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Craig Jelinek, the CEO of Costco (COST), gave a rare, exclusive interview to CNBC on Monday morning. The chief executive weighed in on consumer’s spending behavior, a potential U.S. recession and more. The interview came a few days after Costco reported strong same-store sales numbers for June , once again showing why the CNBC Investing Club believes it’s the best-run retailer in the world. Here’s a full breakdown of Jelinek’s comments to CNBC. 1. Consumer strength & recession fears Jelinek told CNBC he thinks that, overall, the economy is holding up OK, even though for many Americans persistently high inflation has been chipping away at discretionary income in recent months. At the same time, he said Costco is certainly mindful of economic slowdown fears. Those have intensified this year as economists and others on Wall Street question whether the Federal Reserve will be able to tame inflation with interest-rate hikes without tipping the U.S. into a recession. Worries about an impending recession have been one of the overhangs on the stock market lately, causing groups like retailers to underperform the S & P 500. “You never want to dismiss it. If you start dismissing a possible recession, you’re going to end up with a lot of inventory. In my opinion, it’s relative. … Everybody has a different way of explaining recession. In my view, it’s about what do you end up with [as] your discretionary income [and] what you’re able to buy. For a lot of people right now, they are in a recession because they are just trying to survive with just buying gas and making their house payments, rent payments. For people with higher income levels, they still have discretionary income to buy goods. We have a tendency to probably have middle- to upper-middle-income members in terms of our customers.” Recessions are generally declared following two straight quarters of contraction, or negative growth, in the U.S. economy. The official arbiter of recessions and expansions is the National Bureau of Economic Research, which says that such factors are not necessary for a recession. But every one since World War II saw consecutive quarters of contraction. The first quarter of 2022 saw negative growth of 1.6% in the U.S. economy. The government’s initial look at second-quarter gross domestic product is out July 28. While Costco’s CEO stressed that it’s impossible to know what the economy will look like three months in the future, Jelinek struck a positive tone about the situation now — as far as it concerns members to Costco’s wholesale warehouses. “We have our own Costco credit card that we have with Citi. They continue to grow every period. So our credit card business, the write-offs, have not seen any significant difference in write-offs, so right at the moment, we think things aren’t so bad.” 2. Changes to spending behavior Although Jelinek sounded content with the near-term outlook, he acknowledged there has been a change to the way consumers are spending. In particular, he said there’s been a slowdown to spending on electronics — a trend that other retailers like Target (TGT) have called out recently, too. Jim Cramer asked Jelinek whether that was because “the consumer was getting cautious,” to which the CEO responded: “The consumer could be getting cautious. One of the other areas I look at is jewelry. Jewelry was very strong. I see jewelry starting to slow down. You could read a couple of things into the hard-goods business. Television sets, computers, they have slowed down. But keep in mind, a year ago, a year and a half ago during Covid when everything was stay-at-home, computer business and TV business was off the charts. So it could be a combination of … people have done a lot of purchasing in those products, but also they may not need them at the moment, so that’s part of the transition also.” Jelinek, who has been CEO of Costco for a decade, said there is more to the story. “One of the things we are seeing is our patio furniture business is very strong in spite of the increase in cost based on freight issues. So, overall, I think the consumer is not doing bad. As you can see, unemployment is down significantly. If people want to work, they can work. So, my view at the moment, things aren’t so bad.” 3. Membership fee & special dividend updates We’ve called out a potential increase to Costco’s membership fee along with the possible issuance of a special dividend as two things that, if they occurred, could catalyze the company’s stock higher. W e discussed this Friday in our recap of Costco’s June monthly sales. While Jelinek would not commit either way on the special dividend, saying “stay tuned,” he offered fresh comments Monday on the membership question. We think about it every year. Right now, in terms of the membership fee, it is not on the table right at the moment. … I don’t think it’s the right time. Our signups continue to be strong, and we’ll let it go at that for the moment. You know, the special dividend, we’ve done I think three over the last six or seven years, and I’m not going to commit one way or the other, other than stay tuned.” The last time Costco raised membership fees was in 2017, taking its basic-level membership to $60 annually from $55 and its executive membership to $120 from $110. Membership fees are a key source of Costco’s profits. Also on Monday, Jelinek did quickly shoot down a question about whether Costco would raise the price of its hot-dog-and-soda combo , which has famously been $1.50 for decades. “No,” the CEO said. 4. Renewal rates When Costco reported third-quarter results in late May, management indicated on the conference call that membership renewal rates were at all-time highs at the end of the period: 92.3% in the U.S. and Canada and 90% worldwide for the first time. Costco generally sells its gas cheaper than nearby competing stations — and for that reason, Cramer asked Jelinek whether high gas prices have historically helped prop up renewal rates. “I don’t think so. Let me put it this way, it doesn’t hurt at all. But, I think, overall our value proposition on everything that we sell continues to help our renewal rate.” At the same time, earlier in the interview, Jelinek said he hopes the price of oil and gasoline continues their recent downward trajectory because “it’s what’s best for the country and everybody.” (Jim Cramer’s Charitable Trust is long COST. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Craig Jelinek, Chief Executive Officer at Costco, speaks via video conference during a U.S. Senate Budget Committee hearing regarding wages at large corporations on Capitol Hill in Washington, U.S. February 25, 2021. 
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“India is projected to surpass China as the world’s most populous country during 2023,” the U.N. says.
According to the U.N., its latest projections show that the global population could reach roughly 8.5 billion in 2030 and 10.4 billion in 2100.
In a statement, U.N. Secretary-General Antonio Guterres talks of a “shared responsibility to care for our planet.”

People photographed in Bengaluru, Karnataka, India. According to the UN, India is home to over 1.4 billion people.
Peter Adams | Stone | Getty Images

India is on track to overtake China as the planet’s most populous country next year, according to a U.N. report published on Monday.
The report, from the population division of the U.N.’s Department of Economic and Social Affairs, said China and India were each home to over 1.4 billion people in 2022.

“India is projected to surpass China as the world’s most populous country during 2023,” the U.N. said. The Indian government’s census for 2011 put the country’s population at more than 1.2 billion.
“The global human population will reach 8.0 billion in mid-November 2022 from an estimated 2.5 billion people in 1950,” according to the U.N.’s report.

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Looking further ahead, the U.N. said its latest projections showed the global population could reach roughly 8.5 billion in 2030 and 10.4 billion in 2100.
Last year, the U.N. said that the “average fertility” of the planet’s population amounted to 2.3 births per woman across a lifetime.
This compares to approximately 5 births per woman in 1950, according to Monday’s report. “Global fertility is projected to decline further to 2.1 births per woman by 2050,” it said.

The U.N.’s report was released on World Population Day. In a statement, U.N. Secretary-General Antonio Guterres said the day represented “an occasion to celebrate our diversity, recognize our common humanity, and marvel at advancements in health that have extended lifespans and dramatically reduced maternal and child mortality rates.”
“At the same time, it is a reminder of our shared responsibility to care for our planet and a moment to reflect on where we still fall short of our commitments to one another,” Guterres said.

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With a huge population and a major economy, India’s need for resources in the years ahead will become increasingly pressing. On Monday, Reuters, citing information from Refinitiv and trade sources, said June saw the country’s coal imports reach “a record high.”
The deal reached at the COP26 climate change summit in Nov. 2021 faced stumbling blocks related to the phasing out of coal, fossil fuel subsidies and financial support to low-income countries.
India and China, both among the world’s biggest burners of coal, insisted on a last-minute change of fossil fuel language in the Glasgow Climate Pact — from a “phase out” of coal to a “phase down.” After initial objections, opposing countries ultimately conceded.
— CNBC’s Sam Meredith contributed to this report. More

Bernie Ecclestone accused of not declaring overseas assets believed to be worth in excess of £400m.
HMRC says the investigation has been “complex and worldwide.”
Ecclestone, 91, used to be F1’s CEO.

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Former Formula One boss Bernie Ecclestone will be charged with fraud by false representation over an alleged failure to declare £400m of overseas assets to the government.
The charge against the 91-year-old was authorised by the Crown Prosecution Service (CPS) on Monday following an investigation by Revenue and Customs (HMRC).

Andrew Penhale, Chief Crown Prosecutor, said: “The CPS has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m.
“The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial.
“It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”
Simon York from HMRC said that the investigation had been “complex and worldwide”.
“We can confirm that a fraud by false representation charge has been authorised against Bernard Ecclestone,” he said.

“This follows a complex and worldwide criminal investigation by HMRC’s Fraud Investigation Service.
“The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.
“HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud. Our message is clear – no one is beyond our reach.

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“We remind people to refrain from commentary or sharing of information that could prejudice proceedings in any way. This is now a matter for the courts and we will not be commenting further.”
The case will first be heard at Westminster Magistrates’ Court on August 22.
Ecclestone used to be F1’s CEO before Liberty Media’s takeover in 2017, and he left his emeritus position within the sport in 2020.

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Novak Djokovic of Serbia kisses the winners trophy after victory over Nick Kyrgios of Australia in their Men’s Singles Final match on day fourteen of The Championships Wimbledon 2022 in London.
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Wimbledon champion Novak Djokovic is hoping for a change to American Covid-19 entry rules in time for him to challenge for a fourth US Open title later this summer.
Djokovic, who defeated Nick Kyrgios in four sets to lift the Wimbledon crown for a fourth consecutive time — and seven in all — on Sunday, has consistently refused Covid vaccination.

That stance cost the 35-year-old the opportunity to compete at the Australian Open earlier this year after a prolonged stand-off with that country’s authorities — but he hopes it could be a different story when the Flushing Meadows tournament begins in August.
“I’m not vaccinated and I’m not planning to get vaccinated,” said Djokovic. “So the only good news I can have is them removing the mandated green vaccine card or whatever you call it to enter the United States or exemption.
“I don’t know, I don’t think exemption is realistically possible. If that is a possibility, I don’t know what exemption would be about.

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“I don’t have much answers there. I think it’s just whether or not they remove this in time for me to get to USA.
“Whether or not I’m playing any tournament soon, I’ll definitely be resting for the next couple of weeks because it has been quite an exhausting and demanding period for me.
“Then I’ll wait hopefully for some good news from USA because I would really love to go there.”
Djokovic, who became only the fourth man in the Open Era to win four Wimbledon titles in a row, admitted his success against Kyrgios provided a sense of ‘relief’, particularly in the wake of his drawn-out deportation from Australia.
“Wimbledon historically has always come at such important stages of my life and my career,” he added. “It was in 2018 when I was starting the year with elbow surgery, trying to work my way back in the rankings, not playing well.
“It’s not a coincidence that this place has such relevance in my life and career. It’s a relief, as well, considering what I’ve been through this year — of course it adds more value and more significance and more emotions.

“I’ve said it many times, this tournament is extra special for me because it has been the first tournament I ever watched as a kid that got me to start playing tennis.
“The more you win, it’s logical the more confident, the more comfortable you feel next time you step out on the court. So the run keeps going and I feel very connected with this court and this tournament, without a doubt.”
Djokovic’s coach Goran Ivanisevic, who reached four Wimbledon finals during his own playing career — winning the tournament in 2001 — said he always remained confident the top seed would bounce back from his Australian Open disappointment.
“For some people, they don’t recover — they will never play tennis,” said Ivanisevic. “This was a big shock. It was a shock for me, and I was free — imagine for him.
“It’s really for me heroic, because it was not easy to digest and come back to play tennis. People like him you don’t doubt, he’s a great champion.
“He just needed to find the peace. Like I said, it was not easy to plan anything because one week he can play, next week he cannot play at that tournament.
“It was not easy, but this is the result. This trophy, this joy on the Centre Court, it’s so beautiful. This is paying off.”

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In 2021 graphics cards were hot stuff. Video-game devotees and cryptocurrency miners queued overnight to get their hands on the latest high-end offering from Nvidia or amd, two American chipmakers. And graphics processors were far from the only sizzling semiconductors. An acute shortage of chips disrupted the production of everything from smartphones to cars and missiles, just as demand for all manner of silicon-bearing devices boomed. Last year the chip industry’s revenues grew by a quarter to $580bn, according to idc, a research firm. Chipmakers’ market values soared. tsmc, a giant Taiwanese contract manufacturer, More

In 2021 graphics cards were hot stuff. Video-game devotees and cryptocurrency miners queued overnight to get their hands on the latest high-end offering from Nvidia or amd, two American chipmakers. And graphics processors were far from the only sizzling semiconductors. An acute shortage of chips disrupted the production of everything from smartphones to cars and missiles, just as demand for all manner of silicon-bearing devices boomed. Last year the chip industry’s revenues grew by a quarter, to $580bn, according to idc, a research firm. Chipmakers’ market values soared. tsmc, a giant Taiwanese contract manufacturer, More

Disney and Marvel Studios’ “Thor: Love and Thunder” generated $143 million during its domestic opening.
“Thor: Love and Thunder” is estimated to have drawn in more than 10 million moviegoers this weekend, about 57% of all cinema patrons, according to data from EntTelligence.
The total domestic box office is expected to reach between $200 million and $250 million, higher than the same weekend in 2019, which had similar content releases.

Natalie Portman and Chris Hemsworth star in Marvel’s “Thor: Love and Thunder.”

With “Thor: Love and Thunder” zapping up an estimated $143 million during its domestic weekend, box office analysts feel confident that movie theaters are no longer on the road to recovery and have reached a pace of normalcy seen in pre-pandemic times.
Over the weekend, the newest entrant in Disney’s Marvel Cinematic Universe tallied $159 million internationally, bringing its global haul to $302 million.

“Marvel fans turned out in force yet again this weekend as ‘Thor: Love and Thunder’ followed the success of Minions last week to combine for the first pair of $100 million openers on consecutive weekends since 2018,” said Shawn Robbins, chief analyst at BoxOffice.com.
“Thor: Love and Thunder” is estimated to have drawn in more than 10 million moviegoers this weekend, about 57% of all cinema patrons, according to data from EntTelligence.
With continued ticket sales for movies like Paramount and Skydance’s “Top Gun: Maverick,” Universal’s “Minions: The Rise of Gru” and “Jurassic World: Dominion” as well as Pixar’s “Lightyear” and Warner Bros.’ “Elvis,” this weekend’s domestic box office will rake in well over $200 million, if not closer to $250 million.
“It’s noteworthy that this weekend will reflect a level of normalcy at the box office that has been building since the beginning of the summer movie season with a diverse selection of hits from the superhero, action, comedy, family, indie, and horror genres that are now joined by ‘Thor: Love And Thunder,'” said Paul Dergarabedian, senior media analyst at Comscore.
Dergarabedian noted that three years ago, during the same weekend, Marvel’s “Spider-Man: Far From Home” topped the box office alongside Disney’s “Toy Story 4” and “Aladdin,” Universal’s “Yesterday,” Warner Bros.’ “Annabelle Comes Home” and A24’s “MIdsommar.”

Those films generated $185 million during that weekend, a sum that will “easily be beaten by this weekend’s overall lineup as ‘Thor: Love and Thunder’ hammers out another solid Marvel debut,” he said.
While the overall number of wide releases in 2022, is down more than 30% compared to 2019, Dergarabedian said this year’s box office is hitting its stride.
“Perhaps we can finally proclaim that the industry is not on the ‘road’ to recovery but has finally ‘arrived’ at a destination of normalcy that has been a long time coming for movie theaters,” he said.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal distributed “Minions: The Rise of Gru,” “Jurassic World: Dominion” and “Yesterday.”

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Ford’s first real attempt at an electric vehicle has been quite a hit with critics.
The Mustang Mach-E replaced the Tesla Model 3 as Consumer Reports’ Top Pick in February 2022. It was named the Top Car in the Automobile Association of America (AAA) Car Guide in May. Car and Driver awarded it the magazine’s first EV of the Year award in June 2021.

It was named the Utility of the Year at the 2021 North American Car and Truck of the Year awards — one of the most prestigious awards in the automotive industry.
All the praise is helping Ford take on Tesla, the biggest brand in EV’s in the U.S. in terms of sales.
Ford’s decision to call its first EV a Mustang drew some criticism from purists, with some arguing the vehicle isn’t a real Mustang. But Ford wanted to position its first EV as a brash and fun car that draws on its heritage.
The highest-end Mach-E is the GT, which can travel from 0-60 mph in as fast as 3.5 seconds. Tesla’s Model Y Performance, which costs about $7,000 more than the GT, claims the same acceleration time and has a longer range.
But reviewers have said the Mach-E has some features in its favor, apart from its lower price, such an in-vehicle entertainment system that’s easier to use, superior driver-assistance features and better reliability.
Watch the video to see CNBC’s Rob Ferris take the car out for a test drive.

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