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☆ Ex-DOJ lawyer tells jury he met with Chinese to further illegal lobbying campaign
▼ + stars: | 2023-04-06 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +2 min

George Higginbotham testified that he made money on the side while working at the Justice Department by offering legal advice to Michel, a long-time friend. But he did so anyway, telling the jury he let his friendship with Michel cloud his judgment. "This could get me in a lot of trouble," he told the jury he recalled thinking, adding that his actions were "definitely outside of official lines." Higginbotham, who pleaded guilty in 2018 for his role in the foreign influence campaign, testified that Justice Department investigators later found out about his meeting and questioned him. Reporting by Sarah N. Lynch; Editing by Andy Sullivan and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ The commercial real estate market is showing some cracks
▼ + stars: | 2023-04-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

But before we get too intergalactic, this morning we're stopping off in the commercial real estate space. In the wake of March's bank tumult, commercial real estate has frequently been noted as the next domino to fall — and one corner of the market is already showing signs of stress. A few things to remember:Higher interest rates have made it more expensive for both American households and large commercial real estate owners to buy or refinance property. Small and medium-sized banks hold 80% of US commercial real estate debt outstanding. What are the biggest risks, in your view, facing the commercial real estate market for the second quarter of 2023?

☆ Zillow's chief economist explains why the party is over for short-term real-estate investing tactics like house-flipping — and says long-term strategies designed to generate cash flow are an investor'
▼ + stars: | 2023-04-04 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

You know, long run mortgage rates are expected to be around five-and-a-half, six." Economists at other real-estate firms share similar views to Olsen's in respect to mortgage rates, at least for the rest of 2023. Plus, when mortgage rates eventually fall, one can refinance into a lower rate, improving an investor's positive cash flow. In the meantime, there's a way that buyers can get around high mortgage rates, Olsen said. Many sellers are offering concessions, like paying for repairs and helping pay for a rate buydown.

☆ Leonardo DiCaprio testifies in conspiracy and fraud trial of Fugees rapper Pras Michel
▼ + stars: | 2023-04-03 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +3 min

Leonardo DiCaprio testified in a high-profile trial of Fugees member Pras Michel. Low helped finance the 2013 film "The Wolf of Wall Street" that DiCaprio starred in. Federal prosecutors claim Michel funneled money from Malaysian businessman and fugitive Jho Low to illegally contribute to President Barack Obama's 2012 reelection. "Wow, that's a lot of money," DiCaprio recalled telling Low at the time. Michel faces several charges, including conspiring to make and conceal foreign campaign contributions and witness tampering.

☆ Fugees rapper Pras Michel was 'willing to break any laws necessary to get paid' in alleged international fraud scheme, prosecutor said
▼ + stars: | 2023-03-30 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +3 min

The conspiracy and fraud trial of American rapper Pras Michel kicked off on Thursday. Prosecutors alleged that Michel was involved in an international scheme to influence the US government. Michel is accused of working with Malaysian businessman and fugitive Jho Low. "Low had money to burn and the defendant was willing to cash in at any turn," Lockhart said. McMaster, casino mogul Steve Wynn, and actor Leonardo DiCaprio, who starred in the 2013 film "The Wolf Of Wall Street" that Low helped fund.

☆ Stocks making the biggest premarket moves: Credit Suisse, Snap, Adobe, PagerDuty & more
▼ + stars: | 2023-03-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading:Credit Suisse — U.S.-listed shares of Credit Suisse gained nearly 6% after the Swiss bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. Occidental Petroleum — Shares rose nearly 1% after Warren Buffett's Berkshire Hathaway bought another 7.9 million shares, totaling $466.7 million. Baidu — U.S. listed shares of Baidu sank nearly 6% after the Chinese tech company unveiled its ChatGPT alternative, Ernie bot. PagerDuty — Shares rallied nearly 6% after the digital operations management platform's earnings and revenue topped estimates for the fourth quarter. Adjusted earnings per share came in at 8 cents per share, versus the 2 cents expected, per Refinitiv.

☆ Mike Lindell says he had to borrow $10 million last year to keep MyPillow afloat — and that he's running out of cash, too
▼ + stars: | 2023-03-16 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +4 min

MyPillow CEO Mike Lindell told Insider he had to borrow $10 million in 2022 to keep MyPillow afloat. Lindell said that to stay liquid, he also sold a building for $2 million, and borrowed $2 million. Lindell says he's burning through $1 million dollars every month on causes related to voter fraud. "I sold a building I had in Savage, in Minnesota, in October," Lindell told Insider. Lindell told Insider some creature comforts — like his private jet, which had a door come off it in October — haven't been sold yet.

Companies Conocophillips FollowWASHINGTON, March 14 (Reuters) - Six environmental groups filed a lawsuit on Tuesday over the Biden administration's approval of ConocoPhillips' (COP.N) Willow oil and gas project in Alaska, which they claimed could be a stepping stone to more development in an ecologically sensitive region. Trustees for Alaska, the Alaska Wilderness League, the Sierra Club, The Wilderness Society and other groups said the U.S. Interior Department approved Willow on public lands on the north coast of the state despite acknowledging and failing to mitigate "known harms" to Arctic communities, public health, wildlife and climate. The Interior Department on Monday approved three drill pads for Willow after saying last month it was concerned about the greenhouse gas emissions. The Interior Department did not immediately respond to a request for comment on the suits.

Companies Conocophillips FollowWASHINGTON, March 13 (Reuters) - The oil industry on Monday cheered the U.S. government's greenlighting of ConocoPhillips' multibillion-dollar oil drilling project in Alaska's Arctic, but court challenges could mire the plans in further delays. President Joe Biden's administration approved a trimmed-down version of the $7 billion Willow project on federal lands in a pristine area on Alaska's north coast. Kristen Monsell, a senior attorney at the Center for Biological Diversity, another group involved in the previous suits, said Monday's approval for the Willow project is "still inadequate in numerous respects." Senator Dan Sullivan, a Republican from Alaska, told reporters the state's lawmakers are prepared to defend the decision against "frivolous" legal challenges. Even if Interior could beat back the oil company's challenge, it would probably only mean another delay for Willow, he said.

☆ 'Zoom rooms' and hideaway offices show how remote work is changing the way we design new homes
▼ + stars: | 2023-03-11 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +7 min

Family homes with two offices and "Zoom rooms" with camera-ready lighting are popular. The real-estate site Zillow told Insider offices were mentioned in 11.5%% of all listings in February 2023, up 4.5% from February 2022. Amanda Pendleton, Zillow's home-trends expert, told Insider a home office was no longer a "nice-to-have luxury." "When people don't have enough space or cash for two full-sized offices, they're replacing rooms," Hester said. She told Insider Veev's homes had LED strips around the edge of the ceiling to make even lighting that works well on camera.

☆ Flight attendants say it's okay to recline your seat on a plane, but there's one thing you should never do
▼ + stars: | 2023-03-08 | by ( Hannah Towey | ) www.businessinsider.com time to read: +5 min

But if there's anybody who can settle the age-old debate, it's flight attendants. Five out of six flight attendants interviewed by Insider all agree: you have the right to recline. "It's definitely not rude to recline your seat," flight attendant Andrew Kothlow of the blog "Two Guys on a Plane" told Insider. "In first class reclining your seat isn't so rude because there's space to recline, but reclining in the main cabin of the plane is," the flight attendant told Insider. Jeffrey Greenberg/Universal Images Group via Getty ImagesBut the passenger etiquette the flight attendants demonstrated more concern toward was their boldly bare-footed customers — and for good reason.

☆ Factbox: Willow oil and gas project in Alaska sparks green opposition
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +4 min

March 3 (Reuters) - Environmental and climate activists are rallying online against ConocoPhillips’ proposed Willow oil and gas drilling project in Alaska as the administration of U.S. President Joe Biden weighs whether to greenlight the controversial plan. Here are some details about the project:WHAT IS THE WILLOW PROJECT? The Willow project is a $6 billion proposal from ConocoPhillips' (COP.N) to drill oil and gas in Alaska. The Willow project area holds an estimated 600 million barrels of oil, or more than the amount currently held in the U.S. Strategic Petroleum Reserve, the country's emergency supply. The Biden administration has also been urging U.S. oil companies to invest in boosting production to help keep consumer energy prices in check.

☆ Leonardo DiCaprio was interviewed by the FBI over his relationship with a Malaysian businessman involved with the 1MDB scandal, report says
▼ + stars: | 2023-03-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Leonardo DiCaprio and Kim Kardashian were interviewed by the FBI in 2018 and 2019, Bloomberg reported. The stars had received gifts from Jho Low, who is accused of masterminding the 1MDB scandal. Earlier, DiCaprio had to return a number of gifts given to him by Low, including an Oscar won by Marlon Brando. On Thursday, Bloomberg revealed previously undisclosed documents which show the FBI interviewing DiCaprio in 2018 about his relationship with Low. Representatives for Kardashian and DiCaprio did not immediately respond to Insider's request for comment, sent outside normal working hours.

☆ Billionaire Warren Buffett still lives in the same home he bought for $31,500 more than 60 years ago
▼ + stars: | 2023-03-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Billionaire Warren Buffett is famously frugal. The Berkshire Hathaway CEO still resides in the five-bedroom home in central Omaha, Nebraska, he purchased for $31,500 in 1958, which is about $329,505 in today's dollars. "He's authentic," says CNBC's Becky Quick, who has a longstanding relationship with Buffett and interviews him frequently. Located in a quiet neighborhood of Omaha, Nebraska lies the home of billionaire Warren Buffett. Orjan F. Ellingvag | Getty ImagesBuffett doesn't plan on trading his Omaha home for a more luxurious one any time soon.

☆ The 'office apocalypse' won't doom big cities — it's actually making them stronger
▼ + stars: | 2023-03-02 | by ( Matthew E. Kahn | Christopher Okada | ) www.businessinsider.com time to read: +12 min

In San Francisco, tax revenue is projected to drop by as much as a billion dollars over the next six years. In order to bring in these new residents, cities will have to shift some of their priorities. Research coauthored by Steven Levitt of "Freakonomics" found that increases in violent and property crimes were correlated with city residents migrating to the suburbs. All is not lostThere's little doubt that superstar cities like New York and San Francisco have serious problems on their hands. Christopher Okada is the CEO of Okada & Company, a full-service commercial real estate brokerage and investment company in New York City.

☆ Home prices will fall this year but then enter a growth period like the one that started in the late 1980s, Zillow survey shows
▼ + stars: | 2023-03-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

US home prices will fall 1.6% in 2023, then rise by an average yearly rate of 3.5% through 2027, a Zillow survey said. Under that scenario, home prices will be up 23% in 2027 from 2021 levels, according to Zillow. In 2023, home prices will fall 1.6%, then rise at an average clip of 3.5% per year from 2024 through 2027, the Zillow Home Price Expectation survey showed. And mortgage rates will decline after the first quarter, most of the economists in the Zillow survey predicted, estimating a 6% rate to linger till the year's end. Zillow's Thursday findings provide a more moderate outlook on a housing market that has some analysts worried of a crash.

The case for falling rentSomething strange is happening in the apartment market. More than 971,000 apartment units were under construction across the US at the end of 2022, the second-largest number on record. There's only so much people are willing to pay,'" said Jon Leckie, a researcher for Rent, a platform that helps landlords market their properties. For now, though, the wave of supply that's already underway should keep rents in check over the next couple of years. Now, as landlords shift their focus from jacking up rents to filling up units, renters can once again look ahead to better days.

☆ Zillow can rally nearly 20% as real estate platform navigates tough housing market, JPMorgan says
▼ + stars: | 2023-02-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

It's time for investors to jump on the Zillow bandwagon, according to JPMorgan. Analyst Dae Lee initiated coverage of the online real estate platform with an overweight rating with a price target of $48 per share. "Additionally, Zillow has a healthy balance sheet to continue investing through N-T headwinds, which should strengthen its leadership position," he added. "The residential real estate industry is cyclical, and it currently is in a down cycle and faces affordability, mortgage rate volatility, & low inventory challenges," Lee wrote. Shares of Zillow have surged almost 30% this year amidst a 30% tumble in the past 12 months.

☆ Stocks making the biggest moves midday: Union Pacific, Fisker, Tesla, Zillow and more
▼ + stars: | 2023-02-27 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Union Pacific – Union Pacific's stock nearly 10% after the company announced that its current CEO would step down in 2023. Fisker – Shares of the electric vehicle startup surged more than 27% after Fisker maintained its 2023 vehicle production target and said it spent less than anticipated in 2022. To be sure, the company posted a larger-than-expected loss and revenue miss for the fourth quarter, according to StreetAccount. Alphabet — Google's parent company gained 0.6% after Bank of America reiterated its overweight rating, citing the technology giant's opportunities within artificial intelligence. Zillow — The online real estate platform gained 2.4% after JPMorgan initiated coverage of the stock with an overweight rating.

☆ Hundreds of foreign soldiers to help train Ukrainian troops in Germany, general says
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

Marlow's Special Training Command (STC) is part of a European Union military mission set up in November to train up to 30,000 Ukrainian troops in various skills to help Kyiv fight off Russia's year-old invasion. Courses in various European countries range from basic training to the operation of modern battle tanks such as the Leopard 2, air defence systems, rocket launchers and howitzers. Poland is another major training hub while Spain, France, the Czech Republic, Slovakia, Romania and Italy are also running courses. Beyond the EU mission, U.S. and British troops are training Ukrainian troops in Europe as well. Marlow said he was impressed by the quick wits, skills and commitment of the Ukrainian troops.

☆ Don Lemon apologizes after 'inartful' comments about 51-year-old Nikki Haley, who he said 'isn't in her prime'
▼ + stars: | 2023-02-17 | by ( Erin Snodgrass | Rebecca Cohen | ) www.businessinsider.com time to read: +3 min

Don Lemon said presidential hopeful Nikki Haley, 51, "isn't in her prime" on CNN on Thursday. "A woman is considered to be in her prime in her 20s and 30s and maybe 40s," he said. Nikki Haley isn't in her prime, sorry." "If you Google when is a woman in her prime, it'll say 20s, 30s, and 40s," Lemon said. Lemon went on, saying Haley should "be careful" when discussing aging politicians.

☆ Zillow stock up following fourth-quarter earnings
▼ + stars: | 2023-02-15 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Shares of Zillow popped more than 3% Wednesday in extended trading after the company released fourth-quarter earnings that beat analysts' expectations on top and bottom lines. The company's Internet, Media and Technology segment's revenue came in at $417 million, a decline of 14% year over year. That segment, which represents the bulk of the company's business, includes various services for agents and consumers. Traffic to Zillow's mobile apps and websites reached 198 million average monthly unique users for the fourth quarter, flat year over year. The company will hold its quarterly call with investors at 5 p.m.

☆ The 'singles tax': People who live alone are paying thousands more on rent than their coupled-up counterparts
▼ + stars: | 2023-02-14 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +6 min

It costs to be single: Americans living alone are facing a "singles tax" that costs thousands. A recent Zillow analysis compares how much more single Americans are paying to live alone in a one-bedroom place, compared to couples in the same spots. The results: On average, solo Americans are paying a "singles tax" of almost $7,000 every year. Those three all have singles tax of above $10,000 per Zillow's analysis on one-bedrooms. Silvia Tergas, a financial planner with Prudential, told Insider the singles tax is also reflected in the actual tax system, which largely benefits married couples who file jointly.

☆ ChatGPT frenzy sweeps China as firms scramble for homegrown options
▼ + stars: | 2023-02-11 | by ( ) www.cnbc.com time to read: +3 min

Microsoft -backed OpenAI has kept its hit ChatGPT app off-limits to users in China, but the app is attracting huge interest in the country, with firms rushing to integrate the technology into their products and launch rival solutions. OpenAI or ChatGPT itself is not blocked by Chinese authorities but OpenAI does not allow users in mainland China, Hong Kong, Iran, Russia and parts of Africa to sign up. Dozens of bots rigged to ChatGPT technology have emerged on WeChat, with hobbyists using it to make programmes or automated accounts that can interact with users. ChatGPT supports Chinese language interaction and is highly capable of conversing in Chinese, which has helped drive its unofficial adoption in the country. SleekFlow, a Tiger Global-backed startup in Hong Kong, said it was integrating the AI into its customer relations messaging tools.

☆ ChatGPT frenzy sweeps China as firms scramble for home-grown options
▼ + stars: | 2023-02-10 | by ( Josh Ye | ) www.reuters.com time to read: +6 min

[1/2] A response in Chinese by ChatGPT, an AI chatbot developed by OpenAI, is seen on its website in this illustration picture taken February 9, 2023. OpenAI or ChatGPT itself is not blocked by Chinese authorities but OpenAI does not allow users in mainland China, Hong Kong, Iran, Russia and parts of Africa to sign up. Dozens of bots rigged to ChatGPT technology have emerged on WeChat, with hobbyists using it to make programmes or automated accounts that can interact with users. ChatGPT supports Chinese language interaction and is highly capable of conversing in Chinese, which has helped drive its unofficial adoption in the country. CENSORSHIPReuters' tests of ChatGPT indicate that the chatbot is not averse to questions that would be sensitive in mainland China.

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