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☆ Inside China's plan for AI: shape reality and enforce its power
▼ + stars: | 2024-06-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at China's strict approach to overseeing its AI development and the threat it poses to the world. The country's history of censorship and surveillance is extending to its approach to AI , writes Business Insider's Linette Lopez. AdvertisementThe CCP's plan for AI is about shaping reality and enforcing its power, according to internal documents. What to do ahead of May's jobs report. Permabull Tom Lee said it's a great time to buy stocks — shocking — with a new jobs report set to drop on Friday.

Persons: —, Kiran Ridley, Stringer, Getty, Tyler Le, Insider's Linette Lopez, Linette, chatbots, Jinping, Xie Huanchi, we've, Ken Griffin's, Permabull Tom Lee, it's, Stocks, Keith Gill, It's, Amazon's, Alyssa Powell, boomer, Gen, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett, Annie Smith Organizations: Service, Harvard, Business, Chinese Communist Party, of, People, Getty, Citadel Securities, BI, GameStop, Cloud, Prime, Apple, American Express, Research, Boomers Locations: China, Beijing, Xinhua, New York, London, Chicago

☆ Harvard fellow: CFPB's 'buy now, pay later' regulation isn't enough — nothing 'substantively changes'
▼ + stars: | 2024-06-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Last month, the Consumer Financial Protection Bureau declared that buy now, pay later customers should have the same federal protections as users of credit cards. However, Marshall Lux, a fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School who studies BNPL, says the government's latest guidance is already a few steps behind. In fact, major buy now, pay later providers already provide such safeguards for users. "We've got an industry that's moving at light speed and a regulatory process that takes time," Lux said. More from Personal Finance:25% of consumers recently used a buy now, pay later loanCould buy now, pay later loans affect your credit score?

Persons: Marshall Lux, BNPL, —, PayPal —, We've, Lux, Penny Lee Organizations: Consumer Financial, Bureau, Rahmani Center for Business, Government, Harvard Kennedy School, PayPal, Finance, Financial Technology Association, Zip

☆ Even high-income Americans are shopping at discount retailers as economic outlook sours
▼ + stars: | 2024-06-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The reason for that is mostly the American consumer, with spending accounting for about 70% of gross domestic product. On Thursday, Bank of America CEO Brian Moynihan said that his customers are slowing down the rate of their purchases. Consumer payments, as measured through credit cards, checks and ATM withdrawals, have grown by 3.5% since last year, he said. I’m being careful, slowing things down,’” Moynihan said, referring to both consumers and businesses, at a financial conference in New York. This survey shows that consumers feel just the opposite — optimistic about their own financial standing but not about the macroeconomic environment.

Persons: Brian Moynihan, ’ ” Moynihan, Bell, Peter Torrente, I’m, Elon Musk’s, Allison Morrow, “, — “, Glass Lewis, Tesla, Musk, Gary Millerchip, Richard Galanti, Read Organizations: CNN Business, Bell, New York CNN, Bank of America, KPMG, Federal Reserve, Elon, Services, Twitter, SpaceX, Costco Locations: New York, Europe, Texas, Delaware

☆ How a peak boomer lives 'perfectly comfortably' on less than $30,000 a year after moving from Texas to tiny homes in New York and Florida
▼ + stars: | 2024-06-03 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Read previewSam Mitchell, 64, has a yearly income of below $30,000 a year from Social Security. It's a very different way of life from the corporate real estate job he had 15 years ago in Austin making six figures and owning five homes. "I am making a fourth of the money I was making in 2008, but nobody is going to do it." AdvertisementMoving to New York and FloridaTo start life anew, he bought a farm in Peru and built a small house. AdvertisementOnce Social Security payments kicked in, he relied on the $900 a month to get by.

Persons: —, Sam Mitchell, they're, Mitchell, It's, Keller Williams, Austin, Sancho Panza, he's Organizations: Service, Social Security, Business, Social, University of Florida, South, Southwest, Austin City, Austin Locations: New York, Florida, Austin, Ithaca , New York, Atlanta, Santa Cruz , California, Costa Rica, South Austin, Peru, Ecuador, California , Oregon, Washington, BestBuy

☆ After paying $25,000 of credit-card debt, I'm ready to make the most of my clean slate
▼ + stars: | 2024-06-03 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

At the beginning of the year, I was facing nearly $30,000 in credit-card debt. When December ticked into January, I knew it was time to face something I had been putting off: my credit-card debt. This compounded my stress about my credit-card debt. I had $5,000 in credit-card debt left after that, and I'm following my budget to pay that off. Now, I'm determined to use my clean slate to set up a solid financial future, not one built on debt.

Persons: —, I've, I'd, I'm Organizations: Service Locations: Italy

☆ Mom of 2: My husband supercommuted from Minneapolis to NYC for 10 years—how we made it work
▼ + stars: | 2024-06-01 | by ( Megan Bearce | In Meganbearce | ) www.cnbc.com time to read: +7 min

The author, Megan Bearce, and her husband, Ian, had just moved from Los Angeles to Minneapolis when he got a job offer in New York City in 2010. I heard this question so many times over the 10 years my husband, Ian, flew weekly from our home in Minneapolis to his job in New York City. Ian posted photos and art on the walls of the New York City apartments he stayed in during the week when he supercommuted from Minneapolis. Visits to New York City helped the kids get a glimpse of Ian's life during the week, Megan says. The logistics of multiple activities felt too overwhelming for me to handle with Ian away during the week.

Persons: Megan Bearce, Ian, We'd, we'd, Ian didn't, Megan, Ian couldn't Organizations: New Locations: Los Angeles, Minneapolis, New York City, Brooklyn, Manhattan, Minnesota, Cape Cod

Mortgage rates are up slightly after initially trending a bit lower over the past few weeks. "Following several weeks of decline, mortgage rates changed course this week," Sam Khater, Freddie Mac's chief economist, said in a press release. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.36%, a 12-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, it's Organizations: Federal Reserve, Zillow Locations: Chevron

☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

Mortgage rates have been holding relatively steady this month, though 30-year mortgage rates inched up slightly this week. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.36% this week, according to Freddie Mac data, which is a 12-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve, Fed Locations: Chevron

☆ ‘Buy Now, Pay Later’ Borrowers Get More Safeguards With New Rule
▼ + stars: | 2024-05-31 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Borrowers of the popular “buy now, pay later” installment loans should find it easier to dispute charges and get refunds under a new rule announced by the federal government last week. The Consumer Financial Protection Bureau, which has been scrutinizing the alternative loans for more than two years, ruled that “buy now, pay later” lenders were credit card providers and had to offer borrowers some of the same safeguards that conventional credit cards provided. The bureau issued its findings as an “interpretive” rule, meaning it stated its own interpretation of existing law. Shoppers can get a quick approval for the loan at checkout, often with a minimal credit check, and pay zero interest. Some lenders charge late fees for missed payments, while others simply cut off borrowers from new loans until they pay.

Persons: ” Rohit Chopra, they’re Organizations: Consumer Financial Protection Bureau

☆ Self-made millionaire shares 3 steps to stop overspending and save more: 'Make it automatic'
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

However, they haven't made much progress toward a better financial situation since then, they recently told self-made millionaire Ramit Sethi on his "I Will Teach You to be Rich" podcast. It's not the worst debt situation Sethi has seen on the show. Their fixed costs, including debt payments, groceries, gas and other necessities are equal to, if not higher, than their monthly income. Sethi emphasized that there are underlying emotional issues leading to the spending problem, and encouraged Elizabeth to work with a therapist. As for their shopping habits, he laid out three tips anyone can use to start getting their spending under control.

Persons: Elizabeth, Jon, Ramit Sethi, Rich, we've, We're, It's, Sethi Organizations: Walmart, Target

☆ Gen Zs are spending big to travel this summer — even if it means going into debt
▼ + stars: | 2024-05-30 | by ( Monica Pitrelli | Harriet Akinyi | ) www.cnbc.com time to read: +3 min

Gen Zs are set to make the biggest splash this summer, with surveys showing they are upping their vacation plans and spending more than older travelers. The survey of more than 2,000 Americans showed Gen Zs are planning to travel for longer periods and to take more expensive vacations at higher rates too. But how Gen Zs — often defined as those born between 1997 and 2012 — plan to fund their travels differs from other age groups too. Roeschke also noted that Gen Zs will spend time finding ways to trim travel costs, rather than canceling or postponing their trips. Using debt to finance summer tripsStill, 42% of Gen Zs and 47% of millennials say they plan to use debt to finance their summer trips, according to a survey by the financial services company Bankrate.

Persons: Gen Zs, Gens Z, Zs, millennials, Gen Xers, Zs —, Lindsey Roeschke, Zers, Roeschke, Ted Rossman, Rossman Organizations: Bank of America, CNBC Locations: United Kingdom, India, Germany, China

If inflation continues to decelerate in the coming months, mortgage rates could fall further. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.

Persons: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ Global debt has grown to $315 trillion this year — here's how we got here
▼ + stars: | 2024-05-29 | by ( Nessa Anwar | ) www.cnbc.com time to read: +2 min

The world is mired in $315 trillion of debt, according to a report from the Institute of International Finance. This global debt wave has been the biggest, fastest and most wide-ranging rise in debt since World War II, coinciding with the Covid-19 pandemic. Around two-thirds of the $315 trillion owed originates from mature economies, with Japan and the United States contributing the most to that debt pile. Of the $315 trillion debt stock, household debt, which includes mortgages, credit cards and student debt, among others, amounted to $59.1 trillion. Business debt, which corporations use to finance their operations and growth, stood at $164.5 trillion, with the financial sector alone making up $70.4 trillion of that amount.

Persons: — Organizations: Institute of International Finance, United Locations: Japan, United States, China, India, Mexico

After finally dropping below 7% earlier this month, 30-year mortgage rates have been holding relatively steady in the mid-to-high 6% range, according to Zillow data. Once the Fed is able to start lowering rates, mortgage rates are expected to fall. Mortgage rates are expected to go down this year, but they might not drop as much as initially expected. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal, Consumer, Mortgage, Zillow, Association, Sky Locations: March's, Chevron

☆ 25% of consumers recently used a buy now, pay later loan, report finds. What to know as they become popular
▼ + stars: | 2024-05-28 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

As buy now, pay later programs become more common, some shoppers are using this payment structure to make ends meet. Such short-term financing plans are the second-most-used form of credit payment among consumers in the U.S., according to a new report by NerdWallet. Meanwhile, 25% said they had used BNPL services in the last 12 months. Far fewer consumers had used a cash advance app (10%) or a payday loan (6%) in the last 12 months, NerdWallet found. An equal share, 8%, expect to use BNPL for necessities in the coming 12 months.

Persons: Elizabeth Warren, NerdWallet, Sara Rathner, it's, Rathner Organizations: Federal Reserve Bank of New, NerdWallet, Finance Locations: Federal Reserve Bank of New York, U.S

☆ This is the word of the summer on Wall Street
▼ + stars: | 2024-05-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Bifurcation is the word of the summer. Or it’s the word of the summer among investors, at least. It’s a word that the market gets hung up on and then all you do is hear that word. But I think that’s nearing an end, and so I would expect a slowdown in consumer spending. I’m not so sure that’s going to happen this time because their balance sheets and cash flows aren’t as strong.

Persons: Bell, Scott Wren, I’ve, We’ve, You’ve, you’ve, they’ve, That’s, hasn’t, you’re, I’m, Elon Musk’s, Elon Musk, Anna Cooban, Andreesen Horowitz, Saudi Prince Alwaleed Bin Talal, xAI, Musk, Grok, Laura He, Xi Jinping’s Organizations: CNN Business, Bell, New York CNN, Nvidia, Fed, Elon, Investors, Sequoia Capital, xAI, Worth, China Construction Bank, China Integrated Circuit Industry Investment Fund, National Enterprise Locations: New York, United States, Wells Fargo, Silicon, Saudi, OpenAI, China, ICBC, Beijing

☆ We live in Hong Kong and are returning to the US to retire. We don't have a credit score and our Social Security is minimal.
▼ + stars: | 2024-05-27 | by ( Peter Maize | ) www.businessinsider.com time to read: +3 min

After 35 years of living and working in Hong Kong, my wife, Wendy, and I are returning home to the US. Setting aside concerns of whether we are jumping from a frying pan into a fire (ongoing crackdown on freedoms in Hong Kong versus political ruptures in the US), we have many other issues to grapple with. We don't have credit scores or credit cardsTake, for example, our credit score: we don't have one. In Hong Kong we have always paid our bills on time and are conscientious consumers. For us, that won't be a significant amount since most of my prime employment years were spent overseas working for Hong Kong companies.

Persons: Wendy, it's, We've Organizations: Service, Social Security, Department of Motor Vehicles Locations: Hong Kong, America, LA, Pacific, United States

☆ Rising home equity levels could help stoke pent-up demand for these two stocks
▼ + stars: | 2024-05-27 | by ( Brian Evans | ) www.cnbc.com time to read: +8 min

How long this trend will last is unclear, though it's clear a lot will depend on the direction of interest rates. This dynamic isn't surprising given a high interest rate environment that has pressured consumers. "Elevated interest rates are causing customers to defer their large discretionary projects," UBS analyst Michael Lasser said. "This means that a recovery should be robust as interest rates move lower." "Existing home sales also continue to be a material headwind to remodel activity as long as interest rates remain relatively high," Badishkanian said.

Persons: Richard McPhail couldn't, McPhail, Marvin Ellison, Bradley Thomas, Greg Melich, it's, Michael Lasser, Melich, bode, Wolfe, Greg Badishkanian, Badishkanian, Edward Decker, KeyBanc's Thomas, Ellison, Lowe's, Thomas, Lowe's Ellison Organizations: Home, Federal Reserve, Depot, CNBC, UBS, Home Depot, Wolfe Research, Lowe's, Pro, FactSet Locations: Lowe's, Friday's

☆ The 'Oracle of Wall Street' shares a secret sign of economic strength 'hiding in plain sight': Young Americans are outspending cash-poor baby boomers
▼ + stars: | 2024-05-25 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Younger Americans are finally outspending baby boomers, former Wall Street bank analyst Meredith Whitney recently noted. That's an encouraging sign for the US economy, which most economists believe is healthy, though some bearish prognosticators have serious doubts. There are several possible explanations for these findings and numerous takeaways from them, the "Oracle of Wall Street" said. However, young Americans' spending power shouldn't be discounted, as Whitney suggested that they command relatively high salaries since they attend college at higher rates. A continued economic expansion would be especially crucial for Gen Zers and millennials, who are entering the workforce or establishing their careers.

Persons: —, Meredith Whitney, That's, Whitney, Zers, relaunching, boomers, it's, Gen Zers Organizations: Service, Business, Meredith Whitney Advisory Group, Target, Starbucks, BI, Walmart, American, American Express Locations: Street

☆ Walmart, Capital One end consumer credit card agreement
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: +1 min

Walmart has ended its agreement with Capital One , which was the exclusive issuer of Walmart consumer credit cards, the companies said on Friday. Walmart had tied up with Capital One in 2018 after ending its two-decade long partnership with Synchrony Financial . A federal judge had ruled in March 2024 that Walmart can end its credit card partnership with Capital One early because the bank failed to provide the required level of customer service. While Capital One and Walmart have ended their partnership, cardholders can continue to earn and redeem rewards, and previously accrued rewards will retain their value, the companies said on Friday. Separately, Capital One had agreed earlier in the year to buy credit card issuer Discover Financial Services in a $35.3 billion all-stock deal to create a global payments giant.

Persons: cardholders Organizations: Walmart, Capital, Synchrony Financial, Financial Services Locations: Miami, United States

The information for the following product(s) has been collected independently by Business Insider: Wyndham Rewards® Earner Plus Card, Wyndham Rewards® Earner Card, Wyndham Rewards® Earner Business Card, Capital One Spark Miles for Business†, Capital One Spark Miles Select for Business†. Introduction to Wyndham RewardsWhile it's often overshadowed by bigger and flashier hotel loyalty programs, Wyndham Rewards deserves some attention, too. How to join Wyndham Rewards and start earning points and elite statusTravelers can enroll in Wyndham Rewards for free, and automatically receive free Wi-Fi during stays. Earning Wyndham pointsThere are myriad ways to accumulate Wyndham points, beginning with the most obvious option: Hotel stays through Wyndham. Wyndham Rewards frequently asked questionsHow can I earn Wyndham Rewards points without staying at a hotel?

Persons: Wyndham, Howard Johnson, gofree Wyndham, Cardholders, cardholders, Wyndham Timeshare, you'll, it's, Wyndham Rewards, redemptions, Maui Oceanfront, Redemptions, Eric Rosen Eric Rosen, Condé Organizations: Business, Wyndham Rewards, Wyndham, Business †, Vacasa, Read, Wyndham Grand, Ramada, Marriott Bonvoy, Hilton, Diamond, Base, Caesars Entertainment, Walmart, Target, Avis, Caesars, Staples, Lowes, Apple, Marathon Gas, Wyndham Hotels, Club Wyndham, Caesars Rewards, Costco, National Parks Conservation Association, National Geographic, Bloomberg Locations: AmericInn, La, Travelodge, North America, Belize, Costa Rica, Wyndham, Paris, Las Vegas, Macy's, Grubhub, Waikiki, Oahu, Kona, Hai Villas, Kauai, Chevron, Los Angeles, Australia, Kenya, Laos

☆ Is Pet Insurance Worth It? for Most People, the Answer Is No.
▼ + stars: | 2024-05-23 | by ( Emily Stewart | ) www.businessinsider.com time to read: +12 min

The North American Pet Health Insurance Association found that pet owners in the US paid $3.9 billion in premiums in 2023, a 22% increase from the year before. One thing is for sure: As the industry grows, pet insurance is becoming as confusing and messy as health insurance is for humans. Pet insurance isn't technically even health insurance; it falls in the property-and-casualty category. AdvertisementThe big problem with pet insurance is it's just an expensive productThere are three categories of pet insurance: accident only; accident and illness; and accident, illness, and wellness. Advertisement"It's important that pet owners understand the scope of what their pet insurance does and does not cover, so they're not caught off guard by unexpected payments," he said.

Persons: Gina Papini, Kato, Papini, That's, they've, Kevin Brasler, that's, Dan, Michael San Filippo, they're, Doug Kenney, Kenney, It's, Brasler, she's, Emily Stewart Organizations: American Pet Products Association, Pet Health Insurance Association, American Veterinary Medical Association, Rover, Consumers, Business Locations: reimbursing, Mexico

☆ CFPB says buy now, pay later firms must comply with U.S. credit card laws
▼ + stars: | 2024-05-22 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Rohit Chopra, director of the CFPB, testifies during a House Financial Services Committee hearing on June 14, 2023. The Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry must abide by the same federal protections as users of credit cards. The agency unveiled what it called an "interpretive rule" that deemed BNPL lenders essentially the same as traditional credit card providers under the decades-old Truth in Lending Act. "Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under long-standing laws and regulations already on the books," CFPB Director Rohit Chopra said in a release. The CFPB, which last week was handed a crucial victory by the Supreme Court, has pushed hard against the U.S. financial industry, issuing rules that slashed credit card late fees and overdraft penalties.

Persons: Rohit Chopra, —, PayPal — Organizations: Financial, Consumer Financial, PayPal, Supreme, U.S

☆ Recession is coming — and a raft of companies will fail, warns elite investor Jeffrey Gundlach
▼ + stars: | 2024-05-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Read previewPrepare for a recession to strike and companies to collapse as stubborn inflation and sticky interest rates take their toll, Jeffrey Gundlach warned. The economy will suffer a prolonged downturn this year or next, the billionaire investor told Fox Business on Tuesday. Persistently higher rates will drive some companies to ruin and tank the wider economy, he predicted. "I think that higher for longer is going to lead to a recession," Gundlach said. "You're not going to take out Tesla necessarily — they might have other problems, but it's not going to be because of interest rates.

Persons: —, Jeffrey Gundlach, Gundlach, Tesla, it's Organizations: Service, Fox Business, Business, DoubleLine

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