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CNN —More than a handful of House Democratic ranking members told House Minority Leader Hakeem Jeffries in a Sunday call that President Joe Biden needs to step aside from the 2024 campaign, according to sources familiar with the call. Democratic Reps. Maxine Waters and Bobby Scott spoke in support of Biden, according to one of the sources. “It was pretty brutal,” a senior Democratic aide told CNN, speaking on condition of anonymity to discuss the private conversation among House leaders. One senior House Democrat said they have been on calls and group chats with dozens of their colleagues where the consensus is that Biden needs to step aside. One of the members told CNN they anticipate that is the day when the dam will break.

Persons: Hakeem Jeffries, Joe Biden, Jeffries, Biden, Mark Takano, Adam Smith, Jim Himes, Joe Morelle, Jerry Nadler, Susan Wild, Lloyd Doggett, Seth Moulton, Raúl Grijalva, Angie Craig, Mike Quigley, Maxine Waters, Bobby Scott, Kamala Harris, ”, — Organizations: CNN, Democratic, Democrat, House Democrat, Democratic Party Locations: Washington, “, Pennsylvania

☆ A key part of America’s economy has shifted into reverse
▼ + stars: | 2024-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington CNN —A vast swath of the US economy is showing signs of weakness as unemployment rises to its highest point in more than two years. “When you think of services, a lot of it is driven by the consumer, and consumers are key to where the US economy goes,” James Knightley, chief international economist at ING, told CNN. Consumer spending, which makes up about 70% of the US economy, has already moderated over the past few months, government statistics show, and retailers themselves have said they’ve noticed shoppers across the income spectrum change their purchasing behavior. The bottom 60% of households by income accounted for a larger proportion of spending on health care services. These firms have added 168,000 jobs a month, on average, from April through June, according to fresh Labor Department data released Friday.

Persons: “, ” James Knightley, “ We’re, Knightley, Scott Hamilton, Gallagher, It’s, Tesla, China’s Geely, Laura He, Elon, Jerome Powell, Michael Barr, Michelle Bowman, Austan Goolsbee, Raphael Bostic Organizations: CNN Business, Bell, Washington CNN, Institute, Supply, ING, CNN, Commerce, Service, Labor Department, EV, Volvo, SAIC, Elon Musk’s, Business, Committee, Fed, China’s National Bureau of Statistics, Financial Services, Chicago Fed, Pepsico, Delta Air Lines, ConAgra Brands, US Labor Department, Atlanta Fed, JPMorgan Chase, Citigroup, The, New York Mellon, The University of Michigan Locations: Washington, United States, California, Jiangsu, China, Shanghai, Wells Fargo

The House Democrats who said Biden should drop out of the 2024 race were Reps. Adam Smith of Washington, Jerry Nadler of New York, Mark Takano of California and Joe Morelle of New York. Some House Democrats in battleground districts are weighing whether to distance themselves from Biden. "President Biden is a good man & I appreciate his lifetime of service," she wrote in a post to X. During the interview, Biden dismissed the calls for him to step aside and said only the "Lord Almighty" could get him to reconsider his presidential bid. "Look, I mean, if the Lord Almighty came down and said, 'Joe, get out of the race,' I'll get out of the race," Biden said during the interview.

Persons: Joe Biden, Biden, Adam Smith of, Jerry Nadler, Mark Takano, Joe Morelle, Smith, Nadler, Takano, Morelle, Hakeem Jeffries, Donald Trump, Kamala Harris, Trump, Susan Wild, Angie Craig, Maxine Waters, Barbara Lee, Frederica Wilson, Wilson, he's, George Stephanopoulos, Almighty, Joe, Almighty's Organizations: WASHINGTON —, Congress, Democrats, NBC News, Armed Services, Veterans ' Affairs Committee, House Administration Committee, House Democratic, Biden, Congressional, Caucus, NBC, California Democratic, Trump, Rep, ABC News, Capitol Locations: Adam Smith of Washington, York, California, New York, Congress, House, D, Pennsylvania

☆ See inside a historic 50,000-square-foot mansion on New York's Gold Coast that's featured in 'The Gilded Age'
▼ + stars: | 2024-07-07 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. One such mansion is Hempstead House, which is located in Sands Point Preserve, a 216-acre park about 30 miles outside New York City. The Guggenheims lived in Hempstead House together until 1930, when Daniel died. In July 2024, I paid $15 to park at Sands Point Preserve and then another $10 to take a guided tour of Hempstead House. Here's what it was like inside the 112-year-old mansion and what I learned about life there.

Persons: —, Scott Fitzgerald's, Howard Gould, Florence Guggenheim, Daniel, Florence Organizations: Service, Hempstead House, Business, Preserve, Institute of Aeronautical Sciences, US Navy, Guggenheim Locations: Shore, Long, Hempstead, Sands Point, New York City, Daniel, Hempstead House, Sands, Nassau County

☆ Investors want proof AI will aid drug discovery. Evidence may come in the second half
▼ + stars: | 2024-07-06 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +10 min

Analysts who have been following companies on the cutting edge of using generative AI for drug discovery say it is still very early days. But these endorsements haven't lifted Recursion shares out of a slump. RXRX 1Y mountain Recursion shares over the past year. The drug company will be a beta user of Recursion's LOWE (Large Language Model-Orchestrated Workflow Engine) and the pair are also partnering on oncology research. SDGR 1Y mountain Schrodinger shares over the past year.

Persons: Scott Schoenhaus, Chris Gibson, Jensen Huang, Leerink, Mani Foroohar, Foroohar, Recursion's, KeyBanc's Schoenhaus, Needham, Gil Blum, it's, Recursion's LOWE, Blum, Eli Lilly, AbCellera, KeyBanc's, Schoenhaus, FactSet, Allison Bratzel, Piper Sandler, Goldman Sachs, Salveen Richter, Peter Lawson, Lawson, Japan's Takeda, Schrodinger, Leerink's Foroohar Organizations: Analysts, Capital, Nvidia, ARK Investment Management, REC, CCM, Union, Bayer, Therapeutics, Dynamo, RLY, Barclays, Japan's Locations: U.S, biopharma, Biohive

☆ Hurricane Beryl: Damaging winds and storm surge could hit South Texas this weekend
▼ + stars: | 2024-07-06 | by ( Dalia Faheid | ) edition.cnn.com time to read: +10 min

CNN —Tropical Storm Beryl will strengthen as it tracks toward the Texas-Mexico border this weekend, bringing a risk of damaging winds, life-threatening storm surge and dangerous flooding to Texas beginning late Sunday. • Hurricane and storm surge watches issued: Hurricane and storm surge watches were extended eastward along the Texas coast Friday night. • Beryl expected to slam South Texas: Beryl is forecast to make landfall over South Padre Island, Texas, close to the Texas-Mexico border, as a Category 1 hurricane late Sunday night, according to the National Hurricane Center. • At least nine dead due to Beryl: Beryl became the earliest Category 5 hurricane in the Atlantic on record earlier this week. Randy Brooks/AFP/Getty Images Brad Reinhart, senior hurricane specialist at the National Hurricane Center in Miami, tracks Hurricane Beryl on Monday.

Persons: It’s, • Beryl, Beryl, Barra el Mezquital, Gov, Dan Patrick, “, ” Patrick, ClimaMeter, Vincent, Everton Evanks, Elizabeth, Joe Raedle, Hurricane Beryl, Fernando Llano, Collin Reid, Leo Hudson, Simone Francis, Hurricane, Paola Chiomante, Marco Bello, Jose Luis Gonzalez, Arthur Daniel, Samir Aponte, Ricardo Hernandez, Winston Alleyne, Lucanus, Ricardo Mazalan, Sylvia Small, Matthew Dominick, Chandan Khanna, Randy Brooks, Brad Reinhart, Gilbert Bellamy, Beryl’s, Patrick, Greg Abbott, Rudy Madrid, Connie Scott, Paulette Guajardo, Guajardo Organizations: CNN, National Hurricane Center ., Texas Gulf, National Hurricane Center, Everton, Hurricane, Getty, AP, National, Reuters, Wednesday, Reuters Workers, AP Homes, Petite Martinique, Bridgetown Fisheries, NASA, Gov, Texas Coast, Texas Gov, Sargent, Residents, Facebook, Loyola Beach, National Weather Service, Corpus Christi, Sunday, Corpus Locations: Texas, Mexico, of Mexico, Corpus Christi , Texas, Yucatan, South Texas, The Texas, Rio, San Luis Pass, High, Harris County, Barra el, Rio Grande, South Padre Island , Texas, National Hurricane Center . Texas, Gulf Coast, Texas Gulf Coast, Gulf, Caribbean, Jamaica, Venezuela, Grenada, Saint Vincent, Grenadines, St, Barbados, Elizabeth Parish, Tulum, Kingston , Jamaica, Hurricane, Kingston, Old Harbor, Cancun , Mexico, Playa del Carmen, Union, Kingstown, Lucanus, Petite, Cumanacoa, Santo Domingo, Dominican Republic, Bridgetown, Oistins, Hastings, AFP, Miami, Matagorda County, Matagorda, Palacios, Aransas, RVs, Kleberg County, Baffin Bay, City, Kingsville . Nueces, Corpus, Houston

Numerous officials, lawmakers and strategists in President Biden’s own party increasingly see his candidacy as unsustainable — and their private anxieties are slowly but steadily spilling into public view, interviews with more than 50 Democrats this week showed. Growing swaths of Democrats now believe that by remaining on the ticket, the president is jeopardizing their ability to maintain the White House and threatening other candidates up and down the ballot. “I have less and less confidence in this campaign’s ability to win this race,” Representative Scott Peters, Democrat of California, said in an interview. “If we know we’re going to lose, we would be foolish not to look at another course.”Representative Angie Craig, Democrat of Minnesota, urged Mr. Biden on Saturday to step aside as the Democratic nominee. “I do not believe that the president can effectively campaign and win against Donald Trump,” she said in a statement.

Persons: Biden’s, “, Scott Peters, Angie Craig, Mr, Biden, Donald Trump, ” Organizations: United, ”, Democrat, Democratic Locations: United States, California, Minnesota

Around 8 in 10 people infected with West Nile virus don’t show symptoms. These symptoms can often be confused with those of other viruses, so the majority of West Nile cases are never diagnosed. The CDC’s tally for West Nile cases this year is likely an undercount, since several states have reported additional human cases in recent weeks. Raman said he’s worried about more West Nile transmission during monsoon season in the Las Vegas area, which is expected to start soon. The county announced in late June that one person, a blood donor, had tested positive for West Nile virus.

Persons: “, ” Kate Fowlie, “ WNV, ”, Scott Weaver, Weaver, ” Weaver, Vivek Raman, Raman, he’s, Lindsay Huse, Dranda Hopps, “ It’s Organizations: Centers for Disease Control, Prevention, USDA Agricultural Research Service, Agricultural Research Service, AP, Institute, Human, University of Texas Medical Branch, U.S, CDC, West, Southern, Southern Nevada Health District, Southern Nevada Health, The Texas Department of State Health Services, NBC, Dallas, Fort, Texas Department of State Health Services, Scott County Health Department Locations: Arizona , Arkansas , Kansas , Maryland , Michigan , Mississippi, Tennessee, West Nile, West, U.S, Texas, Colorado, Southern Nevada, Nile, Las Vegas, Douglas County , Nebraska, Houston, Springtown , Texas, Fort Worth, Springtown, Clark County , Nevada, Scott, Illinois

☆ Ozempic & Wegovy may be linked to eye condition, vision loss: Study
▼ + stars: | 2024-07-05 | 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 EmailOzempic & Wegovy may be linked to eye condition, vision loss: StudyFormer FDA Commissioner Dr. Scott Gottlieb joins 'Squawk Box' to discuss a new study showing people taking Ozempic and Wegovy may be at an increased risk of developing an eye condition that can cause irreversible vision loss.

Persons: Scott Gottlieb

☆ Watch Friday's full episode of the Halftime Report — July 5, 2024
▼ + stars: | 2024-07-05 | 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 EmailWatch Friday's full episode of the Halftime Report — July 5, 2024"Fast Money Halftime Report" is on the front lines of CNBC's market coverage. Host CNBC's Scott Wapner and the Street's top investors get to the heart of the action as it's happening and help set the agenda for the rest of the day. Watch today's full episode on CNBC PRO.

Persons: CNBC's Scott Wapner Organizations: CNBC PRO

☆ Prominent Biden loyalists who have suggested he should step down
▼ + stars: | 2024-07-04 | by ( Alice Tecotzky | Thibault Spirlet | ) www.businessinsider.com time to read: +11 min

Read previewFor months, Democrats have rallied behind President Joe Biden, insisting that in private moments he's energetic and up for the job. "Joe Biden had one thing he had to do tonight, and he didn't do it," McCaskill said. Thomas FriedmanThomas Friedman, a journalist and close friend of Biden, said in an opinion piece that the president should step aside. Nicholas KristofNicholas Kristof, a New York Times columnist, addressed Biden directly in an opinion piece, calling on him to step down. Paul KrugmanPaul Krugman, a New York Times opinion columnist, said he "very reluctantly" joined others in calling on Biden to step aside.

Persons: —, Joe Biden, Biden's, David Axelrod David Axelrod, Obama, Joe Raedle, David Axelrod, Biden, Axelrod, Jason Mendez, Getty, Jon Favreau, haven't, Joe Biden —, Dan Pfeiffer, Tommy Vietor, Claire McCaskill Claire McCaskill, NBC Claire McCaskill, McCaskill, Kamala Harris, Gavin Newsom, Thomas Friedman Thomas Friedman, Michael Cohen, Thomas Friedman, Friedman, Donald Trump, Harris, Van Jones, Scott Dudelson Van Jones, Jones, Joy Reid, Ben Rhodes Ben Rhodes, Ben Rhodes, Nicholas Kristof Nicholas Kristof, Jamie McCarthy, Getty Nicholas Kristof, Kristof, Gretchen Whitmer, Sen, Sherrod Brown, Gina Raimondo, Evan Osnos, Thos Robinson, Osnos, Joe Scarborough, Noam Galai, Scarborough, Paul Krugman Paul Krugman, Paul Krugman, he's, Krugman, Chandler West, Joe Organizations: Service, Democratic National Convention, Business, GOP, Biden, CNN, Democratic, NBC, MSNBC, Gov, New York Times, Convention, CBS, Getty, Trump, Global Citizen, The New York Times, Chandler West Chandler West, White House, Axios, White Locations: America, California, Michigan, United States, Axios

☆ Baltimore gave young parents $1,000 a month. Participants used the money to pay bills and secure stable housing.
▼ + stars: | 2024-07-04 | by ( Allie Kelly | Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Read previewFor some Baltimore families, basic income helped pay the bills: rent, groceries, healthcare, childcare, and car payments. After one year of receiving payments, participants were more likely to have housing, higher household income, and a degree than the pilot's control group. Researchers primarily focused on participants' income, housing, employment, and education outcomes in the first year of the pilot. Related storiesThe Baltimore Young Families Success Fund randomly assigned eligible applicants to the participant group or a control group. She said the cash payments helped her family secure housing along with everyday expenses.

Persons: —, Baltimore Mayor Brandon Scott, Tazhane Jordan, Jordan, Ken Paxton, Louis, Scott Organizations: Service, Baltimore Young, Abt, Business, Baltimore Mayor, American, Texas, Baltimore Locations: Baltimore, GBI, Iowa, Arizona, Houston

☆ The pool party’s over as Americans ease up on backyard upgrades
▼ + stars: | 2024-07-04 | by ( Davis Giangiulio | ) www.cnbc.com time to read: +5 min

Americans will be splashing around this summer in the backyard pools they've already got, but not splashing out as much on new ones. Swimming pool installations were part of the home improvement frenzy that swept the country during the pandemic as Americans were stuck at home. Pool Corp., a national pool equipment distributor with a roughly $11 billion market valuation, said last week it expects new pool construction to fall by 15% to 20% this year. But businesses that rely on Americans' appetite for home upgrades are still adjusting to leaner times — including pool builders. In Arizona, Ast said, "the lines get blurred a little bit between luxury and need in the middle of the desert."

Persons: Skip Ast, wasn't, Scott Payne, Payne Organizations: Pool Corp, Shasta, Airlines, Analytics, Ast, Corp Locations: Phoenix, Hatfield , Pennsylvania, Shasta, Arizona

U.S. President Joe Biden delivers remarks on extreme weather at the D.C. President Joe Biden suggested to Democratic governors that he may limit evening events after 8 p.m. so he can get more sleep, according to two sources familiar with the exchange. Normal presidents strike a balance, and so does Joe Biden," campaign spokesman Kevin Munoz said in a statement. "That was the Joe Biden I remember from two weeks ago. That was the Joe Biden that I remember from two years ago.

Persons: Joe Biden, Biden, he'd, Gavin Newsom, Newsom, Bush, Obama, Kevin Munoz, Donald Trump, Debbie Dingell, He's, Scott Peters, Peters, Dingell Organizations: D.C, Emergency Operations Center, Democratic, NBC News, The New York Times, California Gov, White House, ABC News, MSNBC, CBS, Democrats Locations: Washington , U.S, California, Michigan, United States

WASHINGTON — After he gave his State of the Union speech in March, President Joe Biden seemed to have quieted persistent fears that, at 81, he was no longer up to the job. But a Democratic lawmaker who shook hands with Biden in the House chamber that night was troubled by his appearance. Biden's poor showing at the debate with Donald Trump last week threatens to end his campaign just four months before the election. A third Democratic lawmaker said that in recent months, Biden looked "exceedingly tired" when the two were together. Yet the interview comes eight days after Biden's appearance onstage with Trump — time enough for perceptions of his poor performance to calcify.

Persons: Joe Biden, Donald Trump's, WASHINGTON —, Biden, Donald Trump, who've, they've, Ronald Reagan, —, Sen, Chris Coons, he's, Coons, " Coons, I've, who've vouched, Gerry Connolly, " Connolly, Connolly, Reagan, it's, I'm, You've, It's Organizations: U.S, Supreme, Republican, White, WASHINGTON, Democratic, Air Force, Trump, Biden, White House, Joint Chiefs, Staff, Los Angeles Times, Army Rangers, Omaha, ABC Locations: Washington , U.S, D, France, Paris, Pointe du Hoc

☆ Watch Wednesday's full episode of the Halftime Report — July 3, 2024
▼ + stars: | 2024-07-03 | 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 EmailWatch Wednesday's full episode of the Halftime Report — July 3, 2024"Fast Money Halftime Report" is on the front lines of CNBC's market coverage. Host CNBC's Scott Wapner and the Street's top investors get to the heart of the action as it's happening and help set the agenda for the rest of the day. Watch today's full episode on CNBC PRO.

Persons: CNBC's Scott Wapner Organizations: CNBC PRO

☆ Burgum set to decide on massive pipeline project that’s pitting his rural constituents against GOP megadonors
▼ + stars: | 2024-07-03 | by ( Allison Gordon | Casey Tolan | ) edition.cnn.com time to read: +17 min

Hamm also donated $50 million toward Burgum’s effort to build a presidential library honoring Theodore Roosevelt in North Dakota. CNBC first reported on Burgum’s financial ties with Continental, and the Associated Press previously reported on the politics of the Summit pipeline debate. Gaylen Dewing and Marvin Abraham put up a sign opposing the Summit pipeline east of Bismarck, N.D. in August 2023. Supporters say it will be an economic driver for North Dakota and help reduce emissions across the Midwest. North Dakota landowner Kurt Swenson attends a court hearing related to the pipeline project.

Persons: Donald Trump, Doug Burgum, GOP megadonors, –, That’s, ” Troy Coons, “ It’s, Al Drago, Burgum, ingratiated, Biden, Trump, “, ”, Joe Biden’s, Bruce Rastetter, Harold Hamm, Evan Vucci, Hamm, Theodore Roosevelt, ” Burgum, Rob Lockwood, Gary Tharaldson, Tharaldson, Justin Lane, who’s, Scott Skokos, ” Lockwood, ” Virginia Canter, ” Canter, “ Burgum, Drew Wrigley, Doug Goehring, don’t, Forbes, Sen, Jeff Magrum, Gaylen Dewing, Marvin Abraham, Jack Dura, Derrick Braaten, “ You’ll, Kurt Swenson's, Joe Swenson, Mike Bauman, Bauman, ” Bauman, Terry Wanzek, Mike Haupt, ” Haupt, Kurt Swenson, Kurt Swenson Kurt Swenson, ” Swenson, “ You’re, Swenson, CNN’s Alayna Treene Organizations: CNN, North Dakota Gov, GOP, Bloomberg, Getty, North, of Environmental, Trump, Republican, Associated Press, AP . Pipeline, Carbon Solutions, Midwest Carbon Express, Summit Agricultural, Iowa GOP, Continental Resources, Securities, Exchange, Continental, AP Continental, Burgum, CNBC, Forbes, Washington Post, Dakota Resource Council, North Dakota Industrial Commission, Summit, Rastetter, AP, Conservatives, Sierra Club, Farm, North Dakota Monitor Locations: North Dakota, Laconia , New Hampshire, Lago, North Dakota’s, Burgum, Pittsburgh, Hamm, Roosevelt, spokespeople, Trump's New York City, Washington, Iowa, Tharaldson, Bismarck, Kurt Swenson's North Dakota, Mercer County

☆ What’s at stake for the climate if Trump wins? ‘A catastrophic outcome’
▼ + stars: | 2024-07-03 | by ( Ella Nilsen | ) edition.cnn.com time to read: +12 min

CNN —In the first week of a new Trump administration, President Joe Biden’s climate wins would get put through the shredder. “He has said he’s going to come back with a vengeance,” former US special climate envoy John Kerry told CNN. He has railed against Biden’s climate policies at rallies and derided clean energy, vowing to push America back to fossil fuels. He has openly courted the oil industry at fundraising events, the Washington Post reported, promising regulation rollbacks in exchange for campaign cash. It could happen “very fast,” said David Bernhardt, who served as Interior Secretary in the Trump administration.

Persons: Trump, Joe Biden’s, nix, ”, John Kerry, it’s, “, Joe Biden, ” Trump, Karoline Leavitt, Leavitt, Anna Moneymaker, ” Mandy Gunasekara, David Bernhardt, Bernhardt, Biden, Trump’s, Sarah Palin, ’ pocketbooks, Diana Furchtgott, Roth, Gavin Newsom, ” Newsom, “ We’re, Newsome, David Paul Morris, John Bozzella, Bozzella, ” Bozzella, he’s, ” Bob McNally, George W, Bush, Scott Olson, –, ” Bernhardt, McNally, ” McNally, ’ Trump, Nate Hultman, Frederic J . Brown, haven’t, Kerry, ” Kerry, CNN’s Alayna Treene, Bill Weir, Julian Quinones Organizations: CNN, Trump, Washington Post, White, Environmental, Agency, EVs, Environmental Protection Agency, Republicans, Treasury Department, Former Trump Department of Transportation, Heritage Foundation, California Gov, Bloomberg, Alliance, Automotive Innovation, Biden, Fox News, Energy, Rapidan Energy Group, Bush White House, US Energy Information Administration, Trump Interior, Trump’s, Center for Global Sustainability, University of Maryland, State Department, Getty, United Nations Locations: Alaska, Paris, United States, Philadelphia, California, Washington ,, San Francisco, CNN California, Montebello , California, AFP

☆ Stock futures are little changed after S&P 500 closes above 5,500 level: Live updates
▼ + stars: | 2024-07-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange on June 24, 2024. During Tuesday's main trading session, the broad market index rose 0.62% to close above 5,500 for the first time. U.S. stock futures traded near the flatline Wednesday morning after the S&P 500 closed above 5,500 for the first time. As the S&P 500 continues to climb, concern is growing across Wall Street that the narrow leadership of the rally is not sustainable for much longer. The New York Stock Exchange closes early at 1 p.m.

Persons: Jerome Powell, Scott Chronert, Chronert Organizations: New York Stock Exchange, Nasdaq, Dow, Paramount Global, Wall Street, The New York Times, Skydance Media, Federal Reserve, Citi Research, P Global U.S, Services, ISM, The New York Stock Exchange, Independence Locations: U.S

☆ How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts
▼ + stars: | 2024-07-02 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

Craft had her wages deposited directly into a Yotta account and used the startup's debit card to pay for all her expenses. CNBC reached out to fintech customers whose lives have been upended by the Synapse debacle. Instead of spending years and millions of dollars trying to acquire or become banks, startups got quick access to essential services they needed to offer. They account for 60% of all new fintech account openings, according to data provider Curinos. The FDIC's exact language about whether fintech customers are eligible for coverage: "The short answer is: it depends."

Persons: Natasha Craft, Craft, fintech, Adam Moelis, Sankaet Pathak, Michele Alt, Scott Sanborn, Sanborn, LendingClub, she's, Rick Davies, Taylor Stitch, " Davies, He's, he's, Davies, hasn't Organizations: FedEx, CNBC, Federal Deposit Insurance Corp, Synapse, Indiana FedEx, Disney, Bank, Trust, JPMorgan Chase, Klaros, PayPal, Getty, Financial Technology Association, D.C, Block, Regulators, Federal Reserve, FDIC, Oakland, San, OCC Locations: Mishawaka , Indiana, Craft, Oakland , California, New York City, Santa Barbara , California, Maryland, Bristol , Connecticut, Seattle, Tennessee, Yotta, Boston, Washington, fintechs, Silicon, San Francisco

☆ Watch Tuesday's full episode of the Halftime Report — July 2, 2024
▼ + stars: | 2024-07-02 | 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 EmailWatch Tuesday's full episode of the Halftime Report — July 2, 2024"Fast Money Halftime Report" is on the front lines of CNBC's market coverage. Host CNBC's Scott Wapner and the Street's top investors get to the heart of the action as it's happening and help set the agenda for the rest of the day. Watch today's full episode on CNBC PRO.

Persons: CNBC's Scott Wapner Organizations: CNBC PRO

☆ Peloton staved off the cash crunch that threatened its business. Where does it go now?
▼ + stars: | 2024-07-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

Before the refinancing, Peloton would have needed to pay around $800 million toward its debt by November 2025. Now that it has refinanced, Peloton has eased investor concerns about liquidity and has the breathing room it needs to try to turn around its business. Peloton faces risks aheadWhile the refinance may have bought Peloton some time, it's far from a panacea. Under the terms, Peloton will now be spending about $133 million annually in interest, up from around $89 million previously. As of the end of March, Peloton had about 6.6 million members — woefully behind that long-term target.

Persons: Michael Nagle, JP Morgan, Goldman Sachs, hasn't, Liz Coddington, Coddington, Evan DuFaux, Soros didn't, Neil Saunders, Barry McCarthy's, Karen Boone, Chris Bruzzo, Scott Stuart, Simeon Siegel, Siegel, John Foley, McCarthy, —, McCarthy – Organizations: Interactive, Bloomberg, Getty, CNBC, Soros Fund Management, Silver Point, GlobalData, Netflix, Turnaround Management Association, BMO Capital Markets, Spotify Locations: New York

☆ Turkish officials call for calm as social media hysteria fuels anti-Syrian riots in Turkey
▼ + stars: | 2024-07-01 | by ( Scott Mclean | Isil Sariyuce | ) edition.cnn.com time to read: +4 min

Istanbul CNN —Allegations of sexual abuse against a child by a Syrian man in Kayseri, Turkey, have sparked overnight riots that targeted Syrian businesses and cars in the city. Protesters in al-Bab, Aleppo, Syria, attack a Turkish truck during demonstrations against Turkey on July 1, 2024. Bakr Alkasem/AFP/Getty ImagesIn another town, Ghazawiah, also in northwest Syria, protesters were seen pulling the Turkish flag town from a military site. At the “Bab al-Salama” border crossing with Turkey, the Turkish flag was removed, burned and replaced with a Free Syrian Army flag, according to a local resident and images circulating on social media. Turkey hosts more Syrian refugees than any other country, but Turkey has often struggled to integrate Syrian refugees fully into society.

Persons: Ali Yerlikaya, Recep Tayyip Erdogan, ” Erdogan, ”, Bakr, Bab, Salama, Forces ”, Yerlikaya, “, Erdogan, Bashar al, Assad Organizations: Istanbul CNN, Anadolu, CNN, Getty, Free Syrian Army, “ National Coalition for Syrian Revolution, Forces Locations: Istanbul, Syrian, Kayseri, Turkey, Turkish, Anatolian, “, Syria, Atareb, Bab, Aleppo, AFP, Ghazawiah

☆ How Donald Trump is poised to avoid pre-election trials in three out of four of his criminal cases
▼ + stars: | 2024-07-01 | by ( Tierney Sneed | ) edition.cnn.com time to read: +11 min

With Monday’s Supreme Court presidential immunity ruling likely preventing a trial in the federal election subversion case before the election, Trump is poised to avoid pre-election trials in the three most significant criminal prosecutions he faces. It will determine Trump’s legal fate. A Supreme Court ruling that hamstrings the DC federal subversion caseThe charges by special counsel Jack Smith alleging Trump subverted the 2020 election was the second to last of the four cases brought. “You can’t charge a former president for a crime for the first time in history without going to Supreme Court,” Cobb said. But the new Supreme Court immunity standard jeopardizes the use of much of that conduct in the case.

Persons: Donald Trump, Trump, won’t, ”, Ty Cobb, “, ” Cobb, pardoning, Fani Willis, Paul Rosenzweig, Bill Clinton, Jamie Raskin, ” Raskin, Jack Smith, Tanya Chutkan’s, Smith, Smith’s, Cobb, John Roberts, Rosenzweig, Aileen Cannon, Cannon, She’s, she’s, she’d, Willis, Nathan Wade, it’s, Wade, Nathan Wade's, Kaitlan Collins, Fulton, Scott McAfee, Michael Moore, Moore, Barack Obama, ” Moore, CNN’s Lauren Fox, Zachary Cohen Organizations: CNN, Republican White House, Trump, Fulton, Department of Homeland Security, Maryland Democrat, DC, DC Circuit, White, Justice Department Locations: Manhattan, Russia, Georgia, Florida, –, Fulton County

☆ Watch Monday's full episode of the Halftime Report — July 1, 2024
▼ + stars: | 2024-07-01 | 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 EmailWatch Monday's full episode of the Halftime Report — July 1, 2024"Fast Money Halftime Report" is on the front lines of CNBC's market coverage. Host CNBC's Scott Wapner and the Street's top investors get to the heart of the action as it's happening and help set the agenda for the rest of the day. Watch today's full episode on CNBC PRO.

Persons: CNBC's Scott Wapner Organizations: CNBC PRO

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