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☆ Triathlon: Germany wins gold after controversial mixed relay went ahead in River Seine
▼ + stars: | 2024-08-05 | by ( Ben Church | Thomas Schlachter | ) edition.cnn.com time to read: +4 min

CNN —Despite two athletes falling ill and an ongoing controversy around water quality in the River Seine in the run-up to the race, the mixed relay triathlon went ahead on Monday with Germany securing a dramatic gold medal in Paris. Both the men’s and women’s races eventually got underway on Wednesday, but the fallout has continued ahead of the mixed relay. Ongoing sagaThe decision to hold some swimming events in the River Seine raised eyebrows when it was first announced. Triathletes dive into the River Seine during the mixed relay race. The three were involved in a frantic sprint finish, with Lindemann just getting ahead to win Germany’s first triathlon medal in any discipline since 2008.

Persons: Claire Michel, Adrien Briffod, Hanspeter Betschart, “ We’ve, it’s, we’re, ” Carolyn Broderick, Germany’s Laura Lindemann, Piroschka Van De Wouw, Alex Yee, Germany’s Lindemann, USA’s Taylor Knibb, Lindemann, Hayden Wilde, Pierre Le Corre Organizations: CNN, Germany, Belgium, Swiss, Swiss Olympic, Games, Paris, USA, Reuters, Team, New Zealand Locations: Paris, Switzerland, Belgium, Seine, Britain, Tokyo, France, French

☆ Our bend-don't-break economy is reaching its limit
▼ + stars: | 2024-08-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, interest-rate cuts are almost certainly coming, but the relief won't be felt immediately . The big storyCrash landingKevin Dietsch/Getty, Tyler Le/BIOur bend-don't-break economy might finally have reached its limit. After a year of resiliency in the face of high interest rates, the cracks are showing in the US economy. But it's not a silver bullet, and the rate cut's effect will take time to make its way through the economy.

Persons: —, Kevin Dietsch, Tyler Le, it's, Chelsea Jia Feng, Claudia Sahm, Madison Hoff, McDonald's, Jared Siskin, Bobby, Jordan Grumet, Justin Best, Brian Stauffer, Michal Kosinski, Rob Price, sompong, Seng kui Lim, Getty, Joe Biden's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Relief, Getty, Fed, Amazon, Big Tech, Madison, Park Conservancy, Citadel, FIRE, Union Square Advisors, Nvidia, America Locations: resiliency, Central, Switzerland, Canada, Park, Paris, New York, London

☆ Opinion | The Economist Who Predicted What Could Well Be the Next Recession
▼ + stars: | 2024-08-05 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

The economist and market strategist David Rosenberg took a lot of heat for predicting that the Federal Reserve’s big increase in interest rates would tip the U.S. economy into recession. “I spent most of the past year being absolutely beaten up,” he told me last week. “I had email from clients that you would not believe, and many cancellations.”The latest economic data, including a sharp slowdown in job growth in July, is indicating that Rosenberg may well have been right all along. I asked him if he feels vindicated. Stocks also slumped in Europe and were off to a bad start in the United States on Monday as I was finishing this newsletter.

Persons: David Rosenberg, ”, “, Rosenberg, Stocks Organizations: Federal, Nikkei Locations: U.S, Europe, United States

☆ How hedge funds are dealing with the global market meltdown
▼ + stars: | 2024-08-05 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

The VIX, Wall Street's go-to snapshot of market volatility, is at its highest point since the onset of the pandemic. And hedge funds are sifting through the wreckage, with some looking to survive and others planning to pounce. In any market meltdown, there are clear winners and losers given the strategies and positioning of different firms. The yen carry trade has also likely wrong-footed many macro funds, several industry veterans said. It also slowed dealmaking, annoying private equity investors whose capital was tied up in older vintage funds.

Persons: —, Wall Street's, there's, allocators, Harvey Schwartz, Carlyle Organizations: Service, Business, Citadel, Eisler Capital, Universa Investments Locations: Europe, Asia, New York, London

Signs of a slowing U.S. economy sowed panic among investors on Monday, with a sell-off in markets that began last week turning into a global rout. The moves were a sharp reversal in major stock markets, which for much of the past year have risen to new heights, propelled by optimism about cooling inflation, solid labor markets and the promise of artificial intelligence technology. South Korea’s benchmark Kospi index fell more than 10 percent at one point. Japanese stocks have been on a tear for more than a year, fueled by a weak Japanese yen. Adding to the pressure, foreign investors have started selling off positions in Japanese stocks over the last few weeks.

Persons: ”, Andrew Brenner, Goldman Sachs, Goldman, Jordi Basco Carrera, ’, Basco Carrera, Jitters, Jesper Koll, Koll, John Liu, Melissa Eddy Organizations: Federal, Nasdaq, National Alliance Securities, Equity, Technology, Samsung Electronics, Taiwan Semiconductor Manufacturing Company, Nvidia, Intel, Allianz, Monex, Bank of Japan, Tokyo Stock Exchange Locations: Asia, Europe, Americas, Japan, U.S, Taiwan, Singapore, Australia, Hong Kong, China, Stocks, India, Netherlands, Switzerland, New York, Munich, “, New, Seoul, Berlin

Hong Kong/London CNN —Japanese stocks on Monday suffered their biggest daily loss since 1987 as fears about a US economic slowdown sent shock waves through global markets. The Nikkei 225 index of leading stocks in Tokyo lost a staggering 4,451 points, its biggest point drop in history. On the more common, percentage measure, the index closed more than 12% down — according to Reuters, its largest one-day fall since October 1987. He was referring to “Black Monday” in October 1987, when global markets plunged and the Nikkei lost 3,836 points. The Nikkei closed down 5.8% Friday, as traders fretted about the impact of a stronger yen on Japanese companies.

Persons: ” Neil Newman, ”, Stephen Innes, Newman, Mohit Kumar, Taiwan’s Taiex, Kospi, Innes, Tom Kloza, Bitcoin Organizations: London CNN, Reuters, Advisory, CNN, Nikkei, Federal Reserve, Bank of Japan, Management, Trading, Nasdaq, Dow, Jefferies, Traders, greenback, PMI, Intel, Brent, Oil Price Information Service Locations: Hong Kong, London, Tokyo, Japan, South Korea, “, Asia, Europe, South, Shanghai, China, United States

☆ Home flipping and BRRRR are back: Interest rate cuts are set to fuel a resurgence in the real-estate investing strategies, says BiggerPockets' housing-market guru
▼ + stars: | 2024-08-04 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Read previewHome flipping and the BRRRR method have been in the doghouse among much of the real-estate investing community over the last couple of years. As the Federal Reserve jacked up interest rates and home prices cooled off, warnings about the viability of these strategies abounded. But now, the popular strategies are due for a resurgence, according to Dave Meyer, BiggerPockets' housing market expert. Related storiesOne piece of evidence for this is that home flipping profits have generally been on the rise since the start of 2023 and jumped significantly in Q1 2024, according to real-estate data firm ATTOM. Further, he argues, the housing market is not as volatile as the stock market, and it's rare to see forced selling on a grand scale, he said.

Persons: —, Dave Meyer, BiggerPockets, Meyer, he's bullish, there's, it's, Skylar Olsen, she's Organizations: Service, Federal Reserve, Business, ATTOM, Labor

☆ Saturday’s Olympics schedule is epic. An expert guide to prepare for — and survive — your marathon watch
▼ + stars: | 2024-08-03 | by ( Alex Andrejev | ) www.nytimes.com time to read: +13 min

Not to mention the third round of men’s golf, and men’s and women’s tennis medal matches earlier in the day. Saturday's 31 gold medal events Sport Event Time Archery Women's individual 8:46 a.m. Shooting Men's skeet 9:30 a.m. Surfing Men's final 4 p.m. Surfing Women's final 5:12 p.m. Swimming Mixed 4x100m medley relay 3:58 p.m. Table tennis Women's singles 8:30 a.m. Tennis Men's doubles 6 a.m. Tennis Women's singles Third on courtThere’s also the U.S. women’s soccer quarterfinal against Japan at 9 a.m. Added Tamayo: “You’ve gotta manage your brain, you can’t go too hard.”Step 3: Have a pick-me-upChina’s Zheng Qinwen goes against Croatia’s Donna Vekić in the women’s tennis gold medal match.

Persons: Scott Hanson, Hanson, ”, we’re, “ RedZone, Simone Biles, Katie Ledecky, LeBron James, Sha’Carri Richardson, Léon Marchand, Stephen Nedoroscik, ” Hanson, it’s, Gabriel Bouys, Tom Harris, Year’s Eves, “, Harris, Biles, Nedoroscik, Ledecky, Richardson, Men's, Athletics Women's, There’s, Pace, Ryan Crouser, Ben Stansall, Jonathan Tamayo, Tamayo, —, ” Tamayo, ” Ashton Harrison, Zheng Qinwen, Croatia’s Donna Vekić, Harrison, Devin Altieri —, ” Altieri, you’ve, Altieri, carbo, “ Don’t, Pascal Guyot, Oside, Oluwole, . Hanson, “ I’ve, Peacock's, RedZone, Dan Goldfarb, Sean Reilly, Henry Browne, Hannah Peters, Jamie Squire, Jonathan Nackstrand Organizations: NFL, Paris, Olympic, Getty Images, Times Square Alliance, Stade de France, Athletics, Women's, Athletics Men's, Badminton, Dressage, Japan, U.S, Puerto Rico, Getty, Indy, Pepsi, rugby, USA, Paris Games Locations: U.S, AFP, New York, Florida, Paris, Sebring

☆ Drunk driver was going 78 mph when he crashed into nail salon and killed 4, prosecutors say
▼ + stars: | 2024-08-02 | by ( Nbc New York | ) www.nbcnews.com time to read: +2 min

A drunk driver who killed four people and injured nine more when he crashed his SUV into a Long Island nail salon was driving 78 mph at the time of the crash, prosecutors said Thursday as the driver pleaded not guilty to a multitude of charges that include murder and vehicular manslaughter. Steven Schwally, 64, entered the pleas to a 38-count indictment for the deadly June 28 crash at the Hawaii Nail & Spa store in Deer Park. Prosecutors said in court papers that Schwally purchased two 375-milliliter bottles of Montebello Long Island Iced Tea at 11 a.m. on the day of the crash. Investigators determined that he was driving 78 mph (125 kph) one second before the crash, prosecutors said. Prosecutors said Schwally had no regular address and had been living in hotels for more than a year.

Persons: Steven Schwally, Schwally, Richard Ambro, Prosecutors, Schwally “, Ray Tierney Organizations: Hawaii, Legal Aid Society of, New York Police Department, Newsday, Traverse, Marine, Prosecutors Locations: Deer Park, Legal Aid Society of Suffolk County, Schwally, Montebello, Deer, ” Suffolk County, Suffolk County

☆ Freed prisoners return to U.S. from Russia and the race to define Kamala Harris: Morning Rundown
▼ + stars: | 2024-08-02 | by ( Elizabeth Robinson | Elizabeth Robinson Is A Newsletter Editor For Nbc News | Based In Los Angeles. | ) www.nbcnews.com time to read: +13 min

Evan Gershkovich, Paul Whelan and Alsu Kurmasheva make an emotional return to the U.S. Simone Biles and Katie Ledecky add to their Olympic medal collections. Jamie Squire / Getty ImagesBiles won gold in the women’s all-around gymnastics final, reclaiming her 2016 title and becoming the first American to win the Olympic all-around gold medal more than once. Brazil’s Rebeca Andrade won silver, and American Suni Lee, who won the all-around gold medal three years ago in Tokyo, took home the bronze. Katie Ledecky made Olympic history when she won a silver medal in the women's 4x200m freestyle relay final on Thursday. The battle intensifies to define HarrisIt goes without saying that Vice President Kamala Harris’ path to de-facto Democratic presidential nominee has been unprecedented.

Persons: Evan Gershkovich, Paul Whelan, Alsu, Simone Biles, Katie Ledecky, Sonya Massey, Biden, Harris, Joe Biden, Kamala Harris, Alsu Kurmasheva, Whelan, Gershkovich, Kurmasheva, “, Vladimir Kara, Murza, Antony Blinken’s, Sergei Lavrov, Suni Lee, Jamie Squire, Biles, Brazil’s Rebeca Andrade, Maddie Meyer, Peacock, Read, rance, wimmer, ▶️, ure, Ana l, J uly, dow, ros, Pres, ena, Gray, ood, Joh, edd, maki, abou, , in Organizations: U.S, Russia, Marine, Joint Base Andrews, Wall Street, Radio Free, Radio Liberty, Paris, unt, pla, us. Locations: Maryland, Germany, U.S, Russia, Slovenia, Norway, Poland, Radio Free Europe, Berlin, Paris, American, Tokyo, Belgium

☆ There are cracks forming in the US jobs market
▼ + stars: | 2024-08-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. The unemployment rate is expected to hold steady at 4.1%, according to FactSet consensus estimates. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Economic Policy Institute, ” Locations: Oxford

☆ How this 26-year-old is changing the face of professional sailing: ‘I need to believe that I deserve to be here’
▼ + stars: | 2024-08-02 | by ( Harriet Taylor | In | ) www.cnbc.com time to read: +3 min

SailGP and US Olympic sailor Anna Weis is transforming the image of professional sailing. Weis is leading a new generation of women sailors challenging preconceived notions of female athleticism. With speeds of more than 60 miles per hour, the league is gaining a reputation as 'Formula 1 on the water.' No one was hurt, but the crash was a stark reminder of the high-adrenaline, high-stakes of the sport she has chosen. Vonn's experience competing at the highest level of a sport coupled with her perspective as a female athlete is an invaluable asset to the team, Weis says.

Persons: Anna Weis, Weis, Larry Ellison, Sir Russell Coutts, SailGP, Anna [ Weis, Mike Buckley, She's, she's, Coutts, It's, Marc Lasry's, Ryan McKillen, Margaret McKillen, Issa Rae, Deontay Wilder, Lindsey Vonn Organizations: Olympic, Oracle, United States SailGP, CNBC, US Team Locations: Bermuda, United States

Ismail Haniyeh, leader of the Palestinian militant group Hama, arrives for the inauguration of the new Iranian President at the parliament in Tehran, on July 30. Tehran: Haniyeh took at least four trips to Tehran – in November, March, May and July. In May, he attended the funerals of Iranian president Ebrahim Raisi and foreign minister Hossein Amir-Abdollahian, who were killed in a helicopter crash. On his final trip to Tehran, which ended with his assassination, he attended the inauguration of the new Iranian president, Masoud Pezeshkian. Doha: As Israel’s war ravaged Gaza, Haniyeh spent the majority of his time in Hamas’ Doha offices.

Persons: Ismail Haniyeh, Hama, Stringer, Ismail Haniyeh’s, Haniyeh, Ali Khamenei, Ebrahim Raisi, Hossein Amir, Abdollahian, Masoud Pezeshkian Organizations: Getty, CNN, Tehran –, Iranian Locations: Tehran, AFP, Gaza, Istanbul, Turkey, Doha, Cairo, Qatar, Egypt

☆ Boeing’s new CEO just landed the best (and worst) job in Corporate America
▼ + stars: | 2024-08-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

You’ve just landed a job that is simultaneously the best and worst in Corporate America. There’s a laundry list of problems Ortberg will have to confront on Day One, and he’ll be operating under intense scrutiny from a rabid audience of shareholders, regulators, customers and even the FBI. “I wish I knew more about other industries to say whether he was the worst aerospace CEO or the worst CEO, period.”Under Calhoun’s watch, Boeing’s headaches have multiplied. Ortberg climbed the ranks at Rockwell Collins, an aviation tech supplier, from 1987 to 2013, when he became its CEO. Boeing’s shares rose 2% Wednesday, even after Boeing announced its losses tripled in the second quarter, reflecting Wall Street’s optimism about Ortberg.

Persons: CNN Business ’, Kelly Ortberg, You’ve, that’s, can’t, Ortberg, Dave Calhoun, Richard Aboulafia, “, Boeing didn’t, Steven Mollenkopf, Calhoun “, ”, they’ll, That’s, ” Aboulafia, Robert Clifford, Max, ” Clifford, Chris Isidore, He’s, Rockwell Collins, Ron Epstein, “ Kelly, he’ll Organizations: CNN Business, New York CNN, Corporate, Boeing, Ortberg, FBI, Airbus, Rockwell, Industry, Bank of America, Puget Locations: New York, Corporate America, Seattle, Chicago, Arlington , Virginia

☆ Boeing's new CEO already seems to have given a major indication of where his priorities lie
▼ + stars: | 2024-08-01 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

Read previewBoeing's incoming CEO, Kelly Ortberg, is already signaling his intent to get the planemaker back on track. Later that month, The Seattle Times reported that Boeing's board shut down a shareholder's bid to move its headquarters back to Seattle. Outgoing CEO Dave Calhoun last year faced criticism from employees after commuting to Boeing's HQ by private jet, The Wall Street Journal reported. Airline bosses like Emirates' Tim Clark had called on Boeing to appoint a new CEO with an engineering background. Boeing's incoming CEO, Kelly Ortberg, is an aerospace veteran.

Persons: —, Kelly Ortberg, Ortberg, It's, Rockwell Collins, Max, Lindsey Wasson, Maria Cantwell, Dave Calhoun, Calhoun, Tim Clark, we've, Nicolas Owens, Owens, Bob Clifford, preventively Organizations: Service, Seattle Times, Boeing, Reuters, Business, Alaska Airlines, Federal Aviation Administration, REUTERS, Commerce, Science, Transportation, Street Journal, Morningstar Locations: Seattle, Chicago, Virginia, Washington, South Carolina, Renton , Washington, Emirates, Blackstone

☆ The deadliest V-22 crash in Air Force history caused by 'catastrophic' gearbox failure and crew's 'lack of urgency,' a probe found
▼ + stars: | 2024-08-01 | by ( Konstantin Toropin | Thomas Novelly | ) www.businessinsider.com time to read: +8 min

An infographic details the crash location of the US military V-22 Osprey aircraft near Japan's Yakushima island. Debris believed to be from a US military Osprey aircraft is seen in waters off the coast of Yakushima Island. Members of the Japanese Navy look through binoculars during a search operation after the CV-22 Osprey crash. The Air Force, alongside the other military services that fly the Osprey, grounded their V-22s shortly after the crash. The service said last month that only a handful of its aircraft were flying at Cannon Air Force Base in New Mexico.

Persons: —, Military.com, Michael Conley, Conley, didn't, It's, …, Jeffrey T, Eric V, Luke A, Terrell K, Zachary E, Jake M, Brian K, Johnson, Jake Galliher, Spendlove, Adm, Carl Chebi, Chebi, " Conley, we're Organizations: Service, Air Force, Business, Ospreys, Getty, Air Force Special Operations Command, NBC, Osprey, Japan Coast Guard, AP, Ministry of Defense, Tech, Staff, Pentagon, Cannon Air Force Base, The Air Force, Naval Air Systems Command Locations: Japan, Anadolu, Yakushima, Yakushima Island, New Mexico

☆ Fed Chair Powell just said the labor market is getting vulnerable. Friday’s jobs report could prove why
▼ + stars: | 2024-08-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. Labor force participation/employment to population ratio: These metrics are key reasons why Bunker and others believe the labor market remains in good shape. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Labor, Economic Policy Institute, ” Locations: Oxford

☆ Boeing 737 Max crash families say planemaker should face much higher fine
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +3 min

Families for some of the 346 people killed in two fatal Boeing 737 Max crashes said on Wednesday a U.S. judge should reject the planemaker's proposed plea deal with the Justice Department and the government should seek a much higher fine. Spokespeople for Boeing and the Justice Department did not immediately comment on the families' filings. The DOJ told Boeing earlier this month it could accept a settlement that branded the planemaker a felon or fight the charge in court. The Justice Department has a separate criminal probe ongoing into the Alaska Airlines jet that was missing four key bolts. The company's board -- including new CEO -- must meet with the victims' families within four months of sentencing.

Persons: Nadia Milleron, Samya Stumo, Dennis Muilenburg, Hart, Paul Cassell, Cassell, Adrian Vuckovich, Max Organizations: Ethiopian Airlines, Boeing, Senate Commerce, Science, Justice Department, DOJ, The, Department, Alaska Airlines Locations: Indonesia, Ethiopia

☆ Tesla car that killed Seattle motorcyclist was in ‘Full Self-Driving’ mode, police say
▼ + stars: | 2024-07-31 | by ( ) edition.cnn.com time to read: +2 min

Reuters —A Tesla Model S car was in “Full Self-Driving” mode when it hit and killed a 28-year-old motorcyclist in the Seattle area in April, police said, making it at least the second fatal accident involving the technology on which Tesla CEO Elon Musk is pinning his hopes. Tesla says its “Full Self-Driving (Supervised)” software requires active driver supervision and does not make vehicles autonomous. Previously, the National Highway Traffic Safety Administration (NHTSA) said there was one fatal accident involving a Tesla vehicle using FSD software between August 2022 and August 2023. This year, Musk shelved Tesla’s all-new affordable cars and increased his bets on self-driving vehicles, saying he will be shocked if Tesla cannot achieve full self-driving capability next year. In December 2023, Tesla was forced to recall nearly all its vehicles on U.S. roads to add safeguards to the software.

Persons: Elon Musk, Tesla, Waymo, Sam Abuelsamid, ”, Raj Rajkumar, Musk Organizations: Reuters, Tesla, Traffic Safety Administration, NHTSA, Carnegie Mellon University Locations: Seattle, Silicon

☆ José Torres Gil makes BMX history for Argentina during ‘best final ever’ at Paris Olympics
▼ + stars: | 2024-07-31 | by ( George Ramsay | ) edition.cnn.com time to read: +5 min

Place de la Concorde, Paris CNN —Triumph and tragedy are everywhere you look at the Olympics, and the men’s BMX park final on Wednesday had a surfeit of both. Martin crashed on both of his runs, his title defense wilting in the Paris heat, while Jeanjean recovered superbly on his second run to take a hard-earned bronze medal. As for the triumph, take José Torres Gil, the Argentinian rider who won his country’s first individual gold medal in a cycling discipline with a stunning initial score of 94.82. Great Britain’s Keiran Reilly took silver after packing trick after trick into his second run, hauling himself above Jeanjean with the final act of the competition. “It’s not easy at all when you’ve been training day-in, day-out for a year and you fall on the first trick, the first run,” Jeanjean said.

Persons: – Australia’s, Logan Martin, France’s, Anthony Jeanjean –, Martin, Jeanjean, José Torres Gil, “, ”, Torres Gil, Britain’s Keiran Reilly, Anthony Jeanjean, Markus Gilliar, Torres, –, that’s, Kieran Reilly, Alex Broadway, you’ve, ” Jeanjean, ” Torres, Reilly, Marcus Christopher, Justin Dowell Organizations: Concorde, Paris CNN —, Olympics, Urban Sports, Tokyo Olympics, Frenchman, Games, Getty, Pan American Locations: Paris, sprawled, Europe, Tokyo, American

☆ Here's what usually happens to stocks when the Fed cuts rates
▼ + stars: | 2024-07-31 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Any September decision to lower the Fed's target range would be the first time interest rates have fallen since the hiking cycle began in March 2022. However, stocks fell soon after the rate cut in 2001 and 2007 by 13.5% and 20.6%, respectively, due to the dotcom crash and the global financial crisis. The current tightening episode is the seventh in the past 40 years. Historically, the Fed has cut rates because the U.S. economy was heading into a recession or experiencing a notable growth slowdown. While nominal rates peaked at 11.5% at the end of the 1983-84 episode, the current target range of 5.25%-5.50% is the highest this millennium.

Persons: Kevin Kliesen, Louis Organizations: CNBC, CNBC Pro, Federal Reserve, Federal Reserve Bank of St Locations: U.S

☆ Tesla keeps touting self-driving but one analyst's near-crash shows it's 'not even close' to autonomy
▼ + stars: | 2024-07-30 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFollowing Elon Musk's bold assertions about "solving autonomy," a Truist Securities analyst took a Tesla Model Y out for a ride to test its Full Self-Driving capabilities. In a note seen by Business Insider, Truist analyst William Stein said the technology was "arguably worse than last time." This story is available exclusively to Business Insider subscribers. He said during the company's second-quarter earnings call that he would be "shocked" if the first Robotaxi ride wasn't possible next year, although he was unable to give an exact timeline.

Persons: —, Elon, William Stein, Stein, FSD, Tesla, Musk, Tesla didn't Organizations: Service, Truist Securities, Tesla, Business Locations: New York

☆ What’s happening in Venezuela - protests, election uncertainty and an economic crisis
▼ + stars: | 2024-07-30 | by ( Jessie Yeung | ) edition.cnn.com time to read: +10 min

CNN —Venezuelans across the country took to the streets on Monday to protest a disputed election, clashing with police as uncertainty swirls around the results amid allegations of election fraud. Venezuelan President Nicolás Maduro after the presidential election results were announced in Caracas on July 29, 2024. Though Maduro supporters celebrated his win in parts of Caracas, Monday was marked by wider protests by the opposition. Many regional and world leaders have cast doubt on the results, including the United States – though some of Venezuela’s partners have stood by Maduro. Once the fifth-largest economy in Latin America, Venezuela has experienced the worst economic collapse of a peacetime country in recent history.

Persons: Nicolás Maduro, Maduro, –, Juan Barreto, Hugo Chávez, Edmundo Gonzalez, Maria Corina Machado, Matias Delacroix, Gonzalez, Machado, António Guterres, Molotov, Samir Aponte, ”, “, Antony Blinken, Maduro’s Organizations: CNN, Sunday, Getty, AP, Officially, Electoral Council, CNE, The Carter, United Nations, Reuters, Police, Washington, Venezuela –, European Union Locations: Venezuelan, Caracas, AFP, Venezuela, Charallave, Chile, Spain, Puerto La Cruz, United States, United Kingdom, Argentina, Costa Rica, Peru, Panama, Dominican Republic, Uruguay, China, Cuba, Iran, Russia, Latin America

☆ Tesla faces fresh headache as it recalls 1.8 million vehicles over hood problems
▼ + stars: | 2024-07-30 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

The concerns revolve around issues with the software that detects when a hood is unlatched. AdvertisementTesla is recalling 1.8 million cars in the US due to issues with the hood, the National Highway Traffic Safety Administration said. The concerns revolve around issues with the software that detects when a hood is unlatched, the NHTSA said. If a hood is unlatched, there is a risk it could open fully, obstruct the driver's view, and cause a crash. The recall applies to certain 2021-2024 Model 3, Model S, Model X, and 2020-2024 Model Y vehicles.

Persons: Tesla, — Organizations: NHTSA, Elon Musk's EV, Service, Traffic Safety Administration, Business

Delta Air Lines has hired prominent attorney David Boies to seek damages from CrowdStrike and Microsoft following an outage this month that caused millions of computers to crash, leading to thousands of flight cancellations. CrowdStrike shares fell as much as 5% in extended trading on Monday after CNBC's Phil Lebeau reported on Delta's hiring of Boies, chairman of Boies Schiller Flexner. On July 19, a software update from CrowdStrike led to a historic outage of Microsoft systems, knocking numerous industries offline. While no suit has been filed, Delta plans to seek compensation from Microsoft and CrowdStrike, Lebeau reported. Insurance startup Parametrix estimated that the CrowdStrike incident resulted in a total loss of $5.4 billion for Fortune 500 companies, not including Microsoft.

Persons: David Boies, CNBC's Phil Lebeau, Boies Schiller, CrowdStrike, Lebeau, Delta hasn't, Harvey Weinstein, Elizabeth Holmes Organizations: Delta Air Lines, Microsoft, Airlines, Department of Transportation, Delta, U.S, Hollywood, Insurance, Fortune

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