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Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion. Hwang was sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation. Before sentencing Hwang, Hellerstein asked the defendant’s lawyer, Dani James, how she thought Hwang compared to Sam Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange. While Archegos eventually managed $36 billion, Hwang’s borrowing helped him amass $160 billion of exposure to stocks. Hwang’s co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three criminal charges.
Persons: Sung Kook, Bill ” Hwang, Hwang, Alvin Hellerstein, ” Hellerstein, Archegos ’, Hwang —, Andrew Thomas, Hellerstein, Dani James, Sam Bankman, Mr, Fried, ” James, , ” Hwang, James, it’s, Julian Robertson, Archegos, Grace, , Hwang’s, Patrick Halligan Organizations: Archegos Capital Management, U.S, AS FAMILY, Tiger Asia Management, Paramount, Credit Suisse, Nomura Holdings, UBS, Mercy Foundation Locations: Manhattan, U.S, New York
Robert Pattinson is re-teaming with his “Tenet” director Christopher Nolan for the filmmaker’s closely guarded project at Universal Pictures, Variety has confirmed. Pattinson joins an impressive ensemble that already includes Matt Damon, Tom Holland, Lupita Nyong’o, Anne Hathaway and Zendaya. Universal and Nolan’s follow-up to their Oscar-winning drama “Oppenheimer” is projecting a production start date sometime in the first half of 2025. Warner Bros. is looking to film a sequel to his 2022 blockbuster “The Batman,” in which the actor would reprise his leading turn as the DC Comics superhero. Universal has set a July 17, 2026 release date for the project, which will release in theaters and Imax.
Persons: Robert Pattinson, Tenet, Christopher Nolan, Pattinson, Matt Damon, Tom Holland, Lupita Nyong’o, Anne Hathaway, Zendaya, “ Oppenheimer, , Lance Oppenheim, Pattinson’s, Bong Joon, Mickey, , John David Washington, “ Tenet, Nolan, J, Robert Oppenheimer’s Organizations: Universal Pictures, Variety, Universal, Warner Bros, DC Comics, Dunkirk,
SYDNEY, Australia — Australia’s center-left government on Thursday introduced a bill in Parliament that aims to ban social media for children under 16 and proposed fines of up to $32 million for social media platforms for systemic breaches. Australia plans to trial an age-verification system that may include biometrics or government identification to enforce a social media age cut-off, some of the toughest controls imposed by any country to date. France last year proposed a ban on social media for those under 15, but users were able to avoid the ban with parental consent. The law would force social media platforms, and not parents or young people, to take reasonable steps to ensure the age-verification protections are in place. “Social media has a social responsibility ... that’s why we are making big changes to hold platforms to account for user safety,” she said.
Persons: Anthony Albanese, ByteDance’s TikTok, Elon Musk’s, Snapchat, Albanese, Michelle Rowland, Rowland, Organizations: , Liberal Party, Facebook, Google, YouTube, Labor, United Locations: SYDNEY, Australia, France, United States
The Department of Justice is calling for Google to divest its Chrome browser, following a ruling in August that the company holds a monopoly in the search market. Chrome, which Google launched in 2008, provides the search giant with data it then uses for targeting ads. Additionally, the DOJ said that Google be prevented from entering into exclusionary agreements with third parties like Apple and Samsung. In August, a federal judge ruled that Google holds a monopoly in the search market. Last month, the DOJ indicated it was considering a breakup of Google businesses, including potentially breaking up its Chrome, Play or Android divisions.
Persons: Sherman Organizations: Justice, Google, Chrome, DOJ, Apple, Samsung, Microsoft, Android
Russia’s possible use of an intercontinental ballistic missile (ICBM) is a message to the West that it is has greater capabilities than previously displayed after a week of significant military operations and policy changes in both Ukraine and Russia. The West has for some time been concerned at a reciprocal Russian escalation in the war. This week, both US and British-French-made missiles have been fired into Russia by Ukraine, after US President Joe Biden gave Kyiv permission to use longer-range American missiles. In turn, President Vladimir Putin updated Russia’s nuclear doctrine — in a nuanced way, but still refined their policy to lower the threshold for use. Such an event would have elicited a very different reaction in Kyiv and the West.
Persons: Joe Biden, Vladimir Putin Locations: Ukraine, Russia, Kyiv, Ukrainian, Dnipro
WASHINGTON — China’s defense minister declined a meeting with Defense Secretary Lloyd Austin during a meeting of defense leaders in Laos, a move the Pentagon chief said Wednesday was unfortunate. Multilateral gatherings of national security officials in Asia have been used in the past for meetings between U.S. and Chinese defense leaders, but China declined a meeting request by Austin during this week’s Southeast Asian Nations-Plus defense ministers meeting. It affects the region because the region really wants to see us, you know, two significant players in the region, two significant powers, talk to each other,” Austin told reporters. “I don’t think that it has any sort of implications for the future. Chinese President Xi Jinping vowed on Saturday to work with the incoming U.S. administration of Donald Trump as he held his final talks with departing President Joe Biden on conflicts from cybercrime to trade, Taiwan, the South China Sea and Russia.
Persons: WASHINGTON, Lloyd Austin, Wednesday, , ” Austin, ” Austin added.Austin, Dong Jun, Xi Jinping, Donald Trump, Joe Biden Organizations: Pentagon, Austin, Nations Locations: Laos, Asia, China, Singapore, Taiwan, cybercrime, South, Sea, Russia
WASHINGTON — The Senate voted overwhelmingly Wednesday night to reject three efforts led by progressive Sen. Bernie Sanders that would have blocked certain offensive weapons sales to Israel. In a speech on the Senate floor ahead of the vote, Sanders argued that the resolutions "would not affect any of the systems Israel uses to defend itself from incoming attacks," focusing instead on offensive weapons. "As I have said many, many times: Israel had the absolute right to respond to that horrific Hamas attack, as any other country would. I don’t think anybody here in the United States Senate disagrees with that," he said in his floor speech. More than 43,000 Palestinians have been killed in Israel’s offensive into the dense enclave since the attack, according to health officials in Gaza.
Persons: WASHINGTON, Sen, Bernie Sanders, Sanders, Benjamin Netanyahu, Ed Markey, Netanyahu, Martin Heinrich, Tammy Baldwin, , Catherine Cortez Masto, ” Sen, Jacky Rosen, , Joni Ernst, Bill Cassidy, Israel’s Organizations: U.S, United States, Hamas, Democrats, Biden Locations: Israel, Gaza, U.S, United States, D, Iowa
The University of Mobile is mourning the sudden death of freshman basketball player Kaiden Francis this week. Francis, of Fort Lauderdale, Florida, collapsed on campus Tuesday morning and died, university President Charles Smith said in a letter to students and faculty. "Yesterday morning Kaiden Francis, freshman point guard from Fort Lauderdale unexpectedly passed away after doing what he loved to do, working on his craft in the gym," Archey wrote. Classes at the university of almost 2,000 students were canceled Wednesday, and a vigil was held on campus Wednesday morning. "He was profoundly gifted and clearly loved by his teammates," Smith wrote.
Persons: Kaiden Francis, Francis, Charles Smith, Kaiden, Smith, Darnell Archey, Archey Organizations: University of Mobile, Facebook Locations: Fort Lauderdale , Florida, Fort Lauderdale
But artist Maurizio Cattelan’s viral creation, titled “Comedian,” has proven a sound investment for one collector: One of the artwork’s three “editions” smashed estimates to sell for $6.24 million at a Sotheby’s auction in New York on Wednesday. The auction house had estimated the work to go for between $1 million to $1.5 million; bidding began at $800,000. Prior to the sale, Sotheby’s confirmed to CNN that neither the tape nor, thankfully, the banana are the originals. The Miami installation was eventually removed amid public safety concerns, but all three editions were sold at the fair. In interviews given since the Miami installation, Cattelan has described “Comedian” as a work of commentary.
Persons: Maurizio Cattelan’s, , , Oliver Barker, Sotheby’s, Justin Sun, ” Sun, , , Marcel Duchamp’s, David Datuna, David Galperin, ” Galperin Organizations: CNN, Art Basel Miami Beach, Guggenheim, Art Newspaper, Leeum Museum of Art, Seoul National University Locations: New York, Miami, Americas, Seoul, South Korea, London, Paris, Milan, Hong Kong, Dubai, Taipei, Tokyo, Los Angeles
Trump’s pick for defense secretary, Pete Hegseth, was accused of sexual assault. Trump himself has faced various sexual misconduct allegations, which he has denied, though he was found liable last year for sexual abuse in a civil trial over an alleged incident in the 1990s that he also denies. Now, after having won the presidency again, he’s spending early political capital to confirm appointees who have faced sexual misconduct allegations of their own. The allegations against Trump’s picksGaetz’s years of controversies have been thrust back into the spotlight now that he’s up for a Cabinet post. “It’s a very scary time for young men in America when you can be guilty of something that you may not be guilty of,” Trump told reporters.
Persons: Donald Trump’s, Matt Gaetz, Pete Hegseth, Robert F, Kennedy Jr, Gaetz, Hegseth, Kennedy, , Trump, , Marc Short, Mike Pence’s, we’ve, Trump’s, hasn’t, Tim Parlatore, Bill Clinton’s, George H.W, Barack Obama’s, haven’t, Andy Puzder, Puzder, Patrick Shanahan, Shanahan, Ronny Jackson, Jackson, Brett Kavanaugh, Kavanaugh, ” Trump, reconsidering, JD Vance, Karoline Leavitt, Vance, MAGA, ” Leavitt Organizations: NBC News, NBC, , Justice Department, Trump, Committee, Washington Post, Republican, You’re, Politico, Pentagon, White House, Department of Veterans Affairs, Supreme, Capitol, White Locations: groping, Florida, America, Hegseth, Washington
A banana duct-taped to a white wall — or an acclaimed piece of art, depending how you look at it — sold at a Sotheby's auction for $6.24 million on Wednesday. The artwork debuted at Art Basel Miami Beach in December 2019 and was initially estimated to sell around $1.5 million, according to Sotheby's. At one point, someone even took the banana off the wall and ate it. According to Sotheby's, Cattelan "single-handedly prompted the world to reconsider how we define art, and the value we seek in it." As Galperin put it, "There is no better forum to adjudicate the value of art and a single object than the platform of auction."
Persons: , Maurizio Cattelan's, Nancy Durrant, Maurizio Cattelan, David Galperin, Sotheby's, rhapsodically, Durrant, Lucius Elliot, Durrant —, Elliot, Maurizio, Emmanuel Perrotin, Perrotin, Galperin Organizations: Art Basel Miami Beach, Art Basel, Americas, New, New York Post, Vogue Locations: New York
The officials said Wednesday that they have not made any determination as to who exactly is responsible, and the investigation is ongoing. The report did not identify Mahomes, but the address listed matches public records for Super Bowl-winning the quarterback. Travis Kelce and Patrick Mahomes of the Kansas City Chiefs on Dec. 17, 2023, in Foxborough, Mass. Twenty-thousand dollars was taken, according to a police report obtained by NBC affiliate KSHB of Kansas City. “We are aware of some of the other athletes in different states that have had their homes burglarized," the statement said.
Persons: Patrick Mahomes, Travis Kelce, Mahomes, Sarah Stier, Bobby Portis, Mike Conley Jr, Conley, Organizations: FBI, Kanas City Chiefs, Sheriff’s Office, Super Bowl, Kansas City Chiefs, NBC, Milwaukee Bucks, The Minneapolis Star Tribune, Minnesota Timberwolves, Minnesota Vikings, NBC News Locations: South America, Belton , Missouri, Cass, Foxborough, Leawood , Kansas, Kansas City, Medina , Minnesota
CNN —Ukraine’s military has accused Russia of firing an intercontinental ballistic missile (ICBM) into its territory for the first time, marking what would be another significant escalation in the 1,000-day-old war. Despite Kyiv’s accusation, two Western officials said that the missile launched by Russia was a ballistic missile, but not an ICBM. Ukraine’s air force accused Russia of launching an intercontinental ballistic missile at Dnipro at around 5 a.m. local time, from the Astrakhan region of southern Russia. Alexander Nemenov/AFP/Getty Images/FileWhat is an intercontinental ballistic missile? An intercontinental ballistic missile (ICBM) is a long-range weapon that is fired into space and then releases a warhead or warheads that reenter the atmosphere to drop on their targets.
Persons: CNN —, Heorhii Tykhyi, , Volodymyr Zelensky, Vladimir Putin, ” Zelensky, Dmitry Peskov, Peskov, Joe Biden, Putin, Alexander Nemenov, Mykola Synelnykov, Serhiy Lysak Organizations: CNN, Ukraine’s Foreign Ministry, Russia’s Defense Ministry, Russia’s Defense, Victory Day, Getty, Center for Arms Control, Soviet Union, The, Patriot, Missile, Center for Strategic, International Studies, Congressional Research Service, Patriots Locations: Russia, Dnipro, Ukrainian, Ukraine, Astrakhan, Laos, British, Russian, Moscow, AFP, Soviet, States, Germany, Kyiv, Dnipropetrovsk, Donetsk
The fate of MSNBC could be in Trump’s hands
  + stars: | 2024-11-21 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
It’s true that analysts expect the Trump administration to generally be less hostile to mergers. Yet it’s also true that some Republicans – including some tapped to join the Trump administration – have been described as “Khanservatives” because they’ve called for tougher, not weaker, antitrust scrutiny. Earlier this year, Gaetz told NOTUS that the FCC chair’s work “inspired me” and he expressed hope she stays in power for a Trump administration. As Gaetz fights to survive a tough nomination process to be attorney general, Comcast dropped a bombshell in the media industry by spinning off MSNBC, CNBC, USA, Oxygen and other networks. “It’s hard not to look at the spinoff of CNBC and MSNBC as potentially a response to the new administration,” said Petro.
Persons: Donald Trump’s, Trump, Donald Trump, ” Craig Moffett, MoffettNathanson, Brendan Carr, Trump’s, Kamala Harris, Carr, Skydance’s, , Moffett, Jeffrey Sonnenfeld, Sonnenfeld, Gaetz, Vance, Lina Khan, it’s, they’ve, JD Vance, Khan, Biden, Matt Gaetz, NOTUS, , Brian Roberts, Will Trump, Frank Louthan, Raymond James, It’s, Louthan, Lee Petro, Dickinson, it’s “, Petro Organizations: New, New York CNN, Department, T’s, CNN, Timer Warner, Trump, Comcast, MSNBC, CNBC, NBC, DOJ, Federal Communications Commission, FCC, Paramount, Fox News, CBS, Yale, Leadership, Time Warner, Biden, Federal Trade, , Washington DC Locations: New York, Florida, USA
Morgan Stanley CEO Ted Pick on Thursday expressed optimism about the stock market, saying that the U.S. economy will continue to outperform in 2025. "The world is still led by the U.S. consumer," Pick told CNBC's "Squawk Box Asia" from the Morgan Stanley summit in Singapore. He does acknowledge there will be some caution, due to factors including policy uncertainty, but "on the whole, people are are understandably continuing to be constructive." Pick said Morgan Stanley predicts that the broad-based S&P 500 will increase, pointing out that sectors like financials and industrials could perform with continued economic growth and some deregulation. The S&P 500 has gained just over 24% year to date, while the Dow Jones Industrial Average has seen a 15.13% climb.
Persons: Morgan Stanley, Ted Pick, Pick, CNBC's, industrials Organizations: Dow Jones Locations: U.S, Singapore
CNN —An Australian teenager has died and another is fighting for her life after drinking suspected tainted alcohol in Laos, as a growing list of countries warned of multiple poisonings linked to a tourist town in the Southeast Asian country. Jones’ death is the latest in a spate of suspected methanol poisonings of foreigners in Vang Vieng, a popular destination for young international backpackers. The British Embassy in Laos said it was providing consular assistance to British nationals “following an incident” in the country. “In November 2024, several foreigners in Vang Vieng have been victims of suspected methanol-adulterated alcohol poisoning,” the Canadian government said. Laos, one of the poorest countries in Southeast Asia, has been hit hard by skyrocketing inflation in recent years.
Persons: Bianca Jones, Holly Bowles, Jones, , , Anupam Nath, Vang Vieng, Anthony Albanese, didn’t Organizations: CNN, Nine, US State Department, ” Denmark’s Ministry of Foreign Affairs, US Centers for Disease Control, New Zealand Ministry of Foreign Affairs, Trade, ” “, British, , Zealand, Foreign Office, Nine News, Associated Press, British Foreign, Tourism Locations: Laos, Thailand, Bangkok, Vang Vieng, American, British Embassy, Australia, United Kingdom, Canada, , Vang, Melbourne, Southeast Asia
Two catalysts may send shares of Netflix even higher in the months ahead, according to Bank of America. Analyst Jessica Reif Ehrlich reiterated her buy rating on Netflix and hiked her price target by $200 to $1,000, implying more than 13% upside from Wednesday's close. "Live and advertising are complementary growth drivers, as more live programming drives additional high value, premium ad inventory," Reif Ehrlich added. "Netflix's ability to monetize this premium live inventory will be key to making advertising a multi-year growth driver." Still, Netflix has an average price target of $787, implying about 11% downside from Wednesday's close.
Persons: Jessica Reif Ehrlich, Reif Ehrlich, Mike Tyson, Jake Paul –, Beyoncé –, ann Organizations: Netflix, Bank of America, Broadcasting
Gautam Adani, the billionaire chairman of India's Adani Group, was indicted on Wednesday along with seven others in New York federal court for his involvement in a large-scale bribery and fraud scheme. March 2023 to May 2023In March, India's Supreme Court sets up an independent six-member panel to investigate the allegations made in the Hindenburg report. Then in May, the court-appointed panel said it has "drawn a blank" in its probe into Adani group, according to Reuters. December 2023 to January 2024By the end of 2023, Adani Enterprise shares had recovered from the fallout and concluded the year with smaller declines of 26%. Modi has been accused by opposition leader Rahul Gandhi for assisting the Adani Group in securing contracts in Sri Lanka, India and Australia.
Persons: Gautam Adani, Hindenburg, Adani, Madhabi Puri, Narendra Modi, Modi, Rahul Gandhi Organizations: Hindenburg Research, India's, Adani, Hindenburg, Adani Enterprises, Reuters, Adani Enterprise, Bloomberg, Indian, Forbes Locations: Krakow, Poland, New York, Asia, Madhabi Puri Buch, Sri Lanka, India, Australia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDevelopment of autonomous vehicle technology will lead to 'one planet, two systems': AnalystMichael Dunne of Dunne Insights says that Trump could follow China's playbook to promote production of autos in the U.S..
Persons: Michael Dunne, Dunne, Trump Locations: U.S
New research based on the findings, published in several papers Wednesday in Nature and its sister journals, represents a “leap in understanding of the human body,” according to the Human Cell Atlas consortium. Regev compared scientific knowledge of cell biology before the Human Cell Atlas initiative with a “15th century map.”“Now, years later, the resolution of the map is a lot higher,” she said. The cell atlas aims to fill in a missing link between genes, diseases and treatment therapies. During the Covid-19 pandemic, the Human Cell Atlas community used the available data to reveal that the nose, eyes and mouth were most vulnerable to infection. “It was only clear through the Human Cell Atlas data that those cells were … entry points before the virus continued into the internal organs.
Persons: , , Aviv, Daniel Montoro “, we’ve, Regev, , Sarah Teichmann, Ken, Blain, Robert Hooke, ” Teichmann, Jeremy Farrar, ” Farrar Organizations: CNN, Human Cell Atlas, Genome, Cell, Google, Human, Human Cell, Cambridge Stem Cell, UK’s University of Cambridge, Wellcome Sanger Institute, Institut, la Vision, HCL, Lyon, World Health Organization Locations: Nature, Genentech, South San Francisco , California, Cambridge, England, Paris, Lyon English
AdvertisementOfficials in two Russian regions have said public bodies won't be holding New Year's parties this year. The regions said that they're planning to redirect funds to the war in Ukraine instead, per reports. The governments of several Russian regions have decided not to hold New Year's parties, with many proposing to allocate savings to funding the war in Ukraine, according to multiple reports. The Buryatia region's Telegram account proposed using the saved funds for those participating in the war, and encouraged others to do the same. There are signs that Russia's public sector is under strain, with large layoffs planned in 2025.
Persons: Leningrad's, Vladimir Putin Organizations: New, Moscow Times, Telegraph, Church, Russian Kommersant, Atlantic Council Locations: Ukraine, Russia, Buryatia, Sakha, Ulan, Ude, Russia's, Tomsk, Saint Petersburg, Yaroslavl, Nizhny Novgorod, Russian
CNN —The avian flu virus isolated from a hospitalized teenager in Vancouver has mutations in key areas that could help the virus spread more easily in humans, scientists say. But scientists say the genetic changes are a reminder of what the virus is capable of if it continues to spread. The H5N1 bird flu virus that infected the teen, who is in critical but stable condition, is not the same strain that is transmitting in dairy cattle in the United States. The three mutations are at positions in the virus’ genome that Bloom and other scientists have determined would allow it to attach more easily to human cells. Most of the human H5N1 infections reported in the United States have had red, inflamed eyes as an early symptom, suggesting that’s where the virus entered the body.
Persons: ” Dr, Bonnie Henry, we’ve, , Jesse Bloom, “ It’s, Scott Hensley, immunologist, Hensley, Bloom, Dr, Sanjay Gupta, ” Bloom Organizations: CNN, Fred Hutchinson Cancer Center, University of Pennsylvania, CNN Health Locations: Vancouver, British Columbia, United States, Pacific Northwest, ARDS, Canadian, Washington
His conglomerate, Adani Group, builds and buys ports, factories and power plants, often under state contract or license. Mr. Adani’s business empire has become central to India during the rise of Narendra Modi, first elected as prime minister in 2014. As Mr. Modi brought India to the center of the world stage, he brought Mr. Adani in tow. Today, Mr. Adani’s flagship company is worth about 10 times more than it was at the start of the Covid-19 pandemic. On Wednesday, the U.S. government charged Mr. Adani, one of the world’s richest people, with multiple counts of fraud.
Persons: Gautam Adani, Narendra Modi, Modi, Adani Organizations: Adani, Wall Locations: India, U.S
CNN —Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security. More than half of non-retired US adults (53%) overall said they expect they will need to use Social Security to pay for necessary expenses, according to a new survey from Bankrate. Social Security benefits only replace a portion of Americans’ pre-retirement income. Indeed, only 31% of the non-retired adults surveyed said they are not planning to rely on Social Security benefits in retirement, with just 14% saying they will “not (be) at all” reliant on them. Their “normal retirement age” is 67 for the purposes of collecting Social Security benefits.
Persons: That’s, one’s, , they’ll, , Mark Hamrick, Bankrate —, , Trump, they’ve, haven’t Organizations: CNN, Social, Security, , Social Security, Bankrate, Social Security Administration Locations: United States
I moved to Italy in my 20s after a summer study abroad in Rome during my senior year of college. The most shocking cultural differences are the little things in daily lifeA big part of the "la dolce vita" concept is that life moves slower. Italy isn't as "online" as the US, so you're better off going to a place in person rather than trying to call or email. AdvertisementThe traditional Italian home, which is pretty tiny, isn't designed for people to spend a lot of time there. Seeing the way Italians live, though, has left me in awe of the typical American home, decorated to personal taste with private green space.
Persons: I'm, it's, I've Organizations: KFC, Google Locations: Italy, Rome, United States, America, , Missouri
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