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☆ NYC priest who allowed Sabrina Carpenter to shoot a music video in church further stripped of duties
▼ + stars: | 2024-11-19 | by ( Associated Press | ) edition.cnn.com time to read: +5 min

New York AP —The leader of a New York City church where pop star Sabrina Carpenter filmed provocative scenes for a music video was stripped of his duties Monday after church officials said an investigation revealed other instances of mismanagement. Released on October 31, 2023, the “Feather” music video revolves around men behaving badly toward Carpenter before meeting grisly deaths. Among them is an ongoing investigation into Gigantiello’s use of a church credit card for “substantial” personal expenses, he said. Meanwhile, the commotion set off by her music video hasn’t been lost on Carpenter. She made light of it during a concert at Madison Square Garden in late September, just days after Adams became the first New York City mayor indicted while in office.

Persons: Sabrina Carpenter, Monsignor Jamie Gigantiello, ”, Bishop Robert Brennan, Gigantiello, Eric Adams ’, Brennan, “, Alvarez, Cromwell, Bishop Witold Mroziewski, Mroziewski “, Adriana Rodriguez, Carpenter, monsignor, Frank Carone, Adams, Carone, hasn’t, cheekily Organizations: York AP, Roman Catholic Diocese of, New York City, Marsal, Sullivan, New, Disney Channel, Federal, Madison, Garden Locations: New York City, Williamsburg, Brooklyn, Roman Catholic Diocese of Brooklyn, New York, Carmel, ”, Parish, Queens, “, Manhattan

☆ Death of 19-year-old employee found in Walmart walk-in oven was not foul play, police say
▼ + stars: | 2024-11-18 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

No foul play is suspected in the death of the 19-year-old Walmart employee whose body was found in the store’s walk-in oven in Canada last month, police said Monday. Halifax Regional Police had responded on a report of a sudden death to the Walmart at 6990 Mumford Rd. The young woman was identified as Kaur by the Maritime Sikh Society in Halifax, Nova Scotia, which launched a fundraiser on behalf of the family last month. The organization said Kaur was discovered by her mother, who also worked at the store. The Nova Scotia Department of Labour, Skills and Immigration also said it issued a stop-work order on Oct. 22 for the Walmart’s bakery and a piece of equipment at the store.

Persons: Gursimran Kaur, ” Martin Cromwell, ”, Cromwell, Kaur, Kaur’s, “, ” Kaur Organizations: Walmart, Halifax Regional Police, Nova Scotia Department of Labor, Maritime Sikh Society, NBC, CBC, Nova, Nova Scotia Department of Labour, Immigration, Department of Labour Locations: Canada, “, Halifax , Nova Scotia, India, Nova Scotia

☆ 18 details and references you probably missed in 'Halloweentown'
▼ + stars: | 2024-10-31 | by ( Amory Rose | ) www.businessinsider.com time to read: 1 min

The "Halloweentown" book has creatures in it that we see later in the film. The vampire the Cromwell kids see at the dentist's office is not green. Disney ChannelThe Cromwell kids are first introduced to Halloweentown through the storybook Grandma Aggie shows them. But the vampire in the book has green skin, and the one shown at the dentist's office does not. The "Halloweentown" book was created specifically for the movie, which is why the drawing of a witch on a broom looks so much like Marnie.

Persons: Cromwell, Aggie, Marnie Organizations: Disney

☆ Starbucks will stop charging extra for dairy substitutes
▼ + stars: | 2024-10-30 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Starbucks said Wednesday that it will remove the surcharge for dairy substitutes, saving some U.S. customers more than 10% on their drinks. Substituting a nondairy milk is the second-most requested customization from customers, trailing only adding a shot of espresso, according to Starbucks. Currently, Starbucks customers can already add up to 4 ounces of a dairy substitute at no extra charge to hot or iced brewed coffee or tea, cold brew and Americano drinks. Starbucks first started serving nondairy milk in 1997, when it added soy milk to menus. In March, three lactose-intolerant women sued Starbucks in federal court, alleging that the surcharge discriminated against customers with allergies.

Persons: Brian Niccol, Niccol, James Cromwell Organizations: Starbucks, Chipotle, Americano, PETA Locations: U.S, New York City

☆ Read the Letter to Sullivan & Cromwell
▼ + stars: | 2024-07-30 | by ( ) www.nytimes.com time to read: +3 min

A Sullivan & Cromwell Committee? Sullivan & Cromwell should applaud students for exhibiting the courage and sense of justice required to protest Israel's merciless, industrial-scale killings, bombardments, and starvation of hundreds of thousands of totally vulnerable Palestinian infants, children, women, and men with no responsibility for October 7. Does Sullivan & Cromwell prefer lawyers with hearts of stone who subordinate justice to greater anticipated profits, certain demanding clients, and billable hours? Would any of their applications to join your firm Sullivan & Cromwell be rejected for protesting the mass slaughter and starvation of the civilian population in Gaza, most of them women and children? How does Sullivan & Cromwell answer the recent reflections of two surgeons in Gaza during its annihilation by the IDF with United States weapons?

Persons: Sullivan, Cromwell, Biden, Netanyahu, King George III, I've, Feroze Organizations: Cromwell, Hollywood, Sullivan, Foreign Assistance, Control, West Bank, New York Times, U.S, Congress, Independence, International Court of Justice, United Locations: Israel, United States, Gaza

☆ Ralph Nader Assails Law Firm’s Vow to Exclude Some Campus Protesters
▼ + stars: | 2024-07-30 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

Three prominent lawyers, among them the consumer safety activist and four-time presidential candidate Ralph Nader, sent a letter on Tuesday to a leader of the Wall Street law firm Sullivan & Cromwell to condemn the firm’s policy of scrutinizing job applicants’ participation in protests over Israel’s war in Gaza. The letter, addressed to Joseph C. Shenker, one of the firm’s two senior chairs, was the most prominent criticism of Sullivan & Cromwell’s policy yet from within the legal field. It was also signed by Bruce Fein, a Justice Department official under President Ronald Reagan, and Lou Fisher, a constitutional scholar who worked for 40 years at the Library of Congress. Sullivan & Cromwell said in May that it would use a background-check company to review job applicants’ involvement with pro-Palestinian student groups and in antiwar protests for statements and slogans it deemed to be “triggering” to Jews, including the ubiquitous protest slogan “From the river to the sea, Palestine will be free.”Under the policy, applicants risk being disqualified for a job at the firm even if they weren’t using problematic language themselves but were involved with a protest where others did.

Persons: Ralph Nader, Sullivan, Cromwell, Joseph C, Bruce Fein, Ronald Reagan, Lou Fisher Organizations: Wall, Justice Department, Library of Congress, Sullivan Locations: Gaza, Palestine

☆ Our Critic’s Take on the 100 List: Books That ‘Cast a Sustained Spell’
▼ + stars: | 2024-07-12 | by ( Dwight Garner | ) www.nytimes.com time to read: +1 min

A long friendship between two girls in a poor neighborhood in Naples, Italy. The exodus of nearly six million Black Americans from South to North. A series of unsolved murders in a Mexican border town. The best of the best, Nos. Most are historical novels or narrative histories, as if readers, weary of the vacuity and smash-and-grab belligerence that dominate much of American political and social discourse, desired either to escape or to gaze backward, to better understand how we arrived here.

Persons: Thomas Cromwell, E.M . Forster Organizations: Underground Railroad Locations: Naples, Italy, South, Tudor England, Mexican

☆ A Wall Street Law Firm Wants to Define Consequences of Anti-Israel Protests
▼ + stars: | 2024-07-08 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

The protests intensified this year until campuses emptied out for the summer. Now, a prominent Wall Street law firm is taking a more direct approach with protesters. Sullivan & Cromwell, a 145-year-old firm that has counted Goldman Sachs and Amazon among its clients, says that, for job applicants, participation in an anti-Israel protest — on campus or off — could be a disqualifying factor. The firm is scrutinizing students’ behavior with the help of a background check company, looking at their involvement with pro-Palestinian student groups, scouring social media and reviewing news reports and footage from protests. It is looking for explicit instances of antisemitism as well as statements and slogans it has deemed to be “triggering” to Jews, said Joseph C. Shenker, a leader of Sullivan & Cromwell.

Persons: they’ve, —, Cromwell, Goldman Sachs, Joseph C, Sullivan Organizations: Amazon Locations: United States, Gaza, Israel

☆ Leaked Microsoft org chart reveals the top people running Mustafa Suleyman's new AI organization
▼ + stars: | 2024-06-06 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +5 min

Microsoft in March hired Suleyman, head of startup Inflection AI and cofounder of AI pioneer Deepmind, to be CEO of a newly formed "Microsoft AI" group. Here are top players at Microsoft AI:AdvertisementKarén Simonyan, CVP and chief scientistKarén Simonyan Inflection AI Inflection AISimonyan is one of three Inflection co-founders. Kya Sainsbury-Carter, CVP Microsoft AdvertisingSainsbury-Carter is an 18-year veteran of Microsoft. Qi Zhang, CVP Microsoft AI APRDZhang is based in Beijing and has been at Microsoft for 22 years. Chris Daly, VP strategy and business operationsDaly joined Microsoft AI in May after spending about nine years in investment banking at Robey Warshaw.

Persons: —, Mustafa Suleyman, Suleyman, Karén Simonyan, Karén, Simonyan, Satya Nadella, Rob Cromwell, Cromwell, Gabor Hirschler, Hirschler, Mikhail Parakhin, Jordi Ribas, Bing, Rukmini Iyer, Iyer, Rajesh Sundaram, Sundaram, Ali Akgun, Panos Panay, Sainsbury, Carter, Qi Zhang, Zhang, Mike Davidson, Davidson, Michael Bhaskar, Bhaskar, DeepMind, Chris Daly, Daly, Robey Warshaw Organizations: Service, Microsoft, Business, Bing, Enterprise, Microsoft Edge, Carter, Microsoft Advertising, Pacific Research, Development, Twitter, NBCNews.com, Walt Disney Internet, Microsoft AI Locations: Copilot, Beijing, Asia, Pacific, London

☆ Sam Bankman-Fried has a new currency to trade in prison: rice
▼ + stars: | 2024-05-10 | by ( Sarah Gray | Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

FTX founder Sam Bankman-Fried, who was convicted on seven counts, gave an interview from prison to Puck. SBF told Puck he spends his days in a large dormitory room with 35 other men. He said he lives off beans and rice purchased from the commissary, and his rice is now prison currency. AdvertisementSam Bankman-Fried has a new currency to trade in prison at the Metropolitan Detention Center in Brooklyn. He told Puck that he has not been abused and does not "fear for his safety."

Persons: Sam Bankman, SBF, Puck, —, Fried, William D, Cohan, Cromwell, Damian Williams, Crypto, FTX Organizations: Service, Metropolitan Detention, Alameda Research, Puck News, Bureau of Prisons, Business, Sullivan Locations: Puck, Brooklyn, Alameda

☆ I've been to Vegas over 50 times. Here are the 8 best restaurants on The Strip.
▼ + stars: | 2024-05-06 | by ( Wendy Lee | ) www.businessinsider.com time to read: +7 min

After visiting Las Vegas over 50 times, my husband and I have a dining strategy: We return to a few of our favorite spots and then try a couple of new ones. AdvertisementOcean Prime is a splurge-worthy restaurant perfect for celebrating special occasionsWendy LeeIn 2023, Ocean Prime opened on the corner of Las Vegas Boulevard and Harmon Avenue — it even has a rooftop terrace overlooking The Strip. AdvertisementAt first, that made me doubt the quality of the food — but I've learned the food is even better than the decor. On a recent trip to Catch, I got the best French toast I've ever eaten. Located inside Paris Las Vegas, the French eatery has a patio directly across the street from the Bellagio Fountains.

Persons: —, Wendy Lee, Roy Choi, Jon Favreau, Lago, Julian Serrano's Lago, George Rose, Julian Serrano, I've, Retox, Bardot Brasserie, Bardot, Benedict, De Laurentiis, Mon Ami Gabi, Harun Ozmen, Shutterstock Organizations: Service, Las Vegas, Business, MGM, Bellagio, Casino, Ocean, Cosmopolitan, Mon Locations: Vegas, Cuban, Bellagio, Bellagio Fountains, Lago, Las Vegas, It's, cafés, Paris, Cromwell, ribeye, York, it's, New York, Paris Las Vegas

☆ C.J. Sansom, Mystery Novelist Drawn to Tudor England, Dies at 71
▼ + stars: | 2024-05-03 | by ( Trip Gabriel | ) www.nytimes.com time to read: +1 min

An 800-page novel about the peasant uprisings of 1549!” Marilyn Stasio, the longtime mystery and crime reviewer for The New York Times Book Review, began a column in 2019. It was an assessment of “Tombland,” the seventh work of historical fiction by C.J. Sansom to feature Matthew Shardlake, a hunchbacked lawyer-turned-detective whose exploits solving chilling murders in Tudor England come steeped in suspense and granular historical detail. Readers are made privy to the court intrigues of Thomas Cromwell and King Henry VIII, eavesdrop on women arguing in a market stall, and inhale the stench of London streets. “Sansom describes 16th-century events in the crisply realistic style of someone watching them transpire right outside his window,” she wrote.

Persons: goody, Marilyn Stasio, C.J . Sansom, Matthew Shardlake, Thomas Cromwell, King Henry VIII, eavesdrop, “ Sansom, ”, . Sansom Organizations: The New York Locations: Tudor England, London

☆ Penthouse to prison: Sam Bankman-Fried's journey from crypto king to convicted conman
▼ + stars: | 2024-03-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

Bankman-Fried, the founder and former CEO of failed crypto exchange FTX, will head on Thursday to a federal court in downtown Manhattan, where U.S. District Judge Lewis Kaplan will deliver his sentencing. After a month of personally dabbling in the market, Bankman-Fried launched Alameda Research, named after the California county that housed his first office. The so-called crypto winter of 2022 wiped out hedge funds and lenders across the crypto universe. May of 2022 brought the crash of stablecoin Luna, creating a domino effect that sent crypto prices plunging, devastating other lenders. On Nov. 2, 2022, crypto trade site CoinDesk publicized details of Alameda's balance sheet, which showed $14.6 billion in assets.

Persons: Samuel Bankman, MacKenzie Sigalos, Sam Bankman, Fried, Damian Williams, District Judge Lewis Kaplan, they'd, FTX, Amr Alfiky, Jane Street, Goldman Sachs, stablecoin Luna, Solana, Changpeng Zhao, Binance, Zhao, Jane Rosenberg, he'd, Cromwell, John J, Ray, confidants, — CNBC's Rohan Goswami Organizations: CNBC, Metropolitan Detention, U.S, District, Prosecutors, Reuters, Jane, Alameda Research, Formula, Democratic, Voyager, Alameda, FTX, Industry, Investors, Enron, Securities and Exchange Commission, Stanford University Locations: San Francisco, he's, Brooklyn, Manhattan, U.S, New York City, South Korea, Alameda, California, Miami, Washington, Solana, FTX, New York, Palo Alto , California

☆ Apple's Vision Pro was used in surgery to help perform spinal operations
▼ + stars: | 2024-03-12 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Apple's Vision Pro headset has been used in spine surgery procedures. A surgical team member at Cromwell Hospital in London wore the device to assist with the procedures. AdvertisementA surgical team at a UK hospital used Apple's Vision Pro headset to help execute a medical procedure. Aftab, a consultant orthopedic spinal surgeon, said, "Working with eXeX to use the Apple Vision Pro has made a huge difference to the way we deliver care to our patients. The software is seamless and has improved efficiency within the Complex Spine team."

Persons: —, Bupa, Surgeons Fady Sedra, Syed Aftab, eXeX, Stryker's Mako SmartRobotics, Susan Prescott Organizations: Cromwell Hospital, Service, Business, Surgeons, Daily Mail, Aftab, Apple, Apple's, Surgery, Apple Vision, CNBC, Kettering Health Dayton, Universal Health Services Locations: London, Sinai, Ohio

☆ PGA Tour secures up to $3 billion from U.S. investors as LIV Golf merger hangs in the balance
▼ + stars: | 2024-01-31 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

The PGA Tour logo is seen during the third round of the Travelers Championship at TPC River Highlands in Cromwell, Connecticut, on June 24, 2017. A U.S. consortium has agreed to invest up to $3 billion into the PGA Tour, the professional golf organization announced on Wednesday. Under the terms of the deal, the investor, Strategic Sports Group, will become a minority owner in PGA Tour enterprises, the for-profit entity of the PGA Tour. "Today marks an important moment for the PGA Tour and fans of golf across the world," PGA Tour Commissioner Jay Monahan said. "By making PGA Tour members owners of their league, we strengthen the collectives investment of our players in the success of the PGA Tour," Monahan said.

Persons: LIV, PIF, Jay Monahan, " Monahan, Fenway Sports Group's John Henry, Arthur Blank, Steve Cohen, Tom Ricketts, Wyc Grousbeck, John Henry, Monahan, Henry, Yasir Al, Rumayyan, Critics, Prince Muhammad bin Salman, LIV Golf, Phil Mickelson, Dustin Johnson, Brook Koepka, John Rahm Organizations: PGA Tour, Strategic Sports Group, Saudi, PGA, Fenway Sports, Atlanta Falcons, Arthur Blank , New York Mets, Chicago Cubs, Boston Celtics, Fenway Sports Group, Saudi Public Investment Fund, Saudi Public Investment, CNBC, Justice Department Locations: Cromwell , Connecticut, U.S, Arthur Blank ,, Saudi Arabia, Saudi

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - U.S. bank profits are expected to shrink in the coming months, but the industry has regained its footing after the biggest bank failures since the 2008 financial crisis, analysts said. "Nobody wants to own a lot of bank stocks, whether it's large cap, mid cap, ahead of a credit crunch, ahead of a recession." Michaud, CEO of KBW:"There are a lot of healthier banks, I think, that would look to acquire the banks that have low credit performance. Reporting by Lananh Nguyen, Nupur Anand and Pete Schroeder in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Michaud, Keefe, Erika Najarian, Morgan Stanley, We're, Eugene Ludwig, Ludwig, Mitch Eitel, Sullivan, Cromwell, " Michaud, Lananh Nguyen, Nupur Anand, Pete Schroeder, Mark Potter Organizations: New York Stock, REUTERS, delinquencies, UBS, Ludwig Advisors, Federal Deposit Insurance Corp, Thomson Locations: Manhattan, New York City , New York, U.S, New York

☆ Law firms accused of fueling Islamophobia, chilling free speech
▼ + stars: | 2023-11-14 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —A coalition of Muslim bar associations is accusing leading law firms of contributing to Islamophobia and a climate of fear in the legal community. In a letter to more than 100 of America’s top law firms, 13 national and regional bar associations called for the law firms to address Islamophobia and anti-Arab and anti-Palestinian hate. The new letter, sent Monday, went out to leading law firms including Davis Polk; Dechert; Kirkland & Ellis; Paul, Weiss; and Sullivan & Cromwell. It notes that while some law firms issued statements of support for Israel after the October 7th attacks, in the weeks since some firms “refused to even acknowledge the killing of thousands of innocent Palestinians” even though employees have loved ones killed in Gaza. “Everyone at our law firms is entitled to be treated with respect and be free of any conduct that targets their identity and is offensive, hostile, intimidating or inconsistent with their personal dignity and rights,” the letter said.

Persons: ”, Davis Polk, Ellis, Paul, Weiss, Sullivan, Cromwell, Dechert, “, ” “, Joe Shenker Organizations: New, New York CNN, Kirkland, Israel, American Muslim Bar Association, National Association of Muslim Locations: New York, Israel, Dechert, Gaza

LAS VEGAS (AP) — MGM Resorts International, the largest employer on the Las Vegas Strip, was close to reaching a tentative deal with the hotel workers union, the casino company’s CEO said as the clock ticked closer to a union deadline for a sweeping strike. “This deal, when announced, will do just that.”During a break in bargaining, the union’s chief contract negotiator said he welcomed Hornbuckle’s sentiments. The union caught a break at dawn Wednesday when it reached a tentative deal with Caesars that covers 10,000 workers at the company’s flagship Caesars Palace, as well as Flamingo, Harrah’s, Horseshoe, Paris Las Vegas, Planet Hollywood, Cromwell and Linq. But experts say a walkout isn’t likely now that the union has a blueprint for a contract after reaching its breakthrough deal with Caesars. That includes walkouts in Hollywood, UPS’ contentious negotiations that threatened to disrupt the nation’s supply chain, and the ongoing hotel workers strike at Detroit’s three casinos, including MGM Grand Detroit.

Persons: Bill Hornbuckle, ” Hornbuckle, “, Ted Pappageorge, Cromwell, Linq, Joshua Guray, Guray, ”, Bill Werner, Tiffany Thomas, Bethany Khan, hasn’t, Khan, ” Khan Organizations: LAS VEGAS, MGM Resorts International, Las, Culinary Workers Union, MGM Resorts, Caesars Entertainment, Wynn Resorts, Caesars, Associated Press, University of Nevada, MGM Grand Detroit, Las Vegas, MGM, Wynn, Workers Locations: Harrah’s, Horseshoe, Paris Las Vegas, Las Vegas, Los Angeles, Hollywood, Luxor, Mandalay Bay, New York

☆ A Warning to the Law Schools on Anti-Semitism
▼ + stars: | 2023-11-03 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Wonder Land: The Democratic Party never expected Jew-hatred to be a feature of its coalition. Images: AP Composite: Mark KellyThe recent outbreak of open anti-Semitism on U.S. college campuses has been shocking, and it speaks to the anti-Western indoctrination that has been cultivated for decades at American universities. Also shocking has been the failure of these schools to protect their Jewish students; Cornell University canceled classes on Friday after a student made violent threats against Jews. This demands a response at the schools and beyond, and some good news on that score arrived this week in a letter from leading law firms to the deans of U.S. law schools. The letter was first signed by 24 major firms, such as Sullivan & Cromwell and Davis Polk , and as of Thursday afternoon had 60 signatories and counting.

Persons: Mark Kelly, Sullivan, Cromwell, Davis Polk Organizations: Democratic Party, Cornell University

☆ Top law firms call out antisemitism on college campuses
▼ + stars: | 2023-11-02 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Some of the nation’s most powerful law firms are warning America’s elite universities to crack down on antisemitism on campus – or the schools and their students will face real consequences. “Over the last several weeks, we have been alarmed at reports of anti-Semitic harassment, vandalism and assaults on college campuses, including rallies calling for the death of Jews and the elimination of the State of Israel,” more than two dozen law firms wrote in a letter obtained by CNN. The letter campaign was spearheaded by Joe Shenker, senior chair of Sullivan & Cromwell, according to the New York-based law firm. “One would hope that by the twenty-first century, antisemitism would have been relegated to the dustbin of history,” Columbia University leaders said in a statement. Last month, a Columbia student hanging up posters on campus in support of Israel was assaulted.

Persons: Moore, Ellis, Paul, Weiss, Wachtell, Lipton, Katz, Joe Shenker, Sullivan, Cromwell, Ryna Workman, Israel “, ”, Strawn, Workman, “, ” Workman, they’ve, Liz Magill, ” Magill, ” Gillian Lester Organizations: New, New York CNN, CNN, Debevoise, Plimpton, Kirkland, Garrison, Rosen, Yale, Harvard, University of Virginia, University of Pennsylvania, Cornell, University of Michigan, University of Michigan , New York University, Stanford, NYU Student Bar Association, Winston, NYU, Columbia University, ” Columbia University, Columbia Law School, Cornell University Locations: New York, Israel, ”, Rifkind, Wharton, Slate, Columbia, Georgetown, University of Michigan , New, Penn, New York City

In turn, higher rates will dampen interest-sensitive expenditure and likely lead to slower growth in oil consumption in 2024. Services are less energy-intensive but more labour-intensive than manufacturing, so the sector’s inflation rate tends to be more persistent and a better indicator of the overall amount of inflationary pressure within the economy. Most rate traders anticipate the central bank will be forced to keep overnight rates higher for longer to squeeze persistent inflation out of the economy. In the short term, the renewed expansion of the U.S. manufacturing and service sectors is supporting oil consumption and prices. In the medium term, however, the higher-for-longer rates needed to bring inflation back to target will likely depress business activity and slow oil consumption growth in 2024.

Persons: Eduardo Munoz, John Kemp, Rod Nickel Organizations: Exxon, REUTERS, Institute, Supply, Federal Reserve, Treasury, Thomson, Reuters Locations: Newport , New Jersey, U.S, United States, Europe, Ukraine

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

During the third quarter, U.S. dealmaking contributed to a larger-than-usual share of global activity and offset a decline in volumes in Europe and Asia Pacific, accounting for about half of global volumes. Deal volumes in Europe and Asia Pacific fell 31% and 9%, respectively. To date, private equity deal volumes have slumped 48% to $313.73 billion, compared to the same period last year. Deal activity driven by activist shareholders was muted as several big-name activists reached settlements with corporate boardrooms. Dealmaking in technology, which typically accounts for the largest share of deal volumes, has fallen 51% so far this year.

Persons: Brendan McDermid, dealmaking, We're, Melissa Sawyer, Sullivan, Cromwell, dealmakers, headwinds, Tony Kim, Roark Capital's, ”, Andre Kelleners, Goldman Sachs, Naveen Nataraj, Kappa, WestRock, it’s, Rob Kindler, Weiss, Garrison, it'll, Anton Sahazizian, Anirban Sen, Timothy Gardner Organizations: REUTERS, Cromwell LLP, Asia Pacific, Investment, U.S . Steel, Centerview Partners, U.S . Investment, Evercore Inc, Cisco, Splunk Inc, Fidelity National Information Services, Reuters, Paul, Moelis, Thomson Locations: New York City, U.S, United States, Europe, Asia, Cleveland, Rifkind, Wharton, New York, London

☆ Endeavor, Fenway Sports consider investment in the PGA Tour
▼ + stars: | 2023-09-28 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The PGA Tour logo is seen during the third round of the Travelers Championship at TPC River Highlands in Cromwell, Connecticut, on June 24, 2017. The discussions, which are in preliminary stages, stem from a PGA Tour investment vehicle created as part of the framework agreement for its proposed deal with PIF. "Throughout 2023, the PGA Tour has demonstrated its strength, reach and value as an enterprise. In June, the PGA Tour announced a proposed deal that would see it combine with rival LIV Golf following months of lawsuits and competition between the two. The deal between LIV and the PGA Tour has faced criticism and controversy.

Persons: LIV, Saudi Crown Prince Mohammed bin Salman, PIF Organizations: Investment, Endeavor Group Holdings, Fenway Sports Group, PGA Tour, PGA, Public Investment Fund, Endeavor, Fenway, Bloomberg, LIV Golf, Saudi Crown, LIV, UFC, Wrestling Entertainment, Major League Baseball's Boston Red Sox, Liverpool Football Club, National Hockey League's Pittsburgh Penguins Locations: Cromwell , Connecticut, Saudi

The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. "It could apply to companies that are outside of China but are subsidiaries of Chinese companies or controlled by a Chinese person." While the U.S. already has restrictions on some Chinese investments in the U.S. and U.S. investments in China, the order creates a new program. The program proposes exempting publicly traded securities and index and mutual funds, but financial firms want those securities to be more tightly defined. Financial firms say they support the administration's national security goals but worry about increased liability and the economic costs of restricting capital flows.

Persons: Florence Lo, Joe Biden, Timothy Keeler, Mayer Brown, Jen Fernandez, Sidley Austin, Jay Clayton, Sullivan, Cromwell, Keeler, Peter Matheson, Fernandez, Pete Schroeder, Carol Mandl, Michelle Price, Deepa Babington Organizations: REUTERS, WASHINGTON, Treasury Department, Foreign Investment, Treasury, Former Securities and Exchange, DE, Financial, U.S, Securities Industry, Financial Markets Association, Thomson Locations: China, U.S, United States

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