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☆ Americans are expected to splurge on travel this summer — again
▼ + stars: | 2024-05-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” Paula Twidale, senior vice president at AAA Travel, said in a release. Spending this summer will likely be a little softer than last year’s, they said, but still strong. The bank’s consumer travel survey showed that 72% of people said they’re planning to travel, with 36% saying they’ve already planned their trip. Even among respondents making less than $75,000 a year, more than 60% said they’re planning to travel this summer.

Persons: ” Paula Twidale, Royal Caribbean’s, ” David Tinsley, they’ve, Joelle, aren’t, Dogecoin, Shiba Inu “, Atsuko Sato, ”, Sato, ” Kabosu, Kabosu, Shiba, Loretta Mester, Neel Kashkari, Lisa Cook, Robin, John Williams, Raphael Bostic, Lorie Logan Organizations: CNN Business, Bell, Washington CNN —, Transportation Security Administration, AAA, AAA Travel, Bank of America Institute, Bank of America, Japan, Europe, New York Fed, Public Policy Research, Mizuho Financial, Federal, Global, Index, Board, HP, Dick’s Sporting Goods, Abercrombie, Fitch, Eagle Outfitters, Costco, Dell, Dollar, Hormel, US Commerce Department, US Labor Department, National Association of Realtors, China’s National Bureau of Statistics, Atlanta Fed Locations: Washington, Caribbean, South Korea, Switzerland, Colombia, Costa Rica, Canada, Mexico, Domestically , California, Florida, California, “, Sakura, CAVA, Chewy, Burlington, Birkenstock, Nordstrom, Kohl’s

☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Debt — and delinquencies — are on the rise for Americans
▼ + stars: | 2024-05-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New data released Tuesday by the Federal Reserve Bank of New York showed that as household debt balances grew during the first quarter, delinquencies also marched higher. Notably, the percentage of credit card balances in serious delinquency (90 days or more late) climbed to its highest level since 2012. The transitions into delinquency — especially serious delinquency — increased across all debt types, according to the report. Overall household debt grew by 1.1% during the first quarter to $17.69 trillion, according to data that is not adjusted for inflation. Credit card balances dipped (as they typically do post-holidays) by $14 billion to $1.12 trillion.

Persons: delinquencies, Joelle, Delinquencies Organizations: CNN, Federal Reserve Bank of New, “, Public Policy Research, New York Fed, Credit Locations: Federal Reserve Bank of New York, York, New

☆ 3 reasons the dollar can't be dethroned as the world's dominant currency, according to Morgan Stanley
▼ + stars: | 2024-05-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

De-dollarization efforts won't do much to dethrone the dollar, Morgan Stanley said. There are no true alternatives to holding the US dollar at the moment, Morgan Stanley strategists said. AdvertisementThe dollar's status as the top currency of central banks and for international trade probably isn't fading soon, according to Morgan Stanley. "Now, reasonable people can disagree about whether cryptocurrencies are going to appreciate or depreciate, but I'd argue that the best outcome for a dominant currency is neither." Displacing a dominant currency is something that happens over the course of decades, economists previously told Business Insider, as it takes time for people to shift to other currencies once a dominant currency is recognized as "safe."

Persons: Morgan Stanley, —, James Lord, Michael Zezas, That's, Lord, there's, Zezas, Crypto, David Adams, Morgan Stanley's Organizations: Service, Rivals, greenback, Business Locations: Beijing, China

☆ Top New York official asks Best Buy about its commitment to LGBTQ groups after conservative pressure
▼ + stars: | 2024-05-02 | by ( Matt Lavietes | Brooke Sopelsa | ) www.cnbc.com time to read: +8 min

The New York state comptroller sent a letter to Best Buy last week questioning whether the company changed its commitment to inclusivity and supporting LGBTQ groups. The comptroller's office manages the state's $207 billion public pension fund, which has invested in Best Buy. He also denied that the NCPPR pressured Best Buy to stop supporting LGBTQ groups in general. "This contentious and vast disagreement between radical gender theory activists and the general public has nothing to do with Best Buy selling electronics." Peck did not ask Best Buy to stop its donations to the HRC, saying in the email, "We understand that it's unrealistic for Best Buy to leave HRC in the near future because of their political clout."

Persons: Thomas DiNapoli, Corie, Barry, J, Patrick Doyle, DiNapoli, Scott Shepard, Shepard, Trevor, Carly Charlson, Charlson, Eric Bloem, Bloem, Ethan Peck, Peck, Marina Rizzo, hadn't, Rizzo Organizations: NBC News, Securities, Exchange Commission, National Center for Public Policy Research, Best, NBC, NCPPR's Free Enterprise, SAGE, GLAAD, Human Rights, SEC, NCPPR's Free Enterprise Institute, HRC, PRIDE Locations: York, States

☆ Best Buy offers to screen LGBTQ nonprofit donations after conservative pressure, filing shows
▼ + stars: | 2024-03-29 | by ( Matt Lavietes | Brooke Sopelsa | ) www.cnbc.com time to read: +9 min

"Best Buy has partnerships with and contributes to organizations and activists that promote the practice of gender transition surgeries on minors and evangelize gender theory to minors. Why are Best Buy shareholders funding the proliferation of an ideology seeking to mutilate the reproductive organs of children before they finish puberty?" "This contentious and vast disagreement between radical gender theory activists and the general public has nothing to do with Best Buy selling electronics." "Were Best Buy to agree to such a compromise with us, we will not make a splash about it." In an email on Friday, GLAAD, one of the LGBTQ nonprofits mentioned in the SEC filing, expressed its displeasure with Best Buy.

Persons: hasn't, Carly Charlson, NCPPR, —, Ethan Peck, Peck, Marina Rizzo, Rizzo, we're, Bud Light, Bud Light's, influencer Dylan Mulvaney, Sarah Kate Ellis Organizations: Securities and Exchange Commission, SEC, National Center for Public Policy Research, Best, HRC, NCPPR's Free Enterprise Institute, SAGE, GLAAD, Rights, PRIDE, NBC, Anheuser, Busch Inbev Locations: States

☆ These executives say psychedelics like LSD and MDMA made them better managers — and transformed how they think about fulfilling work
▼ + stars: | 2024-03-21 | by ( Rachel Nuwer | ) www.businessinsider.com time to read: +13 min

Siskind is one of a growing number of entrepreneurs and executives seeking out psychedelics — including LSD, psilocybin mushrooms, ayahuasca, and MDMA — for work-related inspiration and guidance. AdvertisementA Manhattan psychedelic sound bathSarah Rose Siskind says one year after her psychedelic-induced revelation, work is going better than ever. When Siskind arrived at work on Monday, she called a staff meeting to share the company's new value-oriented direction. While Zillmer's breakthroughs came in Peru and with ayahuasca, these types of retreats for business professionals are popping up all over and with a variety of psychedelics. Beyond bottom linesThe location where Kiyumí Retreats will host a psychedelic retreat for business professionals later this year.

Persons: —, Sarah Rose Siskind, she'd, I'd, psychedelics, Steve Jobs, Mike Bryk, Siskind, David Luke, psychedelics Henrik Zillmer, Michael Costuros, Henrik Zillmer, Zillmer, It's, John Gilmore, Gilmore, Gül, Dölen, Isabel Wiessner, AirHelp, Kiyumí, Bennet Zelner, Zelner, they'd, John Allison, Allison Organizations: Service, Business, University of Greenwich, Sun Microsystems, University of California, Federal University of Rio, University of Maryland Locations: New York City, Silicon, Peru, Mexico, Noho, Manhattan, Bay, London, Berlin, Berkeley, Federal University of Rio Grande de Norte, Brazil, Netherlands, Brooklyn

☆ How the fortune of one of America’s biggest pharmaceutical families has quietly funded conservative causes
▼ + stars: | 2024-03-03 | by ( Casey Tolan | ) edition.cnn.com time to read: +21 min

From The Searle Freedom TrustThis year, the Searle trust is poised to play an even bigger role as it empties out its coffers. Researchers who study political nonprofits say that the Searle trust has had a major impact, even as the Searle family has stayed under the radar compared to more well-known conservative benefactors. The Searle trust is one of the most prolific funders of conservative groups among all private foundations, according to a CNN analysis of nonprofit tax data. The Searle trust has given millions to the Foundation for Government Accountability, which has worked behind the scenes to push conservative policies such as stricter voting laws. Dennis, the CEO of the Searle trust, is also the chair of DonorsTrust.

Persons: Searle, Daniel C, Trump, Donald Trump, ”, Galen Hall, who’s, Kimberly Dennis, ” Searle, “, Sarah Scaife, doesn’t, Michael B, Thomas, SPN, They’ve, ” Brendan Fischer, Brendan Fischer, “ They’ve, ” Hall, Caleb Rossiter, ” Galen Hall, movement’s MAGA, It’s, Mike Pence, that’s, Dennis, Henry Ford, John D, Rockefeller, ” Fischer, Gideon, Michael Searle, ” Dennis, “ We’re, Dan, Gideon Daniel Searle, Daniel Searle, Jonathan Eig, Jack Searle, Daniel Searle’s, Gregory Pincus, John Rock, Pincus, weren’t, –, Sue, Eig, Margaret Marsh, Enovid, misoprostol, Searle –, Pfizer –, ” Daniel Searle, Donald Rumsfeld, Searles, Biden, Wade, Dobbs, Kristen Batstone Organizations: CNN, Searle Freedom Trust, University of Michigan, Sarah Scaife Foundation, Searle, American Enterprise Institute, Reason Foundation, Tax Foundation, Manhattan Institute, Cato Institute, Foundation, Government, State Policy Network, American Legislative Exchange Council, Fair, Pacific Legal Foundation, Federalist Society, Competitive Enterprise Institute, Environment Research Center, CO2 Coalition, Heartland Institute, ”, CO2, Heartland, Republican Party, movement’s, America, Policy Institute, Trump, American Freedom Foundation, Everett, FDA, Rutgers University, Pfizer, Monsanto, Heritage Foundation, Reason, Affordable, New Civil Liberties Alliance, Public Policy Center, Claremont, National Women’s Health Network, Trust, IRS Locations: Missouri, St, Louis , Missouri, California, judgeships, ”, Omaha, Metamucil, Dramamine, Puerto, Brazil, Diet Coke, America

☆ Appeals court will rehear challenge to Nasdaq board diversity rule, putting mandate at risk
▼ + stars: | 2024-02-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A federal appeals court agreed to rehear a challenge by two conservative groups to Nasdaq's board diversity rule related to the disclosure of women and minority membership on boards of companies listed on the stock exchange. The 5th Circuit U.S. Court of Appeals, in its order Monday night setting a rehearing, also vacated a decision in October upholding the Nasdaq rule by a three-judge panel from the appeals court, which encompasses Texas, Louisiana, and Mississippi. The Nasdaq rule requires companies to disclose details about the diversity of their boards of directors, and to either have a minimum number of women and minorities on their boards or explain why they do not. "NASDAQ's rule promotes racial discrimination and polarizing personal disclosures and it is to be hoped that this rule is struck down," Blum said. The SEC and Nasdaq did not immediately respond to requests for comment on the rehearing order.

Persons: Edward Blum, " Blum, Margaret Little Organizations: Times, NASDAQ, 5th Circuit U.S, of Appeals, Nasdaq, Securities, Exchange, Alliance for Fair, National Center for Public Policy Research, Fifth Circuit, SEC Locations: New York City, Texas, Louisiana, Mississippi

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, down from $3.3 billion in the previous quarter. It brought in $13.8 billion for all of last year, a huge drop from the $27.7 billion it earned in 2022, when Russia's war in Ukraine sent oil and natural gas prices surging. Energy prices have since fallen as a weak global economy holds back demand for fossil fuels to power cars, planes, factories and more. Despite the drop in annual earnings, BP kept its dividend steady and said it would buy back $1.75 billion in shares as well as commit to $3.5 billion in additional share buybacks for first half of this year. It's a pressure that the energy industry is facing, with companies like BP and Shell pledging to reach net zero emissions by 2050.

Persons: Murray Auchincloss, ”, Auchincloss, Bernard Looney, Looney, Joseph Evans, ” Richard Hunter Organizations: —, BP, Shell, Exxon Mobil, Institute for Public Policy Research, “ Locations: Ukraine, London, Spain, Portugal

Now, frontier AI has become the latest buzzword as concerns grow that the emerging technology has capabilities that could endanger humanity. The debate comes to a head Wednesday, when British Prime Minister Rishi Sunak hosts a two-day summit focused on frontier AI. In a speech last week, Sunak said only governments — not AI companies — can keep people safe from the technology’s risks. Frontier AI is shorthand for the latest and most powerful systems that go right up to the edge of AI’s capabilities. That makes frontier AI systems “dangerous because they’re not perfectly knowledgeable,” Clune said.

Persons: —, Rishi Sunak, It’s, Kamala Harris, Ursula von der Leyen, Google’s, Alan Turing, Sunak, ”, Jeff Clune, Clune, Elon, Sam Altman, He’s, Joe Biden, Geoffrey Hinton, Yoshua, ” Clune, “, it's, Francine Bennett, Ada Lovelace, Deb Raji, ” Raji, it’s, shouldn’t, Raji, DeepMind, Anthropic, Dario Amodei, Jack Clark, ’, Carsten Jung, Jill Lawless Organizations: British, U.S, European, University of British, AI Safety, European Union, Clune, Ada, Ada Lovelace Institute, House, University of California, ” Tech, Microsoft, Institute for Public Policy Research, Regulators, Associated Press Locations: Bletchley, University of British Columbia, State, EU, Brussels, China, U.S, Beijing, London, Berkeley

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. The SEC acted within its authority in approving the rule, and was allowed to consider the opinions of investors who said board diversity information was important to their investment decisions, the court said. "This evidence is sufficient to support the SEC's determination that regardless of whether investors think that board diversity is good or bad for companies, disclosure of information about board diversity would inform how investors behave in the market," the panel wrote. They said the rule is not a quota but a disclosure requirement that provides standardized information on board diversity. Circuit Court of Appeals, No.

Persons: Edward Blum, Blum, Biden, Jody Godoy, Mark Porter, Jonathan Oatis Organizations: Nasdaq, REUTERS, Circuit, National Center for Public Policy Research, Alliance for Fair, SEC, Harvard University, University of North, U.S . Securities, Exchange Commission, Companies, Republican, Democratic, Fair, U.S, Thomson Locations: New York City, U.S, New Orleans, University of North Carolina, New York

“This proposal is a landmark moment for maintaining ongoing U.K. steel production, supporting sustainable economic growth, cutting emissions and creating green jobs,” said Treasury chief Jeremy Hunt. “With the support of the U.K. government and dedicated efforts of the employees of Tata Steel U.K. along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business," said Tata Steel’s chief executive and managing director, TV Narendran. Unions were furious about the potential job losses at Port Talbot, which at its height in the 1960s employed around 20,000 people, before cheaper offerings from around the world hit production. "The cost to local people and the wider Port Talbot community will be immense," said Gary Smith, general secretary of the GMB trade union. He noted that Germany has invested over $53 billion in decarbonising heavy industry and has committed to work with unions and protect jobs.

Persons: ”, Jeremy Hunt, Tata, Gary Smith, “, Luke Murphy Organizations: Tata, Britain’s Department for Business, Trade, “, Tata Steel, Tata Steel UK, Unions, Port Talbot, Institute for Public Policy Research Locations: Port Talbot, Wales, steelmaking, Britain, Germany

☆ New US-backed India-Middle East trade route to challenge China’s ambitions
▼ + stars: | 2023-09-11 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

It is comprised of two separate routes – an east corridor linking India to the Gulf Arab states and a northern corridor connecting the Gulf states to Europe. “I don’t think we would be here without you.”Goods and services would transit through the UAE, Saudi Arabia, Jordan, Israel and Europe. “The heart of the matter is that it is an alternative (to China’s BRI),” she said. Baharoon added that the project, if perceived as a “replacement” or “competitor” to China’s BRI, would fail to realize its potential. Despite pressure to choose sides, Gulf states have insisted that they maintain a balanced position that involves political and economic cooperation across the board, something that analysts say makes Gulf states strategically vital.

Persons: Joe Biden, ” Biden, Mohammed Bin Zayed, Narendra Modi, MBZ, Biden, ”, “, Xi Jinping, Cinzia Bianco, Bianco, China’s BRI, Beijing’s, China’s, Giorgia Meloni, Rome, Italy’s, Meloni, ‘, ” Mohammed Baharoon, Baharoon, Abu, ” Bianco Organizations: UAE CNN —, United Arab, Initiative, Group, European Union, UAE, Indian, US, European Council, Foreign Relations, Dubai Public Policy Research Center, CNN Locations: Abu Dhabi, UAE, India, Saudi Arabia, United Arab Emirates, East, Europe, Beijing, China, France, Italy, Germany, Gulf, Jordan, Israel, Salt Lake City , Utah, Vietnam, Berlin, Middle, Dubai, Brazil, Russia, South Africa, BRICS

☆ Conservative activist sues major law firms for providing diversity fellowships
▼ + stars: | 2023-08-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The conservative activist behind the Supreme Court case that struck down affirmative action in college admissions this year is suing two international law firms for providing diversity fellowships. Corporate diversity programs have come under fire lately from conservative politicians and activists. The group has also sued Target for allegedly destroying shareholder value through its Pride-themed clothing, and it has sued Kellogg for diversity programs. Yet studies have shown that DEI programs and initiatives have demonstrated cultural and economic benefits. Affirmative action and diversity program advocates fear that conservative action against those programs could block career opportunities for people of color.

Persons: Perkins Coie, Morrison, Foerster, Perkins, ”, “, ” Morrison, White, Edward Blum, Blum, Trump, Stephen Miller, Kellogg, Ron DeSantis Organizations: DC CNN, American Alliance for Equal Rights, CNN, Apple, Google, Starbucks, Procter, Gamble, American Medical Association, Bureau of Labor Statistics, Census, Harvard College, University of North, Legal, National Center for Public, Research, Conservative, America, Legal Foundation, Amazon, Florida Gov Locations: Washington, Dallas, Miami, University of North Carolina, Spokane , Washington, Texas, Florida

Editor’s Note: A version of this story appears in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. The drill is the latest in a flurry of Chinese activity in the Middle East, traditionally seen as the US’ backyard. According to the Wall Street Journal, the US wants Saudi Arabia to distance itself economically and militarily from Beijing in return. Four of the top 10 importers of US arms are Gulf Arab states: Saudi Arabia, Qatar, Kuwait and the UAE. Some of these purchases were driven by US restrictions on selling arms to Gulf states under the Biden administration, according to Alhasan.

Persons: ” Hasan Alhasan, “, Barack Obama’s, ”, Mohammed Baharoon, John Calabrese, …, ” Calabrese, CNN’s Becky Anderson, Reema bint Bandar Al Saud, Washington, Biden, Alhasan, China’s, Xi Jinping, ” Yun Sun, ” Alhasan, ” Baharoon Organizations: UAE CNN, United Arab Emirates, American, Washington, UAE, Middle East, International Institute for Strategic Studies, CNN, Asia Experts, East ., US, Dubai Public Policy Research Center, Middle East Institute, Wall Street Journal, China Program, China, Stimson Center Locations: Abu Dhabi, UAE, United States, China, China’s, Xinjiang, Ukraine, Gulf, Asia, Saudi Arabia, Iran, Yemen, Washington, Dubai, Russia, Saudi, Riyadh, Israel, Beijing, Europe, Arab, Qatar, Kuwait, Sun, “

REUTERS/Carlo Allegri/File PhotoCompanies Starbucks Corp FollowAug 11 (Reuters) - A U.S. judge on Friday dismissed a conservative activist investor's lawsuit against Starbucks' (SBUX.O) board, opposing the company's diversity, equity and inclusion policies and calling it frivolous. The nonprofit, which holds around $6,000 in Starbucks stock, said those policies require the company to make race-baced decisions that violate federal and state civil rights laws. The lawsuit is similar to those recently by conservative activist groups opposing corporate diversity and inclusion efforts in the wake of a June Supreme Court ruling. The ruling declared unlawful the race-conscious student admissions policies used by Harvard University and the University of North Carolina. On Friday, Daniel Morenoff of The American Civil Rights Project argued that Starbucks policies seeking to increase racial diversity among its suppliers, vendors, and employees were discriminatory and that NCPPR's cause was in the corporate interest.

Persons: Carlo Allegri, District Judge Stanley Bastian, Daniel Morenoff, Bastian, Craig, Jody Godoy, Tom Hals, Chris Reese, Marguerita Choy Organizations: Empire, REUTERS, Companies Starbucks, Starbucks, National Center for Public Policy Research, Blacks, Chief U.S, District, Harvard University, University of North, American Civil Rights, Target Corp, Thomson Locations: Manhattan, New York, U.S, Spokane , Washington, America, University of North Carolina, Florida, Wilmington , Delaware

☆ Credit card balances jumped in the second quarter and are above $1 trillion for the first time
▼ + stars: | 2023-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. The Fed's measure of credit card debt 30 or more days late rose to 7.2% in the second quarter, up from 6.5% in Q1 and the highest rate since the first quarter of 2012 though close to the long-run normal, central bank officials said. Total debt delinquency edged higher to 3.18% from 3%. "Credit card balances saw brisk growth in the second quarter," said Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed. Newly originated mortgages rose by $393 billion though total mortgage debt nudged lower to just over $12 trillion.

Persons: Joelle Organizations: New York Federal Reserve, Public Policy Research, New York Fed, Auto

☆ CNBC Daily Open: Rethinking the rally
▼ + stars: | 2023-06-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally haltedU.S. markets closed in the red Tuesday, halting a rally that drove stocks to their highest levels in more than a year. The UK 'doom loop'The U.K. economy is trapped in a growth "doom loop," according to the country's Institute for Public Policy Research. The International Monetary Fund expects the U.K. economy to grow 0.4% this year.

Persons: Germany's DAX, Eli Lilly, Thali, Narendra Modi, Joe Biden, Biden, Tim Cook, Alphabet's Sundar Pichai, Satya Nadella, Raj Subramaniam, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Dice Therapeutics, country's Institute for Public Policy Research, Monetary Fund, U.S, House Locations: New York City, San Francisco, India, China

☆ UK economy in growth 'doom loop' as business investment slumps versus G7 peers, think tank says
▼ + stars: | 2023-06-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Decades of underinvestment by government and business have left Britain's economy in a growth "doom loop," according to center-left think tank IPPR. Decades of underinvestment by the government and businesses have left Britain's economy in a growth "doom loop," according to the U.K.'s Institute for Public Policy Research. New research from center-left think tank estimates that the U.K. has contributed $500 billion ($638 billion) less to business investments than did other comparable wealthy countries. The IPPR said that U.K. underinvestment in infrastructure, research and development, skills and training had spanned several decades and successive governments, dating back to 2005. "The U.K. is in an investment and growth doom loop.

Persons: Luke Murphy, —, IPPR, George Dibb, pare Organizations: for Public Policy Research, OECD, IMD, CNBC, Conservative Party, International Monetary, Biden, Labour Party —, Tories Locations: Poland, Luxembourg, Greece, IPPR

☆ US companies face less pressure for climate and social reforms
▼ + stars: | 2023-06-09 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

REUTERS/Jeenah MoonJune 9 (Reuters) - Shareholder support for proxy resolutions on topics including climate change and workforce diversity dropped significantly this spring, analysts said, as tough proposals from activists met with growing political pressure on fund firms' voting. Support for resolutions on social issues fell to 20% this year so far, from 26% in 2022 and 33% in 2021, Georgeson said. He declined to discuss specific companies, but his description fit results like at major U.S. banks that defeated calls to wind down financing for major fossil fuel projects. "These dynamics have led to an overall decline in investor support for environment and social shareholder proposals," Colton said. Both have previously said they vote on a case-by-case basis and noted an increasing number of proposals affect support rates.

Persons: Russell, Georgeson, Kilian Moote, ESG, Sow, Andrew Behar, Ford, Behar, Benjamin Colton, Colton, Scott Shepard, Ross Kerber, Sabrina Valle, Lincoln Organizations: New, REUTERS, Ford, eBay, Exxon, Street Global Advisors, BlackRock, Vanguard, Center for Public Policy Research, IBM, National Center, Thomson Locations: New York City, Manhattan, Weehawken , New Jersey, U.S, China, Houston

☆ Assad banks on new 'global order' to help revive his status
▼ + stars: | 2023-05-22 | by ( Cnn Staff | ) edition.cnn.com time to read: +7 min

During his address, Assad presented himself as an elder statesman, lecturing his neighbors about the need to take advantage of changes in global politics. “Today we are faced with an opportunity of change in the global order, which has become multipolar due to the hegemony of the West, which is devoid of principles, morals, friends or partners,” Assad told the summit, held in the Saudi port city of Jeddah. But observers have differed as to whether real economic cooperation with Syria is possible without access to the Western financial system, which has been blocked by Western sanctions on the country. “They can also try working with or through Russia, and possibly with and through Iran – although that carries its own obvious risks,” he said, referring to Arab states that want to do business in Syia. There are plenty of ways of doing this.”Assad’s ultimate goal however, said Landis, is to get sanctions lifted with the help of Arab states.

☆ Consumer debt passes $17 trillion for the first time despite slide in mortgage demand
▼ + stars: | 2023-05-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing. A series of Fed rate cuts helped push 30-year mortgage rates to a low around 2.65% in January 2021. The higher rates helped push total mortgage debt to $12.04 trillion, up 0.1 percentage point from the fourth quarter. Despite rising rates, mortgage foreclosures remained low. Delinquency rates for all debt increased, up 0.6 percentage point for credit cards to 6.5% and 0.2 percentage point for auto loans to 6.9%.

☆ Americans’ debt surpasses $17 trillion for the first time
▼ + stars: | 2023-05-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

To this point, credit card debt has been rising at the sharpest pace of any debt covered in the report, said Ted Rossman, senior industry analyst for Bankrate. Last year, 39% carried debt month to month. Increases in credit card debt can be a either sign of confidence or struggle, he added. “For the foreseeable future, we’re stuck with high credit card rates, high balances, and more people carrying debt,” he said. “My advice would be to pay down credit card debt, as quickly and cost effectively as possible.

☆ The US once had a 'mini-default' on some of its debts because of a technical glitch. The minor mistake cost billions.
▼ + stars: | 2023-05-08 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

The incident caused Treasury yields to spike up by 60 basis points or 0.6 percent and cost billions long-term. The US is now flirting with a full default as Republicans in Congress demand spending cuts in exchange for paying America's debt. "Payment delays were chiefly due to back-office technical and organizational problems," according to a report by the Congressional Research Service, a nonpartisan public policy research institute of Congress. Congress has raised the debt ceiling multiple times under previous administrations without negotiations — including under President Donald Trump. President Joe Biden has refused to negotiate over the debt ceiling, while Republicans are also holding firm on their demands.

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