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For most art-world buyers, a work unsubtly called “Comedian” lacked a certain a-peel. But on Wednesday, Cattelan got the last laugh as “Comedian” sold for $6.24 million, including $1 million in fees. The buyer was soon revealed to be Justin Sun, a 34-year old cryptocurrency platform founder from China and based in Switzerland. And while some who have capitalized on those assets will inevitably purchase art, artworks themselves have their own rates of return that depend more on evolutions in taste that don’t correlate with wider macroeconomic trends. Sun, the “Comedian” buyer, used his own cryptocurrency, TRX, to make the purchase, Sotheby’s said.
Persons: , Maurizio Cattelan, Cattelan, Justin Sun, Sun, ” Sun, ” David Galperin, Sun’s, Alex Glauber, , ” Glauber, Leonardo da Vinci’s “ Salvatore Mundi ”, Glauber, Duchamp, Marcel Duchamp, Jianping Mei, Michael Moses, JP Mei, ” Moses, “ It’s, Moses, Sotheby’s, CoinMarketCap, Robb, Robert Allen Organizations: Basel, Association of Professional Art Advisors, The New York Times, Moses Art Market Consultancy, NBC News, Sun Locations: Italian, Miami, China, Switzerland, Americas, South Florida, millennials, Europe, South America
Paduch, 57, was sentenced Wednesday to life in prison for sexually abusing the seven former patients between 2007 and 2022. via NBC New YorkSpokespeople for Weill Cornell and Northwell Health declined to answer specific questions related to Paduch, citing the ongoing litigation. But behind closed doors, Paduch preyed on the men and boys who sought him out. One of the men who filed a lawsuit against Paduch had medical training himself but said he still didn’t realize until many years later that it was abuse. ‘Shocking and embarrassing’By then, Weill Cornell had already received at least two complaints about Paduch from its own employees, going back more than a decade.
Persons: Weill Cornell, Paduch, , Mallory Allen, , ” Allen, Darius Paduch, York Spokespeople, Azza, it’s, , ’ Paduch, Thomas Giuffra, Weill Cornell —, Giuffra, urologists, Weill, Weill Cornell urologist, Harvey Weinstein, Paduch “, Maansi Srivastava, , Paduch —, ” —, — “ Organizations: Weill, BR, NBC, York, Weill Cornell, Northwell, Health, Weill Cornell Medicine, Public Citizen, Medical Academy of Lodz, New, New York Health Department’s, Professional, NBC News, Health Department Locations: Seattle, Poland, Manhattan, New York
That is a big blow to the idea of “Bidenomics,” of which Mr. Bernstein was a leading evangelist and architect. The U.S. economy recovered from the pandemic with greater strength than any of its peers. Unemployment stayed below 4 percent for the longest stretch since the 1960s, and remains low. Several prominent economists, peers of Mr. Bernstein’s, argue that the administration’s robust fiscal response caused the inflation. And other issues of affordability — especially housing — have sapped the optimism of many households in the last couple of years.
Persons: Jared Bernstein, Donald J, Trump’s, , Bernstein, Biden’s, Bernstein’s Organizations: White House Council, Economic Advisers Locations: U.S
AdvertisementDr. Casey Means and her brother Calley are helping shape RFK Jr's new approach to America's health. In a best-selling book "Good Energy," she makes a case that modern diseases are rooted in metabolic health. Robert F. Kennedy Jr. is a fan of Casey Means' work and views in the wellness space. Her mantra is that a healthy metabolism can reverse many health conditionsMeans' book promotes the pursuit of Good Energy, which she defined as great metabolic health. AdvertisementShe espouses popular advice around diet, exercise, and sleepThroughout the book, Means promotes widely agreed-upon health advice.
Persons: Casey Means, Calley, Dr, Marc Andreessen, Means, John McCain's, Donald Trump, Robert F, Kennedy Jr, Kennedy, MAHA —, Rebecca Noble, Tucker Carlson, Joe Rogan's, I've, Brad Stulberg, Christy Harrison, they've, Calley Means, Matt Harbicht, Andrew Huberman, Peter Attia, Harrison, Meredith Schneider Organizations: RFK, Stanford, Department of Health, Human Services, Wall Street Journal, Good Energy, University of Michigan, pharma, Tandem Diabetes Locations: Spain
AdvertisementShoppers are willing to spend this holiday season, but many are still budget-conscious. Shoppers appear ready to spend this holiday season, but many aren't giving up the search for bargains just yet. Multiple signals suggest that some shoppers feel less pinched financially as the biggest shopping season of the year ramps up. As such, many are looking for good deals, as they have been for much of this year, while still spending on the holiday season. Friday's retail sales growth showed "a good early step forward into the holiday shopping season," National Retail Federation Chief Economist Jack Kleinhenz said.
Persons: Claire Tassin, Tassin, Milton, Jack Kleinhenz, Kleinhenz, Doug McMillon, John Rainey, Rick Gomez Organizations: Shoppers, Morning, Retailers, Nordstrom, Bank of America Institute, University of Michigan's, Hurricanes, Retail Federation, Census Bureau, Walmart, Target
AdvertisementChristophe Barraud predicted a Republican sweep and spike in the 10-year yield. Barraud, a top US economy forecaster, expects GDP growth to exceed consensus forecasts. He also expects higher inflation and shares concerns over the deficit crossing 7.5% of GDP. AdvertisementHe previously said that US GDP growth in 2025 would be stronger than expected at 2.1%, above Bloomberg's consensus forecast of 1.9%. A stronger labor market will cause this, especially wage growth and new job creation, combined with labor shortages from restrictive immigration policy.
Persons: Christophe Barraud, Kamala Harris, Donald Trump, Barraud, I'm, Trump Organizations: Republican, Market Securities Monaco, Bloomberg, Trump, Congressional, Office, Tax Foundation
Here are eight health claims — with little or no scientific evidence to back them up — that Oz made over the years. Green coffee extract, the ‘magic weight loss cure’In 2014, Oz went to Washington to seek help fighting internet marketers who were using his name and image to sell weight loss products. Senators provided several examples from Oz’s own show, but much of the hearing focused on his claims about green coffee bean extract. The BMJ study from 2014 found that the majority of Oz’s health recommendations touched on nutrition and dietary advice. (The research shows no evidence that HCG is an effective weight loss tool.)
Persons: Donald Trump, Mehmet Oz, , he’s, Trump, Oz, Melania Trump, Kedric Payne, Richard Besser, Robert Wood Johnson, ” Besser, Dr, Besser, ” Karoline Leavitt, Vance, “ Dr, Trump’s, it’s, , Sen, Claire McCaskill, ” McCaskill, , Joe Vinson, Bryan Burnham, Harriet Hall, kaempferol, , Tim Sullivan, ” Sullivan, ” Oz, “ Life’s Organizations: Medicare, Medicaid Services, CMS, Robert Wood Johnson Foundation, U.S . Centers for Disease Control, NBC News, Federal Trade Commission, Washington Post, YouTube, Vox, The Washington Post, National Institutes of Health, Nutrition, Cancer, Drug Administration, FDA, CBS News, Business Locations: Washington, U.S, New Jersey
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThanksgiving will be the on-ramp for films in 2025, says IMAX CEO Richard GelfondRichard Gelfond, IMAX CEO, joins 'Squawk on the Street' to discuss the consumer shift back to movie theaters.
Persons: Richard Gelfond Richard Gelfond
Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts. Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts. Bullion was up nearly 5% for the week so far, its best week since early October 2023. Gold's appeal is bolstered by geopolitical tensions, economic risks and a low interest rate environment. Meanwhile, the Chicago Federal Reserve President on Thursday reiterated his support for further U.S. interest rate cuts and his openness to slowing them down.
Persons: Bullion, Edward Meir, Bitcoin, Michelle Bowman, Nicholas Frappell Organizations: Trump, Chicago Federal, ABC Refinery Locations: Russia, Ukraine, Dnipro, U.S
Yelloh, Formerly Schwan’s Home Delivery, Closes
  + stars: | 2024-11-22 | by ( Aimee Ortiz | ) www.nytimes.com   time to read: +1 min
Yelloh, the frozen food delivery service formerly called Schwan’s Home Delivery, which had once been known for its reach with rural Americans and its direct-to-consumer business model, is closing its doors on Friday after decades of decline. Minnesota-based Yelloh was born on March 18, 1952 when its founder, Marvin Schwan, delivered 14 gallons of ice cream. The service’s popularity exploded over the years and later foods frozen at their peak made it onto the menu. The Schwan’s name lives on in frozen foods (Red Baron, Freschetta, and Mrs. Smith’s are among their many brands) — that side of the business was sold to CJ CheilJedan, a South Korean company, in 2019. But on Nov. 8, Yelloh permanently parked its fleet of refrigerated trucks that, with their yellow décor, were once instantly recognizable in small towns across America.
Persons: Yelloh, Marvin Schwan, Baron, Freschetta, Smith’s, CJ CheilJedan, Organizations: South Locations: Minnesota, South Korean, America
AdvertisementTrump's proposed tariffs could raise costs for hardware startups making physical goods. Hardware startups rely on a host of manufacturers that are mostly based in China. When China-based manufacturers ship the final products back, the hardware startups may get hit with levees of up to 60 percent on goods from China, according to Trump's statements during his campaign. AdvertisementThe impact on startups: 'We're done here'In the aftermath of Trump's election win, euphoria is sweeping through the business world. AdvertisementHe said he's worried about the potential for Trump tariffs to spark a recession.
Persons: Donald Trump's, Nikhil Basu Trivedi, Jared Friedman, Combinator, Friedman, Graham Anderson, Marc Andreessen, Elon Musk, Bradley Tusk, Santosh Sankar, Trump's, Tim Cook, Cook, Donald Trump, Ivanka Trump, Steven Mnuchin, Mandel Ngan, Alan Deardorff, Trump, Deardorff, he'll, Lea Suzuki, Spencer Penn, Tesla, Penn, , Chris Van Dyke's, he's, Van Dyke Organizations: Investors, Elon, Washington Post, Washington, Dynamo Ventures, Apple, Trump, Mac, Getty, Big Tech, University of Michigan, Tesla, San Francisco Locations: China, Asia, When China, Flexport, Austin , Texas, AFP, Fremont , California, Europe
The read on retail ahead of Black Friday
  + stars: | 2024-11-22 | by ( Courtney Reagan | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe read on retail ahead of Black FridayCNBC's Courtney Reagan joins 'Squawk Box' to report on retail earnings and the state of the consumer ahead of the holiday season.
Persons: CNBC's Courtney Reagan
Reddit — The stock fell 6% after Bloomberg, citing a person familiar with the matter, reported that Advance Magazine Publishers is looking to establish a credit facility using as much as $1.2 billion of its stake in Reddit. Gap — The stock jumped more than 10% on the heels of the clothing retailer increasing its full-year outlook — its third time doing so this year. Super Micro Computer — Shares moved more than 11% higher, extending its more than 15% gain in the previous session. Intuit — Shares of the financial software company fell 4% after the release of its fiscal first-quarter report. StoneCo — Shares jumped about 10% after the Brazilian payments company announced a share repurchase program of up to 2 billion reais .
Persons: LSEG, Ross, Needham, bitcoin, , Alex Harring, Jesse Pound, Michelle Fox Organizations: Bloomberg, Advance Magazine Publishers, BDO, Nasdaq, Intuit —, Intuit, LSEG, Carpenter Technology, JPMorgan, . Texas Pacific, Marathon Oil, ConocoPhillips Locations: Reddit
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHoliday shopping season sales will continue into next quarter, says Tanger CEOStephen Yalof, Tanger CEO, talks the state of retail and the consumer ahead of the holidays.
Persons: Stephen Yalof
How the EV era is challenging leading engine maker Honda
  + stars: | 2024-11-22 | by ( Robert Ferris | In | ) www.cnbc.com   time to read: +3 min
Honda is the world's largest engine manufacturer, powering about 27 million cars, motorcycles, generators, yard tools, airplanes, and other items. But it is struggling in some key regions, especially China, and it's challenged by the era of electric vehicles. Honda has been relatively slow to release models, and it has depended heavily on partners to keep up. Honda does have an in-house EV plan and its own platform. It's sinking $65 billion into EVs and software globally, including $11 billion in Canada and $3.5 billion for upgrades to facilities in the United States.
Persons: it's, Karl Brauer, they'd, Jake Fisher, Honda's, Gregory Noble Organizations: Honda, Acura, Ferrari, Lamborghini, Porsche, McLaren, Consumer, U.S, General Motors, Detroit, Toyota, University of Tokyo's Institute of Social Science Locations: U.S, China, Canada, United States
Consumer sentiment data is warm
  + stars: | 2024-11-22 | 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 EmailConsumer sentiment data is warmCNBC’s Rick Santelli reports on the latest economic data to cross the tape.
Persons: Rick Santelli
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFPB expands oversight of digital payments services: Here's what you need to knowRohit Chopra, Director of the Consumer Financial Protection Bureau, joins CNBC's 'Squawk Box' to discuss expanding digital pay oversight, the push to cap credit card interest rates, and more.
Persons: Rohit Chopra Organizations: Consumer Financial Protection Bureau
London CNN —The coronation of King Charles III and Queen Camilla held in May last year cost British taxpayers £72 million ($91 million), an amount some have labeled excessive. The £72 million spent on the coronation could have paid for 24 million free meals for schoolchildren in London, based on the city government’s current budget of £3.00 ($3.75) per meal. Some additional spending came from the Privy Purse, the monarch’s private source of income, a royal source told CNN. “Plans (for the coronation) were scaled back,” the royal source told CNN. The culture department, in its accounts, said it had underspent its budget on the coronation by £2.8 million ($3.5 million).
Persons: King Charles III, Queen Camilla, Queen Elizabeth II, Finnbarr Webster, , Graham Smith, Sovereign Grant —, Sovereign Grant, , Elizabeth II’s, Max Foster Organizations: London CNN, Department for Culture, Media, Sport, Home Office, Volunteers, Republic, CNN, Sovereign, CNN’s Royal Locations: United Kingdom, Weymouth , England, British, London, Lancaster, London’s Westminster
Why some U.S. companies are scaling back DEI programs
  + stars: | 2024-11-22 | by ( Delon Thornton | ) www.cnbc.com   time to read: +1 min
Donald Trump's election has left some concerned that his policies could harm diversity, equity and inclusion initiatives, especially given some of his outspoken Cabinet picks and his interest in potentially dismantling the Department of Education. Though some companies are pulling back, many still view DEI as essential. DEI became a top priority for U.S. companies after the 2020 protests following George Floyd's murder. But in the past couple of years, some of these same companies like Google, Meta , Lowe's and Ford have scaled back their DEI initiatives, citing political pressure, high costs and economic uncertainty. Watch the video above to find out more about why some companies are pulling back from DEI initiatives.
Persons: Donald Trump's, Mary, Frances Winters, George Floyd's Organizations: of Education, The, Companies, Harvard Kennedy School, Fortune, McKinsey Institute, Google, Ford
Munster, managing partner at Deepwater Asset Management, said he isn't holding his breath for an Apple TV. Munster said it's still a "painful topic" since he spent a lot of time looking into the Apple TV and was emphatic that it would happen. However, in 2014, another author, Yukari Iwatani Kane, wrote in "Haunted Empire: Apple After Steve Jobs" that Jobs told Apple employees in 2010 that a TV set wasn't happening. The lesson Munster learned about a company assembling a team and putting resources behind projects that may remain on the shelf continues to apply. Still, Munster's lesson didn't stop him from making a plea for CEO Tim Cook to bring the Apple TV to shelves.
Persons: Gene Munster, he's, Munster, Apple, it's, I'm, Walter Isaacson, Steve Jobs, Yukari Iwatani Kane, Jobs, Tim Cook Organizations: Apple, Bloomberg, Munster, Deepwater Asset Management, Apple TV
The 2-year Treasury yield was last trading at 4.3345% after dipping by more than one basis point. U.S. Treasury yields were lower Friday as investors weighed mixed economic data and assessed the state of the economy. Investors considered the current state and outlook for the U.S. economy after Thursday brought a series of mixed data points. Investors also assessed the latest comments from Federal Reserve officials, scanning them for hints about whether a third back-to-back interest rate cut could be announced when policymakers meet again next month. Chicago Federal Reserve President Austan Goolsbee on Thursday indicated that he saw the need for more rate cuts ahead, but cautioned that the pace of reductions could slow.
Persons: Austan Goolsbee, Michelle Bowman Organizations: Treasury, Investors, Wall Street, Philadelphia Federal Reserve, P Global, Federal Reserve, Chicago Federal Locations: U.S
ATLANTIC CITY, N.J. (AP) — Atlantic City's casinos saw their operating profits decline by nearly 14% in the third quarter of this year, figures released Friday by New Jersey gambling regulators show. The state Division of Gaming Enforcement issued statistics showing that the nine casinos had a collective gross operating profit of $236.5 million in the third quarter. “Consumer demand may have been an issue for Atlantic City’s casino operators in summer 2024,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry. Revenue from things other than gambling also underperformed in the third quarter at $511.6 million, down 5% from a year earlier. Among internet-only entities, Caesars Interactive NJ earned $4.8 million, down 7.8%, and Resorts Digital, the former online arm of Resorts casino, earned $1.5 million, down 4.8%.
Persons: , Jane Bokunewicz, Lloyd Levenson, James Plousis, ” Gross, Harrah's, Bally's, Wayne Parry Organizations: CITY, of Gaming, bettors, Atlantic, Stockton University, New Jersey Casino Control, Ocean, Tropicana, Caesars, Golden, Resorts, Caesars Interactive, Resorts Digital, Associated Press Locations: N.J, New Jersey, Atlantic City
The Supreme Court, which dealt a major blow to the power of federal agencies in June, agreed on Friday to consider another: whether Congress violates the Constitution by delegating broad discretion to them. The so-called nondelegation doctrine has been largely dormant since 1935, when the Supreme Court struck down New Deal laws for granting too much leeway to agencies with insufficient guidance. A decision reviving the doctrine would be the latest in a sustained series of attacks on what its critics call the administrative state. The decision in June, for instance, overruled a foundational precedent requiring deference to agencies’ interpretations of federal laws and endangered countless regulations in areas like the environment, health care and consumer safety. Along the same lines, other recent rulings rejected the Securities and Exchange Commission’s use of administrative tribunals to combat securities fraud and limited the Environmental Protection Agency’s ability to address carbon emissions.
Organizations: Securities, Exchange
Hong Kong CNN —In the summer of 2018, when former President Donald Trump launched a trade war with Beijing, the Chinese economy was riding high. There was even talk it could soon overtake the United States as the world’s largest. But last year, Mexico overtook China as the top exporter of goods into the United States, according to the Commerce Department. China had held that perch for 20 years before its exports to the United States fell by 20% to $427 billion last year. Women walk at a fashion accessories store displaying a poster to promote Singles' Day discounts at a shopping mall in Beijing, China, on November 11, 2024.
Persons: Donald Trump, Trump, , Dexter Roberts, Joe Biden, Matthews, Wang Shouwen, ” Andy Rothman, , Liza Tobin, Calvin Klein, Tommy Hilfiger, Beijing’s, don’t, Sean Callow, Callow, Andy Wong, Rothman, Xi Jinping, Larry Hu Organizations: Hong Kong CNN —, Trump, Atlantic Council, Commerce Department, Matthews Asia, Treasury, CNN, PVH Corp, Bain & Company, ITC Markets, US, Peterson Institute, National Bureau of Statistics, Gross, Macquarie Bank Locations: China, Hong Kong, Beijing, United States, Mexico, Lianyungang, US, Xinjiang, , Shanghai, New York,
The interest rate outlook will come back into focus next week with key inflation data and Federal Reserve meeting minutes coming out ahead of Thanksgiving, as investors wrap up a major month for markets following President-elect Donald Trump's election victory. The October personal consumption expenditure (PCE) price index set to release Wednesday could dent already-dimming hopes for a December rate cut if it comes in hotter than expected. The inflation rate is expected to have increased 0.2% month over month and 2.3% year on year. Rosy expectations Even with the interest rate cut expectations coming in, investors are optimistic on the direction for stocks to close out the year and into 2025. Goldman Sachs' David Kostin this week said he expects the S & P 500 can end next year at 6,500.
Persons: Donald Trump's, , Luke O'Neill, Stocks, O'Neill, Goldman Sachs, David Kostin, Morgan Stanley's Mike Wilson, Brian Belski, Tom Hainlin, Jeff Cox Organizations: Federal Reserve, Alpha Fund, Nasdaq, Dow Jones, BMO, UBS, Bank Asset Management, Dell Technologies, Chicago, New, Richmond Fed, Devices, Autodesk, PCE Deflator, Chicago PMI Locations: U.S, Chicago
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