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CNN —Bill Hwang, founder of Archegos Capital Management, was found guilty of fraud Wednesday by a Manhattan federal court after the 2021 collapse of his investment firm wiped billions of dollars off financial markets and nearly brought down Wall Street. The jury delivered a speedy conviction, finding Hwang guilty on 10 of 11 criminal counts after beginning deliberations Tuesday afternoon. Archegos’ implosion cost shareholders $100 billion and banks $10 billion, the prosecutors argued. In a statement, the US Attorney’s office for the Southern District of New York said Hwang’s guilty verdict sends a message that market manipulation would be held accountable. “Hwang and Halligan were able to fraudulently inflate a $1.5 billion portfolio into a $36 billion portfolio,” the statement said.
Persons: Bill Hwang, Hwang, Hwang’s, Patrick Halligan, “ Hwang, Halligan, ” Hwang Organizations: CNN, Archegos Capital Management, Warner Bros, Southern, of Locations: of New York
New York CNN —In lower Manhattan, a jury is now weighing a case against a little-known investor who made it big, lost everything, and briefly brought Wall Street to its knees. His positions were so large that when the stocks started falling, it had a seismic effect on the market. And on Tuesday, after a two-month trial in New York federal court, the case was handed over to a jury that will decide their fate. Before Archegos, market watchers knew unregulated family offices were a problem, and they knew that swaps going unreported was a problem. “Fifteen years after the global financial crash, we still have gross under-regulation of non-banks, and we have Wall Street megabanks engaged in high-risk activities that aren’t properly regulated,” Kelleher told me.
Persons: CNN Business ’, Bill Hwang, Wall, Bill Hwang’s, Hwang, Patrick Halligan, Halligan, Josh Naftalis, , Naftalis, Goldman Sachs, Morgan Stanley, Dennis Kelleher, Wang, there’s, megabanks, ” Kelleher, Organizations: CNN Business, New York CNN, Warner Bros, Prosecutors, Bloomberg, Southern, of, Pallas Partners Locations: New York, Manhattan, of New York
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The vibe is trail-dad chic — think puffy Patagonia vests and Apple watches and stealth-wealth cashmere pullovers. Sun Valley is also widely believed to be the place where Jeff Bezos decided to buy The Washington Post, and the site of the meet-cute between Comcast and NBC Universal. There are also some notably absent names from the guest list this year. Bob Iger, CEO of Disney and one of the most recognizable business leaders on the planet, wore a name tag and aviators at last year's Sun Valley summit. Questions about President Joe Biden’s ability to campaign have wealthy donors and Democratic officials in a tizzy.
Persons: , Jeff Bezos, Warren Buffett, Sam Altman, Bob Iger, Tim Cook, Meta’s Mark Zuckerberg, Google’s Sundar Pichai, Rupert Murdoch, Oprah Winfrey, David Zaslav, Zaslav, Kevin Dietsch, There’s Buffett, Greg Abel, Buffett, Astrid, Elon Musk, Joe Biden’s, Gretchen Whitmer, Josh Shapiro, Wes Moore, Biden, it’s, Hamilton Nolan Organizations: New, New York CNN, Friedman, Allen & Company, Washington Post, Comcast, NBC Universal, Idaho Mountain Express, Disney, Warner Bros, Bloomberg, Variety, Discovery, Paramount, Democratic Locations: New York, Hailey , Idaho, Sun Valley , Idaho, Idaho, America, Sun
Chinese e-commerce giants try to lure in customers with attractive salesHistorically, e-commerce has accounted for a hefty chunk of China's retail spending. AdvertisementIn 2023, online retail sales nationwide reached $2.12 trillion, accounting for 27.6% of the total retail sales of consumer goods in the country, according to the National Bureau of Statistics. China's youth unemployment rate stood at 14.9% as of December, according to China's National Bureau of Statistics. And the average per capita income in China in the first quarter of 2024 was $905, according to the National Bureau of Statistics. Figures from the National Bureau of Statistics showed that new home prices in 70 major Chinese cities were down 0.7% from April.
Persons: , they've, Alibaba, JD.com, Allison Malmsten, Yaling Jiang, they're, Jiang, Evergrande Organizations: Service, Business, CNBC, National Bureau of Statistics, Apple, Daxue Consulting, National Bureau, Statistics Locations: China
When my kids were young, I sent them to an inexpensive summer day camp in France. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . I thought it would be a great opportunity for my 13-year-old son, Alec, and 11-year-old daughter, Madeleine, to learn French. I found a sleepaway camp at an international school not far from our temporary home, where the kids would study French each morning and do typical camp activities each afternoon. With the kids in camp during the week, my husband and I would have adult-only time to sip rosé at wineries and bike to village markets.
Persons: , Alec, Madeleine Organizations: Service, Business Locations: France, New York City, Italy, Provence
Vanessa Acosta marries Sam Roberts in their backyard in Pasadena, California, on May 25, 2024. Courtesy: Vanessa AcostaLast year, Vanessa Acosta and Sam Roberts found their dream venue for a black-tie wedding. Why micro weddings are becoming appealingVanessa Acosta and Sam Roberts pose together on a street in California. Courtesy: Vanessa AcostaThe average cost of a wedding ceremony and reception in 2023 was $35,000, according to The Knot 2023 Real Weddings Study. The average guest count at weddings has been declining since 2006, when the average was about 184 people, according to data from The Wedding Report.
Persons: Vanessa Acosta, Sam Roberts, Acosta, Roberts, Allison Cullman, Zola, Shane McMurray, McMurray, Vanessa, Sam, Vanessa acosta, Lauren Kay Organizations: Finance, CNBC Locations: Pasadena , California, California, U.S, Cullman
Analysts who have been following companies on the cutting edge of using generative AI for drug discovery say it is still very early days. But these endorsements haven't lifted Recursion shares out of a slump. RXRX 1Y mountain Recursion shares over the past year. The drug company will be a beta user of Recursion's LOWE (Large Language Model-Orchestrated Workflow Engine) and the pair are also partnering on oncology research. SDGR 1Y mountain Schrodinger shares over the past year.
Persons: Scott Schoenhaus, Chris Gibson, Jensen Huang, Leerink, Mani Foroohar, Foroohar, Recursion's, KeyBanc's Schoenhaus, Needham, Gil Blum, it's, Recursion's LOWE, Blum, Eli Lilly, AbCellera, KeyBanc's, Schoenhaus, FactSet, Allison Bratzel, Piper Sandler, Goldman Sachs, Salveen Richter, Peter Lawson, Lawson, Japan's Takeda, Schrodinger, Leerink's Foroohar Organizations: Analysts, Capital, Nvidia, ARK Investment Management, REC, CCM, Union, Bayer, Therapeutics, Dynamo, RLY, Barclays, Japan's Locations: U.S, biopharma, Biohive
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Hamm also donated $50 million toward Burgum’s effort to build a presidential library honoring Theodore Roosevelt in North Dakota. CNBC first reported on Burgum’s financial ties with Continental, and the Associated Press previously reported on the politics of the Summit pipeline debate. Gaylen Dewing and Marvin Abraham put up a sign opposing the Summit pipeline east of Bismarck, N.D. in August 2023. Supporters say it will be an economic driver for North Dakota and help reduce emissions across the Midwest. North Dakota landowner Kurt Swenson attends a court hearing related to the pipeline project.
Persons: Donald Trump, Doug Burgum, GOP megadonors, , That’s, ” Troy Coons, “ It’s, Al Drago, Burgum, ingratiated, Biden, Trump, , , Joe Biden’s, Bruce Rastetter, Harold Hamm, Evan Vucci, Hamm, Theodore Roosevelt, ” Burgum, Rob Lockwood, Gary Tharaldson, Tharaldson, Justin Lane, who’s, Scott Skokos, ” Lockwood, ” Virginia Canter, ” Canter, “ Burgum, Drew Wrigley, Doug Goehring, don’t, Forbes, Sen, Jeff Magrum, Gaylen Dewing, Marvin Abraham, Jack Dura, Derrick Braaten, “ You’ll, Kurt Swenson's, Joe Swenson, Mike Bauman, Bauman, ” Bauman, Terry Wanzek, Mike Haupt, ” Haupt, Kurt Swenson, Kurt Swenson Kurt Swenson, ” Swenson, “ You’re, Swenson, CNN’s Alayna Treene Organizations: CNN, North Dakota Gov, GOP, Bloomberg, Getty, North, of Environmental, Trump, Republican, Associated Press, AP . Pipeline, Carbon Solutions, Midwest Carbon Express, Summit Agricultural, Iowa GOP, Continental Resources, Securities, Exchange, Continental, AP Continental, Burgum, CNBC, Forbes, Washington Post, Dakota Resource Council, North Dakota Industrial Commission, Summit, Rastetter, AP, Conservatives, Sierra Club, Farm, North Dakota Monitor Locations: North Dakota, Laconia , New Hampshire, Lago, North Dakota’s, Burgum, Pittsburgh, Hamm, Roosevelt, spokespeople, Trump's New York City, Washington, Iowa, Tharaldson, Bismarck, Kurt Swenson's North Dakota, Mercer County
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In today's big story, we're looking at President Joe Biden showing no signs of giving up his reelection campaign while former President Donald Trump secured a win from the Supreme Court . AdvertisementBiden's campaign has been in full-blown crisis mode after the president's disastrous debate against former President Donald Trump last week. AdvertisementMeanwhile, Trump secured a big win in his immunity case . The Supreme Court ruled that former presidents don't get absolute immunity from criminal charges related to actions under the scope of the presidency, but they do get some. 3 things in techStefani Reynolds/BloombergBig Tech gets a big win from the Supreme Court.
Persons: , Joe Biden, Donald Trump, he's, Biden, Allison Joyce, Getty, Tyler Le, he'd, it'd, John L, Dorman, Biden's, Manuel Balce Ceneta, Jacquelyn Martin, Kamala Harris, Gavin Newsom, Gretchen Whitmer, Harris, isn't, Trump, don't, Justice Sonia Sotomayor, Alyssa Powell, David Kelly, Jonathan Xiong, Blackstone, Keith Lerner, Truist, Stefani Reynolds, OpenAI, It's, Gen Zers, Kevin Costner's, Kevin Costner, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Michelin, Business, The New York Times, Biden, Democrats, Trump, Justice, Getty, Citadel, Bloomberg Big Tech, ChatGPT, Atlantic Locations: Manhattan, Asia, Millennium, New York, London
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Mary Lauri and Roberto Rodríguez, asylum seekers from Venezuela, heard about Public School 46, in Fort Greene in Brooklyn, from a mother at Hall Street, the emergency shelter where their family had been placed. It was five blocks away and had a Spanish dual-language program. When Ms. Rodríguez went to register her two younger children the second week in January, the school’s parent coordinator, Amanda Ocasio, a 30-year-old Puerto Rican woman with platinum hair, big brown eyes and funky red glasses, was standing inside the entrance with the security guards to welcome them. There was breakfast, and there were piles of warm clothes, school supplies and toiletries in the teachers’ lounge for parents and children to choose from. Allison Blechman, the English as a new language teacher, took the family on a tour of the school: a beautiful library with books in English and Spanish and comfortable chairs, a science lab with 3-D printers, an auditorium with a stage and curtains like a real theater, whiteboards in every classroom.
Persons: Mary Lauri, Roberto Rodríguez, Rodríguez, Amanda Ocasio, Allison Blechman Organizations: Street Locations: Venezuela, Fort Greene, Brooklyn, Spanish, Puerto Rican
Asked whether Biden would exit the race, Biden campaign spokesperson Seth Schuster responded: “No.”“There’s no basis for that,” one Biden adviser also told CNN Friday morning. The Biden campaign will hold an all-staff meeting Friday afternoon, two Biden campaign officials told CNN, part of what they said is a routine pattern of Friday meetings. “It’s hard to debate a liar,” Biden told patrons at an Atlanta-area Waffle House following the debate. Big lies.”Pro-Biden political world fretsIn the broader pro-Biden and anti-Trump political universe, the panic over Biden’s debate performance was much clearer on Friday morning. God.”The veterans of Obama’s administration who launched the “Pod Save America” series of podcasts popular with liberal listeners also lamented Biden’s performance.
Persons: Joe Biden’s, Biden, , Donald Trump, Seth Schuster, , Joe Biden, Allison Joyce, Hakeem Jeffries, Biden —, “ I’m, ” Jeffries, Biden’s, David, “ It’s, It’s, , Jeff Zients, Anita Dunn, Tristen Rouse, CNN ‘, ’ Biden, , Barack Obama’s, Obama, ” Obama, ” Biden, reconsidering, Joe, Jill Biden, Trump, Republican Adam Kinzinger —, Kinzinger, Joe Scarborough —, Axios, ” Scarborough, ” Jon Stewart fuming, ” Stewart, Jon Favreau, haven’t, Joe Biden —, ” Ben Rhodes, “ Joe Biden couldn’t, Angie Craig, Brad Schneider, Scott Peters, ” Peters, Nancy Pelosi, ” Trump, Jim Clyburn, didn’t, Democratic Sen, Ben Cardin, Ben Cardin of Maryland, “ Biden, ” Cardin, ‘ We’ve, Josh Shapiro, Shapiro, ” “, we’ve, ” Shapiro, Michigan’s Gretchen Whitmer, “ Joe Biden, ” Whitmer, Donald Trump’s, Betsy Klein, Haley Talbot, Manu Raju, Veronica Stracqualursi, Andrew Millman, Ted Barrett, Lauren Fox, Annie Grayer, Priscilla Alvarez Organizations: Washington CNN, Democratic, CNN, House, Getty, House Democratic, Biden, White, White House, , Trump, Charlottesville White, New York Times, Republican, Illinois, Obama, ” Hill, California, South Carolina Rep, Pennsylvania Locations: North Carolina, Wilmington, Raleigh , North Carolina, Carolina, Biden’s Wilmington, Washington ,, Atlanta, Charlottesville, America, Ben Cardin of, Chicago
Some 900 of PwC's top 1,000 consulting clients are now working with the firm on incorporating AI into their businesses, a spokesperson told Business Insider. Even as some companies focus on how AI might rewrite corporate playbooks, some businesses are asking consultants how to get started. Advertisement"Many CIOs are afraid that they don't have the right skills," he told BI. Where to beginMany companies are still determining how they might use AI and GenAI, according to several consultants. This enables greater seamlessness down the line, and that is where the magic lies," he told BI.
Persons: , Ben Ellencweig, Allison Bailey, Bailey, Greg Sward, They're, Jim Rowan, Rowan, Vlad Lukic, Roy Singh, Joe Atkinson, Atkinson, Deloitte's Rowan, Bain's Singh, PwC's Atkinson, he's, Singh Organizations: Service, Business, McKinsey & Company, Boston Consulting, KPMG US, Deloitte Consulting, Bain & Company, Companies, Carrefour, & $
Two of America’s most decorated Olympic swimmers will ask Congress on Tuesday to hold the global antidoping agency accountable for failing to properly police allegations of cheating by elite Chinese athletes. In testimony prepared for delivery on Tuesday night to a House subcommittee, Michael Phelps, the 23-time Olympic gold medalist, and Allison Schmitt, a four-time Olympic gold medalist, urged Congress to push for reforms of the World Anti-Doping Agency, or WADA. They said the uncertainty about whether Chinese swimmers have been using banned substances is deeply unfair to competitors heading into the Summer Games next month in Paris. The hearing comes two months after The New York Times reported that the Chinese antidoping authorities and WADA had declined to discipline 23 elite Chinese swimmers who tested positive for a banned drug in early 2021, paving their way to compete at the Games held in Tokyo that summer. Chinese authorities said the positive tests were the result of unwitting contamination of the swimmers and involved tiny amounts of the banned substance, a finding that WADA accepted but that many antidoping experts have questioned.
Persons: Michael Phelps, Allison Schmitt, WADA Organizations: Doping Agency, Summer Games, New York Times, Games Locations: Paris, Tokyo
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Washington CNN —Legendary Olympian Michael Phelps on Tuesday ripped the World Anti-Doping Agency and described an inconsistent application of anti-doping rules that is driving frustration among clean athletes and concerns over the future of fair competition. US Anti-Doping Agency CEO Travis Tygart also testified. Why were Chinese athletes treated differently than athletes from other countries? Three years later, news surfaced that some Chinese athletes on that team were not subjected to the same anti-doping rules, casting doubt on the fairness of the competition. Former Olympians Michael Phelps, left, and Allison Schmitt, right, and US Anti-Doping Agency CEO Travis Tygart testify on Capitol Hill on June 25, 2024.
Persons: Michael Phelps, Phelps, Allison Schmitt, ” Phelps, WADA, , , Schmitt, ” WADA, Travis Tygart, Tygart, CHINADA, Trimetazidine, Witold Bańka, , Bańka, “ WADA, ” Bańka, Morgan Griffith, Virginia –, Griffith, they’re, Kathy Castor of, ” Tygart, WADA Schmitt, Jim Watson, CNN’s Amy Woodyatt, George Ramsay, Haley Talbot Organizations: Washington CNN, Doping Agency, House Energy, The New York Times, ARD, Department of Justice, International Olympic Committee, Tokyo Games, CHINADA, Olympic Games, , WADA Lawmakers, Republican, Democrat, People’s, Getty, month’s Locations: Russia, China, trimetazidine, U.S, Paris, Kathy Castor of Florida, People’s Republic of China, AFP
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but because the cost associated with being in a bridal party is cripplingly high. Not including a gift, bridesmaids spend, on average, more than $1,600 being in a wedding, according to 2024 data from The Knot. If you're already spending a considerable amount on these activities, it's absolutely OK to scale back on the wedding gift. You could offer to do something for the couple before or on their wedding day, like corralling all your friends for a photo. Hannah Nowack, senior editor at The Knot"It's customary for wedding party members to give the couple a gift.
Persons: I'm, I've, fryer, bridesmaids, Tori Dunlap, Allison Cullman, Zola, Zola Jen Glantz, Bridesmaids, Hannah Nowack Organizations: CNBC
Opinion: Destined to be a lame duck
  + stars: | 2024-06-23 | by ( Richard Galant | ) edition.cnn.com   time to read: +18 min
We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. When Biden and Trump meet in a debate on CNN Thursday, expect part of the audience to be wondering exactly who and what will come next. Biden, who’s battling low approval ratings, is sticking with Vice President Kamala Harris, whose polls are also bleak. There were 28, and we’ve had 11 so far this year, Bridget Johnson noted in the first of a CNN Opinion series about America’s preparedness. “It’s a measure of his hold on American society that he’s still revered a half-century later,” wrote Frederic J. Frommer.
Persons: Franklin D, Roosevelt, , , Alexander Wiley of, Adolph Sabath, Sabath, can’t, Joe Biden, Donald Trump —, Biden, who’s, Kamala Harris, Ronald Reagan’s, George H.W, George H.W . Bush, Trump, Julian Zelizer, Zelizer, it’s, Facebook “ Trump, ’ Trump, Hunter Biden, ” Terry Szuplat, Barack Obama, I’ve, that’s, Obama, Dan, , don’t, … Don’t, Melinda French Gates, Douglas Heye, Bob Good, Trump Dean Obeidallah, Clay Jones, we’ve, Bridget Johnson, Johnson, “ we’re, Richard Serino, Irma, Maria, Hurricane Maria, Mark Wolfe, ” Drew Sheneman, Anna Bershteyn, Michael Diamond, Roe, Wade, Karen Finney, Jennifer Tucker, Chuck Schumer's, Chuck Schumer, Schumer, he’s, John Kasich, Bill DeBlasio, Donald Trump, Sarah Palin, Biden’s, Jill Filipovic, Walt Handelsman, Luther Terry, Vivek H, Murthy, ” Kara Alaimo, Dolly Parton, Allison Hope, Dolly Parton “, Parton, ” Hope, Ericka Andersen, ’ Andersen, Andersen, Dolly, Nathan B, Baskind, Weeks, Samantha Baskind, Uncle Nate, Nathan Baskind, David, ” Samantha Baskinshe, ” Don’t, Phil Hands, Nadine Pienede, Frida Ghitis, Adam Plowright, Sara Stewart, Andrew McCarthy, Rohit Chopra, Willie Mays Bill Bramhall, Willie Mays, Frederic J, Frommer, ” Frommer, Mays, , ” Mays, Vic Wertz, It’s Organizations: CNN, Republicans couldn’t, Democratic, GOP, Alexander Wiley of Wisconsin . Rep, Illinois Democrat, New York Times, Trump, Biden, Twitter, Facebook, UFC, Democrats, Braver, Trump Dean, US, FEMA, Hurricane, Ricans, Ledger, Agency, , Independence, , Times, Federalist, Army, Journal, Tribune, New York Daily, Cleveland Indians, New York Giants Locations: Illinois, George H.W ., New York, American, ” “ Ohio, John Kasich , New York City, Donald Trump , Alaska, Switzerland, France, Normandy, Wisconsin, Juneteenth, Haiti, Putin’s, Korea,
New York CNN —Since February, when Alabama’s Supreme Court declared frozen embryos are legally considered children, fertility clinics around the country have been weighing the implications of a political movement that’s suddenly turned hostile toward IVF. It could also threaten growth in the booming IVF market, which last year brought in an estimated $8 billion in revenue. IVF also took center stage last week at the Southern Baptist Convention, where church leaders effectively condemned the practice. I have never seen any religious or government guardrail ever stop fertility patients. I’m a former fertility patient, and no one was going to tell me no — I was going to do whatever it took to have the family I always dreamed about.
Persons: that’s, Nightcap, Gina Bartasi, It’s, I’m, Kindbody, Gina Bartasi Kindbody, , who’s Organizations: New, New York CNN, Alabama, Southern Baptist Convention, Progyny, Southern Baptists, United, Aetna, Blues, Bloomberg Locations: New York, America, Alabama, Cigna, Manhattan
In 2021, Chris Gloninger, a television weatherman in Boston with a passion for climate science, was approached with an intriguing prospect. Would he consider a job as chief meteorologist at a television station in Des Moines? The station, KCCI, wanted to amp up climate coverage, Mr. Gloninger said he was told, not least because agriculture was so important in the state. In announcing Mr. Gloninger’s hiring to the newsroom, Ms. Smith highlighted his extensive climate coverage. “My big takeaway was that there’s going to be a lot of climate involved,” said Mr. Serwe, now a meteorologist at KSTP in St. Paul, Minn.
Persons: Chris Gloninger, Allison Smith, Gloninger, Mr, Smith, Matt Serwe, , Serwe Locations: Boston, Des Moines, St, Paul
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