Watch CNBC's full interview with Wells Fargo CEO Charles Scharf
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
20 minutes ago
- USA Today
Trump offers Putin, Zelensky contrasting approaches
President Donald Trump has offered his critics, the world and U.S. allies contrasting images on how America treats its friends and adversaries after failing to broker a ceasefire in Russia's unprovoked war to annex Ukraine. At the Alaska-based summit Russian President Vladimir Putin received a red-carpet welcome from the U.S. that included a B-2 bomber fly-by and a ride in the presidential limousine, nicknamed "The Beast" with video of him laughing with Trump. The two superpower leaders exchanged flatteries, with Putin saying the war wouldn't have started it Trump had been president in 2022. Andrei Gurulyov, a Russian parliament member and retired general, described it as a "breakthrough" moment that was played up heavily on Russian state television. Putin's foreign ministry said it marked an end to the foreign country's reported isolation. That showcase is in sharp contrast to a fiery exchange Trump and top administration officials had earlier this year with Ukrainian President Volodymyr Zelenskyy when the foreign ally's leader was told in the Oval Office he was being disrespectful to the U.S. and risking World War III. Zelenskyy was teased by Trump and others for his attire and eventually booted from the White House. Republican lawmakers, such as Sen. Lindsey Graham, R-S.C., suggested Ukraine's president should either resign, change his tune or "send somebody over that we can do business with." The administration went as far to pause intelligence sharing and weapons shipments to Ukraine after the incident, and while Trump has threatened to impose sharp economic penalties on Russian if an agreement to end the war wasn't reached, he suspended those sanctions after the Alaska sit-down with Putin. Now, Trump is poised to welcome Zelenskyy back to Washington on August 18 to discuss a peace agreement. Republican praise Trump's strength, Dems fret 'it was just theater' After being hyped by the administration and its congressional allies as an opportunity to end the more than three-year conflict in region, Trump's dealmaking skills are being tested in an international negotiation that could backfire on the country and globe. "The goal is always peace," the White House said in an Aug. 15 post on X, amid the talks. Sen. Tom Cotton, R-Arkansas, said in an Aug. 16 post on X that Trump "stood firm in defense of U.S. interests," and that the summit marks a critical first step to a "durable and stable peace that protects Ukraine's territorial and economic sovereignty." But Democrats and other detractors warn that the summit has largely benefited Putin, who is facing war crime charges from the International Criminal Court and seeking legitimacy on the global stage after starting a war that has resulted in more than 1.4 million casualties, according to studies. "Our fear is that the Trump-Putin meeting wasn't diplomacy—it was just theater," Senate Minority Leader Chuck Schumer, said in a post on X ahead of the talks. Trump seeks reset in pursuit of peace as Europe worries Trump returned to Washington on Aug. 16 carrying plenty of compliments from Putin, who said the war wouldn't have started if Joe Biden hadn't been in charge back in 2022. But without a deal the administration appears to be skipping cease-fire discussions altogether and pivoting quickly to reset its public relationship with Zelenskyy, who will be returning to the Oval Office on Aug. 18 for a talk that remains inconclusive to most observers. Trump began to tip-toe away from Putin and toward Zelenskyy in late April after Russia bombarded Kyiv with missiles. The president, however, is also reportedly considering land swaps including Ukraine areas not currently occupied by the Russians, according to the New York Times, something U.S. allies have opposed in the past. Zelenskyy said in an Aug. 16 post on X that he spoke with Trump and European leaders, adding that the "killings must stop" but that the battling must pause first before a larger peace agreement can be made. "The positions are clear," he said. "A real peace must be achieved, one that will be lasting, not just another pause between Russian invasions." In a joint statement, European leaders echoed that sentiment and expressed support for a Putin-Zelenskyy summit. "I'm disgusted that Donald Trump met with Putin on American soil and did so with no representatives from Ukraine," Sen. Tammy Duckworth, D-Illinois, a retired Army helicopter pilot, said in an Aug. 16 post on X. "Trump and his inflated ego may not realize it, but it's clear that Putin is not engaging in good faith to end this war."
Los Angeles Times
an hour ago
- Los Angeles Times
UnitedHealth Group shares climb as Buffett's Berkshire Hathaway discloses stake in the insurer
Shares of UnitedHealth Group are surging before the market open Friday as Warren Buffett's Berkshire Hathaway disclosed that it recently purchased shares of the beleaguered insurer. Berkshire Hathaway bought around 5 million shares of UnitedHealth last quarter, according to a regulatory filing. The stake was valued at about $1.57 billion. Buffett plans to retire as CEO at the end of the year after six decades of building Berkshire Hathaway. Many investors comb through Berkshire's filings every quarter because they like to follow Buffett's moves. The filing doesn't make clear who at Berkshire handled the investment. Besides Buffett, Ted Weschler and Todd Combs also pick stocks, but they generally handle smaller portfolios and Combs also serves as Geico's CEO. Besides stocks, Berkshire owns dozens of companies in a variety of industries including Geico insurance, BNSF railroad, several major utilities and an assortment of manufacturing and retail companies. The Omaha, Nebraska-based company's holdings include many well-known brands like See's Candy and Dairy Queen. UnitedHealth has been dealing with a series of difficulties. Last month the company said that it was cooperating with federal criminal and civil investigations involving its market-leading Medicare business. The health care giant said at the time that it had contacted the Department of Justice after reviewing media reports about investigations into certain elements of its business. Earlier this year, The Wall Street Journal said federal officials had launched a civil fraud investigation into how the company records diagnoses that lead to extra payments for its Medicare Advantage, or MA, plans. Those are privately run versions of the government's Medicare coverage program mostly for people ages 65 and over. The company's UnitedHealthcare business covers more than 8 million people as the nation's largest provider of Medicare Advantage plans. The business has been under pressure in recent quarters due to rising care use and rate cuts. The Journal said in February, citing anonymous sources, that the probe focused on billing practices in recent months. The paper has since said that a federal criminal health care-fraud unit was investigating how the company used doctors and nurses to gather diagnoses that bolster payments. UnitedHealth Group Inc. runs one of the nation's largest health insurance and pharmacy benefits management businesses. It also operates a growing Optum business that provides care and technology support. UnitedHealth's stock has mostly shed value since December, when UnitedHealthcare CEO Brian Thompson was fatally shot in midtown Manhattan on his way to the company's annual investor meeting. A suspect, Luigi Mangione, has been charged in connection with the shooting. In April, shares plunged some more after the company cut its forecast due to a spike in health care use. A month later, former CEO Andrew Witty resigned, and the company withdrew its forecast entirely, saying that medical costs from new Medicare Advantage members were higher than expected. UnitedHealth's stock jumped more than 12% in premarket trading on Friday. Still, the stock has lost roughly half its value in the past year. Chapman writes for the Associated Press.
Yahoo
an hour ago
- Yahoo
3 reasons the Fed hasn't cut rates yet this year
Wall Street has priced in a 94.2% probability of the Federal Reserve cutting interest rates in September. JPMorgan Asset Management's fixed income portfolio manager, Kelsey Berro, joins Yahoo Finance Senior Reporter Allie Canal on Market Domination to explain the three reasons the Fed still hasn't cut rates this year despite macro conditions being comparable to last year's. To watch more expert insights and analysis on the latest market action, check out more Market Domination. Wall Street is pricing in a 94% chance of a 25 basis point rate cut in September after July CPI came in better than expected, albeit with an increase to the core reading. My next guest agrees with that assessment and says the Fed is likely more worried about a slowdown in the labor market versus an optic and inflation. Joining me now is Kelsey Barro, JP Morgan Asset Management fixed income portfolio manager. So Kelsey, like we just said, you're in that camp of 25 basis point cuts and you say it's a similar environment to one we saw one year ago. Maybe's a little bit different. So set the scene for us. What's similar, what's different, and what are the lessons learned? Right. So if we compare ourselves to September of last year, the Fed was right about to cut 50 basis points and to cut 100 basis points by the end of the year. That brought us from five and 3/8s to four and 3/8s today on the Fed funds rate. Now, where are we? Well, if you just look at the deceleration in payrolls growth in the last three months, it would suggest that the Fed should absolutely be cutting rates again. So the three-month moving average on payroll's growth is at 35,000. The six-month moving average is at 80,000. That's about the same if not weaker than it was when the Fed was looking at cutting 50 basis points. But it is not the same world as it was a year ago. So what is different now? Well, one, the Fed funds rate is 100 basis points lower. So we're already at a less restrictive spot to start with. Second of all, the unemployment rate isn't moving higher. And that's the thing that Chair Powell has been emphasizing, which is that if labor demand is falling, but labor supply is also falling and the unemployment rate stays the same, it's not necessarily going to set off the same alarm bells as it did last year when the unemployment rate was rising from 3.5% to around where we are today, which is 4.2%. And then of course, the other big difference is that while there are mixed signals about how much tariff inflation the US economy is going to have to withstand and consumers are going to have to withstand, how much is going to be passed through, we do know that in the short term, we're not likely to see a lot of further progress towards the Fed's inflation goal of 2%, at least in the short term. And that's the reason why I don't think that a 50 basis point rate cut is on the table, but we do think that the Fed is sensitive to downside risks to growth and inflation is going to deliver that cut in September. Related Videos Retail trading trends: Top names investors are buying How Trump's pressure on Fed Chair Powell could backfire Stocks close mixed, the Dow ends the week higher Berro and Jones on Consumer Sentiment, Labor Market, Rate Cuts Sign in to access your portfolio
