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☆ SpaceX catches Starship rocket booster in dramatic landing during fifth flight test
▼ + stars: | 2024-10-13 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +4 min

SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster. The Super Heavy booster lands on the company's launch tower during the fifth Starship flight on Oct. 13, 2024. There are not any people on board the fifth Starship flight. The SpaceX Starship sits on a launch pad at Starbase near Boca Chica, Texas, on October 12, 2024, ahead of the Starship Flight 5 test. Chandan Khanna | AFP | Getty ImagesWith the booster catch, SpaceX has surpassed the fourth test flight's milestones.

Persons: Elon, Dan Huot, Huot, Sergio Flores, we've, Chandan Khanna Organizations: SpaceX, Elon Musk's, Super, Federal Aviation Administration, Afp, Getty, FAA, U.S . Fish, Wildlife Service, Commerce, National Marine Fisheries Service, AFP Locations: Brownsville , Texas, Gulf of Mexico, Boca Chica , Texas, U.S, Texas, Starbase

☆ The Federal Reserve may have pretty much just hit its 2% inflation target
▼ + stars: | 2024-10-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell arrives to a news conference following the September meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building on September 18, 2024 in Washington, DC. This week's inflation data provided more evidence that the Federal Reserve is nearing its objective, fresh on the heels of the central bank's dramatic interest rate cut just a few weeks ago. Consumer and producer price indexes for September both came in around expectations, showing that inflation is drifting down to the central bank's 2% target. The Wall Street investment bank on Friday projected that the Commerce Department's personal consumption expenditures price index for September will show a 12-month inflation rate of 2.04% when it is released later this month. The Fed prefers the PCE as its inflation gauge though it uses a variety of inputs to make decisions.

Persons: Jerome Powell, William McChesney Martin Jr, Goldman Sachs, Goldman, Austan Goolsbee Organizations: Federal, Federal Reserve, Washington , DC, Commerce, Fed, PCE, Chicago Fed, CNBC Locations: Washington ,

☆ India to fabricate its first chip in two years as Nvidia, AMD and Micron pledge to expand to the country
▼ + stars: | 2024-10-01 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

Indian Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Shri Piyush Goyal is talking to media on EU-India trade relations. India will fabricate its first chip in two years, Commerce Minister Piyush Goyal told CNBC during a one-on-one interview in New York. Nvidia , AMD , Micron are among the U.S. companies that have pledged to expand in the country. Goyal added that Indian behemoth Tata and other domestic companies are working to make India's semiconductor dream a reality. And according to Goyal, Indian customers are increasingly opting for the more expensive iPhones.

Persons: Piyush Goyal, chipmakers, Goyal, behemoth Tata, Narendra Modi, Apple, Warburg Pincus Organizations: of Commerce and Industry, Consumer Affairs, Food, Commerce, CNBC, Nvidia, AMD, Micron, behemoth, Taiwan Semiconductor Manufacturing Company, Samsung, U.S, Apple, BlackRock, KKR, Google, Microsoft Locations: India, New York, Silicon Valley, China, Goyal

☆ Key Fed inflation gauge at 2.2% in August, lower than expected
▼ + stars: | 2024-09-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Economists surveyed by Dow Jones had been expecting all-items PCE to rise 0.1% on the month and 2.3% from a year ago. Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago, the 12-month number 0.1 percentage point higher than July. "All quiet on the inflation front," said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley. Personal income increased 0.2% on the month while spending rose 0.2%. At their meeting last week, policymakers indicated a likelihood of another half percentage point in cuts this year then a full point in reductions for 2025, though markets expect a more aggressive path.

Persons: Dow Jones, Chris Larkin, Morgan Stanley Organizations: Commerce Department, Fed, Stock Locations: U.S

☆ Biden meets Vietnam leader to counter Hanoi’s ties with China and Russia
▼ + stars: | 2024-09-26 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +4 min

NEW YORK — President Joe Biden met with Vietnamese President To Lam for talks on Wednesday, aiming to deepen relations with the Southeast Asian country and manufacturing hub and counter its ties with China and Russia. Biden and Lam, the ruling Communist Party chief making his first visit to the U.S. as president, met on the sidelines of the United Nations General Assembly in New York. On meeting Biden on Wednesday, Lam hailed what he called Biden’s historic contribution to elevating bilateral relations. The Vietnam News Agency reported Lam told Biden that Vietnam was on the brink of a new era of development, and that it was a friend and reliable partner. “Vietnam will continue to firmly implement its foreign policy of independence, self-reliance, multilateralism and diversification,” Lam told Biden, the state media agency reported.

Persons: Joe Biden, Lam, Biden, ” Lam, Michelle Steel, “, ”, Alexander Vuving, Vladimir Putin, Murray Hiebert Organizations: YORK, Communist Party, United Nations General Assembly, U.S, cybersecurity, Vietnam News Agency, Meta, U.S . Rep, California Republican, Lam’s, NME, Hanoi, Inouye, Pacific Center for Security Studies, General, Washington, Southeast Asia, Washington’s Center, Strategic, International Studies Locations: China, Russia, New York, Vietnam, Hanoi, California, ”, United States, Hawaii, Inouye Asia, U.S, Asia, Cuba

☆ A key US consumer indicator has dipped to 'crisis levels,' SocGen says
▼ + stars: | 2024-09-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The savings rate slumped below 3% prior to the 2008 financial crisis, SocGen strategist Albert Edwards said in a note to clients on Wednesday. AdvertisementThe low savings rate attests to strong consumer spending, which has propped up the economy so far. That sounds like it should be good news, but the issue is that the savings rate is likely to rise again after plummeting to such low levels. Related storiesThat was what happened leading up to the Great Financial Crisis, when an uptick in the savings rate preceded the recession, Edwards noted. And while households aren't nearly as indebted as they were during the financial crisis, Americans are still showing signs of financial strain.

Persons: —, Société, Albert Edwards, Edwards, " Edwards Organizations: Service, Commerce Department, Business, Primerica, San Francisco, McKinsey & Company, US, New York Fed

☆ Biden proposes banning Chinese technology from ‘connected cars’ on U.S. roads
▼ + stars: | 2024-09-24 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +3 min

WASHINGTON — The U.S. Commerce Department on Monday proposed prohibiting key Chinese software and hardware in connected vehicles on American roads due to national security concerns, a move that would effectively bar Chinese cars and trucks from the U.S. market. The planned regulation, first reported by Reuters, would also force American and other major automakers in years ahead to remove key Chinese software and hardware from vehicles in the United States. President Joe Biden’s administration has raised concerns about data collection by connected Chinese vehicles on U.S. drivers and infrastructure and potential foreign manipulation of vehicles connected to the internet and navigation systems. The proposed prohibitions would prevent testing of self-driving cars on U.S. roads by Chinese automakers and extend to vehicle software and hardware produced by Russia and could be extended to other U.S. adversaries. The group said there is “very little” connected vehicle hardware or software “that enters the U.S. from China.

Persons: WASHINGTON, Joe Biden’s, Jan, Gina Raimondo, We’re, ”, Liz Cannon, Jake Sullivan, ” Sullivan, Lin Jian, Washington “ Organizations: The U.S . Commerce Department, Reuters, White House, The Commerce Department, U.S . Commerce, Commerce Department, Motors, Ford Motor, U.S, The, White, National, Foreign Ministry, Alliance, Automotive Innovation, GM, Toyota, Volkswagen, Hyundai Locations: The U.S, U.S, United States, Russia, China

☆ China launches probe into Calvin Klein parent over Xinjiang supply chain ‘disruptions’
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. BEIJING — China's Ministry of Commerce said Tuesday it was launching a probe into Calvin Klein-parent PVH Group over alleged business disruptions around its Xinjiang supply chain. China's Commerce Ministry on Tuesday did not state why it was probing PVH now, but said the U.S. retail group had 30 days to respond. U.S. defense companies that previously landed on the "unreliable entities" list are barred from China-related imports or exports. PVH did not immediately respond to a CNBC request for comment outside of U.S. business hours.

Persons: Calvin Klein, PVH Organizations: Bund, BEIJING — China's Ministry of Commerce, PVH Group, Huawei, U.S . Commerce, U.S, The U.S . Commerce Department, Monday, China's Commerce, CNBC Locations: Shanghai, China, BEIJING, Xinjiang, Russia, U.S

☆ US proposes ban on smart cars with Chinese and Russian tech
▼ + stars: | 2024-09-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

CNN —The US Commerce Department on Monday will propose a ban on the sale or import of smart vehicles that use specific Chinese or Russian technology because of national security concerns, according to US officials. The rule would not apply to cars already on the road in the US that already have Chinese software installed, a senior administration official told CNN. The software ban would take effect for vehicles for “model year” 2027 and the hardware ban for “model year” 2030, according to the Commerce Department. If millions more smart cars with vulnerable, Chinese-made tech are on US roads, “the risk of disruption and sabotage increases dramatically,” he said. “China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” said Lin Jian, spokesman for China’s Foreign Ministry, in a statement.

Persons: Gina Raimondo, Commerce Department’s, Biden, Raimondo, ” Raimondo, “ We’ve, Jake Sullivan, ”, Lin Jian, CNN’s Shawn Deng Organizations: CNN, US Commerce Department, Commerce Department, Tesla, Commerce, PRC, House, China’s Foreign Ministry, Kaspersky Locations: China, Russia, United States, Europe, Russian

☆ Biden proposes banning Chinese vehicles from U.S. roads with software crackdown
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: +5 min

The Biden administration has raised serious concerns about the collection of data by Chinese companies on U.S. drivers and infrastructure through connected vehicles as well as about potential foreign manipulation of vehicles connected to the internet and navigation systems. The planned regulation, first reported by Reuters, would also force American and other major automakers in the coming years to remove key Chinese software and hardware from vehicles in the United States. The U.S. Commerce Department on Monday proposed prohibiting key Chinese software and hardware in connected vehicles on American roads due to national security concerns - a move that would effectively bar nearly all Chinese cars from entering the U.S. market. The move is a significant escalation in the United States' ongoing restrictions on Chinese vehicles, software and components. The rules would apply to all on-road vehicles but exclude agricultural or mining vehicles not used on public roads.

Persons: Joe Biden, Biden, Gina Raimondo, Raimondo, We're, Jake Sullivan, Sullivan, Jan Organizations: White, White House, Reuters, U.S . Commerce Department, United, National, Embassy, U.S, The Commerce Department, Alliance, Automotive Innovation, General Motors, Toyota, Hyundai Locations: Rose, Washington ,, United States, U.S, Yantai, Shandong province, Russia, China, Washington

☆ U.S. to propose barring Chinese software, hardware in connected vehicles: Reuters
▼ + stars: | 2024-09-21 | by ( ) www.cnbc.com time to read: +1 min

The U.S. Commerce Department is expected on Monday to propose prohibiting Chinese software and hardware in connected and autonomous vehicles on U.S. roads due to national security concerns, sources told Reuters. The Biden administration has raised serious concerns about the collection of data by Chinese companies on U.S. drivers and infrastructure as well as the potential foreign manipulation of connected vehicles. The proposed regulation would ban the import and sale of vehicles from China with key communications or automated driving system software or hardware. The department plans to give the public 30 days to comment before any finalization of the rules, the sources said, adding that the department plans to propose making the prohibitions on software effective in the 2027 model year and the prohibitions on hardware would take effect in January 2029. The Commerce Department declined to comment on Saturday.

Persons: Biden Organizations: U.S . Commerce Department, Reuters, The Commerce Department Locations: China

☆ Cramer's week ahead: New inflation data and earnings from Costco, KB Home
▼ + stars: | 2024-09-20 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

But regardless of the week's events, Cramer said the Fed's successful start to the easing cycle is leading the market in a positive direction. "We're in a rate cut cycle now, ok, it's very different from, from the last couple years. Next year should be better for the homebuilder than 2024 because the Fed is lowering rates, he added. Semiconductor outfit Micron will report earnings on Wednesday along with Cintas , which supplies a range of materials, including uniforms, to businesses. Retail grocery giant Costco reports on Thursday, and Cramer will be paying attention to which products are and aren't selling.

Persons: CNBC's Jim Cramer, Cramer, Raphael Bostic, Austan Goolsbee, Hewlett Packard Organizations: Costco, KB, Federal, Atlanta Fed, Chicago Fed, Apple, Semiconductor, Micron, Retail, Commerce Department

☆ Fed Governor Waller says inflation softening faster than he expected put him in half-point-cut camp
▼ + stars: | 2024-09-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Christopher Waller said Friday he supported a half percentage point rate cut at this week's meeting because inflation is falling even faster than he had expected. A week before the Fed meeting, markets were overwhelmingly pricing in a 25 basis point cut. Along with the decision, individual officials signaled the likelihood of another half point in cuts this year, followed by a full percentage point of reductions in 2025. Fed Governor Michelle Bowman was the only Federal Open Market Committee member to vote against the reduction, instead preferring a smaller quarter percentage point cut. "I was a big advocate of large rate hikes when inflation was moving much, much faster than any of us expected," he said.

Persons: Christopher Waller, Waller, CNBC's Steve Liesman, Michelle Bowman, Bowman, Jerome Powell Organizations: Federal, CNBC, Fed, Market, Commerce Department

☆ A polluting, coal-fired power plant found the key to solving America’s biggest clean energy challenge
▼ + stars: | 2024-09-16 | by ( Ella Nilsen | Bill Weir | ) edition.cnn.com time to read: +7 min

Becker, Minnesota CNN —The smokestacks on the aging Sherco coal power plant tower over gleaming solar panels that stretch across thousands of acres of farmland. The polluting coal plant is on its way out, scheduled for retirement in the next five years. Experts say this is the secret to solving America’s clean energy dilemma: There is more electricity from clean energy waiting to get connected to the grid than the entire amount of energy currently on the grid. A view of Sherco power plant, which has been operating since the 1970s and is slated for full retirement by 2030. But the reality is, it’s there.”From super-polluters to clean energy juggernautsThe answer to supercharging clean energy could lie inside some of the most polluting power plants in the US.

Persons: Becker, Julian Quinones, CNN Xcel Energy's Ryan Long, Evelio Contreras, ”, Ryan Long, Xcel, Umed Paliwal, Rob Gramlich, “, ” Gramlich, Sherco, Bill Weir, Sonia Aggarwal, that’s, ” Long, we’ll, ” Julian Quinones, Pete Wyckoff, ” Wyckoff, ” It’s, Tim Walz, ” Wykoff, “ We’re Organizations: Minnesota CNN, CNN, University of California, UC Berkeley, Disney, Energy, Xcel Energy, Minnesota Commerce, Democratic Locations: Minnesota, Upper Midwest, University, University of California Berkeley, Berkeley, White, Illinois, Virginia, Becker , Minnesota

She, like 2,000 other state residents, is awaiting approval for aid through a community advocacy program. Resumed funding for LIHEAP is dependent on an appropriations bill used to fund the government. “We had calls during our latest heat wave, and our agencies just don’t have the LIHEAP funding,” Sarensen said. Unlike those so-called entitlements, LIHEAP funding can be depleted without helping everyone who qualifies. Neither Vice President Kamala Harris nor former President Donald Trump has mentioned direct utility or weatherization aid in their campaigns for the White House.

Persons: Cathy McCorkle, she’s, ”, “, won’t, Mark Wolfe, “ There’s, Wolfe, LIHEAP, Bridget Bennett, Brian Sarensen, Sarensen, ” Sarensen, That’s, “ It’s, Stephanie Ashley, We’ve, Ashley, “ We’ve, We’re, we’re, ” “, Kamala Harris, Donald Trump, Karen Lusson Organizations: U.S, Low Income, Energy Assistance, National Energy Assistance, Association, Center for Energy, Opera, Washington, Getty Images, Commerce Department, Law, SNAP, Washington , D.C, House Republicans, White, U.S . Treasury Department, National Consumer Law Locations: Mount Holly , North Carolina, San Diego, Death Valley, Calif, Washington, Phoenix, Oregon, North Carolina, Washington ,

☆ Cramer's week ahead: Fed rate decision, earnings from Darden and Cracker Barrel
▼ + stars: | 2024-09-13 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday guided investors through next week's top Wall Street action, highlighting a long-awaited interest rate decision from the Federal Reserve and earnings from restaurant chain companies Darden and Cracker Barrel. Investors are broadly expecting the central bank to issue a rate cut but are unsure whether it will be by 25 or 50 basis points. Cramer said he's betting on the former, saying he thinks the Fed should be measured when making cuts and not risk an inflation flareup. He added that he thinks the stock is a bargain, but cautioned that Wall Street tends to sell stocks from that sector when the Fed cuts rates. On Thursday, Olive Garden-parent Darden , Cracker Barrel and FedEx are set to report.

Persons: CNBC's Jim Cramer, Cramer, There's, he'll, Mills, Olive Organizations: Federal Reserve, Darden, Fed, Commerce Department, FedEx

☆ Trump likely wouldn’t need Congress to approve his most controversial trade policy
▼ + stars: | 2024-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —It’s easy to dismiss many presidential candidates’ campaign promises as empty, because Congress would need to approve them. Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN that 100% tariffs would threaten the economy. It’s possible he is floating 100% tariffs as just a threat designed to change the behavior of other countries. ‘No question it’s inflationary’The Trump campaign did not provide an explanation to CNN about how Trump would implement 100% tariffs nor what the trigger would be. He said Trump’s tariff plan, if enacted, would risk setting off a market panic like former UK Prime Minister Liz Truss did in 2022.

Persons: New York CNN —, Donald Trump, Trump, ” Trump, “, you’re, ” Maury Obstfeld, Obstfeld, ” Obstfeld, Christine McDaniel, George W, Bush, ”, McDaniel, George Mason University’s, Alex Durante, ” Durante, Brian Hughes, ” Hughes, ‘, Harris, Kamala Harris, ” Kent Smetters, Smetters, Wharton “, it’s, ” Wharton, Liz, Joe Brusuelas, ” “ I’m, Joe Biden, Biden, Brusuelas, Liz Truss, Matt Priest, Trump’s Organizations: New, New York CNN, Peterson Institute for International Economics, CNN, International Monetary Fund, Trump, United States Trade Representative, Commerce Department, Tax Foundation, University of Pennsylvania’s Wharton School, Penn Wharton Budget, Wharton, ABC, RSM, Democratic, Footwear Distributors, Retailers of America Locations: New York, Wisconsin, United States, China, Russia, “, American

☆ Intel getting help from Commerce Secretary Raimondo as part of effort to spur U.S. production
▼ + stars: | 2024-09-12 | by ( Seema Mody | ) www.cnbc.com time to read: +4 min

The company is turning to Commerce Secretary Gina Raimondo for help. In a recent meeting with Raimondo, Intel CEO Pat Gelsinger voiced frustration over the heavy reliance that U.S. companies have on Taiwan Semiconductor Manufacturing , the world's largest contract chipmaker. Intel is currently building out plants in four U.S. states as it seeks to become more of a foundry business, manufacturing chips for other suppliers. It's an increasingly important initiative for Intel, which is getting trounced in the market for microprocessors. Concerns have been rising for years that China could invade Taiwan, creating a massive risk for the U.S. chip industry.

Persons: Gina Raimondo, Joe Biden, Raimondo, Pat Gelsinger, chipmaker, Biden, It's, David Zinsner, Zinsner, Jensen Huang, Goldman Sachs, Huang, David Solomon Organizations: Semiconductors, America, White, Intel, U.S, Taiwan Semiconductor Manufacturing, Nvidia, Apple, CNBC disbursements, Devices, U.S . Commerce Department, AMD, Google, Broadcom Locations: U.S, Taiwan, Arizona, China

☆ These Americans are trying to make ‘underconsumption core’ trendy
▼ + stars: | 2024-09-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

Enter underconsumption core, or a lifestyle that involves using just a small rotation of things for years rather than chasing the latest trend. Users are posting videos on TikTok showing off their underconsumption core lifestyles, with many receiving hundreds of thousands of likes. Experts say the underconsumption core trend isn’t just about maintaining a budget or wanting to get rid of stuff. Still, Americans are spendingDespite the underconsumption core trend’s popularity, spending in the US remains strong overall. Suzanne Lambert, a 32-year old consultant based in Virginia, says she canceled her subscription to a beauty box after watching underconsumption core videos.

Persons: “, ”, Megan Doherty Bea, Bea, Stanley, Diana Wiebe, Wiebe, ’ ”, Nikki Baird, Katrina Leibee, Leibee, ♬, Norah Jones Eleanor, Eleanor, June’s, Suzanne Lambert, Lambert, Scott Rick, Rick Organizations: New, New York CNN, University of Wisconsin - Madison, Savings, Kohl’s, ‘, Denver, CNN, Commerce Department, University of Michigan’s Ross School of Business Locations: New York, United States, Ohio, Utah, West Africa, Arlington , Virginia, Virginia

☆ The Fed’s favorite inflation indicator increased 0.2% in July, as expected
▼ + stars: | 2024-08-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Excluding volatile food and energy prices, core PCE also increased 0.2% for the month but was up 2.6% from a year ago. Core prices less housing, another key metric for the Fed, increased just 0.1% on the month. Elsewhere in the report, the department's Bureau of Economic Analysis said personal income increased 0.3%, slightly higher than the 0.2% estimate, while consumer spending rose 0.5%, in line with the forecast. Markets reacted little to the news, with equity futures pointing to a slightly higher open on Wall Street and Treasury yields higher as well. In recent days, policymakers such as Chair Jerome Powell have expressed confidence that inflation is progressing back to the Fed's 2% goal.

Persons: Dow, Joseph Brusuelas, Jerome Powell Organizations: Federal Reserve, Commerce Department, Dow Jones, Fed, department's, BEA, Treasury, RSM

☆ The Fed's preferred inflation indicator is out Friday. Here's what to expect
▼ + stars: | 2024-08-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

While the Fed uses a whole dashboard of indicators to measure inflation, the PCE index is its go-to data point and its sole forecasting tool when members release their quarterly projections. Policymakers especially hone in on the core PCE measure, which excludes food and energy, when making interest rate decisions. "To me, it's going to be just one more piece of evidence to confirm that the Fed is seeing sustainable inflation readings at a sustainable pace," said Beth Ann Bovino, chief economist at U.S. Bank. Any slight upticks are "really just base-effect kinds of things that aren't going to change the Fed's view." Fed officials aren't declaring victory over inflation yet, though recent statements indicate a more positive outlook.

Persons: Dow Jones, Beth Ann Bovino, aren't Organizations: Federal, Commerce Department, Fed, Labor, Dow, U.S . Bank

☆ Shopping hauls are so back
▼ + stars: | 2024-08-17 | by ( Erika Tulfo | ) edition.cnn.com time to read: +8 min

CNN —Aria Liu, 17, regularly posts shopping haul videos to her YouTube channel, which has 300,000 subscribers. “I don’t know what it is, but when I’m shopping online, money doesn’t feel real.”Liu’s not alone. Shopping hauls have existed for years, if not decades. Aria Liu says that the shopping haul videos she posts on her YouTube channel, “urmomsushi,” are the ones that garner the most views. There’s also a growing body of research that is questioning whether social media can be dangerous, especially for younger users.

Persons: Aria Liu, ”, “, ” Liu’s, Liu It’s, Philippa Ward, Katie Fang, TikTok, Fang, hashtags, Alistair Berg, Matthias Lehner, ” Lehner, Katrina Caspelich, There’s, there’s, ” Caspelich Organizations: CNN, YouTube, Consumer, US Commerce Department, Consumer Financial, University of Gloucestershire, Research, Federal Reserve Bank of New, Centre for Retail Research, Lund University Locations: Federal Reserve Bank of New York, TikTok, Lund , Sweden, “

☆ Consumer spending jumped in July as retail sales were up 1%, much better than expected
▼ + stars: | 2024-08-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

watch nowConsumer spending held up even better than expected in July as inflation pressures showed more signs of easing, the Commerce Department reported Thursday. Advanced retail sales accelerated 1% on the month, according to numbers that are adjusted for seasonality but not inflation. Excluding auto-related items, sales increased 0.4%, also better than the 0.1% forecast. Miscellaneous retailers saw a plunge of 2.5% while gas stations saw receipts climb just 0.1% and clothing stores were down 0.1%. There was one counterpoint to that in another data release Thursday in which the Labor Department said import prices increased 0.1% in July, slightly ahead of the forecast for no change.

Persons: Dow Jones, Richard de Chazal, William Blair Organizations: Commerce Department, Stock, Labor Department

☆ With ‘Cancer Moonshot’ announcement, Biden turns to causes most important to him in final months in office
▼ + stars: | 2024-08-13 | by ( Kayla Tausche | ) edition.cnn.com time to read: +8 min

On Tuesday, Biden highlighted $150 million in new research awards to eight organizations, including $23 million to Tulane University, the backdrop for the announcement. I know we can, but it’s not just personal — it’s about what’s possible,” Biden said Tuesday. And the White House will also look to ramp up its diplomatic engagement with India, an ally that has become a critical partner to the US in countering China’s aggression in the region. “We want to create a more prosperous and secure Indo-Pacific and the world,” White House press secretary Karine Jean-Pierre said. Implementation awaitsDomestically, the White House remains focused, first and foremost, on getting money out the door and shovels in the ground on Biden’s signature legislative measures.

Persons: Joe Biden’s, Beau Biden’s, Biden, “, it’s, ” Biden, Kamala Harris –, Harris, Moonshot, Beau Biden he’d, ’, you’ll, ”, –, Jeff Zients, Russia’s Vladimir Putin, Xi, Karine Jean, Pierre said, Zients, Natalie Quillian, Tom Vilsack, ” Vilsack, CNN’s Samantha Waldenberg Organizations: CNN, Tulane University, Biden, CBS News, White, US, Infrastructure Investment, Jobs, The Commerce Department, Treasury Department, Agriculture, Department of Agriculture Locations: Pennsylvania, North Carolina, United States, Brazil, India

☆ Hunter Biden Sought State Department Help for Ukrainian Company
▼ + stars: | 2024-08-13 | by ( Kenneth P. Vogel | ) www.nytimes.com time to read: 1 min

Hunter Biden sought assistance from the U.S. government for a potentially lucrative energy project in Italy while his father was vice president, according to newly released records and interviews. The records, which the Biden administration had withheld for years, indicate that Hunter Biden wrote at least one letter to the U.S. ambassador to Italy in 2016 seeking assistance for the Ukrainian gas company Burisma, where he was a board member. Embassy officials appear to have been uneasy with the request from the son of the sitting vice president on behalf of a foreign company. “I want to be careful about promising too much,” wrote a Commerce Department official based in the U.S. Embassy in Rome who was tasked with responding.

Persons: Hunter Biden, Biden, ” Organizations: U.S, Embassy, Commerce Department Locations: Italy, U.S, Rome

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