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☆ The world's richest man's plan to build a luxury hotel on LA's most famous shopping street was torpedoed after residents voted against it
▼ + stars: | 2023-05-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Beverly Hills residents voted against Bernard Arnault's plan to build a luxury hotel on Rodeo Drive. Plans for the Rodeo Drive hotel included 115 rooms with a ninth-story penthouse, private club, spa, shops, and three restaurants. A "Yes on B and C" campaign sign is displayed at the site of the proposed Cheval Blanc Hotel on Rodeo Drive. Rodeo Drive is already home to a number of Arnault's businesses, including a Dior store. Other luxury fashion brands including Prada, Gucci, Yves San Laurent, and Valentino also have stores on Rodeo Drive.

☆ Nvidia's ascent continues unabated, while Citi says buy J&J
▼ + stars: | 2023-05-30 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

Optimism for J & J, Kenvue The news : Investors should buy shares of Johnson & Johnson for its "world-leading medical technology and pharmaceutical franchises," Citigroup analysts wrote in a research note Tuesday. The firm, after a period of restriction, resumed its J & J coverage with a buy rating and $185-per-share price target. Jim said Tuesday he could see J & J jumping to around $170 per share, if plaintiffs were to approve the company's proposed settlement . J & J has long rejected plaintiffs' claims that its baby powder and other talc products caused cancer. In any case, we like Kevnue as a standalone company and will keep a close eye on its performance as we await more information from J & J management on finalizing the divestiture.

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☆ The tech trade is back, driven by A.I. craze and prospect of a less aggressive Fed
▼ + stars: | 2023-05-26 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

Patrick T. Fallon | Bloomberg | Getty Imageswatch nowTo start the year, the main theme in tech was layoffs and cost cuts. But investors have shifted their focus to AI now that companies are showcasing real-world applications of the long-hyped technology. Google, meanwhile, is touting its rival AI model at every opportunity, and Meta CEO Mark Zuckerberg would much rather tell shareholders about his company's AI advancements than the company's money-bleeding metaverse efforts. The chipmaker, known best for its graphics processing units (GPUs) that power advanced video games, is riding the AI wave. The next three top gainers in the index are also tech companies: Meta, Advanced Micro Devices and Salesforce .

☆ Walmart will offer pet telehealth in latest bid to compete with Amazon
▼ + stars: | 2023-05-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

Patrick T. Fallon | Bloomberg | Getty ImagesWalmart is jumping into the burgeoning pet telehealth market. Unlimited access to veterinary telehealth via video or text will be available to Walmart+ subscribers beginning on Tuesday, when Walmart is expected to announce the partnership publicly. Walmart's expansion into pet telehealth signals the largest U.S. retailer is ready to grow its share of the market. Traditional pet-only retailers like Chewy and Petco have already been investing in pet health care to better compete with big-box stores. Others have argued pet telehealth helps bridge the access to care as pet owners contend with a nationwide veterinary shortage and swaths of pet health deserts across rural America.

☆ Here's why Jim Cramer is sticking with Foot Locker despite terrible quarter and big stock drop
▼ + stars: | 2023-05-19 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Club holding Foot Locker (FL) reported disappointing fiscal 2023 first-quarter results and guidance before the opening bell Friday. Foot Locker, which announced the Eastbay closure in December, will concentrate on its namesake and Champs stores. Unfortunately, the rebound from these headwinds has also proven weaker than management previously expected. When starting a position in Foot Locker in March, we knew the company would not be fixed quickly. Shoppers and pedestrians pass in front of a Foot Locker store on the Third Street Promenade in Santa Monica, California.

☆ Former SVB, Signature Bank Executives to Face Senate Panel
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Former Silicon Valley Bank CEO Greg Becker plans to apologize to a Senate panel and say that no bank could have survived the deposit run that SVB saw in March. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesFormer Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank will appear in front of a Senate committee Tuesday, where the chairman is expected to blame senior management for the pair of failures in March. Senate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from customer and industry concentration, according to prepared remarks released ahead of the hearing.

This year, advertisers and ad agencies may well use the strike as a bargaining tool, said Erin Firneno, vice president of business intelligence for researcher Advertiser Perceptions. The writers’ strike, which has entered its third week, is also injecting a new element of uncertainty for ad buyers, at a time when television viewership is declining and the possibility of recession looms. While the TV networks have long contended with splintered viewership amid the rise of social media and streaming, the writers' strike puts content production at risk, said Rishad Tobaccowala, a former executive at advertising and public relations giant Publicis Groupe and advisor on business transformation. Last year, NBC’s upfront presentation emphasized star power as the network returned to a live event after a COVID-19-imposed hiatus. Ahead of the upfront presentations, media executives sought to reassure investors about the strike’s impact.

☆ Former SVB CEO Greg Becker to Apologize for Bank Collapse
▼ + stars: | 2023-05-15 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Former Silicon Valley Bank Chief Executive Greg Becker Photo: patrick t. fallon/Agence France-Presse/Getty ImagesFormer Silicon Valley Bank chief executive Greg Becker plans to tell a Senate committee on Tuesday that no bank could have survived the unprecedented deposit run that led to his institution’s failure in March. Mr. Becker hasn’t spoken publicly since regulators seized SVB two months ago, after a failed capital raise and historic deposit run doomed the startup- and technology-focused California bank. Two former executives at New York-based Signature Bank , which failed shortly after, are also set to appear before the Senate Banking Committee.

☆ Regional Banks Can’t Catch a Break
▼ + stars: | 2023-05-15 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Western Alliance said its deposits recently rose. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesRegional bank stocks were further discounted this past week. It isn’t hard to find some positive indicators for regional banks’ business right now. For one, the Federal Deposit Insurance Corp. on Thursday said that its plan to make up for losses in the deposit insurance fund would charge banks based on their amount of uninsured deposits above $5 billion at the end of last year—which tilts the cost toward larger banks. That could help smaller banks offer more-competitive deposit rates.

☆ After Decades of Drinks and Laughs, Is It Last Call at the Friars Club?
▼ + stars: | 2023-05-15 | by ( Julia Jacobs | ) www.nytimes.com time to read: +1 min

(It’s always been mostly men; the first woman admitted was Liza Minnelli in 1988.) Its headquarters since the 1950s, the Monastery is a shrine to the club’s heyday, with framed black-and-white photos of smiling comedy legends. The club, a nonprofit corporation, lost its tax-exempt status in 2010. He was kept on for several months after his sentencing, before the club’s board fired him in 2020, an event for which he has brought legal action against the club. The lender said in court papers that the club also owes money to the restaurant and bartenders employee union, the city’s Environmental Control Board, and the New York State Department of Labor.

☆ PSG close in on French title as AC Ajaccio go down
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +2 min

PARIS, May 13 (Reuters) - Paris St Germain edged closer to a record 11th French title when they beat AC Ajaccio 5-0 at home on Saturday, sending the Corsican side into Ligue 2 as Lionel Messi faced the wrath of the Parc des Princes. Christophe Galtier's side lead second-placed RC Lens, who beat Stade de Reims on Friday 2-1 despite being down to 10 men, by six points. Ajaccio are 18th on 23 points, 11 points from 16th-placed AJ Auxerre. Messi apologised to PSG and his team mates last Friday and was left out of the squad for their 3-1 win at second-bottom Troyes two days later. He was below par on Saturday as PSG bulldozed past Ajaccio.

☆ Alcaraz powers to victory over Ramos-Vinolas on Rome debut
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +3 min

Barcelona and Madrid champion Alcaraz, who is chasing his fifth title of 2023 and fourth on clay ahead of Roland Garros, overcame an early loss of serve amid heavy conditions at the Foro Italico to level up the opening set at 2-2. Alcaraz continued to build momentum and raced ahead 3-0 in the second set against a fading Ramos-Vinolas, wrapping up the match on serve to make it 12 wins in a row. "It wasn't easy," said Alcaraz, who will now leapfrog Novak Djokovic into top spot in the rankings on May 22. "The first round of every tournament is really tough and, of course, Ramos-Vinolas is a specialist on clay. Monte Carlo champion Andrey Rublev earlier overcame Alex Molcan 6-3 6-4 in a twice-interrupted match to book his place in the third round.

The departure of ads chief Linda Yaccarino to Twitter has thrown NBCU into chaos. The exit comes on the heels of the departure of NBCU CEO Jeff Shell after sexual harassment allegations. One advertising executive who works closely with NBCUniversal described the situation inside the company as a "Cuban missile crisis." NBCU does have a deep bench of ad executive talent that's highly regarded in the ad industry. Although Yaccarino's departure from NBCUniversal to Twitter was a surprise, she had been close with the company and its billionaire owner.

☆ Commanders reach agreement to sell franchise to Harris-led group
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +3 min

Financial terms of the deal, which is subject to league approval, were not disclosed though reports in April said the agreement was for an NFL-record price of $6.05 billion. "We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners," Commanders co-owners Dan and Tanya Snyder said in a news release. "We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years." "We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward." In 2021 the NFL fined the Commanders $10 million after an independent counsel review found the workplace demonstrated "a general lack of respect" towards women.

☆ Pandemic-related asylum restrictions known as Title 42 expire, straining U.S. immigration system
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +10 min

The expired rule, known as Title 42, was in place since March 2020. While Title 42 prevented many from seeking asylum, it carried no legal consequences, encouraging repeat attempts. Migrants cross the Rio Bravo river to turn themselves in to U.S. Border Patrol agents before Title 42 ends, in Matamoros, Mexico May 10, 2023. Homeland Security Secretary Alejandro Mayorkas had already warned of more crowded Border Patrol facilities to come. They were quickly apprehended by Border Patrol agents.

☆ CNBC’s Hadley Gamble, Who Alleged Former NBCUniversal CEO Sexually Harassed Her, Is Leaving Network
▼ + stars: | 2023-05-09 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

NBCUniversal’s CEO Jeff Shell is leaving the company effective immediately after an investigation into a complaint of inappropriate conduct, parent company Comcast Corp. said on Sunday. Photo: Patrick T. Fallon/Bloomberg NewsCNBC International anchor Hadley Gamble , who accused former NBCUniversal Chief Executive Jeff Shell of sexual harassment and sex discrimination, is leaving the network, CNBC said. “Gamble has been a distinguished journalist for more than a decade for CNBC, undertaking highly visible and challenging assignments, and developing deep expertise in the Middle East and beyond,” a CNBC spokesperson said in a statement Tuesday. “We wish her every success in her future endeavors.”

☆ California May Bill You for Slavery
▼ + stars: | 2023-05-09 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

California Governor Gavin Newsom Photo: patrick t. fallon/Agence France-Presse/Getty ImagesNo progressive idea is too wild to be adopted these days, especially in California. The latest example is the Golden State’s new plan to redistribute hundreds of billions of dollars as racial “reparations.”A nine-member committee created by Gov. Gavin Newsom and his Democratic Legislature voted Saturday to recommend that the state make cash payments to black Americans who claim to be descendants of slaves. Although California’s 1849 Constitution banned slavery, the committee claims the state government was complicit in the enslavement of blacks in southern states.

☆ Labor Deal at West Coast Ports Comes Into View
▼ + stars: | 2023-05-08 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

The dockworkers’ union and port employers have been negotiating for almost a year on a contract covering more than 22,000 dockworkers at West Coast ports. Photo: Patrick T. Fallon/Bloomberg NewsContract talks between unionized longshore workers and employers at West Coast ports appear to be headed into their final stretch following agreements on several major issues, potentially clearing the uncertainty that has been hanging over U.S. importers heading into their crucial fall selling season. Some shipping officials familiar with the talks hope a tentative agreement could be reached by June, ending a contentious period in port labor relations that prompted some of the country’s biggest retailers and manufacturers to shift goods away from the region to avoid possible disruptions.

☆ Murray earns first title since 2019 with Aix-en-Provence Challenger win
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

May 7 (Reuters) - Briton Andy Murray bounced back to beat number 17 American Tommy Paul 2-6 6-1 6-2 on Sunday in the Aix-en-Provence Challenger Tour final, earning his first title at any level since 2019. It was Murray's third victory over a top-20 player this year and the twice Olympic gold medallist is expected to climb from 52nd to 42nd in the rankings after Sunday's win. But (my team) have been there supporting me and working with me to try and get better," Murray said in remarks provided by the ATP. The Challenger Tour said Murray's win marked the longest gap ever between titles on the secondary circuit, with Murray having last won more than 17 years ago in Binghampton. Reporting by Amy Tennery in New York; editing by Clare FallonOur Standards: The Thomson Reuters Trust Principles.

☆ Verstappen wins in Miami from ninth on the grid
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: 1 min

MIAMI, May 7 (Reuters) - Max Verstappen won the Miami Grand Prix from ninth on the starting grid, with the fastest lap, on Sunday to extend his Formula One championship lead over Red Bull team mate Sergio Perez. Red Bull's fourth one-two finish in five races dealt a blow to Mexican Perez's hopes of wresting the overall lead from the double world champion in Miami after securing pole position on Saturday. Aston Martin's Fernando Alonso finished a distant third, for the fourth time this season, after starting on the front row. Reporting by Alan Baldwin in London, editing by Clare FallonOur Standards: The Thomson Reuters Trust Principles.

☆ Alcaraz beats Struff to clinch back-to-back Madrid titles
▼ + stars: | 2023-05-07 | by ( Fernando Kallas | ) www.reuters.com time to read: +2 min

MADRID, May 7 (Reuters) - World number two Carlos Alcaraz beat lucky loser Jan-Lennard Struff 6-4 3-6 6-3 in the Madrid Open final on Sunday to defend last year's title and win his fourth ATP Tour trophy of the year and his tenth overall. Alcaraz, who had an injury-plagued start to the season, came back in top form last month to win the Barcelona Open for the second consecutive year. In Madrid, the 20-year-old Spaniard had to play his best tennis to beat a relentless Struff in three sets in a packed Caja Magica. The German fought back to return the favour, making things uncomfortable for the world number two with his aggressive tactics and relentlessly attacking Alcaraz’s serve. Struff nailed every return to break serve in the fourth game but the Spaniard produced another break and closed the set 6-4.

☆ Dortmund crush Wolfsburg 6-0 to stay a point behind Bayern
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +2 min

DORTMUND, Germany, May 7 (Reuters) - Borussia Dortmund demolished hapless VfL Wolfsburg 6-0 on Sunday, with two goals apiece from Karim Adeyemi and Jude Bellingham, to stay hot on the heels of Bundesliga leaders Bayern with three games left in the season. Dortmund are now on 64 points, one behind Bayern, 2-1 winners against Werder Bremen on Saturday. "We are satisfied today but a long way from happy," said Dortmund coach Edin Terzic. Dortmund host Borussia Moenchengladbach next Saturday while Bayern take on Schalke 04. Instead it was Dortmund who struck again in the 28th when Adeyemi delivered a pin-point assist for Sebastien Haller to tap in.

☆ Here are the 5 key takeaways from this year's Milken Global conference
▼ + stars: | 2023-05-05 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The pullback by banks is raising the hopes of those in the private credit industry. Some panelists and others who spoke in the hallways of the event suggested that there was a large-scale handoff from private equity to private credit. Many private-equity firms are scrambling to raise private credit funds to take advantage. "I don't think this is the end of private equity, but the environment certainly favors private credit," he said. And that will show up in lower returns for private credit funds, she said.

☆ Jimmy Fallon and Seth Meyers are paying a week's worth of TV writer salaries from their own pockets during the strike
▼ + stars: | 2023-05-04 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Late-night hosts Seth Meyers and Jimmy Fallon will pay staff themselves for a week of the strike. NBC is also paying staff for two weeks during this time, a source close to the shows confirmed to Insider. The writers' strike went into effect on May 2 after their contract expired without a new deal. Late-night hosts Seth Meyers and Jimmy Fallon — whose shows are among those on pause during the ongoing Hollywood writers' strike — have expressed support for their staff, and will personally pay them for a week. Kobos then tweeted on Wednesday that Fallon had joined their meeting that day, expressing affirmation of his support for the staff.

☆ Elite investors and fund managers at the legendary Milken conference warn of a recession and credit crunch
▼ + stars: | 2023-05-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Elite money managers overseeing trillions of dollars convened at the 2023 Milken Global Conference in Los Angeles this week. The consensus was clear: they think markets are mispositioned for a scenario where the central bank keeps rates higher for longer. "As our chief economist likes to say," Hunt said, "at higher rates, bodies will continue to float to the top over the course of the summer." And with yet another Fed rate hike officially in the books, financial conditions are only going to get tighter and more companies could be caught off-guard. On Wednesday, West Texas crude dropped more than 4.4%, the steep declines coming the same day as the Fed's rate hike.

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