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ET Aurelien BreedenJohn Yoon andService on three high-speed train lines in France was disrupted on Friday because of arson attacks, the national railway company said, causing travel chaos on the day of the Opening Ceremony of the Olympics in Paris. “A massive attack took place last night to paralyze the high-speed rail network,” the railway company, S.N.C.F., said in a statement. Traffic was “severely disrupted” on three lines where fires had been set: the Atlantic, Northern and Eastern lines, the company said, and many trains had been canceled. The mood was already tense in Paris, where security has been tightening for weeks ahead of Friday night’s Opening Ceremony. The company said that another attack had been thwarted on the line that connects Paris to southeastern France.
Persons: Yoon, Patrice Vergriete Organizations: Olympic, Firefighters Locations: France, Paris, Northern, Arras, Lille, Courtalain
But as tech firms plan to invest billions of dollars in generative AI technologies, there's been another explanation for job cuts. While there's been a mountain of speculation about if and when AI technologies like ChatGPT could displace workers, their near-term impact on job losses could be less about job replacement and more about the cost of AI investments. The risks of AI job replacement remains to be seenIn the big picture, Netzer said he expects AI technologies to be an "enhancer rather than a replacer of jobs" in the years ahead. Advertisement"For many jobs, AI is likely to enhance our job, allowing us to spend more time on the things we enjoy doing and less time on the mundane," he said. AdvertisementBenedikt Frey pointed to translators as one profession that has seen fewer employment opportunities due to generative AI, per his research.
Persons: , there's, Goldman Sachs, Mark Zuckerberg, Meta, Sundar Pichai, Daniel Rausch, Dan Ives, It's, Carl Benedikt Frey, Netzer, Benedikt Frey Organizations: Service, Apple, Microsoft, Industry, Business, Google, Amazon, Alexa, Fire, Wedbush Securities, Big Tech, FT, Columbia Business School, University of Oxford
The usual rhythm of arrivals and departures at Paris’s train stations was replaced by a tense atmosphere of uncertainty on Friday. Hundreds of stranded passengers crowded the concourses, sorting out their plans after several arson attacks disrupted the rail system in France. “I don’t know when I will be able to escape,” said Ermine Touré at the Gare Montparnasse, a major transportation artery in Paris, three hours after she had hoped to leave Paris for a vacation in Nantes, in western France. “Paris is a mess so I wanted to go today.”At the Gare Montparnasse, travelers hunched over their phones looking for alternate routes out of the French capital. The words “act of malice” and “vandalism” echoed throughout the hall, doing little to quell the anxiety among travelers.
Persons: , , Ermine Organizations: , Locations: France, Paris, Nantes, “ Paris
JPMorgan Chase, the nation’s largest credit card issuer, will bar customers from using its credit cards to repay increasingly popular “buy now, pay later” installment loans. Chase said in an emailed statement that buy now, pay later installment loans “are a form of credit” and that the bank did “not generally allow customers to pay for credit products” with their Chase credit cards. Chase has been alerting customers about the change, which takes effect on Oct. 10, and telling them to link a new form of payment to the pay later accounts to avoid missed payments and possible late fees. Chase is not the first credit card issuer to make the move. Capital One, the fourth-largest card issuer, barred use of its credit cards for pay later loans in late 2020.
Persons: Chase, , Sarah Strauss, Organizations: JPMorgan Chase, PayPal, Capital
Asia-Pacific markets were mixed on Friday after Thursday's sell-off saw some indexes in the region hit their lowest level in months. "There's a changing of the guard happening on Wall Street. In Asia, traders assessed July inflation data out of Japan's capital city of Tokyo, which is widely considered a leading indicator of nationwide trends. Tokyo's headline inflation slowed slightly to 2.2% in July from 2.3% in May, while its core inflation rate — which strips out prices of fresh food — remained unchanged at 2.2%, in line with expectations. The so called "core-core" inflation rate, which strips out prices of fresh food and energy and is watched by the Bank of Japan, fell to 1.5% from 1.8%.
Persons: Thursday's, Adam Sarhan Organizations: Nasdaq, Dow Jones, Investments, Bank of Japan, greenback Locations: Asia, Pacific, Tokyo
An Iraqi judoka has recorded the first positive doping test of the 2024 Paris Olympics, the International Testing Agency (ITA) said on Friday. A statement from the ITA said that Sajjad Sehen tested positive for the banned anabolic steroids metandienone and boldenone during out-of-competition anti-doping control in Paris on July 23. AdvertisementThe Games begin officially with the opening ceremony in the French capital on Friday night. Sehen has the right to request the analysis of his B sample but won’t now be eligible to take up his place in the competition. “The athlete has been informed of the case and has been provisionally suspended until the resolution of the matter in line with the World Anti-Doping Code and the IOC Anti-Doping Rules applicable to the Olympic Games Paris 2024,” an ITA statement read.
Persons: Sajjad Sehen, Sehen, , , Emmanuel Dunand Organizations: International Testing Agency, ITA, IOC, Olympic Games, Games, , Doping, International Olympic Committee, Getty Locations: Iraqi, Paris, AFP
Small caps should also get a boost from interest rate cuts, which typically translate to disproportionately large gains for the group. That helps confirm what investors are realizing: small caps are the place to be. When large caps sneeze, the market catches a coldThe small-cap breakout has coincided with large technology stocks breaking down. Small caps also tend to have less of an international presence than their larger peers, so they don't miss out as much when converting overseas profits to dollars. The small-cap index is closely tied to economically sensitive parts of the market, which should continue to participate in this rally.
Persons: , chartmaster, BMO Capital Markets David Keller, who's, Russell, David Keller, StockCharts.com, Keller, you've, he'd, Keller didn't Organizations: Service, Tech, Nvidia, Meta, Business, BMO Capital Markets, BMO Capital, BMO, Therapeutics, Myriad Genetics, Holdings
Sitting in a KFC restaurant in the former coal-mining town of Pomeroy, Ohio, a few hours before JD Vance addressed the Republican National Convention, Curtis Ramsey, 18, recalled the first time he heard the Ohio senator’s name. It was last month, he said, in the Washington office of another Ohio Republican, Representative Jim Jordan. Mr. Ramsey, who had never been to a big city or flown on an airplane before, was in the capital with two filmmakers seeking to draw attention to a new documentary, “Inheritance.” The film features Mr. Ramsey and examines the plight of drug-ravaged Appalachian communities like his own. When the filmmakers, Matt Moyer and his wife, Amy Toensing, explained to Mr. Jordan what their documentary was about, the congressman broke into a smile. “Sounds like the story of the next vice president of the United States!” Mr. Jordan said.
Persons: Vance, Curtis Ramsey, Jim Jordan, Mr, Ramsey, Matt Moyer, Amy Toensing, Jordan Organizations: KFC, Republican National Convention, Republican Locations: Pomeroy , Ohio, Ohio, Washington, United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what a Harris presidency could mean for energy markets and oil pricesHelima Croft, Global Head of Commodity Strategy at RBC Capital Markets, discusses what a Kamala Harris presidency would mean for the energy markets.
Persons: Harris, Croft, Kamala Harris Organizations: Global, RBC Capital Markets
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Colossal amount' of capital in AI signals it may be the wrong architecture, says Robert McNameeRoger McNamee, Elevation Partners co-founder, joins 'Squawk on the Street' to discuss his take on the CNBC interview with Assistant Attorney General for Justice Department’s Antitrust Division Johnathan Kanter and his outlook on generative AI.
Persons: Robert McNamee Roger McNamee, Johnathan Kanter Organizations: Partners, CNBC, Justice Department’s Antitrust
Billionaire investor Bill Ackman is postponing the highly scrutinized listing of Pershing Square's U.S. closed-end fund, according to a notice on the New York Stock Exchange's website. The initial public offering of Pershing Square USA Ltd., with the ticker PSUS, has been delayed until a date to be announced, according to the website. Pershing Square declined to comment further. Most of its capital is in Pershing Square Holdings, a $15 billion closed-end fund that trades in Europe. The publicly traded closed-end fund is expected to invest in 12 to 24 large-cap, investment-grade, "durable growth" companies in North America.
Persons: Bill Ackman, Pershing, Ackman, — CNBC's Leslie Picker Organizations: Pershing Square's U.S, New York Stock, Pershing, USA, Pershing Square Holdings, New York Stock Exchange Locations: Europe, North America
GLD 5Y mountain GLD The SPDR Gold Shares ETF is the world's largest, with BlackRock's iShares Gold Trust and iShares Physical Gold ETC the second and third, respectively. Other top physical gold ETFs include the Borse Commodities GmbH Xetra-Gold and the SPDR Gold MiniShares Trust . Gold mining ETFs Buying gold mining ETFs — which own shares of multiple gold mining companies — is another way to get exposure to gold, and Meyer described those backed by large banks as "relatively safe," in an email to CNBC. "Even though gold equities respond to changes in gold price, the degree of that response has deteriorated over time," he said, adding that the risks and costs of gold extraction can weigh on miners. A selection of gold bars and one-ounce gold coins at Gold Investments Ltd. bullion dealers in London, UK, on Tuesday, May 21, 2024.
Persons: Tom Price, Price, Berenberg, Robin Bhar, Amy Arnott, John Meyer, Colin Hamilton, BlackRock's, Meyer, Barrick Gold Panmure Liberum, George Milling, Stanley, they're, Morningstar's Arnott, Bhar, Chris Ratcliffe Organizations: CNBC, Panmure, Bank of America, Citi, UBS, Gold, Morningstar, SP, CNBC Pro, Royal Mint, BMO Capital Markets, Borse Commodities, MiniShares, Gold Miners ETF, Miners, Barrick, Resolute Mining, Hochschild, Caledonia Mining, Barrick Gold Panmure, Endeavour Mining, Endeavour, Pan, Resources, State Street Global Advisors, Gold Investments, Bloomberg, Getty Locations: Panmure Liberum, U.S . New York, United States, U.S, Hochschild Mining, Zimbabwe, London, West Africa, Berenberg
SK Hynix logo displayed on a phone screen as seen in this illustration photo taken in Krakow, Poland on January 30, 2023. Memory chip giant SK Hynix on Friday said it plans to invest 9.4 trillion Korean won ($6.8 billion) to build a new semiconductor manufacturing plant in an emerging chip hub in South Korea. Earlier this year, SK Hynix committed 120 trillion won to build 4 fabs in the Yongin cluster. South Korea is also home to Samsung, the world's biggest memory chip maker. SK Hynix has been riding the AI wave and its partnership with Nvidia, this week reporting that second-quarter profit came in at its highest level in six years.
Persons: SK Hynix Organizations: SK Hynix, SK Hynix's, South Korea's SK Hynix, Nvidia, SK, Samsung Locations: Krakow, Poland, South, Seoul, South Korea
For three and a half years, President Biden and his aides have insisted that the United States is a Pacific power, and that its allies and partners in the region need not worry about Washington’s commitments. Now Secretary of State Antony J. Blinken plans to deliver assurances in person across six nations, his most ambitious trip in the region. Mr. Biden’s announcement last Sunday that he is no longer running for re-election sent shock waves around the world. Many of America’s allies are especially concerned about a second Trump presidency, given that former President Donald J. Trump has constantly declared that those allies are conning the United States into providing military support. They are uncertain if Vice President Kamala Harris, the presumptive Democratic nominee, can beat him in November.
Persons: Biden, Antony J, Blinken, Donald J, Trump, Kamala Harris Organizations: U.S, Trump, Democratic Locations: United States, Pacific, Vientiane, Laos
Bread Financial , once home of the 5.25% yield on a 1-year certificate of deposit, has dialed back its rate. The financial institution recently dialed back its annual percentage yield for its 1-year CD to 5.15%. See below for current APYs on select high-yielding 1-year CDs. Popular Direct has a 1-year CD with an APY of 5.2%, while Goldman Sachs ' Marcus and Sallie Mae still offer APY of 5.15% on their instruments. BMO Alto's 1-year CD weighs in at an APY of 5.05%.
Persons: Vincent Caintic, Banks, Goldman Sachs, Marcus, Sallie Mae Organizations: Federal, BMO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWright: Look for investment opportunities now before the Fed cuts ratesDegas Wright, Founder, CEO, and CIO of Decatur Capital, discusses the markets, inflation, and rate cuts.
Persons: Degas Wright Organizations: Wright, Decatur Capital
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need to make bitcoin and the regulation around crypto bipartisan: SkyBridge's Anthony ScaramucciAnthony Scaramucci, SkyBridge Capital founder and managing partner, joins 'Squawk Box' to discuss the bitcoin conference in Tennessee, the politicization of bitcoin and cryptocurrency at large, regulatory outlook, and more.
Persons: SkyBridge's Anthony Scaramucci Anthony Scaramucci Organizations: SkyBridge Capital Locations: Tennessee
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin is the new global denominator for capital, says Miller Value's Bill Miller IVBill Miller IV, Miller Value Partner CIO, joins 'Closing Bell' to discuss how he's playing in the crypto market.
Persons: Miller, Bill Miller, Bill Miller IV
Oil prices were up slightly on Friday on stronger-than-expected U.S. economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer. But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains. At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand. Still, continued signs of trouble in parts of Asia limited oil price gains.
Organizations: Brent, . West Texas, Commerce Department, Reuters, Federal Reserve Locations: Fort Stockton , Texas, China, Japan, U.S, Asia
'Big Short' traders say gold is one of their top longs
  + stars: | 2024-07-26 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Big Short' traders say gold is one of their top longsPorter Collins & Vincent Daniel, Seawolf Capital co-founders and Danny Moses join 'Fast Money' to talk the economy, markets, and more.
Persons: Porter Collins, Vincent Daniel, Danny Moses Organizations: Seawolf
Without Peter Thiel, Vance does not get anywhere near the US Senate. And in Silicon Valley, the conservative movement is much stronger, and more muscular than it was before. AdvertisementThere's this narrative, promoted by people like Thiel, that Silicon Valley is super-liberal. Because Silicon Valley has conservative roots in addition to roots in the counterculture. AdvertisementLike I said, the liberal nature of Silicon Valley has always been sort of overplayed.
Persons: , I'm, Donald Trump, Vance, Peter Thiel —, Max Chafkin, who's, Thiel, Peter Thiel's, Trump, JD Vance, Narya, It's, supercharge, Bill Pugliano, David Sacks, Peter Thiel, revel, that's, he's, Elon Musk, Marc Andreessen, They're, Elon Musk's, Apu Gomes, Steve Jobs, Ben Horowitz Organizations: Service, Republican, Trump, Business, Bloomberg Businessweek, Republican National Convention, YouTube, Ohio Senate, The, Thiel, Twitter Locations: Silicon Valley, Mithril, Narya, Ohio, West Coast, , America, Silicon, San Francisco
Federal prosecutors have criminally charged the well-known short seller and analyst Andrew Left with securities fraud related to allegedly using his public platform to illegally profit to the tune of at least $16 million from manipulating stock market activity contrary to positions he presented to the public from 2018 through 2023. The indictment notes that Left is a frequent guest commentator on CNBC and other business cable news channels. Prosecutors said that Left used Citron's online platform to comment on publicly traded companies and claim that their stock was incorrectly valued by the market. Left, who previously lived in Beverly Hills, California, is charged in the indictment with one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators. If convicted, he would face a maximum possible sentence of 25 years in prison for the securities fraud scheme alone.
Persons: Andrew, Citron, L.A ., Akil Davis Organizations: Andrew Left, Securities and Exchange Commission, Boca, Attorney's, SEC, CNBC, Los Angeles Field Office, Prosecutors Locations: Boca Raton , Florida, Los Angeles, U.S, L.A, Beverly Hills , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRotation to small caps means we are likely going to see a slowdown, says Branch Global's Greg BranchGreg Branch, Branch Global Capital Advisors founder and Drew Pettit, Citi Research director, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: Greg, Greg Branch, Drew Pettit Organizations: Branch Global Capital Advisors, Citi Research
Read previewFrance's rail network has been hit by a series of "malicious acts" that have damaged transport routes leading to the capital, causing cancellations and disruption just hours before the Paris Olympics opening ceremony. AdvertisementThough several Olympic events are being held outside Paris, Attal highlighted the impact on French families leaving for vacation this weekend rather than on the Olympics. Michel Euler/ APThe attacks also add more pressure to concerns over whether Paris' transport infrastructure can manage the Olympic crowds. Officials promised to reinvigorate the transport system after Paris won the Olympic bid. But, in November 2023, the mayor of Paris said there were parts of the city where "transport will not be ready and there will not be enough trains," according to French radio network RFI.
Persons: , Gabriel Attal, Attal, Brian Snyder, Michel Euler, Jimmy Brun, France24 Organizations: Service, SNCF, Business, South, Lille, Railway, Reuters, Eurostar, Paris, RFI, Paris Metro, Paris's Metro, Bloomberg Locations: Atlantique, Northern, Paris, Bordeaux, France, Strasbourg, Germany, London, Seine, Paris's
Read previewWarning: Spoilers ahead for "Deadpool & Wolverine." Ryan Reynolds joked that "Deadpool 4" won't happenRyan Reynolds at the world premiere of "Deadpool & Wolverine" in July 2024. He explained that his family wouldn't be happy if he jumped into another sequel so soon after "Deadpool & Wolverine." The door is seemingly open for "Deadpool 4" and beyondHugh Jackman as Logan/Wolverine and Ryan Reynolds as Wade Wilson/Deadpool in "Deadpool & Wolverine." Plus, it would be the ultimate payoff for the opening scene in "Deadpool & Wolverine," where Wilson unsuccessfully applies to join the Avengers.
Persons: , Wade Wilson, Ryan Reynolds, Hugh Jackman, Wilson, Evan Agostini, Reynolds, Jimmy Fallon, Deadpool, hasn't, Jackman, Wolverine, Logan, Jay Maidment, Cassandra Nova, Emma Corrin, Matthew Macfadyen, Hunter B, Vanessa, Morena, Russo Organizations: Service, Business, Marvel, Marvel Studios Locations: Logan
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