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☆ Union members reject deal with Boeing, prolonging strike
▼ + stars: | 2024-10-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —The strike by 33,000 workers at Boeing will continue after rank-and-file union members rejected an offer from the company in a vote on Wednesday and decided to remain on the picket lines instead. The membership of the International Association of Machinists voted 64% against the deal, the union announced late Wednesday. “Our members deserve more,” said Jon Holden, the president of the largest IAM local at Boeing and its chief negotiator. The offer would have raised wages for IAM members at Boeing by 35 percentage points over the four-year life of the contract, with an immediate 12% raise. Loss of pension a ‘sticking point’Among the major issues for many members was the loss of a traditional pension plan.

Persons: “, ”, Jon Holden, Holden, haven’t, Seth Seifman, Seifman, Kelly Ortberg, ” Ortberg, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, IAM, Union, JPMorgan Chase, Alaska Airlines, Federal Aviation Administration, Airbus Locations: New York

☆ A college student who tracks Elon Musk and Mark Zuckerberg's private jets says his Threads accounts have been suspended
▼ + stars: | 2024-10-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Jack Sweeney's Threads accounts that track the flight paths of private jets have been suspended. AdvertisementJack Sweeney, a college student who tracks the private jets of several high-profile people, including Elon Musk and Mark Zuckerberg, says his Threads accounts have been suspended. He said he received no warnings or communications from the Big Tech company before the accounts were suspended. AdvertisementThe college student first made headlines in 2022 after Musk offered him money to stop publicly sharing his flight information. In December 2022, Sweeney's jet-tracking accounts were suspended by X. Musk, who took over the social media company months earlier, called the accounts a "physical safety violation."

Persons: Jack, Elon Musk, Taylor Swift, —, Jack Sweeney, Mark Zuckerberg, Sweeney, Kim Kardashian, Donald Trump, Zuckerberg, Swift, Musk Organizations: Meta, Service, Elon, Big Tech, Meta's, Business, US Federal Aviation Administration, Twitter, University of Central, X Locations: University of Central Florida, Orlando

☆ Former Abercrombie & Fitch CEO Mike Jeffries arrested in sex-trafficking case
▼ + stars: | 2024-10-22 | by ( Alex Bitter | Natalie Musumeci | ) www.businessinsider.com time to read: +2 min

Former Abercrombie & Fitch CEO Mike Jeffries has been arrested, a person familiar said. A lawyer for Jeffries told BI that the ex-CEO would respond to the allegations in court. AdvertisementFormer Abercrombie & Fitch CEO Mike Jeffries has been arrested on charges related to sex trafficking, a source with knowledge of the situation told Business Insider. A third man who allegedly facilitated the trafficking was arrested in Wisconsin, the Journal said. Abercrombie & Fitch declined to comment to BI.

Persons: Mike Jeffries, Jeffries, —, Jefferies, Matthew Smith, Brian Bieber, Smith, Fitch Organizations: Abercrombie, Fitch, BI, Service, Business, Street Journal, Brooklyn US, BBC Locations: Florida, Wisconsin, Brooklyn

A mid-October poll by The Associated Press measured which of the two candidates voters trust on a variety of economic issues. Harris’ campaign declined to say where she wants to set the federal minimum wage, which is currently $7.25 per hour. Former President Donald Trump answers questions as he works the drive-thru line at a McDonald's on Oct. 20 in Feasterville-Trevose, Pa. “Donald Trump is running on a middle-class tax hike, Kamala Harris is running on a middle-class tax cut,” Harris campaign spokesperson James Singer said. “Working families like rank-and-file Teamsters overwhelmingly support President Trump because only he will Make America Wealthy, Strong, and Great Again.”

Persons: Donald Trump’s, Kamala Harris, Harris, Trump, ”, Kent Smetters, Sen, Chris Caldwell, Harris ’, Smetters, —, hasn’t, Joe Biden, Donald Trump, Win McNamee, “ Donald Trump, ” Harris, James Singer, “, Anna Kelly Organizations: Biden, Tufts University, Trump, University of Pennsylvania’s Wharton School, Daily, Wharton, Democratic, The Associated Press, Voters, Bureau of Labor Statistics, Economic, Institute, Republican National, Teamsters, America Locations: Pennsylvania, McDonald’s, Las Vegas, U.S, Arizona, Feasterville, Pa, China, Communist

☆ Tentative deal announced to end Boeing strike
▼ + stars: | 2024-10-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —A tentative deal has been reached to end the five-week-long strike at troubled aircraft maker Boeing, the union announced to its 33,000 striking members early Saturday. Rank-and-file already nearly unanimously rejected a previous tentative agreement, precipitating the first strike at the company in 16 years. Many union members had expressed anger over the loss of the pensions. The union credited Acting Labor Secretary Julie Su with brokering the deal in indirect talks between the union and management. A week after that deal was rejected, Boeing improved its offer to 30% in wage increases over the four-year deal, terming that its best and final offer.

Persons: Kelly Ortberg, Julie Su, Su, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, International Longshoremen’s Association, Gulf, Airbus, Alaska Airlines, Federal Aviation Administration Locations: New York

Donald Trump overcharged Secret Service agents protecting him and his family for rooms at his hotel in Washington while he was president, a new report from House Democrats alleges. The report points specifically to Nov. 28, 2017, when the Secret Service paid $600 apiece for several rooms for agents guarding Trump’s son Eric and his wife, Lara. On the same night, records show, more than 80 rooms were rented out at the Trump hotel at less than $600 a night. Craft booked rooms at the Trump hotel on 20 nights over the 11-month period, spending close to $30,000. But emails the committee obtained from the State Department show she insisted she stay at the Trump hotel.

Persons: Donald Trump, Trump, Trump's, —, Trump’s, Eric, Lara, Kelly Craft, Craft, Albert Pirro, Jeanine Pirro, Pirro, “, Mazars Organizations: Secret, Democrats, Trump International, NBC News, Trump, Trump Corporation of jacking, Secret Service, Democratic, Trump Cabinet, United Nations, State Department, Fox News, Trump Corporation, Republicans Locations: Washington, Trump's Washington, Canada, Craft, Maryland, Doral, Florida

☆ 5 things to know about the mystery $30 million whale moving betting markets toward Trump
▼ + stars: | 2024-10-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +7 min

Since the start of October, there's been a notable divergence between the betting markets and the polls. Where do election odds stand in betting markets now? What's going on with the 'Trump whale' in the betting markets? Is the $30 million 'Trump whale' an influence campaign? Because the betting markets are relatively illiquid, a $30 million bet can have a big influence on moving the odds in favor of Trump.

Persons: Harris, —, Donald Trump, Kamala Harris, there's, Will Donald Trump, Polymarket, Peter Thiel, ethereum's, Vitalik Buterin, Joe Gebbia, Trump, Kalshi, What's, Michie, Arkham, Adam Cochran, Cochran, Elon Musk, Mitt Romney, Barack Obama Organizations: Trump, Service, Street, Arkham Intelligence, Republican Locations: Polymarket, Crunchbase, Wisconsin , Michigan, Pennsylvania, Nevada

☆ Boeing’s crisis is getting worse. Now it’s borrowing tens of billions of dollars
▼ + stars: | 2024-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

In a regulatory filing early Tuesday, the company announced plans to borrow $10 billion from a consortium of banks. The company’s debt surged in the last six years as Boeing reported core operating losses of more than $33 billion. On Friday, Boeing’s new CEO Kelly Ortberg announced plans to cut 10% of its worldwide staff of 171,000 workers. Boeing’s offer to increase the raises to 30% over the life of the deal was also rejected by union negotiators. And Airbus doesn’t have the capacity to take on Boeing’s orders.

Persons: New York CNN —, Boeing’s, Kelly Ortberg, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, IAM, Federal Aviation Administration, Alaska Airlines, Airbus Locations: New York

☆ CNBC Daily Open: With a stagnant PPI, the Fed’s nearly at the finish line
▼ + stars: | 2024-10-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Winning week for marketsAll major U.S. indexes rose Friday on the back of encouraging inflation data and positive earnings from big banks. That gave them a winning week. Banks' earnings in good shapeJPMorgan Chase , the biggest bank in the U.S., reported third-quarter earnings and revenue that beat estimates.

Persons: Jerome Powell, Europe's, Tesla's, Tesla, Elon Musk, Musk, of Finance Lan Fo'an, Lan, Banks, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley Organizations: US Federal Reserve, National Association of Business Economics, CNBC, of Finance, JPMorgan, It's Bank of America Locations: Nashville , Tennessee, U.K, China, Beijing, U.S

☆ SpaceX gets green light for fifth Starship test flight
▼ + stars: | 2024-10-12 | by ( Jackie Wattles | ) edition.cnn.com time to read: +8 min

CNN —Federal regulators granted SpaceX its long-awaited license to move forward with a fifth uncrewed test launch of Starship, the most powerful rocket system ever constructed. The FAA had been expected to hand down a license for this test launch weeks ago. SpaceX has also publicly denied reports that the company violated wastewater regulations with the deluge system, which SpaceX says uses potable water. Notably, the company launched a 2020 test flight of a prototype rocket, called Starship SN8, without obtaining prior approval from the FAA for a public safety waiver. At one point in 2023, for example, he said that he did not blame the FAA for holding up Starship launches.

Persons: “, Artemis, Elon Musk, ”, Mike Whitaker, Whitaker, SpaceX’s, ” Whitaker, Patrick T, Fallon, SpaceX, didn’t, Biden, Donald Trump —, Whitaker “, ” Musk, Jose Luis Magana, Kevin Kiley, they’re Organizations: CNN, SpaceX, US Federal Aviation Administration, NASA, FAA, ”, Super, Getty, Texas Commission, Environmental, Environmental Protection Agency, Committee, Transportation, Aviation, US, Infrastructure, Republican Locations: Boca Chica , Texas, Texas, AFP, California

☆ Influencers rode out Hurricane Milton for the content. Why are we watching?
▼ + stars: | 2024-10-12 | by ( Clare Duffy | ) edition.cnn.com time to read: +6 min

He then decided to stay put for Hurricane Milton, posting about his prep and decision to ride out the latest storm. But the trend was a reminder of how social media can make dangerous situations worse. TikTok also directed users who watched or searched for Hurricane Milton content to information from the US Federal Emergency Management Agency. But social media users (myself absolutely included) also incentivize this kind of creator behavior, by scrolling and watching. Many of the creators who shared content from the heart of the storm racked up thousands of likes and comments.

Persons: Milton, Instagram influencer, “, Why’s y’all, Hurricane Helene, Hurricane Milton, Hurricane Helene —, it’s, ”, Brooke Erin Duffy, ” Duffy, TikTok, Instagram, Duffy, Krysten Stein, ” Stein Organizations: New, New York CNN, Sarasota, Tampa, Hurricane, Cornell University ., Hurricane Milton, Federal Emergency Management Agency, CNN, University of Cincinnati Blue Ash College, “ Locations: New York, Florida, Sarasota, Tampa, Hurricane

☆ Ryan Salame: Former top FTX executive has updated his LinkedIn profile. His new role? Prison inmate
▼ + stars: | 2024-10-11 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

But former FTX executive Ryan Salame made an unorthodox update to his profile on the site Thursday, as he began a prison sentence following the collapse of the cryptocurrency exchange. Ryan Salame leaves a Manhattan court after pleading guilty to criminal charges in September 2023. In September last year, Salame pleaded guilty to making tens of millions of dollars’ worth of unlawful campaign donations to causes supported by his boss. Prosecutors said Salame, Bankman-Fried and former FTX engineering chief Nishad Singh used FTX customer funds to donate to political candidates supporting crypto-friendly legislation. Salame pleaded guilty to one count of conspiracy to make unlawful political contributions and one count of conspiracy to operate an unlicensed money transmitting business.

Persons: you’ve, Ryan Salame, “, ”, Spencer Platt, Salame, ” Salame, Sam Bankman, Prosecutors, Nishad Singh, ” Damian Williams, FTX, Fried Organizations: CNN, FCI Cumberland, Getty, FTX’s, Republican, United, Southern, of, Reuters, Alameda Research Locations: Manhattan, Maryland, Salame, United States, of New York, Alameda

☆ Judge to gag Diddy lawyers and feds after courtroom argument about 'racist prosecution'
▼ + stars: | 2024-10-10 | by ( Jacob Shamsian | Laura Italiano | ) www.businessinsider.com time to read: +8 min

A judge said he'd impose a gag order on the lawyers in Sean "Diddy" Combs' sex-trafficking case. AdvertisementThe judge overseeing Sean "Diddy" Combs' criminal sex-trafficking case said he plans to impose a gag order on its lawyers after a heated courtroom argument over a defense attorney's remarks that the prosecution is "racist." Advertisement"Our investigation is very much ongoing, and there is a possibility that there could be a superseding indictment that could affect the length of the trial," Johnson said. Ahead of trial, Combs has been incarcerated in the Metropolitan Detention Center, a notorious federal jail in Brooklyn. Advertisement"That material is important for our case," Johnson said.

Persons: he'd, Sean, Diddy, Combs, they're, —, Arun Subramanian, Marc Agnifilo's, Emily Johnson, Johnson, Agnifilo, baselessly, Damian Williams, Subramanian, he'll, Cassandra Ventura, Ventura, Alexandra Shapiro, Sam Bankman, Anthony Ricco, Anna Estevao, Gloria Allred, Thalia Graves, Allred, Emily Anne Johnson, haven't Organizations: feds, Service, TMZ, Southern, of, Prosecutors, Metropolitan Detention Locations: Manhattan, of New York, Brooklyn, Los Angeles, Combs ' Manhattan, Miami, Florida

☆ How did FEMA spend $9 billion so quickly? Back-to-back disasters
▼ + stars: | 2024-10-10 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

This rapid spend rate is a reflection of just how many earlier disasters the agency is dealing with in addition to Milton and Helene. Here’s what to know:How did FEMA spend $9 billion so quickly? That gave FEMA about $20 billion worth of funding to tap into as it responded to Helene and Milton. “In August, we had paused obligations for recovery projects for all of those other open disasters,” Criswell told reporters. Last year, the US had a record 23 disasters costing at least $1 billion by September – with 28 such disasters in the calendar year, the most ever recorded.

Persons: Helene, Milton –, Deanne Criswell, Milton, Criswell, Dominick Del Vecchio, “, ” Criswell, Hurricane Helene, Adam Smith, Hurricane Beryl, Greenlee Beal, NOAA’s Smith, isn’t, It’s, Smith, ” Smith, ” CNN’s Lauren Fox Organizations: Washington CNN, Federal Emergency Management Agency, FEMA, Disaster Relief Fund, Rescue, Task Force, Nevada Task Force, Reuters, Hurricane, NOAA, CNN, “ Locations: Milton, Nevada, Maui, Lahaina , Hawaii, Texas , California, New Mexico, Hurricane Milton, ”, California, Texas, New England, Dallas, Galveston , Texas, United States

☆ Deloitte feels the wrath of Trump world over leaked JD Vance messages
▼ + stars: | 2024-10-08 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

CNN —Trump allies are calling for the federal government to punish Deloitte after an employee at the consulting firm apparently shared his private messages with JD Vance. The Post did not reveal who corresponded with Vance, now Trump’s running mate, and leaked those communications. “Maybe it’s time for the GOP to end Deloitte’s taxpayer funded gravy train?” Trump Jr. wrote on X, noting that Deloitte receives billions of dollars in government contracts. Trump Jr. told CNN he was speaking his mind as a private citizen. Neither Trump nor Vance have publicly threatened Deloitte, and it’s worth noting that Trump Jr. has indicated he does not plan to serve in the federal government.

Persons: CNN —, JD Vance, Donald Trump, Trump, Vance, Donald Trump Jr, ” Trump, Jason Miller, Trump Jr, “, ”, Kamala Harris, ” “, GOP Sen, Eric Schmitt, he’s, ” Jeffrey Sonnenfeld, John Deere, Davidson, ” “ Donald Trump, ” Richard Painter, George W, Bush, ” Painter, Painter, MAGA, Jonathan Gandal, Yale’s, ” Norman Eisen, it’s, ” Eisen Organizations: CNN, CNN — Trump, Deloitte, Washington Post, GOP, Trump, Department of Defense, Internal Revenue Service, Department of Homeland Security, Trump Jr, White, Yale, Leadership, Department, Google, Apple, Harley, US Postal Service, Motors, University of Minnesota, ”, ” Trump Jr, Post, Wall Street, ” “ Deloitte, “ Deloitte, Brookings Institution, DOJ

☆ Chinese hackers access US telecom firms, worrying national security officials
▼ + stars: | 2024-10-05 | by ( Sean Lyngaas | Evan Perez | ) edition.cnn.com time to read: +4 min

US officials are concerned about the potential national security damage done by the hacking, which they only recently discovered. US law enforcement agencies request access, through a warrant, to specific portions of that data as part of criminal and national security investigations. US officials have briefed the House and Senate intelligence committees on the Chinese hacking campaign, two sources said. The Chinese hacking team in question is known in the cybersecurity industry as Salt Typhoon. FBI Director Christopher Wray has said that Chinese government-backed hackers outnumber FBI cyber personnel 50 to 1.

Persons: Lumen, Liu Pengyu, Christopher Wray, Antony Blinken, Xi Jinping, Joe Biden Organizations: CNN, Verizon, Lumen, Justice Department, FBI, Embassy, ”, Street Journal, Microsoft, Google Locations: China, Washington, Beijing, Washington ,, Taiwan, California

☆ Stellantis sues UAW in US federal court over strike threats
▼ + stars: | 2024-10-04 | by ( ) edition.cnn.com time to read: +3 min

CNN —Chrysler parent Stellantis filed a federal lawsuit against the United Auto Workers, saying the union has violated its contract by threatening to strike over the company’s delays in planned investment. The automaker filed the suit on Thursday asking the US District Court in the Central District of California to declare the decision by UAW Local 230 in Los Angeles to take a strike authorization vote violates terms of the contract reached last fall. Stellantis seeks to hold the UAW and the local union chapter liable for any potential revenue loss and other damages resulting from lost production due to any strike. On Thursday, a supermajority of UAW members at Stellantis’ Los Angeles Parts distribution center voted to request strike authorization if the company and union can’t settle a grievance over planned company investments. “The UAW acted in bad faith by disregarding this language, filing sham grievances, and calling a strike authorization vote to pressure Stellantis to proceed with planned investments,” the company said in the lawsuit.

Persons: Stellantis, Shawn Fain, Fain, ” Fain, Carlos Tavares, “ Organizations: CNN, Chrysler, United Auto Workers, Court, Central District of, UAW Local, UAW, Los Angeles Parts, can’t, Stellantis, The Energy Department, Plant Locations: Central District, Central District of California, Los Angeles, Belvidere , Illinois, Belvidere, Indiana, Kokomo

☆ Tesla recalls 27,000 Cybertrucks due to a rearview camera issue
▼ + stars: | 2024-10-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Tesla is recalling roughly 27,000 Cybertrucks because of a rearview camera issue that delays the image being displayed on the dashboard, increasing the risk of a crash. The rearview display might appear blank for up to 8 seconds when the Cybertruck is put in reverse, according to a filing from the National Highway Traffic Safety Administration (NHTSA). Tesla has released a free, over-the-air software update to fix the issue. In January, Tesla issued a software recall for 2.2 million of its vehicles, including Cybertrucks, because letters on warning lights were too small to easily read. Tesla this week reported an increase in sales for the first time this year, although its year-to-date sales still trail the same period in 2023.

Persons: New York CNN — Tesla, Tesla, “ Organizations: New, New York CNN, National, Traffic Safety Administration, NHTSA Locations: New York

☆ Stocks face a 10% drop with key economic data mired in recession territory, investment chief says
▼ + stars: | 2024-10-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Key data prints are hovering in recession territory, Megan Horneman said. "I think investors got a little ahead of themselves," she said. This over-enthusiasm could cost the market heavily, pushing stocks toward a 7% to 10% drop, the chief investment officer said. "I think investors got a little ahead of themselves as far as the what strength there is in the economy," she told Yahoo Finance. Still, these data prints have taken a backseat to labor data, which holds the spotlight on Wall Street.

Persons: Megan Horneman, —, Tim Fiore, Morgan Stanley, Horneman Organizations: Yahoo Finance, Service, Conference Board, September's, PMI, US Federal Reserve

☆ The one sector of the stock market that is cheap with upside today
▼ + stars: | 2024-09-29 | by ( Karen Firestone | ) www.cnbc.com time to read: +5 min

The table and chart below illustrate some characteristics of the biopharma stocks. The average price/earnings multiple for the group, using 2025 estimates, is 12.7 times versus 20.6 times for the S & P 500. A major knock on the biopharma group is the limited productivity from their extremely expensive research efforts, other than obesity drugs, over the past twenty-five years. The technology using AI might not be ready yet, particularly related to the complex biology of the human body. Complex programs exist already, such as AlphaFold, which predicts the structure of three-dimensional compounds using data on protein sequences.

Persons: Bristol Myers, Amgen, Eli Lilly, Lilly, Johnson Organizations: CNBC, Merck, Pfizer, Novo Nordisk, JPMorgan Locations: Bristol

☆ A Hollywood producer's vandalized mansions recall a landmark case when graffiti artists won $6.75 million after their work was destroyed
▼ + stars: | 2024-09-29 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

Graffiti on the mansions is similar to tags on other empty luxury properties in Los Angeles. The incidents recall a landmark case that granted street artists $6.75 million after their art was destroyed. AdvertisementSpray-painted tags similar to those on Los Angeles' iconic graffiti towers have appeared in another unlikely place in the City of Angels. The Los Angeles Times reported that the property owner has pledged to secure the mansions, clean the graffiti, and reimburse the city for any incurred costs. The artists ultimately won $6.75 million after their work was destroyed in a ruling affirmed by the US Appeals Court, The New York Times reported in 2020.

Persons: —, David McNew, John Powers Middleton, Bates, Middleton, it's, John S, Philip Morris, John P, Los Angeles Mayor Karen Bass, Andrew Lieb, Lieb, " Lieb, Mario Tama Organizations: Service, City of Angels, Hollywood, Los Angeles Times, LA Times, Philadelphia Phillies, CNBC, Phillies, Los Angeles Mayor, Business, Bel Air, NBC, Visual Artists, US, Court, The New York Times, Los Angeles Lakers, Bloomberg Locations: Los Angeles, City, Altria, Bel, NBC Los Angeles, New York, Angeles

☆ As Eric Adams prepares to appear in court, the number of Democrats calling for his resignation keeps growing
▼ + stars: | 2024-09-27 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

New York City Mayor Eric Adams is set to appear in court over bribery and wire fraud charges. AdvertisementAs New York City Mayor Eric Adams prepares for court, the number of Democrats calling for his resignation is growing. Meanwhile, at least four members of the New York City Council have encouraged Adams to step back, the outlet said. We deserve better, which is why Mayor Adams should step down," Sandy Nurse wrote on X. Hochul issued a statement on Thursday asking Adams to "find an appropriate path forward to ensure the people of New York City are being well-served by their leaders."

Persons: Eric Adams, Adams, —, Katharine Parker, Alexandria Ocasio, Cortez, Brad Lander, Lander, John Avlon, Laura Gillen, Avlon, Sandy Nurse, Sen, John C, Liu, Kathy Hochul, Hochul Organizations: York City, Service, New York City, New York Times, New, Democratic Locations: York, Manhattan, Rep, Alexandria, New York City, Brad Lander , New York, New York, . New York

☆ China's stock markets are partying like it's 2008, overwhelming systems
▼ + stars: | 2024-09-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

China's stock markets surged this week, marking the best weekly performance since late 2008. AdvertisementChina's stock markets closed sharply higher Friday, notching their best week in 16 years as investors joined the rally party. The stock market party overwhelmed tech systemsThe stock market party got too hot to handle. AdvertisementFurthermore, the US Federal Reserve has started cutting interest rates, which has historically benefited Chinese markets, they added. So even if Beijing's stimulus isn't enough for China's economy, a liquidity or leverage-driven market rally could still be "very powerful," they wrote.

Persons: —, Vishnu Varathan, Hong, Hao Hong, Pan Gongsheng, Data.TS, Freya Beamish, Rory Green Organizations: Service, Grow Investment, Shanghai Stock Exchange, of America, Bank of America, US Federal Reserve, People's Bank of China Locations: China, Beijing, Asia, Japan, Shanghai, India

CNN —US federal prosecutors on Friday unsealed criminal charges against three Iranian government-linked hackers in connection with a hacking operation aimed at Donald Trump’s presidential campaign. Masoud Jalili, Seyyed Ali Aghamiri and Yasar (Yaser) Balaghi are accused of aggravated identity theft and wire fraud for their hacking efforts on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC). Separately, the US Treasury Department on Friday imposed sanctions on seven people as part of a sweeping response to Iranian efforts “to influence or interfere” in the 2020 and 2024 US presidential elections. The alleged Iranian hack threw a twist in the presidential campaign in August when multiple news outlets reported receiving emails from a pseudonymous email account peddling documents stolen from the Trump campaign. The hacking operation began in June, when the alleged IRGC-linked hackers targeted longtime Trump ally Roger Stone and used access to his email account to target campaign staff.

Persons: Donald Trump’s, Trump, Masoud Jalili, Seyyed Ali Aghamiri, Balaghi, “, JD Vance —, Hillary Clinton, Kamala Harris ’, Roger Stone, Harris Organizations: CNN, Court, District of Columbia, Islamic Revolutionary Guard Corps, US Treasury Department, Trump, Biden, FBI, The, Department, Washington Post, Fox Locations: Russia, China, Iran, Russian, Ukraine

New York Mayor Eric Adams is expected to face federal charges by prosecutors out of the Southern District of New York as soon as Thursday, two sources familiar with the matter said Wednesday night. Before news of federal charges broke Wednesday, Adams was at a reception at the Metropolitan Museum of Art, which President Joe Biden also attended. “I do not see how Mayor Adams can continue governing New York City,” Ocasio-Cortez said on X. "However, it is clear that defending himself against serious federal charges will require a significant amount of the time and attention needed to govern this great city. The most appropriate path forward is for him to step down so that New York City can get the full focus its leadership demands."

Persons: Eric Adams, Adams, “, ”, Adams ’, Daniel Nigro, Nigro, Edward Caban, James Caban, Joe Biden, Douglas Muzzio, ” Muzzio, Alexandria Ocasio, ” Ocasio, Cortez, Brad Lander, Mayor Adams, Lander, ” Adams Organizations: York, Southern, of, FBI, NYPD, Turkish Consulate, Democratic, Fire, NBC News, Federal, Adams . Police, Authorities, Queens, Metropolitan Museum of Art, Baruch College, New Locations: of New York, New, Brooklyn, Turkish, Adams, Manhattan, New York, Alexandria, Cortez, New York City

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