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☆ Beaten-up Nextracker provides investors a reason to believe. But timing is key here
▼ + stars: | 2024-10-31 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Nextracker lost around 32% of its value in between its August earnings report and Wednesday's close — a frustrating decline. It's too early to act, given the results of next week's contests could move shares of Nextracker and its peers considerably. "We were pleasantly surprised and gratified that this was the best solar earnings we've seen this quarter," Jim Cramer said Thursday. Nextracker Why we own it: Nextracker makes industry-leading tracking technology, which enables large-scale solar panel installations to follow the sun's movement and increase their power generation. Guidance Nextracker reaffirmed its fiscal 2025 guidance for revenue while upping its outlook for a pair of profitability metrics.

Persons: Nextracker, Jim Cramer, We're, Howard Wenger, Chuck Boynton, Jim Cramer's, Jim, Peter Cade Organizations: NXT, Club, Mizuho Securities, CNBC, Stone Locations: Nextracker

New York Magazine announced Monday that it is parting ways with star political reporter Olivia Nuzzi, whose previously undisclosed personal relationship with Robert F. Kennedy Jr. led to an investigation into her work during the 2024 campaign. This investigation, conducted by the law firm Davis Wright Tremaine, “reached the same conclusion as the magazine’s initial internal review of her published work, finding no inaccuracies nor evidence of bias,” New York Magazine said in a statement on its website. Kennedy’s spokesperson, meanwhile, wrote that the former presidential candidate “only met Olivia Nuzzi once in his life for an interview she requested, which yielded a hit piece.”Nuzzi wrote a profile on Kennedy in November 2023, headlined: “The Mind-Bending Politics of RFK Jr.’s Spoiler Campaign.” Its subheading read: “He’s a conservative. And he could turn the presidential race upside down.”Kennedy dropped out of the race in late August and endorsed Donald Trump. He is the son of the late Attorney General Robert F. Kennedy and is married to “Curb Your Enthusiasm” star actress Cheryl Hines.

Persons: Olivia Nuzzi, Robert F, Kennedy Jr, Davis Wright Tremaine, “, ”, Ari Wilkenfeld, ” Nuzzi, Kennedy, Nuzzi, Kennedy’s, He’s, ” Kennedy, Donald Trump, Cheryl Hines Organizations: New York Magazine, ” New York Magazine, Washington Correspondent, New York Times, RFK Jr

☆ Olivia Nuzzi is out at New York magazine over undisclosed relationship with RFK
▼ + stars: | 2024-10-21 | by ( Liam Reilly | Hadas Gold | ) edition.cnn.com time to read: +4 min

“Nevertheless, the magazine and Nuzzi agreed that the best course forward is to part ways.”“Nuzzi is a uniquely talented writer and we have been proud to publish her work over her nearly eight years as our Washington Correspondent,” the magazine added. Nuzzi said her relationship with Kennedy “turned personal” the following month and ended in August. “The relationship was never physical but should have been disclosed to prevent the appearance of a conflict. I deeply regret not doing so immediately and apologize to those I’ve disappointed, especially my colleagues at New York,” she said in a statement. In a court filing, Lizza said Nuzzi told him that Kennedy had manipulated her and that he wanted to “possess,” “control” and “impregnate” her.

Persons: Olivia Nuzzi, Robert F, Kennedy, Jr, Davis Wright Tremaine, ”, Nuzzi, Ari Wilkenfeld, “, ” Wilkenfeld, Oliver Darcy’s, “ Mr, Kennedy “, fiancé Ryan Lizza, Lizza, impregnate, Simon, Schuster, Brian Stelter, Katelyn Polantz Organizations: New, New York CNN, New York, Washington, Washington Correspondent, New York Magazine, CNN, Politico Locations: New York, New, ” New York, Washington

☆ Meta CTO explains why it was important for Mark Zuckerberg to show off $10,000 smart glasses you can't buy
▼ + stars: | 2024-09-26 | by ( Jaures Yip | ) www.businessinsider.com time to read: +6 min

Meta unveiled its Orion AR glasses at the Meta Connect 2024 developer conference. Meta's CTO explained why it was important to show what the investment led to — even if you can't buy the glasses yet. But on Wednesday's Meta Connect 2024 developer conference, the CEO was finally able to unveil what many of those billions had been spent developing: the Orion AR glasses. AdvertisementMeta's Orion AR glasses, which feature displays built into the lenses and an array of sensors. AdvertisementMark Zuckerberg shows off the Orion AR glasses prototype at Meta Connect 2024.

Persons: Meta, —, Mark Zuckerberg's, He's, Zuckerberg, Andrew Bosworth, Stratechery's Ben Thompson, Bosworth, Mark Zuckerberg, Tim Cook, it's, Thompson Organizations: Orion, Meta, Service, Reality Labs, Facebook, Apple, Google, Apple Vision Pro, Meta's

☆ Jim Cramer says incoming Starbucks CEO Brian Niccol has all the tools needed to fix the coffee chain
▼ + stars: | 2024-08-13 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Club holding Starbucks on Tuesday announced a home-run hire to lead the coffee giant out of its recent slump: Chipotle CEO Brian Niccol is replacing Laxman Narasimhan as the chief executive. Shares of Starbucks soared more than 13% in premarket trading on the news, to more than $87 each. Niccol will start at Starbucks on Sept. 9 and also serve as chairman of the board of directors. Narasimhan had served as Starbucks' CEO since March 2023. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Brian Niccol, Laxman Narasimhan, Jim Cramer, Laxman, Niccol, Narasimhan, Rachel Ruggeri, Jim Cramer's, Jim Organizations: Starbucks, Taco Bell, CNBC Locations: Taco, China

☆ Roger Stone sentencing proposal change was ‘highly unusual’ but politics didn’t play an improper role, DOJ watchdog says
▼ + stars: | 2024-07-24 | by ( Tierney Sneed | ) edition.cnn.com time to read: +4 min

The investigation was launched after the Justice Department issued a second sentencing memo for Stone called for a prison sentence “far less” than the 7-9 year recommendation his trial team initially put forward. Stone was sentenced to 40 months in prison, but that sentence was ultimately commuted by Trump. However, the inspector general found in Wednesday’s report that even career department lawyers believe “reasonable minds” can disagree on whether the initial sentencing recommendation for Stone was too high. “Thus, we found that Barr had articulated his position about the sentencing recommendation both before and shortly after the first sentencing memorandum was filed, and before the President’s tweets,” the inspector general said. The comments during these deliberations formed a “substantial basis” for Zelinsky’s congressional testimony, the inspector general said.

Persons: Roger Stone, Donald Trump, Stone, Aaron Zelinsky, General Michael Horowitz, ” Zelinsky, Bill Barr, Barr, Trump, Timothy Shea, Shea, ”, Joshua Matz Organizations: CNN, Justice Department, Trump, DOJ, DC, Attorney Locations: DC

☆ Taiwan to acquire more than 1,000 armed drones in new US arms sale
▼ + stars: | 2024-06-19 | by ( Brad Lendon | ) edition.cnn.com time to read: +4 min

The United States has approved the $360 million sale of more than 1,000 small armed drones to Taiwan, as the self-ruled island claimed by China aims to strengthen its asymmetrical warfare abilities with an eye on successful tactics used on the battlefield in Ukraine. The proposed sale comes as China increases military pressure on Taiwan, with extensive military exercises around it and almost daily warplane flights near the island. In a statement Wednesday, Taiwan’s presidential office thanked the US for its security commitments, adding this was the Biden administration’s 15th weapons sale to the island since 2021. That includes $6.1 billion in asymmetrical weapon systems, including Harpoon missiles, PAC-3 missile interceptors and MQ-9B aerial drones, Cato said. Many analysts have urged Taiwan to pursue more asymmetrical weapons, which they say would be harder for China to counter than conventional arms in any invasion of the island.

Persons: “, Adm, Dong Jun, ”, Wahid Nawabi, Anduril, Biden, Karen Kuo, Cato Organizations: US Defense Security Cooperation Agency, Communist Party, Taiwan Relations, Washington, Chinese Defense, “, Cato Institute, Harpoon Locations: States, Taiwan, China, Ukraine, Taipei, Beijing, Singapore, “ Taiwan, Washington

☆ Woman accuses luxury real estate broker Tal Alexander and his brother of raping her while their third brother watched
▼ + stars: | 2024-06-18 | by ( Daniel Geiger | Katie Warren | ) www.businessinsider.com time to read: +4 min

Read previewA woman has accused star real estate broker Tal Alexander and his brother Alon of raping her at a Manhattan apartment in 2012. Earlier this year, two other women filed separate lawsuits accusing Alon and a third brother, Oren Alexander, of rape. Tal and Oren Alexander cofounded the luxury real-estate brokerage Official. An attorney for Tal Alexander did not immediately return an email Tuesday seeking comment on the allegation. They also developed a reputation in the brokerage business for their aggressive approach in courting wealthy clientele and elbowing other brokers out of transactions.

Persons: —, Tal Alexander, Alon, Oren Alexander, Angelica Parker, Tal, Oren, Parker, vaginally, Sean Zanni, Patrick McMullan, Isabelle Kirshner, Kirshner, Michael Willemin, Angelica, Willemin, Douglas Elliman, Rebecca Mandel, Kate Whiteman, Evan Torgan, Mandel, Whiteman, everyone's, they'll, it'll Organizations: Service, Business, Partners, Hamptons Locations: Manhattan, New York, SoHo, NY

☆ FEC lets Peter Thiel-funded super PAC off the hook
▼ + stars: | 2024-05-23 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Super PACs, which can accept unlimited donations, are legally barred from coordinating with or donating directly to politicians' campaigns. Advertisement"I'm gratified that a bipartisan group at the FEC has rightly rejected this baseless, headline-seeking complaint," Luke Thompson, the executive director of the super PAC, told Business Insider. "This super PAC was keeping him afloat as a candidate with research, messaging ideas, and all of the stuff that basically allowed him to remain viable." In recent years, it's become increasingly common for campaigns and super PACs to use public websites to get around existing campaign finance laws. Those materials had been funded by Never Back Down, a super PAC supporting the Florida governor.

Persons: —, Republican Sen, JD Vance's, Peter Thiel, Donald Trump, Vance, Ellen Weintraub, Luke Thompson, Jonas Edwards, Jenks, Saurav Ghosh, they're, Ghosh, who's, Tim Ryan, Thiel, David Sacks, Rebekah Mercer, it's, Ron DeSantis's Organizations: Service, Commission, Republican, PAC, Campaign, Citizens United, Business, Legal, Citizens, Democratic, FEC, End Citizens, GOP Senate, Florida Gov, Florida Locations: Ohio, Florida

☆ Gildan's board abruptly resigns ahead of annual meeting, handing control to activist
▼ + stars: | 2024-05-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The activist firm later claimed Gildan's board was showing a "complete disregard for sound corporate governance." The last time an entire board resigned during an activist battle was in 2012, when Canadian Pacific's board yielded to Bill Ackman hours before the railroad's annual meeting. "We are deeply grateful for the outpouring of support that Browning West's slate and plan have received from our fellow shareholders, Gildan employees, and leading proxy advisory firms," Browning West's Usman Nabi and Peter Lee said in a statement. Browning West, based in Los Angeles, accused Gildan's board of leaking an allegedly non-existent sale process to the media and hiring private investigators to look into one of the firm's nominees. Other major shareholders, including Anson Funds and Janus Henderson, backed Browning West's push.

Persons: Gildan Activewear, Browning West's, Glenn Chamandy, Browning, Vince Tyra, Bill Ackman, Browning West's Usman Nabi, Peter Lee, Gildan's, Gildan, Chamandy, Tyra, Michael Kneeland, Janus Henderson, Glass Lewis, Ancora Organizations: Houchens Industries, Amazon, Target, United Rentals, Anson Funds, Norfolk Southern Locations: Montreal, Gildan, Los Angeles

☆ A major Tesla executive left after 18 years at the company amid mass layoffs
▼ + stars: | 2024-04-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Drew Baglino, Tesla's SVP of powertrain and electrical engineering, resigned from Tesla on Sunday. The executive had worked at Tesla for over 18 years. AdvertisementDrew Baglino, Tesla's senior vice president of powertrain and electrical engineering, announced he'd left the company, becoming the latest major executive to depart Elon Musk's EV giant after the CFO stepped down in August last year. "I made the difficult decision to move on from Tesla after 18 years yesterday," Baglino wrote on X on Monday. "I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years.

Persons: Drew Baglino, Baglino's, Tesla, —, Tesla's, he'd, Baglino, gratified Organizations: Tesla, Service, Elon, Business Locations: Tesla's

☆ Tesla execs Drew Baglino and Rohan Patel depart as company announces steep layoffs
▼ + stars: | 2024-04-15 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla executives Drew Baglino and Rohan Patel announced Monday they are leaving the electric vehicle maker and clean energy company. CEO Elon Musk thanked both departing execs on X, the social network he owns and runs as chief technology officer. Baglino had worked with Tesla since its early years, starting as a firmware and electrical engineer in 2006. Patel and Baglino had been deeply involved in battery and vehicle manufacturing, related policy, and turning Tesla into a multinational EV manufacturer. Baglino wrote in a post on X:"I made the difficult decision to move on from Tesla after 18 years yesterday.

Persons: Drew Baglino, Rohan Patel, Elon Musk, execs, Tesla, Baglino, Patel, Barack Obama, gratified, Musk Organizations: Tesla, Reuters Locations: London, England

NASHVILLE, Tenn. (AP) — A district attorney in Tennessee has dropped charges against country singer Chris Young stemming from an encounter with Alcoholic Beverage Commission agents who were doing compliance checks. The agents were checking the Tin Roof bar in Nashville when they asked to see Young's identification, the arrest affidavit said. As the agents were leaving that bar, Young put his hands out to stop them and struck one agent on the shoulder, according to the affidavit. Political Cartoons View All 253 ImagesWhen another agent approached Young, the singer stepped back and declined to follow orders, so he was arrested, the affidavit said. While agents were attempting to leave, multiple people with Young started following them, creating a hostile situation, the affidavit said.

Persons: Chris Young, Glenn Funk, Young, “, ” Young, Bill Ramsey, Ramsey, ” Organizations: Alcoholic Beverage, Nashville Locations: Tenn, Tennessee, Nashville

Lily Gladstone knew she wanted to be somewhere special when the Oscar news came. “I wanted to be as close to Mollie Kyle and her family as I could be. But Gladstone pointed out that the film was not only about what she called the “horrible, complicated, skewed love” between Mollie and Ernest. It is also, she said, about “the love that Mollie and her community had for each other. As an actor and then, how I can help get other stories told that deserve to be out there.

Persons: Lily Gladstone, Oscar, Martin Scorsese’s, “, ” Gladstone, Mollie Kyle, Gray, Gladstone’s, She’s, I’ve, ”, …, David Grann’s, Mollie, Ernest Burkhart, Leonardo DiCaprio, Robert De Niro, Gladstone, Ernest, “ I’ve, that’s Organizations: Gray Horse, Globe Locations: Oklahoma, American, Pawhuska , Oklahoma, Fairfax, Seattle, Blackfeet, Montana

☆ Chinese court starts hearing lawsuits against Malaysia Airlines over missing flight MH370
▼ + stars: | 2023-11-27 | by ( Nectar Gan | ) edition.cnn.com time to read: +7 min

Jiang Hui speaks with CNN in an interview in Beijing on November 21, 2023, days before a Chinese court began hearing lawsuits over the disappearance of Malaysia Airlines flight MH370. All of them are international companies headquartered outside China, though Malaysia Airlines, Boeing and Roll-Royce have offices in China. In Malaysia, two young boys who lost their father on the flight sued Malaysia Airlines for breach of contract and the Malaysian government for negligence in 2014. In China, families who signed a settlement agreement with Malaysian Airlines received 2.5 million yuan ($350,000) in compensation. Only a few dozen Chinese families signed initially, but over the years more have opted to settle.

Persons: Jiang Hui, Jiang Cuiyun, MH370, Jiang, ” Jiang, Royce, Covid, “, ”, – Organizations: Beijing CNN —, Malaysia Airlines Flight, CNN, Court, Maylasia Airlines, Boeing, Malaysia Airlines, Allianz, Rolls, Malaysian, Malaysian Airlines Locations: China, Beijing, Malaysia, Kuala Lumpur, Chaoyang District, United States, Africa, Australia, Mauritius, Madagascar

LOS ANGELES (AP) — John Bailey, a cinematographer who led the Academy of Motion Picture Arts and Sciences during the initial #MeToo reckoning, died Friday at 81. Bailey died “peacefully in his sleep” in Los Angeles, his wife, Carol Littleton, said in a statement distributed by the film academy. The moves sparked immediate backlash, including fears that the new category would relegate hits like that year's “Black Panther” out of contention for the best film award. A month later, the “outstanding achievement in popular film” award had been tabled. Bailey is survived by Littleton, a former Academy governor and film editor who was nominated for an Oscar for “E.T.

Persons: — John Bailey, Bailey, “, Carol Littleton, Bailey —, ”, —, Weinstein, ” Bailey, Bailey's, CEO Dawn Hudson, Oscar Organizations: ANGELES, Academy of Motion Picture Arts, Sciences, Academy, Governors, CEO, Associated Press, Hollywood Locations: Los Angeles, Littleton

☆ Powell says Fed is 'not confident' it has done enough to bring inflation down
▼ + stars: | 2023-11-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

For the second time in recent weeks, a public speech from Powell was interrupted by climate protesters. Powell said that inflation is "well above" where the Fed would like to see it. "The Fed will be true to its mandate and hike further should inflation reaccelerate." "Monetary policy is generally working the way we think it should work" Powell said during a discussion following his speech. But Powell noted that the Fed is "attentive" that stronger than expected growth could undermine the fight against inflation and "warrant a response from monetary policy."

Persons: Jerome Powell, Powell, Stocks, Jeffrey Roach, Jacques Polak Organizations: International Monetary Fund, Dow Jones, Treasury, LPL, CME Group, Traders, Gross, Research Locations: Washington ,

☆ Are Higher Rates Slowing the Economy? A Zoo Offers Clues.
▼ + stars: | 2023-11-02 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

But they are also looking for further evidence that their moves are working to restrain the economy. “The same is true of growth.”But he said that economic growth, which is mainly powered by consumer spending, would most likely need to slow for inflation to fully return to a normal pace. It is now running at about 3.4 percent, still well above the Fed’s 2 percent goal. “What we do with demand is still going to be important,” he said. Surveying the economy reveals that the effects of the Fed’s rate moves are clear in some places, are mixed in others and have yet to make much of a dent elsewhere.

Persons: we’ve, Jerome H, Powell, “, ” Organizations: Fed

Fullerton, Wilson and two other officers were charged in connection with 18-year-old Nicholas Feliciano's suicide attempt at the Rikers Island jail complex on Nov. 27, 2019. Prosecutors said jail guards were seen on surveillance video walking past Feliciano and taking no action for seven minutes and 51 seconds. An investigation report by the city Board of Correction later found that the officers believed Feliciano was faking a suicide attempt. David Rankin, a lawyer for Feliciano's family, said they are “gratified” that the two guards took responsibility in pleading guilty. The Correction Officers’ Benevolent Association has called the officers' indictments politically motivated and called on prosecutors to charge inmates who assault guards.

Persons: Daniel Fullerton, Mark Wilson, Wilson, Nicholas Feliciano's, Feliciano, Prosecutors, Wilson's, David Rankin, Fullerton Organizations: New, Daily News, Fullerton, of, Fullerton . Information, Correction Department, ’ Benevolent Locations: New York City, Rikers, Bronx

But at Best Thai II - one of the only restaurants open this week - business has been bustling since owner Pongsakorn Hanjitsuwan opened his doors hours after the shootings. Hanjitsuwan opened his restaurant after weighing the risk with staff. For regulars, the restaurant has been a comfort; a place not only to find food but to mix with others sharing the shock and grief that has descended on the region. In Auburn, the town adjacent to Lewiston, the checkout line at Roy's Foodland wrapped around the store all through Thursday. The family-owned store, opened 48 years ago, was the only option as all the big chains were shuttered.

Persons: Gabriella Borter, Pongsakorn Hanjitsuwan, We're, we've, Hanjitsuwan, Robert Card, Maria, Toni Martin, Martin, Michael Roy, Roy, Paul Thomasch, Rod Nickel Organizations: Lewiston, REUTERS, Rights, Grocery, Bath, Auburn, Thomson Locations: Bath , Maine, U.S, Rights LEWISTON , Maine, Maine, Bath, McDonald's, Auburn , Maine, Auburn, Lewiston

☆ Restaurant Serves up Food, Comfort During Lewiston Manhunt
▼ + stars: | 2023-10-27 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

By Gabriella BorterLEWISTON, Maine (Reuters) - At Best Thai II in coastal Maine, the phone has been ringing off the hook. But at Best Thai II - one of the only restaurants open this week - business has been bustling since owner Pongsakorn Hanjitsuwan opened his doors hours after the shootings. Hanjitsuwan opened his restaurant after weighing the risk with staff. In Auburn, the town adjacent to Lewiston, the checkout line at Roy's Foodland wrapped around the store all through Thursday. The family-owned store, opened 48 years ago, was the only option as all the big chains were shuttered.

Persons: Gabriella Borter, Pongsakorn Hanjitsuwan, We're, we've, Hanjitsuwan, Robert Card, Maria, Toni Martin, Martin, Michael Roy, Roy, Paul Thomasch, Rod Nickel Organizations: Grocery, Bath, Auburn Locations: Gabriella Borter LEWISTON , Maine, Maine, Bath, McDonald's, Auburn , Maine, Auburn, Lewiston

NEW YORK (AP) — A grant program for businesses run by Black women was temporarily blocked by a federal appeals court in a case epitomizing the escalating battle over corporate diversity policies. Circuit Court of Appeals temporarily prevents the Fearless Fund from running the Strivers Grant Contest, which awards $20,000 to businesses that are at least 51% owned by Black women, among other requirements. In a statement Sunday, the Atlanta-based Fearless Fund said it would comply with the order but remained confident of ultimately prevailing in the lawsuit. “We strongly disagree with the decision and remain resolute in our mission and commitment to address the unacceptable disparities that exist for Black women and other women of color in the venture capital space,” the Fearless Fund said. The Fearless Fund has enlisted prominent civil rights lawyers, including Ben Crump, to defend against the lawsuit.

Persons: Edward Blum, “, Thomas W, program's, ” Blum, Judge Charles R, Wilson, Ben Crump, ” Organizations: Circuit, American Alliance for Equal Rights, Civil, U.S, District Locations: Atlanta, Black, U.S .

Circuit Court of Appeals on a 2-1 vote granted a request by Edward Blum's American Alliance for Equal Rights to temporarily block Fearless Fund from considering applications for grants only from businesses led by Black women. Blum's group asked the court to do so while it appealed a judge's Tuesday ruling denying it a preliminary injunction blocking Fearless Fund from moving forward with its "racially exclusive program." Fearless Fund did not immediately respond to requests for comment. According to the Fearless Fund, businesses owned by Black women in 2022 received less than 1% of the $288 billion that venture capital firms deployed. It also provides grants, and Blum's lawsuit took aim at its Fearless Strivers Grant Contest, which awards Black women who own small businesses $20,000 in grants and other resources to grow their businesses.

Persons: Ben Crump, Arian Simone, Ayana Parsons, Mylan Denerstein, Alphonso David, Eduardo Munoz, Edward Blum's, Blum's, Grant, Robert Luck, Andrew Brasher, Thomas, Donald Trump, Blum, JPMorgan Chase, Strivers, Nate Raymond, Alexia Garamfalvi, Andrea Ricci Organizations: Fund, REUTERS, Supreme, Circuit, Edward Blum's American Alliance for Equal Rights, U.S, District, American Alliance for Equal Rights, Harvard University, University of North, JPMorgan, Bank of America, MasterCard, Thomson Locations: New York, U.S, Atlanta, Texas, University of North Carolina, Black, Boston

[1/2] A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio Acquire Licensing RightsNEW YORK, Sept 21 (Reuters) - A U.S. federal judge on Thursday said American cities may pursue class-action claims accusing eight large banks of driving up interest rates they paid on a popular municipal bond. Cities led by Baltimore, Philadelphia and San Diego accused the banks of colluding to raise rates on more than 12,000 variable-rate demand obligations (VRDOs) from 2008 to 2016. Cities accused the eight banks of conspiring not to compete for remarketing services, and artificially inflating rates by sharing information about bond inventories and planned rate changes. The case is Philadelphia et al v Bank of America Corp et al, U.S. District Court, Southern District of New York, No.

Persons: Carlos Osorio, Jesse Furman, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells, San Diego, Banks, Furman, Dan Brockett, Jonathan Stempel, Marguerita Choy Organizations: Royal Bank of Canada, REUTERS, U.S, Bank of America, Barclays, Citigroup, JPMorgan, Municipal Securities Rulemaking Board, al, Bank of America Corp, Court, Southern District of, Thomson Locations: Toronto , Ontario, Canada, Manhattan, Baltimore, Philadelphia, San, colluding, U.S, Southern District, Southern District of New York, New York

The Holbrooke award, named for the late U.S. diplomat, is presented by the Ohio-based Dayton Literary Peace Prize Foundation. In 1995, Holbrooke helped broker the Dayton Peace Accords that ended the Bosnian War, a conflict Cisneros has thought of often. Civilians and unborn generations ever after suffer with the shrapnel of that conflict embedded in their psyche like hidden landmines. I just returned from Sarajevo, and I know this is true,” Cisneros said in a statement. Previous recipients of the Holbrooke award include Elie Wiesel, Margaret Atwood and Louise Erdrich.

Persons: Sandra Cisneros, Richard C, Holbrooke, ” Cisneros, Alfredo Cisneros, Cisneros, “, Carla Hayden, Elie Wiesel, Margaret Atwood, Louise Erdrich Organizations: Macondo Foundation, Moral Foundation, Dayton, Dayton Peace Accords Locations: Mango, U.S, Ohio, Dayton, Bosnian, Sarajevo

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