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☆ Surging government red ink spurs economists' worries over a prolonged recession and market trouble
▼ + stars: | 2024-06-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Burgeoning debt and deficits are threatening to make the next recession deeper while tying the hands of policymakers, according to two leading economists. The Congressional Budget Office this week revised its estimates to paint an even bleaker version of the U.S. financial picture. Teetering on trouble In fact, Rosenberg thinks the economy already is nearing or in the early stages of recession. "With budget deficits historically high relative to an economy operating at full employment, the government could be facing double-digit budget deficits when the next downturn hits." While equity markets have largely shrugged off worries over the fiscal situation, LaVorgna and Rosenberg both insist that bond investors should pay attention.

Persons: David Rosenberg, Rosenberg, Teetering, Janet Yellen, Joseph LaVorgna, Donald Trump, LaVorgna Organizations: Congressional, Rosenberg Research, Federal, CBO, CNBC, White House, Nikko Securities, National Economic Council Locations: U.S

☆ Inflation slows in May, with consumer prices up 3.3% from a year ago
▼ + stars: | 2024-06-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday. The monthly rate rose 0.3% in April while the annual rate was 3.3%. Though the top-line inflation numbers were lower for both the all-items and core measures, shelter inflation increased 0.4% on the month and was up 5.4% from a year ago. Housing-related numbers have been a sticking point in the Federal Reserve's inflation battle and make up a heavy share of the CPI weighting. Though the Fed doesn't use the CPI as its main inflation indicator, it still figures into the calculus.

Persons: Dow Jones, Price, Robert Frick, Joseph LaVorgna, FOMC Organizations: department's Bureau of Labor Statistics, Labor Department, Treasury, Dow Jones, Navy Federal Credit Union, Federal Reserve, CPI, Nikko Securities, Commerce Locations: U.S

CNBC reached out to the SEC about the recent batch of Wells notices sent to crypto firms, and an agency spokesperson declined to comment. Exchanges, both centralized and decentralized, would be forced to choose between registering with the SEC, or delisting ether altogether. watch nowBoth Consensys and Uniswap suggest the SEC's broad approach to classifying securities may be outdated. "The SEC is arguing that the Uniswap protocol is an unregistered securities exchange, and that the Uniswap interface and wallet are both unregistered broker brokers," Ammori said. Uniswap argues in its response to the SEC that the majority of its trading volume is obvious nonsecurities, like ether, bitcoin and stablecoins.

Persons: Marvin Ammori, “ Ammori, Wells, Consensys, overreach, Joseph Lubin, Lubin, “, —, Christopher Gerold, Laura Brookover, Brookover, ethereum, Bill Hinman, Hinman, Patrick McHenry, Gary, Crypto, haven't, Uniswap, Ammori, there's, Alma Angotti, Guidehouse, Coinbase, We've, Christina Rea, We're, CNBC's Jordan Smith Organizations: Securities and Exchange Commission, Uniswap, SEC, Ethereum Foundation, CNBC, Security, New, New Jersey Bureau of Securities, Consensys, Securities, Exchange Commission's, of Corporation Finance, Rep, Robinhood Locations: U.S, Lubin, New Jersey, ethereum, R

☆ All the data so far is showing inflation isn't going away, and is making things tough on the Fed
▼ + stars: | 2024-04-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Finally, consumers are dipping into savings to fund those purchases, creating a precarious scenario, if not now then down the road. With unemployment under 4%, it shouldn't be that surprising that prices aren't" going down, said Joseph LaVorgna, chief economist at SMBC Nikko Securities. So you might have a sticky inflation scenario." "If inflation remains higher, the Fed will be faced with the difficult choice of pushing the economy into a recession, abandoning its soft-landing scenario, or tolerating inflation higher than 2%," Sanders said. "To us, accepting higher inflation is the more prudent option."

Persons: Justin Sullivan, Joseph LaVorgna, LaVorgna, Donald Trump, Biden, Mike Sanders, Sanders Organizations: Getty, Federal Reserve, Commerce Department, Nikko Securities, National Economic Council, Madison Investments Locations: San Rafael , California, U.S

☆ 2 Police Officers Are Killed in Shootout Near Syracuse, N.Y.
▼ + stars: | 2024-04-15 | by ( Jin Yu Young | More About Jin Yu Young | ) www.nytimes.com time to read: 1 min

Two police officers were killed in a shootout on Sunday evening as they investigated a stolen vehicle in an upstate New York town near Syracuse, the authorities said. The two officers were investigating a parked vehicle in Salina, N.Y., when a suspect shot at them, Syracuse Police Chief Joseph L. Cecile told reporters early Monday morning. Several people were shot in the ensuing shootout, including an officer from the Syracuse Police Department, a sheriff’s deputy from Onondaga County and one male suspect, the police said. Those three were later pronounced dead at a nearby hospital. Earlier in the evening, around 7 p.m.., two Syracuse officers tried to stop what they had determined to be a suspicious vehicle, but the driver drove off, the police said.

Persons: Joseph L, Cecile Organizations: Syracuse Police, Syracuse Police Department, Syracuse Locations: New York, Syracuse, Salina , N.Y, Onondaga County

☆ Hot inflation data pushes market’s rate cut expectations to September
▼ + stars: | 2024-04-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Three months of inflation data have brought those expectations back down to earth. "Not that you've put a pin in inflation getting to the Fed's target, but it's not happening imminently." The 2-year Treasury note , which is especially sensitive to Fed rate moves, jumped to 4.93%, an increase of nearly 0.2 percentage point. The pricing in of seven rate cuts earlier this year was completely at odds with indications from Fed officials. However, when policymakers in December raised their "dot plot" indicator to three rate cuts from two projected in September, it set off a Wall Street frenzy.

Persons: Michael M, Liz Ann Sonders, Charles Schwab, you've, There's, Today's, Phillip Neuhart, Joseph LaVorgna, Schwab's Sonders, Sonders Organizations: New York Stock Exchange, Santiago, Getty, Federal, Labor, CPI, Fed, Traders, First, Bank Wealth, Dow Jones, Treasury, Nikko Securities, Atlanta Fed Locations: New York City

☆ JPMorgan drops its recession call for the first half and now sees a 55% chance of a soft landing for the global economy
▼ + stars: | 2024-04-09 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

JPMorgan scrapped its recession forecast for the first half of 2024 and now sees 55% odds of a soft landing. The bank sees a 30% chance that global expansion persists without major policy easing. AdvertisementJPMorgan has backed off from its recession forecast for the first half of 2024 and says it now sees a 55% chance of a "soft landing" for the global economy through late next year. Related storiesBut now, with upbeat data painting a rosier picture, the bank sees a 55% chance of a soft landing scenario extending through at least the end of next year. On the earnings side, corporates in developed markets surpassed expectations last year, with margins holding close to record highs, demonstrating surprisingly resilient profitability despite high policy rates.

Persons: —, Bruce Kasman, Joseph Lupton, Kasman, Lupton, Jamie Dimon, Dimon Organizations: JPMorgan, Service

☆ Friends, Allies and Even Former Rivals Eulogize Joseph Lieberman
▼ + stars: | 2024-03-27 | by ( Chris Cameron | ) www.nytimes.com time to read: 1 min

Friends, allies and former rivals of Joseph I. Lieberman, who died on Wednesday, offered condolences and praise for the four-term senator from Connecticut who was once a standard-bearer of the Democratic Party. Mr. Lieberman, who was Al Gore’s running mate in the 2000 presidential election, had made his presence felt in politics long after his defeat in that race. He was the deciding Senate vote that led to the passage of the Affordable Care Act, allowing him to veto specific provisions like a public health insurance option. He had also more recently aided the centrist organization No Labels in its search for a 2024 presidential candidate. “Senator Lieberman leaves behind a void that cannot be filled,” the group said in a statement.

Persons: Joseph I, Lieberman, Al Gore’s, ” Organizations: Democratic Party, Mr, Affordable Locations: Connecticut

☆ Fed Chair Powell testifying to House on Wednesday. What investors are expecting
▼ + stars: | 2024-03-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Jerome Powell, chair of the Federal Reserve, during a House Financial Services Committee hearing in Washington, D.C., on June 21, 2023. The past several months have seen a changing dynamic between financial markets and the Fed over the pace and timing of expected interest rate cuts this year. Markets have had to adjust their collective view from a highly accommodative central bank to one that's more cautious and deliberate. Central to the question of how the Fed acts from here on out is its view on inflation and how Powell expresses that. Powell will have to synthesize the recent trends carefully as he speaks first to the House Financial Services Committee on Wednesday, then the Senate Banking Committee the day after.

Persons: Jerome Powell, Nathan Howard, Powell, Quincy Krosby, He's, it's, Joseph LaVorgna, Steven Ricchiuto, Sharp Organizations: Federal, Financial, Washington , D.C, Bloomberg, Getty, Capitol Hill, Fed, LPL, CME Group, Banking Committee, Nikko Securities, Big Tech, Mizuho Securities, Market Locations: Washington ,

☆ Amid Florida’s Measles Outbreak, Surgeon General Goes Against Medical Guidance
▼ + stars: | 2024-02-23 | by ( Dani Blum | ) www.nytimes.com time to read: +1 min

As a cluster of measles cases grew in an elementary school in southern Florida, the state’s surgeon general sent a letter to parents that contradicted widespread medical guidance about how to keep the disease from spreading. Doctors and health officials typically recommend that children who are not vaccinated for measles isolate for 21 days after they have been exposed at school. However, the state Department of Health “is deferring to parents or guardians to make decisions about school attendance,” the letter, sent to parents at Manatee Bay Elementary School in Weston, Fla., continued. Dr. Ladapo added that these recommendations might change in the future and stressed that children with measles symptoms should not go to school. As of Friday, there were six confirmed cases at the school, according to Broward County Public Schools.

Persons: Joseph Ladapo, of Health “, Ladapo Organizations: of Health, Manatee Bay Elementary, Broward County Public Schools Locations: Florida, Weston , Fla, Broward

☆ Republicans to grill James Biden behind closed doors in critical interview as GOP looks for lifeline in impeachment probe
▼ + stars: | 2024-02-21 | by ( Annie Grayer | ) edition.cnn.com time to read: +11 min

Hunter Biden is expected to show for his closed-door interview next week, after intense deliberations that almost collapsed. The first check Republicans revealed went to Joe Biden in 2018 for $200,000 from James Biden and James’ wife Sara Biden. What other Biden family business associates have saidBeyond Fox and Langston, Republicans have recently interviewed a number of key Biden family business associates. Walker also attended a 2017 business meeting with Hunter Biden and Chinese business associates, where Joe Biden made an appearance. Another longtime Biden family business associate, Eric Schwerin, performed administrative and bookkeeping tasks for then-Vice President Joe Biden from 2009 to 2017.

Persons: Joe Biden, Hunter, James, Wednesday, Biden, Hunter Biden, Mike Johnson, —, David Weiss, Hunter Biden’s, Alexander Smirnov, Robert Hur’s, Biden’s, James Biden, James ’, Sara Biden, ”, James Comer, Comer, Carol Fox, ‘ Biden, ’, Fox, James Biden’s, Joseph Langston, Langston, “, “ Jimmy Biden, ” Langston, Rob Walker, Walker, Biden —, ” Walker, ‘, ’ ”, Eric Schwerin, ” Schwerin, Mervyn Yan, Kevin Morris, Tony Bobulinski, Georges Bergès, White, Bergès, ” Bergès Organizations: Republicans, GOP, CNN, FBI, Burisma Holdings, undercutting, White, Democratic, Banking, Republican, Biden, Kentucky Republican, Fox, Langston, “, White House Locations: South Korea, Washington ,, China, Kentucky, Americore, Romania, American

☆ Bitcoin money launderer Ian Freeman ordered to pay $3.5 million to romance scam victims
▼ + stars: | 2024-02-13 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Ian Freeman outside of the federal courthouse in Concord, New Hampshire, in April 2023. Prosecutors said that he laundered proceeds of scams by exchanging dollars for the popular cryptocurrency, charging "exorbitant fees" in the process. Freeman earned more than $1 million through his business, which he had not registered as legally required with the Financial Crimes Enforcement Network, prosecutors said. "Freeman instructed bitcoin customers, who were often victims of scams, to lie to the financial institutions and describe their deposits as church donations. From 2016 to 2019, he paid no taxes, and concealed his income from the Internal Revenue Service," the office said.

Persons: Ian Freeman, Freeman, laundered, Ian, Jane Young, Joseph Laplante Organizations: cryptocurrency, U.S ., Prosecutors, Financial, Network, New Hampshire U.S, U.S, District, Shire Free Church, of, Internal Revenue Service Locations: Concord , New Hampshire, New Hampshire, U.S, Shire, of New Hampshire

☆ Opinion: Why Ron DeSantis turned out to be a loser
▼ + stars: | 2024-01-29 | by ( Opinion Ilene Prusher | ) edition.cnn.com time to read: +8 min

Ron DeSantis was touted as a rising star with a clear path leading to the Republican nomination in 2024 and possibly into the White House itself. DeSantis also championed the policies that Trump voters claimed to want more of, like a hard line on abortion, expanded gun access and removing progressive prosecutors. The thing that DeSantis didn’t have over the billionaire reality TV star-turned-president – Trump’s personality – turned out to be a fatal flaw. Marco Rubio and Rick Scott – were unwilling to lend their support to DeSantis’ flailing campaign, endorsing Trump instead. Or one could look at DeSantis’ charmless offensive and conclude that his presidential ambitions will never be more than that – ambitions.

Persons: ”, “ Donald Trump, Ron DeSantis, Prusher Jordana Miller, DeSantis, –, Joe Biden, Scott Maxwell, “, “ Ron DeSantis ’, Mickey Mouse, ” Ana Navarro, Gary Fineout, Trump, Ron DeSanctimonious, doesn’t bode, Brandon Girod, Democrat Andrew Gillum, Joseph Ladapo, Marco Rubio, Rick Scott –, ’, Hillary Clinton, Barack Obama –, Clinton Organizations: Florida Atlantic University, CNN, New, Florida Gov, Republican, Harvard Law School, Yale University, Trump, Orlando Sentinel, Disney, Business, POLITICO, Florida Republicans, DeSantis, White, Pensacola News, Democrat, Sens, Democratic, Twitter, Facebook Locations: Florida, Iowa, New Hampshire, Miami, POLITICO Florida, Tallahassee, Sunshine

☆ British billionaire Joe Lewis pleads guilty to insider trading, securities fraud
▼ + stars: | 2024-01-24 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

British billionaire and Tottenham Hotspur owner Joe Lewis exits the United States Courthouse in Manhattan, following his appearance on insider trading charges, in New York City, U.S., July 26, 2023. British billionaire Joseph Lewis pleaded guilty Wednesday in New York federal court to securities fraud related to insider trading. Lewis' company, Broad Bay Ltd., also pleaded guilty in the same proceeding to participating in a scheme to hide his ownership of shares of a pharmaceutical company by making false filings and misleading financial statements. "Now, he will pay the price with a federal conviction, the prospect of time in prison, and the largest financial penalty for insider trading in a decade." Lewis, 86, faces a maximum possible sentence of 20 years in prison on the charges he pleaded guilty to in U.S. District Court in Manhattan: one count of conspiracy to commit securities fraud, and two counts of securities fraud.

Persons: Joe Lewis, Joseph Lewis, Lewis, Broad, Damian Williams Organizations: Tottenham Hotspur, United, Broad, Broad Bay Ltd, Manhattan U.S Locations: Manhattan, New York City, U.S, New York, Broad Bay

NEW YORK (AP) — British billionaire Joe Lewis, whose family trust owns the Tottenham Hotspur soccer club, pleaded guilty Wednesday to insider trading and conspiracy charges in New York. The 86-year-old businessman entered the plea in Manhattan federal court six months after he was charged in the case. U.S. Attorney Damian Williams said the plea deal includes the largest financial penalty for insider trading in a decade. Broad Bay Limited, which Lewis owns, will pay more than $50 million in financial penalties, the prosecutor said in a release. Federal sentencing guidelines call for a prison sentence of between 18 and 24 months, though Lewis can seek less than that.

Persons: Joe Lewis, Lewis, Damian Williams, —, Joseph Lewis, Williams, Forbes, Lewis ’, Picasso, Matisse, Degas, Woods, Ernie Els, Justin Timberlake, Prosecutors, Jennifer Peltz Organizations: Tottenham Hotspur, Broad, U.S, Premier League, Lewis ’ Tavistock Group, Associated Locations: British, New York, Manhattan, United States, oceanside

The only evidence linking Sandra Hemme to the 1980 killing of St. Joseph library worker Patricia Jeschke is the “wildly contradictory” and “factually impossible” statements she made to detectives while she was a patient at a psychiatric hospital, her attorneys say. The hearing to present evidence of her innocence was granted after her attorneys filed a 147-page petition laying out their claims. If Hemme is exonerated, her prison term would mark the longest known wrongful conviction of a woman in U.S. history. Hemme’s legal team said evidence instead points to Michael Holman, a 22-year-old police officer who was investigated for insurance fraud and burglaries and later went to prison. His truck was also seen in the area of the killing; the alibi he provided about why he was nearby could not be corroborated.

Persons: Sandra Hemme, Joseph, Patricia Jeschke, Ryan Horsman, Hemme, Steven Fueston, Michael Holman, Holman, Jeschke’s Organizations: Kansas City Star, Joseph Police Department, Joseph State Hospital Locations: CHILLICOTHE, Mo, Missouri, Sandy, Livingston County, “

Learn more about the Chase Sapphire Reserve credit card, and other best credit cards for airport lounge access. Here's a look inside the Chase Sapphire Lounge LaGuardia, and why this lounge is particularly impressive for both Chase Sapphire Reserve cardholders and affluent travelers. Only $550-per-year Chase Sapphire Reserve® credit cardholders have unlimited access to US Sapphire Lounges through Priority Pass. The family room at the Chase Sapphire Lounge in LaGuardia is perfect for people traveling with young children. Chase's network of Chase Sapphire Lounges is growing quickly, with prior locations in Boston and Hong Kong and a smaller space called the Chase Sapphire Terrace in Austin.

Persons: LaGuardia, —, Chase, cardholders, Brooklyn, Joseph Leonard, Joe, There's, Chase Chase isn't, John F Organizations: Chase, Chase Sapphire Reserve, Service, New, LaGuardia Airport's, Chase Sapphire, The Club, LaGuardia, Air Canada, American Airlines, JetBlue Airways, Southwest Airlines, United Airlines, Delta Air Lines, Sky Club, Sapphire, Sapphire Reserve, Chase Sapphire Reserve LaGuardia Food, Joe Coffee Company, Spa, Face, New York, Kennedy International Airport, Etihad Airways Locations: New York City, LaGuardia, Manhattan, New, Boston, Hong Kong, Austin

☆ Here's what it would take for the Fed to start slashing interest rates in 2024
▼ + stars: | 2023-11-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

"In a different cycle, when inflation hadn't spiked so much, I think the Fed would have been cutting rates already. "If the real fed funds rate continues to go higher as I expect it will, then you'd want to offset that through rate cuts. And the amount of rate cuts I think they're going to have to do is a relatively large amount." "I think there's a real risk of a hard landing if the Fed doesn't start cutting rates pretty soon," the head of Pershing Square Capital Management added. However, even some of the historically more dovish Fed officials aren't showing their hands on when they think cuts will come.

Persons: Valerie Plesch, Kathy Jones, Charles Schwab, Christopher Waller, Michelle Bowman, Waller, Bowman, Joseph LaVorgna, Donald Trump, Chris Marangi, Bill Ackman, Ackman, David Rubenstein, Raphael Bostic, Thomas Barkin Organizations: Eccles Federal, Bloomberg, Getty, Federal Reserve, Fed, Nikko Securities America, National Economic Council, CME Group, Stocks, Gabelli, Market, Pershing, Capital Management, Atlanta Federal Reserve, Richmond Locations: Washington , DC, Atlanta

☆ A Masterpiece About a Masterpiece, for All Ages
▼ + stars: | 2023-11-17 | by ( Joseph Luzzi | ) www.nytimes.com time to read: +2 min

We label these works children’s classics, but really they’re a literary wake-up call, as books like Carlo Collodi’s “The Adventures of Pinocchio” and E.B. Roberto Piumini, a legendary Italian author of children’s stories, wrote such a book in 1987. Considered his masterpiece, GLOWRUSHES (NYRB Kids, 128 pp., paperback, $13.99, ages 9 to 12) is now out in a graceful English translation by Leah Janeczko that captures the sprezzatura and spare elegance of the original. Ostensibly, Sakumat’s assignment is to decorate the interior realm that Madurer can never leave. In truth, his colors and lines must provide the windows to an outside world that Madurer’s medical destiny cruelly denies him.

Persons: Roberto Piumini, Leah Janeczko, Carlo Collodi’s “, Pinocchio ”, Lord Ganuan, Madurer, Sakumat, Ganuan Locations: Italian, Turkish, Malatya

☆ Beijing Bishop Visits Hong Kong Amid Tensions Between China and Vatican
▼ + stars: | 2023-11-14 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Jessie Pang and Joyce ZhouHONG KONG (Reuters) - China's state-backed Bishop of Beijing visited Hong Kong on Tuesday amid fears among some Catholics that Beijing wants tighter control over religious affairs in Hong Kong. The visit is the first trip by a mainland Chinese bishop since the former British colony was returned to China in 1997 and follows a landmark visit to the Chinese capital by his Hong Kong counterpart in April. Hong Kong has traditionally been seen as a regional Catholic hub on the edge of the Chinese mainland under officially-atheist Communist Party rule. Hong Kong has 600,000 Catholics. Tensions between Beijing and the Vatican over the appointment of bishops saw a confidential pact struck in 2018.

Persons: Jessie Pang, Joyce Zhou HONG, Bishop, Pope, Bishop Joseph Li, Li, of Hong Kong Stephen Chow, Chow, Cardinal Joseph Zen, Zen, Tyrone Siu, Joyce Zhou, Michael Perry Organizations: Reuters, Hong, Hong Kong Catholic Cathedral, Hong Kong Liaison Office, Communist Party Locations: Joyce Zhou HONG KONG, Beijing, Hong Kong, China, of Hong Kong, Vatican, China . Hong Kong, Asia

☆ Jeremy Lin: Basketball star revels in Taiwan homecoming with younger brother playing on same team
▼ + stars: | 2023-11-14 | by ( Andrew Mcnicol | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Former NBA sensation Jeremy Lin launched a “dream” 14th professional basketball season by playing alongside his younger brother last week in Taiwan, the island his parents left to emigrate to the United States. While playing for the Santa Cruz Warriors in the NBA G League amid the Covid-19 pandemic in 2021, Lin claimed he had been called “coronavirus” on court. By the end of the year, Lin had moved to the Chinese Basketball Association’s Beijing Ducks, and later the Guangzhou Loong Lions, in a chapter that was somewhat soured by the country’s strict pandemic regulations. Matt Beyer, co-founder and CEO of East Asia Super League and former agent for Chinese NBA trailblazer Yi Jianlian, said the impact of Lin’s presence in the region could not be underestimated. To have him now playing in the East Asia Super League is a huge draw for the fans.”

Persons: Hong Kong CNN —, Jeremy Lin, –, Joseph Lin, Lin, ”, Joseph, Matt Beyer, Yi Jianlian, ” Beyer, ‘ you’re Organizations: Hong Kong CNN, Hong Kong CNN — Former NBA, New, New Taipei City, South Korea’s SK Knights, Asian Super League, Fubon Braves, New York Knicks, NBA, Toronto Raptors, Santa Cruz Warriors, League, Asian, Basketball Association’s Beijing Ducks, Guangzhou Loong Lions, Taiwan’s Kaohsiung Steelers, East Asia Super League, Harvard, East Asia Super Locations: Hong Kong, Taiwan, United States, New Taipei, New Taipei Kings, Taiwan’s, California, Taipei, China

☆ Don Laughlin, Who Turned a Patch of Desert Into a Casino Mecca, Dies at 92
▼ + stars: | 2023-11-01 | by ( Adam Nossiter | More About Adam Nossiter | ) www.nytimes.com time to read: +1 min

The principal of the one-room schoolhouse he attended for high school was not amused. “He said to get out of the gambling business or get out of high school,” Mr. Laughlin told The Review-Journal. By 1954 he had saved enough to buy a restaurant in North Las Vegas, the 101 Club. But Mr. Laughlin was restless. He learned to fly — it became his passion — and began scouting the state for an alternative to Las Vegas.

Persons: Donald Joseph Laughlin, Raymond, Olive, Donald, “, ” Mr, Laughlin, ‘, — Locations: Laughlin, Owatonna, Minn, Minneapolis, Las Vegas, United States, North Las Vegas, Vegas, Nevada, Arizona, California, Colorado

A Palestinian fighter of the Al-Quds brigade in a military tunnel in the northern Gaza Strip last year. Overnight on Saturday, Israeli fighter planes struck 150 underground targets in the northern Gaza Strip, the Israeli military said. The group’s leader in Gaza, Yahya Sinwar, said in 2021 that there were 310 miles of tunnels in Gaza. Ben Milch, an Israeli American who cleared tunnels with the Israeli military during the 2014 Gaza War, said his unit came under fire repeatedly while working to destroy some 13 tunnels. After the Israeli military announced on Tuesday that it had destroyed the tunnel to the sea, it released a video of another incident.

Persons: “, Israel, ”, Joseph L, Sergey Ponomarev, Yocheved, Daniel Hagari, Votel, Joel Roskin, Roskin, Ali Ali, Daphne Richemond, Barak, Yahya Sinwar, Yousef Masoud, ” Ms, Richemond, Ms, Amir Olo, Olo, Ben Milch, Milch, Uriel Sinai, Jeffrey Gettleman, Gal Koplewitz Organizations: Hamas, Israel Defense Forces, U.S, United States Central Command, The New York Times, Islamic, Iraqi, ISIS, Bar, Ilan University, European Pressphoto Agency, Reichman University, telltale, RAND Corporation, West Bank, Officials Locations: Al, Quds, Gaza, Israel, Israeli, Iraqi, Mosul, Al Shifa, Israel’s, Egypt, Northern Sinai, Khan Younis, Col, Israeli American, Kissufim, The, Zikim Beach, Jerusalem

☆ The economy probably showed gangbuster growth in the third quarter. But will it last?
▼ + stars: | 2023-10-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

If the projection is correct, it will be the strongest output since the fourth quarter of 2021, when growth was just shy of 7%. However, policymakers, economists and markets will be focused more on forward-looking signals from an economy that repeatedly has defied expectations. For Q3, GDPNow is projecting growth of 5.4%, with more than half — 2.77 percentage points — to come from consumer spending. That expectation intensified during a brief banking industry crisis in March 2023 that the Fed expected would constrain credit enough to bring about a downturn. Central bank officials have raised rates aggressively while professing to not want to drag the economy into recession.

Persons: Spencer Platt, Dow, Joseph LaVorgna, Goldman Sachs, Donald Trump, LaVorgna, Steven Ricchiuto, Ricchiuto, —, Quincy Krosby, that's Organizations: Getty, Gross, Dow Jones, Commerce Department, Nikko Securities America, Federal Reserve, Fed, White, Mizuho Securities USA, Department, Treasury, LPL Locations: Manhattan, New York City, U.S

☆ The U.S. economy is extremely resilient, says economist Betsey Stevenson
▼ + stars: | 2023-10-20 | 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 EmailThe U.S. economy is extremely resilient, says economist Betsey StevensonJoseph LaVorgna, SMBC Nikko Securities America chief economist, and Betsey Stevenson, professor of economics at the University of Michigan, join 'Squawk on the Street' to discuss where the Federal Reserve goes from here, their thoughts on the overall economy, and more.

Persons: Betsey Stevenson Joseph LaVorgna, Betsey Stevenson Organizations: Nikko Securities America, University of Michigan, Federal

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