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☆ A famed economist who called the 2008 recession warns the Fed is behind on rate cuts — and that a downturn is coming despite 'off the charts' investor sentiment
▼ + stars: | 2024-08-24 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

"Incredibly, the Fed raised rates 500 basis points under a false presumption — by over one million — of just how robust the jobs market was," Rosenberg said. AdvertisementIn addition to the yearly revisions, monthly payroll revisions from the Bureau of Labor Statistics have also been poor more recently. Related storiesOne is a model that aims to enhance the yield curve as a recession indicator by taking into account US businesses' ability to repay debts and the Fed's National Financial Conditions Index. A soft-landing outcome, where the Fed avoids sending the economy into recession, is also still the consensus view on Wall Street. With inflation down under 3% and rate cuts almost surely on the way, such a scenario is still seemingly possible.

Persons: —, David Rosenberg, Rosenberg, Merrill Lynch, Pascal Michaillat, Emmanuel Saez, Vane, Chuck Prince, Ian Shepherdson, Shepherdson, payrolls, Jerome Powell, Powell Organizations: Service, Federal Reserve, Rosenberg Research, Business, Bureau of Labor Statistics, Fed, Treasury, Pantheon, Labor Locations: Jackson Hole , Wyoming

☆ Italian Authorities Open Manslaughter Investigation in Yacht Disaster
▼ + stars: | 2024-08-24 | by ( Emma Bubola | Jeffrey Gettleman | ) www.nytimes.com time to read: 1 min

Italian authorities said on Saturday that they had opened a manslaughter investigation into the sinking of the Bayesian luxury yacht, but that they had not yet zeroed in on any potential suspects. On Saturday, Ambrogio Cartosio, the prosecutor in charge of the case, said at a news conference that it was “plausible” crimes were committed during the accident. “There could be responsibilities of the captain only,” he said. There could be responsibilities of the boat makers. Or there could be responsibilities of those who were in charge of surveilling the boat.”

Persons: Michael Lynch, Hannah, Ambrogio Cartosio, ” Locations: British

☆ Italian prosecutor opens manslaughter inquiry in Lynch yacht sinking
▼ + stars: | 2024-08-24 | by ( ) www.cnbc.com time to read: 1 min

An Italian Coast Guard vessel and rib during search operations for the luxury yacht Bayesian which sank off the coast of Porticello, Sicily, on Thursday, Aug. 22, 2024. An Italian prosecutor has opened a manslaughter investigation into the deaths of British tech magnate Mike Lynch and six other people who were killed when a luxury yacht sank off Sicily this week. The public prosecutor's office of Termini Imerese, headed by Ambrogio Cartosio, announced the investigation, saying the probe was not aimed at any individual person. Lynch's 18-year-old daughter, Hannah, was also among those who died when the family's 56-metre-long (184-foot) boat, the Bayesian, capsized during a fierce, pre-dawn storm on Monday off Porticello, near Palermo. Fifteen people survived, including Lynch's wife, whose company owned the Bayesian, and the yacht's captain.

Persons: Mike Lynch, Ambrogio Cartosio, Hannah Organizations: Italian Coast Guard Locations: Porticello, Sicily, Italian, Palermo

Divers scouring the wreckage of the superyacht that sank off the Sicilian coast have found the body of the last person missing from the luxury boat, believed to be the daughter of a British tech magnate. The body of Mike Lynch's 18-year-old daughter Hannah was discovered early Friday, the Italian Coast Guard said, according to the Associated Press news agency — the culmination of a challenging five-day rescue operation. One other body, of the ship’s cook Recaldo Thomas, was recovered shortly after the accident. The local prosecutor's office has launched an investigation, though no cause or possible suspects had been publicly identified. Italian prosecutors investigating the case have scheduled a news conference on Saturday.

Persons: Mike Lynch's, Hannah, Lynch, Recaldo Thomas, Morgan Stanley, Jonathan Bloomer, Judy Organizations: Italian Coast Guard, Associated Press, Palermo, Morgan, Morgan Stanley International, AFP, Getty Locations: British, United States, Sicily’s

☆ What to Know About the Business Execs With Mike Lynch on His Yacht
▼ + stars: | 2024-08-23 | by ( Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

The corporate world reeled this week after a superyacht carrying the British software mogul Mike Lynch, his family and associates and others sank on Monday during a violent storm off the coast of Sicily. Of the 22 people on the yacht, 15 were rescued and seven bodies were recovered, including that of Mr. Lynch, an official in the Italian city of Palermo confirmed. The bodies of two other prominent business figures — Christopher J. Morvillo, a top white-collar defense lawyer, and Jonathan Bloomer, the chairman of Morgan Stanley International — were among those recovered. Others who were missing but whose bodies have now been recovered are Hannah Lynch, Mr. Lynch’s 18-year-old daughter; Mr. Morvillo’s wife, Neda Morvillo; and Mr. Bloomer’s wife, Judy Bloomer. Image Christopher J. Morvillo in New York in 2011. Credit... Scott Eells/BloombergChristopher MorvilloMr. Morvillo, 59, was a partner at Clifford Chance, the international law firm.

Persons: Mike Lynch, Mr, Lynch, — Christopher J, Jonathan Bloomer, Morgan Stanley, —, Hannah Lynch, Lynch’s, Morvillo’s, Neda, Bloomer’s, Judy Bloomer, Recaldo Thomas, Christopher J, Morvillo, Scott Eells, Bloomberg Christopher Morvillo Mr, Clifford Chance, Robert, Martha Stewart Organizations: Morgan, Bloomberg Locations: British, Sicily, Italian, Palermo, New York

☆ Body of final person missing from sunken superyacht found off Sicily
▼ + stars: | 2024-08-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Divers of the Vigili del Fuoco, the Italian Corps. of Firefighters leave Porticello harbor near Palermo, to resume research for a last missing person on August 23, 2024, four days after the British-flagged luxury yacht Bayesian sank. Divers on Friday found the body of the final person missing after a luxury yacht sank off the coast of northern Sicily, the Italian fire service said. Eighteen-year-old Hannah Lynch, daughter of British tech entrepreneur Mike Lynch, is the last person still unaccounted for, out of six people that went missing after the superyacht Bayesian sank suddenly during a violent storm in the early hours of Monday morning. Recaldo Thomas, a Canadian-Antiguan national who was working as a chef onboard, was confirmed dead earlier this week.

Persons: Hannah Lynch, Mike Lynch, Morgan Stanley, Jonathan Bloomer, Judy Bloomer, Clifford Chance, Chris Morvillo, Neda Morvillo, Recaldo Thomas, Angela Bacares Organizations: Italian Corps, Firefighters Locations: Porticello, Palermo, British, Sicily, Canadian

☆ Final Body Is Recovered From Yacht That Sank Off Sicily
▼ + stars: | 2024-08-23 | by ( Emma Bubola | Elisabetta Povoledo | ) www.nytimes.com time to read: 1 min

Divers on Friday recovered the body of the final person who had been missing after a violent storm off the coast of Sicily sent a luxury yacht to the bottom of the sea, the Italian firefighter corps said. The discovery of the body, that of Hannah Lynch, the 18-year-old daughter of the British tech entrepreneur Mike Lynch, who also died in the yacht’s sinking, put an end to a wrenching search and to the slim hopes that any of the missing people might have survived. Ms. Lynch, whose family owned the yacht, was the final person who had been formally unaccounted for since Monday after tragedy struck a group that had been celebrating her father’s victory in a high-profile fraud case. There were 10 crew members and 12 passengers on board the 180-foot vessel, named Bayesian after the mathematical theorem around which Mike Lynch had built his technology empire. Fifteen survived.

Persons: Hannah Lynch, Mike Lynch, Lynch Locations: Sicily, British

☆ Bayesian yacht: Body believed to be that of tech entrepreneur Mike Lynch’s daughter found by divers searching sunken Sicily boat
▼ + stars: | 2024-08-23 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +2 min

After retrieving six bodies from the wreck over the past four days, Lynch’s is the final body being searched for by Italian authorities. The body of her father, Mike Lynch, was retrieved and identified on Thursday, an Italian interior ministry official told Reuters. Fifteen people were rescued on Monday and one body was recovered – thought to be that on the onboard chef Recaldo Thomas. Five days on, Italian authorities are still working to understand how the 56-meter (184-foot) yacht sank so quickly. “In just 60 seconds, you can see the ship disappear,” he told Italian outlet ANSA.

Persons: Hannah Lynch, Mike Lynch, –, Lynch’s, Recaldo Thomas, Lynch, Morgan Stanley, Jonathan Bloomer, Judy Bloomer, Chris Morvillo, Neda Morvillo, ” Organizations: Italy CNN, Reuters Locations: Porticello, Italy, Sicily, Italian, American, “

☆ The maker of Mike Lynch's yacht says it took 16 minutes to sink and the crew should have had time to rescue passengers
▼ + stars: | 2024-08-23 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Read previewThe maker of Mike Lynch's superyacht, which sank off the coast of Sicily, said it was "absolutely stable" and that it never should have gone down. It went down in 16 minutes," Costantino told the Financial Times. Advertisement"The boat sank because it took on water," Costantino said. Advertisement"The water came in from [hatchways] left open," Costantino told FT. "There is no other possible explanation. Witnesses told BBC News they saw a waterspout — an uncommon weather phenomenon consisting of tornadolike wind and water — before the ship went down.

Persons: —, Mike Lynch's superyacht, Lynch, Hannah, Mike Lynch, Yui Mok, Giovanni Costantino, Costantino, Recaldo Thomas, Stephen Askins, MailOnline, Matthew Schanck, Schanck Organizations: Service, Business, Divers, Italian Coastguard, Italian Sea Group, Financial Times, BBC News Locations: Sicily, Palermo, Italy, London

☆ Mike Lynch won a dramatic 12-year legal battle over his tech company. Weeks later, he and his top lawyer are dead.
▼ + stars: | 2024-08-22 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +11 min

Hailed as Britain's Bill Gates, Lynch sold Autonomy, his groundbreaking data-management company, to Hewlett-Packard for $11 billion. Shareholders and business commentators were puzzled about what HP, a hardware company, would do with Autonomy, a software company — and why the latter was worth $11 billion. A year after the acquisition, HP wrote down $8.8 billion of the purchase value and accused Lynch of lying about Autonomy's finances. Lynch said HP stifled Autonomy with mismanagement and bureaucracy that pushed out employees and stymied sales. "This verdict closes the book on a relentless 13-year effort to pin HP's well-documented ineptitude on Dr. Lynch," Morvillo said in a joint statement with his attorney colleague Brian Heberlig.

Persons: —, Mike Lynch, Bill Gates, Lynch, Sushovan Hussain, Stephen Chamberlain, Chamberlain, Chris Morvillo, Léo Apotheker, Apotheker, Meg Whitman, James B, Stewart, Time Warner, Bryn Colton, Hussain, hadn't, Henry Nicholls, David Cameron, Cameron, Lynch —, Whitman, Apotheker's, Robert Hildyard, Hildyard hadn't, wasn't, that'd, Guglielmo Mangiapane Morvillo, Morvillo, Brian Heberlig, Angela Bacares, Hannah, Charles Morvillo Organizations: Service, Autonomy, Hewlett, Packard, HP, Business, Cambridge University, Cambridge, Oracle, Adobe, Cisco, Shareholders, New York Times, Time, FBI, Deloitte, Telegraph, The New York Times, KPMG, US Justice Department, Justice Department, High Court, REUTERS, BBC, British Museum, Politico, The Times, Times, Bacares Locations: San Francisco, London, California, Kenya, Sicily

☆ Mike Lynch, man once dubbed 'Britain's Bill Gates,' dies at age 59
▼ + stars: | 2024-08-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +9 min

Mike Lynch, 59, is the founder of enterprise software firm Autonomy. Dominic Lipinski | PA Images | Getty ImagesDuring the course of the trial, Lynch took the stand in his own defense. He became a key voice supporting the U.K. technology industry, backing key names like cybersecurity firm Darktrace and legal tech firm Luminance. Mike Lynch, founder of software firm Autonomy, at the company's headquarters in, Cambridge, U.K., Aug. 24, 2000. Bryn Colton | Hulton Archive | Getty Images"I keep rare breeds," Lynch told LeadersIn in a 2016 interview.

Persons: Mike Lynch, Hewlett Packard, Chris Ratcliffe, Lynch, —, Angela Bacares —, Bacares, Hannah, Bill Gates, Graham Barclay, David Tabizel, Richard Gaunt, Thomas Bayes, Dominic Lipinski, Autonomy's, Stephen Chamberlain, Sushovan Hussain, Hussain, Thoma, Bryn, LeadersIn Organizations: Autonomy, Hewlett, Bloomberg, Getty, LONDON, CNBC, Sky News, Bancroft's, British Industry, University of Cambridge, Lynett Systems, Cambridge, South Yorkshire Police, Cambridge Neurodynamics, HP, U.S, Packard, Prosecutors, Capital Management, Thoma Bravo, BBC, Council for Science, Technology, Forbes, East Anglian Times, The Times Locations: Sicily, U.S, Porticello, Palermo, Italy, Ilford, East London, Chelmsford, English, Essex, Woodford Green, London, Cambridge, Britain, Suffolk, Bryn Colton, England

☆ 'Britain's Bill Gates': Who is Mike Lynch, the UK tech entrepreneur missing after superyacht sinks?
▼ + stars: | 2024-08-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Mike Lynch, 59, is the founder of enterprise software firm Autonomy. Lynch, 59, is the founder of enterprise software firm Autonomy. During the trial, Lynch took the stand in his own defense, denying wrongdoing and telling jurors that HP botched Autonomy's integration. "I keep rare breeds," Lynch told LeadersIn during an interview. Weeks before he was reported missing, Lynch told The Times newspaper of how he feared dying in prison if found guilty over the HP allegations.

Persons: Mike Lynch, Hewlett Packard, Chris Ratcliffe, Lynch —, Bill Gates, —, Lynch's, Angela Bacares, Hannah —, Morgan, Jonathan Bloomer, Judy, Clifford Chance, Chris Morvillo, Neda, Stephen Chamberlain, Chamberlain's, Lynch, Autonomy's, Chamberlain, Sushovan Hussain, Hussain, David Tabizel, Richard Gaunt, Thoma, LeadersIn, Weeks Organizations: Autonomy, Hewlett, Bloomberg, Getty, LONDON, U.K, Morgan Stanley, Reuters, HP, U.S, Prosecutors, University of Cambridge, Lynett Systems, Cambridge, South Yorkshire Police, Cambridge Neurodynamics, BBC, Council for Science, Technology, Capital Management, Thoma Bravo, Forbes, East Anglian Times, The Times Locations: Sicily, Porticello, Palermo, Italy, Cambridgeshire, England, Britain, U.S, Ilford, East London, Chelmsford, English, Essex, U.K, British, Suffolk

☆ An attorney who helped acquit missing tech tycoon Mike Lynch among those feared dead in superyacht disaster
▼ + stars: | 2024-08-19 | by ( Jack Newsham | ) www.businessinsider.com time to read: +2 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAmong those missing and feared dead in the aftermath of the sinking of "Bayesian," a sailing yacht linked to British technology magnate Mike Lynch, are Lynch's attorney Christopher Morvillo and Morvillo's wife, according to a colleague. He said the news came shortly after he learned that Lynch's codefendant Chamberlain was killed, struck by a car while jogging on Saturday. Another attorney at the firm, Ayla Ronald, is reportedly among those who survived the yacht's sinking.

Persons: —, Mike Lynch, Christopher Morvillo, Lynch, Gary Lincenberg, Lynch's, Stephen Chamberlain, Morvillo, Lynch's codefendant Chamberlain, Chris, Lincenberg, Chamberlain, Clifford Chance, didn't, Ayla Ronald Organizations: Service, Autonomy, Hewlett, Packard, Business Locations: Sicily, Manhattan, New York

☆ Jimmy Kimmel explains why he’s not hosting the next Oscars
▼ + stars: | 2024-08-13 | by ( Lisa Respers France | ) edition.cnn.com time to read: +2 min

CNN —Jimmy Kimmel has shared why he recently turned down a request for him to host the Academy Awards next year for a fifth time. “It’s hard and it’s a lot of work and the show suffers a little bit to be honest,” he explained, referencing “Jimmy Kimmel Live.”“When I’m focused on the Oscars, I’m less focused on the show,” Kimmel continued. It was just too much last year.”Kimmel hosted the Academy Awards in 2017, 2018, 2023 and 2024. “You wind up pushing everything off till after the Oscars, and then you have to do everything you promised to do after the Oscars, after the Oscars,” Kimmel said of the gig. They just don’t want to do it.”“They say it’s a thankless job,” Kimmel said of hosting Hollywood’s biggest night.

Persons: Jimmy Kimmel, Gavin Newsom, Marshawn Lynch, Doug Hendrickson, Kimmel, ”, I’m, ” Kimmel, “ I’m, It’s, “, John Mulaney Organizations: CNN, California, NFL

For the first time, Google's Pixel Pro series comes in two sizes with the introduction of the brand new Pixel 9 Pro XL. It's the Pixel 9 Pro that offers something that wasn't available before — a Pixel Pro with a smaller display. AdvertisementPixel 9, Pixel 9 Pro, Pixel 9 Pro XLThe Pixel 9 and Pixel 9 Pro models are evolutions over previous generations. Antonio Villas-Boas/Business InsiderGoogle's Pixel 9 Pro Fold is also a total evolution of the original Google Pixel Fold. AdvertisementThe Pixel 9 starts at $799, the Pixel 9 Pro at $999, the Pixel 9 Pro XL at $1,099, and the Pixel 9 Pro Fold at $1,799.

Persons: Antonio Villas, Google's didn't Organizations: Business, Google, Boas, Apple, Samsung, Galaxy, Gemini

The Pixel Watch 3, which comes in a familiar 41mm size and, for the first time, a larger 45mm size, is available to preorder now ahead of a September 10 release date. AdvertisementGoogle Pixel Watch 3: FeaturesGoogle updated the display for the Pixel Watch 3 to its super-bright Actua display, which can reach a brightness of up to 2000 nits and should make glancing at the Pixel Watch 3 for the time, widgets, and workout data effortless in bright sunny conditions. The new 45mm Pixel Watch 3 is the biggest Pixel Watch so far. Antonio Villas-Boas/Business InsiderApart from a new larger size (45mm) and Actua display, little has changed about Google's signature Pixel Watch design, or even its internals. The Pixel Watch 3 will roll out with Google's Wear OS 5 operating system, which introduces the new Auto Bedtime Mode.

Persons: Antonio Villas, It'll Organizations: Business, Google, Pixel, Boas, Galaxy Watch

If approved, it would have been the first new treatment for PTSD in more than two decades. Lykos Therapeutics had asked the FDA to approve the drug as part of a treatment regimen, given alongside talk therapy. Lykos Therapeutics had asked the FDA to approve the drug as part of a treatment regimen, given alongside talk therapy. Lykos added that the agency expressed concerns similar to those raised during the advisory committee meeting in June. Davis Institute for Psychedelics and Neurotherapeutics, said he doesn’t think the FDA decision will hinder the development of psychedelics for mental health disorders, including PTSD.

Persons: “, ”, Holly Fernandez Lynch, Lykos, Amy Emerson, Sarah Silbiger, David Olson, Olson, ” Olson, Brian Barnett, ” Barnett, Joe Biden, Biden, Robert Califf, ” Lynch, psychedelics, David Rind Organizations: Drug Administration, Therapeutics, FDA, Lykos Therapeutics, University of Pennsylvania, Davis Institute for Psychedelics, Cleveland Clinic, Clinical Locations: U.S, White Oak, Md, Ohio

☆ CVS slashes profit guidance, will cut $2 billion in expenses as insurance costs climb
▼ + stars: | 2024-08-07 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

The CVS pharmacy logo is displayed on a sign above a CVS Health Corp. store in Las Vegas, Nevada on Feb. 7, 2024. CVS Health on Wednesday slashed its full-year profit outlook again and announced a new plan to cut $2 billion in expenses over several years as higher medical costs squeeze the company and the broader U.S. insurance industry. CVS also cut its unadjusted earnings guidance to a range of $4.95 to $5.20 per share, down from at least $5.64 per share. Those ratings help Medicare patients compare the quality of Medicare health and drug plans. Medicare Advantage, a privately run health insurance plan contracted by the federal Medicare program, has long been a driver of growth and profits for the insurance industry.

Persons: Brian Kane, Karen Lynch, Thomas Cowhey, Katerina Guerraz, Lynch, LSEG, CVS, Cowhey, Caremark Organizations: CVS Health Corp, CVS Health, Aetna, CVS, Affordable, Medicare, UnitedHealth, Humana, Elevance, LSEG Locations: Las Vegas , Nevada

☆ David Lynch says he will ‘never retire,’ despite emphysema diagnosis
▼ + stars: | 2024-08-06 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +1 min

CNN —Filmmaker David Lynch has reassured his fans that he is not planning on retiring, despite revealing that he is suffering from a chronic lung disease. After the article was published, Lynch took to social media on Monday to reassure his fans that he has no plans to quit the film industry. Addressing his followers as “ladies and gentlemen,” he wrote: “Yes, I have emphysema from my many years of smoking. “I have now quit smoking for over two years. Recently I had many tests and the good news is that I am in excellent shape except for emphysema.

Persons: David Lynch, ”, “, Lynch, David Organizations: CNN, British Film Institute, Reuters, American Lung Association

The trip highlights the generational gap between Harris and President Joe Biden and former President Donald Trump, Democratic allies said. Noah Lyles wins gold in epic photo finishDimitar Dilkoff / AFP - Getty ImagesLyles earned his first gold medal in 9.79 seconds, which was a personal best. Lyles was still unconvinced he had won the gold medal after finishing and the scoreboard offered no indication of who had won gold, silver or bronze as officials processed a photo finish. Track and field holds four medal events and surfing will finally have its medal day. ▶️ Watch top highlightsDebby makes landfall in Florida as a Category 1 hurricaneHurricane Debby has made landfall in Florida’s Big Bend as a Category 1 hurricane.

Persons: Kamala Harris, Hurricane, Noah Lyles, Harris, John Bazemore, Harris ’, Andy Beshear, Pete Buttigieg, Sen, Mark Kelly of, JB Pritzker, Josh Shapiro, Tim Walz, Joe Biden, Donald Trump, Biden, Trump, “, Nikki Haley, Dimitar Dilkoff, Lyles, Jamaica’s Kishane Thompson, Fred Kerley, Thompson, ” Lyles, Kerley, Peacock, Read, ste, Caro, Ron, Flor, rais e d fear, ron e, Rob e, Ari z, ena, go to a, ake is b, ✦, lea, ree Organizations: Kentucky, Mark Kelly of Arizona ,, Mark Kelly of Arizona , Illinois Gov, Minnesota Gov, Democratic, Trump, Republicans, Getty, Olympic, ust, NBC, POLI Locations: Florida, Mark Kelly of Arizona, Mark Kelly of Arizona , Illinois, Pennsylvania, Philadelphia, AFP, bou, spee, sto

☆ He Took His 68-Year-Old Secret to Court and Finally Confronted His Ghost
▼ + stars: | 2024-08-05 | by ( Michael Wilson | ) www.nytimes.com time to read: +1 min

The 79-year-old man sat silently in the back of the courtroom on Long Island, 20 miles from his home in Queens. Here the man, Robin Davis, settled in for what promised to be a strange trial in this mostly empty room. His lawsuit centered on the actions of a person long dead. His adversaries were Long Island bureaucrats who had never heard of that person or his reported misdeeds. Mr. Davis had long been widely known for his philanthropy on behalf of one cause: fighting child abuse.

Persons: Merrill Lynch, Robin Davis, Long, Davis, Eisenhower Organizations: Bank of America Locations: Queens, New York City

☆ Why the Fed is being blamed for the historic stock-market plunge
▼ + stars: | 2024-08-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The Federal Reserve is catching some heat for the historic stock market plunge. AdvertisementThe Federal Reserve is to blame for the historic stock market plunge since last week, according to a growing chorus of market experts. JPMorgan strategist Mislav Matejka said in a Monday note that the lack of Fed rate cuts in the first half of the year will weigh on economic growth in the second half, and that any coming interest rate cuts from the Fed likely won't be enough. AdvertisementRegardless of what the Fed's motivation might be with waiting until September to cut interest rates, the market is taking away a pretty clear message. "There is growing sentiment is that the Fed has waited too long to cut interest rates and is now behind the curve," Comerica Wealth Management CIO John Lynch said.

Persons: —, Wharton, Jeremy Siegel, Siegel, Jerome Powell, Powell, they've, we're, Kamala Harris, Mislav Matejka, Matejka, Paul Volcker, Volcker, DataTrek, Nicholas Colas, John Lynch Organizations: Federal, Service, Federal Reserve, Nasdaq, CNBC, Washington DC, JPMorgan, Fed, Comerica Wealth Management Locations: Iran, Japan, Washington

☆ Bank of England to remain cautious on future interest rate cuts, economist says
▼ + stars: | 2024-08-05 | 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 EmailBank of England to remain cautious on future interest rate cuts, economist saysSonali Punhani, chief U.K. economist at Bank of America Merrill Lynch, weighs in on the Bank of England's recent interest rate cut and the outlook for monetary policy moving forward.

Persons: Sonali Punhani, Bank of America Merrill Lynch Organizations: Email Bank of England, Bank of America, Bank of

Some of that is changing. “It’s a really big worry,” Hobbs said. “You cannot have a strong and prosperous economy without affordable housing.”You cannot have a strong and prosperous economy without affordable housing. “There are people who want to work, who want to be here — want to live here, want to be part of the businesses that are here — who are struggling to find the housing,” she said. Landwehr worries about sustaining the “diversity of the population” needed to power the economy and keep the area desirable for both residents and visitors if the problem deepens: “We’ll start to see kind of a division, if you will, of who’s here.”

Persons: “, ” Hobbs, Kelsi Hobbs, Shannon Landwehr, ”, Landwehr Organizations: TD Bank, University of Maine, Regional Chamber of Commerce Locations: Maine, Rockland, Penobscot, who’s

☆ UK leader Starmer condemns attack on hotel as act of ‘right-wing thuggery’
▼ + stars: | 2024-08-04 | by ( ) www.cnbc.com time to read: +6 min

A small fire in a wheelie bin was also visible while windows in the hotel were smashed. Police in the north of England town of Rotherham struggled to hold back a mob of far-right rioters who were seeking to break into a hotel housing asylum-seekers. U.K. Prime Minister Keir Starmer has condemned the attack on a hotel housing asylum seekers, describing it as "far-right thuggery" as violence broke out in several towns and cities across the country. Police in the north of England town of Rotherham struggled to hold back a mob of far-right rioters who were seeking to break into a hotel housing asylum-seekers. Britain's new prime minister, Keir Starmer, has blamed the violence on "far-right hatred" and vowed to end the mayhem.

Persons: Keir Starmer, John Healey, George Robertson, Tiffany Lynch, Wales, Andrew Menary, Axel Rudakubana, Rudakubana, Stephen Yaxley, Lennon, Tommy Robinson, Elon Musk, Nigel Farage, —, …, Diana Johnson Organizations: British, Defence, Downing, Police, . Police, Police Federation of England, BBC, English Defense League, Merseyside Police, Twitter, Elon, Reform U.K Locations: London, England, Rotherham, Middlesborough, Belfast, Northern Ireland, Liverpool, Bristol, Southport, Wales, Rwandan, France

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