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☆ Elise Stefanik, Trump’s pick for UN ambassador, declines to stand by previous support for Ukraine joining NATO
▼ + stars: | 2024-11-13 | by ( Andrew Kaczynski | ) edition.cnn.com time to read: +3 min

Her office also declined to say whether she still believes Russia committed genocide in Ukraine, as she said in 2022. At the time, she argued for extensive military aid support, highlighting the Trump administration’s previous providing of Javelin missiles. Now, when asked if she still supports NATO membership for Ukraine, Stefanik’s spokesperson declined to specifically address her current position. She initially championed pro-Ukraine legislation and supported numerous sanctions against Russia along with multiple rounds of military aid for Ukraine. But in April, she voted against a $60 billion Ukraine aid package, citing concerns over the spending and saying it was better to prioritize the crisis at the southern border.

Persons: Elise Stefanik, Donald Trump’s, Stefanik, I’ve, Trump, ”, Trump’s, Ali Black, Vladimir Putin Organizations: CNN, New York, United, NATO, Trump, Javelin, Kyiv, Ukraine, Stefanik’s, Russia Locations: United Nations, Russia, Ukraine

☆ This city has the largest percentage of $1 million homes—it's not New York
▼ + stars: | 2024-11-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The number of million-dollar homes is increasing across the U.S., but they're highly concentrated in certain places, according to a November LendingTree analysis. San Jose, California, tops the list of U.S. metros with the highest share of million-dollar homes with 72% of owner-occupied homes worth over $1 million, according to LendingTree. San Jose isn't the only California metro area with a large share of million-dollar homes. However, it's worth pointing out while New York has a lower percentage of million-dollar homes, it has a higher total number of them than San Jose or San Francisco. Here are the 10 U.S. metro areas with the highest share of $1 million homes, according to LendingTree.

Persons: Jose isn't Organizations: Census, American, Survey, U.S, metros, Homes, San Diego Locations: U.S, San Jose , California, It's, San Jose, California, San Francisco , Los Angeles, New York, Jose, San Francisco

☆ Oldest stone tablet inscribed with Bible’s Ten Commandments to be sold at auction
▼ + stars: | 2024-11-13 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +3 min

CNN —The oldest known tablet inscribed with the Ten Commandments from the Old Testament is expected to fetch up to $2 million when it goes up for auction next month. The ancient stone will be on show in Sotheby's New York showroom from December 5, before going on sale later in the month. The inscription was placed face upward and the stone was exposed to heavy foot traffic. According to a press statement sent to CNN by Sotheby’s, which will auction the tablet in New York next month, the stone was sold to a scholar in 1943. Last year, a Hebrew Bible more than 1,000 years old was sold for $38.1 million at Sotheby’s in New York.

Persons: Samaritanism, Gerizim –, Zion, Sotheby’s, ”, Gerizim, Richard Austin, Sassoon Organizations: CNN, Sotheby’s, Bank – Locations: Israel, Sotheby's New York, New York, York

☆ My husband and I moved from the US to Canada 13 years ago. We love the free healthcare and the friends we've made.
▼ + stars: | 2024-11-13 | by ( Lygia Navarro | ) www.businessinsider.com time to read: +6 min

AdvertisementI've lived in Canada for more than a decade, and though it's not perfect, I prefer it to the US. Traveling in Canada can be more expensive, but my husband and I have found ways to make it work. Add on the promise of Canadian healthcare, and we were close to nirvana. After living for more than a decade in Canada, we've come to realize that the country is far from perfect. AdvertisementI prefer living in Canada to the United StatesCanada's healthcare system is a big attraction for many in the US.

Persons: I've, it's, we'd, they'd, Canada —, we've, Bruce Yuanyue Bi, I'm Organizations: Cosmopolitan, Toronto — Locations: Canada, Toronto, Midwest, New York City, California, Laurentian, Ontario, Yukon, Nigeria, Russia, Pakistan, Mexico, China, Peru, United States, Canadian

As bitcoin shoots to new heights, some stocks that trade closely with the digital currency could also see their fortunes rise. Against that backdrop, CNBC Pro screened for stocks that have the highest positive correlation with bitcoin over the past 60 days, meaning they could rise in tandem. Fellow crypto miner Riot Platforms was also on the list with an 81% correlation to bitcoin. Lesser-known names that could see a boost on further bitcoin appreciation include crypto miners Bitdeer Technologies and Hut 8 . Bitdeer has a 67% correlation to the digital currency, while Hut 8's correlation coefficient is nearly 0.7.

Persons: Bitcoin, Donald Trump, Trump, bitcoin, Mark McLaughlin, Cryptocurrency, Mara Holdings, Cantor Fitzgerald, Mara, Brett Knoblauch, MARA, Bitdeer Organizations: cryptocurrencies, CNBC Pro, New York Stock Exchange, Nasdaq, Bank of America, Bitdeer Technologies

☆ Planet Fitness loses 11th hour bid to acquire bankrupt Blink
▼ + stars: | 2024-11-13 | by ( Brandon Gomez | In Brandon-Gomez | ) www.cnbc.com time to read: +1 min

Planet Fitness lost its bid in bankruptcy court to acquire budget fitness chain Blink Holdings, according to court filings viewed by CNBC. Planet Fitness placed its competing eleventh hour bids early this month during a 48-hour challenge window. Late Tuesday, Delaware's bankruptcy court formally accepted PureGym's $121 million offer, which initially won at auction in late October. J. Kate Stickles, bankruptcy judge in the U.S. Bankruptcy Court of Delaware, said in Tuesday's hearing that PureGym's offer would avoid antitrust risks. PureGym's offer, assuming Blink's liabilities, also comes with 60 of Blink's fitness centers still operating in New York and New Jersey.

Persons: J, Kate Stickles, PureGym, Humphrey Cobbold Organizations: Holdings, CNBC, Bankruptcy Locations: Richmond , California, U.S, Delaware, New York, New Jersey, American

☆ Spirit Airlines shares plunge on bankruptcy speculation
▼ + stars: | 2024-11-13 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

A Wall Street Journal report Tuesday evening said a bankruptcy filing is expected to happen within weeks, as talks with Frontier Airlines to possibly buy Spirit (SAVE) broke down recently. Because of those discussions, the company said, Spirit is unable able to complete its third-quarter financial report by the prescribed time. While Spirit management tried to move ahead with the Frontier deal, its shareholders rejected the offer and Spirit ultimately agreed to the JetBlue deal instead. It argued such a combination would hurt airline passengers because it would reduce the number of inexpensive airline tickets — putting upward pressure on airfares overall. In January 2024 a federal judge agreed with DOJ’s argument and blocked the JetBlue deal.

Persons: Spirit Organizations: New, New York CNN — Spirit Airlines ’, Frontier Airlines, Securities and Exchange, JetBlue Airways, Spirit, JetBlue, Justice Department, Airbus Locations: New York

CNN —Argentine delegates at the COP29 United Nations climate summit in Baku, Azerbaijan, have been ordered to withdraw from negotiations and return home, according to a source at the country’s foreign ministry. He is expected to travel to the United States this week to attend a Conservative Political Action Conference (CPAC) summit at Mar-a-Lago, Florida. Milei came to power less than a year ago, running on a libertarian platform, and has since implemented drastic social and economic measures in Argentina. Other cuts to public services have so far included shutting down the Argentina national press agency Télam and several ministries. Abortions were legalized in Argentina in 2021 in all cases up to 14 weeks of pregnancy.

Persons: Donald Trump’s, Trump, Biden, “, ”, John Podesta, Javier Milei, ” Milei, Milei, ” Javier Milei, UNGA, Michael M, Diana Mondino, CNNE, Donald Trump, Trump’s Organizations: CNN, Argentine, COP29, White, UN, Assembly, United Nations, Conservative Political, Argentina national Locations: Nations, Baku, Azerbaijan, Paris, Argentina, New York City, Cuba, Venezuela, United States, Mar, Lago , Florida, Buenos Aires

☆ Inside AI-Healthcare Startup Forward's Demise
▼ + stars: | 2024-11-13 | by ( Rebecca Torrence | Rob Price | ) www.businessinsider.com time to read: +13 min

The healthcare startup Forward bet the future of its business on a spaceshiplike mall kiosk in Roseville, California. AdvertisementEleven former Forward employees spoke with BI before the closure on the condition of anonymity to avoid retribution from the company. Two former employees told BI that, at that time, the startup was set to run out of money in less than a year. Lea Suzuki/The San Francisco Chronicle via Getty ImagesThe CarePods came with many financial and logistical challenges, former employees told BI. Most former employees BI spoke with said they still believed in Forward's mission.

Persons: —, Elon, Adrian Aoun, Axios, Forward's, fundraise, Forward, Rob Price, Larry Page's, Aoun, Rebecca Torrence, iPads, hadn't, he'd, Lea Suzuki, CarePod, CarePods Organizations: Google, Business, Forward, Apple, San Francisco, Getty, BI Locations: Roseville , California, Roseville, Chicago, New York City, Forward's San Francisco, Forward's Washington, DC, Washington ,, San Francisco, Washington, Dallas, Bellevue , Washington, Sacramento, Chandler , Arizona, Chicago's Willis, Galleria, there's

☆ Chipotle shareholder sues over skimpy portion sizes
▼ + stars: | 2024-11-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —A Chipotle shareholder is suing the fast-casual chain over viral social media complaints about skimpy portion sizes. The proposed class-action lawsuit filed Monday claims Chipotle understated customer dissatisfaction regarding its “highly inconsistent” portion sizes in official disclosures. “First, there was never a directive to provide less to our customers,” Niccol said during the earnings call. After that earnings call on October 30, Chipotle stock dipped 7.86%. The proposed class action would make eligible anyone who purchased or sold Chipotle stock from February 8 to October 29, 2024.

Persons: Keith Lee, Chipotle, ” Laurie Schalow, Chipotle’s “, Brian Niccol, ” Niccol, Niccol, Jack Hartung, Scott Boatwright, Boatwright Organizations: New, New York CNN, Starbucks Locations: New York, Wells, Chipotle’s, Chipotle

☆ Analysis: A Trump bitcoin promise is what crypto fans once fought against. They love it anyway
▼ + stars: | 2024-11-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —The crypto industry, an institution founded on the principle of getting the government’s greedy hands off the people’s currency, is booming. They may have finally convinced the government to get its hands on bitcoin. And second: He would create a national bitcoin reserve by preventing the government from selling the assets it has seized in criminal cases. I asked several experts this week about that apparent inconsistency in the crypto ethos. “This, by itself, represents an enormous symbolic win for the crypto industry that two years ago was being spoken of as dead in the water.”

Persons: CNN Business ’, Donald Trump, Faryar Shirzad, “, we’ve, ” Trump, ”, Sam Bankman, Trump, Gary Gensler, can’t, Gensler, Robert F, Kennedy Jr, Fort Knox ”, Sam, shouldn’t, Molly White, ’, Zeke Faux, ” Yesha Yadav Organizations: CNN Business, New York CNN, Securities and Exchange Commission, SEC, Vanderbilt University Locations: New York, Fort

☆ Cisco reports fourth straight quarter of declining revenue
▼ + stars: | 2024-11-13 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Cisco CEO Chuck Robbins speaks at The Wall Street Journal's Future of Everything Festival in New York on May 21, 2024. Cisco reported a fourth straight quarter of declining revenue even as results topped analysts' estimates. Net income fell to $2.71 billion, or 68 cents per share, from $3.64 billion, or 89 cents per share, in the same quarter a year ago. During the quarter, Cisco acquired security startups DeepFactor and Robust Intelligence. Analysts expected adjusted earnings for the year of $3.58 per share on $55.89 billion in revenue.

Persons: Chuck Robbins, Robbins, Scott Herren, Herren Organizations: Cisco, Everything, StreetAccount, Dell, White, Intelligence, Cisco Systems, Applied Materials, Disney Locations: New York

☆ Who’s Attending COP29, the International Climate Summit?
▼ + stars: | 2024-11-13 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +9 min

Over 50,000 people are gathered in Baku, Azerbaijan, for the United Nations climate conference known as COP29. This is the second largest of the annual gatherings in their history, according to official estimates and recently published data. Diplomats from nearly 200 member countries will seek a deal on climate financing to support the clean energy transition in developing economies. Recent years have seen a spike in the number of guests, particularly from Europe, sub-Saharan Africa and the Middle East. Politicians started to take more interest in the climate talks in 2009, when they were held in Copenhagen.

Persons: Donald J, Trump, COP6, Keir Starmer, ”, Richard Kinley, they’ve, They’ve Organizations: Climate, United Nations, Diplomats, Paris Copenhagen, Berlin, COP3, Dubai, New York, Paris Copenhagen Official, CENTRAL, NORTH, NORTH AFRICA EAST, NORTH AFRICA Official, EAST ASIA, COP1, CENTRAL ASIA, EAST, PACIFIC, Copenhagen COP15, United, United Arab Emirates, Azerbaijan Russia United Arab, Swarthmore, Ivory, Ivory Coast Democratic Locations: Baku, Azerbaijan, United States, Europe, Saharan Africa, COP28, Dubai, Paris, Copenhagen, United Kingdom, China, SAHARAN AFRICA, NORTH AFRICA, NORTH AFRICA EAST ASIA, Berlin, ASIA, EUROPE, EAST ASIA, AFRICA, Russia, United Arab, Qatar, Doha, Azerbaijan Russia, Azerbaijan Russia United Arab Emirates Qatar, Ivory Coast, Ivory Coast Democratic Republic of Congo Senegal Ghana

☆ I moved to Panama from the US. I live on a remote island for $1,000 a month and have never been happier.
▼ + stars: | 2024-11-13 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

Lisa Kauffman was over Florida's hurricanes and the faster pace of life in the US. AdvertisementThis as-told-to essay is based on a conversation with Lisa Kauffman, a 55-year-old teacher with a background in biology and special education. In 2023, I purchased a one-way ticket to Panama, planning to live on the private island I had previously visited in 2022. I live off the grid, and my day-to-day expenses are lowThe island I live on is remote. Courtesy of Lisa KauffmanI live on about $1,000 a month.

Persons: Lisa Kauffman, Kauffman, —, I've, I'd, Ian, I'm, Minnie Organizations: Service, Kauffman Locations: Panamanian, Panama, Caribbean, Bocas del Toro, Panama City, Florida, Fort Myers, Costa Rica, Hawaii, Thailand, New York

☆ How Trump policies may boost and burden energy stocks and crude oil, all at the same time
▼ + stars: | 2024-11-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

While oil stocks tend to follow the direction of crude prices, the energy sector has gained 3.6% since election day, slightly outpacing the S & P 500. Conflicting signals The crude futures market and the oil and gas stocks appear to be taking different messages from Trump's victory. Since the election, natural gas stocks have been big winners on the prospect of more pipeline permitting. The oilfield services companies are also major beneficiaries under a Trump administration, West said. Oil surplus headwind More ominously, an oil and gas production boom under Trump would lower crude oil prices and likely act as a headwind for the industry.

Persons: Donald Trump's, Brent, Andrew Dittmar, Trump, Dittmar, Biden, James West, EQT, Kinder Morgan, West, Baker Hughes, Halliburton, Lee Zeldin, Zeldin, Russia —, Morgan Stanley, Wells, Roger Read, Darren Woods, I'm, Woods, CNBC's Organizations: West Texas Intermediate, Enverus Energy Intelligence, Republican, White, American Petroleum Institute, Oil, Gas, ETF, Interior Department . Offshore drillers, Noble Corporation, Evercore ISI, Pipeline, Williams Companies, Cheniere Energy, Industries, Trump, SLB, New, New York GOP, Environmental Protection Agency, Fox News, Biden, EPA, " Companies, Investors, Department of Energy, CNBC, Exxon Mobil, Exxon, Chevron, White House, Capitol, ISI Locations: China, Gulf of Mexico, Tidewater, Transocean, Gulf, Trump, New York, U.S, Saudi Arabia, Russia, Wells Fargo

☆ In this birthday party portrait, teenage girls celebrate in secret in Afghanistan
▼ + stars: | 2024-11-13 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +6 min

CNN —The photograph could have been taken at any birthday party: three girls in dresses standing side-by-side in a living room, balloons and streamers strung up around an entryway. Hayeri and Cornet have met with some of the same girls at different events over the course of their work together, including this earlier birthday party in February. Over the course of the six months, Hayeri and Cornet repeatedly photographed the teenage girls in the birthday party portrait, as well as their extended circle of friends. “In this particular case, it was a 16-year-old’s birthday party for one of the girls,” Cornet said. “Resistance for Afghan women cannot mean to go on the street and protest, to be outspoken,” Hayeri said.

Persons: Kiana Hayeri, Mélissa Cornet, ”, Hayeri, Cornet, ” Hayeri, ” Cornet, “, Fondation Carmignac Cornet, Sirajuddin Haqqani, Sheikh Haibatullah Akhundzada, “ She’s, They’ve, Melissa Organizations: CNN, Fondation, The New York Times Locations: Kabul, Afghanistan, Canadian, Paris, ”, —

☆ Grubhub just sold for $650 million. Four years ago it was worth $7.3 billion
▼ + stars: | 2024-11-13 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Europe’s biggest meal delivery firm, Just Eat Takeaway, said on Wednesday it had struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million, sending its shares soaring 20% in early trading. “Just Eat Takeaway is at last putting an end to its disastrous U.S. journey,” Bryan Garnier analyst Clement Genelot said, noting the group had destroyed more than $7 billion in shareholder value there. Grubhub’s enterprise value of $650 million includes $500 million of senior notes and $150 million cash, Wonder said in a statement. Just Eat CEO Jitse Groen had in February said the M&A environment was not easy in the U.S., where fee caps cost the group some $100 million per year. JPMorgan said in a note it had argued for an about $1.2 billion valuation for Grubhub in the past, but the market would view the long-awaited deal as positive even at a lower valuation.

Persons: Reuters —, ” Bryan Garnier, Clement Genelot, Wonder, Marc Lore, Jitse Groen, DoorDash, Uber Organizations: Reuters, Walmart, Wall, JPMorgan Locations: Amsterdam, Chicago, New York City, U.S, Australia, Canada, New Zealand, France, Tuesday’s

☆ NY Fed: Total delinquencies rise to 3.5%, highest since Q2 2020 but below pre-pandemic era
▼ + stars: | 2024-11-13 | by ( Steve Liesman | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNY Fed: Total delinquencies rise to 3.5%, highest since Q2 2020 but below pre-pandemic eraCNBC's Steve Liesman reports on the latest news from the New York Federal Reserve.

Persons: Steve Liesman Organizations: New York Federal Reserve

☆ Australia plans to ban social media for under 16s — and experts have called it a ‘momentous step’
▼ + stars: | 2024-11-13 | by ( Sawdah Bhaimiya | ) www.cnbc.com time to read: +2 min

Australia's government has proposed a social media ban for children under the age of 16 which experts have described as a "momentous step," as parents globally call for greater regulation of tech companies. Other platforms have sought to address the harm social media can do to young peoples' mental health, with Meta's Instagram launching "Teen Accounts" in September. Zach Rausch, an NYU Stern School of Business research scientist and lead researcher on No.1 New York Times bestselling book "The Anxious Generation," said Australia's legislation was a "momentous step" and will make Australia a "global leader in protecting kids online." The Australian law would see social media platforms held entirely responsible for preventing access to children. Children who breach the law and their parents will not face any penalties.

Persons: Anthony Albanese, Meta's Instagram, Bytedance's TikTok, Elon Musk's X, Dany Elachi, Elachi, …, TikTok, Meta's, Zach Rausch Organizations: Australian, Facebook, Up Alliance, CNBC, Big Tech, NYU Stern School of Business, New York Times Locations: Australian

☆ Melania Trump unlikely to move to the White House full time as first lady: ‘This time is different’
▼ + stars: | 2024-11-13 | by ( Betsy Klein | Kristen Holmes | ) edition.cnn.com time to read: +12 min

I was in the White House before. The Bidens have similarly spent significant time at the family’s Delaware homes, though the White House has been both Joe and Jill Biden’s primary residence on weekdays for the past four years. I don’t feel that way,” Melania Trump told Fox News’ Ainsley Earhardt last month. The prospect of a first lady declining to live full time at the White House offers a remarkable break in precedent but should not be surprising to those who have long observed Melania Trump. In this May 2018 photo, Melania Trump arrives during a "Be Best" initiative event in the Rose Garden of the White House in Washington, DC.

Persons: Washington CNN — Melania Trump, she’ll, Jill Biden, Joe Biden, Donald Trump’s, Melania Trump, Trump, “ I’m, ” Trump, Donald Trump, Jill Biden’s, Barron, Barron Trump, ” Melania Trump, Ainsley Earhardt, … He’s, ”, Kate Bennett, Melania Trump’s, Biden, children’s, Al Drago, Bennett, ‘, Stephanie Grisham, “, Stephanie Winston Wolkoff, Winston Wolkoff, Laura Bush, Michelle Obama, Rosalynn Carter, “ wasn’t, Rebecca Wright, that’s, ” Bennett Organizations: Washington CNN, CNN, White, Fox News, Mar, New York University, Trump, White House, CNN White House, “, Bloomberg, Getty, East Wing, SSRS, Palm, ”, Republican National Convention Locations: Washington, New York City, Palm Beach , Florida, Lago, Bedminster , New Jersey, Delaware, Florida, New York, Madison, West Palm Beach, Rose, Washington , DC, McAllen , Texas, Palm Beach and New York, Milwaukee

☆ Did you need another reminder that Donald Trump watches TV? Here you go
▼ + stars: | 2024-11-13 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

But some people still seem surprised to see Trump nominate Pete Hegseth for defense secretary. It's a reminder that while Twitter — and Elon Musk — is influencing Trump, he's also a very, very big TV guy. Here's one clue: Trump has just nominated a Fox News host, Pete Hegseth, to be his secretary of defense. Mr. Musk has also attended at least one national security meeting with Mr. Trump alongside the likes of Stephen Miller, a top aide, and Donald Trump Jr., according to a person briefed on the meeting. But for now, both things can be true: Donald Trump has both Twitter and TV on his mind — even if he's actually watching only one of them.

Persons: Donald Trump, Pete Hegseth, It's, Elon Musk, Trump, he's, Ron DeSantis, Pete, CNN's Brian Stelter, YouTuber Shawn Ryan, Musk, Rick Scott of, Howard Lutnick, Linda E, McMahon, Recep Tayyip Erdogan of, Volodymyr Zelensky, Javier Milei, Milei, Stephen Miller, Donald Trump Jr Organizations: Fox News, Trump, Twitter, Elon, —, Hegseth's Fox News, Florida Gov, Fox, Army National Guard, YouTube, 4chan, New York Times, Department of Education, Mr, Times Locations: Washington, Florida, Rick Scott of Florida, Canada, Recep Tayyip Erdogan of Turkey, Ukraine, Argentina, Mar

☆ What Marco Rubio's nomination as Trump's secretary of state means for China and Taiwan
▼ + stars: | 2024-11-13 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

Rubio is a China hawk, has been sanctioned twice by Beijing, and may even be barred from the country. US President-elect Donald Trump has officially announced Sen. Marco Rubio as his secretary of state pick after days of speculation. AdvertisementRubio and Trump, once rivals, appear aligned on issues related to China and Taiwan. AdvertisementRubio's nomination raises questions about US relations with China, Taiwan, and the broader Indo-Pacific region. They have an army of unpaid lobbyists here in Washington," Rubio said during a 2023 Senate speech.

Persons: Trump, Sen, Marco Rubio, Rubio, Donald Trump, he's, President Trump, Washington didn't, John Raoux, He's, Rubio's, haven't, Joe Raedle, " Rubio Organizations: Beijing, The New York Times, Trump, AP, Heritage Foundation, Chinese Communist Party, The Washington Post Locations: China, Taiwan, Florida, America, Washington, Beijing, Hong Kong, Russia, Iran, North Korea, The, The Florida, Taipei

Elon Musk listens as President-elect Donald Trump addresses a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill in Washington, D.C., on Nov. 13, 2024. Elon Musk on Wednesday joined President-elect Donald Trump for his first postelection meeting with the House Republican conference in Washington, D.C., an advisor to Trump told NBC News. Trump and Musk flew to the nation's capital together from Florida aboard Trump's plane. Musk has been alongside Trump in nearly every meeting, The New York Times reported. On Tuesday evening, Trump announced that "the Great Elon Musk" and entrepreneur Vivek Ramaswamy would lead an outside commission called the "Department of Government Efficiency," which aims to "dismantle government bureaucracy" and cut regulations.

Persons: Elon Musk, Donald Trump, Musk, Trump's, Trump, Elon, Vivek Ramaswamy Organizations: Republicans, Hyatt, Washington , D.C, Wednesday, House Republican, Trump, NBC News, SpaceX, The New York Times, " Department of Government Locations: Washington ,, Florida, Palm Beach

☆ The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns
▼ + stars: | 2024-11-13 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again. “If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday. “I hope that he will get the message from this election and adjust his programs so that it’s not inflationary,” Summers told CNN. “In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation,” Karoline Leavitt, a Trump transition spokesperson, said in a statement. They just didn’t want the consequences that came with it in terms of increased inflation,” Summers said.

Persons: Larry Summers, Donald Trump, Summers, Clinton, ” Summers, Kate Bolduan, That’s, Trump, Obama, “, ” Karoline Leavitt, ” Scott Bessent, ” Bessent, Axios, Trump “, Kamala Harris, Biden, I’ve, ” Organizations: New, New York CNN, Treasury, Federal Reserve, CNN News Central, CNN, Trump, Wall Street Journal Locations: New York, China, Ukraine

☆ Americans’ debt is growing — but so are incomes
▼ + stars: | 2024-11-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —Americans are continuing to pile on debt at record levels — but for many households, those IOUs are completely manageable, according to new data released Wednesday. Balances grew across all major debt categories, with credit cards and auto loans continuing to see the biggest gains. However, by and large, most households have been able to handle that rising debt: Their after-tax income has grown even more, according to the New York Fed. Disposable personal income hit $21.8 trillion in the third quarter, bringing the total debt balance to income ratio to 82%. And, for 18 months running, that pay growth has outpaced inflation, according to Bureau of Labor Statistics data released Wednesday.

Persons: Delinquencies, “, ” “, ” Donghoon Lee, — Organizations: CNN, Federal Reserve Bank of New, New York Fed, of Labor Statistics

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