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Starbucks makes a change at the topThis just in: Laxman Narasimhan is out as the C.E.O. of Starbucks, the company announced on Tuesday, a year and a half since he succeeded Howard Schultz at the coffee chain. Narasimhan will be replaced by Brian Niccol, a fast-food industry veteran who executed a turnaround as C.E.O. Narasimhan has also been rocked by dueling activist investor campaigns and has had to fend off criticism from Schultz. Rachel Ruggeri, the Starbucks chief financial officer, will serve as interim C.E.O.

Persons: Laxman Narasimhan, Howard Schultz, Brian Niccol, Narasimhan, Schultz, It’s, Chipotle, Mellody Hobson, Rachel Ruggeri, Niccol Organizations: Starbucks, Narasimhan Locations: U.S, China

☆ What went disastrously wrong in Laxman Narasimhan's 17 months as CEO of Starbucks
▼ + stars: | 2024-08-13 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewLaxman Narasimhan is stepping down as CEO of Starbucks, just 17 months after he assumed the role in March 2023, the coffee giant announced on Tuesday. Chipotle CEO Brian Niccol will take over in September, with current CFO Rachel Ruggeri serving as interim CEO until then. Narasimhan's time at the head of the company had been tainted by falling sales, union clashes, and activist investors. Its former CEO keeps attacking the companyHoward Schultz, who led Starbucks for over 23 years, is not afraid to share his views on company management. In Starbucks' press release addressing the leadership change, Schultz didn't acknowledge Narasimhan's time at the company.

Persons: —, Laxman, Chipotle, Brian Niccol, Rachel Ruggeri, Laxman Narasimhan, William Blair, Sharon Zackfia, Narasimhan, Chris O'Cull, Elliott, Paul Singer, Elliott Management, Howard Schultz, Stephen Brashear, Getty Howard Schultz, Schultz, Schultz didn't Organizations: Service, Starbucks, Business, Narasimhan's, Elliott Management, CNBC, Getty, Street, The Workers United, Financial Times, Pride Locations: China, Palestine

vehicles, their hoods adorned with Bangladesh’s national flag according to state protocol, idled late one recent evening in a ground-floor parking lot at the University of Dhaka. Just a week before, they were hounded leaders of a youth-driven popular uprising against the country’s seemingly unbreakable prime minister. Now, after her astonishing ouster, the two are cabinet ministers in the country’s interim government. Inside the parking lot, young women and men milled around these unlikeliest of government officials, asking questions and posing for selfies. On a pillar at the entrance, spray-painted graffiti declared the moment: “Revolution is not a dinner party.”Outside, the streets of this country of 170 million people are run by students.

Persons: autocrat, Sheikh Hasina Organizations: University of Dhaka, selfies

☆ FAFSA rollout was 'a stunning failure,' college aid expert says. Here's how next year will compare
▼ + stars: | 2024-08-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

watch nowBy most accounts, the rollout of the new Free Application for Federal Student Aid, better known as FAFSA, was disastrous from the start. Even now, some college students don't know the status of their aid awards for the fall. "The Department's poor planning has led to a stunning failure: Some college students might not have financial aid dollars in their hands in time to start classes in the next few weeks," said Beth Maglione, interim president and CEO of the National Association of Student Financial Aid Administrators. Families 'are falling back on borrowing for college'For many families, financial aid is crucial when it comes to covering college costs, which have now crept into the six figures. The share of parents taking out federal parent PLUS loans to help cover the costs of their children's college education has also grown, other studies show.

Persons: Beth Maglione, Education Miguel Cardona, Mark Kantrowitz, —, Kantrowitz, Sallie Mae's, Jennifer Berg, Sallie Mae, " Berg Organizations: Federal Student Aid, National Association of Student Financial, U.S . Department of Education, Education Department, Department, Education, Finance, Harvard, College

☆ Starbucks Names Chipotle Boss as New C.E.O.
▼ + stars: | 2024-08-13 | by ( Danielle Kaye | More About Danielle Kaye | ) www.nytimes.com time to read: +1 min

The chief executive of Chipotle Mexican Grill is moving over to Starbucks, the coffee chain announced on Tuesday. Brian Niccol, who has held the top position at Chipotle since 2018, will take the helm of Starbucks next month, the company said. He will replace Laxman Narasimhan, whose relatively brief tenure began in March last year, when he became the first chief executive to come from outside the company. Mr. Niccol’s career also includes a stint as chief executive of Taco Bell. Mr. Narasimhan will step down as chief executive and board director immediately, with the chief financial officer Rachel Ruggeri stepping in as interim chief executive until Sept. 9.

Persons: Brian Niccol, Laxman Narasimhan, Niccol’s, Narasimhan, Rachel Ruggeri Organizations: Starbucks, Taco Bell Locations: Chipotle, United States, China

☆ Chipotle stock falls as CEO Brian Niccol leaves for Starbucks
▼ + stars: | 2024-08-13 | by ( Michele Luhn | ) www.cnbc.com time to read: +1 min

Chipotle stock fell as much as 10% in premarket trading Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks . Niccol began as Chipotle CEO in March 2018. Chipotle stock has risen more than 700% since since he took over. Niccol helped lead Chipotle through a foodborne illness scandal and oversaw the chain of restaurants during the pandemic. Before taking over at Chipotle, Niccol was the CEO at Yum Brands' Taco Bell.

Persons: Brian Niccol, Niccol, Scott Boatwright, He's, Jack Hartung, Brian, Mellody Hobson, Chipotle, — CNBC's Amelia Lucas Organizations: Starbucks, Yum Brands, Bell Locations: Chipotle

☆ Lack of worker heat protections despite rising temperatures leave patchwork of guidelines, put workers in danger
▼ + stars: | 2024-08-11 | by ( Robert Ilich | Nic F. Anderson | ) edition.cnn.com time to read: +8 min

CNN —Esteban Wood still remembers the time a 74-year-old Mexican farmer in Homestead, Florida, collapsed on the job from extreme heat. Such outdoor workers include lifeguards, transportation employees, ironworkers, agricultural workers and letter carriers. States like California, Colorado, Minnesota and Washington, have some heat protections for workers but they are not uniform or sweeping. For example, Minnesota’s protections only apply to indoor workers while California’s heat protections include both indoor and outdoor workers. The government must implement wage protections alongside heat protections, said Dr. Kristina Dahl, a principal climate scientist at the Union of Concerned Scientists.

Persons: CNN — Esteban Wood, Wood, Jose Delgado, Delgado, Bill, Greg Abbott, Rob DeSantis, Ana Gonzalez, ’, ”, Mario Tama, El Paso, Collyn Peddie, Travis, Peddie, Brian Renfroe, Eugene Gates Jr, Biden, Renfroe, Kristina Dahl, Dahl, it’s, ” Dahl, ” Veronica Carrasco, Carrasco, ” Carrasco Organizations: CNN, Texas Gov, Florida Gov, AFL, El, Carriers, Union of Concerned, Department of Labor, US Postal Service, Occupational Safety, Health Administration Locations: Homestead , Florida, Florida, Texas, Coachella , California, California, Coachella, California , Colorado , Minnesota, Washington, Houston, San Antonio, Houston’s, United States, Phoenix , Arizona, U.S, Honduran, Dallas, Honduras

☆ Bangladesh Puts Its Eggs in One Economic Basket. Now, a Reckoning.
▼ + stars: | 2024-08-10 | by ( Anupreeta Das | ) www.nytimes.com time to read: 1 min

Not long ago, Bangladesh was hailed as an economic miracle. Its singular focus on exporting textiles and apparel delivered rapid growth, lifting millions out of poverty and winning the country’s prime minister, Sheikh Hasina, fame and admiration. But Ms. Hasina’s abrupt exit from power this week has exposed the limitations of that strategy, as Bangladesh struggles to combat steep inflation and joblessness that economists say are largely the result of poor policy decisions. Her increasingly authoritarian rule and Bangladesh’s widespread corruption only added to the frustration that boiled over and forced her ouster. Student protesters who had called for Ms. Hasina’s resignation have brought in Muhammad Yunus, a Nobel laureate and microfinance pioneer, to oversee an interim government.

Persons: Sheikh Hasina, Hasina’s, Muhammad Yunus, Yunus Organizations: Student Locations: Bangladesh

Since the arrival in late June of a foreign police force known as the Multinational Security Support (MSS) mission, criminal attacks here have slowed. But in “red zones” across the city and beyond, a new war is just beginning, as gangs test the still-forming MSS. In other words, the MSS mission has no time to lose. CNNThis mission is designed to break the mold; unlike previous peacekeeping missions in Haiti, the MSS is independent of the United Nations. To dismantle Chen Mechan,’” he said listing the nicknames of notorious Port-au-Prince gang bosses.

Persons: Prince, Toussaint Louverture, Bob Marley’s, ”, Evelio Contreras, Garry Conille –, ” –, Conille, Garry Conille, ” Conille, Prince’s Toussaint, Godfrey Otunge, he’s, Haitian National Police Rameau Normil, ” Otunge, it’s, Al, “, Lamercie, ” Estinfort, –, Mawozo, “ I’m, Lanmo, Chen Mechan, ’ ”, Biden, Haiti Dennis Hankins, CNN he’s, Hankins, ” Hankins, we’re Organizations: Prince CNN —, Haitian National Police, Multinational Security, CNN CNN, CNN, United Nations ’, UNICEF, Regional, CARICOM, State University of Haiti Hospital, “, ” Police, Planet Airways, Kenyans, Kenyan, United Nations, UN, Troops, hasn’t, Normil, Institut, MSS, US, Haitian, Haitian Justice Department, Prisons, IBESR Locations: Washington, Port, Kenya, Kenyan, Haiti, Caribbean, Florida, downtown Port, Prince, Haitian, Jamaica, Benin, Chad, Bahamas, Bangladesh, Barbados, Belize, United States, France, Canada, South Korea, Italy, India, Al Shabaab, US, city’s, Ganthier, Barbeque

Through the Family Life Center, her Maui-based nonprofit organization, Cumming planned to build an 88-unit village of modular homes. Workers at the Family Life Center tiny home development, known as Ohana Hope Village, in January. Maude Cumming, CEO of the Family Life Center, in a tiny home at Ohana Hope Village in January. The first 10 families will soon move into a temporary housing project designed to shelter 1,200 people for up to five years. Keys and the plans for tiny homes at the Family Life Center development.

Persons: Maude Cumming, Cumming, ” Cumming, Sarah L, Voisin, JB Rutagarama, Josh Green's, ” Green, Keys, “, ”, Green Organizations: Life Center, Workers, Washington, Getty, Homes, Hope, NBC, Rural Health Association, Gov, Life, NBC News, of Human Services, Airbnb, Human Services Department Locations: LAHAINA, Hawaii, Lahaina, Maui, Kahului, Hawaiʻi

☆ Elon Musk has a weak case against advertisers — but he's playing the long game
▼ + stars: | 2024-08-08 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +9 min

Read previewOn Tuesday, Elon Musk's X fulfilled his promise to sue advertisers over their boycotting of the platform. GARM creates frameworks to provide common definitions around areas like hate speech and misinformation; it's voluntary whether advertisers use them. It doesn't rank platforms on these issues, and its role isn't to advise advertisers on where to spend their dollars. US advertisers are also protected by the First Amendment to spend or not spend on whichever media platforms they please. If the X suit moves into the discovery phase, there could be a whole lot more.

Persons: —, Elon Musk's X, X, Ørsted, Musk, Ruben Schreurs, Ørsted didn't, GARM, Jim Jordan, colluded, WPP's GroupM, Rob Rakowitz, Rumble, Jamie Barnard, Jim Jordan of Ohio, Win McNamee, Jordan, Brian Wieser, Wieser Organizations: Service, Federation, Global Alliance of Responsible Media, Twitter, Unilever, Mars, CVS, Business, WFA, Republican, Procter, Gamble, WPP's, Committee, Verizon, Chanel, PepsiCo, WPP, Media, Madison Locations: Texas, Ohio

☆ Eli Lilly's blowout quarter should quiet investor concerns about the stock
▼ + stars: | 2024-08-08 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +11 min

Eli Lilly on Thursday reported a home-run quarter fueled by sales of its blockbuster obesity and diabetes drugs, quieting any lingering investor concerns in the stock. Eli Lilly Why we own it: Eli Lilly's best-in-class drugs should enable growth above the industry average for many years to come. The report left little doubt that Eli Lilly's best days are ahead, driven by the growth of GLP-1s. It's really early" for Zepbound, Eli Lilly CEO David Ricks said in a CNBC interview Thursday. But the good news is Eli Lilly's multibillion dollar investments to expand manufacturing capacity are paying off.

Persons: Eli Lilly, Eli Lilly's, Zepbound, Jim Cramer, Lilly, David Ricks, It's, We're, Eli Lilly hasn't, Novo, spooked Lilly, Gordon Brooks, it's, Ricks, Brooks, Verzenio, —, didn't, Jim Cramer's, Jim, George Frey Organizations: Revenue, LSEG, Novo Nordisk, Biogen, Merck, Pfizer, CNBC, Food and Drug Administration, Viking Therapeutics, Novo Nordisk —, FDA, RTP, Bloomberg, Getty Locations: Eisai, U.S, GLP, Roche, it's, Indianapolis, North Carolina, Europe, Germany, Provo , Utah

☆ Bangladesh protesters expect interim government to be finalized on Wednesday
▼ + stars: | 2024-08-07 | by ( ) www.cnbc.com time to read: +2 min

Bangladesh's protest leaders said they expect members of an interim government, led by Nobel laureate Muhammad Yunus, to be finalized on Wednesday after Prime Minister Sheikh Hasina quit and fled to India following a violent crackdown on a student-led uprising. "It is critical that trust in government be restored quickly," Yunus, 84, told the Financial Times on Wednesday, saying he was not seeking an elected role or appointment beyond the interim period. His spokesperson said he is expected to return to Dhaka on Thursday after a medical procedure in Paris. "We need calm, we need a road map to new elections and we need to get to work to prepare for new leadership," Yunus told the newspaper. "In the coming days, I will talk with all of the relevant parties about how we can work together to rebuild Bangladesh and how they can help."

Persons: Muhammad Yunus, Charles de Gaulle, Sheikh Hasina, Nobel, Yunus, Hasina's Organizations: French, Financial Times, Bangladesh Bank Locations: Roissy, Paris, Bangladesh, India, Dhaka

☆ CEO of Fortune REIT discusses its 2024 interim earnings
▼ + stars: | 2024-08-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEO of Fortune REIT discusses its 2024 interim earningsJustina Chiu, CEO of the real estate investment trust, says "we expect a better set of results in the second half of this year."

Persons: Fortune REIT, Justina Chiu

☆ Nobel laureate Muhammad Yunus is chosen to lead Bangladesh after protests toppled Hasina
▼ + stars: | 2024-08-06 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +4 min

DHAKA, Bangladesh — Bangladesh’s Nobel laureate Muhammad Yunus has been chosen to head the country’s interim government after the nation’s longtime prime minister resigned and fled abroad in the face of violent unrest against her rule. During the investigations, Hasina accused Yunus of using force and other means to recover loans from poor rural women as the head of Grameen Bank. He was put on trial in 2013 on charges of receiving money without government permission, including his Nobel Prize and royalties from a book. In 2023, some former Grameen Telecom workers filed a case against Yunus accusing him of siphoning off their job benefits. Earlier this year, a special judge’s court in Bangladesh indicted Yunus and 13 others on charges over the $2 million embezzlement case.

Persons: Bangladesh — Bangladesh’s, Muhammad Yunus, Sheikh Hasina, Yunus, Hasina, Nahid Islam, ”, ” Yunus, Hasina’s, Yunus ’, “ Organizations: Olympics, Grameen Bank “, Grameen Bank, Grameen Telecom, Telenor, Vanderbilt University, Associated Press Locations: DHAKA, Bangladesh, bangladesh, Paris, Chittagong, United States

The crisis could also have implications for neighboring India, which is seen as having long supported Hasina and where she fled Monday. He did not say how long Hasina would be in India or what she planned to do next. Though the protests began over a controversial quota system for highly coveted government jobs, they soon morphed into broader calls for justice for those killed as well as Hasina’s resignation. On Monday, the State Department said the U.S. stands with the people of Bangladesh and urged all parties to refrain from further violence as an interim government is formed. “Too many lives have been lost over the course of the past several weeks, and we urge calm and restraint in the days ahead,” spokesperson Matthew Miller said at a news briefing in Washington.

Persons: Islam, Yunus, ” Yunus, Bangladesh’s, ”, Chietigj Bajpaee, Bangladesh doesn’t, Hasina, Subrahmanyam Jaishankar, Matthew Miller Organizations: NBC, Yunus Centre, South, Chatham House, State Department Locations: Dhaka, South Asia, London, Washington, Bangladesh, China, Beijing, India, United States, U.S

☆ Bangladesh PM Sheikh Hasina flees, army says interim government to be formed
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +2 min

Prime Minister Sheikh Hasina addresses the media at a vandalized metro station in Mirpur, after the anti-quota protests. Bangladesh Prime Minister Sheikh Hasina resigned and fled the country on Monday after hundreds of people were killed in a crackdown on demonstrations that began as protests against job quotas and swelled into a movement demanding her ouster. Hasina was "so disappointed that after all her hard work, for a minority to rise up against her," Joy said. Earlier, army chief General Waker-Uz-Zaman announced Hasina's resignation in a televised address to the nation and said an interim government would be formed. "The country is going through a revolutionary period," said Zaman, 58, who had taken over as army chief only on June 23.

Persons: Sheikh Hasina, Hasina's, Sheikh Mujibur Rahman, Hasina, Sajeeb Wazed Joy, Joy, General Waker, Zaman, Mohammed Shahabuddin Organizations: Bangladesh, BBC, Service, Awami League Locations: Mirpur, Dhaka

☆ The core crew that helped Sam Altman start OpenAI has dwindled from 10 to 2
▼ + stars: | 2024-08-06 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +5 min

"We're grateful for John's contributions as a founding team member at OpenAI and his dedicated efforts in advancing alignment research," OpenAI said in a statement to TechCrunch. (I first met John in a cafe in Berkeley in… — Sam Altman (@sama) August 6, 2024This makes Schulman the eighth cofounder who has left OpenAI since its founding in 2015. — Greg Brockman (@gdb) August 6, 2024Besides Schulman, OpenAI has seen multiple exits among its leadership ranks in recent months. In May, OpenAI co-founder and chief scientist Ilya Sutskever announced his resignation from the company. To be sure, not everyone has left OpenAI on such acrimonious terms.

Persons: —, John Schulman, Schulman, Altman, OpenAI, John, … — Sam Altman, — Altman, Wojciech Zaremba, Greg Brockman, Brockman, Ilya Sutskever, he'd, OpenAI's, Jan Leike, Leike, Elon Musk, Musk, Roboticist Trevor Blackwell, Vicki Cheung, Durk Kingma, Pamela Vagata, Andrej Karpathy, Karpathy, Tesla, OpenAI didn't Organizations: Service, Business, Superintelligence Inc, OpenAI, Microsoft, Google, ChatGPT, EV giant's, Business Insider Locations: OpenAI, Berkeley, …

☆ Bangladesh Protesters Want Nobel Laureate to Advise New Government
▼ + stars: | 2024-08-06 | by ( Qasim Nauman | ) www.nytimes.com time to read: +1 min

A day after Prime Minister Sheikh Hasina of Bangladesh dramatically resigned and fled the country, the student groups that led the popular uprising against her proposed a notable name to help lead the interim government: Muhammad Yunus, a microfinance pioneer who received the Nobel Peace Prize. Mr. Yunus, one of Bangladesh’s best-known citizens, was among those Ms. Hasina considered a political threat for years, her critics say. Now, those who ousted her want Mr. Yunus, 84, to hold one of the most powerful positions in the new government. “We have decided that an interim government should be formed with Nobel laureate Dr. Muhammad Yunus as the chief adviser,” Nahid Islam, one of the student leaders, said on Tuesday morning. The country’s powerful military and other political parties will also have a say.

Persons: Sheikh Hasina, Muhammad Yunus, Mr, Yunus, Hasina, ”, Dr Locations: Bangladesh

☆ Bangladesh’s ‘Gen Z revolution’ toppled PM Sheikh Hasina. Why did they hit the streets and what happens now?
▼ + stars: | 2024-08-06 | by ( Helen Regan | ) edition.cnn.com time to read: +11 min

Fires burn outside the Prime Minister's House after Sheikh Hasina resigned and fled the country, on August 5, 2024 in Dhaka, Bangladesh. Protesters shout slogans as they celebrate Prime Minister Sheikh Hasina's resignation in Dhaka. Other student protesters and those arrested on “false cases,” were also released, the president said. K M Asad/AFP/Getty ImagesWhile Hasina’s resignation was celebrated, some Bangladeshis expressed trepidation over the path ahead as the country attempts to fill a leadership vacuum. “Hasina may be gone, but there is still a long road ahead for Bangladesh,” student Faiza Chowdhury, 25, told CNN.

Persons: Sheikh Hasina, Zaman, Muhammad Yunus, Hasina, Minister's, Parvez Ahmad Rony, Sheikh Mujibur Rahman, Hasina’s, Sheikh Hasina's, Mujibur Rahman –, ”, Raiyan Aftab, …, Shaheed, Shaheed Minar, Aftab, Abu Sufian, Mohammed Shahabuddin, Khaleda Zia –, –, Wolfgang Rattay, Z, Sabrina Karim, Karim, “, Mohammad Ponir Hossain, Muhammad Nahid Islam, hadn’t, Yunus, K M Asad, Faiza Chowdhury Organizations: CNN, Bangladesh, Dhaka, Yunus, Dhaka University, Awami League, “, BRAC University, Dhaka Medical College, Dhaka University Campus, Getty, Reuters, curfews, Cornell University Locations: Dhaka, Bangladesh, India, Pakistan, Rajib Dhar, Munich, Germany, UN, Paris, ”, AFP, Bangladeshi, New York

The president of Bangladesh on Tuesday appointed Muhammad Yunus, a pioneer in microfinance who is a Nobel laureate, to oversee an interim government, accommodating demands by protesters and offering a reprieve for a country scarred by violence. The announcement from the main coordinator of the protests, Nahid Islam, came a day after Bangladesh’s authoritarian leader, Sheikh Hasina, resigned and fled the country amid a popular uprising. Mr. Islam was among a group of military officials and others present at a meeting with the president on Tuesday. Mr. Yunus, 84, is expected to lead a temporary government now that the Bangladeshi Parliament has been dissolved. Mr. Yunus, who is widely admired in Bangladesh and once made a brief foray into politics, has two immediate tasks.

Persons: Muhammad Yunus, Nahid, Sheikh Hasina, Islam, Mr, Yunus Organizations: Mr Locations: Bangladesh, Nahid Islam

DHAKA, Bangladesh — Bangladesh Prime Minister Sheikh Hasina resigned and left the country on Monday, the army chief said, a day after nearly 100 people were killed in clashes with the police as protesters demanded she step down. Video showed protesters carrying clothes and furniture out of the prime minister’s residence in Dhaka, the capital, which had been left unguarded. “All hail the 300 martyrs who died for our future.”Bangladesh Prime Minister Sheikh Hasina in Dhaka on July 25. Sunday’s death toll was the highest since the protests began over a controversial preferential quota system for public sector jobs. “The shocking violence in Bangladesh must stop,” Volker Türk, the U.N. High Commissioner for Human Rights, said in a statement Sunday.

Persons: Sheikh Hasina, Zaman, Hasina, Bangladesh’s, jubilance, ”, Saqlain Rafi, Prothom Alo, Monorom, ” Volker Türk Organizations: South, AFP, Getty, Human Rights Locations: DHAKA, Bangladesh, Dhaka, Bangla

☆ The Fed is trying to 'fight a ghost' as recession fears mount, investor says
▼ + stars: | 2024-08-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

LONDON — As a global market sell off continues amid fears of a looming U.S. recession, the Federal Reserve may have little room for manoeuvre, investor Cole Smead warned Monday. "The Fed is trying to fight a ghost in some respects. But it's a fiscal problem, and that fiscal problem's not ending," he said. The CBOE Volatility Index, also know as the "VIX" — a measure of expected market volatility — jumped to 41.65, according to LSEG data, hitting its highest level since October 2020, as risk fears returned to the market. "Whoever comes in, be it Kamala Harris or Donald Trump, there's going to be an interest in trying to prop up anything," he said.

Persons: Jerome Powell, William McChesney Martin, Cole Smead, Smead, CNBC's, Jay Powell, Kamala Harris, Donald Trump Organizations: Federal Reserves, Washington , D.C, LONDON, Federal, Smead Capital Management, CNBC, Reuters Locations: Washington ,, U.S, Europe, Asia

☆ Bangladesh prime minister resigns as deadly anti-government rallies grip nation
▼ + stars: | 2024-08-05 | by ( Isaac Yee | Tanbirul Miraj Ripon | ) edition.cnn.com time to read: +5 min

Dhaka, Bangladesh CNN —The prime minister of Bangladesh, Sheikh Hasina, resigned on Monday after weeks of deadly anti-government demonstrations gripped the South Asian nation. Protesters told CNN that ⁠the military was blocking Dhaka Medical College Bakshibazar Gate. Men run past a shopping center which was set on fire by protesters, in Dhaka, Bangladesh, on August 4. Activists grapple with police in Dhaka, Bangladesh, on July 30, as they stage a march for the victims of nationwide protests. Protesters in Dhaka told CNN that the university campus was surrounded by armed forces.

Persons: Sheikh Hasina, Hasina’s, ”, ” Zaman, ” Police ‘, Rajib, Shaheed, “, Asif Mahmud Organizations: Bangladesh CNN, CNN, Reuters, UNICEF, ” Police, Police, Dhaka Medical College, Protesters, Dhaka Medical, AP, Dhaka University Campus, Intercontinental Locations: Dhaka, Bangladesh, Rajib Dhar, Shahbag, Motijhil, Netblocks, Nilkhet

They came prepared for violence. A day after about 100 people were killed in antigovernment protests, hundreds of thousands took to the streets of Dhaka, Bangladesh’s capital, defying a curfew imposed by the government and demanding the resignation of Prime Minister Sheikh Hasina. They got their wish. It remained unclear what role the military, which has seized power in the past, will play — or whether it had a hand in persuading Ms. Hasina to leave. On Monday afternoon, Gen. Waker-uz-Zaman, the Bangladesh Army chief of staff, announced her departure and said he would request the formation of an interim government.

Persons: Sheikh Hasina, Hasina, Ms Organizations: Awami League, Bangladesh Nationalist Party, Bangladesh Army Locations: Dhaka

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