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☆ No 'smooth road' ahead for the Democrats, advisory firm says
▼ + stars: | 2024-07-22 | 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 EmailNo 'smooth road' ahead for the Democrats, advisory firm saysLew Lukens, senior partner at Signum Global Advisors, discusses the challenges facing the Democratic Party and Vice President Kamala Harris as she launches her campaign to become the Democratic nominee.

Persons: Lew Lukens, Kamala Harris Organizations: Signum Global Advisors, Democratic Party, Democratic

☆ CrowdStrike outage: What we know 4 days after a software update brought down computer systems around the world
▼ + stars: | 2024-07-22 | by ( Zoe Sottile | ) edition.cnn.com time to read: +7 min

CNN —Four days after a faulty software update from a cybersecurity company unexpectedly brought down computers and technical systems across the world, airlines and some other companies are still experiencing delays and other technical problems. The outage was related to a software update rolled out by CrowdStrike, a major US cybersecurity firm. The issue is specific to Falcon, one of CrowdStrike’s main software products, and is not impacting Mac or Linux operating systems, according to the advisory. US-based carriers American Airlines, United Airlines, Delta Air Lines, Allegiant Airlines, SunCountry and Frontier Airlines all reported issues on Friday. More than 1,200 Delta flights were canceled on Sunday, after the carrier canceled 1,208 flights on Saturday, according to FlightAware.

Persons: ” –, Patrick Anderson, —, CrowdStrike, “, George Kurtz, Kurtz, Crowdstrike, United, Delta, Pete Buttigieg, Ed Bastian, ” Buttigieg, Bastian, it’s, David Kennedy, “ It’s, ” Kennedy, “ There’s, Buttigieg, Brigham, Dana Organizations: CNN, Microsoft, Anderson Economic Group, Fortune, Travelers, Marriott International, American Airlines, United Airlines, Delta Air Lines, Allegiant Airlines, Frontier Airlines, Delta Airlines, Delta, Delta Air, Department, Turkish Airlines, Jetstar, Hong Kong Express, Cebu Pacific, Binary Defense, Mass, Penn Medicine, Mount, Mount Sinai Health, Emory Healthcare, Farber Cancer Institute, New, Memorial Sloan Kettering Cancer Center, Government, Social Security, Department of Motor Vehicles, UPS, FedEx Locations: Delta, FlightAware, Jetstar Japan, Hong, Massachusetts, Pennsylvania, Mount Sinai, New York, Atlanta, Boston, Arizona, Alaska, Washington ,

☆ Investment banking is back — and the recovery is just getting started
▼ + stars: | 2024-07-21 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Investment banking was the rock star of big bank earnings this season. For Club stock Morgan Stanley, investment banking revenues surged 51% year over year with equity underwriting fees jumping over 56%, and advisory fees increasing over 30% from the year-ago period. Wells Fargo's investment banking revenues, which fall underneath its corporate and investment banking (CIB) division, jumped 38% year over year. "The investments we have been making allowed us to take advantage of the market activity in the quarter with strong performance in investment advisory, trading and investment banking fees." And good news for investors, it doesn't look like the rebound in investment banking is slowing anytime soon.

Persons: Morgan Stanley, Wells, JPMorgan Chase, Goldman Sachs, Goldman, Morgan, We've, Morgan Stanley's, NII, Charlie Scharf, Ted Pick, we're, David Solomon, Donald Trump, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, Bank of America, Citigroup, Citi, Investment, IB, Federal Reserve, Wells, CNBC, CIB, Morgan, Wall, Citibank, JPMorgan Chase, Reuters Locations: Wells Fargo, Wells, U.S

CNN —The Biden-Harris campaign on Sunday formally amended filings with the Federal Election Commission to rename its principal committee and declare Kamala Harris a candidate for president. The move means that should she remain on the ticket for the general election, according to the Campaign Legal Center, Harris could assume control of the Biden-Harris campaign account, which had nearly $96 million cash in hand at the end of June. It’s possible the Biden campaign will need to ask the Federal Election Commission for guidance, in the form of an advisory opinion, in the coming weeks, Engle added. That could allow Harris to start a new campaign account, revisit donors who had already maxed out contributions to the Biden-Harris campaign and hit them up again, one election attorney said. “I think the general consensus view is, because Harris’s name is already on the paperwork, she can accept it for the general election.

Persons: CNN —, Harris, Kamala Harris, “, Biden, ” Trevor Potter, Joe Biden, ”, “ Harris, Hans von Spakovsky, Dara Lindenbaum, Lindenbaum, Harris wouldn’t, von Spakovsky, Sean Cooksey, ” Craig Engle, ” Engle, there’s, Engle, Derek Muller, what’s, ” Muller, CNN’s Fredreka Schouten, Matt Holt Organizations: CNN, Biden, Sunday, Federal, Commission, Democratic, Legal, United States, Heritage Foundation, Democratic Party, Fox News, Republican, Democratic National Committee, University of Notre Dame

☆ Top UN court says Israel's occupation of Palestinian territories is illegal
▼ + stars: | 2024-07-20 | by ( ) www.cnbc.com time to read: +1 min

Judges at the International Court of Justice (ICJ) rule on emergency measures against Israel following accusations by South Africa that the Israeli military operation in Gaza is a state-led genocide, in The Hague, Netherlands, January 26, 2024. The United Nations' highest court said on Friday that Israel's occupation of Palestinian territories and settlements there are illegal and should be withdrawn as soon as possible, in its strongest findings to date on the Israel-Palestinian conflict. The advisory opinion by judges at the International Court of Justice (ICJ), known as the World Court, was not binding but carries weight under international law and may weaken support for Israel. The court said Israel's obligations include paying restitution for harm and "the evacuation of all settlers from existing settlements". "The Jewish nation cannot be an occupier in its own land," Israeli Prime Minister Benjamin Netanyahu's office said in a statement.

Persons: Nawaf Salam, Benjamin Netanyahu's Organizations: International Court of Justice, United Nations, Israel, West Bank Locations: South Africa, Gaza, The Hague, Netherlands, Israel, East Jerusalem

☆ As the RNC ends, swing states’ efforts to fight misinformation ramp up ahead of the election
▼ + stars: | 2024-07-20 | by ( Shania Shelton | ) edition.cnn.com time to read: +12 min

“2024 is the first American presidential election year at this intersection of election-related mis- and disinformation and the rapid growth of AI generated content. Misinformation spread rapidly through Pennsylvania during the 2020 election as the swing state faced baseless allegations about voting in Pennsylvania, perceived unfairness toward Republican poll-watchers and violations of election rules. Sabir said the misinformation fighting efforts will target voters where they are, including social media, billboards and radio ads. Fontes was recognized in May for his office’s work creating election security tabletop training exercises aimed to protect the state’s election infrastructure. Bellamy said it’s critical to fight misinformation going into this election, and elections are gaining a lot of negative attention.

Persons: CNN —, Ginny Badanes, Ashley O’Rourke, Badanes, O’Rourke, ”, it’s, Megan Bellamy, Donald Trump, Seth Bluestein, “ It’s, ” Bluestein, Omar Sabir, ” Sabir, Sabir, Lawrence Norden, Brennan, ” Norden, Adrian Fontes, Fontes, He’s, ” Fontes, Bellamy, it’ll, ” Bellamy, “, Alexander Kolodin, Kolodin, Katie Hobbs, David Edmonson, TechNet’s, ” Edmonson, Tony Evers, Adam Neylon, they’re, ” Neylon, Lia Holland, ” Holland, I’ve, Trump Organizations: CNN, Republican National Convention, Microsoft, State, Republican, Arizona, Arizona Republican, HB, Democratic, Wisconsin Gov Locations: Philadelphia, Pennsylvania, Atlanta , Milwaukee, In Arizona, Arizona, Wisconsin

☆ Timeline: How the CrowdStrike outage unfolded
▼ + stars: | 2024-07-20 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +10 min

Washington, DC, public transportation services — including trains and buses — begin experiencing delays, according to the Washington Metropolitan Area Transit Authority. At 5:30 a.m., US cybersecurity firm CrowdStrike tells customers that it was “aware of reports of crashes” of its software on Microsoft Windows operating systems, according to a company advisory viewed by CNN. Australian lenders ANZ and Westpac were also impacted, according to Downdetector, a website that tracks cyber outages. Other states also report impacts to their driving services, including Georgia, North Carolina, Texas and Tennessee. CrowdStrike would take steps “to prevent anything like this from happening again,” according to a statement on the company’s website.

Persons: Ted Wheeler, they’re, We’re, Charlotte, Biden, Joe Biden, George Kurtz, ”, Brigham, Dana, Blood, Andrea Cefarelli, Jenny Ficenec, “, Kurtz, CrowdStrike Organizations: New, New York CNN, Federal Aviation Administration, American Airlines, FAA, Allegiant Airlines, Spirit Airlines, Washington Metropolitan Area Transit Authority, Metropolitan Transportation Authority, Microsoft, CNN, CrowdStrike’s, Fortune, White, National Security, Global, Australia’s Commonwealth Bank, Bank of Israel, ANZ, Westpac, ASB Bank . Portland, Emergency, Dispatch, United Airlines, Air Lines, Hartsfield Jackson International, Charlotte Douglas International Airport, ”, Miami International Airport, Customs, Border, Alaska State Troopers, Phoenix Police Department, Computer, Police, Rescue, Federal Communications Commission, US Department of Homeland Security, CrowdStrike, Social, US Department of Justice, UPS, FedEx, Massachusetts Department of Transportation, Vehicle, Mass, Penn Medicine, Northwell, Emory Healthcare, Farber Cancer Institute, Memorial Sloan Kettering Cancer Center, Provincial Health Services Authority, New York Blood Center, Northeast, Centers of America, Assurance Locations: New York, Alaska, Arizona, Delta, United, Washington, DC, New York City, North, Georgia, North Carolina , Texas, Tennessee, Massachusetts, Pennsylvania, Atlanta, Boston, British Columbia, New, Northeast United States, North Carolina, Virginia

☆ Employees don't trust bosses anymore, says psychologist: They got a 'champagne taste' of great leadership during the pandemic
▼ + stars: | 2024-07-19 | by ( Ashton Jackson | ) www.cnbc.com time to read: +1 min

If you're having trouble trusting your boss right now, you're not alone. Gone are the days of seeing managers in their homes on virtual meetings, bonding over shared pandemic experiences and chatting about families and lifestyles, he says. They had all that exposure to senior leadership and then that got scaled back," Granger tells CNBC Make It. Add on the waves of layoffs that occurred after the pandemic — some of which took place abruptly over email or Slack — and employees feel more stressed and less trusting than ever, says Granger. The result: Bosses may find it difficult to effectively lead their organizations, and workers could quiet quit — or actually go.

Persons: Ben Granger, Granger, Slack — Organizations: CNBC, Resilience Survey Locations: Qualtrics

☆ What is Crowdstrike and how is it linked to the global outage?
▼ + stars: | 2024-07-19 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +1 min

CNN —The global computer outage affecting airports, banks and other businesses on Friday appears to stem at least partly from a software update issued by major US cybersecurity firm CrowdStrike, experts told CNN. The issue is specific to Falcon, one of CrowdStrike’s main software products, and is not impacting Mac or Linux operating systems, according to the advisory. CrowdStrike’s cybersecurity software — used by numerous Fortune 500 companies — detects and blocks hacking threats. Like other cybersecurity products, the software requires deep-level access to a computer’s operating system to scan for those threats. CrowdStrike is perhaps best known for investigating the Russian hack of Democratic National Committee computers during the 2016 US election.

Persons: CrowdStrike, “, George Kurtz, Kurtz Organizations: CNN, Microsoft, Fortune, CrowdStrike, Democratic National Committee

☆ The Voices Young Conservatives Are Listening to Online
▼ + stars: | 2024-07-19 | by ( Rachel Janfaza | ) www.nytimes.com time to read: +1 min

By the time that former President Donald J. Trump joined TikTok in June, conservative content was flourishing on the social media platform, known for its grip on young people. That environment has had an effect on many voters, particularly members of Generation Z, for whom Mr. Trump has been a consistent presence on presidential ballots since they became eligible to vote. The appetite for conservative-leaning content online inspired CJ Pearson, 21 and a chairman of the Republican National Committee’s Youth Advisory Council, to develop a digital initiative called Influence America. “People follow people,” said Mr. Pearson, a veteran of the youth-focused conservative platform PragerU. “They don’t follow organizations; they don’t follow parties.”

Persons: Donald J, Trump, Trump’s, CJ Pearson, ”, Pearson Organizations: TikTok, Republican National, Advisory Council

Fidelity vs. Charles Schwab: At a GlanceFidelity and Charles Schwab are two of the largest and most reputable brokerage firms featured in several of our guides, including the best robo-advisors. Making a Choice: Fidelity vs. Charles SchwabFidelity Investments and Charles Schwab are great for all kinds of traders. Charles Schwab is better for higher balances and offers a more comprehensive selection of advanced charting tools like the thinkorswim platform. Fidelity vs. Charles Schwab Frequently Asked Questions (FAQs)Can I open both Fidelity and Charles Schwab accounts? You can open both a Fidelity and Charles Schwab brokerage account to take advantage of each platform's best features and services.

Persons: Morningstar, Charles Schwab Insider’s, Schwab, Charles Schwab, It's, Charles Schwab's, Schwab's Organizations: Fidelity Investments, Fidelity, Business Daily, Investment, Financial Products Fidelity, Teen, Charles, U.S, Fidelity Wealth Services, Technology, Pro, screeners, Schwab, Ameritrade, Charles Schwab Fidelity Investments Locations: cryptocurrencies, Chevron

☆ Which airports and airlines have been affected by the outages?
▼ + stars: | 2024-07-19 | by ( Cnn Staff | ) edition.cnn.com time to read: +8 min

All flights for US airlines United Airlines, Delta Air Lines, and American Airlines were grounded early on Friday, with the Federal Aviation Administration (FAA), citing communication issues. Passengers and airline pilots wait at Newark International Airport after United Airlines and other airlines grounded flights because of a worldwide tech outage. Jaipur International AirportJaipur International Airport has confirmed that “flights nationwide” have been affected by the outage. Incheon International Airport, SeoulSouth Korea’s Incheon International Airport said Air Premia, Eastar Jet and several other airlines had been affected. Taoyuan International Airport, TaiwanTaiwan’s Taoyuan International Airport said several airlines at the airport had been impacted.

☆ Top UN court says Israeli occupation of West Bank and East Jerusalem is illegal
▼ + stars: | 2024-07-19 | by ( Nadeen Ebrahim | Mitchell Mccluskey | ) edition.cnn.com time to read: +6 min

CNN —The United Nations’ top court said Friday that Israel’s presence in the West Bank and East Jerusalem is illegal, in an unprecedented opinion that called on Israel to end its decades-long occupation of territories claimed by Palestinians for a future state. The Palestinians want the West Bank and Gaza for a future state, with East Jerusalem at its capital. ‘False decision’Israeli Prime Minister Benjamin Netanyahu and other politicians rejected the ICJ opinion. “The answer to The Hague – sovereignty now,” Smotrich said on X, a call for Israel to annex the West Bank. The ICJ in 2004 delivered an advisory opinion on the Israeli separation barrier around the majority of the West Bank, urging Israel to remove it from occupied land.

Persons: Judge Nawaf Salam, ”, “, Israel, –, Benjamin Netanyahu, ” Netanyahu, Israel Katz, Bezalel Smotrich, ” Smotrich, Eliav, ” Lieblich Organizations: CNN, United Nations ’, West Bank, Court of Justice, East Jerusalem, United Nations, UN, Assembly, Hamas, ”, Palestinian Authority, Tel Aviv University Locations: East Jerusalem, Israel, Palestinian Territory, Palestinian, The Hague, Netherlands, Jerusalem, Gaza, East, ”, United, of Israel, South Africa, Hague, Palestine

Best Investing Apps of 2024Top Investing Apps of 2024The best investment apps help you achieve wealth-building goals while diversifying your portfolio and providing the accessibility and convenience of mobile trading for the everyday investor. Here are the best investment apps available to traders, as chosen by Business Insider's editors in 2024. Best Investing App OverallE*TRADE is a one-stop shop for investing and the overall best app. Betterment reviewBest Investing App for MobileAs one of the best stock trading apps for beginners, Acorns Invest is the best investing app for mobile traders seeking automated trading strategies and customized ETF portfolios. Best Investment Apps FAQsWhat is the best app to start investing on?

Persons: you'll, Vanguard's, Wealthfront, you've, Charles Schwab, we've, Brian Fry, Charlotte Geletka, Kaysian Gordon Organizations: Business, Mobile, Finance, M1 Finance, M1, IRA, Vanguard, Stock Market ETF, Bond, Blackrock, Invest, Chevron, SoFi Invest, Fidelity, Apple

How Musk could influence Trump’s policiesElon Musk has given Donald Trump his endorsement, and perhaps soon, millions of dollars to help his re-election campaign. A big question now is what Musk would most likely push for if the former president prevails in November. DealBook spoke with Musk watchers to figure out how the Tesla and SpaceX chief could influence a potential second Trump administration. The short of it: Much of the policies he wants would benefit his companies, but some would just line up with his ideology. The Wall Street Journal reported in May that Trumpdiscussed offering Musk an advisory role if he is re-elected.

Persons: Elon Musk, Donald Trump, DealBook, Trump Organizations: SpaceX, Trump, PAC, Street

☆ Lighthouse Canton weighs in on the small-cap rally
▼ + stars: | 2024-07-18 | 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 EmailLighthouse Canton weighs in on the small-cap rallyAntoine Bracq, managing director and global head of investment advisory at Lighthouse Canton, discusses the recent surge in small-cap stocks and the outlook for the U.S. economy.

Persons: Antoine Bracq Organizations: Lighthouse Locations: Lighthouse Canton, U.S

☆ Can Boeing get back to its glory days?
▼ + stars: | 2024-07-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +17 min

Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The 737 was dubbed "Baby Boeing" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.

Persons: Joshua Roberts, Max, AeroSystems, Sen, Richard Blumenthal, Conn, Dave Calhoun, Boeing hasn't, Brian West, Aengus Kelly, Bob Jordan, I'm, Antonoaldo Neves, Calhoun, Steve Mollenkopf, Pat Shanahan, Donald Trump, Barack Obama, AerCap's Kelly, Mulugeta Ayene, we've, NASA —, Scott Kirby, McDonnell Douglas, Rob Spingarn, Kirby, Spirit Aerosystems, William Campbell, it's, It's, Howard McKenzie, Kevin Lamarque, Goldman Sachs, Noah Poponak, Alex Krutz Organizations: American Airlines Boeing, Reagan National, FAA, Reuters Boeing, Wall, Boeing, Justice Department, Alaska Airlines, National Transportation Safety Board, NTSB, Via Reuters Industry, Farnborough, Federal Aviation Administration, Airbus, JPMorgan, Etihad Airways, General Electric, Blackstone, Qualcomm, Lion, Ethiopian Airlines, Pilots, Justice, Reuters, NASA, Lion Air, CNBC, Research, Max, Spirit, Corbis, Jefferies, DOJ, Senate Homeland Security, Governmental Affairs, Capitol, Patriot Industrial Partners Locations: Los Angeles, United States, Washington , U.S, Portland , Oregon, Alaska, U.S, Maldives, Wall, United Kingdom, Boeing's, Emirates, Southwest, United, Indonesia, Addis Ababa, Bishoftu, Debre Zeit, Ethiopia, BOZEMAN , MT, Wichita , Kansas, Bozeman, Bozeman , Montana, Seattle, Chicago, Arlington , Virginia, Wichita, South Carolina, Washington

☆ These 10 U.S. states have America’s worst economies in 2024
▼ + stars: | 2024-07-18 | by ( Scott Cohn | ) www.cnbc.com time to read: +12 min

That is why CNBC looks at state economies in ranking America's Top States for Business. We consider economic growth and job growth. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. Some states are at the top of their economic game — home to America's 10 best state economies. JB Pritzker, and all the major rating agencies have the state in their "A" categories for the first time in years.

Persons: Phil Scott, Jobs, J.B . Pritzker, Erin Hooley, JB Pritzker, Asplundh, Michael G, Janet Mills, Mills, Gina Raimondo, Joe Biden, Anna Moneymaker, Gina Raimondo —, —, Rhode Island's, Luke Sharrett, Ed Zurga, Bryan Tarnowski, Hurricane Katrina, New Hampshire Jada, Patrick T, Fallon, Hawaii's, Nature, Spencer Platt Organizations: CNBC, Business, Republican Gov, Direct Investment, Illinois, Illinois Illinois Gov, Thompson Center, Tribune, Service, Democratic Gov, Major Corporations, GE Healthcare Technologies, Mondelez, Seamans, Portland Press Herald, Getty, National Association of State, Officers, Pew, Major Corporation, IDEXX, Rhode, Semiconductors, America, White, U.S . Commerce, Major, CVS Health, Hasbro, Kentucky, Bloomberg, Bluegrass State, Federal Housing Finance Agency, Kansas Carpenters, Glenn Eagles, Louisiana Homes, Treme, Louisiana State University, Hurricane, Pool Corporation, Granite State, U.S . Chamber, Commerce, New Hampshire Department, Labor, The New Hampshire Tech Alliance, Afp, Aloha State Locations: U.S, States, Vermont, Illinois Illinois, Chicago, Lincoln, Illinois, Maine, Rhode Island WASHINGTON, DC, Washington , DC, Louisville , Kentucky, Bluegrass, Kentucky, Kansas, Kansas City , Kansas, Sunflower, Claiborne, New Orleans , Louisiana, New Orleans, New Hampshire, Granite, The, Hawaii, Maui, Lahaina , Hawaii, Mississippi, Biloxi , Mississippi

☆ W.N.B.A. Players, Bargaining Power Soaring, Seek Expert Advice on Labor Deal
▼ + stars: | 2024-07-18 | by ( Tania Ganguli | ) www.nytimes.com time to read: +1 min

W.N.B.A players have never had more leverage than they have right now. Attendance and viewership records are being shattered, and everyone wants to know why the players’ salaries aren’t higher. But the players’ union doesn’t want to be too hasty. is we make a united decision, but also listen to the pros and the cons both ways,” said Breanna Stewart, forward for the New York Liberty and the league’s most valuable player last season. “Staying in, opting out — what are our goals going forward, especially after the things that have changed this year?” said Stewart, a vice president for the union.

Persons: Caitlin Clark, Angel Reese, ”, Breanna Stewart, Stewart Organizations: New York Liberty, “

☆ A North Korean defector was made a minister in South Korea, likely irking Kim Jong Un, experts say
▼ + stars: | 2024-07-18 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +3 min

Tae made a high-profile defection to South Korea in 2016, and was previously an ambassador at the North Korean Embassy in London. The appointment makes him the first North Korean defector to be given a vice-ministerial job in South Korea, according to AP. Related stories"He's definitely considered a traitor of the current North Korean regime and I think that's how they'll paint it," she said. But "North Korea doesn't consider the Council to be particularly relevant," Pardo, the KF-VUB Korea Chair, told BI. Smith added: "He has been and will continue to be actively involved in campaigns that expose the North Korean government and the problems of the North Korean population."

Persons: —, Yoon Suk, Yongho, Tae, Ramon Pacheco Pardo, Sarah A ., Kim Jong, He's, Pardo, Hazel Smith, Smith, It's Organizations: Service, Korea, Advisory Council, North Korean Embassy, Business, North, KF, VUB, Brussels School, Governance, Vrije Universiteit Brussel, National Assembly, CNN, Korean Studies, University of Sheffield, South Korea's National Assembly, Korea doesn't, SOAS University of London, South Korean, Korean Locations: North Korean, South Korea, London, VUB Korea, Vrije, North, Korea, North Korea

☆ Elhedery named as third HSBC CEO in less than eight years
▼ + stars: | 2024-07-17 | by ( ) edition.cnn.com time to read: +3 min

HSBC has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said Wednesday. While the 160-year-old lender did consider external candidates, it has traditionally appointed its CEO from within. Elhedery’s appointment comes as HSBC (HSBC) tries to shift from restructuring to growth, at a time when helpful interest rate hikes may have peaked and geopolitical tensions simmer. Elhedery began his career in banking as a trader before joining HSBC in 2005. Quinn, who led HSBC for five years, will remain CEO until Elhedery starts in the role.

Persons: Georges Elhedery, Elhedery, Noel Quinn, ”, Matt Britzman, Hargreaves Lansdown, Iain Pyle, Ping, Quinn, Stanley Tsai, might’ve, it’s Organizations: HSBC, abrdn, Greater, China’s Bank of Communications Locations: Lebanon, Hong Kong, Asia, Greater China, China, East, Africa

☆ Labour's gains in London have private equity looking to exit — the country
▼ + stars: | 2024-07-17 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Some of the proposals squarely take aim at the country's private equity sector, which, despite Britain's exit from the European Union, has maintained its stature as the regional hub for deal-making. "Private equity is the only industry where performance-related pay is treated as capital gains," the manifesto says. In practice, that would mean taxing carried interest, or the profits paid to private equity and hedge fund managers, as income. Labour's ascent comes at a precarious time for the private equity sector more broadly. "London has been the pulpit for financial services, private equity and investors in Europe for a long time," said Mark Veldon, a private equity partner at financial advisory and global consulting firm AlixPartners.

Persons: Big Ben, Keir Starmer, Lars Faeste, Faeste, Starmer, Marco Cerrato, he's, Giorgia Meloni, Cerrato, Steve Cohen's, Milan, Mark Veldon Organizations: Westminster, Nurphoto, Getty, Labour Party, Labour, Channel, European Union, Consulting's EMEA, CNBC, Capstone Investment, Management, Eisler, London, Labour Government Locations: London, Europe, Spain, Italy, Milan

☆ Wall Street 'bake offs' are back. Here's what it means for dealmaking, according to Morgan Stanley CEO Ted Pick.
▼ + stars: | 2024-07-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

Read previewWhen Morgan Stanley reported earnings on Tuesday, it wasn't the first bank to make hay over the coming "investment-banking rebound." Top executives up and down across Wall Street have been talking for days about their predictions that Wall Street's bread-and-butter business of advising and financing deals could soon come roaring back. And the parade of optimism has only heated up this year as investment-banking revenues have started the slow climb from historical lows. AdvertisementIB revenues surgingLike many of the other Wall Street banks that reported earnings in recent days, Morgan Stanley saw investment-banking revenues soar in the second quarter. And as Pick said on Tuesday, Wall Street is getting excited about more than just traditional dealmaking, but also the financing and other hedging strategies that come with companies getting off the sidelines.

Persons: —, Morgan Stanley, Mike Mayo, Mayo, Morgan, Ted Pick, Pick, Goldman Sachs, Goldman, Solomon, Chase, It's, It'd Organizations: Service, Wells, Wells Fargo Securities, Business, Wall, Reserve, quicken, Goldman, Bank of America Locations: Wells Fargo, issuances, Mayo

☆ It May Feel Like 100 Degrees in New York on Tuesday
▼ + stars: | 2024-07-16 | by ( Lola Fadulu | More About Lola Fadulu | ) www.nytimes.com time to read: 1 min

Tuesday is expected to be another scorcher in New York City, with officials expecting it to feel as hot as 100 degrees in some parts of town. Other parts of the Northeast, including parts of Connecticut, were also placed under excessive heat advisories. Officials predict temperatures in Central Park will reach 93 degrees on Tuesday before dropping to 89 degrees on Wednesday. It was 90 degrees there on Monday, but with the humidity it felt as hot as 100 degrees. “Do not underestimate the heat,” New York City’s mayor, Eric Adams, said during a news conference on Monday.

Persons: Eric Adams, ” Organizations: ”, York City’s Locations: New York City, New York, New Jersey, Connecticut, Central, York

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