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    Italians reveal their favorite places to go on vacation — in Italy

    CNBC Travel

    Italy is home to some of the world’s most famous cities, art, wine and beaches.
    Think Florence, Rome and Venice with their abundant Renaissance architecture and well-known galleries, Tuscany with its globally-renowned vineyards and the glamorous Amalfi coast with its see-and-be-seen vibe.

    While these places are an obvious draw for travelers, Italians themselves prefer to go on vacation to lesser-known areas.
    These are places where the menus aren’t translated into English, where foreigners are few and far between — but the pleasures are no less plentiful.
    Puglia, in the “heel” of Italy, is a favorite destination for travel writer Marina Cacciapuoti, who runs the Italy Segreta website and travel consultancy. She loves to visit in the springtime, “when you can experience it with the locals,” she said.
    “It’s a region of farmers, of traditions, of passion, of simplicity that has to be enjoyed slowly,” she told CNBC by email.
    A recent find is private home Masseria Schiuma, a farmhouse close to the beach, restored by a Danish couple and available to rent only a handful of weeks per year.

    The town of Lecce, in the Italian region of Puglia.
    Westend61 | Getty Images

    The region is also beloved by Rome-based real estate agent Diletta Giorgolo, who heads there for its beaches and “remarkable” little towns.
    She recommends visiting Puglia in May, June, September and October, when “the weather is warm and the beaches are empty,” she told CNBC by email.
    Giorgolo likes to stay at the 1860s-built Palazzo Daniele, a former palace she described as “Mediterranean chic,” or Naturalis Bio Resort & Spa, a collection of 18th-century farm buildings restored by a husband-and-wife team.
    To eat, she suggests Alex Ristorante in Lecce, famous for its raw fish dishes by chef Alessandra Civilla.

    Mountain destinations

    For skiing and hiking, Giorgolo likes the Dolomites mountain range — and in particular, the skiing areas of Cortina d’Ampezzo and Corvara.
    “I have been skiing in most countries around the Alps including Switzerland, France [and] Austria, but the Dolomites have a more dramatic natural scenery — and the food is definitively the best,” she said.

    A chalet in the ski resort of Cortina d’Ampezzo, in Italy’s Dolomites mountain range.
    Sotheby’s International Realty, Italy

    “The Sellaronda is one of my favorite ski domains, and Cortina is definitely the best place to start the most beautiful treks during the summer,” she added.
    In Cortina, she recommends eating at family-run restaurant Beppe Sello, where the specialty is benfatti alla moda — a homemade ravioli with caciotta cheese.
    Giorgolo, who works for Sotheby’s International Realty, stays at the Ambra Cortina, which styles itself as a “fashion boutique” hotel, where rooms are themed around movies, theater and nature.

    Roman routes

    Even in well-trodden Rome, it’s possible to find hidden treasures. But Cacciapuoti — who spent part of her childhood there — simply enjoys wandering the city’s streets.
    “There is really nothing like it — the sun shines differently there,” she said. “I always say there are beautiful cities, and cities with a soul — Rome is the latter.”

    Pizza al taglio is baked in large, rectangular trays.
    Zoranm | E+ | Getty Images

    Cacciapuoti likes to stop at Angelo Feroci, a butcher’s shop in the Sant’Eustachio district that has been in the same location for around 100 years.
    She recommended the Gian Fornaio cafe where pizza is sold “al taglio” — or “by the cut” — and baked in large rectangular trays. For an aperitivo, Cacciapuoti said she heads to the bar at the Hotel Locarno, a spot that was popular with Italian movie stars during the country’s 1950s golden age of film.

    Italian escapes

    The Tuscan city of Florence is known for its red-domed Cathedral of Santa Maria del Fiore and world-renowned art collection at the Uffizi Gallery. But Tuscany also has plenty of beachside resorts as well as a seven-island archipelago.
    Cacciapuoti recommended the under-the-radar island of Giglio, “a natural beauty ripe with hand-cultivated wines, crystal-clear waters [and] panoramic hikes,” as she states in a post on her website. There, she likes to hop between the L’Arenella, Le Cannelle and Le Caldane beaches, and stay harborside at La Guardia, a hotel decorated with wood, stone and concrete.

    The harbor in Giglio, Italy
    Tiziana Salvatori | EyeEm | Getty Images

    The Monte Argentario peninsula, linked to mainland Tuscany by quiet roads, is home to Il Pellicano, a former private home turned chi-chi hotel. It was purchased by Italian business magnate Roberto Scio in 1979 and photographed in the decade that followed by Slim Aarons, who was famous for capturing the socialite and celebrity scene.
    Known for its star appeal, it’s now run by his daughter, Marie Louise Scio, who grew up at the hotel and restored it in the mid-2000s.

    Tips from the experts

    A recent discovery for Marie Louise Scio is the northern Italian city of Vicenza, about an hour’s drive west of Venice.
    “The city of Vicenza and the Palladian villas of the Veneto is a World Heritage Site in Italy, which protects buildings by the architect Andrea Palladio,” she told CNBC via email.
    Giorgolo has several recommendations for visitors who want to get away from high season crowds.
    “Visit Umbria with its wonderful hills and beautiful towns, go to Lucca in Tuscany, a jewel less known than Florence, and discover the city of Turin and the region of the Langhe,” she said.

    The Piazza dei Signori in Vicenza, Italy.
    Massimo Borchi | Atlantide Phototravel | Getty Images

    August is when many travelers head to Italy. Cacciapuoti suggested that those vacationing during peak season go off the beaten track.
    “Somewhere remote like Filicudi or the Isole Tremiti; places without too many accommodations … or find a home away from home on mainland Umbria [a] quiet, green, safe haven,” she told CNBC.
    “What I would tell everyone visiting Italy is to take it slow, to not be on a constant schedule, to appreciate life around you — to take a directionless stroll or a long coffee break, don’t always use Google maps, try to talk to a local to ask directions or don’t be so scared to get lost.” More

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    Huawei's competitor to Tesla electric cars is set to hit China's streets on Saturday

    The Aito M5, the first car with Huawei’s HarmonyOS operating system, is set to begin deliveries at a ceremony on Saturday in Shanghai, according to an announcement on social media.
    Huawei has emphasized it will not make cars on its own, rather working with auto manufacturers on autonomous driving and other technology.
    The Aito M5 comes with a fuel tank to extend the battery’s driving range, and costs slightly less than Tesla’s Model Y in China.

    Consumers check out Huawei’s first HarmonyOS car, the Aito M5, at a store in Hangzhou, Zhejiang Province, on Jan. 3, 2022.
    Future Publishing | Future Publishing | Getty Images

    BEIJING — The first electric car with Huawei’s HarmonyOS operating system is set to begin deliveries at a ceremony on Saturday in Shanghai, according to an announcement on social media.
    In December, Huawei’s consumer business group CEO Richard Yu spent an hour at a winter product launch event promoting the car, the Aito M5. But the Chinese telecommunications company has emphasized it will not make cars on its own, rather working with auto manufacturers on autonomous driving and other technology.

    Seres is the automaker behind the Aito M5. The company is also known as SF Motors and is a Silicon Valley-based subsidiary of automaker Sokon, which is based in Chongqing, China, according to the parent company’s website.
    The mid-sized SUV costs 249,800 yuan ($39,651), after subsidies, according to the Aito website. In December, Tesla raised the post-subsidy price for its Model Y in China by 21,088 yuan to 301,840 yuan.
    The Aito M5 is similar to Chinese start-up Li Auto’s Li One in that the vehicle comes with a fuel tank for extending driving range when the battery has run out of power.

    Read more about electric vehicles from CNBC Pro

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    Block CFO says customers repay almost all buy now, pay later loans

    Monday – Friday, 6:00 – 7:00 PM ET

    Nearly all of Afterpay’s customers repaid their installments in 2021, Block CFO Amrita Ahuja told CNBC on Thursday when questioned about Block’s acquisition of the buy-now-pay-later service.
    She added, “98% of consumer installments were repaid by the end of the year, which is the same percentage we saw in the first half. This is a key focus area for us.”

    Nearly all of Afterpay’s customers repaid their installments in 2021, Block CFO Amrita Ahuja told CNBC on Thursday when questioned about the Cash App parent’s acquisition of the buy-now, pay-later service.
    “What I will say about losses, is that the team has actually been incredibly deliberate in managing consumer losses as an input rather than an output to growth,” Ahuja said in an interview on “Mad Money.” 

    She later added, “98% of consumer installments were repaid by the end of the year, which is the same percentage we saw in the first half. This is a key focus area for us.”
    When Cramer questioned Ahuja about whether the phrase “buy now, pay never” rings true, she said that consumer losses for Afterpay were up 8 basis points in the second half of 2021 compared to the first half of the year. A basis point equals 0.01%.
    Ahuja’s comments come after the company formerly known as Square reported a better-than-expected fourth quarter Feb. 24. Block shares closed down 8.08% this Thursday, well below its 52-week high. 
    Block closed its acquisition of Afterpay in January, a deal that came after buy now, pay later services saw their popularity soar during the coronavirus pandemic.
    “We know that our sellers are asking for buy now,-pay later. They want access to the tens of millions of millennials and Gen Z consumers who are looking outside of the traditional financial system for credit,” she said

    Ahuja also said that Block launched a product integration with Square’s online platform on “day one,” with more to come.
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    Cramer says investors should stick to Procter & Gamble: The ‘safest of safety stocks’

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer on Thursday advised investors to consider Procter & Gamble as a potential buy to weather the turbulent market.
    “You want something that can cope with rising raw costs by passing them on to the consumer because they have scale and superior brands that can command higher prices,” he said.

    CNBC’s Jim Cramer on Thursday advised investors to consider Procter & Gamble as a potential buy to weather the turbulent market.
    “I’ve been telling you to stick with the market even in the face of some frightening developments over the past few weeks, but you need some cash and you need some conservative stocks,” the “Mad Money” host said. “This is one of them … Procter and Gamble is the safest of safety stocks.”

    “You want something that can cope with rising raw costs by passing them on to the consumer because they have scale and superior brands that can command higher prices,” he added, praising the company for its pricing power but cautioning that it isn’t completely infallible to inflation.
    P&G shares rose 0.37% in Thursday’s trading session, though the stock is still down 5.64% from the start of the year. It’s also down around 6.7% since touching an intraday all-time high of $165.35 on Jan. 21, which means the stock is currently at a “nice discount,” Cramer said.
    P&G said in its fourth-quarter earnings call in January that it will implement more price increases this year after raising some prices earlier in the pandemic, which helped grow its health-care and fabric and home-care segments.
    Cramer pointed to a bevy of other reasons P&G deserves investors’ dollars as Russia’s invasion of Ukraine and soaring inflation continue to ravage the stock market. Cramer highlighted the company’s “voracious buyback” — P&G forecasts $9 billion to $10 billion in stock buybacks for the fiscal year — and its long-standing trend of raising dividend paybacks.
    The host also credited the company’s better-than-expected fourth-quarter earnings and revenue, as well as its geographic mix, for its ranking as a top safety stock.

    “We do have to redefine safety: it’s not even for your sales to be recession-resistant, you also have to have your earnings to be inflation-resistant,” he said.
    Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
    Disclaimer

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    Stocks making the biggest moves after hours: Gap, Broadcom and more

    Here are the stocks making notable moves in extended trading.
    Broadcom — The chip stock rose more than 3% in extended trading on Thursday after Broadcom beat estimates on the top and bottom lines for its fiscal first quarter. The company reported $8.39 of adjusted earnings per share, while analysts surveyed by Refinitiv were looking for $8.08 per share. The firm’s second-quarter revenue guidance also came in above expectations.

    A Gap store in New York, August 2, 2020.
    Scott Mlyn | CNBC

    Gap — Shares for Gap surged more than 8% in extended trading after the retailer reported a smaller-than-expected loss for the fourth quarter and issued strong earnings guidance. Gap posted losses of 2 cents per share, versus the 14 cents forecast by Refinitiv analysts. Revenue came in at $4.53 billion, versus an estimated $4.49 billion. For the full year, Gap expects to earn between $1.85 and $2.05 per share. Analysts were expecting adjusted earnings of $1.86 per share.
    Smith & Wesson Brands — Shares of the firearms maker dropped 14.7% in extended trading after the company’s fiscal third-quarter results came in short of analyst expectations. The company reported 69 cents in adjusted earnings per share on $177.7 million of revenue. Analysts surveyed by Refinitiv were looking for 83 cents and $198.3 million in revenue, according to FactSet’s StreetAccount. CEO Mark Smith said in a release that the firearms market has “cooled significantly” from where it was earlier in the pandemic.
    Sweetgreen — Shares for Sweetgreen surged nearly 20% after hours, after the salad chain reported stellar sales growth in the fourth quarter. It’s the first time the restaurant posted a quarterly report since its public debut. Net sales rose by 63% to $96.4 million, beating analyst expectations of $84.7 million, according to Refinitiv. The company did report a net loss for the quarter.

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    Cramer's lightning round: Rio Tinto is a buy

    Monday – Friday, 6:00 – 7:00 PM ET

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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    Desktop Metal: “No, we don’t need to do that. We have HP Inc. on earlier this week, and they are going to own the 3D industry and make money, so you need to be in HP Inc. Symbol HPQ.”

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    Canada Goose: “It still sells at too high a multiple, and I want to point out that it’s inconsistent earnings is not for [us]. We’re going to go elsewhere.”

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    Darling Ingredients: “I like it. … It reminds me of Renewable Energy, the company that just got a bid from Chevron. I think you stick with it. I like that call.”

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    Tilray: “No, no. We like that [Innovative Industrial Properties] way to be able to play it, the picks and shovels way. The pot industry is a very, very tough industry, not unlike gambling. So, I’m not there.”

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    Floor & Decor: “This to me, frankly, I’m just going to call it a poor man’s Lowe’s. I’d rather see you in Lowe’s. … Lowe’s had a great quarter.”

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    Valvoline: “Automotive lubricants work for me.”

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    Rio Tinto: “I like Rio Tinto. [Buy, buy, buy]. It’s minerals. Remember, there’s a bull market in minerals, and I embrace it.”

    Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
    Disclaimer

    Questions for Cramer?Call Cramer: 1-800-743-CNBC
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    Here are the Russian oligarch yachts being seized as sanctions sink in

    The move to target these assets comes as the U.S. Justice Department announced a new task force that will help enforce sweeping sanctions against Russian oligarchs.
    French authorities seized a massive yacht they say is linked to Igor Sechin.
    Russian billionaire and business tycoon Alisher Usmanov’s superyacht “Dilbar” was restricted from leaving its anchorage by German authorities on Thursday, according to an official with knowledge of the matter.

    A file photo dated September 10, 2018 shows mega yacht named “Dilbar” belonging to Uzbek-born Russian business-magnate Alisher Usmanov as it refuels by a tanker in Mugla, Turkiye. Germany seizes Russian billionaire Usmanov’s yacht at Port of Hamburg.
    Sabri Kesen | Anadolu Agency | Getty Images

    At least two superyachts owned by Russian oligarchs have been seized by authorities in the European Union after the executives were sanctioned following their country’s invasion of Ukraine.
    Russian billionaire and business tycoon Alisher Usmanov’s superyacht “Dilbar” was restricted from leaving its anchorage by German authorities on Thursday, according to an official with knowledge of the matter.

    The official, speaking on the condition of anonymity, said the yacht has not been physically seized but rather is not allowed to move from its current location in the German port city of Hamburg. The person added that more measures will be taken later.
    The extraordinary yacht, named after Usmanov’s mother, extends over 500-feet and is equipped with the largest indoor swimming pool ever installed on a private vessel. The Department of Treasury estimates that the current value of Usmanov’s yacht is approximately $735 million.
    A Treasury official referred CNBC’s inquires for an update on motor yacht Dilbar to German authorities. The official, speaking on the condition of anonymity, said any action taken by German authorities would not involve transferring the vessel to the United States under Treasury’s Office of Foreign Assets Control, or OFAC, sanctions.
    Usmanov and his superyacht entered U.S. crosshairs on Thursday when the Biden administration announced additional sanctions on Russian elites with Kremlin ties.
    The Treasury Department wrote in a release that Usmanov is close to Russian President Vladimir Putin and that his “Kremlin ties enrich him and enable his luxurious lifestyle.”

    The new U.S. sanctions listing Usmanov’s yacht as blocked property effectively means that any transactions related to the yacht, including maintenance, the hiring of crew, payment of docking fees conducted with U.S. persons or in U.S. dollars are prohibited.

    A picture taken on March 3, 2022 in a shipyard of La Ciotat, near Marseille, southern France, shows a yacht, Amore Vero, owned by a company linked to Igor Sechin, chief executive of Russian energy giant Rosneft.
    Nicolas Tucat | AFP | Getty Images

    The move to target these assets comes as the U.S. Justice Department announced a new task force that will help enforce sweeping sanctions against Russian oligarchs. The task force will use various tools at its disposal, including cryptocurrency tracing, to track down assets to seize and prosecute those who violate the sanctions.
    Meanwhile, the United States and its allies have placed what could be devastating sanctions on Putin and key Russian financial institutions, including the nation’s central bank.
    French authorities seized a massive yacht they say is linked to Igor Sechin, a Russian billionaire who is CEO of state oil company Rosneft. He previously served as Russia’s deputy prime minister within Putin’s government. Forbes reported that Sechin is known in Russian business circles as “Darth Vader.”
    Sechin was previously targeted with sanctions by the EU after the invasion of Ukraine.
    This story will be regularly updated if other yachts are seized. Please check back for updates.

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