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Opinion | Should Biden Downplay His Own Success?
  + stars: | 2024-06-03 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
The performance of America’s economy over the past two years has been remarkable, especially given the dire predictions of many observers. Remember the economists who forecast a recession in 2023? Remember all those warnings that getting inflation down would require years of high unemployment? Stocks are way up since President Biden took office. Yet there’s still a lingering conventional wisdom that says Biden shouldn’t trumpet his economic record.
Persons: Biden, there’s, Jimmy Carter’s Organizations: Washington
Read previewAt the Shangri-La conference in Singapore on Sunday, Ukraine's President Volodymyr Zelenskyy accused China of doing Russia's bidding in seeking to disrupt a peace conference scheduled for June. "Regrettably this is unfortunate that such a big independent powerful country as China is an instrument in the hands of [Russian President Vladimir] Putin," said Zelenskyy of China, whose economy is vastly bigger than Russia's. Zelenskyy's remarks highlight the increasing interdependence between China and Russia in the wake of Russia's 2022 Ukraine invasion. It's bad news for Russia's President Putin, with the Russian gas industry having been badly impacted by sanctions and increasingly dependent on exports to non-Western countries, notably China. AdvertisementIf Xi comes out of the Ukraine war with little to show, then his credibility and bid to assert China as the world's major power will be seriously dented.
Persons: , Volodymyr Zelenskyy, Vladimir, Putin, Xi Jinping, Xi, he's Organizations: Service, Business, Financial, Russia's, Central Asian Republics Locations: Singapore, China, Russia, Ukraine
CNN —The UK ambassador to Mexico was quietly fired earlier this year after pointing a rifle at a local embassy employee, the Financial Times reported Friday. The incident was captured in a video shared on social media. When asked for details, the UK embassy in Mexico deferred CNN’s questions to the British foreign office. The UK government website indicates that Benjamin is no longer an envoy. Mexico - which holds presidential, national and local elections Sunday - faces rampant violent crime, with sky-high crime and homicide rates.
Persons: Jon Benjamin, Benjamin, “ Jon Benjamin Organizations: CNN, Financial Times, British Foreign, Commonwealth, Development Locations: Mexico, British, Durango, Sinaloa
A Saudi fund is the only foreign investor in China's leading AI startup, The Financial Times reported. Zhipu AI is China's largest generative AI startup by staff numbers and aims to rival OpenAI. AdvertisementSaudi Arabia is reportedly helping to fund China's AI development. A Saudi fund recently became the sole foreign investor in Zhipu AI, a startup that's part of Chinese efforts to build an OpenAI rival, The Financial Times reported citing two unnamed sources. According to the report, Prosperity7, which is part of the state-owned oil group Saudi Aramco, recently participated in the latest funding round for the Chinese startup as a minority investor.
Persons: OpenAI, Organizations: Saudi, Financial Times, Service, The Financial, Saudi Aramco, Business Locations: Saudi Arabia
Pershing Square Capital Management CEO Bill Ackman is leaning to supporting Donald Trump. According to multiple reports, Ackman is considering a public announcement backing Trump. AdvertisementBillionaire investor Bill Ackman is considering endorsing former President Donald Trump, according to multiple reports. The Financial Times was the first to report that the hedge fund manager is leaning toward the former president. Ackman also supported former UN Ambassador Nikki Haley, who recently endorsed Trump after her failed GOP primary run.
Persons: Bill Ackman, Donald Trump, Ackman, Trump, , Dean Phillips, Joe Biden, Nikki Haley Organizations: Pershing, Capital Management, Wall Street titans, Service, Financial Times, Dean Phillips of, GOP, Business Locations: Dean Phillips of Minnesota
NATO members have less than 5% of the air defenses needed to protect Central and Eastern Europe, per the FT.A NATO official said their air defense "stockpiles have been reduced." Putin hinted on Tuesday that he might attack NATO members calling for Ukrainian strikes on Russia. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCentral and Eastern European countries may find themselves vulnerable during an invasion because of NATO's weak air defenses, per a new report from the Financial Times. Members of the military alliance only have less than 5% of the air defense capabilities needed to protect those regions from attacks, the FT reported on Wednesday, citing people familiar with NATO's defense plans.
Persons: Putin, Organizations: NATO, Service, Financial Times, Business Locations: Central, Eastern Europe, Russia, Eastern
Its peak $100 billion valuation once made it the world's third largest privately-held company, behind TikTok owner Bytedance and Elon Musk's SpaceX. Estimates have pegged Shein's IPO valuation at around $90 billion, Bloomberg reported last year. AdvertisementTo gauge what happens to some Shein items once they're returned, BI reporters in the UK put two AirTag trackers on Shein garments and sent them back. Shein is more directly involved in production and focuses on clothes, but Temu's popularity "could affect the valuation," Swartz said. In a November statement following the news of Shein's IPO, chairman Mike Gallagher urged investors and banks underwriting the move to "carefully examine Shein's regulatory and compliance programs."
Persons: , Bytedance, Sky Xu, Yangtian Xu, Chris, Shein, confidentially, David Swartz, Swartz, Lululemon, JADE GAO, Stephanie Benedetto, Queen, Benedetto, they're, Shein's, Morningstar's Swartz, Temu, Mike Gallagher Organizations: Service, Elon, SpaceX, Business, Reuters, Authentic Brands, Wall Street, CNBC, Bloomberg, Morningstar, Zurich Insurance Group, Guardian, BI, Coventry Airport, SEC, Street, Financial Times, London Stock Exchange, Chinese Communist Party, Nike, Adidas Locations: China, , Singapore, Sequoia China, London , Hong Kong, York, London, Canary Wharf, Coventry, Walsall, Northern Ireland, England, Kent, Washington, Xinjiang, Dublin, Shein
Hedge fund executive and billionaire Bill Ackman has signaled to associates that he is likely to support Donald Trump for president over Joe Biden, according to a source familiar with the matter. Ackman previously financed Robert F. Kennedy Jr.'s campaign for president and Republican Nikki Haley's failed bid for the White House. If Ackman endorses Trump, he will join a growing crowd of Wall Street executives backing Trump over Biden. Blackstone CEO Steve Schwarzman recently said in a statement that he would support Trump. When asked at the time whether he would vote for Trump over Biden, Ackman said, "I'll make that decision when I have the choice."
Persons: Bill Ackman, David Rubenstein, Donald Trump, Joe Biden, Robert F, Kennedy Jr, Nikki Haley's, Ackman, Trump, Blackstone, Steve Schwarzman, Biden, Dean Phillips, Phillips Organizations: Pershing, Capital Management, White, Forbes, Financial Times, Wall Street, Biden, Trump, Republican, CNBC, Democratic, Commission Locations: New York
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewCentral Europe's largest ammunition supplier said that quality and cost issues meant that half of the shells it's sourcing for Ukraine can't be sent directly to the country, according to the Financial Times. In January, NATO Secretary General Jens Stoltenberg said that the war in Ukraine had "become a battle for ammunition." Ukraine has been forced to limit itself to firing 2,000 shells per day for much of this year, Ukrainian President Volodymyr Zelenskyy said. AdvertisementAnd it's only been since mid-May that its forces have started to breathe more easily over their ability to expend shells, Zelenskyy said.
Persons: , Michal Strnad, Strnad, Strnad's, Jens Stoltenberg, Sinéad Baker, Volodymyr Zelenskyy, Zelenskyy Organizations: Service, Financial Times, Czechoslovak Group, Business, CSG, Radio Free, NATO, Reuters Locations: Ukraine, Czech, Asia, Africa, Prague, Russia
ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. Shares of Marathon (MRO) were up more than 10% in premarket trade, while Conoco (COP) stock was down about 2%. “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory,” Ryan Lance, ConocoPhillips CEO, said in a statement. Until 1962, Marathon Oil was called The Ohio Oil Company, which was founded in 1887 and was bought two years later by John D. Rockefeller’s Standard Oil.
Persons: Hess, ” Ryan Lance, John D, Lee Tillman, ” Tillman Organizations: London CNN, Big Oil, ConocoPhillips, Oil, Marathon Oil, Occidental, Diamondback Energy, Endeavor Energy Partners, Marathon, Financial Times, Devon Energy, Ohio Oil Company Locations: Conoco, Houston, multibillion
European markets set to open mixed as UK's FTSE reopens
  + stars: | 2024-05-28 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +1 min
The U.K.'s FTSE 100 was seen opening lower after markets were closed for the late May bank holiday, while other major European bourses were seen moving higher. European markets are poised to open mixed on Tuesday after a quiet start to the trading week in which several key global markets were closed. Tuesday's session is light on the corporate earnings front, while wholesale price data is due out of Germany. Investors are continuing to weigh the prospects of a June rate cut by the European Central Bank after two key policymakers threw their weight behind the prospect on Monday. Meanwhile, the ECB's Chief Economist Philip Lane said in an interview with the Financial Times, "Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction."
Persons: Olli Rehn, Philip Lane Organizations: Investors, European Central Bank, ECB, Financial Times Locations: Germany
Meta and xAI are competing to partner with buzzy AI startup Character.AI, per the Financial Times. It's the latest twist in the rivalry between Elon Musk and Mark Zuckerberg. The two billionaires have been feuding for years, and are now both racing to build superhuman AI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe rivalry between Elon Musk and Mark Zuckerberg may be heating up again.
Persons: Elon Musk, Mark Zuckerberg, , Musk's xAI, Character.AI, Andreessen Horowitz Organizations: Financial Times, Elon, Service, Meta, Financial
(That's not a knock on the company — for a lot of crypto exchanges, the Empire State is a tough nut to crack.) Crypto.com's primary business is its cryptocurrency exchange, which works as a middleman for people buying and selling crypto, but it also offers other products, including crypto Visa cards. To be sure, the casino thing could be said about most crypto exchanges — and sports-betting apps, and many regular trading apps. It's a good reminder that, whatever the company, it's better to use exchanges only for trading your crypto assets, not for storing them. Or maybe in five years we'll be looking back at this moment and saying: "Remember that one crypto company?
Persons: Eminem, Sam Bankman, Crypto.com doesn't, Jojo Siwa, it's, He'd, Nic Carter, Crypto.com, Kris Marszalek, Foris DAX Asia, It's, Matt Damon, Steven Kalifowitz, Bill Clinton, Tony Blair, FTX, hasn't, Marszalek, wasn't, Alex Gladstein, Emily Stewart Organizations: NBA, Los Angeles Lakers, It's, UFC, NASCAR, Lakers, Castle, Ventures, Staples Center, Miami Heat's, Binance's, Forbes, Financial Times, Securities and Exchange Commission, Bloomberg, PayPal, JPMorgan doesn't, Human Rights Foundation, Business Locations: New York, America, Singapore, Nigeria, Bulgaria, Monaco, Hong Kong, Polish, Los Angeles, Bahamas, Netherlands, Asia, Americas
On Net-A-Porter, the most expensive Golden Goose shoe costs just over $1,000, while the cheapest is $420. Some of the more expensive Golden Goose sneakers. www.goldengoose.comInterest in Golden Goose sneakers was bubbling among Zoomers last summer and seems to have boomed in 2024. Some Golden Goose disciples say they've been questioned about why they would buy dirty shoes, particularly for hundreds of dollars. When Schiffer's mom noted ripped jeans are in style too, her father asked: "Why don't you just buy my old sneakers?"
Persons: , Porter, Francesca Rinaldo, Alessandro Gallo, they've, Dunks, Golden, Taylor Swift, Selena Gomez, Hilary Duff, Silvio Campara, aren't, Sydney Schiffer, there's, Schiffer, I'm Organizations: Service, Business, Super, Adidas, Bloomberg, Financial Times Locations: Milan
Entrepreneur Grant Cardone said collecting and displaying art gives him more fulfilment than investing. Grant CardoneMultimillionaire Grant Cardone, who has been collecting art for around 15 years, says he's a spontaneous buyer. Bunker artChristian and Karen Boros' home is on top the bunker that houses their private art collection, the Boros Collection, in the center of Berlin, Germany. An artwork by Cyprien titled "Gaillard Lesser Koa Moorhen," 2013, part of the Boros Collection. Karen and Christian Boros live in a penthouse apartment above their art collection in Berlin.
Persons: Grant Cardone, Grant Cardone Multimillionaire Grant Cardone, Cardone, Grant Cardone's, Burton Morris, Tommy Hilfiger, Hilfiger, Basquiat, Grant, , Kenny Scharf, Scharf, Phillips, Jean, Michel Basquiat, gesturing, Al, Holly, Christian Levett, He's, Levett, Elaine de Kooning, Pat Passlof, Helen Frankenthaler, Joan Mitchell, It's, … Mitchell, Elaine, Kooning, John F, Kennedy, Karen Boros, John Macdougall, Christian, Raoul Zoellner, Cyprien, Boros, Noshe Christian, Joseph Beuys —, Zoellner, Karen, Christian Boros, Max von Gumpenberg Organizations: CNBC, Apple, Grant Cardone's Miami, Harvard University and New York University, Mougin Museum, London, AFP, Getty, Berlin, Noshe, Financial Times Locations: Miami, Cardone's, American, Grant Cardone's, Florence, Italy, Mougins, France, Ponte, Berlin, Germany
Six NATO countries are planning a "drone wall" to defend against Russia. Finland, Norway, Poland, and the Baltic states want to prevent smuggling and Russian provocations. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSix NATO countries are joining forces to create a "drone wall" to defend themselves against Russia, AFP news agency reported. Over the weekend, ministers from Finland, Norway, Poland, Estonia, Latvia, and Lithuania convened to discuss a coordinated system to help defend against Russian provocations and smuggling attempts, per the Financial Times.
Persons: , Agnė Bilotaitė Organizations: NATO, Service, Financial Times, Baltic News Service, Business Locations: Russia, Finland, Norway, Poland, Baltic, AFP, Estonia, Latvia, Lithuania
Bill Gross warned that a second Trump presidency could harm bond markets. Gross highlighted that Trump's tax cuts and spending programs would worsen the fiscal deficit. AdvertisementDonald Trump winning the presidential election would be bad news for the bond markets, said "Bond King" Bill Gross. A Trump presidency would worsen US fiscal deficits, which would hurt bonds, the billionaire investor and PIMCO cofounder said in an interview with the Financial Times. "Trump is the more bearish of the candidates simply because his programs advocate continued tax cuts and more expensive things," Gross said.
Persons: Bill Gross, Trump, Gross, , Donald Trump Organizations: Service, Financial Times, Business
Read previewElon Musk's xAI just took a critical step in building up its war chest to take on Sam Altman's OpenAI. The AI startup said in a blog post on Sunday that it had raised $6 billion for their Series B funding round. Related stories"There will be more to announce in the coming weeks," Musk said in an X post on Monday morning. AdvertisementThe mercurial billionaire said in a subsequent X post that xAI's pre-money valuation was $18 billion. Pre-money valuation was $18B — Elon Musk (@elonmusk) May 27, 2024Sunday's announcement marks the first time xAI has talked about its fundraising efforts.
Persons: , Elon Musk's xAI, Sam Altman's OpenAI, Andreessen Horowitz, Musk, Elon, xAI, he'd, Altman, OpenAI Organizations: Service, Sequoia Capital, Saudi Arabia's, Business, Bloomberg, Financial Times, The New York Times, OpenAI, Microsoft, Google Locations: Saudi, Saudi Arabia's Kingdom
China is banning social media influencers for flaunting lavish lifestyles and promoting materialism. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFlaunting a lavish lifestyle to promote materialism can get you thrown off social media in China. Since April, China has been busy cracking down on influencers who promote ostentatious lifestyles as a means of gaining profit. China's internet regulator, Cyberspace Administration of China, launched a campaign last month to discourage social media users from "deliberately showcasing a lavish lifestyle built on wealth," the Financial Times reported.
Persons: China's Kim Kardashian, Organizations: Cyberspace Administration of China, Financial Times, Service, Cyberspace Administration, Business Locations: China
European stocks close higher; UK and U.S. markets closed
  + stars: | 2024-05-27 | by ( Katrina Bishop | ) www.cnbc.com   time to read: +1 min
European markets closed slightly higher on Monday as traders searched for direction on a quiet day for markets. U.K. markets are closed for the late May bank holiday, while stateside, U.S. markets are shut for Memorial Day. It comes as speculation over when interest rates might start to come down dominates the news flow once again. On Monday, two key European Central Bank figures threw their weight behind the prospect of a June interest rate cut. It indicates that the European Central Bank is going to act in June — sooner than the U.S. Federal Reserve, which usually leads the way in monetary policy decisions.
Persons: Germany's Dax, Olli Rehn, Philip Lane, Goldman Sachs Organizations: CAC, European Central Bank, ECB, Financial Times, U.S . Federal Reserve, Federal Locations: U.S
Pilots of the "Sharp Kartuza" division of FPV kamikaze drones prepare drones for a combat flight on May 16, 2024 in the Kharkiv region, 8 km from the border with Russia. Six NATO countries neighboring Russia are joining forces to build a "drone wall" to protect their borders, Lithuania's interior minister announced on Friday. In an interview with Finnish television channel Yle, cited by the Financial Times, Finland's Interior Minister Mari Rantanen said that the drone wall plan would "improve in time." The interior ministers of the six countries taking part in the drone wall project met in the Latvian capital of Riga on May 23 and 24. "The phenomenon of instrumentalized migration on the EU's external borders is a common challenge for our countries.
Persons: Agne Bilotaite, Bilotaite, Mari Rantanen, Rantanen Organizations: NATO, Yle, Financial Times, Finland's, EU Locations: Kharkiv, Russia, Norway, Poland, Lithuanian, Baltic, Latvia, Estonia, Finland, Latvian, Riga, Belarus, Africa
Top commodity trader Pierre Andurand expects copper to reach $40,000 a ton in the next four years. AdvertisementCopper prices at records are only a taste of what's to come, says top commodities trader Pierre Andurand. Copper is already sitting near record highs, so any quadrupling from current levels would mean a prolonged series of fresh records. It's bad news for a depleting inventory; last year, global copper supply hit its lowest seasonal level since 2008. The supply-demand imbalance is the same thesis for why commodities expert Jeff Currie expects higher prices, though his projection is nowhere near Andurand's — Currie expects copper to hit $15,000 in the coming years, and has called it "the most compelling trade" he's ever seen.
Persons: Pierre Andurand, , That's, Andurand, BHP's, Jeff Currie, — Currie, I'm, Currie Organizations: Service, Financial Times, Bloomberg
A far-right group in the European Union’s Parliament announced on Thursday that it had ousted the Alternative for Germany party from its coalition, dealing a severe blow to a key alliance just two weeks before E.U. In a statement on its official X account, the Identity and Democracy Group wrote that it had decided to exclude Alternative for Germany, or AfD, because of comments made by Maximilian Krah, the AfD’s lead candidate in the upcoming elections. In an interview last week, Mr. Krah appeared to minimize the crimes carried out by the SS, the Nazi paramilitary force that killed millions of people during the Holocaust. “One million soldiers wore the SS uniform,” Mr. Krah said to La Repubblica and The Financial Times in a joint interview. You have to establish individual guilt.”In its statement, Identity and Democracy wrote that it “no longer wants to be associated with the incidents involving Maximilian Krah, head of the AfD list for the European elections.”
Persons: Maximilian Krah, Krah, Mr, Organizations: Union’s, Democracy Group, SS, Nazi, Repubblica, Financial Times, Waffen, Democracy Locations: Germany
Read previewRussian President Vladimir Putin is targeting a strategic Swedish island that offers mastery over the Baltic Sea, the commander-in-chief of Sweden's army warned this week. Putin's goal is to gain control of the Baltic Sea," Micael Bydén told German news outlets, according to Politico's translation of his remarks. Sweden joined NATO in early March, and the alliance is now the dominant force in the Baltic Sea, thanks in large part to its control of Gotland. Advertisement"If Russia takes control and seals off the Baltic Sea, it would have an enormous impact on our lives — in Sweden and all other countries bordering the Baltic Sea," Bydén said. Swedish military officials watch a Swedish C-130H take off from a non-traditional runway on Gotland Island on October 23, 2021.
Persons: , Vladimir Putin, Putin, Micael Bydén, Bydén, Patrik Orcutt, Ulf Kristersson Organizations: Service, Business, NATO, Nordic, Russia's Ministry of Defence, Moscow Times, US Army, Politico, Sweden's, Financial Times, Gotland Regiment, US Locations: Swedish, Baltic, Gotland, Putin's, Sweden, Russian, Kaliningrad, It's, Rhode, Russia, Bydén, Moscow, Lithuania, Finland, Latvia, Ukraine
High-end travelers are turning to supervans with heated floors, Italian tiles, and home theatres, according to Lucas Ravizza, who builds and designs luxury vans for a living. AdvertisementLucas Ravizza is photographed inside one of the luxury vans he designed. Ravizza is among the many luxury van influencers sharing their designs online. Matt MaloneRavizza said he usually spends $180,000 buying and converting luxury vans for clients who use them as vacation homes. Ravizza said anyone can upgrade a van to add luxury elements, but there's one mistake they should avoid.
Persons: , Lucas Ravizza, Tom Ripert, Ripert, Lucas, Matt Malone, Ravizza, Matt Malone Ravizza Organizations: Service, Business, Financial Times, Econ Market Research Locations: San Francisco
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