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☆ Stock market today: Indexes slide amid earnings-fueled tech selloff
▼ + stars: | 2024-05-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks dropped on Wednesday led by a selloff in the tech sector. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks slid on Wednesday, led by a sell-off in the tech sector as investors took in weak financials and earnings guidance. Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:Advertisement

Persons: Tesla, —, David Bahnsen Organizations: Intel, Reuters, Service, Nasdaq, Justice Department, New York Fed Locations: Here's

☆ Renters' hopes of being able to buy a home have fallen to a record low, New York Fed survey shows
▼ + stars: | 2024-05-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The share of renters as of February who possess hopes of "residential mobility," or the belief from renters that they one day will be able to afford a home, fell to a record low 13.4% in the central bank's annual housing survey for 2024. Pessimism about future prospects comes amid a confluence of factors conspiring against the likelihood of renters being able to transition to home ownership. Moreover, mortgage rates have remained high by historical standards. Survey respondents expect housing prices to increase 5.1% over the next year, nearly double the 2.6% expected rate in February 2023 and above the pre-pandemic mean of 4.2%. Despite prospects for the Fed to cut interest rates before the end of 2024, respondents think mortgage rates are only going to go higher.

Persons: Freddie Mac, There's Organizations: New York Federal Reserve, New York Fed, National Association of Realtors, Fed, Federal, Market Locations: Manhattan, New York City, New

☆ Gold rises on Fed rate cut hopes, Middle East tensions
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices ticked higher on Monday, as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East lifted bullion's appeal. "Investors will look at the political situation in the Middle East and how the ongoing negotiations for a ceasefire play out. "Weaker U.S. data offers more policy flexibility for the Fed in terms of rate cuts," paving way for gold prices to stabilize, said IG market strategist Yeap Jun Rong. Markets are pricing in a 67% chance of a U.S. rate cut in September, as per CME's FedWatch Tool. Meanwhile, the Perth Mint's gold product sales in April jumped two-fold from a month earlier, while silver sales fell to their lowest since December.

Persons: Kelvin Wong, Benjamin Netanyahu, Yeap Jun Rong, John Williams, Austan Goolsbee Organizations: Co, Federal Reserve, Asia Pacific, New York Fed Bank, Chicago Fed, Perth Locations: Bangkok, Thailand, OANDA, Gaza, U.S

☆ Welcome to ‘the Tepid Twenties’? The US economy’s strength won’t be enough to boost global growth
▼ + stars: | 2024-05-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. Economic growth in Spain and France was stronger than expected last year. But the US is outperforming mainly for one key reason: Robust productivity growth. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.

Persons: ” Kristalina Georgieva, ” Georgieva, ” Stephen Gallagher, Gallagher, “, ”, Hande Atay Alam, Recep Tayyip Erdogan, Israel Katz, John Williams, Neel Kashkari, Lisa Cook, Krispy Kreme, John’s, Austan Goolsbee Organizations: Washington CNN, Monetary, IMF, European Central Bank, Labor Department, Societe Generale, CNN, Reuters, Palantir Technologies, Tyson Foods, Marriott Worldwide, New York Fed, Disney, UBS, Duke Energy, Suncor, Bros, Minneapolis, Toyota, Uber, Anheuser, Busch InBev, Airbnb, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, AMC Entertainment, Honda, Warner Bros Discovery, Warner Music Group, Hyatt, Hilton, Bank of England, US Labor Department, United Kingdom’s, National Statistics, University of Michigan, . Chicago Fed, China’s National Bureau of Statistics Locations: Europe, China, United States, Spain, France, Russia, Ukraine, Turkey, Israel, Gaza, Olesya, “ Turkey, Lyft, TripAdvisor

☆ Stock futures inch higher Sunday after weaker-than-expected jobs report left investors looking up: Live updates
▼ + stars: | 2024-05-05 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Dow Jones Industrial Average futures rose 66 points, or around 0.2%. Last week, the Dow and Nasdaq gained 1.1% and 1.4% each, while the S&P 500 gained 0.5%. But the April jobs report helps clear a path to that destination," said Comerica Bank chief economist Bill Adams. While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday. On the economic front, Richmond Fed president Tom Barkin and New York Fed president John Williams are both scheduled to speak on Monday.

Persons: Dow, Bill Adams, Warren Buffett's Berkshire Hathaway, Uber, Emmanuel Cau, Tom Barkin, John Williams Organizations: New York Stock Exchange, U.S ., Federal Reserve, Dow Jones Industrial, Nasdaq, Dow, Traders, Comerica Bank, Apple, Disney, Barclays, Richmond Fed, New York Fed Locations: New York City, U.S, U.S . U.S

☆ Trump campaign lawyers can't quit workplace discrimination case for now, judge rules
▼ + stars: | 2024-05-02 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Republican presidential candidate and former U.S. President Donald Trump holds a campaign rally at Ted Hendricks Stadium in Hialeah, Florida, U.S. November 8, 2023. A New York federal judge on Thursday rejected — for now, at least — a request by a law firm to withdraw from representing the presidential campaign of Donald Trump in a discrimination lawsuit by former 2016 campaign advisor Arlene "A.J." In addition to the Trump campaign, the firm represents the other defendants in Delgado's suit: Reince Priebus, Sean Spicer, and Steve Bannon all of whom held top positions in the Trump White House. Parker's order Thursday noted that because the Trump campaign "is an entity" — not a person — "it may not represent itself." "Thus, if the motion to withdraw is granted, the Campaign will be at risk of default if it does not promptly obtain substitute counsel," the judge wrote.

Persons: Donald Trump, Ted Hendricks, —, Arlene " A.J, Delgado, Katharine Parker, Hornik, Greenberg, Kittredge, Carlin, McPartland —, Trump, Parker's, Parker, Reince Priebus, Sean Spicer, Steve Bannon, Jason Miller Organizations: New, Trump White House Locations: Hialeah , Florida, U.S, New York, Manhattan, Hornik

☆ Federal Reserve interest rate verdict: Central bankers meet to decide on next move
▼ + stars: | 2024-05-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —The Federal Reserve is expected to announce Wednesday that it is keeping interest rates at a quarter-century high for the sixth-straight meeting. Other Fed officials have already introduced the possibility of a rate hike, in addition to the chance of no rate cuts this year. Williams later said that another rate hike is possible if economic data warrants it. That combination eerily resembled stagflation, which triggered a broad stocks selloff on Wall Street Thursday. The threshold for a rate hike is ‘extremely high’Another interest rate hike is back in the conversation, but at the moment, it’s still not likely the Fed will do that.

Persons: Jerome Powell, ” Powell, Powell, John Williams, Williams, Neel Kashkari, Austan Goolsbee, “, can’t, it’s, Goldman Sachs, Wall, ” Oren Klachkin Organizations: Washington CNN, Federal, Index, New York Fed, Bloomberg, Minneapolis, Chicago Fed, Commerce Department, JPMorgan, Bank of America, Nationwide, CNN Locations: New, Chicago, Wells Fargo

☆ Eight newspaper publishers sue Microsoft and OpenAI over copyright infringement
▼ + stars: | 2024-04-30 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Eight U.S. newspaper publishers filed suit against Microsoft and OpenAI in a New York federal court on Tuesday, claiming the technology companies reuse their articles without permission in generative artificial intelligence products and incorrectly attribute inaccurate information to them. The group of eight newspaper publishers takes issue with ChatGPT and Microsoft's Copilot assistant — available in the Windows operating system, the Bing search engine, and other products the software maker produces. The legal challenge comes four months after The New York Times sued OpenAI over copyright infringement in the ChatGPT chatbot that the startup released in late 2022. The New York Times case also touched on the matter of OpenAI models regurgitating information from its articles. Correction: This article has been updated to reflect the correct day the lawsuit against Microsoft and OpenAI was filed.

Persons: Sam Altman, Microsoft's, OpenAI, Axel Springer Organizations: Economic, U.S, Microsoft, Bing, Southern, of, New York Daily News, Chicago Tribune, Orlando Sentinel, Sun Sentinel, The Mercury, The Denver Post, Orange County Register, Pioneer Press of Minnesota, CNBC, New York Times, OpenAI's, Financial, Google Locations: Davos, Switzerland, New York, U.S, of New York, Florida, California, Orange

☆ Americans are falling behind on their payments
▼ + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.

Persons: New York CNN —, Austan Goolsbee, ’ ”, ”, Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, “ Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss

☆ Would the Fed really hike rates here? This is what would have to happen
▼ + stars: | 2024-04-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Though it was unthinkable just a short time ago, the question of what it would take the Federal Reserve to raise interest rates further is gaining increasing attention. New York Fed President John Williams faced questioning Thursday about hiking and said he doesn't expect that to happen, but noted that it's always an option. "Basically, if the data were telling us that we would need higher interest rates to achieve our goal, then we would obviously want to do that." Making the same mistake as the 1970s central bank — hiking rates to fight inflation, then cutting prematurely and allowing inflation to return — is a sensitive issue for the Powell Fed. Chances are low, for now So far, only Fed Governor Michelle Bowman has given any credence to the notion of raising rates.

Persons: John Williams, it's, Williams, Jerome Powell, Philip Jefferson, Powell, Nicholas Colas, Colas, Michelle Bowman, Bowman, Esther George Organizations: Federal Reserve, Fed, New York Fed, Summit, DataTrek, CME, Kansas City, CNBC Locations: Washington, Kansas

☆ Treasury yields fall as investors weigh economic data, Fed comments
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last at 4.9622% after falling by more than two basis points. U.S. Treasury yields declined on Friday as investors considered the latest economic data and remarks from Federal Reserve officials, and considered what this could mean for monetary policy. Investors digested the latest economic data and remarks from policymakers as they considered the outlook for interest rates. Fed officials have in recent days and weeks indicated that interest rates may remain elevated for longer than previously anticipated. Elsewhere, Atlanta Fed President Raphael Bostic said rate cuts may not come until the end of the year, and that he was "comfortable being patient," while Minneapolis Fed President Neel Kashkari suggested rate cuts may not begin until 2025.

Persons: John Williams, Raphael Bostic, Neel Kashkari, Jerome Powell Organizations: Treasury, U.S, Federal Reserve, New York Fed, Atlanta Fed, Minneapolis, Investors, NBC News Locations: Philadelphia, Israel

☆ Trump's hush-money trial is set to heat up
▼ + stars: | 2024-04-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's newsletter, we're looking at the first week of former President Donald Trump's criminal trial and what's at stake. What's on deck:This story is available exclusively to Business Insider subscribers. AdvertisementFormer President Donald Trump's hush-money trial — the first-ever criminal trial of a former president — got underway this week with jury selection . We did get a preview of Trump's potential defense: " Some accountant " handled the paperwork he's on trial for, Trump told reporters. AdvertisementThe trial is focused on 34 felonies alleging the Trump Organization's business records were falsified to hide other crimes.

Persons: —, Donald Trump's, CHARLY TRIBALLEAU, Drew Angerer, Tyler Le, Trump, Stormy Daniels, Daniels, Zelei, Loretta Mester, John Williams, Rebecca Zisser, David Lieb, Sundar Pichai, Demis, Google's, BI's Ben Bergman, Eddie Mulholland, Alyssa Powell, Samsung execs, Taylor Swift's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Getty, Trump, Cleveland Fed, York Fed, …, Bank of America, Google, Android, Bankers, Jefferies, Investor Conference, Samsung, Korea Economic, Disney, Warner Bros, American Express, Procter, Gamble, Poets Department Locations: Israeli, Iran, Israel, Florida, Korea, New York, London

☆ Trump trial set to pick final alternate jurors for hush money case
▼ + stars: | 2024-04-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Former U.S. President Donald Trump appears ahead of the start of jury selection at Manhattan Criminal Court on April 15, 2024 in New York City. The New York criminal hush money trial of Donald Trump is poised to get its final five alternate jurors Friday after a full 12-person panel and one alternate were seated a day earlier. Judge Juan Merchan anticipates opening arguments in the Manhattan Supreme Court trial to begin Monday. Trump has said that he would testify in the hush money trial. The presumptive Republican presidential nominee has fumed that the trial is a "scam" and a "witch hunt" aimed to damage his electoral chances against President Joe Biden.

Persons: Donald Trump, Juan Merchan, Alvin Bragg's, Trump, E, Jean Carroll, defaming, Carroll, Merchan, Sandoval, Joe Biden Organizations: U.S, Manhattan Criminal, New, Manhattan Supreme, Trump, Manhattan Locations: New York City, New York, Manhattan

☆ New York jury convicts man in first-ever cryptocurrency market manipulation case
▼ + stars: | 2024-04-18 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

A New York federal jury on Thursday convicted a Puerto Rico man of a $110 million scheme that was the Department of Justice's first-ever cryptocurrency open-market manipulation case, prosecutors said. The man, 28-year-old Avraham Eisenberg of San Juan, faces a maximum possible sentence of 20 years in prison for the charges of wire fraud, commodities fraud, and commodities manipulation. Prosecutors said Eisenberg fraudulently obtained about $110 million worth of cryptocurrency from the Mango Markets exchange and its customers by artificially and dramatically driving up the price of both futures contracts and the MNGO crypto token, and then borrowing cryptocurrency based on the value of the inflated assets. "When Eisenberg borrowed and withdrew this cryptocurrency, he had no intention of repaying the borrowed funds but rather intended to steal those funds," the Manhattan U.S. Attorney's Office said in a statement when he was indicted in February 2023.

Persons: Avraham Eisenberg, Prosecutors, Eisenberg Organizations: Department of, Mango Markets, Manhattan U.S, Attorney's Locations: York, Puerto Rico, Department of Justice's, San Juan

☆ Fed officials cast more doubt on the timing of rate cuts this year
▼ + stars: | 2024-04-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewFederal Reserve officials heaped more doubt on the timing of rate cuts this year, echoing Chair Jerome Powell in stating that the path to 2% inflation looks uncertain. The Fed has projected three rate cuts to come by the end of 2024. Fed Chair Powell suggested earlier in the week that rate cuts could be delayed, causing stocks to slide. Inflation risks haven't been lost on investors, who have been steadily dialing back their expectations for Fed rate cuts over the last few months. Markets are now expecting just one or two rate cuts by the end of the year, according to the CME FedWatch tool, down from six cuts that were anticipated at the start of 2024.

Persons: —, Jerome Powell, Loretta Mester, Mester, Michelle Bowman, Bowman, John Williams, It's, Williams, Powell, haven't Organizations: Service, Cleveland Fed, Business, York Fed

☆ Surging inflation fears sent markets tumbling and Fed officials scrambling
▼ + stars: | 2024-04-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +8 min

Energy prices, which have been a major factor in the past two months' inflation readings, pushed higher on signs of further geopolitical turmoil. Minutes released Wednesday from the March Fed meeting showed officials were concerned about higher inflation and looking for more convincing evidence it is on a steady path lower. Sticky price CPI entails items such as housing, motor vehicle insurance and medical care services, while flexible price is concentrated in food, energy and vehicle prices. "If that's the case, you would require a decent amount of unemployment to get inflation all the way to 2.0%." That's why Furman and others have pushed for the Fed to rethink it's determined commitment to 2% inflation.

Persons: Spencer Platt, —, Stocks, Jason Furman, We've, Israel, Jim Paulsen, Wells, Substack, Paulsen, Furman, Barack Obama, Jamie Dimon, John Williams, Susan Collins, it's, Larry Fink Organizations: Getty, Investors, Dow Jones, CNBC, of Economic Advisers, New York Fed, National Federation of Independent Business, Labor Department, JPMorgan, University of Michigan's, Boston, Commerce, CPI, Citigroup, Fed, Atlanta Fed, Dallas Fed, Harvard, BlackRock Locations: Manhattan, New York City, Iran, Israel

☆ The stunning strength of the US economy means the soft landing may already be here, Evercore founder says
▼ + stars: | 2024-04-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US economy may have already stuck the soft landing, according to Evercore founder Roger Altman. AdvertisementThe US economy may have successfully avoided a recession and is already gliding toward a soft landing, according to Evercore founder Roger Altman. AdvertisementThose are big reasons stocks remain buoyant despite a sell-off this week as markets repriced expectations for Fed rate cuts. "Everything by and large is going right in the US economy," Altman said, noting that inflation is usually sticky as it falls from a peak. Arguably, the soft landing already has happened."

Persons: Roger Altman, Altman, —, David Rosenberg Organizations: Service, CNBC, Atlanta Fed, Labor, Bureau of Labor Statistics, The New, Fed, National Association for Business Economics Locations: —

☆ The Fed might not be done raising interest rates just yet
▼ + stars: | 2024-04-11 | by ( Elisabeth Buchwald | Bryan Mena | ) edition.cnn.com time to read: +6 min

Inflation slowed substantially in 2023 as the Fed lifted rates to nearly a quarter-century high and held them at that level since July. Still, most Fed officials have signaled that they plan to cut rates this year if the economy evolves as expected. And if the inflation situation worsens even further, the Fed may even have to consider raising rates. Like Bowman and Kashkari, New York Fed President John Williams said rate hikes aren’t part of his baseline outlook. The timing of that first rate cut is critical because if the Fed cuts too soon, it risks locking in inflation at a high level.

Persons: hasn’t, Michelle Bowman, Neel Kashkari, Bowman, John Williams, he’s, ” Williams, Williams, Jerome Powell, Susan Collins, ” Collins, Powell, Larry Summers, ” Summers, Summers, Goldman Sachs, ” Organizations: CNN, Wall, Federal Reserve, ” Minneapolis, Kashkari , New York Fed, Boston, CPI, Bloomberg, UBS, Barclays, Bank of America Locations: Kashkari , New

☆ With inflation stalling, the long-predicted storm clouds in the economy may actually be forming
▼ + stars: | 2024-04-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Jamie Dimon warned two years ago that storm clouds and a hurricane were brewing in the US economy. On top of that, the unemployment rate has stayed below 4% for more than two years despite 11 rate hikes intended to slow the economy in an effort to curb decades-high inflation. But potentially persistent inflation isn’t the only red flag in the economy right now. Small-business owners haven’t felt this bad about the economy in over a decadeAlthough the economy is booming by many measures, including last month’s blowout jobs report, small business owners aren’t feeling gung-ho about it. That’s significant because that cohort is experiencing an even lower unemployment rate than the nation overall.

Persons: Jamie Dimon, Dimon, Michelle Bowman, she’s, Bowman, ” Bowman, haven’t, Holly Wade, Bill Dunkelberg, aren’t Organizations: New, New York CNN, JPMorgan Chase, Federal Reserve, FactSet, National Federation of Independent, York Locations: New York

☆ China's plan for reinvigorating its economy has the West worried, but others still see an opportunity
▼ + stars: | 2024-04-08 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how China's plan for reinvigorating its economy has the rest of the world worried . The country is overproducing goods and then flooding global markets with them to save its struggling economy, writes Business Insider's Huileng Tan. Decades ago, as the country opened up its economy, China underwent rapid industrialization, allowing it to produce cheap goods. AdvertisementUS Treasury Secretary Janet Yellen has already warned China shock 2.0 could destabilize the global economy, specifically impacting green-energy exports . He pointed to China's GDP growth outpacing the US when the numbers are adjusted for disinflation and inflation in each country, respectively.

Persons: —, Chelsea Jia Feng, Huileng Tan, Huileng, China's, Janet Yellen, Tyler Le, Ray Dalio, that's, it's, Dalio's, Nicholas R, Lardy, Donald Trump, M, There's, Angus Deaton, Walter Huang, Sevonne Huang, Justin Sullivan, Alyssa Powell, Tesla, Hubspot, Mikel Jaso, Zers, That's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, West, New York Federal Reserve, Bridgewater Associates, Getty, Apple, Reuters, Google, McKinsey Locations: China, Glendale, Ariz, New York, London, Chicago

☆ Google says crypto fraudsters are making it look bad
▼ + stars: | 2024-04-04 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

Google is suing two crypto scammers it says threatened the integrity of its platforms. Scammers tricked Google Play into hosting 87 fake crypto apps, conning over 100,000 users, Google says. The lawsuit alleges the fraudsters tricked Google into accepting their apps on its app store, Google Play, by misrepresenting their identity, location, and intent. Advertisement"By using Google Play to conduct their Fraud Scheme, Defendants have threatened the integrity of Google Play and the user experience," the lawsuit states. "Defendant's scheme has thus impaired Google users' confidence and trust in Google, its services, and its platforms."

Persons: Scammers, —, Halimah DeLaine Prado Organizations: Google, Service Locations: New York, Shenzhen, China, Hong Kong

☆ Here's how much engineering students make in the middle of their careers
▼ + stars: | 2024-04-04 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +1 min

Mid-career median wages of bachelor's degree graduates who majored in engineering are robust. The median mid-career wage for four types of engineering majors was $100,000. Five types of engineering majors had a median wage above $100,000, including electrical and chemical. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Mid-career wages in this analysis means full-time workers between the ages of 35 and 45.

Persons: — Organizations: Service, New, Survey, Business Locations: New York

☆ Shvartsman brothers plead guilty to insider trading on Trump Media merger plans
▼ + stars: | 2024-04-03 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

"I've made a terrible mistake," Gerald Shvartsman, 46, told Judge Lewis Liman in Manhattan federal court as he pleaded guilty, according to the Associated Press. Michael Shvartsman, 53, and Gerald Shvartsman, who owns a furniture manufacturing company, are scheduled to be sentenced on July 17. Sentencing guidelines recommend that Gerald Shvartsman, who netted about $4.6 million in illegal trading profits, receive a prison term of between 33 and 41 months. Alan Futerfas, a lawyer for Michael Shvartsman, declined to comment on the guilty plea. A lawyer for Gerald Shvartsman did not immediately respond to a request for comment.

Persons: Donald Trump's, Michael Shvartsman, Gerald Shvartsman, DWAC, I've, Judge Lewis Liman, Bruce Garelick, Michael Shvartsman's, Liman, Damian Williams, Alan Futerfas Organizations: Trump Media & Technology Group, Trump Media, Associated Press, Rocket, Manhattan U.S Locations: Florida, New York, Manhattan, Michael Shvartsman's Miami

☆ A group of NY inmates are so desperate to see the upcoming solar eclipse that they're suing to witness the phenomenon
▼ + stars: | 2024-04-02 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

Read previewA rare solar eclipse will soon cross the United States — and six inmates at a New York prison are so desperate to witness the phenomenon that they're suing the state corrections department over it. Related storiesThe lawsuit argues that the corrections department's decision to lock down its prisons statewide on April 8 "illegally prohibits" the group of inmates from observing the solar eclipse. Though Woodbourne Correctional Facility is not included on that list, an interactive map by NASA shows that the prison will be impacted by the solar eclipse. No inmates will be allowed outside to watch the solar eclipse, according to Mailey. The lawsuit says that the atheist plaintiff was granted a special request to view the solar eclipse, but that was before the lockdown rules were put in place.

Persons: —, they're, Sharon Steinerman, Alston, Bird, Thomas Mailey, Mailey Organizations: Service, Business, of Corrections, Adventist, Department of Corrections, Community Supervision, Woodbourne, NASA Locations: United States, New York, Woodbourne, Sullivan County

☆ Will A.I. Boost Productivity? Companies Sure Hope So.
▼ + stars: | 2024-04-01 | by ( Jordyn Holman | Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Rapid productivity improvement is the dream for both companies and economic policymakers. If output per hour holds steady, firms must either sacrifice profits or raise prices to pay for wage increases or investment projects. Economies experiencing productivity booms can experience rapid wage gains and quick growth without as much risk of rapid inflation. — especially generative A.I., which is still in its infancy — has spread enough to show up in productivity data already. “may” have the potential to increase productivity growth, “but probably not in the short run.” John C. Williams, president of the New York Fed, has made similar remarks, specifically citing the work of the Northwestern University economist Robert Gordon.

Persons: Jerome H, Powell, ” John C, Williams, Robert Gordon Organizations: Ben, Abercrombie, Fitch’s, Federal Reserve, New York Fed, Northwestern University

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