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☆ Americans are savings less these days. Here’s why and what that means
▼ + stars: | 2024-04-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. Put together, this may have resulted in “a structurally lower saving rate,” according to the report. What does the lower saving rate of nowadays say about the US consumer? Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.

Persons: haven’t, “, Wells, Bell, Shannon Seery Grein, There’s, they’ve, we’ve, Matt Egan, ” Paul Knopp, Read, Goldman Sachs, Charles Schwab, Lorie Logan, Mary Daly, Johnson, Morgan Stanley, Jerome Powell, Loretta Mester, John Williams, Raphael Bostic, Austan Goolsbee Organizations: Washington CNN, Wells, KPMG, CNN, Gallup, T Bank, US Commerce Department, National Association of Home Builders, China’s National Bureau of Statistics, Johnson, Bank of America, PNC, The Bank of New York Mellon, Northern Trust, United Airlines, Federal Reserve, Abbott Laboratories, Discover, Citizens, Cleveland Fed, Taiwan Semiconductor Manufacturing, Netflix, Alaska Air, National Association of Realtors, Fed, US Labor Department, Procter & Gamble, American Express . Chicago Fed Locations: Wells Fargo, United States, Europe, UnitedHealth, Blackstone

☆ Burnout fears force bosses to explore a four-day workweek
▼ + stars: | 2024-04-12 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek. “It’s way too early to declare the four-day work week part of the future. Some companies that have experimented with shorter workweeks are sticking with it. “My guess is a widespread four-day workweek could be years away – if ever,” he said. “It’s possible that generative AI might make the four-day workweek more realistic,” Knopp said.

Persons: ” Paul Knopp, Knopp, It’s, ”, “, don’t, haven’t, ” Knopp Organizations: New, New York CNN, KPMG, CNN, Gallup Locations: New York, United States, Europe, United Kingdom

☆ More CEOs expect hybrid work is here to stay
▼ + stars: | 2024-04-11 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

"Hybrid is likely here to stay," Paul Knopp, chair and CEO at KPMG US, told Business Insider. AdvertisementThe survey of 100 CEOs of large US companies found that 46% of them expect what had been office roles will be hybrid, up from 34% in 2023. But corporate chiefs seem to be holding the line on remote work, with only 3% of top bosses backing fully remote work. AdvertisementSome seven in 10 CEOs said they expect to boost hiring during the next year, while only 4% expect to cut jobs during that time. AdvertisementNearly four in 10 CEOs expect their companies will move from AI pilots to broader use within their organizations during the next 12 to 18 months.

Persons: —, It's, Paul Knopp, Knopp Organizations: Service, KPMG US, Business, America, KPMG, —

☆ Suspect Arrested in University of Colorado Shooting That Killed Two
▼ + stars: | 2024-02-20 | by ( Christine Hauser | More About Christine Hauser | ) www.nytimes.com time to read: 1 min

A Michigan man was arrested on Monday on murder charges related to the fatal shooting of two people in a dormitory at the University of Colorado campus in Colorado Springs, the police said. Nicholas Jordan, 25, of Detroit, who was enrolled at the university, was arrested in Colorado Springs on first degree murder charges in the shooting of another student, Samuel Knopp, 24, of Parker, Colo., and Celie Rain Montgomery, 26, of Pueblo, Colo., the Colorado Springs Police Department said on Monday in a series of statements on X.Mr. Jordan was being held on $1 million bond in El Paso County jail and was scheduled to appear in court on Tuesday, records show. The police said that the investigation was ongoing and that the people involved knew each other. They did not provide a motive or other details.

Persons: Nicholas Jordan, Samuel Knopp, Montgomery, Jordan Organizations: University of Colorado, Colorado Springs Police Locations: Michigan, Colorado Springs, Detroit, Parker, Colo, Pueblo, El Paso County

Tina Kotek urged lawmakers to concentrate on the most state's most pressing issues. “My number-one focus for the legislative session is to put as much as possible into the effort to improve housing production in the state,” Kotek said. Kotek's roughly $500 million housing package this session also would include $20 million in grants she described as “climate-friendly” incentives. Wagner said he spent the interim period between sessions traveling across the state to visit Republican senators in their home districts and described having “good and open conversations” with Knopp. “Let’s focus on housing, let’s focus on behavioral health, let’s focus on summer learning,” Kotek said.

Persons: Tina Kotek, ” Kotek, Kotek, decriminalizing, “, ”, Jeff Helfrich, Tim Knopp, Rob Wagner, Wagner Organizations: Republican, Democratic Gov, Republicans, GOP, Democratic, Oregon Supreme Locations: SALEM, Ore, Oregon, Knopp

SALEM, Ore. (AP) — The Oregon Supreme Court said Thursday that 10 Republican state senators who staged a record-long walkout last year to stall bills on abortion, transgender health care and gun rights cannot run for reelection. The decision upholds the secretary of state’s decision to disqualify the senators from the ballot under a voter-approved measure aimed at stopping such boycotts. Measure 113, passed by voters in 2022, amended the state constitution to bar lawmakers from reelection if they have more than 10 unexcused absences. The senators’ lawsuit was filed against Secretary of State LaVonne Griffin-Valade, who last August said the boycotting senators were disqualified from seeking reelection. Oregon voters approved Measure 113 by a wide margin following Republican walkouts in the Legislature in 2019, 2020 and 2021.

Persons: — Sens, Tim Knopp, Daniel Bonham, Suzanne Weber, Dennis Linthicum, Lynn Findley, ”, Knopp, they’ve, LaVonne Griffin, Valade, walkouts Organizations: Oregon Supreme, Republican, — Locations: SALEM, Ore, Oregon

☆ Bosses, here's how to get your employees using AI
▼ + stars: | 2024-01-23 | by ( Kylie Kirschner | Cadie Thompson | ) www.businessinsider.com time to read: +3 min

Some 31% of organizations reported that employees are reluctant or even outright resistant to using AI, according to the Cisco AI Readiness Index. AdvertisementCompany leaders at the World Economic Forum told Business Insider there's one simple thing bosses can do: be clear about what you want to use AI for. Centoni suggests outlining the potential benefits of using AI and providing specific examples of how it might be used. Jeff Maggioncalda, CEO of Coursera, says it's important to explain to employees how AI might make their jobs better or more enjoyable. And over time, he says he expects AI to lead to both revenue growth and growth in the workforce.

Persons: —, Liz Centoni, Jeff Maggioncalda, Maggioncalda, Paul Knopp, Knopp Organizations: Service, Business, Cisco, Economic Forum, KPMG Locations: Davos

☆ These are the skills employers are looking for as AI use expands, according to leaders at Davos
▼ + stars: | 2024-01-17 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +5 min

Read previewSince the release of ChatGPT just over a year ago, it's become increasingly clear that the world will have to adapt as the influence of generative AI grows. And that's been borne out at this year's World Economic Forum in Davos, where AI has been a key topic. Business Insider spoke to industry leaders from companies including McKinsey, KPMG, IBM, and Coursera about the skills they believe will be important in the era of generative AI. Know how to optimize data for generative AI. "Being able to look at data, evaluate data, cleanse data, anonymize data — all that — is going to be even more important than historically it's been," Knopp said.

Persons: —, it's, Katy George, George, Paul Knopp, Knopp, that's, Jeff Maggioncalda, Maggioncalda, John Granger, Granger Organizations: Service, Business, Economic, McKinsey, KPMG, IBM, KPMG US, IBM Consulting, Employees Locations: Davos, Maggioncalda

☆ Amazon and Meta are penalizing workers who don't return to the office. Experts say they should make a stronger case for working IRL first.
▼ + stars: | 2023-10-25 | by ( Tim Paradis | ) www.businessinsider.com time to read: +6 min

Amazon and Meta have said you could be fired or dinged in your review for not going to the office. Focusing on days in the office misses a chance to tell workers how it could benefit their careers. Yet the flex misses a chance to have a savvier conversation over how being together can benefit workers' careers, experts say. I think the opportunity is for us to get off the silly construct of days in office," Garbarino said. Garbarino said leaders should look past days in the office and focus on what they can do to help their workers develop.

Persons: —, Chase Garbarino, Garbarino, Paul Knopp, Knopp, Benjamin Granger, Granger Organizations: Meta, Service, Amazon, Kastle Systems, KPMG US Locations: That's

SALEM, Ore. (AP) — The Oregon Supreme Court will decide whether Republican state senators who carried out a record-setting GOP walkout during the legislative session this year can run for reelection. The senators from the minority party are challenging a 2022 voter-approved constitutional amendment that bars state lawmakers from reelection after having 10 or more unexcused absences. Oregon voters overwhelmingly approved the ballot measure that created the amendment following Republican walkouts in the Legislature in 2019, 2020 and 2021. The senators filed the challenge in the Oregon Court of Appeals but asked that it go directly to the state Supreme Court. Several state senators with at least 10 absences during the most recent legislative session have already filed candidacy papers with election authorities.

Persons: walkouts, LaVonne Griffin, Valade, – Sens, Tim Knopp, Daniel Bonham, Suzanne Weber, Dennis Linthicum, Lynn Findley –, Griffin, they’ve Organizations: Oregon Supreme, Oregon Public Broadcasting, Nine Oregon Republicans, Democrat, Appeals Locations: SALEM, Ore, Oregon, Montana , Tennessee

In Ohio, Jordan is a hometown boy whose Ohio State University wrestling coach title, conservative policies and never-say-die persona on Capitol Hill have earned him more devotion than he's currently receiving in Congress. It was a common theme on a cloudy fall day in downtown Urbana, Ohio — an oasis of cafes and antique stores in the sprawling, rich farmland that makes up most of Jordan’s district. Sherry Vaught, a Democratic mayoral candidate in Mansfield, had harsh criticism for the Ohio congressman as his possible speakership looms. JD Knopp, an 18-year-old resident of Mechanicsburg, Ohio just outside Urbana, said he thinks Jordan will make a great leader for a divided Republican party. Whether Jordan becomes speaker won't affect his opinion, but it might change how he views those who keep the congressman from winning the speakership.

Persons: Jim Jordan, isn't, Jordan, Donald Trump —, He's, he's, “, ”, Betty Lemmon, Jordan's, Joe Biden, Cynthia Leach, Jordan “, Russell Dye, Dye, Sherry Vaught, he’s, Vaught, Herb Asher, Sen, J.D, Vance, ” Asher, JD Knopp, Knopp, ” Knopp, ” ___ Samantha Hendrickson Organizations: —, Democratic, Freedom Caucus, House Republicans, Ohio State University, Trump, Jordan, Associated Press, Capitol, Republican, Social Security, U.S . House, The Ohio State University, America Statehouse News Initiative, America Locations: URBANA, Ohio, Washington, Champaign County, Jordan, Urbana , Ohio, Jordan’s district, It's, Ohio’s, —, Mansfield, Mechanicsburg , Ohio, Urbana

☆ Your boss might give you a raise just for showing up to the office
▼ + stars: | 2023-10-05 | by ( Tim Paradis | ) www.businessinsider.com time to read: +3 min

US CEOs say they'd give raises, promotions, or better assignments to those who work at the office. The findings came in a survey from KPMG that showed how frustrated bosses are with remote work. AdvertisementAdvertisementCEOs are really starting to hate remote work — and are willing to go beyond free pizza to get you to come in. Outside of some of the big banks and high-wattage tech firms , many companies have settled into a mix of in-office and remote work. The survey found only one-third of CEOs envision traditional office jobs as remaining hybrid, down from 45% in 2022.

Persons: —, Meta's, Paul Knopp, it's, It's, Knopp, that's, We're Organizations: KPMG, Service, Big Tech, Amazon, KPMG US

SALEM, Ore. (AP) — The Oregon Court of Appeals on Monday asked the state's highest court to decide whether Republican state senators who carried out a record-setting GOP walkout this year can run for reelection. Oregon voters last year overwhelmingly approved the ballot measure that created the amendment following GOP walkouts in the Legislature in 2019, 2020 and 2021. They and Oregon Department of Justice attorneys on the opposite side of the case jointly last month asked the appeals court to send the matter straight to the state Supreme Court. The appeals court on Monday formally asked the Oregon Supreme Court to take the case, said Todd Sprague, spokesman for the Oregon Judicial Department. The senators insist that the way the amendment to the state constitution is written means they can seek another term.

Persons: LaVonne Griffin, Valade, “, Oregonians, ” Griffin, Griffin, Todd Sprague, Sprague, Sen, Bill Hansell, Tim Knopp, they’ve, ” Knopp, Ben Morris Organizations: Oregon, Monday, Appeals, Oregon Department of Justice, Oregon Supreme, Oregon Judicial Department, Oregon Republicans, Democrat Locations: SALEM, Ore, Oregon, Statehouses, Montana , Tennessee, United States, U.S, Rhode Island, Rutland , Massachusetts

☆ An earthquake destroyed their California home days before Christmas. They still have to pay the mortgage
▼ + stars: | 2023-07-02 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +14 min

A 6.4 magnitude earthquake had just struck Rio Dell, California, upending homes and lives for the community of 3,400 people near Oregon. “It’s a gamble to not have it,” Rio Dell City Manager Kyle Knopp said. A whopping 90% of homes in California aren’t covered by earthquake insurance, according to Glenn Pomeroy, CEO of the California Earthquake Authority, a nonprofit quake insurer established by the state. Gavin Newsom proclaimed an emergency for Humboldt County, where Rio Dell is located, in part to help local governments access services. Despite seeing how costly earthquake damage can be, she doubts she’ll buy earthquake insurance for her next home.

Persons: CNN —, Jacqui McIntosh, Rio, McIntosh, ”, unlivable, “ It’s, Fred Greaves, “, Kyle Knopp, Glenn Pomeroy, ” Brian Ferguson, Knopp, ” Knopp, Randy Jensen, ” Jensen, Jensen, Jane Tyska, ” Pomeroy, that’s, Pomeroy, Gavin Newsom, Michelle Bushnell, Bushnell, it’s, Keith Porter, Kent Porter, Bolt, Porter, ” Porter, ‘, Alyssa Jorgensen, Jorgensen, didn’t, ” McIntosh Organizations: CNN, Dell, California Earthquake Authority, California Governor’s, Emergency Services, Mendocino Triple Junction, FEMA, Rio Dell, Reuters, Rio Dell Water, Media, East Bay Times, San, Small Business Administration, Institute, The Press Democrat, Mitigation, retrofits, Earthquake, California Earthquake Locations: Rio Dell , California, Oregon, Rio Dell, California, It’s, Mendocino, Cape Mendocino, Northern California, Montecito, Beverly Hills, Malibu, Rio, Humboldt County

☆ Oregon Senators Face Re-election Ban After Prolonged Boycott
▼ + stars: | 2023-05-16 | by ( Mike Baker | ) www.nytimes.com time to read: +1 min

The NewsFrustrated, powerless and with little hope of regaining significant influence anytime soon, Republican lawmakers in Oregon have in recent years turned repeatedly to a disruptive tactic: boycotting their own legislature. It has been so disruptive that voters altered the Constitution last year to punish those who were repeatedly absent by barring them from re-election. But now, as the legislature debates contentious bills over abortion and transgender rights, some lawmakers are boycotting once again. This week, in the first significant test of the new law, three state senators reached the legal threshold of 10 unexcused absences. There are no term limits in the legislature, but some senators are facing re-election campaigns as soon as next year.

☆ KPMG stands by audits of Silicon Valley Bank and Signature Bank - FT
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - KPMG's U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O), the Financial Times reported on Tuesday. Knopp said KPMG’s audit work considered all the facts available at the time and that "market-driven events" in the intervening days led to the banks' failures, the report said. "Any unanticipated events or actions taken by management after the date of an opinion could not be contemplated as part of the audit," the company added. Global markets have been bumpy since the collapse of SVB, the biggest U.S. bank failure since the 2008 financial crisis, and Signature Bank. Reporting by Niket Nishant in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Members of the FIA include the major banks on Wall Street. As a clearing house, the OCC settles and guarantee options contracts, working as a central counterparty for credit risk. Apart from the group meeting with the FIA, the OCC has also discussed this issue individually with some market participants, one of the sources said. The OCC told this person it did not see a major risk, but it wanted to assess its members' views and explore different risk scenarios. Many 0DTE options have a low probability of rising in value as they approach expiration.

☆ We spoke with more than 50 CEOs, billionaires, execs, and government officials in Davos. Here are our 4 biggest takeaways.
▼ + stars: | 2023-01-25 | by ( Matt Turner | Cadie Thompson | ) www.businessinsider.com time to read: +10 min

Insider's Matt Turner and Cadie Thompson share their biggest takeaways from the World Economic Forum. More than 1,500 business leaders descended on Davos in the Swiss Alps last week for the World Economic Forum's annual meeting. The week of Davos, Alphabet published an explainer on its approach to AI signed by execs including CEO Sundar Pichai. "With every technology, there is good and then there's bad," Rima Qureshi, Verizon's chief strategy officer, told Insider. Several of those who spoke with Insider highlighted the need for much-greater collaboration among companies — and a willingness to experiment.

☆ Here's what top executives at Davos are saying about a recession. Many can see silver linings.
▼ + stars: | 2023-01-18 | by ( Ryan Hogg | Cadie Thompson | ) www.businessinsider.com time to read: +5 min

Executives at Davos weighed in on the likelihood and severity of a recession in 2023. Most expect the US to have a shallow recession, but Europe and elsewhere could be hit harder. I think there's going to be a lot of uncertainty. "And that means it's time to really think about hunkering down and focusing on what's important, and really focusing on the fundamentals, which is what we are doing within the company." We will do better if there's a recession – at least if there's a recession with unemployment."

☆ CEOs are preparing for a recession. Their plans could backfire
▼ + stars: | 2022-10-20 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

A vast majority of CEOs believe we're headed toward a recession and are cutting staff, sustainability efforts and diversity budgets to prepare for a downturn. Some 91% of U.S. CEOs are "convinced" a recession is on its way in the next 12 months, according to a KPMG survey of 1,325 CEOs between July 12 and August 24, 2022. And the top ways they're preparing for a downturn are to pause or reconsider efforts around ESG — or environmental, social and governance (59%) — and downsize their employee base (51%). What's more, cuts to ESG initiatives that customers and employees like — ones that prioritize sustainability, diversity and social progress — could backfire in the long run. Knopp says CEOs should be strategic in their cuts and be prepared for another quick rebound by mid-2023.

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