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☆ India’s UPI: How e-payments have taken over, from sari shops to street food stalls
▼ + stars: | 2024-04-29 | by ( Amy Gunia | ) edition.cnn.com time to read: +6 min

“Digital payments are likely to enhance India’s growth by eliminating frictions, increasing efficiency, and reducing costs,” Eswar Prasad, an economics professor at Cornell University, told CNN. Covid-19 further boosted the adoption of digital transactions, as people tried to protect themselves from the virus. In 2023, the number of UPI transactions topped 100 billion. Azeez, a 34-year-old rickshaw driver in Old Delhi, told CNN that he’s too scared of losing money to use e-payments. Sania Farooqui/CNNConvenience aside, India’s digital public infrastructure has helped it achieve an 80% financial inclusion rate.

Persons: Brij Kishore, ”, Agarwal, tuk, India’s, Narendra Modi, Eswar Prasad, Old Delhi Sania Farooqui, Ramesh Kumar's, Sania Farooqui, Ramesh Kumar, he’s, Azeez, Prasad, Kapil Sharma, “ Organizations: Hong Kong / New Delhi CNN, ”, Unified, “, frictions, Cornell University, CNN, “ UPI, India, National Payments Corporation of India, UPI, Sarojini, Finance, Eiffel Locations: Hong Kong / New Delhi, Chandni, India’s Old Delhi, Delhi, India, Old Delhi, Sarojini, Covid

CNN —Jurors will now have a three-day weekend to think about what they heard during the first full week of testimony in the historic Donald Trump hush money trial. In one instance, Bove pointed to FBI notes from a 2018 interview, where agents had written that Pecker testified Trump did not thank him or AMI during a January 6, 2017, meeting at Trump Tower. In that interview, Pecker testified that Trump had in fact thanked him during that 2017 Trump Tower meeting. Trump cracks a smile for his longtime assistantTrump’s longtime assistant Rhona Graff testified for less than an hour. He replied, “Of course I do.”Graff no longer works for Trump, but she spoke positively about her experience at the Trump Organization and having Trump as a boss.

Persons: Donald Trump, David Pecker, pummel, Stormy Daniels, Michael Cohen, Trump’s, Rhona Graff, Cohen, Trump, Karen McDougal’s, Banker Gary Farro, Daniels, Farro, He’s, Emil Bove, Pecker, Bove, McDougal, Prosecutors, Joshua Steinglass, Steinglass, Karen McDougal, ”, Graff, Susan Necheles, ” Graff, “, humanize Trump, ” Trump, Hope Hicks Organizations: CNN, American Media Inc, National Enquirer, Trump Organization, Trump, First Republic Bank, AMI, Trump Tower, Trump Org, ” Defense Locations: Delaware

One strategist, however is looking keenly at European equities, and notes that "Europe isn't a boring market." "You would hope that will translate through to the stock market in terms of company earnings growth in Europe. "While you might see some kind of short-term downturn, in the longer-term the picture is very positive for the sector," Field added. He sees value in payments, which he described as "one of the most undervalued parts of European financial services." The sector has trailed market performance, with valuations looking "interesting" over the last 12 months, Morningstar noted in its recent report.

Persons: Michael Field, Field, Morningstar Organizations: CNBC Pro, European Central Bank, Consumer, Swatch Group, Financial, Morningstar, ING Bank, Group, Health, Novo Nordisk Locations: U.S, Europe, Netherlands, British, Swiss

☆ JD Sports to buy U.S. rival Hibbett in $1.08 billion sportswear retail deal
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +2 min

(Photo by May James/SOPA Images/LightRocket via Getty Images)JD Sports Fashion has proposed to buy American athletic fashion retailer Hibbett Inc for about $1.08 billion, the companies said on Tuesday, as Britain's biggest sportswear retailer looks to expand across the southeastern U.S. The deal comes as shares in athletic clothing retailers come under pressure globally after weak outlooks from sports apparel makers such as Nike and Puma. It will pay $87.50 per Hibbett share in cash, representing a premium of about 20% to the U.S. firm's last closing price. JD Sports shares, which have fallen more than 20% so far this year, were up 6% by 0900 GMT. The deal is expected to add to the British firm's earnings in the first full year of ownership, with cost savings expected to be at least $25 million, JD said.

Persons: May James, Foot Locker, Dominic Platt, JD Organizations: UNITED, Getty, Hibbett Inc, Nike, Puma, Adidas, JD Sports, Paris Olympics Locations: UNITED KINGDOM, England, premarket U.S, U.S, North America, Bury, Greater Manchester

☆ Merrill's Lindsay Hans and Eric Schimpf were thrust to the top of the $3.3 trillion wealth unit last year. Here's a look at their new playbook.
▼ + stars: | 2024-04-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Thirteen months ago, Andy Sieg unexpectedly left Merrill Wealth Management to run Citi's ailing wealth unit. His replacements, Lindsay Hans and Eric Schimpf, had big shoes to fill. Hans and Schimpf were company veterans but lesser known before they were anointed to lead the $3 trillion wealth business attached to behemoth Bank of America. Schimpf is more soft-spoken than his cohead Hans, who was promoted to run the private wealth business one month before Sieg left. AdvertisementMerrill has the benefit of being part of a bank with some 69 million consumer bank clients.

Persons: Andy Sieg, Lindsay Hans, Eric Schimpf, Merrill, Hans, Schimpf, Sieg, Lindsay, it's, Sieg's, Louis Diamond, Schimpf's, Hans said, AdvisorHub Organizations: Service, Merrill Wealth Management, behemoth Bank of America, Business, Merrill, Army, UBS, Schimpf, Northeast, Merrill . Bank of America, Bank of America, Customers, Bank of, First, JPMorgan Locations: Los Angeles, Coast, New York City, Nevada, First Republic, Merrill

Monday's analyst calls included a price target cut for one of the biggest tech companies in the world and Goldman Sachs getting bullish on an e-commerce giant ahead of earnings. Morgan Stanley cut its price target on Apple to $210 from $220, citing the potential for disappointing fiscal third-quarter guidance. 6:50 a.m.: Morgan Stanley remains bullish on Nvidia even after chipmaker's sell-off The recent slump in artificial intelligence-related stocks hasn't steered Morgan Stanley away from Nvidia . Sheridan kept his buy rating and $220 price target on Amazon, which is expected to post its earnings results on April 30. Analyst Erik Woodring reiterated his overweight rating on the tech giant but cut his price target to $210 from $220.

Persons: Goldman Sachs, Morgan Stanley, Goldman, Joseph Moore, Moore, — Pia Singh, shouldn't, Wamsi Mohan, Mohan, Benjamin Swinburne, Swinburne, Eric Sheridan, Sheridan, Erik Woodring, Woodring, Fred Imbert Organizations: CNBC, Apple, Nvidia, NVIDIA, Bank of America, Spotify, Amazon, Services Locations: North America

☆ Big banks are touting sweet CD yields in excess of 5%. Where you can find them
▼ + stars: | 2024-04-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

"From our experience, the brokered CD market is more competitive," said Richard Carter, vice president of fixed income products and services at Fidelity. Like traditional CDs, brokered CDs are offered in different maturities. For instance, JPMorgan's one-year CD, with its 5.4% yield, can be called as early as Oct. 30, according to Fidelity's website. With a brokered CD, you'll have to sell it on the secondary market — and you may lose some of your principal. Depending on your time frame, you may consider a one-year ladder with CD maturities three months apart, a two-year ladder with CD maturities six months apart, or a five-year ladder, with maturities one year apart, he said.

Persons: Goldman Sachs, Morgan Stanley, Schwab, Richard Carter, Carter, you'll, there's, Morgan, Greg McBride, It's, McBride, staggers maturities Organizations: JPMorgan, Fidelity Investments, Bank of America, Fidelity, Vanguard, Federal Deposit Insurance Corp, Morgan Stanley Private Bank and Bank of America Locations: U.S

☆ Special Education, Inc.
▼ + stars: | 2024-04-21 | by ( Meghan Morris | ) www.businessinsider.com time to read: +34 min

AdvertisementNate Smallwood for BITo some, private equity's business model appears antithetical to special education. (The average public school district in Pennsylvania, where New Story operates the most schools, spends about $23,000 per child across all types of public education. "Private equity has no place in education — especially special education," Sen. Sherrod Brown of Ohio told BI. For instance, two Pennsylvania education directors left in spring 2023, according to records obtained by BI — one after just months in the role. AdvertisementNickie Coomer, a Colorado College education professor who has written about the privatization of special education, told BI that this data gap is a major regulatory hole, one that private-equity companies are happy to exploit.

Persons: Emily, Sarah, Nate Smallwood, Sarah didn't, —, Mergermarket, Shanon Taylor, Taylor, Sen, Sherrod Brown, Bob Casey of Pennsylvania, Casey, Paul Volosov, Volosov, Jim Grinnen, Rachel Wisniewski, Christina Spielbauer, Spielbauer, Nathaniel Garnick, Garnick, sully, Craig Richards, He's, Richards, they're, " Richards, Judith McKinney, Grinnen, Donnell McLean, McLean, Natalie Stoup, Blackstone, haven't, Biden, of Education spokespeople, Nickie, …, that's, didn't, Hill, Amy Hall Kostoff, Kostoff, Green, she'd Organizations: Business, State College ,, New, BI, Audax Group, Kentucky, Pennsylvania State Employees, Schools, Audax, Rock Academy, University of Nevada, Ohio, Pennsylvania Department of Education, Rock, Reading School District, River Rock Academy, Virginia's Department of Education, Green Tree, Pay, Tree, Autism, Forbes, NBC News, Federal Trade Commission, of Education, Colorado College, Tree School, Pennsylvania's Department of Education, Pennsylvania, In State College Locations: State College , Pennsylvania, Boston, Pennsylvania, Reno, —, Ohio, New Story's, Rock, Virginia, , Ohio, New Jersey , Pennsylvania, New Story's New Cumberland , Pennsylvania, CARD's Virginia, Philadelphia, Rochelle Park , New Jersey

☆ How my family of 4 overhauled our lazy budget to save over $450 a month. Offering our teenagers a share in the savings was key.
▼ + stars: | 2024-04-20 | by ( Cork Gaines | ) www.businessinsider.com time to read: +2 min

Over the last two years, our family has overhauled our budget to combat inflation. Here are eight ways my family got our money situation under control. AdvertisementWith inflation still hitting bank accounts hard, our family of four — which includes two teenagers — realized it was time to start taking our household budget more seriously. Over the last two years, our family has overhauled our budget, created important financial habits, and even involved our daughters. Here are some ways we got our money situation under control.

Persons: — Organizations: Service

☆ Global police agencies take down massive scam website that defrauded thousands of victims
▼ + stars: | 2024-04-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Seksan Mongkhonkhamsao | Moment | Getty ImagesA huge fraud website used by thousands of criminals to trick people into handing over personal information such as email addresses, passwords and bank details, has been infiltrated by international police. Britain's Metropolitan Police said in a statement Thursday that the website, called LabHost, was used by 2,000 criminals to steal users' personal details. Police have so far identified just under 70,000 individual U.K. victims who entered their details onto a website linked to LabHost. LabHost obtained 480,000 credit card numbers, 64,000 PIN codes, as well as more than 1 million passwords used for websites and other online services, the Metropolitan Police said. The Metropolitan Police said that up to 25,000 victims in the U.K. have been contacted by police to notify them that their data has been compromised.

Persons: LabHost, Dame Lynne Owens, Owens Organizations: Britain's Metropolitan Police, Police, Metropolitan Police, The Metropolitan Police, Metropolitan Police Service, Intel, Microsoft, Shadowserver Foundation, Trend, Cyber Defence Alliance, National Crime Agency, City of London Police

☆ Andy Sieg is quickly shaking up Citi's wealth business. At least 11 senior execs have left since his arrival.
▼ + stars: | 2024-04-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Citi's wealth unit has seen at least 11 senior execs exit since Merrill Lynch veteran Sieg joined in September. The latest departure is David Bailin, chief investment officer for the global wealth division, who announced his departure on Monday. Sieg's mandate is to turn around the wealth business, which was barely profitable this past quarter. Sieg also plans to expand Citi's already successful wealth business in Asia. At least two other senior Asia executives have left.

Persons: Andy Sieg, Merrill Lynch, Sieg, David Bailin, Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merril Lynch, Don Plaus, Hale Behzadi, Citi David, Eduardo Martinez Campos, Keith Lee Hong, Fernando Lopez Munoz, Luigi Pigorni, Jeff Sutton, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Citi, Business, Bankers, Citi Wealth, Citi Global Wealth, North America, Eduardo Martinez Campos Head, Mark, Mark Mills Regional, Fernando Lopez Munoz Head, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Keith Lee Hong Kong, Mark Mills, Shyam Sambamurthy South Asia, America, West China, hcuccinello@businessinsider.com

☆ Trump defends 'respected' company behind his $175M civil fraud bond
▼ + stars: | 2024-04-16 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

Trump's lawyers defended his $175M civil fraud bond — and Knight Specialty — in court filings. AdvertisementLawyers for Donald Trump are defending the "respected" insurers behind his $175 million civil fraud bond in a series of new court filings. Trump's bond was underwritten by Knight Specialty Insurance Company, based in Los Angeles, run by billionaire Trump supporter Don Hankey, a so-called king of subprime car loans. "KSIC is a respected, well-capitalized, Delaware-domiciled insurer that has long underwritten surety bonds and other types of insurance placed around the country," Trump's lawyers wrote. Beyond that, the insurer "has access to more than $2 billion in assets and $1 billion in equity" through its parent company, Knight Insurance Company," the filings say.

Persons: Trump, —, Donald Trump, general's, Charles Schwab, KSIC, Letitia James, Knight, Arthur Engoron, Engoron, Don Hankey, Trump's Schwab, Read, Christopher Kise, Alina Habba, Clifford Robert Organizations: Service, underwriters, New York, Knight Specialty Insurance, Knight Insurance Company, Trump, Associated Press Locations: Manhattan, KSIC, New, Los Angeles, Delaware, Engoron

☆ Bank of America's dealings with Leon Black and Jeffrey Epstein are in the Senate's crosshairs
▼ + stars: | 2024-04-16 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

A Senate committee is asking Bank of America about payments from Leon Black to Jeffrey Epstein. The Senate is investigating tax avoidance strategies used by the mega-rich, The New York Times reports. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Senate committee investigating $158 million in payments that private equity investor Leon Black made to Jeffrey Epstein has brought Bank of America into the mix.

Persons: Leon Black, Jeffrey Epstein, —, Ron Wyden Organizations: Bank of America, New York Times, Black, Service, Senate Finance Committee, Business Locations: Oregon

☆ Facebook and Instagram’s response to deepfake porn is under review by its oversight board
▼ + stars: | 2024-04-16 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Meta’s Oversight Board is set to evaluate the company’s handling of deepfake pornography amid growing concerns that artificial intelligence is fueling a rise in the creation of fake, explicit imagery as a form of harassment. “Deepfake pornography is a growing cause of gender-based harassment online and is increasingly used to target, silence and intimidate women – both on and offline,” Meta Oversight Board Co-Chair Helle Thorning-Schmidt said in a statement. The board makes recommendations to the company about how to handle certain content moderation decisions, as well as broader policy suggestions. The second case involves an AI-generated image of a nude woman being groped, which was posted to a Facebook group for AI creations. As part of this latest review, the Oversight Board is seeking public comments — which can be submitted anonymously — about deepfake pornography, including how such content can harm women and how Meta has responded to posts featuring AI-generated explicit imagery.

Persons: Meta, Taylor Swift, –, Helle Thorning, Schmidt, ” Organizations: New, New York CNN, “, Meta Locations: New York, United States, India, Denmark, American

☆ Goldman Sachs reports earnings before market open — here's what the Street expects
▼ + stars: | 2024-04-15 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday. Dormant capital markets and missteps tied to Solomon's ill-fated push into retail banking should give way to stronger results this year. Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities. After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division.

Persons: David Solomon, Goldman Sachs, StreetAccount Goldman Sachs, Goldman, outsized, Solomon, Philip Berlinski, Beth Hammack, Wells Fargo Organizations: LSEG Revenue, Trading, Rivals JPMorgan Chase, Citigroup, Wall, JPMorgan Locations: Davos, Switzerland

☆ Off-price retail is poised to keep taking market share. Why is TJX's stock stuck?
▼ + stars: | 2024-04-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

The ongoing challenges for department stores, which extend back more than a decade, keep playing into the hands of off-price competitors, UBS said. Despite woes at other retailers, TJX stands out as a resilient company well-equipped to avoid many of the industry's challenges. TJX 1Y mountain TJX's stock performance over the past 12 months. One factor keeping a lid on TJX's stock recently may be that it is trading close to its historical valuation, noted Chuck Grom, a consumer and retail analyst at Gordon Haskett. On the other hand, spending at department stores fell 3.7% in March after a 5.2% decline in February, according to Bank of America.

Persons: Jeff Marks, TJX, — TJX, Ernie Herrman, Chuck Grom, Gordon Haskett, Grom, TJX's, Corey Tarlowe, Tarlowe, Jim Cramer's, Jim Cramer, Jim, Jeff Greenberg Organizations: Companies, TJX Companies, Ross Stores, UBS, Burlington Stores, Nordstrom, Marshalls, Home Goods, CNBC, Loop, Jefferies, Bank of America, Universal, Getty Locations: Maxx, Port St Lucie , Florida

☆ 'Chrisley Knows Best' star Todd Chrisley ordered to pay former Georgia revenue investigator $755,000 after defamation lawsuit loss, report says
▼ + stars: | 2024-04-13 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +5 min

His defamatory statements on social media and his podcast have cost him over $750,000. The "Chrisley Knows Best" star was incarcerated in 2022 on bank fraud and tax evasion charges. The 54-year-old Atlanta-based businessman and television personality, best known for appearing on the USA Network reality show "Chrisley Knows Best," has been ordered to pay $755,000 to a former Georgia Department of Revenue investigator for making defamatory statements against her. Todd previously starred in "Chrisley Knows Best" alongside family members, including wife Julie Chrisley. AdvertisementTodd Chrisley, Harvey Hughes, and Julie Chrisley in one of the last aired episodes of "Chrisley Knows Best."

Persons: Todd Chrisley, Chrisley, —, Amy Doherty, Heinze, Doherty, Todd, Julie Chrisley, Tommy Garcia, Leesa Guarnotta, Harvey Hughes Organizations: Department of Revenue, Service, USA Network, Georgia Department of, Los Angeles Times, People, Chrisley, Pensacola, USA, Getty, Georgia Department of Revenue, Georgia Department, Revenue's, Special Investigations, Business Locations: Atlanta, Georgia, Florida, Kentucky

☆ Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis
▼ + stars: | 2024-04-12 | by ( Heather Chen | ) edition.cnn.com time to read: +12 min

The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system. But Vietnamese political experts said a permanent appointment would not end the instability.

Persons: Truong My Lan, Van Thinh, siphoned, “, Eric Chu, Vietnam’s, Vo Van, Trong, Thuong, Vo Van Thuong, Richard A, Brooks, Nguyen Xuan Phuc, Pham Binh, Le Hong Hiep, Yusof, ” Hiep, ”, Thu, General Trong, Xi Jinping, ” Zachary Abuza, Salt Bae, Lam, ” Abuza, Nguyen Phu Trong, Evelyn Hockstein, Abuza, Bui Thanh Soh, ” Soh, Vo, Xuan, Thuong’s, Le Hong Organizations: CNN, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, SCB, Express, Communist Party, Institute, Crisis Group, National War College, Vietnamese Communist Party, Public Security, Vietnam, International Monetary Fund, Companies, Apple, Intel, Vietnam's Communist Party General, Yusof, Brookings Institution, “, Crisis Locations: Vietnam, Saigon, People’s, Ho Chi Minh City, Hong Kong, Duc, Singapore, Asia, China, Washington, “, London, Turkish, Hanoi, Bangkok

☆ 10 things to watch in the stock market Friday, including bank earnings and portfolio stock price target bumps
▼ + stars: | 2024-04-12 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

The bank reports $1.26 in earnings per share vs. $1.11 expected. A round of price target increases on Constellation Brands after its strong quarter and upside guide Thursday. Following the release and conference call, we reiterated our buy-equivalent 1 rating on shares and raised our price target to $300 from $270. A couple more price target cuts on Tesla . BMO starts coverage on the Novo Nordisk shares with a buy-equivalent outperform rating and a $163 per share price target.

Persons: Wells Fargo, Jefferies, Rosenblatt, Wells, Wedbush's Dan Ives, robotaxi, Eli Lilly, Jim Cramer's, Jim Cramer, Jim Organizations: Bank, JPMorgan, Citigroup, Constellation Brands, BMO, Devices, Arista Networks, Citi, EV, Boeing, Novo Nordisk, Jim Cramer's Charitable, CNBC Locations: China, Tesla, Wells Fargo

☆ Citi's plan to turn its wealth business around: get 'low performing' bankers to meet expectations and push investment products
▼ + stars: | 2024-04-12 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAndy Sieg has been quick to make his mark on Citi's ailing wealth unit since taking over the business in September. Some of his efforts are paying off, such as pushing investment products for existing clients to reduce reliance on loans and deposits. AdvertisementIn late September, Citi promoted its North American investment head, Kris Bitterly, to a new role overseeing investments globally. Adding investment assets has become a bigger part of private banker bonuses, according to The Wall Street Journal.

Persons: —, Andy Sieg, Mark Mason, Mason, Jane Fraser, Fraser, Kris, Sieg, Hale Behzadi, Merrill Lynch, Don Plaus Organizations: Service, Revenue, Business, Citi, London, North, Wall Street

☆ Ford stock can go higher by taking a page of out Detroit rival GM's playbook
▼ + stars: | 2024-04-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

General Motors is buying back a ton of stock; Ford, so far, not so much. Before the buyback disclosure late this year, Ford had been down 10%, which was less than GM's 14% decline. In 2023, Ford spent $5.33 billion on dividends and stock repurchases, with only 6.3% of that total on buybacks. In guidance alongside Q4 numbers, Ford said it expects warranty costs for full-year 2024 to be flat year over year. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Ford, Jim Cramer, General Motors, Adrian Yanoshik, Jim, Morgan Stanley, Adam Jonas, Jonas, BEV, John Lawler, Redburn's Yanoshik, Jim Cramer's, Paul Hennessy, LightRocket Organizations: General Motors, Ford, GM, CNBC, General, United Auto Workers, Capital, Renaissance, Getty

☆ Vietnamese property tycoon sentenced to death in country’s biggest ever financial fraud, state media reports
▼ + stars: | 2024-04-11 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Vietnamese property tycoon Truong My Lan (C) looks on at a court in Ho Chi Minh city on April 11, 2024. The Vietnamese property tycoon Truong My Lan was sentenced to death on Thursday for her involvement in the country's biggest ever financial fraud case, state media outlet Thanh Nien reported. She was sentenced to death for the embezzlement charges and to 20 years in prison for each of the other two accusations, according to state media. Around $12.3 billion were allegedly funnelled to Van Thinh Phat while other funds were used privately. Alongside Lan, more than 80 other people including central bank officials have been charged in the case for damaging SCB, state media reported.

Persons: Truong, Lan, Van Thinh, Van Thinh Phat, Vietnam's Organizations: Thanh, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, CNBC, Communist Locations: Ho Chi Minh, Saigon

☆ Department stores face another squeeze. This time, with store credit card revenue
▼ + stars: | 2024-04-10 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

For fiscal year 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom . The three companies do not break out how much of total credit card revenue comes from late fees. All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further. Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Gap does not disclose credit card revenue, but its Chief Financial Officer, Katrina O'Connell, said on an earnings call that losses from late fees will be "largely offset in 2024 by other levers within our credit card program."

Persons: Robert Nickelsberg, it'll, Jane Hali, Kohl's, David Silverman, Silverman, —, Michael Fiddelke, Macy's, Adrian Mitchell, It's, Nordstrom, Katrina O'Connell Organizations: Getty Images Department, Consumer Financial, Bureau, Associates, Nordstrom, Fitch, TD Bank, Shoppers, Adobe Analytics, Citi, Sam's Locations: New York City

☆ Japan's real wages fall for 23rd straight month, dampening Bank of Japan's hopes for 'virtuous cycle'
▼ + stars: | 2024-04-08 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Real wages in Japan fell for a 23rd straight month, suggesting that high inflation is still biting into consumer spending power in the country. Labor ministry data released Monday showed that real wages fell 1.3% in February from a year ago, accelerating from a revised 1.1% drop in January. The data showed special payments, which include bonuses, slipped 5.5% year-on-year. But those pay hikes benefit only a fraction of Japan's workers, given only 16.3% of workers are unionized in the country and most unionized workers are concentrated in large companies. If real wages continue to decline, consumers may choose to save instead of spend, thereby generating little demand and impetus for prices to rise.

Organizations: Labor, Bank of Japan's Locations: Japan

☆ Millions of people are traveling to see the total eclipse. Hotels, motels, and skydiving operators are making bank on it.
▼ + stars: | 2024-04-08 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

AdvertisementAs millions of Americans get ready to watch the total solar eclipse on Monday — an event NASA has described as rare and "spectacular" — the phenomenon stands to lift local economies. According to NASA, this year's eclipse is set to last three to four minutes, longer than the last solar eclipse, in 2017. Former President Donald Trump looked up at the solar eclipse without glasses during the last eclipse. The glasses sold for $1.50 to $2 apiece. "We've shipped already about 70 million glasses, and I suspect I'm going to approach right at 75 million by the time next week comes," Jerit said.

Persons: —, Donald Trump, John Jerit, We've, Jerit, Jason Berger Organizations: Service, NASA, Perryman Group, New York Times, Marriott, The Washington, Getty, Optics, NPR, Fox News Locations: Texas, New York, Texas , Ohio, Grayville , Illinois, Dallas

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