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Tesla's groundbreaking move with Malaysia is a boost to Southeast Asia's place in the EV supply chain and the first deal under the country's Battery Electric Vehicle Global Leaders initiative. There are also plans for Tesla to embark on EV battery manufacturing in Malaysia. Anwar said Malaysia is open to more EV investments, including from Chinese automakers. Tesla Inc. signage during a launch of company's Model Y electric vehicle in Kuala Lumpur, Malaysia, on Thursday, July 20, 2023. Building readinessStill, Anwar was hesitant to say a full electric vehicle assembly line is in the pipeline.
Persons: Tesla, Anwar Ibrahim, CNBC's Martin Soong, Anwar, Elon Organizations: country's, Vehicle Global, U.S, EV, Bumiputeras, CNBC, Tesla Inc, Bloomberg, Getty, IT, Zhejiang, Infineon Technologies, Proton Locations: Malaysia, Southeast Asia, Putrajaya, Kuala Lumpur, China, Shanghai, Selangor, Malay, Tanjong Malim, Perak, Kedah, Geely
An Erie County, N.Y., judge on Wednesday set aside the convictions of two men who, despite their protests of innocence, were found guilty in the grisly 1993 murder of a young mother outside Buffalo. Justice Wojtaszek ordered that the two men, Brian Scott Lorenz and James Pugh, be granted new trials in the slaying of the young mother, Deborah Meindl, who was killed in her home in Tonawanda, N.Y. The judge rejected the men’s assertions of innocence. But he ruled that new trials were warranted because of new evidence, and because the original prosecutors had violated rules governing the sharing of evidence. The Erie County District Attorney’s Office said it would be appealing the judge’s decision.
Persons: Justice Paul B, Richard Matt, New York jailbreak, Justice Wojtaszek, Brian Scott Lorenz, James Pugh, Deborah Meindl Organizations: Court, Attorney’s Locations: Erie County, N.Y, Buffalo, New York, Tonawanda
Apple is now the Big Tech stock owned least by institutional investors and is the most underowned it has been since 2008, according to Morgan Stanley. Over the past four years, the most underowned megacap stock in institutional portfolios was Microsoft , according to analyst Erik Woodring. Investors have been concerned Apple stock was overpriced after its huge rally earlier this year. In fact, of the large-cap companies it evaluates, Apple, Microsoft, Nvidia , Amazon and Google parent Alphabet are the most underowned stocks in actively managed portfolios, according to Morgan Stanley. "Amongst the 5 mega-cap tech stocks, META is the only name where institutional ownership is greater than its S & P 500 weighting."
Persons: Morgan Stanley, Erik Woodring, Apple's, Woodring, Meta, it's, Michael Bloom Organizations: Apple, Big Tech, Microsoft, Investors, Nvidia, Amazon, Meta Locations: MSFT, F4Q23
Tesla asked a federal agency to redact information about whether driver-assistance software was in use during crashes, The New Yorker reported. Tesla directed the National Highway Traffic Safety Administration to redact information about whether driver-assistance software was being used by vehicles involved in crashes, The New Yorker reported as part of investigation into Elon Musk's relationship to the US government. While Musk has promised for years that self-driving Teslas are around the corner, Tesla's Autopilot and Full Self-Driving systems have weathered a number of controversies over the years. The NHTSA announced in June 2021 that it was investigating the role of Tesla's Autopilot in 30 crashes that killed 10 people between 2016 and 2021. In June 2022, the agency upgraded the probe, saying it would now look at data from 830,000 Tesla vehicles.
Persons: Tesla, Elon, Musk, Steven Cliff Organizations: Yorker, NHTSA, Morning, Traffic, Administration, Safety, Washington Post, Department
Betty Tyson, who spent half her life in prison for the brutal murder of a businessman in a gloomy alleyway in Rochester, N.Y., before a judge ruled that she had been wrongfully convicted, died on Thursday in Rochester. She was 75. Her sister, Delorise Thomas, said the death, in a hospital, was caused by a heart attack. On May 28, 1998, 25 years to the day after she was arrested, Ms. Tyson, 49, left the maximum-security Bedford Hills Correctional Facility in Westchester County and headed home to freedom after Monroe County’s district attorney announced that he would not seek to try her again. By then she had become New York State’s longest-serving female inmate.
Persons: Betty Tyson, Delorise Thomas, Tyson, Monroe, “ Betty’s, Gary Craig, Jon Getz Organizations: Correctional Facility, The Rochester Democrat, Chronicle Locations: Rochester , N.Y, Rochester, Bedford, Westchester County, Monroe County’s
Bank of America reiterates Lululemon as buy Bank of America said it's standing by its buy rating on the stock heading into earnings next week. Bank of America adds Jazz Pharmaceuticals to the US1 list Bank of America added the pharmaceutical company to its top picks list. "We initiate coverage of The Madison Square Garden Entertainment Co. (MSGE) with a Buy rating and a 12-month price objective (PO) of $41, implying ~30% potential upside." Bank of America initiates Gulfport Energy as buy Bank of America said the energy company is undervalued. Stifel reiterates Bowlero as buy Stifel said it's standing by its buy rating on the bowling company.
Persons: Morgan Stanley, Lululemon, LULU, Bernstein, Emerson, Raymond James, Apple, it's, Stifel, Jefferies, Goldman Sachs, JEF Organizations: Bank of America, Jazz Pharmaceuticals, Inc, UBS, GXO Logistics, Mobility, RBC, JPMorgan, Emerson, Mizuho, Edison, FOUR, Apple, Nvidia, AppLovin, Garden Entertainment, The, Garden Entertainment Co, Energy, Xcel Energy, Minnesota & Locations: China, The Madison, Minnesota, Minnesota & Colorado
A black bear attacked a young boy outside his home in Bedford, N.Y., on Tuesday morning, but his parents were able to scare the animal away and save their son, officials said. By the time emergency workers arrived, the boy’s mother, a doctor, had bandaged him, said Carlos Cano, the chief of the Armonk Fire Department. Mr. Cano’s colleagues, who responded to the scene, told him that the bear appeared to have grabbed the boy, who he said was about 7. When officers arrived, the bear was still in the family’s yard, and they shot it. The North Castle, N.Y., police department said the animal had presented a danger to emergency and workers and residents.
Persons: Carlos Cano, Cano’s, Organizations: Armonk Fire Department Locations: Bedford , N.Y, Armonk, N.Y
The AI startup was recently named by VCs as one of 2023's most promising startups. Thompson named her startup Milo, an acronym for "my important loved ones," and raised some early funding from the accelerator Y Combinator in 2020. "You never hear someone talk about the power of these models to help families," said Brad Lightcap, OpenAI's chief operating officer. On Milo, parents can send text messages of grocery lists, photos of permission slips or sign-up-sheets for school activities to the Milo chatbot. To date, Milo has raised an undisclosed amount of pre-seed and seed capital from Y Combinator, OpenAI, Magnify Ventures, Bronze Ventures, and several angel investors.
Persons: Milo, Avni Patel Thompson, Sam Altman, VCs, Thompson, Mary, Archa Jain, Brad Lightcap, Milo chatbot, Cleo, Sara Ittelson, I'm Organizations: Starbucks, Reebok, Accel, Bronze Ventures Locations: Y
Southeast Asia's second-largest economy has been hobbled by slackening global growth, led by its main trading partner China and falling investor confidence due to a protracted period without a government following elections in May. On a quarterly basis, GDP rose a seasonally adjusted 0.2% in the June quarter, also sharply under a forecast rise of 1.2%. The global demand weakness prompted the government to cut its 2023 GDP growth forecast to between 2.5% and 3.0% from a range of 2.7% to 3.7%. As weak global demand crimps exports, Thailand's economy has been supported by its vital tourism sector and private consumption growth. It projected exports to drop 1.8% in 2023 versus an earlier forecast for a 1.6% fall.
Persons: Danucha Pichayanan, Pheu, Srettha Thavisin, Danucha, Orathai Sriring, Kitiphong, Martin Petty Organizations: China, National Economic, Social Development Council, Thomson Locations: BANGKOK, Thailand
The Y Combinator-backed Seabound believes its on board carbon-capture tech can play a key role. Fredriksson is the cofounder and CEO of Seabound, a climate-tech startup that aims to lower the greenhouse-gas emissions produced by the shipping industry. Seabound, backed by the famed accelerator Y Combinator, has built a carbon-capture machine that can be retrofitted onto ships. Having tested it on land, Seabound is now using a commercial container ship as its lab in a pilot project with the London-based shipping company Lomar Shipping. Fredriksson added that Seabound's reaction was exothermic, meaning it needed an injection of heat to get started but then was self-sustaining.
Persons: Seabound, Alisha Fredriksson didn't, Fredriksson, It's, Stephen Turnock, Ed Phillips, Alisha Fredriksson, Wen, Turnock, Alisha Fredriksson Decarbonization, we're, We're, Capital's Phillips, Leapfrogging Organizations: Shipping, Maritime Organization, Service, University College London, University Maritime Advisory Services, Southampton University, International Maritime, Planet Capital, Lomar Shipping, Ships Locations: Wall, Silicon, London, Yalova, Turkey
Goldman Sachs reiterates Palo Alto Networks as buy Goldman said it's standing by its buy rating on the stock following its earnings report on Friday evening. Citi reiterates Snowflake as buy Citi said it's sticking with its buy rating heading into earning later this week. Bank of America reiterates Amazon as buy Bank of America said Amazon continues to gain share. Bank of America reiterates Walmart as buy Bank of America said Walmart is better positioned in the current environment over Target. Bank of America reiterates Salesforce as buy Bank of America said Salesforce is the "next quality GARP stock."
Persons: Goldman Sachs, Goldman, Snowflake, Morgan Stanley, Jefferies, Read, Tim Hortons, Burger King, Patrick Doyle, Salesforce, Baird, it's, Raymond James, Marvell, Scott Mlyn Organizations: Credit Suisse, Disney, Networks, Citi, Taiwan Semiconductor, Bank of America, of America, China, Volkswagen, VW, JPMorgan, Brands, Restaurant Brands, " Bank of America, Walmart, Nvidia, Live Nation Entertainment, CNBC Locations: New York
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Persons: Dow Jones Locations: scarsdale
Thierry Despont, the worldly, erudite French architect and designer whose rich sense of history and heritage brought a refined elegance to the grand homes of industry titans like Bill Gates and Calvin Klein, as well as to the restoration of landmark projects like the Statue of Liberty, the Woolworth Building and the Ritz Paris, died on Aug. 13 at his home in Southampton, N.Y. His death was confirmed in a statement provided by his family. No cause was specified. A native of Limoges, France, Mr. Despont moved to New York in 1980 and quickly rose to a position of influence in the global architecture and design world. He was an officer of the Legion of Honor, the highest French honor, and was named to the Architectural Digest AD100 2023 Hall of Fame.
Persons: Thierry Despont, Bill Gates, Calvin Klein, Despont Organizations: of, Woolworth, Ritz Paris, Legion, of Fame Locations: French, Southampton, N.Y, Limoges, France, New York
More shoppers are choosing electric vehicles so far this year than ever, according to vehicle sales data from Cox Automotive. While EV sales have been growing healthily for the past couple of years, that trend has accelerated this year. The electric vehicle market is entering into a transition period, she said. The average electric vehicle price in July was $53,469, according to Kelley Blue Book, versus an average price of $48,334 across all vehicles. But the number of charging stations still lags behind what is needed to support a wider-scale adoption of electric vehicles.
Persons: Cox, That’s, , Stephanie Valdez, Streaty, Chevrolet Bolt, Rivian, BEV, “ We’ve, ” Valdez, Price, Kelley, Organizations: Cox Automotive, EV, Streaty, CNN, Alliance for Automotive Innovation, Tesla, Volkswagen, Valdez, US Energy, Ford, EV considerers, US Department of Energy, Alliance, Automotive, Quarterly, California Energy Commission, AAI, District of Columbia, California Air Resources Board Locations: Valdez, California
There's bipartisan support for the changeThe lower Form 1099-K thresholds were originally slated for 2022. watch nowThe Republican-led House Ways and Means Committee in June approved legislation to revert the reporting thresholds back to 2022 levels. Form 1099-K has 'always been problematic'Meanwhile, there are lingering worries among tax professionals about the 1099-K change. For businesses selling goods, she said Form 1099-K may not accurately reflect returns or adjustments. How to prepare for the 1099-K reporting change
Persons: Sherrod Brown, Bill Cassidy, Rosenthal, AICPA, Phyllis Jo Kubey, Kubey Organizations: PayPal, IRS, Republican, Sens, American Institute of CPAs, New York State Society of Locations: Ohio, New York
‘DROID RAGE Some parents say kids face a lot of peer pressure to buy iPhones. Photo: Getty ImagesDEB HARRISON lives in a house divided. The mom of teenagers, based in Hudson Valley, N.Y., says her children agree on a lot, but they cannot seem to get on the same page about their cellphones. Her youngest, Kira, 15 years old, has an Apple iPhone 11, because that’s what all her friends have. She didn’t want to be “the odd one out,” said Harrison.
Persons: DEB HARRISON, Kira, , Harrison Organizations: Apple Locations: Hudson Valley, N.Y
Photos of the Tesla Cybertruck show the stainless steel truck appears to smudge easily. Stainless steel appliances are known to be magnets for fingerprints and smudges. The Tesla Cybertruck appears to smudge easily, photos of the electric pickup truck show. The vehicle's stainless steel body could make it prone to smudges and extra finger prints — an issue that is commonly seen with stainless steel appliances. The Cybertruck is the first stainless steel vehicle to be produced since DMC made the stainless steel DeLorean and later halted production in 1983.
Persons: smudge, Tesla, Getty, Tim Conn, Tesla's, Insider's Nora Naughton, Elon Musk Organizations: Twitter, DMC, DeLorean Locations: California, Texas
And along the Gulf Coast, officials are now grappling with how to handle two potentially deadly disasters set to compound: a hurricane and extreme heat. Last week, the city issued an emergency declaration for extreme heat, underscoring rising concerns about widespread power outages ahead of peak hurricane season. Experts have also said that extreme heat is a silent killer and can be a major contributing factor in the overall hurricane death toll. “If Miami experienced extreme heat at the same time, portions of our community would have no relief for what could be days or weeks,” Williams told CNN. Officials there are still navigating how to properly prepare for the rapidly changing extreme weather to avoid mass casualties.
Persons: CNN — It’s, ” Anna Nguyen, , they’ve, ” Christopher Dalbom, who’s, Christiana Botic, Nikisha Williams, ” Williams, Irma pummeled, ” Thomas Muñoz, , We’ve, Pete Gomez, Hurricane Ida, Eva Marie Uzcategui, Daniella Levine Cava, Gomez, ” Gomez, Williams, , Muñoz, I’ve, ” Muñoz, Nguyen, they’re, Katrina, ” Nguyen, “ There’s Organizations: CNN, New Orleans Homeland Security, Preparedness, Tulane Center, Environmental Law, New York Times, The Miami Foundation, Miami, Houston’s Office, Emergency Management, Dade, Bloomberg, Getty, Homeless Locations: Gulf Coast, New Orleans, Miami, Dade County , New Orleans, Houston, Coast, Irma pummeled Florida, Texas, Florida, Dade County, Miami , Florida, , Orleans
Rosemary S. Pooler, a lifelong champion of consumer rights who broke barriers by becoming the first woman to serve as a state and federal judge in two upstate New York districts, died on Aug. 10 at her home in Syracuse, N.Y. She was 85. Her death was announced by the United States Court of Appeals for the Second Circuit, where she had sat since 1998. Judge Pooler got her start defending consumers when she was appointed chairwoman and executive director of New York State’s Consumer Protection Board by Gov. Hugh L. Carey in 1975. When she was a civil rights lawyer, Judge Pooler, a committed feminist, represented two fellow members of the National Organization for Women who in 1970 successfully challenged the century-long men-only policy of McSorley’s Old Ale House in Manhattan.
Persons: Rosemary S, Judge Pooler, Hugh L, Carey Organizations: United States, Appeals, Second Circuit, New York, Consumer, Gov, National Organization for Women, Ale Locations: New York, Syracuse, N.Y, Manhattan
The major U.S. averages have been in negative territory this month , and valuations are coming down from their lofty heights. The S & P 500 has declined 4% this month, and the Nasdaq Composite about 6%. Still, there are some who are optimistic on the S & P 500, which is at around 4,404 as of Wednesday's close. George Ball, chairman of investment firm Sanders Morris Harris, predicts that S & P 500 will land at 5,000. ZoomInfo's losses were among the biggest, tumbling nearly 30%, with average price target upside of 49%.
Persons: Sameer Samana, George Ball, Sanders Morris Harris, Stocks, Baidu, SolarEdge Organizations: Nasdaq, U.S . Federal, Vanguard FTSE, Wells, Wells Fargo Investment Institute, CNBC Pro, PayPal, ON Semiconductor, Infineon Locations: U.S, Wells Fargo, Samana, Snowflake
Xpeng on Friday reported a wider-than-expected loss in the second quarter, sending the Chinese electric car maker's shares down more than 7% in premarket U.S. trade. The net loss was wider than the 2.7 billion yuan ($370.7 million) loss reported in the second quarter of last year. It was also the biggest quarterly loss that Xpeng has posted since going public in August 2020. Here's how Xpeng did against Refinitiv consensus estimates for the second quarter:Net loss: 2.8 billion yuan loss vs. 2.13 billion yuan loss expectedRevenue: 5.06 billion Chinese yuan ($693.7 million) vs. 5.06 billion yuan expected, representing a 31% year-on-year fall. Xpeng's is hoping its latest car — the G6 Ultra Smart Coupe SUV — which was launched at the end of the second quarter, will boost margins.
Persons: Xpeng, Li Auto, Brian Gu Organizations: Guangzhou International Automobile, China Import, Tesla Locations: Guangzhou, Guangdong Province of China, premarket U.S, China
By Erika VeurinkA wedding registry is a couple’s chance to creatively express the kind of life you hope to create together. If you’re a bride or groom to be, you can easily add a link to these eye-catching utensils to your Zola registry. Add the link to the multipurpose pressure cookware to your registry on Zola, or shop it at Amazon or Walmart. Add this link to your Zola registry (and browse other local gift options) and your guests can send a wedding-week-pick-me-up or gift an ongoing subscription. And if you don’t know where to start, Bloomingdale’s wedding registry checklist will help you narrow down what you need.
Persons: Erika Veurink, Zola, , Maria Del Russo, servingware, Simone Silverman, Silverman, Del Russo, , Margaux, Alexandra Daniel, Daniel, Dyson, Holly Liss Jammet, Jammet, Jones, Great Jones, Tricia Lowenfield, Sarah Swann, napkins Swann, Gregory Blake Sams, You’ll, you’d, Sams, Christolfe, Coffee, Anbouba, Neiman Marcus, Delaney Lundquist, she’s, Lundquist, Lily Sullivan, ” Sullivan, Hawkins, Food52, Sullivan Organizations: New, Margot Magazine, Designs, Zola, Elle, Walmart, ” Investment, , Farmers, tote, Courtland, Co, Target Locations: Zola, New York City, Florida, Italy, Flamingo, Los Angeles, Great, York, City, Charleston, S.C, Sur, Charlotte, N.C, Brooklyn, N.Y
Keach Hagey — Reporter at The Wall Street Journal
  + stars: | 2023-08-17 | by ( Keach Hagey | ) www.wsj.com   time to read: +1 min
Keach HageyKeach Hagey is a reporter at The Wall Street Journal’s Media and Marketing Bureau in New York, where she focuses on the intersection of media and technology. Her investigation into the inner workings of Google’s advertising-technology business won recognition from the Society for Advancing Business Editing and Writing (Sabew). Previously, she covered the television industry for the Journal, reporting on large media companies such as 21st Century Fox, Time Warner and Viacom. She led a team that won a Sabew award for coverage of the power struggle inside Viacom. Before joining the Journal, Keach covered media for Politico, the National in Abu Dhabi, CBS News and the Village Voice.
Persons: Keach, George Polk, Gerald Loeb, , Sumner, Organizations: Journal’s Media, Marketing Bureau, Facebook, Google, George, George Polk Award, Business, Beat, Society for, Century Fox, Time Warner, Viacom, CBS, HarperCollins, Politico, Village, Stanford University Locations: New York, Abu Dhabi, Irvington, N.Y
Aldi is buying 397 supermarkets across Alabama, Florida, Georgia, Louisiana, and Mississippi. Some will stay as Winn-Dixie and Harveys Supermarket stores while others will be converted to Aldis. The German discount retailer said on Wednesday that it was buying all of Winn-Dixie and Harveys Supermarket's locations from parent company Southeastern Grocers for an undisclosed price. Some of the stores will be converted to Aldis, while others will continue to operate as Winn-Dixie and Harveys Supermarket stores, Aldi CEO Jason Hart said in a statement. Aldi said that its purchase of Winn-Dixie and Harveys Supermarket was expected to close in the first half of 2024.
Persons: Jason Hart, Kroger, Fresco Organizations: Aldi, Dixie, Harveys, Service, Southeastern Grocers, Winn, Walmart, CNN, Fresco Retail Locations: Alabama , Florida, Georgia, Louisiana, Mississippi, Winn, Wall, Silicon, Florida, Alabama
Y Combinator founder Paul Graham said he wouldn't live in San Francisco with kids due to crime. Graham, who lives in the UK, said he was out for dinner when masked men fired gunshots nearby. Robotaxi companies Cruise and Waymo recently got the go-ahead from the city to offer fully driverless rides 24/7 in San Francisco. Graham and the San Francisco Police Department did not immediately respond to Insider's request for comment about the incident. The San Francisco Chronicle reported that some of this feeling may be down to the public and "brazen" nature of the crimes.
Persons: Paul Graham, Graham, Y, Waymo, Elon Musk, Nordstrom, Bob Lee Organizations: Morning, San Francisco Police Department, City, San Francisco Chronicle, Old Navy, Foods, New York Times, Times Locations: San Francisco, Francisco's, City and County
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