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While the expansion of legal sports betting has made gambling more accessible, it's also helped spot infractions like these. The MLB also said it was tipped off about Marcano's betting activity by a legal sports-betting operator, ESPN reported. "When you are operating in the dark, you have no idea what is actually happening — if refs are partaking in illegal betting or players are partaking in betting," Slane said. Many US states where sports betting is legal require gambling companies to work with a licensed independent integrity-monitoring service, like IC360 or Sportradar, to identify suspicious betting activity. They could be college football players betting on the NFL, or NFL players betting on games their teams weren't playing in.
Persons: , Jontay Porter, Tucupita Marcano, Lucas Paqueta, he's, It's, Shohei Ohtani, it's, Sara Slane, Pete Rose, sportsbooks, Matt Holt, Porter, Holt, that's, Slane, They're, Jim Brown, bettors, Brown, Sportradar, they're, IC360 Organizations: Service, NBA, Toronto Raptors, Raptors, San Diego Padres, Premier League, Football Association, Business, University of Alabama, Dodgers, Sports, Major League Baseball, MLB, ESPN, IC360, Alabama baseball, Iowa State University, Leagues, North America, NFL Locations: Slane, Ohio, sportsbooks, North, Sportradar, Colorado
Jack Taylor | Getty Images News | Getty ImagesLONDON — European stocks are heading for a cautiously higher open Friday as investors monitor a slew of central bank decisions and data releases. The pan-European Stoxx 600 index is on course for a weekly gain of more than 1.5%, its best performance since early May. Attention this week turned to central bank action, as the Swiss National Bank announced it would cut interest rates by 0.25 percentage points to 1.25%. The SNB became the first major central bank to cut rates during this cycle back in March. The Bank of England meanwhile kept interest rates unchanged at a 16-year high of 5.25%.
Persons: Jack Taylor Organizations: Getty, Equity, European Union Parliament, Reuters, Swiss National Bank, Bank of England Locations: Godalming, United Kingdom, France
While the expansion of legal sports betting has made gambling more accessible, it's also helped spot infractions like these. The MLB also said it was tipped off about Marcano's betting activity by a legal sports-betting operator, ESPN reported. There's little data available to show whether gambling violations like these occur more or less often in the age of legal gambling, in part because they weren't easily tracked before 2018. They could be college football players betting on the NFL, or NFL players betting on games their teams weren't playing in. As sports-betting continues to expand in more states and the industry evolves, there may be more gambling scandals to come.
Persons: , Jontay Porter, Tucupita Marcano, Lucas Paqueta, he's, It's, Shohei Ohtani, it's, Sara Slane, Pete Rose, sportsbooks, Matt Holt, Porter, Holt, that's, Slane, They're, Jim Brown, bettors, Brown, Sportradar, they're, IC360 Organizations: Service, NBA, Toronto Raptors, Raptors, San Diego Padres, Premier League, Football Association, Business, University of Alabama, Dodgers, Sports, Major League Baseball, MLB, ESPN, IC360, Alabama baseball, Iowa State University, Leagues, North America, NFL Locations: Slane, Ohio, sportsbooks, North, Sportradar, Colorado
Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks during the company's annual general meeting in Tokyo, Japan, on Friday, June 20, 2024. Son sketched out ambitions to help create AI thousands of times smarter than any human, making his most grandiose pronouncements since the Japanese conglomerate began taking steps to shore up its finances following a series of ill-timed startup bets. Artificial intelligence that is 10,000 times smarter than humans will be here in 10 years, SoftBank CEO Masayoshi Son said on Friday, in a rare public appearance during which he questioned his own purpose in life. The CEO first talked about another term — artificial general intelligence, or AGI — which broadly refers to AI that is smarter than humans. Son said this tech is likely to be one to 10 times smarter than humans and will arrive in the next three-to-five years, earlier than he had anticipated.
Persons: Son, Masayoshi Son Organizations: SoftBank Group Corp, ASI Locations: Tokyo, Japan
Gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year. Gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year. Spot gold was up 0.1% at $2,360.95 per ounce as of 0344 GMT, after hitting a two-week high in the previous session. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. Spot silver fell 0.4% to $30.60 per ounce, platinum was up 0.4% at $982.45 and palladium gained 0.8% to $930.98.
Persons: Bullion, Kelvin Wong, Wong, Luca Santos Organizations: U.S . Federal, Asia Pacific, Gaza, ACY Locations: Gaza, OANDA, U.S
CNBC Daily Open: Russia-North Korea defense pact
  + stars: | 2024-06-20 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Russia-North Korea partnershipRussia and North Korea signed a "comprehensive strategic partnership" deal on Wednesday, including a mutual defense pact, during President Vladimir Putin's first state visit to North Korea in 24 years. While the 2% inflation mark is significant, it was anticipated and mainly driven by lower energy prices. Musk clarifies remarksElon Musk attempted to clarify his controversial remarks after advertisers threatened to leave X. Musk previously told advertisers to "go f--- yourself."
Persons: Vladimir Putin's, Putin, Kim Jong Un, CNBC's Holly Ellyatt, Elon Musk, Musk, Eli Lilly Organizations: CNBC, Bank of England, Cannes Lions, CAC, Nasdaq Locations: Russia, North Korea, Ukraine, Cannes, France
Americans could be on a tight budget this summer
  + stars: | 2024-06-20 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
New York CNN —Americans tend to shell out in the summer as they venture outdoors, book trips and step away from their desks. Consumers plan to spend less on away-from-home entertainment and vacations this summer, according to the 2024 KPMG Consumer Pulse Survey released Tuesday. That’s a contrast to last year when Americans shelled out on the “Barbenheimer” phenomenon, Taylor Swift and Beyoncé concert tickets and getaways. Retailers that offer Americans more bang for their buck including Ross Stores, TJ Maxx and HomeGoods-parent TJX, Dollar General and Walmart have benefitted. Americans are also feeling worse about the economy as they struggle with elevated inflation and high borrowing rates.
Persons: Taylor Swift, It’s, , Duleep Rodrigo, TJ Maxx, Mark Thompson, Henley, ” Hannah White, , OpenAI’s Organizations: CNN Business, Bell, New York CNN, Pulse Survey, Commerce Department, Federal Reserve, Retailers, Ross Stores, Walmart, Abercrombie, Fitch, Williams, University, Michigan’s, Millionaires, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, Nvidia, Microsoft, Apple Locations: New York, Sonoma, Britain, United Kingdom, City of London
Short bets against funds that track major US indexes have declined to record lows, JPMorgan said. As the S&P 500 and Nasdaq have hit a streak of record highs this year, short interest in funds that track the indexes has dropped, the bank said. AdvertisementFirst, short bets are expensive to maintain when a stock or fund is climbing, a risk that's especially relevant in today's bull run. Second, regulators have added restraints to short selling, by mandating transparency and adding costs to short sellers that target equities, JPMorgan said. According to JPMorgan, short positions are also disappearing from individual stocks, with a clear decline in the top seven leading equities.
Persons: , Nikolaos Panigirtzoglou, Jim Chanos Organizations: JPMorgan, Service, Nasdaq
CNBC Daily Open: Le Pen's 28-year old protégé
  + stars: | 2024-06-20 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China holds rates, stocks dipMarkets in the Asia-Pacific region were trading mostly lower after the People's Bank of China held interest rates unchanged. Russia-North Korea partnershipRussia and North Korea signed a "comprehensive strategic partnership" deal on Wednesday, including a mutual defense pact, during President Vladimir Putin's first state visit to North Korea in 24 years. Musk clarifies remarksElon Musk attempted to clarify his controversial remarks after advertisers threatened to leave X. Musk previously told advertisers to "go f--- yourself."
Persons: Hai Precision Industry —, Foxconn —, Australia's, Guzman Y Gomez, Vladimir Putin's, Putin, Kim Jong Un, CNBC's Holly Ellyatt, Elon Musk, Musk, Goldman Sachs Organizations: New York Stock Exchange, CNBC, People's Bank of China, CSI, Hai Precision Industry, Nikkei, of England, Cannes Lions Locations: New York City, China, Asia, Pacific, Seng, Taiwan, Russia, North Korea, Ukraine, Cannes, France, Europe
Gold hits one-week high on Fed rate cut bets
  + stars: | 2024-06-20 | by ( ) www.cnbc.com   time to read: +2 min
An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed to their highest level in a week on Thursday as softer U.S. economic data increased the likelihood of interest rate cuts from the Federal Reserve this year. Spot gold was up 0.3% at $2,333.62 per ounce as of 0329 GMT after hitting its highest since June 12 earlier. "I am still favoring moves to the upside for the gold market in light of where we currently stand on the interest rate curve, which is at the peak," said Tim Waterer, chief market analyst at KCM Trade. "The gold market seems content to consolidate recent gains rather than reach higher at this stage, at least until we see some further evidence of softening U.S. macro data, which could alter the interest rate outlook."
Persons: Tim Waterer Organizations: Co, Federal Reserve, KCM, ANZ, U.S Locations: Bangkok, Thailand
A protection officer working for Britain’s prime minister, Rishi Sunak, was arrested over allegations he had made bets on the timing of the country’s general election, which was recently called months earlier than had been expected, the police said on Wednesday. In a statement, the Metropolitan Police, the force that covers London, said the officer had been removed from operational duties and had been arrested on Monday “on suspicion of misconduct in public office.” The force added that the officer, who was not identified by name, was free on bail “pending further enquiries.”News of the arrest came a week after Craig Williams, a Conservative lawmaker and parliamentary aide to Mr. Sunak, apologized after having placed a bet on the timing of the election before the date of July 4 was officially announced. “I put a flutter on the general election some weeks ago,” Mr. Williams, who is running for re-election in the July 4 vote, wrote on social media. He noted that the Gambling Commission, which oversees the betting industry in Britain, was making inquiries. “I confirm I will fully cooperate with these,” he said.
Persons: Rishi Sunak, Craig Williams, Sunak, , Mr, Williams, Organizations: Metropolitan Police, , Conservative, Gambling Commission Locations: London, Britain
But the print only served to further convince traders that an interest rate cut is not imminent. Money market pricing by 11 a.m. in London implied just a 5% probability of a trim of the Bank Rate during Thursday's BOE meeting — after recording stronger odds of such a step earlier in the week. Policymakers are equally focused on services inflation, key to understanding domestic price pressures in the country's services-oriented economy, which came in at 5.7% — higher than the 5.5% forecast by economists in a Reuters poll. "I think the most disturbing thing lots of economists like myself are looking at right now is what's happening in services inflation. And those numbers have been proving a good deal stickier than we would like," Sproule said, with the BOE targeting services inflation of around 3%.
Persons: BOE, , We've, James Sproule, CNBC's, Sproule Organizations: Bank of England's, Bank of Locations: London, Bank of England
Gold ticks up as Fed rate cut bets burnish appeal
  + stars: | 2024-06-19 | by ( ) www.cnbc.com   time to read: +2 min
old prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year. Gold prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year. Data released on Tuesday showed U.S. retail sales barely rose in May, suggesting that economic activity remained lackluster in the second quarter. Further economic weakness may offer a lift for gold prices." Gold prices have entered a consolidation phase after hitting a record high of $2,449.89 on May 20.
Persons: Yeap Jun Rong, Tim Waterer Organizations: Federal Reserve, U.S, Federal, KCM
CNN —A police constable working as part of the UK Prime Minister Rishi Sunak’s protection team was arrested this week for allegedly making bets related to the timing of the general election, police told CNN. The officer was arrested on Monday “on suspicion of misconduct in public office,” a Metropolitan Police spokesperson said Wednesday. The arrest comes days after the Guardian newspaper reported that a close aide of Sunak made a £100 ($127) bet on a July election date before the prime minister had publicly announced the date. Many people in the comments have since reacted by highlighting the news of the police constable’s arrest for allegedly betting on the election. The UK general election will take place on July 4.
Persons: Rishi Sunak’s, , , Sunak, Craig Williams, that’s, Sunak’s Organizations: CNN, UK, Metropolitan Police, Commission, Protection Command, Professional, Guardian, BBC, Met, Sunak’s Conservative Party, Labour, Labour Party Locations: , Sunak, Britain
May retail sales rise 0.1%, weaker than expected
  + stars: | 2024-06-18 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
A worker assists with check-out at a Costco store in Teterboro, New Jersey, US, on Wednesday, Feb. 28, 2024. Retail spending was weaker than expected in May as consumers continued to wrestle with stubbornly higher levels of inflation. Sales rose just 0.1% on the month, one-tenth of a percentage point below the Dow Jones estimate, according to a Commerce Department report Tuesday that is adjusted for seasonality but not inflation. On a year-over-year basis, sales rose 2.3%. The sales number was worse when excluding autos, with a decline of 0.1% against the estimate for a 0.2% increase.
Persons: Dow Jones, Patrick Harker Organizations: Costco, Commerce Department, Federal Reserve, Fed, Philadelphia Fed Locations: Teterboro , New Jersey, US
And he'd just launched a venture with the Miami investment firm 777 Partners that he hoped would revolutionize the legal business. Arizona had recently begun permitting nonlawyers to invest in law firms, which is banned in nearly every other state. AdvertisementAllowing private-equity riches to pour into law firms looked like it could be a game changer. AdvertisementGerman said 777 didn't supply money on the terms or timeline it promised and planned. Funding and marketing firms were cutting deals with law firms in nonpublic arrangements for years before Arizona changed its rules, she added.
Persons: Steve German, nonlawyers, he'd, BerlinRosen, Uber, Andy Kvesic, Arizona's, Josh Wander, Semafor, Steven Pasko, Lynda Shely, Shely, Ed Gehres, Damien Alfalla Organizations: Service, Partners, Scout Law, Scout, Regulators, DOJ, Globo Locations: Phoenix, Miami, Arizona, State
By no means am I interested in tackling any impact policy differences may have upon non-market related subjects. Monetary policy So let's begin with monetary policy. Fiscal policy Now let's turn to fiscal policy. Trade policy Trade policy is easy. Regulatory policy Finally, the big kahuna, regulatory policy.
Persons: Donald Trump, Joe Biden, Clinton, Christopher Waller, Michelle Bowman —, Jerome Powell, Janet Yellen, Powell, Biden, Lisa Cook, Philip Jefferson, Bill Dudley's, Covid, Trump, Cato, Stocks Organizations: Trump, Federal Reserve, Fed, Trump Fed, Bloomberg, Democratic, Heritage, AEI, Biden Locations: China
Dollar firm as euro wallows; yuan brushes aside China data
  + stars: | 2024-06-17 | by ( ) www.cnbc.com   time to read: +4 min
The dollar was firm on Monday as the euro hovered near a more than one-month low amid continued concerns about the political outlook in Europe. The yuan held close to a multi-month low after China released a slew of economic data that pointed to an uneven recovery in the world's second-largest economy. A Reuters poll published last week showed 63 of 65 economists thought a first cut would not come until Aug. 1. Elsewhere, the yuan was mostly flat at 7.2550 per dollar after domestic data showed a mixed economic picture in China. China's central bank left a key policy rate unchanged as expected on Monday as the weak yuan continued to hamper policy easing.
Persons: Emmanuel Macron's, Matt Simpson, Neel Kashkari, Index's Simpson, Sterling, Kazuo Ueda, bitcoin Organizations: U.S, Gazprom, European Central Bank, Reuters, Index, . Minneapolis Federal, Bank of England, Bank of Japan Locations: Poland, Bulgaria, Europe, China, U.S
Read previewOver the weekend, Ukraine's President Volodymyr Zelenskyy rallied countries from around the world to support his call for Russia to end its invasion. It has been especially effective in the "global South" of non-Western powers whose wealth and influence on world affairs is growing. AdvertisementHowever, powerful non-Western countries refused to take part. Russia has also seized on claims that Western support for Israel in its war against Hamas is evidence of hypocrisy. AdvertisementIt is to Putin's advantage when those countries see Russia vs. Ukraine and Israel vs. Hamas as equivalent struggles, both complex enough to avoid taking a side.
Persons: , Volodymyr Zelenskyy, Zelenskyy, Russia wasn't, didn't, Ukraine —, Vladimir Putin, Putin, Natalie Sabanadze, Pavan Kapoor Organizations: Service, BBC, Business, Ukraine, West, Chatham, ANC, Israel, Hamas Locations: Russia, Switzerland, China, Saudi Arabia, Brazil, India, South Africa, Ukraine, American, Moscow, Soviet, West, USSR, Soviet Union, Pakistan, Western, Israel, Indian
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A move away from big-time directional strategies is not a surprise. Plenty of funds that made their name on bold macro predictions have been humbled in the last 18 months. At Schonfeld, macro is still somewhat new for the firm. Several people familiar with the firm told Business Insider that he lost money while at the manager.
Persons: , Colin Lancaster, Brent Cook, Eisler, Igor Ninkovic, Jaime Valle, Jerome Saragoussi, Ben Melkman, Brevan Howard, Jordan Barnes, Rahul Mehra, Karthikeyan, Yasmin Sahin, Said Haidar's, Sharpe, Lancaster, Melkman, Marc Tishfield Organizations: Service, Business, United Arab Emirates, Schonfeld, Bridgewater, Barclays, Citi, Matador Investment Management, Millennium Locations: York, Europe, Dubai, London, Bridgewater, Melkman, Schonfeld, New York
Meme stock and erstwhile videogame retailer GameStop is back in the limelight as Reddit ringleader Roaring Kitty stirs up another trading frenzy. Warren Buffett commented at length about the speculative behavior during the first GameStop mania in 2021. Then, the "Oracle of Omaha" called the stock market a gambling parlor for retail investors, encouraged by Wall Street's investment banks and brokerages. "It's become a very significant part of the casino group that has joined into the stock market," Buffett said at 2021's Berkshire annual meeting . Options trading in GameStop exploded after Roaring Kitty, whose legal name is Keith Gill, touted his large positions in those risky vehicles.
Persons: Kitty, Warren Buffett, Wall, It's, Buffett, They've, Keith Gill, John Maynard Keynes Organizations: GameStop, Berkshire, Citadel Securities Locations: Omaha
Read previewAlmost nobody should try to turn their passion into a career, bet the farm on a single investment, expect to escape rejection in life — or pay for private school, says Scott Galloway. Galloway is a marketing professor at NYU Stern and a host of podcasts like "Pivot" and "The Prof G Show." Related stories"As you get older, you become really passionate about taking care of your kids," he said. "You become really passionate about doing wonderful things with your spouse, taking care of your parents, and your priorities change." Advertisement"All you need is one good mentor, a few good friends, one wonderful mate, one business that works," Galloway said.
Persons: , Scott Galloway, NYU Stern, G, Galloway, I've, Kanye, Madeleine Albright, Stephen Hawking Organizations: Service, NYU, Business, Grace Locations: Scott Galloway . Galloway
Investors worried about concentration risk in the market may want to consider value-oriented investments. Avantis' U.S. Large Cap Value ETF (AVLV) tracks the Russell 1000 Value index, but with a caveat — the fund managers screen stocks using a profitability overlay. After Apple and Meta , the Large Cap Value fund's next-largest holdings are JPMorgan , Costco and Exxon Mobil , according to FactSet. Avantis' Large Cap Value ETF is up 7.7% in 2024, as of Friday's market close. The Russell 1000 Value index gained 4.5% during the same period.
Persons: Phil McInnis, CNBC's, McInnis Organizations: Avantis Investors, Apple, Meta, JPMorgan, Costco, Exxon Mobil, Financial
An early bet on artificial intelligence thanks to a simple investment framework is helping the T. Rowe Price's Global Technology Fund (PRGTX) outperform the market for a second straight year. "Our framework led us to be early to this AI trend, [and] led us to be early to the chip intensity of this AI trend." That's due in part to its winning bets in AI names and semiconductor stocks – many of which have outperformed the S & P 500 and Nasdaq Composite . Early bets on AI Key to the $4.5 billion fund's recent success has been early positions in AI stocks and chipmaking darling Nvidia . The AI leader — added to the fund at the end of 2021 — today accounts for nearly 18% of the portfolio.
Persons: Rowe, Dominic Rizzo, Rizzo, Rowe Price lifer, , Rizzo's, Siri, Morningstar Organizations: Global Technology Fund, Nasdaq, Nvidia, Taiwan Semiconductor Manufacturing, Devices, ASML, Apple, Microsoft, University of Chicago Booth School, Business, Worldwide Developers, Apple Intelligence, SAP
Yen on guard ahead of BOJ; euro stutters with weekly loss in sight
  + stars: | 2024-06-14 | by ( ) www.cnbc.com   time to read: +4 min
The yen was on the defensive on Friday ahead of a policy decision from the Bank of Japan that could see it further reduce its massive monetary stimulus, while elsewhere the euro, mired in political turmoil, was headed for a weekly loss. The yen was on the defensive on Friday ahead of a policy decision from the Bank of Japan that could see it further reduce its massive monetary stimulus, while elsewhere the euro, mired in political turmoil, was headed for a weekly loss. The yen was a touch weaker at 157.08 per dollar and on track for a marginal weekly loss of about 0.2%, though moves were largely subdued ahead of the conclusion of the BOJ's two-day monetary policy meeting later on Friday. The euro was little changed at $1.0737, and was poised for a weekly loss of roughly 0.6%. Against the British pound, the euro was last languishing near a 22-month low and staring at a weekly decline of 0.9%.
Persons: Ray Attrill, Wall, Powell, Jean Boivin, Emmanuel Macron's, Macron, France's, Erik, Jan van Harn Organizations: Bank of, National Australia Bank, New Zealand, Federal Reserve, BlackRock Investment Institute, Fed, Aussie, Rabobank Locations: Bank of Japan, BlackRock
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