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Opinion | South Africa Is Not a Metaphor
  + stars: | 2024-06-01 | by ( Lydia Polgreen | ) www.nytimes.com   time to read: 1 min
If you want to understand why the party that liberated South Africa from white rule lost its parliamentary majority in the election this week, you need to look no further than Beauty Mzingeli’s living room. The first time she cast a ballot, she could hardly sleep the night before. “We were queuing by 4 in the morning,” she told me at her home in Khayelitsha, a township in the flatlands outside Cape Town. “We couldn’t believe that we were free, that finally our voices were going to be heard.”That was 30 years ago, in the election in which she was one of millions of South Africans who voted the African National Congress and its leader, Nelson Mandela, into power, ushering in a new, multiracial democracy.
Persons: , Nelson Mandela Organizations: National Congress Locations: South Africa, Khayelitsha, Cape Town
CNN —Boeing’s Starliner is aiming to launch its crewed maiden voyage Saturday, a mission that has been a decade in the making. Boeing Crew Flight Test mission goalsAfter reaching orbit, the Starliner crew capsule carrying Wilmore and Williams will separate from the Atlas V rocket and fire its own engines. Starliner is expected to spend more than 24 hours traveling to the International Space Station, with docking anticipated to occur at 1:50 p.m. A series of delaysYears of development hang-ups, test flight problems and other costly setbacks have slowed Starliner’s path to the launchpad. And that’s why we determined that we could go fly with what we have.”During the launch countdown, mission teams will monitor the leak to see whether it increases.
Persons: CNN —, Mark Burger, SpaceX’s, Bill Nelson, Butch Wilmore, Suni Williams, , ” Nelson, Williams, Joe Skipper, Steve Stich, Wilmore, Stich, SpaceX —, , Mark Nappi, Starliner, ” Nappi, Nappi, ” Stich, Dana Weigel, ” Weigel, , Weigel, Mike Fincke, Butch, Suni, CNN’s Deblina Chakraborty Organizations: CNN, Atlas, Cape Canaveral Space Force, 45th Weather Squadron, NASA, Mercury, Gemini, Apollo, Boeing, Atlas V, International, SpaceX, United Launch Alliance, NASA’s, Space Station, Wilmore Locations: Florida, United States
Voters during the South Africa general elections on May 29, 2024 in Johannesburg, South Africa. Live updates of partial results from South Africa's parliamentary election reappeared on the electoral commission's website, following a glitch of at least two hours. The prints are closely watched amid early indications that the country's governing African National Congress, the liberation party of Nelson Mandela, could lose its parliamentary majority for the first time in the 30 years since it assumed governance. The electoral commission's portal was briefly blank at 06:08 a.m. London time, but once more displayed results by 08:23 a.m. in London, according to CNBC monitoring.
Persons: Nelson Mandela Organizations: South, African National Congress, CNBC Locations: Africa, Johannesburg, South Africa, South Africa's, London
Johannesburg, South Africa CNN —South Africa’s ruling African National Congress party is set to fall short of a majority for the first time in 30 years after national elections this week, marking the biggest political shift in the country since the end of apartheid. With results in from 90% of voting districts as of 5.10pm ET, support for the ANC was at 41.04%. The official opposition party, the centrist Democratic Alliance (DA), had 21.72% of the vote. Fed-up voters dealt the party of Nelson Mandela a seismic blow at the polls after years of corruption scandals and economic mismanagement. As a result, the ANC will be forced to form a coalition to stay in government.
Persons: Zuma, Nelson Mandela Organizations: South Africa CNN, National Congress, ANC, Democratic Alliance, weSizwe Party, Fighters, Fed Locations: Johannesburg, South Africa
Billionaire Nelson Peltz is no longer an investor in Disney. Peltz fought a pricey proxy battle with Disney CEO Bob Iger over its board but lost. He's now sold all his Disney shares, which marks the likely end of the power struggle. AdvertisementBillionaire hedge fund founder Nelson Peltz has sold his stake in The Walt Disney Company after losing a pricey proxy battle with CEO Bob Iger. Peltz, the activist investor who founded Trian Partners, once controlled about $3.5 billion in Disney stock.
Persons: Nelson Peltz, Peltz, Bob Iger, He's, , Jay Rasulo Organizations: Disney, Service, Billionaire, Walt Disney Company, Trian Partners, The New York Times, Business
CNBC Daily Open: Dow drops, Nvidia can't save Nasdaq
  + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter. ConocoPhillips CEO Ryan Lance said the deal would immediately grow ConocoPhillips' earnings, cash flow and shareholder returns after the deal closes in the fourth quarter.
Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Ryan Lance, Robert Isom, Vasu Raja, Raja, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, ConocoPhillips, Oil, American Airlines, Dow Locations: New York City, Disney, Texas , New Mexico, North Dakota
CNBC Daily Open: Dow drops, Nvidia couldn't save Nasdaq
  + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter.
Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Robert Isom, Vasu Raja, Raja, Korea's Kospi, Hang Seng, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, American Airlines, Treasury, Nikkei, China's CSI, Dow Locations: New York City, Disney, Asia, Pacific, Japan, South Korea, China
Disney shareholder on Nelson Peltz's decision to dump the stock
  + stars: | 2024-05-30 | 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 EmailDisney shareholder on Nelson Peltz's decision to dump the stockJason Ware, Albion Financial CIO, discusses the road ahead for Disney following Nelson Peltz's sale of the stock.
Persons: Jason Ware, Nelson Peltz's Organizations: Nelson, Albion Financial, Disney Locations: Albion
Residents line up to cast ballots in the national election on May 29, 2024 in Matatiele, South Africa. South African's governing African National Congress appears set to lose majority control in the country's most seismic political transition since the end of the apartheid. The International Monetary Fund projects that South Africa's gross domestic product will climb by 0.9% in 2024. The democratic process is going to emerge victorious," ANC leader and South Africa's incumbent President Cyril Ramaphosa, 71, said Wednesday on social media. The U.S. dollar was up 1.31% against the South African rand at 8:30 a.m. London time, following the report.
Persons: Nelson Mandela, Cyril Ramaphosa Organizations: Reuters, country's Council for Scientific, Industrial Research, ANC, Democratic Alliance wresting, Marxist Economic, Fighters, African National, ANC —, World Bank, Monetary Fund, South, National Union of Mineworkers, Associated Press, U.S Locations: Matatiele, South Africa, London, Johannesburg
Trump and Musk’s growing courtshipFor much of President Biden’s time in the White House, his relations with Elon Musk have been tense. They may be about to plunge to a new low after Biden’s re-election campaign hit out at reports that Donald Trump could make Musk an adviser if the Republican were to win in November. The president’s campaign sees mileage in targeting Trump’s ties to moguls. Musk and Trump met in March at the billionaire investor’s Palm Beach, Fla., estate, where the advisory role discussions took place. Peltz and Musk have also briefed Trump on a plan to invest in a project to prevent the possibility of voter fraud.
Persons: Trump, Biden’s, Elon Musk, Donald Trump, ” James Singer, DealBook, he’s, Musk, David Sacks, Peter Thiel, Steven Mnuchin, Rupert Murdoch, Nelson Peltz, hasn’t, Don Lemon, “ Let’s, , Biden, Tesla Organizations: Elon, Republican, Wall Street, Trump, Los Locations: Los Angeles, Palm Beach, Fla
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe media industry is facing a real challenge, says LightShed Partners' Rich GreenfieldRich Greenfield, LightShed Partners partner and co-founder, joins 'Squawk Box' to discuss news of activist investor Nelson Peltz selling his entire stake in Disney, state of the media industry, and more.
Persons: LightShed, Rich Greenfield Rich Greenfield, Nelson Peltz Organizations: LightShed Partners Locations: Disney
Elon Musk had breakfast with Donald Trump and Nelson Peltz in March, The Wall Street Journal reported. The men shared gripes about Joe Biden's performance as president and talked about voter fraud, . It's one example of how much relations between Musk and Trump have warmed up. AdvertisementYou can trace the warming relationship between former President Donald Trump and Elon Musk to some eggs, bacon, and fruit on a Sunday morning. The two men met with Nelson Peltz in March at Montsorrel, Peltz's estate in Palm Beach, Florida, the Wall Street Journal reported Wednesday.
Persons: Elon Musk, Donald Trump, Nelson Peltz, Joe Biden's, Organizations: Street Journal, Trump, Service, Elon, Wall Street, Business Locations: Montsorrel, Palm Beach , Florida
Johannesburg, South Africa CNN —Millions of South Africans are voting in what is expected to be the most pivotal general election since the end of apartheid. While polling can be challenging in South Africa, most analysts believe that the ANC faces its stiffest challenge yet with a population deeply frustrated by the country’s direction. SOUTH AFRICA GENERAL ELECTION 101 South Africa uses a “proportional representation” system. South Africa is the most unequal country in the world, according to the World Bank. This is the seventh general election South Africa has held since the end of white minority rule 30 years ago.
Persons: Nelson Mandela, Cyril Ramaphosa, ” Ramaphosa, Anders Pettersson, Jacob Zuma’s uMkhonto, Zuma, , , John Steenhuisen Organizations: South Africa CNN, National Congress, ANC, SOUTH, Independent Electoral, South, World Bank . Citizens, Workers, African National Congress, Fighters, Jacob Zuma’s uMkhonto weSizwe Party, Democratic Alliance, Party Locations: Johannesburg, South Africa, SOUTH AFRICA, Africa, Alexandra Township, Benoni
Cramer's Lightning Round: 'Stay away' from Crown Castle
  + stars: | 2024-05-29 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Walt Disney's year-to-date stock performance. Stock Chart Icon Stock chart icon Topgolf's year-to-date stock performance. Stock Chart Icon Stock chart icon Crown Castle's year-to-date stock performance. Stock Chart Icon Stock chart icon Oklo's year-to-date stock performance. Stock Chart Icon Stock chart icon AppLovin's year-to-date stock performance.
Persons: Walt Disney's, Walt Disney, Nelson, I've, Dick's, AppLovin, I'm, Jim Cramer's Organizations: GE
Activist investor Nelson Peltz has sold his entire stake in Disney , a person familiar with the matter tells CNBC. Peltz sold all of his Disney stock at roughly $120 dollars a share, the person said, making about $1 billion on the position. The exit comes weeks after Peltz's Trian Partners lost a proxy battle at Disney in early April as shareholders reelected the company's full slate of board nominees. Peltz had long taken issue with Disney governance. "We are proud of the impact we have had in refocusing this Company on value creation and good governance," Trian said in a statement following the April shareholder vote.
Persons: Nelson Peltz, Peltz, Peltz's Trian, Jay Rasulo, Bob Iger, Trian, Disney didn't Organizations: Disney, CNBC, Peltz's Trian Partners Locations: refocusing
Nearly two months after losing an epic corporate battle to get on the board of the Walt Disney Company, Nelson Peltz is no longer an investor in the entertainment company. Mr. Peltz, the billionaire head of the hedge fund Trian Fund Management, controlled about $3.5 billion in Disney stock, a vast majority of it owned by Ike Perlmutter, a former chairman of Marvel Entertainment. Mr. Peltz has now sold his portion of those shares, a person familiar with the investment said, requesting anonymity to discuss confidential matters. By selling his shares, Mr. Peltz is seemingly removing a thorn in Disney’s side. Mr. Peltz, an activist investor, began criticizing Disney’s management under Robert A. Iger, the chief executive, early last year, pointing to the company’s streaming strategy, lagging stock price and succession planning.
Persons: Nelson Peltz, Peltz, Ike Perlmutter, Robert A, Trian Organizations: Walt Disney Company, Fund Management, Disney, Marvel Entertainment
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNelson Peltz's Trian reportedly sells out of Disney stock at $120 per share, according to sourceCNBC's Scott Wapner joins 'Fast Money' with breaking news that Nelson Peltz's Trian dissolves its Disney share at $120 per share according to a source.
Persons: Nelson Peltz's Trian, Scott Wapner, Nelson, Trian
At the dawn of South Africa’s democracy after the fall of the racist apartheid government, millions lined up before sunrise to cast their ballots in the country’s first free and fair election in 1994. South Africa is now heading into a pivotal election on Wednesday, in which voters will determine which party — or alliance — will pick the president. This downward curve has mirrored the support for South Africa’s governing party, the African National Congress, or A.N.C., which was a liberation movement before becoming a political machine. A new generation of voters do not have the lived experience of apartheid nor the emotional connection that their parents and grandparents had to the party. as a governing party is all young people know, and they blame it for their joblessness, rampant crime and an economy blighted by electricity blackouts.
Persons: Nelson Mandela Organizations: South, African National Congress Locations: South Africa
President of the ruling African National Congress (ANC) and South African President, Cyril Ramaphosa at a rally on May 25, 2024 in Johannesburg, South Africa. Some 30 years on from the peaceful transition from apartheid rule to democracy, South Africa could once again be on the cusp of change. Since coming to power in South Africa's first democratic election in 1994, the African National Congress has focused on making inclusivity a core pillar of the country's economy. At the last national assembly election in 2019, turnout was 66%, already 7 percentage points lower than the previous vote. Even with the highest possible voter turnout, the ANC's result is expected to drop below 50%.
Persons: Cyril Ramaphosa, Nelson Mandela Organizations: National Congress, ANC, African, African National Congress Locations: Johannesburg, South Africa, South Africa's, Gauteng
On an overcast April day in South Africa’s administrative capital, Pretoria, President Cyril Ramaphosa delivered a lackluster speech commemorating the end of white-minority rule in South Africa. On several occasions, the former South African president Jacob Zuma proclaimed that the A.N.C. would rule “until Jesus comes back.” Now Mr. Zuma is hoping to unseat the party that enabled his notorious graft. The party’s emergence is one of the many morbid symptoms in South Africa today. Thirty years on from apartheid’s end, South Africa is in the midst of another complex transformation.
Persons: Cyril Ramaphosa, Nelson Mandela, Ramaphosa’s, Jacob Zuma, , Jesus, Zuma, uMkhonto, , , Ramaphosa Organizations: African National Congress, South, Mr Locations: South Africa’s, Pretoria, South Africa, South
Shein, the online retail giant founded in China, had grand ambitions to go public in New York. The company is now focusing more on the London Stock Exchange for its initial public offering, according to two people with knowledge of the matter. That may not have been the company’s initial choice — but it would be a big win for Britain, which has been wary of its capital city losing its status as a global financial hub. A spokeswoman for Shein declined to comment; the British Treasury also declined to comment. like Shein’s could be seen as a prize that bolsters the local financial market and sets the stage for other companies to follow.
Persons: Jeremy Hunt, Shein Organizations: London Stock Exchange, Britain, British Treasury Locations: China, New York, Washington, Beijing, London, Hong Kong, Dubai, Singapore
Thirty years ago, Black South Africans voted for the first time as the country celebrated the monumental birth of a democracy. As I write this, South Africa is bathed in warm winter sunlight and South Africans are free. That day, April 27, 1994, changed the lives of everyone in the country. Those who hoped the bloodshed would derail democratic negotiations conveniently called it Black-on-Black violence. In that time, as the apartheid government slowly settled the terms of its dissolution with political leaders it had long sought to suppress, 14,000 people died violently.
Persons: Nelson Organizations: South Locations: South Africa
When South Africans vote Wednesday, an unhappy combination of rampant corruption, soaring joblessness, crippling power cuts and feeble economic growth will likely be top of mind. Black South Africans, who make up 81% of the population, are at the sharp end of this dire situation. ‘Elite enrichment’Under apartheid — and colonial rule before that — Black South Africans were violently oppressed and denied many basic human rights. Millions of South Africans still live in such informal settlements. “The poster child of this is the electricity sector.”For much of last year, South Africans were without power for at least some portion of the day.
Persons: , Nelson Mandela’s, , Cyril Ramaphosa, Leon Sadiki, BEE, Moeletsi Mbeki, Thabo Mbeki, White, , Tshediso Matona, Anders Pettersson, Black, , Kganki Matabane, Matthew Parks, Matona, Mbeki, Ricardo Hausmann, Jacob Zuma, Haroon Bhorat, Michele Spatari, ” Bhorat, hasn’t, ANC “, Zuma, Ramaphosa, Cas Coovadia, Hausmann Organizations: Johannesburg CNN, National Congress, ANC, World Bank, Oxford Economics, Harvard University, Democratic Alliance, Bloomberg, Getty, South African Institute of International Affairs, Wits University, CNN, , BBEE, Black Business Council, South African Trade Unions, Harvard’s, University of Cape, South Africa’s Free, International Monetary Fund, Fitch, IMF, JPMorgan, Shell, Unilever, Business, Business Unity, Harvard Growth Locations: London, Johannesburg, Sudan, Africa, Alexandra, South Africa, Leon, Isipingo, KwaZulu, Natal, South, , University of Cape Town, loadshedding, Namahadi, Frankfort, Business Unity South Africa
What it’s really like to live in Antarctica
  + stars: | 2024-05-23 | by ( Lilit Marcus | ) edition.cnn.com   time to read: +14 min
The Minnesota native first went to the White Continent in 2007 to work as a janitor at McMurdo Base, one of the three US outposts there. She was one of half-a-dozen people staffing the world’s southernmost post office, UK-administered Port Lockroy. Counting penguins is one of the roles Port Lockroy staff have during their time in Antarctica. Once you get the Antarctica bug, Long and Nelson say, it’s pretty hard to get rid of. In a fast-paced globalized world where everyone is on their phones all the time, Antarctica offers a rare opportunity to live a different kind of life.
Persons: United States –, Keri Nelson, Amundsen, ” Nelson, , McMurdo, Palmer, Evan Townsend, ” Keri Nelson, , Nelson, Scott Base, , Scott, Keri Nelson “, Chris Long, Long, Laura Bullesbach, Bridie Martin, Laura Bullesbach doesn’t, you’re, You’re, Port Lockroy, Bullesbach, Clare Ballantyne, ” Long, Keri Nelson Long, he’s, vacationer, ” Klaus Dodds Organizations: CNN, United, Antarctic, Minnesota, Base, Scott, Palmer, grownups, McMurdo Base, McMurdo, US, Geographic, Pole, Ocean, Scott Base, Port, Lockroy, Port Lockroy, Electronics, University of London Locations: Antarctica, Chile, Japan, Australia, United States, McMurdo, New, Ross, Amundsen, New Zealand, Russian, South America, Port Lockroy, Lockroy, Port, Denver, China
Whether today's activist investors contribute any genuine economic value is open for debate. As this year's proxy season draws to a close, defeat after defeat for activist investors in proxy fights this year – most prominently at Disney and Norfolk Southern – raises the question: Are activist investors increasingly getting de-activated, losing their credibility and power? These self-styled "activist investors" are distinct from the original activists who helped catalyze needed governance reforms two decades back. Many of today's activist investors are a far cry from the original, heroic crusaders for shareholder value who pioneered the activism space decades ago. However, given the failing financial performance of many of today's activist investors, their losing streak in proxy fights and increasing public rejection of their bullying tactics, the credibility and value of activist investors writ large is increasingly imperiled.
Persons: Nelson Peltz's, Ed Garden, Ralph Whitworth, John Biggs of TIAA, John Bogle of, Ira Millstein, Weil, Nell Minow, Bob Monks, Harvard's Stephen Davis, Carl Icahn's, Aubrey McClendon, , Bill Cohan, Jamie Dimon, Glass Lewis, resoundingly, Mason Morfit's ValueAct, Jeffrey Sonnenfeld, Lester, Steven Tian Organizations: CNBC, Salesforce, Dow Jones, Disney, Norfolk Southern, Relational Investors, John Bogle of Vanguard, Services, Chesapeake, Norfolk, JetBlue, Elanco, of Institutional Investors, United Shareholders Association, Responsibility Research, ISS, Lester Crown, Management, Yale University, Yale's, Institute Locations: Norfolk Southern, greenmailers, America
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