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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy so many U.S. cities are in financial troubleSpending cuts are occurring across many U.S. cities as inflation lingers and pandemic-era stimulus dries up. At least 53 major cities have debt obligations that outstrip assets, according to an estimate from Truth in Accounting. The nonprofit group estimates higher debt burdens than many public officials acknowledge because of allegedly underreported retiree benefits. The rising public debt may potentially leave future generations on the financial hook for decisions made by today's leaders.

Organizations: today's Locations: U.S

☆ Many large U.S. cities are in deep financial trouble. Here's why
▼ + stars: | 2024-04-25 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +4 min

Municipal governments across the United States are looking to rein in spending as pandemic-era stimulus dries up and inflation lingers for longer than expected. The group issued a AA investment grade general obligation bond rating for New York City in March 2024. The financial challenges within cities appear to be mounting despite high municipal credit ratings and robust demand for urban commodities like housing. "I think we can all agree that we're broke," said Houston Mayor John Whitmire in a March 2024 City Council budget hearing. Meanwhile, in the case of New York City, leaders remain optimistic about future returns.

Persons: Michael Rinaldi, Brad Lander, Sheila Weinberg, we're, Houston Mayor John Whitmire, Weinberg, We've, Lander, Eric Adams, Rinaldi, Adams Organizations: Fitch, AA, New, Truth, University of Denver, New York, Apple, Houston Mayor, Accounting, CNBC, Lander Locations: United States, U.S, New York City, Chicago, Houston, Portland , Oregon, New York

☆ How the U.S. government is regulating artificial intelligence
▼ + stars: | 2024-04-13 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +3 min

The U.S. government is considering laws to help society adapt to the introduction of artificial intelligence. Economists have worried for years that artificial intelligence could sink job prospects for white-collar workers, similar to the effects globalization has had on blue-collar workers in the past. In 2023, lawmakers in the New York State Assembly put forward a measure to limit the expected impact of tech-driven layoffs with robot taxes. Many economists have said that robot taxes, if used at all, should be set at a relatively low level. Watch the video above to learn more about the U.S. government's plan to regulate artificial intelligence.

Persons: Sebastian Siemiatkowski, Sora, Sam Altman, Erik Brynjolfsson, Brynjolfsson Organizations: CNBC, Force, European Union, Stanford Institute for, International Monetary Fund, New York State, Massachusetts Institute of Technology Locations: U.S, Brussels, United States

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Congress is regulating artificial intelligenceSome businesses using new artificial intelligence tools have reported big gains in labor productivity. These AI assistants, backed by some of the biggest names in tech, could someday change how work gets done in the U.S. As the technology shuffles up white-collar work in the U.S., some policymakers are pitching ideas like 32-hour work weeks and robot taxes. Meanwhile, other countries are banning high-risk uses of AI in sectors like education and financial services.

Locations: U.S

☆ Why Amtrak is attempting to revive the Texas Central bullet train
▼ + stars: | 2024-03-11 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +5 min

In 2023, Amtrak revived hopes for the bullet train in the Texas Triangle, when it announced its intention to broaden its partnership with Texas Central. The Texas Central project has been repeatedly delayed as its backers navigate various regulatory hurdles, including environmental reviews and disputes over property rights. The proposed alignment for the Texas high-speed rail project crosses Morney-Berry Farm, which Berry's family has cultivated for generations. And in late 2023, Texas Central received a Corridor ID program grant to study the route's potential for partnership with Amtrak. The backers of Texas Central declined repeated requests from CNBC for a comment on the project's progress and expected completion date.

Persons: Andy Byford, Seth Moulton, Brianne Glover, Jody Berry, Berry, Biden, Troy Nehls Organizations: U.S, Texas Central, Amtrak, Fort Worth metroplex, Texas, Dallas, CNBC, University's Transportation Institute, Texas Supreme Court, Reason, U.S ., Japan Bank, International Cooperation, Speed Rail Authority Locations: Texas, Dallas, Houston, U.S, It's, Berry, Japan, California, Los Angeles, San Francisco

☆ Inside the long battle to bring high-speed rail to Texas
▼ + stars: | 2024-03-10 | by ( Carlos Waters | Jeniece Pettitt | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside the long battle to bring high-speed rail to TexasIn 2014, Texas Central announced plans to connect Dallas to Houston with a bullet train that travels more than 200 mph, shortening a 3.5-hour drive to a 90-minute train ride. But little progress has been made and pushback from some locals has been fierce. Last year, Amtrak announced it was partnering with Texas Central to potentially revive the effort. CNBC explores why there has been a long battle in the state over high-speed rail and whether Amtrak can finally bring a bullet train to Texas.

Organizations: Texas Central, Amtrak, CNBC Locations: Texas, Dallas, Houston

☆ Why U.S. renters are taking corporate landlords to court
▼ + stars: | 2024-02-03 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +5 min

Equity Residential purchased Portside Towers in 2019. A group of renters in the U.S. say their landlords are using software to deliver inflated rent hikes. Renters told CNBC they discovered how revenue management software is used in real estate after reading a 2022 ProPublica investigation. Equity Residential investor materials show that the company started to experiment with Lease Rent Options between 2005 and 2008. Equity Residential and other defendant landlords declined to comment on ongoing RealPage litigation.

Persons: RealPage, District of Columbia Brian Schwalb, We've, Kevin Weller, There's, Jeffrey Roper, Thoma, Thoma Bravo, Harry Gural, Gural, we're, Mark Parrell Organizations: Washington , D.C, District of Columbia, CNBC, Equity Residential, Towers, World Trade, RealPage, U.S . Department of Justice, Equity, U.S, Thoma Bravo, U.S . Locations: Washington ,, RealPage, Jersey City , New Jersey, Portside, U.S, Miami, Van Ness, Jersey City, Atlanta, Austin , Texas, U.S . East

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow RealPage influences rent prices across the U.S.RealPage software is used to set rental prices on 4.5 million housing units in the U.S. A series of lawsuits allege that a group of landlords are sharing sensitive data with RealPage, which then artificially inflates rents. The complaints surface as housing supply in the U.S. lags demand. Some of the defendant landlords report high occupancy within their buildings, alongside strong jobs growth in their operating regions and slow home construction.

Locations: U.S ., U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the U.S. will remain the world's leading economy for longer than expectedEconomists believe the U.S. could lose its ranking as the world's leading economy in the 21st century, as measured by gross domestic product. But the U.S. is set to extend its run through the 2020s, on the back of slower-than-expected growth trends in China. Investors are now placing fresh bets on emerging markets as the working-age population booms in the Indo-Pacific.

Organizations: Investors Locations: U.S, China

☆ Why the U.S. may extend its run as the world's leading economy
▼ + stars: | 2024-01-10 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +3 min

The U.S., China and India may take turns leading the global economy this century, according to an analysis from the Centre for Economics and Business Research. The CEBR forecast suggests China could potentially take the top spot as the world's largest economy by gross domestic product as early as 2037. "The ranking of which is the largest economy in the world — that doesn't take into account things like living standards. Around the world, policymakers are spending large sums of public funds to prepare for social and environmental challenges that may be ahead. Watch the video above to learn more about the race to be the world's largest economy.

Persons: Nina Skero, Mariana Mazzucato, we're, China that's, Joe Biden, Xi Jinping, Yasheng Huang, Rajiv Biswas Organizations: U.S, Centre for Economics, Business Research, University College London, Washington, MIT Sloan School of Management, P Global Market Intelligence, CNBC Locations: China, India, U.S, Japan, South Korea, Asia, Pacific

☆ Why U.S. ports are getting a $21 billion upgrade
▼ + stars: | 2023-12-17 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +3 min

U.S. ports are receiving multimillion dollar grants to upgrade cargo handling infrastructure. The grants are part of the Biden administration's $21 billion commitment to modernize port infrastructure in the U.S.Midsize port cities such as Baltimore are among the 2023 grant recipients. In November, the Port of Baltimore received a $47 million grant to kick-start an offshore wind manufacturing hub, among other improvements. More than $653 million in Port Infrastructure Development Program grants were awarded to U.S. ports in 2023 by the U.S. Department of Transportation, Maritime Administration. Ports America formed a public-private partnership with the state of Maryland to manage equipment and operations in sections of the Port of Baltimore.

Persons: John Deere, Walter Kemmsies Organizations: Biden, BMW, Maryland Port Administration, Port Infrastructure Development Program, U.S . Department of Transportation, Maritime Administration, Tacoma Husky, North, Environmental Protection Agency, U.S . Department of Defense, Kemmsies, Port Authority of, CNBC, Midwest ., Port Locations: U.S, Baltimore, Port, Washington, Long Beach , California, Port Authority of Georgia, Savannah, Maryland, Port of Baltimore, Midwest

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the Fed fights zombie firmsSome firms sustain their businesses by taking on more debt that they can repay. Economists call them zombie companies. When compared to their peers, zombies are smaller in size and deliver lower returns to investors. Banks and governments keep zombie firms alive with bailout loans. As the Federal Reserve resets the economy with higher interest rates, many zombie firms are filing for bankruptcy.

Persons: Banks

☆ Zombie firms are filing for bankruptcy as the Fed commits to higher rates
▼ + stars: | 2023-10-31 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

"The share of zombie firms has been increasing over time," said Bruno Albuquerque, an economist at the International Monetary Fund. "This has detrimental effects on healthy firms who compete in the same sector." Zombie firms are unprofitable businesses that stay afloat by taking on new debt. Economists say that zombie firms may become more prevalent when banks or governments bail out unviable firms. Watch the video above to learn more about the Fed's battle with unviable zombie firms in the U.S.

Persons: Bruno Albuquerque, Banks, Kathryn Judge, Lotfi Karoui, Goldman Sachs, Jerome Powell Organizations: International Monetary Fund, Columbia University, Economists, Reserve, Economic, of New Locations: U.S, of New York

☆ Here's how New York City is planning to spend $15 billion raised from a new congestion pricing toll
▼ + stars: | 2023-10-08 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

The toll may produce up to $15 billion for investment within the aging MTA system. For example, particulate matter emissions from stop-and-go traffic can stoke diseases such as asthma. "In London, they've had a reduction of nearly 20% in particulate matter pollution," said Julie Tighe, president of the New York League of Conservation Voters. "There's a 15% reduction in particulate matter in Stockholm, which resulted in a 50% reduction in asthma." Watch the video above to see how New York City is spending cash raised by its massive new toll.

Persons: Janette Sadik, Richard Davey, Davey, they've, Julie Tighe, Mollie Cohen D'Agostino Organizations: U.S, New York City's Department of Transportation, Metro, Bronx ., New, Transit Authority, MTA, CNBC, Regional, New York League of Conservation Voters, University of California, Davis Locations: York City, Manhattan, New, Bronx, New York, Milan, London, Singapore, Stockholm, New York City

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy New York will charge up to $23/day to drive into ManhattanDrivers crossing through Manhattan's central business district will face a new toll beginning in the Spring of 2024. The fee is expected to be between $9 and $23 per day for drivers entering or exiting during peak traffic hours. Regional planners believe "congestion pricing" will nudge more drivers onto transit. The MTA is using the toll revenues to reinvest in its aging infrastructure. The funds will go toward improvements to system reliability, accessibility and sustainability.

Organizations: Manhattan Drivers, MTA Locations: York, Manhattan's

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow GlobalFoundries rose to be the world's third-biggest chip foundryIn its short 14-year history, GlobalFoundries has risen to the world's third-largest chip foundry. While it's not making the most advanced nodes or seeing huge gains from AI, it's quietly helping power nearly every connected device. GlobalFoundries is the only top foundry based in the U.S., giving it an edge as tensions with China cause concern over reliance on Asia-made chips. Now it's spending $7 billion to expand in Singapore, Germany, France, and New York, where CNBC got this firsthand look.

Persons: GlobalFoundries, it's Organizations: CNBC Locations: U.S, China, Asia, Singapore, Germany, France, New York

☆ How GlobalFoundries aims to remain world’s third-biggest semiconductor foundry
▼ + stars: | 2023-10-01 | by ( Katie Tarasov | ) www.cnbc.com time to read: +10 min

Based in upstate New York, GlobalFoundries isn't a household name because it's manufacturing semiconductors that are designed and sold by other companies. "Look at every electronic device in your house, and I would bet you money that every one of those devices has at least one GlobalFoundries chip in it," Thomas Caulfield, GlobalFoundries CEO, told CNBC. GlobalFoundries chips are inside everything from smartphones and cars to smart speakers and Bluetooth-enabled dishwashers. Although GlobalFoundries' chips are considered legacy nodes, the process and resources needed are still incredibly complex. GlobalFoundries' Fab 8 in Malta, New York, where Equipment Engineering Manager Chris Belfi led CNBC's Katie Tarasov on a tour on September 5, 2023.

Persons: GlobalFoundries, it's, Thomas Caulfield, They're, GlobalFoundries isn't, Caulfield, Abu, Moorhead, Jerry Sanders, Katie Tarasov, Carlos Waters, Daniel Newman, couldn't, TSMC, China's, STMicroelectronics, Hui Peng Koh, that's, Chris Belfi Organizations: HK GM LMT, GlobalFoundries, CNBC, Bluetooth, Nvidia, Taiwan Semiconductor Manufacturing Company, Devices, AMD, Chartered Semiconductor, Nasdaq, Futurum, U.S, Semiconductor Manufacturing International, Samsung, fabs, United Microelectronics, we've, Upstate Locations: New York, China, U.S, Singapore, Germany, France, Malta , New York, Dresden, Malta, Vermont, South Korea, Taiwan, TSMC, Crolles, Chengdu, Upstate New York, Europe, Koh, Arizona, Asia

☆ How Wall Street's REIT giants are reshaping U.S. real estate
▼ + stars: | 2023-09-01 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

U.S real estate investment trusts today manage $4.5 trillion in real estate worldwide. KKR's real estate business is one of the big players in the REIT game. The KKR Real Estate Select Trust, which currently manages $1.5 billion in assets, paid a dividend of 5.4% to its investors in July 2023. said Billy Butcher, CEO of KKR's global real estate business. Watch the video above to learn the fundamentals of real estate investment trusts.

Persons: Billy Butcher, Sher Hafeez, Jones Lang LaSalle, Michael Pestronk, REITs Organizations: KKR, Trust, CNBC, Jones, P Global Investments, Post, Invitation Locations: Philadelphia

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow to invest in real estate without buying a homeReal estate investment trusts are tax-advantaged funds that buy and manage properties worldwide. They give investors exposure to the market for housing without the burden of a mortgage. These funds traditionally support strip malls, hotels and apartment complexes. Today, many diversified firms offer exposure to rental housing, data centers and industrial assets. U.S. REITs control $4.5 trillion in real estate assets and analysts envision more growth ahead.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the Federal Reserve's interest rate hikes are reshaping the U.S. economyThe U.S. is entering a new economic era. It began with an interest rate tightening cycle coming out of the Federal Reserve, with decisions that have reshaped personal finance in America. Some savings accounts can now return meaningful interest for the first time in years. It has also led to a Wall Street reshuffling, and a wave of corporate bankruptcies as some bad bets turn sour. With these free money years coming to a close, we examine how the Fed's decision-making has affected the economy.

Organizations: Federal Locations: U.S, America

☆ 15 years of low interest rates reshaped the U.S. economy. Here's what's changing as rates stay higher for longer
▼ + stars: | 2023-07-26 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

The United States is entering a new economic era as the Federal Reserve hikes its benchmark interest rate. As interest rates climb, economists say financial conditions are headed back to being more normal. Government bonds, Treasury securities and savings accounts all return very little yield when interest rates are low. At the same time, low interest rates increase the value of stocks, homes and Wall Street firms that make money by taking on debt. "Barring a catastrophe, I don't think we'll see lower interest rates any time soon," said Mark Hamrick, Washington bureau chief at Bankrate.com.

Persons: Roger Ferguson, we'd, Gregory Daco, Mark Hamrick Organizations: Federal, Federal Reserve, Wall Street Locations: States, America, EY, Washington, Bankrate.com, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what's stopping cities from converting offices into apartmentsSome U.S. mayors are loosening up rules that determine how developers convert office buildings into apartment complexes. The conversion trend sped up in the 2020s, as the Covid pandemic remote work boom reshaped cities. Declines in office leasing activity is constraining funding for services like education and transit, leading some local leaders to prioritize conversion of dated buildings. These rule changes may create some additional housing supply in regions like the U.S. East Coast.

Organizations: U.S . Locations: U.S, U.S . East Coast

☆ East Coast mayors call for more office-to-apartment conversions
▼ + stars: | 2023-07-15 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions. In some instances, cities have offered generous tax abatements to developers who build new housing. Prominent investors Societe Generale and KKR have worked with developers like Philadelphia-based Post Brothers to finance institutional-scale office conversions in expensive central business districts. Many experts believe local governments will alter zoning laws and building codes to make these conversions easier over the years. Watch the video above to learn how cities are getting developers to convert more offices into apartments.

Persons: Muriel Bowser, Erica Williams, Eric Adams, Michael Pestronk, Dan Garodnick Organizations: DC, Societe Generale, KKR, Brothers, Post, New York City's Department of, Planning Locations: U.S, Washington, DC, New York City, Philadelphia

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow UBS became Switzerland's mega bankUBS Group AG, with over $5 trillion in invested assets, is Switzerland's largest bank. The company has a sprawling international footprint, with over half of its wealth management assets coming from clients in the United States. Experts believe these customers are drawn to strict bank-client laws in Switzerland. In recent decades, scandals have embroiled both UBS and its latest acquisition, Credit Suisse. After regulators quickly approved of the merger, fresh litigation risks have come to light.

Organizations: UBS, UBS Group AG, Experts, Credit Suisse Locations: United States, Switzerland

☆ Why wealthy Americans love UBS, the secretive Swiss banking giant
▼ + stars: | 2023-06-02 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

With its $3.2 billion acquisition of Credit Suisse, UBS is poised to climb the ranks of global mega banks. Additionally, U.S. senators claim that Credit Suisse maintained accounts linked to Nazi clients as recently as 2020. The Swiss National Bank pledged over $100 billion in liquidity support to broker UBS's rapid takeover of Credit Suisse. In the deal, Credit Suisse shareholders expect to trade in 22.48 shares for 1 UBS share. "By and large, what the Swiss government mostly did is impose losses on creditors and shareholders of Credit Suisse," said Véron.

Persons: Nicolas Véron Organizations: Credit Suisse, UBS, Experts, Swiss, Bankers, Peterson Institute for International Economics, Washington , D.C, Swiss National Bank, AG Locations: Switzerland, United States, Singapore, New York, Swiss, Washington ,, Brussels, U.S

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