in 2006, including Larch Lane Advisors and Bonaccord Capital as an investor and business-development professional.

Persons: Rob Copeland's, Ray Dalio, Dalio, —, Bridgewater, Greg Jensen, YouTube Dalio, nixed, Copeland, He's, Jensen, Eileen Murray, Morgan Stanley, David McCormick, Dina Powell, McCormick, Dave McCormick, Michael M, Nir Bar Dea, Stefanova, Dalio's, Paul McDowell, Bob Eichinger, McDowell, Eichinger, Jen Healy, Osman Nalbantoglu, Matthew Granade, Steve Cohen, Steve Cohen's Point72, Bob Prince, politicking, Karen Karniol, Bridgewater Associates Karen Karniol, Vladimir Putin, Bob Elliott, Elliott, James Comey, Winn McNamee, Barack Obama, Donald Trump, Hillary, Britt Harris, Bridgewater's, Julian Mack, L, Michael Partington, Spencer Stuart, Niko Canner, Jon Rubinstein, Beck Diefenbach Jon Rubinstein, Steve Jobs, Tom Adams, Rosetta Stone, J, Michael Cline, Cline, Kevin Campbell, Campbell, Craig Mundie, Bill Gates, Gates, Mundie, Bill Clinton, George W, Bush, David Ferrucci, IBM's Watson, Ferrucci, Keith Alexander, Alexander, Larry Culp, Culp, Jamie Gorelick, conscientiously, Clinton, Jared Kushner, Jesse Horwitz, Comey, Horwitz, Samantha Holland, Perry Poulos, Murray, Joe Sweet, Tara Arnold, Arnold —, Leah Guggenheimer, She's, Charles Korchinski, Harris, Kent Kuran Organizations: New York Times, Bridgewater Associates, Business, Bridgewater, YouTube, HSBC, Broadridge, Life Insurance, Wells, Treasury Department, Republican, Getty, GOP, Israel Defense Forces, Marto, Princeton University, McKinsey, Point72, Bridgewater didn't, Domino Data, CircleUp, FBI, Trump, of, University of Texas Investment Management Co, Apple, Dalio, Health, Cognition, Mundie, National Security Agency, Amazon, General Electric, Boston Globe, Electric, Trump White House, Harvard Law School, —, Hubble, Stefanova's Marto, HBR Consulting, MIO Partners, Burford, Larch Lane Advisors, Bonaccord, Eaton Partners, Stanford, NextEra Energy Resources Locations: Bridgewater, Connecticut, Pennsylvania, China, San Francisco, of Texas, Atlanta, WilmerHale, Asia, India, Shanghai, Singapore, Israel, Africa

☆ Trump’s Truth Social Platform Could Struggle to Survive Without New Cash
▼ + stars: | 2023-11-16 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Former President Donald J. Trump’s social media company is running on fumes and could be at risk of folding if it doesn’t find new funds in a hurry. In a regulatory filing this week, auditors for Trump Media & Technology Group expressed doubt about the company’s ability to continue as a “going concern” without new financing. The filing also made clear that Trump Media desperately needs to complete its long-delayed merger with a cash-rich shell company so that it can tap $300 million in cash, especially if its flagship online platform, Truth Social, has any chance of surviving. If the transaction goes through, it could value Trump Media at $1 billion based on Digital World’s share price of $16.60. Yet, the rich valuation is no guarantee that the company, which largely relies on advertising revenue from Truth Social — and Truth Social itself — will be a viable business.

Persons: Donald J Organizations: Trump Media & Technology Group, Trump Media, Trump, Acquisition Corporation, Truth

WASHINGTON (AP) — President Joe Biden is nurturing economic ties this week with Asia, but he's not signing any trade deals at a regional summit in San Francisco. This fact — no trade deals — reveals a lot about the status of U.S. politics, the evolving global economy and the Biden administration's own ambitions. The trade pillar is being overseen by U.S. Trade Representative Katherine Tai, while the other three are under Commerce Secretary Gina Raimondo. WHY TRADE DEALS ARE UNPOPULARIt's simple: Voters say past trade deals caused the loss of factory jobs that hollowed out their hometowns and the Biden administration agrees. In a June speech, Tai criticized past trade deals.

Persons: Joe Biden, he's, —, Biden, “, ”, Robert Holleyman, ” Biden, Katherine Tai, Gina Raimondo, Matthew Goodman, Sen, Sherrod Brown, Brown, ” Brown, Republican Donald Trump, Democrat Hillary Clinton, Trump, Tai Organizations: WASHINGTON, U.S, Economic Cooperation, Biden, U.S . Trade, ., Greenberg Center, Geoeconomic Studies, Council, Foreign Relations, White, Republican, Democrat, Pacific, China . Trade, Trump, ” Trade, South Locations: Asia, San Francisco, IPEF, U.S, Tokyo, Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, Ohio, Canada, Mexico, China

☆ Cooler monthly inflation report pushes mortgage rates even lower
▼ + stars: | 2023-11-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The drop was due to a sharp bond market rally, after the government's monthly inflation report came in lower than analysts had predicted. As bond yields fell, so too did mortgage rates, which loosely follow the yield on the 10-year Treasury . Mortgage rates had already been declining from their recent highs. The 30-year fixed mortgage rate jumped over 8% on Oct. 19, the highest level in more than two decades. "The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously.

Persons: Matthew Graham, Lawrence Yun Organizations: Mortgage News, Treasury, National Association of Realtors, CNBC PRO Locations: Chatsworth, Los Angeles , California

☆ Judge Approves JPMorgan’s $290 Million Settlement With Epstein Victims
▼ + stars: | 2023-11-09 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A federal judge on Thursday approved a settlement of a class-action lawsuit in which JPMorgan Chase will pay $290 million to sexual abuse victims of Jeffrey Epstein who claimed that the bank ignored warnings about the disgraced financier. The money being paid by JPMorgan, the nation’s biggest bank, could provide compensation to nearly 200 victims of Mr. Epstein, according to a legal filing. JPMorgan and lawyers for the victims reached a preliminary settlement in June, averting a potential civil trial in federal court in Manhattan. The judge, Jed Rakoff, gave final approval to the deal after holding an afternoon hearing to assess the fairness of the settlement to the victims. Some, including one who said she was just 13 when Mr. Epstein first sexually assaulted her, wrote about continuing to suffer from depression, anxiety, panic attacks and eating disorders.

Persons: Jeffrey Epstein, Epstein, Jed Rakoff Organizations: JPMorgan Chase, JPMorgan Locations: Manhattan

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