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Read previewUkraine attacked Russia's oil infrastructure after US officials advised them against targeting Russian oil refineries, Bloomberg reports. Russia's oil infrastructure took another hit as drones targeted refineries in the Samara region. The targeted refineries, both part of Rosneft PJSC's Samara region group, play a crucial role in Russia's oil production landscape. The strikes have targeted refineries, storage depots, and other key sites, exacerbating economic pain and raising fears of further escalation. Indeed, the refineries targeted in the Samara oblast last night are over 800 miles from Kyiv.
Persons: , Dmitry Azarov, Organizations: Service, Bloomberg, Business, US, Financial Times Locations: Ukraine, Samara, Russia, Rosneft, Russian
April 15 is the deadline for taxpayers to file their income tax returns and pay sums owed for 2023. MLPs themselves aren't subject to federal income taxes, but limited partners owe taxes on the income distributed. MLPX has a total return of 7.6% in 2024, and MLPA's year-to-date total return is 9.3%, according to Morningstar. In 2024, IYK has a total return of nearly 4.7%, while XLU's total return is about 0.7%, according to Morningstar. MFM's total return this year is 3.66%, and NZF has a total return of 3.4% in 2024, according to Morningstar.
Persons: Jared Woodard, Woodard, , MLPX, IYK, Morningstar, XLU, NZF Organizations: Bank of America, MLP & Energy Infrastructure, X MLP, Morningstar, Consumer Staples, Income Trust, Income Locations: MLPs, Indonesia, America, Nuveen
Filmmaker and Hollywood legend George Lucas is throwing his support behind Walt Disney CEO Bob Iger in the bitter proxy battle between the company and activist investor Nelson Peltz. Lucas, who received 37.1 million Disney shares as part of Disney's $4.05 billion purchase of Lucasfilm in 2012, is currently the largest individual investor in the company, multiple sources confirmed to CNBC. When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger's leadership. I have voted all of my shares for Disney's 12 directors and urge other shareholders to do the same." Iger, meanwhile, has been trying to streamline the sprawling media company to rein in spending and make its Disney+ streaming platform profitable.
Persons: George Lucas, Walt, Bob Iger, Nelson Peltz, Lucas, Bob Iger's, Bob, Peltz, Roy Disney, Jamie Dimon, Indiana Jones, Jay Rasulo, Iger Organizations: Walt Disney, Lucasfilm, CNBC, Disney, Trian Fund Management, JPMorgan Chase Locations: Hollywood
Dollar steady, yen soft as BOJ policy shift beckons
  + stars: | 2024-03-18 | by ( ) www.cnbc.com   time to read: +3 min
In this photo illustration, a person is seen holding 100, 50, and 5 U.S. dollar bills in his hand. Tom Kenny, senior international economist at ANZ, said an end to negative interest rate policy is likely to reflect a 10-basis-point hike taking the current policy rate from -0.1% to 0.0%. "We expect this to be a dovish hike with the BOJ unlikely to signal its intention to hike again soon." The focus has shifted to whether the policymakers will make any changes to their projections of rate cuts, or dot plots for this year. The Fed in December projected 75 basis points, or three rate cuts, of easing in 2024.
Persons: Kazuo Ueda, Tom Kenny, Powell, bitcoin Organizations: U.S, Bank of Japan, Federal Reserve, ANZ, Beyond, Reuters, New Zealand, Bank of England, Fed, NatWest Locations: Japan, United States, England, Australia, Norway, Switzerland, Mexico, Brazil, Indonesia, Asia, Beyond Japan, Australia's, U.S, cryptocurrencies
Social media companies suspended Donald J. Trump, then the president, and many of his allies from the platforms they had used to spread misinformation about his defeat and whip up the attempt to overturn it. The Biden administration, Democrats in Congress and even some Republicans sought to do more to hold the companies accountable. Mr. Trump and his allies embarked instead on a counteroffensive, a coordinated effort to block what they viewed as a dangerous effort to censor conservatives. Waged in the courts, in Congress and in the seething precincts of the internet, that effort has eviscerated attempts to shield elections from disinformation in the social media era. It tapped into — and then, critics say, twisted — the fierce debate over free speech and the government’s role in policing content.
Persons: Donald J, Trump, Biden Organizations: Social Locations: Jan, Washington, Congress
This is a story about you and your favorite credit card, the one that earns you points. So this rewards card, it’s really a screw-over-poor- people card. Why are swipe fees in the U.S. nine times higher than they are in Europe? But these two companies control over 80 percent of the credit card market. Dick Durbin, the senator who helped crack down on swipe fees for debit cards, has authored a bipartisan bill that would use competition to drive down credit card swipe fees.
Persons: Marty, let’s, you’ll, you’re, It’s, MJ, Dick Durbin, you’ve Organizations: Visa, Mastercard, Federal Reserve Locations: Europe, Congress
Unsurprisingly, several flashing indicators suggest that investors are feeling good about the market:• CNN’s Fear & Greed Index: The indicator, which measures seven barometers of market sentiment including the VIX, Wall Street’s most well-known measure of expected stock volatility, is in “greed” territory. Market sentiment is often seen as a contrarian indicator. That means that when the herd is optimistic, money managers take it as a sign that stocks will fall, and vice versa. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. In February, car sales climbed 1.8%, purchases of electronics and appliances increased 1.5% and sales at restaurants rose 0.4%.
Persons: • Charles Schwab, Yardeni, , Alicia Wallace, Price, Gus Faucher, Read, Bryan Mena Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Intelligence, Research, Bureau of Labor Statistics, PPI, of Labor Statistics, PNC Financial Services, Retail, Commerce Department, Gas Locations: New York
Yet another inflation gauge came in hot for February
  + stars: | 2024-03-14 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +3 min
CNN —Rising energy prices helped to fuel yet another hot inflation reading for February. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. While a seasonal energy price surge is at the root of the gain, the latest Producer Price Index is yet another reminder of the arduous process to rein in inflation. The hot PPI report comes two days after a similar reading from the Consumer Price Index, a closely watched gauge of inflation at the retail level. Core PPI rose 0.3% for the month, a slowdown from the 0.5% jump in January.
Persons: Price, we’ve, ” Kyle Anderson, Organizations: CNN, PPI, of Labor Statistics, Consumer, Federal Reserve, Indiana University’s Kelley School of Business, , BLS
Kent Nishimura | Getty Images News | Getty ImagesWest Palm Beach, Fla. — The U.S. Federal Reserve is likely to start cutting interest rates by the end of second quarter despite recent "hotter than expected" inflation data, according to Kristina Hooper, chief global market strategist at Invesco. The question has become, at what point — and how quickly — does the central bank start to cut rates in order to avoid plunging the economy into a downturn? Fed chair Jerome Powell said last week that the Fed may not be far off from throttling back. The Fed last raised interest rates in summer 2023; in prior interest-rate-hiking cycles, the Fed began cutting rates about 8½ months later, Hooper said. Jenny Johnson, president and CEO of Franklin Templeton, also expects the central bank to begin cutting rates this year, though in the second half of 2024 at Fed policy meetings in July or September.
Persons: Jerome Powell, Kent Nishimura, Kristina Hooper, it's, Hooper, Jenny Johnson, Franklin Templeton, Moira McLachlan Organizations: Banking, Housing, Urban Affairs Committee, Getty, U.S . Federal, Women, Fed Locations: Palm Beach, Fla, U.S, West Palm Beach , Florida
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMick Mulvaney and Operation Hope's John Hope Bryant debate cutting entitlements versus tax hikesJohn Hope Bryant, Operation Hope founder, CEO and chairman, and Mick Mulvaney, Actum Strategic Advisors co-chair and former White House chief of staff, join 'Squawk Box' to discuss the issue around entitlements, whether cutting entitlements or raising taxes better helps the American people, how to best rein in federal spending, and more.
Persons: Mick Mulvaney, John Hope Bryant, Hope Bryant Organizations: Operation Hope, Actum, Advisors, White House
Just_super | E+ | Getty ImagesThe European Union's parliament on Wednesday endorsed the world's first major set of regulatory ground rules to govern the mediatized artificial intelligence at the forefront of tech investment. President of the European Parliament, Roberta Metsola, described the act as trail-blazing, saying it would enable innovation, while safeguarding fundamental rights. "Artificial intelligence is already very much part of our daily lives. Born in 2021, the EU AI Act divides the technology into categories of risk, ranging from "unacceptable" — which would see the technology banned — to high, medium and low hazard. "The AI Act is not the end of the journey, but, rather, the starting point for a new model of governance built around technology.
Persons: Thierry Breton, Roberta Metsola, Dragos, Tudorache Organizations: Intelligence, Wednesday, EU, European, Union, Digital Markets, — U.S, Apple, Meta, Microsoft, Google, Nvidia Locations: Europe, Germany, France, U.S, India
Bob Iger, Chairman and CEO of Walt Disney (C) speaks next to Jamie Dimon(L), Chairman & CEO of JP Morgan Chase & Co during the Bloomberg Global Business Forum in New York on September 25, 2019. Trian, run by Nelson Peltz, launched an intense proxy fight against Disney, asking investors to nominate him and former Disney Chief Financial Officer Jay Rasulo to the board at its annual general meeting on April 3. Dimon gave the following statement on Iger to Faber:JPMorgan Chase CEO Jamie Dimon endorsed Disney CEO Bob Iger in his proxy battle with activist Trian Partners, CNBC's David Faber has learned. Meanwhile, Iger has been trying to streamline the sprawling media company to rein in spending and make its Disney+ streaming platform profitable. Dimon rarely weighs in on proxy battles, while JPMorgan does have a history of advising Disney on defensive matters.
Persons: Bob Iger, Walt Disney, Jamie Dimon, JP Morgan Chase, Nelson Peltz, Jay Rasulo, Bob, Dimon, Iger, Faber, Trian, CNBC's David Faber, Peltz Organizations: Walt, Co, Bloomberg Global Business, Disney, JPMorgan Chase, Trian Partners, Netflix, JPMorgan Locations: New York
Bloomberg | Bloomberg | Getty ImagesValuations of Chinese stocks are "way too low" and investors should be looking to cautiously re-enter the world's second-largest economy, according to Shaun Rein, founder and managing director of the China Market Research Group. However, Rein attributed this to the Lunar New Year period, and insisted that deflation "still looms over the Chinese economy." "They're cautious about whether or not the government is going to launch a bazooka-like stimulus — clearly they're not going to." "But we think China's low inflation is a symptom of its growth model built on a high rate of investment. As reducing dependence on investment is still far off, we expect inflation to stay low in the long run."
Persons: Shaun Rein, Rein, CNBC's, Huang Organizations: Bloomberg, Getty, China Market Research Group, Capital Economics Locations: China
CNBC Daily Open: Wall Street wary as inflation data looms
  + stars: | 2024-03-12 | 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. Overnight, U.S. stocks ended mixed as investors await key inflation data for clues on the Federal Reserve's path on rate cuts. "The question is to what extent and how broad will it be," he told CNBC. Web inventor's top predictionsTim Berners-Lee, recognized for inventing the World Wide Web, told CNBC his top predictions for the future of the web — and how it will be transformed by Al.
Persons: Patria Stodghill, vender Susan Mendoza, Hang Seng, Dow, Shaun Rein, it's, Steven Okun, Tim Berners, Lee Organizations: Patria, Washington , DC, CNBC, CSI, Nikkei, Nasdaq, China Market Research, APAC Advisors, Al, Barclays Locations: Washington ,, Hong Kong, Asia, China, U.S, Washington
A TikTok ban in the U.S. is definitely possible, says Nova Daly
  + stars: | 2024-03-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA TikTok ban in the U.S. is definitely possible, says Nova DalyNova Daly, Senior Public Policy Advisor at Wiley Rein, discusses the growing momentum for a TikTok ban in the U.S.
Persons: Nova Daly Nova Daly, Wiley Rein Organizations: Wiley Locations: U.S
“I believe on the ‘Squawk’ news line, we are joined by former President Donald J. Trump, DJT 45. It’s been a while, Mr. President,” Joe Kernen, co-host of “Squawk Box,” greeted Trump on the air. Almost immediately after commencing the interview, Trump launched into one of his trademark, fact-free rants. Instead, the outlet quickly spliced Trump’s comments into a handful of clips and posted them online, amplifying his comments further. “We appreciate all the time you’ve given us this morning, Mr. President,” Kernen said.
Persons: Donald Trump, , Donald J, Trump, It’s, ” Joe Kernen, , Kernen, Joe Biden’s, Biden, ” Trump, Andrew Ross Sorkin, Sorkin, Brian Roberts, Rachel Maddow, “ Biden, Fani Willis, Jean Carroll, ominously, ” Kernen Organizations: New York CNN, CNBC, Monday, Republican, U.S . Energy Information Administration, Trump, NBCU News Group, Comcast, NBC, MSNBC Locations: New York, Joe Biden’s State, U.S, Trump, China, Fulton County
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. Wall Street ends mixedU.S. stocks ended mixed Monday as investors await key inflation data for clues on the Federal Reserve's path on rate cuts. Oracle shares spikeOracle shares surged 13% as quarterly earnings topped estimates, but revenue came in slightly soft of expectations. [PRO] Barclay's three global picksBarclays picked three European stocks for investors to consider buying for the next quarter.
Persons: Dow, Bitcoin, Shaun Rein, it's, Safra Catz, Trump, Donald Trump Organizations: CNBC, Nasdaq, China Market Research, Oracle, Facebook, Barclays Locations: China, U.S
Declining foreign investment and a prolonged property slump are just some of the issues that have put pressure on the Chinese economy — and stock market. We're still relatively underweight China, but we've been reducing that underweight [as] some of the stocks there have become really, really cheap." China Market Research Group's Shaun Rein agrees. "If you're a multinational, if you're looking to drive growth over the next three to five years, the next China is China. Shares in Fufeng are held in the iShares MSCI China Small-Cap ETF , while Xinyi Glass shares are held in the Franklin FTSE Hong Kong ETF and SPDR S & P China ETF .
Persons: Kamil Dimmich, CNBC's, we've, Shaun Rein, it's, Salomon, Arc'teryx, Dimmich Organizations: Shanghai, South Capital, Research, Amer Sports, New York Stock Exchange, Stock, Fufeng Group, Ford, General Motors, Hong Kong Stock Exchange, Xinyi, Franklin FTSE, Franklin FTSE Hong Kong ETF Locations: China, It's, India, Vietnam, Franklin FTSE Hong
China could attempt to influence the 2024 elections, says a new US intelligence report. The report added that China may not be able to reign in influence operations even if they want to. AdvertisementChina may try to influence the 2024 elections, and some propaganda actors might go rogue and operate outside Beijing's control, according to a newly released threat assessment by the US intelligence community. China's propaganda arm, the report said, had used TikTok accounts to target candidates from the GOP and Democratic Parties during last year's midterm elections. It added that China's propaganda actors "increased their capabilities to conduct covert influence operations and disseminate information."
Persons: , Xi Jinping, Xi, Joe Biden, Biden, Wang Wenbin Organizations: Service, GOP, Democratic, Economic Cooperation, CNN, Business Locations: China, Beijing, Asia, Australia, New Zealand, Canada, United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy is 'weak, but not that weak' and valuations are too low, strategist saysShaun Rein, founder and managing director of the China Market Research Group, discusses the outlook for the Chinese economy and its impact on global markets.
Persons: Shaun Rein Organizations: China Market Research Locations: China
“It is a red line, but I am never going to leave Israel,” Biden said. We’re not going to leave (Gaza),” Netanyahu said Sunday in an interview with German outlet Axel Springer. “You know, I have a red line. “It (Israel) cannot have 30,000 more Palestinians dead,” Biden told MSNBC Saturday. Asked about the moment, Biden told MSNBC the comment meant he intends to have a serious meeting soon with Netanyahu.
Persons: Joe Biden, Benjamin Netanyahu, Biden, Netanyahu, Israel ”, Israel, , ” Netanyahu, ” Biden, “ We’ll, We’re, Axel Springer, Kamala Harris, , Bibi –, Antony Blinken, Michael Bennett, Bibi Organizations: CNN, Israeli, MSNBC, Politico, Israel, Sunday, US, Gaza Ministry, Health, Michigan Democratic Locations: Gaza, Israel, Rafah
AI is not ready for primetime
  + stars: | 2024-03-10 | by ( Samantha Murphy Kelly | ) edition.cnn.com   time to read: +7 min
Generative AI tools, including ChatGPT, have been alleged to violate copyright. That’s not stopping Big Tech companies and AI firms, which continue to hook consumers and businesses on new features and capabilities. “Access to major generative AI systems in widespread use is controlled by a few companies,” said Venkatasubramanian, noting that these systems easily make errors and can produce damaging content. He believes bolder reforms may be necessary too, such as taxing AI companies to fund social safety nets. For now, current day generative AI users must understand the limitations and challenges of using products that are still quite far from where they need to be.
Persons: , Taylor Swift, Joe Biden, Mandel Ngan, That’s, OpenAI, Elon Musk, Elon Musk Gonzalo Fuentes, ” Suresh Venkatasubramanian, Venkatasubramanian, ” Arvind Narayanan, CNN he’s, Narayanan, , ChatGPT, Bard –, haven’t, ” Gemini, Brian Fung Organizations: CNN, Chamber, Getty, Big Tech, Microsoft, Google, Reuters, Brown University, , White, Office of Science, Technology, Management, Executive, Princeton, “ Tech Locations: Washington ,, AFP, New Hampshire
Watch CNN’s coverage of the US Senate race in Arizona on “Inside Politics Sunday with Manu Raju” at 11 a.m. GOP leaders have counseled Arizona Senate candidate Kari Lake to avoid airing grievances about past elections and instead center her campaign on a more forward-looking message. But what I’m trying to do is look forward,” she said in the interview, which will air on Sunday’s “Inside Politics” with Manu Raju. “I do continue to talk about it when I’m on the campaign trail in Arizona. “We had major problems in our election, and we’re really working to resolve those problems.
Persons: Manu Raju ”, Kari Lake, Ruben Gallego, Donald Trump’s, Lake, , , , Manu Raju, I’m, Republican –, ” Trump’s, Katie Hobbs, MAGA, , Sen, Steve Daines, Daines, Lake’s, GOP Sen, John Barrasso of, we’re, Gallego, Hannah Goss, CNN’s Manu Raju Organizations: Senate, GOP, Democratic, CNN, Republican, Lake, , Capitol, Union Locations: Arizona, Montana, John Barrasso of Wyoming, Iraq
Australian farmers rip out millions of vines amid wine glut
  + stars: | 2024-03-09 | by ( ) edition.cnn.com   time to read: +5 min
About two-thirds of Australia’s wine grapes are grown in irrigated inland areas such as Griffith, its landscape shaped by vine-growing techniques brought by Italian migrants arriving around the 1950s. That would destroy more than 20 million vines across 12,000 hectares (30,000 acres), Reuters calculations based on Wine Australia data show, or about 8% of Australia’s total area under vine. “If half the vines in Australia were ripped out, it still might not solve the oversupply,” said a wine maker in Western Australia. When China blocked imports during a political dispute in 2020, Australia lost its biggest wine export market by value. And unlike Europe, it offers farmers no financial aid to help them destroy vines and excess wine.
Persons: , , James Cremasco, Griffith, TWE.AX, Carlyle Group’s, Andrew Calabria, Cremasco, Jeremy Cass, Tim Mableson, Bill Calabria, Andrew’s, There’ll Organizations: CNN, Accolade, Wine, Riverina Winegrape Growers, Growers, KPMG Locations: Australia, China, Griffith, Calabria, Riverina, Wine Australia, Western Australia, Chile, France, United States, Bordeaux, Europe, Tasmania, Yarra, Victoria
So we have to talk about the drama that has been playing out in the past week between OpenAI and Elon Musk. According to OpenAI, Elon Musk wanted majority, equity, initial board control, and to be CEO of this new for-profit subsidiary. It’s basically —casey newtonIt’s like, I’m going to find a way to follow your rule, but in the worst way possible. Like, working was one I thought that, oh, I’m going to work in this all the time. kevin roose[LAUGHS]: Well, I thought, like, I’m going to take some spatial videos.
Persons: casey newton Casey, kevin roose, casey newton, Kevin, casey newton What’s, Kevin Roose, Casey Newton, OpenAI, Will, Joanna Stern, Casey, it’s, kevin roose I’m, Elon Musk, It’s, casey newton Let’s, Elon, he’s, I’ve, casey newton What’d, there’s, you’ve, we’re, GPT, Sam Altman’s, that’s, AGI, Annie “, Sam Altman, who’s, isn’t, , we’ve, ” casey newton Go, He’s, Ilya Sutskever, Greg Brockman, Ilya, casey newton Yes, Tesla, casey newton Well, they’ll, casey newton Oh, kevin roose It’s, don’t, kevin roose Will, casey newton Right, casey newton Mhm, kevin roose They’re, Microsoft’s Bing, Microsoft Bing, Bing, Apple, Europe — casey newton, Charles Duhigg, John Gruber, they’ve, casey newton It’d, — casey newton, they’re, They’ve, you’ll, Apple’s, casey newton It’s, I’ll, casey newton Sure, GDPR, you’re, kevin roose Really, let’s, kevin roose Casey, kevin roose —, Jonah Stern, casey newton Wow, Joanna, Let’s, kevin roose Joanna Stern, joanna, casey newton Hi, kevin roose Long, joanna stern, , kevin roose We’re, Kara Swisher, kevin roose Don’t, I’m, casey newton Don’t, casey newton That’s, Neil Patel, Um, kevin roose That’s, kevin roose Sure, casey newton Great, KEVIN, IV, wearables, Fitbits, kevin roose Oh, hadn’t, casey newton —, casey newton I’ve, Joe Rogan Organizations: The New York Times, Elon, Apple’s, OpenAI, Microsoft, Google, Google’s, Facebook, Tesla, Big, European Union, Digital Services, Giants, Apple, Digital Markets, EU, Bloomberg, Digital, Spotify, General, Apple Vision Pro, Street, Apple Vision, Vision, New York Times, , Housewives, Club, Ray, Tesla Chargers, Vision Pro, Apple Watch, Sony Locations: Los Angeles, Europe, what’s, Elon, OpenAI, Japan, South Korea, Turkey, United Kingdom, United States, Reddit, American, America, California, Florida, United, Mars, The
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