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☆ I quit Goldman Sachs after only a year. Here's how I knew leaving for a tech startup was the right career move.
▼ + stars: | 2023-05-15 | by ( Chris Hladczuk | ) www.businessinsider.com time to read: +8 min

Chris Hladczuk leads growth at Meow, a fintech startup, after quitting Goldman Sachs. I picked a weird day to quit — it was my 24th birthday and I called my boss to tell her I was leaving Goldman Sachs. The power of Goldman SachsI love Goldman because it taught me how to win. With my future career in mind, is my pace of learning higher at Goldman in investment banking or at an early-stage startup? Chris Hladczuk currently leads growth at fintech startup Meow.

☆ Samsung Elec, Tesla heads meet to discuss cooperation in high-tech
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 14 (Reuters) - Samsung Electronics (005930.KS) Executive Chairman Jay Y. Lee met with Tesla (TSLA.O) CEO Elon Musk last Wednesday to discuss ways to cooperate in future high-tech industries, Samsung said on Sunday. The two companies are currently seeking ways to cooperate in the development of IT-related technologies, such as semiconductors for autonomous vehicles, Samsung added. The meeting was held during Lee's trip to the United States and was the first between the heads of the South Korean chip giant and the U.S. electric-vehicle maker, the company said. Reporting by Jihoon Lee; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Eurovision 2023: Seven to look out for in the Grand Final
▼ + stars: | 2023-05-13 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

[1/2] Teya & Salena from Austria perform during the second semi-final of the 2023 Eurovision Song Contest in Liverpool, Britain, May 11, 2023. REUTERS/Phil NobleLIVERPOOL, England, May 13 (Reuters) - The Grand Final of the 2023 Eurovision Song Contest will be held in Liverpool, northern England, on Saturday, with acts representing 26 countries competing. The song's lyrics address originality in music, while the line "Zero dot zero zero three" refers to the royalty rate of $0.003 per stream which Spotify is said to pay. FRANCEFrance - one of the "Big Five" that has automatic entry to the Grand Final - has not won the contest since 1977. FINLANDKäärijä, a rapper and singer sporting bright green bolero-sleeves and a bare chest, was a huge hit in the arena in Tuesday's semi-final with "Cha Cha Cha", a celebration of cutting loose after a week of hard work.

☆ Why Some Companies Are Saying ‘Diversity and Belonging’ Instead of ‘Diversity and Inclusion’
▼ + stars: | 2023-05-13 | by ( Jennifer Miller | ) www.nytimes.com time to read: +2 min

The belonging obsession is the result of a now-widespread corporate standard: Bring your whole self to work. Bring your whole self to work emerged before the pandemic but became something of a mandate at its height, as companies tried to stanch a wave of resignations. Last year, the Society for Human Resource Management conducted its first survey on corporate belonging. Respondents said that identity-based communities, like employee resource groups, helped foster belonging, while mandatory diversity training did not. Jonathan Haidt, a social psychologist and professor at N.Y.U.’s Stern School of Business, wishes we weren’t having this conversation about identity and belonging.

☆ Social Security, Medicare, federal salaries: What payments may be delayed in debt ceiling standoff
▼ + stars: | 2023-05-13 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Among the ramifications of a debt ceiling standoff, any payment issued by the federal government — like Social Security, Medicare, tax refunds, military paychecks and ample others — may be delayed. Alex Wong | Getty Images News | Getty ImagesThe U.S. is in this situation due to a political standoff tied to the debt ceiling, also known as the debt limit. Congress periodically raises or temporarily suspends the debt ceiling to avoid the other scenario: a default on the national debt and other federal payments. Here's the current problem: The country hit the debt ceiling — currently $31.4 trillion — in January. Federal Reserve officials alluded to the likelihood of prioritizing bondholders in a 2011 meeting that followed an earlier debt ceiling episode.

☆ U.S. can avoid default in July if Treasury can make it through June cash crunch, Congressional Budget Office says
▼ + stars: | 2023-05-12 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

The updated guidance otherwise reiterated the CBO's earlier uncertainty about the debt ceiling during the first few weeks of June. The CBO also issued an updated projection of the federal budget deficit for 2023, raising it to $1.5 trillion. The CBO is a nonpartisan federal agency that provides objective budget and economic data to Congress, typically to inform legislation. It was unclear Friday what impact, if any, the new report would have on talks currently underway at the staff level, between aides to the four congressional leaders and White House liaisons. "It seems like they want to default more than they want a deal," the California Republican told reporters in the Capitol.

☆ In major milestone, wind power was Britain's largest source of electricity in the first quarter
▼ + stars: | 2023-05-12 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

The Gwynt y Mor offshore wind farm, in waters off the coast of Wales. The U.K. is home to a mature offshore wind sector. Wind power was Britain's biggest source of electricity in the first quarter of 2023, overtaking natural gas and highlighting the increasingly important role renewables are set to play in the years ahead. According to researchers at Imperial College London, wind turbines provided 32.4% of Britain's electricity in the first three months of the year. Wind turbines, according to the analysis, produced 24 terawatt hours of electricity.

☆ Good news for markets next week. Everyone agrees the debt ceiling 'X-date' is not here yet
▼ + stars: | 2023-05-12 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

Good news for markets next week: no default, no credit agency downgrade, no apocalypse. Worrying 2011 precedent Recent history tells investors that stocks will move more violently during a debt ceiling standoff. Retail sales update Debt negotiations aside, investors get updates next week on the state of American consumer spending when April retail sales are reported Tuesday alongside earnings from Home Depot. Deutsche Bank estimates that April retail sales expanded month over month by 0.7%, the market consensus. Credit Suisse is less optimistic, forecasting that April retail sales grew by 0.6%, but, excluding vehicles, were unchanged.

☆ When Books Go Viral
▼ + stars: | 2023-05-12 | by ( ) www.nytimes.com time to read: +2 min

Even if the bump turns out to be only an illusion, the collective joy will have been enough. Swiftie SleuthingThe Bigolas drama was not this week’s only strange collision between publishing and internet culture. Other pieces of pseudo-evidence: The book’s release date, July 9, is a lyric in the Swift song “Last Kiss,” and Swift referenced the date in a recent Instagram post announcing the re-release of her album “Fearless.” (The words “dear reader” in the Instagram post added fuel to the fire.) Bob Lingle, the owner of Good Neighbor Bookstore in Lakewood, N.Y., first heard about the Swiftie speculation in a Facebook group for independent booksellers. On Saturday morning, he posted to his bookstore’s TikTok account about the rumors and opened up pre-orders for the book, just in case.

☆ EV maker Rivian takes bold bet with higher-priced vehicles amid heating competition
▼ + stars: | 2023-05-11 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

"We see demand from customers for what we're building" Rivian CEO R.J. Scaringe told Reuters on Wednesday. Rivian is confident of maintaining prices in the face of growing competition, he said, adding that extra-large batteries, better performance and premium features would distinguish the company from rivals. Any immediate impact on Rivian's demand will be difficult to gauge as the company, along with rival Lucid, stopped disclosing current orders in a move that has concerned analysts. "You'll absolutely see prices come down when they're able to have more economies of scale and when there's more competition. Reporting by Abhirup Roy in San Francisco; Editing by Peter Henderson and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Y Combinator CEO on leaving Palantir: 'I'm working like a dog for Peter Thiel... Who's the real chump?'
▼ + stars: | 2023-05-11 | by ( Will Gendron | ) www.businessinsider.com time to read: +3 min

Y Combinator CEO Garry Tan discussed his time at Palantir during its early days at the Axios BFD summit. "I'm working like a dog for Peter Thiel ... Who's the real chump?" He went on to explain that at Palantir he was "working like a dog for Peter Thiel." "I'm working like a dog for Peter Thiel... Who's the real chump?" He returned to Y Combinator as a partner from 2010 to 2015, and as its CEO in January.

☆ As lawmakers warn of a Social Security 'shutdown,' here's how the debt ceiling may affect benefits
▼ + stars: | 2023-05-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Amid a stalemate on federal debt ceiling negotiations, some government officials are warning the Social Security checks sent to more than 65 million beneficiaries each month could be at risk. On Sunday, Senate Majority Leader Chuck Schumer, D-N.Y., warned a "Social Security shutdown" could happen if the U.S. defaults on its debt. The debt ceiling is the maximum amount of money the U.S. government can borrow. The pressure is on Congress to raise or suspend the debt limit before the emergency funding runs out. "Part of the challenge here is that this is unprecedented," said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare.

☆ Washington is at an impasse on the debt ceiling. Here’s what that might mean for your portfolio
▼ + stars: | 2023-05-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Income-focused investors seeking yield and safety in Treasury bills are likely nervous as debt ceiling rhetoric heats up in Washington, but they should take a breather before they dump these assets. In the short-term Treasury market, investors are already showing some signs of anxiety. In that case, holders of short-term T-bills could see declines in their portfolio values as yields spike, he added. Review your holdings Now could be a good time to review your bond holdings, particularly the short-term T-bills that are seeing a big jump in yields. But the longer-term advice is to snap up longer-dated bonds to prepare for the day the Federal Reserve starts to dial back its tight monetary policy.

Persons: Joe Biden, Biden, Kevin McCarthy, Hakeem Jeffries, Janet Yellen, Yellen, Kathy Jones, Gustavo Schwenkler, Jones, Thomas McLoughlin, McLoughlin, Christine Benz, Jamie Hopkins, — CNBC's Michael Bloom Organizations: Treasury, Schwab Center, Financial Research, Santa Clara University Leavey School of Business, Federal Reserve, UBS, Morningstar, Carson Group Locations: Washington, D, U.S

SAN FRANCISCO/TOKYO, May 10 (Reuters) - Panasonic (6752.T) said on Wednesday that it will delay the commercial production of its 4680 battery cells championed by Tesla CEO Elon Musk and begin operations during the April to September period in 2024, later than previously scheduled, as the company aims to improve their performance. Tesla's Japanese supplier, Panasonic, previously planned to start volume production for Tesla between April 2023 to March 2024. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla (TSLA.O) is already producing the 4680 battery cells, which Musk has touted as being key to making cheaper and compelling electric cars. But the carmaker struggled to meet its targets for production and performance of the cells. Tesla executive Drew Baglino said at a recent conference call that the company plans to steadily ramp production of 4680 battery cells ahead of Cybertruck production next year.

☆ Congressman George Santos Indicted on Federal Fraud Charges
▼ + stars: | 2023-05-10 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

U.S. Rep. George Santos is expected to appear in federal court on Wednesday in Central Islip, N.Y.. Photo: Nathan Howard/Bloomberg NewsRep. George Santos (R., N.Y.) surrendered to federal authorities on Wednesday to face criminal charges that he embezzled contributions, fraudulently obtained unemployment benefits and lied on federal disclosure forms. Mr. Santos, who represents a district on Long Island, is expected to appear in federal court in Central Islip, N.Y., later on Wednesday. An indictment was unsealed charging Mr. Santos with seven counts of wire fraud, three counts of money laundering, one count of theft of public funds, and two counts of making materially false statements to the House of Representatives.

The priciest New York City residential real estate as ranked by median listing price is in downtown Manhattan’s 10013 ZIP Code, according to Realtor.com. ( News Corp , owner of The Wall Street Journal, also operates Realtor.com under license from the National Association of Realtors.) While the 0.55 square mile ZIP Code covers several neighborhoods—it touches parts of SoHo and Chinatown and encompasses Little Italy—it’s largely synonymous with Tribeca, located on the city’s west side along the Hudson River. Tribeca, characterized by cobblestone streets, is known for its old industrial buildings that have been converted into large, hip residential lofts that can accommodate growing families. The enclave’s appeal rests not only in its mellow neighborhood vibe but also in its access to waterfront living, green spaces and great schools in the area.

☆ George Santos Faces 13 Felony Charges, Including Fraud and Money Laundering
▼ + stars: | 2023-05-10 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

New York Rep. George Santos surrendered to federal authorities on Wednesday after being criminally charged with fraud. Photo: Nathan Howard/Bloomberg NewsRep. George Santos, accused of fabricating much of his life’s story to secure public office, was indicted Wednesday on federal charges that he embezzled contributions, fraudulently obtained unemployment benefits and filed false federal disclosure forms. The New York Republican, who was elected last year to represent parts of Long Island and Queens in Congress, surrendered to authorities Wednesday morning and pleaded not guilty in federal court in Central Islip, N.Y., in the afternoon. A 13-count indictment charged Mr. Santos with seven counts of wire fraud, three counts of money laundering, one count of theft of public funds, and two counts of making materially false statements to the House of Representatives.

☆ Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +5 min

The trend will spread abroad with growing exports of China-made electric SUVs. The market for SUVs has boomed in China over the past decade and now represents almost 40% of all cars sold, with 400 SUV models of all fuel types. Legacy automakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Toyota (7203.T) are counting on new electric SUVs to bolster China sales. Tesla and Renault (RENA.PA) have already been exporting their China-made electric SUVs to Europe on a large scale. Chinese automakers have their own plans to grow electric SUV sales to Europe.

☆ Grief, Vengeance and a Crime Too Terrible to Forgive
▼ + stars: | 2023-05-10 | by ( Jazmine Hughes | ) www.nytimes.com time to read: +2 min

If Barbara Massey-Mapps had her way, she would kill the man who murdered her sister herself. Other days, she wants him to be sentenced to the electric chair, his death broadcast live on TV. Sitting in court, she thinks to herself: How can I get past the cops guarding him before they catch me? She spoke plainly, though her words were shrouded in a painful acceptance, as if she were listing symptoms instead of emotions. “We have to answer phone calls like this because we don’t know who they are,” she explained.

Details of the case against Mr. Santos remain under seal, and the charges against him will not be revealed until later on Wednesday. A spokeswoman in Washington referred all questions to Mr. Santos’s lawyer, who did not respond to requests for comment. But for months, Mr. Santos has denied any criminal wrongdoing, even as he has admitted to lying about going to college and working for prestigious Wall Street firms. It is not yet clear whether Mr. Santos will lodge a plea or if he will be asked to do so in a subsequent hearing. Court records show that Mr. Santos spent nearly $700 using a stolen checkbook and a false name at a store near Rio de Janeiro.

But for months, Mr. Santos has denied any criminal wrongdoing, even as he has admitted to lying about going to college and working for prestigious Wall Street firms. When he appears before a judge on Wednesday, Mr. Santos will hear the government’s case against him. Shortly thereafter, prosecutors will argue for the terms of release they believe to be appropriate to ensure that Mr. Santos returns to court. It is not yet clear whether Mr. Santos will lodge a plea or if he will be asked to do so in a subsequent hearing. Court records show that Mr. Santos spent nearly $700 using a stolen checkbook and a false name at a store near Rio de Janeiro.

☆ Piper Sandler analyst sees something he likes with Tesla wait times, reiterates call for 65% rally
▼ + stars: | 2023-05-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

There's a bullish sign in the latest wait times for Tesla's Model Y vehicles, according to Piper Sandler. Tesla dropped prices on its vehicles several times this year, with its base Model Y sticker price dropping about 20%. The increase in wait times hints at rising demand for the vehicle, although it isn't the only factor, Potter said. "In recent weeks, investors have been asking us why wait times haven't responded more noticeably to Tesla's price cutting campaign. Wait times can also reflect the company's production rate and the market-wide demand for all kinds of cars, the analyst noted.

☆ I drove Nissan's electric Ariya SUV — it proves that 13 years after the Leaf, the automaker can compete with Tesla
▼ + stars: | 2023-05-10 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

The basicsThe 2023 Nissan Ariya Empower+ Tim Levin/InsiderThe Ariya landed in the US earlier this year with a starting retail price of $43,190. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderThere's no bulky tunnel running down the middle of the vehicle. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderThe quirks don't stop there. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderHands-free driving isn't available across the board, but Nissan doesn't skimp on standard safety features. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderNissan says the Ariya can charge from 20%-80% in 40 minutes using a sufficiently powerful fast charger.

☆ George Santos Is Charged With Fraud and Lying in 13-Count Indictment
▼ + stars: | 2023-05-10 | by ( Grace Ashford | Michael Gold | ) www.nytimes.com time to read: +1 min

CENTRAL ISLIP, N.Y. — For months, Representative George Santos seemed to possess a Teflon-like resistance to repercussions, even as questions mounted over his income, campaign finances and rags-to-riches life story. Mr. Santos, a first-term Republican representing Long Island and Queens, gave numerous speeches on the House floor and appeared to relish his growing notoriety. But on Wednesday, Mr. Santos was confronted with consequences that may prove difficult to skirt. Appearing before a judge and scores of assembled reporters in a federal courthouse in Central Islip, Mr. Santos pleaded not guilty on all charges. Sitting upright, with his arms crossed before him, Mr. Santos, 34, was polite and deferential, cutting a familiar figure in his trademark outfit of sweater beneath a navy blazer.

Rep. George Santos, R-N.Y., was charged by federal prosecutors with an array of crimes, including fraud, theft, money laundering and making false statements. Santos faces a maximum penalty of 20 years in prison for the top charges against him, according to the Justice Department. In forms he filled out for his 2020 campaign, Santos failed to report more than $25,000 in income from the investment firm where he worked, the indictment alleged. In his 2022 campaign, Santos allegedly falsely reported earning $750,000 in salary and between $1 million and $5 million in dividends from his company, the Devolder Organization. A growing number of Santos' fellow Republicans urged him to step down, even before the federal charges against him first came to light.

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