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☆ When Ruthless Cultural Elitism Is Exactly the Job
▼ + stars: | 2023-11-12 | by ( David Marchese | ) www.nytimes.com time to read: +13 min

Talk When Ruthless Cultural Elitism Is Exactly the JobI wonder if any of the many literary greats represented by Andrew Wylie ever considered using his story. I don’t think that’s ever happened. I think that’s the wrong way to look at it. Do you think that’s a phony attitude? Is there some defense of cultural elitism that you want to make?

Persons: Andrew Wylie, Wylie, scalawag, Andy Warhol’s, Philip Roth, Saul Bellow, Martin Amis, John Updike, Borges, Calvino, Sally Rooney, Salman Rushdie, Karl Ove Knausgaard, Wylie’s, ’ backlists, ”, understatedly, It’s, I’ve, Jesus, Andrew, Gerard Malanga, I’m, doesn’t, it’s, I’ll, “, You’ve, Robert Frank, Allen Ginsberg, “ Don Quixote ”, that’s, what’s, you’re, Orhan Pamuk, Italo Calvino, Naipaul, Nabokov, accrues, We’re, David Marchese, Alok Vaid, Menon, ordinariness, Joyce Carol Oates, Robert Downey Jr Organizations: Houghton, Paul’s, Harvard, New York Times, Harvard Business School, Getty, Disney, Marvel Locations: Houghton Mifflin, St, New York

☆ Cramer's Lightning Round: Uber is a buy
▼ + stars: | 2023-11-10 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Advanced Micro Devices' year-to-date stock performance. Stock Chart Icon Stock chart icon Teladoc's year-to-date stock performance. Stock Chart Icon Stock chart icon EQT's year-to-date stock performance. Uber : "[Buy, buy, buy!] Stock Chart Icon Stock chart icon SoFi's year-to-date stock performance.

Persons: Howard Hughes, Jim Cramer's Organizations: Devices, Palo Alto Networks Locations: DoorDash

To studio executives who negotiated with the SAG-AFTRA president, the former star of "The Nanny" prolonged a strike while she relished her high-profile role. As president of the 160,000-member SAG-AFTRA union, Drescher won widespread praise from performers for her tenacity in fighting for better wages and protections against the rising threat of artificial intelligence technology. Drescher framed her actions as part of a broader labor movement battling Corporate America, where, in her view, executives place Wall Street's approval and their own compensation ahead of the welfare of workers. Studio executives, who declined to criticize Drescher publicly to avoid inflaming labor talks, said the 66-year-old Drescher delivered similar unvarnished critiques to industry leaders during closed-door negotiations. "Her interest as the union president is to see all performers, from background to the top 2%, succeed in a vibrant industry for the next century and beyond."

Persons: Fran Drescher, Duncan Crabtree, Fran Fine, Drescher, Kate Bond, Jill Morgan, AFTRA, Wall, Norma Rae, Ivy Kagan Bierman, Loeb & Loeb, Shari Belafonte, Belafonte, Bob Iger, Ted Sarandos, Kimberly Westbrook, Fran, Westbrook, Justine Bateman, Alex Plank, Bobby Cannavale, Robert De Niro, Ezra, She's, Plank, Dawn Chmielewski, Lisa Richwine, Mary Milliken, Rosalba O'Brien, Gerry Doyle Organizations: SAG, Writers Guild of America, Hollywood, Netflix, Broadway, CBS, Corporate America, Loeb &, NBC, Walt Disney, Amazon Studios, Thomson Locations: Los Angeles , California, U.S, ANGELES, Queens, Ireland

☆ Some Tesla workers say they'd never work in a unionized factory, even as Ford and GM workers are set to get a major pay boost
▼ + stars: | 2023-11-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

While Elon Musk has spoken out against unions, a major Tesla factory reportedly has a UAW organizing committee that's speaking with workers. Some Tesla workers say they wouldn't join a unionized company and predicted the UAW would struggle to find footing at Tesla. AdvertisementAdvertisementThe United Auto Workers might have set its sights on Tesla, but some workers at the EV company told Insider they'd be hard-pressed to join a union. Even before the 36-day strike, Ford and GM already spent over $20 more per hour on factory workers than Tesla, according to analysts. Still, other workers told Insider they wouldn't jump ship even for a better pay package at a unionized company.

Persons: Elon Musk, —, Shawn Fain, Tesla, Musk, they'd, Metall, Marquard, it's, you've, Fain, Elon Organizations: UAW, Tesla, Service, United Auto Workers, EV, Detroit automakers, Ford, General Motors, GM, Fremont, Elon Musk's, National Labor Relations Board, Buffalo New, NLRB, Bloomberg, Workers Locations: Fremont, California, Buffalo New York, rehire, company's Brandenburg, Tesla, Tesla's

☆ ‘You Can’t Hide It’: Georgette Heyer and the Perils of Posthumous Revision
▼ + stars: | 2023-10-30 | by ( Alexandra Alter | More About Alexandra Alter | ) www.nytimes.com time to read: +1 min

Georgette Heyer, one of the most popular and influential romance authors of all time, was not a romantic when it came to her work. “I ought to be shot for writing such nonsense,” she once declared in a letter to her publisher. Among her ardent fans, though, she remains revered as the Queen of Regency Romance, a subgenre she essentially created and popularized. Her intricately researched historical narratives are still widely read nearly 50 years after her death; Julia Quinn, whose Regency romance series “Bridgerton” spawned the hit Netflix series, called her “the original.”To date, Heyer’s books have sold around 20 million copies. But some readers have questioned her enduring popularity in light of offensive ethnic and antisemitic stereotypes that occasionally appeared in her work.

Persons: Georgette Heyer, “, Julia Quinn, ”, moneylender, Goldhanger Locations: leer

Texas Rangers fans are hoping the slugger Adolis Garcia can blast the franchise to its first World Series title. Arizona supporters know the Diamondbacks need to continue being greedy on the basepaths if they’re to capture a second championship. More than 70.7 million people attended a regular-season game, a nearly 10 percent increase over last season. That was the highest percentage of growth in 30 years, and the league recorded record revenue in merchandise and sponsorship sales. Major League Baseball estimates that the rule changes resulted in a $500 million increase in its revenue.

Persons: Adolis Garcia Organizations: Texas Rangers, Diamondbacks, Major League Baseball Locations: Arizona

☆ A time-honored investing strategy is under pressure. But don’t panic
▼ + stars: | 2023-10-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —An age-old investing strategy is losing its shine, but investors aren’t ready to cast it aside. Common wisdom suggests that when investors are fearful, stock prices tend to fall, and bond prices rise as people seek safer investments. When yields rise, bond prices fall, and Treasuries have been sinking in recent months. Those are characteristics of the perfect storm that sent the 60-40 portfolio nosediving in 2022. The 60-40 portfolio shed roughly 17% last year, its worst performance since 2008, according to data from Vanguard.

Persons: Bonds, Stocks, ”, Amy Arnott, Jerome Powell, Brian Henderson, Henderson, Chris Isidore, Marlon Pando, White Lotus, Alicia Wallace, — Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Vanguard, Morningstar, Treasury, BOK Financial, Auto, United Auto Workers, General Motors, Ford, GM, Wednesday, Disney Locations: New York, New Jersey, United States

☆ Fact Check: Video of Joe Biden calling for a military draft was created with AI
▼ + stars: | 2023-10-19 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

You are sending them to freedom.”A history of the Selective Service System in the United States, also known as “the draft,” can be seen on the government agency's website. The original clip shows Biden speaking about the cost of insulin. Biden’s hand movements match when comparing frames taken from the White House video and screenshots from the altered video. A spokesperson for the White House did not immediately respond to a Reuters request for comment. The White House posted the original, unedited video in December 2021 when Biden spoke on the cost of insulin.

Persons: Joe Biden, Biden’s, trillions, Biden, Jack Posobiec, Read Organizations: Service, Selective Service, Facebook, Hamas, Twitter, Biden, White House, YouTube, White, Reuters, Thomson Locations: United States, Israel

Athletics reliever Trevor May ripped Oakland owner John Fisher and implored him to sell the franchise while announcing his retirement Monday in an empassioned video message. ... Sell it, man,″ May said in a video posted on his Twitch stream. Take mommy and daddy’s money somewhere else, dork.”Fisher's parents founded Gap, Inc., and Fisher became majority owner of the A's in 2005. “If you’re going to be a greedy f---, own it,” May said. ... Do what you’re going to do, bro.

Persons: Trevor, John Fisher, “, ″, There’s, ”, Fisher, you’re, haven’t, ___ Organizations: Oakland, Inc, Minnesota Twins, New York Mets Locations: Las Vegas, Bay, Oakland

☆ Apollo may get noodle LBO thrown back in its face
▼ + stars: | 2023-10-12 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

The private equity firm has offered to buy Wagamama owner Restaurant Group (RTN.L) for 701 million pounds including debt. Restaurant Group is an obvious takeover target. And Restaurant Group itself reckons it can crank up its EBITDA margin by as much as 3.5 percentage points by 2026. Apollo could comfortably double its money, assuming it used debt of around 300 million pounds to buy the business, or 3 times 2024 EBITDA. The deal is being undertaken by a special purpose vehicle indirectly owned by Apollo Funds, managed by affiliates of Apollo Global Management.

Persons: Andy Hornby, Frankie, Jefferies, John Wood, Neil Unmack, Oliver Taslic Organizations: Reuters, Restaurant, Irenic Capital, Oasis Management, Apollo Group, Restaurant Group, Apollo Funds, Apollo Global Management, Thomson Locations: Britain

☆ Why Tesla isn’t unionized
▼ + stars: | 2023-10-12 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Tesla workers earn on average about $55 an hour in wages and benefits, compared to $66 to $71 an hour at Detroit’s Big Three, according to industry estimates. In an aerial view, brand new Tesla cars sit in a parking lot at the Tesla factory on October 19, 2022 in Fremont, California. Brendan McDermid/ReutersThe union, Tesla Workers United, filed an NLRB complaint alleging the company illegally fired its supporters. Tesla is one of the most valuable companies in the world, and some production workers have become millionaires from their shares in Tesla, Musk has said. A Tesla Model X is worked on a factory line with Tesla X's and Tesla S's at the Tesla factory on Wednesday, July 18, 2018 in Fremont, Calif. Lea Suzuki/The San Francisco Chronicle/Getty Images“Tesla tries to make it seem like if you’re unionized you’re not going to get stock,” said Bryan Schwartz, a lawyer who has represented Tesla employees in lawsuits against the company, including an ongoing class action lawsuit for racial discrimination.

Persons: New York CNN — Tesla, Tesla, ”, John Logan, Justin Sullivan, Elon Musk, ” Logan, “, Risa Lieberwitz, Lieberwitz, Brendan McDermid, ” Lieberwitz, Musk, “ Musk, Lea Suzuki, “ Tesla, you’re, Bryan Schwartz, Mike Miller, Miller, Shawn Fain, Alain Jocard, Paul Sancya, Elon, ” Fain Organizations: New, New York CNN, United Auto Workers, Ford, General Motors, Tesla, UAW, EV, UAW doesn’t, San Francisco State University, Getty, Workers, Cornell University School of Industrial and Labor Relations, National Labor Relations Board, Companies, Employers, National Labor Relations Act, “, NLRB, Tesla Inc, Panasonic, Tesla Workers United, SpaceX, San Francisco Chronicle, “ Workers, AP, Detroit automakers, CBS Locations: New York, United States, Detroit, Fremont , California, America, unionize, Austin , Texas, Sparks , Nevada, Buffalo , New York, Buffalo, U.S, Tesla, Fremont , Calif, AFP

☆ Capitalize on once-in-a-generation opportunities in the bond market by making these 5 moves now, according to 6 leading fixed income strategists
▼ + stars: | 2023-10-10 | by ( James Faris | ) www.businessinsider.com time to read: +11 min

Yahoo FinanceHowever, six leading fixed income investors are confident that the pain won't last much longer. Michele continued: "I've been doing this since 1981, so I've seen a decade of double-digit bond yields with disinflation. Alex Petrone, the director of fixed income at Rockefeller Asset Management, agreed that it's too soon to write off a recession. Nailing timing helps maximize returns, though fixed income experts said that's difficult because the Fed's policy decisions are unpredictable. Buying Treasuries and municipal coupons on both the long and short ends of the curve are how she recommends playing fixed income.

Persons: Jonathan Mondillo, you've, Bob Michele, Michele, I've, we'll, Federal Reserve —, Robert Robis, Robis, Alex Petrone, it's, Petrone, Mary Daly, David Schiffman, Roger Aliaga, Diaz, Aliaga, Mondillo, Schiffman Organizations: Yahoo Finance, JPMorgan Asset Management, isn't, Federal Reserve, BCA Research, Rockefeller Asset Management, Fed, San Francisco Fed, Aquila Investment Management, Vanguard's Investment, Investment Locations: Scotland, bottoming, Abrdn, Aquila, Treasuries, CCC

☆ Nobel Prize-winning Harvard economist Claudia Goldin: The gender pay gap will 'never' close unless this happens
▼ + stars: | 2023-10-10 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

Claudia Goldin, a Harvard University professor, has spent nearly her entire career investigating what drives the persistent gender gap in the labor market, and how to narrow it. Through her ongoing research, Goldin, 77, has provided the first comprehensive account of American women's earnings and job market outcomes through the centuries, the Nobel committee said in the prize announcement. "We are never going to have gender equality, or narrow the pay gap, until we have couple's equity," Goldin tells CNBC Make It. True equity for dual-career couples remains "frustratingly out of reach," Goldin adds, because of "greedy jobs" and parenting norms. Increasing government funding of child care and the number of high-paying jobs in which people can share duties, rather than burn out, can help narrow the gender pay gap, says Goldin.

Persons: Claudia Goldin, Goldin, she's, it's Organizations: Harvard University, University of Chicago, CNBC

STOCKHOLM, Oct 9 (Reuters) - American economic historian Claudia Goldin won the 2023 Nobel economics prize for her work examining wage inequality between men and women, the Royal Swedish Academy of Sciences said on Monday. "This year's Laureate in the Economic Sciences, Claudia Goldin, provided the first comprehensive account of women's earnings and labour market participation through the centuries," the prize-giving body said in a statement. Goldin, who in 1990 became the first woman to be tenured at the Harvard economics department, is only the third woman to win the Nobel economics prize. "Claudia Goldin's discoveries have vast societal implications," said Randi Hjalmarsson, member of the Economic Prize committee. As with the other Nobel prizes, the vast majority of the economics awards have gone to men.

Persons: Claudia Goldin, Alfred Nobel, Goldin, Hans Ellegren, Claudia Goldin's, Randi Hjalmarsson, Jakob Svensson, Friedrich August von Hayek, Milton Friedman, Paul Krugman, Ben Bernanke, Elinor Ostrom, Esther Duflo, Simon Johnson, Mark John, Niklas Pollard, Johan Ahlander, Terje Solsvik, Catherine Evans Organizations: Royal Swedish Academy of Sciences, Sveriges, Economic Sciences, Harvard, Pew Research, Commission, Social, Thomson Locations: STOCKHOLM, COVID, Norwegian, Iranian, United States, Europe, U.S

☆ Tyranny of the 10-year Treasury yield: Is Big Tech about to get a major valuation reset?
▼ + stars: | 2023-10-05 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

That's the key question all investors need to be asking themselves as the 10-year Treasury yield reaches 16-year highs. The 10-year Treasury yield, while taking a breather Wednesday, shot up this week to 4.8%, its highest level since 2007. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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, Jim, Warren Buffett, Baron Rothschild, Kevin McCarthy, they've, it's, opportunistically, Jensen Huang, Jim Cramer's, Jim Cramer Rob Kim Organizations: Treasury, Apple, Bulls, Federal Reserve, GOP, California Republican, U.S, AAA, U.S ., Nvidia, Club, Microsoft, Charitable Trust, CNBC, UAW Locations: California

☆ Premarket stocks: Bond investors are getting stung again this year. Here's why
▼ + stars: | 2023-10-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The surprisingly strong economy has led investors to worry that the Fed will keep rates higher for longer, which, in turn, drove US Treasury yields higher. As stocks have declined and bond yields have soared, bond prices have tanked, causing pain for investors who bet that the Fed would curtail its rate-hiking campaign earlier this year. Treasury yields rose to their highest level in over a decade earlier this week, before edging lower on a cooldown in employment data on Wednesday. Bond prices cratered in 2022 after the Fed began drastically raising near-zero rates to tame runaway inflation. US Treasury bond prices jumped earlier this year after the collapse of several regional lenders led traders to bet that the Fed would soon ease its aggressive pace of interest rate hikes.

Persons: ”, Noah Wise, Matt Miskin, FactSet, Miskin, Wise, doesn’t, you’re, ” Wise, Sam Bankman, Nathan Rehn, Allison Morrow, “, ” Rehn, Read, Samantha Murphy Kelly Organizations: CNN Business, Bell, CNN, Treasury, Dow Jones, Nasdaq, Allspring Global Investments, John Hancock Investment Management, Fed, US Treasury, Google Locations: Manhattan, Bahamas, New York City

☆ Sam Bankman-Fried’s crypto empire was ‘built on lies,’ US prosecutor says
▼ + stars: | 2023-10-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In their opening statements to a newly sworn-in jury in Manhattan federal court, lawyers laid out previews of their cases, offering two divergent narratives for the collapse of Sam Bankman-Fried’s crypto empire. The US government has charged Bankman-Fried with multiple counts of fraud and conspiracy, following the implosion of his crypto-trading platform, FTX, last year. But as his own lawyer, Mark Cohen, stepped up to speak, Bankman-Fried’s demeanor softened and his focus shifted to the jury box. “Sam didn’t defraud anyone,” he told jurors, arguing that his client acted in good faith throughout the rise and fall of his startups. Legal experts say Bankman-Fried’s lawyers have their work cut out for them.

Persons: Sam Bankman, Thane Rehn, ” Rehn, Fried, “, ”, Elizabeth Williams, Rehn, Mark Cohen, Cohen, Sam didn’t, Sam, ” Cohen, FTX’s, FTX, “ It’s Organizations: New, New York CNN, Prosecutors Locations: New York, Manhattan, Bahamas

☆ History says there's a 95% chance that US stocks rise from here despite recession calls, and Bank of America shared 4 investments to make as the market recovers from its September slump
▼ + stars: | 2023-10-03 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

However, higher-for-longer rates don't always crush valuations and earnings, Bank of America strategists recently noted. In fact, the firm found that the S&P 500 had a 15% total return per year from 1985 to 2005 with inflation-adjusted rates at 3.5%, which is far above today's 2% rate. "Historically, when the indicator has been here or lower, 12m forward S&P 500 returns were positive 95% of the time (vs. 81% overall) with a median return of 21%," Subramanian wrote. The Charlotte-based firm recently raised its year-end price target for the S&P 500 to 4,600, which implies 7.5% upside. The S&P 500 is top-heavy and expensive, which Bank of America thinks makes funds following the equal-weight version of the index more compelling.

Persons: That's, Savita Subramanian, BofA's, Subramanian, Financials Organizations: Bank of America, Federal Reserve, Bank of America's, of America, SSI, Bank of, Energy Locations: Charlotte

☆ The Great Zelle Pool Scam
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. Out of all the kinds of money, money to build a pool is probably the very best kind of money for the world to suffer the loss of. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

Persons: Madison Ketcham, Gary Kruglitz, Gary, couldn't, he'll, Gary —, —, Cheryl, Sheryl, Sheryl —, we'd, Jeff Allen's, didn't, Jeff, Krystal, we'll, He'd, you've, Karen, I'm, she'd, Yellllow, Zelle, Chase, Sen, Elizabeth Warren, there's, That's, It's, Jesus, who'd, Donald Trump, Gary Kruglitzes, Cheryls —, Yasmine48, Nixon, Evan Kohlmann, cybercrime, we've, I've, Kohlmann, Guess, Let's, that's, Elizabeth Warren's, it's, they're, Warren's, Warren, I'd, they'd, blinked Organizations: Boston Pops, The New York Times, New York Times, Chase, Bank of America, PNC, US Bank, PayPal, Disney, NBC, Warner Bros, Netflix, JPMorgan Chase, Bank —, of, Professionals, Justice Department, Northeast . Contractors, Cloudburst Technologies, Facebook, FBI, Mafia, Massachusetts State Police, Monterey Police Department, Police Locations: Massachusetts, Lyme, Tennessee, Wells Fargo, Truist, Silicon Valley, Amsterdam, Northeast, what's, Paxful, Estonia, Korea, Monterey , Massachusetts, Monterey

☆ Zelle Fraud: I Got Scammed Out of $31,000 and My Bank Didn't Care
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

Because a lot of bank branches were still closed, and the crew wanted their money, he requested that we transfer the money via Zelle. When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

☆ Here's a rapid-fire update on all 35 stocks in the Club's portfolio, including a new buy
▼ + stars: | 2023-09-21 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +12 min

Here's a rapid-fire update on all stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. But for investors who haven't bought into its steep pullback, it's reasonable to buy some shares at current levels around $146.50 each. Unless you believe inflation is going to keep raging, making Microsoft's price-to-earnings multiple too high, then this stock is a buy. Nvidia (NVDA): Investors who don't own Nvidia yet should use its recent weakness to start a position, Jim said. Pioneer Natural Resources (PXD): We decided to buy additional Pioneer shares Thursday as the stock fell more than 2%.

Persons: Jim Cramer's, Jim, Amazon, he's, could've, We're, Jefferies, it's, we'd, Dupont De Nemours, That's, Dupont, Danaher, Bob Iger, Estee Lauder, haven't, Locker, Marry Dillon, Leqembi, Eli Lilly's donanemab, Vimal Kapur, Eli Lilly, Mark Zuckerberg, Morgan Stanley, Morgan, we're, James Gorman, Oracle, Safra Catz, Elliott, Stanley Black, Decker, TJ Maxx, Wells Fargo, Wells, Wynn, Jim Cramer Rob Kim Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Web Services, Broadcom, Google, Bausch Health, Health, Caterpillar, Costco Wholesale, Costco, Coterra Energy, Coterra, Emerson, National Instruments, Ford, United Auto Workers, GE Healthcare, Honeywell International, Honeywell, Linde, LIN, Mounjaro, Meta, Microsoft, Nvidia, Oracle, Palo Alto Networks, Procter & Gamble, Natural Resources, Starbucks, Constellation Brands, Constellation, Elliott Management, TJX, Marshalls, Wynn Resorts, WYNN Locations: China, India, Dupont, Emerson, Meta, Beijing, HomeGoods

☆ The boss of the United Auto Workers union said Tesla workers are 'scraping to get by' so that 'greedy people like Elon Musk can build more rocket ships'
▼ + stars: | 2023-09-19 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

The United Auto Workers president Shawn Fain defended worker demands for a 40% pay increase. He appeared on CBS on Sunday saying a pay rise won't stop automakers from making "billions in profits." He also criticized Tesla CEO Elon Musk, calling him "greedy." "Most of these workers in those companies are scraping to get by so that greedy CEOs and greedy people like Elon Musk can build more rocket ships and shoot their self into outer space. AdvertisementAdvertisementIf the UAW wins on its demands for higher pay, the Detroit 3's hourly labor costs could more than double to $136 an hour, according to Wells Fargo estimates.

Persons: Shawn Fain, Tesla, Elon Musk, Elon, Stellantis —, Fain Organizations: United Auto Workers, CBS, Service, United Auto Workers union, Detroit, Ford, General Motors, UAW, Tesla, Toyota, Workers, GM Locations: Wall, Silicon, United States, Wells

Swedbank estimates the current shortfall for Heimstaden Bostad could be roughly 30 billion crowns ($2.7 billion). Sweden's financial regulator launched an inquiry into why and how Alecta had invested $4.5 billion in the property giant, in the first place. "If interest rates continue to rise and it's coupled with unemployment, that's what we are afraid of." With interest rates still climbing, analysts such as Marcus Gustavsson of Danske Bank, believe the worst is not yet over. "With rising interest rates, that funny money has turned into real money and it is painful."

Persons: Heimstaden Bostad, Alecta, Christian Dreyer, Karolina Ekholm, Heimstaden's Dreyer, we're, Dreyer, Niklas Wykman, Heimstaden, David Perez, Marcus Gustavsson, Andreas Cervenka, Sweden, Simon Johnson, Johan Ahlander, Greta Rosen Fondahn, Chiara Elisei, John O'Donnell, Hugh Lawson Organizations: International Monetary Fund, GOVT, Sweden's, Financial, Reuters, SBB, Danske Bank, Thomson Locations: STOCKHOLM, Nordic, Stockholm, Berlin, Sweden, Heimstaden, Germany, Gdansk, London

But a person who worked closely with Ramaswamy said, "He thinks people are put on this earth to serve him." Roivant attracted investors including Masayoshi Son's SoftBank Vision Fund, Peter Thiel's Founders Fund, and the hedge fund Viking Global Investors. Former Roivant employees said Ramaswamy worked hard and expected the same of others. McLaughlin called the employee's recollection "inaccurate," adding that Ramaswamy "has never once raised his voice or used bad language with employees." At Roivant, Ramaswamy kept his politics largely to himself, former employees said.

Persons: Vivek Ramaswamy, Ramaswamy, He's, Donald Trump, Mike Pence, Nikki Haley, Ron DeSantis, Trump, George Soros, didn't, Taco Bell, he's, —, Vivek, Tricia McLaughlin, he'd, McLaughlin, takeout, Forbes, Vivek doesn't, they've, Roivant, Masayoshi, Peter Thiel's, Thiel, JD Vance, Bill Ackman, who'd, . Ramaswamy, Erik Gordon, Vance, John Phillips, Joyce Rosely, Phillips, Anson Frericks, they'd, Rosely, Frericks, They're, they're, Eric Balchunas, Todd Rosenbluth, Rosenbluth, Christopher Lenzo, Brandon Bell, Vivek Ramaswamy's, Katherine Long, Jack Newsham, Meghan Morris Organizations: pharma, Army Rangers, Biotech, Republican, nab, GOP, of Education, FBI, Nuclear Regulatory Commission, Federal Reserve, Florida, Roivant Sciences, General Electric, Yale Law School, Army, Rangers, Harvard, Yale, Fund, Viking Global, Leerink Partners, GlaxoSmithKline, Forbes, Big Pharma, Japan's Sumitomo Pharma Co, ., University of Michigan, FDA, US, Yale Law, ESG, The, Texas, Indiana, BlackRock, Vanguard, Bloomberg Intelligence, Fair, SEC Locations: Mexico, FiveThirtyEight, Roivant, Patagonia, Iowa, New York, Ohio, The Lever

☆ Facebook cofounder Eduardo Saverin says the best companies come out of downturns, because they forge entrepreneurs behind firms like Apple and Alibaba
▼ + stars: | 2023-09-15 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Facebook cofounder Eduardo Saverin says the best companies come out of times of economic downturn. Saverin pointed to examples like Apple, Microsoft, Alibaba, Facebook, Uber, and Airbnb. He cited the examples of Apple, Microsoft, Alibaba, Facebook, Uber, and Airbnb, and said the best companies emerge from "not great" periods in the market. Zuckerberg diluting Saverin's Facebook shares and booting him from the company in 2005 formed the central plot of the 2012 film, "The Social Network." Since his departure from Facebook, Saverin cofounded B Capital Group in 2020.

Persons: Eduardo Saverin, Saverin —, —, Airbnb, Uber, Jack Ma, Saverin, Mark Zuckerberg, Dustin Moskovitz, Chris Hughes, Andrew McCollum, Zuckerberg Organizations: Microsoft, Facebook, Service, B Capital, Milken Institute Asia Summit, Apple, Federal Reserve, Social, B Capital Group, Bloomberg Locations: Wall, Silicon, Singapore

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