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☆ Gen Z is getting hit hard by inflation
▼ + stars: | 2024-05-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

For Gen Z, it was the Covid-19 pandemic. Why are we seeing that Gen Z is tapping into their credit more than their Millennial counterparts 10 years ago? Most Gen Z consumers are not homeowners. And so I think that’s been a big cause of what’s been driving a lot of that financial strain that Gen Z consumers have seen. The key is to not use the personal loans to pay off credit card debt and then run your credit card bills right back up after you do that.

Persons: TransUnion, Zers, Millennials, Gen Zers, Bell, Charlie Wise, we’ve, haven’t, You’re, Rishi Sunak, Hanna Ziady, Anna Cooban, Philip Jefferson, Loretta Mester, Jack, Neel Kashkari Organizations: CNN Business, Bell, New York CNN, Gross, Office, National Statistics, Bank of England, P, Federal, Cleveland Fed, Depot, US Labor Department, Cisco Systems, US Commerce Department, National Association of Home Builders, Index, Minneapolis, Walmart, Applied, Co, Baidu, Board Locations: New York, Kingdom, Wells Fargo

☆ US is ‘best’ choice for Africa over Russia or China, US Commerce Secretary says
▼ + stars: | 2024-04-29 | by ( Larry Madowo | ) edition.cnn.com time to read: +1 min

Nairobi, Kenya CNN —The United States is the best partner for African nations “without strings attached” but it will not force African nations to choose its partnership over Russia or China, US Commerce Secretary Gina Raimondo told CNN. She spoke on the sidelines of the AmCham Business Summit after meeting Kenyan President William Ruto during her first official trip to Africa. Anti-Western sentimentLike many other African nations, Kenya has deep ties with China, which has funding projects and major infrastructure projects across the continent. Secretary Raimondo addressed the criticism that African nations dislike ‘lectures’ from the US and its European allies about democracy and human rights, and many prefer dealing with China or Russia that don’t make similar demands. Raimondo said the US is coming to Africa “without strings attached,” saying she had brought more than a dozen businesses to the Nairobi summit.

Persons: Gina Raimondo, “, Raimondo, CNN’s Larry Madowo, William Ruto, ‘, Ruto, we’re Organizations: Kenya CNN —, US, CNN Locations: Nairobi, Kenya, United States, Russia, China, Africa

☆ What is divestment? And does it work?
▼ + stars: | 2024-04-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

From Princeton University in New Jersey to the University of Southern California in Los Angeles, the same chant can be heard: “Disclose! The specifics of student protesters’ divestment demands vary in scope from school to school. Other students, like those at Cornell University and Yale, are asking their schools to stop investing in weapons manufacturers. Other common threads include demanding universities disclose their investments, sever academic ties with Israeli universities and support a ceasefire in Gaza. Proponents for divestment counter that its value lies in raising awareness and stigmatizing partnerships with targeted regimes or industries.

Persons: “, ” Israel, Witold Henisz, Henisz, ”, Nicholas Dirks, ” Dirks, Dirks, “ They’ll, Anna Cooban, Michelle Bowman, Eli Lilly, Estee Lauder, Jerome Powell Organizations: New, New York CNN, Palestinian, Princeton University, University of Southern, Columbia University Apartheid, Columbia, Cornell University and Yale, Research, The Wharton School, University of Pennsylvania, CNN, University of California, Columbia’s Faculty of Arts and Sciences, Federal Reserve, European Central Bank, Dallas Fed, Samsung, AMD, Starbucks, Benz Group, Volkswagen, PayPal, adidas, Diamondback Energy, Restaurant Brands, Pinterest, Caesars Entertainment, PMI, Conference Board, Mastercard, Qualcomm, Pfizer, Marriott, eBay, US Commerce Department, Apple, Novo Nordisk, Shell, ConocoPhillips, Cigna, Universal Music Group, Hershey, US Labor Department Locations: New York, New Jersey, University of Southern California, Los Angeles, Columbia, Palestine, Israel, Gaza, South Africa, Berkeley, United States, Europe, DoorDash

☆ The US is preparing to hit back at China's glut of cheap solar panels by targeting its allies
▼ + stars: | 2024-04-24 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The world is awash in solar panels after Chinese-owned firms flooded the market with cheap exports. Companies including Qcells, First Solar, and Swift Solar on Wednesday asked the Biden administration to slap tariffs on solar cells from four countries in Southeast Asia. The US solar companies allege that Chinese-owned firms operating in Cambodia, Malaysia, Thailand, and Vietnam are illegally undercutting the market. The petition by US solar companies — known as an anti-dumping and countervailing duty case — could lead to that. The probe will help determine whether solar panels were sold in the US at prices below the cost of production.

Persons: Biden, we've, Tim Brightbill, Wiley Rein, Joe Biden, Janet Yellen, Yellen, Premier Li Qiang Organizations: Service, Companies, Wednesday, Business, Wiley, China, Industry, Commerce Department, US Commerce Department, International Trade Commission, Premier, New York Times Locations: Southeast Asia, Cambodia, Malaysia, Thailand, Vietnam, Germany, America, Massachusetts, China

☆ The US dollar is strengthening. Here’s what’s driving the rally and what it means for Americans
▼ + stars: | 2024-04-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

What does the dollar rally mean internationally? The US Commerce Department releases March figures on new orders for durable goods. The US Commerce Department releases its first estimate of first-quarter gross domestic product. The US Labor Department reports the number of new applications for unemployment benefits in the week ended April 20. The US Commerce Department releases March figures on household spending, income and the Fed’s preferred inflation gauge.

Persons: it’s, Michelle Bowman, Bell, Claudio Irigoyen, It’s, Samantha Delouya, ”, eMarketer, Ross Benes, Wall, Read, Lockheed Martin, Raymond James, Northrop Organizations: Washington CNN, Federal Reserve, Bank of America, Netflix, Verizon, Truist, Albertsons, The Chicago Fed, Visa, Tesla, Pepsico, Novartis, UPS, Lockheed, Banco Santander, Spotify, General Motors, Halliburton, Global, US Commerce Department, Meta, IBM, Boeing, Chipotle, Hilton, Ford, Hasbro, Whirlpool, Wyndham, Microsoft, Mobile, Caterpillar, Comcast, Intel, P Global, Honeywell, Gilead, Northrop Grumman, Valero, Capital, Nasdaq, Southwest Airlines, American Airlines, Citizens Financial, US Labor Department, National Association of Realtors, Bank of Japan, Exxon Mobil, Chevron, HCA Healthcare, Colgate, Palmolive, Phillips, Charter Communications, University of Michigan Locations: Europe, Japan, China, Roku

☆ Biden gives Samsung $6.4 billion in grants to boost Texas chip output
▼ + stars: | 2024-04-15 | by ( ) edition.cnn.com time to read: +3 min

Reuters —The Biden administration will award up to $6.4 billion in grants to South Korea’s Samsung Electronics to expand its chip production in central Texas as part of a broader effort to boost US chipmaking, the Department of Commerce said on Monday. The funding from the 2022 Chips and Science Act will support two chip production facilities, a research center and a packaging facility, in Taylor, Texas, the agency said, as previously reported by Reuters. It will also enable Samsung to expand its Austin, Texas, semiconductor facility, Commerce Department Secretary Gina Raimondo added, while boosting chip output for the aerospace, defense and auto industries and bolstering national security, administration officials told reporters. Samsung is expected to invest roughly $45 billion in building and expanding its Texas facilities through the end of the decade, said senior administration officials. Intel won $8.5 billion in grants last month while Taiwan’s TSMC clinched $6.6 billion in April to build out its American production.

Persons: Reuters —, Biden, Gina Raimondo, ” Raimondo, Kyung Kye Hyun, “, Samsung, ”, John Cornyn, Taiwan’s TSMC Organizations: Reuters, South, Samsung Electronics, Department of Commerce, Samsung, Commerce, Samsung Electronics Co, Analysts, Semiconductor Industry Association, SIA, Lawmakers, Texans, Republican, US Commerce Department, ” SIA, Intel Locations: Texas, Taylor , Texas, Austin , Texas, United States, China, Taiwan, Republican U.S

☆ 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

☆ Biden to give Taiwan’s TSMC $6.6 billion to ramp up US chip production
▼ + stars: | 2024-04-08 | by ( Sam Fossum | Anna Cooban | ) edition.cnn.com time to read: +3 min

Washington, DC/London CNN —The US government plans to give $6.6 billion to the world’s biggest manufacturer of semiconductor chips to help it build three factories in Arizona as part of President Joe Biden’s efforts to secure the supply of advanced chips. “America invented these chips, but over time, we went from producing nearly 40% of the world’s capacity to close to 10%, and none of the most advanced chips,” Biden said in a statement. The company’s total $65 billion investment represents the largest foreign direct investment in Arizona’s history, the White House said. Securing supply chainsThe US government has emphasized the need to bring more chip production onshore to limit potential supply disruptions. Taiwan is also in a vulnerable position: Supply chain experts and US officials worry that US-China trade tensions and potential military aggression against the island by Beijing could disrupt its vital chip-making industry.

Persons: Joe Biden’s, ” Biden, Mark Liu, Gina Raimondo, Biden, “, Juliana Liu Organizations: London CNN, White, Taiwan Semiconductor Manufacturing Company, US Locations: Washington, DC, Arizona, ”, America, Taiwan, China, Beijing, United States of America, Hong Kong

☆ Chair Powell says the Fed isn’t more tolerant of higher inflation. Some economists disagree
▼ + stars: | 2024-03-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation. Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference. and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later. What’s allowing the Fed to be patient or more tolerant of higher inflation? They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year.

Persons: Jerome Powell, That’s, Powell, “, ” Powell, “ We’re, Mohamed El, Erian, ”, Bell, Lydia Boussour, they’re, What’s, we’ve, Nathaniel Meyersohn, Read, Levi Strauss, Tupperware Organizations: Washington CNN, Federal Reserve, Financial Times, Fed, Home Depot, Home, P Global, Institute for Supply Management, Maine Foods, Dave, Buster’s Entertainment, US Labor Department, US Commerce Department, Stanford University Locations: EY, Cal

☆ Here’s why the Fed doesn’t see a US recession in coming years
▼ + stars: | 2024-03-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

“The economy is strong, the labor market is strong and inflation has come way down,” Fed Chair Jerome Powell said Wednesday. Fed officials continue to expect three rate cuts this year but the days of ultra-low interest rates are long gone. Up NextMonday: The Chicago Fed releases its National Activity Index for February. The US Commerce Department releases February data on sales of new single-family homes. The US Commerce Department releases February data on household spending, income and the Fed’s preferred inflation gauge.

Persons: Goldman Sachs, Jerome Powell, Mike Skordeles, Skordeles, ” Stephanie Lang, Homrich Berg, ”, Clare Duffy, Reddit, Read, Lisa Cook, Christopher Waller Organizations: Washington CNN, Fed, Truist Advisory Services, CNN, Atlanta Fed, Employers, New York Stock Exchange, Trading, IPOs, Chicago Fed, US Commerce Department, McCormick, GameStop, Global, Board, Wednesday, Walgreens Boots Alliance, US Labor Department, University of Michigan, National Association of Realtors

☆ Presidential election or not, economists say, the Fed will cut interest rates in the fall if it must
▼ + stars: | 2024-03-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed officials have said they will begin to cut rates whenever they have “gained enough confidence” that inflation is under control. The Bank of Japan announces its latest interest rate decision. The Reserve Bank of Australia announces its latest interest rate decision. The Federal Reserve announces its latest interest rate decision and releases a fresh set of economic projections, followed by a news conference featuring Chair Jerome Powell. The Bank of England announces its latest interest rate decision.

Persons: Wall Street’s, “, ” Kathy Bostjancic, ”, Jerome Powell, ” Powell, Fed hasn’t, Nathaniel Beck, Elizabeth Warren of, Powell, lambasting, Donald Trump, reappoint Powell, ” Kayla Bruun, David Goldman, Anna Bahney, Cowen, Lennar, Mills Organizations: CNN Business, Bell, Washington CNN, Federal Reserve, Fed, Nationwide, CNN, Elizabeth Warren of Massachusetts, Democratic, Republican, Morning, National Association of Realtors, NAR, Realtors, Toll Brothers, National Association of Home Builders, Bank of Japan, Reserve Bank of Australia, US Commerce Department, Micron Technology, Prudential, Accenture, Nike, FedEx, lululemon, Darden, Academy Sports, Bank of England, US Labor Department, Global Locations: Washington, Wells Fargo

☆ Target is taking a chunk of its ad business in-house to compete with Amazon and Walmart
▼ + stars: | 2024-03-15 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +4 min

Read previewTarget quietly rolled out a new way for advertisers to buy ads as it tries to win bigger budgets from brands. They added that Roundel Media Studio is intended to be a one-stop shop for advertisers buying search ads. Amazon runs its own ad business in-house, and retailers like Walmart, Kroger, and Albertsons have also recently taken parts of their ad businesses in-house. "Roundel Media Studio brings together many of Roundel's solutions and tools, starting with our sponsored product ads, Target Product Ads by Roundel," the landing page says. AdvertisementTinuiti's Marsten said Target needs to roll out other self-service tools to better compete with Amazon and Walmart.

Persons: —, Briana Finelli, Elizabeth Marsten, Wavemaker's Finelli, Criteo, it's, Tinuiti's Marsten Organizations: Service, Media, Business, Target, Procter, Gamble, Unilever, Walmart, Kroger, Albertsons, Amazon Locations: Criteo, Wavemaker, Tinuiti

☆ China may have found a new way to skirt US import tariffs: Go through Mexico instead
▼ + stars: | 2024-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's exports to Mexico surged nearly 60% in January year-over-year, according to Xeneta. Mexico became America's top trade partner last year, overtaking China amid geopolitical tensions. The strong growth in trade between the two countries followed a 35% on-year jump in container volumes from China to Mexico. In 2022, China's exports to Mexico grew just 3.5% on-year. AdvertisementLast year, Mexico overtook China as America's top trade partner, according to data from the US Commerce Department.

Persons: —, Peter Sand, Donald Trump Organizations: Service, Container Trades Statistics, Business, China, Trump, US Commerce Department Locations: Mexico, China

Philippine Department of Trade and Industry Secretary Alfredo Pascual (R) and US Commerce Secretary Gina Raimondo attend a press conference in the Philippines on March 11, 2024. Chinese electric cars can one day drive on U.S. roads if there are enough government controls on software and sensors, U.S. Commerce Secretary Gina Raimondo told CNBC's Eunice Yoon in an exclusive interview Tuesday. I could see a day when we have those vehicles on roads in the United States," Raimondo said, "but not unless we have very significant controls and conditions around the software and sensors in those cars." "Because at the end of the day we must protect the American people from the threat that China poses," Raimondo said, claiming that Beijing could access data about location or personal messages transmitted through Chinese-made cars. China's Foreign Ministry has said that "the Chinese government has never asked and will never ask any company or individual to collect or provide data, information or intelligence located abroad against local laws."

Persons: Alfredo Pascual, Gina Raimondo, CNBC's Eunice Yoon, " Raimondo Organizations: Philippine Department of Trade, Industry, US, . Commerce, Department of Commerce Locations: Philippines, U.S, United States, China, Beijing, Mexico

☆ Here’s why the Fed cares about the cost of your haircut and your doctor’s visit
▼ + stars: | 2024-03-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Overall, consumer prices rose 0.3% in January 2024 from December 2023, according to the latest Consumer Price Index. The Labor Department releases its Consumer Price Index for February on Tuesday. The drivers of services inflation have been threefold: Vehicle insurance, hospital insurance, and financial services. The US Labor Department releases its Consumer Price Index for February. The US Commerce Department releases February figures on retail sales in addition to January data on business inventories.

Persons: don’t abate, Price, it’s, Bell, Saira Malik, They’ve, I’ve, Biden, Joe Biden, I’m, ”, Biden’s, Read, Guess Organizations: Washington CNN, Federal Reserve, Labor Department, Oracle, Asana, Vail Resorts, US Labor Department, US Treasury Department, National Statistics, Adobe, Dollar, Sporting Goods, Getty, US Commerce Department, The New York Fed, Manufacturing Index, University of Michigan Locations: Nuveen, Thursday’s State, America

☆ Federal judge in Texas says agency created to help minority-owned businesses must provide assistance to all races
▼ + stars: | 2024-03-06 | by ( Devan Cole | ) edition.cnn.com time to read: +4 min

Washington CNN —A federal judge in Texas said Tuesday that a US Commerce Department agency intended to help minority-owned businesses must offer assistance to all individuals, regardless of race, agreeing with White business owners who claimed that its policies were unconstitutional. Because they aren’t on the Agency’s magic list, the Agency presumes they aren’t disadvantaged,” Pittman wrote. Time’s up.”The MBDA is one of the only federal agencies focused exclusively on developing and advocating for minority-owned businesses. In recent years, conservatives have increasingly turned to federal courts in Texas to challenge certain federal programs and actions. “To the extent the MBDA offers services pursuant to an unconstitutional presumption, that’s fifty-five years too many,” Pittman said in his latest ruling.

Persons: Mark Pittman, Donald Trump, Pittman, …, ” Pittman, ”, Nixon, “, ’ ”, MBDA Organizations: Washington CNN, US Commerce Department, US, Minority Business Development Agency, Latino, Agency, US Department of Commerce, Fort, Northern, Northern District of, Biden, “, Centers Locations: Texas, Asian, Fort Worth, Northern District, Northern District of Texas, SFFA

☆ A bigger pool of American workers could continue to slow inflation even further
▼ + stars: | 2024-03-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Now, as the Federal Reserve faces the final stretch of its historic inflation battle, a bigger pool of workers could slow inflation even further. That then begs the question: How much more can better labor supply slow inflation? The US Labor Department releases January figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of new applications for jobless benefits in the week ended March 2. China’s National Bureau of Statistics releases February inflation data.

Persons: Mary Daly, “, ” Sarah House, Michael Gapen, That’s, Jack Bantock, ’, ”, Richard Felton, Thomas, ’ ”, Patrick Harker, Ross, Nordstrom, Michael Barr, Campbell Soup, Foot, Jerome Powell, Loretta Mester Organizations: DC CNN, Federal Reserve, San Francisco Fed, National Association for Business Economics, Labor, CNN, Bank of America, White House’s Council, Economic Advisers, English Premier League, Chelsea, Burnley, Philadelphia Fed, Target, P Global, Institute for Supply Management, US Commerce Department, Abercrombie, Fitch, Financial Services, The Bank of Canada, US Labor Department, Broadcom, Costco, Eagle Outfitters, Potbelly, Banking, Housing, Urban Affairs, European Central Bank, Cleveland Fed, National Bureau of Statistics Locations: Washington, San, Wells, United States, London, JD.com, Kroger, Burlington, DocuSign

☆ US allows China to boost passenger flights to 50 per week as summer travel season nears
▼ + stars: | 2024-02-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

By February of that year, most American airlines had suspended flights to China due to fears about the coronavirus. In the next month, the CAAC slashed international flights to China, citing the need to curb imported Covid-19 cases. Despite the two sides amending their rules after negotiations, the number of flights between the United States and China still fell significantly during the pandemic. We look forward to once again welcoming Chinese group travel to the United States,” she said in a statement issued at the time. In June, Reuters reported that newly approved flights by Chinese airlines were indeed avoiding Russian airspace on their way to the United States.

Persons: Hong Kong CNN —, David McNew, Trump, Gina Raimondo, ”, Biden Organizations: Hong Kong CNN, US Department of Transportation, ” Citi, Civil Aviation Administration of China, Air China, LAX Tom, US, Reuters Locations: China, Hong Kong, Hong Kong CNN — Washington, United States, Los Angeles , California, Beijing, Washington, Russia, Ukraine

☆ Americans have racked up a trillion dollars in credit card debt. That’s actually okay
▼ + stars: | 2024-02-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Americans racked up a record amount of credit card debt in 2023, soaring past a trillion dollars. “Consumers still have a lot of money left over to be able to spend, so the credit card data is often misinterpreted,” Russell Price, chief economist at Ameriprise Financial, told CNN. According to a LendingTree analysis of more than 350,000 credit reports, the average unpaid credit card balance was $6,864 in the fourth quarter. Overall, US household debt (including credit card balances) rose to a new high of $17.5 trillion in the fourth quarter, up 1.2% from the prior three-month period. So, while there certainly isn’t a shortage of economic hurdles bedeviling people’s budget — and credit card debt has surged — the big picture indicates that, so far, Americans (and their economy) remain healthy.

Persons: ” Russell Price, Price, haven’t, market’s, ” Gregory Daco, ” Lara Rhame, Laura, Jensen Huang, Christine Lagarde, Virgin, Michael Barr, Raphael Bostic, Susan Collins, John Williams, Papa, Austan Goolsbee, Loretta Mester, fuboTV, Christopher Waller, Mary Daly, Adriana Kugler Organizations: CNN Business, Bell, DC CNN, Workers, New York Fed, Consumers, Ameriprise, CNN, Federal Reserve Bank of New, . New York Fed, Employers, Soaring, FS Investments, Nvidia, Huawei, AMD, Microsoft, Broadcom, US Commerce Department, Central Bank, eBay, Smucker, Urban Outfitters, Global, Board, TJX, Monster Beverage, Baidu, HP, Paramount Global, Anheuser, Busch Inbev, Dell Technologies, Papa John’s, US Labor Department, National Association of Realtors, P, China’s National Bureau, Statistics, Pearson, P Global, Institute for Supply Management, University of Michigan Locations: Washington, Federal Reserve Bank of New York, ., EY, Santa Clara, Singapore, Shenzhen, China, Beijing, CAVA

☆ A top investor in global brands from Airbnb to Snap says we need swift 'guardrails' to get countries on the same page about AI
▼ + stars: | 2024-02-20 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +4 min

The CEO of the VC firm General Catalyst told WSJ that international collaboration will be crucial. World leaders should "align on some core protocols" for AI development, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement"Now there's this tension where no country wants to be left behind. So far, Russia has lagged behind China and the US in AI development.

Persons: Catalyst, —, Hemant Taneja, Taneja —, Taneja, Joe Biden, it's, Vladimir Putin Organizations: Service, Wall, publication's, US Commerce Department, European Locations: France, India, China, Russia

☆ A soft landing is now likely. But Americans will still deal with unaffordable housing
▼ + stars: | 2024-02-04 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

In a letter days before the Fed’s decision Wednesday to hold interest rates steady at a 23-year high, Democratic US senators blasted the central bank for America’s housing woes. In 2021 when the Fed’s key interest rate was near zero, home-price growth soared at a historic double-digit pace, according to the S&P CoreLogic Case-Shiller National Home Price Index. Divounguy said that the average 30-year fixed mortgage rate will likely not fall below 6% this year. That way we can actually start heading in the right direction with affordability and have that be sustainable and not just a short-term interest rate phenomenon,” she said. Richmond Fed President Thomas Barkin delivers remarks.

Persons: Valerie Plesch, Orphe Divounguy, Freddie Mac, it’s, Fannie Mae, Divounguy, ” Daryl Fairweather, Trump, Jerome Powell, Donald Trump, Powell, David Goldman, Alexandra Ross, ” Trump, Maria Bartiromo, Joe Biden, Estee Lauder, Tyson, Raphael Bostic, Eli Lilly, Loretta Mester, Walt Disney, Adriana Kugler, Thomas Barkin, Michelle Bowman, Ralph Lauren, Armour Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Democratic, Eccles Federal Reserve, Bloomberg, Getty, CNN, National Association of Realtors, Fox Business, Bureau of Labor Statistics, Trump, Fed, Caterpillar, Tyson Foods, P Global, Institute for Supply Management, Atlanta Fed, Toyota, UBS AG, Chipotle, Cleveland Fed, Walt, CVS, PayPal, Brands, Fox, The Carlyle, News Corporation, New York Times Company, Mattel, Spirit Airlines, US Commerce Department, China’s National Bureau of Statistics, ConocoPhillips, Unilever, Duke Energy, Expedia, Warner Music Group, Tenet Healthcare, Richmond Fed, Pepsico, Honda Locations: Washington, Washington , DC, CAVA

☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

☆ How much TikTok pays employees in the US, from data scientists to software engineers, according to salary data
▼ + stars: | 2024-01-19 | by ( Ashley Rodriguez | Dan Whateley | ) www.businessinsider.com time to read: +109 min

Some examples of salary offers for corporate functions include:AdvertisementAccountant, Expense Management : $73,000: $73,000 HR Business Partner : $127,680 median; ranging from $90,000 to $182,880: $127,680 median; ranging from $90,000 to $182,880 HR Specialist: $114,000 median; ranging from $85,000 to $170,000DesignEmployees on the design team "shape the visual representation" of TikTok's products and business, creating "unique designs that are not just visually appealing, but also express the aesthetic of our brand," the company wrote. : $320,000: $320,000 Android Software Engineer, TikTok Monetization : $210,000: $210,000 Android Software Engineer, TikTok Privacy : $190,000: $190,000 Android Software Engineer, TikTok Social : $126,640 median; ranging from $65,000 to $288,000: $126,640 median; ranging from $65,000 to $288,000 Android Software Engineer, TikTok User Growth : $227,000 median; ranging from $221,000 to $233,000: $227,000 median; ranging from $221,000 to $233,000 Applied Machine Learning Engineer : $273,340 median; ranging from $180,000 to $306,000: $273,340 median; ranging from $180,000 to $306,000 Applied Machine Learning Engineer, Recommendation : $190,000: $190,000 AR Effects Interactive Engineer : $125,000: $125,000 AR Software Engineer : $125,000: $125,000 Audio Engineer : $75,000: $75,000 Backend Engineer : $128,000: $128,000 Backend Engineer, Ads Platform : $172,000 median; ranging from $125,000 to $240,000: $172,000 median; ranging from $125,000 to $240,000 Backend Engineer, Content Ecosystem : $222,360: $222,360 Backend Engineer, Lark Innovation : $160,000: $160,000 Backend Engineer, Machine Learning : $157,680 median; ranging from $157,680 to $175,000: $157,680 median; ranging from $157,680 to $175,000 Backend Engineer, Risk Systems : $295,000 median; ranging from $150,000 to $320,000: $295,000 median; ranging from $150,000 to $320,000 Backend Engineer, TikTok Ads Creative and Ecosystem : $250,000: $250,000 Backend Engineer, TikTok Ads Creativity and Ecosystem : $207,500 median; ranging from $175,000 to $240,000: $207,500 median; ranging from $175,000 to $240,000 Backend Engineer, TikTok Eng. : $220,000 median; ranging from $160,000 to $285,000 0 #NUM! Software Engineer, Computer Vision : $165,000 median; ranging from $165,000 to $200,000: $165,000 median; ranging from $165,000 to $200,000 Software Engineer, Computer Vision, Intelligent Creation : $200,000 median; ranging from $200,000 to $265,000: $200,000 median; ranging from $200,000 to $265,000 Software Engineer, Core Services : $204,000 median; ranging from $125,000 to $244,680: $204,000 median; ranging from $125,000 to $244,680 Software Engineer, Core Service, Application Security : $129,680: $129,680 Software Engineer, CRM : $175,000 median; ranging from $125,000 to $300,555: $175,000 median; ranging from $125,000 to $300,555 Software Engineer, Data Access Team : $230,000: $230,000 Software Engineer, Data Mining : $169,680: $169,680 Software Engineer, Data Mining USDS : $182,400: $182,400 Software Engineer, Data Platform : $186,000 median; ranging from $170,000 to $216,880: $186,000 median; ranging from $170,000 to $216,880 Software Engineer, Data Security and Compliance : $180,000: $180,000 Software Engineer, Database Kernel Development : $130,000 median; ranging from $128,000 to $220,000: $130,000 median; ranging from $128,000 to $220,000 Software Engineer, Distributed Storage System : $285,000 median; ranging from $180,000 to $285,000: $285,000 median; ranging from $180,000 to $285,000 Software Engineer, Engineering Productivity : $195,000: $195,000 Software Engineer, Front-End : $147,000: $147,000 Software Engineer, Front-End, Ads Technology : $125,000: $125,000 Software Engineer, Full Stack : $180,000: $180,000 Software Engineer, Full Stack, Ads Technology : $147,500 median; ranging from $125,000 to $170,000: $147,500 median; ranging from $125,000 to $170,000 Software Engineer, Full Stack, E-Commerce Engineering and Architecture : $205,000: $205,000 Software Engineer, Full Stack, Vertical Solutions : $220,000: $220,000 Software Engineer, Global E-Commerce Customer Business : $195,000 median; ranging from $133,240 to $225,000: $195,000 median; ranging from $133,240 to $225,000 Software Engineer, Global Payment : $161,000 median; ranging from $155,000 to $215,000: $161,000 median; ranging from $155,000 to $215,000 Software Engineer, Gov. and Experience, TikTok E-Commerce : $241,540 median; ranging from $219,680 to $263,400: $241,540 median; ranging from $219,680 to $263,400 Software Engineer, GPU Management : $128,000 $128,000 $128,000 0 #NUM!

Persons: —, It's, TikTok, it's, ByteDance, TikTok Eng, Tiktok Organizations: Service, Business, US, of Foreign Labor, Live, US Data Security, Security, US Department of Labor, Corporate, Employees, TikTok, Tech, Commerce, Marketing, Staff, Trust, Safety, Brand, Android Software, Computer, Global Agency Relations, Global Security Technology, Infrastructure Engineering, Android, Machine, Interactive, Systems, Data Systems, Engineer, Commerce Data Intelligence, Commerce Logistics, Chain, Logistics, Media, US Tech Services, Big, Business Intelligence, Protection, Network Security, Business Systems, Cash, Cloud, Networking Software, Public, Tech Service, Technology, Technology Systems, Infrastructure, Network Business, NA, Defense, US Tech Service, Analytics, Research, Mining, Solutions, Tech Services, Pico, Forensics, Development, Control, Financial, CRM, Global, Learning, Traffic, TCMS, Communications, Graphics, Monetization Technology, Management, Products, Resources, IDC Logistics, DevOps, IOS, GNE Global, Software, Procurement, Commerce Global, Strategic, Global Business, Merchant, Mobile Security, Mobile Software, Multimedia Research, Regional, Sound Engineering, Professional Services, Community, Relations, Real, Commerce Trading, Creative, Enterprise, Virtual Network, Storage, Data Security, Smart, Finance, ML Systems, Cloud Infrastructure, TikTok US Tech Services, Monetization Tech, Learning Systems, Core Services, Core Service, Data Mining, Engineering, Commerce Engineering, Mobile, Revenue Management Locations: ByteDance, TikTok, TikTok Commerce, America, Mexico, Americas, Commerce

☆ The biggest risks US businesses face in 2024
▼ + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.

Persons: there’s, “, John Maynard Keynes, ”, ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan

☆ Here’s why some bond traders care so much about the US government’s budget deficit nowadays
▼ + stars: | 2023-12-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.

Persons: ”, Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta

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