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☆ Cocoa prices just hit a record high. Here's what's driving the gains and what it means for chocolate makers
▼ + stars: | 2024-02-17 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +7 min

If you think chocolate prices this Valentine's Day were more expensive than usual, it's not you. Year to date, futures contracts are up nearly 27%, with cocoa prices rising in six of the past seven weeks. Here's a breakdown of what's driving cocoa prices higher and how it impacts the investment case around two major chocolate stocks. Doshi thinks cocoa prices could sell off about 20%, taking them to around $4,500 to $4,800 per ton. In an interview with CNBC last week, he underscored the rising cocoa price outlook as the key driver for his lower rating.

Persons: Humza Hussain, El, Aakash Doshi, Doshi, Bernstein, Bruno Monteyne, … There's, Mondelez, Alexia Howard, Hershey, Michele Buck, Bernstein's Howard, Howard, I'd, Bryan Spillane, Morgan Stanley, Pamela Kaufman, Bank of America's Spillane Organizations: Asset Management, CNBC, Hershey, Citi, 2H, Street, Bank of America, Bank of, Cadbury Locations: Mondelez, El Niño, Ghana, Ivory, Nigeria, Europe

☆ Jon Stewart is coming back to a broken TV landscape
▼ + stars: | 2024-02-12 | by ( Peter Kafka | ) www.businessinsider.com time to read: +2 min

Welcome back to TV, Jon Stewart. But since Stewart left in 2015, the "Daily Show" audience has gotten very small, and very old. So here, to spell it out, are three charts from Nielsen showing the decline of prime-time TV, the decline of late-night TV, and the fact that the people who still watch conventional TV are … not young. Big picture: Conventional TV used to attract 103 million people a night back in 2015. Here's what has happened to average viewership across prime-time TV — including both broadcast and cable networks — since 2015.

Persons: Jon Stewart, Stewart, —, Trevor Noah, Stewart's Organizations: Nielsen

☆ Cramer says Palo Alto is a buy, plus what we want from Disney and Wynn earnings
▼ + stars: | 2024-02-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Jim Cramer said he sees two reasons for the turnaround: "First off, the positive results from its NASH study are bigger than we think. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. A liquid hydrogen tanker truck taking a fuel delivery at the Linde hydrogen plant in Leuna, Germany, on Tuesday, July 14, 2020.

Persons: Jim Cramer, let's, Eli Lilly, NASH, Amgen, Lilly, Linde, We've, Cramer, DuPont, Estee Lauder, Jim Cramer's, Jim, Rolf Schulten Organizations: CNBC, Nasdaq, Air Products, DuPont, Tech, Alto Networks, Disney, Wynn Resorts, Fox, Warner Bros, Netflix, PayPal, Arm Holdings, Jim Cramer's Charitable, Linde, Bloomberg, Getty Locations: We're, U.S, cybersecurity, Macao, Vegas, Leuna, Germany

☆ Some people say COVID tests are more accurate if you swab your poop instead of your nose. Here's what's going on.
▼ + stars: | 2024-02-03 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +3 min

If you're feeling sick, it can be frustrating to see a negative COVID test result. Some people say they only get an accurate COVID test result if they swab their feces. AdvertisementYes, there is COVID in your stoolA positive poo sample doesn't necessairily mean you have an active COVID infection. AdvertisementIt is also possible to have a very mild COVID infection, so mild as to be undetectable on a rapid test. This may be more likely if you've built up immunity through a recent COVID infection or vaccine.

Persons: —, aren't, they're, Katelyn Jetelina, you've, who'd, swabs, it's, Jetelina, it's COVID Organizations: Service

☆ $78 billion tax package: Here's what's in the bipartisan deal
▼ + stars: | 2024-01-31 | 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 Email$78 billion tax package: Here's what's in the bipartisan dealJean Ross, Center for American progress senior fellow, Rohit Kumar, PwC Washington National Tax Services co-leader, joins 'Squawk Box' to discuss the $78 billion tax package, what's in the new bill, and more.

Persons: Jean Ross, Rohit Kumar, PwC Organizations: Center, PwC Washington National Tax Services Locations: PwC Washington

☆ My father was old enough to be my grandfather, but his age is what made him a great dad
▼ + stars: | 2024-01-21 | by ( Beth Harpaz | ) www.businessinsider.com time to read: +4 min

My father was old enough to be my grandpa, but that's what made him a great dad. By the time I was born, he'd already lived through so many ups and downs that nothing ruffled him. Born in 1911, Dad was an eighth-grade dropout who'd lived through the Great Depression, fought in World War II, and worked in New York's Garment District. AdvertisementI wish he was around to spend time with my kidsBut here's what's awful about having an old dad: He died before his grandkids got to know him. He was 81 in a veterans' hospital hospital when my first child was born.

Persons: he'd, didn't, Dad, who'd, hadn't, Harpaz, Beth Harpaz, He'd Organizations: Service, Business, Garment, Army, 101st Airborne Division, Operation Market, Hitler Locations: New, Armentières, Charleston, Buzzy's, France, Belgium, Holland

☆ Bitcoin and gold are smashing through key levels. Here's what's driving the moves
▼ + stars: | 2023-12-04 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Both gold and bitcoin kicked off the week by hitting new milestones — spot gold hit a record high above $2,100 per ounce, and bitcoin topped $42,000 to hit its highest level since April 2022. The digital currency appears to have broken through key technical levels and could continue to rally through the end of the year, according to Joel Kruger, market strategist at LMAX Group. "A Bitcoin ETF allows easy access to Bitcoin via broker accounts, RIAs and wealth/private banking channels. Think of Bitcoin ETF as the largest pipe ever built between traditional financial markets and crypto financial markets," the note said. XAU= 5D mountain Gold retreated from the record high reached on Sunday evening in New York.

Persons: bitcoin, Joel Kruger, Kruger, Bernstein, Gautam Chhugani, Chhugani, Bitcoin, Maximilian Layton, Layton, Gold, Craig Erlam Organizations: LMAX, CNBC, Securities, Exchange Commission, SEC, BlackRock, ETF Locations: Bitcoin, U.S, New York

The Wells Fargo Autograph Journey will be a new Visa product available to consumers sometime next year, according to a direct confirmation from the credit card issuer. Furthermore, Wells Fargo will not be announcing Autograph card transfer partners for hotels and airlines in 2023. If you're interested in expanding your wallet to include a Wells Fargo product, you can always turn to the Wells Fargo Autograph℠ Card. Wells Fargo Autograph℠ Card Apply now lock icon An icon in the shape of lock. Wells Fargo Autograph Card review External link Arrow An arrow icon, indicating this redirects the user."

Persons: Wells, Wells Fargo, you've, Nicole Dye, You'll, Insider’s Organizations: Finance, Anderson, of Media Relations, Wells, PayPal Locations: Wells Fargo, Wells

☆ A showdown is brewing over money, oil and carbon. Here's what's at stake at the COP28 climate summit
▼ + stars: | 2023-11-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +8 min

Global temperatures and greenhouse gas emissions continue to break records, with no continent left untouched by more frequent and intense extreme weather events. MoneyClimate finance is always a hotly debated talking point at the U.N. summit and COP28 promises to be no different. She anticipated three main debates around the use of oil, gas and coal — the burning of which is the chief driver of the climate crisis. "So, one is this 'phase out' or 'phase down' [of fossil fuels]. There is no credible scenario where CCS will allow continued use of fossil fuels, let alone expanding oil and gas.

Persons: Sean Gallup, HENRY NICHOLLS, Henry Nicholls, COP28, Alex Scott, Rich, Sultan al, Jaber, LUIS TATO, Luis Tato, Melanie Robinson, Robinson, Sultan Al Jaber, Francois Walschaerts Organizations: AG, Getty, United Arab Emirates, InterContinental, Fossil, Energy Intelligence, Afp, Organization for Economic Cooperation, Development, Getty Images, Abu, Abu Dhabi National Oil Company, Climate, World Resources Institute, CNBC, CCS Locations: Salzgitter, Germany, Dubai, Bonn, COP28, London, AFP, E3G, Egypt, COP27, UAE, Garissa, Africa, El Nino, Abu Dhabi, WRI, Brussels

☆ How self-checkout took over our favorite stores — and how it's upending the way we shop
▼ + stars: | 2023-11-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The kiosks are usually a help for both shoppers and retailers, but there's much room for improvement. AdvertisementSince the introduction of self-checkout more than 30 years ago, the technology has become ubiquitous in stores across the US and around the world. Meanwhile, those anti-shoplifting measures are frustrating some customers who say they are fed up with systems flagging them as potential criminals. AdvertisementI tried Walmart's self-checkout to see if it was as frustrating as some shoppers say. More than 100 Walmart stores nationwide have a new look.

Persons: — Organizations: Service, Walmart, Costco, Lowe's, Tractor Supply, Giant, San Francisco Safeway, Amazon

☆ Jeremy Grantham's GMO launched its first ETF with top portfolio managers. Here's what's in it
▼ + stars: | 2023-11-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Jeremy Grantham's investment firm is taking its first steps to enter the world of exchange traded funds, debuting a new offering modeled on one of Grantham, Mayo, Van Otterloo's crown jewel mutual funds. The GMO U.S. Quality ETF (QLTY) launched last Wednesday, marking the investment firm's first ETF. The new ETF will be managed by the same team that helms GMO Quality III mutual fund ( GQETX ). The QLTY ETF should see a similar turnover rate of around 20% to what the mutual fund has, he added. Jeremy Grantham, GMO's chief investment strategist, is not directly involved in the new ETF.

Persons: Jeremy, Van, Tom Hancock, Hancock, Jeremy Grantham Organizations: Quality, helms, Morningstar, Microsoft, General Electric Locations: Grantham, Mayo

☆ Hollywood’s actors are back to work—here’s what they actually got in SAG-AFTRA’s new contract
▼ + stars: | 2023-11-17 | by ( Gili Malinsky | ) www.cnbc.com time to read: +4 min

On Nov. 8, after 118 days of striking, Hollywood actors reached a tentative agreement with studios and streamers regarding the working conditions of their industry. Wage increases, new streaming bonuses and limits on self-tapesSAG's new contract covers numerous aspects of actors' jobs. Actors will get a hike in basic wage minimums for a variety of projects across both film and television. For anyone with a speaking role, minimums will increase by 7% effective Nov. 9, another 4% effective July 2024 and another 3.5% effective July 2025. Background actors will get an increase of 11% on Nov. 9 and the same increases as others going forward.

Persons: Fran Drescher, Duncan Crabtree, AFTRA, minimums, Jonathan Handel, Tallie Medel, who's, they've, Handel Organizations: SAG, Alliance, Television Producers, Screen, American Federation of Television, Radio Artists, Sony, CNBC Locations: Ireland, Los Angeles , California

☆ The House Ethics Committee just released a damning report on George Santos finding that he 'brought severe discredit upon the House.'
▼ + stars: | 2023-11-16 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

The House Ethics Committee just released a report on its investigation into George Santos. AdvertisementThe House Ethics Committee finally released a report on its months-long investigation into Republican Rep. George Santos of New York on Thursday morning. "Representative Santos' conduct warrants public condemnation, is beneath the dignity of the office, and has brought severe discredit upon the House," the committee declared in a statement accompanying the report. The committee also released a much lengthier report compiled by an investigative subcommittee (ISC), along with hundreds of pages of additional evidence. Here's the 8-page report that the House Ethics Committee released:And here's the lengthier 56-page report from the investigative subcommittee:

Persons: George Santos, Here's, —, Santos, Anthony D'Esposito —, New York Republicans who's Organizations: Service, Republican Rep, Federal, Commission, ISC, Republicans, Democratic, Republican, New York Republicans Locations: George Santos of New York

☆ This $1 billion ETF is a smart way to invest in water, Bank of America says. Here's what's in it
▼ + stars: | 2023-11-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

Even GDP growth should translate to a 400% increase in water demand by 2050. The First Trust Water ETF (FIW) has an average annual return of 10.5% over the past decade, according to FactSet, and is the top rated fund in the space by Bank of America ETF strategist Jared Woodard. As the impending realities of water scarcity become clearer, we expect water funds to benefit," Woodard said in a Nov. 6 note. FIW ALL mountain The First Trust Water ETF (FIW) has a solid long-term track record. Ferguson's clients include large commercial buildings and water utilities.

Persons: Haim Israel, Jared Woodard, FIW, Woodard, Industrials, Ferguson, Ecolab . Roper Organizations: Bank of America, Water, Trust, Companies, Roper Technologies, Neptune Technology Group Locations: industrials, Minnesota

That includes Ohio, where voters Tuesday enshrined abortion access in the state constitution. Opponents want to ban abortion throughout pregnancy. The state Supreme Court in 2019 upheld a lower court decision that there is a right to abortion in the state constitution. ___NEBRASKAAbortion rights advocates have submitted language to Nebraska' secretary of state for a ballot question that would expand abortion access. In the third trimester, the state could ban abortion — except when it's needed to save the woman's life.

Persons: Roe, Wade, Ron DeSantis, General Ashley Moody, State Jay Ashcroft, Ashcroft, ___, it's, Jay Inslee Organizations: Ohio, U.S, Supreme, Democratic, ___, Republican Gov, Republican, Republicans, ___ MARYLAND Lawmakers, State, ___ NEVADA Voters, ___ SOUTH DAKOTA Voters, WASHINGTON Democratic Gov, Associated Press Locations: Ohio, Maryland, New York, ARIZONA, ___ COLORADO Colorado, Colorado, ___ FLORIDA, Florida, IOWA, Iowa, MISSOURI, Missouri, ___ NEBRASKA, Nebraska, PENNSYLVANIA, ___, South Dakota

☆ Egypt is trying to make Cairo look like Dubai. It's taken 10 years and cost $58 billion.
▼ + stars: | 2023-11-02 | by ( James Pasley | ) www.businessinsider.com time to read: +1 min

They are building a $59 billion city in the desert and have already built 4,350 miles of new roads and 900 tunnels and bridges. To make way for its new infrastructure, thousands of graves have been razed as well as hundreds of acres of public green space. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Egypt's president Abdel Fattah el-Sisi is trying to turn Cairo into a modern city, like Dubai.

Persons: —, Abdel Fattah el Organizations: Service Locations: Egypt, Cairo, Dubai, He's

☆ Google Maps just got another update, here's what's new
▼ + stars: | 2023-10-26 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +1 min

Google Maps is expanding preexisting features and unveiling some new ones, according to a Thursday announcement. The company said artificial intelligence allowed for improvements to Google Maps' EV charging station feature, more specific recommendations of nearby activities and more in-depth visualization. New ways to search for things to doGoogle Maps is offering new ways for people to search for activities to do near them as well. Instead of getting a random list of activities near you, Google Maps will return a categorized list of activities grouped by topic. So, Google said, if you search for things to do in Tokyo, you will get responses such as "anime," "cherry blossoms" and "art exhibitions," and you can get more granular from there.

Persons: Chris Phillips, Google's Organizations: Google Locations: Tokyo

☆ Harvard has become the poster child for American culture wars in the 11 days since Hamas' terrorist attack on Israel. Here's what's happened.
▼ + stars: | 2023-10-18 | by ( Grace Dean | ) www.businessinsider.com time to read: +15 min

Harvard University has become a flashpoint in the intergenerational divide on the Israel-Hamas war. AdvertisementAdvertisementIn the 11 days since Palestinian militant group Hamas launched its terrorist attack on Israel, Harvard University has become a flashpoint for intergenerational tensions about the war — and the broader culture war around campus free speech. Hamas launches terrorist attacks on IsraelPalestinian militant group Hamas launched a series of terrorist attacks on Israel on October 7, with Israel retaliating. AdvertisementAdvertisement"These hateful Harvard students are the future leaders of our society," Rep. Ritchie Torres of New York wrote on X. Some student groups backtrackSome student groups that co-signed the original statement have since withdrawn their signatures.

Persons: Israel, —, Israel retaliating, Bill Ross, Ian Bremmer, Bremmer, Larry Summers, Tom Williams, Summers, Seth Moulton of, Moulton, Republican Sen, Ted Cruz, Rep, Ritchie Torres, Harvard Hillel, Bill Ackman, @harvard, Meredith Weenick, Weenick, Idan Ofer, Batia, Les Wexner, Ackman, Joe McCarthy, Claudine Gay, Craig F, Walker, Gay, Harvard Crimson, Israel's, Joseph Prezioso, Elise Stefanik, Win McNamee, Marc Rowan, Jon Huntsman Jr, Elizabeth Magill, Davis Polk, Wardwell, Winston, Strawn Organizations: Harvard University, Service, Hamas, Harvard, Republicans, Israel Palestinian, UN, Gaza's Hamas, Harvard Palestine Solidarity Groups, Harvard Undergraduate Palestine Solidarity Committee, Inc, Getty, Republican, New York, Palestine, Alpha, CNBC, Harvard Crimson, Conservative, Media, Harvard University Police Department, Quantum, Group, Harvard's Kennedy School of Government, CNN, Wexner Foundation, Bloomberg, Boston Globe, Nepali Student Association, Harvard Undergraduate Palestine Solidarity, Harvard Yard, New York Republican, New, Apollo Global Management, University of Pennsylvania, Huntsman, University, Columbia University, New York University, NYU Student Bar Association Locations: Israel, Gaza, Seth Moulton of Massachusetts, Ted Cruz of Texas, Harvard's, Harvard, Cambridge , Massachusetts, AFP, New York, Utah, Columbia

No decision on a ground offensive has been announced, although Israel has been massing troops along the Gaza border 3. Israeli military spokesman Read Adm. Daniel Hagari said Saturday Israel had so far identified 126 captives. GERMANY TO START EVACUATING CITIZENS FROM ISRAELBERLIN — The German army will start evacuating its citizens from Israel with military airplanes. Hezbollah said its fighters struck several Israeli military positions in the disputed Chebaa Farms and Kfar Chouba hills in the afternoon. ISRAELI MILITARY ANNOUNCES IT IS PREPARED FOR ‘COORDINATED’ OFFENSIVEJERUSALEM — The Israeli military says it has prepared a “coordinated” offensive in the Gaza Strip involving air, ground and naval forces.

Persons: Israel, Lloyd Austin, “, Israel —, ”, Yifat Zailer, Zailer, Read, Daniel Hagari, Hezbollah’s, Ali Youssef Alaaeddine, Alaaeddine, ERDOGAN'S, Recep Tayyip Erdogan, Bilal Erdogan, Suleyman Soylu, Mustafa Sentop, ” Erdogan, Sentop, Khalil Hachem, Rabad Akoum, ” Israel, Ismail Haniyeh, ” Haniyeh, Haniyeh, Mohammad Abu Selim, Medhat Abbas, Hakan Fidan, Sameh Shoukry, IT'S, ROME —, “ We’ve, Antonio Tajani, Tajani, —, ” Tajani, TT, Tobias Billström, Elina Valtonen, Hossein Amirabdollahian, Saleh Arouri, Ziad Nakhaleh, Amirabdollahian Organizations: United Nations, Gaza, United States Defense, TEL, ISRAEL BERLIN —, Hamas, Lufthansa, BEIRUT —, Associated Press, AP, Ministry, Sunday, South, MEDIA, BEIRUT, National News Agency, OFFICIAL, EGYPT BEIRUT —, OF, Gaza —, Shifa, Health Ministry, FROM, Romania — Romania’s Ministry of Foreign Affairs, Israel, NORDIC, FROM ISRAEL HELSINKI, Nordic, Helsinki Airport, Iran’s, Manar, Islamic, Hezbollah Locations: Gaza City, Israel, Gaza, Egypt, Israeli, Lebanon, ISRAEL, SYRIA, TEL AVIV, Syria, Golan, GERMANY, Germany, Jordan, BEIRUT, Palestinian, ISTANBUL ISTANBUL, Istanbul, United States, Tel Aviv, Dubai, South, Lebanese, Chebaa, Kfar Chouba, JERUSALEM, EGYPT BEIRUT, GAZA, Shifa, FROM ISRAEL, TURKEY, ISTANBUL, Turkish, Embassy, Turkey, BUCHAREST, Romania, Romanian Embassy, ITALY, ROME, Italian, Rome, FINNS, Finland, Sweden, Helsinki, Stockholm, Swedish, Stockholm’s Arlanda, Beirut, Hezbollah’s, Amirabdollahian, Iran, Iraq, Jihad

☆ Hollywood is building a $100 billion love-hate relationship with AI. Here's what's ahead, according to the top creative exec at 'Star Wars' VFX shop Industrial Light & Magic.
▼ + stars: | 2023-10-13 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Harrison Ford has been donning the fedora and cracking the whip of the daring tomb-raider Indiana Jones for more than 40 years. The series' latest installment, "Indiana Jones and the Dial of Destiny," leans on myths from ancient Greece about a device that can supposedly turn back the hands of time. Indiana Jones suddenly looked generations younger — perfect for the movie's opening sequence, set during World War II. Founded in 1975 by celebrated "Star Wars" creator Geroge Lucas, ILM — a division of Lucasfilm, which also produces "Indiana Jones" — is at the forefront of this new Hollywood frontier. One of the team's biggest achievements has been speeding up the timeline by which filmmakers can implement these tools, Bredow said.

Persons: Harrison Ford, Indiana Jones, Moviemakers, Rob Bredow, Bredow, Ford, Jones, Robert de Niro, Al Pacino, Joe Pesce, lugged, Geroge Lucas, it's Organizations: Ford, Hollywood, Industrial, Lucasfilm, Netflix, ILM, Writers Guild of America, SAG, Grand View Research, Producers Locations: Greece, Hollywood

☆ Wall Street hiring is up, but it's not what you think. Here's what's really going on.
▼ + stars: | 2023-10-13 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

Third-quarter earnings season kicked off on Wall Street with JPMorgan and Citigroup reporting that headcount is up. In announcing third-quarter earnings, JPMorgan said headcount was up 7% over this time last year to 308,669. And the geopolitical conflict in the Middle East raises concerns about whether dealmaking — and therefore investment banking hiring — will come back next year. The investment bank, which was recently bought by Swiss rival UBS, said it currently has more than 2,000 staffers in that location. At Citi, investment banking fees were down 18% over last year, although underwriting fees have improved as companies look to sell more debt and stock.

Persons: headcount, Mark Mason, Mason, dealmaking, —, Jane Fraser, Goldman Sachs, Jamie Dimon, Fraser, I'm Organizations: JPMorgan, Citigroup, Citi, Credit Suisse, New York Department of Labor, Madison, Swiss, UBS, Financial Times, Barclays Locations: New York City

☆ Rep. Kevin McCarthy was ousted as House speaker—Here's what's next for Congress and the GOP
▼ + stars: | 2023-10-04 | by ( Sean Conlon | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Kevin McCarthy was ousted as House speaker—Here's what's next for Congress and the GOPRepublican Rep. Patrick McHenry of North Carolina is now the interim speaker until a new permanent speaker is elected. The GOP conference could nominate their candidate for speaker as soon as next week.

Persons: Kevin McCarthy, — Here's what's, Patrick McHenry of Organizations: Congress, GOP Republican Rep, GOP Locations: Patrick McHenry of North Carolina

☆ Something is breaking in financial markets — Here's what's behind the sell-off
▼ + stars: | 2023-10-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

Brendan McDermid | ReutersThat cracking sound in financial markets isn't the typical kind of break, where one asset class or another fractures and gives way. "The cost of capital is going up, companies are going to have to refinance at a higher rate." That sentiment was buttressed this week, when at least four central bank officials either endorsed hikes or indicated that higher rates would be staying in place for an extended period. Consumers, for one, are feeling the squeeze of higher rates on everything from mortgages to credit cards to personal loans. "Now, at some point, my guess is that markets will eventually get to cheap enough levels where you'll bring buyers in.

Persons: Brendan McDermid, Quincy Krosby, Krosby, Larry McDonald, Treasurys, McDonald, It's, Joseph LaVorgna, LaVorgna, Donald Trump, I've Organizations: New York Stock Exchange, Federal Reserve, Treasury, LPL, Labor Department, Wall, P Bank ETF, Congressional, Treasury Department, The, White House, National Economic Council, Nikko Securities Locations: New York City, Washington, U.S

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

Republican Rep. Patrick McHenry, now the acting speaker, declared the House in recess until both parties can decide on a path forward. There is no obvious successor to lead the House Republican majority now that McCarthy has opted not to run for the job again. Immediately after the vote, McHenry, a close McCarthy ally, was named temporary speaker or speaker pro tempore. McCarthy turned over that private list to the House clerk in January when he was first elected speaker. Some members left the chamber Tuesday determined to renominate McCarthy and vote for him for speaker until it passes.

Persons: Kevin McCarthy, Matt Gaetz, McCarthy, Patrick McHenry, Here's, McHenry, Steve Scalise, Tom Emmer, Kevin Hern, Jim Jordan, Lisa Mascaro Organizations: WASHINGTON, Democrats, —, California Republican, Republican, North Carolina Republican, Committee, AP Locations: McHenry

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