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The Latest Breaking News from CNBC

Biden Administration Forgives $37M In Student Debt For University Of Phoenix Victims

FTC investigation leads to relief for borrowers as Biden's broader debt forgiveness plan faces hurdles.

Zenger

Another ‘cartel wife’ gets 3.5 years for hiding millions in drug money tied to El Chapo’s Sinaloa cartel

The feds pointed out the $2.3 million Valerie Gaytan stashed was generated “through the sale of thousands of kilograms of drugs in the United States ... that harmed individuals and communities in countless ways.”

Chicago Sun-Times

Palantir CEO Urges Tech Companies To Collaborate With Government On AI Initiatives

Alex Karp emphasizes the need for cooperation to mitigate risks and maintain global competitiveness.

Zenger

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Musk and Tesla are the 'clear winners' of the Detroit auto strike. Analysts say Elon 'put champagne on ice' as he sees the ultimate EV victory

Analysts say Musk and Tesla are “clear winners” of the strike given the company’s non-union status that lets it continue to pump out cars while Detroit is shut down.

Fortune

Detroit’s striking auto workers want a 36% pay hike, mostly to cover inflation. Morgan Stanley thinks automakers can afford it

Detroit’s striking auto workers would need a 30% pay hike just to cover inflation, making their demand for a 36% raise seem "fair," one analyst said.

Fortune

In El Chapo fallout, one of Chicago ‘cartel wives’ should get stiffer sentence than accomplices, feds say

They say Valerie Gaytan should get five years for laundering drug money from her husband Margarito Flores and his twin brother Pedro Flores, Chicago cocaine kingpins who helped convict the Sinaloa cartel boss. Her sister-in-law got 3½ years.

Chicago Sun-Times

Jim Cramer ‘Not Convinced’ Tesla’s Dojo Can Rival Nvidia As He Tears Into Morgan’s Stock Upgrade

Tesla, Inc. ran up over 10% on Monday after Morgan Stanley's Adam Jonas upgraded the stock and issued a Street-high price target.

Zenger

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Elon Musk’s monopoly over the space race could ‘choke’ the sector if left unchecked, a Lazard investment banker has warned

"I think it’s a huge concern."

Fortune

How Elon Musk lost a friend over AI: Google co-founder Larry Page just 'refused to hang out' after the Tesla CEO stole his top worker

After Musk tried to sabotage Google’s acquisition of DeepMind, he poached one of Page’s most valuable scientists to OpenAI with a $1.9 million salary.

Fortune

‘We're in the first inning of the commercial real estate correction,’ billionaire real estate investor Jeff Greene says

Real estate tycoon Jeff Greene, who bet against the mid-2000s housing bubble and netted about $800 million, says the CRE correction has only just begun.

Fortune

Apple needs to bring the iPhone buzz back

Apple is expected to unveil several models of the iPhone 15, including two high-end iPhone Pros.

Fortune

Here’s How Much Money People Need Just To ‘Get By’ In Each US State Via Salary

The salary required to "get by" is vastly different depending on which state the people live in.

Zenger

Gen Z is dragging their feet going back to offices they've barely known, but (retired) Boomers can't wait

Fidelity & Guaranty looked into retirees’ mindset and found a whopping 44% of them want to go back to work.

Fortune

Trump overstated net worth by up to $3.6bn, says New York attorney general

Ex-president’s net worth was exaggerated by between $1.9bn and $3.6bn between 2011 and 2021, court filing says

The Guardian - US

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Fortune

Retail theft has gotten so bad Walmart will build a police station inside an Atlanta store

Crime is a $100 billion annual problem for retailers, with companies like Walmart warning it could lead to store closures if nothing is done.

The Independent UK

Disney boss Bob Iger refused to relinquish his office to successor as it had shower, claims report

Bob Iger told Bob Chapek that he lived for ‘two-shower days’

Zenger

UAW President Slams Ford, GM, Stellantis For Delay Tactics In Contract Talks, Raises Political Implications: ‘Our Members Are Fired Up’

The United Auto Workers (UAW) is currently engaged in high-stakes contract negotiations with Detroit’s major automakers, Ford Motor Co (NYSE:F) and Stellantis (NYSE:STLA)

Inverse

Polestar Is Making a Phone To Prove Its EVs Are Computers Too

The Swedish EV company will partner with the Chinese phone maker, Meizu, to release a smartphone alongside its Polestar 4 electric SUV in December.

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news in one place.

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Fortune

Jeff Bezos’s rivalry with Elon Musk has landed him with a lawsuit

The filing alleges Amazon's leadership “excluded the most obvious and affordable launch provider, SpaceX, from its procurement process because of Bezos’ personal rivalry with Musk."

The Guardian - US

‘I wouldn’t give him a nickel’: one-time Giuliani donors rule out legal aid

Billionaire Leon Cooperman, who backed Giuliani’s 2008 White House bid, says he won’t help with legal fees – and he’s not alone

Fortune

New CNN CEO Mark Thompson once rescued the New York Times from the end of newspapers. Can he do the same with CNN as cable TV dies?

After a tumultuous past few years, CNN has tapped Thompson's proven ability to turn around news organizations.

TechRadar

Amazon raises free shipping minimum in boost for ecommerce firms

Some non-Prime customers are having to buy $10 more items in order to get free Amazon delivery.

Fortune

Microsoft president warns A.I. could be weaponized unless there’s human intervention

Microsoft is a heavy investor in A.I., having poured $10 billion into OpenAI earlier this year.

Fortune

ETF that followed Jim Cramer's investment advice is liquidating

With Cramer and CNBC refusing to dialogue with the fund's creators, "there is no reason" to keep it going, creator Matthew Tuttle said. But you can still bet against Cramer's picks with a different fund.

Multichannel News

Rugby World Cup on Peacock, CNBC, NBC Starting in September

Action starts September 8 with host France against New Zealand’s mighty All Blacks

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