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☆ Republican budget proposal would do away with universal free school lunches
▼ + stars: | 2024-03-24 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A 2025 budget proposal backed by 170 House Republicans would nix a universal free school lunch program. Only nine states provide free school lunch to all students right now. The budget aims to reform school lunch subsidies by eliminating the "community eligibility provision" from the federal School Lunch Program. The proposed RSC Budget would eliminate that provision to ensure school lunch provisions go to only "truly needy households," the report says. States with universal free lunch include California, Colorado, Illinois, Michigan, Minnesota, Main, Massachusetts, New Mexico, and Vermont.

Persons: nix, —, Kevin Hern of, Hern, Crystal FitzSimons, FitzSimons Organizations: Republicans, Republican, Service, Committee, Representatives, Budget, NYC Food Policy, Hunter College ., DC, Conservative, Food Research, Action Center Locations: NYC, California , Colorado , Illinois , Michigan, Minnesota, Main , Massachusetts, New Mexico, Vermont, Washington, Kevin Hern of Oklahoma

☆ Ukraine's Patriot kills of Russian planes and missiles have turned a US air-defense weapon with a troubled past into a hero
▼ + stars: | 2024-03-23 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +16 min

Ukraine's use of the US-made Patriot system has been celebrated. A mixed pastThe MIM-104 Patriot missile system is a ground-based, mobile surface-to-air missile battery that can down crewed and uncrewed aircraft, cruise missiles, and short-range and tactical ballistic missiles. AdvertisementNone of Ukraine's Patriot missile systems have been confirmed destroyed, though there have been Russian claims, but the system has been involved in confirmed kills of Russian aircraft and missiles. "We were again, very much surprised by what we see now, what the effectiveness of the Patriot system seems to be," he said. The problem with Patriot missiles for Ukraine mirrors its main obstacle in trying to fight Russia: A critical shortage of supplies and ammunition.

Persons: —, Frederik Mertens, Justin Bronk, Mertens, Joe Raedle, Bronk, Timothy Wright, Nathan White, Mick Ryan, Gilles BASSIGNAC, Houthi, Wright, Jeffrey Lewis, Tom Karako, ANDREW CABALLERO, REYNOLDS, Ryan, Karako, it's, BI's Jake Epstein, Rajan Menon, Volodymyr Zelenskyy, Ukraine Bronk, Jan Kallberg, Ukraine Oleksandr Gusev Organizations: Service, Patriots, Patriot, U.S . Army Security, Hague, Strategic Studies, Royal United Services Institute, Iraq's, US Army, Raytheon, Iraqi, International Institute for Strategic Studies, Australian Army, Getty Images, Middlebury Institute of International Studies, Missile Defense, Center for Strategic, International Studies, Airforce, Getty, Defense, NATO, Emergency Service, Centre for, Kyiv, Pentagon Locations: Ukraine, Russia, United States, Iraq, Iraqi, Saudi Arabia, Getty Images Saudi Arabia, Yemen, Monterey, Prince, Al, Kyiv, Russian, UAE

☆ A $20m mansion home was built on top of a 400ft skyscraper. The tycoon owner may never get to live in it.
▼ + stars: | 2024-03-23 | by ( Cameron Manley | ) www.businessinsider.com time to read: +4 min

A $20-million sky mansion sits on top of a 33-story luxury apartment complex in India. The spectacular home was designed for businessman Vijay Mallya. AdvertisementVijay Mallya might never get to live in the mansionThere's a real possibility that Mallya won't ever get to live in the sky mansion. Indian businessman Vijay Mallya arrives at the Royal Courts of Justice in London, February 2020. On the list were defense dealer Sanjay Bhandari, diamond trader Nirav Modi, and Vijay Mallya.

Persons: Vijay Mallya, Mallya, —, Vijay, instagram Irfan Razac, superrich, Ambani, Ashwin, Tom Tugendhat, Sanjay Bhandari, Nirav Modi Organizations: Service, Prestige Estates, Business, Kingfisher, Financial Times, Royal, of Justice, Reuters, of State Security, Press Trust of, The, India's Central Bureau of Investigation, National Investigation Agency Locations: India, Bengaluru, Mumbai, London, Reuters India, Japan, Canada, New Zealand, Norway, British, Press Trust of India, The Times

☆ Kevin O'Leary wants to buy TikTok at up to 90% discount. Here's why
▼ + stars: | 2024-03-22 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Kevin O'Leary is putting together a syndicate for a potential purchase of TikTok, with a starting bid of $20 billion to $30 billion — an up to 90% cut in valuation from the company's last funding round. Any deal for the short video-sharing platform — valued at $220 billion in 2023, according to PitchBook data — will likely exclude the user preference-based algorithms that have helped make it so successful, the O'Leary Ventures Chairman said on CNBC's "Street Signs Asia." "It's the largest entertainment and business network in America as it stands today, so it's of great interest and great value," he said on Friday. But it is not likely that the Chinese government will sell the algorithms, "so what you're getting is the valuable domestic brand TikTok and 170 million users, with no data," O'Leary said. A potential buyer will have to "re-emulate" those algorithms with U.S. code and act as a "steward" to transform the platform from "TikTok China to TikTok U.S.A." Hence the valuation cut.

Persons: ByteDance, Kevin O'Leary, O'Leary Organizations: U.S . House, O'Leary, TikTok Locations: TikTok, Culver City , California, America, China

☆ TikTok aside, Congress has its eye on the U.S. money going into China
▼ + stars: | 2024-03-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The House Select Committee on the CCP, established in January last year, led the legislative act to essentially ban TikTok in the U.S. if its Chinese parent ByteDance doesn't sell the popular social media app. watch nowThe House select committee in February also published a report alleging U.S. venture capital firms invested billions "into PRC companies fueling the CCP's military, surveillance state and Uyghur genocide." Similar research detailing the links between U.S. capital, venture firms in China and Chinese tech startups has started making its rounds in major media outlets since late 2023. The Senate in July overwhelmingly passed a bill that would have required U.S. investors in advanced Chinese technology to notify the Treasury Department. The Biden administration in August issued an executive order aimed at restricting U.S. investments into semiconductor, quantum computing and artificial intelligence companies citing national security concerns.

Persons: Ken Cedeno, that's, Mike Gallagher, Gallagher, Andrew King, King, Biden, Michael McCaul, Gregory W, Meeks Organizations: U.S, Capitol, Reuters, The U.S, Congress, Chinese Communist Party, CNBC, House Armed, Technologies, Innovation, Intelligence, CCP, Future, Ventures, Treasury Department, Treasury, Foreign, China's Ministry of Commerce, Financial Regulatory Administration Locations: Washington , U.S, Reuters BEIJING, The, China, United States, U.S, Beijing, San Francisco

☆ Success in Ukraine has become ‘a matter of U.S. credibility,’ Poland minister says
▼ + stars: | 2024-03-20 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Roberto Schmidt | Getty ImagesUkraine succeeding against Russia in the war has become a question of U.S. credibility, Radoslaw Sikorski, Poland's foreign minister, told CNBC. "The success of Ukraine is now a matter of U.S. credibility. Many GOP politicians have called for the aid to be tied to funding for national security efforts at the U.S. southern border and discussions about the Senate-approved aid package to be reformed into a loan package have emerged. Messaging from Trump has however been mixed, as he has also said he would do more than President Joe Biden's administration has done to support Ukraine. His rhetoric has raised questions and concerns about what U.S. support for Ukraine would look like, and if it could even cease if he were reelected.

Persons: Roberto Schmidt, Radoslaw Sikorski, CNBC's Steve Sedgwick, Republican Sen, Lindsey Graham of, Volodymyr Zelenskyy, Zelensky, Trump's, Donald Trump, Trump, Vladimir Putin, Joe Biden's, Dmytro Kuleba, Antony Blinken, Kuleba Organizations: U.S . Capitol, Getty, Russia, CNBC, U.S . House, Representatives, U.S . Senate, Republican, GOP, Ukraine, Messaging, Trump, U.S Locations: Ukraine, Ukrainian, Israel, Washington , DC, U.S, Lindsey Graham of South Carolina, United States, Russia

☆ Lloyd Austin says US support for Ukraine remains resolute even as security aid remains stalled in Congress
▼ + stars: | 2024-03-19 | by ( Haley Britzky | ) edition.cnn.com time to read: +4 min

Ramstein Air Base, Germany CNN —US Defense Secretary Lloyd Austin emphasized Tuesday that the US “will not let Ukraine fail,” as Congress continues to delay critical funding for Ukraine aid. “So, our message today is clear: The United States will not let Ukraine fail. This coalition will not let Ukraine fail. And the free world will not let Ukraine fail.”The trip is Austin’s first official trip abroad since his prostate cancer procedure in December. “And Ukraine continues to down Russian warplanes.”The future of supplemental aid in Congress remains unclear.

Persons: Lloyd Austin, ”, Austin, Rustem Umerov, “, Russia “, ” Austin, Mike Johnson, Sen, Markwayne Mullin, Johnson, Joe Biden, Jake Sullivan Organizations: Ramstein Air Base, Germany CNN — US, Ukraine Defense Contact, Ukrainian Defense, CNN, Russia, Russian Navy, Republican, ”, Pentagon, Army Locations: Germany, Ukraine, United States, Russia, Europe, “, Oklahoma

☆ How Instagram got its mojo back
▼ + stars: | 2024-03-19 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +8 min

AdvertisementSensor Tower shows that Instagram downloads were up 20% in 2023 compared to 2022, in contrast to TikTok's 4% year-over-year growth. Instagram beat TikTok not only in growth, but sheer volume of app downloads in 2023: Instagram had 767 million while TikTok had 733 million. One reason is Threads, the newly launched Twitter competitor, which requires an Instagram account and may have prompted some people who were curious about Threads to re-download Instagram. AdvertisementTikTok is getting oldAt the same time, TikTok, once the main existential crisis for Instagram (well, probably still is), is faltering. In 2014, that same age group (which we are trying not to refer to as middle-aged) accounted for only about 20% of Instagram users.

Persons: Instagram, TikTok, —, I've, aren't, Kim Kardashian, Kylie Jenner, Adam Mosseri, Instagram hasn't, Ryan Broderick, Pew, You'd, let's, ByteDance, I'm Organizations: Service, The New York Times, Meta, The, Schools, Boston Globe Locations: Europe, Valencia, Massachusetts

SAN FRANCISCO (AP) — Former CNN reporter Don Lemon mixed it up with Tesla CEO Elon Musk in an interview Lemon posted on Musk’s X social network Monday. The interview was supposed to kick off Lemon’s new talk show on X, formerly known as Twitter, at least until Musk canceled the show shortly after the interview was recorded. MUSK USES KETAMINE TO TREAT POSSIBLE SYMPTOMS OF DEPRESSIONMusk is “almost always” sober when posting on X late at night, he told Lemon. But in his interview with Lemon he did argue, on shaky evidence, that a surge of undocumented immigrants has skewed U.S. elections in favor of Democrats. Lemon pointed out that undocumented immigrants can't vote and thus can't really favor either political party.

Persons: —, Don Lemon, Elon Musk, Lemon, Musk, ” Musk, ”, you've, “, Donald Trump, “ Let's, Trump, hasn't, Biden, I've Organizations: FRANCISCO, CNN, Tesla, Twitter, TRUMP, “ Locations: Florida, U.S, Washington

☆ ‘Alarm bells are ringing’: Poland’s president says NATO must urgently ramp up defense spending
▼ + stars: | 2024-03-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Polish President Andrzej Duda speaks to members of the media following a meeting with U.S. President Joe Biden at the White House on March 12, 2024 in Washington, DC. Kevin Dietsch | Getty ImagesPolish President Andrzej Duda said Monday that NATO must urgently increase its defense spending to ensure it does not become the next target of a Russian attack. Duda said it was therefore more critical than ever to ramp up the alliance's military investment, describing his increased spending targets as "common sense." The Polish president, whose country shares a land border with Ukraine, has spearheaded calls to supply weapons to Kyiv since the onset of Russia's full-scale invasion. During a meeting with U.S. President Joe Biden last week, Duda called for NATO to raise its minimum military spending target to 3% of GDP to further strengthen the alliance's defenses.

Persons: Andrzej Duda, Joe Biden, Kevin Dietsch, Duda, Vladimir Putin, CNBC's Steve Sedgwick, Donald Tusk, Tusk, Putin, it's Organizations: U.S, White, Getty, NATO, CNBC, Polish, U.S . House Locations: Washington , DC, Moscow, Ukraine, Poland, U.S, Sweden, Congress, Russia

Congress has until Friday at midnight to pass six major spending bills to avert a partial government shutdown. Six spending bills that cover roughly three-quarters of all federal discretionary spending are at stake:– Defense: Includes funding for nearly all military-related activities. – State, Foreign Operations and Related Programs: Includes funding for U.S. diplomatic activities, cultural exchanges, development and humanitarian assistance. As of Monday morning, appropriators had yet to release any of the six funding bills they’ll need to pass. The stalemate comes in the wake of Republicans killing the bipartisan Senate border deal last month.

Persons: appropriators, they’re Organizations: –, – Financial Services, General Government, Department of, Treasury, of Columbia, – Department of Homeland Security, Federal Emergency Management Agency, Coast Guard, Customs, Immigration Services, Labor, Health, Human Services, Education, Centers for Disease Control, Food and Drug Administration, Social Security, National Labor Relations Board, Senate, U.S . Capitol Police, of Congress, Foreign, House Republican, White House, Department of Homeland Security Locations: U.S, – State

☆ CNBC Daily Open: Wall Street focus turns to the Fed
▼ + stars: | 2024-03-18 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks close lowerWall Street ended lower on Friday as investors await the Federal Reserve's policy meeting this week for insights on rate cuts. He told CNBC inventories are depleted in many cases and the ocean carrier has seen a recovery after the Chinese New Year. [PRO] U.S. election risk on China stocksGoldman Sachs has revised its barometer for the level of risk from U.S.-China tensions in Chinese stocks.

Persons: Jerome Powell, Joe Biden, Lloyd, Jobs, Goldman Sachs Organizations: Federal Reserve, New York Stock Exchange, CNBC, Nasdaq, Dow, Bank of Japan, Congress, Tech Locations: Asia, U.S, China

☆ TikTok: Is it really Chinese?
▼ + stars: | 2024-03-18 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Is TikTok Chinese? In March 2023, CEO Chew was repeatedly pressed by US lawmakers on whether TikTok was Chinese. According to TikTok’s own website, its subsidiaries around the world are all structured under Bytedance Ltd.Is ByteDance Chinese? At last year’s congressional hearing, Chew didn’t directly answer any questions about whether ByteDance is a Chinese company either. That means the Chinese government now owns 1% of Beijing Douyin Information Service, which is the domestic Chinese unit of Bytedance.

Persons: TikTok, Shou Chew, Trump, Chew, Jose Luis Magana, Musical.ly, TikTok’s, ByteDance, Zhang Yiming, Liang Rubo, Zhang, Liang, Jinri, Chew didn’t, Shannon Stapleton, Zhang Fuping, Xi Jinping, Wu Shugang, Shu Yuting Organizations: Hong Kong CNN, TikTok LLC, TikTok Ltd, ByteDance Ltd, Bytedance Ltd, Tianjin’s Nankai University, ByteDance, Carlyle Group, General Atlantic, Susquehanna International Group, Reuters, Communist, Cyberspace Administration, Beijing Douyin Information Service, Chinese Communist Party, National Intelligence Law, Commerce Ministry Locations: China, Hong Kong, United States, Beijing, California, Los Angles, Singapore, Delaware, Culver City , California, Cayman Islands, Shanghai, Chinese, TikTok

☆ CNBC Daily Open: Fed rate meet in focus
▼ + stars: | 2024-03-18 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nikkei 225 and the Topix gained, while China's CSI 300 index and Hong Kong's Hang Seng also rose. Wall Street ended lower on Friday as focus shifts to the Federal Reserve's policy meeting this week for insights on rate cuts. [PRO] U.S. election risk on China stocksGoldman Sachs has revised its barometer for the level of risk from U.S.-China tensions in Chinese stocks.

Persons: Seng, Ashwini Vaishnaw, Joe Biden, Goldman Sachs Organizations: CNBC, Nikkei, CSI, Nasdaq, Dow, Retail, White, Congress Locations: Asia, Japan, China, India, U.S

☆ China keeps on finding ways to hurt USA Inc
▼ + stars: | 2024-03-18 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Beijing has asked domestic EV companies to ramp up spending with local chip makers, per Bloomberg. It has bruised Tesla too, as it battles for market share with domestic EV makers competing on price. AdvertisementApple, for instance, generated almost 20% of its revenue from sales in China last year. Nvidia reported $10.3 billion in revenue from China for its last fiscal year, up from $5.8 billion the year prior. Chinese EV makers like BYD are being asked to buy chips locally instead of from US firms.

Persons: —, Tesla, BYD, Orin, Fabrice Coffrini Organizations: Bloomberg, Service, China's Ministry of Industry, Information Technology, Huawei, Publishing, Getty, Nvidia Locations: China, Beijing, BYD, Hangzhou, chipmakers, Chinese, AFP

☆ Opinion | What Trump’s TikTok Flip-Flop Tells America
▼ + stars: | 2024-03-17 | by ( David French | ) www.nytimes.com time to read: +1 min

This is exactly what a nation should do when it’s getting serious about the national security threat posed by the People’s Republic of China. Indeed, in one of the more astonishing public relations blunders in modern memory, TikTok made its critics’ case for them when it urged users to contact Congress to save the app. The resulting flood of angry calls demonstrated exactly how TikTok can trigger a public response and gave the lie to the idea that the app did not have clear (and essentially instantaneous) political influence. Moreover, the vote demonstrated that it’s still possible to forge something approaching a foreign policy consensus on at least some issues. When a threat becomes big enough — and obvious enough — the American government can still act.

Persons: TikTok Locations: People’s Republic of China, America

☆ Things are about to get weird for homebuyers and sellers
▼ + stars: | 2024-03-17 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Ban or no ban, TikTok is under pressure. Now, we're about to enter a new age of experimentation as buyers and sellers start thinking hard about how they'll pay their agents, and how much. More of this week's top readsThe Insider Today team: Matt Turner, deputy editor-in-chief, in New York.

Persons: —, TikTok, Bytedance, Biden, Donald Trump, Steven Mnuchin, Anson Chan, sarayut Thaneerat, Tyler Le, Ken Griffin, Ambition, Theresa Sue Mubenga, who's, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Senate, Apple, Medical Properties Trust, Citadel, Miami, Citadel Securities, Wall, Workers, National Association of Realtors, Oxford Locations: China, Chicago, Miami, New York

☆ White House urges Senate to 'move swiftly' on TikTok bill as lawmakers drag their heels
▼ + stars: | 2024-03-17 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

White House national security adviser John Kirby said Sunday that the Senate should swiftly advance a bill that would force Chinese technology company ByteDance to sell TikTok. The bill passed in the House with overwhelming bipartisan support. The bill passed in a 352-65 House vote on Wednesday. Senate Majority Leader Chuck Schumer, D-N.Y., has made clear that he is in no rush on the TikTok bill. The TikTok bill has also sparked debate outside of Capitol Hill.

Persons: John Kirby, We're, Kirby, Joe Biden, Mike, Gallagher, Raja Krishnamoorthi, Chuck Schumer, Schumer, Bill Cassidy, Ben Cardin, Cardin, Donald Trump, Trump, Mike Pence, Pence Organizations: Foreign, Capitol, White House, Chinese Communist Party, Senate, U.S, Wisconsin Republican, CBS, Press, GOP, Facebook Locations: Washington , U.S, American, China, U.S, D, Capitol Hill, TikTok

☆ TikTok debate reveals the risks for investing in China during U.S. election year
▼ + stars: | 2024-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The debate over whether Chinese-owned TikTok can operate in the U.S. is back with fervor, revealing more about the risk for Chinese stocks in a U.S. presidential election year. Such considerations motivated Goldman Sachs analysts to update their model for measuring the level of risk from U.S.-China tensions in Chinese stocks. Their barometer, created in 2020, "has correlated well with the U.S.-China events timeline, and China equity performance," the analysts said. Goldman's revised U.S.-China tensions barometer stands at a modest 53 out of 100, indicating a "somewhat benign" outlook for the bilateral relationship. But as the TikTok bill now makes its way to the Senate, many analysts expect its momentum to slow.

Persons: Goldman Sachs, Goldman's, It's, Raymond James, That's, Steven Mnuchin, CNBC's, Mnuchin, Donald Trump, Joe Biden, Trump, Biden, Goldman, — CNBC's Michael Bloom Organizations: U.S ., Goldman, U.S, Chinese Communist Party, IMEIK Technology, Postal Savings Bank Locations: U.S, China, Beijing

☆ Mike Pence said it should be 'no surprise' that he won't be endorsing Donald Trump for president
▼ + stars: | 2024-03-16 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

Mike Pence said he will not endorse Donald Trump for the 2024 presidential election. AdvertisementFormer Vice President Mike Pence said he would not endorse his old boss, Donald Trump, for president in the 2024 election. "It should come as no surprise that I will not be endorsing Donald Trump this year," Pence told Fox News on Friday. "Donald Trump is pursuing and articulating an agenda that is at odds with the conservative agenda that we governed on during our four years, and that's why I cannot in good conscience endorse Donald Trump in this campaign," Pence said. During the January 6 attacks on the Capitol, some rioters chanted "Hang Mike Pence," and Trump later defended them.

Persons: Mike Pence, Donald Trump, —, Pence, Trump, I've, Joe Biden Organizations: Trump, Service, Fox News, Capitol, Biden

☆ Congress may be going after the wrong social network
▼ + stars: | 2024-03-16 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

Chew, meanwhile, clapped back, “American social companies don’t have a good track record with data privacy and user security. But if lawmakers were serious about protecting the digital data of millions of American social media users, targeting TikTok alone is a limited way to achieve this goal. Separately, US intelligence authorities have said that Russian operatives were able to exploit US-based social media platforms including Facebook and Twitter as part of an election meddling campaign in the lead-up to the 2016 US presidential vote. Sherman said he thinks some lawmakers are raising important national security concerns regarding TikTok. Ultimately, Jameel Jaffer, the executive director of the Knight First Amendment Institute at Columbia University, called the bill a “missed opportunity” for Congress to take real action regarding their concerns about US user data.

☆ Retiring GOP Rep. Ken Buck scorches the House of Representatives on his way out the door: 'This place just keeps going downhill'
▼ + stars: | 2024-03-16 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Retiring Rep. Ken Buck didn't hold back when discussing the House while on Capitol Hill this week. "This place just keeps going downhill, and I don't need to spend my time here," he said, per WaPo. Buck, a conservative who was first elected to the House in 2014, is stepping down later this month. Related stories"This place just keeps going downhill, and I don't need to spend my time here," he told reporters, according to The Washington Post. "I have a passion for that and I'm going to leave, and I'm going to find the right organization to join, and I'm going to start working on that issue."

Persons: Ken Buck didn't, Buck, —, Biden, Kevin McCarthy's, Ken Buck, Alejandro Mayorkas, Buck wasn't, he's, Mike Johnson of, he'd, Joe Biden, Donald Trump, they're, We've Organizations: Service, Republicans, California Rep, Colorado Rep, Homeland, The Washington, CNN, Trump, House Locations: California, Mike Johnson of Louisiana, Colorado

From 1985 to 2002, he worked at Goldman Sachs, one of the most storied — and criticized — investment banks on Wall Street. He famously swooped in to turn around the struggling IndyMac bank after its failure in the financial crisis of 2008. Earlier this month, Mnuchin jumped back into the headlines when his PE firm led a roughly $1 billion investment in embattled New York Community Bancorp. In 2009, OneWest Bank Group, where Mnuchin was chairman and CEO, bought the troubled IndyMac after federal regulators took over the bank. Mnuchin was Treasury secretary in 2020, when the Trump administration brokered a deal where Oracle and Walmart would take a large stake in TikTok.

Persons: Steven Mnuchin, Donald Trump’s, Goldman Sachs, Mnuchin, Max, Mnuchin's dealmaking, Robert Weissman, ” Weissman, Robert Rubin, Clinton, Weissman, couldn’t, NYCB, George Soros, John Paulson, OneWest, Kevin Kaiser, “, ” Kaiser, Maxine Waters, ”, Trump, doesn't, Chris Caulfield, ” Caulfield, ” ___ Rugaber Organizations: Trump, Public Citizen, Treasury, Treasury Department, Liberty Strategic Capital, Citizens, New York Community Bancorp, OneWest Bank Group, Federal, of Insurance Corp, FDIC, Wharton School, Oracle, Walmart, CNBC Locations: Wall, TikTok, Saudi Arabia, East, Washington, Congress, U.S, China, West Monroe, “

☆ Steve Mnuchin breaks out the checkbook
▼ + stars: | 2024-03-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Mnuchin rebornNine months after President Joe Biden was inaugurated and Mnuchin left the Treasury Building, Mnuchin formed a new private equity group, Liberty Strategic Capital. Steven Mnuchin's private equity firm made a $450 million investment in New York Community Bank last week. When Mnuchin left CIT less than two years later, he received a $10.9 million severance package. “It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told visibly stunned anchors on CNBC Thursday morning. Mnuchin may be the founder and managing partner of Liberty Strategic Capital, but Saudi Arabia is reportedly covering a big chunk of his firm’s tab.

Persons: Donald Trump’s, Steven Mnuchin, Mnuchin, Joe Biden, Jackie ”, Trump, Goldman Sachs, ”, Liberty, Steven Mnuchin's, Spencer Platt, “ It’s, ” Mnuchin, “ You’re, ” Andrew Ross Sorkin, ” interjected, TikTok, “, he’s, Will Lanzoni, Crown Prince Mohammed bin Salman Organizations: New, New York CNN, Treasury, Liberty Strategic Capital, Lionsgate, New York Community Bank, Getty, Federal Deposit Insurance Corporation, CIT Group, CIT, CNBC, CNN, Senate, Liberty Strategic, Crown, New York Times, Saudi Public Investment Fund, Meta, ByteDance . Liberty Strategic Locations: New York, cybersecurity, New, California, China, Montana, Saudi Arabia, Saudi, ByteDance

☆ A TikTok ban could be terrible news for Apple and Tesla
▼ + stars: | 2024-03-15 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +4 min

China could retaliate against Apple and Tesla via brand damage campaigns or stifling local ops. AdvertisementA potential TikTok ban in the US could spell trouble for Apple, Tesla, and other American companies operating in China. And on Wednesday, China's foreign ministry warned TikTok ban attempts would "eventually backfire on the US." Deepwater Asset Management managing partner Gene Munster told Business Insider he believes a TikTok ban has a 25% chance of materializing. In a world where there is a TikTok ban, Munster said, "Chinese leadership could expand its anti-iPhone campaign beyond the government."

Persons: TikTok, —, Gene, Munster, Dan Ives, Tesla Organizations: Apple, Service, Asset Management, Gene Munster, Business, Wedbush Securities, BI, Wynn Resorts, Las Vegas Sands, Texas Instruments, IPG Photonics, Financial Times, Huawei Locations: China, United States, Las Vegas, Qualcomm, Munster, —

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