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☆ JD Vance says he thinks Apple benefits from Chinese slave labor: 'That's pretty sick'
▼ + stars: | 2024-09-12 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Republican vice presidential nominee Ohio Sen. JD Vance on Thursday took a shot at Apple on CNBC's "Squawk Box," stating he thinks the company benefits from "slave labor" in China. "Do I think Apple is an evil company? Do I think that sometimes they benefit from Chinese slave labor? "I think that a company that wants to benefit from American markets should also have to pay American workers a fair wage." Apple has previously stated that it has found no evidence of forced labor anywhere it operates.

Persons: Ohio Sen, JD Vance, Vance, Apple, Donald Trump, Lina Organizations: Ohio, Apple, Congressional, Commission, . Customs, U.S, Federal Trade Commission, Facebook, Meta, Google Locations: China, Vietnam, India, iPhones, New York City

Beijing/Hong Kong CNN —Married for seven years, Hansen and his wife Momo care for six little ones at their apartment in downtown Beijing. By 2030, the number of pets in urban China alone will almost double the number of young children across the country, according to its projection. The country’s pet ownership rate would be even higher if the number of dogs and cats in rural areas were included. Its birth rate also dipped to 6.39 births per 1,000 people, the lowest rate since the founding of Communist China in 1949. I think it’s just that we love dogs,” Hansen said.

Persons: Hong Kong CNN —, Hansen, Momo, ”, Beijing hasn’t, they’ve, Justin Robertson, Goldman Sachs, Mao Zedong’s, Goldman, It’s, “, Tao, CNN Tao, CNN Stuart Gietel, aren’t, Basten, “ We’re, ” Hansen, Xi Jinping Organizations: Hong Kong CNN, Research, CNN, Publishing, Authorities, Communist, Hong Kong University of Science, Technology Locations: China, Beijing, Hong Kong, Australia, France, India, Japan, East China's Jiangsu, Communist China, Basten

☆ European markets poised to rally at the open, ahead of anticipated ECB rate cut
▼ + stars: | 2024-09-12 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European Central Bank (ECB) President Christine Lagarde addresses a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on July 18, 2024. LONDON — European stocks are expected to rally at the open Thursday as investors in the region await the latest monetary policy decision from the European Central Bank. The U.K.'s FTSE index is seen opening 76 points higher at 8,267, Germany's DAX up 159 points at 18,482, France's CAC 40 up 64 points at 7,460 and Italy's FTSE MIB up 257 at 33,472, according to data from IG. The European Central Bank (ECB) is expected to slash rates again by 25 basis points on Thursday, a move that would mark the first cut since June, when it described the potential for a September reduction as "wide open." The ECB's key interest rate — which helps to price all sorts of loans and mortgages across the bloc — is currently at 3.75% after years of aggressive hikes.

Persons: Christine Lagarde, Germany's DAX Organizations: European Central Bank, LONDON, The, CAC, IG Locations: Frankfurt, Germany

☆ Apalachee High School shooting: How officials decide whether to reopen campus to students
▼ + stars: | 2024-09-12 | by ( Nicole Chavez | ) edition.cnn.com time to read: +7 min

CNN —Dianna Moreno was afraid walking into Apalachee High School to find the laptop and charger she left behind when she rushed to evacuate after two other students and two teachers were killed last week. People hold candles during a vigil following the shooting at Apalachee High School, at Jug Tavern Park in Winder, Georgia, on September 6. Mike Stewart/APKacy Shahid, a former principal at Central Visual and Performing Arts High School in St. Louis, Missouri, said she was the first school administrator to use the guide. In Florida, students returned to Marjory Stoneman Douglas High School two weeks after the February 2018 massacre. In Texas, students at Santa Fe High School returned 11 days after a May 2018 shooting to finish the school year.

Persons: CNN — Dianna Moreno, “ It’s, “, it’s, Moreno, Elijah Nouvelage, ”, Michelle Kefford, Marjory Stoneman, Kefford, they’ve, Mike Stewart, Shahid, ” Shahid, Reggie Daniels, Eric Gay Organizations: CNN, Apalachee High School, Barrow County, Reuters, Marjory Stoneman Douglas High School, Recovery, Bethlehem Church, Central Visual, Performing Arts High School, Robb Elementary School, Santa Fe High School, KHOU Locations: Winder , Georgia, Barrow, Parkland , Florida, Bethlehem , Georgia, St, Louis , Missouri, Uvalde , Texas, Florida, Texas

☆ South Korea was the world’s biggest ‘baby exporter.’ New evidence shows some mothers were forced to give up children
▼ + stars: | 2024-09-12 | by ( Jessie Yeung | Yoonjung Seo | ) edition.cnn.com time to read: +4 min

Seoul, South Korea CNN —South Korea has for decades been known as the world’s largest “baby exporter” – sending hundreds of thousands of children overseas after the country was ravaged by war and many mothers left destitute. Searching for their rootsMore than 200,000 South Korean children have been adopted overseas since the 1950s following World War II and the Korean War, according to authorities. While adoptions continue today, the trend has been declining since the 2010s after South Korea amended its adoption laws in an effort to address systematic issues and reduce the number of children adopted overseas. “It’s truly terrifying to hear how systemic these issues were, but I wouldn’t say it’s necessarily surprising,” said Susanné Seong-eun Bergsten, who was adopted from South Korea and grew up in Sweden. “There is still much about Korean adoption that has not been formally acknowledged.”

Persons: ”, adoptees, “, Susanné Seong, Mark Zastrow, Bergsten Organizations: South Korea CNN, Commission, CNN, Korean Locations: Seoul, South Korea, Korea, Korean, Daegu, Sejong, United States, Australia, Norway, Denmark, Europe, It’s, Sweden, adoptees

☆ Mr ChatGPT and other AI power players are going to the White House to discuss AI’s massive thirst for energy
▼ + stars: | 2024-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The meeting, which hasn’t been previously reported, is the first time senior White House officials will sit down with tech company leadership to discuss how to quench AI’s insatiable thirst for energy. The source said the White House expects to detail how the public and private sector can work together to maintain US leadership in AI in a sustainable way. AI is expected to spark a 160% surge in power demand from data centers by 2030, according to Goldman Sachs. Exowatt just launched a new system that can generate and store clean energy to AI data centers. Other US officials expected to attend Thursday’s AI power meeting include White House Chief of Staff Jeff Zients, National Economic Adviser Lael Brainard, National Security Adviser Jake Sullivan and top climate officials Ali Zaidi and John Podesta.

Persons: Sam Altman, Ruth Porat, Dario Amodei, hasn’t, Jennifer Granholm, Gina Raimondo, Harris, Joe Biden, Kamala Harris, Biden, Goldman Sachs, Altman, ”, ” Altman, “, Robyn Patterson, Jeff Zients, Lael Brainard, Jake Sullivan, Ali Zaidi, John Podesta, Oprah Winfrey, Bill Gates Organizations: CNN, White, Google, White House, Wall, . Energy, Biden, Microsoft, International Energy Agency, Washington Post, United, “, National Economic, National, ABC Locations: America, Washington, United States, Exowatt

☆ Jensen Huang says if 'anything were to happen' in Taiwan, Nvidia could have GPUs made somewhere else
▼ + stars: | 2024-09-12 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

When Nvidia CEO Jensen Huang spoke to Goldman Sachs CEO David Solomon on Wednesday, the banker raised this relationship — and how precarious it is due to rising tension in the Taiwan Strait. This story is available exclusively to Business Insider subscribers. Last year, Huang said he felt "perfectly safe" relying on manufacturing in Taiwan. Though Samsung has some of the same capabilities required to produce the most advanced chips, TSMC is the clear leader. Huang went on to praise TSMC for scaling up to meet the demand that created Nvidia's "hockey stick" earnings in recent years.

Persons: —, Jensen Huang, Goldman Sachs, David Solomon, Solomon, Huang, Dylan Patel, Chris Miller, TSMC, Patel Organizations: Service, Nvidia, Wednesday, Business, Samsung, Intel, SEC, Blackwell Locations: Taiwan, Asia, China, Pacific, TSMC, South, Arizona

Jim Sasser, who served 18 years in the U.S. Senate and six years as ambassador to China, has died. Gray Sasser, his son, said his father died Tuesday evening at his home in Chapel Hill, N.C., of an apparent heart attack. Sasser, a Democrat, represented Tennessee in the Senate from 1977 to 1995. President Bill Clinton then appointed him ambassador to China, a post he held until 2001. After he retired as ambassador, Sasser became a consultant.

Persons: Jim Sasser, Gray Sasser, Bill Clinton, Sasser, Republican Bill Brock, Republican Bill Frist, Elizabeth Sasser, “, Sen, Albert Gore Sr, Brock, Gore, Sasser’s, Dad, Mary Organizations: U.S . Senate, Democrat, Republican, Vanderbilt University, Vanderbilt Law School, Democratic, Tennessee Democratic Party, Frist, Senate, Harvard University, State of Locations: U.S, China, Chapel Hill, N.C, Tennessee, Memphis, Tenn, Nashville, State, State of Tennessee

In a statement Wednesday, his attorney said Combs “is shocked and disappointed” by Richard’s lawsuit. According to the suit, Richard tried multiple times to intervene, offered Ventura support and encouraged her to leave Combs. Like other lawsuits, including Ventura’s, Richard’s suit depicts Combs as violent and controlling. Throughout the productions of the “Making the Band” series, the suit alleges, she and the members of Danity Kane were deprived of basic needs such as adequate food and sleep. The suit also alleges Richard attended parties at Combs’ houses, where she witnessed what she believed were inebriated underage girls being sexually violated by Combs and his guests.

Persons: Sean “ Diddy ” Combs, Danity Kane —, groped, Dawn Richard, Combs, Danity Kane, Lisa Bloom, “, Dawn, Combs “, ”, ” Erica Wolff, Richard, Combs ’, Casandra Ventura, Cassie, Ventura, Mr, Ben Brafman, Diddy, Harve Pierre, Pierre, ” Combs, Miami, Richard’s, Frank Richard, “ Combs, ” Richard Organizations: MTV, Southern, of, Ventura, CNN, Diddy, “ Locations: U.S, of New York, Ventura, Los Angeles, California, Baltimore, New York

After eight years of threatening to repeal the Affordable Care Act, more commonly known as Obamacare, former President Donald Trump still doesn’t have a comprehensive plan to replace it. People in the U.S. pay roughly twice as much for health care than any other nation on earth. But is it feasible to create a new health care law that reduces the escalating costs? “Right now, Obamacare is the status quo in health care,” said Larry Levitt, executive vice president of health policy at KFF, a nonprofit group that researches health policy issues. Harris has committed to extending the subsidies; Trump has remained silent.

Persons: Donald Trump, ”, John A . Graves, “, Kamala Harris, Trump, ” Trump, —, Larry Levitt, ” Levitt, Graves, Gerard Anderson, ” Graves, Jill Horwitz, David Sanders, “ We’ve, we’ve, ” Horwitz, Horwitz, Harris, Levitt, “ Trump, that’s Organizations: Trump, Vanderbilt University School of Medicine, U.S . Department of, Treasury, Congressional, “ Republicans, ACA, Republicans, Republican, Committee, House Republicans, Johns Hopkins University Bloomberg School of Public Health, Budget, Affordable, Law, Medicine, UCLA School of Law Locations: United States

However, experts say there is more to Beyoncé’s snub than the industry’s longtime erasure of Black artists’ contributions to country music. In contrast, rapper Post Malone made his first foray into country music this year and opted for a more mainstream country music sound, tapping Nashville giants to assist in his project. As one of the largest pop stars in the world, her career is not dependent on Nashville or the Country Music Association, which runs the CMA Awards. Neither Beyoncé nor the Country Music Association responded to a request for comment on the matter. The CMA Awards snub has opened up a dialogue about where the country music industry can go from here.

Persons: Carter ”, Beyoncé, Amanda Marie Martinez, tonks, ”, Martinez, Post Malone, Morgan Wallen, Tim McGraw, Blake Shelton, Luke Combs, Malone, Cowboy Carter, ” Martinez, Emmett Price III, Price, Carter, Cowboy Carter ”, Shaboozey, ” Price Organizations: Music, The, University of North, Chapel Hill, Artists, Nashville, Country Music Association, CMA, Tennessean, Berklee College of Music, “, NBC Locations: University of North Carolina, Chapel, Nashville , Tennessee, Nashville, Texas, Beyoncé

☆ Pakistan’s transgender community gets a ride-sharing service for safety
▼ + stars: | 2024-09-11 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

ISLAMABAD, Pakistan — Pakistan’s transgender community has gotten its first ride-sharing service in the latest effort to protect trans people from discrimination and harassment, the business’ founder said on Wednesday. It’s called SheDrives and will service only trans people and women, according to Ammaz Farooqi, the company’s chief executive. For now, it will service only Lahore, but expansion is possible, Farooqi said. “A unique aspect of this app and ride service is that the drivers and passengers will be women and transgender persons,” Farooqi said. The country’s parliament also drafted a transgender rights bill to allow trans people choose their gender identity for previously issued government documents, educational certificates and national identity cards.

Persons: Pakistan —, It’s, Ammaz Farooqi, Farooqi, ” Farooqi, “ Organizations: Ministry of Human Rights Locations: ISLAMABAD, Pakistan, Lahore, ”, Multan

Social Security recipients can expect next year's annual cost-of-living adjustment (COLA) to be the lowest since 2021, following cooler inflation readings in July and August. The Social Security Administration is expected to announce the official cost-of-living adjustment for 2025 on Oct. 10. Much of the political debate about Social Security remains focused on reforming — and ultimately paring back — the entire program. But earlier this year, Democratic Sen. Bob Casey of Pennsylvania introduced the Boosting Benefits and COLAs for Seniors Act, designed to increase Social Security benefits at a rate "that actually reflects the costs seniors face." "The Boosting Benefits and COLAs for Seniors Act would help seniors contend with rising costs and ensure that Social Security remains a lifeline for all who need it.”

Persons: ” Mary Johnson, Johnson, Democratic Sen, Bob Casey of, ” Casey, ” Organizations: of Labor Statistics, Social, Senior Citizens League, Social Security, Medicare, Trustees, Social Security Administration, League, Democratic, Seniors, Bureau of Labor Statistics, , Social Security, Security Locations: Bob Casey of Pennsylvania, Pennsylvania

Following Donald Trump’s lead, Johnson has tied a six-month funding bill to the SAVE Act, which would overhaul voting laws to require people to show proof of citizenship when registering to vote. Senate Majority Leader Chuck Schumer, D-N.Y., Democrats and some Republicans are pushing for a “clean” funding bill that would keep the government open until December, after the election. The government will shut down at 12:01 a.m. on Oct. 1 unless Republicans and Democrats strike a deal to extend funding. Because of their miniscule majority, House Republicans can only afford four GOP defections if all lawmakers vote. “I’m a firm NO on bankrupting the nation and a YES on election integrity,” Mills said.

Persons: Mike Johnson’s, Donald Trump’s, Johnson, Chuck Schumer, Joe Wilson, Cory Mills, Jim Banks, Matt Rosendale, Andy Biggs of, Tim Burchett, “ I’ve, ” Burchett, ” Mills, Trump, don’t Organizations: WASHINGTON, SAVE, Democrats, Republicans, GOP, CRs, Armed Services, Foreign Affairs Locations: Cory Mills of Florida, Jim Banks of Indiana, Matt Rosendale of Montana, Andy Biggs of Arizona, Tennessee, ”, China

☆ Harris-Trump debate highlights and Hurricane Francine approaches Louisiana: Morning Rundown
▼ + stars: | 2024-09-11 | by ( Elizabeth Robinson | Elizabeth Robinson Is A Newsletter Editor For Nbc News | Based In Los Angeles. | ) www.nbcnews.com time to read: +7 min

And while Trump tried to tie Harris to President Joe Biden, he learned that she is a much tougher rival. While Trump tried to re-create the conditions of June’s fateful debate stage matchup, Harris reminded him, “You’re not running against Joe Biden. Harris tried to get under Trump’s skin, baiting him into a defensive posture that prevented him from attacking her weaknesses. And when Trump scolded Harris’ attempt to interrupt him, some allies lamented that he lost control at a key moment. Three Republican sources told NBC News after the debate that Trump came off as “angry” in that moment.

Persons: Kamala Harris, Donald Trump’s, Francine churns, Harris, Donald Trump, Trump, Joe Biden, “ You’re, You’re, ” Harris, Harris ’, ” Trump, Louisiana Hurricane Francine, Joe Wilson of, ”, Republican Kelly Ayotte, Joyce Craig, Mauricio Pochettino, Dave Grohl, Hill, Jesse Dittmar, James Earl Jones ’, Darth Vader, Jones, Char Adams, — Joy Y, Wang, Dermatologists, Elizabeth Robinson Organizations: Trump, Republican, NBC News, Federal, Labor Statistics, Louisiana Hurricane, Public, Novo Nordisk, Foo Fighters, Police, Miami Dolphins, NBC Locations: Louisiana, Ohio, New Orleans, Mississippi, Novo, semaglutide, Wegovy, Joe Wilson of South Carolina, Washington, ” New Hampshire, Ukraine, Russia

Harris is expected to attend a service at the Memorial plaza at ground zero in New York City, as is Trump, according to a source familiar with his plans. Harris and Biden — and Trump — will then travel to Shanksville, Pennsylvania, home of the Flight 93 memorial. Tim Walz, is expected to commemorate the 9/11 anniversary in his home state. In 2016, Trump and former Secretary of State Hillary Clinton attended a 15th anniversary service, but Clinton departed abruptly and appeared unsteady as she left. Trump, a New York native, did not attend the memorial in 2021, making stops instead at a police station and a firehouse.

Persons: Kamala Harris, Donald Trump, Harris, Joe Biden, Karine Jean, Pierre said Biden, Biden —, Trump, Biden, Tim Walz, Hillary Clinton, Clinton, ” Harris, “ Organizations: Pentagon, Minnesota Gov, Democratic, Air Force Locations: New York City, Shanksville , Pennsylvania, Shanksville, York, Asia, Alaska, New York

The pace of inflation likely moderated again in August — further relief for beleaguered consumers still smarting from pandemic-era price shocks. Though price growth has largely returned to the Federal Reserve's official 2% target, the sting of rapid price increases over the past four years lingers for many consumers. The latest inflation report is likely to cement a 0.25% cut in the Federal Reserve's key interest rate, currently at about 5.3%, later this month. But experts say it will take some time for consumers to feel the impact of the lower interest rate — and the relatively small size of the cut means borrowing costs will still be somewhat elevated. While the Fed is now widely expected to cut interest rates, a cut of just 0.25% may not be enough to stave off that scenario.

Persons: —, There's, Joe Biden, Kamala Harris, Zillow, Paul, ” Marina Walsh, ” Walsh, Torsten Slok, Slok, Sophia Kearney, Jerome Powell's, Kearney, Lederman Organizations: of Labor Statistics, Federal Reserve's, Democratic, Labor Statistics, Princeton, “, Mortgage Bankers Association, Apollo Global Management, FHN, NBC News, Fed Locations: U.S, New York, Los Angeles, Minneapolis, St, Las Vegas, Phoenix

☆ Opening statements are set in the trial of 3 ex-Memphis officers charged in Tyre Nichols’ death
▼ + stars: | 2024-09-11 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +4 min

MEMPHIS, Tenn. — Opening statements were expected Wednesday in the federal trial of three former Memphis police officers charged with federal civil rights violations in the January 2023 beating death of Tyre Nichols. Police video released that month showed the five officers, who also are Black, beating Nichols as he yelled for his mother about a block from his home. The officers said Nichols was pulled over for reckless driving, but Memphis’ police chief has said there is no evidence to substantiate that claim. The three officers now facing trial, along with Martin and Mills, were fired for violating Memphis Police Department policies. They had been members of a crime suppression team called the Scorpion Unit, which was disbanded after Nichols’ death.

Persons: Tyre Nichols, Nichols, Mark Norris, Tadarrius Bean, Demetrius Haley, Justin Smith, Emmitt Martin III, Desmond Mills Jr, Black, Martin, Mills, Preston Hemphill, pummeled, Hemphill, Dewayne Smith, Bill Lee, “, Lee Organizations: Memphis, Prosecutors, U.S, District, Police, Former Memphis, FedEx, Memphis Police Department, Scorpion Unit, Tennessee Gov, Republican Locations: MEMPHIS, Tenn, Memphis

Former President Donald Trump repeated again and again debunked rumors related to Venezuelan gangs in a Colorado town during Tuesday night’s presidential debate. But the property management company that owns the buildings blamed a Venezuelan gang for the rundown conditions. Aurora police haven’t yet determined whether the men in the video belong to a Venezuelan gang, KUSA reported. Protesters at a City Council meeting Monday object to what they say is the politicizing and exaggeration of an alleged Venezuelan gang problem in Aurora. “Voters can avoid having their votes co-opted by falsehoods by being aware of this trend and taking a few simple steps to confirm whether the claims they’re seeing are true.”

Persons: Donald Trump, Trump, —, “, ” Trump, frankensteining, Roberta Braga, Tren, ” Braga, what’s, ” Carlos Ordosgoitti, “ I’m, Juan Carlos Jimenez, David Zalubowski, KUSA, Mike Coffman, Mike Johnston, Coffman, Greg Abbott, ” Christina Veiga Organizations: Trump, News Literacy, Digital Democracy Institute of, NBC News, Residents, NBC, Denver Gazette, Aurora, Denver, ”, Hells Angels, Angels ’, Meta, University of Washington’s Center, KUSA, Republican, Texas Gov, Protesters, Aurora . Tri Duong / Sentinel Colorado, “ Locations: Colorado, Venezuelan, Aurora , Colorado, Aurora, Philadelphia, Americas, Aragua, U.S, Venezuela, Denver, Spanish, Colo, Brazil, “, Angels ’ Colorado, Tren, Chicago, Aurora . Tri

Craig, the former mayor of Manchester, beat out Cinde Warmington, a former health care lobbyist and a member of the state’s Executive Council, in the Democratic primary. Tuesday’s winners will quickly move into a rapid eight-week general election campaign to replace Republican Gov. She held a wide lead in most polls of the GOP primary, allowing her to set her sights early on the general election. Meanwhile, Maggie Goodlander defeated Colin Van Ostern in a contentious and expensive Democratic primary in New Hampshire’s 2nd Congressional District, the AP projected. The winner of the primary will enter the general election as the favorite in the blue-leaning 2nd District.

Persons: Kelly Ayotte, Joyce Craig, Chuck Morse, Craig, Cinde, Chris Sununu, Amy Walter, ”, Warmington, Maggie Goodlander, Colin Van Ostern, Van Ostern, Goodlander, Jake Sullivan, Hillary Clinton, Annie Kuster, who’s Organizations: Associated Press, GOP, Democratic, Republican Gov, Purdue Pharma, Manchester, Congressional District, AP, Biden White House, Justice Department, Council, White House, District Locations: New Hampshire, Northeastern, Manchester, state’s, New Hampshire’s

☆ Protesters storm Mexico's Senate, pausing judicial reform debate
▼ + stars: | 2024-09-11 | by ( ) www.nbcnews.com time to read: +2 min

MEXICO CITY — Mexico’s Senate paused debate of a controversial judicial overhaul on Tuesday after protesters broke into the building, adding drama to already tense discussions of the reform, which critics fear could undermine the country’s rule of law. Lopez Obrador and President-elect Claudia Sheinbaum have vigorously defended the reform as essential for holding judges accountable and reducing corruption. As senators debated the reform, opposition lawmakers accused the ruling bloc of underhanded tactics to secure the necessary two-thirds majority. But speculation is mounting that opposition PAN Senator Miguel Angel Yunes has switched allegiance to the ruling bloc over the reform. While the Senate was in session, Yunes requested medical leave in a letter read by the secretary of the Senate’s board of directors.

Persons: Jose Gerardo Fernandez, ”, Andres Manuel Lopez Obrador, Lopez Obrador, Claudia Sheinbaum, Critics, Morena, Miguel Angel Yunes, Yunes Organizations: MEXICO CITY —, PAN, NBC Locations: MEXICO, United States, Canada

☆ Stock market today: Stocks fall as annual inflation slows but monthly CPI notches surprise increase
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Core inflation rose 0.3% in August, slightly above economists' expectations. Meanwhile, investors dashed their hopes for a 50 basis point rate cut from the Fed next week. AdvertisementUS stocks traded mixed on Wednesday as investors took in last month's inflation report, which showed an unexpected increase in the monthly core consumer price index. Bond yields rose as traders readjusted expectations for a jumbo rate hike of 50 basis points at next week's Federal Open Market Committee meeting. AdvertisementThe surprise increase led investors to almost completely discount the possibility of a 50 basis point rate cut at the Fed's next policy meeting.

Persons: —, Josh Jamner, Jack McIntyre Organizations: Fed, Service, Dow Jones, ClearBridge Investments, Brandywine Global Locations: Here's

☆ The guy who sold his Miami mansion to Jeff Bezos for $79 million is really angry he didn't charge more for it
▼ + stars: | 2024-09-11 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewLeo Kryss sold Jeff Bezos a $79 million Miami mansion. Kryss, the cofounder of Brazilian toy company Tectoy, had listed his seven-bedroom mansion on Indian Creek Island, Miami, for $85 million in May 2023, Business Insider previously reported. After Kryss sold his mansion for $79 million — $6 million below its list price — he learned that the buyer was, in fact, connected to Bezos. Kryss is suing Douglas Elliman, which received a commission of over $3 million for handling the property sale. Bezos owns three properties on the island, with the latest purchased in April for $90 million.

Persons: —, Leo Kryss, Jeff Bezos, Kryss, Bezos, Jay Parker, Douglas Elliman, Douglas Elliman's Parker, Benny Klepach, Celine, Celine Klepach, Danny Hertzberg, Tom Brady, Jared Kushner Organizations: Service, Wall, Business, Wall Street Journal, Miami, Elliman, Coldwell Banker, Zillow, BI Locations: Miami, Florida, Dade County, Indian, Biscayne

☆ Financials have been on fire lately. These stocks are expected to fly higher from here
▼ + stars: | 2024-09-11 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Financials have been on a tear lately, and some stocks in the space could break out. The S & P 500 financial sector has advanced more than 16% this year and nearly 4% over the past month. It's also jumped 7% during the third quarter, outperforming the S & P 500's 0.3% increase. The S & P 500 and the Nasdaq Composite are both down more than 2% in September. KKR YTD mountain KKR stock.

Persons: It's, Wells Fargo, Nicholas Watts, there's, Matt O'Connor Organizations: Nasdaq, CNBC, Stock, KKR, Atlantic, Global, LSEG, Deutsche Bank, Bank of America, Deutsche, Berkshire Hathaway Locations: U.S, financials, Wells Fargo, Berkshire

☆ Here’s the inflation breakdown for August 2024 — in one chart
▼ + stars: | 2024-09-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"We'd expect inflation to continue to subside," though with "some ups and downs" in the data from month to month, House said. Housing inflation is falling but still highInflation for physical goods spiked as the U.S. economy reopened in 2021. Shelter is largest component of the CPI, and therefore has an outsized effect on inflation readings. Such data quirks mask positive news in the real-time rental market, which has seen minimal inflation for about two years, economists said. However, shelter CPI inflation has appeared to defy gravity lately: It increased on a monthly basis for two consecutive months, from 0.2% in June to 0.4% in July, and then to 0.5% in August.

Persons: Grace Cary, Sarah House, It's, hasn't, Paul Ashworth, Ashworth, — Organizations: Wells, Wells Fargo Economics, U.S . Department of Labor, North, Capital Economics, U.S . Federal, Finance, CPI, BLS Locations: U.S, Wells Fargo, North America

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