Bed Bath & Beyond will live on in name only after Overstock.com won an auction for the failed home goods retailer’s intellectual property and digital assets, according to court records filed early Thursday. 

The e-commerce discounter, which was selected as the stalking horse bidder for Bed Bath’s bankruptcy-run auction, will buy the chain’s brand name, business data and digital assets for $21.5 million, the records say. 

The deal does not include keeping Bed Bath’s stores open. The sale price is the same as Overstock’s stalking horse bid, which set the floor price at the auction, indicating Bed Bath didn’t receive higher or more attractive bids. 

JOWA Brands was selected as a backup bidder solely for Bed Bath’s Wamsutta brand, a private sheets and towels label the retailer owns. 

Ten Twenty Four, a software company that helps owners maximize vacation rental revenues and does business as Beyond Pricing, was chosen as the backup bidder for the retailer’s Beyond.com asset. If the deal with Overstock falls through, Ten Twenty Four could win rights to the domain name. 

The sale still needs to be approved at a hearing on Tuesday. 

In a rare move, Bed Bath chose to run a separate sale process for its Buy Buy Baby chain, considered the crown jewel of its assets. 

The separate process allows the company to find a bidder willing to keep the banner’s stores open, without the headache of taking on Bed Bath’s assets. 

Buy Buy Baby assets garnered interest from buyers even before Bed Bath filed for bankruptcy in April. 

The chain, which sells baby clothes, furniture and other goods, has since attracted interested buyers during the sale process, including from prospective bidders interested in keeping its physical footprint alive, CNBC previously reported.

The auction for Buy Buy Baby’s assets is slated to take place on Wednesday.

The widespread supply chain issues that resulted from the recent International Longshore & Warehouse Union work slowdowns at West Coast ports are the target of a new bill being introduced Thursday in the Senate.

The legislation, sponsored by Idaho Republican Senator Jim Risch, would amend the National Labor Relations Act and the Labor Management Relations Act of 1947 to deter labor slowdowns and prohibit labor organizations from blocking the modernization of ports.

Worker “no shows,” unfilled port orders for union labor, and worker productivity issues — some of which led port management to relieve labor from daily shifts — led to backups of vessels, containers and trucks at ports across the West Coast in recent weeks. Automation of ports, meanwhile, has been among the key sticking points in negotiations over a new labor contract between the ILWU and Pacific Maritime Association, which represents port ownership.

The bill, co-sponsored by Senator Ted Budd (R-N.C.) and Senator Mike Crapo (R-Idaho), would update the National Labor Relations Act to define a labor slowdown by maritime workers as an unfair labor practice, as well as prohibiting labor organizations from taking steps to block modernization of ports.

Under the proposed legislation, unions found in violation of the law would be subject to paying damages in an amount equal to two times the amount of damage sustained by their labor actions. During the recent West Coast port issues, the U.S. Chamber of Commerce estimated that a “serious work stoppage” at the ports of Los Angeles and Long Beach which would likely cost the U.S. economy nearly half a billion dollars a day. It estimated a more widespread strike along the West Coast could cost approximately $1 billion per day.

The recent union workers slowdowns impacted key transportation operations, including truckers, the freight rails and ocean vessels. Union Pacific had to stop containerized U.S. exports moving into the ports of Los Angeles and Long Beach because of the lack of specialized rail workers. The Port of Seattle released labor workers every day for a week who were assigned at its SSA terminal to move containers off of vessels due to intentionally slow work. As a result of the slowdowns, $5.2 billion in cargo was stuck off the West Coast ports.

“Deliberate and unprotected labor slowdowns or impediments to modernization at the ports have led to substantial supply chain and economic disruptions,” the bill states, according to a copy reviewed by CNBC before its introduction. “Such frequent and periodic disruptions to commerce in the maritime industry hurt the reputation of the United States in the global economy.”

The legislation describes labor actions as a “burgeoning threat to the financial health and economic stability of the United States” and states that the policy of the United States should be “to eliminate the causes and mitigate the effects of such disruptions to commerce in the maritime industry and to provide effective and prompt remedies to individuals injured by such disruptions.”

The PMA and ILWU have reached a tentative agreement — though it will take months for the tentative deal to be ratified by rank-and-file members. The deal was brokered by President Biden’s acting Labor Secretary Julie Su. Risch was one of 31 senators who signed a letter calling on President Biden to withdraw the nomination of Julie Su to be Labor Secretary. He remains opposed to Su’s nomination based on her track record as the California Labor and Workforce Agency, including the state’s gig worker law AB5, which had independent truckers walk off the job for five days in protest and resulted in West Coast port delays last year.

This isn’t the first time that Risch has attempt to move similar legislation in the Senate. He has supported several versions of this bill in prior years, including in 2017 and 2022, without success. Risch has one of the most anti-union voting records among Senate Republicans, according to a union rating of legislators. Previous versions of this bill have never come to a full vote in the Senate. The latest version of the anti-union legislation is slightly different than previous versions, adding the provisions related to efforts by labor organizations to block modernization efforts at ports.

A Risch spokesperson said in a statement to CNBC that with Republican control of the House there appears to be greater appetite for a fix of this kind, and it is an issue that otherwise will persist over the long-term.

“We all saw the consequences of fragile supply chains over the past few years,” Budd said in a statement provided to CNBC. “The PLUS Act takes the important step of making intentional labor slowdowns an unfair labor practice. Contract disputes and tactics to increase Big Labor leverage should not be allowed to jeopardize the livelihoods of North Carolinians.”

Crapo said in a statement that reducing slowdowns by eliminating unfair labor practices imposed by unions is “best for maritime workers and their livelihoods while allowing companies to compete in a modern marketplace.”

The secret identities of Republican Rep. George Santos’ bail backers in his federal criminal case are set to be revealed Thursday at noon ET.

Santos, the scandal-plagued freshman congressman from New York, was arrested last month and charged with numerous crimes including money laundering and wire fraud. After pleading not guilty to all 13 counts against him, Santos was released on a $500,000 bond backed by multiple guarantors, whose names were kept hidden from the public.

The New York Times asked U.S. District Judge Joanna Seybert to unseal the records identifying those people, who are referred to as suretors in court documents.

The Times argued that the law supported the public’s right to view the records, adding that the “interest in openness is particularly strong in this case” because the situation presented “an obvious opportunity for political influence.”

“That risk is further heightened by the fact that the very crimes Rep. Santos has been charged with involve abusing the political process for personal gain,” the Times noted.

A consortium of news outlets, including NBC News, followed suit, arguing, “Rep. Santos cannot overcome the presumption of openness” afforded by the First Amendment and federal common law.

Santos’ attorney, Joseph Murray, urged the court to deny those requests, pointing to the “media frenzy” that was swirling around the case.

That intense press coverage has made the suretors “very fearful and concerned,” even prompting one of the three to back out by the morning of Santos’ May 10 arraignment, Murray wrote. The lawyer argued the guarantors will likely “suffer great distress” and face retaliation if their names are made public.

“My client would rather surrender to pretrial detainment than subject these suretors to what will inevitably come,” he added.

A federal magistrate judge sided with the news outlets but gave Santos time to appeal. His lawyer then asked Seybert if it would be possible to find a compromise, such as disclosing that the suretors were Santos’ family members without identifying them specifically.

But the judge ordered Tuesday evening that “all previously sealed documents, including the Bond, are to be unsealed to the extent that the names of Defendant’s Suretors are to be disclosed.”

The judge noted that Santos can move to modify the conditions of his bail if his remaining guarantors decide to back out.

Santos, 34, is accused of defrauding his campaign supporters, lying to obtain unemployment money during the coronavirus pandemic and making false statements on his congressional disclosure forms.

He faces a maximum penalty of 20 years in prison for the top charges against him, according to the Justice Department.

Santos, who took office under a cloud of scandal in January, is the Republican Party’s first openly gay representative elected to Congress. He has vowed not to resign and is seeking reelection in 2024.

Disclosure: NBC News and CNBC are part of NBCUniversal.

This is developing news. Please check back for updates.

The Swiss National Bank opted for a smaller rate hike at its quarterly monetary policy meeting Thursday, but said further rises may be needed to bring inflation to target.

The SNB announced a 25 basis point hike, taking its policy rate to 1.75%, in line with expectations in a Reuters poll of economists.

It is the fifth consecutive hike since it began pulling rates out of negative territory in June 2022, though it had previously enacted 50- or 75-basis-point rises.

Inflation in Switzerland eased to 2.2% in May from 2.6% in April, putting it well below its neighbors in the euro zone, where inflation averages 6.1%.

However, the SNB said in a statement that it was “countering inflationary pressure, which has increased again over the medium term.” It targets inflation of less than 2%.

“It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term,” the central bank said, adding that it would take action in the foreign exchange market as necessary and focus on selling foreign currency to ensure monetary stability.

Though the SNB early last year sought to dampen the rise of the Swiss franc as it gained amid market volatility, it is now targeting foreign currency sales to boost its value in an effort to bring down the cost of imports.

The SNB expects inflation to fall to 1.7% in the third quarter before rising to 2% in the fourth, and gradually creeping a few percentage points higher in 2024 due to second-round effects and some domestic inflationary pressures such as rent prices.

“This upward revision of forecasts is a particularly hawkish signal and suggests that the SNB will raise rates again,” economists at Dutch bank ING said in a note.

“At a time when other central banks seem to have lost confidence in their models and are looking primarily at the actual rate of inflation, the SNB seems to be taking a different approach by focusing primarily on inflation forecasts,” they said.

“After September, the SNB rate is likely to remain at 2%, with a rate cut looking unlikely between now and 2026.”

The SNB has been in the spotlight in recent months for its role in facilitating the emergency takeover of Credit Suisse by UBS.

At 6:36 a.m. ET, the yield on the 10-year Treasury was trading more than 3 basis points higher at 3.758%. The yield on the 2-year Treasury was up by 4 basis points to 4.746%.

Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.

Investors considered the path ahead for Fed monetary policy after Powell said on Wednesday that further interest rate hikes are likely as inflation remains too high. His comments echoed the guidance issued by the central bank after its most recent policy meeting last week.

Policymakers had decided to keep interest rates unchanged but noted that two 25 basis point increases are expected this year. This marked the first pause in the Fed’s rate hiking campaign, which has lasted over a year and aims to ease inflationary pressure and cool the economy.

Powell said Wednesday that progress toward these goals has been made, but “the process of getting inflation back down to 2% has a long way to go.”

On Thursday, Powell will present his semiannual Monetary Policy Report to the Senate Banking Committee. Investors will also be looking out for comments from other Fed officials, as well as weekly initial jobless claims data and existing home sales figures for May.

Elsewhere, the Bank of England is due to announce an interest rate hike of either 25 or 50 basis points following a higher than expected inflation reading of 8.7% for May, which was published Wednesday.

Ukrainian President Volodymyr Zelenskyy said “tough fights” are continuing as Ukraine continues its counteroffensive, having acknowledged that progress is slower than expected.

In his nightly address Wednesday, Zelenskyy first focused on the war, saying there were “tough fights” in the south and east of the country

In the counteroffensive in southern Ukraine there was “movement forward,” he said, while in the east of the country, the defense was holding. Ukraine says it has so far reclaimed eight villages in the southern region of Zaporizhzhia over the past two weeks of counteroffensive.

In an interview published by the BBC Wednesday, Zelenskyy conceded that the progress of Ukrainian counteroffensive has been “slower than desired.”

Russian President Vladimir Putin said Wednesday that Ukraine’s counteroffensive was in a “lull” as it struggles to suffer heavy losses of personnel and equipment.

Defense analysts at the Institute for the Study of War pointed out, however, that Putin then “preposterously” claimed that Russian forces had destroyed 244 tanks and 679 armored vehicles since counteroffensive operations began in early June.

Build military strategy ‘on reality,’ Putin tells security officials

We have some lines coming out of Russian President Vladimir Putin’s meeting with Russia’s Security Council Thursday morning:

Clips of the meeting posted on the Zarubin Telegram channel show Putin commenting on personnel and equipment losses for Ukraine and destroyed Western military hardware.

Putin claimed Ukraine lost as many as 13,000 troops during the counteroffensive over the last few weeks, saying that figure was “a summary from all the figures that we have received,” he said in comments translated by NBC News. He did not detail how the figures were sourced.

On destroyed Western weaponry and ammunition, Putin said that out of 246 tanks that Moscow claims have been destroyed since the start of the counteroffensive, which Russia says began on June 4, 13 of them were Western-made. Again, Putin did not present evidence to back his assertion.

Russia has frequently framed the war in Ukraine as a proxy war in which the West is fighting Russia. Putin reiterated that sentiment Thursday, saying that “weaponry can, of course, be supplied in excess but mobilization capacities are, however, not infinite.” Putin said Ukraine appears to have reserves that haven’t been used.

“And it appears that the Western allies of Ukraine have indeed decided to fight with Russia up until the last Ukrainian. We should also consider that the offensive [counter-offensive] potential of the enemy is not yet depleted, multiple strategic reserves have not been utilized. So I ask you to take this into account in building your [strategies] as they should be built on reality,” Putin said.

— Holly Ellyatt

Ukraine says Russia considering ‘terrorist attack’ on Zaporizhzhia nuclear plant

Ukraine’s President Volodymyr Zelenskyy said he’s been warned by the country’s intelligence services that Russia is considering carrying out a “terrorist attack” on the Zaporizhzhia nuclear power plant that it’s currently occupying in southern Ukraine.

Posting on Telegram, Zelenskyy said “intelligence has received information that Russia is considering the scenario of a terrorist act at the Zaporizhzhia nuclear plant – a terrorist act with the release of radiation. They have prepared everything for this,” he said, without giving further detail on the evidence underlying the intelligence.

“Unfortunately, I had to be reminded more than once that radiation knows no national borders and who it hits is determined only by the direction of the wind,” he said.

The Kremlin responded to the allegation Thursday by calling it “another lie,” state news agency TASS reported.

Russian forces have occupied the Zaporizhzhia nuclear power plant since March 2022, early on in the invasion, and it has frequently been at the center of hostilities, stoking fears of a possible nuclear catastrophe. The site is still occupied but also has inspectors from the International Atomic Energy Agency visiting it to monitor safety at the facility.

Zelenskyy said all available information would be shared with its allies, saying “all countries, absolutely everyone should know this. International organizations. All of them.”

“There should never be any terrorist attacks on nuclear power plants, anywhere. This time it should not be like with Kakhovka” he said, referring to the Kakhovka Dam that Ukraine accused Russia of blowing up, causing widespread flooding. Russia accused Ukraine of sabotaging the dam.

— Holly Ellyatt

Ukraine strikes bridge to Crimea, Russian officials say

Russian officials claimed Thursday that Ukrainian missiles had struck the Chonhar road bridge connecting Russian-occupied Crimea with the southern Ukrainian region of Kherson.

Traffic using the Chongar bridge (as Russia spells it) had to be temporarily diverted, news agency RIA Novosti reported, citing Crimea’s transport ministry.

“Due to damage to the roadbed on the Chongar bridge, traffic flows have been temporarily redirected to the Armyansk and Perekop checkpoints. These checkpoints are operating normally,” the ministry said, RIA Novosti reported.

The bridge is one of several important routes into mainland Ukraine from the Crimean peninsula and is used by the Russian military to move personnel and supplies.

Earlier, Sergey Aksenov, the Russian-installed head of Crimea, said earlier on Telegram that “at night, a blow was struck on the Chongar bridge. There were no casualties.”

“At the moment, explosive experts are conducting an examination to assess the type of ammunition,” he added.

Vladimir Saldo, the Russian-installed governor of Kherson, said the missile damage was “another completely senseless action carried out by the Kyiv regime on orders from London,” having said in a previous post that preliminary information suggested British “Storm Shadow” missiles had been used.

Saldo said the apparent attack “will not affect the course of the special operation in any way – there are other land routes to the Crimea.”

He added that Russia “was taking measures to eliminate damage to bridge crossings.”

Ukraine has not commented on the incident, and has not commented on previous incidents of apparent sabotage to routes — such as the high-profile Kerch Strait bridge — used by Russian forces to access Crimea, which it annexed in 2014, and the Russian mainland.

— Holly Ellyatt

Macron would be inappropriate guest at BRICS summit, says Russia

French President Emmanuel Macron would be an inappropriate guest at the BRICS summit, the RIA news agency quoted Russian Deputy Foreign Minister Sergei Ryabkov as saying on Thursday, criticising countries whose policies Russia considers hostile.

The BRICS group of emerging economies, comprising Brazil, Russia, India, China and South Africa, is due to hold a summit in Johannesburg in August.

Asked about Macron’s reported desire to attend the summit, Ryabkov said: “Clearly, leaders of states that pursue such a hostile and unacceptable policy towards us, discussing with such emphasis and conviction that Russia should be isolated on the international stage, and share the common NATO line on inflicting a so-called strategic defeat on us – such a leader is an inappropriate BRICS guest.

“And we are not hiding this approach of ours, we have told our colleagues from South Africa. We expect that our point of view will be fully accepted,” Ryabkov was quoted as saying.

South Africa is currently mulling its legal options if Russian President Vladimir Putin decides to attend the BRICS summit because the International Criminal Court (ICC) in March issued an arrest warrant for Putin over the Ukraine conflict.

South Africa is an ICC member and would theoretically be required to arrest him if he attends the BRICS summit.

— Reuters

Putin’s latest war claim deemed preposterous by defense analysts

Russian President Vladimir Putin said Wednesday that Ukraine’s counteroffensive is in a “lull” as it struggles with heavy losses.

Speaking to a journalist in the Kremlin Wednesday, Putin claimed that the slowdown in the counteroffensive was “due to the fact that the enemy suffers serious losses – both in personnel and in equipment.”

Defense analysts at the Institute for the Study of War pointed out, however, that Putin then “preposterously” claimed that Russian forces had destroyed 244 tanks and 679 armored vehicles since counteroffensive operations began in early June.

The ISW noted that while Russian forces’ “doctrinally sound defense in western Zaporizhia and prepared defensive positions throughout southern Ukraine are likely slowing Ukrainian advances,” the pace of counteroffensive operations “is not emblematic of Ukraine’s wider offensive potential and Ukrainian forces are likely successfully setting conditions for a future main effort despite initial setbacks.” 

Ukrainian officials have long signaled that the Ukrainian counteroffensive “would be a series of gradual and sequential offensive actions,” the ISW noted, and have more recently observed that “currently ongoing operations do not represent the main thrust of Ukraine’s counteroffensive planning.”

— Holly Ellyatt

Tough fighting continuing in ‘slower than desired’ counteroffensive, Zelenskyy says

Ukrainian President Volodymyr Zelenskyy said “tough fights” are ongoing as Ukraine continues its counteroffensive, having acknowledged that progress is slower than expected.

In his nightly address Wednesday, Zelenskyy first focused on the war, saying there are “Tough fights. South – we destroy the enemy. Donetsk region – we are destroying the enemy. Kupiansk direction – no matter what Russian terrorists plan, we will destroy the enemy.”

In the counteroffensive in southern Ukraine, “there is our movement forward,” he said, while in the east of the country, the defense is holding. Ukraine says it has so far reclaimed eight villages predominantly in the southern region of Zaporizhzhia over the past two weeks of counteroffensive.

In an interview published by the BBC Wednesday, Zelenskyy conceded that the progress of Ukrainian counteroffensive has been “slower than desired.”

“Some people believe this is a Hollywood movie and expect results now. It’s not,” he said. “What’s at stake is people’s lives.”

“Whatever some might want, including attempts to pressure us, with all due respect, we will advance on the battlefield the way we deem best,” he added.

The president noted that Ukrainian advances are not easy because Russian forces have mined 200,000 square kilometers (77,220 sq miles) of front-line territory.

On Wednesday, Russian President Vladimir Putin claimed that there was a “lull” in the counteroffensive.

— Holly Ellyatt

Kyiv reiterates calls to join NATO alliance

The chief of Ukrainian President Volodymyr Zelenskyy’s office reiterated calls that Kyiv should ascend to the NATO military alliance.

“Ukraine should be in NATO. This will save Europe from a major war,” Andrii Yermak wrote on his official Telegram channel, according to an NBC News translation. 

Zelenskyy began an expedited process of applying to the world’s most powerful military alliance in late September.

— Amanda Macias

Putin says Russia’s new Sarmat nuclear missiles soon ready for deployment

President Vladimir Putin said on Wednesday that Russia’s new generation of Sarmat intercontinental ballistic missiles, which are capable of carrying 10 or more nuclear warheads, would soon be deployed for combat duty.

In a speech to new graduates of military academies, Putin stressed the importance of Russia’s “triad” of nuclear forces that can be launched from land, sea or air.

“The most important task here is the development of the nuclear triad, which is a key guarantee of Russia’s military security and global stability,” he said.

“Already about half of the units and formations of the Strategic Missile Forces are equipped with the latest Yars systems, and the troops are being re-equipped with modern missile systems with the Avangard hypersonic warhead.”

The first Sarmat launchers would be put on combat duty “in the near future”, Putin said.

— Reuters

Kremlin says Biden calling Xi a ‘dictator’ reveals foreign policy contradictions

The Kremlin said U.S. President Joe Biden calling his Chinese counterpart Xi Jinping a “dictator” shortly after a high-profile meeting between U.S. and Chinese officials shows confusion in the White House’s foreign policy.

Biden’s comment at a Tuesday fundraiser came just a day after Secretary of State Antony Blinken wrapped up his first official visit to Beijing.

Referring to Biden’s remark, Kremlin Press Secretary Dmitry Peskov said “on the one hand, of course, this is a very contradictory manifestation of U.S. foreign policy, which speaks of a large element of unpredictability,” he told reporters, according to a NBC translation.

“And on the other hand, the continuation of such mentoring manifestations of U.S. foreign policy, which have already become unacceptable for a huge number of states and the number of these states is constantly growing,” he added.

“However, this is their business. We have our own bad relations with the United States of America and its very good relations with the People’s Republic of China,” Peskov said.

Blinken’s visit to Beijing on Monday took place at a time of high tension between the U.S. and China, with Beijing’s close relationship with Moscow a concern for the West.

Biden’s “dictator” comment is bound to fray relations further and on Wednesday, China responded by saying the comment was “ridiculously absurd.”

— Holly Ellyatt

West pledges billions to Ukraine at rebuilding conference

Britain, the United States and the European Union pledged on Wednesday billions of dollars more help to rebuild Ukraine, with British Prime Minister Rishi Sunak launching a war insurance framework to try to spur companies to invest.

While welcoming the support, the answer from Ukrainian President Volodymyr Zelenskyy was blunt – Kyiv needs concrete commitments to projects that will help Ukraine not only recover but to develop into a powerful member of the Western world.

After nearly 16 months of a war that has destroyed homes, hospitals and other critical infrastructure across Ukraine, Sunak appealed to businesses and governments at a recovery conference in London to do more to help rebuild the country.

Addressing the key difficulty for most companies wanting to invest in Ukraine – insurance against war damage and destruction – Sunak announced the London Conference Framework for War Risk insurance, which could pave the way for derisking investment, though he was light on details.

He said the London Conference Framework was “a huge step forward towards helping insurers to underwrite investments into Ukraine, removing one of the biggest barriers and giving investors the confidence they need to act”.

Sunak also unveiled measures including $3 billion of additional guarantees to unlock World Bank lending that Ajay Banga, president of the World Bank Group, said would allow his group to continue to help “people rebuild their lives after devastation”.

European Commission President Ursula von der Leyen said the EU would provide Ukraine with 50 billion euros for 2024-27, while U.S. Secretary of State Antony Blinken offered $1.3 billion in additional aid.

Ukraine is seeking up to $40 billion to fund the first part of a “Green Marshall Plan” to rebuild its economy, including developing a coal-free steel industry, a senior Ukrainian official said before the conference.

The total bill will be huge, with Ukraine, the World Bank, the European Commission and the United Nations estimating in March that the cost was at $411 billion for the first year of the war. It could easily reach more than $1 trillion.

— Reuters

Europe doesn’t want to see a frozen conflict in Ukraine, European Commission head says

A ceasefire in Ukraine is not enough for European officials, who want lasting peace in the region, European Commission President Ursula von der Leyen told CNBC.

“We are very clear we do not want only a ceasefire and a frozen conflict in regions of Ukraine, because these regions will always be fragile. No investment will go there, and the conflict could [at] any time flare up again, as we have learned since 2014. So it has to be a real peace,” von der Leyen said on the sidelines of the Ukraine Recovery Conference in London.

Speaking to CNBC’s Steve Sedgwick, von der Leyen said that China can nevertheless be a crucial player in the peace process.

“China is a permanent member of the UN, and this comes with responsibility. And China has influence on Russia, so we expect China to use this influence to convince Russia to sit down at the negotiating table,” she said.

Read more on the story here: ‘We do not want only a ceasefire’: EU chief calls for lasting peace in Ukraine

Russia resists counteroffensive, and Ukraine knows it faces a tough challenge

It’s becoming clear that Ukraine could have a long and bloody slog ahead of it when it comes to its counteroffensive aiming at recapturing Russian-occupied territory in the south and east of the country.

Ukraine’s counteroffensive has produced only limited gains so far, with eight settlements reclaimed in the last two weeks. Ukrainian officials are the first to admit that the country’s armed forces face a “tough duel” with Russia in the weeks and months ahead.

“We knew from before we started [the counteroffensive] that this wasn’t going to be a walk in the park,” Yuriy Sak, a senior advisor in Ukraine’s defense ministry, told CNBC Tuesday.

“We knew that Russians had months to prepare for it, we knew that they have built very, very strongly-fortified defense lines, that they have laid millions of mines along the front line. They’re dug in so deep, that we already had a very good idea that this will be not an easy task,” he added.

Read more on the story here: ‘Tough duel’ ahead for Ukraine as Russia mounts fierce resistance to counteroffensive

— Holly Ellyatt

Read CNBC’s previous live coverage here:

Putin says new nuclear missiles ready to deploy soon; West pledges billions to help rebuild Ukraine

Twitter owner and Tesla CEO Elon Musk suggested Vegas for the location of a “cage match” after reportedly being challenged to a fight by Facebook co-founder Mark Zuckerberg.

“Vegas Octagon,” Musk tweeted late Wednesday. He was responding to an Instagram post by Zuckerberg who had shot back with a message of “send me location” after the Tesla boss confirmed he was up for a “cage match.”

Cage matches have been popularized by mixed martial arts or MMA franchises like UFC. The “Octagon” refers to the cage around the ring in which fighters battle because it has eight sides.

The series of exchanges started earlier this week when Mario Nawfal, founder and CEO at International Blockchain Consulting, tweeted “META to Release ‘Twitter Rival’ Called THREADS.” Facebook parent Meta is reportedly working on a standalone, text-based social network app that could compete with Twitter.

Musk responded to Nawfal by saying: “I’m sure Earth can’t wait to be exclusively under Zuck’s thumb with no other options. At least it will be ‘sane’. Was worried there for a moment.”

Another user cautioned Musk saying, “Better be careful @elonmusk I heard he does the ju jitsu now.”

Zuckerberg reportedly has a white belt in Brazilian jiu-jitsu. He trains under Dave Camarillo of Guerilla Jiu Jitsu academy, a judo and jiu-jitsu black belt who has trained a number of UFC champions.

That sparked a comment from Musk that suggested he is up for a fight with the Zuckerberg. Musk quipped: “I’m up for a cage match if he is lol.”

The Verge tech publication confirmed that Zuckerberg is “serious about fighting Elon Musk and is now waiting on the details” if Musk decides to follow through. “The story speaks for itself,” a Meta spokesperson told the media outlet, referring to Zuckerberg’s Instagram story. It is unclear if the fight between the two tech leaders will actually happen or whether Musk’s tweets were serious. A spokesperson for Meta was not immediately available when contacted by CNBC.

Late Wednesday, Musk posted another tweet saying: “I have this great move that I call ‘The Walrus’, where I just lie on top of my opponent & do nothing.”

He also said, “I almost never work out, except for picking up my kids & throwing them in the air.”

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What you need to know today

Rally fades
Asia-Pacific markets were mixed after U.S. Federal Reserve Chairman Jerome Powell stuck to his hawkish forecast for more rate hikes this year. This was after U.S. stocks fell on Wednesday for the third-straight session as investors took a breather from last week’s rally. Hong Kong, China and Taiwan markets were closed for the Dragon Boat Festival public holiday.

More hikes
Fed Chair Jerome Powell reaffirmed his belief that more rate hikes are likely until more progress is made on bringing down inflation. Speaking to the House Financial Services Committee, he said last week’s pause was just a brief respite.

Chip plans
Intel has plans to take on the might of chip titan Taiwan Semiconductor Manufacturing Company, updating investors on its turnaround plan on Wednesday. But its stock dropped 6% during the session as some analysts worried about Intel’s gross margins.

ETF excitement
Bitcoin traders were getting excited about the prospects of a spot bitcoin ETF on Wednesday. The cryptocurrency rose to its highest price since April with bullishness about BlackRock and others getting involved in digital assets.

EV subsidies
China has extended tax breaks for EV purchases until the end of 2027, but subsidies for electric cars aren’t enough to boost growth as the economy slows. Tax breaks don’t resolve the fundamental reason why people in China haven’t bought more electric cars: mileage concerns.

[PRO] Expected glut
Cathodes, a part of an EV battery that attracts positive charge, are increasingly being seen as a commodity and we might be about to see some serious oversupply, according to Goldman Sachs. The investment bank has named the winners and losers of the expected glut.

The bottom line

The war on inflation is not over yet.

Speaking a week after the Federal Open Market Committee decided for the first time in more than a year to not push rates higher, Fed Chair Jerome Powell indicated that the move likely was just a brief respite rather than an indication that the central bank is done hiking.

Powell’s comments partly accounted for a third-straight daily loss for the S&P 500.

Fed officials indicated there could be two more quarter-percentage point moves on the horizon this year.

And 2% inflation remains the magical target. In the U.S., that is still elusive with inflation at 4% in May and core inflation at 5.3%.

But over in Japan, central bankers are wary that inflation will not stay above their 2% goal — even though that has been the case for well over a year now. They are eager to get the timing of any definitive monetary tightening right, but that won’t be easy after decades of chronic deflation in the world’s third-largest economy.

Everybody’s fighting inflation, it seems; yet everybody’s fighting their own unique war.

BEIJING — Subsidies for electric cars aren’t enough to boost growth in China’s slowing economy.

One of the few detailed stimulus plans Beijing has announced this year extends tax breaks for electric car purchases, according to documents released Wednesday.

The incentives – which were set to expire this year – will now run until the end of 2027.

Authorities expect additional consumer savings of 520 billion yuan ($72.43 billion) as a result.

However, tax breaks don’t resolve the fundamental reason why people in China haven’t bought more electric cars: mileage concerns.

Charging challenges

Charging the car battery is still “relatively troublesome,” said Craig Zeng, CFO of online car information and shopping site Autohome. That’s according to a CNBC translation of his Mandarin language remarks.

He was speaking about the electric car market in general.

The layout of China’s residential areas means there aren’t many private parking spaces and there’s a limit to how many chargers communities can install, he pointed out.

Most people live in apartment compounds in China’s cities, with some parking underground or in lots surrounding the apartment buildings. In the capital city of Beijing, having a designated parking spot —without a battery charger — can cost nearly $100 a month or more on top of the apartment rent.

In such an environment, “after many people buy a car, the problem of charging it will gradually become more apparent,” Zeng said, noting the problem will affect people’s future decisions about buying an electric car.

During a press briefing Wednesday, Chinese officials noted the charging problems and called for faster installation of charging infrastructure in residential parking spaces – especially in new developments. That’s according to an official transcript of their remarks.

The officials pointed out the country has rapidly expanded its charging infrastructure over the last seven years, and that in central urban areas, charging stations offer the same coverage as gas stations.

However, China still has a long way to go.

More than 70% of total public fast chargers are located in just 10 provinces, the International Energy Agency said in its 2023 electric vehicle outlook report. That’s only about a third of the country.

Fast charging allows drivers to charge car batteries in less than an hour, but it still takes far longer than filling up a gas tank.

China still leads globally in the installation of public fast charging stations – almost 90% of the global growth in such chargers last year, the IEA said.

“Growth in EV sales can only be sustained if charging demand is met by accessible and affordable infrastructure, either through private charging in homes or at work, or publicly accessible charging stations,” the IEA report said.

Broader economic slowdown

Spurring demand for electric cars also faces challenges from tepid consumer spending.

China’s retail sales grew more slowly than expected in May from a year ago.

Auto sales, one of the largest components of retail sales by value, maintained steady year-on-year growth – but fell by 8% from the prior month. Many brands have also cut prices this year to boost sales.

Recent meetings of the top executive body, the State Council, noted the economic challenges and called for further support, specifically for new energy vehicles. But the announcements and interest rate cuts have fallen short of market expectations for broader stimulus.

“Although Beijing may still introduce certain policy measures to stabilize growth in coming months, the disappointing State Council meeting suggests measures for stimulating the economy could be introduced in a gradual manner, as decision-making is now highly centralized with an emphasis on ‘security,'” Nomura analysts said in a report on Monday.

Growing market penetration

Analysts are still expecting growth for electric cars in China, the largest auto market in the world.

China typically lumps electric cars into a broader category called new energy vehicles, which includes battery-only and hybrid-powered cars.

Penetration of new energy vehicles in overall passenger car sales has reached about one-third of the market in recent months, according to figures from the China Passenger Car Association.

That’s well beyond the official target of at least 20% penetration by 2025.

Autohome’s Zeng said he expects new energy vehicle sales penetration to remain between 30% and 40% this year, and reach 50% in 2025.

Chinese authorities have supported the growth of the domestic new energy vehicle market over the last decade in a bid to become a global player in the auto industry.

On the consumer side, cities such as Beijing and Hangzhou have made it far easier for drivers to get a license plate for an electric car versus a traditional internal combustion engine vehicle.

If you’ve ever dreamed of leaving everything behind and living on a remote island, now might be your chance. Ireland will give you a grant of up to 84,000 euros ($92,297) if you settle one of the country’s coastal islands.

But there are conditions attached to the deal, as well as a few factors that may deter people from making the move. The islands in question are cut off from the mainland by the tide on a daily basis, and aren’t connected to it by bridges or causeways, according to the Irish government.

Around 300,000 visitors come to these islands each year, the government noted in its policy outline — but barely anyone lives there. Some islands have as few as two year-round inhabitants, while the largest has over 700. In total, around 3,000 people live across around 30 islands.

Declining population levels — especially the lack of young people — is a key concern, according to plan’s details published earlier this month. Between 1996 and 2016, the population of the islands covered by the policy was found to have fallen by 12.8%.

But the policy’s aims go beyond boosting population levels.

“‘Our Living Islands’ contains 80 actions which are designed to support and empower our island communities and the people living there,” said Heather Humphreys, Ireland’s minister for rural and community development.

“It’s all about improving housing, better access to essential services in health and education, delivering high speed broadband, and further developing our outdoor amenities, which will in turn increase tourism and support sustainable island communities.”

Improving infrastructure and increasing job opportunities, including the option for remote work, are also part of the 10-year plan, she added.

The moving process

With low levels of infrastructure and plenty of solitude, moving to a remote island might not be for everyone. And not all of those who make the move will get the full cash payout either.

The grants are part of an existing scheme the government runs across the country. Buying an existing, vacant property will get you 60,000 euros if it is on a remote island, just 10,000 euros more than if you bought on the mainland.

The largest amount — 84,000 euros — will go to those choosing to take over derelict properties. Moving into such a property on the mainland comes with a 70,000 euro grant.

The grants are designed to help people refurbish old properties that may otherwise decay — so the money could disappear quickly depending on the required levels of restoration. And it must be used for this purpose, for example, by adding insulation.

The properties in question also need to have been built before 1993 and have been unoccupied for at least two years. The scheme officially starts on July 1, but will apply to existing homebuying applications.

Similar schemes have also been launched in other countries. Sardinia, an island in Italy, offered people 15,000 euros to move there last year if they used the money to renovate a property, and various towns in the country have sold homes for just one euro or given them away for free in the past.

Other Italian towns and regions have tried to lure people to move there with low-cost accommodation and yearly grants, as have several towns in Spain and Switzerland.

European markets fell Thursday morning, with sentiment sour after U.S. Federal Reserve Chairman Jerome Powell forecast more rate hikes this year, saying that “the process of getting back down to 2% has a long way to go.”

The benchmark Stoxx 600 was down 0.9% at 10:30 a.m. London time, with all sectors in the red. Autos fell 1.3%, as banks declined 1.9%. The index has posted declines in all three sessions so far this week.

“Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year,” Powell said in remarks prepared for testimony before the House Financial Services Committee Wednesday. 

Investors in the U.K. are focused on the Bank of England’s next monetary policy announcement. The central bank is expected to increase rates as inflation remains stubbornly high, though markets are divided on whether it will opt for 25 or 50 basis points.

The Swiss National Bank announced a 25 basis point rate rise, its fifth consecutive hike, Thursday morning. It takes its policy rate to 1.75%.

Mobeen Tahir, director of macroeconomic research and tactical solutions at WisdomTree, said caution was driving investors into thematic equity investing as they position for uncertainty.

“They are looking to add risk, but they are doing it very selectively,” he told CNBC’s “Squawk Box Europe.”

“They are being cautious. They haven’t forgotten about the need to hedge risks and to continue seeking strong core exposures…that can withstand in all sorts of market conditions. But tactically and strategically they are looking to add risk with themes that are hot right now, and AI is one.”

Asia-Pacific stocks had a mixed Thursday, while U.S. futures were lower following three days of losses.

Bank of England facing a huge credibility test

CNBC’s Joumanna Bercetche reports from the Bank of England ahead of its interest rate decision.

Ocado pops 20% following takeover speculation

Shares of British grocery delivery firm Ocado Group popped 20% in morning trade after a report in The Times newspaper said its strong performance came amid “speculation of bid interest from more than one American suitor.”

The firm has suffered a steep decline in value since early 2021, as its coronavirus pandemic rally reversed.

A spokesperson declined to comment when contacted by CNBC.

— Jenni Reid

Swiss National Bank hikes rates

The Swiss National Bank hiked interest rates by 25 basis points Thursday, taking the key rate to 1.75%. The move was forecast in a Reuters poll of economists.

Switzerland has not suffered the same level of inflation as many of its European neighbors, but it remains above the central bank’s 0-2% target, coming in at an annual 2.2% in May.

— Jenni Reid

Europe stocks open sharply lower

European stocks fell in early Thursday trade, with the Stoxx 600 index down 1.27% at 8:38 a.m. London time.

All sectors declined, with autos shedding 2.1% and banks falling 2.6%.

France’s CAC 40 and Germany’s DAX were down 1.2% and 1.08%, respectively. The U.K.’s FTSE 100 fell 1.2% ahead of a key monetary policy decision in which markets are raising bets on a potential 50 basis point hike.

— Jenni Reid

Bank of England faces rate decision under pressure

Traders are keenly awaiting the Bank of England’s latest monetary policy announcement, due at midday BST, in which at least a 25 basis point hike is all but guaranteed.

Figures for May published Wednesday showed the stickiness of inflation in the economy, with headline CPI holding steady on the previous month at 8.7% and core inflation accelerating to 7.1% from 6.8%.

U.K. government bonds sold off following the announcement, and the pound weakened.

Stephen Gallo, global FX strategist at BMO Capital Markets, said in a note that a 25 basis point hike Thursday would probably result in a weaker pound “as markets remove interest rate hikes from the curve” — resulting in faster credit growth due to higher borrowing and a widening trade deficit due to increased import costs.

“The second option is to move faster and more aggressively with tightening, by shifting to a series of 50 or even 75bps increments. With core inflation above 7.0% and the policy rate less than 5.0%, the Bank is arguably not restrictive enough,” he said.

Gallo also described the U.K. as already in a “slow moving fiscal crisis” after data Wednesday showed public sector net debt in May exceeded 100% of GDP for the first time since 1961.

— Jenni Reid

CNBC Pro: Markets are running ‘too fast, too quickly’ — buy these cheaper stocks instead, analyst says

U.S. stocks have been red-hot, with the S&P 500 hitting its highest level in over a year.

But Steven Glass, managing director and analyst at Pella Funds Management, says U.S. markets have “run too fast, too quickly.”

Investors can look at cheaper stocks instead, according to Glass. Of the four stocks he named, two are “very cheap,” he said.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: This Wall Street bank’s stock is expected to double over the next year, Jefferies

Shares of a Wall Street bank are forecast to more than double over the next 12 months, according to Jefferies.

Jefferies’ analysts suggest that large-scale share buybacks of about $4.7 billion over the next three years could help push up the global lender’s stock price.

They expect the bank to generate around $24 billion of profit over the course of 2023 to 2025.

CNBC Pro subscribers can read more here.

— Ganesh Rao

European markets: Here are the opening calls

European markets are heading for a lower open Thursday.

The U.K.’s FTSE 100 index is expected to open 45 points lower at 7,512, Germany’s DAX 80 points lower at 15,845, France’s CAC 37 points lower at 7,512 and Italy’s FTSE MIB 132 points lower at 27,600, according to data from IG.

Investors in the U.K. are focused on the Bank of England’s next monetary policy announcement. The central bank is expected to increase rates as inflation remains stubbornly high.

Other data releases of note today include preliminary consumer confidence numbers for the EU in June.

— Holly Ellyatt

The Global Liveability Index 2023 attributed Vienna’s success to its “winning combination” of stability, good culture and entertainment, reliable infrastructure, exemplary education and health services.

“It has occupied this position regularly over the past several years, with only the Covid-19 pandemic causing the city to vacate its place at the top spot,” the report added. 

Copenhagen also retains its position as the second most livable city in the world, while Australian cities Sydney and Melbourne broke into the top five. 

“They have seen their scores in the healthcare category improve since last year, when they were still affected by Covid waves that stressed their healthcare systems,” said the research firm. 

The annual report rated 172 cities across these categories that define livability: stability, health care, culture and environment, education and infrastructure.

The index rose last year to reach a 15-year high as the world recovered from the pandemic, said the EIU. The average index score is now 76.2 out of 100, up from 73.2 a year ago.

Top 10 cities to live in

1. Vienna (Austria) 
2. Copenhagen (Denmark) 
3. Melbourne (Australia) 
4. Sydney (Australia) 
5. Vancouver (Canada)
6. Zurich (Switzerland) 
7. Calgary (Canada) 
8. Geneva (Switzerland) 
9. Toronto (Canada) 
10. Osaka (Japan), Auckland (New Zealand) — Tie

Asia-Pacific cities make big moves

According to the EIU, Asia-Pacific cities have made some of the biggest gains in this year’s ranking — accounting for eight out of the top 10 movers. 

This can be attributed to “a shift towards normalcy” after the pandemic, it added. 

Notably, New Zealand’s Wellington moved up 35 spots to 23rd place, while Auckland moved up 25 spots to rank 10th on the index — after experiencing drops in ranking last year when Covid-19 forced intermittent lockdowns. 

Hong Kong also moved 13 places up the rank to 61st most livable city in the world. 

“Hong Kong has moved quite a fair bit,” Syetarn Hansakul, the EIU’s senior analyst said. 

“That’s because of the removal of the Covid restrictions, that has improved the quality of life and the livability in Hong Kong tremendously last year,” she told CNBC’s Squawk Box Asia on Thursday.

The rest of the world steadily moved to reopen early last year — but Hong Kong closely followed mainland China’s tough zero-Covid policy, and only started to relax some of its restrictions in late 2022.

Notable improvements in education and health-care scores were also observed across developing economies of Asia and the Middle East, EIU noted. 

“Education has emerged stronger with children returning to schools alongside a significantly reduced burden on hospitals and healthcare systems,” the report said.

Decline in stability scores

While health-care, education, infrastructure, culture and entertainment scores saw improvements in the past year, stability saw a “marginal decline,” said the EIU. 

That’s due to instances of civil unrest in many cities amid a cost-of-living crisis and uptick of crimes in some cities. 

Those in Western Europe in particular, have slipped in rankings due to increased instances of workers’ strikes — failing to “match gains” made by cities in Asia and the Middle East, the EIU added. 

For example, Germany’s Frankfurt and the Netherland’s Amsterdam fell out of the top 10. 

“We do not expect the bubbling anger to die down soon,” said the report. 

“Still-high global commodity prices, continued supply-chain disruptions, high food prices and currency weakness against the U.S. dollar for some countries will continue to fuel discontent in 2023.” 

The war-ravaged Syrian city of Damascus continues to be the lowest-ranked city in the survey, with “no improvement” in its livability scores. 

The war in Ukraine has also unsurprisingly affected the livability of many European cities, including the Ukrainian capital of Kiev. 

The war-torn city rejoined the survey this year after being excluded in 2022 due to Russia’s invasion, said the EIU.

However, its score fell by almost 6 percentage points since 2021, owing to the “damage the war has done to its stability, infrastructure and general livability.”

“It has now become one of the bottom ten cities in our livability index,” the report added. 

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But airlines can play a role too, according to new research from Qantas and the University of Sydney’s Charles Perkins Centre.

The research is part of Qantas’ Project Sunrise program, which plans to link Sydney to New York City and London via non-stop flights in 2025.

Qantas says that while it has the capability to fly the 20-hour flights, it’s studying ways — from lighting schedules to eating spicy foods — to make the journey less arduous for passengers and crew.

The research

According to preliminary results released in mid-June, researchers used volunteer passengers on three test flights to analyze ways to reduce jet lag, including:

• Adjusting cabin lighting and mealtime schedules
• Providing special food and beverage menus that included chili, chocolate and ingredients known to produce sleep-inducing tryptophan
• Performing onboard stretches and exercises

Volunteers were monitored using wearable tech devices during the flight, and their reaction times were measured through online tests, according to the press release. They also kept a daily health log before, during and for two weeks after test flights, it said.   

The report concluded that, compared with other passengers, the volunteers “experienced less severe jet lag (self-reported), better sleep quality inflight [and] better cognitive performance in the two days after flight.”

“Light exposure is critical for reducing jetlag,” said Svetlana Postnova, who studies sleep-wake cycles and circadian rhythms at the University of Sydney’s Charles Perkins Centre.

The flight departed New York City at 9 p.m., and the researchers kept the lights on for an additional six hours, she told CNBC.

Lights were turned off around 3 a.m. Eastern Standard Time, and the cabin stayed dark for 11 hours, before being turned back on for the final two hours of the flight, she said.

That was done “to nudge the body clocks towards the destination time zone,” she said.

Serving lunch at night

Meals were aligned with the lighting, said Postnova, noting they were served after takeoff, before the lights were turned off and before arriving.

But the initial meal wasn’t dinner — it was lunch, said Qantas Group CEO Alan Joyce.

“Night flights usually start with dinner and then lights off. For this flight, we started with lunch and kept the lights on for the first six hours, to match the time of day at our destination. It means you start reducing the jetlag straight away,” he said in a statement after the first test flight was conducted.

Studies on the brightness and color tone of cabin lighting are planned for later this year, and more research on departure and arrival times and seasonal differences is needed, according to Qantas and the University of Sydney.

Findings from the test flights have not been published, but Peter Cistulli, professor of sleep medicine at the University of Sydney, called the early results “promising.”

For now, Postnova said, travelers shouldn’t wait until they land to combat jet lag — rather, they should start the process as soon as their flight departs.

An onboard ‘wellbeing zone’

The jet lag research is being conducted while Qantas awaits 12 Airbus 350 aircraft it ordered in May 2022. Delivery is expected to begin in late 2025, with the New York-Sydney route starting shortly thereafter, according to the press release.

Joyce said the new non-stop flights will reduce travel times between New York and London to Sydney by some three hours.

The new Airbus fleet will also have an onboard “Wellbeing Zone” where passengers can stretch and perform simple exercises.

“Our A350s will have about 100 fewer seats than most of our competitors, which gives us room for more space in all classes as well as a Wellbeing Zone for Premium Economy and Economy passengers to stretch,” Joyce said.

As for what passengers do on the flights, which will likely be the longest commercial flights in the world, Joyce said: “People can choose how they spend their time but we’ll make recommendations based on science.”

Blockchain company Ripple said Thursday it received in-principle regulatory approval to operate in Singapore, in a rare moment of good news for the cryptocurrency industry globally as it faces tightening policy back home in the United States.

Ripple said that it was granted in-principle approval of a Major Payment Institution Licence from the Monetary Authority of Singapore, the country’s central bank.

The license will allow Ripple to offer regulated digital payment token products and services and expand the cross-border transfers of XRP, a cryptocurrency the company is closely associated with, among its customers, which are banks and financial institutions.

XRP was trading at around 50 cents late Wednesday evening.

Ripple, a San Francisco-based fintech company, is mostly known for XRP as well as an interbank messaging services based on blockchain, the distributed ledger technology that underpins many cryptocurrencies.

The company’s on-demand liquidity service uses XRP as a kind of “bridge” between currencies, which it says allows payment providers and banks to process cross-border transactions much faster than they would over legacy payment rails.

But Ripple also operates a blockchain-based international messaging system called RippleNet to facilitate massive transfers of funds between banks and other financial institutions, similar to the global interbank messaging system SWIFT.

The Securities and Exchange Commission charged Ripple, co-founder Christian Larsen and CEO Brad Garlinghouse with conducting an illegal securities offering that raised more than $1.3 billion through sales of XRP.

Ripple denies the SEC allegations, contending that XRP is a currency rather than a security that would be subject to strict rules.

Singapore is one of the largest currency corridors from which Ripple sends money across borders using XRP, the company said in a press release.

A majority of Ripple’s global on-demand liquidity transactions flow through Singapore, which serves as the company’s regional Asia-Pacific headquarters, Ripple said.

Ripple has doubled its headcount in Singapore over the past year across key functions including business development, compliance, and finance, and plans to continue increasing its presence there.

MAS, the Singaporean financial regulator, was not immediately available for comment when contacted by CNBC.

The central bank was previously in the news for blasting Three Arrows Capital, the disgraced crypto hedge fund that imploded after betting billions on failed stablecoin terraUSD, for providing misleading information concerning its relocation to the British Virgin Islands in 2021.

The Asian megacity has gained a reputation over the years for being a more financial technology and crypto-friendly jurisdiction, opening its doors to a number of major companies including domestic banking giant DBS, British fintech firm Revolut, and Singapore-based crypto exchange Crypto.com.

Garlinghouse is due to speak at the Point Zero Forum in Zurich, Switzerland, next Wednesday to “discuss the resurgence of innovation in digital assets through investment and thoughtful regulation,” the company said.

It comes on the heels of Ripple’s $250 million purchase of Metaco, a crypto custody services firm, to expand its reach in the Swiss market and diversify away from its home in the U.S. Recently, Ripple’s Garlinghouse said the firm will have spent more than $200 million in legal fees by the time its legal battle with the SEC is wrapped up.

Seven members of Kappa Kappa Gamma at Wyoming’s only four-year state university sued in March, saying the sorority violated its own rules by admitting Artemis Langford last year. Six of the women refiled the lawsuit in May after a judge twice barred them from suing anonymously.

The Kappa Kappa Gamma motion to dismiss, filed Tuesday in U.S. District Court in Cheyenne, is the sorority’s first substantive response to the lawsuit, other than a March statement by its executive director, Kari Kittrell Poole, that the complaint contains “numerous false allegations.”

“The central issue in this case is simple: do the plaintiffs have a legal right to be in a sorority that excludes transgender women? They do not,” the motion to dismiss reads.

The policy of Kappa Kappa Gamma since 2015 has been to allow the sorority’s more than 145 chapters to accept transgender women. The policy mirrors those of the 25 other sororities in the National Panhellenic Conference, the umbrella organization for sororities in the U.S. and Canada, according to the Kappa Kappa Gamma filing.

The sorority sisters opposed to Langford’s induction could presumably change the policy if most sorority members shared their view, or they could resign if “a position of inclusion is too offensive to their personal values,” the sorority’s motion to dismiss says.

“What they cannot do is have this court define their membership for them,” the motion asserts, adding that “private organizations have a right to interpret their own governing documents.”

Even if they didn’t, the motion to dismiss says, the lawsuit fails to show how the sorority violated or unreasonably interpreted Kappa Kappa Gamma bylaws.

The sorority sisters’ lawsuit asks U.S. District Court Judge Alan Johnson to declare Langford’s sorority membership void and to award unspecified damages.

The lawsuit claims Langford’s presence in the Kappa Kappa Gamma house made some sorority members uncomfortable. Langford would sit on a couch for hours while “staring at them without talking,” the lawsuit alleges.

The lawsuit also names the national Kappa Kappa Gamma sorority council president, Mary Pat Rooney, and Langford as defendants. The court lacks jurisdiction over Rooney, who lives in Illinois and hasn’t been involved in Langford’s admission, according to the sorority’s motion to dismiss.

The lawsuit fails to state any claim of wrongdoing by Langford and seeks no relief from her, an attorney for Langford wrote in a separate filing Tuesday in support of the sorority’s motion to dismiss the case.

Instead, the women suing “fling dehumanizing mud” throughout the lawsuit “to bully Ms. Langford on the national stage,” Langford’s filing says.

“This, alone, merits dismissal,” the Langford document adds.

One of the seven Kappa Kappa Gamma members at the University of Wyoming who sued dropped out of the case when Johnson ruled they couldn’t proceed anonymously. The six remaining plaintiffs are Jaylyn Westenbroek, Hannah Holtmeier, Allison Coghan, Grace Choate, Madeline Ramar and Megan Kosar.

Kendra Kingsbury, 50, of Garden City, Kansas, was sentenced to three years and 10 months in federal prison without parole by U.S. District Judge Stephen R. Bough.

In October, Kingsbury pleaded guilty to two counts of unlawfully retaining documents related to national defense. Similar to the charges facing former President Donald Trump, Kingsbury’s case involved alleged violations of the Espionage Act.

Donald Trump 18 hours ago

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Kingsbury, who held a TOP SECRET/SCI security clearance and served as an intelligence analyst for the FBI for more than 12 years, was accused of repeatedly removing sensitive government materials from a secure workspace. Some of the documents she removed and retained in her North Kansas City residence included national defense-related classified documents.

Prosecutors alleged in court documents that Kingsbury improperly removed and unlawfully retained approximately 386 classified documents. The retained documents were stored in various formats, including hard drives and compact discs, prosecutors said.

In their sentencing memo, prosecutors said, “The FBI ultimately determined that over 20,000 documents that originated either at the FBI or some other government agency were found in the defendant’s residence.”

Read the full story on NBCNews.com here.

What you need to know today

Rally fades
U.S. stocks fell on Wednesday for the third-straight session as investors took a breather from last week’s rally. In Europe, markets lost ground after U.K. inflation data came in higher than expected.

Chip plans
Intel has plans to take on the might of chip titan Taiwan Semiconductor Manufacturing Company, updating investors on its turnaround plan on Wednesday. But its stock dropped 6% during the session as some analysts worried about Intel’s gross margins.

More hikes
Fed Chair Jerome Powell reaffirmed his belief that more rate hikes are likely until more progress is made on bringing down inflation. Speaking to the House Financial Services Committee, he said last week’s pause was just a brief respite.

ETF excitement
Bitcoin traders were getting excited about the prospects of a spot bitcoin ETF on Wednesday. The cryptocurrency rose to its highest price since April with bullishness about BlackRock and others getting involved in digital assets.

[PRO] Expected glut
Cathodes, a part of an EV battery that attracts positive charge, are increasingly being seen as a commodity and we might be about to see some serious oversupply, according to Goldman Sachs. The investment bank has named the winners and losers of the expected glut.

The bottom line

The war on inflation is not over yet.

Speaking a week after the Federal Open Market Committee decided for the first time in more than a year to not push rates higher, Fed Chair Jerome Powell indicated that the move likely was just a brief respite rather than an indication that the central bank is done hiking.

Powell’s comments partly accounted for a third-straight daily loss for the S&P 500.

Fed officials indicated there could be two more quarter-percentage point moves on the horizon this year.
And 2% inflation remains the magical target. In the U.S., that is still elusive with inflation at 4% in May and core inflation at 5.3%.

But over in Japan, central bankers are wary that inflation will not stay above their 2% goal — even though that has been the case for well over a year now. They are eager to get the timing of any definitive monetary tightening right, but that won’t be easy after decades of chronic deflation in the world’s third-largest economy.

Everybody’s fighting inflation, it seems; yet everybody’s fighting their own unique war.

U.S. District Judge Maryellen Noreika must still approve the plea agreement that was reached following a lengthy federal investigation. It calls for the president’s son to plead guilty to two misdemeanor counts of failing to pay taxes. Hunter Biden also must commit to court-imposed conditions that will spare him full prosecution on a felony gun charge.

The hearing is scheduled for July 26 as a combined initial appearance and plea agreement.

News of the plea deal Tuesday sparked criticism from Republicans who are pursuing their own congressional investigations into nearly every facet of Hunter Biden’s business dealings, including foreign payments.

Attorney General Merrick Garland, traveling in Stockholm on Wednesday, said David Weiss, the U.S. attorney for Delaware, was given “full authority to decide the matter as he decided was appropriate. And that’s what he’s done.”

Former President Donald Trump and other Republicans have pointed to the case to raise questions about Justice Department independence as Trump faces a historic criminal indictment. The charges against Trump were filed by a special prosecutor appointed in an effort to avoid any perception of a political conflict.

The Hunter Biden charges, meanwhile, were filed by U.S. Attorney Weiss, who was appointed by Trump and kept on during the Biden administration to continue the investigation, some aspects of continue. Noreika was also appointed by Trump, in 2017.

Hunter Biden’s lawyer has said the guilty pleas are an effort to take responsibility for mistakes that he made “during a period of turmoil and addiction in his life,” and his understanding is that it wraps up the five-year investigation of his client.

“Diamonds are a girl’s best friend,” as the old song goes.

But they’re not an investor’s favorite currently, with the precious gems losing some significant value over the last few months.

Diamond prices are down 18% from their all-time highs in February 2022, and are lower 6.5% year-to-date, according to one Global Rough Diamond Price Index. And their value is about to dive further, market watchers predict.

“A slightly better-than-average-quality 1-carat natural diamond was $6,700 a year ago, today this same diamond is selling for $5,300,” Paul Zimnisky, the CEO of Paul Zimnisky Diamond Analytics, told CNBC.

Diamonds, alongside other jewelry, saw elevated prices during the Covid-19 pandemic which culminated in a peak early last year.

“Consumers were ready to spend,” management consulting firm Bain & Company said in a report dated February last year. “They were flush with cash from buoyant capital markets and economic stimulus programs, and eager to spend it on meaningful gifts for their loved ones,” they said.

When people could not travel or eat out, all of that excess money went into luxury goods and jewelry, said CEO of Angara Jewelry Ankur Daga.

And when the economy started opening up again, diamond prices started moderating, and slid into a “steep decline,” he added.

Continued competition from man-made diamonds, a slower Chinese economic recovery and an uncertain macroeconomic backdrop are also drivers of a lackluster market, according to industry experts.

A ‘perfect substitute?’

An increasing amount of consumers are turning to lab-grown diamonds, said Edahn.

“The share of lab grown diamond sales versus natural diamonds is rising. In 2020, they were just 2.4%. In 2023 to date they are already up to 9.3%,” he said.

Lab-grown diamonds are made in a controlled environment using extreme pressure and heat that recreates how natural diamonds are forged hundreds of kilometers in the Earth’s mantle.

They are chemically, physically and optically identical to natural diamonds, and are deemed to be a “perfect substitute,” Daga said. But more importantly for most — they are a lot cheaper.

And more people are turning to them for their choice of engagement rings.

“Lab is indistinguishable over mined diamond, and if I can get a bigger diamond for the same price, why not?” said 29-year-old Singaporean Jonathan Lok, who proposed to his fiancée with a 0.76 carat lab-grown diamond ring late last year.

He added that his fiancée had specified for a smaller diamond, and did not want him to spend an exorbitant amount on the ring.

Prices of lab-grown diamonds have been “nosediving,” said Edahn Golan, the CEO of Edahn Golan Diamond Research & Data, with prices sinking 59% in the last three years.

“Three years ago, you would be able to buy a lab grown equivalent 20% to 30% off of the natural price. Now it’s anywhere between 75% and 90% off natural prices,” Daga said, attributing the cheaper prices to machines becoming more efficient in producing more man-made diamonds.

The lab-grown diamond industry, which is energy-intensive, have also been seeing soaring energy costs taper off from its peak.

In the bear case scenario, he expects natural diamond prices to record a drop of between 20% to 25% from current prices in the next 12 months, which would mark a 40% drop off the February peak. And Daga is not alone.

“There is room for continued price declines, and that is a very likely scenario, especially since retailer margins for lab grown diamonds are especially high, around 60% compared with 34% for natural diamonds,” said Golan.

However, even so, the plunge could eventually hit a “natural floor” due to labor costs.

“Labor costs have been going up still, and labor is still a very critical part of producing the diamond. So there is a natural floor somewhere,” Daga said, adding that a flatline will follow after a 25% drop.

The middle-market stage of diamond production involves the cutting and polishing of the diamond before fashioning it into jewelry, which is the “most complex” and extensive portion of the value chain, according to Bain & Company.

Sanctions on Russian diamonds

Additionally, diamond market watchers are not expecting sanctions on the world’s leading producer, Russia, to lead to severe price spikes.

Earlier in May, the G7 economies convened a discussion on imposing sanctions on Russian diamonds, with the United Kingdom taking the lead in sanctioning Russia’s state-owned company Alrosa.

“The Russians have ramped up diamond sales in recent months in an attempt to claw back market share lost last year following the disruption in trading,” Zimnisky stated.

Russia is the world’s largest producers of diamond, followed by Botswana and the Democratic Republic of Congo, according to the Diamond Registry.

According to Edahn, Russia will face no issues selling its diamonds despite the sanctions, especially if the larger buyers continue to take a shine to Moscow’s prized stones.

“Countries like India, UAE, and even the EU, didn’t place sanctions on rough diamond imports. So again, no real shortages,” he said.

India is the world’s top diamond importer, with the U.S. coming in second, followed by Hong Kong, Belgium and the UAE.

Frito-Lay voluntarily recalled some of its 15 oz. Tostitos Avocado Salsa Dips jars that were distributed to stores and e-commerce channels nationwide and were ready for purchase as early as April 5, 2023.

In a statement, the FDA wrote some of the jars have incorrect labeling on the back that does not state the salsa contains a milk allergen. The agency added the front of the jar is correctly labeled as Tostitos Avocado Salsa.

The Agency added anyone with an allergy or severe sensitivity to milk could experience a serious or life-threatening allergic reaction if they eat the dip.

The recalled dip has an expiration date on the jar’s upper of November 2 or November 3, 2023, and a barcode ending in 05597.

So far, no other Tostitos products have been recalled and no adverse reactions to the dip have been reported as of June 21. Any person with questions on the recall can contact Frito-Lay Consumer Relations at 1-800-352-4477.

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Asia-Pacific markets were mixed after U.S. Federal Reserve Chairman Jerome Powell forecast more rate hikes this year, saying that “the process of getting back down to 2% has a long way to go.”

“Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year,” Powell said in remarks prepared for testimony before the House Financial Services Committee. 

In Japan, the Nikkei 225 closed down 0.92% at 33,264, dragged by electronic stocks, while the Topix ended up marginally at 2,296.5.

South Korea’s Kospi closed up 0.43%, snapping three straight days of losses and closing at 2,593.7. The Kosdaq closed marginally higher at 876.38.

Australia’s S&P/ASX 200 led losses in the region and slid 1.63%, its largest single-day decline in June, closing at 7,195.5.

Elsewhere, markets in Hong Kong, mainland China and Taiwan are closed for a holiday Thursday.

Separately, crypto prices also surged in the last 24 hours, with bitcoin breaking above the $30,000 mark for the first time since April 26. Ether climbed to breach the $1,900 mark, its highest level since May 7.

Overnight in the U.S., all three major indexes fell for a third-straight day, with the Nasdaq Composite seeing the largest loss and sliding 1.21%. The Dow Jones Industrial Average was lower by 0.3%, and the S&P 500 dropped 0.52%.

— CNBC’s Sarah Min and Tanaya Macheel contributed to this report

Correction: This story has been updated to reflect that markets in Hong Kong were closed on Thursday for a holiday.

Philippines central bank holds rates for second straight time

The central bank of the Philippines held its policy interest rates Thursday for the second straight time, after pausing hikes in its May meeting.

Its benchmark rate now stands at 6.25%, the highest interest rate the country has seen since May 2007.

— Lim Hui Jie

Indonesia’s central bank holds rates for fourth straight month

Indonesia’s central bank has held its seven-day reverse repurchase rate at 5.75%, the fourth straight month that it has held the benchmark policy rate at this level.

The bank’s deposit facility rates and lending facility rates were also held at 5% and 6.5% respectively.

— Lim Hui Jie

Nintendo shares up by 2% after event announcing new titles

Nintendo shares were up more than 2%, hitting a new 52-week intraday high following the Nintendo Direct event Wednesday that revealed a wide slate of upcoming titles.

The company announced new additions to blockbuster franchises like Super Mario and Pokemon, as well as third party games in the Batman and Persona universes.

However, Nintendo is not likely to announce new hardware this calendar year as it wants to “monetize what’s left” in the Switch life cycle, said Serkan Toto, founder of Kantan Games. The company hopes to capture holiday sales later this year with the current Switch, he told CNBC’s “Street Signs Asia.”

The software releases planned for later this year are typical for the tail-end of a console’s life cycle, said Toto. “It’s a pretty strong finish for the Switch.”

— Audrey Wan

‘We don’t see SoftBank’s investments as A.I.,’ says Jefferies

SoftBank Group CEO Masayoshi Son saying most of the Japanese firm’s investments are artificial intelligence-related is a “nice headline” but “we don’t see them as AI,” said a Jefferies analyst.

“He made a lot of investments which he termed as AI. We don’t see them as AI, but Arm, which he’s preparing for an IPO, is an AI play alongside Nvidia,” said Atul Goyal, managing director at Jefferies Asia, on CNBC’s “Squawk Box Asia” Thursday. Arm is a British chip design firm SoftBank acquired in 2016.

Son on Wednesday said that the Japanese investment firm plans to go back on the offensive and capitalize on the AI boom.

“The other big investments [of SoftBank] are Coupang and DoorDash. All these companies are matching demand and supply, which a lot of other companies like stockbrokers have done for decades. That doesn’t make them AI,” said Goyal.

“[Son] has been talking about AI for the last five, six years. He was very early on the thematic side, but for specific stocks, unfortunately, it doesn’t look like he’s picked up the best ones.”

— Sheila Chiang

Shares of OCBC fall, but DBS shares rise after fine from Singapore’s monetary authority

Shares of Southeast Asia’s largest bank DBS rose 0.48%, even after the bank was hit with a 2.6 million Singapore dollar ($1.94 million) fine from the Monetary Authority of Singapore for breaching its requirements on anti-money laundering and countering terrorism financing.

MAS imposed fines on three banks for the breach relating to the 2019 Wirecard scandal, namely DBS, OCBC Bank and Citibank, as well as insurer Swiss Life for the breach.

OCBC shares fell 0.72%, after it received a SG$600,000 fine from the MAS. Citibank and Swiss Life were fined SG$400,000 and SG$200,000 respectively.

— Lim Hui Jie

CNBC Pro: Markets are running ‘too fast, too quickly’ — buy these cheaper stocks instead, analyst says

U.S. stocks have been red-hot, with the S&P 500 hitting its highest level in over a year.

But Steven Glass, managing director and analyst at Pella Funds Management, says U.S. markets have “run too fast, too quickly.”

Investors can look at cheaper stocks instead, according to Glass. Of the four stocks he named, two are “very cheap,” he said.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: This Wall Street bank’s stock is expected to double over the next year, Jefferies

Shares of a Wall Street bank are forecast to more than double over the next 12 months, according to Jefferies.

Jefferies’ analysts suggest that large-scale share buybacks of about $4.7 billion over the next three years could help push up the global lender’s stock price.

They expect the bank to generate around $24 billion of profit over the course of 2023 to 2025.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Powell confirms more interest rate hikes likely

Federal Reserve Chairman Jerome Powell on Wednesday said he and his colleagues expect more interest rate increases ahead as inflation is still too high.

“Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” he said in prepared remarks for a hearing before the House Financial Services Committee.

Powell noted that “nearly all” policymakers figure additional hikes will be needed to bring inflation closer in line to the Fed’s 2% target.

—Jeff Cox

Powell sees economy as ‘very strong’ and cites ‘progress’ in inflation fight

Fed Chairman Jerome Powell gave high marks to the U.S. economy, which has held steady despite the central bank’s efforts to slow growth and bring down inflation.

“The economy is very strong,” Powell said Wednesday morning during one of his exchanges with House Financial Services Committee members. “What’s driving it now is just a very strong labor market.”

The chair noted that the Fed considers inflation fighting to be its top priorities, and said, “We have quite a ways to go, but we’re making progress.”

Even with 5 percentage points worth of rate hikes since March 2022, Powell said, “Our recovery is by far the strongest of many countries.”

—Jeff Cox

Fed’s Bostic calls for ‘play-it-by-ear’ approach on rates

Atlanta Federal Reserve President Raphael Bostic said Wednesday the central bank can stop raising interest rates as it gauges the impact of the 10 previous hikes.

“I think we are in a place where we should let the hard work the Committee has already done work its way through the economy and see if it continues to bring inflation closer to our goal,” Bostic said in an essay.

He labeled his policy outlook as a “play-it-by-ear approach” in which policymakers can watch for impacts of policy tightening and then decide at each individual meeting whether to hike, hold or cut.

Bostic is nonvoting member of the rate-setting Federal Open Market Committee this year.

—Jeff Cox

WTI crude on track for best month since October

West Texas Intermediate crude settled up 1.88% at $72.53 per barrel, and also hit its highest level since June 8 during the trading session.

The U.S. oil benchmark is now up 6.52% for the month, on track for its best month since October 2022.

The gains for oil this month have come despite concerns about economic growth in China and Federal Reserve officials signaling that more rate hikes are likely coming in the U.S.

— Jesse Pound, Gina Francolla

Amazon steered consumers to sign up for Prime without their permission, FTC says

The Federal Trade Commission sued online retail behemoth Amazon on Wednesday over alleged usage of deceptive design tactics.

The FTC say Amazon knowingly pushed users to sign up for the company’s Prime service and actively discouraged their efforts to cancel. The lawsuit stems from a March 2021 investigation into Amazon’s processes for customer sign-ups and membership cancelations.

“Amazon tricked and trapped people into recurring subscriptions without their consent, not only frustrating users but also costing them significant money,” FTC Chair Lina Khan said.

— Brian Evans

CNBC’s Jim Cramer warned investors on Wednesday that while bulls and bears make money, hogs get slaughtered. Cramer said it’s time to trim some hot stocks and keep money waiting in the wings while the Federal Reserve weighs its next move.

“It’s OK to take something off the table after a big run,” he said. “You don’t sell everything unless there’s something fundamentally wrong with the company or the entire economy right now, and neither’s the case.”

For the CNBC Charitable Trust, Cramer trimmed stock from Facebook parent Meta, AMD and Costco because he’d seen such high gains, especially in the latter two. To Cramer, these prices were getting “piggish,” and he felt it was time to “ring the register.”

“I think we’re currently in no man’s land though — not high enough to justify making more sales, but certainly not low enough to justify buying anything, because I want to wait for a better opportunity,” Cramer said, adding that he needs a solid catalyst to buy new stock.

Cramer also said he thinks the decline in the CBOE Volatility Index — also known as the market’s fear gauge — shows that many investors are getting complacent, and it doesn’t help, he continued, that the Fed keeps giving out mixed messages. According to Cramer, instead of swinging at every pitch, it’s time for investors to keep their bats on their shoulders.

“I just told you what we’re doing for the trust: waiting,” Cramer said. “It’s often the hardest thing to do, but many times the hardest thing to do is also the best way to try to make a lot of money.”

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President Joe Biden‘s son Hunter is scheduled to appear next month in federal court, where he is expected to plead guilty to misdemeanor tax charges, according to a court filing Wednesday.

The initial appearance in U.S. District Court in Wilmington, Delaware, is set for 10 a.m. ET on July 26, Judge Maryellen Noreika ordered.

The court proceeding will come more than a month after Hunter Biden, 53, agreed to plead guilty to two misdemeanor charges of failing to pay federal income taxes and cut a separate deal related to a felony gun charge.

Biden’s attorney and federal prosecutors had both asked to consolidate both the tax and gun matters into one court appearance.

NBC News reported Tuesday that U.S. Attorney for Delaware David Weiss agreed to recommend that Biden receive a sentence of probation for the tax crimes.

Biden, who has been open about his substance abuse struggles, also agreed to enter into a so-called pretrial diversion agreement in connection with a federal felony charge of possession of a gun by a person who is a user or addict of illegal drugs. Diversion agreements can end with criminal charges being dismissed if completed successfully.

Christopher Clark, the lawyer for the president’s son, said Tuesday that with the plea agreement and diversion deal, “it is my understanding that the five-year investigation into Hunter is resolved.”

Clark did not immediately respond to CNBC’s request for comment on the judge’s order scheduling the hearing.

In an MSNBC appearance Tuesday, Clark said he expects Hunter Biden to be released without conditions after the court proceeding. “Hunter feels happy to move on with his life,” Clark said.

Noreika, 56, was nominated to the bench by then-President Donald Trump in 2017. Her nomination received bipartisan support in the Senate, which confirmed her by voice vote in 2018.

The information charging Biden with tax crimes said he did not pay any federal income taxes in 2017 and 2018, despite making more than $1.5 million annually and owing more than $100,000 each year. Those taxes were reportedly repaid.

The other information stated that Biden in 2018 possessed a revolver “despite knowing he was an unlawful user of and addicted to a controlled substance.”

Futures on the Dow Jones Industrial Average fell 45 points, or 0.13%. S&P 500 futures were down by 0.18%, and Nasdaq 100 futures were 0.27% lower.

The rally appeared to decelerate this week as all three major averages fell three days in a row. The S&P 500 slid 0.5% Wednesday, marking its worst daily performance in June. The equity benchmark is now down 1% week to date, on pace to break a five-week win streak.

The tech-heavy Nasdaq Composite fell 1.2%, suffering its worst daily performance since June 7. Big winner in artificial intelligence AMD dropped 5.7% Wednesday, while Intel retreated 6%. The Dow Jones Industrial Average slipped 0.3%.

Wednesday’s decline came as Federal Reserve Chair Jerome Powell said more rate hikes are likely ahead to combat inflation, pouring cold water on investors who had hoped the central bank was close to the end of its tightening cycle.

“Powell said lowering inflation has a long way to go and that could very well mean that they won’t stop until the fall,” said Edward Moya, senior market analyst at Oanda. “If other central banks seem poised to deliver more than a couple rate hikes, that might make it easier for the Fed to remain aggressive with tightening.”

The Fed kept rates steady at last week’s policy meeting after 10 consecutive hikes. However, officials indicated there could be two more quarter-percentage point increases this year.

Powell will deliver his Semiannual Monetary Policy Report to the Senate Banking Committee on Thursday morning. Investors will look for further comments on inflation and interest rates.

Investors will also monitor weekly jobless claims data Thursday morning, which is expected to show a total of 256,000, according to economists polled by Dow Jones.

Swiss National Bank hikes rates

The Swiss National Bank hiked interest rates by 25 basis points Thursday, taking the key rate to 1.75%. The move was forecast in a Reuters poll of economists.

Switzerland has not suffered the same level of inflation as many of its European neighbors, but it remains above the central bank’s 0-2% target, coming in at an annual 2.2% in May.

— Jenni Reid

Europe stocks open sharply lower

European stocks fell in early Thursday trade, with the Stoxx 600 index down 1.27% at 8:38 a.m. London time.

All sectors declined, with autos shedding 2.1% and banks falling 2.6%.

France’s CAC 40 and Germany’s DAX were down 1.2% and 1.08%, respectively. The U.K.’s FTSE 100 fell 1.2% ahead of a key monetary policy decision in which markets are raising bets on a potential 50 basis point hike.

— Jenni Reid

Bitcoin tops $30,000

Bitcoin hit a high of $30,749.45 during Wednesday’s session, reaching its highest level since April 14 when bitcoin traded as high as $31,102. The last time bitcoin traded over $30,000 was April 26.

— Gina Francolla

S&P 500 suffers worst day in June — a modest decline in a strong month

The S&P 500 slipped 0.52% during Wednesday’s regular session as the stock market rally took a break from its tech-powered run. The decline was just enough to mark the broad-market index’s worst day in June.

Information technology and communication services, the two hottest sectors in the S&P 500 this year, apparently took a day off and each logged a loss of about 1.4%. Alphabet and Netflix, both in the communication services sector, dropped more than 2%. Meanwhile, AMD, which slid 5.7%, and Intel, which shed 6%, pulled down the tech sector.

Even after Wednesday’s decline, the S&P 500 is up nearly 4.5% in June and is touting a 13.7% gain for 2023.

— Darla Mercado, Chris Hayes

Investors Intelligence bullishness climbs to new 19-month high

The percentage of bullish financial newsletter advisors and editors rose to 54.3% in the latest weekly Investors Intelligence survey, a fresh 19-month high and up from 53.4% last week. In November 2021, bulls reached what II calls “a danger level” of 57.2%.

Bearishness slumped further, to 20%, the lowest since January 2022 and down from 20.6% last week. Those editors forecasting a correction also fell, down to 25.7% from 26% last week.

The spread between the percentage of bullish and bearish advisors widened to 34.3 points from 32.8 points a week ago, the largest positive difference since November 2021.

Contrarian investors look for rising bullishness as a sign of increased risk in the market, arguing that the higher readings indicate optimistic investors have already done most of their buying and there’s less cash on the sidelines to push prices higher. The reverse is true at times of growing bearishness.

— Scott Schnipper

The drag story hour, at which drag queens read children’s books to kids, took place at an LGBTQ-owned coffee shop in Concord, the state’s capital, on Sunday.

In video that has attracted over 6.5 million views on Twitter, more than a dozen men wearing masks, sunglasses, baseball caps and matching shirts and pants can been seen chanting, raising their right arms in unison and banging on the coffee shop’s windows.

State officials said NSC-131, a neo-Nazi group based in New England, had claimed responsibility for the protest. NSC stands for the Nationalist Social Club.

The protesters chanted “131” and homophobic slurs, including “faggots,” according to Juicy Garland, a drag performer who was at the event and posted the video on social media.

Garland added that once the protest began, the store manager called the police and moved the event to the second floor of the shop, called Teatotaller, away from the demonstrators.

Read the full story on NBCNews.com here.

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The pharmaceutical industry’s largest lobbying group and two other organizations Wednesday sued the Biden administration over Medicare’s new powers to slash drug prices for seniors under the Inflation Reduction Act. 

Pharmaceutical Research and Manufacturers of America, along with the National Infusion Center Association and the Global Colon Cancer Association, argue that the Medicare negotiations with drugmakers violate the U.S. Constitution, in a complaint filed in federal district court in Texas. 

PhRMA represents many of the largest drugmakers in the world, including Eli Lilly, Pfizer and Johnson & Johnson. 

The groups asked the court to declare the program unconstitutional and prevent the Department of Health and Human Services from implementing Medicare negotiations without “adequate procedural protections” for drug manufacturers. 

HHS did not immediately respond to CNBC’s request for comment. 

It marks the fourth lawsuit challenging the controversial provision of the Inflation Reduction Act, which became law last summer in a major victory for President Joe Biden and Democratic lawmakers.

The policy aims to make drugs more affordable for older Americans but will likely reduce pharmaceutical industry profits. Merck and Bristol Myers Squibb — who are also represented by PhRMA — and the U.S. Chamber of Commerce filed separate lawsuits against the provision earlier this month. 

The latest lawsuit argues the plan delegates too much authority to the HHS.

PhRMA and the two organizations also argue that the provision includes a “crippling” excise tax aimed at forcing drugmakers to accept the government-dictated price of medicines, making it an excessive fine prohibited by the Eighth Amendment. 

The lawsuit also argues the policy violates due process by denying pharmaceutical companies and the public input on how Medicare negotiations will be implemented. 

“The price setting scheme in the Inflation Reduction Act is bad policy that threatens continued research and development and patients’ access to medicines,” PhRMA CEO Stephen Ubl said in a statement. 

“It also violates the U.S. Constitution because it includes barriers to transparency and accountability, hands the executive branch unfettered discretion to set the price of medicines in Medicare and relies on an absurd enforcement mechanism to force compliance,” Ubl said.

The first 10 drugs the provision applies to will be chosen in September, with the agreed prices taking effect in 2026. 

U.S. satellite communications giant Intelsat walked away from merger discussions with Luxembourg-based competitor SES on Wednesday, CNBC confirmed.

Intelsat ended the discussions after differences arose with SES over business priorities, a person familiar with the situation told CNBC. It also wasn’t clear whether the merger would lead to more value creation compared with Intelsat continuing on its own, the person said. The person spoke on condition of anonymity to discuss non-public matters.

The merger would have created a combined U.S. and European business valued at over $10 billion, as has previously been reported.

Both companies are increasingly under pressure from a shift in the satellite communications market from video broadcast to data services, leading to a flurry of consolidation in the sector. Elon Musk’s SpaceX has most notably disrupted the market, with its Starlink business growing to more than 1.5 million customers in under three years since debuting the service.

An Intelsat spokesperson declined CNBC’s request for comment, saying that the company “engages in strategic conversations with potential partners on a regular basis” but does not discuss “the content or outcome of those discussions.”

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SES did not immediately respond to CNBC’s request for comment. Bloomberg first reported the talks ending.

The collapse of the merger talks comes shortly after SES announced CEO Steve Collar would step down at the end of this month. The move came as a surprise within the space industry, as Collar’s career at SES spans more than 20 years.

The yoga teacher recently reflected on her love of taking care of others—including her husband of 11 years Alec Baldwin.

“Am I his mommy?” she told Romper of Alec Baldwin, who is 26 years her senior, in an article published June 21. “Sometimes I’m his mommy. Sometimes. At the beginning of our relationship, everyone was like, ‘She must have daddy issues because she’s married to somebody older.’ But it’s actually the opposite.”

But in addition to occasionally taking on a maternal role with the “30 Rock” alum, she’s also busy raising their kids Carmen, 9, Rafael, 7, Leonardo, 6, Romeo, 5, Eduardo, 2, Marilu, 2 and Ilaria, 7 months. And though she admitted she doesn’t really love being pregnant, Hilaria is fan of “creating love” by welcoming babies into the world.

“I love giving birth,” the 39-year-old explained. “This last time around, I pushed her out in a minute! Giving birth is like going down a water slide that’s really scary. And then you get to the bottom, and you’re like, ‘I want to do this again.'”

PHOTOS: Alec Baldwin & Hilaria Thomas: Road to Romance

As for whether or not Hilaria Baldwin and Alec Baldwin—who also shares daughter Ireland, 27, with ex Kim Basinger—plan to expand their family further, the entrepreneur noted they’re keeping their options open.

“Every single time I have a baby, my OB writes down the vasectomy doctor on a Post-it, and I bring it home to Alec,” Hilaria said. “He hasn’t done it yet.”

But as the author added, she thinks she and Baldwin are done adding members.

“This is probably, most definitely, almost completely my last baby,” she mused. “I’m always afraid to say it. I was putting away my maternity clothes recently and was like, ‘I’m afraid to give them away, because then I’ll find out I’m pregnant.'”

Intel stock dropped 6% Wednesday after the company gave investors an update on the company’s turnaround plan to become a chip manufacturing company competing with Taiwan Semiconductor Manufacturing Company.

Wednesday’s update featured Intel’s Chief Financial Officer David Zinsner explaining how the company would soon change the way it reports its financial results to give its foundry business, known as IFS, its own profit-and-loss statement, which would reveal the company’s manufacturing margins.

Intel’s new reporting structure could also help control costs at the chipmaker, which is seeking to trim as much as $10 billion from its costs over the next three years.

The update comes as investors continue to assess Intel’s turnaround plan under CEO Pat Gelsinger, which depends on catching up with TSMC’s manufacturing technology by 2026, a plan it calls “five nodes in four years.” Intel plans to use its own chips to work out problems in its manufacturing before opening the factories to third-party companies.

If Intel catches up with TSMC, then it can compete for contracts to build high-performance chips from companies such as Apple, Nvidia and Qualcomm, which don’t run their own manufacturing and currently often opt for TSMC or Samsung manufacturing. Intel said it expected to announce a key customer for its foundry business later this year.

“The manufacturing group will now face the same market dynamics as their foundry counterparts,” Zinsner told analysts. “They’ll need to compete for volume through performance and price as internal customers will have the option to leverage third party foundries and to attract external foundry volume, they must do the same.”

Wednesday’s update was focused on how Intel would use its manufacturing capabilities for its own chips. It said more updates on the foundry business and third-party customers would come later this year. Intel also said its own chip needs would contribute $20 billion in revenue to the unit next year.

Analysts on the call worried about Intel’s gross margins and asked how this plan would increase them. In April, Intel said its gross margin for the first quarter was 38.4%, down 51.3% in a year. Intel management said Wednesday it was shooting for 60% margins.

“We think we have a good path to 60 [percent],” Zinsner said.

Separately, Intel said Wednesday that it planned to sell 20% of an Austrian subsidiary, IMS Nanofabrication, to private equity firm Bain Capital in a deal that valued the unit at $4.3 billion.

“This will turn out to be one of the best acquisitions we’ve ever made, given that level of valuation and investment made,” Zinsner said Wednesday.

Other chip stocks also fell Wednesday amid a down day for tech stocks. AMD, Intel’s chief rival, fell nearly 6%, while Qualcomm fell more than 3%. Nvidia, which has been boosted by the recent artificial intelligence wave, fell less than 2%.

If someone is ambivalent toward you it means they have mixed feelings about you. This might cause them to greet you with a smile one day but give you the cold shoulder the next.

“I had assumed that with a neighbor or a colleague, having some positive interactions was better than all negative interactions,” he writes. “But being cheered on by the same person who cuts you down doesn’t buffer the bad feelings; it amplifies them.” 

Here’s why ambivalent relationships can be more harmful to our health than negative ones, and how to set boundaries with those mercurial people in your life. 

‘Ambivalent relationships are unpredictable’

“The most intuitive reason is that ambivalent relationships are unpredictable,” Grant writes. “With a clear enemy, you put up a shield when you cross paths. With a frenemy, you never know whether Dr. Jekyll or Mr. Hyde is going to show up.” 

That’s why a frenemy can cause you more distress than a straightforward enemy, according to a 2005 study.

That stress causes adverse health effects. 

Ambivalent relationships lead to greater risk of disease, according to one 2012 study. They can also lead to higher blood pressure.

How to set boundaries with a frenemy

The best way to alleviate some of that stress and the downstream health affects is to set a boundary, Nedra Glover Tawwab, a licensed therapist and author of Set Boundaries, Find Peace, told CNBC Make It last year.

“Anxiety and depression are just some of the mental issues or concerns that arise when boundaries are not present in relationships,” she said. “The lack of boundaries can make people feel powerless and hopeless.”

Here are three steps to help you draw a line:

1. Un-learn self neglect 

“Self-neglect is not a way to show how much you care for others,” she said. “In relationships, both parties can choose what they want and need.”

Tell yourself that you deserve to have preferences, and don’t feel bad for acting on them. 

“This can be a helpful step toward speaking your needs and desires,” Tawwab said.

2. Start thinking of time as finite

Saying “yes” to spending time with someone who may or may not be nice to you means you are losing time and possibly subjecting yourself to a toxic experience.

That’s why you should get comfortable saying “no.” 

“Boundaries around how you spend your time and allow others to use it are essential,” Tawwab said.

Let’s say a co-worker who is equal parts supportive and jealous of your accomplishments asks you to lunch.  It’s okay to tell them you’d rather grab a bite alone.

Or if a childhood friend who is in a particularly negative headspace asks you to dinner. It’s okay to say you are busy. 

Remind yourself that there are a limited amount of hours in the day, and they should be cherished. 

3. Use ‘I’ statements 

When drawing a boundary, don’t talk about what the other person is doing. For example, if you want to stop grabbing lunch with your co-worker, don’t make it about their actions or attitude.

Instead you can say “I just need some alone time mid-day and these lunches are the only time I can get it.” 

By setting boundaries with a frenemy, you can limit contact and protect your health.

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Key lawmakers on Wednesday invited the officials behind the proposed deal between the PGA Tour and Saudi-backed rival LIV Golf to testify at a Senate subcommittee hearing.

Sen. Richard Blumenthal and Sen. Ron Johnson, the chairman and ranking member of the Senate Homeland Security Committee’s permanent subcommittee on investigations, respectively, said the panel will hold a hearing July 11 on the merger.

Blumenthal, D-Conn., and Johnson, R-Wisc., requested testimony from the tour’s commissioner, Jay Monahan, LIV Golf CEO Greg Norman and Yasir al-Rumayyan of the Saudi Arabia Public Investment Fund.

In a letter to Monahan on Wednesday, the senators said the subcommittee would examine the proposed deal and the Saudi fund’s “investment in golf in the United States, the future of the PIF-funded LIV Golf, the risks associated with a foreign government’s investment in American cultural institutions, and the implications of this planned agreement on professional golf in the United States going forward.”

In response to the invitation, a PGA Tour spokesperson told CNBC they “look forward to appearing before the Senate Subcommittee to answer their questions about the framework agreement we believe keeps the PGA TOUR as the leader of professional golf’s future and benefits our players, our fans, and our sport.”

The tour did not say if Monahan, who was named future commissioner of the new entity but recently went on a leave of absence as he recuperates from a medical condition, would testify. The organization has so far not specified what the medical ailment is.

The Public Investment Fund did not respond to a request for comment.

“Fans, the players, and concerned citizens have many questions about the planned agreement between the PGA Tour and LIV Golf,” Johnson, the ranking member, said in a release. “I look forward to hearing testimony from the individuals who are in the best positions to provide insight to the public regarding the current state of professional golf.”

The subcommittee on investigations has broad jurisdiction to probe everything from corporate abuses to government waste. But committee hearings are relatively rare — this one will be only the second this year — and they typically mark the early phase of a longer investigation.

This one is no exception. Earlier this month, Blumenthal announced his intention to use the committee to investigate the merger between the PGA Tour and the Saudi-backed LIV in light of Saudi Arabia’s human rights abuses.

He gave Norman and Monahan until June 26 to furnish hundreds of records and internal communications.

In a sign of how serious the probe could become, Blumenthal later told CBS that if the PGA Tour or LIV fails to provide the information he is seeking, he would be willing to use “any of the tools at our disposal, including subpoenas and hearings, recommendations for action and legislation.”

Blumenthal has expressed a particular interest in whether the PGA Tour deserves to keep its tax exempt nonprofit status as a business association that benefits its members.

Since the PGA Tour’s founding in 1929, it has evolved into a $1.5 billion behemoth, fueled largely by major tournament revenues, broadcast rights and licensing fees.

If LIV makes a major investment in the PGA Tour, it would ostensibly create an unprecedented situation where a foreign investor would stand to benefit from buying into an American tax exempt organization.

On Wednesday, a PGA Tour spokesperson emphasized that the U.S. group remains officially a business association, and that the tour, not LIV, will oversee any partnership.

The PGA Tour is “working toward negotiating a final agreement that is in [its members’] best interest and ensures that the tour leads any new venture,” said the representative.

Shock and scrutiny

Earlier this month, the PGA Tour announced the deal with its Saudi-backed rival that would end pending litigation between the two entities. The entities have said they would merge business operations to form a larger, soon-to-be-named enterprise chaired by Al-Rumayyan.

In the wake of the deal announcement — which came as a surprise following months of feuding and lawsuits — U.S. officials started pressing for more information about the genesis of the deal and what it means for the sport.

Democratic Sens. Elizabeth Warren of Massachusetts and Ron Wyden of Oregon last week raised antitrust concerns, asking the Justice Department to investigate the deal. Soon after, the DOJ’s antitrust division informed the PGA Tour that it would review the proposed merger.

The proposed agreement has stirred questions across the board. The PGA Tour and LIV Golf had been trading barbs for some time, and both leagues had claimed that the other’s contracts and policies restricted golf talent and stifled proper competition.

Golfers have been divided between the two organizations, as some left the tour for the lofty paychecks doled out by LIV.

Since its launch in 2022, LIV has been mired in controversy and criticism. The Public Investment Fund is not, in fact, publicly held, as its name might suggest. It is a sovereign wealth fund controlled by the Saudi crown prince, Muhammed bin Salman.

The fund has been accused of “sportswashing,” trying to use LIV Golf to improve the image of the oil rich nation and distract from the kingdom’s history of human rights violations.

Robert F. Kennedy Jr., the anti-vaccine activist who’s now running for president, has another wealthy backer in his corner: veteran Wall Street executive Omeed Malik.

Last month, Malik took Kennedy to a swanky private dinner at the Bellagio in Las Vegas to rub elbows with an array of political power players, according to people familiar with the matter. 

Attendees at the dinner, which coincided with the SCALE Global Business Summit, included former Secretary of State Hillary Clinton, former Trump economic advisor Gary Cohn, former Secretary of State Mike Pompeo, ex-UK Prime Minister Boris Johnson, former Treasury Secretary Larry Summers and Democratic megadonor Marc Lasry, the people said.

Many of the attendees were listed as speakers at the summit. A spokeswoman for Cohn confirmed his attendance at the dinner and that the gathering included many of the speakers at the summit. Representatives for Kennedy, Clinton, Pompeo, Summers and Lasry did not return requests for comment about the dinner. A spokesperson for Johnson could not be reached.

While these people said Kennedy didn’t pitch himself as a candidate, his attendance at the dinner represents another way to beef up his presence in the political conversation despite having publicly pushed numerous conspiracy theories, including debunked takes on vaccines. The people declined to be named to in order to speak about private deliberations and conversations.

The election was nonetheless on attendees’ minds at the dinner. A person familiar with the matter said there were some, including Clinton, who suggested that President Joe Biden’s age could be a hurdle that he’ll need to shrug off to voters. Clinton also cheered on Biden’s tenure as president, another person said. She previously said at a Financial Times event in May that Biden’s “age is an issue. And people have every right to consider it.” Biden will turn 82 soon after next year’s general election, while former President Donald Trump will be 78 come November 2024.

Kennedy has also gained a little traction in polls pitting him against Biden in the Democratic primary race. A June Quinnipiac poll shows Biden with 70 % support among Democrats and Democratic-leaning voters, while Kennedy has 17% in approval among those same groups.

Name recognition is likely a part of that. Kennedy is the son of former Attorney General Robert F. Kennedy, who was assassinated during his own presidential run in 1968, and the nephew of late President John F. Kennedy, who was shot dead in 1963.

Malik, meanwhile, joins other rich donors in their support for Kennedy. Venture capitalist David Sacks and fellow tech leader Chamath Palihapitiya hosted a fundraiser for Kennedy this month, according to a tweet by Palihapitiya. The tweet said that “turnout was amazing” and attendees were Democrats, Republicans and independents. The event raised approximately $500,000 for Kennedy’s campaign, according to another person with direct knowledge of the matter. Kennedy was also once a guest on Sacks and Palihapitiya’s podcast.

Billionaire Twitter owner Elon Musk hosted Kennedy in a recent Twitter Spaces. Malik joined the discussion. Musk said last year he was leaning toward backing Florida Gov. Ron DeSantis for president. He later hosted a glitchy Twitter Spaces for the Florida Republican when he announced his run for president.

Malik gears up to host fundraisers

Malik will also host a campaign fundraiser for Kennedy in the ritzy Hamptons in July, according to those with direct knowledge of the matter. CNBC has also reviewed an invitation to the Sag Harbor gathering. The invitation, which does not name Malik, says the event will feature cocktails, hors d’oeuvres and a dinner featuring a discussion with Kennedy.

Tickets for the gathering are going for $6,600, the max an individual donor can give directly to a campaign. Often, half goes toward a primary account and the other half goes toward a general election pool of funds.

A Malik-hosted Hamptons event for DeSantis is also in the works for July, according to one of the people.

A spokesman for the DeSantis campaign did not return a request for comment. Malik himself has donated to candidates on both sides of the aisle. He gave to DeSantis when he ran for reelection in 2022, as well as Biden’s 2020 campaign and with Donald Trump’s failed second run for the White House, according to data from the nonpartisan OpenSecrets.

Malik worked as a managing director at Bank of America until 2018 before a reported controversy that, according to the New York Post, led to an eight figure settlement with the firm that he won.

Malik has since created his own lane on Wall Street with two firms: 1789 Capital and Farvahar Partners.

The Post reported that Malik is launching a new fund through 1789 Capital called EIG — or entrepreneurship, innovation and growth.

The paper said the $150 million fund is backed GOP megadonor Rebekah Mercer who helped finance Breitbart and later Cambridge Analytica, and former Republican Arizona Senate candidate Blake Masters who used to work for fellow Republican financier Peter Thiel.

Nearly 44.8 million people, or 26.6% of the U.S. labor force, live in a state where employers are required by law to list salary ranges in public job postings, according to data from the National Women’s Law Center.

Pay transparency has become a cornerstone of the labor force in recent years, with Colorado becoming the first state to require employers post pay ranges on job ads in 2021.

So far, eight states have salary transparency laws on the books: California, Colorado, Connecticut, Maryland, New York, Nevada, Rhode Island and Washington. Several cities and counties like Cincinnati and Jersey City, N.J., have their own pay transparency requirements.

Another 16 states and Washington D.C. have considered pay range transparency laws in the 2023 state legislative session, according to the NWLC, including: Alaska, Georgia, Hawaii, Illinois, Iowa, Kentucky, Maine, Massachusetts, Missouri, Montana, New Jersey, Oregon, South Dakota, Vermont, Virginia, and West Virginia.

If these bills become law, an additional 38.8 million people, or 23% of the U.S. labor force, would be entitled to see public salary ranges for their workplace, bringing pay transparency to roughly half of U.S. workers.

Illinois is nearly there — the state legislature passed a bill in May that would require businesses with 15 or more employees to list the pay range and general description of benefits for job listings. The bill is headed to Gov. J.B. Pritzker, a Democrat, as of June 15, and if signed will go into effect in January 2025.

Proponents of salary transparency say it’s a crucial piece to closing racial and gender wage gaps, which have barely budged in years. In the U.S., women are paid 82 cents for every dollar paid to a man, according to Census Bureau estimates, and the gap widens for many women of color.

So far, research is mixed as to whether salary range laws actually help close wage gaps, and early numbers indicate ranges are sometimes too wide to really help candidates.

But many say transparency is only the start to making pay equity a reality, and workers increasingly expect it from their employers: 55% of job-seekers, and 64% of Gen Z applicants, won’t apply to a job posting that lacks wage or salary information, according to an April 2023 Joblist survey of nearly 30,000 job-seekers.

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Check out: ‘They’ll never offer you the highest amount first’: 3 recent grads on the importance of negotiating salary right out of college

As summer arrives, Alison Schuch, owner of Fells Point Surf Co., is down about 10 workers at her two beach retail locations as a perfect storm of reasons drives a post-pandemic hiring crunch.

A lack of affordable summer housing, scant child-care availability, inflation and the rebalancing of work and life in recent years have combined to make the applicant pool different from what it once was.

“It’s just been hard to kind of balance the expectations of the team and the needs of the business and the needs on both sides,” Schuch said, “and then also the expectations of the customers — because, you know, having to close early because we don’t have enough people.”

“Customers want what they want. Convenience has become a huge important factor, because you can go online and get anything you want,” said Schuch, who has Fell’s Point Surf Co. stores in the Fells Point area of Baltimore, Maryland, and Dewey Beach, Delaware, as well as sister store Tangerine Goods in Bethany Beach, Delaware.

With summer hiring season in full swing, small business owners such as Schuch have lingering concerns about filling roles to meet consumer demand. Labor quality was the most important problem for nearly a quarter of National Federation of Independent Business, or NFIB, members surveyed in May, according to the small business advocacy organization.

Labor quality has fluctuated between being the No. 1 and the No. 2 most important issue for NFIB members in recent months. The sectors where businesses are feeling the labor shortage most acutely include construction, transportation and manufacturing, but retail and restaurant owners are also reporting challenges.

In May, 44% of owners reported job openings they couldn’t fill, while 38% said they were searching for skilled workers, the NFIB said. While owners have concerns about future business conditions and a potential recession, they’re still trying to hire and raise wages to entice workers.

Brendan McCluskey said he’s feeling the lack of talent available for hire in his Baltimore construction business, Trident Builders. Finding skilled workers is among the biggest issues he said he currently has in a competitive landscape, and the shortage is driving wages higher.

“We’re on the precipice of having some real opportunities for growth, and [the concern is] am I going to be able to staff it?” McCluskey said. “I’m trying to get to the next level and almost like the next weight class, and which would allow us to stabilize our revenues, grow, invest in people, invest in systems, frankly, just make more money.”

Comprehensive immigration reform would also help fill the gap, according to some industry advocates, such as the National Restaurant Association. The group has urged Congress to take action to strengthen visa policies and the Deferred Action for Childhood Arrivals program, shorten waiting periods for asylum seekers and create the Essential Workers for Economic Advancement program. EWEA, which was introduced in a House bill last month, would allow workers to come to the U.S. to fill “market-driven” roles on nonimmigrant three-year visas.

“There is no silver bullet to solving the industry’s recruitment challenge, but even incremental changes in immigration policy would be a significant step forward,” Sean Kennedy, executive vice president of public affairs at the National Restaurant Association, said in a statement.

“The restaurant industry is growing its workforce at a faster pace than the rest of the economy,” he added. “We expect to add another 500,000 jobs by the end of the year, but with one job seeker for every two open jobs, operators are fighting to fill positions. Growing the workforce with legal foreign workers would be a win-win for employers in desperate need of employees and individuals seeking training and opportunity.”

Back at the beach shops, Schuch said she’s noticed a slight pullback in consumer spending as shoppers seem to be watching spending more closely. But she hopes to continue to operate with a long-term mindset, even in the face of staffing challenges.

Keeping workers happy is top of mind.

“We’re only as strong as our weakest link, and I want us all to be strong and I want people to enjoy coming to work,” she said. “I think people is probably the No. 1 thing that keeps me up at night right now.”

Let it be known: The leader of the U.S. Federal Reserve, the most important central bank in the world, is a Deadhead.

No one is ever likely to confuse Jerome Powell with Jerry Garcia, but the policymaker apparently likes to stop and smell the “Scarlet Begonias” when he can.

Indeed, Powell was snapped June 3 at a Dead & Company show in Bristow, Virginia. An ensuing Twitter post created a bit of a social media sensation.

No one dared ask Powell about his excursion at last week’s post-meeting press conference. But the subject finally did come up Wednesday when he addressed legislators on the House Financial Services Committee.

Rep. Wiley Nickel (D-N.C.) said he was “excited” to hear that Powell was at the show, and asked him what he thought.

“It was terrific. What can I say? It was great,” Powell replied. “I’ve been a Grateful Dead fan for 50 years.”

Online reports indicated it must have been fun: The band played staples such as “Brown-Eyed Women,” “Uncle John’s Band” and “Deal” while pulling out “One More Saturday Night” and the Beatles’ “Dear Prudence” for the first time this tour.

The questioning Wednesday provided some kinship for Powell, Nickel and a few other committee members who expressed Dead fandom.

“I like people who like the Grateful Dead,” Nickel said.

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Senate Democrats on Wednesday blasted Supreme Court Justice Samuel Alito for failing to disclose as a gift his trip on a private plane owned by hedge-fund billionaire Paul Singer to travel with Singer to a luxury fishing excursion.

Alito six years after that 2008 trip ruled with a majority of justices in favor of an arm of Singer’s hedge fund Elliott Management in a major case seeking several billions of dollars in debt repayments from the nation of Argentina, one of several cases involving Singer’s company that came before the court, ProPublica reported Tuesday night.

Alito, who along with the Supreme Court’s press office declined to comment to ProPublica for its article, argued in an op-ed in The Wall Street Journal hours before the ProPublica report was published that he had “no obligation” to recuse himself from any of the cases Singer’s companies pursued before the Supreme Court.

The conservative justice said he was not aware of Singer’s connection to the companies that pursued cases at the Supreme Court, and that even if he did there would not have been even the appearance of impropriety in him considering the cases.

“He allowed me to occupy what would have otherwise been an unoccupied seat on a private flight to Alaska,” Alito wrote. “It was and is my judgment that these facts would not cause a reasonable and unbiased person to doubt my ability to decide the matters in question impartially.”

The justice also argued that the instructions for justices to complete a financial disclosure report until a few months ago had said that “personal hospitality need not be reported.”

But ProPublica said that Alito appears to have broken the financial disclosure law because the law requires disclosure of gifts of private jet flights.

“Experts said they could not identify an instance of a justice ruling on a case after receiving an expensive gift paid for by one of the parties,” ProPublica reported.

Sen. Dick Durbin, the Illinois Democrat who is chairman of the Senate Judiciary Committee, told reporters the news about Alito was “rotten.”

“I will tell you this defense offered by Justice Alito is laughable, laughable,” Durbin said, referring to Alito’s op-ed, according to NBC News.

“Give me a break,” Durbin said. 

Durbin called on Supreme Court Chief Justice John Roberts to issue a code of ethics for the high court, which lacks one.

Sen. Richard Blumenthal, D-Conn., called Alito’s conduct “egregious.”

“My view is he broke the law. He ought to be held accountable,” Blumenthal said.

“Justice Alito violated the plain meaning and spirit of the law in failing to report the trip and his denial now of any possible wrongdoing just shows how the Supreme Court and Justice Alito think they don’t have to answer to anyone, they’re accountable to no one,” he said.

“And that is intolerable in a democracy,” Blumenthal added.

Durbin and Sen. Sheldon Whitehouse, D-R.I., who chairs the Subcommittee on Federal Courts, later issued a statement saying the Judiciary Committee will move toward writing legislation for ethics guidelines for the Supreme Court.

“The Supreme Court is in an ethical crisis of its own making due to the acceptance of lavish gifts from parties with business before the Court that several Justices have not disclosed,” the senators said in a joint statement. “The reputation and credibility of the Court are at stake. Chief Justice Roberts could resolve this today, but he has not acted.”

ProPublica in April reported that Alito’s fellow conservative on the Supreme Court, Justice Clarence Thomas, for decades had received luxurious trips paid for by Harlan Crow, a billionaire Republican donor and Texas real estate magnate. Thomas likewise has claimed he did nothing wrong by accepting the largesse without disclosing it on annual financial disclosures.

Crow additionally purchased Georgia properties owned by Thomas’ family, including one where the justice’s mother still lives rent-free. Crow also paid for private school tuition for Thomas’ grandnephew.

CNBC has requested comment from the Supreme Court on ProPublica’s reporting about Alito.

The recent tax season was relatively smooth compared with last year’s. But national taxpayer advocate Erin Collins still sees room for improvement as the IRS rolls out funding plan changes.

“Overall, the difference between the 2022 filing season and the 2023 filing season was like night and day,” Collins wrote in her midyear report to Congress. This year, taxpayer experience “vastly improved” compared with 2022, she said.

As of April 22, the backlog of original paper returns dropped from 13.3 million to 2.6 million, refunds generally arrived more quickly and customer service improved on key phone lines, according to the report.

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However, the agency has lingering problems, including a pileup of amended returns and taxpayer correspondence, Collins wrote. The reduction of amended returns — which require manual processing — declined by only 6% from April 2022 to April 2023.

Many amended business return delays are because of the so-called employee retention credit, a complicated pandemic-era tax break the IRS is targeting for inaccurate and fraudulent claims. As of March 3, more than 866,000 companies claimed and received the credit, totaling over $152.6 billion, according to the latest IRS Data Book.

Focus on service and technology

Collins also shared recommendations related to the IRS’ Inflation Reduction Act spending, emphasizing the need for improved taxpayer service and technology. 

“To achieve and sustain transformational improvement over the longer term, the IRS must focus like a laser beam on IT,” she wrote, citing the importance of “robust online accounts,” e-filing for all returns, faster relief for identity fraud victims and modernizing agency systems.  

Prior to recent funding cuts, the original $79.6 billion plan allocated only $3.2 billion for taxpayer service and $4.8 billion for business systems modernization. The remaining funding was earmarked for enforcement and operations support.

“If they can fix their IT and the service piece, we’ll need less on the enforcement side,” Collins said in early June, speaking at the American Institute of Certified Public Accountants’ annual conference.

Although the debt ceiling deal slashed $21.4 billion of IRS funding from the original $79.6 billion, the White House said they didn’t expect the budget cuts to fundamentally change the IRS’ plans. 

Still, there are funding concerns, depending on budget priorities for future administrations.

“With adequate funding, leadership prioritization and appropriate oversight from Congress, I believe the IRS will make considerable progress in the next three to five years in helping taxpayers comply with their tax obligations as painlessly as possible,” Collins wrote in the midyear report.

Google, which has spent years defending itself against claims of monopolistic behavior across the U.S. and Europe, is going public with its own complaint of anti-competitive practices by longtime rival Microsoft.

In a letter to the Federal Trade Commission on Wednesday, Google alleged Microsoft uses unfair licensing terms to “lock in clients” to exert control over the cloud-computing market.

The letter was sent in response to a broad FTC request for comment on potential anti-competitive acts in the cloud industry. A spokesperson for the FTC declined to comment further.

Google singled out Microsoft in the complaint, arguing that through its dominant Windows Server and Microsoft Offices products, the company can make it difficult for its massive roster of clients to use anything but its Azure cloud infrastructure offering. Google described Microsoft’s licensing restrictions as a “complex web” that prevents businesses from diversifying their enterprise software vendors.

Google also said such control represents a significant national security and cybersecurity risk. It highlighted successive cyberattacks involving Microsoft products, including the SolarWinds breach. Microsoft and Google both have active cybersecurity practices that respond to and research cyber threats.

Google is no stranger to antitrust concerns. In January, the U.S. Department of Justice filed its second antitrust lawsuit against Google in just over two years, targeting its advertising business.

The department’s earlier lawsuit, filed in October 2020 under the Trump administration, accused Google of using monopoly power to cut off competition for internet search through exclusionary agreements. That case is expected to go to trial in September.

Google also faces three other antitrust lawsuits from large groups of state attorneys general, including one focused on its advertising business led by Texas Attorney General Ken Paxton.

In its FTC letter, Google also alleged Oracle’s practices are harmful to customers.

“With overly complex agreements that seek to lock in clients to their ecosystems,” Google said, companies such as Microsoft and Oracle “are not only forcing customers toward a monolithic cloud model but also limiting choice, increasing costs for customers, and disrupting growing and thriving digital ecosystems in the U.S. and around the world.”

In the 1990s, Microsoft was involved in one of the most notorious antitrust cases in U.S. history. The company was accused of using its dominance in desktop software to push consumers to its internet browser, killing off competition from upstarts such as Netscape. The government won the case, ultimately forcing Microsoft to allow PC makers to use other companies’ browsers.

WATCH: Microsoft could hit $500 in five to seven years

There’s one trait you should cultivate above all others if you want to be successful too, he says.

“The one thing in life you can control is your effort,” Cuban, 64, recently said in a LinkedIn video post published by entrepreneur and VC investor Randall Kaplan. “And being willing to do so is a huge competitive advantage, because most people don’t.”

Putting in effort means going beyond what’s required to solve problems, even when you aren’t asked to — on top of your job’s normal responsibilities, Cuban said. You take the initiative, and exhaust every possible option to find answers.

This quality is somewhat rare, he added.

“There’s some people, or employees, that if you tell them to do A, B, and C, they’ll do A, B, and C and not know that D, E, and F exists,” Cuban said. “There [are] others who aren’t very good at details: If you tell them to do A, B, and C, all they want to do is talk about D, E and F.”

His advice for anyone who doesn’t go the extra mile: “Don’t apply for a job with me.”

Cuban’s comments come amid an ongoing “quiet quitting” movement, as employees across the U.S. push back against being overworked, underpaid and given limited advancement opportunities. The phrase refers to the idea that people should do the work they get paid to do — and nothing more.

“It ultimately is an engagement issue, as we think about what employees are really looking for and setting boundaries for themselves,” Lexi Clarke, vice president of people at employee compensation company Payscale, told reporters earlier this year. “It’s not going anywhere.”

Still, Cuban isn’t the only boss who highly values effort and problem-solving skills in the workplace.

Last year, 2.7 million job postings on ZipRecruiter listed “analytical thinking” as a required soft skill. And 29% of company executives worldwide think employees who don’t go the extra mile won’t be successful and risk being fired, Payscale’s 2023 Compensation Best Practices Report found.

For Cuban, it’s seemingly personal: He built his career by analyzing where he’d get the most reward for his effort, instead of following his passions and seeing where they led him.

“The things I ended up being really good at were the things I found myself putting effort into,” Cuban said in a 2018 Amazon Insights for Entrepreneurs video. “A lot of people talk about passion, but that’s really not what you need to focus on. You really need to evaluate and say, ‘OK, where am I putting in my time?'”

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a panelist.

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More than half of Tal Thompson’s 46 employees are teenagers.

The owner of the Art Factory in Midlothian, Virginia, said this summer, more than ever, she’s been inundated with applications from high school and college students looking for work.

The pay for jobs at the studio and coffee shop, which hosts art classes, summer camps, birthday parties and other events, start at $12 an hour, Virginia’s state minimum wage.

“This year, the resumes flooded in,” Thompson said.

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Job opportunities and wages rise for teens

Economists are predicting another strong summer for teen employment in 2023. Already, teens make up 18% of all summer hires this year, up from 15% a year ago, according to data from payroll platform Gusto.

“The market for teens is hotter than it’s ever been,” said Luke Pardue, an economist at Gusto.

Their wages are also rising. Average hourly wages for teen workers grew much faster than average wages among all workers over the last year, notching a 9% gain among 15- to 19- year-olds, compared with a 6% decline for workers age 25 and older, according to Gusto’s New Hires Pay Index.

The strong labor market and increased demand for low-wage work have also contributed to a rise in labor force participation.

Now, teens are more likely to have a paying job over the summer and while in school compared with just a few years ago. In 2022, 37% of teens between ages 16 and 19 were part of the workforce, up from 35% in 2019, figures from the U.S. Department of Labor show.

‘If they earn it and burn it, that’s a big problem’

The ability to find employment and earn more money should come as a “wake-up call” for every young adult with a paycheck, cautioned Gregg Murset, a certified financial planner and CEO of BusyKid, a savings app for kids and families.

“This is a perfect opportunity,” he said, to practice a “balanced financial approach.”

“If they earn it and burn it, that’s a big problem.”

Murset advises his own teenagers to stash some of their summer earnings in a high-yield savings account or Roth individual retirement account and start investing, even if that means buying fractional shares of companies that are meaningful to them, such as Netflix, Nike, Amazon or Apple.

Also, teach teens to keep track of their balance and their investment portfolio on their phone and laptop, he added. As all transactions become increasingly cashless, “let them have a digital experience.”

Finally, “find a charity they think is important,” Murset said, and donate a portion of their income to that cause.

“This is exactly what we should be doing as adults,” he said. “Letting kids experience that exact scenario in their own ecosystem is super important.”

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The U.S. Department of Agriculture has approved the sale of cell-cultured chicken in a landmark decision that clears the path for consumers to try it out themselves, the two startups that received the first approvals said Wednesday.

Cultured meat, also known as cultivated, cell-based or lab-grown protein, is made by putting stem cells from the fat or muscle of an animal into a culture medium that feeds the cells, allowing them to grow. The medium is then put into a bioreactor to support the cells’ growth, creating an end product that looks and tastes like traditional meat.

Outside the U.S., only Singapore has cleared the sale of cell-cultured meat.

The USDA issued approval to Good Meat, a subsidiary of Eat Just, along with Upside Foods. Both companies had already received the go-ahead months earlier from the Food and Drug Administration, which said each company’s lab-grown chicken is safe for human consumption.

As a result of the decision, the USDA will inspect cultured meat facilities, just as they do traditional meat processing plants and slaughterhouses.

The meat produced by Upside Foods and Good Meat will be labeled as “cell-cultivated chicken” when sold to consumers.

Good Meat has also received approval to sell its cultured meat in Singapore, where it’s been available to consumers since December 2020.

“This announcement that we’re now able to produce and sell cultivated meat in the United States is a major moment for our company, the industry and the food system,” Eat Just CEO and co-founder Josh Tetrick said in a statement.

Good Meat’s manufacturing partner, Joinn Biologics, also received USDA approval to make the cultured meat.

Chef Jose Andres has placed the first order to sell Good Meat’s cultured chicken to serve it in an undisclosed Washington, D.C. restaurant, the company said.

Upside Foods has also received its first order for cultivated chicken already. Chef Dominique Crenn will serve it in a limited quantities at Bar Crenn in San Francisco.

“This approval will fundamentally change how meat makes it to our table,” Upside founder and CEO Uma Valeti said in a statement. “It’s a giant step forward towards a more sustainable future – one that preserves choice and life.”

As consumers’ interest in plant-based meat wanes, investors have instead been betting on the cultured meat industry. To date, Eat Just has raised $978.5 million, and Upside has raised $608.4 million, according to Pitchbook data.

Amazon — Shares of the online retail giant slumped 0.8% after the Federal Trade Commission said it was suing Amazon over allegations of deceptively pushing customers to sign up for Prime and frustrating them in their efforts to cancel.

FedEx — The delivery company fell 2.5% after quarterly revenue missed expectations and announced Chief Financial Officer Mike Lenz would retire July 31. The company posted revenue at $21.93 billion, below the consensus estimate of $22.67 billion, according to Refinitiv. Adjusted earnings were better than expected at $4.94 per share against the anticipated $4.89, while forward guidance was about flat.

Coinbase, Riot Platforms — Coinbase added 1.8%, while crypto miner Riot popped 3.8%. The jumps come despite multiple challenges for Coinbase recently, including disagreements with the U.S. Securities and Exchange Commission and BlackRock’s launch of a bitcoin exchange-traded fund.

MicroStrategy — Shares of the enterprise software company jumped 5.7%. The move coincides with a 7% pop in bitcoin. MicroStrategy has made a big bet in the cryptocurrency.

Tesla — The electric-vehicle maker slid 5.5% following a downgrade to equal weight from overweight by Barclays. The firm said it may be time to take profits after recent outperformance. Rivian tumbled 6.7%, a day after the company said customers would have access to Tesla’s charging network beginning next year.

GlaxoSmithKline — Shares moved 1.5% higher after the biopharma company said its respiratory syncytial virus vaccine to protect adults ages 60 and older remained effective across two RSV seasons.

Petrobras — U.S. shares of the Brazilian oil giant gained 5% after Goldman Sachs upgraded them to buy. The Wall Street bank said the company still has an attractive valuation, and mitigated risks make the stock still worth buying despite its recent outperformance.

OneSpaWorld — The spa company traded up 2.8% on the back of an upgrade to buy from hold by Loop, which noted its exclusive rights to serve major cruise lines.

Walt Disney Company — Shares of the media giant fell 1.2%, putting them on track for their third straight session with a decline of more than 1%. Influential Needham analyst Laura Martin said in a note to clients that sentiment around Disney is becoming more negative, questioning the company’s long-term plans with CEO Bob Iger set to retire at the end of 2024.

Advanced Micro Devices — Shares of the chipmaker pulled back 5.7%. AMD has had a huge run this year amid optimism toward artificial intelligence. The stock is still up more than 70%.

Palantir Technologies — Palantir Technologies slid 7.3% during midday trading along with other notable AI beneficiaries. On Tuesday, the software stock was downgraded to outperform from strong buy at Raymond James, which cited its recent rally. Palantir is 128% higher this year.

Dollar Tree — Shares of Dollar Tree popped 4.6% after the discount retailer reiterated its fiscal second-quarter 2023 earnings guidance. The company expected quarterly earnings between 79 cents per share and 89 cents per share. It also maintained its full-year outlook for the fiscal year.

— CNBC’s Yun Li, Michelle Fox, Jesse Pound, Sarah Min and Brian Evans contributed reporting.

“My wife was sitting with me. I said, ‘We’re going to get that car,'” he told CNBC. “And she turned around and said, ‘Honey, I think you are going to get that car.’ And we did.”

Fans like Mercado have helped keep the Camaro alive since it was introduced as a competitor to the Ford Mustang in 1966. But their enthusiasm may not be enough — parent company General Motors has said the car is going away after the 2024 model year, and the automaker is not saying much about what will follow.

Tightening regulations, slumping sales in the segment, and a growing preference for crossovers and sport utility vehicles have all but doomed the car and threatened its competitors. Rival Dodge, owned by Stellantis, has said its 4-door Charger and 2-door Challenger will both bow out after 2023. So far the plan seems to be to make an electric vehicle that bears a striking resemblance to the current Dodge cars.

That makes the Ford Mustang the last vehicle in the segment standing in its current gas-burning form. Even Ford seems to have acknowledged times are changing, introducing a 4-door electric crossover called the Mustang Mach-E.

The Camaro has been discontinued before, in 2002. It was brought back as a concept car in 2006 and put into production in 2009 for the 2010 model year. That 2009 Transformers movie appearance was a way of introducing the new vehicle to the world beyond die-hard fans.

It sold 61,000 units in 2009, the first year it was reintroduced. Through 2014, sales were consistently in the 80,000-unit range, outperforming rival Mustang.

But by 2019, sales had fallen to about 48,265 units, down from 86,297 five years earlier.

By that time it was lagging far behind competitors: The Ford Mustang sold 72,489 units in 2019, and the Challenger, 60,997. But the headwinds were universal among muscle cars.

People weren’t buying sports cars like they used to. By 2010 the infiltration of the crossover utility vehicle was well underway, and since then the segment has taken over, according to S&P Global Mobility.

Sedans and smaller calls made up 43% of all vehicle sales in 2010. In 2022 they made up 19%. Sports cars, already a niche segment at just over 5% of the market in 2010, made up less than 2% of sales in 2022. 

Together, trucks, SUVs and crossovers now make up about three-quarters of the market.

GM, like other automakers, is also facing tightening fuel economy regulations. New federal rules will require an automaker’s fleet to get an average of 49 miles per gallon by 2026. That’s almost twice the average fuel economy of the most efficient Camaros, and more than twice GM’s 2021 fleetwide average, the most recent data available.

GM says this is “not the end of Camaro’s story.”

“Just like we’ve done in the past, it had a little bit of a hiatus,” said Harlan Charles, product manager for Corvette and Camaro. “And when we have the right technology, we’ll come forward and bring it back.”

Watch the video to learn more.

Speaking to her 23-year-old self, Corcoran provided words of encouragement in a recent LinkedIn post: “Yeah, I know it feels like you’ve had more bad bosses than anyone in the world with those 22 jobs, but trust me, it’s not the end of the road.”

She implored past Barbara to follow her mother’s advice and “embrace her imagination,” writing, “That imagination will make us rich! So keep getting back up even when your back’s against the wall.”

She added, “If you listen to Dad more, all you’ll have to focus on while building a business is having a damn good time. And you know what? He was right. Life’s too short.” 

Corcoran’s advice: ‘Have fun, and never stop hustling’

The founder of the now-global real estate company the Corcoran Group once knew nothing about business, much less real estate. Taking a leap of faith allowed her to jump-start her career and find lifelong success. 

“That diner waitress job you’re bussing tables for? It’s gonna change your life,” she wrote. “And when that handsome man offers you a ride home, you better take it! He will give you $1,000 to start your own real estate company.” 

“I know what you’re thinking: ‘Real estate?! I don’t know a thing about real estate!’ Trust me, you’ll learn,” she added. 

Corcoran has become one of the biggest names in her industry, a real estate expert that people routinely come to for market advice. Yet her journey to “Shark Tank” and financial success, she wrote, was not without its many challenges. She fell in and out of love, met both “incredible” and “some not-so-incredible” people, and started a family — all while growing a business. 

“It’s gonna be tough, but it’s gonna be worth it,” she wrote. “Just when you think you’re slowing down in your 60s, this show ‘Shark Tank’ will call you and change your life again. And when they try to take the offer away from you, write that email and compete for your seat! You’re much more accustomed to coming in 1st place!”

Above all, Corcoran encouraged herself — and others — to “embrace failure, trust your imagination, have fun, and never stop hustling.” 

“The future is ours for the taking,” she wrote. “Love ya!”

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”

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Estonian ride-hailing firm Bolt says it will begin delivering food to people’s doors from a fleet of self-driving robots through a partnership with robotics firm Starship Technologies.

The company said it would start offering online food deliveries in its home city of Tallinn later this year in an initial rollout of Starship’s robots, which are roughly the size of a suitcase. 

“We are focused on providing well-rounded solutions to help make local transportation as sustainable as possible,” Markus Villig, founder and CEO of Bolt, said in a statement Wednesday.

“Starship offers a smart and much-loved service that has proven itself over the past five years and we’re excited to introduce this service to more people.”

Bolt, one of Europe’s most highly valued tech companies with a valuation of $8.4 billion, made a name for itself challenging Uber in the U.S. ride-hailing giant’s key international markets, particularly the U.K.

The company has since expanded into several other lines of business, including online food and grocery delivery and e-scooters.

Founded in 2013 and formerly known as Taxify, Bolt has around 100 million customers in 45 countries across Europe, Africa, the Middle East and Latin America.

Bolt has raised more than $2 billion in funding to date from investors including Sequoia, World Bank unit IFC, and the European Investment Bank.

How it will work

Just like ordering food online from apps in the typical way, Bolt’s Starship partnership will allow users to get their food delivered from robots at the tap of a button.

Once the robot arrives at your door, you’ll be able to press a button that opens it up and receive your meals or groceries.

Wednesday’s news marks a major milestone in reaching commercial deployment of the technology at scale.

Bolt plans to start deliveries in Tallinn in the coming months and then roll the robots out to further markets at a later point in time.

Starship, headquartered in San Francisco and co-founded by some of the founders of Skype, already operates a fleet of autonomous delivery robots in the U.S.

Stateside, the service is primarily used by college students in partnership with the food delivery firm Grubhub.

The firm has a similar deal in place in the U.K. and other European countries with British grocer Co-op.

Starship, which has raised around $200 million in funding to date, is one of many companies testing the use of robotics for delivering food and other goods.

In Asia, Chinese companies have been early to the trend. Meituan, the major food delivery app, was testing its robots in offices and hotels as early as 2019.

Some attempts to make deliveries using fleets of robots have been hit with setbacks, as widespread takeup of the technology has been limited. 

In the U.S., for example, Amazon ended its field tests of Scout, a delivery robot that sent small packages to customers’ homes, in a bid to cut down on costs. 

WATCH: How many engineers does it take to make Dyson headphone? We tour its secret labs to find out

Bitcoin hit its highest level since April on Wednesday, as traders got excited about the prospects of a spot bitcoin ETF following a series of recent applications from companies including BlackRock.

The price of the flagship cryptocurrency touched a high of $30,749.45, its highest level since April 14, according to CoinMetrics. At 6:39 p.m. ET, the price was $29,988.46.

Investors are growing bullish about the prospects of BlackRock and other major institutional names getting involved in digital assets.

That’s despite all the bad news that’s been surrounding the crypto space of late, with the market still reeling from the scandal of FTX’s collapse and the ensuing regulatory fallout.

“The slate of spot bitcoin ETF application announcements by larger institutions has definitely brought back bullishness into the crypto markets,” Vijay Ayyar, head of international markets at CoinDCX, India’s largest crypto exchange, told CNBC.

“We also hit major support at $25K for BTC, and we’ve seen this move be driven more by pure spot buying rather than a short liquidation type move which is quite healthy,” Ayyar said.

“Market structure wise on BTC we broke a major downtrend that started in April this year and lasted around 2 months, hence most traders would be looking for us to test at least $32,000. Breaking that level opens up $36,000 and then $45,000 to 48,000.”

ETF announcements

Last Thursday, BlackRock filed an application for a spot bitcoin ETF, which would track bitcoin’s underlying market price. Crypto proponents say this would give investors exposure to bitcoin without them having to own the underlying asset.

Coinbase is listed as the bitcoin custodian for the proposed BlackRock ETF. BlackRock has an existing strategic partnership with Coinbase. The major U.S. crypto exchange has been undergoing a period of hardship lately, under huge regulatory pressure from the U.S. Securities and Exchange Commission.

Subsequent to BlackRock’s announcement, a litany of other asset management firms have filed their own applications for a bitcoin ETF, including WisdomTree and Valkyrie.

Elsewhere, investors are keeping a close watch on macroeconomic indicators for a sense of movement in the crypto market.

Previously, digital coins have been tied to moves in financial markets more broadly, with bitcoin often tracking the price of U.S. equity markets. So investors have been watching data on inflation and the health of the economy for a sense of where bitcoin may end up trading next.

“Overall, crypto has also been lagging the traditional equity markets, hence this is also kind of a catchup move in a sense,” Ayyar said.

Correction: An earlier version of this story misstated the timing of BlackRock’s filing for its spot bitcoin ETF.

WATCH: Crypto enthusiasts want to reshape the internet with ‘Web3.’ Here’s what that means

The more they thought about it, the more it made sense. The three women, all in their 20s, were close — “like siblings” — and splitting the costs afforded them a home they couldn’t have purchased on their own.

Schneider and her roommates aren’t alone in finding creative ways to finance their first home amid surging prices. Co-buying with friends is increasingly popular. The number of co-buyers with different last names has increased by 31% since 2019, according to most recent data from ATTOM, a property data provider.

The rise in unusual housing situations is largely born out of necessity: U.S. median home prices have surged 33% since January 2020, from $329,000 to $436,800. To afford the monthly mortgage payment on a median-priced home, homebuyers need to earn more than $100,000, well above the U.S. median household income of $70,784, according to Census Bureau data. 

And the “starter home” — typically, a modestly priced two-bedroom home with fewer amenities, such as less storage space or no backyard — has become exceedingly rare, except in a handful of markets.

“The idea of a ‘starter home’ has become more of a fairy tale,” says Denis Smykalov, a Florida-based real estate broker at Wolsen Real Estate.

As a result, “it’s become increasingly challenging for first-time buyers to find an affordable entry-level property that meets their needs,” says Smykalov. “Now, many first-time buyers are forced to save for a longer time, or consider alternative options.”

Buying a home with friends: ‘It broadens the possibility of what we could get’

It didn’t take long for Schneider and her roommates, Stephanie Vandergrift and Kathy Keel, to decide to split the cost of buying a house. They knew they still wanted to live together and all share the same mindset, Schneider says.

“The three of us are very career-focused and we’re not interested in marriage or having children.”

By owning a home together, they could commit to something “more long-term where it’s also an investment,” says Schneider. Plus, they’d have more control over renovations and repairs, the costs of which would be easier to cover with three people paying.

After a few weeks of searching, the roommates found a two-story detached brick home on 1.25 acres of land in Gallatin, Tennessee, for $315,000. The home features three bedrooms, a finished garage with a room above it, a downstairs office and a large yard with a fire pit.

They made a down payment of 10% and took out a mortgage for the remaining costs, which they split evenly. Other expenses, including utilities and repairs, are split evenly as well. If one of them decides to move out, the other two roommates have a plan to buy out their share of ownership.

“As a single purchaser, I don’t think I couldn’t have gotten something as nice,” says Schneider. “With three incomes, it broadens the possibility of what we could get, and we genuinely enjoy living together as a unit of roommates.”

It’s been a smart financial move too. As an investment, the home has “skyrocketed” in value since Schneider and her roommates moved in three years ago, she says.

However, buying a home with friends isn’t for everyone. It’s “essential” that you’re on the same page with your co-buyers, Schneider says, so that “you work together as a unit, rather than just three separate people living in the same home.”

While they qualified for a larger mortgage, they set a spending cap of around $325,000. They wanted to keep monthly mortgage payments low to ensure that two roommates could cover the costs if one of them decided to move out.

“We’re very grateful,” says Schneider. “It feels like a home, rather than a temporary situation. We now have such a strong asset that assures us we made the right choice in purchasing a home together.”

Renting part of your place: ‘I went with a duplex because there is more value’

In 2019, 25-year-old Vadim Yuryev and his wife, Annette, had enough money to purchase a starter home for their young family in Spokane, Washington, where he was raised. But he wanted a cash-generating property that could help cover the monthly costs.

The solution: house hacking, which is when homeowners partially or entirely cover their mortgage by renting out part of the property, whether that’s a room or a detached unit, like a pool house or backyard cabin.

“I went with a duplex because there is more value in it,” says Yuryev, now 29. “It isn’t that much more expensive than a house, but you get two units you can rent out for a lot more than the mortgage.”

Yuryev bought the duplex for $235,000, which was financed with a 15% down payment and a $200,000 mortgage. He and his wife spent another $35,000 on renovations for one half of the property, which is where the couple lived while renting out the other half.

In 2021, Yuryev took advantage of low interest rates and refinanced the mortgage, lowering the rate from 3.99% to 2.875%. This brought monthly mortgage payments — which included property taxes and insurance — down from $1,329 to $1,217.

Most of that was offset by the $1,000 they received in monthly rental income. All told, Yuryev only paid around $500 in monthly housing costs to cover the rest of the mortgage plus utilities.

The couple moved out of the duplex to a bigger rental unit in January 2023. The duplex is a cash-generating property now, with both units currently rented out for total monthly revenue of $2,800.

There were downsides to renting out part of the property, Yuryev found. While renters can bring in income, you still need a lot of cash upfront, especially for older buildings, he says. To cover the costs of repairs and potential vacancies in his rental unit, Yuryev maintained a cash reserve of $15,000 while he was an owner-occupant. 

Eventually, the Yuryevs plan to buy another home, but they’re waiting out the real estate market for now due to high interest rates and the expectation that home prices in Spokane will cool off at some point.

Buying a tiny home: ‘It didn’t seem like a compromise at all’

When her 18-year marriage ended in 2018, Jen Gressett found herself priced out of the real estate market in Boulder, Colorado.

She had been living in a four-bedroom, 3,000-square-foot house with her then-husband and their two kids, but as a single income earner in a housing market where median home prices were over $600,000, buying a regular-sized home on her own wasn’t an option.

One way around the sky-high prices: simply own less home. 

A tiny home — often portable and less than 400 square feet — costs an average of $52,000, which is 87% cheaper than a regular home, according to a 2022 Porch.com survey. 

“I looked into apartments, since that’s what most people do when they get divorced,” she says. “But it was so expensive — a two-bedroom was almost $2,000 a month.”

Gressett, now 51, was aware of tiny houses, but it wasn’t until she saw some of the nicer ones that it made more sense as a place to live. “I could see myself living in one. And it didn’t seem like a compromise at all,” she says. 

In 2021, Gressett, moved into a custom-made tiny house that runs her $725 per month. “Because I’m on a single income, paying only $725 per month gives me peace of mind,” says Gressett. “It allows me to save more and be better prepared should any unexpected financial needs arise.”

The tiny home has a quartz countertop kitchen, soaker tub and a king-sized bed. Her house is portable, too. “It’s basically a vehicle — my house has a license plate.”

Overall, Gressett spent $175,000 to build her tiny home, including a prefabricated shell structure, labor and material costs. She paid for it using $85,000 from the sale of her previous home, as well as a personal loan of $90,000 from a close friend.

That said, she says she made a lot of mistakes along the way. The biggest one: Hiring her first builder, who wasn’t properly certified and took too long to build the home. “He had the wrong roofing, and one of the windows completely fell out,” she says. “So many things had to redone, and I had to pay for them to be redone.” 

But it’s been a smart decision overall. “For me, the best part of tiny house living is it takes way less time to clean than a regular home,” says Gressett. “I can get everything clean in about an hour, which gives me more time to be out doing things I love, like trail running or hiking.”

Gressett has fully embraced the tiny home lifestyle, sharing advice and tips to over 160,000 followers on her Instagram account.

“Thinking long-term, living in a tiny house long-term kind of works,” she says. “If my kids decide to leave Colorado or whatever, I could just move my house to follow them to wherever they end up.”

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GlaxoSmithKline on Wednesday said its vaccine to protect adults ages 60 and older from respiratory syncytial virus, or RSV, remained effective across two seasons of the disease.

A single dose of the shot was 67.2% effective in preventing lower respiratory tract illness over two RSV seasons, according to new results from a phase three clinical trial. That’s compared with 82% after one viral season, which typically lasts from October to March in the Northern Hemisphere. 

The shot was also 78.8% effective against severe RSV disease after two seasons, compared with 94% after one season. Severe disease refers to cases that prevent normal, daily activities.

The London-based company said high efficacy was similarly maintained in older adults with underlying conditions, who are most at risk of severe RSV.

GSK also evaluated the effectiveness of an annual vaccination schedule, which involves administering a second dose of its shot after a year. The company said the cumulative efficacy of two doses was 67.1%, “suggesting revaccination after 12 months does not appear to confer additional benefit for the overall population.” 

That means the vaccine may only need to be administered every other year, which could give GSK an edge over RSV shot rivals such as Pfizer and make it easier for seniors to protect themselves against the virus.

RSV usually causes mild, cold-like symptoms. Each year the virus kills between 6,000 and 10,000 seniors as well as a few hundred children younger than 5, according to the Centers for Disease Control and Prevention.

GSK presented the results to an advisory committee of the CDC on Wednesday. The committee will form a recommendation on when and how often the company’s RSV shot — and a vaccine from rival Pfizer —  should be administered in the U.S.

The Food and Drug Administration approved GSK’s vaccine in May, making it the world’s first authorized shot against RSV. 

Pfizer’s RSV shot became the second to win approval shortly after. The company also presented new clinical trial data on its vaccine Wednesday. 

That shot was roughly 49% effective against lower respiratory tract illness with two or more symptoms after 18 months, which is a steep decline from the shot’s 66.7% efficacy at one year. 

Neither drugmaker has established a list price for its vaccine.

With Amazon announcing on Wednesday that the 2023 Prime Day sales event will take place July 11-July 12, now’s an especially good opportunity for sellers to ramp up promotions.

This year, there are some new deal offers Amazon is trying out, including exclusive deals on fast-selling items for Prime subscription club members, as well as Prime Day deals that will be available on third-party retailer websites, backed by Amazon’s inventory and shipping infrastructure.

Every year, there are various planning steps sellers should be taking ahead of Prime Day, including reviewing the sales strategies they will use, from temporary, deep discounts known as Lightning Deals, to coupons and social media promotion codes. Which options sellers choose can depend on many factors, including their product, budget, social media following, and intended timing. That means careful strategizing to get the most bang for your buck and the ultimate rewards — more devoted customers and increased sales not just during Prime Day but throughout the year. 

“The goal of doing any deal is to get more products into more hands because you want people to become loyal customers. If you’re not achieving that, you’re just wasting your money,” said Phil Masiello, chief executive of digital marketing company CrunchGrowth. 

Here are ways small businesses should be thinking about promotions to propel sales on Prime Day and beyond:

The cost of selling on Amazon can eat into profits

The cost to sell on Amazon can be considerable and varies depending on factors such as a merchant’s selling plan, product category, fulfillment strategy and other variables. E-commerce entrepreneurs can use Amazon’s Seller Central online calculator to estimate the cost and profitability of selling a product on Amazon. They can then factor in the cost of the promotion to help determine what to run so as not to eat too deeply into profits, said Troy Evans, product manager at Skai, an omnichannel marketing platform.

Often it can be a judgment call. A promotion might not be the most profitable, but it could be worth doing anyway because of the sales spike it generates, Evans said. “That’s the trade-off.”

Sellers also need to be aware that consumers on Amazon are extremely price-conscious and factor that into their pricing decisions, said Gia Ching, managing director at GCC Consulting, a digital marketing and design company. “Even 50 cents can move the needle significantly. It can make or break your product.”

You can learn a lot from Lightning Deals

On Prime Day, Lightning Deals are exclusively for Prime Members, but this type of promotion can be offered more broadly at other points of the year. While it’s likely too late to have a Lightning Deal approved in time for this year’s Prime Day event, sellers should think ahead to see whether the strategy can be used effectively at another point. 

“I’ve seen just as much success for Lightning Deals at other times of the year,” said Nick Mattar, founder and chief executive of Digital Detroit, a digital marketing company.

Lightning Deals tend to generate excitement because they are only available for a short time. Customers can view available offers by clicking on the link on Amazon’s homepage for “Today’s Deals” or “Prime Day.” But there are downsides too. Sellers pay a non-refundable fee per deal that could run between $150 and $500 per deal, depending on the time of year and the day of the deal, Masiello said. 

Offering the deal isn’t a guarantee of success, and Amazon takes its fee regardless. Sellers also need to meet Amazon’s inventory threshold and there are eligibility requirements. For instance, a professional seller must have an overall rating of at least 3.5 stars. Additionally, a product must have a sales history in Amazon stores and at least a 3-star rating. The product also can’t be offensive, embarrassing or inappropriate. Additional criteria on how to make products eligible for deals is available from Amazon.

Before deciding to offer a Lightning Deal, sellers should seek to understand how competitors’ items perform with similar promotions. However, that is information a business will most likely need to pay to access. Subscription-based tools help sellers determine this type of information and prices can range from $50 to $1,000 a month, depending on factors related to data, sources, tool functions, and whether the audience is large or small sellers, said Masiello, whose firm offers this type of market research. Some tools scrape whatever information they can and provide estimates, while others integrate with Amazon directly and use precise data.

And timing matters. For Prime Day, sellers should focus Lightning Deals on products people want year-round, not seasonal items, Masiello said. Categories that have sold the most in the past include electronics, household appliances, premium brand skin care and personal care, technology products, and fashion items.

Coupons can increase sales as much as Lightning Deals

Sellers could also choose to offer a coupon to customers for a certain dollar amount or percentage off. Customers can search for coupon deals from Amazon’s homepage, or filter for them, or they can see the deal on an individual product listing. 

“Any sort of coupon or promotion on Prime Day, generally has a similar percentage increase in sales as a Lightning Deal does,” Mattar said.

There is a cost to sellers — a 60-cent fee each time a customer redeems a coupon — so that’s something to consider. And sellers need to plan ahead — though the lead time isn’t as much as it is with a Lightning Deal. Evans suggests sellers give Amazon at least one to two days to approve a coupon. “If you’re trying to get something in for Prime Day, submitting it the morning of is too close for comfort,” Evans said.

Use Amazon Seller Central for promo codes

In addition to offering the revenue calculator and details on how to make products eligible for deals, e-commerce businesses can create discount codes through Seller Central, Amazon’s management portal for third-party sellers. They can then promote the code on social media and through email. 

This avoids the coupon fee; however, consumers have to take an additional step to redeem the code, Evans said. Also, to make a noticeable difference in sales, sellers “need an established and engaged social media following,” Mattar said. They can also work with an influencer that has a larger and engaged following; it doesn’t have to be a celebrity. “Influencers can be expensive, but if you can accurately project what the uptick in sales could be, you can stand to profit from working with one,” Mattar said.

Putting items on sales won’t make them stand out on Prime Day

Discounting can be a viable tool in a seller’s toolbelt, but simply placing an item on sale won’t likely be enough to generate buzz on Prime Day, Ching said. That’s because — unlike Lightning Deals or coupons — there’s no specific link on Amazon for sale items. “It’s only going to capture people who are already looking for your product or people that have been considering your product,” Ching said.

Also, your competitors will also be offering discounts on Prime Day, so that might be a more profitable strategy for another time of year, particularly if you are consistently able to offer a price that’s lower than your top competitors — assuming your margin allows for it, Evans said.

Promotions need to be tied to a broader business strategy

The new invite-only deals Amazon announced on Wednesday seem to be a way to “claim” the best Prime Day deals ahead of time, Mattar said. Most of the invitations he has seen so far are on Amazon’s own products, such as its 43-inch $99 UHD TV.

“The invitation feature makes sense for Amazon, because it drives more traffic to their products ahead of Prime Day. If anything, it will make the weeks leading up to Prime Day just as busy as the actual days,” he wrote in an email.

On the other hand, he said it could work well for consumers who want to avoid the rush when a Lightning Deal begins. “We know Amazon’s own products will have some of the steepest discounts on Prime Day, so why not try and get in on it ahead of time? The key is that not all invitations that are requested are granted, so for this first year the Prime customers should plan on still checking the Amazon store when Prime Day begins,” Mattar said.

Eventually, this concept is likely to be rolled out to Amazon sellers, he said, and it will be a way to extend Lightning Deals. “If someone sees your product and sees they can request it at a discount, they do so and then get a chance to buy it at a discount later. The downside is that it will make it more difficult to sell your products at their normal price.”

The new Amazon deal concepts reinforce an underlying point for everything e-commerce entrepreneurs do related to Prime Day. Nothing a seller does for Prime Day, or any other time of year, should be done in a vacuum. “It always needs to be part of a larger marketing strategy that you have. Running a promotion aimlessly without having plans for what comes next is a missed opportunity,” Mattar said. 

That’s according to new research from LinkedIn and Duolingo, which surveyed more than 1,000 workers between the ages of 18 and 76 in the United States, Australia, Japan, the United Kingdom and other countries.

More than half of young professionals have looked up a word in a meeting to follow along, and 83% have used a phrase they didn’t fully comprehend in a professional setting to save face, the report found.

In the U.S., the most confusing phrases at work are:

1. “Boiling the ocean”
   What it means: “Undertaking an impossible task”
2. “Herding cats”
   What it means: “Attempting to organize a difficult group of people”
3. “Ducks in a row”
   What it means: “Planning”
4. “Move the needle”
   What it means: “Making progress on something”
5. “Run it up the flagpole”
   What it means: “Testing the popularity of an idea”
6. “Drinking the Kool-Aid”
   What it means: “Demonstrating blind loyalty”
7. “Out of pocket”
   What it means: “Unavailable or unreachable”
8. “Building the plane while flying it”
   What it means: “Taking on a project with a lot of risks and uncertainty”
9. “Throwing spaghetti at the wall”
   What it means: “Testing a variety of solutions or ideas in order to identify what works”
10. “Juice worth the squeeze”
    What it means: “Deciding if something is worth the trouble of getting it or not”

Younger employees feel a “palpable pressure” to use jargon they hear from their co-workers or boss to impress them and fit in, LinkedIn career expert Andrew McCaskill says. Millennials use workplace jargon the most, while Gen Zers are the most annoyed by it.

“At its core, jargon is a code that you use to demonstrate your belonging to a particular professional circle, a tool for projecting a workplace identity,” adds Hope Wilson, a senior learning and language curriculum expert at Duolingo. “It’s unsurprising, then, that we’d see people earlier in their careers use it more, as a conscious or subconscious effort to move up the professional hierarchy.” 

But, Wilson warns, using too much jargon “can make you sound desperate to belong.”

Office jargon doesn’t just confuse the people you want to impress — it can also exclude or even offend them in some cases.

Nearly half (49%) of the workers surveyed by  LinkedIn and Duolingo said they feel like their colleagues are speaking a language they don’t understand when they use office jargon. 

Amidst the office jargon, there are also phrases with culturally insensitive undertones like “low on the totem poll,” McCaskill points out. 

People who did not grow up in the U.S. or aren’t confident speaking English might also struggle to understand corporate jargon that references American customs or experiences, Wilson says, like “knock it out of the park” (a baseball reference) or “a slam dunk” (a basketball reference).

You might not be able to avoid jargon completely, but deferring to simple, clear language — and limiting how often you’re using corporate colloquialisms — is the easiest way to sound smarter at work, McCaskill says. You might also consider creating a how-to guide on the jargon your team uses for new hires, to help them better acclimate.

“Communicating at work is hard enough as it is,” he adds. “Why would you want to complicate it further?”

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