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Excerpt from www.cnbc.com

 

JPMorgan Chase‘s chairman and CEO Jamie Dimon says a “hard landing” for the U.S. cannot be ruled out.

When asked by CNBC’s Sri Jegarajah about the prospect of a hard landing, Dimon replied: “Could we actually see one? Of course, how could anyone who reads history say there’s no chance?”

The CEO was speaking at the JPMorgan Global China Summit in Shanghai.

Dimon said the worst outcome for the U.S. economy will be a “stagflation” scenario, where inflation continues to rise, but growth slows amid high unemployment.

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Excerpt from www.reuters.com

US appeals court punts on liability shield for Apple, Google, Meta in casino app cases  Reuters

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Excerpt from finimize.com

What’s going on here?

Power Corporation of Canada has closed its China investment unit, Power Sustainable Shanghai, laying off all 17 staff members in a strategic shift.

What does this mean?

Power Sustainable, managing $4.5 billion globally, is dropping its China public equity strategy due to the economic slowdown and rising geopolitical risks. Launched in 2019, the Shanghai unit served onshore and offshore clients through public equity investments. Despite the shutdown, Power Corp holds onto China’s public equity market via its Qualified Foreign Institutional Investor (QFII) license, enabling offshore investments without local operations. Plus, Power Corp retains a 27.8% stake in China

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Excerpt from www.nytimes.com

The Justice Department on Thursday sued Live Nation Entertainment, the concert giant that owns Ticketmaster, asking a court to break up the company over claims it illegally maintained a monopoly in the live entertainment industry.

In the lawsuit, which is joined by 29 states and the District of Columbia, the government accuses Live Nation of dominating the industry by locking venues into exclusive ticketing contracts, pressuring artists to use its services and threatening its rivals with financial retribution.

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Excerpt from www.reuters.com

Yellen wants G7 ‘wall of opposition’ to China’s excess industrial capacity  Reuters.com

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Excerpt from www.reuters.com

Walgreens further cuts stake in drug distributor Cencora  Reuters.com

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Excerpt from finimize.com

What’s going on here?

General Motors’ CEO Mary Barra threw her weight behind the push for autonomous vehicles at a Detroit Economic Club event on May 23, 2024.

What does this mean?

Barra’s endorsement comes as autonomous vehicle technology faces a critical mass of regulatory scrutiny following several high-profile accidents. Companies argue that self-driving cars, by eliminating human errors – responsible for 90% of road accidents – will ultimately be safer than traditional vehicles. These advances hinge on sophisticated AI and machine learning systems capable of mitigating human shortcomings like impairment and fatigue. Barra also underscored the competitive edge needed to confront robust global brands, especially from China, and called for governments to ensure fair competition.

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Excerpt from www.tipranks.com

So, while we’ve been watching social media companyTruth Social (NASDAQ:DJT) pretty closely over the last several weeks, we’ve often been left stymied as to why its share price moves in the direction it does. Announcements that should be good news have little effect, while the price will race up or down on virtually nothing happening. Today, Truth Social rolled out its earnings, and despite a hefty loss, share prices rose fractionally in the closing minutes of Wednesday’s trading.

The centerpiece of the report featured a loss of $327.6 million for the first quarter. That is significantly more than the losses posted this time last year when it lost just $210,300. Those massive losses were essentially connected to Truth Social’s initial public offering.

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Excerpt from globalnews.ca

Globally, an estimated 37 million children aged 13 to 15 years use tobacco, the WHO said in a report released Thursday, laying out how the industry lures young people.

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Excerpt from www.news24.com

South Africa is considering lodging a formal complaint at the World Trade Organisation against the European Union’s “protectionist” carbon border levy, Trade Minister Ebrahim Patel said on Wednesday.

The EU’s proposed carbon border adjustment mechanism (CBAM), which will impose charges on imports of carbon-intensive goods like steel and cement into Europe, has faced criticism from some developing nations and sectors including China’s steel industry.

In October, the EU launched a trial phase of the world’s first carbon border levy, which from 2026 will impose costs on imports of steel, cement, aluminium, fertilisers, electricity, and hydrogen.

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Excerpt from news.bloomberglaw.com

The factors for relocating a lawsuit weigh heavily in favor of Tableau Software LLC, a Texas judge ruled in granting the company’s motion to transfer the patent infringement lawsuit brought by iCharts LLC to California.

Tableau established that it had a regular place of business and employees in San Francisco, the “vast majority” of the relevant evidence is in California, and the Northern District of California would be more convenient for witnesses, Judge Robert Pitman said in a Tuesday order in the US District Court for the Western District of Texas.

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Excerpt from www.myjournalcourier.com

Jacksonville stands to lose about $500,000 if a 1% grocery sales tax is repealed.

Gov. J.B. Pritzker announced in February his intention to repeal the grocery tax to provide consumers some relief from inflation, but municipalities are worried a repeal will mean less funding for services provided by local governments.

Jacksonville’s roughly $500,000 goes into the general fund and loss of that revenue would mean budget cuts all around, treasurer Beth Hopkins said.

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Excerpt from www.jdsupra.com

In Naranjo v. Spectrum Security Services, the case’s second appearance before the California Supreme Court in two years, the Supreme Court confirmed that an employer does not incur civil penalties for failing to report unpaid wages, or any other required information on a wage statement, if the employer reasonably believed that it was providing a complete accurate wage statement.

Naranjo’s Odyssey

Naranjo was filed as a class action approximately fifteen years ago, and has navigated through the California court system since. As relevant here, a jury found Spectrum liable on a meal break claim for a period between June 2004 and September 2007 because it did not have a valid meal break policy. Accordingly, Spectrum owed the class meal break premium payments pursuant to California Labor Code section 226.7.

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Excerpt from technode.com

Alibaba Cloud gave China’s AI industry a fresh shock on Tuesday after it announced a price cut of up to 97%, making RMB 1 ($0.14) to handle an input as large as two million tokens. The sudden notice comes just days after TikTok owner ByteDance promised an ultra-low-cost model, which the company claimed can process 2 million Chinese characters under RMB 1, for corporate customers. Meanwhile, Baidu’s following announcement of its plan to open two main models – the entry-level ERNIE Lite and high-performance ERNIE Speed for free on Tuesday afternoon, further signals an escalated price war has begun aims to scramble for enterprises. [TechNode reporting]

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Excerpt from www.civilnet.am

Armenia’s economy grows by 9.2% in first quarter – CIVILNET  CivilNet English

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Excerpt from tcpaworld.com

The FCC issued a notice permitting the carriers to begin blocking calls from three entities “One Street Financial,” “Main Street Financial,” and “Alliant Financial” following unsatisfactory responses to ITG tickets.

USTelecom’s Industry Traceback Group (ITG) conducted tracebacks on 13 calls  placed to wireless numbers between November 10, 2023 and February 3, 2024.

The calls delivered prerecorded messages purportedly related to debt consolidation loans and claimed to be from “One Street Financial,” “Main Street Financial,” and “Alliant Financial.” Notice that these names are confusingly similar to–but apparent different from– entirely unrelated financial entities: (1) MainStreet Financial Services; and (2) Alliant Financial Solutions. (The FCC reports that both of these companies have posted warnings on their websites that their names are being used by another party to make “spam type calls offering lending services.”)

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Excerpt from www.theafricareport.com

How the lack of formal land ownership in Zimbabwe could cripple agriculture sector  The Africa Report

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Excerpt from dailycoin.com

Ethereum’s Vitalik Continues Railgun Romance with $300K Move  DailyCoin

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Excerpt from www.rawstory.com

CHICAGO — As Democratic leaders gathered in Chicago for a Democratic National Convention walkthrough, Illinois Gov. JB Pritzker let it rip on presumptive Republican nominee Donald Trump.

“It’s a choice between kindness and cruelty, between a president who stands up against hatred and extremism, or a candidate who promises to be a dictator and makes excuses for white supremacists who chant ‘Jews will not replace us,’” Pritzker said Wednesday at the United Center in Chicago.

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Excerpt from www.chicagotribune.com

A judge in Springfield on Wednesday issued a temporary injunction blocking a law passed by Democrats that would have prevented Republicans from slating candidates for legislative races not filled in the March primary.

Sangamon County Judge Gail Noll issued the order pending a hearing on June 3, which had been the statutory date for filling the unfilled candidate slots on the Nov. 5 ballot.

Democratic Gov. J.B. Pritzker signed the measure into law on May 3 shortly after Democratic majorities in the House and Senate passed the legislation in a two-day tour de force.

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Excerpt from inews.co.uk

Allies of Rupert Murdoch are urging the media tycoon to stop newspapers in his media empire from backing Labour at the election.

The Sun is believed to be “inching towards” switching its support from the Conservatives to Labour, an endorsement prized by Sir Keir Starmer’s team, i has reported.

Yet while Labour has been working hard to woo News UK executives behind the scenes, relations between the Labour leader and senior executives remain frosty.

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Excerpt from www.teslarati.com

Elon Musk’s takeover of social media platform Twitter was among the most dramatic in recent years. Upon taking control of the platform, Musk proceeded to cut the company’s workforce. He also got rid of the company’s behind-the-scenes moderators, with the Tesla CEO stating that Twitter would be focusing on using Community Notes to fight misinformation instead.

Unlike Twitter’s legacy anti-misinformation efforts, which relied on fact checkers whose identities and credentials were unknown, Community Notes, like its name suggests, is a crowdsourced system that allowed users of the social media platform to flag misleading posts and add corrective commentary. These commentaries are typically accompanied by links to scientific papers or legitimate media sources.