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Read previewA historic surge of corporate bankruptcies is hitting Wall Street, with this year's volume of filings already above levels seen in the past 13 years, S&P Global Intelligence reported. When, earlier this year, hope was much stronger for a quick and significant reduction to interest rates, bankruptcies remained more subdued, S&P previously noted. AdvertisementYet, deteriorating consumer spending is also grinding down on corporate prospects. AdvertisementAmong notable June bankruptcies tracked by S&P Global, were the electric vehicle maker Fisker, as well as Redbox DVD rental operator Chicken Soup for the Soul Entertainment. That's followed by healthcare and industrials, S&P Global reported.
Persons: , Tacking, Mark Zandi, Zandi, That's Organizations: Service, P Global Intelligence, Business, Global, Federal Reserve, CNBC, Fed, Nike, Walgreens, P Global, Soul Entertainment
Follow live coverage of Wimbledon 2024Welcome to the Wimbledon briefing, where The Athletic will explain the stories behind the stories on each day of the tournament. On day eight of Wimbledon 2024, Elena Rybakina stepped up to her new billing, the ATP made a germy decision, and there was chaos on Court One. Elena Rybakina is one of three players left in the women’s field who has won a Grand Slam title before. Rybakina plays with a big serve and with flat power that keeps her ball low. More importantly, do we too often discount the data point of winning a tournament on grass the week before Wimbledon?
Persons: Elena Rybakina, Rybakina, Julian Finney, , Anna Kalinskaya, , Elina Svitolina, She’s, Jelena Ostapenko, Barbora, Krejcikova, It’s, “ it’s, ” Matt Futterman, Yulia Putintseva, Ostapenko, Putintseva’s, Putintseva, 😂😂, ould, Fritz, ryo, aylor Fritz, Finney, Getty, bea, Rafael Nadal,, ” “Th, is ano, bec, hird, D., 🇪, 🇦 L., 🇸 A., Alves (Q, 🇹, B., Marte, J, Choi, 🇵, Nishiok, Goff, iva, J., 🇸 R., 🇷 L., 🇸 J., rin, Safi, T omlj, R, 🇸 R. M, Gade, 🇧 H., Tom o, 🇸 M., Zhan, 🇸, 🇳, Wang, 🇧, 🇦 28 D. Y, Bouzas, Su, D. Y, 🇷, ina, vito Organizations: Wimbledon, ATP, All England, Getty, WTA Tour, rte, acc, 🇨🇱, 🇬, 🇷, avon, 🇸, ritz, 🇺, ub, 🇧, (Q), 🇴 I. Begu, 🇴, Collins, Saville, Keys, uc Locations: Wimbledon, Ukraine, French
This story is available exclusively to Business Insider subscribers. AdvertisementThe difficulties are reportedly creating tensions between Musk and X CEO Linda Yaccarino. Randall Peterson, a professor of organizational behavior at London Business School, told Business Insider that any company struggling like X would suffer leadership tensions. Leadership shake-upAmid the increasing financial pressure, Musk and Yaccarino have also been shaking up the company's leadership. X did not respond to a request for comment from Business Insider.
Persons: , Musk, Linda Yaccarino, Randall Peterson, she's, Yaccarino, Jerod Harris, Mark Read, Steve Davis, Davis, Joe Benarroch, Nick Pickles, Matt Navarra, it's, Navarra, Gwynne Shotwell, Amanda Edwards, Peterson Organizations: Service, Elon Musk's, Twitter, Business, YouTube, London Business School, Times, Microsoft, Cannes Lions, WPP, Brit, Social, SpaceX, Investors
Two Democrats with a powerful network of friends are circulating a proposal for President Joe Biden to bow out of the 2024 race and launch an expedited Democratic primary to choose a new nominee before the August convention. The proposal comes as pressure builds on Biden to exit the race following his stumbling debate on June 27 against former President Donald Trump. "Overnight, Biden is hailed as a modern-day George Washington, not an octogenarian clinging to power with a 37% approval rating," the proposal reads. The next phase of the plan is a "blitz primary," where prospective Democratic candidates submit their bids and delegates of the Democratic National Convention ultimately narrow down the list to six contenders. The Biden campaign did not immediately respond to a request for comment on the proposal.
Persons: Joe Biden, Rosa Brooks, Obama, Clinton, Ted Dintersmith, Semafor, Donald Trump, Brooks, Dintersmith, Biden, George Washington, Oprah Winfrey, Taylor Swift, Stephen Colbert Organizations: Cross, White, Georgetown University, Democratic, CNBC, Biden, Trump, Democratic National Convention, DNC Locations: Washington , DC, America
British Prime Minister Keir Starmer delivers his speech outside Downing Street 10, following the results of the election, in London, Britain, July 5, 2024. Britain's new Prime Minister Keir Starmer said on Saturday he would scrap a controversial plan to fly thousands of asylum seekers from Britain to Rwanda in his first major policy announcement since winning a landslide election victory. But no one was sent to Rwanda under the plan because of years of legal challenges. At his first press conference since becoming prime minister, Starmer said that the Rwanda policy would be scrapped because only about 1% of asylum seekers would have been removed and it would have failed to act as a deterrent. "The Rwanda scheme was dead and buried before it started.
Persons: Keir Starmer, Starmer, It's, I'm, Tony Blair Organizations: British, Downing, Conservative Locations: London, Britain, Rwanda, East, British, Downing
Project 2025 is a road map for the next Republican president. The Heritage Foundation, a prominent conservative think tank, authored the plan. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In January 2023, The Heritage Foundation began promoting Project 2025, a 922-page "playbook" assembled with input from dozens of other conservative organizations to guide the next Republican administration. This story is available exclusively to Business Insider subscribers.
Persons: , Joe Biden, Donald Trump Organizations: Republican, Heritage Foundation, Education Department, Service, Business
Investors have been drawn to Microsoft for its early leadership in the fast-growing artificial intelligence space. Year-to-date Microsoft stock is up roughly 24%, compared to the S & P 500's 15% advance. Excitement for Microsoft as an AI play, along with demand for its cloud computing business, show no signs of slowing. Copilot subscriptions Finally, the company can generate a nice recurring revenue stream from Microsoft 365′s Copilot AI add-on. Microsoft CEO Satya Nadella speaks during the Microsoft Build conference at Microsoft headquarters in Redmond, Washington, on May 21, 2024.
Persons: Jim Cramer, Copilot, Satya Nadella, Piper Sandler, Jim Cramer's, Jim, Jason Redmond Organizations: Microsoft, Management, Revenue, . Enterprise, Wall Street, CNBC, AFP, Getty Locations: OpenAI, Microsoft's, Redmond , Washington
Influencers have changed the ad industry. Now what?
  + stars: | 2024-07-04 | by ( Gaelle Legrand | ) www.cnbc.com   time to read: +9 min
Commercial playsTania Bryer: In 1994, it was considered groundbreaking – using an ad to flip gender roles on their head. They're somehow interacting with brands through the prism of influencers, and it gives them a way to talk back. Tania Bryer: A 2019 Edelman study revealed that consumers' trust in the brands they purchase from had declined, but trust in influencers was up. Tania Bryer: And Chawawa says that trust also extends to the type of influencer brands work with. Tania Bryer: And while that may be convenient for brands, creator economy strategist Jamie Gutfreund says it can hurt influencers.
Persons: Tania Bryer, Munya Chawawa, Instagram, Munya, Richard Edelman, Edelman, They're, Joe Gagliese, There's, that's, it's, TikTok, Blake Chandlee, Goldman Sachs, You've, I've, copywriters, Emily, Jamie Gutfreund, influencers Organizations: YouTube, Trust, influencers Locations: influencers, Paris
Delta Air Lines pulled some meal options from dozens of international flights on Wednesday hours after the carrier said reports of "spoiled" food on an Amsterdam-bound flight forced the plane to divert to New York. Delta was only serving pasta in the main cabin on about 75 international flights on Wednesday. Delta apologized to customers over the report of spoiled food in the main cabin on the Detroit-to-Amsterdam flight. "This is not the service Delta is known for and we sincerely apologize to our customers for the inconvenience and delay in their travels," Delta said. The incident occurred in the midst of the peak summer travel season, when Delta and its rivals are fighting over travelers.
Persons: Delta, Ash Dhokte, Dhokte, Henry Harteveldt, Delta's Dhokte Organizations: Boeing, Delta Air Lines, JFK International, Delta, CNBC, Detroit, Atmosphere Research Locations: Dublin, New York, Manhattan, Amsterdam, Delta
AI-generated so-called deepfakes are only exacerbating the problem and making it easier than ever to spread disinformation and misinformation via social media. Social media companies are protected from civil liability under a US lawSocial media has largely gone unregulated since its birth nearly three decades ago. So what's been the struggle for the government to address the issue of disinformation and misinformation on social media head-on? Related storiesMcQuade proposed amending Section 230 in order to hold social media companies accountable under certain circumstances. Major social media companies have their own misinformation policiesMany major social media companies, including Meta, TikTok and X, have their own policies when it comes to tackling misinformation and disinformation.
Persons: , Barbara McQuade, McQuade, we've, what's, Gautaum Hans, Hans, there's, Donald Trump, Joe Biden, Biden, We've, abetted, Meta, Taylor Swift, Elon Musk Organizations: Service, United, Business, University of Michigan, US Department of Homeland Security, ABC News, Social, Communications, Big Tech, Cornell University, Republican, Democratic, US, Twitter, Google, Meta, Elon
The settlement will pay $175 million to the state and drivers, many of whom claimed both companies violated Massachusetts wage and hour laws. Also, Massachusetts drivers will be considered independent contractors, meaning they will not receive all the protections of employees. Advertisement"The recent agreement reached in Massachusetts before the ballot initiatives were decided by Massachusetts voters is a favorable outcome for most Massachusetts drivers," Avedian said. What Massachusetts drivers sayAvedian said for the majority of drivers, this settlement is a big step in the right direction. In May, Uber and Lyft struck a deal to pay Minnesota drivers $1.28 per mile and $0.31 per minute minimum.
Persons: , Uber, Lyft, Sergio Avedian, Guy, Avedian, Mark McInerney, he's, Matt R, Matt, Ronald Banks, Jen, isn't Organizations: Service, Business, Uber, Lyft, California Supreme, Research, UC Berkeley Labor Center, Center for Wage, Dynamics, Seattle metros, Drivers, New York City, Taxi, Limousine Commission, New York, Minnesota Locations: Massachusetts, New York , California, Washington, Minnesota, New York State , Minnesota, Boston, Texas and Massachusetts, Chicago , Portland, Virginia, California, Los Angeles, San Francisco, Chicago, New York, New York City, New, Minneapolis
New York CNN —A federal judge on Wednesday delayed a ban on noncompete agreements from taking effect for a small number of US workers on September 4. Unless the judge makes another ruling before that date, the ban will go into effect for the majority of employers in the US. The ban, which prohibits employers from enforcing noncompete clauses in most existing employment agreements and bans companies from including them in all future ones, was approved by the Federal Trade Commission in April. The FTC estimates that 30 million people — one in five US workers — are bound by a noncompete clause in their current jobs. In response to the order, FTC spokesperson Douglas Farrar said, “The FTC stands by our clear authority, supported by statute and precedent, to issue this rule.
Persons: , Ada Brown, Ryan, Daryl Joseffer, Douglas Farrar Organizations: New, New York CNN, Court, Northern, Northern District of Texas, Federal Trade Commission, Ryan LLC, US Chamber of Commerce, Business, Texas Association of Business, Longview Chamber of Commerce, Plaintiff, FTC, US, of Commerce, U.S, Chamber Locations: New York, Northern District, Texas, Longview
Read previewSocial-commerce platform Millions is trying to change how athletes make money from their names, images, and likenesses, from the professional to the collegiate level. He thought an e-commerce platform could help them. "Millions is an e-commerce and streaming platform built for athletes to connect with their fans," said Whitteker. Whitteker shared key slides from the pitch deck Millions used to raise the early funding. Here are 29 key pitch-deck slides Millions used to raise its $7 million seed round:
Persons: , Matt Whitteker, Whitteker, Joe Rogan, Valentina Shevchenko, Bryce Mitchell, Bruce Buffer Organizations: Service, Business, UFC, Shopify
The other is clear air turbulence, which was involved in the Singapore Airlines incident. As the name implies, clear air turbulence is hard to anticipate since it isn't associated with clouds. It said that over a typical point, the most severe type of clear air turbulence increased by 55% between 1979 and 2020. The increasing difference in energy between the two layers means more energy goes into the jet stream, Gratton said. "Therefore crossing the Atlantic, climate change is making encounters with clear air turbulence more likely and more severe," he added.
Persons: , Guy Gratton, It's, Gratton, you've Organizations: Service, Singapore Airlines, Boeing, Passengers, Business, Emirates, Cranfield University, University of Reading Locations: Bangkok, Singapore, Europe
How Britain Changed Over 14 Years of Conservative RuleSince Britain’s Conservative Party took power 14 years ago, most things have not gone the way it planned. The Economy Has StagnatedAverage productivity growth has declined since 2010…0.0% 0.5% 1.0% 2.0% 2010 2015 2017 2019 2024 Source: Office for National Statistics. 2010 2015 2017 2019 2024 Source: N.H.S. 50% 60% 70% 80% 2010 2015 2017 2019 2024 Source: N.H.S. 2010 2015 2017 2019 2024 Source: Trussell Trust … and thousands more people are sleeping on the streets than in 2010.
Persons: Conservatives ’, England …, Boris Johnson, , Hong Kongers, Rishi Sunak Organizations: Conservative, Britain’s Conservative Party, Conservatives, Local, gov, Conservative Party, European Union, National Health Service, National Statistics, Institute for Public Policy Research, Public Services, Labour, Commons, Department, Loans Company, Higher Education Statistics, YouGov Locations: Britain, Thursday’s, Germany, United States, London, Ukraine, England, Rwanda, United Kingdom
AI systems need lots of computers to make them work. The end result has been that Google’s greenhouse gas emissions have soared 48% since 2019, according to the tech giant’s annual environment report. An October study from Dutch researcher Alex de Vries estimated that the “worst-case scenario” suggests Google’s AI systems could eventually consume as much electricity as the country of Ireland each year, assuming a full-scale adoption of AI in their current hardware and software. It added that data center electricity consumption is currently growing faster than it can bring carbon-free electricity sources online. The company has also used AI to suggest more fuel-efficient routes to drivers using Google Maps.
Persons: , Sundar Pichai, Alex de Vries Organizations: New, New York CNN, Google, Big Tech, International Energy Agency Locations: New York, Ireland
“This discovery is important because it shows that after the extinction of the dinosaurs, grapes really started to spread across the world.”Much like the soft tissues of animals, actual fruits don’t preserve well in the fossil record. How ancient forests changedWhen the dinosaurs went extinct, their absence changed the entire structure of forests, the team hypothesized. “In the fossil record, we start to see more plants that use vines to climb up trees, like grapes, around this time,” Herrera said. Meanwhile, as a diverse set of birds and mammals began to populate Earth after the disappearance of the dinosaurs, they likely also helped spread grape seeds. Several fossils are related to modern grapes and others are distant relatives or grapes native to the Western Hemisphere.
Persons: hadn’t, , Fabiany Herrera, , ” Herrera, Steven Manchester, Herrera, “ I’ve, Mónica Carvalho, Carvalho, , Arthur T, Susman, Gregory Stull, ” Carvalho Organizations: CNN, Field, Research, University of Michigan’s, of Paleontology, South, Field Museum, National Museum of, Central, Western Locations: Colombia, Panama, Peru, India, South America, Western, Colombian, American, South, Central America, Central, Asia, Africa
Marcus' yield hike places it in an exclusive group of financial institutions continuing to offer rates in the 5% range on deposits. Citizens Access and Capital One Financial each offer a 1-year CD that yields 5%, while Sallie Mae offers a 5.15% APY. Bread Financial is at the top of the heap, with an APY of 5.25% on a 1-year CD. Indeed, LendingClub recently slashed its 1-year CD APY to 4.2%, reflecting a cut of 95 basis points, Caintic found. For instance, investors may forfeit some interest if they "break" their CD ahead of maturity, which makes these funds less liquid compared to money market funds.
Persons: Marcus, Goldman Sachs, BTIG, Sallie Mae, Vincent Caintic, LendingClub, Caintic Organizations: Reserve, BTIG Locations: LendingClub
Ukraine says it thwarted a coup plot
  + stars: | 2024-07-02 | by ( Lex Harvey | Mariya Knight | ) edition.cnn.com   time to read: +2 min
CNN —Ukraine has foiled an alleged plot to overthrow the government that “would have played into Russia’s hands,” security officials in the war-torn country said Monday. In a Telegram post, the Security Service of Ukraine (SBU) claimed the plot organizers planned to trigger a riot in Kyiv on June 30 as a distraction to seize control of the Ukrainian parliament and remove the military and political leadership from power. Concerns have grown over the future of US military support for Ukraine with the potential for another Donald Trump presidency on the horizon. During last week’s presidential debate, Trump questioned whether the United States should continue to fund Ukraine’s fight against Russia. Trump’s comments on the war in Ukraine were “worrying,” Ukrainian politician Oleksiy Goncharenko told CNN.
Persons: , Volodymyr Zelensky, , ” Zelensky, Donald Trump, Trump, Oleksiy Goncharenko Organizations: CNN, Security Service of Ukraine, Russia Locations: Ukraine, Kyiv, Russia, Dnipro, Vilniansk, United States, Ukrainian
Three people were left on the tarmac as their plane took off without them, the Washington Post reported. Liz Weir, an author who uses a wheelchair, said the plane left with her luggage on board. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTwo people in wheelchairs were left on the airport tarmac as their flight took off without them, The Washington Post reported.
Persons: Liz Weir, couldn't, , easyJet Organizations: Washington Post, Service, Post, Business Locations: Northern Ireland, Belfast, Edinburgh
At the height of their careers, former defense ministers Li and Wei often struck a tough tone before the world’s top military officials. Former Defense Ministers Li Shangfu and his predecessor Wei Fenghe have both been expelled from the Communist Party over corruption allegations. Most of the generals dismissed or disappeared without explanation last year were linked to the Rocket Force or military equipment, including Li and Wei. An engineer by training, the 66-year-old spent decades launching rockets and satellites in southwest China before being promoted to the PLA headquarters to deal with military equipment procurement. “The gun barrel must always be held in the hands of those who are loyal and reliable to the party,” Xi told the PLA elites.
Persons: Hong Kong CNN —, Xi, Li Shangfu, Wei Fenghe, Xi Jinping, Li, Wei, , James Char, , Former Defense Ministers Li Shangfu, Wei’s, Joel Wuthnow, ” Wuthnow, ” Char, Weidong, Char, Jason Lee, Xu Caihou, Guo Boxiong, Xu, Guo, Wuthnow, Jiang Zemin, haven’t, ” Wei, Li “, Bill Bishop, ” Xi Organizations: Hong Kong CNN, Communist Party, People’s Liberation Army, PLA, Rajaratnam, of International Studies, Former Defense Ministers, AP, Reuters, Rocket Force, Development Department, Second Artillery Corps, Pentagon, National Defense University, CCP, China’s Naval University of Engineering, Central Military Commission, Military, People's, CMC, Communist Locations: China, Hong Kong, Taiwan, United States, Singapore, People's Republic of China, Beijing, Yan’an
With nothing commercial to show from Boeing, which usually has its 777X and Max test jets on display, all eyes will be on European rival Airbus. AdvertisementThe XLR plane is the longest-ranged option in the A321neo family, which has outsold Boeing's 737 since 2019, when two fatal crashes grounded the plane's Max variants. According to Airbus, the XLR is uniquely equipped for long-haul flying, thanks to an extra rear center fuel tank that helps the narrowbody fly up to 5,400 miles (11 hours) nonstop. AdvertisementThe premium seating offers lie-flat beds typical to what customers find on long-haul widebody flights, and is likely to be the norm on long-haul XLRs. "Even well-established city pairs such as London-Miami or Sydney-Kuala Lumpur will benefit from the year-round sweet spot the XLR offers airlines," Airbus marketing specialist Ludek Jando said in September 2023.
Persons: , Taylor Rains, Max, American's, Jason Reisinger, Andrew Nocella, Willy Boulte, Barry Biffle, Ludek Jando Organizations: Service, Alaska Airlines, Max, Farnborough, Business, Boeing, Airbus, American Airlines , Frontier Airlines, JetBlue Airways, United Airlines, Qantas, AirAsia X, Sky Airline, Czech Airlines, Air Canada, Airlines, JetBlue, Spanish, Washington Dulles, American Airlines, Frontier Locations: Alaska, Iberia, Malaysian, Chile, East Coast, Europe, Madrid, Boston, Washington, Dulles, Raleigh , North Carolina, London, Charlotte, New York, Asia, Beijing, Seoul, Amsterdam, South America, Hawaii, Miami, Sydney, Kuala Lumpur
Weeks after Gov. Kathy Hochul abruptly pulled the plug on New York City’s congestion pricing program, state lawmakers have privately begun an informal campaign to persuade her to move ahead with the tolls, but make them less expensive. In a series of recent conversations, the legislators suggested to Ms. Hochul that she could bring back a modified form of the initiative, which would have been the nation’s first central business district tolling program. “I’ve personally urged the governor to mend it, not end it,” said Brad Hoylman-Sigal, a state senator representing a Manhattan district much of which is within the proposed congestion zone. “I think there could be an appetite among my colleagues to adjust the toll and other features of congestion pricing while approving additional revenue to make up the shortfall to the M.T.A., but only if the program is allowed to proceed.”
Persons: Kathy Hochul, “ I’ve, , Brad Hoylman Locations: York, Manhattan
CNN —Israel has sparked condemnation after the finance minister announced plans to legally recognize five unauthorized Jewish settlements in the occupied West Bank. As CNN has reported, the Israeli government has been looking to “strengthen” Jewish settlements in the occupied West Bank after several countries unilaterally recognized a Palestinian state. The Palestinian Authority, which administers some areas of the Israeli-occupied West Bank, told CNN on Sunday that it has not yet received the funds from Israel. He has long advocated for the building of settlements, pointing to them as a means of preventing the West Bank becoming part of such an independent state. Such settlements are considered illegal under international law and by much of the international community.
Persons: CNN — Israel, Bezalel Smotrich, , Amir Cohen, Peter Stano, , Smotrich Organizations: CNN, West Bank, Palestinian Authority, Israel, Israeli, Reuters, Union, Oslo Accords Locations: Palestinian, Israel, Qatar, Egypt, Saudi Arabia, Gaza, East Jerusalem, Oslo
England edged past Slovakia to reach the Euro 2024 quarter-finals, but only after staring a humiliating defeat in the face. England did get the ball in the net early in the second half, but Phil Foden’s effort was ruled offside. That gave Southgate’s team a lead that they defended successfully for the remainder of extra time to retain their place in the tournament… just. AdvertisementAcross their four matches at this tournament, England showed consistent failings that have not been addressed. Peter RutzlerWas the first half England’s worst of the tournament (so far)?
Persons: Gareth Southgate’s, Ivan Schranz, Jordan Pickford, Phil Foden’s, Declan Rice, Jude Bellingham, , Harry Kane, Jacob Whitehead, Oliver Kay, Mark Carey, Peter Rutzler, Gareth Southgate, Kyle Walker, Marc Guehi flicked, Cole Palmer, Eberechi Eze, Ivan Toney, Southgate, Carl Recine, Oliver Kay Breaking, Jude Bellingham’s, Marc Guehi, Martin Dubravka, Bellingham, Gareth Southgate England, Kieran Trippier, Trent Alexander, Arnold, Conor Gallagher, Kobbie Mainoo, Ian MacNicol, England —, Toney, Harry Kane’s, underperformance —, Kobbie, Shaun Botterill, John Stones, Ivan Schranz’s, England …, Mainoo Organizations: Slovakia, England, Switzerland, Adidas, Championship, Argentina Locations: Slovakia, England, Ruhr, ignominy, , Dusseldorf, Bellingham, Martin, Southgate’s, Iceland, Switzerland, Gelsenkirchen
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