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Warren Buffett surprised shareholders on Monday with a near-1,500-word letter alongside his usual Thanksgiving gift to four of his family's foundations. The famed investor and Berkshire Hathaway CEO said he would shortly convert 1,600 of his Class A shares into 2.4 million Class B shares, worth about $1.2 billion. Buffett picked more trustees to share his wealthIn his unexpected missive to Berkshire shareholders, Buffett said the gifts would reduce his personal stockpile to 206,363 A shares, worth $149 billion. Buffett said his late wife's estate was worth about $3 billion, and 96% of that went into the pair's foundation. They are also somewhat younger than my children," Buffett said, adding those individuals are "on the waitlist" and he hoped his children disbursed all his assets.
Persons: Warren Buffett, Buffett, Elon Musk, Susan Thompson Buffett, Susan Thompson Buffett Foundation —, , Howard G, He's, — Howard, Susie, Peter —, curt, — Buffett, Bertie, Morgan, Rockefeller, didn't, they're Organizations: Berkshire Hathaway, Susan Thompson Buffett Foundation, Sherwood Foundation, Buffett Foundation, NoVo Foundation, Oracle, Elon, Bloomberg, Berkshire, Ford, Carnegie Locations: Berkshire, Omaha
CNN —The father of an Australian teenager who died from methanol poisoning while on a backpacking holiday has issued a plea to the Laos government to fully investigate his daughter’s death and ensure such incidents don’t happen again. Bianca Jones, 19, was one of six foreign tourists who died in a suspected mass methanol poisoning in Vang Vieng, a popular backpacker destination in northern Laos. Bianca Jones was enjoying a backpacking trip to Laos with her friend when they became severely ill after a night out in Vang Vieng. Foreign tourists float on tubes in a river in Vang Vieng, Laos, on November 19, 2024. Anupam Nath/APA major part of that much-needed revenue comes from towns like Vang Vieng.
Persons: Bianca Jones, , Mark Jones, Bianca’s, , , , Bianca Jones ’, Holly Bowles, ” Jones, ” “, “ We’ll, Simone White, Anne, Sofie Orkild Coyman, Frela Vennervald Sorensen, James Louis Hutson, Colin Ahearn, ” Ahearn, Anupam Nath Organizations: CNN, Nine, Nine News, Lao News Agency, Vientiane Times, Laos Police Immigration Department, Associated Press, Police, Tourism, UNESCO, Initiative, China Railway Locations: Laos, Vang Vieng, British, American, Thailand, Vientiane, Vang Vieng District, Vientiane Times, Vang Vieng’s, Backpacker, Asia, Bali, , Southeast Asia, Vang, Luang Prabang, South Korea, China, Kunming,
Cramer's Mad Dash: What could move Apple higher than Nvidia
  + stars: | 2024-11-25 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's Mad Dash: What could move Apple higher than NvidiaCNBC's Jim Cramer and David Faber discuss what could move Apple ahead of Nvidia in market capitalization.
Persons: Jim Cramer, David Faber Organizations: Apple, Nvidia
It's an obstacle Grammy-winning actor, singer and songwriter Anthony Ramos faced during his time in the cast of the hit Broadway musical "Hamilton." Ramos was one of the show's original cast members, playing the dual roles of John Laurens and Phillip Hamilton. "Getting that first paycheck was great because I was getting paid to do something again, to do something I loved, but I was still struggling in New York," Ramos said. However, Ramos soon realized how expenses like taxes and manager and agent fees could quickly chip away at his earnings. "If you're an ensemble member, you're probably making $1,800 a week and then you get taxed on that," he said.
Persons: Anthony Ramos, Hamilton, Ramos, John Laurens, Phillip Hamilton, Vivian Tu, SoFi's Richer Organizations: Broadway Locations: New York
AdvertisementHuawei is set to launch its new line of Mate 70 phones on Tuesday. It marks a new era of self-sufficiency at a moment of tech division between the US and China. On Tuesday, the Shenzhen-based tech giant is set to unveil a slate of new smartphones — the Mate 70 series — that will be the most free they have ever been of Western software and hardware. The Huawei Mate 60. Depending on the success of the Mate 70 phones, that gap could widen in the months ahead.
Persons: Donald Trump, Joe Biden's, Trump, , Wang Gang, Beijing's mandarins, Tim Cook, Steve Jobs Organizations: Huawei, Wall Street, Kirin, Bloomberg, Apple Locations: China, Shenzhen, Washington
Cassava Sciences, a small biotechnology company based in Austin, Texas, announced it would stop the advanced clinical trial for an experimental Alzheimer’s drug, ending a long-contested bid for regulatory approval. The company announced on Monday that the drug, simufilam, did not significantly reduce cognitive decline in people with mild to moderate Alzheimer’s disease in the trial, which enrolled more than 1,900 patients. “The results are disappointing for patients and their families who are living with this disease and physicians who have been looking for novel treatment options,” the company’s chief executive, Richard J. Barry, said in a statement. These results were unsurprising to many dementia researchers, who had questioned why the trial had been allowed to proceed in the first place, since much of the drug’s underlying science had been called into question.
Persons: Richard J, Barry Locations: Austin , Texas
Every four years, the holiday season is a little more challenging for retailers as consumers get distracted by the selection of the next U.S. president. Citigroup analyst Paul Lejuez expects consumers will spend an average of 13% more this holiday season based on the findings of the bank's consumer survey. "Consumer wallets remain constrained, macro/geopolitical uncertainty persists and the shorter holiday season (five fewer days and Christmas on a Wednesday)," will weigh on spending, analyst Christopher Horvers said. TGT 3M mountain Target shares over the past three months. Sensormatic Solutions, which tracks foot traffic at stores, is predicting that Black Friday will be the busiest shopping day this holiday season, but also expects a lot of last-minute shopping this year.
Persons: Paul Lejuez, Lejuez, Christopher Horvers, Horvers, Circana, they'll, Marshal Cohen, Cohen, Morgan Stanley, Alex Straton, it's, Straton Organizations: Citigroup, National Retail Federation, Target, Dick's Sporting Goods, Academy Sports, Walmart, Circana, Black, Morgan, Nike, Depot, Home Depot Locations: Minneapolis
AdvertisementA South Korean man was given a one-year suspended sentence for evading military service. This is just the latest example of South Korean men going to extreme lengths to try to avoid serving. A South Korean man was found guilty of evading military service by deliberately putting on weight. While most South Korean men are expected to serve for at least a year and a half, shortly after finishing high school, the conscription law has a number of exceptions. This was the most common method in attempting to evade military service, with the second most common being faking a mental illness, with others falsely registering as disabled, and one internationally breaking a bone.
Persons: Kim Jong, Organizations: The Korea Herald, country's, Korea Herald, BMI, Military Manpower Administration, South Locations: Seoul, South Korean
Lunchables’ slide is hurting its parent company, Kraft Heinz. The end result isn’t just that Lunchables sales are down — numerous competitors have popped up, including Lunchly by YouTube stars Logan Paul and MrBeast. Kraft Heinz also pitched Lunchables to budget-strapped school cafeterias as a way to save money on labor and other costs. Kraft Heinz criticized the findings and said the report contributed to Lunchables’ sales slide. Lunchables’ ‘transformation’Despite Lunchables’ recent woes, Kraft Heinz says it’s investing in the brand.
Persons: Kraft Heinz, Kraft, Lunchables, , Diana Frost, , Logan Paul, MrBeast, It’s, Matt McClain, Carlos Abrams, Rivera, ” Frost, Oscar Mayer, Michael Moss ’, ” Moss, ” Lunchables, Moss, Justin Sullivan, Bob Drane, it’s, “ Lunchables, Frost, David Garfield Organizations: New, New York CNN, CNN, YouTube, Washington Post, , School, Center for Science, Consumer, US Department of Agriculture, Kraft, School Nutrition Association, Crain’s Magazine Locations: New York, Euromonitor, Turkey, bologna, Moss
Avignon, France CNN —Dominique Pelicot, the man who organized for more than 50 men to rape his unconscious wife, is “fully responsible” for his actions, a French public prosecutor told court after requesting the maximum prison sentence of 20 years. Dominique Pelicot fits this bill. Over a period spanning nearly 10 years, Dominique Pelicot used an online website and messaging platforms to seek out men from a radius spanning roughly 25 miles (40 kilometers). Pelicot has admitted to habitually drugging his wife with a strong sedative before allowing strangers to sexually abuse her. Dominique Pelicot kept his eyes closed and looked down at the ground during the hearing.
Persons: France CNN — Dominique Pelicot, Laure Chabaud, Dominique Pelicot, ” Chabaud, , Gisele Pelicot, Sarah Meyssonnier, Reuters Pelicot, Pelicot, Beatrice Zavarro, Saskya Vandoorne, Niamh Kennedy Organizations: France CNN, Reuters Locations: Avignon, France, French, Mazan, London
MicroStrategy's position in the bitcoin market may mean more upside for the stock in the months ahead, according to Bernstein. Analyst Gautam Chhugani, who has an outperform rating on the stock, more than doubled his price targetto $600 from $290. "MSTR's debt is long term, unsecured convertible, implying negligible risk to balance sheet liquidity from Bitcoin volatility." MicroStrategy has been building a sizeable Bitcoin position for a long time, making the stock a proxy for the cryptocurrency. "MicroStrategy's (MSTR) Bitcoin treasury model is unprecedented on Wall Street, in our view," he continued.
Persons: Bernstein, Gautam Chhugani, bitcoin, Bitcoin, MicroStrategy, Chhugani, Chhugani's Locations: Bitcoin
A man walks past the People's Bank of China (PBOC) building on July 20, 2023 in Beijing, China. The People's Bank of China kept the medium-term lending facility rate unchanged at 2.0% on 900 billion yuan ($124.26 billion) worth of one-year loans to some financial institutions, according to the bank's official statement. Keeping the MLF rate intact allows for "greater policy maneuverability" given the change in U.S. administration, at a time when commercial banks' net-interest-margins have remained tight, Pang added. "A delayed reduction in the [MLF] lending rates" would also bolster the yuan against the stronger greenback, JLL's Pang added. Unlike the Fed's focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy.
Persons: Jiang Qiming, Donald Trump's, Bruce Pang, PBOC's, Pang, Wang Tao, Zhiwei Zhang, JLL's Pang, Gary Ng, PBOC, Pan Gongsheng Organizations: People's Bank of China, China News Service, Getty Images China, U.S, Research, UBS Investment Bank, Beijing Locations: Beijing, China, Greater China, JLL
"Kids' imagination can run wild with what they think they should be getting," he said. Well, that's exactly why you want to discuss it, and not "punt that mess for when you're not around," Boneparth said. A child with a spending problem might inherit a trust, Boneparth added, in which they receive their bequest in regular installments. Aitor Diago | Moment | Getty ImagesYou might ask the well-off child, McClanahan said, "'Do you really care how I leave our assets? "When you're creating your estate document, ask your children in advance what's important to them," McClanahan said.
Persons: Warren Buffett, Berkshire Hathaway Inc Daniel Zuchnik, Douglas Boneparth, Boneparth, Buffett, you'll, Carolyn McClanahan, Aitor, McClanahan Organizations: Berkshire Hathaway Inc, Planning Partners Locations: New York City, Jacksonville , Florida
Check out the companies making headlines after the bell : Zoom Communications — The maker of video calling software is lower by 1%. Zoom topped Wall Street quarterly estimates and posted fiscal fourth-quarter adjusted earnings per share guidance that was roughly in line with estimates. The company also said it changed its name to Zoom Communications from Zoom Video Communications. Nevertheless, fiscal fourth-quarter results bested analysts' forecasts on the top and bottom lines. Woodward — Shares of the industrials and aerospace machinery maker surged more than 10% on stronger-than-expected fiscal fourth-quarter results.
Persons: Kohl's, Ashley Buchanan, Tom Kingsbury, Woodward —, Woodward, Fluence Organizations: Communications, Zoom Communications, Zoom Video Communications, Michaels, Agilent, LSEG, Fluence Energy
Torrential rain and snow across the country this week could disrupt the record number of travelers expected to be on the roads and in the skies for the Thanksgiving holiday. Waves of storm systems are expected to move through the East Coast this week, threatening to disrupt some Thanksgiving travel on Tuesday and bringing rain and potentially snow on Thanksgiving Day. Forecasters expect it to bring mostly nuisance rain that may slow down some travelers. This week’s event should be weaker, affecting areas farther south in Central and Southern California, rather than in places that are still saturated from last week. Any rain that falls in Los Angeles should be lighter, while the heavier rain of a few inches is likely to fall over areas farther north, like Santa Barbara.
Organizations: Midwest Locations: East, California, East Coast, Northern California, Central, Southern California, Los Angeles, Santa Barbara
Check out the companies making headlines in midday trading: Bath & Body Works — The Ohio-based personal care company climbed more than 16%, on pace for its best day since November 2022. The retailer raised its forecast for full-year adjusted profit and said it expects a smaller drop in annual sales, boosted by solid demand for personal care products and new store offerings. Robinhood — The financial services provider surged 5% after Morgan Stanley upgraded it to overweight, citing upside from President-elect Donald Trump's looming second term in office. Target's shares have lost about 12% year to date and the stock's 3.6% dividend yield is very "attractive," the firm said. Abercrombie & Fitch — The retailer gained 4% ahead of its third-quarter earnings release , expected Tuesday morning.
Persons: Morgan Stanley, Donald Trump's, Macy's, Oppenheimer, AGCO, Gordon, Abercrombie, Fitch, Biohaven, Piper Sandler, CNBC's Hakyung Kim, Jesse Pound, Yun Li, Michelle Fox, Pia Singh, Scott Schnipper Organizations: Farm Equipment Limited, Gordon Haskett Research, Intel, CNBC, Commerce Department, U.S, Bancorp, Citigroup, Arm, UBS, Santander — ADRs, BDO, Nasdaq, Truist Securities Locations: The Ohio, New York, The Minneapolis, British, Spanish, Santander
AdvertisementTech titan Marc Benioff says we're near the "upper limits" of LLM use in AI advancement. In a podcast, the Salesforce CEO said the future of AI lies in agents that work autonomously. Maybe we'll be there one day," Benioff said, referencing the 1984 film about a cyborg assassin. "I actually think we're hitting the upper limits of the LLMs right now," Benioff said. Salesforce offers prebuilt and customizable AI agents for clients seeking to automate customer service tasks.
Persons: Marc Benioff, Benioff, , Jensen Huang, we'll, Arnold Schwarzenegger, Matthew Broderick, Salesforce Organizations: Bloomberg, Nvidia, Business Locations: LLMs
South Korean authorities said a jacket from Temu contained 622 times the legal limit for such substances. The substances include phthalate plasticizers, lead, and cadmium, which are classified as hazardous in the country. Some children's clothes from Chinese fast fashion retailer Temu contained up to 622 times the legal limit for toxic substances, the Seoul Metropolitan Government said. A jumpsuit from Temu contained 294 times the legal amount of phthalate plasticizers, the report said. AdvertisementThe same investigation revealed that sandal insoles sold by Temu contained 11 times more lead than legally permissible.
Persons: plasticizers, Temu Organizations: Seoul Metropolitan Government, Pakistan recycles, AFP, US Department of Health, Human Services, PDD Holdings, Business, Seoul Metropolitan, Bloomberg Locations: Seoul, Pakistan, South Korea, Korea
In today's big story, Trump's trade plans could spell trouble for prices, and preparing for it isn't so easy . AdvertisementThe prevailing theory among many economists is Trump's plan will increase prices and inflation as companies pass the cost of the taxes down to their customers. He told BI he views them more as a negotiation tactic with China and American companies with operations there. Still, some experts told BI they foresee obstacles to making it a reality . Sector experts told BI the massive chipmaker will continue to make its most advanced tech in Taiwan .
Persons: Drew Angerer, Tyler Le, Donald Trump's, Emily Stewart, We're, Philip Daniele didn't sugarcoat, John David Rainey, There's, Dominick Reuter, Emily, Trump, Nobel, Simon Johnson, Brian Cornell, Natalie Ammari Baby boomers, Scott Bessent, George Soros, Bluesky, Rose Wang, It's, Chelsea Jia Feng, Taylor Swift, they'll, crosshairs, Elon Musk, Vivek Ramaswamy's, Biden, Alex Jones, Menendez, Dan DeFrancesco, Grace Lett, Lisa Ryan, Ella Hopkins, Amanda Yen, Jack Sommers, Milan Sehmbi Organizations: Business, Getty, Walmart, Electronics, Target, Social Security, Treasury, Trump, Nvidia, White, Los Locations: China, Phoenix, Taiwan, Florida, Washington, Los Angeles, New York, Chicago, London
When José Pérez Gómez came from Mexico more than 25 years ago, he scraped together money by selling handmade furniture on the streets of Fresno, Calif. Eventually, he turned that hustle into a full-fledged brick-and-mortar business, which allowed him to raise a family and send two daughters to college. Democrats had assumed that Mr. Trump’s threat of mass deportations and harsh words toward migrants would sour Latino voters across the country, especially those with family or friends who were undocumented. But for Mr. Pérez Gómez, personal economic struggles took precedence. Furthermore, he said, many immigrants in California’s Central Valley actually agreed with Mr. Trump that Democrats had allowed too many people to cross the border with the lure of asylum protections.
Persons: José Pérez Gómez, Pérez Gómez, Joseph R, Biden, Donald J, Trump Organizations: Mr, Democrats Locations: Mexico, Fresno, Calif, Central
After a two-year influx of asylum seekers, New York City leaders are cautiously optimistic that the migrant crisis has begun to subside, and that the city’s emergency response is entering a new phase. Fewer migrants are arriving from the southern border. And on top of the slowdown, President-elect Donald J. Trump’s threats of mass deportations have injected a large dose of uncertainty into the situation. The threat of an immigration crackdown may accelerate a nearly five-month trend: The number of migrants in city shelters has declined for 19 consecutive weeks, as crossings at the U.S.-Mexico border have dropped to record lows. As of Nov. 17, the city was housing 57,400 migrants in 210 shelters, hotels and tent complexes — a drop of 17 percent from a peak of 69,000 in January.
Persons: Donald J, Eric Adams Organizations: Democrat Locations: New York City, U.S, Mexico
ThyssenKrupp, the largest steel maker in Germany, said Monday that it would eliminate up to 11,000 jobs by 2030, a decision that comes as the country struggled to overcome economic weakness that has hindered growth for nearly two years. The overhaul is aimed at returning ThyssenKrupp to profitability in the face of pressure from Asian competitors and high energy prices. ThyssenKrupp was among those hurt by the tariffs Mr. Trump imposed on steel and aluminum during his first term in office. Another 6,000 jobs will be cut through the sale of business activities or turning to external providers, the company said without elaborating. “Urgent measures are required to improve ThyssenKrupp Steel’s own productivity and operating efficiency and to achieve a competitive cost level,” the company said in a statement.
Persons: Donald J, Trump, ThyssenKrupp Locations: Germany, United States
Rethinking the 4% rule in retirement
  + stars: | 2024-11-25 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
The most commonly recommended rule of thumb is the so-called 4% rule, which means you spend 4% of your portfolio every year, on an inflation-adjusted basis. When you die, your nest egg could be almost as large if not larger than it was on your first day of retirement. For example, Morningstar ran simulations on a $1 million portfolio over 30 years using the 4% rule. That’s because the rule is based on a very high probability that you never exhaust your nest egg. “It’s not just about getting employees to retirement but (helping them figure out) what to do once they’re in retirement,” Williams said.
Persons: you’d, William Bengen, Morningstar, ” Christine Benz, , Rob Williams, Charles Schwab, Williams, It’s, Mark Warshawsky, Warshawsky, Craig Copeland, “ It’s, ” Williams Organizations: CNN, Social Security, Social Security Administration, Social, American Enterprise Institute, American Council for, Research
The odor — along with “droplets” the cosmonauts, or Russian astronauts, said they observed — likely resulted from “outgassing from materials inside the (Russian) Progress spacecraft,” NASA said in a statement to CNN Monday afternoon. “For any detailed information on what caused the unusual odor, please contact (Russian space agency) Roscosmos,” Humphries said. Continuing saga on the ISSNASA said in its Sunday statement that, after the Russian cosmonauts noticed the odor, they shut down the hatch that connects the 16-foot-long and 8.4-foot-wide Poisk module to the rest of the space station. The space station has hosted rotating crews of cosmonauts and astronauts — hailing from more than 20 countries — since the year 2000 in separate but connected Russian and US sections. In addition to Roscosmos, those partners include the Canadian Space Agency, European Space Agency and Japan Aerospace Exploration Agency.
Persons: , Kelly O, Humphries, NASA’s, ” Humphries, Roscosmos Organizations: CNN, Space, NASA, Space Center, ISS, ISS NASA, Russian, Baikonur, Canadian Space Agency, European Space Agency, Japan Aerospace Exploration Agency, NASA’s Locations: Houston, Kazakhstan, Russian, Zvezda
UNFCCC Executive Secretary Simon Stiell speaks in the early hours at the conclusion of the UNFCCC COP29 Climate Conference on November 24, 2024 in Baku, Azerbaijan. Ambitious climate action often requires ambitious financing — be it a clean energy transition project or helping developing countries mitigate the effects of natural disasters. Nearly 50,000 people from 200 countries — including, for the first time, the Taliban rulers of Afghanistan — were in Azerbaijan for this year's United Nations Climate Change Conference, with the goal of reaching a critical deal on climate finance. Some of the highest human costs will be paid by smaller nations that are disproportionately affected by climate change, including Pacific Island nations whose existence is threatened by rising seas. But with COP29 weighed down by geopolitics and domestic turmoil, some were reluctant to attend at all.
Persons: Simon Stiell, Donald Trump, General Ban, Ruth Townend, COP29 Organizations: Conference, Change, World Meteorological Organization, House, Pacific Locations: Baku, Azerbaijan, Afghanistan, United States, Paris, London
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