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☆ AI systems could 'turn against humans': Tech pioneer Yoshua Bengio warns of artificial intelligence risks
▼ + stars: | 2024-11-21 | by ( Lucy Handley | In | ) www.cnbc.com time to read: +6 min

Professor Yoshua Bengio, at the One Young World Summit in Montreal, Canada, on Friday, Sept. 20, 2024Famed computer scientist Yoshua Bengio — an artificial intelligence pioneer — has warned of the nascent technology's potential negative effects on society and called for more research to mitigate its risks. Machines could soon have most of the cognitive abilities of humans, he said — artificial general intelligence (AGI) is a type of AI technology that aims to equal or better human intellect. Yoshua Bengio Head of the Montreal Institute for Learning AlgorithmsSuch outcomes are possible within decades, he said. There are arguments to suggest that the way AI machines are currently being trained "would lead to systems that turn against humans," Bengio said. Yoshua Bengio Head of the Montreal Institute for Learning AlgorithmsCompanies developing AI must also be liable for their actions, according to the computer scientist.

Persons: Yoshua Bengio, —, Bengio, CNBC's Tania Bryer, That's, we're, OpenAIhas, It’s, Yoshua, — that's, OpenAI Organizations: Young, Summit, University of Montreal, Montreal Institute, Machines, Intelligence, CNBC, Learning Locations: Montreal, Canada, AGI, U.S, Rwanda, Swiss

☆ Here's why Dollar Tree and Dollar General stocks have plummeted
▼ + stars: | 2024-11-21 | by ( Ryan Baker | ) www.cnbc.com time to read: +2 min

Dollar stores companies were some best performing stocks in the S&P 500 during the Great Recession, said Piper Sandler managing director Peter Keith. Shares of Dollar Tree — which owns its namesake brand and Family Dollar — and Dollar General have both fallen roughly 50% this year. Lower income Americans, who comprise about 60% of Dollar General sales, are under more pressure to stretch their dollars in the face of high inflation. In its fiscal 2024 second quarter earnings call, Dollar General said those customers are also more reliant on online storefronts, which dollar stores have had less success in rolling out. Both Dollar Tree and Dollar General have also faced numerous worker safety violations over the past decade.

Persons: Piper Sandler, Peter Keith, Keith, Melissa Repko Organizations: Walmart, CNBC

☆ CNBC Sport: The next big media rights deal isn't in the U.S.
▼ + stars: | 2024-11-21 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +17 min

In my inaugural CNBC Sport newsletter , I said the major American sports leagues have their media rights deals locked up for years to come. The NHL's Canadian media rights deal will end after next season. The company has said it intends to bid again for the Canadian media rights. In my inaugural CNBC Sport newsletter, I said the major American sports leagues have their media rights deals locked up for years to come. The NHL's Canadian media rights deal will end after next season.

Persons: Alex Sherman, Rogers, Gary Bettman, Amazon's, James Gay, Rees, Paul Martin –, Wayne Gretzky, Amanda Serrano, Nakisa Bidarian, Jake Paul, Mike Tyson, Katie Taylor, Taylor, Serrano, Tyson, Paul –, Amanda, Katie, Mike, Jake, Bidarian, Amanda's, hasn't, I'm, CNBC's Jake Piazza, Lillian Rizzo, Tiger Woods, Rory Mclroy, Mike McCarley, Steve Cohen's, Eli Manning, Derek Jeter, Michael Strahan, John McEnroe, Jimmy Fallon, Rickie Fowler, Xander Schauffele, Matt Fitzpatrick, Cameron Young, CNBC's Jess Golden, Dan Gilbert, Turner, John Tesh, LeBron James, Maverick Carter, Fulwell, Ben Winston, They'll, Peacock, CNBC's Dominic Chu, Mollie Marcoux Samaan, Marvel Entertainment Rob Steffens, Wanda Diamond, LOVB, LOVB Pro's, Michele Kang, Kang, Rob Manfred, That's, Manfred, Tomas Hertl, Thatcher Demko, Derek Cain Organizations: CNBC, CNBC Sport, Rogers Communications, NHL, National Basketball Association, National Football League, Rogers, Amazon Prime, Netflix, NFL, Amazon, Buffalo Bills, Kansas City Chiefs, CBS, Patriots, Sports Business, Golf Channel, Mike McCarley . New York Mets, Private Ventures, New, New York, WNBA, NBA's Cleveland Cavaliers, NBA, Warner Bros, Discovery, Turner Sports, U.S, ESPN, ABC, NBC, NBC Sports, SpringHill, Comcast, USA, English Premier League, NASCAR, WWE, Olympics, Marvel Entertainment, American Hockey League, Wanda Diamond League, Atwater Capital, U.S . Soccer, MLB, The Athletic, Professional Fighters League, Dubai Department of Economy, Tourism, Dubai Sports Council, PFL, San Jose Sharks, Vancouver Canucks, Rogers Arena, Sports, Reuters Locations: —, Canada, Canadian, U.S, Amazon, Europe, Salt Lake City , Utah, Mike McCarley ., Cleveland, Northeast Ohio, Atlanta , Austin, Houston, Madison, Omaha, Salt, Dubai

☆ Police in New Jersey’s Capital Violate Residents’ Rights, U.S. Finds
▼ + stars: | 2024-11-21 | by ( Christopher Maag | ) www.nytimes.com time to read: +1 min

Police officers in Trenton, N.J., systematically violate the constitutional rights of the city’s citizens, conduct illegal searches and needlessly escalate peaceful interactions into violence, the U.S. Department of Justice found in a report published Thursday. In one event described in the 45-page report, police officers encountered an unarmed man as he ran shirtless around a hospital parking lot. The man cried, “I can’t breathe,” and, “I’m going to die.” After more than four minutes, he grew still, the report said. The man was not identified, but the details match the case of Stephen Dolceamore, 29, of Springfield, Pa., which was reported by NJ Advance Media. He died on April 3, 2020, seven weeks before George Floyd was murdered by police officers in Minneapolis.

Persons: Donald J, Trump, Philip R, “, “ I’m, Doctors, Stephen Dolceamore, George Floyd Organizations: U.S . Department of Justice, Justice Department’s Civil Rights Division, NJ Advance Media Locations: Trenton , N.J, U.S, New Jersey, Trenton, Springfield, Pa, Minneapolis

☆ Ron Insana: Bitcoin could be the mother of all manias as it soars toward $100,000
▼ + stars: | 2024-11-21 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

As bitcoin prepares to vault to $100,000, I can't help but wonder if cryptocurrency – not artificial intelligence – is the mother of all financial market manias. BTC.CM= YTD mountain Bitcoin in 2024 The first bitcoin, minted in 2009 , changed hands at about one-tenth of one cent. With bitcoin at nearly $100,000 on Thursday, the first buyers of the cryptocurrency would, no doubt, be worth scores of billions of dollars. The three defining features of money are: A medium of exchange A unit of account A store of value Bitcoin – or any cryptocurrency – is not widely used for transactions. The real question in my mind remains, does the world need bitcoin, or does it just want the flagship crypto?

Persons: bitcoin, cryptocurrency, SWIFT, there's, Donald Trump, Charles Mackay, Ron Insana Organizations: Louis Federal Reserve, U.S, U.S ., CNBC Locations: U.S, Dutch

(Photo by Nicolas Economou/NurPhoto via Getty Images) Nicolas Economou | Nurphoto | Getty Images'That is a huge, huge gap'There is a growing disillusionment taking hold. Men are steadily dropping out of the workforce, especially those between the ages 25 to 54, which are considered their prime working years. A study by the Pew Research Center found that men who are not college-educated leave the workforce at higher rates than men who are. In 1995, both young men and women equally were likely to hold a bachelor's degree, at 25%. "That is a huge, huge gap," Pollak said.

Persons: Donald Trump, Kamala Harris, Nicolas Economou, Pollak, " Pollak, Brett House, —, Richard Fry, Fry, NEFE, Billy Hensley, Hensley, Ali Bustamante Organizations: Republican, Democratic, Getty, Nurphoto, Pew Research Center, Pew, Columbia Business School, CNBC, NEFE, Trump, Financial Wellness, Young, Roosevelt Institute Locations: Washington ,, U.S

☆ 6 Airports in Northern Haiti Are Reopened to U.S. Flights
▼ + stars: | 2024-11-21 | by ( ) www.nytimes.com time to read: 1 min

The Federal Aviation Administration said on Thursday it was allowing U.S. flights to resume to six airports in northern Haiti. had barred U.S. airlines from operating in Haiti for 30 days after three commercial jetliners were struck by gunfire, including a Spirit Airlines flight as it was trying to land at the country’s main airport in Port-au-Prince, the capital. That flight diverted instead to an airport in the Dominican Republic. The stoppage of flights had stranded passengers all over the world and also affected the flow of aid into Haiti, as even humanitarian flights were grounded. The agency said its bar on flights to Port-au-Prince would remain in place until Dec. 12, but it was allowing American carriers and general aviation pilots to fly to six airports in Haiti: Port-de-Paix, Cap-Haïtien, Pignon, Jeremie, Antoine-Simon and Jacmel.

Persons: Jeremie, Antoine, Simon, Jacmel Organizations: Federal Aviation Administration, U.S, Spirit Airlines Locations: Haiti, Port, Dominican Republic, American

Matt Gaetz, who faced a torrent of scrutiny over allegations of sex trafficking and drug use, abruptly withdrew his bid to become attorney general on Thursday in the first major political setback for President-elect Donald J. Trump since his election this month. The collapse of Mr. Gaetz’s prospective candidacy just 16 days after the election appeared to be the earliest such failed cabinet pick in modern history and underscored the haphazard way that Mr. Trump has gone about assembling his new administration. He picked Mr. Gaetz almost on a whim last week without extensive vetting, knowing that allegations were out there, but essentially daring Senate Republicans to accept him anyway. Mr. Trump moved quickly to replace Mr. Gaetz with another conservative favorite. By the day’s end, he announced on social media that he planned to nominate Pam Bondi, the former attorney general of Florida and one of his defense lawyers in his first impeachment trial, to be U.S. attorney general.

Persons: Matt Gaetz, Donald J, Trump, Gaetz, Pam Bondi Organizations: Senate, Justice Department Locations: Florida

☆ CNBC's Inside India newsletter: Gautam Adani's U.S. fraud charges could have wider repercussions for India
▼ + stars: | 2024-11-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Gautam Adani, chairman of Adani Group, following a Bloomberg Television interview at the company's headquarters in Ahmedabad, Gujarat, India, on Saturday, May 25, 2024. The head of a $25 billion Indian energy company, the former CEO of a New York-listed energy firm, and one of Asia's wealthiest men were set to meet in New Delhi to discuss business. To prepare for the meeting, Vneet Jaain, chief executive of $25 billion Adani Green Energy , photographed a document on his cellphone. There are also concerns about whether Adani companies will be able to raise debt in the future in U.S. markets. Earlier this year, the stock market regulator's chair, Madhabi Buch, was accused of having a conflict of interest while investigating Adani group companies, according to short-seller Hindenburg.

Persons: Gautam Adani, Sumit Dayal, Vneet Jaain, Gautam, Jaain, James Dennehy, Adani, Adani Green, What's, firm's, Matt Orton, Raymond James, CNBC's Tanvir Gill, Orton, it's, India's, Rahul Gandhi, Madhabi Organizations: Adani, Bloomberg, Getty, Green Energy, Eastern, of, NYSE, U.S, Securities Exchange Commission, New York Stock Exchange, SEC, U.S . Department of Justice, Energy, Adani Enterprises, GQG Partners, firm's Sydney, Citi, State Bank of India, DBS Group, DBS, Regulators, Federal Bureau of Investigations, Central Bureau of Investigations, Securities and Exchange Board of India, CNBC Locations: Ahmedabad, Gujarat, India, New York, New Delhi, of New York, U.S, Foreign, Singapore, Madhabi Buch

☆ Oil prices firm as geopolitical tensions raise supply concerns
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine. Gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw. Adding to supply, Norway's Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage. However, a slowdown in Chinese and global demand, coupled with rising output outside the group, have potentially thwarted this plan.

Persons: Norway's Equinor, Johan Sverdrup Organizations: del, del Peru SA Talara, Brent, . West Texas, Storm, ATACMS, Energy Information Administration, Organization of, Petroleum Locations: del Peru, Piura, Peru, Russia, Ukraine, Moscow, Kyiv, OPEC

☆ International Criminal Court issues arrest warrants for Netanyahu and Hamas officials
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: +6 min

The International Criminal Court issued arrest warrants on Thursday for Israeli Prime Minister Benjamin Netanyahu, his former defense minister and Hamas officials, accusing them of war crimes and crimes against humanity over the war in Gaza and the October 2023 attacks that triggered Israel's offensive in the Palestinian territory. Netanyahu and other Israeli leaders have condemned ICC Chief Prosecutor Karim Khan's request for warrants as disgraceful and antisemitic. U.S. President Joe Biden also blasted the prosecutor and expressed support for Israel's right to defend itself against Hamas. The court also issued a warrant for the arrest of Mohammed Deif, one of the leaders of Hamas. Khan sought warrants in May, accusing Netanyahu and Gallant of crimes including murder, intentionally attacking civilians, and persecution.

Persons: Benjamin Netanyahu, Netanyahu, Karim Khan's, Joe Biden, Yoav Gallant, Mohammed Deif, Yahya Sinwar, Ismail Haniyeh, Oren Marmorstein, Israel, Gallant, Vladimir Putin, Khan, — Sinwar, Deif, Haniyeh, hasn't, Sinwar, Balkees Jarrah, Benny Gantz, Yair Lapid Organizations: Israeli, ICC, U.S, Israeli Foreign Ministry, Foreign, Hamas, Prosecutors, Human Rights Locations: Gaza, Palestinian, Israel, United States, Hague, Ukraine, Mongolia, Israeli, Iran

☆ Stock futures fall slightly with Wall Street on track for a winning week: Live updates
▼ + stars: | 2024-11-21 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Stock futures edged lower on Thursday evening with Wall Street poised to end the week with gains in the three major averages. S&P 500 futures dipped 0.1%, while Nasdaq 100 futures were lower by 0.3%. All three major averages are on track for a positive week, led by the Nasdaq Composite's gain of 1.56%. That's a change from last week, when Wall Street's postelection rally appeared to stall. Shares of Gap jumped 15% after the company beat earnings estimates and hiked its full-year sales guidance.

Persons: Wall, Saira Malik Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Nvidia, market's, Intuit Locations: New York City

☆ Starbucks considers next moves in China — Cramer says new CEO 'is not fooling around'
▼ + stars: | 2024-11-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

The coffee giant's statement was in response to a Bloomberg report that Starbucks is considering selling a stake in its China operations. According to Bloomberg, such options could spur investment from Chinese companies or private equity firms to help Starbucks navigate the domestic coffee market. "There's a reason why Starbucks stock hasn't gone down from when Niccol was picked," Jim argued, touting Niccol's successful six-years-plus leading Chipotle . Niccol started as Starbucks CEO in September, replacing Laxman Narasimhan who was ousted after just 17 months on the job. An employee services in a Starbucks coffee truck at Wuhan International Plaza on October 6, 2022 in Wuhan, Hubei province, China.

Persons: Brian Niccol, Bloomberg, Brian, Niccol, Jim Cramer, Jim, Niccol's, Laxman Narasimhan, Narasimhan, Howard Schultz, Jim Cramer's Organizations: Starbucks, Bloomberg, Elliott Investment Management, U.S, CNBC, Wuhan International Plaza, Getty Locations: China, U.S, Wuhan, Hubei province

☆ Nvidia shares slump 3% in premarket as quarterly revenue growth slows
▼ + stars: | 2024-11-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

POLAND - 2024/11/13: In this photo illustration, the NVIDIA company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)Nvidia shares dropped in U.S. premarket trading Thursday after the tech giant's third-quarter earnings failed to impress investors. ET, following the Wednesday release of Nvidia's quarterly results, which beat on both the top and bottom lines. Other chipmakers fell on the back of the market reaction to Nvidia's third-quarter results. The slump in Nvidia also had a knock-on effect on European semiconductor firms.

Persons: Piotr Swat, chipmakers Organizations: NVIDIA, Getty, Nvidia, Revenue, Intel, Qualcomm, Micron Technology, AMD, BE Semiconductor, STMicroelectronics, Infineon Locations: POLAND, U.S, Dutch, Asia

☆ Adani Group shares nosedive after chairman Gautam Adani charged with fraud in New York
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group saw shares of its companies plunge Thursday after its billionaire chairman Gautam Adani was indicted in a New York federal court over his alleged involvement in an extensive bribery and fraud operation. The Indian group's flagship firm Adani Enterprises fell 10%, while the company in the eye of the storm Adani Green Energy tanked 17.28%. Adani Energy fell 20%. Adani Power lost 13.81%, Adani Port's share price dropped 10%, while the group's retail arm Adani Wilmar shed 7.87%.

Persons: India's, Gautam Adani, Adani, Sagar Adani, Ranjit Gupta, Rupesh Agarwal, Saurabh Agarwal, Cyril Cabanes, Deepak Malhotra, CDPQ, shortseller, Hindenburg, Raymond James ', Matt Orton Organizations: Adani Defence, Aerospace, Aero, Air Force, India's Adani, Adani Enterprises, Energy, Adani Energy, Adani Power, NSE, Adani Green Energy, Power, Quebec, U.S, Hindenburg Research, CNBC Locations: Bengaluru, India, New York, U.S, Brooklyn

☆ E.l.f. CEO addresses short seller's fraud accusations
▼ + stars: | 2024-11-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Hedge fund Muddy Waters said Wednesday that it had shorted shares of E.l.f., alleging that the cosmetics company had overstated its inventory numbers. asked the U.S. Customs and Border Protection in February to keep its import data confidential for "competitive reasons," so Muddy Waters' claims don't hold weight. But Muddy Waters claimed its proof of deceit goes beyond import data. "In addition to the import data, Muddy Waters confirmed with three of E.l.f. 's purchases have declined this calendar year," Muddy Waters founder Carson Block told CNBC in a statement.

Persons: CNBC's Jim Cramer, E.l.f, Tarang Amin, Amin, Muddy Waters, Waters, Muddy, Carson Block, Circana Organizations: U.S . Customs, Protection, Muddy Waters, CNBC, Nielson Locations: E.l.f, U.S

☆ Stocks making the biggest moves premarket: Snowflake, Nvidia, BJ's Wholesale and more
▼ + stars: | 2024-11-21 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Snowflake posted adjusted earnings of 20 cents per share on revenue of $942 million. Analysts surveyed by LSEG were looking for 15 cents in earnings per share on revenue of $897 million. Nvidia – Shares of the chipmaker fell around 1% despite its third-quarter earnings results topping Wall Street's expectations . BJ's Wholesale Club – The stock popped nearly 8% after the warehouse club reported a third-quarter earnings beat and raised its full-year guidance. BJ's also announced a plan to repurchase $1 billion shares and said it will raise its membership fee.

Persons: Snowflake, LSEG, – Stocks, bitcoin, Coinbase, Mara Holdings, Baidu, BJ's, Goldman Sachs, —, Sarah Min, Hakyung Kim, Michelle Fox Theobald Organizations: Palo Alto Networks, Nvidia –, –, Baidu, BJ's Wholesale Locations: Palo

☆ Trump AG pick Matt Gaetz says he's withdrawing
▼ + stars: | 2024-11-21 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Matt Gaetz said Thursday he is withdrawing his name from consideration as President-elect Donald Trump's pick for U.S. attorney general, ending the controversial bid that put prior allegations of sexual misconduct in the spotlight. I appreciate their thoughtful feedback - and the incredible support of so many," Gaetz said in a statement posted on his X account. "There is no time to waste on a needlessly protracted Washington scuffle, thus I'll be withdrawing my name from consideration to serve as Attorney General," he said. The Department of Justice's investigation into whether Gatez sex-trafficked a minor girl ended last year without charges being filed. The House committee, which is evenly divided between Republicans and Democrats, on Wednesday deadlocked on a vote to release a report on its probe of Gaetz.

Persons: Matt Gaetz, Kevin McCarthy, Donald Trump's, Gaetz, Vance, CNN's Paula Reid, Susan Wild of, reconvene, Trump, Karoline Leavitt, Leavitt Organizations: U.S, Trump, Republican, The, Republicans, Democrats, Gaetz, Truth, Administration, Department of Justice, CNBC, Yildirim Locations: Washington ,, Florida, Washington, Susan Wild of Pennsylvania

☆ UBS sees the 'Roaring 20s' continuing, S&P 500 rising again next year — maybe to 7,000
▼ + stars: | 2024-11-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

This booming period marked by strong economic growth and robust market returns could extend into 2025, according to UBS, which is calling for the S & P 500 to rise as high as 7,000 in its most optimistic, bullish case. "The market and economic developments have led some to term the decade so far as the 'Roaring 20s,' marked by high economic growth, strong market returns, and improving productivity," Mark Haefele, UBS Global Wealth Management chief investment officer, said in a note to clients. .SPX YTD mountain S & P 500 The Wall Street bank set its base case of a 6,600 S & P 500 target for 2025, or about 10% upside from current prices. For its bull case, the equity benchmark could climb to 7,000 by year end 2025, a 16% gain from current levels. The S & P 500 appears set to wrap up a strong 2024 with a bang, thanks to optimism toward President-elect Donald Trump 's market-friendly policies.

Persons: Mark Haefele, Donald Trump, Haefele Organizations: UBS, UBS Global Wealth Management

☆ Ukraine says Russia launched an intercontinental missile in an attack for the first time in the war
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: +3 min

Ukraine says Russia launched an intercontinental ballistic missile overnight targeting Dnipro city in the central-east of the country, which, if confirmed, would be the first time Moscow has used such a missile in the war. It said an intercontinental ballistic missile was fired at Dnipro city along with eight other missiles, and that the Ukrainian military shot down six of them. The attack comes two days after Russian President Vladimir Putin signed a revised nuclear doctrine that formally lowers the threshold for the country's use of nuclear weapons. Ukraine on Tuesday fired several American-supplied longer-range missiles and reportedly fired U.K.-made Storm Shadows on Wednesday into Russia. While the doctrine envisions a possible nuclear response by Russia to a conventional strike, it is formulated broadly to avoid a firm commitment to use nuclear weapons and keep Putin's options open.

Persons: Vladimir Putin, Yevgeny Balitsky, Joe Biden's, Putin Organizations: Kremlin, Ukraine, Russian Defense Ministry, U.S, NATO Locations: Moscow, Russian, Ukraine's Zaporizhzhia, Russia, Ukraine, Dnipro, Russia's Astrakhan, Crimean

☆ Morgan Stanley CEO is bullish on stocks, says the U.S. economy is 'outperforming'
▼ + stars: | 2024-11-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Morgan Stanley CEO Ted Pick on Thursday expressed optimism about the stock market, saying that the U.S. economy will continue to outperform in 2025. "The world is still led by the U.S. consumer," Pick told CNBC's "Squawk Box Asia" from the Morgan Stanley summit in Singapore. He does acknowledge there will be some caution, due to factors including policy uncertainty, but "on the whole, people are are understandably continuing to be constructive." Pick said Morgan Stanley predicts that the broad-based S&P 500 will increase, pointing out that sectors like financials and industrials could perform with continued economic growth and some deregulation. The S&P 500 has gained just over 24% year to date, while the Dow Jones Industrial Average has seen a 15.13% climb.

Persons: Morgan Stanley, Ted Pick, Pick, CNBC's, industrials Organizations: Dow Jones Locations: U.S, Singapore

☆ Kenya drops over $2.5 billion of Adani deals after U.S. indictment
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: +3 min

Gautam Adani, billionaire and chairman of Adani Group, during an event at the Port of Haifa in Haifa, Israel, on Tuesday, Jan. 31, 2023. Under the proposed deal worth nearly $2 billion, the Adani Group was to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal in exchange for a 30-year lease. Representatives from Adani Group did not immediately respond to a request for comment. The Adani Group denied the allegations and said in a statement that it would seek "all possible legal recourse". Senior government officials, including Ruto, had repeatedly defended the deals despite allegations made in 2023 by U.S. short-seller Hindenburg Research - denied by the Adani Group - of improper governance practices at the company.

Persons: Gautam Adani, William Ruto, Ruto, Opiyo Wandayi, George Kamau Organizations: Adani, Port, Kenyan, Jomo Kenyatta, Adani Group, Hindenburg Research, Energy Locations: Port of Haifa, Haifa, Israel, United States, Kenyan

☆ China’s Hacking Reached Deep Into U.S. Telecoms
▼ + stars: | 2024-11-21 | by ( David E. Sanger | Julian E. Barnes | ) www.nytimes.com time to read: +1 min

China’s recent breach of the innermost workings of the U.S. telecommunications system reached far deeper than the Biden administration has described, the chairman of the Senate Intelligence Committee said on Thursday, with hackers able to listen in on telephone conversations and read text messages. “The barn door is still wide open, or mostly open,” the Democratic chairman, Senator Mark Warner of Virginia, a former telecommunications executive, said in an interview on Thursday. and other investigators believed that China’s hackers used stolen passwords to focus mostly on the system that taps telephone conversations and texts under court orders. It is administered by a number of the nation’s telecommunications firms, including the three largest — Verizon, AT&T and T-Mobile. But in recent days, investigators have discovered how deeply China’s hackers had moved throughout the country by exploiting aging equipment and seams in the networks connecting disparate systems.

Persons: Biden, Mark Warner of, Warner, Donald J, Trump, JD Vance Organizations: Senate Intelligence, Democratic, Microsoft, Verizon Locations: Mark Warner of Virginia, China

☆ There's still plenty of 'meat on the bone' in municipal bonds, Vanguard portfolio manager says
▼ + stars: | 2024-11-21 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

So that's why I say there's plenty of meat left on the bone for investing in credit munis," McFee said. Sector outlook Municipal bond funds buy and hold fixed income instruments issued by state and local governments or related entities. Over the past month, major index funds iShares National Muni Bond ETF (MUB) and Vanguard Tax-Exempt Bond ETF (VTEB) have raked in about $2.2 billion of combined inflows, according to FactSet. The big iShares and Vanguard muni funds have each returned about 1.7%, year to date, compared with 1.6% for the iShares Core U.S. And Vanguard is not the only asset manager pushing new muni funds into the market.

Persons: weren't, Steve McFee, McFee, Goldman Sachs Organizations: Vanguard, Bond, McFee, AAA, Muni Bond ETF, Vanguard muni, iShares, Aggregate Bond

☆ Adani Group slams 'baseless' New York fraud and bribery charges
▼ + stars: | 2024-11-21 | by ( April Roach | ) www.cnbc.com time to read: +2 min

Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Photographer: Edwin Koo/Bloomberg via Getty ImagesIndia's Adani Group on Thursday denied allegations of bribery and fraud made by U.S. authorities in relation to the group's chair Gautam Adani, saying all such claims were "baseless." Shares of companies in India's Adani Group plunged after Gautam Adani, one of the world's richest people, was indicted in a New York federal court on charges regarding an alleged bribery and fraud scheme. An Adani Group spokesperson said the allegations made by the U.S. Department of Justice and the U.S. Securities and Exchange Commission against directors of Adani Green Energy are "baseless and denied." Following the indictment charges, Adani Green Energy cancelled plans to raise around $600 million through U.S. dollar-denominated bonds.

Persons: Gautam Adani, Adani, Edwin Koo, Sagar Adani, Vneet Jaain, GQG Partners, CNBC's Boon Ping, Dan Mangan Organizations: Adani, Forbes, Summit, Bloomberg, Getty, India's Adani, Energy, U.S . Department of Justice, U.S . Securities, Exchange Commission, GQG, Green Energy, Citi, . Locations: Singapore, India, U.S, New York

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