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☆ Company executives are speaking out on Election Day: Starbucks' Howard Schultz calls for a peaceful transition of power
▼ + stars: | 2024-11-05 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +9 min

Business leaders are speaking out on Election Day — including Starbucks founder Howard Schultz. AdvertisementElection Day has finally come, and executives at some of the biggest companies are speaking out — with former Starbucks CEO Howard Schultz urging a peaceful transition of power and Elon Musk reiterating his support for Donald Trump to the end. Major players like Musk and Blackstone CEO Stephen Schwarzman have previously endorsed former President Trump. "Once every vote is counted and certified, we must accept the results of the election and ensure the peaceful transition of power," he said. In addition to re-posting several pro-Trump messages from other X users, Musk wrote a few election-related posts of his own.

Persons: Howard Schultz, Schultz, Elon Musk, Reid Hoffman, Harris, —, Donald Trump, Stephen Schwarzman, Trump, Mark Cuban, Kamala Harris, Insider's Bryan Metzger, he's, Howard Schultz Howard Schultz, Spencer Platt, Joe Biden, Hillary Clinton, Reid Hoffman Reid Hoffman, Kimberly White, Hoffman, " Hoffman, Marc Piasecki, Musk, Joe Scarborough, Vinod Khosla Vinod Khosla, Steven Ferdman, Vinod Khosla, Kamala, Khosla, Robert F, Kennedy Jr, Cantor Fitzgerald, Howard Lutnick Howard Lutnick, ANGELA WEISS, Howard Lutnick, Lutnick, Palmer Luckey Palmer Luckey, Oculus, Patrick T, Fallon, Palmer, Luckey, Walz, Andrew Bosworth, JOSH EDELSON, Getty Andrew Bosworth, Bosworth, Eli Lilly, Lockheed Martin, General Mills, Johnson Organizations: Starbucks, Trump, Service, Blackstone, Getty, LinkedIn, Greylock Partners, Liberty, SpaceX, Elon Musk Elon, Tesla, Pennsylvania, Billionaire, Sun Microsystems, Wall Street, Philadelphia Inquirer, Financial Times, Bloomberg, Anduril Industries, Meta, Big Tech, National Association of Manufacturers, General Motors, Penske, Panasonic Locations: Jerusalem, Fortnite, AFP

☆ Amazon gets FAA approval for new delivery drone as it begins tests in Arizona
▼ + stars: | 2024-11-05 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

The agency granted a similar waiver for Amazon's Prime Air program in May, though that was limited to flights in College Station, Texas, one of the cities where it has been conducting tests. Alongside the FAA approval, Matt McCardle, head of regulatory affairs for Prime Air, said the company is starting to make drone deliveries Tuesday near Phoenix, Arizona. Prime Air encountered regulatory hurdles, missed deadlines and had layoffs last year, coinciding with widespread cost-cutting efforts by CEO Andy Jassy. In response, Amazon executives told residents the company would identify a new drone delivery launch site by October 2025. WATCH: How Amazon's drone delivery program stacks up to competitors

Persons: Matt McCardle, Amazon, Jeff Bezos, Andy Jassy, David Carbon, It's Organizations: Amazon, Federal Aviation, Amazon's Prime Air, College Station ,, Prime Air, Air, FAA, Boeing, CNBC, Wing, Google, Walmart Locations: College Station, College Station , Texas, Phoenix , Arizona, Tolleson, Phoenix, Lockeford , California, College

☆ Here are Tuesday's biggest analyst calls: Apple, Microsoft, Palantir, Eli Lilly, Broadcom, Krispy Kreme, Live Nation & more
▼ + stars: | 2024-11-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Morgan Stanley reiterates Live Nation as overweight Morgan Stanley raised its price target on the stock to $140 per share from $120. Bank of America reiterates Apple as buy Bank of America says it sees "limited" impact to Apple earnings regardless of the Presidential outcome. Bank of America reiterates Palantir as buy The firm says Palantir is an AI "juggernaut" following earnings on Monday. Bank of America reiterates Arista Networks as buy Bank of America says it sees share gains ahead for the networking equipment company. Morgan Stanley reinstates Krispy Kreme as equal weight Morgan Stanley says Krispy Kreme has a balanced risk/reward right now.

Persons: Morgan Stanley, it's bullish, Eli Lilly, Palantir, Bernstein, Eaton, Deutsche, there's, Jefferies, Rick Dreiling, MTZ, Morgan Stanley reinstates Krispy, Krispy Kreme Organizations: Bank of America, Boeing, JPMorgan, RBC, Microsoft, " Bank of America, Broadcom, Apple, Republicans, Arista Networks, Arista, Meta, Deutsche Bank, eBay, Barclays, Energy, Infrastructure, Communications, Resources, IDA Locations: San Antonio, Redmond , WA

☆ Yum Brands earnings miss estimates as KFC, Pizza Hut report same-store sales declines
▼ + stars: | 2024-11-05 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Yum Brands on Tuesday reported quarterly earnings and revenue that missed Wall Street's expectation as same-store sales at KFC and Pizza Hut slid more than expected. Yum's worldwide same-store sales fell 2% in the quarter, dragged down by weaker performances at KFC and Pizza Hut, which both reported same-store sales declines of 4%. KFC's U.S. same-store sales slid 5% this quarter. The pizza chain saw its international same-store sales shrink 6%, while U.S. same-store sales fell just 1%. Taco Bell, the gem of Yum's portfolio, reported same-store sales growth of 4%.

Persons: Yum, David Gibbs, Popeyes, Taco Bell Organizations: Yum Brands, KFC, LSEG, KFC's, U.S Locations: China, U.S

☆ Google curbs politics discussion among employees on U.S. Election Day
▼ + stars: | 2024-11-05 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

Google has been moderating and removing employees' internal election-related conversations, CNBC has learned. Despite the warnings, employees continued posting memes related to the election and criticizing the company's policies on Tuesday. The most recent leadership guidance shows the company is taking expanded action to temper internal political discussions. That includes through the company's Google Search, Google News and YouTube services. Google briefly shut down an internal message board this March after employees posted comments about the company's Nimbus contract.

Persons: Sundar Pichai, Pichai, Donald Trump Organizations: Google, CNBC, Tuesday's, Monday, YouTube, Republican, Amazon, U.S . National Labor Board Locations: Tuesday's U.S, U.S

☆ AstraZeneca shares fall on report of potential China probe fallout
▼ + stars: | 2024-11-05 | by ( ) www.cnbc.com time to read: +2 min

The Astrazeneca logo is pictured at the World Artificial Intelligence Conference 2021 in Shanghai, China, July 7, 2021. "As a matter of policy, we do not comment on speculative media reports including those related to ongoing investigations in China," AstraZeneca said. "If requested, we will fully cooperate with the Chinese authorities," the company added and said that its operations and delivery of medicines were ongoing in China. AstraZeneca is one of the biggest multinational drugmakers in China, which accounts for 13% of its overall revenue. In 2022, Chinese authorities had summoned AstraZeneca officials over an investigation of suspected medical insurance fraud by its employees, and had ordered that the drugmaker tighten its marketing activities.

Persons: Leon Wang, Wang, AstraZeneca Organizations: Astrazeneca, Artificial Intelligence, AstraZeneca, country's pharma Locations: Shanghai, China, Swedish

☆ Netflix gaming exec reveals a new AI role after the shutdown of a buzzy games studio and layoffs
▼ + stars: | 2024-11-04 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Mike Verdu, Netflix's former games chief, is now leading AI-driven game development. Netflix's games division, launched in 2021, has faced shifts and leadership changes. AdvertisementMike Verdu, Netflix's former games chief, has moved into a new role: he's now leading a generative AI gaming division at the streaming giant. Netflix launched a games division in 2021. He wrote that after Netflix games started to scale up, he recognized his strength was in running smaller teams.

Persons: Mike Verdu, —, he's, Verdu, he'd, Alain Tascan, Greg Peters, Netflix's, there's, We've, Verdu didn't Organizations: Service, LinkedIn, Netflix, Epic Games

☆ HPE CEO tells BI why he's redoubling DEI initiatives as some companies waver
▼ + stars: | 2024-11-04 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

Hewlett Packard Enterprise CEO Antonio Neri prioritizes diversity, equity, and inclusion. AdvertisementHewlett Packard Enterprise CEO Antonio Neri started his career at the company as a "Customer Service Engineer" in a call center nearly 30 years ago. Neri said he addresses DEI initiatives at the company in internal quarterly leadership discussions and company surveys multiple times a year. The CEO role has changedThe 57-year-old CEO wants a diverse workforce that stays with the company and moves up the ranks. If you're sitting on the sideline, that means you're you're not contributing your best," he said.

Persons: Antonio Neri prioritizes, John Deere, —, Antonio Neri, " Neri, HPE, Harley Davidson, Neri, He's, it's, Meg Whitman, he's Organizations: Hewlett Packard Enterprise, Microsoft, Service, Hewlett, Enterprise, Business, HP, Partners, eBay Locations: Kenya

☆ Striking Boeing machinists vote on union-backed contract proposal, this time with a warning
▼ + stars: | 2024-11-04 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Boeing workers from the International Association of Machinists and Aerospace Workers District 751 gather on a picket line near the entrance to a Boeing production facility on the day of a vote on a new contract proposal during an ongoing strike in Renton, Washington, U.S. October 23, 2024. Boeing 's more than 32,000 striking machinists on Monday will vote for the third time on a contract proposal. The proposal includes 38% raises over four years, up from the 35% increase Boeing proposed and workers rejected late last month, extending the strike. Boeing said machinist pay will average $119,309 at the end of this contract proposal. But the union, upon unveiling the proposal last Wednesday, warned this deal might be as good as workers are going to get.

Organizations: International Association of Machinists, Aerospace Workers, Boeing, Workers Locations: Renton , Washington , U.S, Seattle

☆ Palantir shares surge on rosy revenue outlook
▼ + stars: | 2024-11-04 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Palantir shares jumped 13% in extended trading on Monday after the data analytics software maker reported robust third-quarter results and revenue guidance. With respect to guidance, Palantir called for fourth-quarter revenue of $767 million to $771 million. It now sees $2.805 billion to $2.809 billion, compared with $2.742 billion to $2.750 billion in August. The company is targeting over $687 million in U.S. commercial revenue for the year, implying about 24% of the total. As of Monday's close, Palantir shares were up 141% in 2024, while the tech-heavy Nasdaq had gained 21%.

Persons: Alex Karp, Palantir, Karp, LSEG, StreetAccount, Joe Lonsdale Organizations: Palantir, Bloomberg, P Global, Nasdaq, Musk Locations: Palo Alto , California, U.S, United States, Europe

☆ Labor strikes shut down operations at Canada's container ports from East to West Coast, with U.S. trade left in limbo
▼ + stars: | 2024-11-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Key ports on Canada's West Coast, including its largest container port in Vancouver and the Port of Prince Rupert, were shut down by a labor strike on Monday. According to the Greater Vancouver Board of Trade, $800 million in trade flows through West Coast ports every day. Montreal processes 40% of all East Coast container traffic. Approximately $572 million in container trade arrives daily in the U.S. from Canada, according to U.S. Census data. A temporary loss of the Canadian West Coast trade gateway could push carriers to discharge import cargo along the already strained U.S. West Coast, said Alan Baer, CEO of OL USA, further increasing the dwell time of containers and elongating overall transits.

Persons: of Prince Rupert, Vancouver and Prince Rupert, Prince Rupert, Eric Byer, Paul Brashier, Alan Baer, Steve Lamar, Frank Morena, Steven MacKinnon Organizations: Greater, Greater Vancouver Board of Trade, Local, Port, Canadian Union of Public Employees, U.S . Department of Transportation, Alliance for Chemical, Canadian Pacific Kansas City, Canadian National Railway, Logistics, International, Warehouse Union of Canada, ITS Logistics, East, Canadian West, USA, U.S ., American Apparel and Footwear Association, British Columbia Maritime Employers Association, Federal Mediation, Conciliation Services, Canada, ILWU, U.S, Canadian Labor Locations: West Coast, Vancouver, of, Foreman, Greater Vancouver, U.S, Port of Montreal, Montreal, United States, of Vancouver, Canada, Canadian West Coast, Port, Midwest, Asia, U.S . West Coast, Los Angeles, Long Beach , California, British Columbia, American, British, East Coast

☆ How news outlets are bracing for an election night cliffhanger
▼ + stars: | 2024-11-03 | by ( Hadas Gold | ) edition.cnn.com time to read: +8 min

As polls show a dead heat between former President Donald Trump and Vice President Kamala Harris in the final days of the race, news outlets are preparing an anxious nation for the likelihood that election night will stretch into an election week. Most major media outlets around the country rely on a handful of organizations to crunch the numbers and make race calls. “We’re also going to be really transparent about why we may not be able to call a race,” Pace said. In 2020, Joe Biden was not declared the winner of the presidential election until Saturday, several days after election night. While Biden went on to carry the state by roughly 10,000 votes, the network came under assault from Trump and his allies, who blasted the right-wing network’s election night projection.

Persons: Donald Trump, Kamala Harris, Julie Pace, ” Pace, Elon Musk, “ We’re, “, Pace, Joe Biden, Trump, ”, David Chalian, ” Chalian, Chalian, Biden, Arnon Mishkin, Axios, ” Mishkin, Scott Tranter, Tranter, ” Tranter, there’s Organizations: New, New York CNN, Associated Press, AP, “, CNN, Trump, Capitol, ” CNN, ABC, CBS, NBC, Edison Research, Fox News, Scripps Locations: New York, Pennsylvania, Arizona, South Florida, Washington ,

☆ The world is about to get some much-needed clarity on the US economy’s future
▼ + stars: | 2024-11-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

One bit of clarity they’re sure to get: The Federal Reserve’s latest interest rate decision, due to be announced Thursday. The Fed lowered borrowing costs in September for the first time in more than four years while signaling additional rate cuts. But a slew of economic figures have been released since the decision, which is important because the Fed’s decision are guided by what those figures show. Investors are betting with near certainty that the Fed will deliver a quarter-point cut, according to futures. Lower rates could entice home buyers to come off the sidelines, and for businesses it could continue plans that have “baked in” lower rates.

Persons: Kamala Harris, Donald Trump, Jerome Powell’s, America’s, Harris, Harris ’, ” “, Lawrence Yun, ” Yun, they’re, It’s Organizations: Washington CNN, Federal, Fed, The Wall Street, US, Trump, Federal Reserve, Duke University, Institute for Supply, National Association of Realtors

☆ Why flights to Europe are the cheapest they've been in years
▼ + stars: | 2024-11-03 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A tourist takes a photo as the Acropolis’ Propylaea are seen in the background, in Athens, Greece, on June 28, 2024. Flights between the U.S. and Europe have not been this cheap in three years, when many countries were just lifting Covid-19 era rules. According to flight-tracking company Hopper, "good deal" fares across the Atlantic to Europe are averaging $578 in November, down from $619 a year earlier. Many airlines from financially troubled Spirit Airlines to profitable Southwest Airlines have cut flights or trimmed growth plans into next year, which has helped keep U.S. fares firm. Aircraft scarcity is also limiting airlines from adding many flights.

Persons: Brett Snyder, Hopper Organizations: U.S, Airlines, Southwest Airlines, Delta Air Lines, United Airlines, American Airlines Locations: Athens, Greece, Europe, Hopper .

More than 750 job seekers shared their frustrations trying to find work recently. AdvertisementMore than 750 Americans between the ages of 18 and 76 who have recently struggled to find work shared their experiences with Business Insider. Through emails and an online form, readers shared stories of fierce competition for white-collar roles and lower-paying gigs alike. Over three dozen respondents said they pulled from their 401(k) or IRAs to stay afloat. Meanwhile, some executives with 30 years of experience said their credentials may have prevented them from getting interviews for lower-paying white-collar roles.

Persons: —, Zers, millennials, Scott Fite, he'll, Fritz Boyle, he's, hasn't, Boyle, haven't, Aaron Terrazas, they're, Chris Jorgensen, it's, Stephanie Allen, they've, Sean Tetpon, Tetpon, I'm Organizations: Service, Business, SNAP, of Labor Statistics, BLS, Bureau of Labor Statistics, didn't, IBM, University of Idaho Locations: Americas, Pennsylvania, Portland , Oregon, Utah, Maryland

☆ Companies brace for Tuesday: Mentions of election surge on earnings conference calls
▼ + stars: | 2024-11-02 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

Octavio Jones | ReutersExecutives at America's largest companies are talking publicly with investors about the presidential election more so than in recent cycles. The word "election" came up on 100 earnings calls of S&P 500 -listed firms between Sept. 15 and Oct. 31, according to FactSet. The U.S. presidential election is Tuesday Nov. 5. 'Prudent' clientsMultiple companies cited a feeling of unpredictability tied to the presidential race among consumers and business clients. To be sure, some of the "election" mentions this year were tied to unrelated events like enrollment periods for health care.

Persons: Blythe Andrews , Jr, Octavio Jones, Kamala Harris, Donald Trump, Richard Tobin, FactSet, John Butters, Harris, Trump, Harry Lawton, Hurricanes Helene, Andrew Watterson, Michael Bayley, Gary Hershorn, Stanley Black, Decker, Donald Allan, Decker's Allan, William Grogan, Jon Vander Ark, Eric Ashleman, hasn't, Nonfarm payrolls, Equifax, Mark Begor, Stephen Squeri, we've, Mark Parrell Organizations: Public, Reuters, America's, CNBC, U.S, Dover, Tractor Supply, Hurricanes, Southwest Airlines, Royal, Hollywood International Airport, Corbis, Republican, Republic, Boeing, Tyler Technologies, American Express, Equity Locations: Tampa , Florida, U.S, Milton, Royal Caribbean, Fort Lauderdale, Fort Lauderdale , Florida, America, China

☆ OpenAI's former head of 'AGI readiness' says that soon AI will be able to do anything on a computer that a human can
▼ + stars: | 2024-11-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Brundage was a key figure in AGI research at OpenAI. He was also responsible for some of OpenAI's biggest safety research innovations, including external red teaming, which involves bringing outside experts to look for potential problems in the company's products. AdvertisementBrundage said his departure, at least, was not motivated by specific safety concerns. "I'm pretty confident that there's no other lab that is totally on top of things," he told Hard Fork. He told Hard Fork that he still stands by the decision and elaborated on why he left.

Persons: Miles Brundage, OpenAI, Brundage, —, we're, John Schulman, AGI, Dario Amodei, Anthropic Organizations: Service, AGI

☆ Morgan Stanley has a new innovation chief. Expect more OpenAI-like partnerships.
▼ + stars: | 2024-11-02 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

AdvertisementWhen Morgan Stanley and OpenAI announced their blockbuster partnership at the beginning of 2023, it signaled a competitive advantage for the Wall Street bank. Morgan Stanley, since then, has co-developed a handful of generative AI tools with the AI powerhouse for its lucrative wealth-management business. Morgan Stanley is far from the only financial firm using OpenAI. In his new role, Manahan oversees the bank's innovation council, which launched at the beginning of the year. The council is dedicated to identifying the bank's technology focuses.

Persons: Sean Manahan, Morgan Stanley's, —, Morgan Stanley, OpenAI, Andy Saperstein, Jeff McMillan, Manahan, Morgan Stanley execs Organizations: Service, York, Tech, Big Tech, Morgan Locations: Silicon Valley, Manhattan, Manahan, New York

☆ Google employees pressure costumed execs at all-hands meeting for clarity on cost cuts
▼ + stars: | 2024-11-01 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

Alphabet executives, donning Halloween costumes, faced questions from concerned employees at an all-hands meeting on Wednesday, following comments on the company's earnings call suggesting that more cost cuts are coming. "There is a reality to it," said Brian Ong, vice president of Google recruiting, according to a recording of the meeting reviewed by CNBC. Ashkenazi said one of her key priorities in the new role would be to make more cuts as Google expands its spending on artificial intelligence infrastructure in 2025. Google has been restructuring its workforce to move more quickly in the AI arms race, where it faces increased competition. Within Google, employees have expressed concern that the company is preparing for more layoffs, possibly after the end of the year, according to internal correspondence viewed by CNBC.

Persons: Brian Ong, Ong, Anat Ashkenazi, Ruth Porat, Jeff Dean, Ashkenazi, Reggie Miller, Sundar Pichai, That's Organizations: Google, CNBC, Indiana Pacers, Amazon Locations: Silicon Valley

☆ Dozens of Goldman Sachs executives are about to get the call of a lifetime
▼ + stars: | 2024-11-01 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

Goldman Sachs is gearing up to name a new class of partners. AdvertisementAs soon as next week, several dozen Goldman Sachs employees will receive the honor of a lifetime: being named a partner at the prestigious Wall Street bank. "Making partner at Goldman Sachs is a rigorous and competitive process," Tony Fratto, Goldman's head of communications, said in a statement. They can also help direct the bank's philanthropic spending through Goldman Sachs Gives, which the company says has granted $2.5 billion to more than 10,000 nonprofits. Are you a Goldman Sachs insider?

Persons: Goldman Sachs, —, Goldman, David Solomon, Paul Argenti, Morgan Stanley, Tony Fratto, you've, I've, gravitas Goldman, Argenti, they've, Solomon, dealmaking, Goldman's, Russell Horwitz, Reed Alexander Organizations: Service, CNBC, Dartmouth College, Citigroup, Bank of America, Partners, Goldman, Financial, Reading, Investment, BI Locations: New York, London

☆ Dozens of Goldman Sachs executives are about the get the call of a lifetime
▼ + stars: | 2024-11-01 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Goldman Sachs is gearing up to name a new class of partners. AdvertisementAs soon as next week, several dozen Goldman Sachs employees will receive the honor of a lifetime: Being named a partner of the prestigious Wall Street bank. Advertisement"Making partner at Goldman Sachs is a rigorous and competitive process," Goldman spokesperson Tony Fratto said in a statement. They can also help direct the bank's philanthropic spending through Goldman Sachs Gives, which the company says has granted $2.5 billion to more than 10,000 nonprofits. Are you a Goldman Sachs insider?

Persons: Goldman Sachs, —, Goldman, David Solomon, Paul Argenti, Morgan Stanley, Tony Fratto, you've, I've, gravitas Goldman, Argenti, they've, Solomon, dealmaking, Goldman's, Russell Horwitz, Reed Alexander Organizations: Service, Dartmouth College, Citigroup, Bank of America, Goldman, Financial, Partners, Reading, BI Locations: New York, London

☆ Higher taxes will make it harder for Britain to build 'the next Nvidia,' tech execs say
▼ + stars: | 2024-11-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

The lower capital gains tax rate was increased to 18% from 10%, while the higher rate climbed to 24% from 20%. Reeves said the increases will help bring in £2.5 billion ($3.2 billion) of additional capital to the public purses. Still, Reeves said the U.K. would still have the lowest capital gains tax rate of any European G7 economy. watch nowReeves announced that the rate of tax on carried interest, which is charged on capital gains, would rise to 32%, up from 28% currently. She nevertheless urged the government to look seriously at mandating that pension funds diversify their allocation to riskier assets like venture capital — a common ask from VCs to boost the U.K. tech sector.

Persons: Rachel Reeves, Reeves, BADR, Paul Taylor, Taylor, Haakon Overli, Dawn Capital, Overli, Anne Glover, Glover, Clarity, Steve Hare, Sage, Sean Reddington, Reddington Organizations: Labour Party Conference, ACC Liverpool Convention Center, Anadolu, Getty, LONDON, Labour, CGT, National Insurance, Unicorn Council, Nvidia, Dawn, NVIDIA, Amadeus Capital, Wealth, Norway's, Fund Global, Saudi Arabia's Public Investment Fund Locations: Liverpool, British, Britain, VCs

☆ 5 reasons BYD is surging ahead after eclipsing Tesla's quarterly sales for the first time
▼ + stars: | 2024-11-01 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

The Chinese EV giant said in its third-quarter earnings on Wednesday it had surpassed Tesla's revenues from EV sales for the first time. Executives have said they want half of BYD's sales to come from abroad in the future. Unlike its rival, Tesla, BYD also offers a selection of hybrid vehicles, which are popular in China. Some 311,000 of the 500,000 passenger vehicles BYD sold in October were hybrids, with hybrid sales rising by 62% year-on-year. JADE GAO/AFP via Getty ImagesBYD has sold nearly two million hybrid vehicles this year.

Persons: BYD, Elon Musk, —, Tesla, Elon, GAO, Dylan Khoo, Stella Li, MotorTrend, Axel Schmidt, David Bailey Organizations: EV, Service, BYD, Getty, Mercedes, BMW, China, ABI Research, University of Birmingham Locations: China, Costfoto, Mexico, Brazil, Americas

☆ Gwyneth Paltrow's Goop undergoes second round of layoffs in two months
▼ + stars: | 2024-11-01 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

Gwyneth Paltrow's lifestyle brand Goop conducted another round of layoffs, Business Insider learned. AdvertisementGwyneth Paltrow's Goop has conducted its second round of layoffs in as many months, Business Insider has learned. Goop Beauty revenue is up 21% over last year, and G. Label revenue is up 45%, she said. Earlier this year, the company hired consultants from a company called WestView to streamline business, the company told BI. These include in-house clothing brand G. Label, beauty lines Goop Beauty and Good Clean Goop, and delivery-only Goop Kitchen restaurants.

Persons: Gwyneth Paltrow's, —, Gwyneth Paltrow's Goop, Goop, Lauren Johnston, Gwyneth Paltrow, Paltrow, WWD, Felix Capital, you've, I've, It's Organizations: Business, Service, NEA, Lightspeed Venture Partners, Forbes, Netflix Locations: WestView

☆ China’s manufacturing output swings back into expansion in October, private survey finds
▼ + stars: | 2024-11-01 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Workers assemble at a workshop of an equipment manufacturing enterprise in Yunmenshan Street, Qingzhou city, East China's Shandong province, Aug. 9, 2023. China's factory activity swung back into expansion among smaller manufacturers in October, according to a private survey released on Friday. The Caixin/S&P Global manufacturing PMI came in at 50.3 in October, beating the median estimate of 49.7 in a Reuters poll. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to contraction. This private gauge, which focuses on smaller and export-oriented firms, comes after the official PMI data, released Thursday, indicated that manufacturing activity in the country expanded for the first time since April.

Organizations: P Global, PMI Locations: Yunmenshan, Qingzhou city, East China's Shandong

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