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☆ Politics playing a role in electric vehicle adoption: Michigan Gov. Gretchen Whitmer
▼ + stars: | 2024-06-04 | by ( Ian Thomas | ) www.cnbc.com time to read: +5 min

The future of the electric vehicle is a critical issue for the U.S. auto industry and its home base of Detroit, Michigan. "We've seen politics bleed into this space," Whitmer said at the CNBC CEO Council Summit in Washington, D.C., on Tuesday. "I don't think [listening] changes your values, but you always have to be able to learn and to understand what's going on," Whitmer said. "We're going to meet our energy goals and our climate goals and nuclear is an important part of the equation. Do the next right thing, on behalf of your employees, on behalf of your employees, on behalf of your community."

Persons: It's, Gretchen Whitmer, Biden, Donald Trump's, Whitmer, EVs, we've, We've, Carl Quintanilla, I'm, it's Organizations: U.S, Michigan Gov, CNBC, Summit, Washington , D.C, EV, Republican, Democratic Locations: Detroit , Michigan, Washington ,, Michigan

☆ See inside Ford's new tech campus, a century-old Detroit train station restored for $950 million
▼ + stars: | 2024-06-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

The $950 million project encompasses the 18-story former train station called Michigan Central Station – once the state's marquee transit building – an adjacent 270,000-square-foot building and other, supporting facilities. The 30-acre "Michigan Central" campus and station was initially announced in 2018 and slated to open by 2022. Train station campusThe Michigan Central campus is located southwest of Detroit's main business district in a trendy neighborhood known as Corktown. The Michigan Central campus in total spans 1.2 million square feet of commercial space, including retail, restaurants and hospitality. The restored grand waiting room inside Ford's Michigan Central Station in Detroit.

Persons: Michael Wayland, Bill Ford Jr, Ford, Bill Ford, He's, Henry Ford, Ford Ford, Josh Sirefman, it's, It's Organizations: CNBC DETROIT, Michigan Central, Ford, CNBC, General Motors, Renaissance, eBay, Michigan Central Station, Detroit, Michigan, Central Station, CNBC Ford, Architects, Detroit Public, Depository, Google, Detroit Lions Locations: Motor, Michigan, Detroit, Silicon Valley, California, East, Detroit's, Dearborn , Michigan, Ford's, Mankato, Indiana, CNBC, Motor City, Pontiac, Rouge

☆ Power demand is expected to surge. Play it for the long term with these dividend-paying stocks, Wells Fargo says
▼ + stars: | 2024-06-03 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

A sector of the stock market beloved by income investors could ride the wave of rising energy consumption over the long run, according to Wells Fargo. After 15 years of relatively flat power demand, Wells Fargo sees a compound annual growth rate of 2.6% through 2030 and 80% growth by 2050. The development bodes well for a group of utilities – and Wells Fargo called out some of its overweight-rated plays on the power trend for the long run. Wells called out the 10-year site plan NextEra subsidiary Florida Power & Light submitted to the state's public service commission. The stock's price "[reflects] a level of optimism," Wells Fargo analysts said, but "we think there is a case for further outperformance."

Persons: Neil Kalton, Wells Fargo, Wells, Duke, NextEra, it's Organizations: Duke Energy, Carolinas, Florida Power, Constellation Energy, Constellation, Microsoft, NRG Energy Locations: Wells Fargo, U.S, South Carolina, North Carolina, Virginia, Wells

☆ Feds raise concerns that releasing Biden audio would spark a deepfake frenzy
▼ + stars: | 2024-06-03 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. The DOJ clapped back against the groups in a legal filing late last week, arguing that releasing the audio could ignite an AI-powered, deepfake frenzy. Though a full transcript of the Biden-Hur interview was released in March, Republicans have been demanding the DOJ release the audio recordings. Nearly a dozen news outlets, including Business Insider, have also sued to get the audio released, Politico reported. A politics and national security expert previously told Business Insider that Republicans could, for example, use the tapes as "raw material for campaign ads."

Persons: —, doesn't, Biden, Robert Hur, Hur Organizations: Service, of Justice, Business, DOJ, Biden, Republicans, Judicial Watch, Heritage Foundation, Politico, Democratic Locations: New Hampshire

☆ Go inside one of the world’s most iconic hotels: Raffles Hotel Singapore
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: +1 min

Few hotels are as synonymous with old world grandeur and colonial architecture as the Raffles Hotel Singapore — the hotel of choice for the city-state's visiting elite since it first opened in 1887. Built upon three hectares near the city's Central Business District, the hotel is itself a tourist attraction. Visitors stop to photograph its ornate façade or to sip a Singapore Sling at the drink's birthplace, the hotel's Long Bar. But half of the hotel is reserved for guests only, said Managing Director Christian Westbeld. Watch the full video to see more of Raffles Hotel Singapore.

Persons: Rudyard Kipling, Catherine , Princess, Christian Westbeld Organizations: Raffles Hotel, Central Business District, Sling, CNBC Locations: Raffles Hotel Singapore, Wales

☆ D.C. ethics board recommends Rudy Giuliani be disbarred
▼ + stars: | 2024-06-01 | by ( Alexandra Marquez | ) www.cnbc.com time to read: +2 min

Former New York Mayor Rudy Giuliani departs the U.S. District Courthouse after he was ordered to pay $148 million in his defamation case in Washington, U.S., December 15, 2023. The D.C. Bar's Board on Professional Responsibility on Friday recommended that Rudy Giuliani be barred from practicing law in the nation's capital. This report follows one from last year in which a disciplinary board for the D.C. Bar also recommended disbarment for Giuliani. Now, the case heads to the D.C. Court of Appeals, which will decide whether Giuliani, who formerly served as the mayor of New York City, will be disbarred. Giuliani has already had his law license suspended in New York, where a New York court ruled that he made "demonstrably false and misleading statements" following the 2020 presidential election.

Persons: Rudy Giuliani, Donald Trump, Bar, disbarment, Giuliani, Ted Goodman, President Trump, Goodman, Jenna Ellis Organizations: New York, U.S, Bar's, Giuliani, of Appeals, NBC News, Trump, Bar Association Locations: Washington , U.S, Pennsylvania, New York City, American, New York, Colorado

☆ Making $100,000 a year might not be life-changing anymore, but 3 people share how it makes things a lot less stressful
▼ + stars: | 2024-06-01 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewWhen Joshua first earned a $100,000 salary about five years ago, it didn't impact his lifestyle much. "I wasn't able to splurge or to afford luxurious things," the 30-year-old fintech professional, who's based in Georgia, told Business Insider via email. This story is available exclusively to Business Insider subscribers. Business Insider asked three people who've made over $100,000 a year how becoming a six-figure-earner did — and didn't — change their lives and relationships. For many of these people, a $100,000 salary could, in fact, be life-changing.

Persons: —, Joshua, doesn't, What's, who've, Cole H, Mattes, it's, ALICE, Maksim Sonin, — he's, he's Organizations: Service, Business, New York Fed, New, Fed, eBay, Monarch Media, United, Stanford University Locations: Georgia, California

☆ Sen. Joe Manchin leaves the Democratic Party and registers as independent
▼ + stars: | 2024-05-31 | by ( Scott Wong | Kate Santaliz | ) www.cnbc.com time to read: +2 min

Senator Joe Manchin, a Democrat from West Virginia, speaks during an interview at an Economic Club of Washington event in Washington, D.C., U.S., on Tuesday, Oct. 26, 2021. Manchin's move was first reported by longtime West Virginia radio host Hoppy Kercheval. The deadline for an independent to register to run for office in West Virginia this year is Aug. 1, according to the secretary of state's office. Manchin won a full Senate term in 2012 and a second term in 2018. In 2020, Trump captured nearly 70% of the vote in West Virginia.

Persons: Joe Manchin, West Virginia Sen, Manchin, Manchin's, Robert Byrd, Patrick Morrisey, Donald Trump's, Trump, Jim Justice, —, Morrisey, Huntington Mayor Steve Williams Organizations: Democrat, Economic, of Washington, Washington , D.C, West, longtime West, Republican, Trump, Senate, GOP, Democratic, Huntington Mayor Locations: West Virginia, Washington ,, longtime West Virginia

☆ Ohio passes bill to ensure Biden will appear on state's general election ballot
▼ + stars: | 2024-05-31 | by ( Henry J. Gomez | Emma Barnett | ) www.cnbc.com time to read: +4 min

DeWine, who called the special session to resolve the Biden issue and tackle unrelated campaign finance legislation, is expected to sign the bill. In the past, both parties have had to reconcile late summer nominating conventions with earlier state deadlines to certify candidates for the general election ballot. Ohio Secretary of State Frank LaRose, a Republican, warned Democrats last month that Biden was in danger of not qualifying for the ballot. In recent weeks, many GOP lawmakers conditioned their support for moving the deadline on a vote to ban non-U.S. citizens from donating to campaigns for state ballot initiatives. The uncertainty frustrated Democrats and prompted Biden and the DNC to set the virtual roll call in motion.

Persons: CLEVELAND —, Joe Biden's, Mike DeWine, DeWine, Biden, Sen, Rob McColley, Bill DeMora, Frank LaRose, Dontavius, Bob Peterson Organizations: CLEVELAND — Ohio's Republican, Gov, Republican, Democratic National Committee, Ohio's, Democratic, DNC, Democrats, GOP, Ohio, supermajorities, Senate, Ohio statehouse, Biden Locations: Ohio

☆ Britain cuts stake in NatWest via £1.24 billion share sale
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +1 min

A NatWest Group Plc bank branch in the City of London, UK, on Thursday, Feb. 15, 2024. The British government has sold 1.24 billion pounds ($1.58 billion) worth of shares in NatWest Group back to the lender, it said on Friday, decreasing its stake to about 22.5% from nearly 26% previously. The London-listed bank bought back 392.4 million shares from the government in an off-market purchase at 316.2 pence a share, as part of its existing contract with the state. The heavily anticipated stock sale is a key milestone in the bank's full privatization. The settlement of the off-market purchase will occur on June 4, the government said in a statement.

Organizations: NatWest Group, City of, NatWest, Royal Bank of Scotland Locations: City, City of London, London

☆ Your around-the-corner Uber or Lyft ride may pay drivers $3 or less. Some say it's a nightmare.
▼ + stars: | 2024-05-30 | by ( Noah Sheidlower | Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

One screenshot from a Lyft driver based in Arizona showed a $2.62 ride that took 15 minutes and traveled 4.32 miles. For some drivers, these sub-$3 trips are a symbol of their broader frustrations with their pay. AdvertisementCompared to January 2023, sub-$3 trips — excluding tips — have become more common for DoorDash, Grubhub, and Uber Eats drivers and less common for Uber and Lyft drivers, per Gridwise. Otherwise, the pay would likely increase if drivers rejected these rides since drivers would be more likely to accept a higher-paying ride. AdvertisementMoises Diaz, a 41-year-old Uber and Lyft driver in California, started driving part-time in December.

Persons: —, Sergio Avedian, Guy, Avedian, it's, Lyft, they're, Uber, Grubhub, Gridwise, Randy Scott, he's, Scott, There's, he'll, Moises Diaz Organizations: Service, Business, Research, Gridwise, South, BI, Uber Locations: Arizona, Cleveland , Houston, Fort Lauderdale, Orange County, Los Angeles, Florida, California, South Florida

☆ An influx of new residents to GOP-leaning Montana could be the key voting bloc that decides the state's hotly-contested Senate race
▼ + stars: | 2024-05-28 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

With former President Donald Trump highly likely to win Montana in November, many Republicans believe he'll be able to aid down-ballot candidates like Sheehy. AdvertisementTester, a moderate Democrat, has established a political brand that has defied the state's GOP orientation for nearly 20 years. Greg Gianforte, the Montana legislature passed housing and land-use reform bills that overhauled the construction process — and now permit more housing density. The issue is sure to be a major issue for Tester — as well as the eventual GOP Senate nominee — for a state in transition. National Republicans see Montana as one of their best opportunities to win a "red" seat, especially as many transplants left Democratic-dominated coastal states for a more rustic environment.

Persons: —, Jon Tester, Tim Sheehy, Donald Trump, he'll, Sheehy, it's, Greg Gianforte, Tester Organizations: Service, Senate, GOP, Business, Montana, The New York Times, Census Bureau, GOP Gov, eventual, National Republicans, Democratic, Democrats, Republicans Locations: Montana, California , Oregon, Washington, Bozeman, RVs

☆ Stocks making the biggest moves midday: GameStop, U.S. Cellular, Nvidia, Norwegian Cruise Line and more
▼ + stars: | 2024-05-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday: GameStop — Shares jumped nearly 23% following the video game retailer's announcement on Friday that it made about $933 million from a stock sale. U.S. Cellular — Shares added 7% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. T-Mobile was up less than 1%, while Telephone and Data Systems , which owns 84% of U.S. Cellular, slipped 2%. Norwegian Cruise Line — The cruise stock rose 3% after an upgrade to buy from neutral at Mizuho. Zscaler — The cybersecurity company shed nearly 4% following a downgrade at Wells Fargo to equal weight from overweight.

Persons: Agios, vorasidenib, —, Duolingo Max, Semler, Elon, Zscaler, Airbnb, Eli Lilly, Macheel, Pia Singh, Hakyung Kim, Jesse Pound Organizations: GameStop, . Illinois, U.S, Cellular, Mobile, Telephone, Data Systems, U.S . Cellular, . Food, Drug, Pharmaceuticals, Royalty Pharma, Nvidia, Cruise, Mizuho, Sarepta Therapeutics, RBC Capital Markets, RBC, Sea, Reuters, —, Energy Capital Partners, Wedbush, FDA Locations: U.S, Norwegian, Wells

☆ Should Elon Musk be paid $56 billion? Tesla shareholders get to vote
▼ + stars: | 2024-05-27 | by ( David Ingram | ) www.cnbc.com time to read: +10 min

Several investors released a joint letter this month urging fellow shareholders to vote down the package as excessive. Tesla shareholders approved the pay package in 2018, with compensation tied to Tesla's performance including its market value. And he still has time to meet goals he hasn't reached, including on revenue, because the pay package had a 10-year term. In the 440-page proxy statement explaining the vote, a committee of the Tesla board noted the "novel circumstances." Some people began sharing screenshots of their votes in April, shortly after the Tesla board announced the vote, and the deadline to vote online is June 12.

Persons: Elon Musk, The Beverly Hilton, Tesla, James Park, Musk, He's, Judge Kathaleen McCormick, McCormick, Nadya Malenko, hasn't, Ann Lipton, Lipton, — I'm, Musk's, there's, —, Rowe Price, didn't, Brad Lander Organizations: SpaceX, Tesla, The Beverly, Wall Street, University of California, CNBC, Bloomberg, Reuters, Boston College's, Tulane University, Disney, New York, Amalgamated Bank . Locations: Beverly Hills , California, U.S, Delaware, Austin , Texas, —, Los Angeles, Texas, New York City

☆ Deadly storms turn northeast with 68 million at risk of severe weather on Memorial Day
▼ + stars: | 2024-05-27 | by ( Patrick Smith | ) www.cnbc.com time to read: +3 min

Flash flooding alerts were in place for 9 million people, mostly in Tennessee, Kentucky and southern Indiana. At least 68 million people were under severe weather warnings on Memorial Day, as storms turned toward the Northeast after claiming the lives of at least 19 people and leaving half a million homes and businesses without power across the central United States. Some emergency phones lines had been damaged and were not operational, Kentucky State Police said, according to NBC affiliate WNKY of Bowling Green, Kentucky. Monday's weather warnings come after a torrid night across southern states and in the Great Plains. Weather watchers posted pictures from Missouri and Kentucky showing huge, ominous funnel clouds as well as golf ball-sized hailstones.

Persons: Cindi Watts, Evan Garcia, Mike Morgan, Michelle Grossman, Brian Spurlock Organizations: REUTERS, NBC, Indianapolis, Indianapolis Motor Speedway, Getty, Kentucky State Police, Tornadoes, NWS, National Weather Service, Lone Star State, West, Associated Press Locations: Temple , Texas, U.S, Colorado, Rand, Denver, Jackson, Tennessee , Kentucky, Indiana, Arkansas, Tennessee, Ohio, East Coast, Carolinas, Pennsylvania, New York, United States, INDIANAPOLIS, Indianapolis , Indiana, Kentucky, Missouri, West Virginia, Bowling Green , Kentucky, Great, Texas, Oklahoma, Valley View , Texas, Fort Worth, West , Florida

☆ A tax on millionaires might soon pay for universal free community college in Massachusetts
▼ + stars: | 2024-05-25 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

The Massachusetts Senate approved a $58 billion budget that includes free community college. The state's new tax on millionaires would fund the universal free community college program. AdvertisementThe Massachusetts State Senate approved a nearly $58 billion state budget that guarantees universal free community college for state residents. In 2022, Massachusetts placed a 4% tax on residents earning $1 million or more a year. In its last fiscal budget, the state set aside $1 billion — collected through the tax — to provide free school lunches to all children in public schools.

Persons: — Organizations: Senate, Service, Business Locations: Massachusetts

In photo at right, Rob Breakiron with his daughter, Isabelle, at a performance of Taylor Swift's Eras tour. He often wears Swift's merchandise or friendship bracelets from her ongoing Eras tour on team calls. He's seen updates on Swift's music and personal life as something employees from across generations jump in to discuss on a team messaging forum. Meta CEO Mark Zuckerberg posted photos of his face bejeweled and wrists covered in friendship bracelets, which have become a hallmark accessory of Swift's tour. Despite that, she said, Swift's music has been a "universal language" that's helped her connect with everyone from the fathers of fans to women who see themselves in the singer.

Persons: Megh McLaughlin, Rob Breakiron, Isabelle, Taylor, Isabelle Breakiron, Taylor Swift, Swift, he's, Angela Hall, Andrew Boyagi, Boyagi, He's, Johan Cruyff, Jeff Bezos, Ray Dalio, Mark Zuckerberg, Susan St, Ledger, that's, McLaughlin, Amani Albertsen, Wise, Albertsen, Sharif Karmally, Karmally, Beyoncé, Raeah Smith, Smith, hasn't, Matt Lindner, Lindner, — Organizations: KPMG, Angela Hall of Michigan State University's School of Human Resources, Labor Relations, Society for Human Resource Management, Getty, Amazon, Disney, Michigan State's Hall, CNBC, Poets Department, Data Department Locations: Virginia, Australia, Cincinnati , Ohio, Amsterdam, Netherlands, St, HashiCorp, Florida, U.S, Atlanta, Texas, Minneapolis, Chicago

☆ Here's how much money it takes to be in the upper class in each state
▼ + stars: | 2024-05-24 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

This means that the upper class in one state could still be considered middle class in another. AdvertisementEven so, being upper class may not feel like swimming in wealth. New York has the second-highest share in the upper class at nearly 21%, even though the cutoff is $159,100. AdvertisementThe list of states with the lowest shares of people in the upper class also doesn't correspond. Alaska, Utah, and Idaho have below 15% of their populations in the upper class, while Wyoming and Delaware are in the 15% range.

Persons: —, they're Organizations: Service, Business, Pew, DC Locations: Washington, New Jersey, Maryland , Massachusetts, Hawaii , California, New York, Louisiana, Mississippi, West Virginia, Louisiana , Arkansas , Kentucky , Oklahoma , Alabama, New Mexico, Alaska , Utah, Idaho, Wyoming, Delaware

☆ 36% of Americans say real estate is the best long-term investment—financial pros say they may be wrong
▼ + stars: | 2024-05-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

For years, Gallup has asked investors exactly that question, and since 2013 the most popular answer has been the same: real estate. It's tough to say what the best long-term investing option is without knowing the desired outcome." You can invest in real estate via real estate investment trusts, which trade like stocks, or ETFs that hold them. As you pay down your mortgage, you build equity in a piece of real estate that also appreciates in value. Among Americans making less than $40,000 per year, 33% choose real estate as their No.

Persons: Gallup, Stocks, Nick Foulks, Andrew Briggs, Briggs, Gold Organizations: cryptocurrency, Great Waters, National, Advisory, presto

☆ 'Zoomtown' slowdown: 18 cities where rents have plummeted from their pandemic peak
▼ + stars: | 2024-05-23 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

That figure was 0.7%, or $12, less than in 2023 but is still 22.5% higher than the pre-pandemic rent rate of $1,407 in April 2019. Advertisement18 cities where rents have fallenRenting is also much more affordable than it was during the pandemic peak. The typical Austin apartment in April went for $1,494, which is down 11.5% — or nearly $200 — from the peak rent of $1,689 in September 2022. Below are the 18 US cities, many of which became Zoomtowns during the pandemic, where apartment prices are down at least 5% from their post-2019 peak. Along with each is its median rent in April, year-over-year rent change, peak rent, and change from that peak rent figure.

Persons: —, Realtor.com, Jiayi Xu, Xu, Austin Organizations: Service, Business, Star Locations: Austin

☆ A Hawaiian wedding planner shares 4 insider tips for planning a wedding on the pricey island
▼ + stars: | 2024-05-22 | by ( Aleenah Ansari | ) www.businessinsider.com time to read: +6 min

Support local vendors whenever possibleThe wedding industry is incredibly lucrative, and a huge economic boost for Hawaii. Zablan-Duvauchelle said couples can find local photographers and wedding planners, as well as buy guest favors from local businesses. Advertisement"Having a local wedding planner can help you identify local vendors," Zablan-Duvauchelle said. AdvertisementIf you want to meet some of your vendors for hair and makeup trials or catering tastings, Zablan-Duvachelle suggests booking a wedding planning trip to help guide your decision-making. It's the small things that countNo matter where you decide to have your wedding, Zablan-Duvauchelle said the details make a wedding sing.

Persons: —, Zabrina Zablan, Duvauchelle Organizations: Service, Business Locations: Hawaii, Alaska, New York City, San Francisco, O'ahu, Waikiki, Poipu, Waimea, Kauai, Zablan

☆ Trump VP prospect Doug Burgum and GOP megadonor Harold Hamm are allies in business and politics
▼ + stars: | 2024-05-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

Continental Resources donated $1 million to the super PAC in April, according to Federal Election Commission records. A spokeswoman for both Continental Resources and Hamm, its executive chairman, did not respond to a request for comment. All seven wells have been active since 2011, just two years after Burgum's family signed an agreement with Continental Resources. The Burgum Farm Partnership LLP, which oversees the family farm land in Williams County and Cass County, is worth between $500,001 and $1 million, according to the financial disclosure. Doug Burgum is a managing partner of the Burgum Farm Partnership, and he signed the businesses' latest annual report in March.

Persons: Donald Trump, Doug Burgum, Vivek Ramaswamy, Jabin, Harold Hamm, Burgum, Theodore Roosevelt, Sen, Marco Rubio, Rubio, Trump, Hamm, Bradley Burgum, Mike Nowatzki, Nowatzki, Burgum's, He's, Barbara, Edward Hirs, Brandon Bell, Jack Balagia, Ryan Kellog, Kellog, Ted Borrego, —, Virginia Canter, Canter, Chip Somodevilla, he's, Kathryn, Dan Eberhart, Eberhart, Leah Millis Organizations: North Dakota Gov, Margate, Washington Post, Continental Resources, Trump White House, CNBC, Trump, Republican, Trump that's, Inc, Commission, Continental, Federal, North Dakota's Minerals Department, Drilling, LLP, University of Houston, Getty, University of Texas, Exxon Mobil, University of Chicago, University of Houston Law Center, Trump White, North, Canter . North, Burgum Locations: Laconia, NH, Hamm, North Dakota, Williams County, Burgum, Fla, Florida, Dakota, North, Brooklyn, Cass County, Fort Stockton , Texas, Washington, Canter ., Canter . North Dakota, Laconia , New Hampshire, Continental Resources . North Dakota, Pittsburgh , Pennsylvania, U.S

☆ AI demand will push the power grid to the brink. Morgan Stanley says these stocks could benefit
▼ + stars: | 2024-05-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Companies that manufacture small, quickly deployable natural gas turbines and generators are poised to benefit as surging electricity demand from data centers creates major delays in adding new capacity to the power grid, according to Morgan Stanley. "We believe this greater appreciation for the current grid connectivity challenges will heighten investor interest in/focus on emerging 'time to power' solutions," the analysts told clients. Power projects waiting for connection to the Lone Star state's grid have surged from 17 gigawatts to about 40 gigawatts in less than two years, according to the analysts. There is also an extensive wait time for diesel-powered, backup generators for new data center projects, according to Morgan Stanley. Companies such as Cummins and Caterpillar are also poised to benefit because they manufacture natural gas-powered generators that provide backup power onsite, according to Morgan Stanley.

Persons: Morgan Stanley, Cummins Organizations: Lone Star, GE Vernova, Siemens Energy, Cummins, Caterpillar, GE Locations: U.S, Texas

☆ Fani Willis and judge presiding over Trump election interference case defeat challengers in election
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

Two key players in the Georgia election interference case against former President Donald Trump have defeated challengers in Tuesday's election. Fulton County District Attorney Fani Willis and Superior Court Judge Scott McAfee both won. McAfee won a nonpartisan contest, which means he will serve a full four-year term beginning in January. As she moves on to the general election, the odds would seem to be in Willis' favor as well. Fulton County includes most of the city of Atlanta and is heavily Democratic, about 73% of its voters having cast ballots for President Joe Biden in the 2020 election.

Persons: Fani Willis, Donald Trump, Scott McAfee, Willis, McAfee, Christian Wise Smith, Republican Courtney Kramer, Joe Biden, Kramer, Trump Organizations: Fulton, Superior, Trump, Democratic, Republican Locations: Fulton County, Atlanta , Georgia, Georgia, Atlanta, Fulton

☆ Many drivers for Uber, Lyft, and DoorDash are earning well below minimum wage, even with tips, a new paper finds
▼ + stars: | 2024-05-21 | by ( Noah Sheidlower | Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Advertisement"Pay for gig drivers rarely exceeds the employee-equivalent local minimum wage," the authors wrote. While two-thirds of DoorDash drivers and just under half of Uber Eats drivers had their incomes adjusted, just 5% of Uber drivers did. The average Lyft, Uber Eats, and DoorDash driver had hourly earnings of $24, $18, and $14, respectively. Over the past year, several gig drivers have told BI that their gigs are less profitable than they used to be. For example, Uber and Lyft drivers have said the ride-hailing giants are taking a larger cut of rider fares.

Persons: —, Lyft, Uber, aren't, Gridwise Organizations: Service, Seattle metros, UC Berkeley Labor Center, Center for Wage, Dynamics, Business, metros —, UC Berkeley, Big Lake Data, Bank of America, Bank of America Institute Locations: Boston, Chicago, Los Angeles, San Francisco Bay, California, San Francisco, Seattle, New York City, Minnesota, Twin Cities, Massachusetts

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