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AdvertisementTrump has been hard on EVs, but a new friendship with Elon Musk could change things. So far, Musk supports Trump's plans to dismantle EV tax credits. Automakers had hoped that Musk would support EV regulations and tax credits, but it appears the CEO is siding with Trump for now. An industry group representing many automakers (but not Tesla) pleaded with Trump to preserve EV tax credits but reconsider some of the more stringent emissions regulations. This was an about-face from Musk's stance a few months earlier when he advocated for trade barriers and warned that Chinese EV companies would "demolish" competition without guardrails.
Persons: Elon, Donald Trump, Elon Musk, Trump, he's, Trump's, Musk, Tesla Organizations: Trump, Biden, Government, Trump's, EV, Tesla, Twitter, US, Alliance, Automotive Innovation, Biden Administration Locations: Lago, China, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Agricole, Standard Charted and more could follow UniCredit's deal-making spree, JPMorgan saysItalian lender UniCredit on Monday offered to snap up its domestic rival Banco BPM for roughly 10 billion euros ($10.5 billion). Now, Kian Abouhossein, head of European bank equity research suggests that other European banks could also begin deal making.
Persons: UniCredit, Kian Abouhossein Organizations: Credit, JPMorgan, Banco
Digital render of NEOM's The Line project in Saudi Arabia The Line, NEOMIn Saudi Arabia's northwestern desert, a sprawling construction site replete with cranes and pile drivers sits encircled by a recently-built road. The changes come as the Saudi deficit grows and the outlook for oil demand, along with global oil prices, sees sustained lows. Construction for The Line project in Saudi Arabia's NEOM, October 2024 Giles Pendleton, The Line at NEOMThat begs the question: does Saudi Arabia have enough money to meet its lofty goals? Saudi Arabia has poured tens of billions into projects that have yet to hint of any financial returns." Saudi Arabia has an A/A-1 credit rating with a positive outlook from S&P Global Ratings and an A+ rating with a stable outlook from Fitch.
Persons: Prince Mohammed bin Salman, Saudi Arabia's NEOM, Giles Pendleton, Andrew Leber, Leber, Mohammed Al, Jadaan Organizations: Saudi, Public Investment Fund, CNBC, Tulane University, Saudi Finance, Fitch, , P Global, Al Locations: Saudi Arabia, NEOM, Saudi, Neom, Saudi Arabia's, Riyadh
President-elect Donald Trump speaks at an America First Policy Institute gala at his residence Mar-a-Lago in Palm Beach, Fla.Credit... Haiyun Jiang for The New York Times
Persons: Donald Trump, Haiyun Jiang Organizations: Mar, Fla ., The New York Locations: Palm Beach, Fla, Fla . Credit
Meet the Press – November 24, 2024
  + stars: | 2024-11-24 | by ( ) www.nbcnews.com   time to read: +57 min
[END TAPE]KRISTEN WELKER:According to the Washington Post, President-elect Trump plans to fire the team that worked with the special counsel. So, I think President Trump is picking reformers for these Cabinet positions. After the midterms Joe Biden said that there was no way President Trump would ever be back in the White House. He's going to sign some executive actions, but he's also going to then begin to roll out this plan. I also think he's going to face some skepticism by Republicans on using the military, for instance, going kind of into different states.
Persons: KRISTEN WELKER, MATT GAETZ, Donald Trump’s, Matt Gaetz, SEN, KEVIN CRAMER, RON JOHNSON, PETER WELCH, Will Mr, Donald Trump, STEPHEN MILLER, Vladimir Putin, Adam Schiff of, Eric Schmitt of Missouri, Kelly O’Donnell, Jeh Johnson, Anna Palmer, Stephen Hayes, it’s, Kristen Welker, reconsidering, DONALD TRUMP, Gaetz, MARKWAYNE MULLIN, Trump, Pam Bondi, Bondi, Eric Trump, they're, Jack Smith, Pete Hegseth, Tulsi Gabbard, Bashar Assad, Nikki Haley, NIKKI HALEY, DNI, TOM HOMAN, Trump's, Russell Vought, Russ, who's, That's Russ, Schmitt, Press . SEN, ERIC SCHMITT, he's, Pam, should've, You've, everybody's, it's, Joe Biden, Merrick Garland, Kristen, Alvin Bragg, General Merrick Garland, I've, Jane Doe, Hegseth, didn't, there's, It's, She's, maybe's, Tulsi, I'm, We've, There's, He's, they've, Adam Schiff, Adam Schiff of California, Schiff, ADAM SCHIFF, Bashar al, Assad, Marco Rubio, Rubio, Debbie Wasserman Schultz, Gabbard, That's, , Adam, Shifty, Donald Trump's, , Harris's, Kamala Harris didn't, Joe Biden's, Biden's, Pelosi, Biden, Nancy Mace, Mace, Sarah McBride, McBride, Johnson, Kelly O'Donnell, KELLY O’DONNELL, Anna, we're, ANNA PALMER, JEH JOHNSON, we've, Lindsey Graham, I'd, Steve, STEPHEN HAYES, We're, Eric Schmitt, you've, Kelly, Scott Bessent, Newt Gingrich, Gingrich, NEWT GINGRICH, KELLY O'DONNELL, Let's, it's Trump, Obama, Tom Homan, Rand Paul, let's, Bob Gates, Leon Panetta, McConnell, They're, he'll, Mitch McConnell, Mitch McConnell's, Stephen, John Thune, Thune Organizations: Republicans, Biden Administration, Democratic, Adam Schiff of California, NBC, White, Homeland, Punchbowl News, The, Press, Justice Department, Pentagon, Republican Senators, BONDI, The Department of Justice, Washington Post, Trump, OMB, Press ., NBC News, Gaetz, DOJ, Patriot, White House, Department, Senators, Armed Services Committee, DNI, Democrat, intel, United States Senate, it's, Services, Judiciary, NATO, Capitol, Intelligence, Democratic Party, Homeland Security, Senate Republicans, Senate, Sears, Roebuck, FBI, Department of Defense, New, New York Cities, Biden, DOD, Republican Conference, Defense Locations: Ukraine, Washington, Florida, PRES, Pennsylvania, United States of America, New York, Atlanta, China, Russian, Hawaii, American, Europe, U.S, Russia, United States, America, Tulsi, , Guantanamo
"I see a lot of optimism going into the holiday season," said Charlie Wise, TransUnion's senior vice president and head of global research and consulting. More from Personal Finance:Thanksgiving meals are expected to be cheaper in 2024How Trump's win could change your health careRemote work is helping Americans take longer trips"It's clear that millennials will play the largest role this holiday shopping season with the greatest expected spend," Wise said. Holiday spending between Nov. 1 and Dec. 31 is forecast to increase to a record total of $979.5 billion to $989 billion, according to the National Retail Federation. Even as credit card debt tops $1.17 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared with last year, Deloitte's holiday retail survey found. Meanwhile, 28% of holiday shoppers surveyed in September said they still had not paid off the gifts they purchased for their loved ones last year, according to a holiday spending report by NerdWallet, which polled more than 1,700 adults.
Persons: TransUnion, Charlie Wise, TransUnion's, Wise Organizations: Finance, National Retail Federation, NerdWallet
Adani CFO says U.S. charges linked to only one business contract
  + stars: | 2024-11-24 | by ( ) www.cnbc.com   time to read: +2 min
Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. A U.S. bribery indictment of Indian billionaire Gautam Adani is linked to one contract of Adani Green Energy that makes up some 10% of its business, and no other firms in the conglomerate are accused of wrongdoing, the group's CFO said on Saturday. The allegations in the U.S. indictment relates to "one contract of Adani Green, which is roughly 10% of overall business of Adani Green", Singh said on X. Adani, which has several other global projects, is also charged with misleading U.S. investors about Adani Green's compliance with antibribery principles and laws. The charges also put the spotlight on Sagar Adani, a director at Adani Green and millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials on his mobile phone.
Persons: Gautam Adani, Adani, Jugeshinder Singh, Singh, Hindenburg, Sagar Organizations: Adani, World, Accountants, Energy, U.S, Indian Energy Locations: Mumbai, U.S, Adani, Kenya, United States
Nio reported a widening net loss in its latest earnings, as the CEO of Xpeng warns many EV firms face a fight to survive. Xpeng delivered 24,000 vehicles last month, and Xiaomi sold over 100,000 of its SU7 EV this year alone. AdvertisementHowever, the booming sales come as many Chinese EV makers continue to report heavy losses, as they grapple with a brutal price war and intense pressure to quickly launch new affordable models amid a crowded field of battery-electric vehicles. The company reported a net loss of 5.06 billion yuan ($700 million), up 11% from the third quarter of 2023. Both companies narrowed their net losses year-over-year, but they remained sizable at 1.81 billion yuan ($250 million) for Xpeng and 1.14 billion yuan ($157 million) for Zeekr, respectively.
Persons: Nio, Xpeng, Tesla, they're, Xiaomi, William Li, Zeekr, Xpeng's, Jim Farley, Xiaopeng, BYD, outstripping Elon, JADE GAO, David Bailey Organizations: EV, Elon, Publishing, Getty, Zeekr, Ford, Singaporean, The Straits Times, outstripping Elon Musk's, University of Birmingham Locations: China
AdvertisementShoppers are willing to spend this holiday season, but many are still budget-conscious. Shoppers appear ready to spend this holiday season, but many aren't giving up the search for bargains just yet. Multiple signals suggest that some shoppers feel less pinched financially as the biggest shopping season of the year ramps up. As such, many are looking for good deals, as they have been for much of this year, while still spending on the holiday season. Friday's retail sales growth showed "a good early step forward into the holiday shopping season," National Retail Federation Chief Economist Jack Kleinhenz said.
Persons: Claire Tassin, Tassin, Milton, Jack Kleinhenz, Kleinhenz, Doug McMillon, John Rainey, Rick Gomez Organizations: Shoppers, Morning, Retailers, Nordstrom, Bank of America Institute, University of Michigan's, Hurricanes, Retail Federation, Census Bureau, Walmart, Target
This market is starting to summon the lighthearted take on a mullet haircut: business in the front, party in the back. BTC.CM= YTD mountain Bitcoin, YTD Every bullish argument for bitcoin comes down to "More people will soon have more ways to buy more of it." I've tracked the interplay between bitcoin and Nvidia shares for a while. The market's immediate response was simply to allow Nvidia to hold onto the $2.3 trillion in market value it's added this year, but not to pile on more. Meaning the current pace of new money entering these funds is not as heavy relative to total market value as it was nearly four years ago.
Persons: Trump, bitcoin, I've, John Roque, Warren Pies Organizations: Nasdaq, Nvidia, Nvidia ramped, Vanda Research, Trump, 22V Research, Bloomberg, Federal Reserve, 3Fourteen Research Locations: lockstep, bitcoin
The judge used an analogy to a video game company to explain her decision. The New York Times sued OpenAI in December, arguing that the company used its articles without permission to train ChatGPT. She then offered an analogy to explain her decision, comparing OpenAI to a video game manufacturer and the Times to a copyright holder. If a copyright holder sued a video game manufacturer for copyright infringement, the copyright holder might be required to produce documents relating to their interactions with that video game manufacturer, but the video game manufacturer would not be entitled to wide-ranging discovery concerning the copyright holder's employees' gaming history, statements about video games generally, or even their licensing of different content to other video game Manufacturers. The case is one among dozens of copyright cases filed against OpenAI, including by media organizations like the New York Daily News, the Denver Post, and The Intercept.
Persons: OpenAI, Ona T, Wang, Sarah Silverman, Silverman, Rob Lowe, that's, Axel Springer Organizations: Times, New York Times, OpenAI, New York Daily News, Denver Post, Raw, Business
Love them or hate them, Secret Santa and White Elephant gift exchanges are a popular holiday tradition. Below, find some of the best gifts for Secret Santa or White Elephant parties. SKIP AHEAD The best Secret Santa and White Elephant gifts in 2024 | Why trust NBC Select? The best Secret Santa and White Elephant gifts in 2024We rounded up gift ideas based on our previous coverage and NBC Select recommendations to help you find the right gift for your white elephant and Secret Santa gift exchanges. The bag is also slightly padded to provide protectionSometimes the best White Elephant or Secret Santa gifts are the things you may not buy for yourself, but that are super fun to own.
Persons: I’ve, Biana Alvarez, Peacock, Max, Rebecca Rodriguez, it’s, Rodriguez, , Harry Rabinowitz, , Alvarez, gifting, Lindsay Schneider, foodies, Bethany Heitman, Bianca Alvarez, TikTok Organizations: NBC, JBL, NBC Giftable Tech, Netflix, Hulu, Apple, Bluetooth, Hydro, Facebook, Twitter Locations: Belgian, Texas
Goldman says 2025 will be the 'year of generating income'
  + stars: | 2024-11-22 | by ( Michelle Fox | ) www.cnbc.com   time to read: +5 min
Goldman Sachs Asset Management is predicting 2025 will be the "year of generating income." One focuses on the S & P 500 — Goldman Sachs S & P 500 Core Premium Income ETF (GPIX) and another on the Nasdaq-100 index — Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ ). High-yield muni bonds Shah also sees opportunity for income within high-yield municipal bonds . "Municipal high yield is a good way of generating income that can compete with your appreciation," Shah said. GHYAX YTD mountain Goldman Sachs High Yield Municipal Fund Dividend stocks and bonds Investors can also turn to more traditional forms of income in dividend stocks and fixed income, Shah said.
Persons: Goldman, Ashish Shah, Shah, — Goldman Sachs, Goldman Sachs Organizations: Management, CNBC, Federal Reserve, Crane Data, nab, Investors, Goldman, Nasdaq, Goldman Sachs Nasdaq Locations: securitized
Reddit — The stock fell 6% after Bloomberg, citing a person familiar with the matter, reported that Advance Magazine Publishers is looking to establish a credit facility using as much as $1.2 billion of its stake in Reddit. Gap — The stock jumped more than 10% on the heels of the clothing retailer increasing its full-year outlook — its third time doing so this year. Super Micro Computer — Shares moved more than 11% higher, extending its more than 15% gain in the previous session. Intuit — Shares of the financial software company fell 4% after the release of its fiscal first-quarter report. StoneCo — Shares jumped about 10% after the Brazilian payments company announced a share repurchase program of up to 2 billion reais .
Persons: LSEG, Ross, Needham, bitcoin, , Alex Harring, Jesse Pound, Michelle Fox Organizations: Bloomberg, Advance Magazine Publishers, BDO, Nasdaq, Intuit —, Intuit, LSEG, Carpenter Technology, JPMorgan, . Texas Pacific, Marathon Oil, ConocoPhillips Locations: Reddit
Here are Friday's biggest calls on Wall Street: Goldman Sachs initiates Flutter as buy Goldman said the online gambling company is well positioned. " Redburn Atlantic Equities reiterates Microsoft as buy The firm said investors should buy the dip in Microsoft shares. Baird upgrades KinderCare to outperform from neutral Baird said investors should buy the dip in shares of the daycare company. Baird upgrades Bright Horizons to outperform from neutral Baird said the daycare company is well positioned. Baird upgrades Elastic to outperform from neutral Baird said the software company is an AI beneficiary.
Persons: Goldman Sachs, Goldman, Piper Sandler downgrades Sunrun, Piper, KeyBanc, Baird, Klarna, Phillip, JPMorgan, it's, Carpenter, Needham, it's bullish, John Donohoe, Elliott Hill, they've, Wells, Truist, Leerink Organizations: Citi, Apple, UBS, Microsoft, RBC, Bank of America, Apple Pay, Phillip Securities, Nvidia, Carpenter Technology, JPMorgan, Nike, " Bank of America, KD, Semiconductors, Global Business Travel Group Locations: 2H25, North America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinding more opportunity in securitized credit within private markets, says Guggenheim's DiLorenzoDina DiLorenzo, Guggenheim Investors president, joins 'Power Lunch' to discuss what parts of fixed income are the most attractive, high demand in the private credit market, and where demand is mainly coming from.
Persons: Guggenheim's DiLorenzo Dina DiLorenzo Organizations: Guggenheim Investors
Miller: Private markets are as varied as the public side.
  + stars: | 2024-11-22 | 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 EmailMiller: Private markets are as varied as the public side. Jake Miller, Co-Founder and Chief Solutions Officer of Opto Investments, explains private investment platforms give access to diverse markets like equity, credit, and real estate. He highlights the importance of liquidity and growing demand for smaller private credit loans underserved by banks, while cautioning against oversaturation in large loans.
Persons: Jake Miller Organizations: Opto Investments, oversaturation
Now we see it's very common for these store cards to charge over 30%." Just before the Fed began its rate-cutting cycle in September, many retailers and their bank partners raised interest rates on their store cards to protect their profits when the federal funds rate — which determines their own interest rates — came down. Now, the average interest rate on a store card is at an all-time high just ahead of the holiday shopping season, which is when most consumers sign up for store cards. That was less than half of the interest rate increase for store cards seen from September 2023 to September 2024, when the federal funds rate didn't budge. When asked why they increased the APR on their store cards, the companies that returned CNBC's request for comment pointed vaguely to industry standards and the current economic environment.
Persons: Tommy, Petco, Ted Rossman, it's, Jasmine Matheney, Nordstrom, Matheney, you've, preemptively Organizations: U.S, Federal Reserve, Navy, Academy Sports, Fed, CNBC, Comenity Bank, Big Lots Locations: Petco, Burlington, Macy's, Michael's, Michigan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFPB expands oversight of digital payments services: Here's what you need to knowRohit Chopra, Director of the Consumer Financial Protection Bureau, joins CNBC's 'Squawk Box' to discuss expanding digital pay oversight, the push to cap credit card interest rates, and more.
Persons: Rohit Chopra Organizations: Consumer Financial Protection Bureau
This isn't the first time I've received travel credit in exchange for taking a later flight — and it happens more often than you might think. How to get travel credit or compensation for giving up your seatPeak travel season often coincides with flight snafus from inclement weather or mechanical issues. If your schedule can accommodate a spontaneous change of plans, here's what you should know about volunteering for travel credit. AdvertisementUnderstanding bumping and denied boardingOperating a commercial flight is expensive, so most airlines slightly oversell each flight to compensate for no-shows and last-minute cancellations. You'll get the fastest response if you include your date(s) of travel, flight number(s), full contact information, and airline frequent flyer number.
Persons: I'm, I've, you'll, It's, you've, You'll Organizations: American Airlines, Department of Transportation, Aviation, Airlines Locations: New Orleans, Austin, Italy, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Newmarket Capital CEO Andrew HohnsAndrew Hohns, Newmarket Capital Founder and CEO, joins CNBC's 'Squawk Box' to discuss Bitcoin approaching $100k, how merging bitcoin and credit can reduce volatility, and more.
Persons: Andrew Hohns Andrew Hohns Organizations: Newmarket Capital
Morris, like thousands of other customers, was snared in the collapse of a behind-the-scenes fintech firm called Synapse and has been locked out of her account for six months as of November. Then she learned how much Evolve Bank & Trust, the lender where her funds were supposed to be held, was prepared to return to her. The crisis started in May when a dispute between Synapse and Evolve Bank over customer balances boiled over and the fintech middleman turned off access to a key system used to process transactions. Synapse helped fintech startups like Yotta and Juno, which are not banks, offer checking accounts and debit cards by hooking them up with small lenders like Evolve. But that would've required more coordination between Evolve and the other lenders that held customer funds than what ultimately happened.
Persons: Oscar Wong, Kayla Morris, Morris, Andreessen Horowitz, Jelena McWilliams, Zach Jacobs, there's, Yotta, Adam Moelis, they've, Jacobs, Andrew Meloan, Meloan, I've, ” Zach Jacobs, McWilliams, McWilliams didn't, Rayburn, Tom Williams, hadn't, Judge Martin Barash, Natasha Craft, they're, Andreatte Caliguire Organizations: Evolve Bank & Trust, Synapse, Evolve Bank, ., CNBC, FedEx, Evolve, Deposit Insurance Corp, U.S, FDIC, Trump, Federal Reserve, Federal Deposit Insurance Corporation, Financial, Prudential Regulators, Megabanks, Depository, CQ, Inc, AMG, Lineage Bank, American Bank, Indiana FedEx Locations: Texas, Tampa , Florida, Yotta, Chicago, California, Mishawaka , Indiana
Here's our Club Mailbag email investingclubmailbag@cnbc.com — so you send your questions directly to Jim Cramer and his team of analysts. This week's question: On Sept. 16, 2015, I bought 125 shares of Nvidia as a speculation stock. As longtime followers of Jim Cramer know, our belief at the Club is that discipline trumps conviction. Do we see further upside for Nvidia shares? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, NVDA, Jim, Jensen, Lee, , you've, Jensen Huang, Donald Trump, They've, Jim Cramer's Organizations: Nvidia, NVDA, Investors, U.S, CNBC Locations: Florida, China, Taiwan
Barack Obama was elected president, and the mood in the Republican Party picked up on the mood you’ve already described. But in the end, what he did electorally was not in that election to build the pan ethnic working class Republican Party. But at the very least, there was the conventional wisdom was that the Republican Party had to move substantially to the left on immigration. I just think that if the Republican Party is not the party of private property and wealth building, so I don’t think. Is there any chance that the Republican Party is about to not be the party of private property and wealth building No, no, I think you’re right.
Persons: I’m Ross Douthat, Donald Trump didn’t, Trump, I’ve, Reihan Salam, Reihan, George W, I’m, pry, Ross, Ross Douthat, let’s, Bill Kristol, Bush, Boomer, Giuliani, Ronald Reagan, wasn’t, Bill O’Reilly, Ross Reihan, Bush’s, Barack Obama, Obama, That’s, Mitt Romney, Paul Ryan, Ryan, Rush Limbaugh, notionally, Jeb Bush, Marco Rubio, Bill Clinton, Donald J, Let’s, it’s, It’s, , Donald Trump, Rudy Giuliani, Will, electorally, Romney, we’d, didn’t, Pat, John McCain, Frank, Kavanaugh, Trump’s, George Floyd, Biden, hadn’t, progressivism, premised, ender, New Party ”, ryan, neoliberals, Steve Bannon, Steve Moore, we’re, Moore, Bannon didn’t, COVID, JD Vance, Elon Musk, Musk, he’s, Vance, hasn’t, Clinton, Hillary Clinton, Margaret Thatcher’s, Reagan, Roosevelt, Republican policymaking, we’ve Organizations: New York, Republican Party, Manhattan Institute for Policy Research, New Party, New York Times, Harvard Institute of Politics, Harvard, The, Democratic, Great Society, Republicans, Republican, Reagan Democrats, Tribune, Trump, Perot, Tea Party, Party, Social Security, Grand New Party ”, Romney, Obama Trump voters, GOP, Amnesty, Reagan, Biden, American, America, romney, Infrastructure, Clinton Democrat, Uc Locations: Washington , DC, Northwestern, Washington ,, New York, Washington, Iraq, America, , China, American, United States, Clinton, it’s, Nevada
AdvertisementEV battery maker Northvolt has entered Chapter 11 bankruptcy protection, it said on Thursday. Northvolt said it had secured an extra $245 million in funding as part of the bankruptcy deal. Northvolt, the battery company founded by two former Tesla executives, has filed for Chapter 11 bankruptcy protection after struggling to ramp up production. AdvertisementFounded in 2016 by Carlsson and Paolo Cerutti, Northvolt aimed to revolutionize battery manufacturing but has struggled in recent months. In June, BMW pulled out of a $2.1 billion order for battery cells for its EVs, citing delays to deliveries.
Persons: Northvolt, Goldman Sachs, Tom Johnstone, Peter Carlsson, Carlsson, Paolo Cerutti, Ford Organizations: EV, Tesla, JPMorgan, Microsoft, BMW Locations: Swedish, Sweden, Skellefteå, Europe
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