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☆ Chinese stocks are trying to rebound. This is the trade to watch to know if the turnaround is for real
▼ + stars: | 2024-02-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Mainland Chinese stocks are trying to rebound from five-year lows and it's starting to look like Beijing is willing to take some action. "My question is, would a recovery in [the] Chinese economy and the stock market be the end to that multi-year rally in Chinese bonds?" If Chinese bond yields started to climb, that would likely indicate investors were rotating out, Papic pointed out. Mainland Chinese stock markets are closed and don't re-open until Monday, Feb. 19. They expect if sentiment remains weak, foreign capital still has scope to sell out of mainland Chinese and Hong Kong stocks.

Persons: Clocktower, Marko Papic, Xi Jinping, Papic, Nomura, Yi Huiman, Wu Qing, — CNBC's Michael Bloom Organizations: Bloomberg, U.S ., Shanghai Stock Exchange, Eurasia Group, Hong, UBS, Naura Technology Locations: Beijing, Shanghai, China, U.S, Hong Kong, Eurasia, Shenzhen, Sungrow

GREEN RIVER, Utah (AP) — A plan to extract lithium — the lustrous, white metal used in electric vehicle batteries — in southeast Utah is adding to an anxiety familiar in the arid American West: how the project could affect water from the Colorado River. The company has also acquired rights to freshwater from the Green River nearby, leading to questions about how groundwater and river water are connected, and how its plans to produce lithium could affect the environment. The Green River is a tributary of the Colorado River, the over-tapped powerhouse of the West upon which 40 million people rely. So far, Anson has acquired rights for 2,500 acre-feet of water from the Green River. “There’s a difficulty turning anything down in a community like Green River,” he said.

Persons: ”, Lauren Wood, Anson, “, ” Anson, Bruce Richardson, Michael McKibben, Ren Hatt, Gayna, Salinas Organizations: Anson Resources, University of California, Interior Department, Land Management, . Department, ExxonMobil, Associated Press, Walton Family Foundation, AP Locations: GREEN, , Utah, Utah, Colorado, An Australian, Utah , Colorado , New Mexico, Arizona, Green, Green River , Utah, Anson, U.S, Riverside, Argentina, Qinghai, China, Arkansas, Nevada, Amargosa, Las Vegas, , Nevada, Australia, Chile, Gayna Salinas, “, America

Before last year, paid sick leave was generally not offered to railroad workers. That's instead of joining all the other major freight railroads in negotiating jointly with rail unions on an agreement over pay and benefits. The rail industry reached the brink of a strike in the fall of 2022 before Congress and President Joe Biden intervened to force rail workers to accept a contract. Union Pacific, BNSF and Norfolk Southern now have paid sick time agreements in place with all their unions. Canadian National also trails behind the big U.S. railroads, but still offers sick time to about 46% of its U.S. workers.

Persons: —, Ed Dowell, CPKC “, ” CPKC, That's, Patrick Waldron, ” Waldron, “, CPKC, Joe Biden, wouldn't Organizations: Rail, CPKC's, American Train, Association, Kansas City Southern, Canadian Pacific, CSX, Union Pacific, Norfolk, Canadian Locations: OMAHA, Neb, Kansas City , Missouri, CPKC's U.S, Minnesota, U.S, Calgary, United States, Kansas City, Kansas, Canadian Pacific, North America, BNSF, Norfolk Southern

☆ Cramer says Palo Alto is a buy, plus what we want from Disney and Wynn earnings
▼ + stars: | 2024-02-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Jim Cramer said he sees two reasons for the turnaround: "First off, the positive results from its NASH study are bigger than we think. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. A liquid hydrogen tanker truck taking a fuel delivery at the Linde hydrogen plant in Leuna, Germany, on Tuesday, July 14, 2020.

Persons: Jim Cramer, let's, Eli Lilly, NASH, Amgen, Lilly, Linde, We've, Cramer, DuPont, Estee Lauder, Jim Cramer's, Jim, Rolf Schulten Organizations: CNBC, Nasdaq, Air Products, DuPont, Tech, Alto Networks, Disney, Wynn Resorts, Fox, Warner Bros, Netflix, PayPal, Arm Holdings, Jim Cramer's Charitable, Linde, Bloomberg, Getty Locations: We're, U.S, cybersecurity, Macao, Vegas, Leuna, Germany

☆ Jim Cramer says Apple’s new Vision Pro headset just went from ‘boutique to upside surprise’
▼ + stars: | 2024-02-06 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

The future for Apple's Vision Pro looks promising despite Wall Street's muted enthusiasm. Wall Street doesn't expect the Vision Pro to drive a ton of revenue at first though. Bank of America estimates the Vision Pro could add 46 cents per share to earnings-per-share (EPS) within the next five years. "We tested the Vision Pro and walked away positively from the overall extremely unique and immersive experience," BofA analysts wrote in a Monday research note. While it'll take time, the Vision Pro has the potential to boost sales and earnings in the future.

Persons: Jim Cramer, Todd Haselton, Morgan Stanley, Apple's, It's, Jim, Haselton, Chi Kuo, preorders, Kuo, Apple, Jim Cramer's, Tim Cook, Brendan McDermid Organizations: Apple's, UBS, Bank of America, Vision, Apple, Pro, Hollywood, Apple Watch, International Securities, Vision Pro, CNBC Locations: U.S, Manhattan, New York City

☆ Palantir stock jumps 17% on revenue beat
▼ + stars: | 2024-02-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Palantir shares surged more than 17% in after-hours trading after the company reported fourth-quarter earnings that beat analysts' expectations for revenue. Palantir said it expects to report between $612 million and $616 million in revenue during its first quarter, and it guided revenue for the full year between $2.65 billion and $2.67 billion. Wall Street was expecting $617 million during the first quarter and $2.66 billion in revenue for the full year. Palantir, known for its defense and intelligence work with the U.S. government, said its U.S. commercial revenue grew 70% year over year. Last quarter, Palantir reported its fourth-straight quarter of profitability, which means it is now eligible for inclusion in the S&P 500.

Persons: Palantir, Alex Karp, LSEG, Karp Organizations: U.S, Senate, Intelligence, Capitol, Washington , D.C, LSEG, AIP, U.S . Locations: Washington ,, U.S

☆ Estee Lauder to cut jobs on delayed China recovery; shares surge 16%
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +2 min

Pedestrians walk past the American multinational skincare, and beauty products brand, Estée Lauder (Estee Lauder) logo seen in Hong Kong. Shares were up 16% in early trading after the company also handily beat second-quarter profit estimates. Estee also cut its annual profit forecast for a second time as its U.S. business slowed down, with a post-pandemic spending spree sputtering. Organic net sales in the Americas fell 1% in the quarter, compared to the 6% growth in the prior quarter. Estee now expects full-year 2024 adjusted profit per share between $2.08 and $2.23, compared with $2.17 to $2.42 earlier.

Persons: Estée Lauder, Estee Lauder, Richemont, Bernstein, Callum Elliott, Estee, Javier Gonzalez Lastra Organizations: MAC, Cartier, Burberry, Tema Locations: American, Hong Kong, China, Asia, Pacific, Americas

☆ In ‘Last Days,’ Strange Sounds of Simultaneous Joy and Sadness
▼ + stars: | 2024-02-05 | by ( Hugh Morris | ) www.nytimes.com time to read: +1 min

Like, ‘Oh, are you being serious or are you not?’ No; I am deadly serious when I’m doing these things. I’m just chasing this strange feeling.”Leith’s way of talking about music is a lot like his actual music: blurry and discursive, but also precisely evocative. That strange feeling he’s chasing, for example, is one he compared to being at a wake, where “outward joy and outward sadness” are possible at the same time. Take his opera “Last Days,” which receives its U.S. premiere on Feb. 6 in Los Angeles as part of the Los Angeles Philharmonic’s Green Umbrella series. It is adapted from Gus Van Sant’s 2005 film of the same name, which fictionalizes the final days of Kurt Cobain.

Persons: Oliver Leith ., Leith, ” Leith, “, I’m, Gus Van Sant’s, Kurt Cobain Organizations: Los Angeles Locations: Los Angeles

☆ McDonald's and Starbucks blame the Israel-Hamas war for slower sales — and the recovery might take a while
▼ + stars: | 2024-02-05 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

McDonald's and Starbucks , two of the biggest U.S. restaurant companies, both said the Israel-Hamas war hurt their sales at the end of last year. Shares of McDonald's fell 4% in morning trading Monday, several hours after it reported that a sales slowdown in the Middle East contributed to its fourth-quarter revenue miss. Starbucks CEO Laxman Narasimhan said Tuesday that the company's sales in the Middle East struggled, but boycotts also hurt its U.S. cafes. Unlike Starbucks, McDonald's did not note any effect on its U.S. sales. Yum Brands is scheduled to report its quarterly results on Wednesday, while Restaurant Brands is slated to share its earnings on Feb. 13.

Persons: Laxman Narasimhan, McDonald's, Cowen, Andrew Charles, Chris Kempczinski, Kempczinski, Papa John's, Burger Organizations: U.S, Starbucks, Starbucks Workers, Workers United, McDonald's, Yum Brands, Restaurant Brands, CNBC PRO Locations: Tel Aviv, Israel, Gaza, Malaysia, Indonesia, France, Europe

☆ Stocks making the biggest moves premarket: Qualcomm, Merck, General Motors and more
▼ + stars: | 2024-02-01 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

The stock is trading at a low multiple compared to spending, the firm highlighted as a key catalyst for investors. Nextracker — Shares of the solar technology company jumped 17% on bullish analyst notes following its strong quarterly results and guidance increase. Wolfspeed guided for fiscal third-quarter revenue of $185 million to $215 million, below the $224 million, LSEG estimate. Robinson reported 50 cents per share in adjusted earnings, while analysts expected 81 cents per share, per LSEG. The company reported $9.44 billion in revenue, while analysts surveyed by LSEG were looking for $9.70 billion.

Persons: Christopher Danely, Morgan Stanley, Nextracker, Wolfspeed, TD Cowen, ChargePoint, C.H, Robinson, Merck, company's, —, Alex Harring, Lisa Kailai Han, Tanaya Macheel, Jesse Pound, Michelle Fox Theobald Organizations: Qualcomm, Citi, General Motors, General, Barclays, Bank of America, Revenue, Merck, Japanese, Honeywell, LSEG, Norfolk Southern, Ancora Holdings, Wall Street Journal Locations: Norfolk Southern

☆ Starbucks' earnings report was weak — but Wall Street expected worse
▼ + stars: | 2024-01-31 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Wall Street is shaking off Starbucks' weak quarterly report, seemingly taking executives at their word that the company's challenges are "transitory." The coffee giant's stock ticked higher in morning trading, hours after it reported fiscal first-quarter earnings and revenue that missed Wall Street's estimates and lowered its full-year sales outlook. Morgan Stanley analyst Brian Harbour wrote in a note to clients that the company's earnings per share and U.S. same-store sales growth was better than some had feared, "likely supporting the stock." Executives also tried to convey that those challenges are expected to subside as fiscal 2024 progresses. While Starbucks lowered its full-year outlook for revenue and same-store sales growth, it reiterated its forecast for fiscal 2024 earnings per share growth.

Persons: Morgan Stanley, Brian Harbour, Laxman Narasimhan, Andrew Strelzik, William Blair, Sharon Zackfia Organizations: Starbucks, BMO Capital Markets Locations: U.S, Israel, China

☆ One activist investor is taking on BP, urging the oil giant to scale back green pledges
▼ + stars: | 2024-01-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

And on that front, we are not asking BP to renege on its strategy, but to adapt its strategy to the reality." Auchincloss has since been appointed as permanent CEO of the British oil and gas major. In response to the publication of the letter, a spokesperson for BP said the company "welcomes constructive engagement" with its shareholders. We continue to make significant progress, remain focused on delivery, and are confident the strategy will grow the value of bp and deliver sustainable long-term value for shareholders," BP said. Bivona declined to disclose Bluebell's stake in BP, saying that it was below a reporting threshold.

Persons: Giuseppe Bivona, Bivona, CNBC's, Bivone, Marco Taricco, Helge Lund, Murray Auchincloss, Auchincloss Organizations: Capital Partners, BP, Financial, Danone Locations: Bluebell, London

Walmart said it hasn't made any changes to store managers' pay structure in more than a decade. U.S. managers of the sprawling supercenters, which run about 180,000 square feet, will receive $20,000 in stock grants. Walmart said the stock grants will vest over a three-year period, with ownership for one-twelfth of the grant total coming every quarter. The new starting annual base salary for U.S. store managers will range from $90,000 to $170,000. That means that the average base pay for store leaders will go to $128,000 from $117,000, according to Cedric Clark, executive vice president of store operations at Walmart’s U.S. division.

Persons: hasn't, ”, John Furner, Furner, Cedric Clark Organizations: Walmart, U.S, Hometown, Walmart U.S, Walmart’s U.S Locations: Bentonville , Arkansas, U.S

☆ Walmart Offers Store Managers Company Stock to Make Them Feel Like ‘Owners’
▼ + stars: | 2024-01-29 | by ( Jordyn Holman | ) www.nytimes.com time to read: 1 min

Walmart, the nation’s largest private employer, is raising salaries and benefits for store managers as it looks for ways to retain them. Walmart said on Monday that managers of its U.S. stores would be eligible for grants of up to $20,000 in company stock every year. The announcement came a few weeks after Walmart said it would increase the average salary for store managers to $128,000, up from $117,000. The big-box retailer also said bonuses for store managers could reach up to 200 percent of base salary, with a store’s profitability becoming a bigger factor in the calculation. Store managers are crucial in driving sales and profitability within their stores and keeping morale high in a dynamic business.

Organizations: Walmart

☆ Merck, Johnson & Johnson CEOs agree to testify in Senate hearing on high drug prices
▼ + stars: | 2024-01-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Sen. Bernie Sanders, I-Vt., holds his news conference with Sen. Ed Markey, D-Mass., in the Capitol on Thursday, January 25, 2024, on issuing subpoenas for pharmaceutical company CEOs to testify regarding drug prices. The CEOs of Merck and Johnson & Johnson have voluntarily agreed to testify at an upcoming Senate hearing on high drug prices in the U.S., Sen. Bernie Sanders announced Friday, as lawmakers ramp up efforts to rein in health-care costs for Americans. Meanwhile, Bristol Myers Squibb CEO Chris Boerner and another unnamed pharmaceutical CEO agreed to initial invitations to testify. The push to cut drug prices is one of the rare issues that has united both major political parties in recent years — though they have often backed different approaches to doing so. Last year, the Senate Health Committee similarly heard testimony from the CEOs of Moderna , Eli Lilly , Novo Nordisk and Sanofi on high drug prices.

Persons: Sen, Bernie Sanders, Ed Markey, Johnson, Joaquin Duato, Robert Davis, Chris Boerner, Sanders, Januvia, Bristol Myers, Joe Biden's, J, Eli Lilly Organizations: Merck, Johnson, Health, Education, Labor, Pensions, Bristol Myers, Bristol, J, Moderna, Novo Nordisk, Sanofi Locations: U.S

☆ Apple $3,499 Vision Pro headset now available to order ahead of Feb. 2 release
▼ + stars: | 2024-01-19 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Preorders for Apple 's $3,499 Vision Pro headset began Thursday morning ahead of its U.S. release on Feb. 2. The Vision Pro is Apple's first new product category since it released the Apple Watch in 2015. Wall Street doesn't expect Apple to sell it in the same quantities as it does its other products, like the iPhone, Apple Watch and Mac, at least not at first. UBS' David Vogt estimates Apple could generate about $1.4 billion in revenue from the Vision Pro in 2024, assuming Apple ships about 400,000 handsets. The entry-level Vision Pro comes with 256GB of storage and the same M2 chip that Apple includes in some of its Macs.

Persons: Morgan Stanley, Erik Woodring, David Vogt, Apple's Organizations: Apple, Apple Watch, UBS, Vision, Worldwide Developers

☆ FDA finds new manufacturing lapses at Eli Lilly plant
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +4 min

An Eli Lilly and Company pharmaceutical manufacturing plant is pictured in Branchburg, New Jersey, March 5, 2021. U.S. inspectors recently uncovered new manufacturing problems at an Eli Lilly plant that has been under scrutiny by federal investigators, according to government records obtained by Reuters. They included problems in tracking manufacturing process and quality controls, as well as lapses in its calibration of equipment and failure to properly maintain facilities and equipment, the inspection report shows. Yet the Indianapolis-based drugmaker has been cited multiple times for manufacturing problems at its U.S. plants over the last few years, Reuters has reported. Three regulatory experts who reviewed the new inspection report described the most recent lapses as serious.

Persons: Eli Lilly, Lilly, Steven Lynn, Lynn Organizations: Company, U.S, Reuters, The, The U.S . Food, Drug, FDA, U.S . Department of Justice, Justice Department, Manufacturing Locations: Branchburg , New Jersey, The U.S, Lilly's, , New Jersey, U.S, Indianapolis

☆ Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production. OPEC, in a monthly report, said world oil demand will rise by a robust 1.85 million barrels per day (bpd) in 2025 to 106.21 million bpd. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from its forecast in December. Meanwhile, in North Dakota, a top oil-producing U.S. state, below-zero degrees Fahrenheit temperatures caused oil output there to fall by 650,000 to 700,000 bpd, to less than half its typical output, the state said. Domestic crude stockpiles rose last week by 480,000 barrels, according to market sources citing American Petroleum Institute figures on Wednesday.

Persons: Fatih Birol Organizations: Brent, U.S . West Texas, American Petroleum Institute, International Energy Agency, Reuters Global Locations: U.S, North Dakota, Africa, United States, Yemen, Iran, Gaza

Trading on the world's largest exchange would give JBS, which applied in July, access to more capital and enhance its credibility. Political Cartoons View All 253 ImagesThe dispute highlights the connection between finance and various drivers of climate change, such as deforestation. Two-thirds of Amazon deforestation results from conversion to pasture for livestock, according to the Brazilian government. In 2020, it created the JBS Fund For the Amazon. In the three years since inception, the JBS Fund for The Amazon has provided $15 million to 20 projects, according to its website.

Persons: ”, JBS, Elon Musk, Carlos Nobre, Liège Correia, Andrea Azevedo, “, ” Azevedo, Azevedo, Glenn Hurowitz, it's Organizations: Securities and Exchange Commission, New York Stock Exchange, U.S, Democrats, Republicans, SEC, NYSE, Associated Press, Brazil’s Agencia Publica, JBS S.A, JBS Fund, The, Forest Peoples Connection, Elon, SpaceX, Good Food Institute, United Nations, JBS, AP Locations: BRASILIA, Brazil, United States, United Kingdom, Rondonia, pirarucu, U.S, Dubai, AP.org

Apple smartwatches ads are displayed as customers take a look at smartwatch accessories at the Apple store in New York, U.S., December 26, 2023. Apple will again be barred from selling watches with blood oxygen sensors beginning Thursday, a federal appeals court said Wednesday. The decision is a blow to Apple, which was previously forced to remove the latest Apple Watches from its U.S. stores for several days in December. Apple may be forced to remove a blood oxygen sensor feature on its latest devices in order to keep the smartwatches on the U.S. market. If Apple must continue to keep its latest smartwatches from U.S. stores, it could complicate repairs at Apple stores, which often swap broken devices with replacements.

Persons: Masimo Organizations: Apple, U.S, Appeals, Federal Circuit, International Trade Commission, Apple Watch Locations: New York, U.S

☆ China's BYD launches AI-powered smart car technology to better compete with rivals
▼ + stars: | 2024-01-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Visitors look at an BYD Seal U electric car of Chinese car brand BYD at the IAA Mobility 2023 international motor show on September 6, 2023 in Munich, Germany. BYD launched its AI-powered smart car system on Tuesday as the world's largest electric car maker seeks to better compete with rivals on advanced technologies such as automated parking. The Xuanji smart car system "perceives changes inside and outside the vehicle in milliseconds" thereby "enhancing driving safety and comfort," the firm said in a statement on Tuesday. The Chinese EV giant's Shenzhen-listed shares shed more than 2% on Wednesday in a broader decline in the China stock market. A price war and intensifying competition in the Chinese EV market have squeezed profitability for China's EV makers including BYD, Nio, Xpeng and Li Auto.

Persons: BYD, Wang Chuanfu, Tesla, Li Auto Organizations: Integrated Vehicle Intelligence, Weibo, EV giant's Shenzhen, EV, China's, Li Locations: Munich, Germany, U.S, China, Shenzhen

☆ Here's what Apple had to change as a result of the Epic Games legal battle
▼ + stars: | 2024-01-16 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Apple changed the rules of its U.S. App Store on Tuesday in what appears to be the final result from the long-running Epic Games antitrust challenge against Apple. The shift is the most tangible result from Epic Games' legal challenge to the App Store. However, it doesn't go far enough for Epic Games CEO Tim Sweeney, he said in a statement on Tuesday. "The court battle to open iOS to competing stores and payments is lost in the United States," Epic Games CEO Tim Sweeney said. You will be responsible for addressing such issues with customers," Apple said in the email.

Persons: Tim Cook, Apple, Tim Sweeney, Sweeney Organizations: Apple Inc, Apple Worldwide Developers, Apple, U.S, Supreme, Epic Games, Epic Locations: San Jose , California, U.S, United States, Netherlands, South Korea

☆ Former US Officials to Visit Taiwan for Post-Election Talks
▼ + stars: | 2024-01-14 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

TAIPEI (Reuters) - Two former senior U.S. officials will arrive in Taiwan on Sunday for post-election talks and underscore the U.S. government's "longstanding interest" in peace across the Taiwan Strait, the de facto U.S. embassy in Taipei said. In a show of support for the government, a senior administration official said last week that President Joe Biden planned to send an unofficial delegation to the Chinese-claimed island. "As we have done previously following a Taiwan presidential election, the U.S. government has asked former senior officials to travel in their private capacity to Taiwan," AIT said, adding its U.S.-based Chair Laura Rosenberger would be accompanying. China has stepped up its military and political pressure against Taiwan over the past four years. Both have offered talks with China but been rebuffed.

Persons: Lai Ching, Joe Biden, Biden, Stephen Hadley, State James Steinberg, Laura Rosenberger, Taiwan's, Lai, Tsai Ing, Ben Blanchard, Michael Perry, Christian Schmollinger Organizations: U.S, Democratic Progressive Party, The American Institute, National Security, State, Reuters Locations: TAIPEI, Taiwan, Taiwan Strait, Taipei, Beijing, U.S, China

☆ Crypto Firm Genesis Global Trading to Pay $8 Million for Compliance Failings
▼ + stars: | 2024-01-13 | by ( David Smagalla | ) www.wsj.com time to read: 1 min

Genesis Global Trading closed its U.S. spot trading operations in September. Its parent company, Genesis Global Holdco, filed for bankruptcy a year ago. Photo: Gabby Jones/Bloomberg NewsCrypto brokerage firm Genesis Global Trading has agreed to pay $8 million in a settlement with New York state’s financial regulator over alleged failings in its anti-money-laundering and cybersecurity programs. Genesis Global Trading, part of the now-bankrupt Genesis Global Holdco LLC, closed its U.S. spot crypto trading operations in September and is in the process of winding down. As part of its settlement with the New York State Department of Financial Services, the trading unit will surrender its BitLicense, which allowed it to operate a crypto business in New York, the regulator said in a statement Friday.

Persons: Gabby Jones Organizations: Genesis, Bloomberg, New York, Global, New York State Department of Financial Services Locations: New, New York

☆ CVS to close ‘select’ pharmacies in Target stores in the coming months
▼ + stars: | 2024-01-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

CVS Health plans to close select pharmacies inside Target stores early this year, a company spokesperson said Thursday, as retail pharmacy chains in the U.S. struggle to boost profits. She added that employees affected by the closures will be offered comparable roles within CVS, and prescriptions will be transferred to a nearby CVS pharmacy before a location closes. The spokesperson did not disclose how many stores would be shuttered, but a report from The Wall Street Journal on Thursday said CVS would close "dozens" of locations. The company has a pharmacy in about 1,800 of Target's 1,956 stores in the U.S., according to a Target spokesperson. The Target spokesperson declined to comment on the closures or share plans for the closed CVS locations.

Persons: Melissa Repko Organizations: CVS, Wall, Oak Street Health, CNBC, CNBC PRO Locations: U.S

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