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☆ Hurricane Milton slams into Florida, the latest blow to homeowners already reeling from Helene's destruction
▼ + stars: | 2024-10-10 | by ( Geoff Weiss | Reed Alexander | ) www.businessinsider.com time to read: +6 min

Hurricane Milton barreled into Florida's west coast Wednesday. AdvertisementHurricane Milton made landfall in Florida on Wednesday evening as a Category 3 storm. FEMA insisted Monday it had the "capacity to manage multiple simultaneous disasters," including Helene and Milton. As for FEMA funding, Criswell noted during the briefing that there is currently $11 billion in its Disaster Relief Fund and said she's evaluating whether it will be necessary to ask Congress for more. Advertisement"The funding is there to support Helene and Milton," Criswell said.

Persons: —, Milton, Helene, Dante Sacks, Fort Myers, we're, Sacks, It's, Helene —, Alejandro Mayorkas, Joe Biden, Deanne Criswell, Donald Trump, Criswell Organizations: Milton, Service, National Hurricane Center, Business, Sunshine State, Homeowners, —, FEMA, Homeland, Federal Emergency Management Agency, Associated Press, New York Times, CNN, Disaster Relief Locations: Florida, Siesta, Sarasota County, of Mexico, Tampa, Atlantic, Parkland, Broward County, St, Petersburg, Fort, Miami, Milton

☆ Hedge funds do an about-face on the China trade, selling stocks in record numbers
▼ + stars: | 2024-10-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Hedge funds that recently flocked into Chinese stocks on stimulus hopes just did a 180. The net selling was 1.4 times larger than the previous record, Goldman said. "As NDRC underwhelmed, hedge funds rapidly sold off Chinese equities," Goldman strategists said in a note to clients on Wednesday. "Hedge funds not only unwound their long positions but added shorts to their books as well, with long sells being double the amount of short sells." Hedge funds had only just piled into the developing market at a record pace one week before , as Beijing's rare stimulus blitz unleashed newfound optimism.

Persons: Goldman Sachs, Goldman, David Tepper, Mehran Nakhjavani Organizations: National Development, Appaloosa Management, CNBC, China's CSI, MRB Partners Locations: China

☆ Microsoft announces new AI tools to help ease workload for doctors and nurses
▼ + stars: | 2024-10-10 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

The tools aim to help health-care organizations build AI applications quicker and save clinicians time on administrative tasks, a major cause of industry burnout. The new tools are the latest example of Microsoft's efforts to establish itself as a leader in health-care AI. Courtesy of MicrosoftMicrosoft also announced a new way for health systems to build AI agents. AI agents vary in complexity, but they can help users answer questions, automate processes and perform specific tasks. For example, a health-care organization could build an AI agent to help doctors identify relevant clinical trials for a patient.

Persons: Mary Varghese Presti, we're, Sara Vaezy, Hadas Bitran Organizations: Microsoft, Microsoft Health, Life Sciences, Health, Providence Health & Services, CNBC, AI, Microsoft Microsoft, Microsoft Copilot Locations: Providence

Congressman Marjorie Taylor Greene, a congressman with Georgia, is now saying the federal government is literally controlling the weather — we're controlling the weather. It’s got to stop," Biden said during a virtual briefing at the White House as he received updates about Hurricane Milton. Greene said in an Oct. 3 post on X: "Yes they can control the weather. "The NOAA government website has a library catalog of 1,026 entries of weather modifications, but that’s not all of them." On Tuesday, she quoted an article from The Gateway Pundit, a far-right website known for spreading conspiracy theories, that said: "Marjorie Taylor Greene was right.

Persons: Joe Biden, Marjorie Taylor Greene, It’s, Biden, Greene, Carlos Giménez, that’s, Hurricane Helene, Donald Trump, That’s, Chuck Edwards, Helene Organizations: WASHINGTON, Republican, White, Hurricane, GOP, NOAA, Commerce, Federal Emergency Management Agency, FEMA, NBC News Locations: Florida, Georgia, Hurricane Milton, North Carolina

“Yes, we have the resources that we need, both for the Helene response and for Hurricane Milton,” Keith Turi, FEMA’s acting associate administrator, said this week. Staffing at the federal disaster response agency has drawn criticism in recent years from the Government Accountability Office, a federal watchdog. In that same report, the GAO found that as of July 2022, FEMA was involved in responding to 500 open disasters. NBC News reported last week that FEMA put out a call for volunteers for a “surge force” in mid-September, citing a “severe shortfall” in some of its disaster response teams. In an interview, FEMA Administrator Deanne Criswell said the numbers cited fail to take into account other full-time staff members who are deployed as needed.

Persons: —, Milton’s, Helene, Hurricane Milton, ” Keith Turi, FEMA’s, “, Milton, Craig Fugate, ” Christopher P, Currie, ”, ” Currie, Deanne Criswell Organizations: Federal Emergency Management Agency, Hurricane, White, FEMA, NBC, Office, Homeland Security, Justice, GAO, NBC News Locations: Florida, ”

Storm surge is the abnormal rise in water levels during a storm, as heavy hurricane winds push a bulge of water toward shore as depths become shallower. On Tuesday, Milton "wobbled," according to an early evening forecast from the National Hurricane Center. “Milton has the potential to be one of the most destructive hurricanes on record for west-central Florida,” the National Hurricane Center said Tuesday in an advisory. Northeast Florida could get 3 to 5 feet of storm surge, the hurricane center projects. In 2008, Hurricane Ike pummeled the Texas Gulf Coast as a Category 2 storm and generated a 15-foot storm surge in Galveston Island.

Persons: ” Fritz, ” Chris Slocum, Hurricane Milton, Milton, wobbled, Karen Clark, “ Milton, ” Slocum, ”, ” Cathie Perkins, Ike pummeled Organizations: National Oceanic, Atmospheric Administration’s, Research, Hurricane, National Hurricane Center, U.S, , Pinellas County Emergency Management, NOAA, Texas Gulf Locations: Mexico, Tampa, “, Florida, Pinellas County, Clearwater, St, Petersburg, Northeast Florida, Louisiana, Texas, Texas Gulf Coast, Galveston Island

☆ NOAA: Solar storm set to arrive, possibly creating auroras as well as affecting communications, GPS systems and power
▼ + stars: | 2024-10-09 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

The severe solar storm, classified as a level 4 on a scale from 1 to 5, also could disrupt communications, the power grid and satellite operations, according to officials at the center. “Geomagnetic storms can impact infrastructure in near-Earth orbit and on Earth’s surface,” according to the Space Weather Prediction Center. But if the storm escalates to a G5, auroras could be visible across southern states and elsewhere around the world. Before then, the last G5 storm to hit Earth was in 2003, resulting in power outages in Sweden and damaging power transformers in South Africa. The solar storm in May was the most successfully mitigated space weather storm in history, Dahl said.

Persons: won’t, Shawn Dahl, Hurricane Milton, Dahl, auroras, John Deere, ” Dahl, we’re, ” Organizations: CNN, Prediction, Federal Emergency Management Agency, Hurricane, Dynamics, NASA, Oceanic, Atmospheric Administration Locations: United States, Alabama, Northern California, American, Eastern, Sweden, South Africa

☆ U.S. crude oil drifts lower, trades below $74 per barrel after selloff
▼ + stars: | 2024-10-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Crude oil futures drifted lower Wednesday after sliding more than 4% the previous day. The rally spurred by the risk of a wider Middle East war has stalled out amid uncertainty over how Israel will retaliate against Iran for last week's ballistic missile strike. Chinese policymakers' failure to deliver new economic stimulus measures at a press briefing this week also held energy prices in check. Though prices are falling, Goldman Sachs sees global benchmark Brent jumping by $10 to $20 per barrel if an Israeli strike disrupts Iranian crude oil production, according to a Tuesday research note. Here are Wednesday's energy prices at around 8:02 a.m.

Persons: Goldman Sachs Organizations: Brent Locations: Israel, Iran

☆ Biden and Harris step up public engagement about the dangers of Hurricane Milton
▼ + stars: | 2024-10-09 | by ( Michael Williams | ) edition.cnn.com time to read: +6 min

Later Wednesday, the White House said Biden had spoken by phone with officials in Florida in advance of Hurricane Milton making landfall. Harris’ visible role on the storm response comes as Hurricane Helene and now Milton have become part of the 2024 campaign, with less than four weeks to go before Election Day. She’s been making statements on issues that don’t typically fall under the purview of her official role as vice president. Her campaign has been consumed in recent days by the latest hurricane as it is working to evacuate staff, pause voter outreach across Florida and keep an eye on potential early voting ramifications following Hurricane Helene in a battleground state like North Carolina. It’s looking like the storm of the century,” Biden said during the briefing.

Persons: Milton, Joe Biden, Kamala Harris, “, we’ve, ” Biden, “ We’ve, Kamala, Harris ’, Hurricane Helene, Federal Emergency Management Agency — Biden, Harris, CNN’s Dana, ”, Biden —, Roosevelt, Biden, Hurricane Milton, She’s, ” Harris, Bash, Donald Trump, I’m, –, ABC’s, Trump, – Biden, Marjorie Taylor Greene, That’s, Helene, MJ Lee, Donald Judd Organizations: CNN, National Weather Service, Federal Emergency Management Agency, White, Weather Channel, Angola —, White House, Trump Locations: Florida, New York, Germany, Angola, Hurricane, “, North Carolina, ”, Marjorie Taylor Greene of Georgia

☆ Hurricanes are taking the election by storm. Here's where Harris and Trump stand on natural disaster policies.
▼ + stars: | 2024-10-09 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +6 min

Neither Harris nor Trump outline specific disaster-relief policies on their website. "Disasters are always political," Thomas Birkland, a political scientist at North Carolina State University who studies the politics of national disasters, told Business Insider. When he was president, Trump responded to several hurricanes. "A charitable interpretation would be mixed on crisis management," Birkland told BI about Trump's past responses to natural disasters. Presidents are somewhat limited in their disaster responses — both Kneeland and Birkland told BI that states and local governments lead disaster responses, with the federal government's assistance.

Persons: Harris, Kamala Harris, Donald Trump, Helene, Trump, Hurricane Milton, Thomas Birkland, Timothy Kneeland, Hurricane Helene, Hurricane Dorian, Hurricane Maria, Birkland, Kneeland, Joe Biden, Betsey, Hurricane Andrew Organizations: Trump, Service, Hurricane, Florida, North Carolina State University, Nazareth University, Georgia, Federal Emergency Management Agency, Republicans, Office, Washington Post, FEMA Locations: North Carolina, Georgia, California, South Carolina, Alabama, Hurricane, Michigan

☆ The markets saw right through China's latest economic support hype
▼ + stars: | 2024-10-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

China's stock markets slumped after a 10-day rally that was driven by Beijing's stimulus announcement in September. Retail investors dominate China's markets, influencing sentiment and market movements. AdvertisementChina's top leadership has a problem with its economic stimulus: its own investors at home saw right through the hype this week. China's domestic stock markets slumped on Wednesday after a 10-day blitz culminated in a two-year high. China's domestic stock markets are dominated by over 200 million mom-and-pop retail investors, who account for about 70% of the trading volume.

Persons: —, weren't, Jun Rong, that's, Vishnu, Li Qiang, Hele Qiao, Qiao Organizations: Investors, Service, People's Bank of China, Reform Commission, BofA Global Locations: Shanghai, Shenzhen, China, Hong Kong, Beijing, Asia, Japan, Xinhua, Greater China, China's

TEL AVIV — They were Israel’s eyes on the border with Gaza, but former soldiers from a military observation unit say their warnings about suspicious Hamas activity ahead of the Oct. 7 terror attacks were repeatedly ignored. In the months leading up to Oct. 7, Lifshitz said she started noticing unusual activity. NBC NewsOn the morning of the attacks, Lifshitz was training in Jerusalem. Yerushalmi also alleged that the pattern of suspicious Hamas activity was increasing in the weeks leading up to the attack. Israeli military soldiers in a new surveillance and situation room in Re’im Camp, built after their previous base at Nahal Oz was overrun and destroyed in the Hamas terror attack.

Persons: ” Roni Lifshitz, ” Lifshitz, Lifshitz, ”, ‘ Roni, Roni Lifshitz, Richard Engel, —, Ori Megidish, Noa Marciana, “, Benjamin Netanyahu, Khan Younis, Amit Yerushalmi, Margaret Weinstein, Weinstein, Yerushalmi, Ofer Rosenbaum, Haim Rubenstein, Rubenstein, Eyal Eshel, Roni Eshel, Varda Alshech, Eyal Ben, Reuven, Gen.General Yehudit Grisaro, Shlomo Aharonishki, Raphael Ben, Sheetrit, Rosenbaum, ” Rosenbaum, Yair Lapid, Netanyahu, Israel Defense Forces Danny Yatom, Yatom, Netanyahu “, Shahaf Nissani Organizations: NBC, Israel Defense Forces, Nahal, NBC News, Nahal Oz Base, Shifa, Israel’s, Israeli Police Locations: TEL AVIV, Gaza, Israeli, Tel Aviv, Jerusalem, Israel, Lifshitz, Brig, Beit She’an, Re’im, Nahal

☆ Foreign adversaries will try to cast doubt on election results after Nov. 5, U.S. intel officials say
▼ + stars: | 2024-10-08 | by ( Dan De Luce | Dan De Luce Is A Reporter For The Nbc News Investigative Unit. | ) www.nbcnews.com time to read: +4 min

Foreign adversaries will try to shake Americans’ confidence in the legitimacy of election results in November by giving voice to false claims or spreading their own disinformation about ballot counting, U.S. intelligence officials said Tuesday. In its latest assessment of foreign threats to the election, intelligence officials said the main foreign powers seeking to shape the outcome of the vote — Russia, China and Iran — also were focusing on meddling in congressional and state races. China’s election influence efforts were focused on “tens” of races, with Beijing denigrating particular candidates with a variety of social media and other online activities, the intelligence official added. Officials also said foreign adversaries are getting more skilled at using Americans to spread their manufactured falsehoods. Intelligence officials reiterated that Russia’s disinformation campaign is directed at undermining Vice President Kamala Harris and her fellow Democrats as Moscow seeks to undercut Western support for Ukraine.

Persons: ”, Iran —, “, Kamala Harris, Donald Trump’s, Joe Biden, Biden Organizations: Intelligence, Ukraine, Democratic Locations: Russia, China, Iran, U.S, Cuba, Havana, Ukraine, Kyiv, Beijing, Moscow

☆ Supreme Court signals it may uphold Biden’s regulations on ‘ghost gun’ kits
▼ + stars: | 2024-10-08 | by ( John Fritze | ) edition.cnn.com time to read: +7 min

CNN —The Supreme Court on Tuesday signaled a willingness to uphold a Biden administration regulation on “ghost guns,” mail-order kits that allow people to build untraceable weapons at home and that are turning up at crime scenes with greater frequency. The difference here, she said, is that the ghost guns are marketed to be built into guns and serve no other conceivable purpose. President Joe Biden’s administration told the court in briefing that police departments have faced an “explosion of crimes involving ghost guns” in recent years. In 2017, police submitted about 1,600 ghost guns recovered at crime scenes for tracing. After that decision, a lower court stepped in to block the regulations as applied to two manufacturers.

Persons: —, John Roberts, ” Roberts, ” Peter Patterson, we’ve, Samuel Alito, chuckles, “, Justice Alito, ”, Elizabeth Prelogar, Biden, Roberts, Amy Coney Barrett, Alito, ” Alito, Barrett, Prelogar, Brett Kavanaugh, ” Kavanaugh, ” Prelogar, Kavanaugh, Joe Biden’s, Garland, Joan Biskupic Organizations: CNN, Alcohol, Tobacco, Firearms, Explosives, Ikea, ”, CNN Conservative, ATF, US Locations: HelloFresh, Texas

☆ China state planner lays out further actions to boost economy but no new plans for major stimulus
▼ + stars: | 2024-10-08 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Two women sit on the sidewalk of Qiansimen Jialing River Bridge, decorated with Chinese national flags, on October 3, 2024 in Chongqing, China. National Day Golden Week is a holiday in China commemorates the founding of the People's Republic of China in 1949. But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets. China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said. Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year.

Persons: Zheng Shanjie, Zheng Organizations: National, Reform, Golden, CSI Locations: Chongqing, China, People's Republic of China, Shanghai

☆ China markets surge on reopening as pent-up investors return from vacation
▼ + stars: | 2024-10-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's stock markets surged post-National Day break, driven by pent-up investor demand. Investors are assessing further economic stimulus measures from Beijing. AdvertisementChina's stock markets surged on Tuesday on pent-up demand from a weeklong trading break. Even before Tuesday's opening, China's social media was abuzz with what the stock markets may hold following the weeklong public holiday break. On Tuesday, hashtags about mainland China's stock market rushed to the top of Weibo's trending list.

Persons: —, Jun Rong, Yeap Organizations: Service, Beijing's, CSI, National Development, Reform Locations: Beijing, Shanghai, Shenzhen, China, hashtags

☆ As bird flu outbreak expands in California, dairy farms report it’s worse than they expected
▼ + stars: | 2024-10-08 | by ( Brenda Goodman | ) edition.cnn.com time to read: +6 min

CNN —A third farmworker has tested positive for bird flu in California, according to the state’s health department. Like the first two human cases in California, this third case is a farmworker who was in contact with sick dairy cattle. The CDC’s Principal Deputy Director, Dr. Nirav Shah, said in a news briefing on Friday that these cases were not a surprise. The California Department of Food and Agriculture has been conducting bulk milk tank sampling in areas where herds test positive. The first infected herds in California were found in late August.

Persons: Nirav Shah, “, ” Shah, ”, Jennifer Nuzzo, ” Nuzzo, Eric Deeble, Deeble, Dr, Sanjay Gupta, GISAID Organizations: CNN, US Centers for Disease Control, California Department of Public Health, Brown University, “, United States Department of Agriculture, California Department of Food, Agriculture, USDA, American Veterinary Medical Association, Quality Assurance, Los Angeles Times, CDC, CNN Health, Plant Health, Service Locations: California, United States Department of Agriculture . California, Colorado, United States, Africa

CNN —Vice President Kamala Harris on Tuesday said she thinks former President Donald Trump has no empathy for others as he continues to spread misinformation about the federal response in the wake of Hurricane Helene. Following Hurricane Helene, and with Hurricane Milton barreling toward Florida, Trump has repeatedly falsely claimed, without evidence, that the White House is diverting disaster relief aid to unrelated migrant programs. Harris described traveling to both Georgia and North Carolina to survey the impact of the hurricane, emphasizing the “pain” and “shock” people are still in. They’re really, really, really worried. Ron DeSantis, whose state is bracing for impact from Hurricane Milton.

Persons: Kamala Harris, Donald Trump, Hurricane Helene, “, ” Harris, ABC’s, Helene, Hurricane Milton, Trump, Biden, wasn’t, Joe Biden, Harris, Milton, It’s, Alejandro Mayorkas, “ I’m, ” Mayorkas, American ’ Biden, ” Biden, ”, They’re, he’s, they’re, Ron DeSantis, DeSantis, I’ve, —, ‘, ’ ” Biden Organizations: CNN, Hurricane, FEMA, Homeland, White, Biden, Florida Gov, Democrat Locations: Hurricane, Florida, Georgia, North Carolina, American, Hurricane Milton

☆ S&P's Dan Yergin warns of 'dangerous time' for global economy as Middle East tensions fester
▼ + stars: | 2024-10-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Iran fired hundreds of ballistic missiles and drones at Israel in retaliation for an attack on an Iranian diplomatic facility in Syria. The global economy is entering a "dangerous time" like never before as Middle East tensions remain elevated, said S&P Global's vice chairman Daniel Yergin. When asked if the global economy is on the precipice of another supply shock resulting from Middle East tensions, Yergin said it's a precarious time for markets. "The betting is that the Israelis would not attack, try to attack, the nuclear facilities at this time. It is a strategically important waterway linking crude producers in the Middle East with key markets across the world.

Persons: Yergin, CNBC's, Joe Biden, Daniel Yergin, it's, —, Pavel Molchanov, Raymond James, Iran's Organizations: White House, Cuban Missile, Iran Watch, Wisconsin, U.S . Energy Information Administration Locations: Iran, Israel, Iranian, Syria, China, Hormuz, Oman

☆ Crude oil prices fall about 2% as rally on Middle East war risk takes a pause
▼ + stars: | 2024-10-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures fell about 2% on Tuesday, as the rally on geopolitical risk took a pause while the market waits for Israel to strike back against Iran. "Oil can keep ascending only for so long purely based on perceptions and not actual supply disruption," Tamas Varga, an analyst at oil broker PVM, said in a Tuesday note. Oil prices have surged about 13% through Monday's close since Iran fired around 180 ballistic missiles at Israel last week, raising fears that Israel might retaliate by hitting Iran's crude industry. ET:The market was also disappointed that Chinese officials did not announce any new stimulus plans at a press briefing Tuesday. In early September, oil prices hit their lowest level since December 2021.

Persons: Tamas Varga, Israel, Phil Flynn Organizations: Iran, Price Futures Locations: Israel, Iran, China

☆ European markets set to open in mixed territory as uncertainty spreads
▼ + stars: | 2024-10-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a mixed open Tuesday as regional sentiment sours further after a shaky start to the week, with investors watching the conflict in the Middle East closely and its potential impact on oil markets, supply chains and the global economy. Elsewhere overnight, U.S. stock futures were little changed following a losing day on Wall Street Monday as rising oil prices and bond yields weighed on markets. In the Asia-Pacific region, an initial rally for Chinese markets lost steam after a briefing from the country's National Development and Reform Commission provided few details on further stimulus. Earlier, mainland China's CSI 300 index had skyrocketed over 10% at the open at its return from the Golden Week holiday, but the index pared gains later in the session. Key releases for markets this week include U.S. Federal Reserve minutes and German trade on Wednesday, U.S. inflation on Thursday and U.K. economic growth on Friday.

Organizations: Reform, CSI, Federal Locations: Asia, Pacific

North Carolina’s election board voted Monday to give residents in the western part of the state, which was hit hardest by Hurricane Helene, greater flexibility to vote by mail and run their elections. Previously, voters were limited to dropping absentee ballots off at the board of elections or early voting sites in their counties. Some of the planned voting sites are being used as shelters and warehouses for incoming sites, state officials said, while others were damaged or made inaccessible by the storm. The state’s voter registration deadline of Friday was not extended. South Carolina extended its voter registration deadline to Oct. 14, while Georgia officials say election operations are expected to continue smoothly.

Persons: Hurricane Helene, Karen Brinson Bell, Brinson Bell, Ron DeSantis Organizations: Voters, State Board, Florida Gov, Associated Press Locations: Carolina, Georgia

Florida Gov. Ron DeSantis is not taking calls from Vice President Kamala Harris about storm recovery just over a week after Hurricane Helene hammered parts of his state. A source familiar with the planning said that the Biden team had invited DeSantis to the event in north Florida. Florida Gov. Ron DeSantis has not spoken with Vice President Kamala Harris or President Joe Biden about the hurricane response.

Persons: Ron DeSantis, Kamala Harris, Helene, “ Kamala, “, DeSantis, Joe Biden, Biden, Deanne Criswell, Jared C, Tilton, Karine Jean, Pierre, Harris, Brian Kemp, Henry McMaster, Hurricane Helene, Donald Trump, ” Trump, Kemp Organizations: Florida Gov, Democratic, NBC News, Federal Emergency Management, Getty, White, Press, White House, Biden, Gov, Georgia Gov, South Carolina Gov, Florida National Guard Locations: Florida, Bend, Tampa, North Carolina, Hurricane Milton, Hurricane, Gulf Coast, Georgia

☆ China chip stocks are soaring as excitement grows for another round of stimulus from Beijing
▼ + stars: | 2024-10-07 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Chinese chip stocks gained $13 billion on Monday, led by a 22% rise in shares of SMIC. The gains come as traders expect Beijing to extend stimulus support to the semiconductor industry. AdvertisementChinese chip stocks soared Monday, fueled by hopes that Beijing's next round of stimulus will boost the country's semiconductor industry. The new round of stimulus could include support for its chip companies. China first announced its stimulus measures last month, pledging to rescue the economy from a struggling property sector and weak domestic demand.

Persons: —, Beijing's Organizations: Service, Semiconductor Manufacturing International Corp, CSI Locations: SMIC, Beijing, China, Hong Kong

☆ Another top aide to New York City mayor resigns amid federal probe
▼ + stars: | 2024-10-07 | by ( ) www.cnbc.com time to read: +5 min

Embattled New York City Mayor Eric Adams said Monday that he's accepted the resignation of his deputy mayor for public safety, Philip Banks, the latest senior official to leave as the mayor fends off an indictment and calls to step down. All three Banks brothers have denied wrongdoing. An attorney for Philip Banks, Benjamin Brafman, said Monday that federal prosecutors had assured him his client was not a target of the investigation. In addition to seizing the phones of the three Banks brothers, federal investigators also took devices from the city's police commissioner, Edward Caban, and one of Adams' closest aides, Timothy Pearson. At a press briefing last month, Adams spoke of his close ties to the Banks brothers.

Persons: Eric Adams, he's, Philip Banks, fends, Adams, Banks, David Banks, Terence, Benjamin Brafman, Kathy Hochul, Philip Banks Jr, Edward Caban, Timothy Pearson, Caban, Pearson Organizations: New York City, NY1, New York, Associated Press, Gov, Democrat, City, NYPD Locations: New York, Yorkers

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