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☆ Meta, Amazon, and Alphabet are spending big in a battle to dominate AI. It might not end well.
▼ + stars: | 2024-08-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Read previewAI is burning a big hole in the pockets of Big Tech. Leaders at Meta and Alphabet have conceded that they might be funneling too much money into AI out of fear of falling behind in the arms race. AdvertisementGartner's research shows that generative AI requires executives to have a higher tolerance for indirect gains on their investments in the future over immediate returns. AdvertisementBut Big Tech executives believe that generative AI will bring about some of the biggest technological changes the world has seen in the past century — so it's worth the risk. Amazon CEO Andy Jassy said in a letter to shareholders earlier this year that generative AI "may be the largest technology transformation since the cloud" and maybe even "since the internet."

Persons: —, Mark Zuckerberg, Zuckerberg, Sundar Pichai, Rita Sallam, Elliott, Andy Jassy, Brian Olsavsky, Dan Ives Organizations: Service, Big Tech, Meta, Business, Nasdaq, Gartner, Analytics, Eliott Management, Financial Times, Big, Wedbush Securities

☆ Pete Buttigieg: How his 2020 campaign built the base driving his VP buzz
▼ + stars: | 2024-08-02 | by ( Arit John | ) edition.cnn.com time to read: +8 min

Buttigieg isn’t the only politician to exit a Democratic presidential primary with an enduring army of online super fans. “Team Pete” didn’t disappear, but the “veepstakes” reactivated his supporters, said Mike Schmuhl, Buttigieg’s 2020 campaign manager. This week, though, he joined the list of vice presidential hopefuls to cancel a planned event with limited explanation. They reject the idea that America isn’t ready for a major-party ticket featuring both a Black woman and the first out gay vice presidential pick. “I definitely think in my lifetime he will be on a ticket,” said Brandon Neal, a Democratic strategist and senior adviser to the 2020 campaign.

Persons: Pete Buttigieg, “, ”, Kamala Harris, George Hornedo, “ They’ve, they’ve, Pete’s, ” Buttigieg, Harris, Buttigieg’s, Buttigieg, Independent Sen, Bernie Sanders, Andrew Yang’s “ Yang, ” Harris, hyping, Pete ” didn’t, Mike Schmuhl, “ Joe Biden, it’s, Pete, Kamala Harris ”, Joseph Guarino, Pete ”, ” Guarino, Josh Shapiro, Arizona Sen, Mark Kelly, Tim Walz, Pat Ryan, ” Ryan, Biden, He’s, Harris ’, Donald, Trump, MAGA, President Harris, Shapiro, he’s, he’d, Don Beyer, ” Nina Smith, ” Smith, there’s, Brandon Neal, Jamie Gangel, Ali Main Organizations: CNN, Democratic, Fox News, Independent, “, Democratic Party, Pennsylvania Gov, Minnesota Gov, Department of Transportation, New York Democrat, House Democrats, Indiana, Virginia Rep Locations: South Bend , Indiana, Iowa, New Hampshire, New York City, Philadelphia, Arizona, Kokomo , Indiana, America, New York, Michigan

☆ Gold and some non-dollar currencies start to shine, but it's not all about de-dollarization
▼ + stars: | 2024-08-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

AdvertisementThe amount of gold holdings in global reserves has doubled in just over five years, according to Bloomberg Intelligence analysis. "As the yellow metal carries no credit or counter-party risk, some deem it as being better insulated from financial sanctions, particularly those from the emerging world," wrote UBS' Czerwonko. Advertisement"The situation in competing jurisdictions is also dire; in the land of the blind, the one-eyed man can remain king," wrote Czerwonko. AdvertisementSimilarly, Bloomberg Intelligence said said a Wednesday report that a potential second Trump term could hasten a global currency regime change. "Any title toward isolationism in a Trump second term, such as altered US attitudes toward its role in NATO and international affairs would spur de-dollarization," wrote Bloomberg Intelligence analysts.

Persons: —, Alejo Czerwonko, Czerwonko, Trump Organizations: Service, UBS, Business, International Monetary Fund, Bloomberg Intelligence, Trump, NATO Locations: Ukraine, Moscow, Swiss, Americas

☆ Britain cancels $1.7 billion of computing projects in setback for global AI ambitions
▼ + stars: | 2024-08-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

(Photo by Rasid Necati Aslim/Anadolu via Getty Images)The U.K. government has canceled £1.3 billion ($1.7 billion) worth of computing infrastructure projects, in a big setback to the country's ambitions to become a world leader in artificial intelligence. A government spokesperson confirmed to CNBC that two major taxpayer-funded spending commitments, worth £500 million and £800 million, respectively, were being dropped in order to prioritize other fiscal plans. Earlier this week, British Finance Minister Rachel Reeves announced a raft of spending cuts after revealing Labour had inherited a projected £22 billion ($28 billion) of unfunded pledges from the center-right Conservatives. The Labour government was widely expected to announce the introduction of the first-ever U.K. AI Bill in a speech delivered by King Charles III last month. A DSIT spokesperson instead told CNBC the government would consult on plans to regulate AI in due course.

Persons: Rasid Necati, Rishi Sunak's, Rachel Reeves, unfunded, codebreakers, Keir Starmer's, King Charles III Organizations: Artificial Intelligence, Getty, CNBC, Research, University of Edinburgh, Labour, Department for Science, Innovation, Technology, British Locations: London, United Kingdom, Anadolu, Bletchley, Nazi Germany

☆ Ex-Google engineers who founded Character.AI rejoin company with new AI partnership
▼ + stars: | 2024-08-02 | by ( Jennifer Elias | ) www.cnbc.com time to read: +3 min

"I am super excited to return to Google and work as part of the Google DeepMind team," Shazeer said in a statement on Friday. I am confident that the funds from the non-exclusive Google licensing agreement together with the incredible Character.AI team positions Character.AI for continued success in the future." The move also comes amid a competitive talent and AI landscape, leading companies to form partnerships against a tough regulatory landscape that has placed scrutiny on mergers and acquisitions. Britain's competition watchdog said earlier this week it is looking into Google's partnership with AI startup Anthropic, for example. In March, Microsoft hired Mustafa Suleyman, a co-founder of AI startup DeepMind that Google acquired in 2014, and much of its staff to lead AI initiatives.

Persons: Noam Shazeer, Daniel De Freitas, Character.AI, Freitas, Axios, OpenAI's ChatGPT, Shazeer, We're, Noam, Mustafa Suleyman, Suleyman, Satya Nadella Organizations: Google, Character.AI, CNBC, Microsoft Locations: Character.AI

☆ A New York basic income participant used his monthly $1,000 to pay bills and launch a nonprofit
▼ + stars: | 2024-08-02 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

Read previewAround the time that Kenneth McQueen received his first guaranteed basic income payment, he started rollerskating. McQueen was a participant in Creative Rebuild New York, a guaranteed basic income pilot for artists across the state. Previous participants have told BI that they used their basic income to pay rent, afford groceries, drop second jobs, pay down debt, and support their families. Basic income improved McQueen's mental health, encouraged entrepreneurshipPrimarily, basic income gave McQueen "peace of mind," he said. AdvertisementMcQueen isn't sure what will happen next, but he's grateful for the way basic income helped his career and mental health.

Persons: —, Kenneth McQueen, McQueen, — McQueen, Dr, Diana Pearce, Stavros Niarchos, GBI, It's, Maura Cuffie, Peterson, I'm Organizations: Service, Rebuild, Business, Alliance, Creative Rebuild, Mellon Foundation, Tides Center, Ford Foundation, America Locations: Harlem, York, hoodies, tote, New York

☆ Stocks making the biggest moves midday: Shake Shack, C.H. Robinson, Mobileye Global and more
▼ + stars: | 2024-08-01 | by ( Sean Conlon | ) www.cnbc.com time to read: +5 min

However, it topped second-quarter revenue estimates and posted a narrower-than-expected loss for the quarter. Teladoc — The telehealth stock moved more than 4% lower after the company posted weaker-than-expected second-quarter revenue. Air Products and Chemicals — The industrial gases company's stock surged more than 10% after beating Wall Street's earnings expectations. MGM Resorts — The stock declined nearly 14% despite the casino operator surpassing second-quarter earnings expectations. Crocs — The stock shares fell about 2% even though the company surpassed second-quarter earnings and revenue expectations.

Persons: Shack, C.H, Robinson, Teladoc, LSEG, Royce —, Royce, Wall, Meta, Carvana, Crocs, Akash Palkhiwala, —, Samantha Subin, Yun Li, Michelle Fox Organizations: LSEG, Moderna, Royce, Air Products, Chemicals, Meta, MGM Resorts, MGM, Arm, Holdings, Qualcomm Locations: LSEG ., U.S

☆ Meta shares pop 6% on earnings beat, rosy revenue forecast
▼ + stars: | 2024-08-01 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Meta shares jumped 6% on Thursday after the company reported second-quarter earnings that beat Wall Street's expectations and offered a rosy revenue forecast. Revenue in the period increased 22% to $39.07 billion from $32 billion a year earlier, Meta said late Wednesday. The analysts note that Meta's capital expenditures are increasing because of AI infrastructure spend, but it is driving "tangible business results." There are also newer generative AI products that have the potential to open revenue opportunities over multiple years, they said. Barclays analysts wrote in a note Wednesday that Meta is executing at "arguably the best pace of any company in digital advertising."

Persons: Meta, Mark Zuckerberg, Susan Li, Zuckerberg, Baird, capex, — CNBC's Michael Bloom, Jonathan Vanian Organizations: Meta, Bank of America, Barclays

☆ Here are Thursday's biggest analyst calls: Meta, Tesla, Reddit, Amazon, Wingstop, Arm, Dollar General, Carvana, Qualcomm, SoFi & more
▼ + stars: | 2024-08-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bank of America reiterates Arm as buy Bank of America said it's sticking with the stock following earnings on Wednesday. Robinson to overweight from neutral JPMorgan upgraded the shipping company following its earnings. Barclays reiterates Meta as overweight Barclays says it's sticking with the Instagram parent following earnings on Wednesday. " Bernstein reiterates Qualcomm as outperform Bernstein says it's sticking with Qualcomm following earnings on Wednesday. Citi reiterates SoFi as buy Citi said it's getting more bullish on the stock following a series of investor meetings.

Persons: Goldman Sachs, Goldman, Morgan Stanley, Zeta, Oppenheimer, Etsy, Baird, Wolfe, Bill.com, Robinson, Raymond James, RDDT, Wells, David Lantz, Zack Fadem, Bernstein, Leerink, Cantor Fitzgerald, Tesla, Cantor, it's bullish, Morgan Stanley downgrades Voya, SoFi, it's Organizations: Mizuho, Bank of America, ARM, Zeta Global, Zeta, JPMorgan, GE, NFL, NBA, MLB, Nascar, Barclays, Meta, Qualcomm, SOX, Elon Musk's, Citi Locations: OW, 2H24, China, bullish

☆ Tesla needs to figure out how to sell cars. Its salespeople say it's stuck in the past.
▼ + stars: | 2024-08-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +10 min

The company's sales team has been struggling to adapt to a much different market, according to 14 current and former employees from Tesla's sales division in North America. The carmaker is also attempting to fix a spate of bad publicity surrounding its CEO, Elon Musk — all with little in the way of advertising initiatives or traditional sales strategies. The electric-car maker made its mark by breaking industry standards with its ad-free, direct-to-consumer sales model. Now, some of Tesla's sales staff believe it's time for the company to begin acting like a traditional automaker. Musk has been vague about when a new, more economically priced Tesla model would hit the market, saying only that it could happen in 2025.

Persons: —, Tesla, Elon Musk, What's, Musk, shouldn't, Tesla backpedaled, Brian Moody, Autotrader Organizations: Service, US EV, Business, Tesla Locations: North America

☆ Don't feel sorry for Linda Yaccarino
▼ + stars: | 2024-07-31 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Linda Yaccarino left her job running ad sales for NBC to become the CEO of Twitter about a year ago. Twitter's ad business, which fell in half after Elon Musk bought the company, continues to sputter. What a hard job Linda Yaccarino has! AdvertisementBy the time Yaccarino agreed to take the Twitter job, Musk's capricious track record as Twitter's owner had been well-established. Then, after formally hiring Yaccarino, Musk made it clear that while her title would be chief executive officer, she wouldn't actually be running the company.

Persons: Linda Yaccarino, Elon Musk, Musk, Yaccarino, they've, Linda, Don Lemon, Lemon, Twitter hasn't, wouldn't, she'd, he'd Organizations: NBC, Twitter, Elon, Business, New York Times, Times, CNN, Visa

☆ GEHC gives reasons to look beyond temporary China woes and shares reverse higher
▼ + stars: | 2024-07-31 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

GE Healthcare on Wednesday morning reported a mixed second quarter and shares initially moved sharply lower. Organic revenue growth was 1%. We saw a continued acceleration of Vizamyl doses delivered in the U.S. in the second quarter. This is still a small contributor to sales growth but gives us optimism about its sales potential over the next few years." As a result, we're lowering our total company full-year organic revenue growth guidance."

Persons: Philips, It's, Eli Lilly, GEHC, —, Jay Saccaro, We're, Arduini, Peter Arduini, Jim Cramer's, Jim Cramer, Jim, Pavlo Gonchar Organizations: GE Healthcare, Management, Revenue, LSEG, General Electric, Philips, Siemens, Club, GE Healthcare YTD, GE Healthcare's, Care Solutions, Pharmaceutical Diagnostics, U.S, CNBC, Lightrocket, Getty Locations: China, Eisai, U.S

☆ 'A growth turnaround beginning': Here's what Wall Street expects from Apple's 3rd-quarter earnings
▼ + stars: | 2024-07-31 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Artificial intelligence incorporated into Apple products could add another $30 to $40 each share of Apple stock, Wedbush estimated. "We strongly believe June will be the last negative growth quarter for China with a growth turnaround beginning in the September quarter. AdvertisementMorgan Stanley: Big upgrade cycle comingMorgan Stanley's research team reiterated Apple as its "top pick", thanks to a large number of Apple users set to upgrade their devices. "Apple Intelligence is a clear catalyst for a multi-year product upgrade cycle," analysts added in a note. But investors are still waiting for Apple Intelligence to roll out before sentiment improves.

Persons: —, Wedbush, Needham, Morgan Stanley, Morgan Stanley's, Oppenheimer, Apple's Organizations: Service, Apple, Apple Intelligence, Business, OpenAI, Bank of America, Apple Care, Apple Music, Analysts, Barclays, Stock Locations: China, Asia, Needham, Apple's

☆ Amazon has discussed a 'DoctorAI' tool to automate routine healthcare tasks
▼ + stars: | 2024-07-31 | by ( Eugene Kim | ) www.businessinsider.com time to read: +5 min

Read previewAmazon's One Medical team has discussed building a new large language model called "DoctorAI" to automate routine healthcare tasks, according to an internal planning document obtained by Business Insider. In one section, the One Medical team discusses their most disruptive ideas, and this is where the new AI tool was proposed. Big foundation models are often used as a starting point to develop more focused, specialized AI models and tools. "We do not use our customers' protected health information to train our current health AI models, and to imply we do would be incorrect." It also hoped to handle 87,000 customer service contacts in 2024 through "additional self-service content and the AI healthcare assistant service," the document stated.

Persons: —, Andy Jassy, Rohit Prasad, Sunita Mishra Organizations: Service, Business, Amazon Pharmacy, Olympus, Microsoft, Google, Amazon, Amazon Web Services

☆ Here are Wednesday's biggest analyst calls: Nvidia, Microsoft, Starbucks, McDonald's, Pinterest & more
▼ + stars: | 2024-07-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Wednesday's biggest calls on Wall Street: Bank of America reiterates Pinterest as buy Bank of America said it's sticking with Pinterest following the company's earnings on Tuesday. "We are raising our rating to Overweight (from Equal-weight); our new price target of $36 (up from $25) implies +43.4% one-year total return, including a 6.7% forward dividend yield." Bank of America upgrades RTX to buy from neutral Bank of America said demand is rising for the aerospace and defense company. " Bank of America adds Marriott to the US1 list Bank of America added the stock to its top picks list. "We initiate coverage of On Holdings (ONON) with an Outperform rating and a $46 price target.

Persons: Pinterest, Morgan Stanley, JPMorgan, it's, Albemarle, Nomura, Bernstein, Venmo, TD Cowen downgrades McDonald's, Cowen, 2Q's, Raymond James, Lockheed Martin, Jefferies, Woodward, Goldman Sachs, Goldman, it's bullish Organizations: Bank of America, Barclays, AMD, Energy, JPMorgan, Mizuho, Nvidia, PayPal, Deutsche Bank, Corning, Deutsche, Citi, Navigator, Lockheed, of America, underperform Bank of America, Management, Starbucks, " Bank of America, Marriott, Holdings Locations: 2H24, Albemarle, Braintree, Switzerland

☆ In photos: Sea otter populations rebound
▼ + stars: | 2024-07-30 | by ( Katie Guenthner | ) edition.cnn.com time to read: +1 min

Sea otters aren’t just cute to look at, they also play a critical role in preserving the environment. By hunting invertebrates like clams and sea urchins, sea otters help preserve kelp forests, which in turn sequester carbon, protect coastlines and provide food and shelter for other marine life. Their hunting prowess makes sea otters a keystone species, meaning that other aspects of the ecosystem rely on their existence. Without the sea otter, many species that shelter in the kelp forests they help protect would die. Thanks to conservation initiatives, numbers have started to bounce back, with around 130,000 sea otters worldwide.

Organizations: CNN, Initiative

☆ A big cloud hangs over Big Tech earnings: Is all this AI spending worth it?
▼ + stars: | 2024-07-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

In his Sunday column , Jim Cramer wrote that these earnings reports will test that rotation narrative. Another way to help "take the sting away" is management teams providing a rationale behind the spending, Jim also wrote Sunday. Alphabet's second-quarter capex of $13.2 billion was up 91% year over year and higher sequentially from $12 billion in the first quarter. Alphabet's full-year capex spending is expected to total nearly $50 billion, according to estimates compiled by FactSet. Investors fretting about AI spending is not entirely new.

Persons: –, Jim Cramer, Jeff Marks, Jim, Alphabet's, Sundar Pichai, FactSet, Apple, Meta's, Goldman Sachs, Jim Covello, Covello, Jim Cramer's Organizations: Big Tech, Microsoft, Apple, KeyBanc, Markets, Google, Meta, stoke, Wall Street, Wedbush Securities, CNBC, Bloomberg, Getty Locations: capex

☆ IndiGo CEO discusses airline's decision to allow women to choose not to sit next to men on flights
▼ + stars: | 2024-07-30 | 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 EmailIndiGo CEO discusses airline's decision to allow women to choose not to sit next to men on flightsPieter Elbers, CEO of IndiGo, weighs in on the company's business outlook and initiatives.

Persons: Pieter Elbers

☆ We're raising our Stanley Black & Decker price target on the stock's earnings rally
▼ + stars: | 2024-07-30 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Stanley Black & Decker on Tuesday morning delivered solid quarterly results — enhanced by strong cash flow performance, allowing management to raise its full-year guidance. Stanley Black & Decker Why we own it: Stanley Black & Decker is in the later innings of a multi-year restructuring plan. Stanley Black & Decker, which also makes fastening and assembly systems, jumped 7.5% on Tuesday's release following last week's 9.7% gain. Full-year organic sales in Tools & Outdoor are projected to be down about 1% at the midpoint, with year-over-year margin improvement. To honor the occasion, Donald Allan, Jr., President & CEO of Stanley Black & Decker, joined by Chris Taylor, NYSE Global Head of Advisory, rings the Opening Bell®.

Persons: Stanley Black, Decker, we're, Don Allen, DeWalt, Pat Hallinan, —, Jim Cramer's, Jim Cramer, Jim, Donald Allan , Jr, Chris Taylor Organizations: Revenue, Bosch, Techtronic Industries, Federal Reserve, Management, Stanley, Aerospace, CNBC, The New York Stock Exchange, NYSE Global Locations: Europe, France, Italy, Latin America

☆ Starbucks' turnaround takes an encouraging step forward. Here's what we what to see next
▼ + stars: | 2024-07-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Starbucks Why we own it : Starbucks has one of the most recognizable brands of any restaurant. Like Starbucks, McDonald's has had a challenging 2024 and the company reported uninspiring results — missing on revenues, same-store sales, and earnings per share. Quarterly commentary Comparable store sales in North America — a key restaurant industry metric — fell 2%, slightly beating estimates of a 2.2% drop forecasted by Wall Street analysts, according to FactSet. In Starbucks' international segment, comparable store sales fell 7%, missing estimates of a 5.1% decline. A Starbucks store stands in Manhattan on January 30, 2024 in New York City.

Persons: Elliott, Elliott Management's, Dunkin, McDonald's, We'd, Laxman Narasimhan, We're, Narasimhan, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Starbucks, Revenue, Elliott Management, Bros, McDonalds, Citi, Wall Street, CNBC, Getty Locations: China, North America, U.S, East, Southeast Asia, Europe, Manhattan, New York City

☆ Amazon projected huge losses from its healthcare business in 2024, but strong sales growth, internal document reveals
▼ + stars: | 2024-07-30 | by ( Eugene Kim | ) www.businessinsider.com time to read: +7 min

Read previewLate last year, Amazon projected its healthcare businesses to lose more than $1 billion for 2024, according to an internal planning document obtained by Business Insider. Although the company doesn't breakout financials on the healthcare business, investors will be looking for signs of success when it reports results on Thursday. That was mostly thanks to Amazon Pharmacy, which was projected to generate $1.81 billion in 2024 sales, a 45% surge. Amazon healthcare is slowing investments in smaller initiatives by delaying hiring for certain projects and reducing contractor spend, it added. It's upgrading the signup process, such as insurance card capture technology, and simplifying the linking between One Medical and Amazon Pharmacy accounts.

Persons: —, Andy Jassy, Brand, Neil Lindsay, It's Organizations: Service, Business, Amazon, Pharmacy, Amazon Health Services, Tech, Amazon Pharmacy, Health Services, Health, Amazon Clinic, Google

☆ Sharks are congregating at a California beach. SharkEye’s AI is trying to keep swimmers safe
▼ + stars: | 2024-07-29 | by ( Amy Gunia | ) edition.cnn.com time to read: +7 min

CNN —On summer mornings, local kids like to gather at Padaro Beach in California to learn to surf in gentle whitewater waves. Human vs. AI shark detectionA rise in the popularity of drones, and the proliferation of social media, may make it seem like sharks are everywhere. Although there hasn’t been a fatal attack recorded at Padaro Beach, some community members were concerned when sharks began loitering there. SharkEye's drone pilot, Samantha Mladjov, at Padaro Beach in California. Officials in Honolulu said this month that they’re considering launching a drone shark surveillance program, according to local media.

Persons: SharkEye, ” Neil Nathan, BOSL, hasn’t, Nathan, Samantha Mladjov, Science Laboratory Nathan, ”, “ Organizations: CNN, University of California Santa, Science Laboratory, Science, Stanford University, Florida Museum, Natural, New, Officials, “ Sharks Locations: Padaro, California, New York, Sydney, Padaro Beach, Santa Barbara, India, Australia, Queensland, Mexico, Caribbean, New South Wales, Bondi, Honolulu, Hawaii

☆ Quad foreign ministers meet in Tokyo for talks on maritime security, cyber
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: +1 min

US Secretary of State Antony Blinken (R) prepares to pose for a group photo with Australia's Foreign Minister Penny Wong (2nd R), Japan's Foreign Minister Yoko Kamikawa (2nd L) and India's Foreign Minister Subrahmanyam Jaishankar (L) at the start of their Quad Ministerial Meeting at the Iikura Guest House in Tokyo on July 29, 2024. Foreign ministers from Australia, India, Japan and the United States — a grouping known as the "Quad" — met in Tokyo on Monday for talks expected to focus on maritime security and initiatives to build up cyber defenses. The talks attended by Australia's Penny Wong, India's Subrahmanyam Jaishankar, Japan's Yoko Kamikawa and Antony Blinken from the U.S., follow security discussions between Tokyo and Washington on Sunday where the allies labelled China the "greatest strategic challenge" facing the region. We all understand we face the most confronting circumstances in our region in decades," Wong said in opening remarks at the start of the Quad talks on Monday. In her opening remarks, Kamikawa highlighted the need to build up cybersecurity capability and provide training opportunities in maritime security to protect and develop prosperity in Indo-Pacific.

Persons: Antony Blinken, Penny Wong, Yoko Kamikawa, Subrahmanyam Jaishankar, Australia's Penny Wong, India's Subrahmanyam, Japan's Yoko Kamikawa, Wong, Kamikawa Organizations: Australia's Foreign, Japan's, India's, United Locations: Tokyo, Australia, India, Japan, United States, U.S, Washington, China

☆ Jim Cramer says the market rotation isn't all about smallcap stocks
▼ + stars: | 2024-07-29 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer said Monday the recent reshuffling on Wall Street is about more than a resurgence in small-cap stocks. "This market is not experiencing a smallcap rally, it's experiencing a rally in everything else but the tech titans. Cramer suggested the market isn't being led solely by a few smaller-cap companies that are performing well. Instead, he said, large institutions may be buying poor quality small stocks "as part of a larger basket" with indexes like the Russell 2000 or the S&P Small Cap 600. There are also larger companies that have seen huge gains recently as part of the market broadening, he said, such as McDonald's .

Persons: CNBC's Jim Cramer, Cramer, Russell, Wall, McDonald's Organizations: titans

☆ U.S. National Debt Tops $35 Trillion for First Time
▼ + stars: | 2024-07-29 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

America’s gross national debt topped $35 trillion for the first time on Monday, a reminder of the nation’s grim fiscal predicament as legislative fights over taxes and spending initiatives loom in Washington. The Treasury Department noted the milestone in its daily report detailing the nation’s balance sheet. The leading presidential candidates, Vice President Kamala Harris and former President Donald J. Trump, have said little about the nation’s deficits on the campaign trail, suggesting that the economic problem will only worsen in the coming years. Deep differences between Republicans and Democrats on policy priorities and resistance within both parties to enacting cuts to the biggest drivers of the national debt — Social Security and Medicare — have made it difficult to reduce America’s borrowing. The Congressional Budget Office said last month that the U.S. national debt is poised to top $56 trillion by 2034, as rising spending and interest expenses outpace tax revenue.

Persons: Kamala Harris, Donald J Organizations: The Treasury Department, Trump, Social Security, Medicare, Congressional, Office, U.S Locations: Washington, United States

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