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☆ Big donation to Rudy Giuliani defense fund is target of lawsuit alleging fraud by donor
▼ + stars: | 2024-04-11 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

There is no public evidence that Giuliani and Martorano know each other. Giuliani spokesman Ted Goodman, in an email to CNBC, said "This is a lawsuit unrelated to us." CNBC requested comment from lawyers for Martorano, his wife, and the other defendants in both the Georgia lawsuit and a federal civil racketeering and fraud lawsuit in California related to the alleged skincare cream scam. In her ruling, the judge wrote that the plaintiff "has shown by a preponderance of the evidence that Konnektive Defendants deceived banks and credit card companies." "The Konnektive software was designed specifically for the purpose of facilitating automated bank fraud," according to the federal suit.

Persons: Rudy Giuliani, Bonnie Cash, Rudy Giuliani's, Matthew Martorano, Giuliani, Donald Trump, Trump, —, Martorano, Kevin Kneupper, LeAnne Tan, Ted Goodman, Kathryn Martorano, Konnektive, Kneupper, San Diego judge's, Don Emmert Organizations: New York, U.S, Reuters, New York City, CNBC, La, Visa, Mastercard, Fulton County Superior Court, San Diego, Federal, New, Trump National Golf, AFP, Getty, Trump Save America, Save, Commission Locations: Washington , U.S, Georgia, Martorano, Fulton County, California, San Diego, San, New York, Bedminster , New Jersey

☆ Wells Fargo kicks off our bank earnings Friday. Rate cuts and dealmaking will be in focus this season
▼ + stars: | 2024-04-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +11 min

Club holding Wells Fargo will post quarterly results on Friday, followed by our other financial holding, Morgan Stanley, on Tuesday. In theory, higher borrowing costs mean Wells Fargo can generate more money from those interest-earning assets, but it's not that simple. It's hard to say with the fluid inflation and rate expectations whether Wells Fargo might change its NII outlook when it reports on Friday. Wells Fargo also has a key long-term growth prospect in the potential removal of its $1.9 trillion Fed-imposed asset cap. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.

Persons: Morgan Stanley, We're, Jim Cramer, Wells, Wells Fargo's, Mike Santomassimo, Santomassimo, Jim said, Jim, Wells Fargo, Charlie Scharf, Charlie's, He's, Morgan, there's, Jefferies, Reddit's, James Gorman, Ted Pick, Jim Cramer's Organizations: Club, Silicon Valley Bank, UBS, Investment, JPMorgan, Jefferies, Discover, Wall Street, Amer Sports, Astera Labs, Reddit's, New York Stock Exchange, Street Journal, CNBC Locations: Wells, Silicon, Wells Fargo, Capital, Wilson, Morgan, New York City, U.S

☆ Banks say they’re meeting climate pledges. A new report says they’re ineffective
▼ + stars: | 2024-04-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Why gold prices are at record highsFrom central banks to Costco customers, it seems everyone is buying gold these days, reports CNN’s John Towfighi. Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters. The Honest Company posted a strong fourth quarter in March.

Persons: –, ” Mark Carney, ”, GFANZ, Jamie Dimon, ” Dimon, JPMorgan, CNN’s John Towfighi, China —, Read, Jessica Alba, Ramishah Maruf, Alba’s, Chuck Organizations: CNN Business, Bell, New York CNN, European Central Bank, Glasgow Financial Alliance, UN, Bank of England, ECB, MIT, Columbia Business School, Zero Banking Alliance, United Nations, decarbonization, CNN, JPMorgan Chase, State, JPMorgan, Investors, Federal Reserve, China, People’s Bank of China, Reuters, UBS, The Honest, The Honest Company, Honest, Nasdaq Locations: New York, Glasgow, China, India, Turkey

☆ Searing heat is back across Southeast Asia and it’s not going away anytime soon
▼ + stars: | 2024-04-10 | by ( Heather Chen | ) edition.cnn.com time to read: +6 min

CNN —The death of a toddler from extreme heat highlighted the risk of climate-related illnesses across Malaysia. And in the Philippines, hundreds of schools suspended classes after daily temperatures soared past 107 degrees Fahrenheit (42 degrees Celsius). Sweltering heat is back in Southeast Asia, one of the regions most vulnerable to climate change. But alongside these natural variations, the world continues to blast through climate records, with deadly heat waves becoming the norm. A resident attempts to pump underground water from a dried reservoir in Vietnam's central Ninh Thuan province during a heat wave and drought on April 6, 2024.

Persons: climatologist Maximiliano Herrera, Herrera, “, ” Herrera, ”, El Niño, Stringer, Adly Zahari, Ahmad Zahid Hamidi, Aidil Iman Aidid, fasted Organizations: CNN, Getty, El, heatstroke, Education, Philippines Locations: Malaysia, Vietnam, Philippines, Southeast Asia, Thailand, Bangkok, Rice, Ninh Thuan, AFP, Asia, Pahang, Kelantan, Sabah, Borneo, Kuala Lumpur, Singapore, Manila

☆ Consumer prices rose 3.5% from a year ago in March, more than expected
▼ + stars: | 2024-04-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe consumer price index accelerated at a faster than expected pace in March, pushing inflation higher and likely keeping the Federal Reserve on hold with interest rates. Shelter and energy costs drove the increase on the all-items index. Food prices increased just 0.1% on the month and were up 2.2% on a year-over-year basis. The measure for meat, fish, poultry and eggs climbed 0.9%, pushed by a 4.6% jump in egg prices. Elsewhere, used vehicle prices declined 1.1% and medical care services prices rose 0.6%.

Persons: Tom Williams, Dow Jones Organizations: Washington , D.C, Cq, Inc, Getty, Federal Reserve, Labor Department's Bureau of Labor Statistics, CPI Locations: Washington ,

☆ Kishida US visit: Japan seeks investment in AI, semiconductors from American companies
▼ + stars: | 2024-04-10 | by ( Junko Ogura | Juliana Liu | ) edition.cnn.com time to read: +4 min

Speaking in Washington at a lunch with American CEOs, Prime Minister Fumio Kishida said Japan welcomes American collaboration in “critical and emerging technology” and assured them that any investment would flow both ways. Last year, Japanese foreign direct investment to the US exceeded $750 billion, Kishida said, making Japan the biggest foreign investor in America and creating more than 1 million jobs. It is reportedly the company’s largest ever investment in Asia’s second largest economy. Earlier this month, Japan’s industry ministry approved subsidies worth up to 590 billion yen ($3.9 billion) for Rapidus. It comes as Washington adds increasing restrictions on the types of semiconductors that American companies are able to sell to China.

Persons: Hong Kong CNN —, Fumio Kishida, ”, Kishida, Joe Biden, Brad Smith, Gary Cohn, Sanjay Mehrotra, Ted Colbert, Albert Bourla, Mayumi Maruyama Organizations: Hong Kong CNN, Microsoft, Microsoft Research Asia, IBM, Micron Technology, Boeing, Defense, Space & Security, Pfizer, CNN, US Chamber of Commerce, “, Intel, Samsung, US Locations: Tokyo, Hong Kong, Japan, Washington, American, United States, America, Asia’s, Russia, South, Taiwan, Hokkaido, chipmaking, China, Europe, Asia, Germany

☆ Ship’s power system and circuit breakers are focus of Key Bridge collapse probe, investigators say
▼ + stars: | 2024-04-10 | by ( Gregory Wallace | ) edition.cnn.com time to read: +3 min

CNN —The investigation into why a cargo ship lost power and struck a Baltimore bridge last month, causing it to collapse, is currently focused on engine room equipment, the National Transportation Safety Board said Wednesday. Hyundai, the equipment’s manufacturer, has sent employees to the Dali ship to help “download data from the electrical power system and look at the circuit breakers,” NTSB Chairwoman Jennifer Homendy told the Senate Commerce Committee. “There isn’t enough information on that to understand what’s going on in the engine room,” she said. Investigators also spoke with crewmembers who may be involved in the engine and electrical systems, including the chief and an assistant engineer, and the electrician. Separately, the US Army Corps of Engineers released new 3D sonar images of the wreckage below the surface of the river.

Persons: Dali, Jennifer Homendy, ” Homendy, ” Hyundai, ”, “, –, Homendy, Sen, Ted Cruz, Biden, ” Cruz Organizations: CNN, National Transportation Safety, Hyundai, Senate, ”, Republican, US Army Corps of Engineers Locations: Baltimore, Patapsco, China

☆ CEO sold her house, liquidated 401(k) to start a beauty tech company—then she got a 6-figure ‘Shark Tank’ offer
▼ + stars: | 2024-04-09 | by ( Ashton Jackson | ) www.cnbc.com time to read: +1 min

Seven years ago, Dawn Myers saw Lori Greiner invest in a woman-owned hair company on ABC's "Shark Tank." She felt inspired, and started her own hair company catering to curls and coils. Today, Myers is the founder and CEO of Washington D.C.-based The Most, a parent company for brands Richualist and The Most Curls. Myers, a lawyer by training, said her lack of beauty, tech and engineering experience made it hard to attract investors. She ultimately raised $1.1 million in venture capital while undergoing surgeries and chemotherapy treatments, a Richualist spokesperson tells CNBC Make It.

Persons: Dawn Myers, Lori Greiner, Myers Organizations: Washington D.C, The, CNBC

☆ Spirit Airlines Will Delay Plane Purchases and Furlough Pilots
▼ + stars: | 2024-04-08 | by ( Niraj Chokshi | More About Niraj Chokshi | ) www.nytimes.com time to read: +1 min

Spirit Airlines said on Monday that it would delay delivery of new Airbus planes and furlough pilots to save money as it seeks to overcome several setbacks, including a blocked merger, engine problems and a lackluster recovery from the pandemic. Spirit and JetBlue gave up an effort to appeal that decision last month. Spirit plans to delay most of the Airbus planes it had expected to receive in 2025 and 2026 by about five years. It also said it expected to furlough about 260 pilots starting on Sept. 1. Those changes will help Spirit, which has lost money in each of the last four years, return to profitability, the company’s chief executive, Ted Christie, said.

Persons: Ted Christie Organizations: Spirit Airlines, Airbus, JetBlue Airways, Spirit, JetBlue

☆ Spirit Airlines will defer Airbus orders, furlough 260 pilots in race to shore up liquidity
▼ + stars: | 2024-04-08 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Spirit Airlines said Monday that it will defer deliveries of new Airbus planes and that it plans to furlough about 260 pilots as it tries to boost liquidity. Spirit said it will defer all Airbus planes it has on order that were scheduled to be delivered from the second quarter of 2025 through the end of 2026. The budget airline said the deferrals would boost its liquidity by about $340 million over the next two years. United Airlines pilots' union last month said the company is offering unpaid time off for pilots next month because of late-arriving planes from Boeing . The Air Line Pilots Association, Spirit pilots' union, said Monday it is exploring voluntary measures that could limit the number of pilot furloughs.

Persons: Ted Christie, Christie, Pratt, Spirit, Whitney, Ryan Muller Organizations: Spirit Airlines, Airbus, Pratt & Whitney, JetBlue Airways, Whitney, Association of, United Airlines, Boeing, Air Line Pilots Association, Spirit Locations: Miramar , Florida, City , New Jersey

☆ Jim and Pam Knew How to Survive a Soul-Crushing Office
▼ + stars: | 2024-04-08 | by ( Alexandra Molotkow | ) www.businessinsider.com time to read: +20 min

Office crushes, in all their mercurial glory and pain, continue to shape our working lives in deeply meaningful ways. But through all these changing norms, workplace crushes remain remarkably common. Jim, after all, doesn't even ask Pam on a date until the season-three finale of "The Office." That most workplace crushes never lead to consummated relationships doesn't make them any less powerful. An admitted serial crusher, she still gets work crushes — last year she counted "a solid eight."

Persons: Derek, Brendan, Michael Rosenfeld, Manny, Sean Horan, we're, she'd, Karis, Stefan, Darcy, —, Helen Fisher, Lakshmi Rengarajan, Rengarajan, smolder, Jim, Pam, I've, it's, I'd, Slack, Mikel Jaso, didn't, couldn't, weirdly, they'd, Johnny C, Taylor Jr, MeToo, Ayear, Tiana Reid, texted Derek, Alexandra Molotkow Organizations: Society for Human Resource Management, Stanford, Fairfield University, Match.com, BI Karis, Society for Human, York University Locations: New York City, Singapore, Brendan's, New York, Chicago, Toronto

☆ 'Curb Your Enthusiasm' ends with a perfect 'Seinfeld' send-up — here's what happened
▼ + stars: | 2024-04-08 | by ( Caralynn Matassa | ) www.businessinsider.com time to read: +6 min

The long-running show referenced the polarizing "Seinfeld" series finale in its ending. How did the 'Curb Your Enthusiasm' series finale end? This mirrors the structure of the "Seinfeld" series finale. Related storiesLarry tells Seinfeld that "this is how we should've ended the finale," referencing the widely hated "Seinfeld" finale. Jerry Seinfeld and Larry David in the series finale of "Curb Your Enthusiasm."

Persons: Larry David's, —, David, Larry, Earl Mack, Greg Kinnear, They're, Joe, Saverio Guerra, Irma, Tracey Ullman, Bruce Springsteen, Jerry, Jerry Seinfeld, George, Jason Alexander, Elaine, Julia Louis, Dreyfus, Kramer, Michael Richards, Seinfeld, Larry David, John Johnson, It's, Ken Tucker, who'd, Samuel Beckett, Tucker, Grantland Organizations: Service, HBO, New Yorker Locations: Atlanta, Massachusetts, —

☆ Senator says Coast Guard used illegal agreements to silence sexual assault victims
▼ + stars: | 2024-04-08 | by ( Melanie Hicken | Blake Ellis | ) edition.cnn.com time to read: +4 min

CNN —US Coast Guard leaders illegally used nondisclosure agreements to prevent sexual assault victims from speaking out about their alleged attacks, according to a congressional inquiry sparked by a CNN report into sexual misconduct at the prestigious Coast Guard Academy. CNN reported last year that Coast Guard leaders had guarded the secrecy of the internal investigation to the point that officials with access to case materials had to sign non-disclosure agreements. “Requiring victims to agree not to discuss what happened to them is particularly reprehensible,” Sen. Ted Cruz wrote in a letter to the Coast Guard Sunday. Cruz’s letter is just the latest fall-out for the Coast Guard since the Fouled Anchor controversy broke last June. “This is a disservice to the survivors of rape and other sexual assaults at the Academy, whom the Coast Guard has already failed once,” he wrote.

Persons: Republican Sen, Ted Cruz, Adm, Linda Fagan, ” Cruz, Fagan, Cruz, ” Sen, Nathan Howard, Chris Murphy, ” Organizations: CNN, US Coast Guard, Coast Guard Academy, Academy from Congress, Republican, Coast Guard, Senate, Getty, Department of Homeland, Department of Homeland Security, Operation, GAO, Academy Locations: Connecticut

☆ Oracle's Larry Ellison thinks every government will want to build a 'sovereign' AI cloud in the future
▼ + stars: | 2024-04-07 | by ( Michelle Castillo | ) www.cnbc.com time to read: +8 min

Oracle, which works with Nvidia and Microsoft on generative AI capabilities, has already helped use cloud tech to cut red tape for countries. For the first time, we're beginning to win business for countries," Ellison said. Countries including Serbia are standardizing on Oracle Cloud Infrastructure and using generative AI for processes like automating health care. Cloud and generative AI applications allowing countries to give rural areas internet access could increase educational opportunities and create more economic value. "There's the 'Black Mirror' bad side of it: Big Brother, data wars, AI warfare and all that stuff," Garder said.

Persons: Raimo Lenschow, Ellison, Oracle's Larry Ellison, it's, Elon Musk's, you've, we've, Dan Gardner, Tapan Parikh, Parikh, Garder, Gardner, Simone Bohnenberger, It's, Bohnenberger, there's Organizations: Oracle, Barclays, EU, Nvidia, Microsoft, European, Amazon, Department of Defense, Google, Infrastructure, Oracle Cloud Infrastructure, Cornell University, U.S Locations: Serbia, Albania, European Union, Kenya, Rwanda, U.S, China, TikTok

☆ Share of women in C-suite roles falls for first time in two decades, study finds
▼ + stars: | 2024-04-05 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

And growth in the percentage of women in senior corporate leadership roles overall barely budged from 2022 to 2023. In 2023, women held just 11.8% of the roughly 15,000 C-suite roles assessed, down from 12.2% the year before, the study found. Gender parity goal imperiledNone of this is to say that there hasn’t been real progress in narrowing the gender gap since 2005. “Across all [senior] roles, women held less than 8% of seats as recently as 2005; versus 22.3% in 2023. If the growth rate remains below average going forward, the goal of reaching gender parity will be much farther out of reach.

Persons: “, hasn’t, ” Organizations: New, New York CNN, P Global Market Intelligence Locations: New York

☆ Why this Goldman partner is on a mission to convince bankers to get more sleep
▼ + stars: | 2024-04-05 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

Goldman Sachs partner Brian Robinson at 200 West Street. The sign that Goldman Sachs partner Brian Robinson created. Robinson's mission to revamp leadership — from his high C's to neon sign creations — appears to be rubbing off on clients and colleagues alike. He is currently making one for a Goldman partner with a fifth-floor office who asked for a customized sign to hang in that workspace, he said. The goal, he said, is for the signs to stand on the walls of Goldman Sachs "for years and decades to come."

Persons: Goldman Sachs, Brian Robinson, Goldman, Robinson, It's, Robinson —, David Solomon, John Waldron, Robinson's, —, He's, he's, Carlyle Organizations: Service, Wall Street, Business, Wall, Deutsche Bank Locations: Americas, Manhattan, London, New York

☆ Is Bird Flu Coming to People Next? Are We Ready?
▼ + stars: | 2024-04-05 | by ( Apoorva Mandavilli | ) www.nytimes.com time to read: +1 min

Bird flu outbreaks among dairy cows in multiple states, and at least one infection in farmworker in Texas, have incited fears that the virus may be the next infectious threat to people. The influenza virus, called H5N1, is highly pathogenic, meaning it has the ability to cause severe disease and death. The only symptom in the patient in Texas was conjunctivitis, or pink eye, which was also reported in people infected during other bird flu outbreaks. and other agencies in the United States and elsewhere have tracked H5N1 for years to monitor its evolution. Federal agencies have stockpiled vaccines and drugs to be used in a possible bird flu outbreak.

Persons: “, ”, Demetre Daskalakis Organizations: National Center, Centers for Disease Control Locations: farmworker, Texas, United States

☆ C.I.A. Director Is Heading to Cairo for New Truce Talks
▼ + stars: | 2024-04-04 | by ( Julian E. Barnes | ) www.nytimes.com time to read: +14 min

During a 30-minute call with Prime Minister Benjamin Netanyahu of Israel, President Biden went further than ever in pressing for change in the military operation. Credit... Fatima Shbair/Associated PressBy the middle of the night in Jerusalem, Israel made its first gestures to Mr. Biden. The reported agreement came as American officials held out the prospect of consequences if Mr. Netanyahu resisted. But Mr. Kirby would not outline specific metrics for judging Israel’s response or what Mr. Biden would do if not satisfied. Mr. Biden called himself “outraged and heartbroken” over the incident and made a point of calling Mr. Andrés to express his condolences.

Persons: Benjamin Netanyahu, Israel, President Biden, Biden, Biden’s, “, Netanyahu, ”, Fatima Shbair, Mr, Antony J, Blinken, ” Mr, Chris Coons, Coons, Kamala Harris, Jake Sullivan, Biden “, William J, Burns, Mohammed Saber, John F, Kirby, emboldening, John Hannah, José Andrés, Andrés, Zomi Frankcom, Damian Soból, Barack Obama, Bibi, ” Ben Rhodes, Obama, ” Jon Favreau, doesn’t, ‘, ’, aggravation, Jill Biden, Joe, ” Julian E, Barnes, Katie Rogers, David E, Sanger, Lara Jakes Organizations: Israel, Hamas, Credit, Associated, U.S . National Security Council, NATO, Democratic, CNN, Republican, American Israel Public Affairs Committee, Iran, Central Kitchen, Shutterstock, Jewish Institute for National Security of America, Biden, Mr, Israel Defense Forces, White Locations: Gaza, Israel, Rafah, Jerusalem, Ashdod, Jordan, Brussels, Michigan, Washington, Delaware, Iran, Syria, United States, Cairo, “ Hamas, Haiti, Cyprus, U.S, “

☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.

Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S

☆ A Goldman Sachs research director explains how he created the firm's best-of-the-best stock-pick list — and makes the case for 22 top companies with up to 59% upside
▼ + stars: | 2024-04-03 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Read previewGoldman Sachs analysts kicked off the new month and quarter by revealing their favorite investing ideas. AdvertisementHow to successfully select stocksThe directors' cut list consists of 20 to 25 stocks beloved by Goldman's research analysts. But a promising outlook alone isn't enough to make the directors' cut list. Kron and company also look for stocks that Goldman Sachs analysts are more bullish about than their peers are. AdvertisementBelow are the 22 companies on the "directors' cut" version of Goldman Sachs' US conviction stock list.

Persons: —, Goldman Sachs, Steven Kron, Kron, Chris Hussey, John Marshall, Stocks Organizations: Service, Business, Goldman, Citigroup, Royal Caribbean Cruises, TPG, Blue Owl, TE, Chevron

☆ Exclusive: An investor in once-hot mental health startup Cerebral is suing the company
▼ + stars: | 2024-04-03 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +5 min

Read previewAccess Industries, the investment firm founded by billionaire Len Blavatnik that invested in mental health company Cerebral, is suing the company and another of its backers as tensions mount inside the mental health company, according to documents obtained by Business Insider. It's the latest challenge to the once-hot mental health startup, which launched in 2020 to provide mental healthcare online. The lawsuit, filed by Access Industries on April 2 in Delaware, alleges an undercover power grab by WestCap, another Cerebral investor. A sinking shipOnce the hottest and fastest-growing mental health startup, Cerebral's fall from grace has been stunning. Since then, Cerebral hasn't raised any more venture funding, and the mental health company has conducted at least three rounds of layoffs.

Persons: —, Len Blavatnik, WestCap, David Mou, SoftBank Organizations: Service, Business, US Department of Justice, Access Industries, DOJ, Industries, Wall Street Journal, Bloomberg, US Drug Enforcement Administration, New York Locations: Delaware, WestCap

☆ Researchers discovered a 137-year-old shipwreck in the depths of Lake Michigan using sonar imagining
▼ + stars: | 2024-04-02 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

Researchers used sonar to locate a long-lost shipwreck in Lake Michigan. The 135-foot ship sank in 1886 after colliding with another boat. Last year, the group announced the discoveries of a 190-foot cargo vessel that sank in Lake Huron amid blustery winds in 1894 and a 140-foot schooner that sank in Lake Michigan in 1881. The Hickox "plowed into the side of the Milwaukee," according to the shipwreck association, nearly capsizing the ship. Nearly two hours after the crash, the Milwaukee sank beneath the waters.

Persons: —, Neel Zoss, Waters Organizations: Service, Maritime, Michigan Shipwreck Research Association, Milwaukee, Northern Transportation Company, Ohio Locations: Lake Michigan, Milwaukee, Michigan, Lake Huron, Great, Chicago, Muskegon

☆ How the businessman who blew up MoviePass tried to create a 'TikTok killer' and cost investors millions
▼ + stars: | 2024-04-01 | by ( Ashley Rodriguez | Jason Guerrasio | ) www.businessinsider.com time to read: +22 min

At Vinco, Farnsworth employed several of the same tactics that he had at MoviePass and at his earlier ventures. "Ted took these press releases and really treated them like they were works of art for him," Matt Argall, a former advisor to Farnsworth, told BI. Hudson Bay has not been served the lawsuit as of the publication of this story. "Hudson Bay's investment in Vinco Ventures was a standard, fixed price convertible loan of which millions remain unpaid," Hudson Bay told BI in a statement. "If served, Hudson Bay will seek to have these baseless, factually flawed and frivolous claims, which have been repeatedly dismissed in other proceedings against other parties, dismissed expeditiously."

Persons: MoviePass, Ted Farnsworth, Maria Bartiromo, he'd, Farnsworth, Jaeson Ma, Ted Farnsworth playbook, Ted, Barnum, John Fichthorn, I've, Shadwrick Vick, Rudy, Vick, Roderick Vanderbilt, who's, hocking, La Toya Jackson, Helios, Matheson, Brian Quinn, Farnsworth's, Michael Hartstein, Vinco, Matt Argall, Mitch Lowe, Reuters Farnsworth, David, Goliath, TikTok, We're, Argall, Elton John, Jamie McCarthy, Lomotif, Lil Nas X, Snoop Dogg, Grimes, Zash, Allan Stern, Get2it, Stern, Robert N, Scola Jr, Scola, he's, —, Lowe, Getty, Dave Kotinsky, Stringer Vinco, expeditiously, Farnsworth —, Vanderbilt, Jesse Law, Katherine Long Organizations: Fox Business, Hollywood, Business, Zash Global Media, Entertainment, Vinco Ventures, Fox, Hudson Bay, BI, Helios, Matheson, Matheson Analytics, Boston College Law School, Palladium Capital Group, Vinco, BHP Capital, Armistice, CVI Investments, National Enquirer, Reuters, AMC Theatres, AMC, Gemini Valuation, Hudson, Eightco Holdings, Elton John AIDS Foundation, 91st, EDC, Tampa Marriott, SEC, Publishing, National Examiner, Globe, The New York Times, Southern, Southern District of, Bloomberg, Bay, Vanderbilt, Federal Bureau of Investigation Locations: Hudson, Vinco, Zash, Hudson Bay, China, Syracuse , New York, Lomotif, Syracuse, West Hollywood , California, Vegas, Tampa, Argall, Boston, India, The, Miami, MoviePass, Southern District, Southern District of Florida, New York

☆ Stocks making the biggest moves midday: Micron Technology, Cameco, MicroStrategy, Universal Health Services and more
▼ + stars: | 2024-04-01 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Cameco — Shares rose more than 5% after Goldman Sachs initiated coverage of the uranium producer with a buy rating, saying there is more than 25% upside. Microsoft — Microsoft shares rose 0.7% following a report from The Information, citing unnamed sources, saying Microsoft and OpenAI are planning a $100 billion data center project. Super Micro Computer shares rose 2.5%. Universal Health Services — Shares fell after Universal Health Services said in a regulatory filing its subsidiary Pavilion Behavioral Health was ordered to pay $60 million in compensatory damages and $475 million in punitive damages. MicroStrategy — Shares slipped more than 3% after Michael Saylor, executive chairman of MicroStrategy, sold nearly 4,000 shares of MicroStrategy stock last week, according to a regulatory filing .

Persons: Cameco, Goldman Sachs, Semtech, Robinson, Brandon Oglenski, Bill Holdings, Wells, Bill, Tesla, Tommy Bahama, Michael Saylor, InterDigital's, — CNBC's Brian Evans, Lisa Kailai Han, Alex Harring, Tanaya Macheel, Jesse Pound Organizations: Micron Technology —, Bank of America, Microsoft, Western Digital, Micro Computer, Hunt Transport, C.H, Barclays, . Oxford Industries, Citi, Universal Health Services, Behavioral Health Locations: North America

☆ Read Ken Griffin's letter to Citadel investors. He gives his 2024 outlook and talks about building a 'formidable team.'
▼ + stars: | 2024-04-01 | by ( Hayley Cuccinello | Bradley Saacks | ) www.businessinsider.com time to read: +9 min

Griffin noted that 2023 was a difficult year for the hedge fund industry and expected the medium-term to "remain challenging." Citadel and Griffin's market maker, Citadel Securities, received over 100,000 applications for full-time jobs and internships this year, Griffin said. "We take pride in having built one of the most formidable teams in hedge fund history," he said. The remarkable achievements of our portfolio managers are a testament to the constructive and empowering culture at Citadel. Assembling the Premier Team in Hedge Fund HistoryWe take pride in having built one of the most formidable teams in hedge fund history.

Persons: Griffin, Kenneth C Organizations: Business, Disney World, Citadel, Citadel Securities, Citadel Wellington LLC, Team, Congressional, U.S, LCH Investments Locations: United States

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