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☆ Trump and Biden agree: The US should finally start a sovereign wealth fund
▼ + stars: | 2024-09-08 | by ( Lakshmi Varanasi | Katie Balevic | ) www.businessinsider.com time to read: +5 min

So it is noteworthy that Democratic and Republican leaders both appear to want to establish a sovereign wealth fund to help the United States pay for stuff. Saudi Arabia's Public Investment Fund, which manages about $925 billion in assets, reported a $36.8 billion profit for 2023, according to Reuters. This isn't the first time Washington has toyed with the idea of a sovereign wealth fund. Last March, a group of bipartisan lawmakers led by Sen. Angus King and Sen. Bill Cassidy began discussing a sovereign wealth fund to pay for Social Security. The White House's interest in a sovereign wealth fund stems partly from its desire to compete with China, which has multiple state-owned funds itself.

Persons: —, Joe Biden, Jake Sullivan, Daleep Singh, Biden, Donald Trump, LIV Golf, Sen, Angus King, Bill Cassidy, Mitt Romney, John Paulson, Larry Summers Organizations: Service, Democratic, Republican, National, Bloomberg, Business, White, Economic, of New, Fund, Reuters, Norges Bank Investment Management, Saudi Arabia's Public Investment Fund, Blackstone, LIV, Social Security, America, Bloomberg Television Locations: United States, of New York, Saudi Arabia, Norway, Norway's, PIF, Heathrow, American, Washington, China

☆ I've been to France over a dozen times. Skip Paris and check out these 5 must-visit cities instead.
▼ + stars: | 2024-09-07 | by ( Lucy Skoulding | ) www.businessinsider.com time to read: +1 min

Over the past few years, I've been to France 14 times. Although Paris is amazing, there are lots of other cities in France that are worth visiting. Go to newsletter preferences Thanks for signing up! I live just a four-hour train or ferry ride from France, so I've been able to visit the country 14 times so far. Although Paris has a lot to offer — the French capital was named one of the top cities for international travelers in 2023 — the country has other wonderful cities worth visiting.

Persons: I've, — Organizations: Service, Business Locations: France, Paris, Lyon, Bordeaux, Marseille

☆ Europe's economy survived 'terrible prophecies' but must now tackle trade with China: EU's Gentiloni
▼ + stars: | 2024-09-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The European Union has successfully avoided the "terrible prophecies" that threatened its economy in recent years, but must still contend with Russia's war in Ukraine and a tenuous trade relationship with China, outgoing European Commissioner for Economy Paolo Gentiloni said Saturday. A former prime minister of Italy, Gentiloni has served as the European Commissioner for Economy under EC President Ursula von der Leyen since December 2019. Gentiloni will not be returning for a second term as commissioner following Von der Leyen's tumultuous re-election as president — but he has laid out the economic picture that awaits his imminent successor. "The economy is growing, slowly, but growing. And the risks of differences among the European Union, that was very high when the pandemic happened, are very limited," he noted.

Persons: Paolo Gentiloni, Gentiloni, Steve Sedgwick, Ursula von der Leyen, Von der, —, Russia's Organizations: European Union, Economy, European, European Central Bank, Moscow, European Commission Locations: Ukraine, China, Europe, Cernobbio, Italy's, Como, Italy

☆ 5 careers in the space industry that new grads should focus on, according to a VC
▼ + stars: | 2024-09-07 | by ( Robin Madell | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A 2024 report from McKinsey & Co. estimates the global space economy will balloon to $1.8 trillion by 2035, fueled by advances in AI. Chad Anderson, founder and managing partner of Space Capital, one of the first early-stage VC firms to focus exclusively on the space economy, told Business Insider that the space economy has plenty of technical career paths available. Anderson — who's invested in dozens of space ventures, including SpaceX, moon landers, satellites, and space tech, and founded Space Talent, an online resource for jobs in the space field and tech industry — shared his perspective as a VC on the top five careers in space that are on the rise. Specifically, expect heightened demand for orbital interior designers, space suit designers, space station industrial designers, and other lifestyle consultants for long-term tourism trips and crewed platforms.

Persons: —, Chad Anderson, Anderson — who's, landers, Anderson —, Anderson, they'll, you've, it's Organizations: Service, McKinsey & Co, Space, Business, SpaceX, Talent, Software, of Defense, NASA

☆ 3 ways Wall Street's largest banks are leveraging AI to increase profitability
▼ + stars: | 2024-09-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Over the past year, Wall Street's largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits. MS YTD mountain Morgan Stanley YTD AI use cases for key businesses Morgan Stanley was among the first on Wall Street to publicly embrace the technology, unveiling two AI assistants for financial advisors powered by OpenAI. Launched in September 2023, the AI @ Morgan Stanley Assistant gives advisors and their staff quick answers to questions regarding the market, investment recommendations, and various internal processes. If it does, that would be welcome news for shareholders after Morgan Stanley's wealth segment missed analysts' revenue expectations in the second quarter . However, As long as these costs don't outweigh return on investment (ROI), we're happy with Wells Fargo and Morgan Stanley's moves to innovate.

Persons: Goldman Sachs, Morgan Stanley, Wells, JPMorgan Chase — ramped, Jamie Dimon, Alexandra Mousavizadeh, OpenAI's ChatGPT, Jeff McMillan, Morgan, McMillan, It's, Morgan Stanley's, Evident's Mousavizadeh, Banks, Mousavizadeh, Tracy Kerrins, Morgan Stanley's McMillan, He's, Morgan Stanley's OpenAI, Teresa Heitsenrether, Jim Cramer's, Jim Cramer, Jim Organizations: Bank of America, JPMorgan, Citi, Microsoft, Nvidia, OpenAI, CNBC, Google, Deutsche Bank, BNP, Mistral, TD Bank Group, Big, Wall, New York Stock Exchange, Bloomberg, Getty Locations: Wells Fargo, Silicon, management's, Wells, New York

☆ A Gen Z Stanford graduate who left an engineering job to pursue filmmaking was surprised by the overlap in industries
▼ + stars: | 2024-09-07 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

But soon after graduating, McRuer made an unlikely early-career pivot, ditching his dependable product design job to pursue his passion for film. The 2019 graduate studied product design at Stanford's School of Engineering. The internship quickly evolved into a full-time product design position. He initially thought he could get his filmmaking fix via a hobby that played second fiddle to his engineering work. But McRuer said he was ultimately surprised by the overlaps he's seen working in both engineering and film — particularly when producing.

Persons: —, Jason McRuer, McRuer, I'm Organizations: Service, Business, Stanford's School of Engineering, Sundance Film, Global Health Labs, City of Locations: LA, City, City of Angels, Coast, Brooklyn

☆ We skipped the Blue Lagoon in Iceland and went to its competitor instead — it was less crowded and way easier to get to
▼ + stars: | 2024-09-07 | by ( Megan Dubois | ) www.businessinsider.com time to read: +1 min

I went to Sky Lagoon in Iceland — a geothermal spa that cost me $222 for two people. The lagoon was less crowded than the more popular Blue Lagoon Spa. Go to newsletter preferences Thanks for signing up! Although Blue Lagoon is probably the most famous spot — it was all over social media while I was planning — I ended up booking a day at Sky Lagoon. Just last week, Blue Lagoon guests had to be evacuated when one erupted nearby for the sixth time since the end of 2023.

Persons: — Organizations: Sky, Service, Business Locations: Iceland, Reykjavik, Sky

☆ ETFs are on pace to break record annual inflows, but this wild card could change it all
▼ + stars: | 2024-09-07 | by ( Natalie Zhang | ) www.cnbc.com time to read: +2 min

Exchange-traded fund inflows have already topped monthly records in 2024, and managers think inflows could see an impact from the money market fund boom before year-end. "Whether it be flows into REIT ETFs or just the broader ETF market, that's going to be a real potential catalyst here to watch." Total assets in money market funds set a new high of $6.24 trillion this past week, according to the Investment Company Institute. "If that yield comes down, the return on money market funds should come down as well," said State Street Global Advisors' Matt Bartolini in the same interview. "Assuming stocks don't experience a massive pullback, I think investors will continue to allocate here, and ETF inflows can break that record," he said.

Persons: Nate Geraci, CNBC's, Matt Bartolini, Bartolini, They've, Geraci Organizations: Investment Company Institute, Assets, Federal, Global Advisors, SPDR, SPDR Americas Research Locations: SPDR Americas

☆ How some workers are using AI to save time — even though they fear the tech could replace them
▼ + stars: | 2024-09-07 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Despite the potential downsides of AI adoption in the workplace, several workers told Business Insider that they're using AI tools to enhance their skill sets, productivity, and job performance. AI fears have led some people to embrace the technologyTricia LaRue said using AI tools like ChatGPT has helped her save time as a marketing professional. Meanwhile, others are "very resistant" to using AI, view it as "concerning and scary" and want to avoid using it for as long as possible. In addition to concerns about AI job replacement, Granger said the overall uncertainty of the AI future can stress out some workers. Mastering AI might not be the only way to protect oneselfSainag Nethala said using AI tools typically save him about 10 to 15 hours a week on work tasks.

Persons: —, Gabrielle Gerbus, Jasper, ChatGPT, Gerbus, she's, Goldman Sachs, they're, Ben Granger, Tricia LaRue, Tricia LaRue Granger, Granger, It's, LaRue, Anchlia, Ankit, James Delage, Claude, Sainag Nethala, Sainag, Grammarly, Nethala, he's, I'm Organizations: Service, Business Locations: California, Missouri, Minnesota, Texas, Illinois

☆ The female 'founder mode' double standard
▼ + stars: | 2024-09-07 | by ( Melia Russell | Ben Bergman | ) www.businessinsider.com time to read: +9 min

From the moment Paul Graham dropped his essay on "founder mode," people online analyzed it like a stone tablet found bearing the new commandment of startupdom. But there's one group that has been privately wrestling with "founder mode" since before it had a meme-able name: female founders. Four female founders told Business Insider that a stark double standard prevents them from operating their startups as their male counterparts do. Bumble founder Whitney Wolfe Herd wrote on Instagram that she was "in founder mode for 10 years and got attacked for it every single day." But unlike female founders, he and Neumann, the WeWork founder, enjoy the luxury of being given second chances by investors.

Persons: Paul Graham, Tobias Lütke, Baron Davis, Jessica Lessin, Tim Cook, Satya Nadella, that's, There's, they'll, Amanda E, J Morrison, Julie Products, Adam Neumann, Sophia Amoruso, it's, Whitney Wolfe Herd, Morrison, We've, they're, Clara Brenner, They're, she's, Julie, Christie Horvath, Wagmo's, Horvath, there's, Anna Barber, Barber, Jenny Fielding, Fielding, Elon, Sara Mauskopf, Slack, Musk, Mauskopf, Neumann, It's, Ty Haney, athleisure —, Haney, Graham's Organizations: Service, Founders, Spotify, Urban Innovation Fund, CVS, M13 Ventures, Ventures, TechCrunch

☆ PwC tells employees it will use location data to police ‘back-to-office’ rule
▼ + stars: | 2024-09-06 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +4 min

London CNN —PricewaterhouseCoopers (PwC) will start tracking where its employees in the United Kingdom work, in a bid to dial back its current work-from-home culture. Previous guidelines required them to be in for between two and three days each week, but the memo suggests that was not universally adhered to. “With that in mind, we will start sharing your individual working location data with you on a monthly basis from January as we do with other data such as chargeable hours. This will help to ensure that the new policy is being fairly and consistently applied across our business,” it added. Earlier this year, IBM told its US-based managers they had to work in the office at least three days a week or leave their positions.

Persons: PwC, ”, Laura Hinton, PWC, we’d, Claire McCartney Organizations: London CNN — PricewaterhouseCoopers, Staff, CNN, Employees, PwC, IBM, UPS, Meta, “ Employers Locations: United Kingdom

☆ Dozens of business leaders endorse Kamala Harris for president
▼ + stars: | 2024-09-06 | by ( Liam Reilly | Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Dozens of business leaders are throwing their weight behind Vice President Kamala Harris, saying she is the stronger candidate for the American economy and the future of democracy. In a three-page letter, a group of 88 business leaders — including high-profile current and former executives from major public companies across tech, media, and finance — emphasized that they believe a Harris administration can better nurture the private sector. The endorsements underscore the support Harris has not only in Silicon Valley, a traditional Democratic stronghold, but in some corners on Wall Street and at some consumer-facing companies. On the campaign trail, Harris has positioned herself as perhaps friendlier to business than President Joe Biden. The letter is a vote of confidence for Harris as she and former President Donald Trump appear neck and neck ahead of the November election.

Persons: Kamala Harris, —, Harris, “, James Murdoch, Mark Cuban, Reid Hoffman, Rupert Murdoch, Michael Lynton, Jeremy Stoppelman, Hoffman, Jeff Lawson, Laurene Powell Jobs, Peter Chernin, Jeffrey Katzenberg, Joe Biden, Trump, Elon Musk, David Sacks, San Francisco, Doug Leone, Joe Lonsdale, Peter Thiel, Donald Trump Organizations: CNN, CNBC, Democratic, Century Fox, Emerson Collective, TCG, Fox, Walt Disney Studios, Trump, San, Republican National Convention, America PAC, Sequoia Capital, Palantir, ABC Locations: Silicon Valley, United States

☆ Women face bias and disparities in healthcare. Digital tools could help meet their needs.
▼ + stars: | 2024-09-06 | by ( Sarah Sloat | ) www.businessinsider.com time to read: +8 min

Historically, women's healthcare has been impaired by challenges like bias and a lack of specialized providers. For years, healthcare systems weren't designed for women, and there are still gaps in research and treatments for women's health issues. AdvertisementWith this reality in mind, Joanna Strober cofounded Midi Health, a website designed to help people experiencing menopause and perimenopause access specialists. Interventions can range from lifestyle coaching to prescription medication, and Midi providers can refer patients to in-person treatments when needed. Midi Health is on its way toward doing that; the company closed a $60 million Series B round in April.

Persons: Ashlee Wisdom, Wisdom, Smisha Agarwal, Agarwal, they're, Joanna Strober, Strober Organizations: New York University, Health, Center for Global Digital Health Innovation, Johns Hopkins University, Women's Health, US National Institutes of Health, Midi Health, Midi, Silicon Valley Bank Locations: Black

☆ Pregnant shark monitored by scientists eaten by a larger predator
▼ + stars: | 2024-09-06 | by ( Ashley Strickland | ) edition.cnn.com time to read: +9 min

Habitat loss, overfishingand their fate as bycatch in fishing nets have threatened porbeagle shark populations. Northwest Atlantic porbeagle sharks are listed as vulnerable on the International Union for Conservation of Nature Red List of Threatened Species. The team pieced together several factors that indicated the shark had been eaten and the tag excreted by a larger predator that gobbled up the shark, Anderson said. Unusual suspectsPorbeagles belong to a family called lamnid sharks, which also includes great white sharks and mako sharks. Gutteridge, who was not involved in the study, agrees that a white shark is the most likely culprit.

Persons: ”, Brooke Anderson, ” Anderson, —, Jon Dodd, Anderson, porbeagles, “, porbeagle, James Sulikowski, Shortfin, chow, It’s, Adrian Gutteridge, ” Gutteridge, they’re Organizations: CNN, Marine Science, North Carolina Department of Environmental, International Union for Conservation of, Marine Stewardship Council, International Union for Conservation, Specialist Locations: Cape Cod, Massachusetts, Bermuda, Canada, New England, Atlantic

☆ Eighty-eight corporate leaders endorse Harris in new letter, including CEOs of Yelp, Box
▼ + stars: | 2024-09-06 | by ( Megan Cassella | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — Eighty-eight current and former top executives from across corporate America have endorsed Vice President Kamala Harris for president in a new letter shared exclusively with CNBC. Among the signers are several high-profile CEOs of public companies, including Aaron Levie of Box , Jeremy Stoppelman of Yelp and Michael Lynton, chairman of Snap . Other signers appear to be issuing their first public endorsements of Harris since she became the de facto Democratic nominee in July. They include James Murdoch, former CEO of 21st Century Fox and an heir to the Murdoch family media empire, and crypto executive Chris Larsen, co-founder of the Ripple blockchain platform. Still more are prominent in Silicon Valley, including the venture capitalist Ron Conway, entrepreneur Mark Cuban and former LinkedIn CEO Reid Hoffman.

Persons: WASHINGTON —, Kamala Harris, Aaron Levie, Jeremy Stoppelman, Yelp, Michael Lynton, Harris, James Murdoch, Murdoch, Chris Larsen, Lynn Forester de Rothschild, José E, Feliciano, Twilio, Jeff Lawson, Ted Leonsis, Kleiner Perkins, John Doerr, Deven Parekh, Jeffrey Katzenberg, Wndr, Laurene Powell Jobs, Dustin Moskovitz, Magic Johnson, Tony James, Blackstone, Bruce Heyman, Goldman Sachs, Peter Orszag, Steve Westly, Ron Conway, Mark Cuban, Reid Hoffman Organizations: WASHINGTON, CNBC, Democratic, Century Fox, Washington Wizards, WNBA's Mystics, NHL's Washington Capitals, Walt Disney Studios, Facebook, NBA Hall of Famer, Jefferson, Lazard, Westly, Tesla Locations: America, California, Capital, Silicon Valley

That continues a trend from 2023, when generative AI companies raised $25.9 billion for the full year, up more than 200% from 2022. The average round for AI companies is 140% bigger this year compared with last, the data shows, while for non-AI companies the increase is only 10%. Most venture investors are bullish on the potential for generative AI to eventually create big returns at the application layer. John-David Lovelock, an analyst at Gartner and a 35-year veteran of the IT industry, sees a big opportunity for generative AI in the enterprise. Yet, in 2024, only 1% of the trillion dollars spent on software will be from businesses spending on generative AI products, he said.

Persons: Adam Selipsky, Anthropic, Dario Amodei, Noah Berger, aren't, They're, Melissa Incera, Chip Hazard, PitchBook, that's, Cerebras, hasn't, Jeremiah Owyang, Owyang, That's, —, Cohere, Tobias Lutke, Inovia, JPMorgan Chase, Elon Musk's, what's, NASA's, Joe Raedle, Michael Harris, David Lovelock, Lovelock Organizations: Amazon Web, Getty, Microsoft, Nvidia, Tech, P Global Market Intelligence, CNBC, U.S, Forge, Flybridge Capital Partners, Federal Reserve, Meta, Nasdaq, Benchmark, Foundation Capital, SEC, Blitzscaling Ventures, Menlo Ventures, Inovia, Menlo, SPV, AMD, Oracle, Representatives, JPMorgan, Morgan Private Ventures, Elon Musk's SpaceX, SpaceX, Polaris, NASA's Kennedy Space Center, New York Stock Exchange, NYSE, Astera Labs, Tempus, Google, Facebook, Gartner Locations: Vegas, Las Vegas, PitchBook, Anthropic, Montreal, xAI, Cape Canaveral , Florida

☆ Coinbase has worst week of the year as crypto stocks plummet
▼ + stars: | 2024-09-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

(Photo Illustration by Justin Sullivan/Getty Images) Justin Sullivan | Getty ImagesCryptocurrency exchange Coinbase just wrapped up its worst week of the year. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%. The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the "Extreme Fear" zone, indicating that investors are worried about price moves. On Friday, the Bureau of Labor Statistics reported a cooldown in the labor market with August payrolls falling short of expectations. Crypto equities hit hardestWhile it was a rough week for risky assets of all sorts, investors over-indexed in crypto stocks had it particularly bad.

Persons: Justin Sullivan, Schwab, CoinGlass, Bitcoin, payrolls, Leena ElDeeb, MicroStrategy, Michael Saylor, CleanSpark, Jerome Powell, Donald Trump, Trump, Gary Gensler Organizations: Securities, Exchange, Securities and Exchange Commission, Marathon, Nasdaq, bitcoin, Labor, of Labor Statistics, SEC, JPMorgan Chase, Federal Reserve, August's, U.S, Republican Locations: CALIFORNIA, San Anselmo , California, Bitcoin, U.S, MicroStrategy, Coinbase, Nashville

☆ I was born and raised in London. Here are the 9 biggest mistakes I see tourists make.
▼ + stars: | 2024-09-06 | by ( Conor Clark | ) www.businessinsider.com time to read: +1 min

People pay to see panoramic skyline views without realizing they can find them for free. The Sky Garden, the capital's highest public garden, has two bars and two restaurants. But visitors can get a similarly fantastic view at the Sky Garden, which is right across the River Thames from The Shard. London's highest public garden offers some of the best views of the city's skyline and comes complete with an indoor garden, restaurants, and bars. Local tip: Tickets for Sky Garden are available three weeks in advance, and they're released on a weekly basis every Monday morning (excluding bank holidays).

Persons: they're Organizations: Sky Locations: London

☆ The world’s most remarkable tennis courts
▼ + stars: | 2024-09-06 | by ( Yahya Salem | ) edition.cnn.com time to read: +4 min

But to American photographer and journalist Nick Pachelli, a tennis court is the harmonious union of surface, sound, and spectators, complemented by the natural elements and the inherent intensity of tennis. “Tennis is our only sport where the canvas on which we play can change so dramatically,” Pachelli, a former top junior tennis player himself, told CNN, highlighting each court’s “unique persona,” as he describes in his new photobook, The Tennis Court. During more than 500 days of travel, Pachelli visited over a thousand courts (of the roughly 200 in the book), crisscrossing more than 250 cities and towns in his pursuit of spotlighting the world’s most aesthetic, esteemed, and even idiosyncratic tennis courts. Reached by a few hundred steps, the tennis court at Hotel Il San Pietro Di Positano in Italy is between the cliff face and the pebble beach. The Courts at Borrego Springs in California describe themselves as 'four tennis courts, a clubhouse and a pool in the middle of nowhere."

Persons: Nick Pachelli, ”, Pachelli, Pietro Di Positano, King Richard, “, ” Pachelli Organizations: CNN, Tennis, Hotel, Tennis Clube da Foz, Junior Tennis, Center, ATP, Association of Tennis Professionals, WTA, United States Tennis Association Locations: Italy, Swiss, Cali, Colombia, Yangpyeong, South Korea, Lommerrijk, Rotterdam, The Netherlands, Berge, Porto, Portugal, Maryland, United States, Borrego Springs, California, Flushing Meadows , New York

☆ Stocks making the biggest moves premarket: Bowlero, UiPath, Broadcom and more
▼ + stars: | 2024-09-06 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

The higher end of the company's revenue outlook for fiscal 2025 was also above estimates. UiPath — The stock rose more than 8% following the software company's better-than-expected second-quarter results. Broadcom — Shares of the chipmaker fell 7% after the company's revenue guidance for the current quarter was less than expected . Guidewire Software — Shares jumped more than 7% after the company surpassed the Street's expectations. Samsara estimated adjusted earnings of between 16 cents and 18 cents per share and revenue of $1.224 billion to $1.228 billion.

Persons: UiPath, Smartsheet, Guidewire, FactSet, —, Jesse Pound, Sarah Min, Michelle Fox Theobald Organizations: Broadcom —, Broadcom, Reuters, Blackstone, JPMorgan Locations: Vista

☆ 7-Eleven's parent company rejects $38.6 billion takeover bid, says offer 'grossly undervalues' company
▼ + stars: | 2024-09-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

Photographer: Soichiro Koriyama/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesSeven & i Holdings has rejected the takeover offer from Canadian convenience store operator Alimentation Couche-Tard , saying the offer "is not in the best interest" of its shareholders and stakeholders. According to LSEG data, the offer price will value Seven & i at $38.55 billion. In April, Seven & i announced a restructuring plan for the company, aimed at growing 7-Eleven's presence globally as well as divesting its underperforming supermarket business. Herrick explained Artisan asked Seven & i to consider the offer because the fund feels that capital allocation overseas has been overlooked. "You have more than 50,000 stores, or about 50,000 stores that are generating about $100 million or just over $100 million of operating profit for for the company.

Persons: Alimentation, Soichiro Koriyama, Tard, Stephen Dacus, Dacus, Alain Bouchard, Ben Herrick, Herrick Organizations: Seven, Holdings Co, Tard Inc, Bloomberg, Getty Images Bloomberg, Getty, Holdings, Tokyo Stock Exchange, litigating, Artisan Partners, Partners, & $ Locations: Kobe, Japan, U.S, Tokyo, United States

☆ U.S. financial markets, public companies are a growing target for Russian hackers
▼ + stars: | 2024-09-06 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

People walk through the financial district by the New York Stock Exchange (NYSE) on August 14, 2024, in New York City. But one of the most damaging insider trading schemes in recent years can't be linked back to a U.S.-based trading floor or brokerage firm. As detailed in CNBC's new original podcast series "The Crimes of Putin's Trader," Russian entrepreneur Vladislav Klyushin's scam amassed more than $93 million as his cybersecurity firm M-13 was a front for Russian hackers to steal U.S. corporate earnings reports before they became public. Then, hackers traded based on those insights, buying and selling stock of well-known American companies like Tesla, Skechers, Snapchat and Roku. "Finances and banks and [the] financial sector itself is just one of the battlefields where the whole thing is happening."

Persons: Ivan Boesky, Martha Stewart, Mathew Martoma, Vladislav Klyushin's, Klyushin, Sandra Joyce, Eamon Javers, Javers, unconventionally, Vladimir Putin Organizations: New York Stock Exchange, SAC Capital Advisors, FBI, U.S, Department of Justice, Google, Intelligence, CNBC Senior Washington Locations: New York City, U.S, Russia, Russian, Switzerland, Eastern Europe

☆ China's wealthy are increasingly looking overseas for business investment opportunities
▼ + stars: | 2024-09-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Instead of high-net-worth individuals, C-suite executives in China are increasingly using business jets, said Paul Desgrosseilliers, general manager at ExecuJet Haite General Aviation Services. ExecuJet HaiteBEIJING — China's wealthy are increasingly looking for ways to move capital outside the mainland to pursue business opportunities, rather than just chasing investment returns, according to asset managers and consultants. The company's active overseas clients rose by nearly 63% year on year to 3,244. Overseas assets under management rose nearly 15% to $5.4 billion from a year earlier, while mainland China assets under management fell over 6% to $15.8 billion, according to Noah's quarterly earnings report. "What we are hearing from them is that the fastest growth in terms of interest from Chinese clients [occurred] in the post-Covid [period to] early last year."

Persons: Paul Desgrosseilliers, ExecuJet, there's, Ryota Kadogaki, Grant Pan, Noah Holdings, Noah, Kadogaki, Mu Chen, That's, Pan, ExecuJet Haite Organizations: General Aviation Services, Beijing Daxing, Monolith, Investors, Ministry of Commerce, CNBC, Noah Holdings, Beijing Daxing International Locations: China, Beijing, BEIJING, Japan, Mainland China, Singapore, Hong Kong, Southeast Asia, East, Africa, Asia Pacific

And Israeli Prime Minister Benjamin Netanyahu has poured cold water on US hopefulness, though Biden officials have largely refrained from criticizing him. “In my view, the less that’s said about particular issues, the better,” a senior administration official told reporters Wednesday in response to Netanyahu’s press conference. Days later, a senior administration official who briefed reporters argued that the majority of the details of a ceasefire deal – “90%” – had been agreed to by the two parties. In a detail not previously shared, the senior official said that of the 18 paragraphs in the agreement, 14 were finished and agreed to. They need to rest and refit, in case a war in the north [with Hezbollah] is going to happen,” the second senior administration official said.

Persons: CNN —, Biden, Joe Biden’s, Yahya Sinwar, Benjamin Netanyahu, Netanyahu, “, ”, Itamar, Ben, Antony Blinken, ” –, – “, Feedback Netanyahu, CNN Biden ‘, Hersh Goldberg, Polin, it’s, Israel, Haniyeh, Ismail Haniyeh, Haniyeh’s, —, ” Biden, –, Bill Burns, I’ve, John Kirby, “ I’m, ” Kirby Organizations: CNN, Hamas, CIA, Defense Ministry, IDF, White House Locations: Gaza, Israel, ” – Israel, Egypt, Qatar, Tehran, London, White

☆ Abbott launches its first over-the-counter continuous glucose monitor in the U.S.
▼ + stars: | 2024-09-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Abbott Laboratories announced Thursday its over-the-counter continuous glucose monitor Lingo is available in the U.S. starting at $49. These devices, called continuous glucose monitors, are small sensors that stick through the skin to measure real-time glucose levels. Continuous glucose monitors have served as tools for patients with diabetes, but Lingo is not intended for diabetes management. The company released its over-the-counter continuous glucose monitor geared toward this demographic in late August. The U.S. Food and Drug Administration approved Dexcom's Stelo in March, and it cleared two over-the-counter continuous glucose monitoring systems from Abbott in June.

Persons: Lingo, it's, Abbott, That's, Ben Fohner, Abbott's, Olivier Ropars, Ropars, Dexcom's Organizations: Abbott, CNBC, U.S . Food, Drug Administration, Dexcom's Stelo, Libre, Libre Rio Locations: U.S

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