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China Chipmakers Catching Up Fast in AI, SenseTime’s Xu Says 2024-05-28 12:11:00+00:00 - (Bloomberg) -- China’s domestic AI chipmakers are making fast progress in closing the gap on international leaders, according to SenseTime Group Inc. co-founder Xu Bing. Most Read from Bloomberg Asia has a shortage of computation power for artificial intelligence, lagging significantly behind the US, but China has the talent and data to make up lost ground, Xu said in an interview at the UBS Asian Investment Conference in Hong Kong. SenseTime is one of China’s artificial intelligence pioneers, though it’s been placed on a US investment blacklist as part of sweeping American sanctions curbing the country’s advances in AI. China’s progress in this field has been made more difficult by US trade controls preventing the import of Nvidia Corp.’s advanced AI accelerators. That’s sparked the need for domestic alternatives from the likes of Huawei Technologies Co. and Shanghai Biren Technology Co., which are both also subject to US trade restrictions. “There’s a shortage of resources here in Asia in general,” Xu told Bloomberg’s David Ingles. “It’s like a 10 times gap of the compute resources that we have here compared to the US leaders. But I think Asian markets never lack talent and never lack data.” SenseTime aims to turn profitable within the next two years, Xu said. It’s raised $6 billion over the past decade and invested a third of that into research and development, including more than $1 billion on AI accelerator infrastructure. Its shares fell as much as 3.7% in Hong Kong on Tuesday, extending a week of decline. What Bloomberg Intelligence Says SenseTime Co-founder Xu Bing’s assertion that the company can break into profit in the next 1-2 years on Bloomberg TV is too optimistic. We remain pessimistic about the narrowly-focused, sub-scale firm’s chance of entering sustained profitability. With just 4.6 billion yuan net cash on its balance sheet at the end of 2023, we think SenseTime will need to raise new capital during the next 12 months. SenseTime lacks a discernible competitive edge, burning though 4.7 billion yuan cash in 2023. — Robert Lea and Jasmine Lyu, BI analysts Xu added that domestic chips in China are catching up quickly and SenseTime is working with local semiconductor companies to expand the compute capabilities that they have. He did not name specific firms, but Huawei has quietly become China’s chip technology development champion, having successfully worked around US curbs to develop its own advanced smartphone processor last year. Story continues Xu said it’s not clear how far China is behind the US now, with some people estimating a year and others three years. But he said the country’s disadvantage in computing power won’t be permanent. “Compute is a commodity,” he said. “In the long run, compute won’t be a gap.” Beside Huawei and Biren, another chipmaker that’s shown promise on the AI front is Moore Threads Intelligent Beijing Co. Chinese Premier Li Qiang met with Moore Threads’ chief executive officer in March on a tour of the country’s top AI and chipmaking firms, including AI developer Baidu Inc. and chip manufacturing gear maker Naura Technology Group Ltd. (Updates with share price in fifth paragraph and analyst reaction) Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Asia shares drift after rally, Wall Street reopen in focus 2024-05-28 10:46:00+00:00 - By Stella Qiu SYDNEY (Reuters) - Asian shares held a mixed tone on Tuesday after rallying the previous session, as rising bets of an imminent European rate cut helped risk appetite ahead of some key inflation data. A slew of European Central Bank officials said overnight the ECB has room to cut interest rates as inflation slows, underscoring expectations for a rate cut on June 6. With debate now shifting to subsequent moves, markets have fully priced in two rates cuts by October this year. That helped Wall Street stock futures firm ahead of the reopening of U.S. markets after a public holiday. S&P 500 futures rose 0.1% and Nasdaq futures gained 0.2% before a line-up of Federal Reserve speakers later in the day for the latest guidance on rate outlook. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, thanks to a 0.7% gain in Hong Kong's Hang Seng index, after gaining 0.9% on Monday. Japan's Nikkei, on the other hand, slipped 0.3%, reversing some of the 0.7% advance a day ago. "We're heading into the northern hemisphere summer season. Traditionally that's a time when markets just tend to get in that drift mode. We've got through earnings season," said Tony Sycamore, an analyst at IG. "To find a driver it's got to be something from out of left field and in lieu of that, generally we see markets drift higher and I think that's what we're seeing at the moment." Chinese blue chips lost 0.1% after firming 1% a day earlier as tech shares surged on Beijing's further commitment to invest in its semiconductor industry. [.SS] The big risk events this week are not due until Friday when U.S. figures on core personal consumption expenditures (PCE) - the Federal Reserve's preferred measure of inflation - and euro zone inflation data will set the trading tone. In foreign exchange markets, the dollar was on the back foot for the third straight session as traders positioned for the PCE release. Median forecasts are for a rise of 0.3% in April, keeping the annual pace at 2.8%, with risks on the downside. The Japanese yen steadied at 156.80 per dollar, just a touch stronger than the key 157 level. It, however, kept weakening against a slew of high yielding currencies, with the New Zealand dollar hitting a fresh 17-year top of 96.56 yen on Tuesday. [FRX/] Thanks to the strong carry demand, the kiwi hit a 2-1/2-month high of $0.6155. The cash Treasuries market returned from a holiday with little movement after taking a hit last week. Two-year yields fell 1 basis point to 4.9396%, having surged 13 bps the previous week, while the 10-year yield held at 4.4649%, after rising 5 bps the week before. Story continues Oil prices were mostly steady on Tuesday. Brent futures rose 0.1% to $83.19 a barrel. [O/R] Gold prices climbed for a third day, up 0.1% at $2,354.23 per ounce. (Reporting by Stella Qiu; Editing by Jacqueline Wong)
New Petrobras Head Pledges Investor Returns After CEO Upheavel 2024-05-28 10:01:00+00:00 - (Bloomberg) -- The new CEO of Brazil’s Petrobras has tried to soothe investor concerns about ramping up investments during her first public comments at the helm of Latin America’s biggest oil producer. Most Read from Bloomberg Magda Chambriard was formally appointed to the role last week at a time of growing concern from investors about government intervention in Petroleo Brasileiro SA. Her predecessor was fired due to a dispute over the amount of dividends the company paid instead of using the money for investments. “Petrobras is perfectly capable of guaranteeing returns for its shareholders, whether private or governmental,” Chambriard said Monday in her first public comments as CEO. “I understand we need to make a profit.” President Luiz Inacio Lula da Silva has made it clear that he would like state-controlled Petrobras to spend more money on expanding in sectors including refining and creating jobs. The government controls the oil producer’s board through a majority of voting shares. Under Lula, Petrobras has already shifted from the previous administration’s focus on streamlining operations to cut costs. The company has called off a program to sell a group of refineries and may even buy back some of the facilities that were sold under previous management. Read More: Petrobras Approves Chambriard as CEO to Ramp Up Investment Chambriard — a former head of Brazil’s oil regulator — said the company needed to accelerate exploration off Brazil’s coast, including the Pelotas Basin and a region known as the equatorial margin near the border with French Guiana. She has criticized licensing delays for drilling at an environmentally sensitive site in the equatorial margin, saying they are leaving the nation without a source of growth after its top-oil producing basin, the pre-salt, declines. “We have to be very careful with replenishing reserves, unless we want to accept the fact that we could become importers again,” she said. Read More: Petrobras CEO Faces Showdown Over Amazon Oil: Energy Daily On domestic fuel costs, Chambriard said that Petrobras will continue to work to shield consumers from short-term dips and swings in oil prices. After Lula took office in 2023, Petrobras changed its pricing policy to focus more on production costs rather than international price levels. Story continues --With assistance from Beatriz Amat. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Temu’s Parent PDD Trades Near Cheapest Level Ever as Geopolitical Risks Bite 2024-05-28 09:32:00+00:00 - (Bloomberg) -- Shares of Temu parent PDD Holdings Inc. are being held back by geopolitical risks and fierce competition in China’s e-commerce sector. Most Read from Bloomberg Granted, it US-listed stock has surged 43% surge from a March low, but it’s still trading at just 13 times expected earnings for the next year. That’s half the valuation of the Nasdaq 100, marking PDD’s steepest discount on record. That might seem like a great bargain for a company that more than doubled sales in the latest quarter, a pace of growth second only to Nvidia Corp.’s on the tech-focused index. Some see the gap as justified given the harsh trade-war rhetoric from Beijing and both candidates in the upcoming US presidential poll. “People are worried about election risks and potential tariffs coming for PDD, leading many to attach zero or even negative value to Temu,” said Shuyan Feng, deputy general manager for investment management at Huatai Asset Management (Hong Kong). Read More: A New Trade War Offers No Easy Way Back for Old Global Order PDD’s earnings more than tripled in the March-ended quarter as the company successfully pushed its budget e-commerce model into overseas markets. The high growth in Temu has drawn scrutiny in key Western markets, with European complaints that the Chinese online marketplace fails to protect consumers. Troubles run deeper in the US, where lawmakers have alleged Temu and rival Shein exploit loopholes to the disadvantage of US competitors. The US government’s recent order for ByteDance Ltd. to divest TikTok has piled further pressure on fellow Chinese internet firms. Intense rivalry within China is another source of worry. After ceding market share for years, PDD’s arch-rival Alibaba Group Holding Ltd. posted double-digit growth in gross merchandise value in the latest quarter. Sales growth also quickened at JD.com Inc., which has slashed prices and ramped up perks to woo shoppers. Not that investors have been avoiding PDD — its 43% gain since March is ten times the advance in the Nasdaq 100. But that’s been far outpaced by the nearly 60% rise in forward earnings estimates in the same span of time. Goldman Sachs Group Inc. upgraded PDD to buy from neutral on Friday, citing the company’s strong revenue growth and adtech capabilities. The main negative factors of tough domestic competition and tensions with the US are “more than priced in,” according to analyst Ronald Keung. Story continues “China e-commerce is emerging as one of the more undervalued sub-sectors within China internet,” Keung wrote in a note. “We note there still appears to be limited investor appetite in valuing the Temu full business potential given geopolitical uncertainties.” A further reason for PDD’s valuation discount could be its lack of shareholder return initiatives while the likes of Alibaba and Tencent Holdings Ltd. repurchase billions of dollars worth of stock. Except for PDD, all top 15 members of the exchange-traded Kraneshares CSI China Internet Fund have either a buyback program or a regular dividend payout policy in place. One more thing that could be holding PDD back is its unclear information for investors. PDD doesn’t report revenue by region, and its business segments can be difficult to parse. “The main thing holding back on PDD’s valuation is the lack of disclosures,” said Xin-Yao Ng, investment director at Abrdn. “It’s very difficult to value domestic PDD and Temu separately, and that’s important because there’s definitely a big geopolitical discount on the stock due to Temu.” Top Tech Stories Equity investors are scouring Southeast Asia for alternatives to play the artificial intelligence theme as tech giants pour billions of dollars in infrastructure spending over the next few years. Asia’s richest man Mukesh Ambani is set to enter Africa with a telecom venture, seeking to win mobile broadband customers in a high-growth market. Bets on more Ether gains are intensifying following a surprise US regulatory pivot toward allowing exchange-traded funds for the digital asset, even as questions swirl about the strength of demand for the products. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Catering to the Ultra-Rich Is a Booming Business in Australia 2024-05-28 08:51:00+00:00 - (Bloomberg Markets) -- Peppermint Grove, a suburb of Perth in Western Australia, has all the trappings you’d expect of one of the wealthiest postal codes in the country: sprawling riverside mansions, exclusive schools and a yacht club. Most Read from Bloomberg But lately there’s a new sign that the Perth elite are starting to tip over the line separating the merely rich from the fabulously so. Glance in a real estate agent’s window, and you’ll often see properties advertised with a telltale phrase: “Perfect for a family office.” Financial hubs such as Dubai, London, New York and Singapore have long dominated the rarefied world of family offices—outfits that typically cater to a single $100 million-plus client with services that can include managing money, taxes, charitable donations and even household help. Since 2019, as the rich get richer, the number of family offices worldwide has more than tripled, to almost 4,600 last year, according to investment data provider Preqin Ltd. But the wealthy don’t live only in global glamour cities. Family offices are now popping up in places like Perth, on the coast of the Indian Ocean, 1,300 miles from Adelaide, the nearest major metropolitan area, and closer to Jakarta than Sydney. After an almost two-decade-long mining boom, Perth, with a population of more than 2 million, has 64 centi-millionaires. That places it among the richest cities in the world by that measure, tied with Stockholm and ahead of Berlin and Dublin, according to data from citizenship consulting firm Henley & Partners. Andrew Forrest and his family top the list of the richest ­Australians, with a fortune of $29.2 billion in mid-May, according to the Bloomberg Billionaires Index. He grew up in the outback and founded the iron ore miner Fortescue Ltd., which is based in Perth. Andrew and Nicola Forrest call their family office Tattarang; it invests in public and private companies and works with their philanthropic Minderoo Foundation. (In 2023 the couple announced their separation, but said there would be no impact on their shared ventures.) Tattarang’s “bespoke model” helps its founders fund “strong and sustainable businesses across sectors where we believe we will have the greatest impact—for example, renewable energy, critical minerals, agri-food and health technology,” a spokesman says. Story continues Other affluent families are less well-known, making their mark selling tools to miners as well as other businesses that have benefited as the size of the mining sector has more than doubled since 2000, to 13% of Australia’s gross domestic product. Shaun Parkin, who helps families set up and manage their offices, says he works, or has had meetings, with more than 20 of these companies, each of them overseeing more than A$200 million ($131 million) in assets. “A lot of the ones that I meet, I had no idea that there was that level of wealth,” says Parkin, founder of local consulting firm Hall Road Investments. “And I would say that most people haven’t, either.” Family offices have some universal attractions. They typically have minimal disclosure requirements and let the rich exert tight control. But in Perth there’s an added fillip: Many locals have a deep-seated skepticism of outsiders. That most definitely includes representatives from big global wealth managers who want to run their money from far away. Consider Perth native Rod Jones, a founder of the education company Navitas Ltd. In 2019 a group led by private equity firm BGH bought Navitas for A$2.1 billion, so it was no secret Jones might need wealth management. But he got so annoyed at countless calls from distant professionals pitching opportunities or looking to handle his funds that he reached the point where he told one, only half in jest, “Look, I’ll give you $200,000 just to go away.” Instead, Jones set up a five-employee family office, Hoperidge Capital. It invests in some blue-chip stocks but focuses mainly on direct holdings, including private credit. “I’m just a person that enjoys the cut and thrust of being in business, putting time and effort into picking good opportunities and backing them up,” he says. Cookie-cutter pitches are of little interest. “To invest with someone, I’ve got to meet you, I’ve got to understand you, I’ve got to know you, I’ve got to feel comfortable with you.” Other Western Australia family offices share this desire for familiarity. Many are clustered within walking distance of one another in what’s known as the Golden Triangle, an exclusive group of suburbs between the Swan River and the coast. Emilio Pagano, chief executive officer of Lance East Office, says he talks regularly with more than a dozen of his peers about longer-term investments that appeal to their clients’ entrepreneurial bent. Lance East manages the money and philanthropy of Laurence Escalante, founder of VGW Holdings Ltd., a closely held online gambling company, who has a personal fortune of about $2 billion, according to the Bloomberg Billionaires Index. Family office clients are often comfortable with risk because of Western Australia’s mining heritage, according to Pagano. “Think about how mining eventuates,” he says. “You go out in the middle of nowhere, starting from the most remote capital city in the world. And then from there you drive out 3, 4, 500 kilometers, and you start looking around the desert for mining assets and digging.” Family office clients are often comfortable with risk because of Western Australia’s mining heritage For all the opportunity, a remote location poses a challenge: Where do you find the staff with the knowledge to compete or negotiate with the finance big shots? Perth has only 13,000 full-time financial-services managers or professionals, compared with 108,000 in Sydney, census figures show. Family offices are typically run by a CEO or chief investment officer and as many as 10 staff members. Insiders say the top job tends to go to someone who’s worked in the founder’s business ­operations and is already a trusted adviser. CEOs commonly take home a salary of A$396,001 to A$500,000, with an additional annual bonus of 21% to 30%, according to a report from consulting firm KPMG and family office recruitment company Agreus Group. That’s more than their peers in Europe, though less than in the US. (The report doesn’t break out Perth salaries, but industry executives say they are broadly comparable.) Parkin, the family office adviser, says recruiting has to be a “little bit more imaginative” in Perth. He’ll often trawl LinkedIn profiles for people who grew up or attended university there and might be amenable to moving back.He knows the transition well: He worked in finance in London, had a senior job at State Street Global Advisors in Sydney and relocated back to Perth, he and his wife’s hometown, to be close to family. The more relaxed lifestyle is another draw. In Perth, days often start and finish early, and some of the world’s best beaches are just a short drive away. But there’s another angle to the pitch, too. Family offices work directly with billionaires and centi-millionaires, giving advisers a bigger say in decisions. “You probably wouldn’t get access if you were part of a larger business,” Parkin says. The industry is now looking to the next generation. Today’s mining magnates will one day hand over their businesses or wealth to their kids. In a booming economy, opportunities in construction and service industries could create the next round of family office customers. Tayyab Mohamed, Agreus’ co-founder, says the market could well grow far bigger: “I wouldn’t be surprised if in a few years Perth becomes a bustling ecosystem.” —With Ben Stupples in London Brumpton is a Bloomberg News reporter in Sydney; Hunt, in Melbourne; and Winters, in Singapore. (Adds details on personal background, latest professional affiliation for Parkin.An earlier version corrected the spelling of a company name in paragraph 12.) Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Trump Widens Lead Over With Biden (on Polymarket and PredictIt) After Courting Crypto Vote 2024-05-28 06:04:00+00:00 - This week in prediction markets: Courting crypto voters appears to have boosted Trump's odds. Doug Burgum still trails behind Tim Scott for Republican VP pick. Longshot ether ETF approval contract prints triple-digit return for bettors, despite disputes over its resolution. Taking a strong pro-crypto stance may have strengthened Donald Trump's lead over incumbent president Joe Biden – at least if you go by the prediction markets. In the past week, Trump has promised to commute the sentence of Silk Road founder Ross Ulbricht – a figure near and dear to many in the crypto community – and vowed to make the U.S. a leader in the digital assets industry. It's a markedly more solicitous stance than the Biden administration has taken. Over the same period, Biden "yes" shares on PredictIt , an election betting platform popular among retail traders that settles trades in dollars, have slipped from 46 cents to 44 cents. Each share pays out $1 if Biden is reelected, and nothing if he loses. Effectively, the 44 cent price means the market sees a 44% chance he will be re-elected. Crypto-based Polymarket, which technically bans U.S. residents from using its service, has shown a similar shift in the odds. Trump has gained two percentage points on the platform over seven days, putting his odds at 56%, while Biden is down two percentage points, at 37%. The polls have shown neither as dramatic a gap between the two candidates, nor as dramatic a shift in the last week. Trump's polling lead has climbed just 80 basis points, to 1.7%, according to FiveThirtyEight averages . Proponents of prediction markets argue that they can be a more reliable gauge of sentiment and forecasting tool because unlike people answering questions on the phone, bettors have skin in the game. The markets have also taken an interest in North Dakota governor Doug Burgum as a possible running mate for Trump. Burgum has been a recent speaker at Trump rallies and the subject of a Wall Street Journal profile where Republican insiders describe him as a "rich guy with rich friends, which goes a long way with Trump." On Polymarket , Burgum shares are up three percentage points, currently trading at 18%, or 18 cents, while on PredictIt , they are down slightly, trading at 15 cents. On both platforms, Burgum trails Tim Scott, who's maintaining a lead of 23% on PredictIt, and 27% on Polymarket, well ahead of establish Republicans like Marco Rubio, at 10% on Polymarket, or Nikki Haley, at 4%. Ether ETF bets pay off bigly An arcane dispute has arisen on Polymarket regarding the resolution of the contract over whether the U.S. Securities and Exchange Commission would bless ether ETFs. Bettors are clashing over whether "approval" means only the 19b-4 forms or also the S-1 filings. Story continues Rather unexpectedly, the SEC asked last week for updated 19b-4 filings from prospective issuers of Ethereum exchange-traded funds (ETFs). Days later, these filings – critical documents in the approval process – were green-lit by the SEC , stunning longtime analysts. It was thought that the SEC's uncertain view on ether's status as a security would delay things. But as baseball legend Yogi Berra said, it ain't over 'til it's over. Although the SEC has approved the 19b-4 forms for the ETFs, it must still approve the S-1 filings before trading can begin, James Seyffart, ETF analyst at Bloomberg Intelligence, told CoinDesk . "ETFs are not considered 'approved' until both the relevant registration form (such as S-1, N-1A, or N-2) & the 19b-4 filing have been signed off on by the SEC," Matthew Sigel, VanEck's head of research, posted on X (formerly Twitter). Despite these bureaucratic technicalities, the Polymarket contract, which received over $13 million in bets, still resolved to "yes," meaning the contract's "oracle," or referee, decided the matter was settled. And that has led to some long-shot money being made. One user going by the handle Paperliss , who bought in near the bottom of the market at 7 cents, turned just over $300 into $4,358 for a return of 1,329%. Meanwhile, the largest holder of "Yes" shares in the contract, notgonnatrickme , posted a return of 61%, bringing his or her bet of just over $10,000 to a value of $16,902 when the contract closed.
Exxon Investor Sued for Climate Proposal Promises to Back Off 2024-05-28 04:42:00+00:00 - (Bloomberg) -- The Exxon Mobil Corp. investor that the oil giant is suing for its climate-related shareholder proposal is promising not to file similar motions in the future in a bid to get the legal action dropped. Most Read from Bloomberg While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse-gas emissions cuts that was at issue in the lawsuit, the firm went further in a letter that was sent to Exxon and filed with a Texas court, saying it “unconditionally and irrevocably” promised not to submit any more proposals related to emissions or climate change to Exxon shareholders. Arjuna said it expects Exxon will now withdraw its lawsuit. Exxon is reviewing Arjuna’s letter, spokeswoman Emily Mir said in an emailed statement that didn’t commit to withdrawing or continuing the lawsuit. The oil producer’s lawsuit is intended to gain clarity on the US Securities and Exchange Commission’s proxy rules and stop the abuse of the shareholder process, Mir said. Read More: Exxon Suit Targeting Activist Climate Proposals Moves Ahead Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Top K-pop stocks fall after reports that Hybe may sell $50 million stake in SM Entertainment 2024-05-28 04:40:00+00:00 - Shares of two of South Korea's largest K-pop companies fell on Tuesday after industry giant Hybe is said to be pushing for a $50 million sale of its stake in SM Entertainment. Kospi-listed Hybe's stock slid as much as 2.4%, while SM Entertainment — which is listed on the Kosdaq —saw its shares plunge as much as 5.74%. South Korean media outlet Chosun Ilbo reported that Hybe — the agency that manages K-pop sensation BTS — intends to make the transaction a block deal of 750,000 shares. The news outlet also said the sale was because Hybe decided its stake "was a minority stake that had no influence on SM's management rights, it would be better to sell it in large quantities and realize profits." According to the Chosun Ilbo, the shares will be sold at a 4% to 5.5% discount to SM's last closing price of 95,800 South Korean won. That puts the sale price per share at between 91,968 to 90,531 won. This means the total transaction value would come up to about 68 billion won, or about $50 million. Before the transaction, Hybe held a 12.45% stake in SM. CNBC reached out to SM Entertainment for comment, but did not immediately receive a reply.
Safaris aren't the only tourist attraction in Africa. From cruises to wine tasting, here's what else you can do 2024-05-28 04:32:00+00:00 - Africa is blessed with some of the rarest and most beautiful animals in the world — a fact that entices tourists to book safaris year-round. But safaris only scratch the surface of what the continent has to offer. From wine tours to vibrant coastal cities, other experiences await those who are willing to go beyond game drives and delve deeper into the core of the continent. Mountains, dunes and rivers For those who love hiking, Africa is blessed with many peaks — from Morocco's Mount Toubkal to the continent's highest peak, Mount Kilimanjaro in Tanzania. But there's also Mount Nyangani in Zimbabwe, which has a skywalk atop the Mutarazi Falls, the country's highest waterfall. South Africa's Table Mountain can be climbed in a matter of hours, but adrenaline junkies may prefer to bungie jump from Johannesburg's Soweto Towers, or the Bloukrans Bridge along the country's famous "Garden Route." Bungy jumping at Soweto Towers, a decommissioned power station in Johannesburg, South Africa. Thomas Janisch | Moment Mobile | Getty Images Africa is ideal for travelers who crave adventure, said Zina Bencheikh, managing director for Europe, the Middle East and Africa at Intrepid Travel. She recommends Madagascar's Tsingy de Bemaraha National Park, which has two geological zones called the "Small Tsingy" and "Big Tsingy," which in the local language of Malagasy, refers to a place "where one cannot walk barefoot." "Big Tsingy Trek is not your usual hike!" she said, describing it as a "labyrinth of limestone formations that resemble a forest made of rock." The limestone formations of Madagascar's Tsingy de Bemaraha National Park. Carlo Morucchio | Reda&co | Universal Images Group | Getty Images In Namibia, travelers can climb the iconic Dune 45 to admire the sand dunes of the Sossusvlei, explore the eerie white clay pan of Deadvlei, or hike through the picturesque Sesriem Canyon. At Victoria Falls, along the border of Zambia and Zimbabwe, travelers can whitewater raft, bungee jump or swim at the Devil's Pool, which is on Zambia's side of the falls. Similar adventures can be found in Jinja, Uganda, where the River Nile begins. Hot air balloons are a popular and adventurous way to explore too, with a bird's eye view of the berber villages of Morocco to Kenya's Masai Mara. Explore the beach African beach towns combine beauty and culture, in places like Seychelles, Kenya, Tanzania, South Africa, Mozambique, Mauritius, Zanzibar, Ghana, Namibia and Egypt. Mombasa, a coastal city in Kenya, is one example. King Charles III and Queen Camilla visit Mombasa's Fort Jesus, a UNESCO World Heritage Site, on Nov. 03, 2023 Samir Hussein | Wireimage | Getty Images "Here, you'll experience African, Indian and Arab cultures in one place. Fort Jesus is one of Mombasa's notable sites and was built by the Portuguese in 1593. In less than 200 years, the fort changed hands nine times," said Luciemarie Swanepoel, owner of African Sky of Diamonds Tours & Safaris. She recommends visiting Zanzibar to wander the Stone Town's labyrinthine alleys along with Kenya's Swahili Coast, the historical Gede ruins, and the UNESCO-named Mijikenda Kaya Forests. The rooftops of Zanzibar's Stone Town. Jeremy Villasis | Moment | Getty Images "Madagascar … is another island gem, with beaches like Nosy Be and Ile Sainte Marie boasting palm-fringed coasts and vibrant coastal villages," said Swanepoel. Durban and Cape Town are two of the best beach destinations in South Africa, she said, adding that travelers can kitesurf, snorkel, kayak or search for dugongs and whales there. Go on a cruise From budget-friendly houseboats to luxurious all-inclusive boutique lake cruises, Africa has a range of unique boating experiences. Cruises along the Nile, Zambezi and Chobe rivers, as well as a cruise along Rwanda's Lake Kivu, come highly recommended, as water journeys can offer a spectacular viewing platform for wildlife. A boat on Botswana's Chobe river at sunset. Peter Unger | Stone | Getty Images "During a river cruise, you may spot a herd of elephants wading through shimmering water, witness great buffalo gathering along the water's edge, and even observe crocodiles stealthily slicing through pools. Hundreds of hippos also wallow in the river with just their nostrils poking out," says Kate Powell, general manager of the houseboat company Zambezi Queen Collection. Travelers can also cruise between villages, fish, and bask in the tranquil waters. "One can explore the Manambolo River on a pirogue, or wooden dugout canoe, under the shadow of towering rock cliffs [or] stop to explore a cave and the eerie tombs of the Vazimba, said to be the earliest inhabitants of Madagascar," said Intrepid's Bencheikh. In addition to being a popular stop for world cruises, East and South Africa have their own ocean cruise routes which follow the coastlines and visit offshore islands. Silversea, Norwegian Cruise Line and MSC have cruises departing from Africa. Maritime journeys in Africa allow visitors to experience the continent's wildlife, cultures and landscapes from a unique vantage point, said Kevin Bubolz, Norwegian's vice president for Continental Europe, Middle East and Africa. "In Port Elizabeth, the Penguin Island Cruise excursion is a standout experience. You'll journey to the world's largest colony of African penguins in their natural habitat," he said. "If you're lucky, you might also catch a glimpse of playful humpback and bottle-nose dolphins." Wine tours Countries like Morocco, Namibia and Ethiopia have established wine regions. But South Africa is the continent's crown jewel. "South Africa is renowned for its world-class wine regions, with the Western Cape being the heart of the industry," said Wrenelle Stander, CEO of Wesgro, Cape Town's tourism and trade agency. "The areas around Stellenbosch, Franschhoek and Paarl comprise the famous Cape Winelands, where visitors can tour historic estates, taste award-winning wines, and learn about the winemaking process." The wine country of Franschhoek, outside of Cape Town, South Africa. Michele Westmorland | Corbis Documentary | Getty Images
London Moves to Revive Its Reputation as a Financial Hub 2024-05-28 04:02:14.193000+00:00 - Shein, the online retail giant founded in China, had grand ambitions to go public in New York. But as relations between Washington and Beijing soured, the ultrafast fashion company began taking a closer look at a backup plan across the Atlantic. The company is now focusing more on the London Stock Exchange for its initial public offering, according to two people with knowledge of the matter. That may not have been the company’s initial choice — but it would be a big win for Britain, which has been wary of its capital city losing its status as a global financial hub. Jeremy Hunt, Britain’s top finance official, has reportedly courted Shein, anticipating that a major I.P.O. would bolster London’s standing as one of the world’s leading financial centers. A spokeswoman for Shein declined to comment; the British Treasury also declined to comment. By many measures, London is still a crucial financial hub, where prices are fixed each day for precious metals, trillions of dollars of foreign currency are traded and global insurance contracts are written. But the global competition for investors — among cities like New York, Hong Kong, Dubai and Singapore — is intense. Stock listing is a prominent business, and a big I.P.O. like Shein’s could be seen as a prize that bolsters the local financial market and sets the stage for other companies to follow.
Business-First Hong Kong Now Comes With a Catch: Beijing Politics 2024-05-28 04:01:27.992000+00:00 - Doing business in Hong Kong increasingly comes with a new risk: the political cost of upsetting Beijing. Chinese clients recently dropped one big Chicago law firm after it recused itself from a politically sensitive case. A former Wall Street banker was muzzled for writing a “Hong Kong is dead” column. And Google was effectively cornered into enforcing a ban on a popular protest anthem. In all areas of life, Hong Kong is hewing closer to mainland China, blurring distinctions that once cemented the city’s status as mostly free from the politics of Beijing. Legal rulings echo the courts in mainland China. City regulations follow edicts in Beijing. Even government banners recall Chinese Communist Party slogans. The city’s transformation is being driven by a national security law imposed by Beijing in 2020 and additional legislation passed by Hong Kong lawmakers in March. Both have dealt a blow to the partial autonomy promised by China when it took possession of the city from Britain nearly three decades ago.
North Korea said its new liquid oxygen engine caused the downfall of its latest spy satellite and blew it up in midair 2024-05-28 04:00:37+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. 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 North Korea said on Monday that its latest spy satellite launch failed, with its rocket exploding during the first stage of flight that evening. State media Korean Central News Agency cited an unnamed vice director of the country's National Aerospace Technology Administration, who said preliminary analysis pointed to problems with the rocket's new engine. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The vice director said the mishap was caused by the "reliability of operation of the newly developed liquid oxygen and petroleum engine," per a translation by KCNA Watch, a US- and Seoul-based website that tracks North Korea's state media. The space official said his team would investigate other possible reasons for the failure. Advertisement Pyongyang has attempted three other satellite launches in the last year, though two were confirmed to have failed. All were condemned by the US, Japan, and South Korea as provocations and are signs that North Korea has been able to circumvent sanctions to build its space program. In November, North Korea successfully launched its Malligyong-1 satellite and claims it still functions in orbit. South Korea assessed in February that the satellite is no longer communicating with the ground. However, several international space experts said that they observed signs of activity on the Malligyong-1 days later. Related stories Monday's failed launch was an attempt to put the Malligyong-1-1 in space. Advertisement Seoul said it detected fragments in North Korean waters about two minutes after the rocket was launched toward the Yellow Sea, national broadcaster KBS reported. South Korean officials released a black-and-white video of the scuppered launch showing what appears to be a fireball in the sky. They said the footage was taken from an observation boat. The attempted space launch has been blasted by South Korea, which they said North Korea warned them about. Seoul scrambled 20 jet fighters, including F-35As, as a precaution. Japan also condemned the launch, saying it lodged a strong complaint to North Korea through its embassy in Beijing. Advertisement "A few minutes after launch, it disappeared over the Yellow Sea," Japanese Defense Minister Minoru Kihara said of the rocket. "Therefore, we presume that no object was launched into space." Kihara added that North Korea has said it intends to launch three more satellites this year. The US Indo-Pacific Command called the launch "a brazen violation of multiple unanimous UN Security Council resolutions, raises tensions, and risks destabilizing the security situation in the region and beyond." It further warned that North Korea appeared to have launched the satellite using technology from its international ballistics missile programs. Advertisement North Korea is sanctioned by the US and its allies, with a focus on limiting its nuclear weapons and space programs. But South Korea has been warning that Pyongyang is still able to pull off satellite launches with Russia's help. The US and Ukraine have accused North Korea of supplying Russia with artillery ammunition and say Pyongyang has been receiving raw materials, food, and assistance from Russian experts. North Korea has denied its participation in any arms exchange with Moscow.
Deepfake scams have robbed companies of millions. Experts warn it could get worse 2024-05-28 03:16:00+00:00 - A growing wave of deepfake scams has looted millions of dollars from companies worldwide, and cybersecurity experts warn it could get worse as criminals exploit generative AI for fraud. A deep fake is a video, sound, or image of a real person that has been digitally altered and manipulated, often through artificial intelligence, to convincingly misrepresent them. In one of the largest known case this year, a Hong Kong finance worker was duped into transferring more than $25 million to fraudsters using deepfake technology who disguised themselves as colleagues on a video call, authorities told local media in February. Last week, UK engineering firm Arup confirmed to CNBC that it was the company involved in that case, but it could not go into details on the matter due to the ongoing investigation. Such threats have been growing as a result of the popularization of Open AI's Chat GPT — launched in 2022 — which quickly shot generative AI technology into the mainstream, said David Fairman, chief information and security officer at cybersecurity company Netskope. "The public accessibility of these services has lowered the barrier of entry for cyber criminals — they no longer need to have special technological skill sets," Fairman said. The volume and sophistication of the scams have expanded as AI technology continues to evolve, he added.
How to set up and customize Google Alerts: Track the search terms and topics you're interested in 2024-05-28 02:43:01+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. 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 When you want the latest updates on a trending news story, to know who won the game you couldn't missed live, or see what new shows are dropping onto Netflix this week, chances are that you turn to a Google search. But what if you didn't even have to spend time searching because Google had already sent the exact information you wanted right to your inbox? This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Google Alerts proactively searches the web for specific terms you've selected and delivers relevant content to you as often as you'd like, be it once a day, once a week, or just as soon as that search term pops up in a new article, blog post, or in the description of some new video content. Google launched Google Alerts in 2003 after one of the company's first engineers, Naga Kataru, brought the idea directly to Google's founders. The very first keywords used to test the alerts were "Google" and "Larry Page." Advertisement Though Google Alerts is still around more than two decades later, the software has drawn criticism from users over time. Users have said the alerts are too limited, inaccurate, or irrelevant. Dozens of media monitoring companies, such as Awari, Meltwater, Talkwalker, Muck Rack, Cision, and Prowly, have cropped up in the last decade to offer alternatives to Google Alerts. One advantage of Google Alerts, however, is that it's completely free to use. And while brands and high-profile figures may need a more sophisticated software to monitor their media mentions, Google Alerts can work just fine for the average everyday user. Here's how to set up, customize, and delete a Google Alert. How to set up Google Alerts To set up a Google Alert, first make sure you are logged into your Google account, then navigate to the Google Alerts page, which is simply www.google.com/alerts. Advertisement 1. Type the search term you want to follow into the bar reading "Create an alert about..." and search for it. For instance, if you're interested in news about job cuts in the tech industry, you might want to create an alert about "Google layoffs." 2. Click the blue box that reads "Create Alert." Google Alerts get delivered right to your email inbox. Michelle Mark/Business Insider That's it! You just created a Google alert. You can access and edit your alerts from the Google Alerts homepage or via the alerts Google sends to your email inbox. Related stories Though Google Alerts doesn't have its own dedicated app, you can still set up alerts for yourself on your iPhone or other smartphone. Simply visit the Google Alerts page using your phone's browser and follow the above steps. Advertisement If you're expecting to pop up in the news anytime soon, you might want to consider setting up a Google Alert for your own name. And though there's no way to find out if anyone in particular is Googling you, you can always run a search for your name on Google Trends to see if there's any significant search interest. But even when you've set up all your Google Alerts, your work isn't quite done. By default, Google will send you updates about your alert (or alerts) once every day. If you'd like your alerts to be sent more or less often, here's how you'll do it. How to customize Google Alerts Go to the Alerts page and find the Google Alert you want to customize. 1. Click on the pencil icon to the right of the alert to open its settings. Advertisement 2. On the next page, you can set how often you get alerts, what language they need to be in, from what region they are sourced (you can geo-fence to a specific country or from "Any Region"), what sources you want your alerts to come from (news, blogs, and web, e.g.), and more. You can decide how often you want to receive Google Alerts. Michelle Mark/Business Insider 3. Hit the blue "Update alert" box. If you want all your alerts delivered at a specific time, hit the gear icon to the right of "My alerts" and choose a delivery time. You can limit your alert updates to once daily or even once weekly. You can also ask that Google send all your alert updates in a single email rather than sending each one individually. Advertisement How to delete a Google Alert Deleting a Google alert is even simpler than creating one. 1. Go to your Google Alerts page. 2. Locate the trash can icon to the right of the alert you want to delete and click it. You can edit or delete Google Alerts right from the alerts homepage. Michelle Mark/Business Insider That's that — the alert is gone. A taskbar at the top of the page will pop up reading "Your alert on 'Google layoffs' has been deleted" and giving you the option to "Undo" that action or "Dismiss" the alert, which permanently deletes it, as does simply closing the Google Alerts page.
Recent South Dakota policy threatens professors who include their pronouns or tribal affiliations over email. It's part of a concerning 'longer-term agenda' overtaking the US. 2024-05-28 02:19:51+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. 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 South Dakota has joined a group of right-leaning states trying to curtail expressions of personal identity in the US. In December, the South Dakota Board of Regents issued a policy prohibiting professors at public universities in the state from including their designated gender pronouns or tribal affiliations in their email signatures, the Associated Press reported on Friday. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. And it didn't take long for the board – which governs the state's six public universities — to take action. Two University of South Dakota professors — Megan Red Shirt-Shaw and Red Shirt-Shaw's husband, John Little — recently told the AP they'd received written warnings to remove those details from their signatures. Advertisement On X, formerly Twitter, the two said they'd received their warnings in mid-March. The consequence, Little told the AP, could be as severe as losing their jobs. "I was told that I had 5 days to remove my tribal affiliation and pronouns," Little wrote in an email to the AP. "I believe the exact wording was that I had '5 days to correct the behavior.'" Little added that if the request wasn't met, administrators would evaluate whether or not to invoke suspension or even termination as punishment. On X, Red Shirt-Shaw said she "made the difficult decision" to comply with the warnings, removing her tribal affiliation and gender pronouns from her email signature, "so I would not miss the remainder of the academic year." Advertisement That said, Red Shirt-Shaw found a workaround: She has continued to place those details "in the body of each email that I send," which she said on X "will not be challenged (for now)." Little has done the same. For Red Shirt-Shaw, including those details is personal. As director of Native Student Services at the university, she wrote, "I feel I have an ethical responsibility to claim the tribal nations that make me who I am." Related stories The American Civil Liberties Union's South Dakota chapter also weighed in on X. The group called the Board of Regents' policy an effort by the state's leadership "to shove queer identities out of public life." Other experts agree that the South Dakota Board of Regents' guidelines are an escalation of a larger movement sweeping the US. Advertisement Larger efforts at play South Dakota's flashpoint over email signatures comes as a national discourse rages about rights for LGBTQ+ Americans and members of diverse and protected groups. "Quite frankly, this is the first time I've heard of a state university choosing to use branding standards to eliminate what obviously has become a practice of including pronouns and tribal affiliations to emails," Paulette Grandberry Russell, president of the National Association of Diversity Officers in Higher Education, told the AP. "But I'm not surprised, given the current climate we're in," she added, calling the decision by the state's Board of Regents a "steady progression" in a broader push. Grandberry Russell told the AP she thinks that such early-stage measures in conservative states could be used as a "testing ground" to determine if more severe laws could take hold. Advertisement Kelly Benjamin, a spokesperson for the American Association of University Professors, an advocacy group for academics in higher education, told the AP that it's the latest step in "a longer-term agenda" aimed at limiting diversity, equity, and inclusion measures to protect LGBTQ+ Americans. Benjamin pointed to recent efforts in states like Florida and Arkansas. Florida lawmakers, for example, have passed bills that have limited or prevented access to services for transgender individuals, including gender-affirming care or even the ability to update their correct gender on their driver's license. Though LGBTQ+ Americans benefited from legal strides in the 2010s like a landmark Supreme Court decision upholding the legality of gay marriage in 2015, more recent actions by some Republican state leaders have raised the specter of threats to similar protections. South Dakota's recent policy is just one example. Meanwhile, violence against members of the LGBTQ+ communities has also increased as these debates have raged in the background. A 2022 Business Insider investigation found that homicides of transgender people, for instance, doubled between 2019 and 2021. Advertisement The University of South Dakota did not immediately respond to a request for comment sent outside of normal working hours.
CNBC Daily Open: Musk's AI start-up raises $6 billion 2024-05-28 02:17:00+00:00 - This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here . Friday recap Wall Street was closed for Memorial Day on Monday, so here's a recap of what happened on Friday. The Nasdaq Composite reached a new record high, fueled by Nvidia's exceptional earnings report. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. The S&P 500 closed 0.7% higher to end the week up 0.03%. However, the Dow Jones Industrial Average clocked its first weekly decline in five weeks even as it rose marginally on Friday. Treasury yields were little changed and oil prices bounced back from three-month lows. Nvidia CEO's net worth soars Nvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share. Huang owns about 86.76 million shares of Nvidia, or more than 3.5% of the company's outstanding shares. Five years ago, Huang's stake in Nvidia was worth roughly $3 billion. Investors told to reject Musk deal Glass Lewis, a proxy advisory firm, has suggested Tesla shareholders to reject a $56 billion pay package for CEO Elon Musk, citing its excessive size, potential for stock dilution, and Musk's involvement in multiple time-consuming projects. The package, voided by a judge in January, is tied to Tesla's market value reaching certain targets. The firm also criticized a proposed move to incorporate Tesla in Texas. Tesla's board defends the package, citing Musk's role in the company's growth. Google AI Overview misfires Google's "AI Overview" feature in search is facing criticism for producing incorrect or controversial responses. Users shared examples of errors, such as stating Obama was a Muslim president and suggesting adding glue to pizza. While these issues highlight the challenges of AI-generated content, Google asserted most information was of high quality and the company was addressing the problems. Google's Gemini image-generation tool had faced also faced issues, with users pointing out historical inaccuracies and questionable responses. $5.3 billion weight-loss plant Eli Lilly is investing $5.3 billion to expand a manufacturing plant in Indiana due to high demand for its weight loss and diabetes drugs. This brings Eli Lilly's total investment in the site to $9 billion, the largest in the company's history. The plant, which will manufacture the active ingredient in both the drugs, is expected to be fully operational by 2028. The company is also investing in other manufacturing sites to meet the growing demand for these drugs. [PRO] Overinvested in Nvidia? While Wall Street is pretty bullish on Nvidia, with many analysts raising their price targets following last week's blockbuster earnings, some investors may feel they are overexposed to the artificial intelligence chipmaker. CNBC's Weizhen Tan looks at some stocks that may help diversify your portfolio.
An influx of new residents to GOP-leaning Montana could be the key voting bloc that decides the state's hotly-contested Senate race 2024-05-28 02:03:24+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. 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 Montana's US Senate race is shaping up to be one of the marquee races of 2024 as three-term Democrat Jon Tester hopes to fend off an aggressive challenge from his likely GOP opponent, Tim Sheehy. The contest has huge national implications. A win for Tester in Montana would give Democrats a fighting chance to retain control of the Senate, while a GOP victory would be the culmination of a long road to regaining a critical seat in the conservative-leaning state. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. With former President Donald Trump highly likely to win Montana in November, many Republicans believe he'll be able to aid down-ballot candidates like Sheehy. But it's not that simple. Advertisement Tester, a moderate Democrat, has established a political brand that has defied the state's GOP orientation for nearly 20 years. And it's about to be tested even further due to the state's recent population surge, with transplants from Western states like California, Oregon, and Washington poised to be an electoral wild card in a contest that was already set to be competitive. Montana has always drawn people who are attracted to the outdoors. During the coronavirus pandemic, many transplants found refuge in the state as they worked remotely. With many of these new residents possessing higher incomes — coupled with the demand for housing — home prices have gone through the roof in recent years. Related stories The median home price in Montana hit $425,000 in late 2023, a 75% increase from 2018, The New York Times reported. In Bozeman, which has become a hot spot for affluent transplants, the median home price has risen to an astonishing $770,000, according to the newspaper. Advertisement According to the US Census Bureau, Bozeman's population jumped from roughly 37,000 to more than 53,000 from 2010 to 2020. In 2022, the city's population grew even further to 56,000. The rising prices have shined a brighter light on housing affordability, as many native Montanans have been priced out by ever-increasing rents. Outside of Bozeman, some longtime residents are now residing in RVs due to the heightened costs. With strong support from GOP Gov. Greg Gianforte, the Montana legislature passed housing and land-use reform bills that overhauled the construction process — and now permit more housing density. The issue is sure to be a major issue for Tester — as well as the eventual GOP Senate nominee — for a state in transition. Advertisement In 2018, Tester won reelection to a third term by roughly 18,000 votes out of nearly 505,000 ballots cast. National Republicans see Montana as one of their best opportunities to win a "red" seat, especially as many transplants left Democratic-dominated coastal states for a more rustic environment. But the Senate race is projected to be incredibly close. And for Democrats and Republicans, the newest Montanans will likely be an unpredictable voting bloc.
Barack Obama Calls Bill Walton 'One Of The Greatest' After NBA Hall Of Famer Diest At 71: He Was The 'Embodiment Of Unselfish Team Play' 2024-05-28 01:59:00+00:00 - Loading... Loading... Former President Barack Obama expressed his condolences over the passing of NBA Hall of Famer Bill Walton, praising him as a champion and a wonderful spirit. What Happened: On Monday, Obama took to X, formerly Twitter, to pay tribute to Walton, who reportedly died at the age of 71 after a battle with cancer. Obama described Walton as one of the greatest basketball players of all time and a champion at every level. He also highlighted Walton’s unselfish team play and his wonderful spirit full of curiosity, humor, and kindness. See Also: Peter Schiff Says Trump Getting Jeered At Libertarian Convention Made Into A ‘Huge Deal’ — If Biden Had P Walton’s death was announced by the NBA on Monday. The Hall of Fame center and two-time NBA champion had been battling cancer, reported Fox News. NBA Commissioner Adam Silver said, “Bill Walton was truly one of a kind,” according to a statement shared in the report. “I will remember most about him was his zest for life. He was a regular presence at league events – always upbeat, smiling ear to ear and looking to share his wisdom and warmth,” said the commissioner. Why It Matters: Walton’s passing is a significant loss to the basketball community. His career achievements and his character made him a beloved figure in the sport. Walton was a two-time NBA champion and a Hall of Fame center. Photo: Evan El-Amin/Shutterstock.com Read Next: Trump Vs. Biden: Young Voters Are Leaning Toward One Candidate More Than Other, Citing Concerns Over Israel-Hamas War And More This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Trump Faces 'Upwards Of 80 Percent' Chance Of Conviction In Hush Money Case, Says Legal Expert — Defense Looking For 'One Angry Juror' 2024-05-28 01:43:00+00:00 - Loading... Loading... Norm Eisen, a legal expert, has indicated that former President Donald Trump’s acquittal in his ongoing criminal hush money trial is unlikely. What Happened: Eisen, an expert on CNN, suggested that the probability of Trump’s conviction is “somewhere upwards of 80 percent”. The case is centered around accusations that Trump unlawfully hid hush money payments to an adult film actor before the 2016 election. Trump, who is facing 34 counts of falsifying business documents, has denied these claims, as reported by The Hill via CNN. See Also: Peter Schiff Says Trump Getting Jeered At Libertarian Convention Made Into A ‘Huge Deal’ — If Biden Had P Eisen further explained that the defense is not genuinely seeking an acquittal, but rather relying on “one angry juror”. The case’s emphasis has been on the testimony of Michael Cohen, Trump’s former personal lawyer, who alleged that Trump instructed him to make the payments. Despite the odds, former federal prosecutor Renato Mariotti suggested that a hung jury could still be a significant victory for Trump. He noted that achieving a unanimous verdict could be challenging given Trump’s controversial public image. Why It Matters: This trial has been in the public eye for some time. A recent poll indicated that the majority believe Trump is guilty as the trial nears its verdict. Trump has been vocal about his views on the trial, going on a rant over the hush-money trial and mocking the charges over ‘legal expense’. He has also criticized the judge in the trial, stating that the charges are based on a ‘bookkeeping error’. These developments add to the complexity and public interest in the case. Read Next: Donald Trump Floats Idea Of Bringing Back Adviser Peter Navarro For Potential Second Term Despite Prison This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Trump's Memorial Day Message Takes Aim At 'Human Scum' In Fiery Post Ahead Of Hush Money Trial Verdict 2024-05-28 01:32:00+00:00 - Loading... Loading... Former President Donald Trump’s Memorial Day social media post extends greetings to all, including those he perceives as his adversaries, in a characteristic, controversial style. What Happened: On Monday, Trump took to Truth Social to wish everyone a Happy Memorial Day, including those he referred to as “Human Scum” and a “Radical Left, Trump Hating Federal Judge in New York.” He also mentioned a defamation case that resulted in a $91 million award to a woman he claims to have never met, and a $500 million fine imposed by a “N.Y. State Wacko Judge,” both of which are under appeal. See Also: Marjorie Taylor Greene’s Motion To Vacate Speaker Mike Johnson’s Position Has Fallen Flat Trump’s tweet also referenced a dropped rape charge and the sale of his Mar-a-Lago property. This is not the first time the former president has used festive occasions to air his grievances. He has previously made similar posts on other holidays, including Christmas. Why It Matters: Trump’s tweet comes in the wake of a recent rant over a hush-money trial, whose verdict is expected imminently. He mocked the charges as a “Crooked Joe Biden Election Interference Hoax.” Trump’s post also reflects his ongoing criticism of the judiciary, a theme that has been a constant throughout his political career. His reference to a defamation case and a hefty fine indicates his continued legal battles and his defiance in the face of these challenges. Trump’s festive greetings have attracted criticism in the past. Former White House Chief of Staff Mick Mulvaney criticized former President Donald Trump’s incendiary Truth Social Christmas post, calling it “horrible.” Mulvaney suggested that those offended by such messages have likely already decided not to support Trump. Read Next: Trump’s Niece Says ‘Troubling Rhetoric’ From Republican Campaign ‘Would Be Something Unthinkable Four Years Ago’: ‘We Are At The Doorstep Of…’ This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal