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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

Nearly 50,000 people from 200 countries — including, for the first time, the Taliban rulers of Afghanistan — were in Azerbaijan for this year’s United Nations Climate Change Conference, with the goal of reaching a critical deal on climate finance. Participating world leaders Tuesday at the United Nations Climate Change Conference. “It is really disappointing to see that world leaders haven’t shown up in force in solidarity,” she added. While Trump “may put climate action on the back burner,” U.S. climate envoy John Podesta said, “the work to contain climate change is going to continue.”U.S. Energy Secretary Jennifer Granholm said states, cities, nongovernmental organizations and companies are still “all-in” on pursuing climate goals. British Prime Minister Keir Starmer speaks Tuesday on day two of the COP29 climate conference.

Persons: Donald Trump, Alexander Nemenov, General Ban, ”, Ruth Townend, COP29, Joe Biden, Xi Jinping, Keir Starmer, Emmanuel Macron, Olaf Scholz, Justin Trudeau, Shigeru Ishiba, ” Townend, haven’t, Matiul Haq Khalis, Laurent Thomet, Trump, John Podesta, Jennifer Granholm, ” Granholm, Darren Woods, Who, Ilham Aliyev, Carl Court, Getty Images Aliyev, Adel, Lord Adair Turner, Britain, “, James Marape, Marape, Asadullah Jawid Organizations: Change, United Nations, Getty, World Meteorological Organization, House, Pacific, British, Seven, Canadian, Japanese, Environmental Protection Agency, Getty Images, U.S . Energy, Infrastructure Law, NBC, Exxon, Independent, Climate Finance, U.S, Energy, Commission, Union, Baku, American University of Locations: BAKU, Azerbaijan, Afghanistan, United States, Paris, AFP, London, Baku, U.S, ”, Saudi, Adel Al, Saudi Arabia, Saharan Africa, China, Papua New Guinea, American University of Afghanistan

☆ Cher came back from owing $270,000 in back taxes, only to wind up broke again. 6 points about money from her new memoir.
▼ + stars: | 2024-11-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

AdvertisementCher came back from owing $270,000 in back taxes only to wind up broke again years later. We owe the IRS $270,000 in back taxes and we don't have the money," Bono said to Cher in the late 1960s, in her telling. Cher's divorce from Sonny Bono was finalized in 1975. Cher writes in her memoir that "the contracts he'd had me sign were secretly designed to strip me of my income and the rights to my own career." Advertisement"Mom's store attracted a lot of press attention, but it was never solvent and soon began to lose money," Cher writes.

Persons: Cher, overspent, Sonny Bono, I'd, We're, Bono, Getty Images Cher, she'd, you've, Ed Sullivan, who'd, David Geffen, Barry King, Geffen, Sonny, he'd, overextending, John Marshall Organizations: CBS, Getty Images, Geffen Locations: Los Angeles, Brentwood , California

☆ DOGE aims to cut the number of federal workers. Here are the 20 highest-paying federal jobs.
▼ + stars: | 2024-11-23 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

AdvertisementTrump's new Department of Government Efficiency aims to reduce the number of federal workers. Business Insider looked at the highest average salaries of federal civilian employees by occupation. The top 20 had average salaries over $160,000, with medical officers ranking No. Three of the five jobs with the highest average salaries were health-related. Financial analysis workers rounded out the top 20 highest-paying jobs on average; their largest employer, with about 300 analysts, was the Federal Deposit Insurance Corporation.

Persons: Donald Trump's, Elon Musk, Vivek Ramaswamy, Ramaswamy, Trump, Karoline Leavitt, Vance Organizations: of, Efficiency, Business, Trump's Department, Government, Tesla, GOP, Street Journal, Management, Department of Veterans Affairs, Federal Deposit Insurance Corporation, Department of Education, Department of Energy, Trump, mhoff

☆ China's 'ruinous' EV price war cannot last forever, says Volkswagen exec
▼ + stars: | 2024-11-23 | by ( Chris Johnston | Daniel Zwick | ) www.businessinsider.com time to read: +4 min

AdvertisementVolkswagen is committed to China despite a "ruinous" domestic EV price war, its brand chief says. Volkswagen remains firmly committed to China despite a "ruinous" EV price war by domestic rivals that has hit overseas automakers hard, its boss said. VW group sales in China fell by 12% in the first nine months of this year amid the rising popularity of models made by domestic manufacturers. Toyota maintained its top spot in the world for the fourth consecutive year in 2023, selling 11.2 million vehicles globally — about 2 million more than the VW group. "We build cars in China for China; the same is happening in Europe and North America.

Persons: Thomas Schäfer, Schäfer, Axel Springer, Mary Barra, Wang He, Donald Trump's, Trump, Elijah Nouvelage Organizations: Volkswagen, VW, Welt, Business, General, Rival German, BMW, Mercedes, Benz, Audi, Porsche, Labor, Toyota Locations: China, Germany, Europe, Spain, Czech Republic, Portugal, Slovakia, USA, Mexico, Canada, Chattanooga , Tennessee, North America

☆ How tech bros bought 'America's most pro-crypto Congress ever'
▼ + stars: | 2024-11-23 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Bernie Moreno, Republican U.S. Senate candidate from Ohio, attends a campaign event in Holland, Ohio, on Saturday, October 26, 2024. In total, crypto-related PACs and other groups tied to the industry reeled in over $245 million, according to Federal Election Commission data. Crypto accounted for nearly half of all corporate dollars that flowed into the election, according to nonprofit watchdog Public Citizen. It was one of the top spending committees of any industry this cycle and exclusively gave to pro-crypto candidates running for Congress. "Welcome to America's most pro-crypto Congress ever," Armstrong wrote on X on Nov. 5.

Persons: Bernie Moreno, Moreno, Sen, Sherrod Brown, Tom Williams, Donald Trump, Coinbase, Crypto, Marc Andreessen, Ben Horowitz, David Sacks, " Moreno, Brian Armstrong, Fred Ehrsam, Faryar Shirzad, Armstrong, Ehrsam, Coinbase's Armstrong, Gary Gensler, Brown, Elizabeth Warren, FTX, Fairshake, gunning, Republican Jim Justice, Democratic Sen, Joe Manchin, Katie Porter, Porter, he'd, Horowitz, Sacks, Coinbase's Shirzad, Moreno wasn't, Shirzad, David McIntosh, McIntosh, hasn't, JD Vance's, Sam Bankman, Gensler, Andreessen Horowitz, Cameron, Tyler Winklevoss, Ripple, Chris Larsen, JD Vance, Paul Grewal, Jesse Powell, Trump, Phil Potter, Multicoin Capital's Kyle Samani, Fred Wilson, Charles Cascarilla, Mike Belshe, Solana, Anatoly Yakovenko, Wences Casares Organizations: Republican U.S, Cq, Inc, Getty, Democratic, Banking Committee, Public Citizen, Crypto, House, Securities and Exchange Commission, SEC, Senate, Committee, Republicans, Protect, Fairshake, Defend, Jobs, Republican, New, CNBC, Andreessen, Craft Ventures, Club for Growth, Growth, Politico, PAC, Labs, Senate Inc, Trump, Union Square Ventures, Xapo Bank Locations: Republican, Ohio, Holland , Ohio, Cleveland, Coinbase, U.S, Arizona, Michigan, West Virginia, California, Washington, FTX, Nashville , Tennessee

☆ I'm an engineer who left Silicon Valley for Philadelphia. I was worried about leaving the tech hub, but I love Philly's lower cost of living.
▼ + stars: | 2024-11-23 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +6 min

I found that I was clashing with the culture of Silicon Valley. I attributed that attitude to the Silicon Valley atmosphere. In Silicon Valley, you have a lot of Google people, a lot of Meta people, and, at the time I was there, a lot of Tesla people. An aerial view of Silicon Valley. The sustainability hub is in Silicon Valley, and moving to the other side of the country felt like I was separating myself from that.

Persons: Adam Fletcher, Fletcher, NerdWallet, unravels ChatGPT, I've, They're, we're, It's, There's, Philadelphia Jon Lovette, Philly Organizations: San, Philadelphia, Stanford, Applied Materials, East, Carbon, Carbon Reform, Eagles, Phillies, University of Pennsylvania, Drexel University Locations: San Francisco, East, San Francisco , California, Philadelphia , Pennsylvania, Philly, Philadelphia, Bay, Santa Clara, California, Silicon Valley, Silicon, East Coast, Rittenhouse, New York, DC

☆ 1,200 baby boomers told us what they regret about investing for retirement
▼ + stars: | 2024-11-23 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Millions of Americans facing retirement are worried they won't be financially prepared — or fear that they'll have to work forever. Others said they took Social Security too early or retired without a long-term financial plan. Some older Americans wish they'd had more investing knowledgeA major theme among BI's survey respondents was that they lacked knowledge about investing. She also didn't realize that because she has a pension in addition to receiving Social Security when she retires, she would be affected by a little-known Social Security provision that would lower her monthly check. Between her pension of $713 monthly and Social Security, which she expects will be between $1,200 and $1,400 monthly, she'll have just enough to cover her rent.

Persons: they'd, boomer, Gary Lee Hayes, he'd, Hayes, Charles Schwab, Nancy Seeger, Seeger, she's, I've, Nevenka Vrdoljak, Vrdoljak, PJ White, White, She's, hasn't Organizations: Social Security, Navy, Verizon, Vanguard, Transamerica Institute, Medicare, Bank, America's, Bank of America, Merrill, Bank of America Private Bank Locations: California, Cleveland, San Diego

☆ The McRib is returning for the holidays. Why isn’t it sold year-round?
▼ + stars: | 2024-11-23 | by ( Erika Tulfo | ) edition.cnn.com time to read: +6 min

CNN —The McRib is returning to menus this holiday season – but don’t get used to it. Essentially, consumers don’t know when it will show up next — and that element of surprise also drives demand. “It creates this sense of urgency that you have to get it now because you don’t know when it’s coming back. You don’t know if it’s coming back,” Henkes said. It’s so popular that the McDonald’s website listed “Why isn’t the McRib sold year-round?” as a frequently asked question.

Persons: McDonald’s, Nacho Fries, hasn’t, ”, Michael Della Penna, Stephen Zagor, David Henkes, Technomic, it’s, ” Henkes, Henkes, Brian Niccol, Zagor Organizations: CNN, Columbia Business School, Starbucks, Facebook, “ Locations: Kansas City

☆ Trump might be able to get Ukraine and Russia to stop fighting. A real peace is harder.
▼ + stars: | 2024-11-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Russian President Vladimir Putin this week indicated he's willing to take part in negotiations. "Given its own track record in Ukraine, Russia has a history of taking 'a crunch at a time,'" Paul Cormarie, a policy analyst at the RAND Corporation, told BI. AdvertisementPutin has said that as a condition of any peace deal, Ukraine must agree to remain neutral. If Trump takes Ukrainian NATO membership off the table, a different type of security deal could still be negotiated, said Cormarie. A truce containing a watered-down security deal for Ukraine would likely only mean a pause in the war while Russia regathers its strength.

Persons: Trump, Donald Trump's, Vladimir Putin, Volodymyr Zelenskyy, Paul Cormarie, Putin, JD Vance, Trump's, Vance, Timothy Ash, Margus, Cormarie Organizations: Trump, RAND Corporation, Ukraine NATO, Ukraine, NATO, Kyiv Independent, London's, Ukrainian NATO, Financial Locations: Ukraine, Russia, Crimea, Russian, Kyiv, Western, Moscow

☆ Shoppers are ready to open their wallets this holiday season — for the right deals
▼ + stars: | 2024-11-23 | by ( Alex Bitter | ) www.businessinsider.com time to read: +5 min

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

☆ Number of PwC partners taking early retirement jumps amid consulting slowdown
▼ + stars: | 2024-11-23 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

AdvertisementDozens of UK partners at PwC will take early retirement in December, Sky News reported. More PwC partners than usual will take early retirement at the end of this year, marking another shake-up at the firm's UK division since the appointment of a new boss, Marco Amitrano, in Spring. PwC's 1,030 UK partners were informed this week via a voice memo from Amitrano that dozens of partners would take early retirement next month, Sky News reported. AdvertisementThe jump in partners taking early retirement follows a series of changes following Amitrano's elevation to senior partner for the UK and Middle East in April. UK partners at PwC took home an average of £862,000 (about $1.1 million) this financial year, 5% less than they did in 2023.

Persons: PwC, Marco Amitrano, —, Amitrano Organizations: PwC, Sky News, Big, — Deloitte, EY, KPMG, East, Deloitte, Labour Locations: Spring

☆ 12 tactics America's wealthiest use to save big on taxes, from putting mansions in trusts to stashing fortunes for a 1,000 years
▼ + stars: | 2024-11-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +12 min

Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. AdvertisementThe heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Any payout is also protected from estate taxes, even if the insured's estate and death benefit exceed the exemption. AdvertisementThis tactic can also be used to save on estate taxes by ultra-rich entrepreneurs who have already used their exemption but have less-wealthy parents who haven't. When the children inherit the assets, the federal estate tax doesn't kick in as long as the grandparents' estate does not exceed $27.22 million.

Persons: Trump, Robert Strauss, Weinstock Manion, Uncle Sam, Wrigley, Jeff Bezos, Jackie O, Edward Renn, Tyler Le, remarries, Jenny Chang, Rodriguez, Sam Walton, haven't Organizations: Republican, Getty, IRS, Federal Reserve, Walmart Locations: Cayman Islands, Bermuda, Washington, Florida, Wyoming, Plenty

☆ UN talks in disarray as a draft deal for climate cash is rejected by developing nations
▼ + stars: | 2024-11-23 | by ( Story Associated Press | ) edition.cnn.com time to read: +6 min

Baku, Azerbaijan AP —As nerves frayed and the clock ticked, negotiators from rich and poor nations were huddled in one room Saturday during overtime United Nations climate talks to try to hash out an elusive deal on money for developing countries to curb and adapt to climate change. We need to speak to other developing countries and decide what to do,” Evans Njewa, the chair of the LDC group, said. The rough draft discussed on Saturday was for $300 billion in climate finance, sources told AP. Until we’re tired, until we’re delusional from not eating, from not sleeping.”Activists protested for climate finance grants for poor countries at the United Nations talks. Sean Gallup/Getty ImagesWith developing nations’ ministers and delegation chiefs having to catch flights home, desperation sets in, said Power Shift Africa’s Mohamed Adow.

Persons: ” Evans Njewa, Susana Mohamed, John Podesta, Juan Carlos Monterrey Gomez, ” Gomez, Sean Gallup, Mohamed Adow, ”, Teresa Anderson, Luis Acosta, “ We’re, Eamon Ryan, it’s, ” Ryan, Alden Meyer, ” Jiwoh Emmanuel Abdulai, “, Nabeel Munir, Monterrey Gomez Organizations: Azerbaijan AP, Nations, Alliance of Small, Associated Press, European Union, ”, United Nations, Action, Colombia's, Unit for, Risk Management, Getty Locations: Baku, Azerbaijan, Colombia, United States, Panama, Paris, AFP, Sierra Leone, Pakistan

☆ I taught my kids how to be entrepreneurs from a young age. As teens, they've made about $10,000 so far.
▼ + stars: | 2024-11-23 | by ( Amanda Miller Littlejohn | ) www.businessinsider.com time to read: +5 min

AdvertisementI help people package and monetize their skills, and I've helped my kids do the same. From when they were young, they've published books, sold baked goods, and more. I told him that if he wrote a little more, I'd help him publish his story as a book on Amazon. He did a few book talks and book fairs, and all of his book sale money went into a high-yield CD. As of now, they've made around $10,000 from book sales, bake sales, audio editing, and digital art sales combined.

Persons: I've, they've, Connor, Amanda Miller Littlejohn Logan, Logan, they're, Amanda Miller Littlejohn, that's

☆ Stock for Sale by Cabinet Members
▼ + stars: | 2024-11-23 | by ( Lauren Hirsch | ) www.nytimes.com time to read: +1 min

As President-elect Donald Trump takes an unconventional approach to stocking his cabinet, he’s also embracing one candidate pool that has plenty of precedent: Wall Street chief executives. On Friday, Trump picked Scott Bessent, a top economic adviser and the founder of Key Square Group, a hedge fund, to be his Treasury secretary. He previously tapped Howard Lutnick, the chief executive of the financial services firm Cantor Fitzgerald, for commerce secretary. Executives appointed to government positions are often required to make extensive stock divestitures, so the path from Wall Street to Washington can be particularly complex (while also offering an opportunity to avoid certain taxes). Bessent’s potential departure from Key Square may trigger “key man provisions” that often protect clients of hedge funds if top executives leave.

Persons: Donald Trump, he’s, Trump, Scott Bessent, Howard Lutnick, Cantor Fitzgerald Organizations: Wall Street, Key Square Locations: Washington

☆ Welcome to the mullet market: Steady benchmarks in the front, crypto party in the back
▼ + stars: | 2024-11-23 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

This market is starting to summon the lighthearted take on a mullet haircut: business in the front, party in the back. BTC.CM= YTD mountain Bitcoin, YTD Every bullish argument for bitcoin comes down to "More people will soon have more ways to buy more of it." I've tracked the interplay between bitcoin and Nvidia shares for a while. The market's immediate response was simply to allow Nvidia to hold onto the $2.3 trillion in market value it's added this year, but not to pile on more. Meaning the current pace of new money entering these funds is not as heavy relative to total market value as it was nearly four years ago.

Persons: Trump, bitcoin, I've, John Roque, Warren Pies Organizations: Nasdaq, Nvidia, Nvidia ramped, Vanda Research, Trump, 22V Research, Bloomberg, Federal Reserve, 3Fourteen Research Locations: lockstep, bitcoin

☆ Couple accused of stealing nearly $1 million worth of Lululemon products across the country
▼ + stars: | 2024-11-22 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Mirna-Alsharif-Byline-Jm.Jpg | Mirna Alsharif | ) www.nbcnews.com time to read: +2 min

A Connecticut couple is accused of stealing around $1 million worth of items from Lululemon stores across the country, according to a complaint filed in Minnesota District Court. Jadion Richards, 44, and Akwele Lawes-Richards, 45, were arrested at a Lululemon store in Woodbury, Minnesota, and charged with organized retail theft on Nov. 14. According to the complaint, the couple had visited another Lululemon location in Roseville, Minnesota, the day before with an unidentified man, where they allegedly stole almost $5,000 worth of items. The investigator explained how the couple allegedly run their theft scheme, with Richards typically entering the store first and purchasing a couple of small items. Suitcases containing an estimated $50,000 worth of Lululemon clothing were found in the room.

Persons: Jadion Richards, Akwele Lawes, Richards, Lululemon, Lawes Locations: Connecticut, Minnesota, Woodbury , Minnesota, Roseville , Minnesota, Marriott, Bloomington , Minnesota, Ramsey

☆ University of Texas System announces free tuition for students whose families earn $100K or less
▼ + stars: | 2024-11-22 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

The University of Texas System announced Wednesday it will expand its free tuition program for lower-income families to include all families making $100,000 or less a year. The free tuition for undergraduate students will begin in the fall of 2025 and will cover tuition and fees. “The combination of these actions today will ensure that average student debt at UT academic institutions continues to decline. UT System Chancellor James B. Milliken said in a statement: “Across UT institutions, enrollment is growing, and student debt is declining, indicating success in both access and affordability. Further, families with an income below $100,000 will have tuition as well as housing, dining fees and allowances for books and personal expenses covered.

Persons: James B, Milliken, ”, Sally Kornbluth, Don’t Organizations: University of Texas System, Regents, UT, UT Austin, Texas, Massachusetts Institute of Technology, MIT Locations: U.S

☆ How the world's 431 women billionaires make, spend and give away their fortunes
▼ + stars: | 2024-11-22 | by ( Robert Frank | ) www.nbcnews.com time to read: +3 min

Of the 3,323 billionaires in the world, 13% (or 431) of them are women, according to the Altrata Billionaire Census. Of the 431 female billionaires today, three-quarters inherited a portion of their wealth, according to the report. By contrast, only 5% of male billionaires inherited their fortunes. Nearly one in five female billionaires spend most of their professional time in nonprofits, compared with 5% of men. Billionaire men are 3.8 times more likely that billionaire women to own a car worth more than $1 million.

Persons: they’re, Alice Walton, Julia Flesher Koch, Françoise Bettencourt Meyers, Altrata, — Organizations: Altrata, Cerulli Associates

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

Generic drugs are the backbone of medicines prescribed in the U.S.: They account for about 90% of all prescriptions filled, according to the Association for Accessible Medicines, a trade group that represents generic drugmakers. Karoline Leavitt, a spokesperson on Trump’s transition team, declined to say whether Trump planned to grant an exemption on generic drugs. According to the American Society of Health-System Pharmacists, a group that tracks drug shortages, there are 277 active drug shortages in the U.S., half of which have persisted for two or more years. That’s different from generic drugs, which are cheaper and are often sold at close to the cost for which they were made, he said. What concerns Kesselheim the most is that tariffs could cause generic drug prices to skyrocket should more generic drug manufacturers drop out.

Persons: Donald Trump, Trump, Aaron Kesselheim, Janet Woodcock, ” Woodcock, Arthur Caplan, you’ve, ”, drugmakers, Woodcock, Karoline Leavitt, Leavitt, ” Kesselheim, Hurricane Helene, “ Organizations: Harvard Medical School, Association for Accessible Medicines, Food and Drug Administration, NYU Langone Medical, American Society of Health, System, Baxter International Locations: China, U.S, India, New York City, Hurricane, North Carolina, Indonesia, United States

☆ Donald Trump chooses hedge fund executive Scott Bessent for Treasury secretary
▼ + stars: | 2024-11-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

President-elect Donald Trump signaled Friday his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, in a move that puts a seasoned market pro and a close Trump loyalist in a critical economic position. As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. The Treasury secretary is the lynchpin for the White House economic agenda. Others close to the president-elect think Bessent has not been rigorous enough in his support for tariffs, though Warsh also has made public statements against the levies.

Persons: Scott Bessent, Donald Trump, Kevin Warsh, Marc Rowan, Trump, Bessent, George Soros, Soros, Jerome Powell's, Warsh, Janet Yellen, Elon Musk, Cantor Fitzgerald, Howard Lutnick Organizations: Key, Trump, Group, Treasury, Wall, World's, Investors, Yale University, Rockefeller University, Preservation, Wall Street, Federal Reserve, Federal, National Economic Council, White Locations: Washington , DC, U.S, Bessent

☆ China’s richest man blasts tech giants and government inaction in rare rebuke
▼ + stars: | 2024-11-22 | by ( Juliana Liu | ) edition.cnn.com time to read: +4 min

It is very unusual for Chinese businesspeople to take public aim at the government and those who have done so have often faced repercussions. In particular, Pinduoduo’s pricing system has done great harm to China’s brands and its industries,” he was quoted as saying by state-owned media outlet The Paper. In further remarks from the same press conference that were not widely reported by state media, Zhong singled out the Chinese government for not doing more to stop the trend. CNN has reached out to Nongfu Springs and PDD (PDD) for comment. A worker prepares to transfer packages after sorting at a warehouse for an e-commerce company in Beijing on November 11, 2024.

Persons: Hong Kong CNN —, Zhong Shanshan, Zhong, Pinduoduo, Alibaba, Jack Ma, Ma, Colin Huang, Wang Zhao, Zhong’s, Huang Organizations: Hong Kong CNN, PDD Holdings, Sina Technology, CNN, Ant Group, Alibaba, Getty, Bloomberg Locations: China, Hong Kong, Beijing, AFP

☆ How to buy a little insurance if the 2024 market boom loses some steam into year-end
▼ + stars: | 2024-11-22 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +2 min

The S & P 500 has now seen seven consecutive weeks of inflows, keeping the post-election momentum intact. I want to use the S & P 500 SPDR Trust ETF (SPY) to hedge these gains and bet against the consensus of markets finishing the year on a high note. SPY YTD mountain SPDR S & P 500 ETF Trust, YTD Investors have rejoiced with expectations for a more business-friendly economy ahead following President Elect Donald Trump's victory in early November. My short-term view of a shallow repricing in the S & P 500 might come to fruition now that we have Nvidia's earnings in the rearview mirror. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: Donald Trump's, Long Organizations: Bank of America, SPDR, Trust, YTD Investors, Treasury, CNBC, NBC UNIVERSAL

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