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☆ Why David Beckham Is Suing Mark Wahlberg and F45 for Millions
▼ + stars: | 2024-04-23 | by ( Derrick Bryson Taylor | ) www.nytimes.com time to read: +1 min

The former English soccer star David Beckham is entangled in a court battle against F45, a popular global fitness brand co-owned by the actor and entrepreneur Mark Wahlberg. Mr. Beckham claims that F45 failed to live up to its contractual agreement after he signed a promotional deal to help grow the brand in 2020 before its initial public offering. Now, Mr. Beckham claims that F45 failed to issue the “substantial cash and equity compensation” that was outlined in their original agreement. F45 entered into a promotional agreement with Mr. Beckham through his company DB Ventures Limited in 2020, according to court documents. In the years that followed, Mr. Beckham claims, F45 failed to follow through on at least two promises: transfer nearly one million shares of stock in a timely manner, and issue $5 million worth of additional shares.

Persons: David Beckham, Mark Wahlberg, Mr, Beckham, ” Mr Organizations: Mr, DB Ventures

☆ The creators of '3 Body Problem' offered Barack Obama a cameo after learning he was a big fan. He turned it down in the best way possible.
▼ + stars: | 2024-03-17 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +3 min

Barack Obama turned down an offer to appear on Netflix's new sci-fi series "3 Body Problem." Creators David Benioff and DB Weiss tried to get him for a cameo as he is a fan of the novel. AdvertisementJin Cheng (Jess Hong) and Jack Rooney (John Bradley) star in "3 Body Problem." "3 Body Problem" is the most ambitious project from Benioff and Weiss since "Game of Thrones" wrapped with its eighth season in 2019. AdvertisementPer USA Today, Obama hasn't put in a request to check out "3 Body Problem" early.

Persons: Barack Obama, David Benioff, DB Weiss, —, Alexander Woo, John Bradley, Liam Cunningham, Eiza González, Benedict Wong, Jonathan Pryce, Benioff, Weiss, Jin Cheng, Jess Hong, Jack Rooney, Ed Miller, Obama, Liu Cixin, Barack Obama Spencer Platt, Obama hasn't Organizations: Service, Netflix, USA, The New York Times Locations: Benioff

☆ Wind turbines are annoyingly loud. The secrets of owl flight could provide a solution.
▼ + stars: | 2024-02-29 | by ( Emily Swaim | ) www.businessinsider.com time to read: +5 min

To help solve this issue, Biome Renewables has crafted a quieter wind turbine modeled after owl wings. How owls can help make quieter wind turbinesOwls are master hunters in part because of how quietly they spring up on prey. The researchers found that the fringed wing was up to 6.5 dB quieter than the bare wing, depending on the angle of flight. At these frequencies, Church said the FeatherEdge is 3.9 dB quieter than a standard serrated edge blade, and over 5 dB quieter than a completely bare blade. Due to regulations around wind farm noise in the US, wind turbines often run in a noise-reduction mode, which costs a lot of energy.

Persons: —, Ryan Church, Spikes, Anton Frunze, Church, Jonathan Alcorn, It's Organizations: Service, Business, Reinhardt, Getty, Reuters Locations: North America, Europe

And it will be the first time the Chiefs hit the road for a conference title game since Jan. 23, 1994, when Joe Montana was the quarterback and they lost 30-13 in Buffalo. That's the way I look at it.”That's the way Mahomes looks at it, too. They also won in Buffalo on Jan. 1, 1967, in the AFL championship game to reach the first Super Bowl, where they lost to the Packers of Vince Lombardi. Winning a conference title game on the road is hardly an easy endeavor, though. Home teams are 35-18 in NFC title games and 36-17 in the AFC championship game, where the Chiefs went 3-2 in the past five that were played in Kansas City.

Persons: — Isiah Pacheco, “, ” Pacheco, Patrick Mahomes, Joe Montana, Andy Reid, It's, ”, Mahomes, Reid, Vince Lombardi, Travis Kelce, Joe Thuney, Trent McDuffie, Chris Jones, Pacheco, Nick Allegretti, FS Mike Edwards, Chamarri Conner, RG Trey Smith, ___ Organizations: KANSAS CITY, Buffalo Bills, Kansas City Chiefs, AFC, Chiefs, Miami, Bills, Ravens, Super, Kansas City, ” Chiefs, Raiders, AFL, Vikings, Packers, NFC, Philadelphia, Arrowhead, ”, FS, RG Locations: KANSAS, Mo, Baltimore, Kansas, Buffalo, Oakland, Kansas City

☆ ChatGPT just turned one, and even some OpenAI employees can't believe the way its first year has played out
▼ + stars: | 2023-12-01 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

When it was first launched, OpenAI leaders framed it as a "low-key research preview." AdvertisementChatGPT turned one today, and if you're surprised by its impact, you're not alone — so are some OpenAI employees. Today, the term "low-key research preview" has become something of a meme among OpenAI's employees. OpenAI employees have even used the phrase as laptop stickers, per the Atlantic. "The outside world probably thinks we're all joking, but this actually was our 'low-key research preview,'" wrote Fedus.

Persons: ChatGPT, —, OpenAI, Google's Bard, Goldman Sachs, Greg Brockman, William Fedus Organizations: Service, UBS, Meta, Bloomberg

☆ US recession will prompt 175 basis points in Fed cuts next year, DB economists say
▼ + stars: | 2023-11-27 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +1 min

In an outlook report, the Deutsche Bank economists projected 175 basis points in rate cuts in 2024. With the Fed rate currently at 5.25%-5.5%, that would reduce the rate to 3.5%-3.75% by the end of the year. At the same time, the bank expects that the economic weakness "eases inflationary pressures," Ryan said. DB expects an initial cut of 50 basis points at the Fed's June 2024 meeting, followed by 125 bps of additional cuts over the rest of the year. The U.S. economy so far has appeared to stave off predictions of a recession even as the Fed has hiked rates by 525 basis points since March 2022.

Persons: Brett Ryan, “, ”, Ryan, Lewis Krauskopf, Matthew Lewis Organizations: Federal, Deutsche Bank, Traders, Reuters, DB, Fed, Thomson Locations: U.S, New York

FLORHAM PARK, N.J. (AP) — Aaron Rodgers will have the final call on whether he plays again this season for the New York Jets — if and when he gets medical clearance. “Aaron’s a big boy, a grown man, and no one’s going to know Aaron’s body like Aaron knows his body,” Saleh said. Rodgers, who turns 40 on Dec. 2, has repeatedly said his goal is to return late this season. “If I have a great week this week and next week, that could be accelerated,” he said on “The Pat McAfee Show” on Tuesday. “And I think Aaron’s just icing on the cake.”A return this season by Rodgers would be unprecedented in terms of recovery time.

Persons: — Aaron Rodgers, Robert Saleh, Achilles, “, Aaron, ” Saleh, Rodgers, NBC’s Melissa Stark, ”, Pat McAfee, we’re, Zach Wilson, waiving, Michael Carter, Saleh, Israel Abanikanda, Carter “, It’s, it's, Kenny Yeboah, Tanzel Smart, DB Craig James, ___ Organizations: New York Jets, Wednesday, Jets, Raiders, Miami, Washington, Cleveland, AFC East, Buffalo, ., Atlanta, Houston, Sunday, The Jets Locations: FLORHAM, N.J, Las Vegas, . New York, York, New York, Los Angeles

☆ German union calls for strike at Deutsche Bank's DB Direkt over wages
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: 1 min

Companies Deutsche Bank AG FollowBERLIN, Nov 14 (Reuters) - Germany's Verdi union has called on workers at Deutsche Bank's DB Direkt GmbH subsidiary to go on a one day strike on Wednesday, it said, raising pressure in wage talks. "Employers left the first round of negotiations without an offer. This is an affront to the workers, who are suffering from persistent high prices in light of low wages," said Jan Duscheck, head of Verdi's banking group said in a statement. Writing by Madeline Chambers; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Verdi, Jan Duscheck, Madeline Chambers, Matthias Williams Organizations: Deutsche Bank, BERLIN, Deutsche Bank's DB Direkt, Employers, Thomson

☆ Japan's inflation-adjusted wages slip in September for 18th month
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Nov 7 (Reuters) - Japan's real wages slipped in September for an 18th month, government data showed on Tuesday, with rising prices squeezing consumers' purchasing power, and likely to add to pressure from labour groups for higher wage increases. Financial markets worldwide pay close attention to the wage trends in the world's third-largest economy. Inflation-adjusted real wages, a barometer of consumer purchasing power, dropped in September by 2.4% from a year earlier after a revised 2.8% fall the month before, data from the Ministry of Health, Labour and Welfare showed. Base salary growth in September advanced by 1.4% year-on-year, from a revised 1.2% increase the previous month, the data showed. Overtime pay, a gauge of business activity, went up in September by 0.7% year-on-year, after a revised 0.2% gain in August.

Persons: Androniki, Fumio Kishida's, Satoshi Sugiyama, Robert Birsel Organizations: REUTERS, Rights, Financial, Bank of Japan, Ministry of Health, Labour, Welfare, Rengo, UA, Thomson Locations: Tokyo, Japan, Base

☆ Deutsche Bank shares surge as it promises more cash for investors
▼ + stars: | 2023-10-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in Deutsche Bank surged nearly 7% Wednesday after it said strong earnings meant it could pay out more cash to shareholders over the next two years than previously anticipated. The bank said it expected to buy back more of its shares — a move which typically juices a company’s stock price — next year. It marks a striking turnaround for the bank following years of scandal, mass layoffs and regulatory fines that have weighed on its reputation, and its stock price. Shares have nearly doubled since hitting a record low in March 2020 but have still cratered 67% over the past decade. The Fed found that Deutsche Bank had made insufficient progress since 2018 to tighten its anti-money laundering controls, among other failures.

Persons: “ Organizations: London CNN —, Deutsche Bank, DB, ”, US Federal Reserve Locations: €

LONDON (AP) — Titans defensive tackle Teair Tart (toe) will miss his second straight game when Tennessee plays the Baltimore Ravens on Sunday at Tottenham Hotspur Stadium. Defensive tackle Taylor Stallworth, signed from the practice squad on Saturday, was active. The other inactives for the Titans are WR Treylon Burks, OL Jaelyn Duncan, DB Elijah Molden, LB Luke Gifford, LB Caleb Murphy, and QB Will Levis. His father is former Ravens defensive back Anthony Mitchell, who was a member of Baltimore’s Super Bowl-winning team in 2000. Inactive for the Ravens are CB Jalyn Armour-Davis, G Sala Aumava Laulu, T Daniel Faalele, OLB Odafe Oweh, and QB Josh Johnson (3rd QB).

Persons: Taylor Stallworth, Aaron Brewer, Treylon Burks, Jaelyn Duncan, DB Elijah Molden, LB Luke Gifford, LB Caleb Murphy, QB Will Levis, Keaton Mitchell, Anthony Mitchell, Jalyn Armour, Davis, G Sala Aumava Laulu, Daniel Faalele, Odafe, Josh Johnson, ___ Organizations: —, Tennessee, Baltimore Ravens, Sunday, Tottenham Hotspur, Indianapolis, The Colts, Titans, LB, QB, Ravens, NFL, Baltimore’s Locations: East Carolina

The deal would value Arriva, which operates red London buses and train services in the UK, at around 1.6 billion euros ($1.68 billion) including debt, the sources said. However, while the deal is nearing final stages, the sources cautioned that the timing could still shift. Deutsche Bahn said in an emailed statement: "We want to sell DB Arriva by the end of 2024. Reuters reported in April that British transport company FirstGroup (FGP.L) and I Squared had been weighing competing bids for parts of Arriva. Its annual sales rose to 4.2 billion euros in 2022, making up 7.5% of Deutsche Bahn's total revenue.

Persons: Andrew Couldridge, Emma, Victoria Farr, Andres Gonzalez, Markus Wacket, Susan Fenton Organizations: Arriva, REUTERS, Squared Capital, Deutsche, Reuters, Financial Times, Deutsche Bahn, DB Arriva, London's, Cross Country, Deutsche Bahn's, Thomson Locations: Harlow , Britain, FRANKFURT, LONDON, Miami

☆ David Beckham says he supports a sale of Manchester United
▼ + stars: | 2023-10-12 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Beckham also dispelled reports that he would serve as an ambassador for Manchester United in a potential sale to Qatar's Sheikh Jassim Bin Hamad Al Thani. David Beckham of Manchester United '99 Legends warms up prior to the Manchester United '99 Legends v FC Bayern Legends match at Old Trafford on May 26, 2019 in Manchester, England. Beckham's success at Manchester United is featured prominently in the documentary. In November last year, Manchester United announced star player Cristiano Ronaldo would leave the team following an interview where he criticized manager Erik ten Hag and the Glazer family. Manchester United is currently ranked 10th in the Premier League and sits at a record of four wins and four losses.

Persons: there's, Beckham, Germain, Sheikh Jassim Bin Hamad Al, CNBC's, David Beckham, Matthew Ashton, Jamie Salter, Victoria Beckham, Glazer, Cristiano Ronaldo, Erik ten Hag, Ronaldo, Lionel Messi, Jorge Mas Organizations: PSG …, Paris Saint, Qatar Sports Investments, Manchester United, World, Qatar, Premier League, FC Bayern Legends, Old, CNBC, Authentic, Authentic Brands, Netflix, DB Ventures, Premiere League, English, Soccer, Inter Miami Locations: Qatar, Sheikh Jassim Bin Hamad Al Thani, Beckham, Old Trafford, Manchester, England

☆ The Trump 'haircut': yes, Deutsche Bank really used this term in reducing what Trump said he was worth
▼ + stars: | 2023-10-11 | by ( Laura Italiano | ) www.businessinsider.com time to read: +7 min

On Wednesday, state officials called former Deutsche Bank banker Nicholas Haigh to the stand. He described the so-called Trump "haircut": routinely applied reductions to Trump's stated worth. AdvertisementAdvertisementThey called it the Trump "haircut." An excerpt from Deutsche Bank's internal records, showing the difference in what Trump's self-reported net-worth and his "haircut" worth. The attorney general countered that in lending to Trump, Deutsche Bank relied on both Trump's adjusted, worst-case, "haircut" worth and his self-reported worth.

Persons: Nicholas Haigh, —, Deutsche Bank – Donald Trump's, –, Kevin Wallace, Haigh, Trump, Bauer, Griffin, Eric Trump's, James, – Trump, Allen Weisselberg Organizations: Trump Org, Deutsche Bank, Service, Trump's, Deutsche, DB, New York Attorney, Trump, . Deutsche Bank, Trump National Doral, Trump International Hotel, Tower, Post, Trump Organization, AaronP, NY, Deutche Bank Locations: NY, York, Trump National Doral Miami, Chicago, Washington ,, Springs, New York

☆ David Beckham on Netflix: What the new documentary reveals about the soccer icon
▼ + stars: | 2023-10-04 | by ( Issy Ronald | ) edition.cnn.com time to read: +5 min

CNN —One of the most recognizable people in the world, David Beckham has a well-trodden story: a former England soccer captain, married to a Spice Girl and now the owner of Major League Soccer club Inter Miami. But, as it turns out, Victoria Beckham is “not into football” and never will be, she says in the documentary, despite marrying one of the sport’s most recognizable figures. David and Victoria Beckham pictured in April 2004. Bruno Vincent/Getty Images“I don’t know how we got through it in all honesty,” Beckham said haltingly in the documentary. David Beckham enjoys beekeepingAfter retiring from football, Beckham has become a co-owner of Inter Miami and found some other ways to occupy his time too, including beekeeping and cooking.

Persons: David Beckham, “ Brand Beckham, David, Victoria Beckham, Fisher Stevens, “, ”, Victoria, Mel C, Beckham, Bruno Vincent, ” Beckham, haltingly, Diego Simeone, David Gardner, –, Cruz, Jennifer Lopez, …, “ You’ve, Anthony Harvey, Shutterstock, Lopez Organizations: CNN, England soccer, Major League Soccer, Inter Miami, Netflix, ”, Manchester United, British, “, Real, Getty, Argentina, England Locations: England, Beckham, Real Madrid, Victoria, ”, Beyoncé

☆ Oil prices and the dollar surged in the third quarter. These ETFs can help you reset your portfolio
▼ + stars: | 2023-09-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +7 min

.DXY 1Y mountain The dollar index hit new highs for 2023 in September. "Energy equities haven't really kept up with the energy market rally," she added. The latest iShares outlook highlighted the firm's U.S. Energy ETF (IYE) as a way to play higher oil prices. Other major funds in that category include the Energy Select Sector SPDR Fund (XLE) , the Vanguard Energy Index ETF (VDE) and the Fidelity MSCI Energy Index ETF (FENY) . Investors can outsource currency market decisions in the form of managed futures ETFs, which have exposure to currency markets in addition to other asset classes.

Persons: Gargi Chaudhuri, Morgan Stanley, Sasikanth Chilukuru, It's, Chaudhuri, Todd Sohn, Sohn, Andrew Beer, Beer, You've, Anastasia Amoroso, There's, Amoroso Organizations: Texas, BlackRock, iShares, Energy, U.S . Energy, Vanguard Energy, Fidelity MSCI Energy, Wall, U.S ., Invesco DB, Fund, WisdomTree Bloomberg, Investors, Global, Apple, Nvidia Locations: U.S, Saudi Arabia, DBi, Japan

☆ Top money managers are warning of pain ahead for the US economy. Here are 6 areas where they're investing right now to prepare.
▼ + stars: | 2023-09-29 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

"There is a subset that simply cannot do that," she said of paying down credit card debt going forward as rates rise. "In those tails and subsets I think you're going to have really unusual delinquencies, and just horrible recovery rates." You're going to see defaults increase." Delaney also emphasized being defensive, and said he likes corporate bonds, but those with floating rates, meaning they move with the market rate. The iShares 10-20 Year Treasury Bond ETF (TLH) is one way to gain exposure to long-term government bonds.

Persons: Dawn Fitzpatrick, Katie Koch, haven't, it's, Mark Delaney, Suni Harford, I'd, Brad Gerstner, Jerome Powell, Volcker, Koch, —, We're, Rick Rieder, he's, Delaney, Fitzpatrick Organizations: CNBC's, Alpha, Federal Reserve, Soros Fund Management, TCW, UBS, Management, BlackRock, JPMorgan, Corporate, Treasury Bond ETF, Vanguard Energy, DB Oil Fund Locations: Europe, Saudi Arabia

☆ German startup Fernride raises $50 mln for self-driving freight trucks
▼ + stars: | 2023-09-20 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Sept 20 (Reuters) - German self-driving startup Fernride said on Wednesday that it has raised $50 million in Series A funding to increase the use of its "human-assisted" autonomous freight trucks in customer's logistics yards. The Munich-based startup had initially closed the funding round with $31 million, but had extended it due to high investor interest, the company said. New investors include Munich Re's venture capital arm Munich Re Ventures, Bavarian venture capital firm Bayern Kapital and former Siemens Klaus Kleinfeld, who will become chairman of the board at Fernride. Existing investors, including strategic investors HHLA (HHFGn.DE) and Deutsche Bahn (DBN.UL) unit DB Schenker also participated in the funding round. Fernride's trucks currently operate autonomously around 80% of the time, then remote human operators to step in to help the remainder of the time.

Persons: Siemens Klaus Kleinfeld, Hendrik Kramer, DB, Kramer, Nick Carey, David Evans Organizations: Munich Re Ventures, Bayern Kapital, Siemens, Deutsche Bahn, DB Schenker, Volkswagen, Thomson Locations: Munich, Bavarian, Fernride, Hamburg

☆ China's PBOC woos foreign businesses as economic challenges grow
▼ + stars: | 2023-09-19 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The symposium was intended to “increase financial support to help stabilize foreign trade and foreign investment” and improve the “investment environment” for foreign business, the statement said. In the first eight months of this year, foreign direct investment into China fell 5.1% from a year ago, according to data released by China’s commerce ministry on Sunday. A separate measure for foreign investment painted a grimmer picture. Companies that attended PBOC’s meeting called on Beijing to improve its business environment, its statement added. “[We] will continue to optimize policy arrangements, create a market-oriented, legal and international first-class business environment,” Pan told the companies.

Persons: Gongsheng, JP Morgan, Tesla, Gina Raimondo, ”, ” Pan Organizations: Hong Kong CNN, People’s Bank of China, HSBC, Deutsche Bank, DB, BNP, Japan’s, Bank, BASF, Schneider, State Administration of Foreign Exchange, SAFE, American Chamber of Commerce, US, Companies Locations: China, Hong Kong, Shanghai, Southeast Asia, Beijing

DENVER (AP) — Washington cornerback Benjamin St-Juste didn't flinch after Brandon Johnson snared Russell Wilson's 50-yard Hail Mary touchdown pass off a double deflection with no time remaining Sunday. Washington rallied from an early 21-3 deficit to take a 35-24 lead, then had to hang on with no time on the clock. The Broncos lost despite scoring touchdowns on their first three drives for the first time since 2010. “This is a resilient team,” Washington's Sam Howell said after throwing for 299 yards and two TDs in his first road start. The Commanders used a 32-3 scoring outburst to take control before the Broncos made it interesting at the very end.

Persons: Benjamin St, Juste didn't flinch, Brandon Johnson snared Russell Wilson's, Mary, Juste, ”, Courtland Sutton, Gene Steratore, Brad Rogers, Sean Payton, Nathaniel Hackett, Sam Howell, Brian Robinson Jr, Wilson, Johnson, Payton, speedsters, Jaleel McLaughlin, Marvin Mims Jr, wideout Johnson snaring, Mims, ” Payton, “, ” Mims, ” Wilson, Ron Rivera, JACKSON, Howell, Logan Thomas, Kareem Jackson, Jackson, Jakobi Meyers, Gosh, you've, Washington, Robinson, Joey Slye's, Terry McLaurin's, Thomas didn't, Delarrin Turner, Yell, DB Essang Bassey, ___ Organizations: DENVER, —, Washington, CBS, Broncos, Detroit, Denver, Kansas City, NFL, Super, DB, Buffalo, Sunday, Miami Locations: — Washington, St, New Orleans, Washington

☆ Deutsche Bank's chief innovation officer lifts the hood on the German bank's AI strategy as it hires hundreds and runs dozens of pilots
▼ + stars: | 2023-09-11 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

Deutsche Bank is aggressively experimenting with AI capabilities to transform the bank. Then they cut to black before text came into focus to provide intel on Cymbal, a hypothetical corporate client of Deutsche Bank. Deutsche Bank is aiming to transform the business and work of banking. There's a lot of assumptions," Gil Perez, Deutsche Bank's chief innovation officer, told Insider. The bank will need to compete for in-demand AI tech talent, a market that is only set to heat up.

Persons: Gil Perez, Perez, Tamara Bitticks, Bitticks, There's Organizations: Deutsche Bank, DB, intel, Google, Deutsche, Bankers, Wall, genAI Locations: San Francisco, Washington

☆ Japan real wages fall for 16th straight month in July
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

People walk at an office building at a business district in Tokyo, Japan, February 29, 2016. REUTERS/Yuya Shino/File Photo Acquire Licensing RightsTOKYO, Sept 8 (Reuters) - Japanese real wages extended their fall to a 16th consecutive month in July, government data showed on Friday, as salaries failed to keep up with rising prices. Inflation-adjusted real wages, a barometer of consumers' purchasing power, slid 2.5% in July from a year earlier following a 1.6% slump in the month before. The consumer price index officials use to calculate real wages, which includes fresh food prices but excludes owners' equivalent rent, remained flat at 3.9%. Workers at major Japanese companies saw an almost 4% increase in wages this year, according to a survey by business lobby Keidanren.

Persons: Yuya, Fumio Kishida, Satoshi Sugiyama, Alex Richardson Organizations: REUTERS, Rights, Global, Bank of Japan, Workers, Thomson Locations: Tokyo, Japan

☆ Pension plans are pretty rare. Here's who still has them and how they work
▼ + stars: | 2023-09-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

But not all unionized workers have equal access to their employer’s DB plan. One sticking point in the UAW negotiations is to restore access to company pension plans that had been closed to anyone hired after the union accepted deep concessions in its 2007 contract. Why employers moved away from traditional pensionsMany employers started making the shift to 401(k) plans and other DC plans in the 1980s. The PBGC protects pension benefits and continues to pay retirees should their employer or its DB plan become insolvent. Retirement readiness at risk for millionsSimply having access to a workplace retirement plan isn’t enough to guarantee a secure retirement.

Persons: “ We’ve, ”, Karen Friedman, That’s, —, Craig Copeland, Copeland, won’t, “, Friedman, nonparticipants, — CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, Big Three, Pension, Center, Bureau of Labor Statistics, DB, UAW, General Motors, Chrysler, Congressional Research Service, Research Institute, ”, federal, Guaranty Corp, Workers, Social Security, Vanguard, Security Locations: New York

☆ Italy windfall tax: European bank stocks bounce after tax blow is watered down
▼ + stars: | 2023-08-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Banking stocks in Italy and elsewhere in Europe rebounded Wednesday after the country watered down a plan to whack its banks with a surprise one-off 40% tax on their windfall profits. The government’s climbdown eased investors’ fears over European banks more broadly. The Stoxx Europe 600 Banks index, which tracks 42 big banks in the European Union and the United Kingdom, gained 1.7% after shedding 3.5% the previous day. Late Monday, the government said it would impose a one-off windfall tax of 40% and would use the proceeds to support first-time home buyers and cut taxes for families and businesses. Several European countries, including Spain and the Czech Republic, have announced taxes on banks’ windfall profits in the past year as interest rate hikes by central banks have beefed up many lenders’ earnings.

Persons: ’, Giancarlo Giorgetti, Remo Casilli, Jeremy Hunt, Moody’s Organizations: London CNN — Banking, Banco, European Union, Reuters, Deutsche Bank, DB, Bank Locations: Italy, Europe, United Kingdom, Rome, Spain, Czech Republic

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