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He can expect a grilling over concerns of antisemitism at city schools, including at his alma mater, Hillcrest High School in Queens. “That’s not an issue of taking sides,” Mr. Banks said. New York City is one of the most diverse school districts in the world with large number of Jewish, Arab and Muslim families. Mr. Banks, who has twice traveled to Israel, added that he was “profoundly moved” on a visit to Yad Vashem, the country’s official Holocaust memorial. After watching university leaders at the two prior hearings on antisemitism, Mr. Banks said his greatest takeaway was simply to be authentic.
Persons: David Banks, “ we’ve, ” David C, Banks, Claudine Gay, Liz Magill, Nemat, , “ That’s, , we’ve, Yad Vashem, I’m Organizations: New, Columbia University, House Education, Work Force, Hillcrest High School, Harvard, University of Pennsylvania, New York, Muslim Locations: New York City, , Israel, Queens, America, Gaza, Yad, New York
He can expect a grilling over concerns of antisemitism at city schools, including at his alma mater, Hillcrest High School in Queens. “That’s not an issue of taking sides,” Mr. Banks said. New York City is one of the most diverse school districts in the world with large number of Jewish, Arab and Muslim families. Mr. Banks, who has twice traveled to Israel, added that he was “profoundly moved” on a visit to Yad Vashem, the country’s official Holocaust memorial. After watching university leaders at the two prior hearings on antisemitism, Mr. Banks said his greatest takeaway was simply to be authentic.
Persons: David Banks, “ we’ve, ” David C, Banks, Claudine Gay, Liz Magill, Nemat, , “ That’s, , we’ve, Yad Vashem, I’m Organizations: New, Columbia University, House Education, Work Force, Hillcrest High School, Harvard, University of Pennsylvania, New York, Muslim Locations: New York City, , Israel, Queens, America, Gaza, Yad, New York
Read previewA former Fidelity financial advisor has accused the brokerage of unlawfully firing him after filing a whistleblower complaint. Fidelity ranked branch managers by the number of client assets in more expensive investments such as stock-managed accounts, Maeker said. Financial advisors who did not score highly were awarded little to no stock or threatened to be fired, Meaker said. This race to zero has led to more pressure on high-fee products, as Maeker's branch manager told him. In turn, financial advisors were pushed to sell more Tier 3 investments by awarding 10 times the amount of compensation for Tier 3 investments versus Tier 1.
Persons: , Michael Maeker, Maeker, Meaker, FINRA Organizations: Service, Fidelity, Department of Labor, Business, Financial Industry Regulatory Authority, Treasury, Northern, Northern District of, Securities and Exchange Commission, SEC, Reuters Locations: Dallas, Northern District, Northern District of Texas
There's a massive wealth transfer underway. "It has started and it's only going to accelerate," said Liz Koehler, head of advisor engagement for BlackRock's wealth advisory business. And yet, some millennials and Generation Z may not be inheriting as much as they think. Recent reports show a growing disconnect between how much the next generation expects to receive in the "great wealth transfer" and how much their aging parents plan on leaving them. However, 55% of baby boomers who plan to leave behind an inheritance said they will pass on less than $250,000, Alliant found.
Persons: Liz Koehler, Gen Zers, Alliant, Isabel Barrow Organizations: Finance, Alliant Credit Union, Federal Reserve Bank of Boston, Edelman, Edelman Financial Locations: millennials
Mayor Eric Adams will travel to Rome on Thursday to meet with Pope Francis, becoming the latest in a recent succession of New York City mayors to pay respects to the leader of the Catholic Church. The trip comes as Mr. Adams, a moderate Democrat facing languishing poll numbers and a federal criminal investigation, prepares to run for re-election next year in what is expected to be a contested primary. A spokesman for the mayor had no immediate comment when asked about the trip; roughly an hour later, the mayor’s press office released an advisory that Mr. Adams would be in Rome later this week. The advisory mentions “travel to the Vatican City,” but did not specify if he would meet with the pope. But three sources familiar with Mr. Adams’s itinerary confirmed that he would see Pope Francis.
Persons: Eric Adams, Pope Francis, Adams, Frank Carone Organizations: Catholic Church Locations: Rome, New York City, Vatican City,
Saul Loeb | Afp | Getty ImagesMost countries prefer alignment with the U.S. over China when the White House is occupied by a Democrat, according to Gallup poll data going back to 2007. "Significantly more countries seem to prefer U.S. leadership over Chinese leadership, at least under Democratic administrations," Gallup said in its report released Monday, adding that a Republican executive comes with a "net approval disadvantage." According to Gallup, the "bounce-back" under the Biden administration suggests that the U.S.'s net approval advantage over China is resilient, especially when accounting for more strongly aligned groups. China's favorability peaked in 2007 as it emerged on the global stage, but increased familiarity with Beijing has not boosted its appeal, Gallup said. Meanwhile, U.S. leadership has enjoyed a general net approval rate under the Biden and Obama administrations, compared with net disapproval rates under the Trump and last two years of the Bush leadership, the report showed.
Persons: Xi Jinping, Joe Biden, Saul Loeb, Gallup, Trump, George Bush, Barack Obama, Biden, Obama, Bush Organizations: Afp, Getty, U.S, Democratic, Republican, Gallup, Biden, Trump, Pew Research Locations: Nusa Dua, Indonesian, Bali, China, Beijing, Trump
The Federal Election Commission quietly issued an advisory opinion last week allowing candidates to raise unlimited money for issue-advocacy groups working on ballot measures in elections in which those candidates are on the ballot. The decision applies to all federal candidates, but with a presidential election taking place in six months, the biggest attention will fall to that race. If Mr. Biden can solicit money for abortion-rights ballot measures, he can add to an already-existing fund-raising advantage that his team currently has over Mr. Trump. In Arizona, an abortion rights group said it had the number of signatures required to put a referendum on the ballot. Florida — a state that has voted reliably for Republicans in recent presidential races — has a similar measure on the ballot.
Persons: Biden, Trump, Locations: Nevada, Arizona, Florida
A core demand over by the pro-Palestinian student groups at Columbia University was for the school to withdraw investment funds from what they describe as companies profiting from Israel’s war in Gaza. The group has described those companies as profiting “from Israeli apartheid, genocide, and military occupation of Palestine.” Israel denies accusations of genocide. Columbia now lists five areas where it refrains from investing: tobacco, private prison operations, thermal coal, Sudan and fossil fuels — all decisions made in the past decade. Columbia was also the first Ivy League university to divest from South Africa, and various other colleges followed suit. In 2015, Columbia became the first US university to divest from private prison companies after a student campaign raising concerns about human rights abuses.
Persons: ” Israel Organizations: Columbia University, Columbia, Ivy League, Columbia’s, Trustees Locations: Gaza, Palestine, Columbia, Sudan, South Africa
New York CNN —Few companies have lost more than the $32 billion that Boeing has lost in the last five years. There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”It’s not that Boeing’s problems aren’t serious. And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now. Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time. So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.
Persons: , , Richard Aboulafia, Ron Epstein, Dave Calhoun, ” It’s, Max, Uber, Brian West, “ We’re, Ben Minicucci, Calhoun, Epstein Organizations: New, New York CNN, Boeing, Bank of America, Alaska, Alaska Airlines Boeing, Max, Carnival Corp, Airbus, Airline, Alaska Air, Virgin America, Virgin, year’s, GM Locations: New York, it’s
"There's a real war for talent within family offices," said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. "If you look back 15 years ago, family offices were where people went to retire and have work-life balance," he said.
Persons: Robert Frank, William Sinclair, Morgan, We've, Trish Botoff, Botoff, Carlyle, Paul Westall, Westall, that's Organizations: Morgan Private Bank Global, Botoff Consulting, KKR, Blackstone, Agreus Locations: U.S
Pro-Russia hackers are targeting infrastructure systems in the US and Europe, says a security advisory. Hackers have infiltrated infrastructure sectors in water, dams, energy, and agriculture. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementInfrastructure systems in the US and Europe are vulnerable targets for pro-Russia hackers, numerous security agencies cautioned in a May 1 advisory statement. The agencies observed pro-Russia hackers compromise the operational technology of infrastructure such as "Water and Wastewater Systems (WWS), Dams, Energy, and Food and Agriculture Sectors."
Persons: , Sandworm Organizations: Service, FBI, Infrastructure Security Agency, Wastewater Systems, Energy, Food, Agriculture, Google, Department of Justice Locations: Russia, Europe, North America, Dams, Texas, Ukraine, South Korea
French bank Societe Generale reported a smaller-than-expected 22% slide in first-quarter net income on Friday, as profits on equity derivative sales offset more weakness at its retail bank and in fixed-income trading. France's third-biggest listed lender, whose CEO Slawomir Krupa is seeking to end several years of lackluster performance and trim costs, said group net income over the first three months of the year was 680 million euros ($729.30 million). Sales slipped 0.4% to 6.65 billion euros, above the 6.46 billion-euro analyst average estimate. SocGen's investment banking division saw its earnings jump 26.4% to 690 million euros, beating forecasts, while revenues weakened 5.1% to 2.62 billion euros for the quarter. Equity derivatives sales, an area where SocGen has historically been strong, did well, the bank said, as did corporate financing services and its advisory business.
Persons: Slawomir Krupa Organizations: Societe Generale, Equity
Apple CEO Tim Cook's base salary has been $3 million a year since 2016. His total compensation was $63.2 million in 2023, down from $99.4 million the previous year. AdvertisementApple chief Tim Cook has been paid an annual salary of just $3 million since 2016. However, the CEO of the second-most valuable US company also gets stock awards and a performance-based bonus, which boosts his overall earnings. His pay packet was made up of $46.9 million in stock awards and $10.7 million in non-equity incentive plan compensation.
Persons: Tim Cook's, , Tim Cook, Cook, It's, Apple Organizations: Apple, Service, SEC, Forbes, Bloomberg, Developers Conference, Business Locations: China
Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency. A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added. … and lots of drawbacksBut the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.
Persons: hasn’t, Hiroko Ishikawa, “ It’s, ” Ishikawa, , we’re, We’re, Himari Semans, That’s, ” Nigel Green, Kit Juckes, Warren Buffett, ” Sean Callow, , Sato Hitomi, Semans, I’ve, , Laura He, Chris Lau Organizations: Tokyo CNN, US, Reserve, CNN, Nikkei, Bank of Japan, deVere, greenback, Labor, Societe Generale, New Zealand, Japan’s National Tourism Organization, Tokyo’s Locations: Hong Kong, Tokyo, Japan, United States, Sydney, Hawaii
CNN —Four Americans are charged with possession of ammunition offenses in the tropical Atlantic getaway of Turks and Caicos, according to a post from the Turks and Caicos Islands Government. Carrying firearms in Turks and Caicos is prohibited, according to the TCI Government. Another man visiting Turks and Caicos from Pennsylvania is set to appear before a TCI court Friday on similar charges, according to CNN affiliate WPXI. Two additional Americans – a 31-year-old from Virginia and a 72-year-old from Texas – are also facing lengthy prison sentences for possessing ammunition, according to the TCI Government. Firearms, ammunition (including stray bullets), and other weapons are not permitted in the Turks and Caicos Islands (TCI).
Persons: Ryan Watson, Watson, Valerie, , Valerie Watson, , Bryan Hagerich, Hagerich, Ashley, ” Ashley, WPXI, ” Hagerich, CNN’s Michael Rios, Tanika Gray, Forrest Brown Organizations: CNN, Turks, Caicos, Caicos Islands Government, TCI Government, British Overseas Territory, Embassy, Howard Hamilton International Airport, TCI, TSA, Will Rogers, Airport, WPXI, , Transportation Security Administration, US State Department, British Overseas, State Department, United States, Firearms, Caicos Islands Locations: Caicos, Caicos Islands, Bahamas, Providenciales, Oklahoma, America, Oklahoma City, Turks, Pennsylvania, Virginia, Texas, United States, United
RW Advisory: Triple whammy of headwinds for U.S. stocks
  + stars: | 2024-05-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRW Advisory: Triple whammy of headwinds for U.S. stocksRon Williams, CIO and Tactical Strategist at RW Advisory, talks about headwinds in equity markets and possible upcoming volatility.
Persons: Ron Williams Organizations: Triple, Advisory Locations: headwinds
Norfolk Southern Chief Executive Alan Shaw testifies during a Senate Commerce, Science and Transportation Committee hearing titled "Improving Rail Safety in Response to the East Palestine Derailment" in Washington, U.S., March 22, 2023. Norfolk Southern -invested unions and pension funds should back activist Ancora's full seven-director slate at the railroad's shareholder meeting later this month, two different Institutional Shareholder Services proxy advisory services said. Neuberger Berman said earlier that it would support Ancora's case for change at Norfolk Southern, while Canadian asset manager EdgePoint also reaffirmed on Thursday that it would be voting its shares with the activist. (EdgePoint was initially partnered with Ancora's campaign at Norfolk Southern but dissolved that arrangement months earlier.) Top institutional shareholders include Vanguard, BlackRock, State Street and Dodge & Cox, as well as California's pension funds, CalPERS and CalSTRS, and Colorado's public pension fund.
Persons: Alan Shaw, Ancora's, Taft, Jim Barber, Glass Lewis, Barber, investor's, Ancora, Neuberger Berman, EdgePoint Organizations: Norfolk Southern, Commerce, Science, Institutional, Hartley Advisory Services, Social Advisory Services, CNBC, UPS, ISS, Norfolk Southern's, Norfolk, Vanguard, Dodge, Cox Locations: East Palestine, Washington , U.S, Norfolk, East Palestine , Ohio, BlackRock
America's falling population isn't necessarily bad for the economy, Fisher Investments said. The US birth rate just fell to its lowest level in over 40 years, according to provisional CDC data. AdvertisementAmericans aren't having nearly as many kids as they used to, but that won't be the blow to the US economy that many have feared, according to Fisher Investments. Related storiesBut fewer babies being born isn't necessarily a bad thing for the economy, the firm said. "Yes, falling birth rates could have negative long-run ramifications if a true reduction in human capital and other factors don't offset this.
Persons: , Goldman Sachs, Fisher, Ken Fisher Organizations: Fisher Investments, Service, Centers for Disease, Bank
High-yield savings accountsThe average interest rate on regular bank savings accounts is roughly 0.5% but can run as low as 0.01% at the biggest banks. By contrast, the average on high-yield savings accounts is well over 4%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsAlthough money market deposit accounts and money market mutual funds are both generating yields competitive with the best high-yield savings accounts, there are important differences.
Persons: , It’s, , Greg McBride, you’ll, McBride, , ” McBride, Ben Bakkum, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, FDIC, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States
AdvertisementThe units are combining their outsourced investment services for ultra-high-net-worth wealth clients and institutional customers. The wealth management arm is there to help them pay less taxes on their windfall and manage their fortune. That said, Morgan Stanley has drawn the line in the past at some offerings like health savings accounts. AdvertisementFor Finn, those offerings are a means to an end: converting as many of these clients as possible to become fee-paying wealth management clients. The revenue and margins of the workplace channel and E-Trade, which Morgan Stanley acquired for $13 billion in 2020, are "irrelevant," he said.
Persons: , Morgan, Jed Finn doesn't, Finn, Andy Saperstein, James Gorman's, Saperstein, Jacques Chappuis, Ben Huneke, Andy Saperstein's, Larry Lettera, Wagner, multibillion, Morgan Stanley, Finn isn't, We're, Jeff McMillan Organizations: Service, McKinsey, bank's, Business, Wall Street, Solium, OpenAI, AIMS
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSamsung's memory business will get a lift when AI PCs hit the shelves, advisory firm saysOlivier Blanchard, research director at The Futurum Group, discusses Samsung's results and says the company "had a pretty rough 2023, so it's good to see them climb out of it, and climb out of it pretty quickly."
Persons: Olivier Blanchard
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLaunch of Tesla's full self-driving system in China would not be 'a slam dunk,' says advisory firmTu Le, founder and managing director of Sino Auto Insights, discusses reports of China's tentative approval of Tesla's plan to launch its "full self-driving" system in the country.
Persons: Tu Le Organizations: Sino Locations: China
Influential proxy advisory firm ISS recommended on Tuesday that Norfolk Southern shareholders support five of activist Ancora's seven board nominees, withholding an endorsement from CEO pick Jim Barber but describing him as a "credible director and CEO candidate nonetheless." Ancora is seeking to oust both current CEO Shaw and newly appointed COO John Orr. ISS recommends shareholders support Ancora nominees William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry and John Kasich. "As board chair, Amy Miles arguably bears the most responsibility for this state of affairs," ISS' report read. WATCH: CNBC's full interview with NSC CEO Shaw on activist campaign
Persons: Jim Barber, Glass Lewis, Alan Shaw's, Barber, Amy Miles, Ancora, Shaw, John Orr, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, John Kasich, Orr, Sen, Heidi Heitkamp, Richard Anderson Organizations: Norfolk, ISS, CNBC, Vanguard, BlackRock, Norfolk Southern, Delta Locations: Norfolk Southern, East Palestine , Ohio, Norfolk
Eli Lilly 's raised guidance stole the show Tuesday, offsetting mixed first-quarter results and propelling shares higher by nearly 6%. Eli Lilly Why we own it: Eli Lilly's best-in-class drugs should enable growth above the industry average for many years to come. At their highs of the morning, shares of Eli Lilly traded above their all-time closing high of $792.28 set on March 4. In general, the more-bullish financial outlook helps make Eli Lilly's high price-to-earnings ratio coming into earnings more tolerable for investors. An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City, U.S., December 11, 2023.
Persons: Eli Lilly, Eli Lilly's, Lilly, Jim Cramer, Lilly's, Jim, Anat Ashkenazi, Zepbound, It's, Ashkenazi, Dave Ricks, donanemab, Jim Cramer's, Eli Lilly’s, Brendan McDermid Organizations: Revenue, LSEG, Novo Nordisk, Biogen, Merck, Pfizer, U.S, Drug Administration, Nexus Pharmaceuticals, CNBC, FDA Locations: Eisai, Zepbound, Trulicity, Wisconsin, New York City, U.S
Read previewThe unrest at Columbia University isn't showing signs of slowing down. In the 1980s, student protesters at Columbia took over the same building and called for divestment of the Ivy League school's investments over a different cause: South African apartheid. Student protesters at the 1985 demonstrations at Columbia University. Protesters there locked and chained the doors to Hamilton Hall — the same building now occupied by pro-Palestinian protesters — and demanded the school completely divest from South Africa. A more fraught situationOn its website, the Columbia University Apartheid Divest group likened itself to the protests from nearly 40 years ago.
Persons: , It's, Lockheed Martin, Alex Kent, Joe Biden, Mike Johnson, she's, Barbara Alper, didn't, Ronald Reagan, Biden, Benjamin Netanyahu, Netanyahu, Nemat, Shafik, Nicholas Dirks, Divesting, Christopher Marsicano, Al, Marsicano Organizations: Service, Columbia University, Columbia, Ivy League, Business, Lockheed, Boeing, NPR, Hamilton Hall, Getty, Columbia University Apartheid, White, Student, New York Times, Times, Coalition, Columbia Spectator, Spectator, The New York Times, Hamas, University, Socially, University of California, CNN, North Carolina's Davidson College Locations: Israel, Gaza, Columbia, divesting, Hamilton, South Africa, Vietnam, Rafah, Berkeley, Al Jazeera
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