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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

☆ 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

☆ Virginia GOP primary between House caucus chair and Trump-backed challenger too early to call
▼ + stars: | 2024-06-18 | by ( Arit John | Eric Bradner | ) edition.cnn.com time to read: +5 min

CNN —The Republican primary race between Virginia Rep. Bob Good, the House Freedom Caucus chair who angered allies of former President Donald Trump and former Speaker Kevin McCarthy, and state Sen. John McGuire was too early to call Tuesday night. The congressman from Virginia’s 5th Congressional District has faced a fierce effort to knock him out from a broad swath of the GOP in what became the most expensive House Republican primary of the cycle. Vindman’s role in Trump’s impeachment likely made a difference in his campaign. After spending most of his career in Illinois, Bondar moved to Texas in 2020, living outside Dallas – where he voted in this March’s Republican primary. State voting records show Bondar’s early in-person ballot in his primary race is the first time he has voted in Oklahoma.

Persons: Bob Good, Donald Trump, Kevin McCarthy, Sen, John McGuire, McCarthy, Good, Ron DeSantis, McGuire, we’re, ”, Trump’s, Eugene Vindman, Abigail Spanberger, Alexander Vindman, Volodymyr Zelensky, Trump, Hunter Biden, Joe Biden, –, National Security Council –, Vindman’s, Cole, Tom Cole, Paul Bondar, Bondar, impeaching Trump, “, ” Trump, Dallas –, Paul Bonder, Cheyenne Stanley, he’d Organizations: CNN, Republican, Virginia Rep, Congressional, GOP, Florida Gov, Democratic, Eugene, Virginia’s, Congressional District, Trump, Ukrainian, National Security Council, CIA, Oklahoma, Cole Americans, Security, PAC, University of Oklahoma, University of Texas, State, Longhorn Locations: Virginia’s, Oklahoma, Illinois, Texas, Dallas, Caddo

☆ 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

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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Calls of the Day: Corning, Accenture and Carmax
▼ + 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 EmailCalls of the Day: Corning, Accenture and CarmaxThe Investment Committee discuss the latest Calls of the Day.

Organizations: Accenture, Investment

☆ 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

☆ 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, ”

☆ 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

☆ 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

☆ Kenya confronts trail of rape accusations and abandoned children against UK soldiers
▼ + stars: | 2024-06-17 | by ( Larry Madowo | ) edition.cnn.com time to read: +11 min

Marian is among a group of mixed-race children whose mothers say they were conceived after rape by British soldiers training in Kenya. Mixed-race children continue to be born in the remote villages where the British Army trains its soldiers in Kenya. One of the more contentious accusations against British soldiers involves the case of Agnes Wanjiru. Allegations of rape and other crimes, including murder, by British soldiers deployed there date back to the 1950s. The UK investigators did not conduct DNA tests on any of the 69 mixed-race children alleged to have been born from rape by British soldiers.

Persons: Marian Pannalossy, “, ”, You’re, ’ ” Marian, Marian, Lydia Juma, ” Juma, ’ Marian, ’, Generica, Nicole, Namoru, Festo Lang, CNN Juma, BATUK, Agnes Wanjiru, hasn’t, Wanjiru’s, King, Marian Mutugi, Martyn Day, Ntoyie Lenkanan, CNN “, Saitet, nosedived, Kelvin Kubai, ” Kubai, Generica Namoru, “ I’m, It’s, “ It’s, We’re, ” Mutugi Organizations: Kenya CNN, CNN, British Army, British Army Training Unit, Defense, Intelligence, Foreign Relations, National, British, Kenyan, British High Commission, The Defense, Kenya National Commission, Human Rights, Britain’s Ministry of Defense, Royal Military Police, Reconciliation, Human Rights Commission Locations: Archer’s, Kenya, Archer’s Post, Nairobi, British, Samburu, Nanyuki, Britain, East, Laikipia, London, DolDol

☆ FDA approves Merck vaccine designed to protect adults from bacteria that can cause pneumonia, serious infections
▼ + stars: | 2024-06-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The Food and Drug Administration on Monday approved Merck 's new vaccine designed to protect adults from a bacteria known as pneumococcus that can cause serious illnesses and a lung infection called pneumonia, the drugmaker said. It's the first pneumococcal conjugate vaccine designed specifically for adults and aims to provide broader protection than the available shots on the market, according to the drugmaker. Healthy adults can suffer from pneumococcal disease. Around 150,000 U.S. adults are hospitalized with pneumococcal pneumonia each year, Platt said. Death from the more serious form of the disease is highest among adults 50 and above, Merck said in a release in December.

Persons: Merck, Merck's, Heather Platt, Platt Organizations: Drug Administration, CNBC, Centers for Disease Control

☆ France awarded Olympic medal given to Great Britain in 1900
▼ + stars: | 2024-06-17 | by ( Julen Chauvin | Emma Leyo | ) edition.cnn.com time to read: +3 min

Paris, France CNN —France has scored a belated surprise Olympic victory against Great Britain – 124 years later than expected – after a 1900 Paris Olympics cycling silver medal was taken away from Team GB and awarded to its neighbor across the channel by the International Olympic Committee (IOC). He finished second in the men’s 25 kilometer cycling race at the Paris Summer Games in 1900. “Even though Hildebrand was a British citizen, he was born and brought up in France, and competed for a French club before and after Paris 1900,” the IOC said in a statement. Gachet is a specialist when it comes to French Olympic medals, having published the Dictionary of French Olympics Medalists in 2011. “124 years later, at my request, the IOC Executive Board today approved the reallocation to France of the silver medal won by Lloyd Hildebrand at the Paris 1900 Olympic Games.

Persons: Lloyd Hildebrand, Hildebrand, Stéphane, Emmanuel Macron, Amélie, ” Gachet, “, ”, Gachet Organizations: France CNN —, Great Britain –, Team GB, International Olympic Committee, IOC, Paris Summer Games, Paris, Olympic Committees, Games, French, Club des Sports, Team, British Olympic Association, CNN Sport Locations: Paris, France, France CNN — France, Tottenham, London, Parisian, Levallois, British, Perret

☆ Treasury, IRS unveil plan to close ‘major tax loophole’ used by large partnerships
▼ + stars: | 2024-06-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

IRS Commissioner Danny Werfel testifies before the House Appropriations Committee in Washington, D.C., on May 7, 2024. The U.S. Department of the Treasury and the IRS on Monday unveiled a plan to "close a major tax loophole" used by large, complex partnerships, which could raise more than an estimated $50 billion in tax revenue over the next 10 years. "These tax shelters allow wealthy taxpayers to avoid paying what they owe," IRS Commissioner Danny Werfel told reporters on a press call Friday. They also released a revenue ruling on related-party partnership transactions involving basis shifting without "economic substance" for the parties or "substantial business purpose." The plan builds on ongoing IRS efforts to increase audits on the wealthiest taxpayers, large corporations and complex partnerships.

Persons: Danny Werfel, Biden, Janet Yellen Organizations: Washington , D.C, U.S . Department of, Treasury, Finance, Taxpayers, Democrats, Wall, IRS Locations: Washington ,

☆ Andy Sieg Could Be Citi's Next CEO If He Can Fix a Broken Wealth Business
▼ + stars: | 2024-06-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +23 min

Andy Sieg shocked the finance industry last spring when he left Merrill Wealth Management. AdvertisementBank of America analyst Ebrahim Poonawala recently argued that Citi should consider selling the wealth business if it cannot improve its profitability. AdvertisementWhile Sieg has told Citi managing directors to manage up less, a former Merrill executive who worked under him said Sieg was adept at it. Former Citi managing directorAdvertisementVahid's position will be taken by Kris Bitterly, the global head of investment products, in September. Mirroring tactics that supercharged Merrill, Sieg has changed Citi Wealth's compensation scheme to prioritize asset gathering, to the consternation of several employees.

Persons: Andy Sieg, Kevin Crain, Sieg, Crain, Jane Fraser, Fraser, Morgan Stanley, Merrill, Smith Barney, Ebrahim Poonawala, Wells, Mike Mayo, Brian Moynihan, Alex Wong, Moynihan, Fraser isn't, Mayo, anoint, Jamie Dimon, Jennifer Piepszak, Marianne Lake, Viswas Raghavan, Jane, He'd, George H, Bush, Bill Schreyer, Merrill Lynch, Dave Komansky, David Komansky, YOSHIKAZU TSUNO, Phil, Doug, Lord Abbett, David Poole, Citi's, there's, That's, Poole, Glenn Schorr, Jim O'Donnell, O'Donnell, Sieg's, Andy Sieg's, Naz Vahid, David Bailin, Bailin, Naz, Phil Waxelbaum, Vahid, Kris, Don Plaus, Keith Glenfield, Dawn Nordberg, Edward Jones, They're, Ernst & Young, he's Organizations: Merrill Wealth Management, Business, Citi, Bank of America, Morgan, BI, Merrill, Bank, Citigroup, JPMorgan, Harvard, Penn State, JPMorgan Advisors, United Arab, Citi . Citi, Work, Citi lifer, Former Citi, North, Citi Alliance, Citi Wealth, Bloomberg, Ernst &, Citizens Bank Locations: Sieg, Wells Fargo, Merrill, Bellefonte , Pennsylvania, Poole, Singapore, United Arab Emirates, Mexico, London, Aventura , Florida, Asia, Manhattan, North America

☆ House Republicans say they 'desperately need a place to smoke cigars'
▼ + stars: | 2024-06-17 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +1 min

Rep. Tom Cole's office has been a place for GOP lawmakers to smoke cigars and bond. But the Oklahoma Republican recently switched offices — depriving Republicans of their usual spot. "We desperately need a place to smoke cigars," said Cole. AdvertisementHouse Republicans are facing yet another crisis — but it's only tangentially related to the business of crafting and passing laws. They need a place to smoke cigars near the House floor.

Persons: Tom Cole's, Cole, —, Tom Cole Organizations: GOP, Oklahoma Republican, Service, Business Locations: Oklahoma

☆ New Jersey Democratic kingmaker George Norcross indicted on racketeering charges
▼ + stars: | 2024-06-17 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

George Norcross, who for decades had been a Democratic political kingmaker in New Jersey, was charged with racketeering in an indictment unsealed Monday. Norcross's brother, Phillip Norcross, and four other defendants also were charged in the 13-count, 111-page indictment filed by New Jersey Attorney General Matthew Platkin. George Norcross, a 68-year-old insurance executive and former member of the Democratic National Committee, was chair of the board of trustes of Cooper University Health Care and chair of Conner Strong & Buckelew. Now a resident of Florida, George Norcross was in attendance at a press conference Platkin gave on the charges Monday in Trenton. CNBC has requested comment on the indictment from George Norcross' lawyer, Michael Critchley.

Persons: George Norcross, Matt Platkin, Norcross's, Phillip Norcross, Matthew Platkin, Platkin, Conner Strong, CSB, Michael Critchley Organizations: Democratic, New Jersey, New, Cooper Health, Democratic National Committee, Cooper University Health Care, Norcross Enterprise, City of, CNBC Locations: Trenton , N.J, New Jersey, South Jersey, Camden , New Jersey, Florida, Trenton, of New Jersey, City, City of Camden

☆ Final Trades: Apple, Citigroup, Palantir & Amplify Mobile Payments ETF
▼ + stars: | 2024-06-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Apple, Citigroup, Palantir & Amplify Mobile Payments ETFThe Investment Committee gives you their top stocks to watch for the second half.

Organizations: Apple, Citigroup, Palantir

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