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☆ The 'brain' behind Ron DeSantis' likely presidential campaign was involved in a major 'ghost candidate' scandal in Florida: 'If it's not illegal, it should be'
▼ + stars: | 2023-05-11 | by ( Katherine Long | ) www.businessinsider.com time to read: +8 min

The Florida pollster Ryan Tyson is expected to be a top advisor in Ron DeSantis' presidential bid. Ron DeSantis' presumptive presidential bid, was deeply enmeshed in a major Florida political-corruption scandal that has resulted in criminal charges for five people, two of whom have been convicted. At the center of the scandal are "ghost candidates" — those drafted to run purely to siphon votes from an opposing party in close races. It's not illegal to run ghost candidates, Miami-Dade State Attorney Katherine Fernandez Rundle, a Democrat, said at a news conference in 2021 after two people were arrested on campaign-finance charges in connection with the scheme. Tyson is "Ron DeSantis' brain," Peter Schorsch, the publisher of Florida Politics, said.

☆ Bank of England hikes rates by 25 basis points, no longer sees recession
▼ + stars: | 2023-05-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The Bank of England on Thursday hiked interest rates by 25 basis points and revised its economic projections to now exclude the possibility of a U.K. recession this year. The Monetary Policy Committee voted 7-2 in favor of the quarter-point increase to take the main bank rate from 4.25% to 4.5%, as the bank reiterated its commitment to taming stubbornly high inflation. "In the context of resilient economic activity, we think there is a good chance of the Bank Rate peaking at 5% by the August meeting. "As rates moves deeper into restrictive territory and credit conditions tighten, a policy-induced recession becomes almost inevitable."

"Markets reacted positively because they saw the inflation data as a small positive," said Michael Harris, president at hedge fund Quest Partners LLC. The rate-sensitive S&P 500 technology sector index (.SPLRCT) went up 1.22% and the communication services (.SPLRCL) rose 1.69%. REUTERS/Brendan McDermidIndexes were choppy during the session, as investors digested the positive inflation print with concerns about the looming debt ceiling. Advancing issues outnumbered decliners on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers. The S&P 500 posted 18 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 86 new highs and 152 new lows.

☆ Instant View: US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. I think the Fed will raise rates again in June and then pause. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing."

☆ US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing." The other thing is shelter, a huge component of CPI and it came in a little bit weaker."

☆ New York Times Posts Higher Revenue, Faces Advertising Challenges
▼ + stars: | 2023-05-10 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

New York Times Co. said digital-advertising and total advertising revenue decreased 8.6% for the quarter. Photo: CAITLIN OCHS/REUTERSNew York Times Co. gained 190,000 digital subscribers in the first quarter, but said its advertising business continued to face challenges in an uncertain economy. The news organization said it now has more than 9 million digital-only subscribers—which it defines as people who subscribe to at least one Times digital product—and generated more revenue from each of them than it did in recent quarters, though still less than in the year-earlier period. Taking into account its print operations, the company had a total subscriber base of 9.7 million.

☆ The Times Added 190,000 Subscribers Last Quarter
▼ + stars: | 2023-05-10 | by ( Benjamin Mullin | ) www.nytimes.com time to read: +1 min

The New York Times Company on Wednesday said it added 190,000 digital subscribers last quarter, driven partly by subscriptions to a bundle of products that includes The Athletic sports site, bringing the company’s total digital subscriber base to nine million. Adjusted operating profit was $54 million, a drop of 11 percent from a year earlier, as the new subscription revenue was offset by higher operating costs and lower advertising revenue. “In the first quarter, we made steady progress on our essential subscription strategy, with clear signs of substantial runway ahead,” Meredith Kopit Levien, chief executive of The Times, said in a statement. Over the last decade, The Times has tried to offset declines in its print business — which is profitable but fading — with new revenue from digital subscribers. In recent years, the company has honed that strategy by offering readers a bundle of online utilities including a cooking app, the Wirecutter online shopping service, games like Wordle and The Athletic, pitching itself to subscribers as a guide to the wider world.

☆ I've made $730,000 in sales since I started my Etsy shop 3 years ago. Here's how I list my items and choose what to sell.
▼ + stars: | 2023-05-10 | by ( Lola Christina Alao | ) www.businessinsider.com time to read: +5 min

I started my Etsy business in April 2020. I've tried printing on demand for items such as tote bags, shoes, and shower curtains. I quit my job 18 months after starting my Etsy businessIn June 2021, I quit my customer-service job. I now work on my Etsy business full time. I've made $730,000 in revenue from Etsy since I started in March 2020.

☆ South African rand pauses after steep fall; focus on U.S. CPI
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, May 10 (Reuters) - The South African rand was little changed in early trade on Wednesday after a steep fall the previous day, with global market attention firmly pinned on U.S. inflation figures due later in the day. At 0545 GMT the rand traded at 18.6425 against the U.S. currency , not far from its previous close of 18.6375. The risk-sensitive rand lost more than 1.6% against the greenback on Tuesday, as caution built ahead of Wednesday's U.S. Consumer Price Inflation (CPI) print scheduled for 1230 GMT. Economists expect the headline CPI to hold steady at an annual 5% and core CPI to moderate very slightly to 5.5%, though anything stickier could confound bets interest rates will fall. Among local drivers, South Africa's central bank governor Lesetja Kganyago will from 0900 GMT deliver a lecture on the topic: "Challenges facing the global economy: A South African Perspective".

☆ Inflation rose 4.9% in April from a year ago, less than expectations
▼ + stars: | 2023-05-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Excluding volatile food and energy categories, core CPI rose 0.4% monthly and 5.5% from a year ago both in line with expectations. A widely followed measure of inflation rose in April, though the pace of the increase provided some hope that the cost of living will head lower later this year. Food prices, though, were flat while the energy index rose 0.6%, boosted by a 3% gain in gasoline. Of the six grocery store indexes the Bureau of Labor Statistics uses to compute food prices, four showed declines. For workers, real average hourly earnings, adjusted for inflation, rose 0.1% for the month but were still down 0.5% from a year ago, the BLS said in a separate report.

☆ Interpol: Authorities search for the names of 22 women murdered in Europe
▼ + stars: | 2023-05-10 | by ( Radina Gigova | ) edition.cnn.com time to read: +4 min

CNN —Authorities are trying to identify 22 women murdered in Belgium, Germany and The Netherlands over the last few decades. Who they are, where they are from and why they were in these countries is unknown,” Interpol said. “The woman also wore dark plaid shorts, beige/brown knitted cardigan and a plastic or horn ring,” Interpol said. The woman in the well also wore dark plaid shorts. Belgium, German and Dutch police are working with Interpol on finding more information about the women.

☆ A beloved restaurateur turned a white home into an over-the-top pink-and-green paradise that found a buyer in just 6 days after a bidding war. See inside.
▼ + stars: | 2023-05-10 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Upstairs on the Square restaurateur Deborah Hughes just listed her Victorian house for $1.4 million. Hughes decorated the three-bedroom with neon colors, lively patterns, and fun details over 21 years. The home drew 100 open-house visitors, a Zillow Gone Wild post, and a viral TikTok in six days. Located in Somerville, a smaller city four miles outside of Boston, the three-bedroom house decorated in a riot of colors and patterns hit the market for $1.475 million on May 3. Hughes is known locally as the co-owner of Upstairs on the Square, a beloved, fancifully decorated, and now-closed restaurant in nearby Harvard Square.

Spot gold was unchanged at $2,032.86 per ounce, as of 0201 GMT. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Worries over the global economy and demand-supply outlook may also support the commodity in the near future," Hareesh added. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ Gold holds steady ahead of U.S. inflation print
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: +2 min

Gold bars are displayed at a bullion merchant's, Baird & Co., in London, U.K., on Friday, March 14, 2008. Gold prices were flat on Wednesday, as traders positioned themselves for key U.S inflation data due later in the day, which could impact the Federal Reserve's policy stance. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ Trump’s CNN town hall is a sign of a broader and more traditional campaign strategy
▼ + stars: | 2023-05-10 | by ( Kristen Holmes | ) edition.cnn.com time to read: +6 min

CNN —Former President Donald Trump’s 2024 campaign is pursuing a strategy of expanding his appeal by reaching out to audiences beyond friendly conservative media outlets, multiple advisers familiar with the strategy said, including a CNN town hall this week. He’s also scaling back larger rallies, a Trump campaign trademark, for more intimate campaign settings and retail stops that allow the former president to engage with voters. Trump’s team also sees the town hall has an opportunity to draw a contrast with Florida Gov. “Trump is already prepared,” one source told CNN, saying the goal for the town hall is to amplify his core message. He ignored the rulings of dozens of courts.”Ongoing investigationsTrump’s town hall also comes as he faces several legal hurdles.

Shares of PayPal Holdings (PYPL.O) dropped 12% and led declines on the benchmark S&P 500 index (.SPX) after the company cut its margin forecast. They were also among the top drags on the Nasdaq Composite index (.IXIC). Shares of other Apple suppliers including Qualcomm (QCOM.O), Broadcom (AVGO.O), Qorvo (QRVO.O) and Corning (GLW.N) fell between 1.2% to 2%. The action-packed week will see the release of the much-awaited inflation data on Wednesday. The S&P index recorded 13 new 52-week highs and 12 new lows, while the Nasdaq recorded 52 new highs and 130 new lows.

REUTERS/Brendan McDermidTOKYO, May 9 (Reuters) - A gauge of global equities fell on Tuesday after weak Chinese trade data sparked concerns about China's domestic demand recovery, while the impasse over the U.S. debt ceiling sparked a sharp sell-off in short-dated Treasury bills. Investors fear a government default if Congress fails to resolve the debt ceiling deadlock as early as June 1. Longer-dated Treasury yields were little changed as investors waited for key U.S. consumer price inflation data on Wednesday. The dollar edged higher against major currencies, with the dollar index up 0.256%. Gold prices edged higher as some investors sought cover from economic uncertainty, including the debt ceiling deadlock.

☆ Asian stocks edge lower amid gloomy China data as US CPI looms
▼ + stars: | 2023-05-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

TOKYO, May 9 (Reuters) - Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, while gloomy Chinese trade data also kept risk sentiment in check. Mainland Chinese blue chips (.CSI300) turned lower after early gains, with the benchmark CSI 300 dropping 0.8%. "So when you have some trend data which is not as good as people expect, it raises doubts," he said. "The surprise lies on the downside" for the inflation data, particularly the risk of a drop below 5%, said Tony Sycamore, a market analyst at IG markets. Brent crude was down 30 cents at $76.71 and U.S. West Texas Intermediate (WTI) crude fell 26 cents to $72.90.

☆ Asian stocks edge lower, dollar firm as US inflation data looms
▼ + stars: | 2023-05-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), though, slipped 0.3%, erasing part of Monday's 0.9% rally. Hong Kong's Hang Seng (.HSI) dropped 0.4%, while Australia's benchmark (.AXJO) lost 0.2% and South Korea's Kospi declined 0.4%. Investors were mostly unmoved by Chinese data showing exports surged last month while imports eased. "The surprise lies on the downside" for the inflation data, particularly the risk of a drop below 5%, said Tony Sycamore, a market analyst at IG markets. The dollar index , which measures the currency against six major peers, was little changed after earlier rising overnight from near the bottom of its trading range since the middle of last month.

☆ Parents need not fear adolescent weight gain
▼ + stars: | 2023-05-08 | by ( Michelle Icard | ) edition.cnn.com time to read: +11 min

Yet it sends adults into a tailspin of fear around weight, health and self-esteem. Yet weight gain remains a sensitive, sometimes scary subject for parents who fear too much weight gain, too quickly. “About 25 percent of growth in height occurs during this time so as youth grow taller, they’re also going to gain weight. Parents need to work on their own weight bias, but they also need to protect their children from providers who don’t know how to communicate with their patients about weight. “We all have a lot of work to do when it comes to conversations about weight,” Hutchison said.

☆ We're making five price target changes and one rating upgrade after a crazy week of earnings
▼ + stars: | 2023-05-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

AAPL YTD mountain Apple YTD performance Apple (AAPL): We're raising our price target to $185 per share from $175 in response to the strong quarter Thursday evening. LLY YTD mountain Eli Lilly YTD performance Eli Lilly (LLY): We're increasing our price target on Eli Lilly again, this time to $460 per share from $430. Our new price target is in reaction to the positive Alzheimer's drug trial data that was much better than what we expected. HAL YTD mountain Halliburton YTD performance Halliburton (HAL): We are lowering our price target on this North American-focused oil services giant to $40 per share from $48. SBUX YTD mountain Starbucks YTD performance Starbucks (SBUX): We're bumping up our price target to $125 per share from $120 and upgrading our rating to a 1 following the stock's pullback in reaction to the recent earnings result .

☆ Emirates is opening a new store that will allow passengers to check in and drop off their bags without having to go to the airport
▼ + stars: | 2023-05-06 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

Emirates' new check-in store is 30 minutes from the airport by public transport, and 15 by car. The location should allow passengers to avoid long lines and crowds at the airport. Emirates is getting ready to open a store that would allow passengers to check in and drop off their bags without having to go to the airport. Much like an airline desk at any airport, it will also give passengers the option to book travel, according to Emirates. Emirates' robot check-in assistant is called Sara and is equipped to match faces with scanned passports and give passengers instructions.

☆ Stocks are set for more volatility as the 'unlucky 13' months of strong job growth complicates the Fed's mission to cool the economy
▼ + stars: | 2023-05-06 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

A blowout jobs report and could make the Fed's job of tamping down inflation harder. The April US jobs report showed nonfarm payrolls grew by of 253,000 and a fall in the unemployment rate to 3.4%. Wages are key to the Fed's inflation outlook, and April brought a 0.5% rise in average hourly pay – the biggest monthly increase in a year. "This is a market that's really going to struggle. "It's too early to assess the likelihood of an additional Fed rate hike in mid-June, but this latest jobs report will push the excessively data-dependent Fed towards further tightening – a mistake in our view."

☆ Inflation’s real benefits beat theoretical costs
▼ + stars: | 2023-05-05 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

Yet economic theory has a remarkably hard time identifying the social costs imposed by a rising price level. A more serious charge is the uncertainty that rising prices introduce into financial planning. If the theoretical costs of inflation are elusive, the potential advantages it has to offer are more concrete. U.S. house prices, meanwhile, peaked last year at a full 45% higher in real terms than when Rogoff made his plea. In the end, the practical benefits of inflation will trump its theoretical costs.

☆ Apple results show iPhone's 'consumer staple nature' in a tough environment, Wall Street says
▼ + stars: | 2023-05-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Most Wall Street analysts like what they're seeing from Apple , viewing the iPhone maker's better-than-expected results as a sign of resilience and its continued ability to deliver even in a tough environment. Apple rose 2% in the premarket after posting earnings that beat expectations, driven by stronger-than-expected iPhone sales. Chatterjee has an overweight rating on Apple and a price target that implies upside of 14.6%. Softening demand 'casts a cloud' Despite the company's better-than-feared results, some analysts do expect volatility ahead. UBS analyst David Vogt reiterated his buy rating on the stock but said softening demand "likely casts a cloud on the stock near term."

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