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Read previewFrom Bill Gates and Warren Buffett to Jeff Bezos and Mark Zuckerberg, billionaires are the power players of philanthropy. It's not possible to generalize, but billionaires' philanthropic contributions likely do not outweigh the negative aspects of wealth inequality. For every Chuck Feeney or 'good' billionaire, there is an Elon Musk or Bill Gates, both with questionable practices. Bill Gates is an example. How does MacKenzie Scott's philanthropy differ from how other billionaires typically approach giving, and what lessons can they learn from her?
Persons: , Bill Gates, Warren Buffett, Jeff Bezos, Mark Zuckerberg, It's, MacKenzie Scott, Bezos, Hans Peter Schmitz, Bob, Carol Mattocks, Gates, Scott, Chuck Feeney, Elon Musk, Melinda Gates, Ramin Talaie, Getty, MacKenzie Organizations: Service, Business, Nonprofit Leadership, North Carolina State University, Melinda Gates Foundation, Gates Foundation, Black Colleges, Universities, Third
Mark Zuckerberg could become the world's wealthiest person after surging up the rich list. The Meta CEO has gained $51 billion this year and recently ranked third in net worth. Go to newsletter preferences Thanks for signing up! AdvertisementMark Zuckerberg has rocketed up the ranks of the world's richest people — and could take the top spot for the first time. Zuckerberg sits in fourth place at the time of writing, behind Tesla's Elon Musk (worth $248 billion), Amazon's Jeff Bezos (worth $202 billion), and LVMH's Bernard Arnault (worth $180 billion).
Persons: Zuckerberg, Jeff Bezos, , Mark Zuckerberg, Tesla's Elon Musk, LVMH's Bernard Arnault Organizations: Elon, Service, Meta, Facebook, Bloomberg, Business
Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMark Cuban has warned that Trump's plan to impose sweeping tariffs on US imports would burden even tiny businesses with expensive, arduous compliance. Related storiesHe was critical of Trump's tariffs on China during his time in the White House and has slammed the Republican candidate's threat of more of the same. "Tariffs are the worst possible incentive for all but a few products," he said, adding that they "almost always" cost consumers more money. Tariff pain and small business woePaul Krugman has been vocally against plans for fresh tariffs if Trump wins in November.
Persons: , Cuban, Elon Musk's, Grok, Trump, He's, Kamala Harris, Paul Krugman, what's, Kevin O'Leary Organizations: Service, Business, Cuban, Trump, Republican, Dallas Mavericks, Yahoo, White, Democratic, Getty Locations: Cuban, China, Wisconsin
CNN —The Chinese Football Association has banned for life 38 soccer players and five club officials after a two-year investigation into match-fixing and gambling, as part of a crackdown on corruption in one of China’s most popular sports. Power Sport Images/Getty Images/FileJin Jingdao during the 2022 FIFA World Cup Qualifier match between Australia and China on September 2, 2021 in Doha, Qatar. CFA President Song Kai said 43 of the 44 had been banned for life from football-related activities, and 17 others received five-year bans. The findings were announced ahead of a World Cup qualifier in Dalian later on Tuesday where Team China will host Saudi Arabia after last week’s 7-0 loss away to Japan. A former chairman of the CFA was sentenced to life in prison in March.
Persons: Zhang Xiaopeng, Jin Jingdao, Guo Tianyu, Gu Chao, Son, Mohamed Farag, Zhang, Song Kai Organizations: CNN, Chinese Football Association, Ministry of Public Security, Xinhua News Agency, Administration of Sport, CFA, Visual China, Getty, FC, AFC, China, men’s Locations: Dalian, China, South, Administration of Sport of China, South Korea, Hungary, Australia, Doha, Qatar, Saudi Arabia, Japan
Kevin O'Leary shared his approach to family members who ask him for cash. The "Shark Tank" investor gifts the money instead of lending it, and demands they never ask again. AdvertisementLending cash to family members can make things awkward, breed resentment, and even destroy relationships if they struggle to make payments or take the money and run. The "Shark Tank" star recently shared his personal policy in a video clip posted across his social media channels. Related storiesWhile family members should care for each other, "that doesn't extend to, 'Oh, I want to open a disco, I need $100,000,'" he noted.
Persons: Kevin O'Leary, O'Leary, , you've, It's, it's, I've Organizations: Service
The $100 billion club lost three people last week as tumbling stocks dented their net worths. Only 12 members remain after Jensen Huang, Michael Dell, and Gautam Adani shed their elite status. Go to newsletter preferences Thanks for signing up! AdvertisementThe $100 billion club has lost three members in four days, shrinking the elite group of the world's superwealthy to just 12 people. Nvidia CEO Jensen Huang, personal-computing pioneer Michael Dell, and Indian industrialist Gautam Adani saw their net worths tumble below $100 billion last week, per the Bloomberg Billionaire Index.
Persons: Jensen Huang, Michael Dell, Gautam Adani, Organizations: Service, Nvidia, Bloomberg, Labor, Business
Warren Buffett has donated more than half his wealth to five foundations since 2006. He's gifted Berkshire Hathaway stock to the Gates Foundation and four of his family's foundations. Go to newsletter preferences Thanks for signing up! AdvertisementWarren Buffett has given more than half his vast fortune to five foundations since 2006. The 94-year-old investor is worth $145 billion thanks to a 15% stake in his Berkshire Hathaway conglomerate.
Persons: Warren Buffett, He's, Berkshire Hathaway, Here's, , Susan, Buffett Organizations: Berkshire, Gates Foundation, Service, Berkshire Hathaway, Business Locations: Berkshire
Alice Walton has overtaken Françoise Bettencourt Meyers as the world's richest woman this year. The Walmart and L'Oréal heiresses are worth $95 billion and $90 billion respectively, per Bloomberg. Walton is close to passing the $100 billion mark and joining the elite club of centibillionaires. AdvertisementThe heiress to the Walmart fortune has leapfrogged the L'Oréal heiress to become the world's richest woman — and could soon cross $100 billion in net worth. Alice Walton, daughter of retail icon Sam Walton, is worth more than $95 billion for the first time, per the Bloomberg Billionaires Index.
Persons: Alice Walton, Françoise Bettencourt Meyers, Walton, , Sam Walton Organizations: Walmart, L'Oréal, Bloomberg, Service, Business Locations: centibillionaires
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. What works is to flood the market with supply: lots of oil means lower oil prices, lots of labor means lower labor prices, lots of whatever means lower prices — it's a simple supply and demand curve. Obviously, this is a populist political gesture — a way to offer something to voters upset about high food prices. Krugman noted that many states including Texas have laws banning businesses from overcharging for essentials like food and fuel during disasters.
Persons: , Kamala Harris, Harris, Lindsay Owens, Donald Trump, Mark Zandi, Kamala, Dave Ramsey, It's, cramp, Kevin O'Leary, there's, That's, There's, O'Leary, it's, Kamala Harris's, Gus Ruelas, Paul Krugman, I've, Richard Nixon, Nicolas Maduro, Krugman, Brian Cornell, Cornell Organizations: Service, Democratic, Business, Federal, CBS, Republican, York Post, Fox, Netflix, Fox News, Laureate, Princeton, New York Times, CNBC Locations: York, America, Cuba, Venezuela, North Korea, Soviet Union, Texas, overcharging
Autry Stephens agreed to sell his company for $26 billion in cash and stock in February. The oil tycoon was set to become one of the world's 100 richest people, but he died this month. Go to newsletter preferences Thanks for signing up! AdvertisementAutry Stephens struck a deal in February that would have made him America's richest oilman and one of the world's 100 wealthiest people — but he died before it closed. The founder and owner of Endeavor Energy Resources agreed to sell the Texas oil producer to Diamondback Energy for $26 billion this spring.
Persons: Autry Stephens, Stephens, Organizations: Service, Endeavor Energy Resources, Diamondback Energy, Wall, Business Locations: Texas
Donald Trump and Elon Musk called out the pain caused by high levels of inflation in recent years. Trump bemoaned that people can't afford groceries and savers have been "decimated" by rising prices. Musk blamed inflation on government overspending and pushed for deregulation to bring down costs. Go to newsletter preferences Thanks for signing up! AdvertisementDonald Trump and Elon Musk lamented the brutal impact of rising prices in their X Spaces conversation on Monday.
Persons: Donald Trump, Elon Musk, Trump, Organizations: Service, Elon, Business
Read previewThe latest figures from Warren Buffett's Berkshire Hathaway suggest consumers are faring better than they were just a year or two ago. Thomson ReutersHomeServicesReal estate brokerage revenues were almost flat and after-tax earnings rose 21%. New home unit sales rose 11% after dropping 20%, but pre-tax earnings fell 10%, similar to their 12% decline last year. But pre-tax earnings jumped 10% due to higher margins and lower operating expenses that offset the lower sales. AdvertisementRetailThe odd one out was the retailing subdivision, where revenues fell 4.5% and pre-tax earnings fell 23%.
Persons: , Warren Buffett's Berkshire Hathaway, Here's, Thomson, Warren Buffett, Clayton, Rick Wilking, Berkshire, They've, There's Organizations: Service, Business, Thomson Reuters, Clayton Homes, Reuters McLane, Berkhire Hathaway Locations: Warren Buffett's, Berkshire, Renton , Washington, Omaha , Nebraska
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market is expecting too much from the Fed, says Allianz's Mohamed El-ErianMohamed El-Erian, Allianz chief economic advisor, joins 'Power Lunch' to discuss recession fears, Fed rate cuts and his market outlook.
Persons: Allianz's Mohamed El, Erian Mohamed El Organizations: Erian, Allianz
Stock futures were mostly flat on Tuesday evening as Wall Street looks to keep a strong start to the week going with a key inflation report on deck. S&P 500 futures and Nasdaq 100 futures were also down less than 0.1%. The speed of the rebound is making some Wall Street pros uneasy. The market did get a piece of good news on Tuesday when the producer price index report showed cooler inflation than expected. "I think the inflation risk is much lower than the unemployment risk," El-Erian said.
Persons: Dow, I'm, Mohamed El, Erian Organizations: Dow Jones, Nasdaq, Allianz Locations: Japan
Why Jay Powell refuses to be bullied by Wall Street
  + stars: | 2024-08-08 | by ( Allison Morrow | ) edition.cnn.com   time to read: +4 min
The whole episode underscored a fundamental tension between the Fed, which is focused on economic stability, and Wall Street, which is focused on profit. The message from Powell and other policymakers is clear: We won’t be strong-armed by Wall Street. The BOJ’s deputy governor, Shinichi Uchida, citing volatility in financial markets, said the bank would not raise its policy interest rate as long as markets remain unstable. Powell (formerly in finance, hazel eyes, great ties) appears to have a real opportunity to Volcker it up even more in the coming weeks. That gives Wall Street plenty of time to sit in the corner and deal with its feelings.
Persons: CNN Business ’, Summer, Tim Walz’s, Jerome Hayden Powell, Here’s, Powell, , Powell’s, It’s, Paul Volcker fanboy, Shinichi Uchida, Mohamed El, , Volcker, quieting, Powell isn’t Organizations: CNN Business, New York CNN, Finance, Federal, Stock, CNBC, Wall, Bank of Japan, Bloomberg Locations: New York, FiDi, Powell, Japan
But when my eldest son was a young child, there was no vaccine for rotavirus. Mohamed Bassyouni Gates MRIIt just so happened that my research back then supported clinical trials evaluating a vaccine candidate for rotavirus. In Saudi Arabia, where we were living at the time, my two younger children received their rotavirus shots as their doctors recommended. And researchers at the National Institutes of Health in the US determined that the vaccine also “substantially reduced hospitalization and deaths in Africa.”The expectation was that many lives would be saved around the globe thanks to the rotavirus vaccine. This could be the first new TB vaccine in 100 years.
Persons: Mohamed Bassyouni, Melinda Gates Organizations: Melinda Gates Medical Research Institute, CNN, rotavirus, National Institutes of Health Locations: Saudi Arabia, Africa, United States, Pakistan
The Fed would be making a mistake in delivering an emergency rate-cut, Mohamed El-Erian said. Traders see a higher chance the Fed could trim rates over the next week in response to weakening data. AdvertisementThe Federal Reserve would be making a mistake if it delivered an emergency rate cut. Amid Monday's sell-off Bloomberg reported that markets see a 60% chance the Fed could issue a cut ahead of its scheduled policy meeting. AdvertisementGiving in to the market's demands to ease monetary policy would constitute another mistake for the Fed, El-Erian said.
Persons: Mohamed El, Erian, , Ben Kirby Organizations: Bloomberg, Traders, Service, Fed, Thornburg Investment Management Locations: El
The Islamist militant group Al Shabab claimed responsibility for the deadly assault, which started late Friday. Al Shabab have been waging an insurgency against the internationally backed government in Somalia for more than 17 years and have previously targeted the beach area, Lido, which is popular with businesspeople and officials as well as with other residents. A witness, Mohamed Jibril, said that, at the time of the attack, he had been out with friends in the area, which had been thronged with hundreds of people. “We heard a loud explosion followed by gunfire,” Mr. Jibril said in an interview. “I saw many people lying on the beach asking for help, and no one dared to help them because there was ongoing shooting.”
Persons: Al Shabab, Mohamed Jibril, , Mr, Jibril, Locations: Somalia’s, Mogadishu, Somalia
Ismail Al-Ghoul and his cameraman, Rami Al-Rifi, who lived in the besieged enclave, were killed in an airstrike on their car in the al Shati refugee camp, according to the Qatar-based network. Al-Ghoul was wearing a press flak vest when he was killed, according to his colleague. Israel must stop killing journalists.”Khader Al-Za’anoun of Wafa, the official Palestinian news agency, recalled his friendship with the Al Jazeera journalist. Al Jazeera reporters Yousef Al Saudi and Anas Al Sharif could be seen breaking down as they held Al-Ghoul’s bloodied flak jacket. “Our colleague Ismail was wearing this blood-stained vest,” fellow Al Jazeera journalist Yousef Al Saudi said, as he removed the “PRESS” sign from the jacket.
Persons: Al, Ismail Al, Ghoul, Rami Al, Rifi, Ismail Haniyeh, Zeina, , “ Zeina, , ” Al Jazeera, Mohamed Moawad, Ismail, Al Jazeera, Rami, Ayman Abed, Israel, , , Jodie Ginsberg, ” Khader, Yousef Al Saudi, Anas Al Sharif, Al Sharif, Wadi, “ Ismail Organizations: CNN, ” CNN, Israel Defense Forces, Protect Journalists, Al, Ministry of Health, “ Journalists, International Federation of Journalists, Ahli Baptist, Hospital Locations: Al, Gaza, Qatar, Tehran, Israel, Egypt, ‘ Israel, Wafa, Al Jazeera, Ahli, Gaza City
CNN —The Breakthrough is a project from CNN, Georgetown University, the University of Michigan, SSRS and Verasight. Each week, 1,000 Americans are asked to share what they have seen, read or heard about major presidential candidates in their own words. Results from the two surveys are combined using SSRS’s Encipher Hybrid methodology for blending probability and non-probability samples. Respondents have also been asked the same question about Biden since the start of the project. To develop topics, topic words are manually identified and augmented with words and topics identified using a combination of Noiseless Latent Dirichlet Allocation (NLDA) and Guided Topic-Noise Model (GTM).
Persons: Joe Biden, Donald Trump, Kamala Harris, Robert F, Kennedy, Jr, Harris, Biden, Lisa Singh, Josh Pasek, Michael Traugott, Budak, RoBERTa pretrained, Jennifer Agiesta, Ariel Edwards, Levy, Edward Wu, Dana Elobaid, Le Bao, Yanchen Wang, Mohamed Ahmed, Akilah Evans, Hope Wilson, Cameron McPhee, Peter K, Enns, Gretchen Streett, Amelia Goranson, Jake Rothschild Organizations: CNN, Georgetown University, University of Michigan, Massive Data, Technical, Science Locations: Verasight
But US consumers aren’t only taking a financial hit from this summer’s extreme heat by way of their electricity bills. Shoppers could soon have to pay much higher prices for fruit and vegetables as farmers shoulder higher growing costs from the heat, a reversal of a trend seen over the past year with the cost of fruits and vegetables dropping by 1%, according to June Consumer Price Index data. For the rest of this summer, consumers aren’t likely to see markedly higher prices for seasonal fruits like blueberries because contracts with distributors and retailers tend to be worked out in advance, he said. Climate change, he said, is causing his business to suffer financially with reduced crop yields. However, the steep costs to make that switch could also contribute to higher prices consumers pay for produce.
Persons: It’s, Tom Avinelis, , Avinelis, Tom Avinelis “, Mohamed bin, Kumaraswamy Ponnambalam, Ponnambalam, coauthors, Henry Gordon, Smith, it’s, Gordon Organizations: New, New York CNN, Foods, Costco, Safeway, CNN, Atlantic Council, University of Waterloo, University of Artificial Intelligence, , Smart Agriculture, Columbia University Locations: New York, Fresno , California, Willamette, Oregon, California, Ontario, Canada, University, Abu Dhabi, Santa Maria , California
Tensions were running high on both sides of the Israel-Lebanon border on Monday in anticipation of an escalation in hostilities, after Israel’s security cabinet authorized its leaders to decide on the nature and timing of an Israeli military response to a deadly rocket attack from Lebanon last weekend. The Israeli military said overnight that its aerial defense systems successfully intercepted an unmanned aircraft that crossed from Lebanon into northwestern Israel. The Israeli military did not immediately comment on those attacks. Hezbollah has denied responsibility for the rocket attack Saturday that struck a soccer field in Majdal Shams. But the Israeli military said the type of rocket used in the attack is Iranian-made and carries more than 50 kilograms (110 pounds) of explosives.
Persons: Majdal Shams, Benjamin Netanyahu, Yoav Gallant, Antony J, Blinken, Isaac Herzog, , Matthew Miller, Adrienne Watson, Gallant, , Mohamed Awada, Hwaida Saad, Edward Wong, Gabby Sobelman, Myra Noveck Organizations: Hezbollah, Israel’s, United, State Department, U.S . National Security Council, Lufthansa Group, East Airlines, Lebanon’s Locations: Lebanon, Majdal, Golan, Israel, Iran, United States, Gaza, Tokyo, Majdal Shams, Iranian, Beirut’s, Beirut, Jerusalem
CNN —Adidas has apologized for “any upset or distress caused,” after releasing an ad campaign for some retro sneakers based on a model first released during the 1972 Munich Olympics. Adidas then seemingly deleted any social media posts featuring her after criticism from Jewish groups and Israel. However, journalist Mehdi Hasan took issue with this line of criticism against Adidas and Hadid. “Bella Hadid has absolutely nothing in common with the 1972 terrorists – other than the fact that she is Palestinian,” Hasan posted on X. The Adidas controversy comes a week before the opening ceremony for the Paris Olympics.
Persons: Bella Hadid, Hadid, Kirstin Sinclair, Hadid hasn’t, – uncaptioned, , Mohamed Hadid, , Jonathan Greenblatt, , Mehdi Hasan, “ Bella Hadid, ” Hasan Organizations: CNN, Adidas, Israel, Getty, Adidas ’, enclave’s Ministry of Health, American Jewish Committee, Defamation, Hadid, Paris Olympics Locations: Munich, Palestinian, American, Gaza, Israel
Three Israeli hostages were rescued from his family’s building on June 8. “Hamas only trusts Hamas when it comes to those very sensitive issues such as Israeli hostages,” he said. The Israeli Prime Minister’s Office told CNN she was held by the Abu Nar family but did not provide further details. Three relatives of Abu Nar also posted on social media announcing he had been killed by Israeli forces that day. Many locals questioned why so many Palestinians had to die for the Israeli forces to rescue just four hostages.
Persons: Gaza’s, Almog Meir Jan, Andrey Kozlov, Shlomi Ziv, Noa Argamani, Abu, Ahmed Aljamal, , Abu Muhammad El Tahrawi, Aljamal, Dr Fadel Naim, Abdelrahman El Tahrawi, ” Dr, Aljamal’s, Abdallah, , Gilad Shalit, ” Abdallah Aljamal, Abdallah Aljamal, Mkhaimar Abusada, Ashraf Amra, Benny Gantz, Hussein Ibish, Israel “, ” Andrey Kozlov, , Kozlov, Aviram Meir, Israel’s, Nuseirat, Zainab Aljamal, Abdallah’s, Fatima, Ahmed, Zainab, Thomas Bordeaux,  Zainab, , Argamani, Mohamed Ahmad Abu Nar, Abu Nar, Bilal Mazhar, ” Mazhar, Khalil Al, ” Noa Argamani, Yakov Argamani, Kahlot, CNN he’d, Mohamed Ahmed Organizations: CNN, Nova, Palestine, Neighbors, Gaza’s Ministry of Labor, Facebook, Qassam Brigades, Hamas, Palestinian Center, Policy, Survey Research, Science, Al, Azhar University, Civil, Getty, Gulf States Institute, Palestine Chronicle, Israel Defense Forces, Minister’s, Israeli Army, Reuters Locations: Gaza, Nuseirat, Israel, Cairo, Anadolu, Israeli, Washington
CNN —A suspected serial killer has confessed to murdering 42 women over the past two years, police in Kenya have said, in a shocking case that has sparked calls for increased measures to combat gender-based violence in the country. Authorities said Collins Jumaisi Khalusha, 33, “lured, killed, and disposed of 42 female bodies,” of which only nine have been recovered. Gerald Anderson/Anadolu/Getty Images“We are dealing with a serial killer, a psychopathic serial killer who has no respect for life,” Amin said Monday. A group of female leaders called for enhanced protections for Kenyan women on Monday after increasing cases of femicide. “It is so sad that someone who killed 42 people was still roaming out there.
Persons: Collins Jumaisi Khalusha, , Mohamed Amin, ” Amin, Douglas Kanja, Kanja, Gerald Anderson, Khalusha “, Amin, dismembering, , Josphine Mulongo, Leah Sankaire Sopiato, women’s Organizations: CNN, Authorities, Anadolu, Getty, Kenyan Police, Kenyan Locations: Kenya, Soweto, Nairobi, Kware, Nairobi’s, Njenga
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