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AdvertisementCitadel founder Ken Griffin said on Thursday that he's "open" to selling a stake in his hedge fund. Griffin had previously sold a minority stake in his market maker to VC funds Sequoia and Paradigm. BlackRock's potential investment into Izzy Englander's Millennium might have Citadel founder Ken Griffin thinking. Griffin said Sequoia has pushed Citadel Securities' leadership in the boardroom, making them a better company. AdvertisementAs for who he'd want as a minority stakeholder of Citadel, Griffin clearly has a type.
Persons: Ken Griffin, Griffin, Izzy Englander's, Larry Fink, Sam Bankman, he'd, that's, it's, Sequoia Organizations: Citadel, Sequoia, Economic, of New, BlackRock, Millennium, Financial Times, Bloomberg, Citadel Securities, Apple, Nvidia Locations: of New York, York
AdvertisementBillionaire Ken Griffin cautioned the incoming Trump administration from adopting extreme policies. Speaking in New York Thursday, Griffin lauded the work of immigrants and warned against cutting taxes. AdvertisementGriffin's plea to Marc RowanGriffin is not the first Wall Street leader to push for a more moderate immigration and tax policy approach. AdvertisementRoman said that tax cuts and tariffs will increase the government deficit, leaving the Trump administration with less room for error in choosing policies. In a Reuters article two days after the election, an unnamed Wall Street leader hoped Trump's aides would rein in extreme policies that could increase the deficit.
Persons: Ken Griffin, Griffin, Marc Rowan, Donald Trump, I'm, Peng Zhao, Marc Rowan Griffin, Manny Roman, Bloomberg's Erik Schatzker, Trump, Trump's, Rowan Organizations: Trump, Treasury, Billionaire Citadel, Republican Party, Economic, of New, Citadel Securities, Reuters Locations: New York, of New York, American, Illinois, California, Florida
On Thursday, Gov. Gavin Newsom will make the first of three post-election visits to California counties that Donald J. Trump won in the presidential race, reaching out to working-class voters in the Central Valley who remain frustrated by economic woes. The appearance in Fresno, to unveil a new economic development system, comes as interviews and polls have shown that economic and class divisions were key to Mr. Trump’s return to power. With Democrats still mulling over their presidential and congressional losses, Mr. Newsom said in an interview on Wednesday that his party needed to learn from the recent election and to address the struggles of American workers. “A lot of people feel like they’re losing their identity or losing their future,” Mr. Newsom said.
Persons: Gavin Newsom, Donald J, Trump, Trump’s, Newsom, ” Mr, , Locations: California, Fresno
The United Nations’ nuclear watchdog agency censured Iran on Thursday evening for failing to cooperate fully with the agency’s monitoring and inspection, as the country is obligated to do under the Nuclear Nonproliferation Treaty. The censure by the International Atomic Energy Agency could lead to penalties against Iran, including renewed economic sanctions. The agency’s Board of Governors voted 19 to 3, with 12 abstentions, for the censure, despite intensive lobbying by Iran and its foreign minister, Abbas Araghchi. The three votes against were cast by Russia, China and Burkina Faso. Mr. Araghchi promised that Iran would retaliate if the resolution passed, most likely choosing to accelerate its enrichment of uranium to levels close to bomb grade, rather than putting a cap on that enrichment.
Persons: Abbas Araghchi, Araghchi Organizations: United Nations, International Atomic Energy Agency, Iran, Governors Locations: Iran, Brazil, South Africa, Bangladesh, Algeria, Burkina Faso, Pakistan, Britain, France, Germany, United States, Russia, China
She wrote two more bills that same week supporting Julian Assange and Edward Snowden, who were behind two of the biggest US national security leaks of the 21st Century. Both men are broadly seen as enemies of the state within the intelligence community. Gabbard proposed repealing Patriot ActIf confirmed, Gabbard will be the most markedly anti-surveillance official to lead the intelligence community in the post-9/11 era. Some prominent Republicans like former Trump national security adviser John Bolton and former Trump UN ambassador and 2024 GOP presidential candidate Nikki Haley have come out against her. Scott Olson/Getty ImagesGabbard is in many ways a stranger to the intelligence community.
Persons: Donald Trump’s, spymaster, Tulsi Gabbard, Daniel Ellsberg, Gabbard, , Ellsberg, Julian Assange, Edward Snowden, It’s, MAGA, Trump, Assange, Marco Rubio, Elise Stefanik, Mike Waltz, she’s, scot, Jamil Jaffer, George W, Bush, White, George Mason University’s, Snowden, Alexandria Ocasio, Cortez, Assange —, Sen, Rand Paul, Justin Amash, Matt Gaetz, Gabbard’s Snowden, Bill Pugliano, Tulsi, Drew Angerer, Glenn Gerstell, , Gerstell, ” Gerstell, She’s, neocons, ” “, Vladimir Putin’s, Biden, , Hannity, Steven Ferdman, cynically, John Bolton, Nikki Haley, DNI, ” Haley, Hillary Clinton, Assad, Obama, Tom Williams, CNN Gabbard, Bashar Assad, Nancy Pelosi, Gabbard’s, we’ve, Trump’s, Qasem Soleimani, ” ‘, Donald Trump, Scott Olson, Democratic Sen, Chuck Schumer, ” Gabbard Organizations: CNN, Democratic, Pentagon, The New York Times, Washington Post, US, National Intelligence, Republican Party, WikiLeaks, National Security Institute, George, National Security Agency, — Democratic, Trump, FBI, Fox, Patriot, Foreign Intelligence, Congress, Capitol, Defense Department, Democrat, Republican, NATO, Fox News Channel Studios, Trump UN, GOP, blindsided, Hawaii National Guard, House Armed Services Committee, Syrian, ISIS, Democratic Party, Lawmakers, Gabbard Locations: Syria, Ukraine, Russia, Alexandria, , Washington, Detroit , Michigan, Gabbard, Washington ,, China, Hawaii, American, Moscow, New York City, Kremlin, Iraq, Lebanon, Ohio, La Crosse , Wisconsin, United States
Dollar stores companies were some best performing stocks in the S&P 500 during the Great Recession, said Piper Sandler managing director Peter Keith. Shares of Dollar Tree — which owns its namesake brand and Family Dollar — and Dollar General have both fallen roughly 50% this year. Lower income Americans, who comprise about 60% of Dollar General sales, are under more pressure to stretch their dollars in the face of high inflation. In its fiscal 2024 second quarter earnings call, Dollar General said those customers are also more reliant on online storefronts, which dollar stores have had less success in rolling out. Both Dollar Tree and Dollar General have also faced numerous worker safety violations over the past decade.
Persons: Piper Sandler, Peter Keith, Keith, Melissa Repko Organizations: Walmart, CNBC
CNN —Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security. More than half of non-retired US adults (53%) overall said they expect they will need to use Social Security to pay for necessary expenses, according to a new survey from Bankrate. Social Security benefits only replace a portion of Americans’ pre-retirement income. Indeed, only 31% of the non-retired adults surveyed said they are not planning to rely on Social Security benefits in retirement, with just 14% saying they will “not (be) at all” reliant on them. Their “normal retirement age” is 67 for the purposes of collecting Social Security benefits.
Persons: That’s, one’s, , they’ll, , Mark Hamrick, Bankrate —, , Trump, they’ve, haven’t Organizations: CNN, Social, Security, , Social Security, Bankrate, Social Security Administration Locations: United States
As bitcoin prepares to vault to $100,000, I can't help but wonder if cryptocurrency – not artificial intelligence – is the mother of all financial market manias. BTC.CM= YTD mountain Bitcoin in 2024 The first bitcoin, minted in 2009 , changed hands at about one-tenth of one cent. With bitcoin at nearly $100,000 on Thursday, the first buyers of the cryptocurrency would, no doubt, be worth scores of billions of dollars. The three defining features of money are: A medium of exchange A unit of account A store of value Bitcoin – or any cryptocurrency – is not widely used for transactions. The real question in my mind remains, does the world need bitcoin, or does it just want the flagship crypto?
Persons: bitcoin, cryptocurrency, SWIFT, there's, Donald Trump, Charles Mackay, Ron Insana Organizations: Louis Federal Reserve, U.S, U.S ., CNBC Locations: U.S, Dutch
Most Americans are concerned about what may happen to Social Security when its retirement trust fund crosses a projected 2033 depletion date, according to a new Bankrate survey. Nearly three-quarters, 73%, of non-retired adults and 71% retired adults say they worry they won't receive their benefits if the trust fund runs out. That includes 81% of working baby boomers and 82% of Gen Xers who are worried they may not receive their benefits at retirement age if the trust fund is depleted. Social Security relies on trust funds to supplement its monthly benefit payments that currently reach more than 72.5 million beneficiaries, including Supplemental Security Income beneficiaries. Social Security's actuaries project the fund the program relies on to pay retirement benefits will be depleted in 2033.
Persons: Gen Xers, someone's, Mark Hamrick, Trump, Zers Organizations: Security, Bankrate, Finance, Social, actuaries Locations: millennials
The majority of transgender employees, 82%, reported experiencing workplace discrimination or harassment because of their gender identity or sexual orientation at some point in their lives, according to a new survey. Trans employees were more likely to report such experiences than cisgender lesbian, gay, bisexual and queer employees, at 45%, and nonbinary employees, at 59%. Half of the trans adults surveyed were people of color and 6 in 10 were making less than $50,000 a year. Of the trans respondents who reported having experienced workplace discrimination or harassment at some point in their lives, 65% reported experiencing verbal harassment, 34% reported experiencing physical harassment and 42% reported experiencing sexual harassment. Trans people attempted to mitigate workplace discrimination and harassment by concealing their gender identity at work or by looking for another job, according to the report.
Persons: Brad Sears, they’ve Organizations: Williams Institute, UCLA School of Law, U.S, Trans Locations: Massachusetts
Voters in California have narrowly rejected a ballot measure that would have gradually increased the minimum wage in the state to $18 per hour, NBC News projected Wednesday. It’s the first time a ballot measure proposing to raise the statewide minimum wage has failed nationwide since 1996. Some cities within New York also implement a minimum wage of $16 per hour, while Washington state’s minimum wage is $16.26 per hour. The defeat is the first time in 28 years that a ballot measure to increase a state minimum wage was defeated. Meanwhile, ballot measures in two other states to increase the minimum wage overwhelmingly passed this month.
Persons: It’s, “ CalChamber, Jennifer Barrera, Gavin Newsom, Newsom Organizations: NBC News, U.S, California Chamber of Commerce, Democratic Gov, Washington, Voters, NBC Locations: California, New York, Missouri, Montana, Alaska
The Danish military said Wednesday that it was staying close to a Chinese ship currently sitting idle in Danish waters, days after two fiber-optic data telecommunication cables in the Baltic Sea were severed. Chinese bulk carrier Yi Peng 3 was anchored in the Kattegat strait between Denmark and Sweden on Wednesday, with a Danish navy patrol ship at anchor nearby, MarineTraffic vessel tracking data showed. “The Danish Defense can confirm that we are present in the area near the Chinese ship Yi Peng 3,” the military said in a post on social media X, adding it had no further comments. It is quite rare for Denmark’s military to comment publicly on individual vessels travelling in Danish waters. It did not mention the cable breaches or say why it was staying with the ship.
Persons: Yi Peng, , Carl, Oskar Bohlin, Dmitry Peskov, Organizations: Danish Defense, Swedish Civil Defense, Reuters, coastguard Locations: Danish, Baltic, Denmark, Sweden, Russian, Ust, Luga, Lithuania, Finland, Germany, Swedish, Russia
Comcast announced a plan Wednesday to spin off most of its cable television networks into a separate publicly traded company. The new company will include the USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and the Golf Channel. Comcast will retain key NBCUniversal assets, including the NBC broadcast network, NBC News, NBC Sports, the streaming service Peacock, and the cable channel Bravo. The move comes as the traditional cable television bundle faces stiff economic headwinds, most notably the rise of cord-cutting and the shift to streaming alternatives. Matt Strauss will become chairman of the NBCUniversal Media Group.
Persons: Mike Cavanagh, ” Cavanagh, , Cavanagh, Mark Lazarus, Anand Kini, Dan Ives, , ” Rich Greenfield, ” Greenfield, Cesar Conde, Conde “, ” Donna Langley, Peacock, Matt Strauss, Mark Woodbury Organizations: Comcast, USA Network, CNBC, MSNBC, SYFY, Golf Channel, NBC, NBC News, NBC Sports, Bravo, Wall Street Journal, Wedbush Securities, LightShed Partners, Wednesday, NBCUniversal, Group, Telemundo, NBCUniversal Entertainment, Studios, NBCUniversal Media, Universal, General Electric, Netflix, Amazon Prime Locations: NBCUniversal
ATHENS — Ships docked at Greek ports, and railway and bus services were disrupted on Wednesday as transport workers, hospital doctors, school teachers together with construction workers joined a nationwide strike to protest squeezed living standards and demand higher pay. Many Greeks saw their wages and pensions slashed in return for bailouts worth 280 billion euros ($297 billion) during a 2009-2018 debt crisis which shaved a quarter off Greece’s economic output and nearly pushed the country out of the eurozone. Workers were expected to protest in central Athens later on Wednesday. The strike comes as the government submits later on Wednesday its final 2025 budget to the 300-seat parliament for debate before a vote due next month. The draft budget sees economic growth of 2.3% next year and higher tax revenues thanks to expanding digital payments and booming property sales.
Persons: Kyriakos Mitsotakis, , Greece —, Mitsotakis Organizations: ATHENS — Ships, Workers Locations: ATHENS, Greece, Athens
Bond vigilantes may pressure Washington to address deficits, affecting fiscal policy decisions. Wall Street doesn't constantly look to Washington for investment advice or direction, but the bond market is one place where they definitely intercept. The tipping point would create headwinds for the bond market as bond prices drop. The deficit is another sore spot, as promised tax cuts could further shrink government revenue. And this must be done by showing how they will offset tax cuts and remain fiscally responsible.
Persons: Jimmy Chang, Chang, they're Organizations: Trump, Republican, Rockefeller, Family Office Locations: Washington
Business spending on generative AI surged 500% this year, from $2.3 billion in 2023 to $13.8 billion, according to data released by Menlo Ventures on Wednesday. The report also found that OpenAI ceded market share in enterprise AI, declining from 50% to 34%. Anthropic doubled its market share from 12% to 24%. Although OpenAI and Anthropic dominated companies' AI model use, he said, people are "juggling models" and that habit is "not a well-understood piece of data." Meta 's market share stayed at 16% and Cohere's share remained at 3%.
Persons: Anthropic, OpenAI, Tim Tully, Claude, Tully, that's, Mistral's, Google's, Anthropic's Claude, , chatbots Organizations: Menlo Ventures, Menlo, CNBC, Google, Microsoft Locations: Anthropic
The runup in the 10-year Treasury yield is proving to be more than a short-term fluctuation, and that is starting to draw nervous looks on Wall Street. US10Y 3M mountain The 10-year Treasury yield started to climb ahead of the election and has moved higher still after Donald Trump's victory. With the 10-year yield close to a key psychological level of 4.5%, there is concern that another move higher could lead to a downturn in the stock market. If the 10-year yield does break through the 4.5% level, technical patterns suggest it could make a significant climb. Strong economic growth and optimism around artificial intelligence are two reasons why stocks may be able to tolerate higher rates, said Solita Marcelli, UBS global wealth management chief investment officer for the Americas.
Persons: Bond, Donald Trump's, Wolfe, Chris Senyek, Trump, Senyek, Paul Ciana, Stocks, Solita Marcelli, Marcelli Organizations: Treasury, Wolfe Research, Bank of America, UBS Locations: 1Q25
Rising global trade tensions present a risk to the euro area economy, the bloc's central bank found in its biannual Financial Stability Review out on Wednesday. The European Central Bank also said weak growth was now a bigger threat than high inflation in the 20-nation euro zone. The latest figures recorded euro zone economic growth at a two-year high of 0.4% in the third quarter, while headline inflation hit 2% in October. "Rising global trade tensions and a possible further strengthening of protectionist tendencies across the world raise concerns about the potential adverse impact on global growth, inflation and asset prices," the Financial Stability Review said. Economists say the knock-on impact of implementing these measures could drag on the euro, if a slowdown in exports spurs the ECB to cut interest rates further and faster.
Persons: Donald Trump's Organizations: European Central Bank, ECB, U.S Locations: U.S, China
Luxury retailer Burberry 's shares present an attractive investment opportunity after the company revealed a new turnaround strategy, according to hedge fund manager David Neuhauser. The stock, which is also traded in the U.S. and Germany, remains down around 40% year-to-date, however. UBS said Burberry was the only luxury retailer not to report "weak organic sales growth" in the latest quarter. "I think Burberry has a good turnaround in place with a new CEO," Neuhauser added, while cautioning that the recovery might take longer than expected. "I think over some time, a good turnaround by Burberry, with strong leadership, could really see the stock price increase.
Persons: David Neuhauser, Neuhauser, CNBC's, Livermore, they're, Zuzanna Pusz, Burberry, , Joshua Schulman, Rogerio Fujimori, Adam Cochrane, FactSet, — CNBC's Karen Gilchrist Organizations: Burberry, Livermore Partners, UBS, Deutsche Bank, Stifel Locations: London, U.S, Germany, Asia, Swiss
AdvertisementTraders see a 45% chance the Fed pauses rate cuts in December, up from 17% last week. The rising odds come as markets digest a win for Trump, whose policies could complicate the Fed's plans. After two consecutive interest rate cuts, markets think the Federal Reserve might be ready to hit pause. AdvertisementThe rising odds come as markets continue to digest a win for Donald Trump, and as Fed officials have sounded cautious on the path of future policy easing in recent remarks. AdvertisementThe rising odds of a pause also come as Fed speakers this week have struck a cautious tone.
Persons: Donald Trump, Joseph Stiglitz, David Kelly, Jerome Powell, he'd, Trump, JPMorgan's Kelly, They're, Kelly, Michelle Bowman, Lisa Cook, Cook, Powell Organizations: Trump, Reserve, JPMorgan, Fed, Federal, University of Virginia Locations: West Palm Beach , Florida, Charlottesville, Dallas
Ford to lay off 4,000 workers in Europe
  + stars: | 2024-11-20 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —Ford plans to cut almost 4,000 jobs in Europe over the next three years, about 14% of its workforce in the region, as the carmaker faces slowing demand for electric vehicles and rising competition from China. “The global auto industry continues to be in a period of disruption, especially in Europe, where the industry faces unprecedented competitive, regulatory and economic headwinds,” Ford said in a statement. Last year, the company said it would axe around 4,900 jobs across Europe. The news of the Ford cuts comes just weeks after Volkswagen said it would trim employee pay by 10% to protect jobs and safeguard the company’s future. The German automaker plans to close at least three factories in its home country and lay off tens of thousands of staff as it grapples with a weak car market in Europe and a steep loss of market share in China.
Persons: London CNN — Ford, ” Ford, Dave Johnston, Ford, , John Lawler, ” Lawler Organizations: London CNN, ” Global, Ford, Volkswagen Locations: Europe, China, Germany, United Kingdom, Western
China's central bank on Wednesday kept major benchmark lending rates unchanged, as Beijing assesses the effects of its recent stimulus measures. The People's Bank of China said it would keep the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%. The 1-year LPR affects corporate and most household loans in China, while the 5-year LPR acts as a benchmark for mortgage rates. Only retail sales beat expectations, with a 4.8% year-on-year increase, indicating that recent stimulus had started seeping into certain sectors of the economy. Goldman, however, maintained "overweight" stance on China equities, forecasting a 13% upside to the benchmark CSI 300 index next year.
Persons: Bruce Pang, Pang, Pan Gongsheng, Morgan Stanley, Goldman Sachs, Goldman, Donald Trump's Organizations: People's Bank of China, People's Bank of, Reuters, Ministry of Finance Locations: Beijing, China's, People's Bank of China, China, JLL
Bitcoin pushed to a fresh all-time peak above $94,000, carried by expectations for a friendlier regulator environment for cryptocurrencies under Trump. "The 'Trump Trade' that boosted the greenback is facing challenges from Trump's controversial cabinet nominations and the escalation in the Russian-Ukraine war," DBS strategists wrote in a client note. Traders continue to pare back expectations for an interest-rate cut at the Fed's next meeting in December. The dollar added 0.9% to 154.84 yen after falling sharply to 153.28 on Tuesday following the Russia news. The euro held steady at $1.0598 , having recovered from a drop to $1.0524 in the previous session.
Persons: Donald Trump's, Bitcoin, Trump, Howard Lutnick, Trump's, pare, CME's, Jerome Powell Organizations: U.S, Moscow, Trump, Treasury, Wall Street, Commerce Department, Trump Trade, DBS, Traders, Financial Times Locations: Russian, Ukraine, Russia
AdvertisementNolan Church is a former Google recruiter who says you could be holding yourself back from a promotion. There could be a misalignment in how an employee thinks they're doing and how management thinks they're doing, most likely due to a lack of feedback. These things surface when it comes time for a promotion, but they're hard to fix when you're unaware it's a problem. Ask your manager what you need to work on to move on to the next level. Budget constraints or business challengesIf a business isn't doing well, promotions are most likely not happening or are occurring at a significantly decreased rate.
Persons: Nolan, they're, I've, you've, that's, I'm, doesn't Organizations: Nolan Church, Google Locations: Salt Lake City
AdvertisementI wanted to go back to school for my master's but didn't want to go into enormous debt. AdvertisementI didn't love my first college experienceI wanted a college do-over. Meredith ShubelI wanted a college do-over but going back to school in the US was not worth the expense, in my opinion. Meredith ShubelAt the time, I knew a friend who was doing her master's in France. I now live in ParisMy experience in France wasn't perfect but it was the right decision.
Persons: Jean Jaurès, , Meredith Shubel, I've Organizations: Université, VW, Université Toulouse Locations: Université Toulouse, France, Paris, New England, Marseille, Toulouse
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