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☆ The DOJ is considering asking judge to break up Google
▼ + stars: | 2024-10-09 | by ( Jordan Hart | Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

Prosecutors proposed remedies after Google antitrust violation ruling by a federal judge. Judge Amit Mehta previously ruled Google violated antitrust laws by securing default search deals. AdvertisementProsecutors said they're considering a requirement that Google share the data that powers a big chunk of its business — the inputs and models for Google search and search results — through an application programming interface. Another proposal would prevent the company from using its other products, such as Chrome and Android, to promote Google search over competitors. Google previously said that the company plans to appeal the ruling, which could delay the judge from imposing any remedies filed by the prosecution.

Persons: Amit Mehta, —, Prosecutors, doled, Evelyn Mitchell, Wolf, Mehta, Dan Ives Organizations: Service, Google, Big Tech, Apple, Prosecutors, Companies, Microsoft, Wedbush Securities, Department of Justice

☆ Where are Gen Z's tech founders?
▼ + stars: | 2024-10-09 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +10 min

So where are Gen Z's tech founders? Gen Z founders and would-be founders are stepping into a vastly different tech world from that of their predecessors — a world where launching a unicorn is far more difficult, and publicly scrutinized, than it was for the garage-band generation of Jobs and Gates. Gen Z is coming of age in an era when the same Big Tech companies are diffuse and dominant. In other words, millennial founders ran so that Gen Z founders could walk. Perhaps we won't see Gen Z founders standing before a crowd and unveiling their latest shiny products anytime soon.

Persons: Bill Gates, Steve Jobs, Jeff Bezos, Gen X, Sergey Brin, Elon Musk, Travis Kalanick, Peter Thiel, Millennials, I'm, Zuckerberg, Whitney Wolfe Herd, Brian Chesky, Elizabeth Holmes, Sam Bankman, Gen, aren't, Zers, Jerry Neumann, millennials, Uber, Z, There's, Neumann, Kimberly Eddleston, they've, Adam Neumann, Holmes, Alexandra Debow, that's, Alexandr Wang, Wang, They've, Ibrahim Rashid, Rashid didn't, COVID, Rashid, Martin Shkreli, Forbes, Alexis Barreyat, Barreyat, Julian Kage, Kage, they'd, Debow, It's, Eddleston, Emma Chamberlain's Organizations: Boomers, Columbia University, Big Tech, Northeastern University, Facebook, New York University, MIT, Wired, Forbes, University of Chicago, Deloitte, Harvard, Harvard Business Locations: swaggering, Silicon Valley

☆ Italy’s hard-right government set to send sea migrants to Albania in bid to curb arrivals
▼ + stars: | 2024-10-09 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +11 min

However, the court’s decision is non-binding and Italy and Albania are not prohibited by the ruling from going forward with the plans. That’s all, very normal variations during construction.”A general view of the reception center for migrants in Shengjin, Albania, on June 4, 2024. If they do not qualify for asylum, they will be deported to “safe” countries, according to the agreement between Italy and Albania. The cost comes to around 7.5% of what Italy currently spends on its migrant reception centers, Meloni said in June, speaking alongside Rama. Other listed “safe countries” include Egypt, Tunisia and the Ivory Coast, citizens of which make up a large portion of arrivals.

Persons: Rome, It’s, Gjader –, Matteo Piantedosi, There’s, Florion Goga, Piantedosi, Giorgia, Keir Starmer, “, ” Meloni, Meloni, Starmer, Rama, ” Rama, Giorgia Meloni, Adnan Beci, ’ ”, Alketa Misja, ”, ” Gianfranco Schiavone, Schiavone Organizations: Rome CNN, European Union, Court, Justice, Reuters, CNN, United Nations, Refugees, UNHCR, Interior Ministry, Meloni, Amnesty, Italy's, Albania's, Edi, Getty, AP, Migration, United Nations ’ International Organization for Migration, Union Locations: Albania, Italy, European, Albanian, Shengjin, Gjader, Agrigento, Sicily, Catania, Malta, Greece, Spain, Libya, Tunisia, Meloni’s, Rome, Europe, AFP, Italian, Bangladesh, Egypt, Ivory Coast, Afghanistan, Syria, Lezhe, Refoulement, North, Denmark

☆ Google ordered to open up app store in Epic Games antitrust ruling
▼ + stars: | 2024-10-08 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

A judge has ordered Google to open up Android to rival third-party app stores. The ruling is part of Epic Games' blockbuster antitrust case against Google. AdvertisementThe judge also ruled that Google must allow competition app stores to access Google Play apps and that it cannot require app makers to use Google Play Billing. Related storiesThe remedies follow a jury's finding last year that Google had violated antitrust policies in its Play Store for Android systems. AdvertisementAnother antitrust blow for GoogleThe Epic Games ruling is Google's latest setback as it faces other antitrust cases affecting different parts of its sprawling business.

Persons: — Organizations: Google, Epic Games, Service, Business, Department of Justice

☆ Investors slam the brakes on the hottest trade going in the market
▼ + stars: | 2024-10-08 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

But he did not announce any major new plans for ensuring economic health, leaving investors feeling underwhelmed. The iShares MSCI China ETF (MCHI) sank nearly 11%, on track for its worst day ever. The iShares China Large-Cap ETF, for example, soared 33% between Sept. 23 and Oct. 7. Morgan Stanley strategist Laura Wang on Tuesday revised price targets for the major Chinese stock market indexes, suggesting no room for further gains compared with current levels. "Today's press conference at least in the near term reinforces such belief, in our view, and the stock market could see more divergence at individual stock level."

Persons: Zheng Shanjie, Bilibili, Nio, Ray Dalio, FXI, Jeff deGraaf, David Tepper, Morgan Stanley, Laura Wang, Wang, Merrill Lynch, Helen Qiao, Xiangrong Yu, Yu Organizations: National, Reform Commission, CSI China Internet, Billionaire, Bridgewater Associates, Greenwich Economic, Appaloosa Management, U.S . Federal Reserve, Wynn Resorts, Sands, Macau — Locations: China, Greenwich, Greenwich , Connecticut, Beijing, Macau, Tuesday's, U.S

☆ Republicans are challenging all aspects of mail-in voting in battleground states
▼ + stars: | 2024-10-08 | by ( Casey Gannon | Paula Reid | ) edition.cnn.com time to read: +7 min

Key swing states like North Carolina, Pennsylvania, Nevada and Michigan are still experiencing a high volume of mail-in and absentee voting. That has prompted multiple lawsuits in battleground states where Republicans are suing to challenge everything from whether mail-in ballot envelopes are properly sealed to whether they are postmarked correctly. After his 2020 loss, he has railed against mail-in voting, saying this summer it “isn’t working, it’s corrupt.” But he also emphasizes that every vote matters, including early voting and absentee ballots. The Republican National Committee and Republican Party of Pennsylvania filed a lawsuit to the state’s Supreme Court, seeking to end the mail-in ballot “notice-and-cure” procedures. Mail-in ballots wait to be processed on a table at the Wake County Board of Elections in Raleigh, North Carolina.

Persons: it’s, Donald Trump, ” Trump, Kamala Harris, “, ” Paul Cox, there’s, Keith Weatherly, Greg Flynn, Joe Biden, Harris, Trump, Cox, Cisco Aguilar, Jocelyn Benson, Benson, ”, Pete Hoekstra, CNN’s Marshall Cohen Organizations: CNN, Trump, North Carolina State Board, Republican Party, Wake, Wake County, Republican National Committee, Republican Party of Pennsylvania, RNC, Cisco, Democratic, CNN Michigan Michigan, Republican, Michigan Republican Party Locations: North Carolina , Pennsylvania, Nevada, Michigan, Erie , Pennsylvania, Carolina, North Carolina, Wake County , North Carolina, Wake County, Raleigh , North Carolina, Pennsylvania, Nevada In Nevada

☆ Israel marks a year since Oct. 7 attacks and Hurricane Milton strengthens: Morning Rundown
▼ + stars: | 2024-10-07 | by ( Elizabeth Both | Elizabeth Both Is An Associate Platforms Editor For Nbc News | Based In New York. | ) www.nbcnews.com time to read: +9 min

Israel observes the first anniversary of the Oct. 7 attacks as it steps up attacks on Gaza and Lebanon. The people of Gaza have endured an unmitigated humanitarian catastrophe as Israel carries out one of the most intensive bombing campaigns in history. Gaza was already impoverished, overcrowded and largely inescapable, blockaded by Israel and Egypt for 17 years. Life-threatening storm surges are due to hit the state’s Gulf Coast as Hurricane Milton is set to make landfall on Wednesday. Justine Goode / NBC News; Getty ImagesWaking up and browsing your closet each morning might sometimes feel like an immense challenge.

Persons: Israel, Hurricane Milton, It’s, “, ”, Frank Lowenstein, Barack Obama, Milton, Helene, Hurricane Helene, Anna Maria, Ron DeSantis, Donald Trump, Bush, Gore, George W, Joe Biden’s, Roe, Wade ., Clarence Thomas, Samuel Alito, NFL Todd Rosenberg, Jalen Tolbert, Greg Rosenstein, alen, J. Organizations: Hamas, United Nations, IDF, United, Gov, Washington, Getty, Republican, Wade, NFL, Getty Images Dallas Cowboys, Pittsburgh Steelers, Sunday, NBC Locations: Gaza, Lebanon, Hurricane, Florida, Israel, Egypt, Beirut, Iran, United States, Coast, Tampa, Gulf of Mexico, U.S

The new nine-month Supreme Court term officially starts Monday, with the justices appearing in the courtroom to hear oral arguments. Major cases at the Supreme Court: U.S. v. Skrmetti — Challenge to state laws that ban gender-affirming care for trans teenagers. When the Supreme Court decided Bush v. Gore, its reputation took a hit but quickly rebounded. Republicans challenged those changes, but the Supreme Court never took up a case about the issue at the time. The Supreme Court has relatively few cases of consequence on the argument calendar so far.

Persons: WASHINGTON —, Donald Trump, Bush, Gore, George W, Joe Biden's, Nate Persily, Garland, Paxton, Richard Glossip's, Wade ., Clarence Thomas, Samuel Alito, Franita Tolson, Zack Smith, Robert F, Kennedy Jr, Jill Stein, Elena Kagan Organizations: Republican, Stanford Law School, NBC, Trump, Supreme, Coalition, . Oklahoma, Democratic, Wade, University of Southern California Guild School of Law, Heritage Foundation, Green Party, New York University School of Law Locations: Texas, ., Oklahoma, In Pennsylvania, Georgia, DeKalb County, Roe, New York, Nevada, Arizona

Jabaliya Gaza City Gaza Strip Israel Mediterranean Sea Khan Younis Egypt Jabaliya Gaza City Gaza Strip Israel Mediterranean Sea Khan Younis Egypt Jabaliya Gaza City Gaza Strip Mediterranean Sea Israel Khan Younis EgyptGaza in Ruins After a Year of War Much of Gaza has been destroyed by Israel’s relentless military campaign. Sea Gaza Strip Israel Egypt Gaza City 74% of buildings have been likely damaged or destroyed. Gaza City, the strip’s capital, is home to the ancient Old City, as well as Al-Rimal, a once-vibrant, upper-middle-class neighborhood. Omar Al-Mukhtar Street, Gaza City Before Fouad Abu JasserThe park was a gathering place for rallies and protests. Omar Al-Mukhtar Street, Gaza City After AFPNot far away, the Rashaad Shawa center, which housed the oldest library in the Gaza Strip, has been severely damaged.

Persons: Khan, Khan Younis, Israel Egypt Khan Younis, Abu Kayan, Mamdouh Aljbour, ”, Ahmed Abu, Bilal Shbair, Belal Barbakh, Barbakh, Hamada, Sisters Asan, Elan, Abdulraouf Barbakh, “, Barbakh’s, Jamal Subuh’s, Subuh, Jamal, Jamal Subuh, nourishing Gazans, Dina, Reuters Ahmed Abu Sultan, Mr, Abu Sultan, —, Omari, Omar Al, Mukhtar, Riyad Al, Masri, Al, Rimal, Gazans, Fouad Abu Jasser, Shawerma Al, Sheikh Omar Al, wasn’t, Ahmed Emqat, Ihsan Abdo, Husam Skeek, Jabaliya, Nahed Al, Fatima Hussein, Ahmed Jawda, Assali, Jawda Organizations: Hamas, Cream, Citadel, Sisters, Facebook, Agricultural Organization, Byzantine, Reuters, Reuters Al, AFP, Palestine, Med, Israel Egypt Jabaliya, AFP Al, Times, Bank, Gazans Locations: Israel, Gaza, Egypt, Khan Younis Egypt Gaza, New York City, Gaza City, Med, Israel Egypt, Khan, Facebook, Farra, Jamal, Israel Egypt Gaza, Old City, Gaza . Old City, Omari, Al, Aqsa, Jerusalem, Riyad, Palestine, Gazans, Jabaliya, Jabaliya’s Al

☆ Stock market volatility ahead of presidential elections typically starts picking up right now
▼ + stars: | 2024-10-07 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Market volatility will likely increase from here as the race for the White House enters its final weeks, according to Wolfe Research. Technical strategist Rob Ginsberg tracked the average move of the CBOE Volatility Index (VIX) during a presidential election year. With momentum rolling over and several sectors seeing healthy pullbacks of late ... we feel the S & P is overdue for another 3 – 4% correction." To be sure, any troubles in the market into Election Day would mark a turn after an unusually strong year. Notably, Bespoke Investment Group found the S & P 500 notched its largest gain over the first nine months of a year since 1997.

Persons: Brace, Rob Ginsberg, bode, Ginsberg, What's Organizations: White, Wolfe Research, Traders, Nasdaq, Dow Jones, Investment, Carson Group Locations: Israel

☆ Lithuania says it intercepted military supplies on their way to Russia, and sent them to Ukraine instead
▼ + stars: | 2024-10-07 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Lithuanian customs intercepted military supplies leaving the Russian exclave of Kaliningrad. Lithuania, once part of the Soviet Union, is one of Ukraine's largest donors, in terms of GDP. AdvertisementLithuanian customs officials say they intercepted shipments of military supplies en route by rail to Moscow — and sent them straight to Ukraine. Lithuania is the most direct route for goods passing from Kaliningrad to Russia. In terms of aid sent to Ukraine as a percentage of GDP, it comes behind only Denmark and Estonia, according to the Kiel Institute for the World Economy's aid tracker.

Persons: —, Moscow —, Vladimir Putin's, Ukraine's, Lithuania's, Ingrida Šimonytė, Putin Organizations: Service, Kyiv Independent, Kiel Institute Locations: Russian, Kaliningrad, Ukraine, Lithuania, Soviet Union, Moscow, Poland, Russia, Vilnius, Denmark, Estonia, Latvia

☆ Israel marks the anniversary of October 7 Hamas attacks with tears and anger
▼ + stars: | 2024-10-07 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +10 min

To mark the anniversary of his death, his family huddled around the memorial on Monday, hugging each other and David’s picture. War rages onMonday marked the first anniversary of the Hamas terror attacks, and a year since Israel began its war against the militant group in Gaza. Throughout the morning, loud booms of outgoing fire reverberated throughout southern Israel as the IDF hit targets in the Gaza strip. Indeed, as the anniversary events got under way, several rockets were fired from Gaza towards Israel, injuring two people. Time stopped here,” Amat Moshe, whose grandparents were residents of the kibbutz, told CNN at the Nir Oz cemetery.

Persons: revelers, Amit Itzhak David, Inbar Parnassa, “, ”, Parnassa, Anat Magnezi, Amit Magnezi, Amit, Gabriel Barel’s, Yeoda, Jim Urquhart, Nir Oz, Dolev Yehud, Daniel Lifshitz, Yehud, Yehud’s, Sigal, Arbel, Ariel Cunio, David, David’s, Sharon Alony Cunio, Alony Cunio, Lifshitz, Oded, Yocheved, Yocheved Lifshitz, Nurit Cooper, Amiram Cooper, ” Amat Moshe, Nir, Moshe’s, Adina Moshe, Adina, Maya Shoshani Moshe, Moshe, Benjamin Netanyahu, Netanyahu, Amir Cohen, Jonathan Shimriz, Alon Shimriz Organizations: Israel CNN, Nova Music, CNN, Nova, Israel Defense Forces, Hamas, United Nations, Israel, Israel’s, Reuters Locations: Tel Aviv, Israel, Gaza, South America, Jerusalem, Kibbutz Mefalsim

☆ CVS is under pressure and considering a breakup. Here's why that could be risky
▼ + stars: | 2024-10-04 | by ( Annika Kim Constantino | Annika Kim Constantino Covers The Biotech | Pharmaceutical Industry For Cnbc Digital. | ) www.nbcnews.com time to read: +13 min

It’s time for a wellness check at CVS Health. But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said. He said a spinoff of CVS’ retail pharmacies would be more likely. A general view shows a sign of CVS Health Customer Support Center in CVS headquarters of CVS Health Corp in Woonsocket, Rhode Island, U.S. October 30, 2023. Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.

Persons: Caremark, ”, eMarketer, Rajiv Leventhal, Karen Lynch, Lynch, Brian Kane, “, ” Jefferies, Brian Tanquilut, Elizabeth Anderson, Anderson, it’s, eMarketer’s Leventhal, ” Tanquilut, Ann Hynes, Tanquilut, “ they’re, they’re, Michael Cherny, Cherny, Faith Ninivaggi, Reuters Cherny, CVS, Tom Cowhey Organizations: CVS Health, CVS, CNBC, Aetna, Monday, Glenview Capital, Glenview, Evercore ISI, UnitedHealth, Humana, Walgreens, Street Health, Oak, Health, Mizuho, Amazon, Walmart, Oak Street, Leerink Partners, Affordable, Medicare, CVS Health Corp, Reuters, Centers, Medicaid Services Locations: U.S, Caremark, Aetna, Texas and Illinois, Woonsocket , Rhode Island

☆ Wealth advisor: stay with broadly-diversified banks and stay away from private credit
▼ + stars: | 2024-10-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWealth advisor: stay with broadly-diversified banks and stay away from private creditMark Avallone of Potomac Wealth Advisors likes non-bank financials and diversified banks who do not rely on deposits. He says to avoid private credit due to its risky nature.

Persons: Mark Avallone Organizations: Potomac Wealth Advisors

☆ These are the most important stocks in the U.S., according to Bank of America
▼ + stars: | 2024-10-04 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

There are several key stocks in the U.S. investors need to be mindful of when navigating the current market environment, according to Bank of America. To capture the momentum from this rally, Bank of America screened for the most important stocks in each region of the world — including the U.S. — that have the potential to have the largest impact on portfolio performance, positive or negative. Bank of America found these stocks to be among the most important in the U.S.: Chipmaker Nvidia and oil and gas giant Exxon Mobil ranked fairly high on the firm's steady compounders list within the screen. Meta's shares are up nearly 64% year to date. Other stocks considered the most important names in the U.S. include rideshare company Uber and pharma name Eli Lilly .

Persons: Nigel Tupper, Vivek Arya's, Metaverse, Justin Post, Eli Lilly Organizations: Bank of America, Investment, U.S, Nvidia, Exxon Mobil, Exxon, Meta, Bank of America's, Uber Locations: U.S, Lebanon, Thursday's

☆ Spirit tumbles to record low on report it's exploring a bankruptcy filing. Here's how it got here
▼ + stars: | 2024-10-04 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Spirit Airlines shares tumbled to a record low on Friday after a report that it's exploring Chapter 11 bankruptcy protection. A bankruptcy filing would mark a dramatic turn for the carrier with its iconic yellow planes that caters to budget-conscious travelers. After the JetBlue deal fell apart, Spirit said in January that it was looking at options to refinance its debt. A Spirit spokesman declined to comment on a the Wall Street Journal report that the carrier is considering a bankruptcy filing. Shares of Frontier Airlines, which originally planned to merge with fellow budget airline Spirit before JetBlue swooped in in 2022, surged 16% on Friday.

Persons: Spirit, Brandon Oglenski, we've, Ted Christie, we're, Perella Weinberg Organizations: Spirit Airlines, JetBlue Airways, Pratt & Whitney, JetBlue, Barclays, Journal, Perella Weinberg Partners, Frontier Airlines, Spirit, JetBlue swooped

☆ CVS is under pressure and considering a break up. Here's why that could be risky
▼ + stars: | 2024-10-04 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +11 min

In this article CVS Follow your favorite stocks CREATE FREE ACCOUNTA sign outside of a CVS pharmacy store on February 07, 2024 in Miami, Florida. That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses. A workers stocks the shelves in a CVS pharmacy store on February 07, 2024 in Miami, Florida. An Oak Street Health clinic stands in a Brooklyn neighborhood on February 08, 2023 in New York City. A general view shows a sign of CVS Health Customer Support Center in CVS headquarters of CVS Health Corp in Woonsocket, Rhode Island, U.S. October 30, 2023.

Persons: Joe Raedle, Caremark, Rajiv Leventhal, Karen Lynch, Lynch, Brian Kane, Jefferies, Brian Tanquilut, Elizabeth Anderson, Anderson, it's, eMarketer's Leventhal, Tanquilut, Ann Hynes, Spencer Platt, they're, Michael Cherny, Cherny, Faith Ninivaggi Organizations: Getty, CVS Health, CVS, CNBC, Aetna, Monday, Glenview Capital, Glenview, UnitedHealth, Humana, Walgreens, Street Health, Oak, Health, Mizuho, Oak Street Health, Amazon, Walmart, Oak Street, Leerink Partners, Affordable, Medicare, CVS Health Corp Locations: Miami , Florida, U.S, Aetna, Caremark, Brooklyn, New York City, Texas and Illinois, Woonsocket , Rhode Island

CNN —Up to 600 people were shot dead in a matter of hours by al Qaeda-linked militants in an August attack on a town in Burkina Faso, according to a French government security assessment that nearly doubles the death toll cited in earlier reports. A series of coups across Mali, Burkina Faso and Niger led to the departure of French and American forces. The Russian mercenaries summoned by the juntas to bolster their grip have instead left a vacuum in which jihadists have thrived, says the assessment, given to CNN by a French security official. A view of the town of Barsalogho, Burkina Faso, where up to 600 people were killed by al Qaeda-linked militants in an August attack, according to a French government security assessment. CNN has reviewed videos of the alleged cannibalism that seem to show Burkina Faso soldiers dismembering and holding up body parts of apparent dead jihadists.

Persons: al, Nusrat al, JNIM, ”, jihadists, “, I’m, Fear, Ibrahim Traore, Zero ”, Burkina Faso’s, Traore, –, Wagner, group’s, Yevgeny Prigozhin, Donat Sorokin, ‘ Organizations: CNN, Getty, United Nations, Reuters, “, Burkina Faso’s, Civil Service, Labs Inc, Rapid Locations: al Qaeda, Burkina Faso, Barsalogho, Africa, Islam, Mali, Sahel, West Africa, United States, jihadists, Niger, Tawori, Bamako, Burkina, France, Moscow, Ukraine, Ouagadougou, Russian, Russia, Saint Petersburg, BIR, Togo, Kompienga, Togolese, Qaeda

☆ Andersen: We're on track for a soft landing with payrolls at 150,000.
▼ + stars: | 2024-10-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAndersen: We're on track for a soft landing with payrolls at 150,000. Mark Andersen, Co-Head of Asset Allocation at UBS expects a "soft landing" for the U.S. economy, with payrolls at 150,000, possibly leading to Fed rate cuts amid global concerns like port strikes and Middle East tensions.

Persons: Mark Andersen Organizations: Andersen, UBS Locations: U.S

☆ Helene recovery could cost $34 billion. Here's who might pay for it.
▼ + stars: | 2024-10-03 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

An aerial picture taken on September 28, 2024, shows storm damage in the aftermath of Hurricane Helene in Valdosta, Georgia. The devastation wrought by Hurricane Helene across the southeastern United States could cost upwards of $34 billion, according to early estimates from Moody's Analytics. The Moody's report, released as Helene was making landfall last week, estimated that property damage could cost between $15 billion to $26 billion. And the resulting economic slowdown could cost $5 billion to $8 billion in productivity losses. Only about 6% of U.S. homeowners have flood insurance through either a private company or the congressionally funded National Flood Insurance Program, despite 90% of natural disasters involving flooding, he said.

Persons: Hurricane Helene, Helene, Mark Zandi, Zandi, Mark Friedlander, Friedlander, Joe Biden, Wiley Nickel, Florida Republican Sen, Rick Scott, Mark Amodei Organizations: Moody's, CNBC, Insurance, Flood Insurance, Federal Emergency Management Agency, FEMA, Disaster Relief Fund, Capitol, Florida Republican Locations: Hurricane, Valdosta , Georgia, United States, Florida , Georgia, North Carolina, South Carolina, Virginia, Tennessee, Appalachia, Washington

☆ Howard Schultz violated labor law by telling employee ‘if you’re not happy at Starbucks, you can go work for another company’
▼ + stars: | 2024-10-03 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

The decision underscores the fractious relationship Starbucks has had with organized labor as more and more workers at its stores unionize. In 2022, when Schultz was interim CEO, he attended a company event in Long Beach, California, to address and improve working conditions at Starbucks stores. According to the administrative law decision, he “had an angry expression on his face.” The NLRB decision upholds an administrative law judge’s decision in October 2023. In a statement, Starbucks said it disagrees with the board’s decision. Though Schultz stepped down in March 2023 after his third time serving as CEO, he remains tied to the company.

Persons: Starbucks ’ Howard Schultz, you’re, Schultz, “, ”, ’, McKinney, Starbucks, we’re, ” Michelle Eisen Organizations: New, New York CNN, Starbucks, National Labor Relations Board, Madison Hall, Workers United, NLRB, Wednesday, Starbucks Workers United, CNN Locations: New York, California, Long Beach , California, Buffalo , New York, Buffalo, Washington, Long

☆ Fashion designer Hedi Slimane leaves LVMH’s Celine
▼ + stars: | 2024-10-02 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Paris, France Reuters —Fashion designer Hedi Slimane has left LVMH’s Celine brand, the company said on Wednesday, marking the latest high-profile departure from a fashion label as the industry grapples with a sales downturn. Rider, who will start his new job early next year, worked alongside former Celine designer Phoebe Philo at Celine for over a decade. Solca said Slimane had done well at the label, likely more than doubling brand revenue to around €2.5 billion ($2.76 billion). Slimane joined Celine in 2018, quickly making his mark at the historic fashion house with his distinctive rocker-chic aesthetic. In January, at LVMH’s annual results presentation, Arnault said that Celine was enjoying “great success” thanks to Slimane, and topping €2 billion in sales.

Persons: Hedi Slimane, Celine, LVMH, Michael Rider, Rider, Phoebe Philo, Chanel, Virginie Viard, Luca Solca, Bernstein, “, ”, Solca, Slimane, Dior Homme, Yves Saint Laurent, Karl Lagerfeld, Dior, Kaia Gerber, Bernard Arnault, Arnault, Carole Madjo, Louis Vuitton, Virgil Abloh Organizations: France Reuters —, Creative, Barclays Locations: Paris, France, €, Celine, China, LVMH

☆ US port workers strike starts across the East and Gulf Coasts
▼ + stars: | 2024-10-01 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +7 min

The strike, which was confirmed by the Port Authority of New York and New Jersey as well as the Port of Virginia, began at midnight. The strike will stop the flow of a wide variety of goods over the docks of almost all cargo ports from Maine to Texas. The ports involved include the Port of New York and New Jersey, the nation’s third-largest port by volume of cargo handled. Port Wilmington in Delaware describes itself as the nation’s leading banana port, bringing in a large share of America’s favorite fruit. President George W. Bush applied the act in 2002 to halt an 11-day lockout of union members at West Coast ports.

Persons: haven’t, USMX, ” Harold Daggett, containerization, John McCown, Biden, ”, Joe Biden, Taft, Hartley, George W, Bush, “, ” Biden, ” It’s, Daggett, “ It’s, Peter Tirschwell, ’ ” Organizations: New, New York CNN, International Longshoremen’s Association, Port Authority of New, United States Maritime Alliance, American Farm Bureau, Retailers, ILA, “, P Global Market Intelligence, CNN Locations: New York, Gulf Coast, Port Authority of New York, New Jersey, of Virginia, Maine, Texas, of New York, Port Wilmington, Delaware, West Coast, Taft

☆ Wall Street heads into fourth quarter with historic momentum
▼ + stars: | 2024-10-01 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

The final three-month stretch of 2024 is here, and Wall Street is riding high. RBC head of derivatives strategy Amy Wu Silverman noted her clients are bracing for "3 standard-deviation drawdowns" in coming weeks. The VVIX gauges the volatility of the Cboe Volatility Index (VIX) itself — seen by many as Wall Street's preferred measurement of how much investor fear is in the market. That … is a very different narrative from the first six months of this year," Wu Silverman added. Elsewhere on Wall Street this morning, Pivotal Research Group initiated analyst coverage of Alphabet , the parent of Google and YouTube, with a buy rating.

Persons: Ryan Detrick, Dow, Amy Wu Silverman, Wu Silverman, CNBC's, Wall, GOOG, Jeffrey Wlodarczak Organizations: Investment, Carson Group, Dow Jones Industrial, Nasdaq, Federal Reserve, Fed, CNBC, RBC, Research Group, Google, YouTube Locations: China

☆ Breaking up Google's ad business could 'cripple' publishers. Analysts make the case for turning it into a public-benefit corporation instead.
▼ + stars: | 2024-10-01 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +7 min

The US Department of Justice and 17 state attorneys general seek to break up Google's adtech business. Arete Research analysts suggest spinning off Google's adtech as a B Corp instead. The government is hoping the judge will force Google to divest some or all of its adtech business. Related storiesA brute-force breakup or shutdown of parts of Google's sell-side business could have unintended consequences for publishers, Arete's analysts wrote. A publisher tech executive shared with Business Insider their own concerns about a potential breakup of Google's adtech business earlier this month.

Persons: —, Google's, execs, adtech, Arete, it's, Richard Kramer, Kramer Organizations: US Department of Justice, Arete Research, Service, Google, Corp . Companies, B, Google Display, Business, News Corp, Daily Mail, Network, Google Network, Corp, YouTube Locations: Google's

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