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☆ CNBC's Game Plan Summit highlights: Tom Cruise Olympics stunt & LA 2028
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC's Game Plan Summit highlights: Tom Cruise Olympics stunt & LA 2028CNBC's Andrew Ross Sorkin reports on the highlights from CNBC's Game Plan Summit.

Persons: Tom Cruise, Andrew Ross Sorkin

☆ After success in Paris, Los Angeles looks to elevate Olympic Games in 2028
▼ + stars: | 2024-09-10 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

Karen Bass, Mayor of Los Angeles, waves the Olympic flag as Thomas Bach, President of International Olympic Committee, applauds during the Closing Ceremony of the Olympic Games Paris 2024 at Stade de France on August 11, 2024 in Paris, France. After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for. LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin "reminded people why they fall in love with the Olympics," and one he said organizers will look to build upon in Los Angeles. Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the "OO"'s in the sign — which Wasserman noted was done with CGI. Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city's culture, from Hollywood to fashion to food, as "a global platform to showcase what they got."

Persons: Karen Bass, Thomas Bach, Los Angeles Mayor Karen Bass, CNBC's Andrew Ross Sorkin, Bass, Casey Wasserman, Ross Sorkin, Wasserman, Tom Cruise, Jessica Alba, Alba Organizations: International Olympic Committee, applauds, Olympic Games, Stade de France, Los Angeles Mayor, CNBC, Paris Games, Los Angeles Games, Los, Olympic Rings, NBCUniversal, NBC Sports, NBC Olympics, NBC, Games Locations: Los Angeles, Paris, France, Angeles, Hollywood, U.S

Donors weigh in on the D.N.C. “I will bring together labor and workers and small-business owners and entrepreneurs and American companies to create jobs,” she told the Democratic National Convention last night. The nod to corporate America comes as Democrats try to firm up relations with big business. DealBook has been hitting the phones all week to hear what donors thought of the four-day convention. A flood of donors decided to go only after Harris became the presumptive nominee.

Persons: Kamala Harris’s, ”, DealBook, Harris, Brad Karp, Paul, Weiss, Raymond McGuire, Lazard, Blair Effron, John Rogers Jr Organizations: Democratic, Convention, Chicago, Centerview Partners, Ariel Investments Locations: America

Google faces a reckoningShares in Alphabet, Google’s parent company, were down in premarket trading on Wednesday on news that the Justice Department is said to be considering breaking up the technology giant for maintaining an illegal search monopoly. That would be a devastating blow for the company, but it could also have huge ramifications for the broader tech sector, with Apple, Amazon and Meta all facing their own antitrust battles with the government. A recap: In a ruling last week, Judge Amit Mehta of the U.S. District Court for the District of Columbia agreed with the government and multiple states that Google’s dominance in search was constraining competition. Google said it would appeal. Mehta has asked both parties to submit suggested remedies by Sept. 4, with a hearing set to take place two days later.

Persons: Amit Mehta, Mehta Organizations: Google, Justice, Apple, U.S, District of Columbia

Starbucks makes a change at the topThis just in: Laxman Narasimhan is out as the C.E.O. of Starbucks, the company announced on Tuesday, a year and a half since he succeeded Howard Schultz at the coffee chain. Narasimhan will be replaced by Brian Niccol, a fast-food industry veteran who executed a turnaround as C.E.O. Narasimhan has also been rocked by dueling activist investor campaigns and has had to fend off criticism from Schultz. Rachel Ruggeri, the Starbucks chief financial officer, will serve as interim C.E.O.

Persons: Laxman Narasimhan, Howard Schultz, Brian Niccol, Narasimhan, Schultz, It’s, Chipotle, Mellody Hobson, Rachel Ruggeri, Niccol Organizations: Starbucks, Narasimhan Locations: U.S, China

Here’s the latest:S&P 500 futures were up slightly after fears of a slowdown in growth and hiring rocked the benchmark index last week. Investors endured both a stomach-churning rout on Monday and a bounce-back rally on Thursday. Despite that, the S&P 500 ended the week down just 0.04 percent. The big event this week is Wednesday’s inflation data. Investors are anxious after tepid jobs and manufacturing data suggested a slowdown was on the horizon.

Persons: Michelle Bowman, ” Brian Moynihan, Wall Organizations: Investors, Nvidia, Fed, Bank of America, CBS Locations: Europe, Asia

The federal court ruling that Google had abused its monopoly in online search threatens to disrupt one of the most valuable businesses in modern history, and Big Tech more broadly. Expect Google to fight back, which could drag this out for some time. What happened: Judge Amit Mehta of U.S. District Court for the District of Columbia sided with the Justice Department and several states that had accused Google of illegally cementing its search dominance. In large part that was by paying billions each year to companies including Apple and Samsung to make Google the default search engine on their devices. Those agreements hurt competition, Mehta found, allowing Google to trample competitors.

Persons: Amit Mehta, Mehta Organizations: Google, Big Tech, U.S, District, Columbia, Justice Department, Apple, Samsung

Stocks, cryptocurrencies, the dollar, oil — they’re all down sharply again on Monday on concerns that the U.S. economy is slowing faster than expected. It comes after a rough week for global markets. That has reignited criticisms that the Fed is moving too slowly to cut rates as economic conditions look shakier. Mega-cap tech stocks, which have driven much of the market’s gains this past year, were especially bruised: Nvidia was down 11 percent premarket, while Apple was off 7.5 percent. The yield on the 10-year Treasury note fell to a one-year low.

Persons: Berkshire Hathaway, Bitcoin, Brent, Goldman Sachs, Goldman Organizations: Nvidia, Apple, Berkshire, Nikkei, Bank of Japan, . Investors Locations: U.S, Japan

☆ Gershkovich advocates for Russian dissidents in first comments after arriving in the U.S.
▼ + stars: | 2024-08-02 | by ( Aurora Almendral | Aurora Almendral Is A London-Based Editor With Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

Wall Street Journal reporter Evan Gershkovich chose to advocate for dissidents languishing in Russian prisons, in his first public comments on U.S. soil after he was freed as part of a prisoner exchange. “I just spent a month in prison in Yekaterinburg where basically everyone I was sat with is a political prisoner,” he added. Seven Russian citizens, including four who worked with the late opposition figure, Alexey Navalny, were among the the 24 people freed in Thursday’s major multinational prisoner exchange. On the dissidents he’d met behind bars Gershkovich said no one knew them publicly, but they had various political beliefs. President Joe Biden called the deal a “feat of diplomacy and friendship.” It was cut among seven nations, involving 24 people, including five Germans and seven Russian citizens held in Russia, and eight Russians imprisoned in the U.S., Germany, Slovenia, Norway and Poland.

Persons: Evan Gershkovich, “, ” Gershkovich, Andrew Roth, ”, Alexey Navalny, he’d, Gershkovich, “ They’re, Paul Whelan, Joe Biden, Alsu Kurmasheva, Vladimir Kara, Murza, Biden, Whelan, ” “, ” Whelan, Putin, “ I’m Organizations: Guardian, Base Andrews, AP, Getty, Marine Locations: Russian, Maryland, Yekaterinburg, Russia, U.S, Germany, Slovenia, Norway, Poland, Turkey, United States

☆ Microsoft's cloud is 'no-brainer' for some AI startups, helping Azure gain ground on AWS
▼ + stars: | 2024-08-02 | by ( Jordan Novet | ) www.cnbc.com time to read: +10 min

However, after EzDubs went through the Y Combinator startup program last year, the company made a quick pivot, adding Microsoft's cloud into the mix. That's because EzDubs' founders learned of a partnership that enabled Y Combinator companies to receive $350,000 worth of credits on Microsoft Azure. The current offer includes $350,000 in AWS credits, plus $300,000 reserved for tapping the custom silicon, the spokesperson said. A spokesperson later said 58% of Y Combinator startups had taken up Microsoft's credit offer, a figure that doesn't reflect actual Azure usage. "Leading AI startups use OpenAI to power their AI solutions, therefore, making them Azure customers as well."

Persons: Amrutavarsh Kinagi, Kareem Nassar, Padmanabhan Krishnamurthy, EzDubs, Krishnamurthy, Y, Annie Pearl, it's, Satya Nadella, Sam Altman, Hayden, CNBC InKeep, OpenAI, Nick Gomez, InKeep's, InKeep, Gomez, CNBC's Andrew Ross Sorkin, Prady Modukuru, Modukuru, Anthropic, Daksh Gupta, Gupta, Nassar Organizations: Google, Microsoft, CNBC, Amazon, Services, Alchemist, AWS, Hayden Field, Sync Labs, Sync, OpenAI Locations: Palo Alto , California, OpenAI's, San Francisco

Slowdown fearsGlobal markets are a blur of red on Friday as investors fret that the U.S. economy is heading for a slowdown. Lackluster tech earnings are weighing on sentiment (more on that below), but the bigger worry is a softening jobs market and a spending pullback by consumers that threatens to crimp corporate profit. That shines a spotlight on Friday’s jobs report, scheduled for release at 8:30 a.m. Eastern, and bolsters calls on the Fed to lower interest rates at its next meeting, in September. There’s even talk that the central bank could consider a jumbo half-percentage-point rate cut to pull off its hope for a soft landing in which inflation is cooled without tipping the economy into recession.

Persons: There’s Organizations: Fed Locations: U.S

☆ L'Oreal CEO on the Olympics and innovation in beauty
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailL'Oreal CEO on the Olympics and innovation in beautyL'Oreal CEO Nicolas Hieronimus speaks with CNBC Squawk Box's Andrew Ross Sorkin in Paris during the 2024 Paris Olympics about the impact of the games on the cosmetic giants' sales, and the latest innovation in beauty

Persons: Nicolas Hieronimus, Box's Andrew Ross Sorkin Organizations: L'Oreal, CNBC Locations: Paris

Meta’s earnings calm A.I. Shares in Meta are up more than 5 percent in premarket trading, even after the parent of Facebook and Instagram said it had increased spending on A.I. The numbers: Meta’s second-quarter profit was up 73 percent year-on-year, to $13.5 billion, while revenue jumped 22 percent, to $39.1 billion. The figure in focus was capital expenditures, with Meta spending $8.5 billion in the second quarter. (That also includes the company’s long-running, unprofitable investments in the so-called metaverse and other endeavors.)

Persons: Instagram Organizations: Meta, Facebook

☆ Stitch by Stitch, Pacita Abad Crossed Continents and Cultures
▼ + stars: | 2024-08-01 | by ( Andrew Russeth | ) www.nytimes.com time to read: +1 min

However, in New York, where Abad lived briefly in the 1970s, while studying painting at the Art Students League, her work has been scarce. The Museum of Modern Art owns nothing by her, and the Metropolitan Museum of Art just acquired its first piece. During her life, she proposed shows to U.S. museums and received around 100 rejection letters, her family has said. MoMA PS1 is hosting the first retrospective dedicated to Abad, which was organized by Victoria Sung at the Walker Art Center in Minneapolis, where it ran last year. It consists of more than 50 works, and while it should be two or four times larger — she was protean and prolific — it is still thrilling.

Persons: Pacita Abad, Abad, Victoria Sung Organizations: Art Students League, Modern Art, Metropolitan Museum of Art, Walker Art Center Locations: Singapore, Asia, Manila, New York, Minneapolis

Big Tech’s big spendingThe technology sector is facing another rough patch, after Microsoft reported mixed quarterly earnings and its shares tumbled. The company’s results are fueling more concern among investors about whether hefty spending on artificial intelligence will pay off, and how long that might take. But analysts say that Microsoft is on better footing than its rivals, and that investor enthusiasm for all things A.I. Microsoft missed earnings expectations for its cloud business by a hair. Shares in the tech giant were down 3 percent in premarket trading on the results, echoing a similar market reaction to Alphabet last week, when Google’s parent company disclosed the scale of its ever-growing A.I.

Organizations: Microsoft

☆ Xander Schauffele: A tragic accident robbed his father of his Olympic dream. Now, golf’s golden boy is out to honor him again
▼ + stars: | 2024-07-31 | by ( Don Riddell | Jack Bantock | ) edition.cnn.com time to read: +6 min

Before that, the 30-year-old’s most prestigious prize was an Olympic gold medal, clinched in Japan in 2021. He was in and out of hospital for two years.”Stefan Schauffele (left) watches his son prepare for the 2022 US Open. Some 38 years after his Olympic dream vanished, Stefan Schauffele went to sleep with a gold medal in bed beside him. Harry How/Getty ImagesThe question is, now that he’s experienced both, where does Olympic glory rank next to major success? “It’s hard to put them up next to each other because they’re so unique and different to me,” Schauffele said.

Persons: Xander Schauffele’s, –, scooping, Stefan Schauffele, Schauffele, CNN Sport’s Don Riddell, “, ” Stefan Schauffele, Cliff Hawkins, ‘, ” Schauffele, Mike Ehrmann, Chris Como, Andrew Redington, Rory McIlroy, Jon Rahm, Scottie Scheffler, he’s, ”, Harry, I’ve Organizations: CNN, PGA Championship, Royal Troon, Games Locations: Germany, Japan, Paris, Stuttgart, Seoul, San Diego , California, Tokyo, Valhalla, Kentucky, Scotland, Hawaii

How the election is dividing techThe tech world has long been divided by rivalries: Macs versus PCs, open source versus closed source. It’s a reminder, as DealBook has noted, that Silicon Valley’s libertarian wing is feeling more emboldened to flex its money and influence to buck what has become a traditionally Democratic consensus. Who’s who: Some of the most vocal Democratic donors among the tech elite are Hoffman; Vinod Khosla, the venture capitalist; Aaron Levie, the C.E.O. On the Republican side are a camp of libertarians that includes Musk and the investors Peter Thiel, David Sacks, Marc Andreessen and Ben Horowitz. Then there are those staying neutral, including Mark Zuckerberg of Meta, who are ostensibly trying to avoid antagonizing whoever wins in November.

Persons: Elon Musk, Reid Hoffman, Ryan Mac, Erin Griffith, Mike Isaac, DealBook, Who’s, Hoffman, Vinod Khosla, Aaron Levie, Roger McNamee, Peter Thiel, David Sacks, Marc Andreessen, Ben Horowitz, Mark Zuckerberg, Meta Organizations: Republican

Ackman delays his big betMonday isn’t going to be the day that Bill Ackman prices the I.P.O. of his Pershing Square USA investment vehicle, as had been planned. But the long-awaited fund, whose investors will probably include many who follow Ackman’s provocations on social media, is still coming, it says. The context: Pershing Square USA is a so-called closed-end fund that’s raising money to make the sort of concentrated investments that Ackman is now known for. The fund had faced big expectations after Ackman set an initial I.P.O.

Persons: Bill Ackman, Ackman Organizations: Pershing Square USA, Pershing

☆ Two meteor showers are set to peak this week. Here’s how to see them
▼ + stars: | 2024-07-29 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +5 min

CNN —Look up at the night sky this week for a chance to see high-speed meteors and bright fireballs from two meteor showers set to peak around the same time. Meteor showers are the debris left by comets and asteroids orbiting the sun that Earth encounters annually at some point during its orbital path. Constellation Aquarius is the radiant for the Southern Delta Aquariids, and constellation Capricornus is the radiant for the Alpha Capricornids. The Southern Delta Aquariids are about 40 kilometers (25 miles) per second, according to NASA, and typically last for half a second. I think that makes them particularly special.”Meteor showersHere are the remaining meteor showers that are expected to peak in 2024.

Persons: Robert Lunsford, Lunsford, Andrew Rivkin, ” Rivkin, “ Organizations: CNN, Southern, American Meteor Society, NASA, Meteor, Applied, Laboratory, Johns Hopkins University, Northern, Southern Delta, Alpha, Taurids, Farmers, Almanac Locations: Baltimore, Southern, New York , New Jersey , Connecticut, East, Perseids

☆ Climate change is gentrifying neighborhoods. In Miami, residents fear high prices — and a lost soul
▼ + stars: | 2024-07-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +16 min

Part of the building site of the Magic City development in Little Haiti. Among the properties is Sixty Uptown Magic City, billed as a collection of luxury residential units. Plaza Equity Partners, a real estate developer and one of the Magic City partners, did not respond to CNBC's requests for comment. Magic City development site in Little Haiti. Magic City investors also invested $31 million in the Little Haiti Revitalization Trust, created and administered by the City of Miami to support community revitalization in Little Haiti.

Persons: Greg Iacurci, Greg Iacurci MIAMI — Nicole Crooks, James Brown, Sam Cooke, Ray Charles, Aretha Franklin, Ella Fitzgerald, Jackie Robinson, Joe Louis, Overtown, Crooks, Nicole Crooks, Carl Gershenson, Gershenson, Moody's, Robert Zangrillo, Princeton's Gershenson, Andrew Rumbach, Chris Rogers, Rumbach, Brown, Fredericka Brown, Carolyn Donaldson, Greg Iacurci Carolyn Donaldson, Donaldson, David Arditi, Greg Iacurci Flood, Arditi, homebuyers, Han Li, Richard J, Grant, Todd Crowl, Urban Institute Paulette Richards, Richards, who's, Carl Juste, Greg Iacurci Carl Juste's, — Viter, Maria Juste, Little, Little Haiti —, " Juste, Juste, Neil Fairman Organizations: Lyric, Greg Iacurci MIAMI, Catalyst Miami, Princeton University Eviction, Magic City, Liberty City —, Dade, Harvard University, Florida International University, Magic City Innovation, Dragon, Miami ZIP, Liberty City, Miami, West Palm Beach, Boca Raton, Urban Institute, Marshall Fire, Photodisc, Georgia Institute of Technology, Brookings Institution, Macedonia Missionary Baptist Church, Macedonia Missionary Baptist, Grove Rights, Community Equity, Development, Developers, City, Aria Development, Federal Emergency Management Agency, University of Miami, Florida International University Institute of Environment, Women, Leadership Miami, Little Haiti, Magic City Innovation District, Dragon Global, Magic, Plaza Equity Partners, Lune, Lambert, Little Haiti Revitalization Trust Locations: Miami's Overtown, Miami, Overtown , Miami, Magic, Little Haiti, U.S, Zillow, Overtown, Allapattah, Liberty, Dade County, Kendall, West Palm, Delray, Honolulu, Louisville , Colorado, Colorado, Coconut Grove, Macedonia, West, West Grove, Bahamas, Grove, City of Miami, Brickell, Caribbean, Liberty City, Haitian Diaspora, Magic City, Lune Rouge

☆ LVMH CEO Bernard Arnault says Olympics sponsorship honors the spirit of France
▼ + stars: | 2024-07-26 | by ( Jacqueline Corba | ) www.cnbc.com time to read: +1 min

For the first time a luxury brand is an Olympic sponsor. And it's not just one brand, it's the empire of LVMH . LVMH's sponsorship deal took a year of negotiations and ultimately landed at about $160 million of investment from the parent company of brands like Celine, Louis Vuitton, Loewe, Tiffany, TAG Heuer and Dom Perignon. Housing the medals are trunks made by LVMH brand Louis Vuitton. It's to show the spirit, the spirit of our group and the spirit of the country," said Arnault.

Persons: Bernard Arnault, CNBC's Andrew Ross Sorkin, Celine, Louis Vuitton, Loewe, Tiffany, Dom Perignon, LVMH, Hennessy, LVMH's Berluti, It's Organizations: Olympic, Dior's, TAG Heuer, Olympic Games, Louis Locations: Paris

A question about the future of antitrustNews that Reid Hoffman, the billionaire LinkedIn co-founder and major Democratic donor, wants Vice President Kamala Harris, if she wins in November, to replace Lina Khan as chair of the F.T.C. Senator Bernie Sanders, independent of Vermont, called it “unacceptable,” and Tim Wu, the Columbia Law School professor and former Biden antitrust official, demanded that the Harris campaign return Hoffman’s donations. Khan is perhaps the most consequential regulator for business in the Biden administration, and her fate as F.T.C. chair underscores anxiety among Democrats about how Harris would approach antitrust policy should she become president. So Khan could be stripped of that role and replaced with a colleague, though that could be awkward.

Persons: Reid Hoffman, Kamala Harris, Lina Khan, Bernie Sanders, Tim Wu, Biden, Harris, Khan Organizations: LinkedIn, Democratic, Columbia Law School Locations: Vermont, United States

An “irrevocable” trust? Rupert Murdoch is showing yet again that real life can be more fascinating than fiction. It’s about control of a global media business with extraordinary political power, one that’s still trying to preserve its influence in America and elsewhere. The context: When Murdoch dies, control of the family’s companies, including the broadcaster Fox and the newspaper publisher News Corp, will be shared among his four eldest children via the trust. Under the arrangement, Prudence, Lachlan, James and Elisabeth will each get an equal say in how the businesses are run.

Persons: Rupert Murdoch, —, Jim Rutenberg, Jonathan Mahler, isn’t, Murdoch, Prudence, Lachlan, James, Elisabeth Organizations: Fox, News Corp Locations: Nevada, America

But all that attention isn’t translating into success at Musk’s core business, as Tesla reported another sharp drop in quarterly profit that has spooked investors. Shares in Tesla are down sharply premarket on the company’s results. That’s despite Tesla cutting costs and laying off more than 10 percent of its global work force. Among the troubles bedeviling the company are sluggish consumer demand and a price war with competitors that has dented profits. Tesla sold $890 million worth in the quarter, three times the figure in 2023.)

Persons: Tesla’s doldrums Elon Musk, Donald Trump —, Tesla

Why some big money is holding out for nowAfter just one full day of campaigning, Vice President Kamala Harris has a glide path to the Democratic presidential nomination. The Harris campaign also said it had raised more than $100 million between Sunday afternoon and Monday evening. But some major Democratic donors, including Mike Bloomberg and the venture capitalist Vinod Khosla, have yet to endorse her. The concern is that if they support Harris too soon, they would appear to be anointing their party’s presidential candidate, rather than her earning it through a full democratic process. And Khosla posted on X, “An open process will allow everyone a chance to make their case and express their views.

Persons: Kamala Harris, Nancy Pelosi, Harris, Mike Bloomberg, Vinod Khosla, DealBook, don’t, Khosla, ” Organizations: Democratic, Bloomberg Locations: Chicago

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