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Sprott Physical Copper Trust Files Preliminary Prospectus for Proposed Initial Public Offering 2024-05-13 21:13:00+00:00 - Loading... Loading... TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- Sprott Asset Management LP ("Sprott Asset Management"), on behalf of Sprott Physical Copper Trust (the "Trust"), announced that on May 13, 2024 a preliminary prospectus for the Trust was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering (the "Offering") of transferable units (the "Units") at a price of US$10.00 per Unit. The number of Units to be sold has not yet been determined. The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal ("Copper"). The net proceeds of the Offering will be used to purchase Copper. The Trust's investment objectives are to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to holders of the Units. Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation are acting as joint bookrunners for the Offering. RBC Dominion Securities Inc. and TD Securities Inc. are also acting as underwriters for the Offering. WMC Energy B.V. is acting as technical advisor to Sprott Asset Management and will arrange all procurement and handling of Copper. About Sprott Asset Management and the Trust Sprott Asset Management, a subsidiary of Sprott Inc. SII, is the investment manager to the Trust. Sprott Asset Management's head office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1. Contact: Glen Williams Managing Partner Investor and Institutional Client Relations and Head of Corporate Communications Direct: 416-943-4394 gwilliams@sprott.com A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any one of the underwriters noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Trust's securities referred to herein in the United States. This is not an offer to sell these securities and not a solicitation of an offer to buy these securities in any state where the offer or sale is not permitted and should be accompanied by the preliminary prospectus. Investors should carefully consider the Trust's investment objectives, risks, charges and expenses before investing. The preliminary prospectus, which contains this and other information about the Trust, should be read carefully before investing. You could lose some or all of your investment. For a summary of the risks of an investment in the Trust, please see the "RISK FACTORS" section of the preliminary prospectus. Consult your financial advisor before investing. This material may contain certain statements which constitute "forward-looking information". Forward-looking information includes, among other things, projections, estimates, and information about possible or future results related to the Trust, market, or regulatory developments. The views expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Trust undertakes no obligation to update the views expressed herein.

OpenAI chief Sam Altman just showed he has what Tim Cook really wants — but Apple still has one big advantage 2024-05-13 21:12:25+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview After OpenAI unveiled its latest ChatGPT iteration, one tech executive is probably super jealous: Apple's Tim Cook. ChatGPT-4o, as they're calling it, speaks in a conversational way with lots of emotion — and you don't need to use "wake words" or precise commands like "Hey Siri!" as you do with Apple's assistant. Another leap forward for the buzzy ChatGPT comes as Siri and Amazon's Alexa are stuck in neutral. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Related stories On Monday, Open AI Chief Technology Officer Mira Murati showed off ChatGPT-4o's new voice mode, which is a voice chat assistant. Advertisement It's supposed to be able to have a natural back-and-forth conversation with you. (Though, OK, to be fair, the only part of ChatGPT-4o we've actually seen has been in a highly controlled public demo, so we'll see what it's actually like IRL.) The comparisons to the female voice assistant from the movie "Her" were so obvious even OpenAI CEO Sam Altman tweeted about it. The voice chat assistant has a female voice (unclear if there are options to change this) and is capable of speaking with emotion — it can feign excitement, friendliness, or even sarcasm. Meanwhile, Apple executives must be seething with jealousy. Last week, The New York Times reported that after testing out ChatGPT last year, top Apple executives ordered a massive revamp of Apple's Siri. Advertisement Siri has been around for over a decade, and while it's helpful for many tasks, it's also extremely limited. You must say "Hey, Siri" to wake it up, and it can't really handle naturally flowing conversations. If you've ever used Siri, you know how often it can't understand you or can't really complete a command. Alexa, Amazon's voice assistant, has a similar problem. I use Alexa in my home for things like the weather or playing music. But when I started playing around with generative AI chatbots, I couldn't help but notice how stupid Alexa feels in comparison — incapable of doing straightforward things like playing a specific album on Spotify instead of just an artist playlist. OpenAI clearly has made a voice assistant chatbot that is way more advanced than Siri currently is, and Tim Cook must be sweating a little. But Apple still has a big advantage whenever it updates Siri with an AI makeover: It's already the voice assistant on your iPhone — and that's huge.

OpenAI launches GPTo, improving ChatGPT’s text, visual and audio capabilities 2024-05-13 21:12:16+00:00 - SAN FRANCISCO (AP) — OpenAI’s latest update to its artificial intelligence model can mimic human cadences in its verbal responses and can even try to detect people’s moods. The effect conjures up images of the 2013 Spike Jonze move “Her,” where the (human) main character falls in love with an artificially intelligent operating system, leading to some complications. While few will find the new model seductive, OpenAI says it does works faster than previous versions and can reason across text, audio and video in real time. GPT-4o, short for “omni,” will power OpenAI’s popular ChatGPT chatbot, and will be available to users, including those who use the free version, in the coming weeks, the company announced during a short live-streamed update. CEO Sam Altman, who was not one of the presenters at the event, simply posted the word “her” on the social media site X. During a demonstration with Chief Technology Officer Mira Murati and other executives, the AI bot chatted in real time, adding emotion — specifically “more drama” — to its voice as requested. It also helped walk through the steps needed to solve a simple math equation without first spitting out the answer, and assisted with a more complex software coding problem on a computer screen. It also took a stab at extrapolating a person’s emotional state by looking at a selfie video of their face (deciding he was happy since he was smiling) and translated English and Italian to show how it could help people who speak different languages have a conversation. Gartner analyst Chirag Dekate said the update, which lasted less than 30 minutes, gave the impression OpenAI is playing catch-up to larger rivals. “Many of the demos and capabilities showcased by OpenAI seemed familiar because we had seen advanced versions of these demos showcased by Google in their Gemini 1.5 pro launch,” Dekate said. “While Open AI had a first-mover advantage last year with ChatGPT and GPT3, when compared to their peers, especially Google, we now are seeing capability gaps emerge.” Google plans to hold its I/O developer conference on Tuesday and Wednesday, where it is expected to unveil updates to its own Gemini, its AI model.

The US Air Force is teaching AI to navigate aircraft in case GPS gets taken out in a future fight 2024-05-13 21:11:14+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. In a future war, electronic warfare and anti-satellite weapons could leave the US military without GPS, a critical tool for navigation and targeting. That challenge has prompted the US Air Force to experiment with using artificial intelligence as an alternative navigation method. It is just one of the many AI projects for the US military that could reshape warfare. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. If the US were to go to war with a great power, such as China or Russia, GPS satellites and other navigation technology would likely be a primary target. Even if it were just jammed or interfered with, the result could be chaos for some American systems that rely on GPS. Related stories A potential solution being developed by the US Air Force instead relies on AI for navigating in GPS-denied environments. Advertisement "We think we may have added an arrow to the quiver in the things we can do, should we end up operating in a GPS-denied environment. Which we will," Col. Garry Floyd, director for the Department of Air Force-MIT Artificial Intelligence Accelerator program, told the Associated Press. Last year, the Air Force tested what it would look like to use an AI program to navigate a C-17 cargo plane via Earth's magnetic fields, a difficult method due to how electromagnetic noise from other elements, including the aircraft itself, can complicate the process. But the AI, Floyd explained to AP, was able to learn through the flight tests which signals to follow in order to direct the aircraft on where to go. The potential for AI to be used as an alternative to GPS navigation speaks to the growing concern around GPS denial in a future fight. Much has been learned from the war in Ukraine, where both sides employ electronic warfare and GPS spoofing to jam drones and missiles, throw weapons off course, and create other challenges. The Pentagon has long been at work on electronic warfare solutions in its joint force, developing jamming-resistant seekers and other alternatives that don't rely on GPS for coordinates. Back in August 2023, one defense official said the Army was "fundamentally reinvesting in rebuilding our tactical electronic-warfare capability after that largely left the force over the last 20 years," adding that the war in Ukraine had added "urgency" to those efforts. Advertisement AI creates new opportunities, and the Air Force's navigation alternative isn't the only project looking into how to integrate AI into military systems. Just last month, officials announced a landmark test between an AI-piloted F-16 fighter jet and a manned jet. While officials wouldn't reveal who won the test, which occurred September 2023, citing national security concerns, one did note that the AI program used was "progressing as well or faster than we had hoped." The use of AI raises questions though. This week, the US and China will meet in Geneva for a major discussion on AI use. When asked about details of what AI policies, specifically those relating to reserving the right to make kill decisions and nuclear weapons deployment for humans, would be discussed at the meeting, a senior administration official told reporters that "this is the first meeting of its kind." They said that "we expect to have a discussion of the full range of risks, but wouldn't prejudge any specifics at this point."

John Deere dealership says a solar storm left GPS tracking on farmers' tractors 'extremely compromised' 2024-05-13 21:08:54+00:00 - A severe geomagnetic storm hit the northern US. The storm caused auroras — and apparently disrupted precision farming systems, a John Deere dealership said. Satellite signals were "extremely impacted" by the storm, the dealership said. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement One of the strongest solar storms in decades hit Earth this past weekend, sending stunning auroras far from the poles. But for some farmers, the geomagnetic storm was more of a headache. Geomagnetic storms are capable of disrupting electronics on satellites and causing communication blackouts. These storms can also impact power grids, causing voltage control problems that can trigger outages. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Ohio adult-use marijuana sales approved as part of 2023 ballot measure could begin by mid-June 2024-05-13 20:53:36+00:00 - COLUMBUS, Ohio (AP) — Recreational marijuana could be available for sale in Ohio by mid-June, after new licensing rules for dispensaries cleared a key legislative hurdle Monday. Adult-use sales have been in limbo in the state since December, when an initiated statute approved by voters went into effect. Ohioans over 21 were immediately able to legally grow and possess cannabis at home, but they had nowhere to legally buy it — prompting concern by Gov. Mike DeWine and some fellow Republicans in the Legislature that openings would be created for a black market. On Monday, the Joint Committee on Agency Rule Review allowed rules to proceed without objection that clear the way for a dual licensing program that will allow existing medical marijuana dispensaries to also sell non-medical pot products. Jim Canepa, superintendent of the Division of Cannabis Control, said applications will be available by no later than June 7, as the new law requires. “I don’t want to give anyone false hopes,” he told reporters, when asked whether applications might even be available before then. “We’re following the timeline in the initiated statute. We have a small but mighty staff, but there’s (a) bandwidth (issue) there.” Canepa didn’t want to speculate on how long approval of each application might take, saying it will depend on the circumstances. But Tom Haren, spokesperson for Ohio Cannabis Coaltion and a key backer of last fall’s ballot effort, said dispensary operators will be ready right away. He said the Division of Cannabis Control has been ”working tirelessly” over the last several months to meet the deadlines laid out in the law for getting the program up and running, and his members have been trying to match their speed. “Our members have obviously been anticipating the rollout of adult-use sales,” he said. “They’ve been working on getting processes in place, making whatever changes they need to to procedures. We’re really excited.” Haren said he anticipates most of Ohio’s existing dispensaries will apply to be dual licensees, allowing them to sell both medical and recreational products. Canepa said this is one of several rules packages that must be created to fully implement the program by the final deadline, which is Sept. 7. The new law allows adults 21 and over to buy and possess up to 2.5 ounces of cannabis and to grow up to six plants per individual or 12 plants per household at home. It gave the state nine months to set up a system for legal marijuana purchases, subject to a 10% tax. Sales revenue is to be divided between administrative costs, addiction treatment, municipalities with dispensaries, paying for social equity and jobs programs supporting the cannabis industry itself. Republican state Rep. Jamie Callendar, a long-time supporter of legalizing adult-use cannabis, said the speed with which Cannabis Control, a division of the Ohio Department of Commerce, is gearing up the program validates his contention last year that working through the rules process was better than passing a swiftly negotiated legislative package. DeWine and the Republican-led Ohio Senate struck a deal at the 11th hour on a sweeping rewrite of what voters had approved, angering the issue’s backers and alarming both parties in the House. The bill the Senate passed would have outlawed growing at home, cut the allowable amount of pot that can be possessed to 1 ounce and raised taxes on purchases to 15%. It would also have eliminated tax revenue funding for social equity programs supporting the marijuana industry and direct most of the tax money raised to a general state government fund. But the House adjourned without taking a vote. Callender said legislation will still no doubt be needed to address several issues “not inconsistent with what voters voted on,” such as child safety packaging, prohibiting marketing cannabis to kids, and assuring business owners are protected. “I think at this point we’ve gotten past a lot of the fears that many of the senators and the Governor’s Office had originally, and we’ve gotten to the point where they’re saying, ‘Oh, this is going to work,’” he said.

Russia's increasingly turning to fast ATVs and motorbikes to find Ukrainian targets, but they're very vulnerable 2024-05-13 20:48:15+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Russian forces are increasingly relying on light and fast vehicles like ATVs and motorbikes to move troops to the front lines, conduct reconnaissance of Ukrainian positions, and execute assaults. By favoring these lighter vehicles, Russia is sacrificing the protection that its troops would enjoy in a more heavily armored ride, leaving them far more vulnerable to Ukrainian attacks, new Western intelligence suggests. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Over the past few months, Russia has "highly likely" increased its employment of light vehicles as a way to move troops to the front lines and stage nighttime attacks on Ukrainian positions, Britain's defense ministry wrote in a Monday intelligence update. Ukraine's forces were operating quad bikes as early as April 2022, just weeks after Russia launched its full-scale invasion, to ambush Russian forces. Nearly two years later, in February of this year, Ukrainian soldiers said Russian quad bikes were more maneuverable than tracked vehicles and harder to hit with artillery. Advertisement Ukrainian servicemen drive a quad bike on a road that leads to the town of Chasiv Yar, in the Donetsk region, on March 30, 2024. Photo by ROMAN PILIPEY/AFP via Getty Images "It is likely that Russian forces have increasingly resorted to the use of lighter, faster vehicles to conduct reconnaissance of Ukrainian defensive positions, to allow for subsequent engagement using artillery, first-person view (FPV) or one-way attack OWA drones in an effort to consistently degrade Ukrainian forces," Britain's defense ministry said. "However, in sacrificing armor and firepower for increased mobility, light vehicles are far more vulnerable than their armored counterparts to an array of weapon systems," the ministry added, noting that "Ukrainian FPV drones have already demonstrated their ability to effectively target such light vehicles." Related stories Russia has reportedly purchased thousands of Chinese Desertcross 1000-3 ATVs, per the intelligence update. Rob Lee, a senior fellow at the Foreign Policy Research Institute, said last month that one of these vehicles in service with Russia's 177th Naval Infantry Regiment had been outfitted with a counter-drone screen. Chinese Desertcross ATV with an improvised counter-FPV screen in service with Russia’s 177th Naval Infantry Regiment. https://t.co/WX4nTcfqEO pic.twitter.com/wm0zSkTafp — Rob Lee (@RALee85) April 26, 2024 This improvised anti-drone armor — cage-like netting that's sometimes referred to as a "cope cage" — has been featured prominently on Russian and Ukrainian armored vehicles, including tanks. It is essentially a last-ditch added layer of protection to defend against threats like drones, artillery, and some missiles. Advertisement While Russia's lighter vehicles are more vulnerable to Ukrainian attacks than its heavy armor, Moscow has still lost scores of tanks and armored vehicles on the battlefield, including to Kyiv's exploding FPV drones. These systems are by no means invincible, even if they are equipped with added layers of protection. The shift in transportation also appears to have changed the pace of Russian assaults, one Ukrainian commander said. A Ukrainian soldier gets off a quad bike in a forest in the direction of Kreminna, in the Donetsk Oblast, on Feb. 15, 2024. Photo by Diego Herrera Carcedo/Anadolu via Getty Images Several weeks ago, Russian infantry soldiers were launching attacks every few hours alongside a collection of armored vehicles, Col. Pavlo Fedosenko, the commander of Ukraine's 92nd assault brigade, told the Economist in a recent interview. But now, Moscow's troops use quad bikes and motorcycles to attack in small groups every few days as they look for weak spots in Kyiv's defensive lines. Advertisement Russia hasn't completely turned its back on its armored vehicles, though. Last week, for instance, Moscow launched a new assault in Ukraine's northeastern Kharkiv region and tried using armored vehicles to break through defensive lines. Kyiv said its forces repelled the initial attack, but intense fighting continued through the weekend. "Defensive battles are ongoing, fierce battles — on a large part of our border area," Ukrainian President Volodymyr Zelenskyy said Sunday, addressing the situation in Kharkiv. He added that "there are villages that have actually turned from a gray zone into a combat zone — and the occupier is trying to gain a foothold in some of them, or simply use some of them for further advancement."

Biden blocks Chinese-backed crypto mining firm from land ownership near Wyoming military base 2024-05-13 20:35:19+00:00 - WASHINGTON (AP) — President Joe Biden on Monday issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base. The order forces the divestment of property operated as a crypto mining facility near the Francis E. Warren Air Force Base. It also forces the removal of certain equipment owned by MineOne Partners Ltd., a firm that is partly owned by the Chinese state. This comes as the U.S. is slated on Tuesday to issue major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China, according to a U.S. official and another person familiar with the plan. The divestment order was made in coordination with the U.S. Committee on Foreign Investment in the United States — a little-known but potentially powerful government agency tasked with investigating corporate deals for national security concerns that holds power to force the company to change. A 2018 law granted CFIUS the authority to review real estate transactions near sensitive sites across the U.S., including F.E. Warren Air Force Base. The order was vague about the specific national security concerns, with the Treasury Department saying only that there were issues with “specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities” that “presented a significant national security risk.” According to CFIUS, the purchase was not filed with the body, as required, until after the panel received a public tip. Treasury Secretary Janet Yellen, who serves as the chairperson of CFIUS, said the role of the committee is “to ensure that foreign investment does not undermine our national security, particularly as it relates to transactions that present risk to sensitive U.S. military installations as well as those involving specialized equipment and technologies.”

Tesla executive who led Cybertruck manufacturing leaves carmaker 2024-05-13 20:33:21+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview The director who helped launch Tesla's latest project is leaving the company. Renjie Zhu, the director of manufacturing engineering at Tesla's Austin Gigafactory, announced he'd left the company on Sunday. The executive wrote on LinkedIn that "after triumphing the epic launch of Cybertruck program," his "adventure with this great company has come to an end." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Related stories It's unclear whether Zhu was part of a recent series of layoffs at Tesla or resigned on his own. At least seven executives at Tesla have departed over the past month. Last week, Tesla's former head of product launches said he'd chosen to leave because the recent layoffs had damaged morale and thrown the company "out of balance." Advertisement In his announcement, Zhu struck a more cheery note. "Every single day in the past 5 years we brought the world a little closer to the transition to sustainable energy, not just with our incredible products Model 3/Model Y/Cybertruck, but the innovative ways in which we built those high volume production lines with an unprecedentedly high efficiency and delivered the products to our customers with impeccable quality," he wrote, adding that he's ready to "start a new journey." Zhu worked at Tesla for more than five years and came over from the company's Shanghai site in January 2023 to launch the Cybertruck program, according to his LinkedIn profile. Tesla began deliveries for the electric pickup truck in November after several years of delays. The executive and a spokesperson for Tesla did not immediately respond to a request for comment. Advertisement Tesla CEO Elon Musk kickstarted a series of layoffs on April 15 when he told staff he planned to cut more than 10% of the company's workforce. Tesla workers are currently facing their fifth straight week of layoff notices. Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com or 248-894-6012

Is it time to rethink the 4% retirement withdrawal rule? Experts weigh in 2024-05-13 20:33:00+00:00 - Wand_prapan | Istock | Getty Images Guaranteed retirement income is a challenge Many baby boomers face a challenge of how to maintain their lifestyle once they retire. Social Security benefits typically replace about 40% of a worker's pre-retirement income. Annuities may help provide another source of guaranteed income. However, many people do not seek those products when they retire, due to their complexity and difficulty selecting among the various products. TIAA has launched a new metric to show why the 4% rule combined with an annuity can provide a higher amount of income than just using the 4% rule alone. (TIAA's analysis is based on the use of one of its own fixed annuities that provides a guaranteed rate of return.) For example, if a retiree has $1 million in total savings, the 4% rule would provide them with $40,000 in their first year of retirement. However, if the same retiree instead converts $333,000 of their $1 million balance to an annuity, that may boost that income to $52,667, according to TIAA. That is based on the combined income of the annuity and a 4% withdrawal on the remaining $666,667 portfolio. The first-year withdrawal of the annuity strategy — $52,667 versus $40,000 — is 32% higher and $1,056 more per month than just using the 4% rule. "Retirees never know how much they're allowed to spend," said Benjamin Goodman, vice president at TIAA Institute. "And with an annuity, you know exactly what you can spend, the check, because you're going to get another one next month," he said. watch now One reason more investors do not buy annuities may have to do with their financial advisors. "It's rare that we recommend them, but they are applicable in some circumstances," said Colin Gerrety, a certified financial planner and client advisor at Glassman Wealth Services in Tysons Corner, Virginia. To be sure, annuities are not a fit for all investors, particularly those who have poor health habits or conditions that may prevent them from living long lives, Goodman said. But because of the income certainty annuities can provide, they may catch on, Blanchett predicts. "I think that we're going to see more and more advisors realize that you cannot create the same kind of outcomes and certainty by managing a portfolio as you can having a retiree allocate their savings to a product that provides lifetime income," Blanchett said. Retirees may also get guaranteed income from Treasury Inflation Protection Securities, or TIPS, according to Morningstar. Specifically, a TIPS ladder of bonds with varying maturity dates can provide steady income and inflation protection. When withdrawal rates may be higher The 4% rule has its blind spots when applied to today's retirees, according to recent research from Blanchett. In addition to ignoring other income streams like Social Security, the 4% model also falls short in that it does not provide a lot of spending flexibility. Retirees who are depending on their savings to fund essential expenses would want to have a conservative approach. However, those who have can withstand more market fluctuations may have more flexibility with withdrawal rates. For those retirees, the 4% rule likely will provide an outdated recommendation. "It's going to be too low for most people who are retiring at a reasonable age," Blanchett said.

A US Navy supply ship was run aground by a distracted junior officer after the ship's captain left to eat dinner, investigation reveals 2024-05-13 20:27:16+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview A Navy supply ship was run aground by a junior officer off the coast of Bahrain shortly after the ship's master — or captain — left the bridge to eat dinner, an investigation revealed. The USNS Alan Shepard had finished up a maintenance period on July 15 and was on the way to a port in Bahrain when she was directed to an area just off shore to wait on a pilot. The master took the ship there and then went to eat dinner, leaving the ship in the hands of a much more junior third officer. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Less than 30 minutes later, the Alan Shepard was grounded on a shoal. An MH-60S Sea Hawk approaches the Lewis and Clark-class dry cargo and ammunition ship USNS Alan Shepard. US Navy photo by Mass Communication Specialist 3rd Class James Hong The investigative summary that was provided to Military.com found that after the ship's master — as well as the navigator and the chief mate — left to eat, the ship's third officer "became distracted by a fishing vessel" and tried turning the Alan Shepard to avoid it. Advertisement However, the officer, who was not identified in the summary, "was not cognizant of the ship's position in relation to the shoals and shallow water while he was maneuvering the vessel." Related stories It wouldn't be until the next day when, helped by rising tide and tugs, the ship would be freed from the sand. The investigation noted that the Alan Shepard's standing orders dictate "the master will be on the bridge" when the ship is in shallow water. It cited the failure of the ship's top officers to follow their own rules as one of the factors that led to the incident. Sailors aboard guided-missile destroyer USS Spruance hold the phone and distance line during a replenishment-at-sea with dry cargo ship USNS Alan Shepard. US Navy photo by Mass Communication Specialist 3rd Class Taylor Crenshaw The Alan Shepard was launched in 2006 and has space for a crew of more than 120, all of whom are typically civilian mariners licensed by the US Coast Guard . The ship is used to transport cargo and supplies for Navy vessels at sea. Advertisement The investigative summary provided by the Navy made no mention of any disciplinary measures taken in the wake of the incident, and Stars and Stripes, which was the first to report on the investigation's results , found that the master in charge of the ship that day still holds a valid merchant mariner credential. The summary said that a later diver inspection and evaluation found that the ship suffered only minor scratches to the paint on its hull and no other damage. Waves crash against the side of the Lewis and Clark-class dry cargo ship USNS Alan Shepard as it prepares to send supplies to the Arleigh Burke-class guided missile destroyer USS Halsey. US Navy photo by Mass Communication Specialist 3rd Class Andrew Langholf In contrast, the Navy typically relieves warship commanders of their command for even minor grounding incidents. Just weeks after the Alan Shepard incident, the Navy fired the skipper of the USS Howard, Cmdr. Kenji Igawa, after the ship suffered a "soft grounding" on August 10 as it was pulling into Bali, Indonesia, for a port visit. The ship was able to free itself. Advertisement

Your home sale could trigger capital gains taxes. Here's how to calculate your bill 2024-05-13 20:16:00+00:00 - Westend61 | Westend61 | Getty Images Reduce capital gains by increasing 'basis' "It is important to track your cost basis of the home," which is your original purchase price plus closing costs from the purchase, according to Thomas Scanlon, a certified financial planner at Raymond James in Manchester, Connecticut. You can reduce your home sale profit by adding often-forgotten costs and fees to your basis, which minimizes your capital gains tax liability. For example, you can start by tacking on fees and closing costs from the purchase and sale of the home, according to the IRS. These may include: Title fees Charges for utility installation Legal and recording fees Surveys Transfer taxes Title insurance Balances owed by the seller These could be small amounts individually but have a significant effect on the basis when tallied. The average closing cost nationwide is $4,243, according to a report from Assurance, but fees vary widely. In the priciest state, New York, the average is $8,039, while California is a close second at $8,028. "You also get credit for the expenses for the sale of the property," added Scanlon, who is also a certified public accountant. That includes your real estate commissions and closing costs. However, there are some fees and closing costs you cannot add to your basis, such as home insurance premiums or rent or utilities paid before your closing date, according to the IRS. Similarly, loan charges such as points, mortgage insurance premiums, the cost to pull your credit report or appraisals required by your lender will not count. The 'best way' to reduce capital gains taxes You can further increase your home's basis by tacking on the cost of eligible upgrades, experts say. "The best way to minimize the tax owed from selling a house is to maintain an accurate record of home improvements," said CFP and enrolled agent Paul Fenner, founder and president of Tamma Capital in Commerce Township, Michigan. An improvement must "add to the value of your home, prolong its useful life or adopt it to new uses," according to the IRS. For example, you can increase your basis with additions, outdoor or exterior upgrades, adding new systems, plumbing or built-in appliances. However, you cannot tack on repairs or maintenance needed to "keep your home in good condition," such as fixing leaks, holes or cracks or replacing broken hardware, according to the IRS. watch now

Kari Lake keeps showing why she may be the worst Senate candidate in Arizona history 2024-05-13 20:10:46+00:00 - I used to think former Arizona Senate candidate Martha McSally had earned the title of the worst political candidate in Arizona history. Then creepy gun whisperer Blake Masters entered the scene and arguably took the title in 2022. Now, I’m convinced Kari Lake is in pole position. Over the past few months, Republicans from Donald Trump to Mitch McConnell have expressed annoyance or uncertainty about Lake’s campaign, questioning if she has what it takes to challenge probable Democratic nominee Rep. Ruben Gallego this fall. Some Republicans concerned about Lake’s election hopes have cited her waffling on key issues such as abortion and fighting with fellow Republicans. Republicans have also advised Lake to steer clear of Trumpian election denialism, a seeming acknowledgment of the fact that no statewide candidate has won a race in Arizona after campaigning on Trump’s baseless claims of widespread election fraud. I don’t think Lake’s recent appearance on Fox News is likely to assuage any concerns on that front. Appearing on "Sunday Morning Futures," Lake was asked about her faith in the legitimacy of this fall’s elections, and she claimed she’s not “all that confident” elections will be fair this November. This mirrored her pre-election suggestion in 2022 that the gubernatorial race could be rigged against her. And it was particularly disturbing coming from a candidate who recently advised her followers to strap on a “Glock” to prepare for what Democrats might do this election season. In her Fox interview, she also pushed bigoted claims that align with the racist “replacement theory,” accusing liberals of offering immigrants welfare services to recruit them for election fraud schemes. Such claims have been the impetus for multiple acts of racist violence. And she touted “many lawsuits” (seemingly including her own failed legal challenges of the 2022 election) she claims would make voting more secure in Arizona. It’s clear Lake is all-in on election denialism, but evidence suggests Arizonans (voting majorities, at least) are not. As I mentioned, no statewide candidate in Arizona has won a race on an election denial platform since 2020. And Lake’s legal Hail Mary to ban mail-in voting, electronic voting machines and ballot tabulators has gone nowhere in court — not to mention the fact this was an ill-advised crusade in a state where three out of every four voters cast absentee ballots. These are the kinds of extremism-inspired missteps that have GOPers wincing as they watch the Lake campaign. And for good reason.

Looking to save money? Try shopping at bin stores. 2024-05-13 20:07:00+00:00 - How to save money on buying products that other shoppers return Ever wonder what happens when you send a coffee maker, clothing or other items you bought back to retailers like Amazon? The short answer: Big U.S. retailers resell a lot of returned merchandise to liquidators, which then sell items to "bin stores," where consumers can buy the goods at a steep discount. The Little Depot, which has three bin stores across the U.S., resells a fraction of it to eager consumers, some of whom will sleep in their cars just to be first in line so they can score discounts on a range of goods, including clothing, electronics and barbecue grills. "Say you walk in and you leave and you buy 10 items, you pay $100, it's $1,000 worth of items," Paul Barboza, the owner of The Little Depot in Pasadena, Calif., told CBS News. Amazon, Target, Walmart and Macy's are among the major retailers that sell returned goods to liquidators, which in turn resell electronics, home furnishings, clothing and more to independently owned bin stores like The Little Depot. Everything at Barboza's store costs $10, regardless of its original list price. One shopper held up a pair of Beats headphones, which can cost hundreds of dollars which she had purchased for $10. Laptops, as well as an air purifying system worth over $400, were also on offer at The Little Depot's Pasadena location. Lawnmowers, grills and power tools were up for grabs for up to 80% off. Roughly $743 billion worth of merchandise was returned last year, while more than 17% of online purchases are returned, according to the National Retail Federation. Barboza, who opened his first bin store in 2020, said he's turned a profit over his four years in the business and expects to be operating five stores by year-end. He also sees it as beneficial for the environment. "I see it as a positive. I feel like it would end up in landfill," he said of the returned merchandise he resells. Some bin store shoppers are in it for the merch, while others are in it for the savings. Elmo Ramirez told CBS News he visits the stores to buy goods that he resells at a profit, which he said is a lucrative side-hustle. For example, he picked up a Sony PlayStation 5 game console for $10. He said reselling goods like this can net him as much as $1,600 on a good day. "It's one way to make a lot of money. I'll make $1,600 in one day. Probably I spent $100, $150," Ramirez said.

Airlines ask court to block Biden administration's new fee disclosure rule 2024-05-13 20:05:00+00:00 - Major airlines and an industry trade association asked a federal appeals court to toss out a new Department of Transportation rule requiring earlier disclosure of add-on fees during flight booking. The challengers — trade group Airlines for America, and Alaska, American, Delta, Hawaiian, JetBlue and United airlines — argue the DOT exceeded its legal authority when it published the rule, in late April, and that the rule is “arbitrary, capricious” and an “abuse of discretion.” The petition for review was filed in the U.S. Fifth Circuit Court of Appeals late Friday. The Biden administration introduced the airline fee disclosure rule in September 2022. It requires airlines and online travel agencies to disclose fees for seat selection, checked baggage and other add-ons upfront alongside the airfare, rather than adding the costs at checkout based on a customer’s selections. “You should know the full cost of your ticket, right when you’re comparison shopping,” President Joe Biden said at the time. Airlines for America said in a statement to CNBC on Monday that the rule will “confuse consumers” and “complicate the buying process.” “Airlines already provide consumers with complete disclosure of all fees associated with air travel before they purchase a ticket,” the group said in the statement. “DOT’s attempt to regulate private business operations in a thriving marketplace is beyond its authority ... The DOT ancillary rule is a bad solution in search of a problem.”

US energy panel approves rule to expand transmission of renewable power 2024-05-13 20:04:06+00:00 - WASHINGTON (AP) — Federal energy regulators on Monday approved a long-awaited rule to make it easier to transmit renewable energy such as wind and solar power to the electric grid — a key part of President Joe Biden’s goal to eliminate carbon emissions economy-wide by 2050. The rule, under development for two years, is aimed at boosting the nation’s aging power grid to meet surging demand fueled by huge data centers, electrification of vehicles and buildings, artificial intelligence and other uses. The increased demand comes as coal-fired power plants continue to be retired amid competition from natural gas, and other energy sources face increasingly strict federal pollution rules, setting up what experts say could be a crisis for electric reliability. The grid is also being tested by more frequent service disruptions during extreme weather events driven by climate change. The Federal Energy Regulatory Commission approved the new rule, 2-1, with Chairman Willie Phillips and fellow Democratic commissioner Allison Clements voting in favor. Republican Mark Christie opposed the rule, dismissing it as a gift to solar and wind power operators. The sprawling, 1,300-page rule, which addresses transmission planning and cost allocations, will enhance the country’s aging grid and ensure U.S. homes and businesses keep the lights on for decades to come, Phillips said. “This rule cannot come fast enough,’' he said at a packed commission meeting at the agency’s Washington headquarters. “There is an urgent need to act to ensure the reliability and the affordability of our grid.’' The U.S. power grid “is at a make-or-break moment’’ and is being tested every day, Phillips said, citing ”phenomenal load-growth from a domestic manufacturing boom, unprecedented construction of data centers fueling an AI revolution and ever-expanding electrification” of vehicles and buildings. At the same time, aging infrastructure, shifting economics and a range of state and federal policies are leading traditional resources to retire, he said. “On top of all of this, extreme weather events have become the norm, and the electric grid is routinely being pushed to the brink.’' At the same time, construction of high-voltage power lines declined to a record low in 2022, “and much of that construction was simply Band-Aid fixes, rather than building a visionary grid of the future,’' Phillips said. Many power companies and Republican-led states don’t want to spend money on new transmission lines or upgrades for renewable energy, creating conflicts with Democratic states that have ambitious clean-energy goals. Christie, the lone Republican on the three-member panel, said the rule “utterly fails to protect consumers″ and ensure reliable, low-priced power for American homes and businesses. “Instead, this rule is a pretext to enact a sweeping policy agenda that Congress never passed,″ he said. The rule will likely result in “a massive transfer of wealth from consumers to for-profit special interests,″ primarily wind and solar operators, he said. The rule is intended to streamline how power lines are sited and how costs are shared between states. It could accelerate construction of new transmission lines for wind, solar and other renewable power and add huge amounts of clean energy to the grid. Biden has set a goal of a carbon-free power sector by 2035, and net-zero carbon emissions economy-wide by 2050. To meet those targets, the U.S. needs to more than double current regional transmission capacity and increase by five-fold the transmission lines between regions, according to an Energy Department study last year. Under current rules, a large queue of utility-scale renewables cannot be connected to the grid because of a lack of available transmission capacity. The rule updates the agency’s planning process and seeks to determine how costs will be divided when transmission crosses state lines and goes through multiple operators of regional power grids. White House climate adviser Ali Zaidi said the FERC rule adds momentum to what he called the ″historic progress″ led by Biden on clean energy. The new rule “will improve regional transmission planning, break down barriers to grid buildout and support the delivery of more affordable and reliable power,″ Zaidi said, The new rule “is as common-sense as it is historic,’' Clements said, adding that it calls for more advanced planning and consideration of reliability and affordability of new power sources and fosters cooperation with states. “Whether you’re planning a family vacation or the nation’s electricity system, planning early, taking a clear-eyed view of the options and making smart investment decisions will result in more affordable and reliable outcomes,’' she said. Christie challenged the agency action. Whether the policies promoted in the final rule “can be described as green, purple, red or blue is irrelevant,’' Christie said. “The point is that FERC as an independent agency has no business promoting the policies of any one party or presidential administration, especially when the effort to do so goes far beyond FERC’s legal authority.’' Clements responded by calling the rule “straight down the middle’’ as a legal matter. Democrats and clean-energy advocates hailed the new rule as a way to bring clean and cost-effective electricity onto the grid. “Building more multi-state transmission lines unclogs the traffic jams on America’s electricity superhighways and unlocks our ability to keep up with our growing energy needs,’' said Heather O’Neill, president and CEO of Advanced Energy United, which represents renewable providers. Senate Majority Leader Chuck Schumer, D-N.Y., said the rule will build on clean-energy incentives in the landmark climate law approved by Democrats in 2022. The law, known as the Inflation Reduction Act, has been “a huge success,’' Schumer said Monday, “but much of that success would be lost without the ability to bring power from places that generate renewable energy to communities all across the country.’' FERC’s actions “will mean more low-cost, reliable clean energy for the places that need it most,’' he said.

San Francisco poised to become first U.S. city to ban 'forever chemicals' in firefighter gear 2024-05-13 20:00:00+00:00 - San Francisco is poised to become the first city in the country to issue a ban on firefighter clothing manufactured with so-called forever chemicals. Local lawmakers are expected to pass an ordinance on Tuesday prohibiting the use of protective equipment made with per- and polyfluoroalkyl substances, or PFAS. The long-lasting compounds do not break down, allowing them to linger almost permanently in the environment. PFAS can be ingested or absorbed into the skin and have been linked to harmful health effects, including decreased fertility, low-birth weight and developmental delays in children, a higher risk of certain cancers and increased cholesterol levels, according to the Environmental Protection Agency. The compounds were once commonly used in nonstick, fire-proof and stain-resistant products, though they have largely phased out of U.S. manufacturing. But PFAS are still found in some firefighting foams and nearly all firefighters’ uniforms, since they help clothing repel flammable liquids and resist extreme heat. Learn more about this story on “NBC Nightly News with Lester Holt” tonight at 6:30 p.m. ET/5:30 p.m. CT. Last week, the San Francisco Board of Supervisors unanimously voted in support of the ban and is expected to do the same during a final vote. Once in effect, the law would give the city’s fire department until June 30, 2026 to purchase new protective clothing made without PFAS for its more than 1,400 firefighters. 'Forever chemicals' in firefighting gear Lt. Magaly Saade, a firefighter and training instructor at the San Francisco Fire Department, has had cancer twice, forcing her to undergo radiation and a double mastectomy. She believes wearing protective pants and jacket — commonly known as “turnouts” — during her 26 years as a firefighter may have contributed to her illness, since they were manufactured with PFAS. “I definitely don’t want someone else to have to go through what I did,” Saade said. Lt. Magaly Saade, a firefighter with the San Francisco Fire Department, is a two-time cancer survivor. Bigad Shaban She added that putting potentially harmful chemicals into equipment used by “people who are already there to risk their life for you seems really malicious.” However, the precise levels of PFAS that firefighters get exposed to through their uniforms is still being studied and remains largely unknown. On the job, they are also exposed to other cancer-causing substances in various ways. Because of first responders’ exposure to smoke, asbestos, diesel exhaust and other hazards, the World Health Organization classifies firefighting as carcinogenic. The San Francisco Fire Department has lost more than 300 firefighters to cancer over the past 20 years, according to the San Francisco Firefighters Cancer Prevention Foundation. 'A lower cost than cancer' Protective gear made without PFAS is not yet widely available. Since February, 11 San Francisco firefighters have been testing new turnouts made without PFAS — part of a nationwide trial orchestrated by the International Association of Fire Fighters, a union that represents firefighters, paramedics and other emergency responders. The trial is studying the reliability of uniforms from three companies: Fire-Dex, Lion and Honeywell. The group hopes to release preliminary findings this summer. Adam Wood, vice president of the San Francisco Firefighters Cancer Prevention Foundation, is one of the firefighters testing the gear. He said the clothing appears to be performing as designed. “In terms of working in a fire, allowing us to do our job, protecting us from heat — I have nothing but good things to report,” he said. San Francisco firefighter Adam Wood puts on his experimental protective gear. Courtesy Michael Horn The estimated price tag for each turnout manufactured without PFAS is $3,400, according to a report by the San Francisco’s Budget Analyst’s office. Since firefighters generally have two sets, the total estimate for the city is $10.1 million. “It’s a lower cost than cancer and it’s a lower cost than firefighter lives,” Wood said. Aaron Peskin, president of the San Francisco Board of Supervisors, who authored the legislation, said he believes “it is morally right and it is financially right.” “Cost is so small compared to a human life, is so small compared to the cost of health care, is so small compared to the cost of settling lawsuits,” he said. San Francisco Supervisor Aaron Peskin. Courtesy Michael Horn The push against PFAS Proponents of the San Francisco ban say the health risks associated with PFAS have been known for years. In 2020, a study out of the University of Notre Dame raised serious safety concerns about the prevalence of PFAS in firefighter clothing. Government researchers have since published similar findings. In 2022, California enacted a near total ban on firefighting foams containing PFAS, since the chemicals can leech into the environment wherever the foams are used. The foams served as the industry standard in the state for roughly five decades and continue to be used in many places. Other states, including Colorado and Washington, have instituted similar restrictions. But PFAS are still used in the manufacturing of turnouts. The International Association of Fire Fighters blames the lack of PFAS-free options on industry specifications released by the National Fire Protection Association and is currently suing over some of those standards. The NFPA, however, says its standards are developed by “expert volunteers,” including “many representatives of the firefighting community,” and do not require the use of PFAS, leaving the choice to private companies. Supporters of the San Francisco ban believe it may push manufacturers to veer away from the compounds. Trading 'one hazard for another?' Questions remain about the long-term safety of PFAS-free alternatives for firefighters. “We don’t want to just trade one hazard for another,” said Dr. Bryan Ormond, a chemist and assistant professor of Textile Engineering at North Carolina State University, who is researching turnout materials. “We have to ask the questions of what the tradeoffs are, what can possibly happen.” Fabrics tested at a lab at North Carolina State University. James DeAlto Ormond says his work has so far shown that removing PFAS may make firefighter uniforms less breathable and more susceptible to burning. He found that alternative fabrics can be up to 60% less repellant than traditional turnouts. “We’re introducing a potential hazard for flammability on the fire scene where firefighters didn’t have that before,” he said. Wood agreed that more research and testing are still necessary. “We just need to make sure they still function well as turnouts, protecting us from heat and allowing us to do our job in a burning building,” he said. “We need to know the PFAS replacement isn’t exchanging one poison for another.”

OpenAI gives a shoutout to Nvidia — plus, a new industrial stock joins our watchlist 2024-05-13 19:58:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Markets: The S & P 500 on Monday gave back its early gains, but was on track for only a slight decline. The market entered Monday in overbought condition, according to the S & P Short-Range Oscillator, following the S & P 500's nearly 2% gain last week. The index has had a quick rebound back toward its March 28 all-time closing high, so it's not surprising to see some choppiness and have the market enter a holding pattern ahead of big economic readings in the coming days. The April consumer price index report Wednesday morning is the release that could have the most implications for the ongoing inflation debate. AI updates: ChatGPT creator OpenAI made a handful of announcements Monday, including a new model called GPT-4o , which features improved capabilities in text, video and audio. Basically, Microsoft -backed OpenAI's new model allows a user to speak directly to the application and listen back to its response. We continue to believe the rise of these AI models and the increased computing power they require will spark a new consumer electronics upgrade cycle, lifting sales of smartphones, tablets and personal computers. Since this technology is still so new, it may take a few quarters to see this thesis play out at Best Buy . However, we started buying in late March because we wanted to be early to the story. The stock's current 5% dividend yield pays us for our patience. Something that caught our eye toward the end of OpenAI's webcast: Chief Technology Officer Mira Murati thanked Nvidia CEO Jensen Huang and the team at the leading AI chipmaker "for bringing us the most advanced [graphics processing units] to make this demo possible today." Nvidia shares were slightly higher Monday, shaking off earlier losses. New Bullpen name: We're always on the hunt for new ideas, which is why we're adding industrial equipment maker Dover Corp. to our watchlist of stocks known as the Bullpen. The Illinois-based company organizes its business into five operating segments: Engineered Products; Clean Energy & Fueling; Imaging and Identification; Pumps & Process Solutions; and Climate & Sustainability Technologies. Dover has exposure to "mega themes" such U.S. CO2 systems, where regulatory tailwinds are driving the transition toward natural refrigerants, and so-called heat exchangers, which are popular in the data center among other settings. Additionally, its thermal connectors business is a critical component in liquid cooling systems for data center chips. Finally, its biopharma components unit is benefiting from the same industry recovery as longtime Club holding Danaher. Jim's quick takes: Apple is laying the groundwork to start selling its mixed-reality headset, the Vision Pro, in international markets, Bloomberg News reported Monday . The device, which starts at $3,499, launched in the U.S. in February. "Selling the Apple Vision Pro overseas is great but it all means little until we have more programs and applications written for it," Jim Cramer said Monday. "That's what will matter," otherwise its price tag is too high for most consumers. To be sure, we're bullish on its enterprise adoption . We continue to monitor the economic landscape in China, where a recovery in consumer spending would benefit our companies with operations there. Recent government data suggests that Chinese consumer prices in April increased for a third consecutive month. "Estee Lauder? China is starting to see some inflation, per its CPI report, which means the consumer is spending more," Jim said. Up next: There are no major earning report Monday after the bell. Tuesday is busy, with the U.S. government's wholesale inflation report, known as the producer price index, due out at 8:30 a.m. ET. On earnings, we'll hear from Alibaba and Home Depot, which starts a big week for retail. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.)

Maryland Democrats battle for party's future — and control of the Senate 2024-05-13 19:58:00+00:00 - SILVER SPRING, Md. — Maryland’s Senate race was supposed to be a battle for the soul of the Democratic Party. Instead, it’s turned into something else: a key race in the battle for the Senate majority. Former GOP Gov. Larry Hogan’s decision to run for the state’s open Senate seat scrambled the stakes, and now Democrats competing in Tuesday’s primary aren’t just making the case about what type of Democrat should be in the Senate. They’re each arguing that they’re the better candidate to take on Hogan in November — if Hogan wins his own primary on Tuesday. Democratic Rep. David Trone has spent more than $60 million of his own personal fortune on the primary as he takes on Prince George’s County Executive Angela Alsobrooks, who is vying to become the state’s first Black senator and one of the few Black women to ever serve in the upper chamber. “The big argument you hear for Trone being better positioned is his resources,” said Rep. Jamie Raskin, D-Md., who has endorsed Alsobrooks. “And the big argument you hear for Alsobrooks being better positioned is that she’s building a coalition of people across the state who could conceivably beat that kind of money.” “So in some sense, the primary is a good testing ground for both of those theories,” Raskin added. Millions hit the Maryland airwaves Trone, the co-founder of the alcohol retailer Total Wine & More, has built out a sprawling campaign using his wealth. It’s not just the more than $47 million he’s spent on campaign ads compared to Alsobrooks’ $4 million, according to the ad-tracking firm AdImpact. Campaign finance records show Trone’s campaign payroll included three times more staffers than Alsobrooks’. Some Trone campaign workers outside early voting locations told NBC News they were paid as much as $350 a day, though others said they were not. (Alsobrooks’ campaign says she doesn’t pay volunteers.) Battling a massive spending disparity, Alsobrooks has accused Trone of trying to “buy” the Senate seat. “This is not what democracy looks like in this country,” she said in an interview during a campaign stop in Silver Spring. Trone argues that his wealth means special interests have no sway over him. “It’s the No. 1 thing voters really like and appreciate, the fact that you came from nothing, and started with zero, became successful. Everyone likes success. That’s the American dream,” he said in an interview last week, adding: “We can be truly independent.” Voters gave mixed reviews to Trone’s cash blast. “I don’t think he’s really given us a reason to vote for him other than that he’s rich and has the money,” said Julia House, a 60 year-old retiree from Mitchellville, as she went to cast her ballot for Alsobrooks at an early voting site in Landover last week. Brett Zurer, a Silver Spring resident who voted for Trone, said he was focused on which candidate could beat Hogan in November. Asked whether he was concerned about Trone’s self-funding, Zurer replied: “Not at all.” Then-Maryland Gov. Larry Hogan addresses supporters at the Maryland statehouse on Jan. 10, 2023, in Annapolis, Md. Julio Cortez / AP file “His positions are the positions that I agree with,” he added. While Trone has been dominating the spending, thanks to his self-funding, Alsobrooks got some last minute help from EMILY’s List, an organization which supports female Democrats who back abortion rights, which has spent $2.2 million on ads in the race so far. The money helped to close the massive ad-spending gap in Trone’s favor — from 14-to-1 before EMILY’s List started spending to 2-to-1 in Trone’s favor in the final days of the campaign. But some Alsobrooks supporters wondered if the spending came too late. Targeting Black voters Some Democratic voters said they are voting for Alsobrooks, in part, because they hope to elect another Black woman to the Senate in November, where only three have ever served. Alsobrooks, a Prince George’s County native, leads Maryland’s second-largest county, previously having served as its domestic violence prosecutor and later its first Black woman state’s attorney. “I feel every person should be able to look in the Senate and see themselves,” Alsobrooks told NBC News. “I’m not in this race because I’m Black and a woman, but I am proud to be a Black woman. But I am also proud that I have the kind of experience that will help bring home the results for Maryland.” Trone has attempted to appeal to the state’s Black voters, who are an important voting bloc in the Democratic primary. But Trone has also stumbled on the subject of race, grabbing headlines earlier this year for using a racial slur during a congressional hearing, which he said was an inadvertent slip when addressing Office of Management and Budget Director Shalanda Young, who is Black. “While attempting to use the word ‘bugaboo’ in a hearing, I used a phrase that is offensive,” he said at the time. “That word has a long, dark, terrible history. It should never be used any time, anywhere, in any conversation. I recognize that as a white man, I have privilege.” Asked about his campaign’s outreach to Black voters, Trone told NBC News that he supports diversity and has financially supported “diverse candidates,” and he referenced his childhood on a 200-acre chicken and hog farm in Pennsylvania along the Maryland border, which his family lost to bankruptcy after his parents divorced, noting that he didn’t come from wealth and saying he could relate to voters. “But at the end of the day, what we hear from so many diverse voters is we need someone who actually speaks for us, somebody who has our values,” Trone said. “I went to public school, [Alsobrooks] went to private school.” “Someone who lived the life they did,” Trone continued. “I didn’t even have indoor plumbing. We had an outhouse. And I grew up in a family that was destroyed by alcoholism, destroyed. So we grew up in a tough circumstance, and things weren’t easy. But at the end of the day, we became successful and said, OK now I got to give back.” Trone is touting support from politicians including state Attorney General Anthony Brown, Rep. Dutch Ruppersberger and Prince George’s County State’s Attorney Aisha Braveboy (from Alsobrooks’ home county), as well as dozens of his Democratic peers in Congress. Alsobrooks’ backers include Gov. Wes Moore and Lt. Gov. Aruna Miller, as well as Baltimore Mayor Brandon Scott, key state legislative leaders and six members of the Maryland congressional delegation. A looming fight in November The prospect of running against Hogan has loomed large in the Democratic primary, with Trone’s closing ads stressing that he’ll use “every resource” to defeat the Republican. It’s a point Trone’s allies, and even his opponents, admit could help him — Trone’s massive wallet could allow Democrats to spend money defending their slim Senate majority in other states. Alsobrooks’ allies, though, believe she can rally the coalition necessary to beat Hogan and provide a sharper contrast as a female candidate in a year in which abortion is expected to be a top issue. Of course, Hogan still has to win the GOP primary on Tuesday. A vocal Trump critic, Hogan is facing Robin Ficker, a perennial candidate who is self-funding his campaign and has outspent Hogan on the airwaves, launching ads saying Ficker will “stand with President Trump.” The National Republican Senatorial Committee has teamed up with Hogan for ads ahead of the primary, launching spots focused on immigration, a top issue to GOP primary voters. Hogan acknowledges he faces a tough path to victory in the fall, assuming he wins his primary. President Joe Biden won Maryland by 33 points in 2020, and the state hasn’t sent a Republican to the Senate since 1987. “It’s really, really difficult,” Hogan told NBC News in an interview at a campaign fundraiser in Davidsonville last week. “The top of the ticket is probably not going to do that well.” If Hogan wins his primary, Democrats plan to tie him to the broader Republican Party, especially on the issue of abortion. Hogan vowed to leave abortion rights up to the states. “When I announced this race, I was attacked by both of the other challengers saying I’m going to be the deciding vote on the national abortion ban. I said, ‘No, I would never vote for the national abortion ban.’” Hogan said. But the abortion issue could turn off some of his former supporters, like Laurie Whiting, a Davidsonville resident who twice voted for Hogan for governor. She said she doesn’t trust Hogan to represent her on the federal level and is supporting Trone in the Democratic primary. “I know that [Hogan]’s telling us he would stay the way he was before, he supported Maryland, but I’m a little concerned about the Republican ticket,” Whiting said. The threat of Hogan’s candidacy has some Democrats nervous about November. “I wish he wasn’t [running],” said House, the Alsobrooks supporter from Mitchellville. “People love him. So it’s going to be hard.” That tough fight against Hogan weighed heavily on Coleen, a 68 year-old retiree from Bowie who declined to give her last name and cast her ballot for Trone at the same polling place in Landover. “I don’t think Alsobrooks can beat Hogan in a statewide race,” said Coleen, a Black woman, explaining that she believes a white candidate can have more appeal in rural counties. “I want the Democrat to win,” she said. “So it’s all strategic on my part.”

Sen. Menendez bribery trial starts with judge scolding lawyers on 'gamesmanship' 2024-05-13 19:54:00+00:00 - Sen. Robert Menendez arrives at the federal courthouse in Manhattan, New York City, May 13, 2024. A judge on Monday admonished attorneys about playing legal games shortly after they convened for the start of the federal bribery trial of Sen. Robert Menendez, D-N.J. "There's been too much gamesmanship here," Judge Sidney Stein told prosecutors and defense attorneys before jury selection began for the trial in federal court in Manhattan. "Everybody has to operate in good faith here," Stein said, adding, "I'm not sure I've seen that." Menendez, 70, wearing a dark suit and striped red tie with his gold senator's pin on his lapel, listened silently in the courtroom. Two of his co-defendants, New Jersey businessmen Wael Hana and Fred Daibes, sat behind him. Jose Uribe, a third businessman who was charged in the case, pleaded guilty March 1 and agreed to cooperate with prosecutors. The judge's stern words shut down an exchange about some evidence that could be used in the trial of the once-powerful senator, who is accused of accepting cash, gold bars and other gifts in exchange for official acts. Prosecutors allege Menendez took hundreds of thousands of dollars in bribes from New Jersey businessmen to benefit them and the countries of Egypt and Qatar. Menendez was chairman of the Senate Foreign Relations Committee but stepped down from that role following his indictment in September 2023. He has pleaded not guilty to 16 felony counts, including bribery, wire fraud, extortion, acting as a foreign agent and obstruction of justice. His wife, Nadine Menendez, is also charged in the corruption case, but her trial was severed from her husband's due to what her lawyers said were medical issues. Her trial is delayed at least until July; she was not in court with her husband Monday morning. Prosecutors from the U.S. Attorney's Office for the Southern District of New York told Stein that they expect to lay out their case in 4½ to 6½ weeks. The trial itself could last around six to seven weeks, Stein told dozens of prospective jurors before giving them a rough outline of the 18-count indictment against Menendez and his co-defendants. The senator's federal trial kicked off just a few blocks from Manhattan Supreme Court, where former President Donald Trump is on trial on charges related to a scheme to silence porn star Stormy Daniels with hush money before the 2016 election. This is developing news. Please check back for updates.