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☆ JD Vance defends Trump's comments that Republicans should let the US default, saying the former president was giving 'political advice' and doing 'fundamentally the right thing'
▼ + stars: | 2023-05-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. JD Vance defended Trump's comments to Axios, saying he was just giving "political advice." "I say to the Republicans out there, congressmen and senators, if they don't give you massive cuts you are going to have to do a default," Trump said. Sen. JD Vance argued that Trump was just trying to help his party. Vance told Axios that "what the president is doing is really giving political advice ... not financial advice." GOP Sen. Josh Hawley, for example, told Axios that he disagreed with Trump's comments and that "there is no world in which [a default] happens."

☆ Abortion pill company GenBioPro asks U.S. court to keep generic mifepristone on market
▼ + stars: | 2023-04-19 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

GenBioPro asked the U.S. District Court for Maryland to preemptively block the FDA from pulling the company's 2019 approval to distribute the company's version of mifepristone. GenBioPro has said in court filings that it supplies two-thirds of the mifepristone used in the U.S. for abortions. "GenBioPro will use all regulatory and legal tools to protect access to mifepristone for patients and providers." The Supreme Court last week temporarily put the appeal's court rulings on hold. But the Supreme Court as early as Wednesday could move to lift that ban or leave it in place pending further legal challenges to the rulings

☆ North Korea claims it’s ready to launch first spy satellite: state media
▼ + stars: | 2023-04-18 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +1 min

Seoul CNN —North Korea’s leader Kim Jong Un has ordered officials to prepare to launch the country’s first military reconnaissance satellite, North Korean state media KCNA reported on Wednesday. During his visit to the National Aerospace Development Administration on Tuesday, Kim Jong Un said the country’s military reconnaissance satellite production has been completed and ordered the dispatching of “several reconnaissance satellites,” KCNA reported. Last December, North Korea claimed it had conducted an “important final stage test” for the development of a spy satellite. The country’s space development agency announced that it would finish preparations for the first military reconnaissance satellite by April 2023. On Tuesday, Kim stressed the role of military satellites as to protect national safety and territorial stability in the midst of escalating military threats and challenges by the US and South Korea.

☆ Here's how high Goldman sees oil going after OPEC's surprise production cut
▼ + stars: | 2023-04-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Brent crude could reach $95 a barrel after OPEC's surprise production cut, according to Goldman Sachs. Oil prices surged in response. @LCO.1 1D mountain Brent crude futures (June '23) Goldman also raised its forecast for December 2024 to $100 per barrel from $97 per barrel. "OPEC's pricing power is higher than it has ever been," Jeffrey Currie, Goldman Sachs' global head of commodities research, said Monday in a CNBC " Squawk Box " interview. Goldman lowered its OPEC+ production end-2023 forecast by 1.1 million barrels per day.

☆ AI stock picks: A portfolio manager overseeing more than $1 billion shares 6 firms he's betting on — and how to spot opportunities without getting caught up in the hype
▼ + stars: | 2023-03-24 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Artificial intelligence is here to stay, says Gregg Fisher, the founder and portfolio manager of $1 billion Quent Capital. "I don't even think I can name a business that's not using AI in some capacity. Fisher shared six small-to-mid-cap stocks he invests in that he's put through this analysis and that have exposure to AI. 6 AI stocks to watchThe first firm Fisher named is RanPak (PACK), a $419 million firm that uses AI for packing solutions to reduce cardboard waste. He said they're using AI to predict when customers are set to have problems, and alerts business owners so they can preemptively reach out.

☆ Chris Rock says arresting Donald Trump is like arresting Tupac Shakur: 'He's just going to sell more records. Are you stupid?'
▼ + stars: | 2023-03-21 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Comedian Chris Rock said on Sunday that arresting Donald Trump would only boost his popularity. He compared the possible indictment to how Tupac Shakur released a bestselling album from prison. Rock joked that apprehending Trump "is only going to make him more popular," The Guardian's David Smith and Deadline reported. "It is like arresting Tupac. The comedian's mention of rapper Tupac Shakur likely referred to when Shakur served eight months in prison in 1995 on a sexual assault charge that he later appealed.

Yoon announced the decision at a cabinet meeting, saying South Korea and Japan should make efforts to remove obstacles that hinder developing bilateral ties. "I will preemptively order our trade minister today to begin necessary legal procedures to have Japan back on our white list," Yoon told the meeting, which was televised live. "I'm sure Japan will respond if South Korea first starts removing the obstacles." South Korea and Japan removed each other from the list in 2019 amid a decades-old row over a 2018 South Korean court order for Japanese companies to compensate forced labourers during Japan's 1910-45 occupation of Korea. "It's time for South Korea and Japan to go beyond the past," Yoon said.

REUTERS/Evelyn Hockstein/File Photo/File PhotoMarch 17 (Reuters) - Wyoming Governor Mark Gordon on Friday signed into law a bill outlawing the use or prescription of medication abortion pills that was passed by the state's Republican-controlled legislature earlier this month. The crux of the two-page Wyoming bill is a provision making it illegal to "prescribe, dispense, distribute, sell or use any drug for the purpose of procuring or performing an abortion." The measure stipulates that a woman "upon whom a chemical abortion is performed or attempted shall not be criminally prosecuted." Gordon acknowledged that abortion rights proponents who have already challenged Wyoming's "trigger" abortion ban that went into effect after the Roe v. Wade decision have filed suit to block the newly passed Wyoming ban preemptively. The governor expressed concern that enactment of the new abortion ban could muddy the legal waters, creating a new obstacle to swift resolution of the matter by the courts.

☆ I was just laid off from Meta. We knew more cuts were coming from the news before Mark Zuckerberg even told us, and the way the layoffs were ultimately handled was very cold.
▼ + stars: | 2023-03-16 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

Mary Prescott was just laid off from Meta after the company announced it's cutting 10,000 more jobs. I fully assumed I'd be laid off because I'd only been at Meta since the summer. I felt horrible for everyone who was laid off after investing a lot of their time and expertise into Meta. I felt very much on edge because it seemed likely there'd be more layoffs, but we just didn't know when. Unfortunately, he wasn't given any information about these layoffs either, and he actually got laid off today as well.

NEW YORK (Reuters) -U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank (SVB) and stem any broader financial fallout from its sudden collapse, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess the impact of startup-focused lender SVB Financial Group’s failure on Friday, with a particular eye on the venture capital sector and regional banks, the sources said. REUTERS/Nathan FrandinoAnd amid increased withdrawals from other regional banks, U.S. officials are also keeping close watch on the wider sector. The S&P 500 regional banks index dropped 4.3% on Friday to end the week down 18%, its worst week since 2009. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment.

☆ How SVB employees are coping after being ordered to leave the office, from polishing their resumes to hitting the bar: 'We're pretty much in the dark'
▼ + stars: | 2023-03-10 | by ( Emmalyse Brownstein | Rebecca Ungarino | Carter Johnson | ) www.businessinsider.com time to read: +6 min

It read: "Operations of the SVB Securities broker dealer are distinct from the receivership of SVB Financial." The SVB Securities employee called the whirlwind leading up to SVB's meltdown as "scary, scary stuff." Kevin Heal, senior analyst at Argus Research, said he sees both SVB Securities and SVB Private being sold. SVB bought the healthcare investment bank Leerink Partners in 2018, renaming it SVB Leerink and then SVB Securities. PATRICK T. FALLON/AFP via Getty ImagesHeal thinks the investment banking operations could be purchased by a smaller investment banking firm that doesn't have tech or healthcare prowess, like US Bancorp or PNC.

China's defence ministry did not respond to a request for comment about the researchers' findings. Reuters could not determine how closely the conclusions reflect the thinking among China's military leaders. A U.S. defence official told Reuters that despite differences with the situation in Taiwan, the Ukraine war offered insights for China. The conflict has also forged an apparent consensus among Chinese researchers that drone warfare merits greater investment. Beyond the battlefield, the work has covered the information war, which the researchers conclude was won by Ukraine and its allies.

☆ Mapping California’s ‘Zombie’ Forests
▼ + stars: | 2023-03-06 | by ( Elena Shao | ) www.nytimes.com time to read: +8 min

NEVADA Sacramento Stable conifer forests San Francisco Mismatch Less than five percent of conifer forests historically occurred in current climate. Sacramento Stable conifer forests Mismatch San Francisco Less than five percent of conifer forests historically occurred in current climate. San Jose Fresno CALIFORNIA Pacific Ocean NEVADA Bakersfield Area of detail CALIF. 50 MILES Reno NEVADA Sacramento Severe mismatch Stable conifer forests Less than one percent of conifer forests historically occurred in current climate. Note: The data looks at changes in conifer forests across the Sierra Nevada between the 1930s and the 2010s. They found that during that time period, the Sierra Nevada’s conifer forests had, on average, shifted about 112 feet higher in elevation.

Some estimates have suggested the unemployment rate, currently at more than a five-decade low of 3.4%, may have to approach 7% for inflation to fall on a reasonable timetable. But a series of rapid rate hikes last year, which pushed the Fed's benchmark overnight interest rate from near zero to the current 4.50%-4.75% range, has so far been relatively cost-free. Those projections have inflation dropping to 2.1% by the end of 2025, with the economy growing throughout and the unemployment rate rising only to around 4.6%. By contrast, they said "the cost of lowering inflation to the Fed's 2% target by 2025 will likely be associated with at least a mild recession." Perhaps too reliant on the tame inflation of recent decades, the Fed made a "significant error" by not raising interest rates "preemptively" when inflation began accelerating in 2021, the group concluded.

☆ How the Supreme Court could re-shape the internet as you know it
▼ + stars: | 2023-02-24 | by ( Brian Fung | ) edition.cnn.com time to read: +11 min

Nearly 30 years of protectionsA view of the U.S. Supreme Court on February 21, 2023 in Washington, DC. The Supreme Court isn't the only one reviewing Section 230; Congress and the White House have also proposed changes to the law, though legislation to update Section 230 has consistently stalled. For skeptics of the tech industry, and critics of social media platforms, more lawsuits would imply more opportunities to hold tech companies accountable. Allowing the courts to scrutinize the tech industry more would bring it in line with other industries, some have argued. Even a 'like' could trigger a lawsuitLiability could also extend to individual internet users.

☆ The highest-paying college majors, top jobs in 2023 and who’s hiring right now
▼ + stars: | 2023-02-23 | by ( Cindy Perman | ) www.cnbc.com time to read: +9 min

Tech jobs are still hotOnce again, if you just followed the headlines (layoffs at Amazon, Google, Meta, Microsoft, etc.) Jobs in the sector ranked among the Best Jobs for 2023, according to job site Indeed.com: Full-stack developer Data engineer Cloud engineer Senior product manager Back-end developer Almost half, 44%, of the top 25 jobs on that list were tech jobs. "I'm sure there are plenty of unfilled positions for tech workers in financial services or state and local governments. Tech workers laid off by tech companies may end up there." *MINDBLOWN*), plus jobs where you're a top applicant and some jobs that you might have missed.

☆ LG Chem Buys Stake in North Carolina Lithium Miner
▼ + stars: | 2023-02-20 | by ( Yusuf Khan | ) www.wsj.com time to read: +3 min

South Korea’s LG Chem will take a stake in Piedmont Lithium Inc., boosting its North American presence and banking on incentives to scale up its role in U.S. electric-vehicle supply chain. LG Chem will commit $75 million to Piedmont in return for a 5.7% stake in the miner, whose shares are listed on the Nasdaq and Australian Securities Exchange. PREVIEWThe U.S. is our key market and by preemptively securing raw materials this deal allows LG Chem to provide North American customers with products that satisfy IRA standards, said Mr. Hak-Cheol Shin, Vice Chairman and CEO of LG Chem in a statement. LG Chem is planning to build a $3 billion cathode plant in Clarksville, Tenn., slated to open in 2027. Already, Piedmont has an existing contract to supply Tesla with 50,000 tons annually until 2025, in addition to its new LG Chem supply deal.

☆ Biden administration set to propose largest Defense budget in US history as GOP pushes for spending cuts
▼ + stars: | 2023-02-11 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

The Biden administration is close to asking Congress for the largest-ever US defense budget, per Politico. Lawmakers in December authorized $858 billion in defense spending, more than what President Biden had requested. Lawmakers in December authorized $858 billion in national defense spending, a number that was $45 billion higher than what President Joe Biden had requested. While Biden has called for a clean debt limit increase, House Speaker Kevin McCarthy of California and his GOP conference are insistent on spending cuts. GOP leaders have not ruled out curtailing some Pentagon spending, but the more hawkish members of the Republican conference will be apt to push back against major defense cuts.

☆ A couple in their 30s that paid off their $234,000 mortgage in 5 years and hit a net worth of over $1 million explain how they invest their money and why they only keep $10,000 in their checking accou
▼ + stars: | 2023-02-10 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Brennan and Erin Schlagbaum went from being deep in debt to a net worth of over $1 million. They also have two health savings accounts (HSAs), which let them contribute pre-tax dollars for health costs but can also be investment accounts and used to supplement their retirement accounts. Note that these accounts are called "taxable" because your investment income is subject to capital gains taxes. Accounts for their daughterBrennan and Erin have opened three investment accounts for their 16-month-old daughter: a Roth IRA, a brokerage account, and a 529 plan. The Schlagbaums have opened various investment accounts for their daughter.

Western policy-makers are still mindful of the supply-chain chaos caused by U.S. sanctions on Russian aluminium giant Rusal and its owner Oleg Deripaska in 2018. A unilateral move to shut out Russian aluminium will accelerate the splintering of what was once a highly globalised market-place. Excess Chinese product in the Asian region is now being supplemented by excess Russian primary aluminium as many Western users choose to self-sanction and not buy Russian metal. Were the United States to impose high tariffs on Russian metal, the LME need only suspend delivery to U.S. locations, a precedent set with the United Kingdom's post-war tariffs on Russian nickel. The LME decided in November not preemptively to ban Russian metal deliveries ahead of formal government action against Russian producers.

☆ Trump claims Ron DeSantis cried in front of him while asking for his endorsement back in 2018
▼ + stars: | 2023-02-03 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Donald Trump claims Ron DeSantis cried while asking for his endorsement in 2018. Trump backed DeSantis for governor in 2018. —The Republican Accountability Project (@AccountableGOP) February 2, 2023DeSantis was known for being the Trump-backed candidate in the 2018 GOP gubernatorial primary. In an endorsement tweet on June 22, 2018, Trump called DeSantis a "top student at Yale and Harvard Law School." In July 2018, while he was running for governor, DeSantis released a campaign video in which he called himself a "pitbull Trump defender."

☆ Activist Elliott to nominate directors at Salesforce -sources
▼ + stars: | 2023-01-26 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 26 (Reuters) - Elliott Management Corp, the activist investment firm that recently made a multimillion-dollar investment in Salesforce (CRM.N), plans to nominate several director candidates at the cloud-based software company, people familiar with the matter said on Thursday. Elliott, which invests more than $55 billion, is currently interviewing a number of people including technology industry executives and executives in other industries, the people said. Elliott has long invested in technology companies and in the past reached settlements for board seats with companies including Pinterest (PINS.N), Twitter and eBay (EBAY.O). News that Elliott expects to nominate directors, first reported by the Wall Street Journal, came after Bloomberg reported Salesforce was considering refreshing its board, a step some companies take preemptively if activists start building holdings of their shares. At Salesforce there are at least four activist investors including Elliott, Starboard Value, Jeff Ubben's Inclusive Capital and ValueAct, the firm Ubben founded and which is now run by Mason Morfit, sources familiar with the matter said.

☆ Virginia Gov. Youngkin stokes 2024 campaign speculation after killing Ford battery plant over China links
▼ + stars: | 2023-01-22 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Seitz-Wald-Circle-Byline-Template.Jpg | Alex Seitz-Wald | ) www.nbcnews.com time to read: +7 min

But this week, Virginia Republican Gov. (Virginia doesn't allow governors to serve consecutive terms, so Youngkin can't seek re-election.) “There’s a logic to the politics of Youngkin’s decision,” said Liam Donovan, a Republican strategist and lobbyist. Gretchen Whitmer telling the Detroit News that Youngkin’s “political determination” created an “exciting opportunity” for her state. “Carlyle makes a lot of money out of China,” said Surovell, the Democratic state senator.

Gay men, who have arguably been the lifeblood of “The Real Housewives” fanbase, will finally get a drama-filled reality TV show they can call their own. On Thursday, MTV announced it is launching on Jan. 20 “The Real Friends of WeHo,” which will follow six gay friends living in Los Angeles' premiere gayborhood, West Hollywood. “If you like the wives, don't miss these new house guys,” a narrator says in the trailer, in what appeared to be a nod to Bravo's “Real Housewives” franchise. “Went ahead and preemptively muted 'the real friends of weho' from my timeline,” one Twitter user wrote. '” But, she later added, “I will also be honest and say that I will probably be watching the show.”“The Real Friends of WeHo” premieres Jan. 20 on MTV at 9 p.m. ET/8 p.m. CT.

☆ Mortgage rates start 2023 twice as high as they were a year ago
▼ + stars: | 2023-01-05 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates inched up again last week, after a slight increase the week before interrupted six straight weeks of falling rates. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak. “Mortgage application activity sunk to a quarter-century low this week as high mortgage rates continue to weaken the housing market,” said Sam Khater, Freddie Mac’s chief economist. “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Although mortgage rates did increase slightly in recent weeks, the association expects them to fall to around 5.2 percent by the end of 2023.

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