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Quiet in the C-suiteThree years ago, corporate leaders openly spoke out against Donald Trump over his role in the Jan. 6, 2021, Capitol attack. But as the former president leads in many polls this time around, most in the C-suite are staying quiet. In 2021, C.E.O.s including Mary Barra of General Motors and Doug McMillon of Walmart publicly urged a peaceful transition of power. Only a handful of executives have publicly supported Trump, who was willing to go after perceived enemies in corporate American when he was in office. It’s highly unlikely that tally will reach 902, the number of times the topics were mentioned in 2020 during the same period.
Persons: Donald Trump, Mary Barra, Doug McMillon, Trump, Biden, It’s Organizations: Capitol, General Motors, Walmart
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicrosoft AI CEO Mustafa Suleyman on what's ahead for AI & humanityAndrew Ross Sorkin speaks with Microsoft AI CEO Mustafa Suleyman at the Aspen Ideas Festival.
Persons: Mustafa Suleyman, Andrew Ross Sorkin Organizations: Microsoft, Aspen Ideas
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow up, Nvidia sinksThe Dow Jones Industrial Average rose 260 points as investors rotated out of technology and into banking and energy stocks, such as Goldman Sachs and Chevron. He expressed concerns about potential criticism from former President Donald Trump if rate cuts occur before the election. "I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election," he said. James Butterfill, head of research at CoinShares, attributes the sell-off to concerns over the number of rate cuts.
Persons: Dow, Goldman Sachs, David Rubenstein, Rubenstein, CNBC's Andrew Ross Sorkin, Donald Trump, Bitcoin, James Butterfill, Shein Organizations: CNBC, Nvidia, Dow Jones, Chevron, Nasdaq, Treasury, The Carlyle, Federal Reserve, Novo Nordisk Locations: Israel, Lebanon, Novo, North Carolina, Danish, London, U.S, Beijing, Singapore, China
Nvidia’s fall to earthIt looks like another volatile day for Nvidia shareholders. And given the company’s enormous influence on the entire S&P 500, they may not be the only investors facing big swings. It closed Monday down roughly 16 percent from its intraday high on Thursday, shedding more than $550 billion in value — roughly the size of Tesla’s market capitalization — offering the markets a tough reminder that the A.I. Mary Daly, the president of the San Francisco Fed, warned Monday of a slowdown in the labor market hitting the U.S. economy. Another big piece of data comes out on Tuesday: The Conference Board is set to release its monthly consumer confidence index.
Persons: Mary Daly, San Francisco Fed, Organizations: Nvidia, San Francisco
Actor Griffin Dunne on writing new memoir
  + stars: | 2024-06-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailActor Griffin Dunne on writing new memoirGriffin Dunne, actor and director, sits down with Andrew Ross Sorkin at the Aspen Ideas Festival to discuss his new memoir, "The Friday Afternoon Club."
Persons: Griffin Dunne, Andrew Ross Sorkin Organizations: Aspen Ideas
Apple’s European Headache
  + stars: | 2024-06-24 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
The $3 trillion company is the first to be charged under the Digital Markets Act, a landmark 2022 E.U. Here are the E.U.’s accusations against Apple:The App Store violates so-called steering rules. Regulators say that app developers cannot easily inform their customers about new offerings, including cheaper deals, within Apple’s ecosystem. The fees Apple charges are excessive. products and services in Europe because of “regulatory uncertainties.”And the company already faces a $2 billion E.U.
Persons: Apple Organizations: Apple, European Union, Digital Markets, Google, Financial Times, Microsoft Locations: Apple’s, Europe
Don't expect rate cuts from the Federal Reserve before the November election, according to David Rubenstein. "Generally the Fed wants to stay out of politics," the co-founder and co-chairman of The Carlyle Group told CNBC's Andrew Ross Sorkin on " Squawk Box " Monday. "I've always said that I think the Fed is not likely to cut rates before the election because it would just cause too much political turmoil." Rubenstein noted that the Fed likely recognizes it would be "heavily criticized" by former President Donald Trump if it starts cutting ahead of the election. "I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election," he said.
Persons: David Rubenstein, CNBC's Andrew Ross Sorkin, I've, Rubenstein, Donald Trump, He's Organizations: Federal Reserve, The Carlyle Group, Traders, The Kennedy Center, Democrat
New York CNN —Elon Musk told advertisers last year to “go f**k yourself.” This year, he is showcasing a much different attitude. The erratic billionaire, realizing that he very much needs major advertisers to power X, was in the South of France on Wednesday, attending Cannes Lions, the world’s largest advertising festival. Put together, it’s is no mystery why major brands have taken their advertising dollars elsewhere. Musk even said at the time that the damage to X’s bottom line was so great, it could eventually kill the company. Musk likely does not want to see the platform go the way of the woolly mammoth, which is why he is now trying to woo advertisers back.
Persons: New York CNN — Elon Musk, Mark Read, Musk, , ” Read, Andrew Ross Sorkin, hadn’t, , ” Musk, X, it’s, , Joe Biden’s, Donald Trump Organizations: New York CNN, France, Cannes Lions, WPP, SpaceX, Associated Press, Washington Post, Democratic Party, Republicans Locations: New York, South, Israel, Mexico, Washington
Musk’s mission to CannesAs advertising moguls traveled to southern France this week for the Cannes Lions festival — an annual rosé-filled celebration of their industry — the biggest guest was someone who had crudely told many of them to get lost. Elon Musk and his top lieutenant, Linda Yaccarino, were on hand to persuade brands to return to X in a bid to bolster their beleaguered ad business. A reminder: At the DealBook Summit, he lashed out at advertisers who had pulled back from X after he had endorsed an antisemitic conspiracy theory. of the ad giant WPP, asked Musk about the incident onstage on Wednesday, the X owner responded that he wasn’t referring to all advertisers. “Advertisers have a right to appear next to content that they find compatible with their brands,” Musk said.
Persons: Elon Musk, Linda Yaccarino, Musk, Mark Read, ” Musk Organizations: Cannes, Cannes Lions, WPP Locations: France
Today we celebrate Juneteenth, the day when word of the Emancipation Proclamation reached the farthest outpost in America. Many people do not realize that Emancipation did not legally end slavery in the United States, however. Some historians have described this convict leasing system as “worse than slavery,” because there was no incentive to avoid working those people to death. In fact, federal agencies are mandated to purchase goods from federal prisons, just as state or municipal agencies, including public schools and universities, often must consider sourcing from state penitentiaries. Labor that people have no meaningful right to refuse and that is enforced under conditions of total control is, unquestionably, slavery.
Persons: Organizations: Labor Locations: America, United States, Xinjiang, Washington
Stormy weatherBoeing’s boss, Dave Calhoun, will testify before a Senate panel on Tuesday, as yet another whistle-blower has come forward, alleging the planemaker was negligent in tracking hundreds of faulty parts. Calhoun will step down by December, but that hasn’t stopped lawmakers, investors and customers from hammering the company. Now, Boeing is reportedly struggling to find a successor, highlighting the scale of the challenge to fix an iconic American company. Calhoun will say that the culture is still “far from perfect.” He will be grilled on a range of issues hanging over the company, from multiple whistle-blower accusations to the events leading up to the midair blowout of a door plug on an Alaska Airlines 737 Max 9 jet in January.
Persons: Dave Calhoun, Calhoun, hasn’t Organizations: Boeing, Alaska Airlines, Max
Ralph Lauren unveils Team USA Olympic uniforms
  + stars: | 2024-06-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRalph Lauren unveils Team USA Olympic uniformsCNBC's Andrew Ross Sorkin sits down with Ralph Lauren chief branding & innovation officer David Lauren to discuss the company's partnership with Team USA, how much the partnership has become part of Ralph Lauren's business vs. marketing for the brand, and more.
Persons: Ralph Lauren, Andrew Ross Sorkin, David Lauren, Ralph Lauren's Organizations: USA, Team USA
There was a widely-held perception that the golfer was a highly-strung, uber-competitor, whose desire to win often grated on his rivals. DeChambeau called his bunker effort “possibly my best golf shot of my entire life.”DeChambeau 2:0 is the result of a “lot of personal growth,” according to the golfer. YouTube has really helped me accomplish some of that,” DeChambeau told reporters afterwards. It’s such an awesome, awesome platform for me to show who I truly am.”DeChambeau’s YouTube channel currently has over 700,000 subscribers. “All day,” DeChambeau told CNN’s Patrick Snell when asked whether he felt Jon’s presence with him during Sunday’s action.
Persons: Bryson DeChambeau, Rory McIlroy’s, DeChambeau, , I’ve, ” DeChambeau, CNN’s Patrick Snell, “ It’s, LIV, , ” Andrew Redington, I’m, Jon Organizations: CNN, LIV Golf, PGA, YouTube Locations: Pinehurst, North Carolina, Saudi
London CNN —A former opposition lawmaker in Britain’s House of Commons has alleged that the UK’s domestic spy agency MI5 may have issued a rare alert notice in 2022 about an alleged Chinese agent as a distraction from the so-called Partygate scandal, according to testimony before a tribunal looking into the alert. The Christine Lee & So Solicitors office on Wardour Street, London, on January 13, 2022. He was the chairman of the now-disbanded Chinese in Britain All-Party Parliamentary Group, on which Lee sat. The UK has since introduced a foreign agents registration act, which is expected to come into force later this year. In a statement to CNN in 2022, Gardiner said he had not benefited personally from Lee’s donations in any way, adding that the money had been properly reported and its source verified.
Persons: London CNN —, Christine Ching Kui Lee, China’s, Boris Johnson, Barry Gardiner, Lee, Johnson’s, Gardiner, , , Boris ’ Partygate, Christine Lee, Rob Pinney, Boris Johnson’s, ” “, Daniel Wilkes, Mr Gardiner, CNN’s Andrew Raine Organizations: London CNN, Communist Party, Labour Party, Getty, CNN, Security Services, MI5, Security Service, Labour, Parliamentary, Chinese Communist Party Locations: Britain’s, London, Europe, , Britain, British
Is Social Media the New Tobacco?
  + stars: | 2024-06-17 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
A call to arms to rethink social mediaJust in: The U.S. surgeon general, Vivek Murthy, called for a warning label for social media platforms in a Times Guest Essay, advising parents that the technology may be helping fuel a mental health crisis among adolescents. It’s the latest effort by regulators to impose restrictions on social networks — particularly over their effects on children and teens — and is a reminder of the increasing scrutiny of global tech giants. In his guest essay, Murthy writes that the issue has become an emergency:Why is it that we have failed to respond to the harms of social media when they are no less urgent or widespread than those posed by unsafe cars, planes or food? Scrutiny of social media’s effects on teenagers has grown in recent years. The social psychologist Jonathan Haidt describes the 2007 release of the iPhone as an inflection point, with suicidal behavior and reports of despair among adolescents rising sharply since.
Persons: Vivek Murthy, , Murthy, Jonathan Haidt Locations: The U.S, U.S
CNN —Bryson DeChambeau lay sprawled on his back, gazing up at the towering pine trees as a physiotherapist worked him over. Once maligned by some golf fans, DeChambeau – whose personal YouTube channel continues to amass subscribers – has embraced his new-found role as a crowd-favorite. After his tee shot pulled into a bunker, the American came close to holing out with his mesmerizing subsequent swing. To top it all off, there was a spot of mid-round physiotherapy – permitted by the PGA Tour – in the woods ahead of the 11th hole. “Another frustrating day,” Scheffler told reporters.
Persons: CNN — Bryson DeChambeau, LIV, ” DeChambeau, I’ve, DeChambeau –, DeChambeau, Gregory Shamus, , , Bryson, ” “ I’ve, “ I’ve, ” McIlroy, Scheffler, Rory McIlroy, “ You’ve, Matt York, Matthieu Pavon, Frenchman, ” Pavon, Pavon, Patrick Cantlay, Scottie Scheffler’s, ” Scheffler, Andrew Redington Organizations: CNN, PGA, U.S, Northern, , U.S . Locations: Carolina’s, New York, Pinehurst,
CNBC Daily Open: Mega money Musk
  + stars: | 2024-06-14 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
Traders work on the floor of the New York Stock Exchange in New York City, U.S., July 12, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The yield on the 10-year Treasury slipped after the producer price index unexpectedly fell. Reasonable debtJanet Yellen, U.S. Treasury Secretary, said the ballooning national debt that's currently at $34.7 trillion is manageable.
Persons: Elon, Judge Kathaleen McCormick, Janet Yellen, that's, Yellen, CNBC's Andrew Ross Sorkin, That's, Dow Jones, Donald Trump, Tim Cook, Jamie Dimon, BofA Organizations: New York Stock Exchange, CNBC, Dow, Nasdaq, Broadcom, Dow Jones, Musk, Treasury, Trump, Business, Capitol, Apple, JPMorgan Chase, Chipmaker Broadcom, Bank of America Locations: New York City, U.S, Delaware, Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDonald Trump pitches 80 CEOs on tax cuts and regulation rollbacksCNBC's Andrew Ross Sorkin breaks down his discussions with CEOs who met with GOP presidential candidate Donald Trump in Washington, D.C. on Thursday.
Persons: Donald Trump, Andrew Ross Sorkin Organizations: GOP Locations: Washington ,
WASHINGTON — Former President Donald Trump failed to impress everyone in a room full of top CEOs Thursday at the Business Roundtable's quarterly meeting, multiple attendees told CNBC. "Trump doesn't know what he's talking about," said one CEO who was in the room, according to a person who heard the executive speaking. The CEO also said Trump did not explain how he planned to accomplish any of his policy proposals, that person said. "These were people who I think might have been actually predisposed to [Trump but] actually walked out of the room less predisposed" to him, Sorkin said. "President Trump was warmly received by everyone in the room and was commended for his policy proposals on deregulation and tax cuts," said Steven Cheung, communications director for the Trump presidential campaign.
Persons: WASHINGTON —, Donald Trump, Trump, CNBC's Andrew Ross Sorkin, Sorkin, Steven Cheung Organizations: WASHINGTON, Business, CNBC, Trump
CNBC Daily Open: Mega money Musk, Kitty's stake grows
  + stars: | 2024-06-14 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Chipmaker Broadcom soared after it delivered better-than-expected second-quarter earnings and announced a 10-for-1 stock split. Mainland China's CSI 300 index fell 0.4%, while South Korea's Kospi rose 0.3%. Broadcom's shares soared 13% after reporting earnings that beat analyst expectations and announcing a 10-for-1 stock split.% after reporting earnings that beat analyst expectations and announcing a 10-for-1 stock split.
Persons: Elon, Musk, Janet Yellen, that's, Yellen, CNBC's Andrew Ross Sorkin, That's, Kitty, Keith Gill, Gill, Australia's, BofA Organizations: CNBC, Dow, Nasdaq, Broadcom, Dow Jones, Musk, Treasury, GameStop, Trade, Nikkei, Bank of Japan's, U.S, China's CSI, Chipmaker Broadcom, Bank of America Locations: U.S, Delaware, Japan, South
Shareholders in Tesla voted in favor of his two big asks, reaffirming a multibillion-dollar compensation package that a Delaware judge had nullified and approving the company’s reincorporation in Texas. “I think we’re not just opening a new chapter for Tesla, we’re starting a new book,” a jubilant Musk told shareholders at the company’s annual meeting. The vote doesn’t end Tesla and Musk’s legal fights in Delaware, including over the compensation plan. About 84 percent of votes cast, excluding the Musks’ shares, backed the reincorporation proposal. DealBook hears that Tesla succeeded in getting retail investors, who were overwhelmingly supportive of Musk, to vote in far greater numbers than they usually do.
Persons: Elon Musk, , Tesla, , Musk, ” Musk, aren’t, Kimbal Organizations: Tesla, Wall Street, Vanguard, BlackRock Locations: Delaware, Texas
The markets and Fed diverge againThe bull market rally is continuing to run on Thursday. The S&P 500 is poised to set yet another record, as investors see inflation in retreat — even if Fed policymakers don’t quite see it that way. The gulf between investors and the central bank is widening again. That makes the Fed more hawkish than other central banks, especially those in Europe, that are expected to trim borrowing costs several times this year. He reiterated that inflation remained above the central bank’s 2 percent target and that U.S. households’ spending power had diminished over the past two years.
Persons: Jay Powell, Organizations: Fed Locations: Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email26North founder Josh Harris on the state of markets amid the 2024 election cycleJosh Harris paid a record $6.05 billion to add the NFL's Washington Commanders to his firm's sports portfolio, which already included the NBA's Philadelphia 76ers, the NHL's New Jersey Devils and Crystal Palace of the English Premier League. The deal brought hope to one of the NFL's most storied teams and tortured fan bases. They hope Harris' track record in sports and as a successful hedge fund manager will put a winning team on the field and make the price Harris paid look like a real bargain. He joins CNBC's Andrew Ross Sorkin from the 2024 CEO Council Summit in Washington D.C. to discuss the state of markets ahead of the upcoming U.S. elections, his investing philosophy at 26North and much more.
Persons: Josh Harris, Harris, Andrew Ross Sorkin Organizations: NBA's Philadelphia 76ers, New Jersey Devils, English Premier League, Summit Locations: Washington
Treasury Secretary Janet Yellen on Thursday said the swelling national debt is manageable as long as it stays around where it is relative to the rest of the economy. In a CNBC interview, Yellen also noted that high interest rates are adding to the burden as the U.S. manages its massive $34.7 trillion debt load. "The way I look at it is that we should be looking at the real interest cost of the debt. The public share of the national debt as a share of GDP is running at about 97% but is expected to soon top 100% at current spending rates. "Americans are clearly very concerned about the cost of living, and dressing the high cost of living remains a top economic priority for the president," Yellen said at a luncheon with the Economic Club of New York.
Persons: Janet Yellen, Yellen, CNBC's Andrew Ross Sorkin, That's, Joe Biden's Organizations: CNBC, Congressional, Federal Reserve, Economic, of New Locations: U.S, of New York
French President Emmanuel Macron speaks with CNBC's Andrew Ross Sorkin (not shown), in Paris on May 23, 2024. French President Emmanuel Macron on Wednesday affirmed that he would not step down if his party suffers in the recently called snap elections for France's Parliament. The snap election is a gamble for Macron, who has characterized the race as a choice for the French people between nationalism and demagoguery or liberal values and a strong, united European Union. The European Parliament election results indicated waning enthusiasm among voters for the EU, which analysts say surfaced at least in part due to rising frustration over issues like immigration, living costs and crime. France's right-wing National Rally (NR) party won a historic 31.37% of the French vote for the European Parliament, more than double the 14.6% won by Macron's Renaissance party.
Persons: Emmanuel Macron, CNBC's Andrew Ross Sorkin, Macron, Gabriel Attal Organizations: France's, CNBC, Sunday, French, Union, EU, Macron's Locations: Paris, France, Germany, Austria, Europe, it's, France's
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