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The Conviction of Donald J. Trump
  + stars: | 2024-05-31 | by ( David Leonhardt | ) www.nytimes.com   time to read: +1 min
The criminal justice system finally caught up to Donald Trump. First, he was a New York businessman whose company violated discrimination laws, failed to repay debts and flirted with bankruptcy. Yesterday, however, a criminal jury judged Trump for the first time. The prosecutors argued that Trump had falsified business records to hide a sexual affair from voters and corrupt the 2016 election. Trump has become the first former president of the United States to be a convicted felon.
Persons: Donald Trump, Trump Locations: New York, Georgia, Manhattan, United States
The number of visitors to San Francisco has not rebounded to its prepandemic level — not among humans, anyway. Sea lions, on the other hand, are swimming to the city in higher numbers than ever recorded. This week, sea lion counters — yes, they exist — tallied 2,000 of the whiskered, blubbery creatures in the water alongside Pier 39 on the city’s northern edge. That’s 600 more than the previous record of 1,400 set in the early 1990s, according to Sheila Chandor, who has been the harbor master at Pier 39 since 1985. “They’re not buying the doom loop!” Ms. Chandor said with a laugh, referring to the theory circulated by detractors that San Francisco is on the verge of ruin.
Persons: , Sheila Chandor, “ They’re, Chandor, San, Locations: San Francisco
A small group of stocks are on the verge of forming a worrisome chart pattern known as a "death cross ." A death cross occurs when a stock's 50-day moving average falls below its 200-day average. Baxter International Stock in medical equipment maker Baxter International is also on the verge of a death cross. Other stocks nearing a death cross chart pattern include Illinois Tool Works and Abbott Laboratories . While the golden cross suggests a potential uptrend, ITW is now approaching the bearish death cross chart pattern only five months later.
Persons: Goldman Sachs, Bonnie Herzog, Clorox, TD Cowen, Joshua Jennings, Baxter, Jennings, Abbott's Organizations: Nasdaq, CNBC, Baxter International Stock, Baxter, Abbott Laboratories ., Tool, Abbott Laboratories, U.S . Food, Drug Administration Locations: Hillrom, Illinois, U.S
Ms. Sheinbaum, 61, is the clear front-runner in the Mexican election on Sunday, putting her in position to become the country’s first female president. Many Mexicans are wondering: Can she be her own leader? Or is she a pawn of the current president? “There’s this idea, because a lot of columnists say it, that I don’t have a personality,” Ms. Sheinbaum complained to reporters earlier this year. “That President Andrés Manuel López Obrador tells me what to do, that when I get to the presidency, he’s going to be calling me on the phone every day.”
Persons: Claudia Sheinbaum’s, Sheinbaum, , ” Ms, Andrés Manuel López Obrador, he’s, Organizations: Mexico City Locations: Mexico
With her biggest triumph in years, Naomi Osaka lost to world No. 1 and three-time defending champion Iga Swiatek at the French Open today, Wednesday May 29. Few even considered that Osaka, less than a year after giving birth, with little success on clay, would stand a chance. Swiatek saved a match point, then let Osaka’s errors bring her back on serve. A killer cross-court backhand winner brought her to match point, and then she watched Osaka send one more backhand long.
Persons: Naomi Osaka, Iga Swiatek, It’s, Swiatek, Roland Garros, Philippe, Osaka, Richard Gasquet, Mateo Villalba Organizations: Wednesday, Osaka, Getty Locations: Osaka, California
If the jury agrees, Trump would become a convicted felon, and could face up to four years in prison. But Trump’s defense attorneys will have much to say Tuesday about the evidence presented by prosecutors in an attempt to avoid that outcome. As to ledgers and invoices keeping track of these checks, Trump is the owner of the organization, not the bookkeeper or finance person. Cohen claims Trump was with the bodyguard at the time, and that he handed Trump the phone. The evidence shows that in order for checks to be issued to Cohen, Trump would have had to give his approval.
Persons: Joey Jackson, Donald, Joey Jackson Jeremy Freeman, Trump, District Attorney Alvin L, Bragg, ledgers, Michael Cohen, Stormy Daniels, he’d, Cohen, It’s, Daniels, reimbursing Cohen, Hope Hicks, Karen McDougal, McDougal, Keith Davidson, Davidson, I’ll, Cohen wasn’t, Organizations: CNN, Manhattan Supreme, District Attorney, Prosecutors, Trump, Department of Justice, Trump Organization, Playboy, White, FedEx, Twitter, Facebook Locations: United States
After more than half a decade of dramatically depreciating currency, burning through FX reserves and unorthodox monetary policy, Turkey's economy is battle-scarred. New economic and central bank team appointments since roughly a year ago appear dedicated to reversing Turkey's fortunes, no matter how painful the process. The central bank oversaw an aggressive cumulative rate increase of 3,650 basis points between May 2023 and January 2024. It said at the time that "tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed." "The authorities' shift towards policy normalization has galvanized investor interest in Turkish assets," according to a Citi report published Thursday.
Persons: Recep Tayyip Erdogan Organizations: Citi Locations: Turkey
"I have friends that say that TikTok Shop has ruined the app," Casey Lewis, a trends researcher, said. "It can be good — especially as TikTok moves to TikTok Shop — if they're able to capitalize on this shift and sell products more effectively to older users." Just because something is going viral on TikTok doesn't necessarily mean Gen Z is behind it. The same could be said of Gen Z, which would explain the generations' shared fascination with a time before smartphones and round-the-clock news. The Gen Z users I spoke with didn't seem particularly concerned about an influx of olds.
Persons: Keara Sullivan, Zers, Rushmore, Sullivan, Ryan Broderick, Adam Bumas, Broderick, TikTok, , Cory Doctorow, it's, Kevin Munger, Doctorow, Casey Lewis, Lewis hasn't, Gen Zers, Jonathan Gelfond, Taylor Lorenz, Lorenz, Munger, Gen Z, Lewis, Stanley, Alpha, Zers —, Gen Alpha, hasn't, millennials, Jason Parham, Leslie Horn Petersen, she's, Gen, didn't, I've, Emilie Friedlander Organizations: New, Pew Research Center, Facebook, Senate, Microsoft, Penn State, Little League, Business, QVC, UC Santa Barbara, The Washington Post, YouTube Locations: New York, tfym, millennials, Brooklyn, Philadelphia
Against this backdrop, CNBC Pro screened the SPDR S & P Retail ETF (XRT) for stocks that were forming a death cross chart pattern. We found five SPDR S & P Retail ETF (XRT) components, including Ulta Beauty , that are on the verge of a death cross pattern — and one that has already formed one. Ulta Beauty Shares of cosmetic retailer Ulta have slipped more than 22% in 2024. Other stocks nearing a death cross pattern include National Vision Holdings and Academy Sports & Outdoor . Dollar Tree Dollar Tree , however, has already formed a death cross chart pattern.
Persons: Mark Astrachan, Astrachan Organizations: Walmart, Lowe's, CNBC Pro, P Retail, National Vision Holdings, Academy Sports
The media line fed to the public about weeks of protests at Columbia — and the administrative crackdown that followed — has been selective at best. Columbia students have made clear that that’s what drives their protests. Why, even as numerous students at Columbia and elsewhere have been doxxed, harassed and bullied, were no congressional hearings called? But if Columbia students didn’t care about their university and the values it claims to uphold, they wouldn’t have risked so much with their protests. By the same token, if students didn’t care about our country, they wouldn’t protest so vocally against its policies.
Persons: Haroon Moghul, I’ve, , What’s, we’ve, Minouche Shafik, Shafik, aren’t, maters Organizations: The Concordia Forum, CNN, Columbia University’s Department of, Studies, Columbia, Columbia University, Columbia —, UCLA, Israel, Police, Ivy League, America, Twitter, Facebook Locations: Islam, Eastern, Europe, Columbia, Gaza, Washington , DC, America
Read previewOpenAI's biggest critics have long held the view that Sam Altman's success has been built on an "ask forgiveness, not permission" strategy that could come back to haunt him. The ChatGPT maker has been embroiled in fresh controversy since Monday after Scarlett Johansson lashed out at the company over a new voice feature for its chatbot. her — Sam Altman (@sama) May 13, 2024OpenAI has responded to the criticism by pulling the Sky voice entirely. AdvertisementThough Johansson and Pichai have not filed lawsuits against OpenAI, the "ask forgiveness, not permission" strategy that critics accuse the company of has already landed it in legal hot water. Creators who suspect their work has been used to train OpenAI without their permission will probably wonder why they weren't offered an agreement in the first place.
Persons: , Sam Altman's, Scarlett Johansson, Mr Altman, Johansson, ChatGPT, Altman, Theodore, Joaquin Phoenix, Sam Altman, OpenAI, Sundar Pichai, Pichai Organizations: Service, Business, NPR, OpenAI, YouTube, Authors, New York Times, Sony Music, Financial Times, Creators Locations: San Francisco
New York CNN —Breakout basketball star Caitlin Clark has a new achievement that hasn’t been accomplished since Michael Jordan. The WNBA player signed a multiyear deal with Wilson Sporting Goods Co., the league’s official basketball supplier, for “signature basketball collections celebrating Clark’s continued legacy,” the company announced Tuesday. In addition, she will “creatively direct her first-ever signature basketball line” that will roll out later this year. Wilson, which has produced the basketballs for the NBA for several decades, became the official game ball of the WNBA in 2020. Nike is also reportedly on the verge of signing Clark to design her shoe line, but no official deal has been formally announced.
Persons: Caitlin Clark, hasn’t, Michael Jordan, Clark’s, Wilson, Clark, “ Wilson, ” Clark, Organizations: New, New York CNN, WNBA, Wilson Sporting Goods Co, CNN, NBA, Indiana Fever, ESPN2, ESPN, Nike, Farm, Gatorade, Panini Locations: New York
Read previewOpenAI might've breached YouTube's terms and conditions to train its text-to-video model Sora, says Google CEO Sundar Pichai. "So you felt like they had broken your terms and conditions, or potentially, or if they had, that wouldn't have been appropriate?" Sundar Pichai says he believes OpenAI's Sora breached YouTube's terms and conditions and he is sympathetic to creators whose content is being used to train AI models pic.twitter.com/mF1D6XjYf8 — Tsarathustra (@tsarnick) May 20, 2024Earlier in the interview, Pichai revealed that YouTube was still "following up and trying to understand" how OpenAI had trained Sora. "We have terms and conditions, and we would expect people to abide by those terms and conditions when you build a product, so that's how I felt about it." AdvertisementJohansson said in a statement that she had turned down OpenAI CEO Sam Altman's offer to voice its latest GPT-4o model.
Persons: , Sora, Sundar Pichai, Nilay Patel, Pichai, OpenAI's Sora, OpenAI, Mira Murati, Joanna Stern, Stern, Murati, I'm, Neal Mohan, Emily Chang, would've, Mohan, didn't, Scarlett Johansson, Johansson, Sam Altman's, Spike Jonze's, We’ve Organizations: Service, Business, YouTube, coy, Google, BI Locations: Amazon, ChatGPT
Read previewIt's about to be a big week for Microsoft. Copilot and other AI features in WindowsWedbush analysts expect Microsoft to roll out more Copilot and AI features into its consumer and enterprise product stack. Related storiesIves said putting AI features into Windows will give developers the foundation to build AI use cases through Windows and, ultimately, Azure. Ives said the new AI Surface updates will start a new PC-driven cycle that's "AI-led, from Dell to Microsoft, and ultimately to Apple as well." But according to Ives, Microsoft will be a "showstopper."
Persons: , Dan Ives, Wedbush's, Wedbush, Ives, Google Organizations: Service, Microsoft, Google, Business, Windows, Oracle, Apple, Dell, Ives
That was the promise of Cerner, the medical-records company Oracle bought in 2021 for $28.3 billion — Oracle's biggest acquisition. At the time, Cerner managed the electronic health records for a quarter of all American hospitals, including those run by the Pentagon and the Department of Veterans Affairs. Larry EllisonCerner's electronic records, in short, were a deadly disaster for the VA. Never mind the futuristic, AI-driven healthcare system Ellison envisioned. In 2015, it beat out Epic, its main competitor, for a $4.3 billion contract to handle electronic health records for the Defense Department. It had agreed to process tens of millions of crucial medical records, but it couldn't handle the subsequent deluge of data.
Persons: Larry Ellison's, Ellison, Cerner, I'm, Larry Ellison, Neal Patterson, Cerner's, Patterson, Ellison's, they're, David Shulkin, Margaret Albaugh, Cerner couldn't, Charlie Bourg, , Larry, Marc Benioff, Ellison protégé, Mike Wilson, David Agus, oncologist, Agus, he'd, Steve Jobs, Sensei, We've, Georges De Keerle, Cerner —, hadn't, Mike Sicilia, Sicilia, Oracle, Anthony Jones Jr, Jones, Donald Remy, didn't, Seema Verma, Neil Evans, Sara Vaezy, Ed Meagher, haven't, Charlie Monroe —, it's, Charlie Bourg —, Bourg, Charlie Monroe, Monroe, Cathy McMorris Rodgers, grandkids, We're, there's Organizations: Oracle's, Oracle, Pentagon, Department of Veterans Affairs, Cerner, RAND Corporation, RAND, Big Tech, GE, Siemens, Cerner Corporation, Defense Department, Department of Defense, Business, Spokane, Ellison Institute of Technology, Microsoft, Agency, Health, Amazon, Veterans ' Affairs, Oracle Health, Navy, Columbus VA, BI, Life Sciences, Intermountain Health, UPMC, DOD, Seabees Locations: Las Vegas, antiaging, Silicon Valley, Spokane , Washington, Cerner, VistA, Bourg, Washington, Sicilia, Ohio, Columbus, Providence, Spokane, Monroe, CloudWorld
These tiny EVs are making a big impact
  + stars: | 2024-05-17 | by ( Tom Carter | ) www.businessinsider.com   time to read: +4 min
Here are some of the tiny EVs making a splash in Asia and Europe. AdvertisementChief among those is the Seagull, a tiny EV that can go 305 km on a single charge and costs $11,000. SOPA Images/Getty ImagesJapan has long had a soft spot for tiny EVs, known as Kei cars — and the Nissan Sakura is one of the most popular. BITechnically speaking, the Citroen Ami isn't an electric car at all, but an "electric quadricycle." The tiny microcar has been on sale in Europe since 2021, with a UK launch mooted for later this year.
Persons: , Nissan Sakura, Tesla, Aly Song, Reuters BYD, Elon, HECTOR RETAMAL, Citroen Ami, Citroen Ami isn't, Ami, Merlin Ouboter Organizations: Service, Nissan, Tesla, Ford, Business, Reuters, SAIC, General Motors, Japan, Citroen, BI, Getty Locations: China, Japan, Europe, Asia, Guang, Shanghai, France, London, Swiss
Opinion | The Authoritarians Have the Momentum
  + stars: | 2024-05-16 | by ( David Brooks | ) www.nytimes.com   time to read: +1 min
The central struggle in the world right now is between liberalism and authoritarianism. In this contest, we liberals should be wiping the floor with those guys! Modi seems to be on the verge of re-election. Over the last two centuries liberalism has evolved into a system that respects human dignity and celebrates individual choice. As other moral systems, like religion, have withered in many people’s lives, liberalism itself has expanded to fill the hole in people’s souls.
Persons: Donald Trump, Viktor Orban, Narendra Modi, Tayyip Erdogan, Vladimir Putin, Xi Jinping, Trump, Modi, ” Alexandre Lefebvre, isn’t Locations: Iran, Russia
But economists cautioned that one month of encouraging data was far from enough to set those worries to rest. Both overall and core prices rose 0.3 percent from the previous month, down from 0.4 percent in February and March. The encouraging inflation report on Wednesday is unlikely to change those expectations. The report is also likely to be met with relief at the White House after what has been a rough recent run of inflation data for President Biden. Gasoline prices rose a seasonally adjusted 2.8 percent in April from March.
Persons: , , Stephen Stanley, there’s, Sarah House, Biden, Jerome H, Powell, we’re, Blerina Uruci, Rowe Price, Jeanna Smialek, Jim Tankersley Organizations: Labor Department, Federal Reserve, Santander, White, Federal Reserve Bank of New, Fed Locations: Wells Fargo, Amsterdam, Federal Reserve Bank of New York
But Google's Tuesday video shows one of the major pitfalls of AI: wrong, not just bad, advice. A minute into the flashy, quick-paced video, Gemini AI in Google Search presented a factual error first spotted by The Verge. Professional photographers — or anyone who has used a film camera — know that this is a terrible idea. AdvertisementEarlier this year, the Gemini chatbot was hammered for refusing to produce pictures of white people. Last year, users of Bing, Microsoft's AI chatbot, reported strange interactions with the bot.
Persons: , Bard chatbot, James Webb, Bing Organizations: Service, Google, Gemini, Business, Google Google, Telescope, gaslight, Companies, Air Canada
Adam Selipsky is out at AWS
  + stars: | 2024-05-14 | by ( Ellen Thomas | Eugene Kim | ) www.businessinsider.com   time to read: +2 min
Read previewAmazon Web Services CEO Adam Selipsky is stepping down from his role leading Amazon's cloud unit, according to an internal memo viewed by Business Insider and later posted to Amazon's website. Matt Garman, currently senior vice president of sales, marketing, and global services for AWS, will assume the CEO role. This story is available exclusively to Business Insider subscribers. AdvertisementSelipsky, who first worked for AWS between 2005 and 2016, was tapped by Jassy to lead the unit in 2021. Selipsky led AWS during the height of the pandemic when the shift to remote work spurred an unprecedented spike in demand for cloud services.
Persons: , Adam Selipsky, Matt Garman, Matt, Andy Jassy, Jassy, He'll, Selipsky, Ellen Thomas, Eugene Kim Organizations: Service, Business, AWS
Apple desperately needs its Next Big Thing
  + stars: | 2024-05-14 | by ( Paris Marx | ) www.businessinsider.com   time to read: +10 min
But after a decade of doing that, iPhone sales are slowing, revenue is down, and the company, again, needs to find its next big thing. Apple's own outlook suggests poor iPhone sales will persist, especially as sales in China rapidly decline. The drawbacks of Cook's divestment from product design and development are now becoming clearer. Both the EU and the US cases would also make some people more likely to switch to a cheaper phone, which would threaten iPhone sales even further. The drawbacks of Cook's divestment from product design and development are now becoming clearer.
Persons: Steve Jobs, Jobs, Apple, Tim Cook, Cook, haven't, Steve, Tripp Mickle, Jony Ive, we've, wouldn't, Let's, aren't, Peter Kafka Organizations: Apple, Apple Watch, IBM, Google, EU, Bloomberg, Nasdaq, Business Locations: China, Asia, India, Indonesia
The stock market just flashed a bullish signal that suggests more upside ahead, according to Bank of America. The S&P 500 and NYSE advance-decline lines hit new all-time highs on Friday. The bullish breadth signal supports the bull case for a 6% gain in the S&P 500 this summer. AdvertisementThe stock market in recent days has flashed a bullish signal that suggests the S&P 500 will hit record highs this summer, according to Bank of America. According to Suttmeier, the bullish advance-decline line, combined with a bullish continuation pattern formed in the S&P 500 this month, means that the index is likely to hit record highs this summer.
Persons: , Stephen Suttmeier, Ryan Detrick, Detrick, Suttmeier Organizations: Bank of America, NYSE, Service, Carson Group
The S&P 500 could fall around 500 points in a swift correction, Stifel strategists warned. The investment firm said falling inflation was a "pipe dream," and Fed rate cuts could be delayed. Markets see just one or two rate cuts by the end of the year, per the CME FedWatch tool. "We have been wary of a broad S&P 500 correction in the middle quarters of 2024. Markets have already dialed back their outlook for Fed rate cuts this year, which drove a sell-of in stocks in April.
Persons: Organizations: Service, Fed, PCE, Traders
CNBC's Jim Cramer on Monday reminded investors that much of the stock market currently depends on the Federal Reserve's interest rate decisions, which are hard to predict as inflation persists. He said he is hopeful new artificial intelligence technology will help cut costs, but stressed that it will not happen any time soon. To Cramer, AI will be a game changer. But the technology is not at a point where it can immediately fix high costs in sectors such as insurance, homes and apparel, he said. This week brings new inflation data: the producer price index on Tuesday and the consumer price index on Wednesday.
Persons: CNBC's Jim Cramer, Cramer Organizations: Fed
Despite a stock market that's less than 1% away from record highs, bearish forecasts are out in full force. And a weakening in the labor market will crush investor confidence and send the stock market falling by as much as 30%. BCA Research: A recession in early 2025 will cause 30% stock market declineBCA strategist Roukaya Ibrahim warned that a 30% correction in the stock market could be sparked by a recession early next year. Rosenberg famously predicted the 2008 recession, but his consistently bearish economic outlooks since then have largely fallen flat. Advertisement"Forward earnings rose to a record high during April, consistent with a solid labor market.
Persons: , they're, Gary Shilling, we've, Shilling, BI's Jennifer Sor, we're, John Hussman, Hussman, wouldn't, Roukaya Ibrahim, Ibrahim, David Rosenberg, We're, Rosenberg, Ed Yardeni, Yardeni, landers Organizations: Service, Wall, Hussman Investment Trust, BCA, Bloomberg Locations: Wall
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