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The Federal Reserve cut rates by 50 basis points on Wednesday. Inflation is no longer the central focus on the Federal Reserve, they said. Go to newsletter preferences Thanks for signing up! AdvertisementThe Federal Reserve has finally delivered its first interest-rate cut in four years — and a jumbo-sized one at that. While inflation has long been seen as the Fed's sole mandate, it's also starting to show signs of concern for the job market.
Persons: , it's Organizations: Federal Reserve, Service, Reserve, Business
Traders work on the floor of the New York Stock Exchange (NYSE) on the first trading day of 2024 on January 02, 2024 in New York City. Futures tied to the S&P 500 inched lower by 0.12%. Dow futures hovered near the flatline, while Nasdaq 100 futures slipped 0.21%. Unemployment data, along with the Fed's half-point rate cut on Wednesday, seemed to bolster investors' sentiment. The three major averages are on pace for weekly gains, with the S&P 500 up nearly 1.6% through Thursday's close.
Persons: John Donahoe, Stocks, Dow, Chris Larkin, Morgan Stanley Organizations: New York Stock Exchange, Stock, Dow Jones, Federal, Dow, Nasdaq, Shipping behemoth FedEx, Nike Locations: New York City, Thursday's
In his experience, his best employees have different qualities and skills than he does, says the billionaire founder of Kind Snacks. "You want to be careful not to hire the same person you are," Lubetzky, 56, tells CNBC Make It. Humans are more inclined to collaborate with, befriend and even form romantic relationships with people who have similar interests, education, skills and values. Lubetzky learned the value of working with people who have opposing viewpoints at his first company, PeaceWorks, he says. There is one quality that bosses and employees should always share, Lubetzky says: values.
Persons: Daniel Lubetzky isn't, that's, Lubetzky —, Mark Cuban's, , Lubetzky, everyone's Organizations: CNBC Locations: Qualtrics
Talen's surge comes on the back of its deal to sell a data center campus to Amazon Web Services and supply the facility with nuclear power from the Susquehanna station northwest of Allentown, Pennsylvania. The deal is viewed as a trailblazing agreement for the power industry, and Wall Street has taken notice. A year ago, Talen was not covered by any Wall Street analysts, according to FactSet data. And Talen's assets are located almost entirely in the PJM grid, a predominantly mid-Atlantic region where power prices are expected to explode as demand outstrips supply due in part to growing data center load. Data center developers are expected to spend $250 billion annually on data centers, Barclays analyst Nicholas Campanella said in a note this week.
Persons: Talen, Shahriar Pourreza, Pourreza, TLN, William Appicelli, Nicholas Campanella, Campanella, amortization, Appicelli Organizations: Talen Energy Corporation, Amazon Web Services, Street, Barclays, Guggenheim, Jefferies, UBS, Susquehanna, Talen Energy, AWS, American Electric Power, AEP, Federal Energy Regulatory Commission Locations: Susquehanna, Allentown , Pennsylvania, Wednesday's
FedEx reported a steep quarterly profit drop and lowered its full-year revenue forecast on Thursday after its customers continued to trade down from speedy, pricey delivery to cheaper, slower options. Shares in the Memphis-based delivery giant tumbled almost 11% to $267.74 in after-hours trading, dragging shares in rival United Parcel Service down 2.5%. The shift to less-profitable packages is squeezing profits at FedEx and UPS. Subramaniam is leading a complex restructuring at FedEx that involves slashing billions of dollars in overheads and merging its separate Ground and Express delivery units. On an adjusted basis, profit fell to $3.60 per share from $4.55 per share a year ago.
Persons: Raj Subramaniam, Subramaniam Organizations: FedEx, United Parcel Service, UPS, Reuters, Federal, United States Postal Service, FedEx Freight Locations: Memphis, China, Shein, U.S
Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe Tuesday attack in Lebanon, where hundreds of pagers used by the Iran-backed militant group Hezbollah simultaneously detonated, points to a highly sophisticated operation that likely required months of planning and an infiltration of a global supply chain, experts told Business Insider. This story is available exclusively to Business Insider subscribers. Spokespeople for the Israel Defense Forces and the US Department of Defense did not immediately respond to a request for comment from Business Insider. Business Insider was not able to reach BAC Consulting for comment.
Persons: , Jones, Israel, Sean McFate, McFate, Robert Khachatryan, Cristiana Organizations: Service, Associated Press, Lebanese Health Ministry, AP, Business, New York Times, Israel Defense Forces, US Department of Defense, Armament Research Services, Syracuse University's Maxwell School of Citizenship, Public Affairs, Freight, Global Logistics, NBC News, Consulting, The New York Times, Taliban Locations: Lebanon, Iran, Israel, Taiwan, Hungary
The US Air Force released a video showing the B-21 Raider stealth bomber taking off and landing. The force's newest bomber took its first flight last fall and is in production. AdvertisementThe US Air Force released the first footage of its new stealth bomber taking off and landing during flight testing. The testing marks a monumental moment for the B-21 Raider, which is shaping up to replace the branch's older bombers and become "the backbone" of its "flexible global strike capability," the Air Force said. The video was released Wednesday alongside the B-21 Update panel at the 2024 Air, Space and Cyber Conference by the Air and Space Forces Association.
Persons: Organizations: US Air Force, Raider, Pentagon, Service, Air Force, Conference, Air and Space Forces Association, Business
Ukraine hit a Russian arsenal this week with long-range attack drones. The extent of the damage is unclear, but analysts say similar attacks could put Russia in a bind. A campaign against ammunition depots in Russia could force it to disperse logistics. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .
Persons: Organizations: Service, Analysts, Ukraine, Business Locations: Ukraine, Russian, Russia
For the second time in four years, Pete Buttigieg is playing the GOP VP candidate in debate prep. Buttigieg is playing Sen. JD Vance as Gov. Tim Walz prepares for the October 1 debate. AdvertisementAs Tim Walz prepares for his debate with Sen. JD Vance, the Minnesota governor already reportedly has a stand-in for his vice presidential foe: Transportation Secretary Pete Buttigieg. According to The Washington Post, Buttigieg has been playing Vance in debate rehearsals with Walz.
Persons: Pete Buttigieg, Buttigieg, Sen, JD Vance, Tim Walz, Mike Pence, , Vance, Walz Organizations: GOP, Transportation, Service, The Washington Post, Business Locations: Minnesota, Minneapolis
Alex Guarnaschelli's deviled-egg recipe called for basic ingredients. Dave Kotinsky/Getty Images for NYCWFFGuarnaschelli's recipe is similar to the classic eggs I grew up eating. I had most of the ingredients needed in my kitchen already, so I knew I could whip these up in no time. The ingredients included eggs, mayonnaise, mustard, Worcestershire sauce, white-wine vinegar, paprika, lemon juice, hot sauce, and salt. Since the ingredients are simple, these are also the cheapest eggs I made.
Persons: Alex Guarnaschelli's, Alex Guarnaschelli, Dave Kotinsky Locations: Worcestershire
"A number of ocean carriers have announced their plans in terms of embargoing export cargo coming to the East Coast from the Midwest," said Rooney. Once the strike is over the Coast Guard would lead the charge in an orderly flow of vessels entering the port." "While the APAC region typically has more options to shift freight to the West Coast, over half of the automotive freight coming in today is heavily dependent on the East Coast. Port of New York/New Jersey has joined other ports that have publicly posted strike contingency plans. The vessels scheduled to come into the East Coast and Gulf ports have been traversing the ocean since early to mid-August.
Persons: Beth Rooney, Rooney, Jim Mancini, CH Robinson, Biden, Taft, Hartley, We've, Harold Daggett Organizations: CNBC, International Longshoreman's Association, ILA, Cruise, United States Maritime Alliance, Port Authority of New, Coast Guard, Maersk, Port, Bloomberg, Getty, Transportation, U.S ., Biden, Logistics Locations: of New York, New Jersey, North America, East, Gulf Coasts, Port Authority of New York, New York, East Coast, Maersk Atlanta, Newark, Newark , New Jersey, US, North, Europe, Oceania, Latin America, Asia, West Coast, Germany, Charleston, Savannah, U.S . West Coast, Port, Houston, Mobile , Alabama
The movie follows the couple over a decade of their relationship, which changes forever after a medical diagnosis. In an interview with British Vogue published Wednesday, Pugh revealed that the dramatic haircut triggered both a physical and emotional response. Dimitrios Kambouris/Getty Images“In many religions, hair is the most precious thing on the body – it’s where you store your memories and your dreams and your history. My body went into a bit of trauma from it. Co-star Garfield was the one to shave her head for the movie.
Persons: Florence Pugh, Andrew Garfield, Pugh, Dimitrios Kambouris, , “ Oppenheimer, Garfield, ” Pugh, , I’m, Oppenheimer, Henry Nicholls, Zach Braff Organizations: CNN, Vogue, Getty, Sunday Times Locations: British, AFP
It’s also here, on an unassuming downtown street, a small start-up called Energy Singularity is working on something extraordinary: nuclear fusion energy. Nuclear fusion, the process that powers the sun and other stars, is painstakingly finicky to replicate on Earth. The Chinese government is pouring money into the venture, putting an estimated $1 billion to $1.5 billion annually into fusion, according to Jean Paul Allain, who leads the US Energy Department’s Office of Fusion Energy Sciences. The US was among the world’s first to move on the futuristic gambit, working on fusion research in earnest since the early 1950s. CNNThe US has been a fusion leader for decades; it was the first nation to apply fusion energy in the real world — in a hydrogen bomb.
Persons: It’s, Lam Yik Fei, Jean Paul Allain, Biden, , it’s, ” Allain, Andrew Holland, Holland, , ” Holland, Damien Jemison, Lawrence, Melanie Windridge, Mikhail Maslov, Allain Organizations: CNN, 6G, Beijing outspends DC, New York Times, US Energy Department’s, Fusion Energy Sciences, Private, Nikkei . Energy, MIT, Fusion Industry Association, Princeton, Physics, American, America, Commonwealth Fusion Systems, ” CNN, China’s National Energy Administration, Lawrence Livermore National Laboratory, Fusion Energy, EAST, UK Atomic Energy Authority Locations: Shanghai, America, China, Beijing, Washington, DC, Japan, Europe, United States, Hefei, Xinhua, Massachusetts, Hiroshima, California, Lawrence Livermore
Norwegian Cruise Line says its 3,550-guest Norwegian Luna will debut in 2026. Luna could be a good option for families who prefer a new build but don't enjoy mega cruise ships. Go to newsletter preferences Thanks for signing up! AdvertisementIf you're tired of only hearing about ultra-large cruise ships or ultra-expensive small ones, Norwegian Cruise Line has the answer. On Wednesday, the popular cruise company unveiled details of Norwegian Luna, its next Prima Plus Class ship.
Persons: Norwegian Luna, Luna, Organizations: Cruise Line, Service, Cruise, Norwegian Luna, Prima, Business Locations: Norwegian
Huawei's new smartphone is being listed on resale sites for three times its retail price. The Mate XT will feature a tri-fold design and have generative AI features. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Huawei's new trifold smartphone, the Mate XT, is set to hit stores on Friday.
Persons: , it's, Lin Shen Organizations: Service, Huawei, South China Morning, Business
That rate is the 10-year US Treasury yield, a key lending benchmark for everything from mortgages to corporate debt. "The reaction within Treasury markets was most telling yesterday," Reinking said. AdvertisementHowever, it also means the 10-year Treasury is moving higher since the decision. The 10-year Treasury yield is a lending benchmark for everything from home loans to corporate debt. "That's positive for the economy, and in that case yields should be higher.
Persons: , Michael Reinking, Reinking, Freddie Mac, Inki Cho, Sonu Varghese, Carson, Jerome Powell's, Varghese Organizations: Service, Federal, Treasury, Business, New York Stock Exchange, Fed
London CNN —The high-end London department store, Harrods, said Thursday that it is “utterly appalled” by allegations of abuse – including rape – perpetrated by its former owner, the late billionaire Mohamed Al Fayed. More than 20 female ex-Harrods employees have accused Al Fayed, who died last year at age 94, of sexually assaulting them, according to an in-depth BBC investigation. One said she was assaulted when she was 15 and Al Fayed was 79. Stefan Kiefer/imageBROKER/ShutterstockIn 2008, Al Fayed denied allegations of sexual assault on a girl under the age of 16. This process is still available for any current or former Harrods employees.”
Persons: Mohamed Al Fayed, Al Fayed, Al, Duke of Windsor, Al Fayed’s, Dodi Fayed, Princess Diana, Fayed’s, ” “, Tony Leeming, Stefan Kiefer, imageBROKER, Organizations: London CNN, Harrods, Ritz, Villa Windsor, BBC, Police, ” Harrods Locations: London, Harrods, Paris, British, Paris .
For the first time in its century-plus history, the Anti-Defamation League is suing a Fortune 500 company, Intel , joining a case brought by the law firm of Wigdor on behalf of a former Israeli employee of the technology firm. Intel has operated in Israel for 50 years, where it has invested more than $50 billion, and remains one of Israel's largest private employers with more than 11,700 Israeli employees. The company estimated $8.7 billion in exports from its Intel operations, accounting for 5.5% of Israel's high-tech exports and 1.75% of the country's GDP, in 2022. When employers do not meet their legal obligations in protecting their Jewish employees, ADL will not hesitate to act." The former Israeli employee also recently sent an open letter to Intel's board of directors about his complaint.
Persons: wasn't, Jonathan Greenblatt, Greenblatt, Google, we've Organizations: Defamation League, Fortune, Intel, ADL, CNBC, Google Locations: Wigdor, Israel, U.S, boardrooms, Gaza
Growing up, I felt that I had a well-rounded childhood, and I try to mirror this for my own kids. I went to a private schoolMy childhood started in a private preschool setting and in many ways, I feel as though that experience led me toward a successful path in terms of social connections and education. When I had children of my own, sending them to a similar preschool was a high priority for me. AdvertisementSuddenly, sending both of our daughters to this wildly expensive preschool was no longer something we could just do. AdvertisementSchool gave them a lot more than educationAt first, I chose to send them to private preschool for their early education and social learning, but in the end, it became so much more than that.
Persons: wouldn't Organizations: Service
CNN is reporting only a small portion of Robinson’s comments on the website given their graphic nature. Many of Robinson’s comments on Nude Africa stand in contrast to his public stances on issues such as abortion and transgender rights. I sat there for about an hour and watched as several girls came in and showered,” Robinson wrote on Nude Africa. Writing in a forum discussing Black Republicans in October 2010, Robinson stated unprovoked: “I’m a black NAZI!”That same month, Robinson wrote in another post that he supported the return of slavery. Robinson’s comments on Nude Africa often frequently contained derogatory and racial slurs directed at Black, Jewish and Muslim people.
Persons: — Mark Robinson, , Robinson, He’s, ” Robinson, “ We’re, “ peeping, , peeping, “ I’m, Josh Stein, Martin Luther King Jr, King, Barack Obama, Martin Lucifer Koon, Donald Trump, Stein, minisoldr, robinson ”, minisoldr “ Mark, ” Minisoldr, Yolanda Hill, Minisoldr, Mark Robinson’s, Disqus, Robinson’s, Greensboro , North Carolina – Robinson’s, Robinson Robinson, Mark Robinson, dunder, Nazi Germany Adolf Hitler, “ I’d, Martin Luther King, hebe ”, Norman Lear Organizations: CNN, Republican, Publicly, Africa, NC, Assembly, North Carolina Republican Party, Stein, Army, Black College and University, North Carolina, T State University, Disqus, Greensboro , North Carolina –, Twitter, Facebook, Black Republicans Locations: North Carolina, Parkland, North, Washington ,, Greensboro , North Carolina, Greensboro, NAZI, Nazi Germany, Washington
On Wednesday, the Federal Open Market Committee announced an interest-rate cut of 50 basis points, the first cut Americans have received in over four years. AdvertisementHe's argued in the past that the Fed would only cut rates close to the election to aid Democrats, which he reiterated leading up to the central bank's announcement. Trump sought to use his presidential power to appoint members to the Fed board who supported his unorthodox views of the central bank. Trump has flip-flopped his views on his most important appointment to the Fed: Powell. Trump's tepid support of Powell underlines just how mercurial he can be when it comes to the central bank.
Persons: , Donald Trump isn't, Jerome Powell, Trump, they're, He's, Powell, Judy Shelton, Shelton, Sen, Susan Collins, Herman Cain, Stephen Moore, Michelle Bowman, Christopher Waller, he's, reappoint Powell, Trump hasn't Organizations: Service, Federal, Market Committee, Democratic, Business, Federal Reserve, Street, Trump, Bloomberg, Fox, Fed, Governors, Maine Republican, Fed Board, Bloomberg News Locations: New York, Michigan, Maine
The HOMES Act would establish a new federal housing development authority charged with building and rehabilitating more than a million permanently affordable homes. This so-called "social housing" is notably different from traditional public housing, which is entirely reserved for the poorest households. Rent for all tenants in social housing would be capped at 25% of their income. "There is another way: social housing," Ocasio-Cortez and Smith said in their op-ed. And in California, lawmakers introduced a bill to construct mixed-income social housing on government-owned land.
Persons: , Alexandria Ocasio, Sen, Tina Smith, Cortez, Gianpaolo Baiocchi, Smith, Baiocchi, Emily Gallagher's, Kamala Harris, she's, Donald Trump, Smith —, Harris, Walz Organizations: Service, New, New York Democrat, Minnesota Democrat, Senate, Business, Urban Democracy Lab, New York Times, New York Locations: Alexandria, Cortez, New York, Minnesota, New, California, Vienna
A $35,000 reward was available for information leading to Couch’s capture, according to the Kentucky State Police. The search area for Joseph Couch is seen in a photo released by Kentucky State Police spokesperson Scottie Pennington on September 9, 2024. We could have asked him what his intentions were,” Laurel County Sheriff John Root said at a Wednesday news conference. “Our one goal was to have this guy recovered.”Burnett said the couple will receive a $15,000 reward from Laurel County Crime Stoppers and a $10,000 reward from a private donor. People’s been in fear, that’s not the normal here in Laurel County,” Root said.
Persons: , Daniel Boone, Joseph Couch, , Fred, Sheila McCoy, Couch, ” Fred McCoy, , Fred McCoy, Scottie Pennington, Phillip Burnett Jr, ” Burnett, Burnett, haven’t, John Root, Root, We’re, Couch texted, couldn’t, – Couch, Jackie Steele, ” Root, “ We’ve, we’ve, People’s, that’s Organizations: CNN, Daniel Boone National Forest, Kentucky State Police, Los Angeles and New York City, YouTube, Mount Vernon Fire Department, Police Locations: Los Angeles and New, London , Kentucky, Laurel County, Frankfort, London, Kentucky, Laurel, Knox, Washington, Seattle, Tacoma
In the spirit of ESPN's Monday Night Countdown, a word to Federal Reserve Chairman, Jay Powell ... "C'Mon Man!" While the markets have rebounded nicely on Thursday, it seems to me that Federal Reserve chair Jay Powell unnecessarily complicated the outlook for interest rate policy on Wednesday by saying the Fed will decide, meeting by meeting, what to do next. Meanwhile, long-term interest rates, after having fallen for weeks in anticipation of a half-point cut, which the Fed delivered, have actually moved up a bit. I'm not entirely certain but I suspect it's the lack of clear direction on future rate policy that is the culprit. In those days, the Fed was loathe to discuss its actions publicly and only signaled to markets what it had done with respect to interest rate policy a considerable time after the action was undertaken.
Persons: Jay Powell, Powell, Paul Volcker Organizations: Federal, Fed Locations: China
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNo politician has done more than Sen. JD Vance to keep unverified claims of pet-eating Haitian immigrants in the news. "I think that conversation, overall, has been distracting from the real issue at hand," said Rep. Juan Ciscomani. That doesn't mean the Arizona congressman, whose district includes portions of the US-Mexico border, isn't supportive of tougher border security and immigration measures. "There's a lot bigger issues that should be focused on, and I think, obviously, in these conversations, showing respect for the Haitian community is important."
Persons: , Sen, JD Vance, Juan Ciscomani, Harris, Mike Lawler, Donald Trump, Vance, Mike DeWine, Trump, DeWine, Springfield, YouGov, Mitt Romney, it's, Marc Molinaro, Molinaro, who's, Shelly Moore Capito, Biden, John Cornyn of, Josh Hawley, Hawley Organizations: Service, Biden, Business, Republican, PBS, Springfield Locations: Arizona, Mexico, tossup, Springfield , Ohio, United States, New York, Springfield, Utah, West Virginia, John Cornyn of Texas, Josh Hawley of Missouri, Springfield , Missouri
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