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☆ EU antitrust regulators raid online food delivery companies, probe no poach deals
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Companies Delivery Hero SE FollowBRUSSELS, Nov 21 (Reuters) - EU regulators on Tuesday raided several online food delivery companies in two EU countries on concerns that they may have breached EU rules against cartels, with the focus also on their no poach agreements. The European Commission, which did not name the companies nor the EU countries, said the ongoing dawn raids were conducted in the context of those made in July last year. German online takeaway food company Delivery Hero (DHER.DE) and its Spanish business Glovo had confirmed last year's raids. Companies risk fines as much as 10% of their global turnover for breaching EU antitrust rules. Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Glovo, Foo Yun Chee Organizations: European Commission, EU, Thomson Locations: BRUSSELS

☆ Stocks making the biggest moves midday: Microsoft, Chegg, Zoom Video, Paramount and more
▼ + stars: | 2023-11-20 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Zoom Video Communications — The software stock added nearly 2% ahead of its third-quarter earnings due after market close. The Professional Fighters League announced on Monday that it completed its acquisition of mixed martial arts brand Bellator from Paramount. Penn Entertainment — The gambling stock jumped 7% on the heels of a Bank of America upgrade to buy from neutral. Boeing — The aerospace stock jumped 4% after Deutsche Bank upgraded the shares to a buy rating from hold. Chegg — Shares of the education technology company dropped 5% following a downgrade to underweight from equal weight by Morgan Stanley.

Persons: Wells, Sam Altman, Greg Brockman, Raymond James, Morgan Stanley, Krispy Kreme, Iovance, Goldman Sachs, Terri Kelly, Kelly, Peter Grom, —, Alex Harring, Yun Li, Lisa Kailai Han, Sarah Min, Michelle Fox Organizations: Communications, FactSet, Paramount, Professional Fighters League, Bellator, Penn Entertainment, Bank of America, ESPN Bet, Spectrum Brands, Microsoft —, Microsoft, Nvidia, Boeing, Deutsche Bank, JPMorgan, Caterpillar —, HSBC, United Rentals — United Rentals, Bristol Myers, Energizer Holdings, UBS, RBC Capital Markets Locations: FactSet

☆ Jim Chanos says this is a golden age of fraud with plentiful short opportunities as he converts fund
▼ + stars: | 2023-11-20 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Legendary short seller Jim Chanos, who has decided to convert his hedge funds to a family office after nearly four decades, said he remains a firm believer in short-selling in this era of rampant corporate wrongdoings. In his final message to investors, the short seller best known for his bet against Enron before its bankruptcy in 2001, said there are still more than enough short opportunities for investors. Chanos has also bet against Tesla and Coinbase in recent years, but these positions turned out to be volatile and tough at times. The founder of Chanos & Co. said Coinbase runs an unsustainable model as it makes money from increased commission rates for retail investors. "It is no secret that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned," Chanos wrote in the letter.

Persons: Jim Chanos, Chanos, –, Tesla, Coinbase, — CNBC's Scott Wapner Organizations: Enron, Digital Realty Trust, Big Tech, Chanos, Wall Street Locations: China

SAN FRANCISCO (AP) — Sometimes it can be easy to forget that President Joe Biden's original foreign policy priority was reasserting American influence in Asia. "The United States remains vital to the future of the region, and the region is more vital than ever to the United States of America," he told a gathering of business executives during one of the summit's many receptions. “From here in San Francisco, America reaches out all across the Pacific, building bridges mightier than the Golden Gate,” he said. Protesters calling for a cease-fire in Gaza shut down all vehicular traffic heading into San Francisco over the Bay Bridge. “We will be glad to see a confident, open, ever-growing and prosperous United States,” he said.

Persons: Joe Biden's, Biden, “ That’s, He's, Donald Trump, ”, Yoon Suk Yeol, Kishida Fumio, Xi Jinping, Xi, “, ” Biden, Yun Sun, Aisha Nizar, San Francisco ”, ___, Colleen Long Organizations: FRANCISCO, Ukraine, Republican, Economic Cooperation, South Korean, Chinese Communist Party, U.S, Xinhua, China Program, Stimson, Palestinian Youth Movement, Biden wasn't, China, Associated Press Locations: American, Asia, Russian, Israel, San Francisco, United States, United States of America, Europe, America, China, Beijing, Bali , Indonesia, Iran, San Francisco ., Washington, Ukraine, Gaza, Bahrain, Fiji, Japan, Mexico, Peru

Chang said the Biden-Xi meeting was a “good” one, pointing to their agreement to resume high-level military communications. “It should help reduce the tensions between the U.S. and China, and it should increase stability of Taiwan Strait,” Chang said. Washington has a security pact with Taiwan to deter any armed attack from Beijing and has stepped up its support for the island. Xi sought assurances from Biden that the U.S. would not support Taiwan's independence and requested that Washington support China’s peaceful reunification with Taiwan. Sun Yun, director of the China program at the Washington-based Stimson Center think tank, said Washington won’t accept Beijing’s new demand to support peaceful reunification.

Persons: Joe Biden, China's Xi, Morris Chang, ” Chang, Chang, Biden, Xi, Nancy Pelosi, ” Biden, Sun Yun, Washington won’t, Sun, Tsai Ing, Tsai, Kamala Harris, Antony Blinken, Lael Brainard, Fumio Kishida Organizations: FRANCISCO, Taiwan Semiconductor Manufacturing Company, Asia Pacific Economic Cooperation, U.S, Washington, Stimson, APEC, Japanese Locations: Taiwan, Asia, Pacific, San Francisco, China, Taiwan Strait, Beijing, Washington, The U.S, U.S, “ China

☆ Mortgage rates fall for third straight week, bringing some homeseekers off the sidelines
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Mortgage rates have cooled in recent weeks as markets absorbed the latest economic indicators, including an improving inflation picture. “For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,” she said. “While the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.”By historical norms, she said, mortgage rates should be under 6.5%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Price, Jiayi Xu, Jerome, Powell, ” Xu, Bob Broeksmit, Lawrence Yun, ” Yun, “, Lisa Sturtevant, ” Sturtevant Organizations: DC CNN —, Mortgage, Association, Federal Reserve, Treasury, Consumer, “, National Association of Realtors, Bright MLS Locations: Washington

☆ Stanley Druckenmiller trims his winning Nvidia bet, adds new Alphabet stake
▼ + stars: | 2023-11-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Stanley Druckenmiller 's Duquesne Family Office added a new bet on Alphabet last quarter, while trimming his favorite artificial intelligence play — Nvidia , according to its latest filing to the Securities and Exchange Commission. The family office built a $110 million stake in Alphabet, making it Druckenmiller's seventh biggest holding at the end of the third quarter. The bet could complement his other big AI bets as Druckenmiller emerged as a bull on AI. Druckenmiller once managed George Soros' Quantum Fund and shot to fame after helping make a $10 billion bet against the British pound in 1992. Druckenmiller believes the market will be "very challenged" in the current environment, and only disciplined stock pickers will be rewarded.

Persons: Stanley Druckenmiller, Druckenmiller, it's, George Soros Organizations: Duquesne, Nvidia, Securities and Exchange Commission, Microsoft, Quantum Fund, Duquesne Capital Management, Social, Vistra Energy, Seagate Technology, Broadcom

☆ China's plan to seize on global chaos and supplant the US may be working
▼ + stars: | 2023-11-15 | by ( Tom Porter | ) www.businessinsider.com time to read: +8 min

China's Xi Jinping and President Joe Biden are meeting in San Francisco at the APEC summit. AdvertisementPresident Joe Biden seems keen to ease tensions with his main global rival, China's leader Xi Jinping, against a backdrop of global chaos and conflict. Russia's President Vladimir Putin and Chinese President Xi Jinping pose with heads of delegations participating in the Third Belt and Road Forum in Beijing on October 18, 2023. Sun, the Stimson Center expert, said Xi will be seeking to use the meeting to burnish his image as a global statesman and head off China's economic woes. But whatever agreements Xi brokers with the US president it's unlikely to change his core mission: Chinese global dominance.

Persons: China's Xi Jinping, Joe Biden, —, Xi Jinping, SERGEI, Jonathan Ward, Vladimir Putin, Biden, Xi, Putin, GRIGORY SYSOYEV, Ward, Yun Sun, Jeremy Chan, SAUL LOEB, Xi's, it's Organizations: APEC, Service, Economic Cooperation, Getty Images, Atlas Group, Russia's, Forum, Stimson Center, Eurasia Group, Getty Locations: San Francisco, China, Ukraine, Asia, East, Russia, Iran, Getty Images China, Beijing, Gaza, Israel, Palestine, Europe, Ethiopia, Argentina, Nusa Dua, Bali, Taiwan

For the seventh time, Taiwan will be represented by Morris Chang, the 92-year-old founder of the world-leading Taiwan Semiconductor Manufacturing Company. Chang is known as the godfather of the industry that has put Taiwan in the top ranks of high-tech manufacturing and personal electronic devices. Taiwan has participated in APEC since 1991 under the name Chinese Taipei. It began taking part just two years after the group's inception and the same year that China and the semi-autonomous Chinese city of Hong Kong joined. These acts of political intimidation have the potential to wear down the operational resiliency of the island's military equipment and personnel.

Persons: Morris Chang, Chang, —, Finance Chuang Tsui, yun, Janet Yellen, BIDEN, Xi Jinping, John Kirby, Joe Biden, Hong Kong, William Lai, Terry Gou Organizations: —, Economic Cooperation, Taiwan Semiconductor Manufacturing, APEC, Finance, U.S, Treasury, BE, Liberation Army, Democratic Progressive Party . U.S . National Security, Nationalist Party, Kuomintang, KMT Locations: TAIPEI, Taiwan, — Taiwan, Asia, San Francisco, China, Taipei, Hong Kong, Beijing, TAIWAN, U.S, Japan, South Korea, Philippines, Pacific, Hong, British, Taiwanese

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsSTOCKHOLM/BRUSSELS, Nov 15 (Reuters) - Meta (META.O) on Wednesday appealed against "gatekeeper" designations for its Messenger and Marketplace platforms, the first Big Tech company to challenge new European Union rules setting out dos and don'ts for the online services. Meta's Facebook, Instagram, Marketplace, and WhatsApp qualified as gatekeepers under the DMA, which was designed to level the playing field between Big Tech companies and smaller competitors. "This appeal seeks clarification on specific points of law regarding the designations of Messenger and Marketplace under the DMA," a spokesman said. Microsoft and Google have said they will not challenge DMA designations, while sources expect TikTok to file a challenge.

Persons: Yves Herman, WhatsApp, Microsoft's Bing, Supantha Mukherjee, Yun Chee, Emelia Sithole Organizations: REUTERS, Rights, Big Tech, Union, Digital Markets, Facebook, European Commission, Microsoft, Apple, Google, Meta, Thomson Locations: Brussels, Belgium, Rights STOCKHOLM, BRUSSELS, Stockholm

Adobe logo is seen on smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsCompanies Adobe Inc FollowBRUSSELS, Nov 15 (Reuters) - Photoshop maker Adobe (ADBE.O) expects to get an EU antitrust warning on its $20 billion bid for cloud-based designer platform Figma and is open to proposing remedies to resolve regulatory concerns, its chief counsel told Reuters on Wednesday. The Adobe deal comes amid heightened regulatory scrutiny around the world on Big Tech acquisitions which boost dominant companies' market power or those involving start-ups seen as nascent rivals. "We are expecting a statement of objections from the European Commission," Dana Rao said in an interview, confirming a Reuters story on Tuesday. "We are certainly open to the discussion of remedies.

Persons: Dado Ruvic, Dana Rao, Rao, Foo Yun Chee, Kirsten Donovan Organizations: REUTERS, Inc, Adobe, Big Tech, European Commission, Thomson Locations: EU

[1/2] A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. REUTERS/Paresh Dave/File Photo Acquire Licensing RightsBRUSSELS/STOCKHOLM, Nov 14 (Reuters) - Microsoft and Google will not challenge an EU law requiring them to make it easier for users to move between competing services such as social media platforms and internet browsers. As part of its latest crackdown on Big Tech, the European Union in September picked 22 "gatekeeper" services, run by six of the world's biggest tech companies, to face new rules . The Digital Markets Act (DMA) requires these gatekeepers to inter-operate their messaging apps with competitors and allow users to decide which apps they pre-install on their devices. The DMA will apply to services from Alphabet (GOOGL.O), Amazon (AMZN.O), Apple (AAPL.O), Meta (META.O), Microsoft (MSFT.O) and TikTok owner ByteDance.

Persons: Paresh Dave, ByteDance, Meta, WhatsApp, TikTok, Foo Yun Chee, Supantha Mukherjee, Sharon Singleton, Alexander Smith Organizations: REUTERS, Microsoft, Google, Big Tech, European Union, Markets, Apple, Amazon, Digital Services, European Commission, Digital Markets, Windows, LinkedIn, Industry, Reuters, Facebook, Bloomberg, Thomson Locations: Mountain View , California, U.S, BRUSSELS, STOCKHOLM, Luxembourg, Brussels, Stockholm

☆ Xi-Biden summit: What’s on the agenda for China’s leader as he heads to California?
▼ + stars: | 2023-11-14 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Biden, meanwhile, finds himself strapped with international challenges from the war in Ukraine to the latest conflict in Gaza. Chinese leader Xi Jinping, left, and US President Joe Biden. Getty ImagesXi’s agendaDespite the challenges he faces at home, the insulated Chinese leader may see himself in a stronger position relative to Biden. Xi will ask Biden to clarify and define the scope of the US approach on tech restrictions, analysts say. Liu Ranyang/China News Service/VCG/Getty Images‘Positive signals’The lead-up to Xi’s American visit has been marked with signals that China is hoping to smooth prickly relations.

Persons: — Xi Jinping, Joe Biden —, Xi, Biden, he’d, ”, Yun Sun, Xi Jinping, Joe Biden, …, Suisheng Zhao, Stimson, Sun, Harry Moyer, Liu Ranyang, Zhong Sheng, wisecracks, Nancy Pelosi’s, Beijing’s, Shi Yinhong, Shi Organizations: CNN, Asia Pacific Economic Cooperation, “, China Program, Stimson, Getty, Biden, Center for, Cooperation, University of Denver, Communist Party, US, Taiwan’s Democracy Progressive Party, US Flying Tigers, Kunming Foreign Language School, China News Service, “ Flying Tigers, China’s Renmin University, Republicans Locations: China, Hong Kong, San Fransisco, Bali , Indonesia, Ukraine, Gaza, Washington, Beijing, Center for China, Taiwan, California, Kunming, China's Yunnan, United States, Russia, Iran

☆ 'Tiger Cub' hedge fund Coatue reveals Instacart bet, keeps AI plays as top holdings
▼ + stars: | 2023-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Coatue Management's Philippe Laffont bought into Instacart 's initial public offering last quarter, while maintaining his artificial intelligence plays as top holdings. Laffont, one of the so-called Tiger Cubs who worked under the late Julian Robertson at Tiger Management, revealed a $305 million stake in Instacart, according to a new filing. The grocery delivery company went public in September, and shares have dropped about 40% from their opening price of $42. Other popular AI plays can also be found in Coatue's top holdings, including Amazon , Advanced Micro Devices , Microsoft and Alphabet. Elsewhere, Coatue doubled its stake in Eaton Public , an American-Irish power management company, last quarter, according to the filing.

Persons: Coatue Management's Philippe Laffont, Julian Robertson, Instacart, Coatue Organizations: Tiger Cubs, Tiger Management, Nvidia, Devices, Microsoft, Eaton Public Locations: Instacart, U.S, New York, Meta, American

The corporate logo of software company Adobe is seen in Posa Studio school in Caracas, Venezuela October 9, 2019. The European Commission is readying a statement of objections to send to the companies in the coming days, the people said. Such documents or charge sheets set out the EU competition watchdog's concerns on why deals could be anti-competitive. The Commission and Adobe, which can offer remedies to stave off the EU warning, declined to comment. Some companies prefer to wait for a statement of objections so that they know the precise regulatory worries before they offer concessions.

Persons: Manaure Quintero, Foo Yun Chee, Susan Fenton Organizations: Adobe, REUTERS, Rights, Tech, European, Video Communications, Thomson Locations: Caracas, Venezuela, Rights BRUSSELS, EU, San Francisco

☆ Warren Buffett’s Berkshire trimming holdings, keeping new stock secret
▼ + stars: | 2023-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway sold a number of stocks last quarter during the volatile market, according to a new regulatory filing. The Omaha-based conglomerate dumped its remaining $780 million stake in General Motors , a stock Berkshire has been trimming for a few quarters. Berkshire also sold its $650 million stake in materials company Celanese , while exiting smaller positions in United Parcel Service , Johnson & Johnson , Mondelez International and Procter & Gamble. These holdings were still worth more than $1 billion each at the end of September, however. Berkshire has also asked the SEC to keep the details of one or more of its stock holdings confidential.

Persons: Warren, Berkshire Hathaway, Johnson, Todd Combs, Ted Weschler, Apple, Kraft Heinz, Moody's, Buffett Organizations: General Motors, United Parcel Service, Johnson, Mondelez International, Procter, Gamble, HP, Chevron, Berkshire, Bank of America, American Express, SEC Locations: Omaha, Berkshire

☆ Cooler monthly inflation report pushes mortgage rates even lower
▼ + stars: | 2023-11-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The drop was due to a sharp bond market rally, after the government's monthly inflation report came in lower than analysts had predicted. As bond yields fell, so too did mortgage rates, which loosely follow the yield on the 10-year Treasury . Mortgage rates had already been declining from their recent highs. The 30-year fixed mortgage rate jumped over 8% on Oct. 19, the highest level in more than two decades. "The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously.

Persons: Matthew Graham, Lawrence Yun Organizations: Mortgage News, Treasury, National Association of Realtors, CNBC PRO Locations: Chatsworth, Los Angeles , California

☆ The streaming wars continue to heat up, and here's why Warren Buffett thinks it's a tough industry
▼ + stars: | 2023-11-12 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The race for eyeballs continues to intensify in the streaming industry, and according to Warren Buffett it's a particularly tough area for investors to make money. Buffett, the "Oracle of Omaha," believes that the industry has too many players seeking viewer dollars, causing a stiff price war. Discovery earlier this week reported a decline in advertising revenue, a wider-than-expected loss and lackluster streaming subscriber numbers. "You don't lock in people when you get them to join up for the streaming period when your serial runs," Buffett said. Buffett said the price war going on among streamers was similar to the one he experienced in his early 20s at his local gasoline station.

Persons: Warren Buffett, Buffett, You've, David Zaslav, it's Organizations: Warner Bros, Berkshire, Paramount, Netflix Locations: Omaha, Berkshire

☆ Home prices are falling fastest in these 25 cities, helping buyers escape the least affordable housing market since 1985
▼ + stars: | 2023-11-12 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Would-be buyers remain out of luck as property prices steadily climb. The median US home cost $406,900 in Q3, which was 2.2% higher than last year, according to the NAR's Q3 US housing market report released on November 9. 25 cities where home prices receded in Q3Contrary to some pundits' predictions , property prices didn't crater due to lofty mortgage rates. Even more striking is that 11% of metropolitan areas saw prices grow by double digits, which was more than double the prior quarter's 5% rate. Thirty-eight metro areas saw prices fall from 2022 in Q3, and 25 of those saw significant drops of over 1%.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors, NAR, Homeowners Locations: Northeast, Midwest, West

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Nov 10 (Reuters) - EU countries and European Parliament lawmakers are set to agree on light touch rules for Airbnb (ABNB.O) next week, three people familiar with the matter said on Friday. The rules for short-term accommodation rental services, proposed by the European Commission last year, aimed to tackle the patchwork of different national laws across the 27-country zone regulating Airbnb and similar companies. Officials from EU countries and EU lawmakers will meet to thrash out the final details of the rules on Nov. 15, according to the Parliament agenda. Airbnb said EU-wide rules would be a watershed moment for short-term rental companies. Paris, Venice, Barcelona and other places popular with tourists blame Airbnb for aggravating housing shortages by pushing out lower-income residents.

Persons: Dado Ruvic, Airbnb, Nathan Blecharczyk, Foo Yun Chee, Kirsten Donovan, David Evans Organizations: REUTERS, Rights, Big Tech, European, Reuters, Thomson Locations: Rights BRUSSELS, Spain, Paris, Venice, Barcelona

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsBRUSSELS/STOCKHOLM, Nov 10 (Reuters) - Elon Musk's X social media platform has just 2,294 content moderators to ensure users comply with EU online content rules, significantly fewer than Google (GOOGL.O) and TikTok, a senior European Commission official said on Friday. X has triggered concerns after Musk laid off many employees responsible for monitoring and regulating content amid the spread of disinformation on the platform. According to reports the companies submitted to the EU in September, X's 2,294 EU content moderators compared with 16,974 at Google's YouTube, 7,319 at Google Play and 6,125 at TikTok, the senior Commission official said, speaking on condition of anonymity. Regulators are hoping that X will feel the pressure to boost its number of content moderators to catch up with its rivals, the official said.

Persons: Carlos Barria, Elon Musk's, Musk, Foo Yun Chee, Jan Harvey Organizations: REUTERS, Google, European Commission, EU's Digital Services, Apple, Microsoft, EU, YouTube, DSA, Big Tech, Thomson Locations: San Francisco , California, U.S, BRUSSELS, STOCKHOLM, X's, TikTok, EU

☆ Here's why Ron Baron is sticking with Tesla and Elon Musk: 'He's the lowest cost person'
▼ + stars: | 2023-11-10 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Billionaire investor Ron Baron is standing by his massive Tesla investment as well as Elon Musk's leadership for his cost-consciousness. The Baron Capital chairman and CEO has been known as a longtime bull in Tesla , a stock with a 46% weighting in the Baron Partners Fund (BPTIX). The investor previously revealed his firm made over 15 times its investment in Tesla since he first bought the EV stock in 2014. Baron thinks Tesla will be worth four-to-five times more by 2030 , and it will become the largest company in the world in 10 years. "Think about it as a technology company is providing services to their own company and to others.

Persons: Ron Baron, Baron, Tesla, They've, Ford Organizations: Elon, Baron Capital, Baron Partners Fund Locations: Tesla

☆ Patient Disney shareholders get some good news: The dividend is coming back
▼ + stars: | 2023-11-09 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

For the first time since 2020, Disney is planning to resume paying a dividend to shareholders as the media giant continues its turnaround amid historic industry shifts . "To that end, we will be recommending to the board that they declare a dividend by the end of this calendar year." Activist investor Nelson Peltz's Trian Fund Management, with $2.5 billion of Disney shares , has voiced his concerns about the elimination of dividends. Trian hasn't made a public statement since it ended its last activist campaign against Disney in January. Morgan Stanley said it looks forward to such a move, noting that Disney also suggested a return to share repurchases.

Persons: Kevin Lansberry, Nelson Peltz's, Trian hasn't, Lansberry, Bernstein, Morgan Stanley, Disney, Philip Cusick, — CNBC's Michael Bloom Organizations: Disney, Fund Management, Wall Street, ESPN

☆ IRS data reportedly shows Buffett traded Berkshire stocks in personal account, according to ProPublica
▼ + stars: | 2023-11-09 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett reportedly traded stocks in his personal account that his conglomerate Berkshire Hathaway was buying and selling, a practice that he himself in the past deemed a conflict of interest, according to ProPublica on Thursday. The nonprofit news outlet, citing a leak of confidential IRS data, alleged the "Oracle of Omaha" traded shares in his private account in the same quarter or the quarter before Berkshire bought or sold the same stocks, including shares of Wells Fargo , Johnson & Johnson and Walmart . The 93-year-old investor has been open about the fact that he has a personal account, separate from his company's $300 billion equity portfolio. Buffett has said publicly that he tries to steer clear of the investments Berkshire is involved in when it comes to his personal account. "I try to stay away from anything that could conflict with Berkshire," Buffett said during the company's annual meeting in 2016.

Persons: Warren Buffett, Berkshire Hathaway, ProPublica, Buffett Organizations: Berkshire, Johnson, Walmart, Securities and Exchange Commission Locations: Berkshire, Omaha, Wells Fargo

A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. The Austrian law, enacted in 2021 and which obliges Big Tech to publish regular reports of illegal content, comes amid mounting concerns worldwide about hateful posts. The three companies, which have their European headquarters in Ireland, say they should only be subject to Irish rules. The Austrian court subsequently sought advice from the Court of Justice of the European Union (CJEU), which sided with the companies. We will study the judgment and continue to invest in the trust and safety of our users across our platforms," a Google spokesperson said.

Persons: Dado Ruvic, TikTok, Thursday's, Foo Yun Chee Organizations: REUTERS, Rights, Google, Austrian, Big Tech, European Union, Digital Services, Justice, Meta, Thomson Locations: Rights LUXEMBOURG, Ireland, Member State

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