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☆ Indian billionaire Gautam Adani indicted on bribery charges in alleged bribery scheme
▼ + stars: | 2024-11-20 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +2 min

AdvertisementIndian billionaire Gautam Adani has been charged in a massive bribery scheme. Adani and his executives convinced US investors to buy bonds on false promises, prosecutors allege. Prosecutors brought bribery charges against billionaire Gautam Adani, one of the richest people in India, alleging the business magnate and seven of his senior executives paid hundreds of millions of dollars in bribes to the Indian government and hid them from US investors. Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, is estimated to be worth more than $85 billion, according to Bloomberg. Adani and his executives convinced US investors to buy bonds in one of the companies using false promises, prosecutors allege.

Persons: Gautam Adani, Adani, Sagar, Gautam, Sagar Adani, Sanjay Wadhwa Organizations: New, SEC, Adani, Bloomberg Locations: India, New York, SEC's

☆ What Trump's return to the White House could mean for global bond yields
▼ + stars: | 2024-11-20 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesDonald Trump's U.S. election victory has ratcheted up concerns about higher prices, prompting strategists to rethink the outlook for global bond yields and currencies. Trump's return to the White House is seen as likely to throw a wrench in the Federal Reserve's rate-cutting cycle, potentially keeping an upward bias on Treasury yields. Bond yields tend to rise when market participants expect higher prices or a growing budget deficit. "Trump's election advances both possibilities as a trade war and increased fiscal spending work at cross purposes," he added. Germany's 10-year bond yield, the benchmark for the euro zone, stood at 2.337% on Wednesday, marginally lower for the session.

Persons: Donald Trump, Donald Trump's, Alim Remtulla, Remtulla, Kamala Harris, there's, Trump, There's, Shannon Kirwin, Kirwin, Sameer Goel, CNBC's, doesn't, Goel, MUFG Organizations: Bloomberg, Getty, EFG, Fed, CNBC, Treasury, Democratic, New York Stock Exchange, China News Service, Morningstar, European Union, Deutsche Bank, Trump, U.S, U.S ., Singapore, Malaysian, South Korean, ING Locations: Greensboro , North Carolina, Europe, United States, New York City, U.S, Mexico, Asia, China

☆ Trump’s Commerce secretary pick backas a crypto company that can’t seem to stay out of trouble
▼ + stars: | 2024-11-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

It is effectively an unregulated, offshore bank that’s become a tent pole of the $3 trillion crypto industry. The tether token is known as a stablecoin, a kind of crypto that was created to hold its value steady while others, like bitcoin and ether, swing wildly minute to minute. The company is now one of the biggest players in crypto, with a daily trading volume that eclipses even bitcoin, the world’s most popular token. Tether told the WSJ in a statement that any suggestion it was involved in criminal activity was “outrageous” and that the company works actively with law enforcement to combat illicit activity. But Lutnick, a Bitcoin enthusiast whose Wall Street firm manages Tether’s stockpile of Treasury bills, has eagerly defended the stablecoin issuer.

Persons: New York CNN — Howard Lutnick, Cantor Fitzgerald, who’s, they’re, Brock Pierce, “, Giancarlo Devasini, “ There’s, we’ve, ” Lutnick, Donald Trump’s, —, didn’t, Lutnick, Gary Gensler, ” Faryar Shirzad, “ It’s, ” Organizations: New, New York CNN, US Commerce Department, Ducks, Street, Manhattan US, Treasury Department, Bloomberg, Economic, Commerce Department —, Treasury, Securities and Exchange Locations: New York, Russian, Davos, United States, bitcoin

☆ Billionaire Gautam Adani indicted in New York on bribery charges
▼ + stars: | 2024-11-20 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Indian billionaire Gautam Adani and other executives were indicted in New York for roles in a multi-billion-dollar fraud scheme, the US Department of Justice said Wednesday. Authorities said Adani and seven other senior business executives, including his nephew Sagar Adani, promised more than $250 million in bribes to Indian government officials to secure solar energy contracts. Worth more than $85 billion, Adani is Asia’s second-richest person behind countryman Mukesh Ambani, according to Bloomberg’s Billionaires Index. The solar energy supply contracts were projected to raise more than $2 billion in profits after tax over an approximately 20-year period. The defendants frequently met and discussed the bribery scheme, including evidence on several phones.

Persons: Gautam Adani, Adani, Sagar Adani, ”, Lisa Miller, Worth, Mukesh Ambani, Cyril Cabanes, Adani Green, Jeff Bezos –, Hindenburg, Narendra Modi, CNN’s Diksha Madhok Organizations: New, New York CNN, US Department of Justice, Authorities, Adani Group, Indian, DOJ, Securities and Exchange Commission, Adani Green Energy Ltd, Power, SEC, Hindenburg, Bloomberg, Adani Enterprises, CNN Locations: New York

☆ Stanley Black & Decker updates targets, plus Nvidia and Palo Alto earnings on deck
▼ + stars: | 2024-11-20 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. 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.

Persons: Jim Cramer, Stanley Black, Decker, Don Allen, Jim Cramer's, Jim, David Paul Morris Organizations: CNBC, ., Bloomberg, Nvidia, Palo Alto, Deere, BJ's Wholesale, Baidu, GE Healthcare, Jim Cramer's Charitable, Getty Locations: radiopharmaceuticals, Colma , California

☆ Meet the Jersey Mike's founder now worth $7.5 billion after selling his sandwich chain to Blackstone
▼ + stars: | 2024-11-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

AdvertisementMeet Peter Cancro, the Jersey Mike's founder who's selling the sandwich chain to Blackstone. The founder and CEO of Jersey Mike's is now worth an estimated $7.5 billion, propelling him into 390th place on the Bloomberg Billionaires Index. Blackstone said Tuesday it had agreed to buy a majority stake in Jersey Mike's. Jersey Mike's is the second-largest sandwich chain after Subway. Justin Sullivan/Getty ImagesCancro changed the company's name to Jersey Mike's when he began franchising in 1987.

Persons: Peter Cancro, Cancro, that's, Netflix's Reed Hastings, eBay's Jeff Skoll, Giorgio Armani, Mark Cuban, Blackstone, Jersey Mike's, It's, Danny DeVito, Justin Sullivan, — Organizations: Bloomberg, Jersey, —, Hilton Locations: Jersey, Blackstone, Jersey Mike's, Jersey Shore

☆ Nvidia's earnings cleared our lofty bar. Here’s our new price target on the AI chip king
▼ + stars: | 2024-11-20 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Simply put, the leading maker of AI chips again fell victim to the curse of high expectations. Through its Nvidia AI Enterprise service, Nvidia is in the process of building out a potentially massive software business. Now, as we start this next generation, we'll be seeing models run on 100,000 Blackwell chips — and scaling is still in effect. Huang's argument is that going beyond 100,000 Blackwell chips will yield even more capable models. It's a fair question to ask because Nvidia's stock has historically taken a pretty big hit when its customers – such as cloud-computing providers – start uttering that phrase.

Persons: That's, Nvidia's, Blackwell, Colette Kress, Hopper, Kress, Jensen Huang, Huang, there's, Jim Cramer's, Jim Cramer, Jim, Akio Kon Organizations: Nvidia, Revenue, Enterprise, Devices, Intel, Hopper, Blackwell, Microsoft, Meta, CNBC, Nvidia Corp, Summit Japan, Bloomberg, Getty Locations: U.S, Tokyo, Japan

The Cantor Fitzgerald CEO has led and been the public face of Trump’s transition. As co-chair of Trump's transition, Lutnick has been an outspoken advocate for Trump’s agenda, including explaining how he plans to use tariffs once in office. Lutnick is the CEO and chairman of financial services titan Cantor Fitzgerald. Adam Gray / Bloomberg via Getty Images fileLutnick has been at Cantor Fitzgerald since the early 1980s when he graduated from Haverford College in Pennsylvania with an economics degree. Lutnick was working at Cantor Fitzgerald when terrorists targeted New York’s World Trade Center towers on Sept. 11, the firm's headquarters.

Persons: Donald Trump, Howard Lutnick, Cantor Fitzgerald, Lutnick, Adam Gray, Trump, Lutnick's, Elon Musk, evincing Organizations: WASHINGTON, Commerce Department, The Commerce Department, Bloomberg, Getty, Haverford College, New, Trade, Punchbowl News, Trump, Treasury, Elon, ‘ Department, Government Locations: United States, New York, Pennsylvania

Donald Trump and Rep. Matt Gaetz, R-Fla., at the Iowa State Fair in Des Moines in August 2023. That “seemed to matter” to the committee, Leppard said, adding that committee members were concerned about illegal drug use and payments for sex. On at least two occasions, Leppard said, his clients had sex with Gaetz outside Florida. The women were not paid for sex during the trips, but Gaetz paid for their flights, lodging and entertainment, Leppard said. The two women are private people, who have no political leanings and no motivation to take down Gaetz, Leppard said.

Persons: Matt Gaetz, Donald Trump’s, Joel Leppard, Orlando . Leppard, Gaetz, ”, Leppard, Donald Trump, Al Drago, “, Trump, Alex Pfeiffer, He’s, ” Pfeiffer Organizations: Justice Department, NBC, Fair, Bloomberg, Getty, The Justice, FBI, Gaetz, Republican U.S, Trump, Committee Locations: Florida, Orlando, Iowa, Des Moines, New York City, Bahamas

☆ Treasury yields fall amid rising Ukraine-Russia tensions
▼ + stars: | 2024-11-19 | by ( Sawdah Bhaimiya | ) www.cnbc.com time to read: +2 min

One basis point is equal to 0.01% and yields and prices move in opposite directions. ET, the yield on the 10-year Treasury was lower by 5 basis points at 4.365%. U.S. Treasury yields slid on Tuesday as tensions between Ukraine and Russia increased, while investors awaited new data. Bloomberg News also reported, citing RBC Ukraine, that Ukraine hit Russia with U.S.-made missiles for the first time. Yields have soared following the election with traders betting that Trump's pro-business policies and tax cuts will boost economic growth.

Persons: Vladimir Putin, —, Joe Biden, Trump's, Scott Bessent, Howard Lutnick, Trump, Elon Musk Organizations: Treasury, U.S, Bloomberg News, RBC Ukraine, Traders, Wall, US Treasury, ING, Key Square Group Locations: Ukraine, Russia, U.S, Trump's, Washington

☆ Trump's picks are giving Big Tech plenty of reasons to be nervous
▼ + stars: | 2024-11-19 | by ( Grace Eliza Goodwin | Brent D. Griffiths | ) www.businessinsider.com time to read: +7 min

AdvertisementDonald Trump has selected several Big Tech critics for top roles in his second administration. A number of his picks have been harsh critics of the Big Tech industry. Tom Williams/CQ Roll CallTrump's pick for attorney general, former Florida Rep. Matt Gaetz, has for years criticized Big Tech companies. Anna MoneymakerVice President-elect JD Vance cut his teeth in venture capital, and has long been a proponent for breaking up Big Tech. AdvertisementVance said that his experience in Silicon Valley taught him to be weary of Big Tech.

Persons: Donald Trump, Matt Gaetz, JD Vance, Elon Musk, Brendan Carr, Trump's, Trump, Brendan Carr Trump, Tom Williams, Carr, Elon, Musk's, Matt Gaetz Trump, Gaetz, Lina Khan, Jonathan Kanter, Elon Musk Elon, Marc Piasecki, Musk, donald, Biden, Tim Cook, X, Anna Moneymaker, Vance, we're Organizations: Big Tech, Trump, GOP, Google, Apple, Microsoft, Federal Communications Commission, Inc, Getty, Heritage, FCC, TikTok, United, Florida Rep, Federal Trade, Elon, Government, of Government, SpaceX, OpenAI, Bloomberg News Locations: Starlink, Florida, Silicon Valley, Trump

☆ AI is hitting a wall just as valuations reach the stratosphere
▼ + stars: | 2024-11-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

The narrative from Silicon Valley is that the AI train has left the station and any smart investor had better hop on before these products become “superintelligent” and start solving all the world’s problems. Now, some of the leading language models appear to be hitting a wall, according to at least three reports last week. But if we have indeed hit a scaling wall, “it may mean that the the mega-cap technology companies have over-invested” and it’s possible that they could scale back in the near future. That’s the AI optimist/pragmatist view. For a less rosy outlook, I turned to Gary Marcus, NYU professor emeritus and outspoken critic of AI hype.

Persons: CNN Business ’, New York CNN — It’s, OpenAI, ”, that’s, “, Orion “, Ilya Sutskever, ” Sutskever, Marc Andreessen, Sam Altman, ” Gil Luria, Davidson, it’s, ” Luria, Gary Marcus, ” Marcus, “ LLMs Organizations: CNN Business, New York CNN, Nvidia, Tech, ” Bloomberg, ” Reuters Locations: New York, GPT

☆ Putin paying for 100,000 North Korean troops helps him delay a second mobilization: ISW
▼ + stars: | 2024-11-19 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

AdvertisementNorth Korean troops in Russia help Putin beyond sheer manpower needs — they help him at home, too. "The deployment of roughly 100,000 North Korean personnel would only replace Russian losses for less than three months," the think-tank wrote. In total, that could mean 100,000 North Korean troops cycling in and out of combat within a year, he said. The North Korean troops in Russia are believed to be special forces, which South Korean intelligence estimates say consist of about 200,000 members in total. AdvertisementSeoul also says that Russia is paying about $2,000 a month for each North Korean soldier.

Persons: Putin, ISW, Vladimir Putin, Kim, Russia's, Dmytro, Kim Jong Un Organizations: Putin, Kremlin, Institute for, Korean, Bloomberg, North Locations: Russia, The Washington, Moscow, Ukraine, Pyongyang, Kursk, Kyiv, North Korea, South Korea, America, Seoul, Korean, South

☆ Corporate borrowing is on a roll. Goldman's debt financing head breaks down the trends.
▼ + stars: | 2024-11-19 | by ( Reed Alexander | Emmalyse Brownstein | ) www.businessinsider.com time to read: +7 min

The return of DCM activity signals that borrowers are gearing up for corporate dealmaking to return. Goldman's global head of financing broke down the trends in an interview with BI. On Wall Street, corporate borrowing is on a roll. Many of those clients are large companies or organizations being advised by Goldman's investment bankers, which means the DCM business is directly reliant on deal flow. AdvertisementGoldman CEO David Solomon ran Goldman's leveraged finance group before taking over its financing business, including debt and equity capital markets and derivatives.

Persons: Goldman Sachs, Donald Trump, Vivek Bantwal, Bantwal, We've, we've, Goldman, David Solomon, David Solomon Jeenah Moon, Denis Coleman, refinancings, weren't Organizations: University of Pennsylvania's Wharton School, Getty, Underwriters, Wall, Bloomberg, Getty Images Goldman, Goldman, Blue

☆ Google's antitrust loss could cost Apple billions of dollars
▼ + stars: | 2024-11-19 | by ( Peter Kafka | ) www.businessinsider.com time to read: +2 min

AdvertisementGoogle pays Apple at least $20 billion a year to make its search engine the default on iPhones. Those payments were at the heart of a federal antitrust case Google lost earlier this year. That's because a long-running deal between Apple and Google, where Google pays Apple at least $20 billion a year to make Google the default search engine on iPhones, is at the heart of the US government's antitrust case against Google. (Though, confusingly, an earlier Bloomberg report about the DOJ's plan focused on forcing Google to sell off its Chrome browser and never mentioned the Apple payments.) AdvertisementBut even if that happens, it doesn't mean Apple automatically loses all the money Google pays it every year.

Persons: it's, Judge Amit P, Mehta, Microsoft's Bing, they're, Trump, Tim Cook, Cook Organizations: Apple, Google, US Department of Justice, Street, Bloomberg, Trump, Big Tech Locations: China

☆ The Biden administration is scrambling to send billions to chipmakers before Trump takes over
▼ + stars: | 2024-11-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

AdvertisementThe Biden administration is trying to finalize CHIPS Act agreements before Donald Trump takes office. Locking in agreements could make it more difficult for the Trump administration if it decides to change course. The Biden administration is running out of time to finalize agreements that would secure billions in funding for US chipmakers. The Biden administration is working to finalize agreements before president-elect Donald Trump — who has criticized the CHIPS Act — takes office in January. However, she did not answer questions about whether Trump's approach to CHIPS Act funding could differ from that of the Biden Administration.

Persons: Biden, Donald Trump, Trump, Joe Biden, hasn't, Donald Trump —, Gina Raimondo, podcaster Joe Rogan, chipmakers, Mike Johnson, Karoline Leavitt, Vance, Jeff Koch, SemiAnalysis, Koch, Pat Gelsinger Organizations: US, Bloomberg, Commerce Department, BI, CNBC, Reuters, Commerce, Biden, Intel, The New York Times Locations: Taiwan

☆ China offers a 'unique diversification opportunity,' says Bridgewater's co-CIO
▼ + stars: | 2024-11-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But China offers a unique diversification opportunity, said Bridgewater Associates' co-CIO. Bridgewater's China hedge fund added local stocks after Beijing's stimulus-driven rally. AdvertisementThis is largely due to lower correlations between different markets as countries turn inward, Prince told the media outlet. They are also lowering correlations across markets, Prince told SCMP. Bloomberg reported in October that Bridgewater's onshore China hedge fund was adding local stocks after a September stock rally following Beijing's aggressive stimulus.

Persons: Asia —, Bob Prince, Prince, SCMP, Ray Dalio, Donald Trump's Organizations: Bridgewater Associates, South China Morning, Reuters, Bloomberg Locations: China, Asia, North America, Europe, Bridgewater

☆ Fintech unicorns are watching Klarna's debut for signs of when IPO window will reopen
▼ + stars: | 2024-11-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Last week, Klarna made a confidential filing to go public in the U.S., ending months of speculation over where the Swedish digital payments firm would list. Still, the development drew buzz from fintech circles with market watchers asking if the move marks the start of a resurgence in big fintech IPOs. For now, that doesn't appear to be the case — however, founders say they'll be watching the IPO market, eyeing pricing and eventually stock performance. Hiroki Takeuchi, CEO of online payments startup GoCardless, said last week that it's not yet time for his company to fire the starting gun on an IPO. However, Zopa's CEO added that he's seeing signs pointing toward a more favorable IPO market in the next couple of years, with the U.S. likely opening up in 2025.

Persons: Hiroki Takeuchi, Zed Jameson, Klarna, they'll, Takeuchi, GoCardless, Lucy Liu, Airwallex, it's, Liu, Jack Zhang, We're, fintech IPOs, Navina Rajan, It's, Rajan, Jaidev Janardana, Janardana, that's Organizations: GoCardless, Bloomberg, Getty, Portugal —, CNBC, Summit, British, U.S Locations: LISBON, Portugal, U.S, Lisbon, Europe

☆ Inside Amazon's agonizing attempt to save Alexa with AI
▼ + stars: | 2024-11-19 | by ( Eugene Kim | ) www.businessinsider.com time to read: +12 min

AdvertisementCustomer-friction concerns, partnership hiccups, compatibility questions, latency problems, and accuracy issues have snarled progress, according to internal Amazon documents and multiple people involved in the project. AdvertisementA product of this scale is "unprecedented, and takes time," an Amazon spokesperson told Business Insider. Related storiesFor example, without more clearly defined responsibilities with third-party partners, Amazon expected further delays in the launch. AdvertisementLatency has been a particularly tough problem for the AI Alexa service. Related storiesNew risksIn late August, Amazon discovered several new risk factors for the AI Alexa service.

Persons: Alexa, that's, Amazon, Taylor Swift, they're, ChatGPT, Andy Jassy, Andy Jassy Mike Blake, Claude Haiku, Rohit Prasad, Claude, AGI NurPhoto, —, Fortune, Amazon's Organizations: Uber, Ticketmaster, Alexa, Echo, Amazon, Business, Bloomberg, TV, Reuters, General Intelligence, AGI, Companies

☆ ‘It’s on him’: Democrats look to Hakeem Jeffries to plot a path to revival
▼ + stars: | 2024-11-19 | by ( Sarah Ferris | Annie Grayer | ) edition.cnn.com time to read: +9 min

In the last Congress, Democrats repeatedly helped Republicans keep the government open and propped up Speaker Mike Johnson when he faced a challenge to his leadership post. He even tapped other senior House Democrats to echo his message to the Biden team, according to another person familiar with the efforts. Still, unlike some in his party, Jeffries is not in despair, according to multiple people familiar with his thinking. But Democrats say Jeffries — alongside Senate Majority Leader Chuck Schumer, who will serve as minority leader in the next Congress — might be the best person to at least try. Internal party sparringOne of Jeffries’ toughest tasks will be keeping Democrats unified on immigration despite the many intraparty divisions.

Persons: Hakeem Jeffries, Jeffries —, Donald Trump, Jeffries, “, ’, Emanuel Cleaver, he’s, ” Jeffries, Mike Johnson, Trump, Rosa DeLauro, Harris, who’ve, Joe Biden, Kamala Harris, overperformed Harris, —, Chuck Schumer, ”, Gregory Meeks, Pramila Jayapal, Jim McGovern, Johnny Cash’s, McGovern, Chip Somodevilla, That’s, That’s James Madison’s, Jeffries didn’t, I’m, Henry Cuellar, ” Cuellar, Cuellar, Gabe Vasquez, Susie Lee of, Scott Peters, Scott Peters of California —, Anna Padilla, Democrats ’, CNN’s Ali, Haley Talbot Organizations: CNN, Democratic Party, House Democratic, Congressional Hispanic Caucus, Progressives, GOP, Capitol, Republicans, Biden, White, Democrats, Democratic, New York Democrat, Progressive, Getty, House Democratic Caucus, Congressional Hispanic, Scott Peters of, Bloomberg Locations: Washington, Yorker, Back, New York, —, Washington ,, New Mexico, Susie Lee of Nevada, Scott Peters of California, Albuquerque , New Mexico

☆ Apple reportedly offers $100 million investment to end iPhone 16 sales ban in the world's 4th-most-populous country
▼ + stars: | 2024-11-19 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

AdvertisementApple has offered a $100 million investment to lift Indonesia's iPhone 16 sales ban, Bloomberg says. Indonesia has blocked iPhone 16 sales because they do not contain 40% locally made components. Apple has reportedly offered to invest $100 million in Indonesia to reverse a ban on iPhone 16 sales in the world's fourth-most populous nation. AdvertisementIndonesia's Ministry of Industry last month blocked Apple from selling its iPhone 16, which first launched in September, for failing to comply with regulations. As the world's fourth-most populous nation with over 280 million citizens, Indonesia is an increasingly important Apple market.

Persons: —, Apple hadn't Organizations: Apple, Bloomberg, Indonesia's Ministry, Industry, Indonesia's Ministry of Industry, Business Locations: Indonesia, Cupertino, Asia's, Bandung, Jakarta

☆ Jim Cramer says 'nothing truly dulls the case' for owning Tesla stock
▼ + stars: | 2024-11-18 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer made the case for owning Tesla stock, saying it's worthwhile not because President-elect Donald Trump reportedly wants to relax U.S. self-driving rules, but because of CEO Elon Musk himself. "While I don't buy the national self-driving mandate, I think nothing truly dulls the case for owning Tesla," he said. "The Musk premium will work its magic in other ways, perhaps favorable municipalities and Tesla rentals next to federal highways." But Cramer suggested that the Trump team's plans for autonomous vehicles might be easier said than done. Cramer also stressed that Tesla stands apart from its EV peers because of its tech focus.

Persons: CNBC's Jim Cramer, Donald Trump, Elon Musk, Tesla, Trump, Cramer, Elon, Trump's Organizations: Bloomberg, Trump, Barclays, SpaceX

☆ China's Xi sets boundaries for Trump with 4 'red lines'
▼ + stars: | 2024-11-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AdvertisementChinese leader Xi Jinping has outlined his "four red lines" to US President Joe Biden. It will be another two months before US President-elect Donald Trump takes office, but China is already setting boundaries between the two countries. On Saturday, Chinese leader Xi Jinping outlined his "four red lines" in US-China ties at a meeting with US President Joe Biden. Trump could start his trade war on his first dayXi's comments came amid concerns that the world's two largest economies are set to head into conflict after Trump takes office on January 20. Advertisement"Trump means what he says when it comes to tariffs," wrote Josh Lipsky, the senior director at the Atlantic Council's GeoEconomics Center, in a note last week.

Persons: Xi Jinping, Joe Biden, Donald Trump's, Donald Trump, Xi, Trump, Florida Sen, Marco Rubio, Biden, Trump's, Josh Lipsky, Lipsky, Sarah Bianchi, Atlantic Council's Lipsky Organizations: APEC Economic, Bloomberg Businessweek, Florida, State, GeoEconomics, China, Atlantic Locations: China, Taiwan, Lima , Peru, Beijing

☆ Tesla stock pops 8% in premarket after report Trump wants to relax U.S. self-driving rules
▼ + stars: | 2024-11-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Tesla shares jumped on Monday following a report that President-elect Donald Trump's transition team are planning to make a federal framework to regulate self-driving vehicles a top priority for the U.S. Transport Department. ET, Tesla stock was up 7.98% in U.S. premarket trading after the release of the Bloomberg News report, which cited unnamed sources familiar with the matter. CNBC could not independently verify the report and has requested comment from the Trump team and from the National Highway Traffic Safety Administration, a Transportation Department unit tasked to oversee self-driving technologies. Full Self-Driving, or FSD, is Tesla's premium driver assistance system, currently available in a "supervised" version for Tesla electric vehicles. Trump's transition team is reportedly looking for policy leaders for the Transportation Department to develop a federal regulatory framework for self-driving vehicles, according to Bloomberg.

Persons: Elon Musk, Donald Trump, Tesla, Donald Trump's, Musk, Vivek Ramaswamy, Google's, Emil Michael, Sam Graves of, Garret Graves Organizations: Republican, U.S . Transport Department, Bloomberg, CNBC, Trump, National, Traffic Safety Administration, Transportation Department, White, Government, FSD, Uber Locations: Butler , Pennsylvania, U.S, Texas, California, Sam Graves of Missouri, Garret Graves of Louisiana

☆ Wall Street analysts explain why Tesla is booming postelection while other EV makers struggle
▼ + stars: | 2024-11-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Pure-play electric vehicle stocks like Rivian and Lucid are flat and down more than 3%, respectively, since Trump's victory. So why is Tesla soaring even as a second Trump administration is expected to fundamentally disrupt the U.S. electric vehicle market? And increased tariffs could make inputs for electric vehicles more expensive. These headwinds ignore the fact that Trump's new best friend is Tesla CEO Elon Musk, Bernstein analyst Toni Sacconaghi told clients in a Monday note. But Tesla's fundamentals are largely steady postelection, while Musk's relationship with Trump underlines how Tesla largely controls the self-driving vehicle narrative, the analyst said.

Persons: Tesla, Donald Trump, Trump, Elon Musk, Bernstein, Toni Sacconaghi, Musk, Vivek Ramaswamy, Sacconaghi, Dan Levy, Levy Organizations: U.S, Ford, General Motors, Trump, GOP, UBS, Bloomberg News, Traffic, Administration, Barclays, Tesla Locations: Friday's

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