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☆ Soaring sports team values create new pressure for owners on taxes, succession
▼ + stars: | 2024-09-03 | by ( Robert Frank | ) www.cnbc.com time to read: +6 min

Ric Tapia | Getty Images Sport | Getty ImagesSports team owners benefiting from soaring team values are also facing new pressure from two of the oldest certainties in American wealth: death and taxes. With the average age of team owners rising, and team values skyrocketing into the billions, owners and leagues are increasingly focused on how to ensure smooth ownership transitions to the next generation of buyers. Succession and taxes have become especially important in the National Football League, where the average age of team owners is now over 72 and team values are all surging. The average NFL team is now worth $6.49 billion, and no team is valued at less than $5.25 billion, according to CNBC's Official 2024 NFL Team Valuations. So owners have to be planning for the potential for more punitive estate taxes in the coming years.

Persons: Ric Tapia, Stephen Amdur, Pillsbury Winthrop Shaw Pittman, Robert Frank, Pat Bowlen, Rob Walton, Bud Adams, Grant Halverson, Amy Adams Strunk, Tom Benson, Gayle, Jonathan Bachman, Joe Robbie, George " Papa Bear, Halas, George Halas, Amdur, That's, Roger Goodell Organizations: NFL, Los Angeles Rams, Houston Texans, NRG, Getty, Sports, Pillsbury, National Football League, Former Denver Broncos, Tennessee Titans, Minnesota Vikings, Getty Images Tennessee Titans, Longtime New Orleans Saints, National Basketball, New Orleans Pelicans, New, New Orleans Saints, Mercedes, Benz, Miami Dolphins, NBA, Chicago Bears, Bettmann Locations: Houston, Nashville , Tennessee, New Orleans, New Orleans , Louisiana

☆ Why Cramer advises against running out to buy Nvidia's post-earnings stock dip
▼ + stars: | 2024-08-28 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

Jim doesn't see a need to step in first thing Thursday morning and buy the dip. Through its Nvidia AI Enterprise service, Nvidia is in the process of building out a potentially massive software business. Quarterly commentary During Nvidia's fiscal second quarter, better-than-expected sales were driven by strength in all key segments, including a Data Center segment revenue record. Regarding China, Kress said, "Data Center revenue in China grew sequentially in Q2 and is a significant contributor to our Data Center revenue. Guidance Taking a closer look at guidance, Nvidia's fiscal third quarter may not have beaten the Street's estimates by the magnitude some were hoping for, but it's far from disappointing.

Persons: Lindy, Triple Lindy, Jensen Huang, Hopper, Blackwell, Jim Cramer, Jim doesn't, Colette Kress, Kress, it's, inferencing, ChatGPT, Cloud prem, Nvidia Isaac, Jim Cramer's, Jim, Andrej Sokolow Organizations: Nvidia, Revenue, Triple, Moore's, Hopper, Blackwell, Amazon Web Services, Google, Enterprise, Devices, Intel, Apple, Data Center, Networking, Management, Data, Centers, Automotive, Siemens, Nvidia Blackwell, Mercedes, Benz, Nvidia Omniverse, CNBC, Getty Locations: China, Boston, Silicon Valley

☆ Starbucks' turnaround relies on an executive who is no stranger to orchestrating comebacks
▼ + stars: | 2024-08-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, it's out with the old and in with the new CEO at Starbucks. Starbucks announced CEO Laxman Narasimhan was stepping down after less than two years on the job . Chipotle CEO Brian Niccol was tapped to lead Starbucks' turnaround efforts. In the release announcing the news , Howard Schultz, Starbucks' chairman emeritus and three-time CEO, made no mention of Narasimhan in his statement. At Starbucks, Niccol won't need to navigate a brand crisis like he did with Chipotle in the wake of its E. coli outbreak.

Persons: —, he's Benjamin Button'd, Chelsea Jia Feng, Laxman Narasimhan, Brian Niccol, it's, Grace Dean, Howard Schultz, Narasimhan, Ryan Miller, Rebecca Zisser, Alex Bitter, It's, we've, Katie Notopoulos, Tyler Le, Joe Quinlan, Berkshire Hathaway, Goldman Sachs, Greg Tuorto, Josh Edelson, Justin Sullivan, Timo Lenzen, Mercedes, unmotivated, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock Organizations: Service, Starbucks, Business, Elliott Management, Orange County Museum of Art, Taco Bell, Merrill, Bank of America Private Bank, Getty, BI, Benz, Mercedes, Dolce, Gabbana, Walmart, Walgreens, Cisco Systems, UBS Locations: Chelsea, Narasimhan, Mexican, Berkshire, AFP, Dubai, Miami, New York, London

☆ Real Estate Status Symbol: New Home From Your Favorite Luxury Brand
▼ + stars: | 2024-08-14 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

This spring, the company unveiled plans for Pagani Residences, a 70-unit condo development in Miami's North Bay Village. Beyond automakers, there's a growing list of luxury brands hoping to use real estate to turn their cultural cachet into cold, hard cash. New York's five-star Sherry-Netherland Hotel began welcoming long-term residents almost a century ago, and since then roughly 700 branded residences have graced skylines around the world. But when it comes to branded residences, there are real selling points for buyers. The Elle project may seem out of left field, but Itani told me he's talking with another publication interested in making similar inroads.

Persons: carmaker Pagani, Pagani, Carlo Dipasquale, Aston Martin, Carbone, Gabbana, Elle, Sherry, we've, that's, Itani, Drake, Giorgio Armani, aren't, Brand, They're, they're, Laura Steinbruckner, Ferrari, Rob Sykes, WATG, hadn't, Cipriani, they've Organizations: Pagani Residences, Mercedes, Benz, Porsche, Bentley, Global, Condo, Brands, Carlton, Nobu, Peruvian, Armani Casa, South Florida —, Villa Miami, Major Food Group, Gabbana, Hilton, Fiat, Apple Locations: Bay, South Florida, Miami, Miami Beach, Dubai, London, New York, Netherland, Spain, Toronto, homebuilding, Plenty, Villa

☆ A 1954 Mercedes worth up to $70 million will be among legendary racing cars up for sale soon
▼ + stars: | 2024-08-13 | by ( Jack Guy | ) edition.cnn.com time to read: +4 min

CNN —A 1954 Mercedes-Benz W196 Streamliner valued between $50-70 million is among the historic cars set to be sold by the Indianapolis Motor Speedway Museum. “These vehicles will be some of the world’s most significant cars ever sold,” Gord Duff, global head of auctions at RM Sotheby’s, said in the statement. The cars will be sold at different events late this year and in 2025, according to the statement. In 2022, a very rare 1955 Mercedes-Benz SLR coupe that had been kept in the German automaker’s collection was sold to a private buyer for €135 million ($142 million at the time). “The Ferrari 250 GTO is the motoring market’s equivalent of Van Gogh’s ‘Sunflowers’ and a talisman for any top-end collection,” he said.

Persons: Mercedes, Juan Manuel Fangio, Stirling Moss, Fangio, Moss, Ferrari 250LM, Ferrari, Ford GT40, ” Gord Duff, Joe Hale, “, Laurin, Mercedes Brookland, Craig Breedlove, Lee, David MacNeil, James Knight, Van, ” Organizations: CNN, Benz, Indianapolis Motor Speedway Museum, Chief, Sotheby’s, Prix, Le, Sotheby's, Chevrolet Corvette SS, XP64, Ford, Indianapolis, Indianapolis Motor, Indianapolis Motor Speedway, Le Mans, IMS, Klement, Ferrari Locations: Buenos Aires, Argentina, Monza

☆ These banks are cutting CD and savings rates. Where to park your cash to grab yield
▼ + stars: | 2024-08-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Last week, three online banks cut their 1-year CD rates, according to BTIG. Meanwhile, Synchrony slashed its online savings rate by 10 basis points to 4.65%. "We believe online banks are intentionally trying to shift customers toward savings rates, which are floating, over term rates," he said. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is 5.11%, as of Monday. With both high-yield savings and money market funds, the rates can fluctuate.

Persons: Marcus, Goldman Sachs, Sallie Mae, Synchrony, Jerome Powell, Vincent Caintic, Christine Benz, Benz, Winnie Sun, Cathy Curtis, Curtis Organizations: Federal, Morningstar, Federal Deposit Insurance Corp, Sun, Wealth Partners, CNBC, Money, Curtis Financial, Treasury Locations: Capital

☆ China economy: Young people in China aren’t spending on romance. That’s a problem
▼ + stars: | 2024-08-13 | by ( Chris Lau | Hassan Tayir | ) edition.cnn.com time to read: +7 min

“The Qixi Festival is not as robust as previous years. Couples attend a kissing contest during the traditional Qixi festival in Shenyang, northeast China's Liaoning province, on August 13, 2013. “The only part of the world where consumer confidence remains very low is China,” L’Oreal CEO Nicolas Hieronimus told analysts on an earnings call late last month. Lower-than-expected growth in the global beauty sector this year is largely a consequence of low consumer confidence in China, he added. People take photos at a bus stop decorated with flowers during Qixi Festival, or Chinese Valentine's Day, on August 22, 2023 in Chongqing, China.

Persons: China’s, Louis Vuitton, ”, forlornly, Huang Jinkun, Alfred Wu, Lee, “, Yeap Jun Rong, Xi Jinping, Peng Liyuan, Stringer, De Beers, That’s, Niulang, Nicolas Hieronimus, Joanne Wilson, didn’t, ” Mercedes, Ola Kaellenius Organizations: Hong Kong CNN, Weibo, CNN, Qixi, Lee Kuan Yew, of Public, National University of Singapore, Volkswagen, Ministry of Civil Affairs, Getty, Diamond, State Administration of Foreign Exchange, Global, WPP, China News Service, Mercedes, ” Mercedes Benz Locations: China, Hong Kong, Shenyang, Liaoning province, Beijing, China's Liaoning province, AFP, Chongqing

☆ EV charging company moves to clamp down on charger hogs
▼ + stars: | 2024-08-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

EV fast chargers – the big tall units that look like major appliances – aren’t generally designed to completely fill an EV’s batteries. A line of EVs wait to charge at Electrify America chargers in East Brunswick, New Jersey, on July 6. At 10 of the busiest EV fast charging stations in California, Electrify America has enacted a strict limit. There can also be other legitimate reasons a driver may want to charge to 100% at a fast charger, said Barrosa. Cases like these are why Electrify America probably won’t institute an overall charging cap at charging stations near major highways, he said.

Persons: Peter Valdes, unplug, Tesla’s, ”, Sara Rafalson, we’ve, Robert Barrosa, ’ ”, EVgo, EVgo’s Rafalson, Barrosa, let’s Organizations: CNN, Chevrolet Blazer, EV, Mercedes, Benz, Hyundai, Fiat, Mazda Locations: New York City, Bristol , Pennsylvania, Bristol, East Brunswick , New Jersey, EVs, America, California, America’s

☆ I drove a $71,000 Genesis GV60 electric SUV. It's a luxurious delight that I wished had more range
▼ + stars: | 2024-07-28 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +1 min

The Genesis GV60 Performance is a compact luxury electric SUV that debuted in 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGiven the popularity of compact luxury SUVs, it was inevitable that the segment would also blossom in the EV space. One of the latest entrants to the segment is the GV60, Hyundai's growing Genesis luxury brand. The Genesis GV60 debuted in 2023 and carries over unchanged for 2024.

Persons: —, Hyundai's Organizations: Service, Tesla, Mercedes, Benz

☆ The 3 Biggest Mistakes You Can Make With Your 401(k)
▼ + stars: | 2024-07-27 | by ( Diane Harris | ) www.nytimes.com time to read: +1 min

In a surprising turn, given the usual grim reports about how little most Americans have saved for retirement, there’s been a spate of good news lately about 401(k) investors. Yes, the median shot up an impressive 29 percent in 2023, but the typical account was still worth just over $35,000 by year end, Vanguard reports. Other signs of stress: A record number of savers withdrew money early, and the percentage taking out loans rose too. All told, despite the surface optimism about retirement savings, six in 10 investors told BlackRock they still worry they’ll outlive their money. “The rising tide for retirement savers has not lifted all boats,” said Christine Benz, director of personal finance and retirement planning at Morningstar.

Persons: there’s, they’ll, ”, Christine Benz Organizations: Vanguard, BlackRock, Morningstar

☆ LMVH and other global luxury brands are hurting as Chinese shoppers rein in spending
▼ + stars: | 2024-07-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The value of some of the world’s best-known luxury companies is plunging as Chinese consumers pull back on spending, with even the most exclusive brands feeling the pain. The rout seems to be accelerating, with those sales tumbling 14% in the second quarter, according to results published late Tuesday. “For now, the (luxury) market remains volatile as investors reassess the once-held belief that luxury brands are a safe-haven investment, shielded from broader economic downturns,” Jochen Stanzl, chief market analyst at CMC Markets, told CNN. “The Chinese market contracted slightly; the market situation in the premium and luxury segment in China remained weak,” the company said. China’s economy grew 4.7% year-on-year in the second quarter of the year, according to official data released last week, missing economists’ expectations and marking the weakest growth since the first quarter of 2023.

Persons: Bernard Arnault’s, Louis Vuitton, Christian Dior, ” Jochen Stanzl, Richemont, Cartier, ”, Gucci, Kering, Hermes, Birkin, Olesya Dmitracova Organizations: London CNN, Prada, CMC Markets, CNN, Europe’s, Reuters, Porsche, Benz, Bain & Company Locations: Asia, Japan, China, Paris, Hong Kong, China , Hong Kong, Macao, North America, Europe, United States

☆ European stocks head for mixed open as selloff eases; U.S. inflation data due
▼ + stars: | 2024-07-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange as a picture of Vice President Kamala Harris is displayed on a television screen, on July 22, 2024. Overall, Stoxx losses have eased from last week, when the regional index recorded its worst performance since October. LONDON — European markets are heading for a mixed open Friday, as a global stock selloff eases and investors await U.S. inflation. The biggest item on the data front Friday is the U.S. personal consumption expenditures price index, due at 8:30 a.m. Asia-Pacific markets largely rebounded Friday, as Tokyo's headline inflation slowed slightly to 2.2% in July from 2.3% in May.

Persons: Kamala Harris, Wall, Dow Jones, Mercedes, Stellantis Organizations: New York Stock Exchange, LONDON, Mercedes Benz Locations: U.S, Asia, Pacific, .

CNN —Democratic Sen. Bob Menendez of New Jersey will resign his seat effective August 20, according to a copy of his resignation letter obtained by CNN. Menendez had faced mounting pressure from within his own party to resign or face the threat of expulsion from the Senate. Receipt of Menendez’s resignation letter was announced Tuesday on the Senate floor in a brief exchange between Senate Majority Leader Chuck Schumer and Presiding Officer Sen. Peter Welch, a Democrat from Vermont. “In light of this guilty verdict, Senator Menendez must now do what is right for his constituents, the Senate, and our country, and resign,” Schumer said in a statement. Menendez stepped down as chairman of the Senate Foreign Relations Committee last year, but had long rejected calls to resign his US Senate seat.

Persons: Democratic Sen, Bob Menendez, Menendez, —, Chuck Schumer, Sen, Peter Welch, Phil Murphy, Andy Kim, Curtis Bashaw, ” Menendez, “, ”, Schumer, ” Schumer, Menendez’s, Prosecutors, Nadine Menendez, Salomon Melgen, Manu Raju, Ted Barrett, Owen Dahlkamp Organizations: CNN, Democratic, Bob Menendez of New, Senate, Vermont . New, Vermont . New Jersey Gov, Democrat, Capitol, Senate Foreign, Mercedes, Benz, Hyatt Locations: Bob Menendez of, Bob Menendez of New Jersey, New Jersey, Vermont ., Vermont . New Jersey, Paris

☆ President Biden's reelection campaign is on its last legs as Democrats' fears extend beyond losing just the White House
▼ + stars: | 2024-07-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, President Biden's comeback plan isn't working , and Democratic leaders are ready to move on . President Joe Biden's reelection campaign appears to be on its last legs as calls within his party have grown from whispers to shouts since his disastrous debate last month. AdvertisementBut perhaps the biggest blow to Biden's reelection campaign came with the news that his former running mate has doubts. But for some Democrats, the risk of Biden continuing his reelection campaign could extend from the White House to Capitol Hill. Still, despite mounting pressure, Biden's campaign has remained steadfast about his reelection bid.

Persons: —, Biden's, Mario Tama, Tyler Le, Joe Biden's, it's, Insider's Brent D, Griffiths, Sen, Bernie Sanders, Biden, doesn't, That's, BI's Bryan Metzger, Chuck Schumer, Hakeem Jeffries, Nancy Pelosi, Sarah Gray, Kelsey Vlamis, Barack Obama, Kent Nishimura, don't, Schumer, Jeffries, Adam Schiff, Quentin Fulks, Cros, Steve Schwarzman, it'll, Michael M, Jensen, Goldman Sachs, Peter Naylor, Amy Reinhard, Jamie Dimon's, cushy, Ernst & Young, Joe Biden, Kamala Harris, It's, Harris, Harvey Weinstein, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, American Airlines, United Airlines, Democratic, Business, Getty, Trump, Biden, Capitol, Case, Senate, Wall, Google, Bank of America, Blackstone, Nvidia, Netflix, EV, Mercedes, Benz, Warner Bros Discovery, Warner Bros, Discovery, WarnerMedia, Investors, JPMorgan, McKinsey, Ernst, American Express, Convention Locations: Crowdstrike, Biden's, AFP, New York, London

☆ Starbucks could give a much-needed jolt to the EV market
▼ + stars: | 2024-07-18 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewMercedes-Benz is bringing its fast electric vehicle charging stations to 100 Starbucks locations. The charging stations will be accessible to all EV owners. But for EV owners, it's a major roadblock hindering widespread adoption. Related storiesA company spokesperson told Business Insider that by 2030, it hopes to lead the retail industry in decarbonization solutions. The Starbucks spokesperson said the coffee giant is continuing to learn how its customers interact with EV stations and exploring partnerships and areas that would benefit from similar routes.

Persons: —, it's, Simon, Mercedes, Michael Kobori Organizations: Service, Benz, EV, Starbucks, Business, McKinsey, Mercedes, Simon Properties, Volvo Locations: Coast, Canada, Mexico, Denver, Seattle

☆ These 10 U.S. states have America’s best economies in 2024
▼ + stars: | 2024-07-18 | by ( Scott Cohn | ) www.cnbc.com time to read: +13 min

We consider economic growth and job growth. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. Delaware's economy turned in a lackluster performance in 2023 — the only state economy to shrink last year. Mario Tama | Getty ImagesThe Grand Canyon State's surging chip sector is delivering many dividends, including strong job growth and a healthy housing market. But he noted that construction employment grew at a healthy pace last year, evidence that the state economy still has steam left.

Persons: Dupont De Nemours, Ethan Miller, Kevin C, George Frey, Mark Knold, Knold, Zions, Mario Tama, Katie Hobbs, Allison Joyce, they've, Andrew Berger, Gross, Berger, Nina Dietzel, Lawrence Kessler, Kessler, Brandon Bell, Joe Raedle Organizations: Companies, Business, Delaware, Istock, Getty, Fortune, Census, Commerce Department, Aaa, Direct Investment, Corporate, Gem State, Micron Technology, Lamb Weston Holdings, Silver State, Pew, Major Corporations, Vegas Sands, MGM Resorts, Benz, Cox, Mercedes, Nestlé, Purina, Adidas, Georgia Department of Economic, U.S . Commerce Department, Assurant, Intercontinental, Contractors, Bloomberg, Utah's Department of Workforce Services, Arizona Workers, Gov, Democrat, Major, Technology, North, Health, Employers, North Carolina Department of Commerce, Corporate Headquarters, Bank of America, Duke Energy, Tennessee, University of Tennessee, The Volunteer State, FedEx, Texas Employees, Lone Star State, Entrepreneurship, Oracle, Tesla, Amerant Locations: States, Wilmington, New Castle County , Delaware, Delaware, Incyte, Idaho, Boise , Idaho, USA, Nevada, Las Vegas, Las Vegas , Nevada, Southern California, Vegas, Georgia, Atlanta , Georgia, Peach, Utah, Provo , Utah, U.S, Beehive, Buckeye , Arizona, Arizona, North Carolina, Wilmington , North Carolina, Carolina, Tennessee Nashville , Tennessee, Luling , Texas, The Texas, North Dakota, California, Texas, Florida, Sunrise , Florida

☆ Americans are buying more Kei trucks from Japan. Is it a sign of a growing “tiny truck” movement?
▼ + stars: | 2024-07-14 | by ( Erika Tulfo | ) edition.cnn.com time to read: +9 min

CNN —Measuring about half the length of a Ford F-150, Kei trucks look almost like toys in comparison to your standard pickup truck. Instagram page Kei Trucks Appreciation Society (@keitrucksas) sells Kei truck-themed merchandise from hoodies to stickers and posts memes for its more than 95,000 followers. On X, Kei truck fans share pictures of mini trucks they spot in the wild. Most states lack Kei-specific regulation entirely, and so far, only 19 states allow Kei trucks on public roads. And data from Edmunds showed that Americans were trading in more midsize and large pickup trucks for compact trucks than vice versa.

Persons: Kei, ”, George Zotos, Bill Pugliano, Zotos, Tetsu Ichino, “, I’ve, it’s, Andrew O’Bright, Kei truck’s, ” Zotos, Melissa Torre, Torre, Mark Schirmer, Mercedes ’ Smart, ” Schirmer, Ford, Edmunds, Ivan Drury, Drury, ’ Organizations: CNN, Ford, Silverado, American International Detroit Auto, Research, JDM Imports, Philadelphia, Torre, Daihatsu, Cox Automotive, Mercedes, Benz, Insurance Institute for Highway Safety, Ford Maverick, Hyundai, Hyundai Santa Cruz Locations: Japan, New York, Detroit , Michigan, Rockville , Maryland, Maryland, Chicago, Kei, U.S, Hyundai Santa

☆ Judge dismisses Giuliani’s bankruptcy case, allowing creditors to try to seize his assets
▼ + stars: | 2024-07-12 | by ( Katelyn | ) edition.cnn.com time to read: +5 min

CNN —Rudy Giuliani is no longer entitled to bankruptcy protection, a judge decided Friday, making it possible for creditors to immediately pursue his assets within days. Judge Sean Lane of the federal bankruptcy court in New York made the decision partly because of Giuliani’s lack of transparency after he filed for bankruptcy more than six months ago. The worth of those other assets is unclear, as creditors accuse Giuliani of downplaying or not disclosing complete estimates of the value of what he owns. The creditors believe one World Series ring alone would sell for nearly $30,000, according to court filings in his bankruptcy case. Giuliani agreed to end his bankruptcy proceedings, after Freeman and Moss suggested that approach earlier this week.

Persons: CNN — Rudy Giuliani, Giuliani, Ruby Freeman, Shaye Moss, Sean Lane, Lane, Giuliani hadn’t, Giuliani hasn’t, Mr, ” Lane, ” Giuliani –, –, Moss, Freeman, Joe DiMaggio, Singer, Donald Trump, CNN’s Sabrina Shulman Organizations: CNN, New, Mercedes, Benz, New York Yankees, Trump Locations: New York, Georgia, New York City, Palm Beach , Florida, Manhattan, Florida, California, White Plains , New York, Arizona, Dominion

CNN —The jury has begun deliberating in the federal corruption trial against Sen. Bob Menendez and his co-defendants. Menendez and his co-defendants, New Jersey businessmen Wael Hana and Fred Daibes, are accused of participating in a yearslong bribery scheme. Prosecutors spent nearly seven weeks untangling the multiple corruption schemes that they allege Bob and Nadine Menendez and the co-defendants were involved in. Federal prosecutors structured their case by chapters, calling witnesses to testify about separate schemes allegedly brokered by the senator in tandem with his wife. During the trial, the senator’s lawyers called five witnesses, including his sister, sister-in-law and the attorney for a friend of Uribe.

Persons: Sen, Bob Menendez, Menendez, Wael Hana, Fred Daibes, Mercedes, Nadine Menendez, –, Bob, Hana, Jose Uribe, Uribe, Bob Menendez’s, Fidel Castro, Donald Trump’s, Joe, Andy Kim, Kim, Curtis Bashaw Organizations: CNN, New, New Jersey Democrat, Prosecutors, Mercedes Benz, Democratic, Republican Locations: New Jersey, Cuban, New York City, Cuba, Manhattan, Jersey, South Jersey

☆ A Senator’s Fate Is in a Jury’s Hands
▼ + stars: | 2024-07-12 | by ( Benjamin Weiser | Tracey Tully | ) www.nytimes.com time to read: +1 min

The Manhattan jury in Senator Robert Menendez’s corruption trial began its deliberations midday Friday on a raft of federal charges in what prosecutors describe as a complex and yearslong bribery conspiracy. A third-term Democrat who represents New Jersey, Mr. Menendez is accused of steering aid to Egypt, applying political pressure to preserve a friend’s business monopoly and meddling in criminal investigations in exchange for bribes of gold, cash and a Mercedes-Benz. On Thursday, Mr. Menendez, 70, seated at the defense table with his lawyers, leaned back in a chair, hands clasped on his lap, as a prosecutor offered an hourslong rebuttal to frequently impassioned closing arguments by lawyers for the senator and two businessmen, Wael Hana and Fred Daibes, who are being tried with him. In his rebuttal argument, the prosecutor, Daniel C. Richenthal, took direct aim at a pillar of the senator’s defense strategy — an effort to shift blame to his wife, Nadine Menendez, 57.

Persons: Robert Menendez’s, Menendez, clasped, Wael Hana, Fred Daibes, Daniel C, Nadine Menendez Organizations: Benz Locations: Manhattan, New Jersey, Egypt

☆ Gregg Berhalter fired as U.S. men’s soccer coach after Copa America first-round exit
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +2 min

Gregg Berhalter, Head Coach of United States reacts after the first half during the CONMEBOL Copa America USA 2024 Group C match between Panama and United States at Mercedes-Benz Stadium on June 27, 2024 in Atlanta, Georgia. Gregg Berhalter was fired as U.S. men's soccer coach on Wednesday, nine days after his team's first-round exit from the Copa America flamed doubts he was the right person to remain in charge for the 2026 World Cup. Berhalter earned $2,291,136 in 2022, including $900,000 in bonuses for the Americans qualifying for the World Cup and reaching the second round. A top-level men's coach could put pressure on the USSF to increase the salary of newly hired women's coach Emma Hayes. Just 23 months remain before the World Cup comes to the United States for the second time and the Americans play their opener at Inglewood, California, on June 12, 2026.

Persons: Gregg Berhalter, Matt Crocker, Berhalter, Crocker, Cindy Parlow Cone, Jürgen Klopp, Thierry Henry, Marcelo Bielsa, Jesse Marsch, Hugo Pérez, Pellegrino Matarazzo, David Wagner, Steve Cherundolo, Jim Curtain, Massimiliano Allegri, Mauricio Pochettino, Emma Hayes Organizations: CONMEBOL Copa America USA, Mercedes, Benz, Copa America, Sporting, Canada, USSF, CONCACAF Nations League Locations: States, Panama, United, Atlanta , Georgia, America, New Zealand, United States, Inglewood , California

☆ As the E.V. Revolution Slows, Ferrari Enters the Race
▼ + stars: | 2024-07-06 | by ( Bernhard Warner | ) www.nytimes.com time to read: +1 min

Gliding on robotic haulers, a line of Ferrari frames maneuvers through a gleaming new factory in Northern Italy. At each station, engineers in cherry red uniforms add a component — an engine block, a dashboard, a steering wheel — as they transform the bodies into hybrid vehicles. The transition to electric vehicles, which was supposed to quickly usher in an era of climate-friendly transport, has instead been squeezed by costly investments and slowing global demand. Tesla reported declining second-quarter sales on Tuesday, and Ford Motor said in April that it would shift production to more hybrids as E.V. A growing trade war between China and the West also threatens to stifle growth.

Persons: Tesla Organizations: Mercedes, Benz, Lamborghini, Ford Motor Locations: Northern Italy, China

☆ Argentina wins penalty shootout to reach semifinals, Messi misses from spot
▼ + stars: | 2024-07-04 | by ( Felipe Cardenas | Paul Tenorio | ) www.nytimes.com time to read: +9 min

Messi missed Argentina’s opener but penalty king Emiliano Martinez saved Argentina’s blushes, stopping Ecuador twice to see his side progress to the last four. Every time Messi floated wide to try to get on the ball in space, Ecuador closed down with multiple defenders. Lisando Martinez, unmarked at the far post, calmly headed the ball into the net to score his first goal for Argentina. Through the first 30 minutes, Ecuador had fairly good control of the game. On the ball, Ecuador was pushing quickly up the field, especially through the left side and Jeremy Sarmiento.

Persons: Lionel Messi, Lisandro Martinez, Enner Valencia, Kevin Rodriguez, Messi, Emiliano Martinez, Argentina’s, ”, ” Martinez, Logan Riely, Felipe Cardenas, Paul Tenorio, Emi Martinez, Angel Mena, Julian Alvarez, Alan Minda, Martinez, Alexis Mac Allister, John Yeboah, Gonzalo Montiel, Nicolas Otamendi, Enzo Fernandez, Paul Tenorio Valencia, Valencia, Mac, Juan Mabromata, Argentina …, He’s, hasn’t, Ecuador’s, Lisando Martinez, Charly Triballeau, Felipe Cardenas Emi Martinez, Aston, Lionel Scaloni, Jeremy Sarmiento, Moisés, Sarmiento, Nahuel Molina, Rodrigo De Paul, “, ” Emiliano Martinez, ” De Paul, ” What’s Organizations: Copa America, Peru, Ecuador, NRG, Houston, Messi, Copa América, Chelsea, Qatar, Venezuela, Valencia, Valencia didn’t, Getty, Argentina, Olimpico, Mercedes, Benz, Aston Villa, Canada, MetLife Locations: Argentina, Ecuador, AFP, Valencia, Atlanta, Venezuela, Canada, New Jersey

☆ How Copa America Group C ended for the USMNT
▼ + stars: | 2024-07-01 | by ( Ben Burrows | Michael Dominski | ) www.nytimes.com time to read: +2 min

The USMNT are out of the Copa America on the final night of Group C.A much-debated Mathias Olivera goal for Uruguay put them behind on the night and coupled with Panama beating Bolivia in the other game on the night saw them progress through alongside Uruguay. Uruguay win Group C with Panama advancing alongside them in second place. The USMNT suffered a shock defeat to Panama on Thursday to leave their chances of progression beyond the group in doubt. For the USMNT to advance to the knockout phase, their result against Uruguay in their final group-stage game needed to match or better Panama’s result against Bolivia. In the event of a tie on points at the end of the group goal difference is the first tiebreaker before goals scored and then head-to-head record.

Persons: Mathias Olivera, Folarin Balogun, Cesar Blackman, Tim Weah, Fajardo, Adalberto Carrasquilla, Christian Pulisic, Gregg Berhalter’s, Hector Vivas Organizations: Copa America, Uruguay, Panama, U.S, Mercedes, Benz, D Locations: Uruguay, Panama, Bolivia, Atlanta, U.S, Glendale, Las Vegas

☆ Extended CDK outage brings chaos to car dealers
▼ + stars: | 2024-06-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

CNN —As the ongoing systems outage at software provider CDK Global stretches into its second week, car dealerships are racking up millions of dollars in losses, according to a new estimate. Piecemeal progressThe outage began last Wednesday after two cyber incidents halted the company’s systems, which provide software to nearly 15,000 car dealerships across North America, according to CDK. “I work at a major body shop, and it has really hurt us,” one worker wrote to CNN about the outage. “15,000 dealerships is an awful lot to have control over when you do the math,” Irvin said of CDK. And after more than a week at home, Phillips’ boss texted him to return to work on Friday.

Persons: “ It’s, ”, Bernard Irvin, “, ” ‘, Norm Phillips, hadn’t, ” Phillips, “ I’ve, CDK, Phillips, ” Phillips wasn’t, ” Irvin, Irvin, texted, “ I’m Organizations: CNN, CDK, Workers, Ford, Anderson Economic, Dealer, Benz, Honda, Ford Bronco Sport, Ford Bronco Locations: Greenville , South Carolina, North America, New Jersey

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