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☆ Jim Cramer: This is what I learned from the real first week of earnings season
▼ + stars: | 2023-04-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

"Simply stated we're in a freight recession." That line, uttered last Monday by Shelley Simpson, president of J.B. Hunt (JBHT), the fourth-largest trucking company in the United States, was the most memorable of the real first week of earnings season. If so, it would know that we're dealing with much more than a freight recession. It's not enough to offset the immense deflationary pressure emanating from the regional banks and the freight recession described by J.B. Hunt. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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☆ Tesla investors call for 'distracted' Elon Musk to be reined in as they worry he's 'overcommitted'
▼ + stars: | 2023-04-21 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com time to read: +5 min

Tesla investors called for Elon Musk to be reined in an open letter, citing the CEO's many commitments. A group of Tesla investors is calling for Elon Musk to be reined in, saying the CEO has been distracted by commitments to his other companies like Twitter. "The Board allowed the CEO to be overcommitted at a time when the company faces critical challenges," the letter stated. Tesla and Musk didn't immediately respond to requests for comment from Insider ahead of publication. Gerber's name is not listed on the open letter.

☆ Switzerland faced a full-scale bank run if Credit Suisse went bankrupt, Swiss regulator argues
▼ + stars: | 2023-04-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

It would have erased the holding company Credit Suisse Group, along with the parent bank Credit Suisse AG and its branches, while retaining the Credit Suisse (Schewiz) AG entity because of its "systemic importance." "The parent bank Credit Suisse AG would have gone under – a Swiss bank with total assets of over CHF 350 billion and ongoing business also running into many billions," Angehrn warned. Many other Swiss banks would probably have faced a run on deposits, as Credit Suisse itself did in the fourth quarter of 2022." Angehrn said the regulator has been in recent dialogue with the U.S., but did not experience international pressure in its supervision of Credit Suisse. The authorities would have risked not stopping a looming financial crisis by using the tool of resolution, but rather triggering such a financial crisis."

☆ More food shortages could add to Britain's price pressure
▼ + stars: | 2023-03-28 | by ( James Davey | ) www.reuters.com time to read: +5 min

The tight conditions have helped to push British food price inflation to levels not seen for almost 50 years. Industry data from market researcher Kantar on Tuesday showed UK grocery price inflation hit a record 17.5% in the four weeks to March 19, underscoring the problem for policymakers. Many UK food retailers are buying less, knowing their customers cannot afford to spend so much, taking a hit to their profits in the process. Andrew Opie, director of food and sustainability at the British Retail Consortium, which represents the major food retailers, said supermarkets were confident about the resilience of food supply chains, particularly with the approaching UK growing season. The grower who spoke to Reuters, and who asked not to be named, said there was too much focus on food inflation and not enough on the strength of the whole system.

☆ Pharmacy startups are losing their battle with giants like CVS and Walgreens
▼ + stars: | 2023-03-28 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +12 min

Pharmacy startups like Capsule and Truepill are crumbling in the fight against pharmacy giants. But in the past year, the pharmacy startups have begun to crumble. Plus, each chain has thousands of stores across the country, providing the convenience that the pharmacy startups seek to replicate with tech. The digital-pharmacy shakeoutAnalysts suggested that healthcare startups with pharmacy components, rather than pure-play pharmacy startups, are best positioned to succeed. Truepill CEO Sid Viswanathan TruepillBut the pharmacy startups that have attempted to offer additional services have largely shelved those efforts in recent months.

☆ Investors cut bearish bets on most Asian FX as policy rate bets shift
▼ + stars: | 2023-03-23 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

The currency firmed on Thursday, following dovish comments from the U.S. Federal Reserve that reined in expectations for more interest rate hikes and lifted sentiment for other Asian currencies. The dollar index slipped to near seven-week lows following the Fed's latest policy statement that no longer says that "ongoing increases" in rates will likely be appropriate. Bearish bets on Singapore's dollar eased to their lowest since Nov. 18, 2021. Short bets on the Indonesian rupiah and the Indian rupee rose slightly from a fortnight ago, while sentiment toward South Korea's won improved. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

☆ Brent oil prices slip under $72 per barrel amid banking turmoil
▼ + stars: | 2023-03-20 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Brent oil prices logged losses Monday, dropping below $72 per barrel in intraday trade amid turmoil in the banking sector. The Brent contract with May delivery was trading at $71.64 per barrel at 11:00 London time, down by $1.33 per barrel from the Friday close. The front-month April WTI Nymex was at $65.52 per barrel, lower by $1.22 per barrel from the previous settlement. It added that the options market is now intensifying the decline in oil prices through delta-hedging plays. Questions linger over the potential demand boost from a reopening China — the world's largest importer of crude oil, whose buying was reined in for much of last year by Covid-19 restrictions.

☆ The Club's recession-resistant retail stocks won't be hurt by a 'more reluctant' U.S. consumer
▼ + stars: | 2023-03-15 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

But the Club's defensive retail stocks, from discounter Costco Wholesale (COST) to coffeemaker Starbucks (SBUX), should continue to attract consumers in an increasingly volatile economic environment. But U.S. consumer spending was strongest in cosmetic stores, according to Citi. Among Wells Fargo's top-five hardline retail and restaurant picks, Club holding Starbucks (SBUX) on Tuesday was named a "top idea" among defensive stocks. The Club take The recession-resistant retail stocks in our portfolio are well-positioned to weather the current bout of economic turmoil. High-end coffee retailer Starbucks also continues to attract customers, despite the steep prices of its popular beverages.

☆ Russian mercenary chief sets out ambitions for an 'army with an ideology'
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, March 12 (Reuters) - The head of Russia's Wagner mercenary force said in an interview published over the weekend that he had ambitions to turn his private military company into an "army with an ideology" that would fight for justice in Russia. "After the capture of Artyomovsk (Bakhmut), we will begin to reboot," Prigozhin said in a clip posted on Telegram channels associated with Wagner. "The Wagner private military group must turn from just a private, the best, army in the world which is capable of defending the state, into an army with an ideology. But his public profile, political influence, and fondness for profanely lambasting top army brass and anyone else in his way has angered some in government who want him reined in. Prigozhin has repeatedly denied harbouring any political ambitions.

☆ Taiwan's TSMC to recruit 6,000 engineers in 2023
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, March 4 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW), the world's largest contract chipmaker, will recruit more than 6,000 new staff in 2023, the company said in a statement on Saturday. The hiring drive comes despite a global downturn in the chip industry. According to TSMC, the company will seek young engineers with associates, bachelor's, masters's or doctorate degrees in electrical engineering or software-related fields, in cities all across Taiwan. The average overall salary of a new engineer with a master's degree is T$2 million ($65,578.07), the company added. Intel Corp (INTC.O) recently announced that it would cut payments to mid-level staff and executives from 5% to 25%.

☆ Israelis rally again against government's judicial overhaul
▼ + stars: | 2023-03-04 | by ( Emily Rose | ) www.reuters.com time to read: +2 min

[1/5] An aerial view shows Israelis demonstrating as Israeli Prime Minister Benjamin Netanyahu's nationalist coalition government presses on with its contentious judicial overhaul, in Tel Aviv, Israel March 4, 2023. REUTERS/Ilan RosenbergTEL AVIV, March 4 (Reuters) - Tens of thousands of protesters took to the streets of Israeli cities for the ninth straight week on Saturday to fight a government plan to overhaul the country's court system. Saturday night's demonstrations in Tel Aviv and other locations continued peacefully, unlike protests earlier this week that descended into violent clashes with police. Proponents say the Supreme Court needs to be reined in from overreaching into the political sphere. Israeli police had fired stun grenades and scuffles broke out in Tel Aviv on Wednesday during a nationwide "day of disruption," raising the intensity of the protests.

[1/3] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. The investment bank will outline the path to profit for its Platform Solutions unit, which houses Goldman's transaction banking, credit card and financial technology businesses, it said. It is also considering "strategic alternatives" for its consumer platforms, Solomon said, without specifying what those options would be. Chief Executive David Solomon's performance and his plans for growth will also be scrutinized by investors and analysts. Observers will focus on his plans to decrease Goldman's reliance on trading and investment banking, which can be whipsawed by market volatility.

☆ Russia's Magnit opens first 'hard discount' stores
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - Russia's Magnit (MGNT.MM) supermarket chain launched its first "hard discount" stores under a new brand on Tuesday, the company said, as falling living standards and rising inflation push Russian consumers to search for lower-ticket items. Magnit said the new "V1" - which stands for "First Choice" in English - brand will focus on basic products, including fruit, vegetables and bakery goods, carrying a narrower range of items than the chain's existing stores. "Discounter stores remain one of the fastest-growing market segments and maintain high potential for future development," Anzhela Ryabova, Magnit's director of hard discounter format, said in a statement. Magnit said it plans to open 15 pilot V1 stores in the Moscow Region "in the nearest future". Magnit already operates another line of discount stores under its "My Price" brand.

NEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc (GS.N) Chief Executive David Solomon and his top executives are expected to unveil the company's medium-term financial goals on Tuesday, according to analysts. Its ROTE was 11% last year, missing analyst estimates, as rising interest rates prompted a sharp slowdown in dealmaking. Observers will also focus on the CEO's plans to decrease Goldman's reliance on trading and investment banking, which can be whipsawed by market volatility. The bank has said it plans to slim down some alternative investments that weighed on profits last year. Reporting by Saeed Azhar and Lananh Nguyen Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ Iran can make fissile material for a bomb 'in about 12 days' - U.S. official
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Elizabeth FrantzWASHINGTON, Feb 28 (Reuters) - Iran could make enough fissile for one nuclear bomb in "about 12 days," a top U.S. Defense Department official said on Tuesday, down from the estimated one year it would have taken while the 2015 Iran nuclear deal was in effect. Back in 2018, when the previous administration decided to leave the JCPOA it would have taken Iran about 12 months to produce one bomb's worth of fissile material. Now it would take about 12 days," Kahl, the third ranking Defense Department official, told lawmakers. U.S. officials have repeatedly estimated Iran's breakout time - how long it would take to acquire the fissile material for one bomb if it decided to - at weeks but have not been as specific as Kahl was. While U.S. officials say Iran has grown closer to producing fissile material they do not believe it has mastered the technology to actually build a bomb.

☆ Brawling with elite, Russian mercenary boss wishes politician shot
▼ + stars: | 2023-02-24 | by ( Andrew Osborn | ) www.reuters.com time to read: +4 min

"During the 1941-45 war, which is now being repeated, Stalin simply shot people like you. I think we're going to return to those times soon," he told Sverdlovsk governor Yevgeny Kuivashev, according to his press service. Earlier this week, he accused various regional governors of refusing to bury Wagner fighters with military honours, labelling them as lawless, corrupt bureaucrats. From eastern Ukraine, Prigozhin replied that he had stopped being a businessman a year ago and was now devoting his life to leading his fighters. "There is a ceiling (of growth) and mechanisms in place," said the source, who declined to provide more details.

☆ Protests stay strong in Israel as govt forges ahead with judicial changes
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +2 min

[1/4] People hold Israeli flags during a protest against Israel's Prime Minister Benjamin Netanyahu's new right-wing coalition and its proposed judicial changes to reduce powers of the Supreme Court in Tel Aviv, Israel February 18, 2023. The marches have attracted huge crowds on a weekly basis since early January, when Prime Minister Benjamin Netanyahu's government took aim at the Supreme Court. "Here I am, in my armor and my shield, doing my best," said Daniel Guytsabary, 28, amid a crowd that filled a Tel Aviv thoroughfare. Proponents say the Supreme Court needs to be reined in from overreaching into the political sphere. "I'm determined to complete the legislation," Justice Minister Yariv Levin said in an interview with Channel 13 on Saturday.

☆ Analysis: Kremlin moves to rein in Russian mercenary boss Prigozhin
▼ + stars: | 2023-02-13 | by ( Andrew Osborn | ) www.reuters.com time to read: +7 min

"The position of the (Kremlin) political bloc is not to let him into politics. Prigozhin told a Russian interviewer on Friday that he had "zero" political ambitions. Markov, who described Prigozhin as extremely confrontational, said he believed Putin had told Prigozhin to halt public criticism of the top brass at a St Petersburg meeting around Jan. 14. It advised recipients to stop mentioning Prigozhin or Wagner and suggested generic phrases to describe his forces instead. After years of denials, Prigozhin stepped out of the shadows in September to admit he had founded Wagner in 2014.

☆ Apple and Google’s app stores wield ‘gatekeeper’ power and should be reined in, Commerce Department says
▼ + stars: | 2023-02-01 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN —The Biden administration on Wednesday took its biggest swipe yet at app stores run by Apple and Google, with a new report accusing the two tech giants of exercising “gatekeeper” power that has led to “suboptimal” levels of competition in digital markets. In a statement, Apple said its app store has benefited developers and supports hundreds of thousands of jobs. In the past, Apple has argued that its control over iOS app distribution helps promote users’ privacy and security. Many of the report’s recommendations echo provisions in federal legislation that received bipartisan support last Congress, but that failed to become law. The findings had been informed by public comments submitted to the Department in the months leading up to the report.

☆ Big oil can be lean and not mean
▼ + stars: | 2023-01-31 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

The $460 billion firm said on Tuesday that it earned $13 billion in the fourth quarter, while Chevron said last week it earned over $6 billion. Oil demand growth has peaked, and may start to decline soon, according to BP’s 2023 Energy Outlook released on Monday. It’s conceivable both could have more cash than debt at the end of the year if the price of oil rises. Big oil can be lean, but not mean. The oil company retired $7.2 billion of debt in 2022.

[1/3] A 3D printed Google logo is placed on the Apple Macbook in this illustration taken April 12, 2020. Apple Inc (AAPL.O), which is steadily growing its nascent advertising business and promoting it as privacy-focused, could be a winner if Google ads become less effective, said Brian Mandelbaum, chief executive of marketing firm Attain. With more options besides Google, publishers will have more transparency over how much they can sell ad space for, and could end up paying less in fees, Mandelbaum said. If Google loses access to data signals, advertisers could see their Google ads become less effective, said Nikhil Lai, senior analyst at research firm Forrester. While the lawsuit settled, the fight is credited with opening the way for other internet innovators, like Google itself.

"If prices keep increasing, rural consumers will move towards smaller pack sizes since there's a strain on wallets," said Alok Shah, a consumer analyst at India's Ambit Capital. Shah said poorer rural consumers could move to cheaper locally-made products instead of those produced by Unilever. HUL, the biggest consumer company in India by sales, said last January that demand in rural India - where average incomes are lower than urban areas - had begun to slow as prices rose. Unilever did not respond to questions on how much of its revenues come from rural consumers. HUL Chief Executive Sanjiv Mehta said, however, the company had begun seeing signs of a pick up in rural sales as inflation eases and farm incomes rise again.

☆ I used a 'light hypnosis' app for a month. It helped my productivity, but I was more blown away by what it did to my downtime.
▼ + stars: | 2023-01-22 | by ( Julie Peck | ) www.businessinsider.com time to read: +8 min

Julie Peck is a freelancer who was having trouble focusing on tasks, so she tried the app BrainTap. Similar audio programs are available for free on YouTube and Spotify, as well as on rival meditation apps like Insight Timer, Sacred Acoustics, and EquiSync. BrainTap app screenshot. Screenshot of different modules on BrainTap app. I've listened to the focus programs first thing in the morning, during the afternoon, and at the end of the day.

Layoffs have been hitting the ad industry as marketers trim spending amid a softening economy. Insider is tracking which ad and marketing companies have laid off staffers, and how many. Layoffs have been hitting the ad industry since early this year as marketers reined in their spending over growing economic concerns. Marketing is typically the first expense companies cut in downturns and times of uncertainty, and the industry's biggest trend forecasters have revised down their estimates for global ad revenue growth next year. Insider is tracking which companies across the ad industry are cutting staff and how many.

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