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☆ Temu accused of data risks after sister app was suspended for malware
▼ + stars: | 2023-05-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

Stefani Reynolds | Afp | Getty ImagesThe U.S. has accused discount shopping site Temu of possible data risks after its Chinese sister app was pulled from Google's app store over "malware" — but analysts say they're not that worried. Google called it an "identified malicious app" and urged users to uninstall the Pinduoduo app, but the Chinese online retailer denied those claims. Kevin Reed chief information security officer, Acronis"There should be no need for biometric data to be stored on an e-commerce website or app. Data risksIn a report on Chinese "fast fashion" platforms published in April, the U.S.-China Economic and Security Review Commission accused Temu and Shein of posing possible data risks. Shein and Temu "primarily rely on U.S. consumers downloading and using Chinese apps to curate and deliver products," said the report.

☆ Major Financial institutions warn of "devastating scenario" if Biden and Congress do not raise debt ceiling
▼ + stars: | 2023-05-16 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

In an open letter to President Biden and top Congressional leaders Tuesday, nearly 150 business leaders urged the two sides to act – or face “a devastating scenario … and potentially disastrous consequences,” the letter states. Much worse will occur if the nation defaults on our debt obligations, which would weaken our position in the world financial system,” the letter states. A default on the nation’s debt could send the economy into a recession, and the stock market could tank. In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June,” Secretary Yellen wrote Monday. “This cannot be allowed to happen,” the letter states.

☆ MLB roundup: Cardinals blitz Brewers 18-1
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +5 min

Jack Flaherty (3-4) fanned a season-high 10 while blanking the Brewers on three hits in seven innings as the Cardinals won for the seventh time in eight games. Freddy Peralta (4-3) allowed six runs on six hits and five walks in 5 1/3 innings for the Brewers, whose three-game winning streak ended. Adam Frazier and Anthony Santander each hit a two-run homer and Cedric Mullins added a solo shot for the Orioles. Raleigh, who went 3-for-5, hit two-run shots in the fifth and sixth innings, logging his second multi-homer game of the season. Eugenio Suarez also blasted a two-run homer as part of Seattle's 15-hit attack.

☆ BlackRock is wrestling with who could succeed Larry Fink. Here's who's now in the running.
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Investment giant BlackRock has been planning for CEO Larry Fink's succession for years. Leadership has discussed BlackRock cofounder Susan Wagner as someone who could succeed Fink if the board does not have a clear candidate. For years, BlackRock has been planning for Chief Executive Larry Fink's succession, a torch-passing the industry has long speculated over. BlackRock has become shorthand for the intense backlash from primarily Republican lawmakers over sustainable investment strategies that Fink has championed as CEO. Goldstein, 49, is a BlackRock lifer and has been chief operating officer for nearly a decade.

☆ MLB roundup: Yankees blast A's in Aaron Judge's return
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +12 min

Jake Bauers capped the inning by lifting a sacrifice fly, and he later hit a two-run homer in the seventh. Miguel Vargas had a two-run homer and Mookie Betts and Will Smith had solo homers for the Dodgers. Tom Murphy added a two-run homer as Seattle won for the seventh time in its past nine games. Luzardo (3-2) allowed just one run on seven hits and struck out five while walking two. All six Miami runs were credited to Pfaadt (0-1), who came into Tuesday's contest with a 13.50 ERA after allowing seven runs in his only other appearance.

A welder by trade, Schwartz was arrested in early February in his hometown of Uniontown, Pennsylvania. Schwartz and two co-defendants, Jeffrey Scott Brown and Markus Maly, became the first three individuals convicted at trial of assaulting police officers with pepper spray on Jan. 6. Schwartz's wife, Shelly Stallings, received a two-year prison term last month. His 170-month prison term surpasses the previous longest sentence yet handed down in a case related to the Jan. 6 attack - 10 years received by former New York City cop Thomas Webster for assaulting a Washington police officer that day. The Jan. 6 attack marked the most violent assault on the halls of Congress since the British invasion of Washington during the War of 1812.

☆ Suspect in killings of 5 people in Texas arrested after days-long manhunt -NBC
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - A man who authorities think is the suspect accused of killing five neighbors in Texas over complaints of noise he was making by firing his gun outside at night was arrested near the crime scene on Tuesday, NBC News reported, citing a prosecutor. The report came as the FBI said it was working with law enforcement agencies nationwide and in Mexico in an expanded, four-day-old manhunt for the killer sought since Friday night's violence in Cleveland, Texas, north of Houston. A man thought to be Oropesa was arrested on Tuesday in the town of Cut and Shoot, Texas, roughly 17 miles west of Cleveland, NBC News reported, citing San Jacinto District Attorney Todd Dillon. Law enforcement officials said on Sunday that the suspect's trail had grown cold as they appealed to the public for tips and offered an $80,000 reward for information leading to his capture. Reporting by Steve Gorman and Dan Whitcomb in Los Angeles; editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

May 1 (Reuters) - Canadian singer-songwriter Gordon Lightfoot, best known for folk-pop hits such as "If You Could Read My Mind" and "The Wreck of the Edmund Fitzgerald," died on Monday in a Toronto hospital, it was announced on his official Facebook page. Canadian news outlets CTV and the CBC cited a family representative, Victoria Lord, as confirming his death. Known for his evocative lyrics and melodic compositions, Lightfoot received five Grammy nominations over the years and won 17 Juno awards, Canada's equivalent. Lightfoot emerged from the folk music movement of the mid-1960s with signature tunes such as "Canadian Railroad Trilogy" and "Pussywillows, Cat-Tails." In it, Lightfoot coupled a soaring melody with poignant lyrics about the sailors' last hours.

☆ Morgan Stanley to cut 3,000 jobs in second quarter - source
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Morgan Stanley (MS.N) is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months. Slow dealmaking and a tough economic environment are prompting the investment bank to look at its headcount, the source said. The latest move follows another quarter in which fees from the investment banking unit fell, dragging total revenue down nearly 2% to $14.5 billion. Last month, Morgan Stanley finance chief Sharon Yeshaya had said that "expense management" was a priority given the broader market uncertainty and elevated inflation. Morgan Stanley CEO James Gorman had said in December that the bank would make "modest" job cuts worldwide without giving an exact number.

☆ Environmental groups sue U.S. over SpaceX launch license for Texas
▼ + stars: | 2023-05-01 | by ( Steve Gorman | ) www.reuters.com time to read: +4 min

May 1, (Reuters) - Conservation groups sued the Federal Aviation Administration on Monday, challenging its approval of expanded rocket launch operations by Elon Musk's SpaceX next to a national wildlife refuge in South Texas without requiring greater environmental study. SpaceX had vigorously opposed subjecting its Starbase to an EIS review, a process that typically takes years, even decades. The FAA granted its license following a far less thorough environmental assessment and a finding that SpaceX activities at Boca Chica pose "no significant impact" on the environment. The lawsuit challenges that finding as a violation of the National Environmental Policy Act. The lawsuit highlights a history of tension between environmentalists, who have sought to limit development at Boca Chica, and Musk, a hard-charging entrepreneur known for risk taking.

☆ Car crashes in Illinois dust storm cause deaths, injuries
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Multiple people were reported killed and dozens of other people wounded on Monday in car crashes along Interstate 55 in southern Illinois during a dust storm, state police said. Roughly 40 to 60 passenger cars and several big-rig trucks were involved in the crashes shortly after 11 a.m. CT (1200 ET), an Illinois State Police spokesman said during an afternoon press conference. Some 30 people were transported to local hospitals with injuries, the spokesman said. Please be safe as this situation continues to unfold," U.S. Representative Nikki Budzinski of Illinois said on Twitter. Reporting by Dan Whitcomb and Steve Gorman; Editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

☆ De-dollarization and global reserves dominance, explained by a top currency economist and the inventor of the 'dollar smile' theory
▼ + stars: | 2023-04-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Stephen Jen, CEO of Eurizon SLJ Eurizon SLJStephen Jen is a leading economist, the cofounder and CEO of Eurizon SLJ, and inventor of the "dollar smile" theory. Phil Rosen: You pointed out recently that the dollar saw a steep erosion in 2022 as a global reserve currency. More likely, we will evolve from a unipolar reserve currency world to a multi-polar world. Here's what he said on a potential "tripolar" reserve currency setup if the dollar loses dominance. And here are the top stories from markets this week:Lauren Simmons, a trader at the New York Stock Exchange.

☆ Montana governor signs bill banning transgender medical care for youths
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Montana's governor on Friday enacted a Republican-backed ban on gender-affirming medical care for transgender children, days after a transgender lawmaker protesting the bill was barred from the floor of the state legislature, sparking a national furor. The legislation, Senate Bill 99, passed the House of Representatives three days later, and Republican Governor Greg Gianforte signed it into law on Friday. Republican House leaders initially reacted to Zephyr's floor statements by turning off her microphone. White House spokesperson Karine Jean-Pierre on Thursday called the Montana Republican House action against Zephyr a "denial of democratic values". The Tennessee lawmakers were promptly reappointed to their seats by their county legislatures and earned a trip to the White House.

☆ Sumitomo triples down on Jefferies at right time
▼ + stars: | 2023-04-28 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, April 28 (Reuters Breakingviews) - Jun Ohta may have preferred to catch a bigger Wall Street fish. But the CEO of Japan’s Sumitomo Mitsui Financial Group (8316.T) is expanding his relationship with relative minnow Jefferies (JEF.N) at an opportune moment. The $56 billion SMFG also intends to increase its ownership of the $7.6 billion company run by Richard Handler to 15% by purchasing ordinary shares that it will convert into preferred stock. Slumping deal flow after what Jefferies called an “off-the-charts” 2021 prompted its earnings to more than halve last year. SMFG will buy common stock on the open market and then convert it into non-voting preferred stock.

☆ California's fire season under way weeks after heavy rain and snow
▼ + stars: | 2023-04-28 | by ( Steve Gorman | ) www.reuters.com time to read: +2 min

LOS ANGELES, April 28 (Reuters) - Barely five weeks after the last bout of heavy rain and snow in California's historically wet winter, firefighters on Friday battled the state's first large wildfire of the year in rugged foothills east of Los Angeles. The blaze posed no immediate threat to populated areas as it burned steep terrain deep in the forest, agency spokesperson Lyn Sieliet said. Still, it marked the first blaze of the 2023 season measuring 100 acres or more, signaling the potential for extreme wildfire activity this summer and fall. Forecasters said a warming trend hastened a spring thaw following a spate of Pacific storms that pummeled California with torrential rains and mountain snow from late December until late March. Reporting by Steve Gorman in Los Angeles; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Fish and Wildlife Service. Damage to the launch pad, the floor of which was largely demolished during liftoff, was visible in photos of the aftermath. SpaceX did not immediately respond to a request for comment on the Fish and Wildlife Service findings. The April 20 launch was days after the Federal Aviation Administration (FAA) granted SpaceX a license to launch the Starship via its Super Heavy rocket booster. REUTERS/Joe Skipper 1 2 3The report by the Fish and Wildlife Service, part of the U.S.

April 25 (Reuters) - Most of the vast, scenic valley at the heart of Yosemite National Park in California will close to visitors this weekend in a rare shutdown prompted by forecasts of floods from rapid snowmelt. The closure will start at 10 p.m. on Friday and last at least until Wednesday, May 3, possibly longer, depending on how swiftly melting mountain snow runs off into the Merced River through Yosemite Valley, the National Park Service said on Tuesday. About 100 miles to the north, the Merced River at the Pohono Bridge at the west end of the Yosemite Valley was forecast to top flood stage late this week, the park service said. The vast glacial Yosemite valley received a record 40 inches of snow during the winter, prompting the closure of the entire park to the public on Feb. 25 for three weeks. That shutdown marked one of the longest and most expansive weather-related closures in the park, according to park spokeswoman Nancy Phillipe.

☆ ByteDance is pushing a new app in the U.S. as TikTok faces a ban
▼ + stars: | 2023-04-25 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

While political scrutiny continues to intensify on the widely popular short video app TikTok in the U.S. and across the world, Lemon8 owned by ByteDance is going viral. Jakub Porzycki | Nurphoto | Getty ImagesChinese tech giant ByteDance is pushing another social media app in the U.S. — even as its flagship short video app TikTok faces a possible ban stateside. It seems like ByteDance is pushing Lemon8 as a potential alternative to TikTok," said Lindsay Gorman, senior fellow for emerging tech at the German Marshall Fund. But Lemon8's links to ByteDance and TikTok will come under the radar of U.S. regulators too, especially as the app continues to rise in popularity. Not a solutionCreating another app to replace TikTok is not a quick solution for ByteDance, the analysts said.

☆ Where Goldman Sachs CEO David Solomon takes the corporate jet
▼ + stars: | 2023-04-24 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

"The Board fully supports the use of the Goldman Sachs planes for travel, just as it supported the use of private aircraft by previous Goldman Sachs executives," said Tony Fratto, a company spokesman. "Executives at Goldman Sachs have been flying on private aircrafts for decades as it is proven to be the most secure, effective, and cost-efficient solution to meet the extensive travel obligations for CEOs of firms like Goldman Sachs — which is why all of our peer institutions also extensively use private aircraft." John Waldron, president of Goldman Sachs Reuters/Brendan McDermidOccasionally, Solomon and Waldron switch planes, particularly when Waldron flies overseas. Goldman Sachs has a sponsorship deal with pro golfer Patrick Cantlay. "These estimates wildly overstate the cost of such flights to Goldman Sachs and are not an accurate representation," he said.

☆ Jim Cramer: This is what I learned from the real first week of earnings season
▼ + stars: | 2023-04-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

"Simply stated we're in a freight recession." That line, uttered last Monday by Shelley Simpson, president of J.B. Hunt (JBHT), the fourth-largest trucking company in the United States, was the most memorable of the real first week of earnings season. If so, it would know that we're dealing with much more than a freight recession. It's not enough to offset the immense deflationary pressure emanating from the regional banks and the freight recession described by J.B. Hunt. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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☆ Big bank earnings season is over. Here's how our stocks stack up against peers
▼ + stars: | 2023-04-23 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Big bank earnings are behind us. Investment banks Goldman Sachs (GS) and Club holding Morgan Stanley (MS) are the two pure-play investment banks we care about. Third place was tight, but the combination of better earnings growth and a significantly better ROTCE made Bank of America (BAC) the better performer. Sizing up bank valuations Morgan Stanley is currently trading at a premium at 13.7 times forward earnings, compared to 10.3 for GS. Morgan Stanley Chairman and Chief Executive James Gorman speaks during the Institute of International Finance Annual Meeting in Washington, October 10, 2014.

☆ From cooling inflation to a looming recession, here's what CEOs of the 5 largest US banks are predicting for the economy through 2023
▼ + stars: | 2023-04-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The world's largest banks reported earnings over the past week. Here is what some top bank CEOs are saying about the US economy during their earnings calls this season. JPMorgan CEO Jamie DimonThe Wall Street vet warned investors of looming "storm clouds" ahead. Bank of America CEO Brian MoynihanDuring an earnings call, Moynihan warned of a US recession but said inflation has showed signs of cooling. He allayed fears of a full-blown banking crisis, addressing the turmoil sparked by collapse of specialist banks like SVB last month.

☆ CEO says many of his remote workers didn't open their laptops for a month, and 'only the rarest of full-time caregivers' can be productive employees
▼ + stars: | 2023-04-20 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Clearlink CEO James Clarke said remote workers "quietly quit" and didn't open laptops in a month, Vice reported. A representative didn't address the remarks, but said Clarke "could not be more excited" for the company. Clearlink's CEO James Clarke reportedly told employees that he believed many remote workers have "quietly quit" and become so brazen that dozens at his company "didn't even open" their laptops for a month. "And those were all remote employees, including their manager — for a whole month." Clearlink is a private company with 800 employees, a company representative told Insider.

The pad and surrounding area were cordoned off well in advance of the test, SpaceX said. [1/7] SpaceX's next-generation Starship spacecraft, atop its powerful Super Heavy rocket, explodes after its launch from the company's Boca Chica launchpad on a brief uncrewed test flight near Brownsville, Texas, U.S., April 20, 2023. "Congrats @SpaceX team on an exciting test launch of Starship! Learned a lot for next test launch," he tweeted. Still even a textbook test flight would have by design ended with crash landings of both portions of the spacecraft at sea.

NASA chief Bill Nelson tweeted: "Congrats to @SpaceX on Starship’s first integrated flight test! Looking forward to all that SpaceX learns, to the next flight test — and beyond." Musk, the founder, chief executive and chief engineer of SpaceX, said on Twitter that the next Starship test launch would be "in a few months." "Congrats @SpaceX team on an exciting test launch of Starship! Learned a lot for next test launch in a few months," he tweeted.

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