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☆ Starbucks’ new CEO lays out improvement plan
▼ + stars: | 2023-05-02 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —During his first earnings call as the new Starbucks CEO, Laxman Narasimhan praised the company for its financial performance. In the quarter ending on April 2, sales at company-operated Starbucks stores open at least 13 months jumped 11% globally, including a 12% increase in North America. Before officially becoming CEO in March, Narasimhan spent about six months shadowing former interim CEO Howard Schultz in an incoming CEO capacity. Since December 2021, about 300 Starbucks stores have voted to unionize and been certified by the NLRB. It’s a relatively small number compared to the roughly 9,300 company-operated Starbucks stores in the United States.

☆ Supreme Court: New documents show how Sandra Day O'Connor helped George W. Bush win the 2000 election
▼ + stars: | 2023-05-02 | by ( Joan Biskupic | ) edition.cnn.com time to read: +14 min

CNN —Justice Sandra Day O’Connor provided the early framework that steered the outcome in the dispute over the 2000 presidential election and ensured George W. Bush would win the White House over Al Gore, Supreme Court documents released on Tuesday show. They also demonstrate the tension among the nine justices being asked to decide a presidential election on short deadlines. The five conservative justices (O’Connor, Kennedy, Rehnquist, Antonin Scalia and Clarence Thomas) sided with Bush. The Florida results had been too close to call at the end of Election Day, November 7. The next day, Kennedy wrote to the chief justice, “Sandra’s memorandum sets forth a very sound approach” and said he wanted to build on it.

BUDAPEST, April 28 (Reuters) - Pope Francis, starting a trip to Hungary, on Friday pointedly warned of the dangers of rising nationalism in Europe and told the Budapest government that accepting migrants along with the rest of the continent would be a true sign of Christianity. He called for a return to the "European spirit" envisioned by the founders of modern Europe after World War Two, saying nations had to "look beyond national boundaries" . Orban 59, and the pope have differing views on handling migration from the Middle East and Africa to Europe, with Francis believing migrants fleeing poverty should be welcomed. He asked Francis in 2021, during the pope's last visit, "not to let Christian Hungary perish". In his speech in the presidential palace overlooking the River Danube, Francis quoted St Stephen, the 11th century founder of Christian Hungary.

☆ Microsoft made a big bet with ChatGPT. Months later, it’s already paying off.
▼ + stars: | 2023-04-27 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

Microsoft bet billions on OpenAI — its gamble is already paying off. Some analysts said Microsoft's successful integration of AI signals that it has already pulled ahead of Google. They even projected that Microsoft's cloud service Azure could be on track to surpass long-dominant Amazon Web Services. My teammate Paayal Zaveri highlights how Microsoft's AI wager has made it a surprising leader in tech's hottest field. He hit $2 million by the end of 2020, and in 2022 alone, he sold $4 million worth of products.

☆ Oil drops nearly 4% as recession fears outweigh US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Energy Information Administration (EIA) data showing U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels helped to limit the price fall, far exceeding analyst forecasts of a 1.5 million drop in a Reuters poll. Gasoline and distillate stocks also drew down, sinking by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels to 111.5 million barrels, respectively, the EIA said. A forecast of higher refinery activity, but lower crude exports, will continue a push and pull for weeks. Oil prices fell more than 2% on Tuesday as lingering economic concerns and expectations of further interest rate hikes that could curtail fuel demand growth countered signs of improving short-term consumption gains. "This (data) will add credence to claims that the U.S. economy is edging closer to a recession," said PVM Oil's Stephen Brennock.

☆ Oil slides as recession fears outweigh large US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude fell by $1.08, or 1.3%, to $79.69 a barrel by 10:54 a.m. EDT (1454 GMT). U.S. West Texas Intermediate crude fell 76 cents, or 1%, to $76.31. U.S. crude oil inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.5 million-barrel drop, the Energy Information Administration (EIA) said. Gasoline and distillate stocks also drew down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels in to 111.5 million barrels, respectively, the EIA said. Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ remains an efficient tool for coordination on global oil markets.

☆ Oil mixed as recession fears are tempered by U.S. inventories
▼ + stars: | 2023-04-26 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barrels, the sources said. U.S. crude oil stockpiles have been falling since the middle of March as refineries have increased runs to produce more gasoline ahead of the peak summer demand period that starts in May. This has pushed WTI futures prices into backwardation, when prompt futures are higher than later-dated futures, reflecting the higher refinery demand.

☆ Bank of Canada rate-cut bets recede as core inflation proves sticky
▼ + stars: | 2023-04-26 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/2] A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. The BoC has made greater progress in slowing inflation than some major peers, including the Federal Reserve and European Central Bank. Still, the rise in inflation expectations could be another reason for the Canadian central bank to be cautious about easing rates. The central bank has left its benchmark interest rate on hold for two straight meetings after lifting it to a 15-year high of 4.50%. Those rate hikes have contributed to inflation, by driving up mortgage borrowing costs, but the main aim is to slow the economy.

☆ Rupert Murdoch Made the Decision to Ouster Tucker Carlson: LA Times Report
▼ + stars: | 2023-04-25 | by ( Nicholas Carlson | ) www.businessinsider.com time to read: +4 min

Sources told an LA Times reporter that Rupert Murdoch himself made the decision to fire Tucker Carlson. Meanwhile, other outlets reported that Fox Corporation CEO Lachlan Murdoch and Fox News CEO Suzanne Scott made the call. Murdoch was tired of Tucker Carlson's conspiracy theories about the January 6, 2021 riots at the Capitol. Fox News has not addressed the specific reasons the network and Carlson parted ways, saying in a Monday morning statement: "FOX News Media and Tucker Carlson have agreed to part ways. Editor's note, April 24: This story has been updated to include recent reporting from Axios, The New York Times, and The Washington Post.

☆ Tesla's price cuts highlight Elon Musk's last advantage in the EV business
▼ + stars: | 2023-04-23 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

Teslas are cheaper than everA Tesla Model Y. Patrick Pleul/Getty ImagesIn the market for a new car? Elon Musk's hoping that recent price cuts might turn you on to a Tesla. The billionaire might just be turning to his one remaining advantage in the EV business. But Tesla can cut prices and still deliver profits, something rival automakers struggle to do in their EV businesses. While Tesla investors are worrying about profits, Musk's rivals have their own reasons to be concerned, Stephen Beck, founder and managing partner of consultancy cg42, told Insider.

☆ MLB roundup: Cubs' Drew Smyly flirts with perfection vs. Dodgers
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +11 min

Los Angeles starter Julio Urias (3-2) allowed five runs, seven hits (including two homers) and two walks in 3 1/3 innings. Seven of Urias' 10 earned runs allowed this season have come against Chicago. Philadelphia starter Aaron Nola tossed a season-high seven innings and allowed four hits and three runs with three strikeouts and three walks. Pittsburgh starter Mitch Keller (2-0) allowed two runs and four hits in six innings, with five strikeouts and a walk. Pivetta (1-1) allowed three runs on seven hits in 5 2/3 innings, striking out seven with one walk.

☆ Bank of America or Citi? Analysts say one stock is set to soar 50%
▼ + stars: | 2023-04-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Two of them were Citi and Bank of America , both of which exceeded forecasts on revenue and other metrics. Bank of America: 'Superior resiliency' Bank of America continues to demonstrate a "Goliath is Winning" theme, Wells Fargo said in an April 18 note. The bank's earnings came in at 94 cents per share, above Wall Street's estimate of 82 cents, according to Refinitiv. Wells Fargo gave Bank of America a price target of $45, or potential upside of nearly 50% from Wednesday's close. Wells Fargo gave Citi a price target of $62, or potential 24% upside from Wednesday's close — smaller than the upside it gave Bank of America.

CNN —Senate Judiciary Chairman Dick Durbin has requested that Chief Justice John Roberts or “another Justice whom you designate” appear before his committee next month for a hearing on Supreme Court ethics rules. The hospitality was not disclosed on Thomas’ public financial filings with the Supreme Court, ProPublica said. In his letter, Durbin argued that there is precedent for justices to testify before the committee, citing a hearing in 2011 when then-justices Stephen Breyer and Antonin Scalia appeared for a hearing. These problems were already apparent back in 2011, and the Court’s decade-long failure to address them has contributed to a crisis of public confidence,” Durbin wrote. “The status quo is no longer tenable.”The Supreme Court did not immediately respond to a request for comment.

☆ Elon Musk isn't giving up on his price war, and it's making Tesla investors anxious
▼ + stars: | 2023-04-20 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla's profits took a hit in Q1 thanks to price cuts. Margins are now 'keeping Tesla investors up at night,' Wedbush analyst Dan Ives said. "Margins are now a delicate issue that are keeping Tesla investors up at night," Wedbush analyst Dan Ives wrote in a Thursday note to clients. Elon says he knows what he's doingWhile some investors angst over Tesla's price cuts, Musk defended the company's strategy in a call with analysts after earnings were released Wednesday evening. "We've taken a view that pushing for higher volumes and a larger fleet is the right choice here, versus a lower volume and higher margin," Musk said.

☆ Telling Dianne Feinstein to resign is sexist and 'unprecedented,' women Democratic senators say
▼ + stars: | 2023-04-19 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

But Democratic women in the Senate say gender is playing a role in how her absence is being handled. But women Democratic senators told Insider at the Capitol on Wednesday that they believe sexism is at play and that the chamber's longest-serving Democrat is being held to an unfair standard because she is a woman. More recently, Democratic Sen. John Fetterman of Pennsylvania was recently absent from the chamber for six weeks as he sought treatment for clinical depression. "I think it's important for Senator Feinstein to do what is what is best for her," said Democratic Sen. Jeanne Shaheen of New Hampshire. "I just believe that it's not somebody else's assessment to make; it's her assessment to make," said Democratic Sen. Tammy Baldwin of Wisconsin.

☆ Oil slips on economy worries, despite upbeat China data
▼ + stars: | 2023-04-18 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude was also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month. Brent crude fell by 18 cents, or 0.2%, to $84.58 a barrel by 1336 GMT, giving up early gains. "As things stand, it's all systems go in China, much to the relief of those betting on higher oil prices," said Stephen Brennock of oil broker PVM. But the prospect of another increase to U.S. interest rates, which has been supporting the U.S. dollar, remained a drag on sentiment. Analysts expect U.S. crude inventories to fall by about 2.5 million barrels and also forecast declines in gasoline and distillates.

April 18 (Reuters) - Goldman Sachs Group Inc's (GS.N) profit fell 19% as dealmaking and bond trading slumped in the first quarter and it lost money on the sale of some assets in its consumer business. Goldman booked a $470 million loss on the sale of some loans from Marcus, dragging down first quarter results. The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. But deposits held in the Marcus business remain core to Goldman and are not under review, a source familiar with the matter had told Reuters earlier this year. Goldman's lackluster trading results contrast with those of Bank of America Corp (BAC.N), which also reported earnings on Tuesday.

The largest U.S. lender gained $50 billion in deposits at the end of March, its first-quarter earnings report showed. That compares to Citigroup Inc (C.N), where deposits were largely flat, and a decline at Wells Fargo & Co (WFC.N). Investors have closely scrutinized deposits after the collapses of Silicon Valley Bank and Signature Bank last month rattled markets, prompting regulators to step in to guarantee their customers' deposits. JPMorgan reported a 2% rise in deposits to $2.38 trillion at the end of the quarter compared with the end of 2022. Deposits at Wells Fargo slid 2% to $1.36 trillion as customers moved their money to higher-yielding accounts and products.

☆ Investors put $538 billion into cash funds over eight weeks, Bank of America says
▼ + stars: | 2023-04-14 | by ( Harry Robertson | ) www.reuters.com time to read: +2 min

LONDON, April 14 (Reuters) - Investors have moved $538 billion into cash funds over the past eight weeks as they pulled money out of bank deposits after the collapse of Silicon Valley Bank, according to Bank of America figures released on Friday. The failure of Silicon Valley Bank and another mid-sized lender called Signature Bank sent shockwaves through markets in the middle of March, and called into question the safety of U.S. bank deposits. BofA's analysts said the catalyst for the big move into cash had been $500 billion in outflows from commercial bank deposits over the past five weeks. Central bank interest hikes have pushed up the yields on short-dated debt and MMFs, making them look more attractive to investors. BofA said $3.9 billion flowed into stocks in the week to Wednesday, and $500 million went into gold funds.

☆ Everything you need to know as JPMorgan, Citi, Goldman Sachs, and other big banks report earnings
▼ + stars: | 2023-04-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Bank of America and Goldman Sachs come in on Tuesday, with Morgan Stanley bringing up the rear on Wednesday. For a breakdown on the specific numbers, check out Markets Insider and the fantastic 10 Things Before the Opening Bell newsletter. Big banks poured $30 billion into First Republic in the midst of the banking crisis in an effort to shore up the wider market. And what about those pesky shadow banks? Never one to miss a good opportunity, shadow lenders are looking to step up where big banks are stepping back, Bloomberg reported.

"Weakness continues to develop in commercial real estate office," Wells Fargo Chief Executive Charlie Scharf said on a call with analysts. Stress in the commercial real estate sector could have broad implications for banks and the economy, as losses emanating there can tighten credit availability and exacerbate a downturn. More than $1.4 trillion in U.S. CRE loans will mature by 2027, with some $270 billion coming due this year, according to real estate data provider Trepp. As the epicenter for the technology industry downturn, California's CRE market has been hit hard. Citigroup and Wells Fargo declined to comment for this article.

☆ Fox News sanctioned for withholding evidence in Dominion lawsuit
▼ + stars: | 2023-04-12 | 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 EmailFox News sanctioned for withholding evidence in Dominion lawsuitHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Stephen Battaglio, The Los Angeles Times, joins the show to discuss the latest updates in the lawsuit between Fox news and Dominion lawsuit.

Judge Juan Merchan is being protected with increased security in the wake of Trump's NY indictment. In a Truth Social post Friday morning, Trump took a swipe at Merchan by name. Court officers at 100 Centre Street closed the 15th floor of the courthouse — where Manhattan Supreme Court Justice Juan Merchan has his courtroom — to members of the press and public Friday. "The Judge "assigned" to my Witch Hunt Case, a "Case" that has NEVER BEEN CHARGED BEFORE, HATES ME," Trump wrote. Throughout the day on Friday, members of the NYPD and other law enforcement agencies moved in and around the courthouse.

☆ Apollo assures investors deposit flight won't spill over to Athene
▼ + stars: | 2023-03-30 | by ( Chibuike Oguh | ) www.reuters.com time to read: +5 min

Reuters GraphicsIn a quarterly update to shareholders published on March 13, Apollo outlined how Athene's funding model is different than a bank's. In the wake of the banking crisis, however, Apollo has been fielding questions from analysts and investors about Athene's funding model. Following a meeting with Apollo executives, Hone wrote in a note last week that he does not anticipate a spike in withdrawals from Athene's annuity holders and that Athene's funding base was stable. Apollo said in its March 13 presentation to investors that it had seen inflows of $8.8 billion to Athene from the start of the year to March 10. Questions from investors and analysts to Apollo have focused on this subset of annuity policies that have a potentially higher flight risk.

☆ Americans love to buy more car than they need. It's making electric cars more expensive.
▼ + stars: | 2023-03-30 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

But Americans love SUVs and trucks, and they're going to have to pay for them in the near term. A lot of prospective EV buyers just haven't yet found the types of EVs they're looking for. They don't necessarily need more luxury electric sedans — they want the trucks and SUVs they're used to. A recent study found most car-buyers don't want to spend more than $50,000 to go EV, but they also want electric trucks and SUVs that inherently cost more. Bigger vehicles are often just more expensive, largely because they require bigger batteries — the most expensive part of these new EVs.

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