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☆ Nvidia set to overtake Apple in $72 billion technology ETF shakeup after its monster 164% rally this year
▼ + stars: | 2024-06-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Nvidia is set to surpass Apple in a major technology ETF, triggering a $23 billion trade later this month. Microsoft, Apple, and Nvidia are all worth more than $3 trillion amid an ongoing AI-fueled tech boom. AdvertisementNvidia is poised to overtake Apple in one of the biggest technology ETFs later this month, sparking a massive $23 billion trade. A diversification rule in the tech ETF has limited the concentration of the fund in a big way. With Nvidia set to take the second spot from Apple, it will spark a massive combined trade worth more than $20 billion.

Persons: — Organizations: Nvidia, Apple, Microsoft, Service, Business, Bloomberg News, Bloomberg

☆ Marlene Engelhorn: Austrian pro-tax heiress gives wealth to social, climate, left-wing groups
▼ + stars: | 2024-06-18 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Reuters —An heiress who has denounced the absence of taxes on wealth and inheritance in Austria has given the bulk of her money, 25 million euros ($27 million), to 77 organizations, including social and climate groups, as well as prominent left-wing ones. A spokesman said the 25 million euros was “the overwhelming bulk” of her wealth, though she retains an undisclosed sum. Engelhorn is a descendant of Friedrich Engelhorn, who founded German chemicals giant BASF in 1865. When Engelhorn-Vechiatto died in 2022, Marlene inherited a large sum. “Now, it is up to the political actors to do justice to what this group representative of the Austrian population has embodied,” Engelhorn said, calling for more debate on these issues.

Persons: Marlene Engelhorn, ” Engelhorn, ”, Engelhorn, Friedrich Engelhorn, Gertraud Engelhorn, Vechiatto, Marlene, Joe Klamar, Elisabeth Klein Organizations: Reuters, BASF, Concordia, Getty, Momentum Institute, Austrian Nature Conservation Federation Locations: Austria, Austrian, “, Vienna, AFP

☆ Matt Gaetz's sexual misconduct probe just got more serious
▼ + stars: | 2024-06-18 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +1 min

The House Ethics Committee issued a rare statement on its probe into Matt Gaetz on Tuesday. The panel's looking into whether he sought to obstruct government investigations of his conduct. That's in addition to the existing sexual misconduct claims. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In addition to the long-standing sexual misconduct allegations, the panel said it's now looking into whether the controversial Florida congressman has "sought to obstruct government investigations of his conduct."

Persons: Matt Gaetz, —, it's, Gaetz, Kevin McCarthy Organizations: Service, Business Locations: Florida

☆ A team of climbers just summited 3 of the most challenging peaks in the world. They made it even harder by collecting roughly 2,000 pounds of trash along the way.
▼ + stars: | 2024-06-18 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +7 min

These three peaks — Mt. Everest, Mt. Professional mountaineer Garrett Madison has achieved the Everest triple crown not once, but twice — first in 2023, the deadliest Everest climbing season on record, and again this year. Plus, the climbers have to carry extra protective equipment like gloves and packages for transporting the trash down the mountain. Madison's cleanup project partners with both of these organizations in a united front against trash pollution on the world's tallest peaks.

Persons: —, Garrett Madison, he's, we've, Madison, PRAKASH MATHEMA, Everest haven't, Troy Aupperle, summitted, Aupperle, PIERRE BESSARD, it's, Alton Byers, Byers, It's Organizations: Service, Business, Madison, DOMA, Everest, Pollution Control Locations: Everest, Mt, Lhotse, Nuptse, microplastics

☆ Woman accuses former Olympic swim coach of sexually abusing her as a teen and USA Swimming of failing to stop it
▼ + stars: | 2024-06-18 | by ( Amy Simonson | Eric Levenson | ) edition.cnn.com time to read: +5 min

He also founded the Bernal’s Gator Swim Club, an amateur swim club, and coached Le from 2006 to 2010. In February 2016, USA Swimming permanently banned Bernal for his abuse of an unnamed “Athlete A,” the lawsuit states. The suit accuses Bernal, USA Swimming and other defendants of violating the Trafficking Victims Protection Act. Further, the lawsuit accuses Bernal of sexual abuse and the others of negligence. USA Swimming is not a defendant in the lawsuit.

Persons: CNN —, Amanda Le, “ Amanda Le, Joseph Bernal, Bernal, Le, ”, Scott Leightman, ’ ’, Larry Nassar, Jon Little, ” Little, Nassar, doesn’t, Amanda, “ Amanda, Kimberly Stines, Little Organizations: CNN, of Fame, Court, Fordham, Harvard, American Swim, Hall of Fame, Swim, Le, Boston Globe, ’ ’ CNN, USA, Olympic, Paralympic Committee, Gator Swim, New, Stines Locations: Massachusetts, USA, New England, Bernal’s

☆ Matt Gaetz's sexual-misconduct probe just got more serious
▼ + stars: | 2024-06-18 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +1 min

The House Ethics Committee issued a rare statement Tuesday on its inquiry into Matt Gaetz. The panel is looking into whether he sought to obstruct government investigations of his conduct. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe House Ethics Committee made clear on Tuesday that it's still investigating Rep. Matt Gaetz. In addition to the long-standing sexual-misconduct allegations, the panel said it's now looking into whether the controversial Florida congressman had "sought to obstruct government investigations of his conduct."

Persons: Matt Gaetz, —, it's, Gaetz, Kevin McCarthy Organizations: Service, Business Locations: Florida

☆ Boeing hid questionable parts from regulators that may have been installed in 737 Max planes, new whistleblower alleges
▼ + stars: | 2024-06-18 | by ( Chris Isidore | Gregory Wallace | ) edition.cnn.com time to read: +11 min

Boeing has been under intense scrutiny with numerous federal investigations and congressional hearings since a January 5 Alaska Air Boeing 737 Max flight had a door plug blow off, leaving a gaping hole in both the plane and Boeing’s reputation. He also claims Boeing in August 2023 told employees to delete records about nonconforming parts, which led him to complain – but Boeing took no action. Jason Redmond/ReutersAt an April 17 hearing Boeing engineer Sam Salehpour testified that Boeing is putting out defective planes because he and others who complain faced pressure not to do so. But the January 5 incident aboard the Alaska Air flight happened just days before the end of the probationary period. Boeing has denied the Alaska Air incident violated the deferred prosecution agreement and is challenging any potential criminal liability in court.

Persons: Sam Mohawk, ”, Dave Calhoun, Calhoun, We’ve, Sen, Richard Blumenthal, Blumenthal, ” Blumenthal, “, Max, Howard McKenzie, Boeing’s, Jason Redmond, Sam Salehpour, ” Salehpour, ” Calhoun’s, Richard Aboulafia, “ I’m, Calhoun’s Organizations: Washington CNN, Boeing, Federal Aviation Administration, Congressional, CNN, Alaska Air Boeing, Max, Connecticut Democrat, FAA, Reuters, Consultancy, Alaska Air, Alaska Airlines, Alaska Airlines ’, Department Locations: Renton , Washington, Connecticut, Mohawk, Renton, Alaska, Indonesia, Ethiopia

☆ After Delay, Top Democrats in Congress Sign Off on Sale of F-15 Jets to Israel
▼ + stars: | 2024-06-18 | by ( Robert Jimison | ) www.nytimes.com time to read: +1 min

A Biden administration plan to sell $18 billion worth of F-15 fighter jets to Israel is moving forward after two top Democratic holdouts in Congress signed off on the deal, according to multiple people familiar with the sale. Representative Gregory W. Meeks of New York, the top Democrat on the Foreign Affairs Committee, who had publicly opposed the transfer by citing Israel’s tactics during its campaign in Gaza, has lifted his hold on the deal, one of the largest U.S. arms sales to Israel in years. Mr. Meeks said that the sale would take years to deliver and that he supported the Biden administration’s plans to hold up the sale of other munitions. “I have been in close touch with the White House and National Security Council about this and other arms cases for Israel, and have repeatedly urged the administration to continue pushing Israel to make significant and concrete improvements on all fronts when it comes to humanitarian efforts and limiting civilian casualties,” Mr. Meeks said in a statement. Senator Benjamin L. Cardin, Democrat of Maryland and the chairman of the Foreign Relations Committee, who had delayed signing off but never publicly said he was blocking the deal, also agreed to allow it to go forward, joining top Republicans who had agreed to the plan months ago.

Persons: Biden, Gregory W, Meeks, Mr, Benjamin L, Cardin Organizations: Democratic holdouts, Foreign Affairs Committee, Biden, White House, National Security Council, Democrat, Foreign Relations, Republicans Locations: Israel, New York, Gaza, Maryland

☆ Path Is Cleared for One of the Largest U.S. Arms Sales to Israel in Years
▼ + stars: | 2024-06-18 | by ( Robert Jimison | ) www.nytimes.com time to read: +4 min

Mr. Meeks said that the sale would take years to deliver and that he supported the Biden administration’s plans to hold up the sale of other munitions. The department declined to comment on the arms orders, including on whether it would soon give that formal notification. Congressional sign-off on arms sales has almost always been a foregone conclusion when it comes to Israel. “I don’t want the kinds of weapons that Israel has to be utilized, to have more death,” Mr. Meeks said in an interview with CNN in April. Both of the top Republicans on those panels, Senator Jim Risch of Idaho and Representative Michael McCaul of Texas, immediately approved.

Persons: Gregory W, Meeks, Mr, Benjamin L, Cardin, Haiyun Jiang, Biden, ” Mr, “, ”, Jim Risch of, Michael McCaul of, Edward Wong Organizations: Biden, Democratic holdouts, Foreign Affairs Committee, White House, National Security Council, Democrat, Foreign Relations, Republicans, The New York, State Department, Hamas, CNN, The State Department, House Foreign Affairs Committee, Senate Armed Services Committee Locations: Israel, New York, Gaza, Maryland, United States, Jim Risch of Idaho, Michael McCaul of Texas

☆ A lawyer dreamed of disrupting the legal industry with private equity. It turned into a nightmare.
▼ + stars: | 2024-06-18 | by ( Jack Newsham | ) www.businessinsider.com time to read: +10 min

And he'd just launched a venture with the Miami investment firm 777 Partners that he hoped would revolutionize the legal business. Arizona had recently begun permitting nonlawyers to invest in law firms, which is banned in nearly every other state. AdvertisementAllowing private-equity riches to pour into law firms looked like it could be a game changer. AdvertisementGerman said 777 didn't supply money on the terms or timeline it promised and planned. Funding and marketing firms were cutting deals with law firms in nonpublic arrangements for years before Arizona changed its rules, she added.

Persons: Steve German, nonlawyers, he'd, BerlinRosen, Uber, Andy Kvesic, Arizona's, Josh Wander, Semafor, Steven Pasko, Lynda Shely, Shely, Ed Gehres, Damien Alfalla Organizations: Service, Partners, Scout Law, Scout, Regulators, DOJ, Globo Locations: Phoenix, Miami, Arizona, State

☆ 10 things to watch in the stock market Tuesday including Nvidia price-target hikes
▼ + stars: | 2024-06-18 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

JPMorgan boosted its price target on shares of Apple to $245 each from $225 after the firm raised iPhone volume expectations in 2025 and 2026 due to artificial intelligence upgrades. More price-target hikes for Nvidia : Wells Fargo went to $155 a share from $125 at Wells Fargo while Rosenblatt Securities went to $200 from $140. Piper Sandler called the sell-off in Celsius Holdings overdone and reiterated its $90 price target and buy-equivalent rating. Meanwhile, Stifel increased its price target on the memory chipmaker's stock to $165 a share from $145 ahead of earnings June 26. Netflix 's price target raised to $750 a share from $700 by analysts at Loop Capital.

Persons: Wells Fargo, Piper Sandler, Kroger, Lennar, Netflix's, Jim Cramer's, Jim Cramer, Jim, Nvidia Piper Sandler, Merck Micron Lennar Piper Sandler Organizations: JPMorgan, Apple, Nvidia, Rosenblatt Securities, Holdings, BMO Capital, Kroger, Albertsons, Merck, Food and Drug Administration, Investors, Micron, Bank of, Netflix, Loop, NFL, Jim Cramer's Charitable, CNBC, Holdings BMO Capital, Merck Micron Locations: Wells, Bank of America's, Miami, U.S

☆ Ralph Lauren designs Team USA’s uniforms for the 2024 Olympics
▼ + stars: | 2024-06-18 | by ( Alex Rees | ) edition.cnn.com time to read: +4 min

I think that Ralph Lauren is able to understand that ethos and bring it to life,” Lauren continued. "Team USA uniforms celebrate classic styles that are made to be loved and endure for generations," Ralph Lauren said in a statement of the label's new designs — like the single-breasted blazers athletes will wear to the opening ceremony on July 26. For this occasion, Ralph Lauren designed a racecar-style jacket with USA patch detailing, a a classic striped polo and crisp white jeans. Richard Phibbs/Courtesy Ralph LaurenGymnast Shilese Jones — one of Ralph Lauren's brand ambassadors at the 2024 Games — is pictured in the closing ceremony look. John Guerrero/Courtesy Ralph Lauren

Persons: Ralph Lauren, athleisure, “, ” David Lauren, Ralph Lauren’s, ”, ” Lauren, Richard Phibbs, Ralph Lauren Four, Katie Ledecky, Steven Pan, Kamren Larsen, Ralph Lauren Denim, Jamal Hill, Daryl Homer, Shilese Jones, Ralph Lauren's, “ Ralph Lauren, ” Sarah Hirshland, ” Kiteboarder Daniela Moroz, John Guerrero Organizations: CNN, USA, Olympic, Team USA, ”, ’, Paralympic, Paris Games Locations: Paris, ”, America

The Biden administration is taking executive action to protect undocumented spouses of American citizens — a move that would shield about 500,000 immigrants from deportation. The White House announced the election-year policy Tuesday, framing it as "new action to keep families together." Lawmakers have been briefed on the plan and at least some have been invited to the White House for the announcement, sources said. The program would also make it easier for some undocumented immigrants to get a green card and a path to U.S. citizenship. Sources also say that the undocumented spouses would be allowed to obtain work permits on a case-by-case basis.

Persons: Joe Biden, Biden, —, Dick Durbin Organizations: Washington Hilton, White House, NBC News, Democratic Locations: Washington ,, United States, U.S

☆ The trips Justice Clarence Thomas took with Harlan Crow — that we know of
▼ + stars: | 2024-06-18 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +7 min

Read previewSupreme Court Justice Clarence Thomas is once again facing renewed scrutiny amid details about undisclosed trips he took with GOP mega-donor Harlan Crow. Advertisement"The Judicial Conference changed this provision last year, and Justice Thomas has fully complied with the new disclosure requirement," Berke said. GOP megadonor Harlan Crow has defended his relationship with Justice Clarence Thomas after a series of bombshell ProPublica reports. July 2019: Bali, IndonesiaThomas and Crow's 2019 Bali vacation was the centerpiece of ProPublica's original 2023 report. ProPublica previously reported on Thomas' trips to the gentleman's retreat.

Persons: —, Clarence Thomas, Harlan Crow, Thomas, Sen, Dick Durbin, Crow, ProPublica, Michael Zona, Committee's, Elliot S, Berke, Louis, New York ProPublica, Camp Topridge, Leonard Leo, Chris Goodney, Indonesia Thomas, Ginni Thomas, Michaela Rose, Bohemian Grove , California Thomas, Topridge, Topridge —, buddy's hideaway, Crow's, Justice Organizations: Service, GOP, Business, BI, Verizon, PricewaterhouseCoopers, Bloomberg, Getty, Washington Post, DC, Supreme Locations: Indonesia, Grove, Monte Rio , California, Montana, St, Kalispell , Montana, Dallas, New York, Crow's, Thomas, Savannah , Georgia, Georgia, Bali, Bohemian Grove , California, Bohemian Grove, Northern California, Washington, San Jose , California, New Zealand

☆ House Ethics Committee expands Rep. Matt Gaetz sexual misconduct investigation
▼ + stars: | 2024-06-18 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

The House Ethics Committee said Tuesday it has identified "additional allegations" against Rep. Matt Gaetz "that merit review," as it continues to investigate the Florida Republican over claims of what it called "sexual misconduct and illicit drug use." The Ethics Committee said it is now eyeing claims that Gaetz — who denies wrongdoing — "dispensed special privileges and favors to individuals with whom he had a personal relationship, and sought to obstruct government investigations of his conduct." The ethics panel also said it had difficulty in obtaining relevant information from Gaetz and others since the probe began in April 2021 amid a federal criminal sex trafficking investigation of Gaetz and a friend, Joel Greenberg. "During the course of its investigation, the Committee has also identified additional allegations that merit review," despite the difficulty of getting information from Gaetz, the Ethics Committee said. Gaetz's fate and the outcome of the ethics probe carry more weight now that Republicans have only a paper-thin majority in the House of Representatives.

Persons: Matt Gaetz, Kevin McCarthy, McCarthy's, Gaetz —, Joel Greenberg, Greenberg, Gaetz, McCarthy Organizations: Rep, U.S, Capitol, Florida Republican, Gaetz, Florida congressman, California Republican, Republicans, Representatives, GOP Locations: Washington, Florida, Gaetz, California

☆ Paris Olympics: Triathlon events hang in the balance over E. Coli levels in the Seine
▼ + stars: | 2024-06-18 | by ( Billy Stockwell | ) edition.cnn.com time to read: +12 min

Fluidion’s testing has found that, on average, E. Coli levels in the Siene between early April and late May were just under 3400 MPN/100mL. The highest E. Coli levels recorded by Fluidion were 23590 MPN/100mL on May 2 and 13090 MPN/100mL on May 30, according to Angelescu. But if poor water quality persisted, the triathlon would have to be downgraded to a duathlon with no swimming, the organization confirmed. Angelescu said that “significant infrastructure projects” by the city of Paris designed to improve water quality will have a “substantial” impact. Triathlon athletes swim in the Seine river during the men's 2023 World Triathlon Olympic Games test event in Paris on August 18, 2023.

Persons: Pont Alexandre III, –, Jeanne Lehair, Dan Angelescu, Tim Clayton, Corbis, Fluidion, Angelescu, ”, Bertrand Guay, “, Anne Hidalgo, Stephane De Sakutin, Mike Cavendish, ” Cavendish, Probiotic, Cavenish, Phil Dunne, dietitians, Tim Harradine, ” Harradine, Emmanuel Dunand, “ It’s, Cavendish, Harradine, Bea Adeleke Organizations: CNN, Palais, Pont, Eiffel, Triathlon, Games, Getty, Surfrider Foundation, “, ”, Paris, British Triathlon, ’, Olympics Locations: Seine, Paris, France, French, AFP, Pont Alexandre, Austerlitz, Luxembourg, Oxford, Cambridge, Rio de, Guanabara, Lehair, ”

☆ Housing inflation will need to come down before the Fed can think about cutting rates, BofA says
▼ + stars: | 2024-06-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

With shelter inflation "sticky" at a 5.4% year over level, Gapen said it could be months before "greater confidence" is achieved. "We think the Fed is unlikely to achieve the confidence it needs to begin rate cuts until shelter inflation takes a step lower," he said. Monthly housing inflation readings in the PCE measure have been running at either 0.5% or 0.4% since March 2023. We don't target housing prices, for example," Powell said. Philadelphia Fed President Patrick Harker, a nonvoter on the FOMC this year, on Tuesday singled out the "long-term stubbornness of shelter inflation."

Persons: Michael Gapen, Gapen, Jerome Powell, Powell, Patrick Harker Organizations: Federal Reserve, Bank of America, Commerce, Philadelphia Fed

☆ House Ethics Committee continues investigating Matt Gaetz but closes some portions of its probe
▼ + stars: | 2024-06-18 | by ( Annie Grayer | ) edition.cnn.com time to read: +4 min

CNN —The House Ethics Committee announced Tuesday that it will continue to investigate certain allegations surrounding Rep. Matt Gaetz, including whether the Florida Republican engaged in sexual misconduct, while ending other portions of the probe. In a rare statement updating its work, the bipartisan committee stated some of the allegations against Gaetz “merit continued review” and it has “also identified additional allegations” that warrant investigating. But McCarthy has repeatedly denounced those accusations and has said Gaetz worked to oust him because of the ethics probe. In late 2020, under Trump-appointed Attorney General Bill Barr, the Justice Department opened an investigation into allegations Gaetz may have had sexual contact with a minor. A source familiar with the House panel’s work previously told CNN that the Justice Department’s decision not to bring charges against Gaetz does not impact what the committee will and won’t investigate.

Persons: Matt Gaetz, Gaetz, “, ” Gaetz, Kevin McCarthy, McCarthy, Bill Barr, Joel Greenberg, Department’s, won’t Organizations: CNN, Florida Republican, Department of Justice, Gaetz, California Republican, Northwest Floridians, Trump, Justice Department, DOJ Locations: Florida, California

☆ Election Updates: A Democratic brawl in a Virginia race may put a House seat in play in November.
▼ + stars: | 2024-06-18 | by ( Jonathan Weisman | ) www.nytimes.com time to read: +7 min

One of the field’s top fund-raisers, Krystle Kaul, faces charges of embellishing her résumé well beyond the usual flourishes of a political campaign. Ms. Filler-Corn was the first woman and first Jewish speaker of the Virginia State House. Mr. Helmer is a Rhodes scholar and an Army veteran who served in Afghanistan, Iraq, and as a member of the Virginia House. Then last week, an anonymous Democratic official, speaking through her lawyer, accused Mr. Helmer of groping her and later making sexually crude remarks. “That would be presumptuous.”Democratic voters in the district peppered by texts attacking Mr. Helmer could be forgiven if they do not know where to turn.

Persons: Dan Helmer, Eileen, Krystle Kaul, Suhas Subramanyam, Jennifer Wexton, Subramanyam, Helmer, Barbara Comstock, Donald J, Trump, Mr, “, Ms, Wexton, Helmer of groping, Kaul, Michele Davis Younger, ”, Will Reinert, Subramanyam’s, Aliscia Andrews, Alexander Isaac, Avram Fechter Organizations: Congressional, Democratic, Senate, Republican, Virginia State House, Army, Virginia State House Democrats, Washington Post, Loudoun County Democratic Party, National Organization for Women, ”, Republicans, Democrat, National Republican Congressional, ” Democratic, Virginia Democratic, Federal, Commission, PAC, United States Central Command, Department of Defense, Marine Corps, Loudoun County Democratic Locations: Washington, Israel, Virginia, Rhodes, Afghanistan, Iraq, Democratic, Loudoun County, Va

☆ Kenyan government scraps elements of controversial tax bill amid protests
▼ + stars: | 2024-06-18 | by ( Caitlin Danaher | Larry Madowo | ) edition.cnn.com time to read: +2 min

CNN —The Kenyan government has scrapped some tax increases that were initially included in its controversial finance bill after people took to the streets in protest on Tuesday. “When we started the public participation in the finance bill of 2024, we did make a promise that public participation would not be an exercise in futility. We have listened to the view of Kenyans,” Kimani said in a speech outside the State House in Nairobi. Changes to the finance bill were driven by a “need to protect Kenyans from increased cost of living,” Kimani said. Kenyan police officers walk away from a street covered in tear gas during a demonstration against tax hikes in downtown Nairobi on June 18, 2024.

Persons: Kuria Kimani, ” Kimani, Luis Tato, William Ruto, “, ”, ” Ruto, Faith Odhiambo, ” Odhiambo Organizations: CNN, Kenyan, Kenya’s Finance, National Planning, Getty, State, Defenders Coalition, National Police, ” Police, Central Police Station, Kenya’s Law, National Police Service Locations: Nairobi, AFP, Kenya, National Police Service Kenya

☆ Senate GOP blocks effort by Democrats to pass bump stock ban after Supreme Court ruling
▼ + stars: | 2024-06-18 | by ( Clare Foran | Ted | ) edition.cnn.com time to read: +3 min

CNN —Senate Republicans on Tuesday blocked an attempt by Democrats to pass a bill to ban bump stocks in the wake of a recent Supreme Court ruling. The bill would enact a federal ban on the sale of bump stock devices. Bump stocks allow a shooter to convert a semi-automatic rifle into a weapon that can fire at a rate of hundreds of rounds a minute. The Supreme Court on Friday struck down a federal ban on bump stocks approved by former President Donald Trump, the latest opinion from the conservative court rolling back firearm regulations. While some Republicans support a ban on bump stocks, the issue has divided GOP senators in the aftermath of the high court ruling.

Persons: Donald Trump, Democratic Sen, Martin Heinrich of, Republican Sen, Pete Ricketts, ”, there’s, ” Heinrich, Chuck Schumer, ” Schumer, Ricketts, “ It’s, “, Sen, Lindsey Graham of, John Cornyn of, “ I’ve, I’d, ” Sen, Shelley Moore Capito, Chris Murphy, Connecticut, Murphy Organizations: CNN, Democratic, Republican, Nebraska, GOP, Republicans Locations: Martin Heinrich of New Mexico, Lindsey Graham of South Carolina, John Cornyn of Texas, West Virginia

☆ Sen. Warren warns Powell against weakening banking regulations: ‘Do your job’
▼ + stars: | 2024-06-18 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

"I am disappointed by press reports indicating that you are personally intervening—after numerous meetings with big bank CEOs—to delay and water down the Basel III capital rules," said Warren. Last year, three U.S. banking regulators including the Federal Reserve unveiled the proposed rules, a long-expected regime shift around bank capital and risky activities such as trading and lending. The regulations incorporate new international standards created as a response to the 2008 global financial crisis. In March, Powell told lawmakers that he expected "broad and material changes" to the proposal in the wake of the industry's campaign against the rules. Warren urged Powell to allow a Federal Reserve Board vote on the original, tougher Basel proposal by the end of this month.

Persons: Sen, Elizabeth Warren, Jerome Powell, Warren, Powell, —, JPMorgan Chase, Jamie Dimon, Donald Trump Organizations: Senate Armed Services, Washington , D.C, Federal, CNBC, Federal Reserve, Bank, JPMorgan, Street, Fed Locations: Afghanistan, South, Central Asia, Washington ,, Basel, Basel III, U.S

Lawmakers in Thailand voted on Tuesday to approve a marriage equality bill, a move that puts the country on a clear path to becoming the first in Southeast Asia to legalize same-sex marriage. Thailand’s Senate passed the bill by 130 votes to 4, with some abstentions, on Tuesday afternoon. It was approved by the House of Representatives in March. The legislation would become law after it is reviewed by a Senate committee and the Constitutional Court and receives royal assent from the king, a formality that is widely expected to be granted. Only Taiwan and Nepal have legalized same-sex marriage.

Persons: Thailand’s, “, Plaifa Kyoka Organizations: Representatives, Constitutional Locations: Thailand, Southeast Asia, Asia, Taiwan, Nepal

☆ The Fed is 'playing with fire' by not cutting rates, says creator of 'Sahm Rule' recession indicator
▼ + stars: | 2024-06-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Economist Claudia Sahm has shown that when the unemployment rate's three-month average is half a percentage point higher than its 12-month low, the economy is in recession. "My baseline is not recession," Sahm said. "The worst possible outcome at this point is for the Fed to cause an unnecessary recession," she added. That's the highest the Sahm reading has been on an ascending basis since the early days of the Covid pandemic. The value essentially represents the percentage point difference from the three-month unemployment rate average compared to its 12-month low, which in this case is 3.5%.

Persons: Claudia Sahm, Sahm, I'm, Jerome Powell Organizations: Exchange, CNBC, Federal, Fed, Bureau of Labor Statistics, Committee

☆ Final Trades: Amazon, Bank of America, Cisco and Netflix
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Amazon, Bank of America, Cisco and NetflixThe Investment Committee give you their top stocks to watch for the second half.

Organizations: Bank of America, Cisco, Netflix

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