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☆ Amazon CEO Andy Jassy spurns regulators after failed iRobot deal: 'It's a sad story'
▼ + stars: | 2024-04-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Amazon CEO Andy Jassy on Thursday took aim at regulators who are increasingly blocking mergers, including the company's planned acquisition of robotic vacuum maker iRobot , which fell apart earlier this year amid antitrust concerns. "I think it's really kind of a sad story," Jassy said in an interview with CNBC's Andrew Ross Sorkin on "Squawk Box." Jassy said the move showed that regulators "trust these two large Chinese companies with maps of the inside of U.S. consumers' homes more than they do Amazon." As megadeals have slowed to a crawl, tech companies have made a flurry of investments in artificial intelligence startups, seeking to gain a foothold in the burgeoning market. When asked how Amazon is tackling returns fraud, Jassy said the company has teams charged with examining returned goods to make sure they're "appropriate."

Persons: Andy Jassy, Jassy, CNBC's Andrew Ross Sorkin, iRobot, Anker, Ecovacs, Biden Organizations: Federal Trade Commission, Big Tech, Microsoft, Regulators, FTC, Amazon, CNBC, National Retail Federation, Appriss Locations: U.S, China, OpenAI

Deal making runs into presidential politicsPresident Biden holds talks on Wednesday for Fumio Kishida, Japan’s prime minister, part of a state visit designed to show the U.S.’s commitment to a staunch ally. Despite the pomp and ceremony, the presidential election will loom over the meetings, with Biden’s opposition to Nippon Steel’s bid for U.S. Steel showing how the chase for votes is affecting deal making and economic policy. The summit will be just the fifth state visit of his administration, and reflects a different approach to that of his predecessor, Donald Trump. Both Biden and Trump have courted union workers, notably during the auto industry strike last year. Biden is the first sitting president to visit a picket line.

Persons: Biden, Fumio, Donald Trump, It’s, Trump Organizations: Nippon, U.S, Steel, Nippon Steel’s, Pennsylvania, Biden Locations: U.S, Japan, China, South Korea, India, Europe, Philadelphia, Pittsburgh

☆ Exclusive: On board a B-52 bomber mission to China’s doorstep
▼ + stars: | 2024-04-10 | by ( Oren Liebermann | ) edition.cnn.com time to read: +11 min

Sitting on the massive bomber’s sole bunk, the third pilot on the flight crew, Capt. This year, the Air Force began low-rate production of the Northrop Grumman B-21 Raider, the next generation of stealth bomber. In October, Chinese fighter jets intercepted a B-52 bomber at night over the South China Sea, south of our position. Everyone is tired, especially as we approach the 24-hour mark of the flight, but the mission is not yet complete. On final approach, with Barksdale Air Force Base looming off our nose, the right main gear does not extend.

Persons: Jinan Andrews, Omaha ” Barnett, Sabin “ Jett ”, Michael Maginness, CNN's Oren Liebermann, ”, Jason Armagost, Bo “, Bo “ NATO ” Cain, Oren Liebermann, MYLAR11, Leo “ Swabbie ” Weber, “, Rebecca “ Vulcan ” Moore, Moore, you’ve, Jared Patterson, Avery Bulsterbaum, Andrew Rodriguez, Justin Joyner, Dakeeja Nelson, Veruca Plott, it’s, . Sabin “ Jett ”, Jeremy Harlan Organizations: CNN, US, Barksdale Air Force Base, Boeing, 2nd Bomb, China, Eighth Air Force, “, Air Force, Bo “ NATO, 20th Bomb Squadron, Northrop Grumman, Raider, CNN Staff, US Department of Defense, South Korean Locations: East China, –, Alaska, Louisiana –, Louisiana, Japan, Capt, Jinan, Tramaine, Omaha, Vietnam, Russia, Russia’s, China, North Korea, South Korea, MYLAR11, Beijing, South China, Jinan Andrews

What next on inflation and rate cuts? The mood music on rate cuts has changed again. All eyes now are focused on the upcoming Consumer Price Index data for clues on when the Fed might finally start cutting interest rates. Economists on Tuesday are forecasting higher growth but also higher-for-longer inflation and rates. Traders are penciling in fewer than three cuts this year — lower than the Fed’s own projection — with the first coming not before July.

Persons: That’s

Jamie Dimon sees America at a ‘Pivotal Moment’Jamie Dimon’s annual letter to JPMorgan Chase shareholders has just been published. The economy is resilient but the government underpinning it is a red flag. Consumers are spending and investors expect a soft landing. But Dimon warns that the economy is being fueled by government spending and rising deficits. “These markets seem to be pricing in at a 70% to 80% chance of a soft landing — modest growth along with declining inflation and interest rates,” Dimon writes, adding that the odds are actually a lot lower.

Persons: Jamie Dimon, Jamie Dimon’s, Dimon, ”, ” Dimon Organizations: JPMorgan Chase Locations: America, Ukraine

☆ Tesla shares have tanked 34% this year. Investors raise doubts over whether the EV maker will return to form
▼ + stars: | 2024-04-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Disappointing investors Tesla's inability to meet estimates and boost demand for its models has spurrred the newfound skepticism. The comments from Wood came one day after her firm purchased nearly $40 million worth of Tesla shares. A lack of investor understanding of the value of these alternative businesses and their future contribution to Tesla profits is plaguing Tesla shares, according to Corestone Capital's Will McDonough. TSLA 1Y mountain Tesla shares over the last year "Valuing Tesla as a car company is akin to valuing Amazon as a book sale company," the investor said. "There are definitely concerns in the marketplace around demand" for Tesla vehicles, said Robert W. Baird senior research analyst Ben Kallo.

Persons: Tesla, Morgan Stanley, Adam Jonas, Wedbush's Dan Ives, Ives, Michael Sansoterra, Tim Pagliara, EVs, Sansoterra, that's, CNBC's Andrew Ross Sorkin, Cathie Wood, Wood, Brad Gerstner, Elon Musk, Corestone Capital's Will McDonough, Robert W, Baird, Ben Kallo, We're Organizations: Elon, Silvant Capital Management, Wall, Motors, Ford, Toyota, Silvant, Ark Investment Locations: U.S, China

Oil spike ripples through global marketsThe price of Brent crude rose again on Friday, at one point topping $91 a barrel. Growing tensions in the Middle East have pushed the global benchmark to levels last reached in October. Some analysts believe the oil rally is just beginning, creating a fresh inflation risk for central bankers who are struggling to keep price-increases in check. JPMorgan Chase forecast last week that oil would climb above $100 by September. And, in a bad sign for motorists, gasoline prices in the U.S. have climbed 6 percent in the past month just ahead of the North American summer driving season.

Persons: Brent, Biden Organizations: JPMorgan Chase Locations: U.S

Disney fended off the activist investor Nelson Peltz for the second time in two years, as its shareholders rejected his effort to win two seats on its board. The House of Mouse claimed a “substantial” margin of victory, after a bitterly fought contest with Peltz and his major backer, the former Marvel chair Ike Perlmutter. Based on preliminary results from Wednesday’s annual investor meeting, Disney’s board candidates won the backing of 75 percent of individual shareholders, an outsize investor base. But like any good Disney tale, the board fight provided a series of lessons for the future — for companies and activists alike. That included cost-cutting efforts, an investment in the video game giant Epic Games and a shake-up in the struggling movie division.

Persons: Iger, Nelson Peltz, Mouse, Peltz, Ike Perlmutter, Bob Iger Organizations: Disney, Marvel, Wall Street

☆ Forget Recession, New York City Is Entering a Wild New Gilded Age
▼ + stars: | 2024-04-04 | by ( Linette Lopez | ) www.businessinsider.com time to read: +16 min

In a country roiled by recession worries, those at the top of New York City — for better or worse — couldn't give a single gilded shit. For New York City, a brush with death called for a time of decadence. "New York City's restaurants and bars are experiencing an uneven pandemic recovery nearly four years after COVID-19 struck our city," Andrew Rigie, the executive director of the New York City Hospitality Alliance, said. AdvertisementIf a pandemic can't defeat New York City, a little inflation certainly isn't going to do it. And what that looks like is the affluent in New York City eating caviar, and poorer Americans eating cereal.

Persons: Steve Jobs, it's, Jennifer Saesue, Saesue, Fish Cheeks, Z, bistros, James Murphy, us Carbone, Casas — Cruz, Cipriani, Jean, Georges Vongerichten, Bongo, Andrew Rigie, Corey Mintz, we're, WK Kellogg, Gary Pilnick, Gary Pilnick's Organizations: Grand Prospect Hall, New, New York City, Apple, Mastercard, Chefs, Casas, Soho House, Bangkok Supper, Village, IBA, Hospitality Alliance, Nationwide, National Restaurant Association, Nasdaq, The University of Michigan Consumer, UBS, New York Locations: New York City, New York, Rome, Xinjiang, New, Manhattan, Coqodaq, Las Vegas, York, Bangkok, Hell, TouchBistro, Brooklyn, The Bronx

☆ Cathie Wood says she’s not buying Reddit at this price, but long term it’s an AI play
▼ + stars: | 2024-04-03 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Ark Invest CEO Cathie Wood is holding off buying shares of the recent IPO Reddit at current prices, despite a long-term belief in the company's artificial intelligence prospects. "We don't think it's a meme stock," Wood told CNBC's Andrew Ross Sorkin during a " Squawk Box " interview Wednesday. RDDT YTD mountain Reddit shares since going public To be sure, Wood bought Reddit on the offering but said she's avoiding purchasing more after its run-up. Reddit went public last month in the first initial public offering of a major social media company since Pinterest 's debut in 2019. Reddit's offering came amid a slow revival in the IPO market following a two-year dry spell.

Persons: Cathie Wood, Wood, CNBC's Andrew Ross Sorkin, Reddit Organizations: Twitter, New York Stock Exchange, Arm Holdings Locations: Reddit

☆ Steve Cohen says his financial firm can already save $25 million by using AI
▼ + stars: | 2024-04-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: 1 min

You can count billionaire investor Steve Cohen among those who believes artificial intelligence is already making an impact on the business world. The Point72 founder told CNBC's Andrew Ross Sorkin on "Squawk Box" that his financial firm has found ways for even the early AI models to save the company money. My CTO comes to me and says I can save the firm $25 million by using these LLMs to improve our efficiency," Cohen said, referencing his chief technology officer and the large language models like ChatGPT. "Now, we're a nice sized firm. And that's just one thing, so it gives you a little bit of a look into what's possible," he added.

Persons: Steve Cohen, CNBC's Andrew Ross Sorkin, Cohen, We're

☆ Steve Cohen says it's early to judge Mets season, sees making team a winner as a 'civic responsibility'
▼ + stars: | 2024-04-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The New York Mets and their revamped roster are languishing in this young baseball season, but owner Steve Cohen isn't panicking, not by a longshot. "It's only four games into the season right?" Cohen told CNBC's Andrew Ross Sorkin during an interview Wednesday on "Squawk Box" that touched on his thus-far winless team that he purchased in 2020. "Nobody wants to start zero and four, but you know, it's early. During the season, you're going to have losing streaks.

Persons: Steve Cohen isn't panicking, Cohen, CNBC's Andrew Ross Sorkin Organizations: New York Mets, Mets, National League East

☆ Cathie Wood buys more Tesla, says now 'is not the time to run for the hills'
▼ + stars: | 2024-04-03 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Now is not the time for investors to bail on Tesla , according to Ark Invest CEO Cathie Wood. Tesla shares have slumped more than 33% since the start of the year as it faces rising competition in China and slowing demand for electric vehicles, with the Elon Musk-run company reporting an 8.5% year-over-year decline in first-quarter deliveries earlier this week. Despite this recent pressure, Wood believes that the stock could hit $2,000 in the next five years. TSLA YTD mountain Tesla, YTD That's evident from recent moves at the investment firm. Wood snatched up 182,052 shares for the flagship ARK Innovation ETF , 42,744 shares for the ARK Next Generation Internet ETF , and 10,202 for the ARK Autonomous Technology & Robotics ETF , according to the firm's daily trading data from Tuesday.

Persons: Cathie Wood, it's, Tesla, CNBC's Andrew Ross Sorkin, Wood Organizations: Ark Invest, Elon, Innovation, ARK Autonomous Technology & Robotics Locations: China

Tesla’s woes prompt an E.V. reassessmentWall Street has sounded the alarm for weeks that the transition to electric vehicles may be stalling, despite billions in government subsidies and huge investments by auto giants. Tesla’s latest sales figures suggest that the pullback may be worse than thought — and beyond one company’s ability to fix. Tesla’s numbers undershot forecasts. That has contributed to a more than 30 percent decline in Tesla’s stock, which has made it one of the worst performers on the S&P 500 this year.

Trian claims Disney's board has failed to generate sufficient returns in recent years as subscription streaming losses have mounted and traditional TV subscribers have declined. Early vote countBoth Disney and Trian received support from influential shareholders ahead of Wednesday's meeting. Roughly one-third of Disney's shareholders are retail shareholders, who historically vote in small numbers in annual meetings. The arrangement still raised questions about ValueAct's support for the company and whether Disney's board should have disclosed the prior relationship. WATCH: Disney board battle reaches final moments

Persons: Bob Iger, Mickey Mouse, Valerie Macon, Nelson Peltz, Jay Rasulo, They've, Maria Elena Lagomasino, Michael Froman, Peltz, Ike Perlmutter, Trian, Disney's, Iger, Bob Chapek, Patrick T, Adam Jeffery, Morgan Stanley, James Gorman, CNBC's, George Lucas, Laurene Powell Jobs, Lucas, Powell Jobs, Ken Squire, Rowe Price, Rowe, Mason Morfit's, ValueAct, Neuberger Berman, John Ferguson, Rasulo —, Glass Lewis, Iger's, Gorman, Jeremy Darroch, CNBC's Andrew Ross Sorkin, Heidi Gutman, Lagomasino, shouldn't, Blackwells, Rasulo, Jason Aintabi, John Foley, Jessica Schnell, Craig Hatkoff, Leah Solivan, ValueAct hasn't Organizations: AFP, Getty Images Disney, Voters, Trian Partners, Disney, PepsiCo, Marvel, SEC, Fallon, Bloomberg, Getty, CNBC Disney, CNBC, Star Wars, LucasArts, Pixar, BlackRock, Institutional, California Public Employees, Yacktman Asset Management, Saratoga Proxy, ISS, Sky, Trian Fund Management, NBCU, Bank, NBCUniversal, Green, Comcast Locations: Los Angeles, New York

Microsoft unbundles, againMicrosoft is separating Teams, its popular video and chat app, from its Office software suite in markets around the world, broadening a split that began in the European Union last fall. It appears to be the latest effort by the software giant to head off investigations by global antitrust enforcers as regulators examine the power of Big Tech. Microsoft first added the video and document collaboration program to its business software suite in 2017, and saw Teams’s popularity soar after the coronavirus pandemic unleashed a boom in hybrid and remote working. At the height of the lockdown in 2020, Slack filed a complaint with the European Commission accusing Microsoft of anticompetitive behavior by bundling Teams with Office. (Three months later, Slack agreed to sell itself to Salesforce for $27.7 billion.)

Persons: Microsoft unbundles, Slack, Eric Yuan Organizations: Microsoft, European Union, Big Tech, Rivals, Commission

Politicians and auto executives on both sides of the Atlantic are calling for more protectionist measures. After Tesla lost its crown to BYD as the world’s biggest E.V. Otherwise, the Tesla C.E.O. said, Chinese E.V. The continent’s auto sector employs 13 million people and generates 8 percent of the bloc’s G.D.P.

Persons: China Tesla, —, Warren Buffett, Tesla, Elon Musk, ” Luca de Meo, Vivienne Walt, DealBook, ”, June’s E.U Organizations: Renault Group’s, Airbus Locations: China, Europe, June’s

Kushner and Kloss take over Life magazineLife, the iconic photography-focused chronicler of the 20th century, has taken on many forms, including a weekly magazine, a website and the occasional special issue. Kushner and Kloss are buying the publication rights to Life from Dotdash Meredith, the print and digital publisher. The deal is being done through Bedford Media, the media start-up that Kloss leads as C.E.O. Life was once a central part of American culture, featuring the work of renowned photographers like Robert Capa and writing by top authors. (Ernest Hemingway’s “The Old Man and the Sea” first appeared in its pages.

Persons: Kushner, Kloss, Barry, Josh Kushner, Dotdash Meredith, Robert Capa, Ernest Hemingway’s “ Organizations: IAC, Bedford Media Locations: OpenAI

A settlement that could scramble the credit card businessA long-running fight between the credit card giants Visa and Mastercard and retailers in the United States is nearing an end, with the promise of lower fees for merchants. But the proposed class-action settlement could have wider consequences, including for the lucrative business of high-end credit cards — and for retailers. What’s in the settlement: Visa and Mastercard said on Tuesday that they had agreed to reduce swipe fees, costs associated with the use of a credit card, for about five years. Perhaps more important, merchants will be able to raise their prices based on the kind of card. For example, buying groceries with a higher-fee card — typically a premium card like the Chase Sapphire Reserve — could become more expensive than paying with a lower-end one.

Organizations: Visa, Mastercard, Chase Locations: United States

☆ Rite Aid reaches bankruptcy settlement with lenders, DOJ, McKesson
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

The Rite Aid logo is displayed above a Ride Aid store on December 21, 2022 in Los Angeles, California. Pharmacy chain Rite Aid has reached a settlement with its lenders, the U.S. Department of Justice, and drug supplier McKesson Corp , clearing a path for Rite Aid to complete its bankruptcy case by late April, a company lawyer said Tuesday. "We have reached an agreement on all key points with all key economic stakeholders," Rite Aid attorney Aparna Yenamandra said at a bankruptcy court hearing in Trenton, New Jersey. Before it filed for bankruptcy, Rite Aid faced over 1,600 lawsuits alleging that pharmacy chain ignored red flags and illegally filled prescriptions for addictive opioid medication. Rite Aid received bankruptcy court approval to sell its pharmacy benefit company, Elixir, in January.

Persons: Aparna Yenamandra, Yenamandra, Andrew Rosenberg, Joshua Sussberg, Michael Kaplan, Kaplan Organizations: Pharmacy, U.S . Department of Justice, McKesson Corp, Aid, Rite Aid, Aid's, Brigade Capital Management, HG Vora Capital Management, Morgan Investment Management, U.S Locations: Los Angeles , California, Trenton , New Jersey

BlackRock’s chief wants to rethink a fiscal time bombAs the chairman and C.E.O. In his latest letter to investors, published on Tuesday, Fink weighs in on a new topic: a looming global retirement crisis, and what can be done to address it. The way retirement is handled around the world needs to change, Fink writes. In the U.S. in particular, people are living longer, a trend that’s likely to grow given the advent of weight loss drugs like Wegovy, Fink writes. But he adds that four in 10 Americans don’t have $400 in emergency savings, let alone proper retirement funds.

Persons: Larry Fink, Fink Organizations: BlackRock

Raised stakes in a firearms takeover contestA battle over Vista Outdoor, the company behind top ammunition brands like Remington and Camelbak water bottles, is escalating — and national security is becoming a bigger factor in the fight. MNC is offering $37.50 a share for all of Vista, up from a bid of $35 last month and 16 percent higher than where Vista’s stock closed on Friday. In a letter to Vista’s board reviewed by DealBook, the investment firm reiterated that it had lined up financing for its offer, despite questions by Vista about how solid those commitments were. Vista rejected MNC’s previous offer, saying a planned breakup of itself would be more valuable for shareholders. (Vista has agreed to sell its ammunition business to CSG for $1.9 billion, leaving its nonfirearm division, Revelyst, as a stand-alone public company.)

Persons: DealBook, Vista Organizations: Vista, Remington, MNC Capital, Czechoslovak, MNC, CSG Locations: U.S, Vista

☆ Live updates: Moscow concert venue shooting latest
▼ + stars: | 2024-03-24 | by ( Heather Chen | Andrew Raine | ) edition.cnn.com time to read: +1 min

CNN has geolocated it to the concert hall and notes that its identifying metadata has been erased. The video shows one attacker signaling to another gunman, who then walks past a door where people are hiding and opens fire on them. The video also shows one of the attackers slitting the throat of a man lying on his back. The video ends with the four attackers walking away inside the building as smoke can be seen at a distance. On Friday, ISIS claimed responsibility for the attack, according to a short statement published by Amaq.

Persons: Amaq, Vladimir Putin, “ Organizations: ISIS, CNN Locations: Moscow, Crocus, Russian, Ukraine

People line up at a makeshift memorial outside Crocus City Hall near Moscow on March 24. Maxim Shemetov/ReutersAll four suspects in the Crocus City concert hall attack case have been remanded into pre-trial detention until May 22, the Moscow City Court said via Telegram. The names of the four accused in the case are Dalerdzhon Mirzoyev, Saidakrami Rachabalizoda, Shamsidin Fariduni and Mukhammadsobir Faizov, Moscow City Courts announced via Telegram. All four are from Tajikistan, a former Soviet republic, and had been in Russia on either temporary or expired visas. The attack also came barely a week after Putin secured his fifth presidential term.

Persons: Maxim Shemetov, Saidakrami, Shamsidin, Mukhammadsobir Faizov, Putin Organizations: Reuters, Telegram Locations: Crocus, Moscow, Crocus City, Tajikistan, Soviet, Russia

The appalling attack on the vast Crocus City Hall concert venue and shopping complex near Moscow – claimed by ISIS – left more than 100 people dead. This is hardly the stability and security for which so many Russians voted for Putin. For years, the Kremlin strongman has been cast as a leader able to guarantee order in this vast, turbulent country. But now, the focus is firmly on the apparent reappearance in Russia of jihadists, unrelated to the Ukraine war or domestic opposition to the Kremlin. But for a leader who has promised security and stability to Russians, a large-scale terror attack on home soil is a powerful blow to his image.

Persons: Vladimir Putin, Moscow –, Putin, Yevgeny Prigozhin Organizations: Crocus City Hall, ISIS –, Kremlin Locations: Russia, Crocus, Moscow, Putin’s, Ukraine, Ukrainian, jihadists, Russian

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