Raphael Stevens

More stories

  • 100 Shares149 Views

    in Business

    Super Bowl 59 attracts record 127.7 million viewers

    Super Bowl 59 attracted a record audience of 127.7 million people, according to ratings agency Nielsen.
    The NFL’s big game this year was aired on Fox Corporation’s broadcast network. The company also made it available on its free, ad-supported streamer Tubi.
    Advertisers shelled out up to $8 million in hopes of getting in front of the biggest live audience on TV.

    Philadelphia Eagles head coach Nick Sirianni and quarterback Jalen Hurts celebrate with the Vince Lombardi Trophy after winning Super Bowl 59.
    Mike Segar | Reuters

    The Philadelphia Eagles weren’t the only ones that scored big at the Super Bowl.
    The National Football League’s championship game attracted a record 127.7 million viewers on Sunday, according to Nielsen Media Research.

    The supersized live audience was of most importance to the advertisers that shelled out big bucks to have their brands featured during the Super Bowl. It is rare that programming on live TV attracts such a big audience in one sitting, making the hefty price tag worth it, advertising industry executives recently told CNBC.
    The cost of advertising during the Super Bowl rises each year, especially as the cable bundle loses more and more customers and must-watch programming revolves around sports and other live events. This year, some brands spent up to $8 million for a spot during the game.
    Sunday’s Super Bowl aired on Fox Corporation’s broadcast network, as well as its Spanish-language cable network Fox Deportes and NBCUniversal’s Telemundo. Fox also offered the Super Bowl on its free, ad-supported streamer Tubi, and it was also available on the NFL’s digital properties.
    Last year, the Super Bowl had locked down another record at the time, when more than 123 million tuned into Paramount Global’s CBS broadcast network, TelevisaUnivision network and other streaming options such as Paramount+.
    Fox also reported that the Super Bowl broke another record when it came to streaming. The game on Tubi, Telemundo and the NFL’s digital offerings garnered 14.5 million viewers, while Tubi alone had 13.6 million viewers, according to Tubi first-party data and Adobe Analytics. This was the first time the Super Bowl was available on the app.

    The Super Bowl’s viewership peaked at an audience of 137.7 million from 8 p.m. to 8:15 p.m. ET, during the second quarter, according to Nielsen.
    Anticipation for the game helped boost viewership, too. Fox’s pregame coverage averaged 23.4 million viewers between 1 p.m. and kickoff.
    The Eagles ran away with the game against the Kansas City Chiefs, with a final score of 40-22. While viewership tends to drop off in games with a large gap in the score, viewers clearly stuck around through the game.
    The halftime show, headlined by rapper Kendrick Lamar and also featuring R&B artist SZA, had an average 133.5 million viewers across TV and digital platforms between 8:30 p.m. and 8:45 p.m. ET, up 3% from last year’s viewership of the music spectacle, Nielsen reported.
    The Spanish language networks Fox Deportes and Telemundo had an average audience of 1.87 million combined viewers, according to Fox. This was the first time the Super Bowl was offered on both a cable network and broadcaster in Spanish. The league has been pushing to expand its audience, with a key part of its strategy being Hispanic viewership.
    Disclosure: Comcast owns CNBC parent company NBCUniversal. 
    Correction: The headline on this story has been updated to correct that it was Super Bowl 59.

    Don’t miss these insights from CNBC PRO More

  • 213 Shares139 Views

    in Business

    GM expects to mitigate up to 50% of potential North American tariffs, which Ford describes as ‘chaos’

    General Motors believes it can mitigate up to 50% of potential North American tariffs threatened by President Donald Trump on imports from Canada and Mexico, CEO Mary Barra said Tuesday.
    That includes GM potentially avoiding short-term impacts of between 30% and 50% of the additional costs “without deploying any capital.”
    Earlier in the day, Ford CEO Jim Farley said Trump’s tariffs and threats are causing “chaos” for the U.S. automotive industry.

    President Donald Trump greets General Motors CEO Mary Barra (R) prior to a meeting with automobile industry leaders in the Roosevelt Room of the White House in Washington, DC, January 24, 2017.
    Saul Loeb | AFP | Getty Images

    DETROIT — General Motors believes it can mitigate up to 50% of potential tariffs President Donald Trump is threatening to impose on imports from Canada and Mexico, CEO Mary Barra said Tuesday.
    The chief executive said the Detroit automaker has contingency plans ready for if tariffs are levied on auto parts and vehicles coming into the U.S. from the two neighboring countries. That includes potentially avoiding short-term impacts of between 30% and 50% of the additional costs “without deploying any capital.”

    “We are prepared,” Barra said Tuesday during a Wolfe Research investment conference. “When we know exactly what’s going to happen and/or even have an indication of what’s going to happen, we know the steps we could take.”
    GM CFO Paul Jacobson, who appeared with Barra, added that if tariffs were prolonged, the company could take additional measures such as shifting production or parts or vehicles.
    The comments are the most detailed yet of how GM believes it could reduce the impact of tariffs after investor concerns about the issue weren’t addressed during the automaker’s quarterly earnings call two weeks ago, sending the company’s stock down by 8%.
    GM has some operations in Canada, with more substantial production in Mexico. That includes many of its lower-priced electric vehicles as well as its highly profitable full-size pickup trucks.
    Barra’s comments followed crosstown rival Ford Motor CEO Jim Farley saying Trump’s tariffs, whether implemented or threatened, are causing “chaos” for the U.S. automotive industry.

    Ford CEO Jim Farley at the company’s Dearborn, Michigan, plant where it’s building the electric F-150 Lightning on April 26, 2022.
    CNBC | Michael Wayland

    Farley described this week’s 25% tariffs on steel and aluminum, as well as threatened levies of the same amount on Mexico and Canada, as currently adding “a lot of cost, and a lot of chaos” to the industry.
    “President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of … the most signature accomplishments,” Farley said separately during the Wolfe conference. “So far what we’re seeing is a lot of cost, and a lot of chaos.”
    Farley and incoming Ford CFO Sherry House said a majority of the company’s steel and aluminum are domestically sourced; however, there are suppliers to the automaker that source such materials from outside of the country, which could have an impact on costs.
    Barra noted GM is “evaluating” the impact of the steel and aluminum tariffs on its business, but said the company sources a “significant” amount of both from the U.S. In the short term, she said GM also has fixed pricing on such purchases.
    Both GM and Ford contributed $1 million each, along with vehicles, to Trump’s inauguration. Executives with both also have confirmed they’ve talked with Trump about the auto industry.
    House on Tuesday said the biggest concern for Ford is all of these actions that appear relatively minimal, including on suppliers, combining to negatively impact the automaker’s business.
    “We’ll have to deal with it. That’s what I’m talking about cost of chaos. A little here, a little there. … This is what we’re dealing with right now,” Farley said.

    Stock chart icon

    Ford and GM stocks

    Farley seemed most concerned about potential duties on goods from Mexico and Canada, saying a long-term 25% tariff that could go into effect as soon as March 1 would be “devastating” and “blow a hole in the U.S. industry that we’ve never seen.”
    The White House did not immediately respond for comment about Farley’s remarks.
    Farley said he is traveling Wednesday to Washington, D.C., for the second time in three weeks to meet with government officials, including members of Congress, to stress how the policy uncertainty is impacting the industry.
    Last week Farley also said if the Trump administration is going to implement tariffs affecting the automotive industry, it should take a “comprehensive” look at all countries.
    Farley singled out Toyota Motor and Hyundai Motor for importing hundreds of thousands of vehicles annually from Japan and South Korea, respectively, that have little to no duties compared with the 25% tariff Trump plans to impose on Canada and Mexico.
    Ford regularly touts its American business, including in ad campaigns. The company is the No. 1 auto producer in the U.S., with the most vehicles domestically assembled as well as exported to other countries.
    Correction: Farley seemed most concerned about potential duties on goods from Mexico and Canada. An earlier version misstated one of the countries.

    Don’t miss these insights from CNBC PRO More

  • 200 Shares129 Views

    in Finance

    Ken Griffin says Trump’s ‘bombastic’ trade rhetoric is a mistake that’s eroding trust in the U.S.

    Ken Griffin, founder and CEO of Citadel, speaks during The New York Times’ annual DealBook Summit in New York City, Dec. 4, 2024.
    Michael M. Santiago | Getty Images

    Citadel CEO Ken Griffin sent a stern warning against the negative impact from President Donald Trump’s combative approach to U.S. trade policy.
    “From my vantage point, the bombastic rhetoric, the damage has already been done,” Griffin said Tuesday at the UBS Financial Services Conference in Key Biscayne, Florida. “It’s a huge mistake to resort to this form of rhetoric when you’re trying to drive a bargain because … it tears into the minds of CEOs, policymakers that we can’t depend upon America, as our trading partner.” 

    The billionaire hedge fund founder’s comments came after Trump on Monday evening signed an order that would impose 25% tariffs on steel and aluminum imports. The president has already enacted a 10% duty on all Chinese imports, while pausing his 25% tariffs on goods from Mexico and Canada temporarily.
    Griffin, who voted for Trump and was a megadonor to Republican politicians, believes the hostile dynamics caused by punitive tariffs could make long-term investments challenging for multinational companies and investors.
    “It makes it difficult for multinationals, in particular, to think about how to plan for the next five, 10, 15, 20 years, particularly when it comes to long lead time capital investments that could be adversely impacted by a degradation of the current terms of engagement as amongst the leading Western countries when it comes to terms and trade,” he said.
    Griffin previously cautioned that crony capitalism could be a consequence of tariffs. Crony capitalism is an economic system marked by close, mutually advantageous relationships between business leaders and government officials.
    The White House did not immediately respond to a request for comment.

    Don’t miss these insights from CNBC PRO More

  • 163 Shares189 Views

    in Business

    Globalstar CEO Paul Jacobs explains why satellite company moved from NYSE to Nasdaq

    Globalstar, a satellite and communications services provider, debuted on the Nasdaq on Tuesday morning after delisting from the New York Stock Exchange.
    CEO Paul Jacobs joined CNBC’s “Squawk Box” to discuss the company’s latest investments in satellite connectivity.

    Satellite communications company Globalstar listed on the Nasdaq on Tuesday after delisting from the New York Stock Exchange.
    “We did a reverse split — we’re a multibillion-dollar company but our stock price was down in the dollar-ish range,” CEO Paul Jacobs told CNBC’s Becky Quick on “Squawk Box.” “And people thought of us as a penny stock, and some investors couldn’t invest in us, so we’re here sort of in conjunction with that,” Jacobs added.

    Jacobs and Globalstar also rang the opening bell at the Nasdaq on Tuesday morning. The stock rose more than 10% in midday trading.
    “Most of the companies that I’ve been involved with are tech innovators, and they’re on the Nasdaq,” Jacobs said.
    Globalstar signed a $1.5 billion deal in November with Apple to fund the expansion of iPhone services. In 2022, Globalstar rolled out a feature with iPhones that enabled emergency satellite texting.
    The satellite provider also signed a $1.1 billion deal with MDA Space on Monday, making the latter company the prime contractor for Globalstar’s next-generation low Earth orbit constellation.
    The company is working on enabling satellite features that would allow customers to use their phones in areas with no cell service, a move that Elon Musk’s Starlink has also pursued in conjunction with T-Mobile.

    “We’ve already been working on the satellites,” Jacobs said. “We’ve been in it for a while already.”
    The pricing of the venture for customers remains an “unproven business model,” Jacobs added, as the companies continue to optimize customers’ needs.

    NBA

    Jacobs, who is also the vice chairman of the National Basketball Association’s Sacramento Kings, said he sees a lot of investment going into the NBA as valuations continue to rise.
    “The product is extremely good,” Jacobs said. “And we’ve opened it up to more investors as well — funds can invest now.”
    Jacobs said the Sacramento Kings also had a chance at getting basketball star Luka Doncic earlier but ultimately passed over the player, whose trade to the Los Angeles Lakers caused waves across the sports industry.
    “I think the NBA is in a good position,” he said. “You never know how it’s going to go. I’m obviously not going to sit here and say I can predict the future perfectly, but the NBA is in a great position,” Jacobs added. More

  • 163 Shares159 Views

    in Finance

    Powell squashes the possibility that the Fed will develop its own digital currency

    Fed Chair Jerome Powell asserted Tuesday that the central bank will not develop its own digital currency as long as he is in charge, ending several years of speculation.
    Over the years, multiple officials have raised concerns, with most saying there was no obvious need for a CBDC and citing concerns over privacy and other issues.

    U.S. Federal Reserve Chair Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” at Capitol Hill in Washington, U.S., February 11, 2025. 
    Craig Hudson | Reuters

    Federal Reserve Chair Jerome Powell asserted Tuesday that the central bank will not develop its own digital currency as long as he is in charge.
    Ending several years of speculation whether the Fed would join some of its global counterparts, including China, in developing a formal cryptocurrency like bitcoin or its many peers, Powell said during a Senate hearing that the project would not go forward.

    “Can I have your commitment that as long as you’re the chairman of the Federal Reserve system that we will never have a central bank digital currency?” Sen. Bernie Moreno, R-Ohio, asked Powell during the chair’s semiannual testimony on monetary policy and regulation.
    “Yes,” Powell responded.
    “Thank you for that, I think that’s extremely important,” Moreno said. “It makes me very happy to hear you say that.”
    Powell’s term as Fed chief ends in May 2026.
    The Fed has been examining the issue for at least four years, releasing an extensive study in 2022 that detailed the advantages and disadvantages without drawing a conclusion.

    Over the years, multiple officials have raised concerns, with most saying there was no obvious need for a CBDC and citing concerns over privacy and other issues. Powell also has stressed that creating a CBDC would have required a legislative act from Congress, something less likely with a Republican majority controlling both chambers in Washington, D.C.
    In the meantime, the central bank has launched its FedNow payments system that essentially addresses a number of issues that a Fed-backed cryptocurrency also would take on.
    Moreno asked Powell to continue work on FedNow to make 24-hour money transfers more widely available.

    Don’t miss these insights from CNBC PRO More

  • 225 Shares189 Views

    in Finance

    Fed Chair Powell says central bank doesn’t ‘need to be in a hurry’ to lower interest rates further

    Fed Chair Jerome Powell reiterated the central bank’s commitment to bringing inflation down and signaled that policymakers aren’t in a rush to get interest rates lower.
    Powell’s comments came in the first of two appearances this week on Capitol Hill.

    Federal Reserve Bank Chairman Jerome Powell testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill on March 06, 2024 in Washington, DC. 
    Chip Somodevilla | Getty Images

    Federal Reserve Chair Jerome Powell on Tuesday reiterated the central bank’s commitment to bringing inflation down and signaled that policymakers aren’t in a rush to push interest rates lower.
    In remarks before the Senate Banking Committee, Powell called the economy “strong overall” with a “solid” labor market and inflation that is easing but still above the Fed’s 2% goal.

    With those conditions prevailing, he said the Fed doesn’t need to move quickly to ease monetary policy.
    “With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” Powell said. “We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment.”
    Powell’s comments came in the first of two appearances this week on Capitol Hill. He speaks to the Senate Banking Committee on Tuesday then the House Financial Services Committee on Wednesday.
    Stocks briefly dipped following his opening statement but were little changed after two hours of trading.
    Much of the proceeding focused on bank supervision rather than monetary policy.

    Ranking Democratic Sen. Elizabeth Warren of Massachusetts charged that President Donald Trump’s move to halt the work of the Consumer Financial Protection Bureau left consumers without a watchdog of the nation’s largest banks.

    Warren asked Powell who is administering consumer compliance outside of the CFPB, to which he responded, “I can say no other federal regulator.” Powell nonetheless said the broader banking system is safe. He also noted that the Fed is “determined to take a fresh look at” issues that Trump has raised regarding de-banking.
    The hearing also took a number of political turns, with lawmakers
    On monetary policy, Powell’s remarks were largely in keeping with his recent statements and those of his colleagues, who are digesting a number of fiscal and monetary dynamics that make for an uncertain environment.
    Most prominently, Trump has launched an aggressive campaign to institute tariffs against the largest U.S. trading partners, in one sense to level the economic playing field and in another to enforce foreign policy goals against illegal immigration and drug smuggling, specifically fentanyl.
    Powell did not mention any of that in his prepared remarks but was expected to face questioning on tariffs and other issues from panel members.
    In one exchange, he again noted that it is not the Fed’s policy or responsibility to get involved in trade policy.
    “I think the standard case for for free trade and all that logically still makes sense. It didn’t work that well when we have one very large country that doesn’t really play by the rules,” Powell said. “In any case, it’s not the Fed’s job to make or comment on tariff policy. … That’s for elected people and and it’s not for us to comment. Ours is to try to react to it in a thoughtful, sensible way and make monetary policy so that we can achieve our mandate.”
    Markets have interpreted the recent messaging as indications that the Fed will be on hold with rates, probably into the summer, after cutting its benchmark borrowing level by a full percentage point in the latter part of 2024.
    Powell said the current policy stance, with the benchmark fed funds rate in a range between 4.25%-4.5%, is providing flexibility. The Federal Open Market Committee held the rate in place at its late-January meeting.
    “We are attentive to the risks to both sides of our dual mandate, and policy is well positioned to deal with the risks and uncertainties that we face,” he said.
    Shortly after taking office, Trump said he would “demand” that interest rates come down “immediately.” However, in subsequent remarks he said he agreed with the January decision to keep rates in place, while Treasury Secretary Scott Bessent said the administration is more focused on seeing the 10-year Treasury yield move lower than on the Fed’s actions, which more strongly influence shorter-term rates.
    Mortgage rates have held high even as the Fed has cut, and Powell said that could change ahead.
    “It’s true that mortgage rates have gone or remained high, but that’s not so directly related to the Fed’s rate,” Powell said. “It’s really related more to long-term bond rates, particularly the Treasury, the 10-year Treasury, 30-year Treasury, for example. And those are high for reasons not particularly closely related to Fed policy.”
    Powell said mortgage rates could come down as the Fed keeps rates low, though he’s unsure when that could happen.

    Don’t miss these insights from CNBC PRO More

  • 138 Shares169 Views

    in Finance

    CFPB heads of supervision and enforcement announce resignations after stop-work order

    Two senior leaders at the Consumer Financial Protection Bureau announced their resignations the day after acting Director Russell Vought instructed all staff to cease working.
    In separate memos, Lorelei Salas, supervision director for the agency, and Eric Halperin, enforcement director, said they could no longer serve in their respective roles after Vought’s mandate, according to emails obtained by CNBC.
    “I don’t believe in these conditions I can effectively serve in my role, which is protecting American consumers,” Halperin said.

    Former Office of Management and Budget (OMB) Director Russell Vought takes his seat as he arrives to testify before a US Senate Homeland Security and Governmental Affairs Committee hearing on his second nomination to be OMB director, on Capitol Hill in Washington, DC, on Jan. 15, 2025.
    Jemal Countess | AFP | Getty Images

    Two senior leaders at the Consumer Financial Protection Bureau announced their resignations the day after acting Director Russell Vought instructed all staff to cease working.
    In separate memos sent early Tuesday, Lorelei Salas, supervision director for the agency, and Eric Halperin, enforcement director, said they could no longer serve in their respective roles after Vought’s mandate, according to emails obtained by CNBC.

    “The Bureau has been instructed to stand down,” Salas said. “I do not believe it is appropriate, nor lawful, to stop all supervisory activities and examinations, and I cannot longer serve as the Supervision Director.”
    “I don’t believe in these conditions I can effectively serve in my role, which is protecting American consumers,” Halperin said. “Today I made the difficult decision to resign.”
    A representative for the Office of Management and Budget, speaking on behalf of the CFPB, said in a statement to CNBC later Tuesday that Halperin and Salas had been placed on administrative leave prior to their announcements of resignation.
    The departures add further to uncertainty at the CFPB, which has been targeted by trade groups and conservatives for years. The agency has aggressively policed financial firms and said in June that it has returned nearly $21 billion to consumers since its creation in 2011.
    Halperin said that his office, charged with enforcing consumer protection mandates, secured $9.5 billion in fines or consumer redress since 2021.

    Opponents of the agency have said that under former Director Rohit Chopra it reached beyond its legal authority in punishing banks and that his attempts to rein in industry fees would hurt consumers.
    CFPB employees have been on edge since operatives of Elon Musk’s advisory group known as the Department of Government Efficiency arrived at the regulator late last week. Then Vought was named acting director, effective Friday, and he quickly said he would refuse fresh funding for the agency, shuttered its Washington, D.C., headquarters, and instructed staff to freeze all bureau work.
    “I know you are concerned about your futures, the future of the bureau, and more importantly, the impact these sweeping changes will have on everyday consumers,” Salas wrote. “The ways in which you protect the American consumer cannot be captured in just a few sentences, and too many are unaware of the work you do behind the scenes.” More

  • 188 Shares169 Views

    in Finance

    Dominari Holdings shares surge 30% after Donald Trump Jr. and Eric Trump join advisory board

    Eric Trump during an interview with the PA news agency at Trump International Golf Links near Balmedie, Aberdeenshire.
    Jane Barlow – Pa Images | Pa Images | Getty Images

    Dominari Holdings shares shot up Tuesday after the holding company announced that President Donald Trump’s sons — Donald Trump Jr. and Eric Trump — have joined its advisory board.
    The stock surged as much as 83.9% to a record high before trading about 30% higher. Dominari is involved in wealth management, investment banking, sales and trading through its subsidiaries. It is a so-called microcap company with a market cap of roughly $51.5 million, per FactSet.

    Loading chart…

    Trump Jr. and Eric Trump participated in a recent private placement funding round in the company. Dominari on Tuesday announced a $13.5 million registered direct and private placement offering, while its board also declared a special cash dividend of $4 million.Dominari CEO Kyle Wool said his firm is looking for investment opportunities, particularly in the artificial intelligence and data center industries.
    “AI is advancing at an unprecedented pace and has the potential to revolutionize industries and transform the way companies do business,” Trump Jr. said in a statement. “Harnessing this transformative technology is essential to the ‘America First’ agenda. It will require significant capital investment and strategic planning, and I look forward to contributing to those discussions at Dominari.”
    This isn’t the first corporate board Trump Jr. has joined since his father’s election victory. In December, he was added to the board of PSQ Holdings, the owner of the online marketplace PublicSquare. He also joined the board of Unusual Machines, a small U.S. drone and drone component maker.
    In November, the eldest son of Trump joined venture capital firm 1789 Capital as a partner. The firm invests in products and companies aimed at conservatives and its investments include Tucker Carlson’s media company.

    Don’t miss these insights from CNBC PRO More