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☆ Ed Rendell: UPenn president Liz Magill made a 'mistake' but shouldn't be forced out
▼ + stars: | 2023-10-23 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

“I don’t think she is going to step down.”Magill did condemn antisemitism broadly before the Palestine Writes festival and noted that some speakers had a history of making antisemitic remarks. Indeed, some members of the UPenn faculty and even the UPenn Jewish community criticized Magill prior to the Sept. 22 Palestine Writes festival for being too critical of the event. Still, Magill’s handling of the Palestine Writes festival triggered a backlash from powerful donors in a campaign led by private-equity billionaire Marc Rowan. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. Given the controversy over the Palestine Writes festival, Rendell is calling for the creation of an independent commission that would approve whether outside groups can access the UPenn campus.

Persons: Ed Rendell doesn’t, Rendell, Liz Magill, ”, Magill, ” Rendell, “, ” Magill, Marc Rowan, Dick Wolf, Jon Huntsman, David Magerman, Cliff Asness, ” Wolf, Ronald Lauder, Lauder, UPenn, Huntsman Organizations: New York CNN Business — Former, University of Pennsylvania, Ivy League, UPenn, CNN, Israel, “, Wolf Humanities Center, Daily, University Locations: Palestine, UPenn, Israel, Utah, Pennsylvania

☆ Law & Order creator Dick Wolf implores UPenn president to quit
▼ + stars: | 2023-10-20 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Dick Wolf, the creator of “Law & Order,” wrote a letter to Liz Magill pleading with her to step down as president of the University of Pennsylvania. “President Magill, I implore you and [chair of the board of trustees] Scott Bok to step down from your UPenn positions before any more unnecessary damage to UPenn,” Wolf wrote in the letter, obtained by CNN on Friday. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. In the days before the Palestine Writes festival, Magill was not just facing pressure from Lauder, Wolf and others who wanted the event scrapped. Three dozen members of the UPenn faculty also wrote to The Daily Pennsylvanian in support of the Palestine Writes festival.

Persons: New York CNN Business — Dick Wolf, ”, Liz Magill, Wolf, UPenn’s, Magill, Scott Bok, ” Wolf, UPenn, Bok, Israel, Marc Rowan, Jon Huntsman, David Magerman, Cliff Asness, Ronald Lauder, Lauder, ” “, ” Magill, ” Bok Organizations: New York CNN Business, “, University of Pennsylvania, UPenn’s Wolf Humanities, Ivy League, CNN, Wolf Humanities Center, Daily, University, Penn, Greenhill & Co Locations: Palestine, UPenn, Israel, Irish

☆ Who is Liz Magill, the University of Pennsylvania’s embattled president?
▼ + stars: | 2023-10-20 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —When University of Pennsylvania President Liz Magill was tapped for the post just 18 months ago, she was heralded as the “clear consensus” to lead the Ivy League university. Magill did not respond to CNN’s request to the University for an interview. But on Wednesday Magill issued a statement saying, “Hateful speech has no place at Penn. I don’t think she’s antisemitic.”So far Magill has the support of the school’s board of trustees. “The unanimous sense of those gathered was that President Magill and her existing University leadership team are the right group to take the University forward,” said board Chairman Bok.

Persons: Liz Magill, Benjamin Franklin, Ruth Bader Ginsburg, Dean, She’s, she’s, Magill, Ronald Reagan, Kent Conrad, Conrad, Vahan, Mark Rowan, Scott Bok, ”, “, ” Magill, Jon Gray, Blackstone, ” Gray, Bok, – CNN’s Matt Egan Organizations: New, New York CNN —, University of Pennsylvania, Ivy League, University of Virginia, Stanford Law, University, Penn, Federal, Daily, Yale University, Democratic, CNN, Apollo Global Management, Bloomberg, Bloomberg Television Locations: New York, UPenn, UVa, Palestine, Israel, Fargo , North Dakota, Minnesota, North Dakota, Gaza, Penn

☆ Moody’s warns it could downgrade Israel’s credit rating because of war with Hamas
▼ + stars: | 2023-10-19 | by ( Matt Egan | ) edition.cnn.com time to read: 1 min

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☆ UPenn President called to resign following protest of the school's response to Palestinian festival
▼ + stars: | 2023-10-18 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Vahan Gureghian, former University of Pennsylvania trustee, is calling for Liz Magill, the Ivy League school's president, to step down amid deepening donor backlash. But apparently Liz is not ready for this job.”Debate over free speech, antisemitismMagill was not only facing pressure from Lauder and other opponents of the Palestine Writes festival. Three dozen members of the UPenn faculty also wrote a letter in student newspaper The Daily Pennsylvanian to support the Palestine Writes festival. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to The Daily Pennsylvanian. “The unanimous sense of those gathered was that President Magill and her existing University leadership team are the right group to take the University forward,” Bok said.

Persons: Vahan Gureghian, Liz Magill, Magill, Gureghian, “, ” Gureghian, Scott Bok, Marc Rowan, Jon Huntsman, David Magerman, Cliff Asness, “ You’re, Elizabeth Magill, Ronald Lauder’s, Lauder, ” Lauder, ”, “ Liz, Liz, UPenn, ” Magill, ” Bok Organizations: New York CNN Business — Former University of Pennsylvania, Ivy League school’s, CNN, Israel, University of Pennsylvania, Ivy League school's, CSMI Consulting, “, University, Pennsylvania, Penn, Daily, Greenhill & Co Locations: Penn, Palestine, Israel, Philadelphia, Lauder

☆ ‘Deeply ashamed.’ Another major UPenn backer halts donations and calls on other Jews to do the same
▼ + stars: | 2023-10-18 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The donor backlash has been driven by a Palestinian literary festival that was held on campus last month, before the Hamas terror attacks on Israel. UPenn leaders acknowledged well before the start of the Palestine Writes Literature Festival that the event would feature speakers with a history of making antisemitic remarks. “Jews have played an extraordinary role in the history and legacy of the University of Pennsylvania. Billionaire Ronald Lauder, another powerful financial backer of school, is threatening to do the same if more isn’t done to fight antisemitism. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian.

Persons: David Magerman, UPenn, Magerman, Liz Magill’s, ” Magmeran, Magill, Scott Bok, ” Magerman, Penn, Wharton, Marc Rowan, Jon Huntsman, Ronald Lauder, Susan Abulhawa, ”, ” Magill, “, ” UPenn, Magill’s Organizations: CNN — Venture, University of Pennsylvania, Ivy League, Renaissance Technologies, Penn, Venture, Daily, CNN Locations: Palestinian, Israel, Palestine, Penn, UPenn

☆ Billionaire Ronald Lauder threatens to pull funding if UPenn doesn’t do more to fight antisemitism
▼ + stars: | 2023-10-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Even before the Palestine Writes Literature Festival started, UPenn leaders acknowledged it would include speakers with a history of making antisemitic remarks. “You are forcing me to reexamine my financial support absent satisfactory measures to address antisemitism at the university,” Lauder wrote. The Palestine Writes festival has created a backlash that prominent donors, including billionaire Marc Rowan and former US Ambassador Jon Huntsman, who have vowed to cut off funding. “We know who they are and what they did.”Magill, UPenn’s president, conceded over the weekend that the response to the Palestine Writes Literature Festival was inadequate. Talk about resistance, talk about politics and power and culture and song and books and food and all of these things,” Susan Abulhawa, executive director of the Palestine Writes Literature Festival, told CNN.

Persons: Ronald Lauder, Lauder, UPenn, “, ” Lauder, Liz Magill, Marc Rowan, Jon Huntsman, Rowan, Magill, Vahan Gureghian, ”, ” Magill, Susan Abulhawa Organizations: New, New York CNN, University of Pennsylvania, CNN, Daily, Forbes, World Jewish Congress, UPenn, Lauder Institute, Wharton, Department of Arts and Sciences, The Lauder Institute, UPenn’s, Penn, “, University Locations: New York, Palestinian, Israel, Palestine, Austria, Philadelphia, American

☆ ‘Stunned and sickened.’ Wexner Foundation cuts ties with Harvard over ‘tiptoeing’ on Hamas
▼ + stars: | 2023-10-16 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —A nonprofit founded by former Victoria’s Secret billionaire Leslie Wexner and his wife Abigail is breaking off ties with Harvard University, alleging the school has been “tiptoeing” over Hamas’ terror attacks against Israel. Citing the “absence of this clear moral standard,” the Wexner Foundation said it has determined the Harvard Kennedy School is no longer a “compatible” partner for its organization. In a statement to CNN, Harvard reiterated comments by university leadership condemning both the attacks against Israel and terrorism. “We are grateful to the Wexner Foundation for its very longstanding support of student scholarships,” a Harvard spokesperson said in the statement. They feel abandoned,” the Wexner Foundation said.

Persons: Leslie Wexner, Abigail, ”, “, Larry Summers, ’, ” Summers, Obama, Clinton, Idan Ofer, Batia, Claudine Gay, ” Gay, Gay, Harvard “, Les Wexner, Wexner, Jeffrey Epstein Organizations: New, New York CNN, Harvard University, Harvard, Forbes, Wexner, Harvard Kennedy School, CNN, Wexner Foundation, University, “, North American Jewish, Kennedy School of Government, Israel Fellows, Body, Limited Brands Locations: New York, Israel, Bath

☆ UPenn in crisis over antisemitism allegations: Jon Huntsman is the latest donor to stop giving, and a board member resigns
▼ + stars: | 2023-10-16 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Former US Ambassador Jon Huntsman blasted the University of Pennsylvania’s response to antisemitism and is promising to halt his family’s donations to the prestigious university. The strong criticism from Huntsman, a 1987 graduate and former UPenn trustee, comes amid a growing backlash from donors and trustees. The Huntsman family has been such prominent supporters of UPenn that the Huntsman name is on the main Wharton School building. The controversy began last month when a multiday event took place on campus at UPenn called the Palestine Writes Literature Festival. Magill, UPenn’s president, is trying to quell the backlash and conceded the response to the Palestine Writes Literature Festival was inadequate.

Persons: Jon Huntsman, Huntsman, UPenn, Marc Rowan, Liz Magill, ” Huntsman, Magill, ”, leadership’s, “, Vahan Gureghian, ” Gureghian, ” Magill, ” Scott Bok, ” Bok Organizations: New, New York CNN, Former, University of, Wharton School, CNN, Daily, . Huntsman, Huntsman Foundation, Penn, UPenn’s, “, University Locations: New York, UPenn, Israel, Utah, China, Singapore, Russia, Penn

☆ Israeli billionaire blasts Harvard leadership and quits board in protest
▼ + stars: | 2023-10-13 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Israeli billionaire Idan Ofer and his wife Batia are quitting a Harvard executive board in protest of how university leaders have responded to Hamas’ terror attacks on Israel. Idan Ofer has amassed a fortune valued at nearly $20 billion, according to Bloomberg’s billionaire index, where the Israeli ranks No. Instead, the resignation was driven by how Harvard leaders responded to the attacks on Israel, the source said. Idan Ofer is a son of shipping billionaire Sammy Ofer, who was once Israel’s richest man and died in 2011, according to Forbes. President of Harvard University Claudine Gay Brian Snyder/ReutersHarvard did not comment on the resignation and criticism from the Ofers.

Persons: Idan Ofer, Batia, “, Israel, ”, David Rubenstein, Sammy Ofer, Harvard University Claudine Gay Brian Snyder, Claudine Gay, ” Gay, Gay, Harvard “, Bill Ackman, That’s Organizations: New, New York CNN, Harvard, CNN, Harvard’s Kennedy School of Government, Kennedy, Forbes, Israel Corp, Kenon Holdings, Harvard University, Reuters Harvard, University, “ Locations: New York, Israel, Harvard’s

☆ Billionaire CEO demands UPenn leaders quit and donations halt over alleged failure to address antisemitism on campus
▼ + stars: | 2023-10-12 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —Wall Street CEO Marc Rowan is calling for the leaders of the University of Pennsylvania to resign and donors to close their checkbooks over an alleged failure to condemn antisemitism and hate. Words of hate and violence must be met with clear, reasoned condemnation, rooted in morality from those in positions of authority,” Rowan wrote. Rowan, whose fortune is estimated by Forbes to be nearly $6 billion, is one of the university’s wealthiest donors and supporters. But the billionaire CEO argues UPenn leaders failed to condemn the “hate-filled” Palestine Writes Literature Festival, a multi-day event that took place at the university’s campus last month. “We unequivocally – and emphatically – condemn antisemitism as antithetical to our institutional values,” the UPenn leaders wrote.

Persons: Marc Rowan, Rowan, UPenn, ” Rowan, ”, Elizabeth Magill, John Jackson , Jr, “, ‘, Scott Bok, Magill, Bok, Julie Platt, Penn, ” Platt, ” Bok, “ Mr, ’, Jackson, Jr, Steven Fluharty, Rowan’s UPenn, Bill Ackman, Israel Organizations: New, New York CNN, Wall, University of Pennsylvania, Apollo Global Management, Forbes, Wharton School, Ivy League, Penn, Hamas, University, Penn’s, Trustees, Greenhill & Co, Penn’s Board, School of Arts & Sciences, Daily, CNBC, Harvard University Locations: New York, Israel, Palestine, UPenn

☆ Names and faces of Harvard students linked to an anti-Israel statement were plastered on mobile billboards and online sites
▼ + stars: | 2023-10-12 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

New York CNN —A billboard truck drove near Harvard’s campus Wednesday displaying the names and photos of Harvard students whose organizations signed a statement blaming solely Israel for the deadly attacks by Hamas. Some students and their groups have since distanced themselves or withdrawn their endorsements from the statement amid an intense backlash inside and outside of Harvard. A conservative nonprofit said it organized the truck featuring the virtual billboards with students’ names and images under a banner that reads: “Harvard’s Leading Antisemites.” It also published names online. “We will continue to reject the PSC’s statement in the strongest terms — and demand accountability for those who signed it,” the statement added. In the wake of the mounting backlash, at least eight of the original 34 co-signing Harvard student groups had withdrawn their signature from the statement as of Wednesday afternoon, according to the Harvard Crimson student newspaper.

Persons: ”, Israel, “, Hillel, “ Harvard Hillel, Laurence Tribe, McCarthy, Bill Ackman, Larry Summers, Meredith Weenick, ” Weenick, – CNN’s Matt Egan Organizations: New, New York CNN, Harvard, Harvard Palestine Solidarity Groups, CNN, Palestine Solidarity, ” Harvard, Harvard Crimson, Harvard University, Harvard University Police Department Locations: New York, Harvard’s, Israel, Gaza

☆ ADL leader slams corporation's response to terror attacks on Israel
▼ + stars: | 2023-10-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Anti-Defamation League CEO Jonathan Greenblatt slammed Corporate America’s response to the terror attacks on Israel as “disappointing at best, disastrous at worst.”“We have arguably the most vibrant commercial sector on the planet. Where were you when your Jewish employees needed you?” Greenblatt said of the CEOs. Greenblatt credited JPMorgan Chase CEO Jamie Dimon, Hewlett Packard Enterprise CEO Antonio Neri and other executives who condemned the terror attacks and pledged solidarity with the people of Israel. “In America, your Jewish employees are dealing with something that is qualitatively and quantitatively different than any time in living memory. “This is not just some far-off conflict – though that would be enough for CEOs to speak out,” Greenblatt said.

Persons: Jonathan Greenblatt, ” Greenblatt, “, George Floyd, Izzat, Greenblatt, Chase, Jamie Dimon, Antonio Neri, ” Dimon, ” Kathryn Wylde, Martin Luther King, Jr, ” Organizations: New, New York CNN, Defamation, CNN, ADL, Israeli Defense Forces, Hamas, Wednesday, Hewlett Packard Enterprise, US Chamber of Commerce, Business, “, World Trade, Partnership, Companies, Accenture, Adidas, Eagle, NASCAR, NBA, New York Locations: New York, Israel, Kfar Aza, Israeli, York, New York City, United States, France, United Kingdom

☆ CEOs call on Harvard to name students linked to statement blaming Israel for Hamas attack
▼ + stars: | 2023-10-11 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

The CEO of Pershing Square Capital Management said he wanted to ensure his company and others don’t “inadvertently hire” any students belonging to Harvard groups that signed the letter. Following a backlash to the statement, some of the student groups have since withdrawn their endorsements. Others warn that naming the students whose groups backed the statement could put the students in harms way and did not account for differences of opinion within the student groups. But Harvard President Claudine Gay issued a statement Tuesday saying “no student group – not even 30 student groups – speaks for Harvard University or its leadership.”Harvard student groups’ statementThe controversy comes in response to a joint statement released by a coalition of Harvard student groups following the attacks by Hamas that have killed more than 1,000 Israelis and at least 14 American citizens. Another Harvard student, Danielle Mikaelian, said she resigned from the board of a group that signed the statement on Israel and didn’t have a chance to read it until it was too late.

Persons: Bill Ackman, ” Ackman, don’t “, “, Jonathan Neman, Ackman, Stephen Sullivan, Claudine Gay, –, ”, ” Jake Wurzak, shouldn’t, ” Wurzak, Mohini Tangri, Tangri, Danielle Mikaelian, didn’t, ” Mikaelian, Israel “, Winston, Strawn, “ Winston, Larry Summers, Summers, Bill Clinton, ” Gay, Jonathan Greenblatt, CNN’s Kristina Sgueglia, Sabrina Shulman Organizations: New, New York CNN, Billionaire, Harvard University, Pershing, Capital Management, Harvard, Dovehill Capital Management, Forbes . Harvard University, ” Harvard, Harvard Palestine Solidarity Groups, Harvard Crimson, Harvard Undergraduate Nepali Student Association, Crimson, Harvard Law School, NYU Student Bar Association, NYU, Winston, Defamation League, ADL, Accenture, Adidas, NBA, CNBC Locations: New York, Israel, Gaza

New York CNN —Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot. A housing bubble can form when prices rise to unsustainable levels. “I see much less speculation in the housing market today, thank goodness,” said Bair. ‘Dizzying heights’Legendary investor Jeremy Grantham shares Bair’s concern about a housing bubble. In many ways, today’s housing market is the polar opposite of the one that preceded the Great Recession.

Persons: Sheila Bair, ” Bair, Bair, ”, she’s, there’s, Jeremy Grantham, ” Grantham, Goldman Sachs, Fannie Mae, Priscilla Almodovar, it’s, ” Almodovar, Lawrence Yun, homebuyers shouldn’t, ” Yun, Yun, America doesn’t Organizations: New, New York CNN, National Association of Realtors, CNN, Federal Deposit Insurance Corp, NAR, “, UBS Locations: New York, Los Angeles, San Diego, Richmond, Cincinnati, Zurich, Tokyo, Miami, Toronto, Vancouver, London, America, “

☆ Why America’s strike wave is barely registering on Wall Street
▼ + stars: | 2023-10-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Give in, and companies will be less profitable and at a competitive disadvantage, big business has said. Streaming and entertainment companies (Disney, Amazon, Apple, Netflix, Comcast, Paramount and CNN parent company, Warner Bros. Discovery) saw 2.5% growth in new investors on Public during the writers strike, which began in May and ended in early October. Nothing to sweat for buy-and-hold investors: Even investors who buy index funds and are concerned about the effects of the strike probably can take a deep breath.

Persons: It’s, haven’t, Ford, Ginger Graham, Walgreens, ”, Matt Egan, JPMorgan Chase, Jamie Dimon, Dimon, ” Dimon, Goldman Sachs, ” Goldman Sachs, David Solomon, “ Organizations: CNN Business, Bell, New York CNN — Corporate, Cornell University’s Labor, Public, Ford, GM, Apple, Netflix, Comcast, Paramount, CNN, Warner Bros, Hollywood, Entertainment, Morningstar, General Motors, Walgreens, Pharmacy, JPMorgan, of Commerce, Israel - America Chamber of Commerce Locations: New York, Arizona , Washington , Massachusetts, Oregon, West Coast, Israel, United States

The Tamar field, located 15 miles off Israel’s southern coast, meets 70% of Israel’s energy needs for power generation, according to the US energy company. A prolonged shutdown could lead to a drop in Israeli gas exports to its neighbors, Egypt and Jordan, as well as squeeze an already tight global gas market. For now, Chevron (CVX) continues to supply its customers in Israel and the region with gas from the larger Leviathan platform. Goldman Sachs analysts think the Tamar shutdown has “contributed” to the rally in European gas prices. However, all in all, the consequences for the global gas market would be “very limited,” he added, because Israel isn’t a major supplier.

Persons: Sally Jones, ” Jones, Chevron, “, Tamar, —, Wood Mackenzie, Goldman Sachs, Simone Tagliapietra, Marc Israel Sellem, Chevron’s Wheatstone, Tagliapietra, Israel, ”, Israel isn’t, Jordan, Israel’s, Martijn Murphy, Luo, ” Murphy Organizations: New York CNN, Chevron, Israel’s Ministry of Energy, Hamas, CNN, Rystad Energy, International Energy Agency Locations: London, New York, Israel, Egypt, Jordan, Europe, Ukraine, Baltic, Australia, Finland, Estonia, Tamar

☆ ‘Grief and anger.’ US business groups stand up for Israel after attack
▼ + stars: | 2023-10-09 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Business leaders across the United States have expressed outrage and solidarity with Israel after the deadly surprise attack by Hamas. “This past weekend’s attack on Israel and its people and the resulting war and bloodshed are a terrible tragedy,” Dimon told all employees on Sunday in a memo obtained by CNN. “We stand with our employees, their families and the people of Israel during this time of great suffering and loss,” Dimon said. JPMorgan has about 230 to 240 employees in Israel and has asked staff there to work from home for the near future, a person familiar with the matter told CNN. “We extend our heartfelt condolences to the people of Israel and stand in solidarity with them as they battle the scourge of terrorism,” the Chamber said.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, ” Dimon, “, ” Kathryn Wylde, ” Wylde Organizations: New, New York CNN — Business, JPMorgan, CNN, Bloomberg News, Partnership, “, World Trade, of Commerce, Israel - America Chamber of Commerce Locations: New York, United States, Israel, New York City, York

☆ Gas prices could fall to $3.25 by Halloween as oil plunges
▼ + stars: | 2023-10-05 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —After spiking to alarming levels just last week, oil prices are suddenly in free-fall mode. US oil prices plunged by 5.6% to $84.22 a barrel on Wednesday, marking the biggest one-day decline in a year. Now, gas prices are already starting to retreat and experts predict sharper drops to come. That’s 11 cents below the 2023 peak set last month when gas prices experienced an unusual post-Labor Day jump. Boom to bustSo why did oil prices go from spiking to plunging?

Persons: Andy Lipow, Tom Kloza, Kloza, ” Kloza, “, Joe Brusuelas, ”, Matt Smith, ” Smith, There’s Organizations: New, New York CNN, AAA, Labor, Lipow Oil Associates, CNN, Oil Price Information Service, “, Federal Reserve, RSM, Fed, Saudi, Americas Locations: New York, Saudi Arabia, Kpler, Ukraine

☆ Record online discounts are coming this holiday season
▼ + stars: | 2023-10-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

And the company predicts the strategy will work, with online holiday sales climbing almost 5% above last year. Retailers are poised to offer up to 35% off listed prices this holiday season, with the deepest discounts applied to toys, electronics and apparel, Adobe said in its annual holiday forecast. Buy Now, Pay Later is expected to drive a record $17 billion in online spending this holiday season, up 17% from 2022, Adobe said. Americans are also doing more and more holiday shopping (and shopping in general) on smartphones and tablets. That means Adobe’s 2023 holiday shopping forecast for solid sales growth would signal a genuine increase in demand from consumers.

Persons: they’re Organizations: New York CNN Business —, Adobe Analytics, Retailers, Adobe, PlayStation, Madden NFL, Amazon, PayPal, Commerce Department

☆ Trump gets kicked off Forbes 400 list of richest Americans
▼ + stars: | 2023-10-04 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —As Donald Trump scrambles to defend his business empire in court, the former president has suffered another blow: dropping off The Forbes 400 list of the richest Americans. Unlike the steady or growing fortunes of Forbes 400 leaders Elon Musk, Jeff Bezos and Larry Ellison, Trump’s net worth took a double-digit hit. Trump launched Truth Social in February 2022, envisioning it as a credible threat to Facebook and Twitter. Trump was previously booted from The Forbes 400 in 2021 and in 1990 when he faced severe financial stress. As Forbes notes, Trump “lied” to the magazine in a successful effort to make the Forbes 400.

Persons: Donald Trump scrambles, Trump, Elon Musk, Jeff Bezos, Larry Ellison, Forbes, Trump’s, Taj Mahal, Trump “, ”, “, Fred Trump, ” Forbes, John Barron, ” Jonathan Greenberg Organizations: New York CNN Business, Forbes, Facebook, McKinsey Global Institute . San, Whole Foods, Target, Nordstrom, Starbucks, Bank of America Center, Trump, Taj, Trump Castle Associates, Trump Organization, CNN Locations: New York, United States, McKinsey Global Institute . San Francisco, San Francisco, California, Manhattan, Americas, midtown Manhattan

☆ Real estate insiders question how Trump fraud judge valued Mar-a-Lago
▼ + stars: | 2023-10-03 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN Business —A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%. But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Engoron wrote. Cintron, the Harrington Ocko & Monk partner, doesn’t think the Mar-a-Lago valuation controversy moves the needle on the question of whether Trump committed fraud.

Persons: Donald Trump, Trump, Arthur Engoron, Engoron, ” Engoron, ”, Eli Beracha, “, ” Dina Goldentayer, Douglas Elliman, ” Goldentayer, Goldentayer, Zillow, ” It’s, Jonathan Miller, Miller Samuel, ” Miller, Melissa Cintron, Harrington Ocko, Monk, it’s “, Miller, Christopher Kise, ” Trump, Letitia James, Cintron, Harrington, doesn’t, he’s, ” Cintron, CNN’s Anna Bahney Organizations: New York CNN Business, Trump, Florida International University, Miller Samuel Inc, Harrington, Mar, realtors, South, New York Locations: York, Beach, South Florida, New York City, “, Springs, Westchester County , NY, Aberdeen, Scotland, Trump

☆ Truth Social merger: Trump Media & Technology Group and DWAC now both have the option to kill the deal
▼ + stars: | 2023-10-02 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The long-delayed and highly controversial deal to bring Truth Social and the Trump media empire to Wall Street has a new twist – the merger could get terminated by either party. Under an updated merger agreement, both parties in the deal will have the opportunity to kill the merger between October 31 and November 21, according to a regulatory filing on Monday. Likewise, Trump Media can terminate the deal for the same reasons over the same window of time. The parties did not explain why the new termination language was added to the merger agreement. The so-called blank-check firm targeted Trump Media in the fall of 2021.

Persons: that’s, Donald Trump, Trump, Matthew Tuttle, ”, Tuttle, ” Tuttle Organizations: New, New York CNN, Truth, Trump, Trump Media & Technology Group, Trump Media, Digital, Securities and Exchange Commission, Trump Organization, Tuttle Capital Management Locations: New York

☆ Corporate America exhales as government shutdown is averted at the last minute
▼ + stars: | 2023-10-02 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Corporate America is breathing a sigh of relief after lawmakers narrowly avoided a chaotic shutdown of the federal government. Business leaders and economists had warned a shutdown would have hurt the economy by causing vast uncertainty, significant disruptions and hurting confidence. But then House Speaker Kevin McCarthy abruptly shifted course and moved to pass a bill with support from Democrats. The Chamber commended lawmakers who voted to keep the government open on a bipartisan basis and called for Congress to finish the job. Gardner noted that there will likely be a move to remove McCarthy as speaker and another potential budget standoff ahead of November 17.

Persons: brinksmanship, ’, Kevin McCarthy, Joe Biden, “, Joshua Bolten, ” Bolten, ”, Brian Gardner, Stifel’s, Gardner, McCarthy, ” Gardner Organizations: New, New York CNN — Corporate, Business, US Chamber of Commerce, Senate Locations: New York, American, Ukraine, Washington —, Washington

☆ Residents alarmed as shoplifting incidents trigger store departures: ‘As a community we can’t allow this to continue’
▼ + stars: | 2023-09-30 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +10 min

“Having Target here helped revitalize East Harlem with hundreds of new jobs, customers and more services to our area. Courtesy Lou MartinsThe retail industry said it is grappling with a particular type of store theft that is more dangerous than petty shoplifting, called “organized retail crime” or ORC. The East River Plaza shopping center in New York City's East Harlem neighborhood. “The East Harlem store could have been doing very high volume in sales but still losing money because of theft,” Cohen said. The Target store in NYC's East Harlem is set to close in October.

Persons: Lou Martins, “ I’ve, ”, Martins, Maria Gonzalez Arrieta, “ We’ve, ” Lou Martins, Alex Abreu, Abreu, “, ” Abreu, it’s, We’ve, Tom Wickman, ” Wickman, “ Abuelitas, ” Xavier Santiago, Santiago Xavier, Santiago, I’ve, Mark Cohen, ” Cohen, Venkatesh Shankar, ” Shankar, Fatih Aktas, Ted Wheeler, ” – CNN’s Matt Egan Organizations: New, New York CNN, Costco, 118th, Target, eBay, Facebook, ”, East Harlem, Blumfeld, The New York Times, New York Police, Walgreens, Business, US Chamber of Commerce, “, Commerce, Community Board, East, Community, Columbia, Texas, Mays Business School, Anadolu Agency, Blumenfeld, CNN, Portland Police Bureau Locations: New York, Manhattan —, New York City, San Francisco, Seattle, Target, Plaza, Harlem, Aldi, Burlington, Pleasant Avenue, East Harlem, NYC's East Harlem, River, Portland

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