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☆ Uber will now let you book a shuttle to the airport
▼ + stars: | 2024-05-15 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Uber wants to make it cheaper to get a ride to the airport, concerts or sporting events. The rideshare company on Wednesday announced the launch of Uber Shuttle, an offering that will let users book up to five seats in a shuttle from a central location to an event or the airport – for less than the cost of a regular Uber ride. The cost of the shuttle rides won’t be affected by surge pricing, a common affliction when lots of people are looking for rides at the same time. Uber has previously rolled out early shuttle tests, including in India, and as an offering for corporate customers. Uber Shuttle will let riders book up to five seats in a shuttle to the airport or a concert or sporting event, for less than the cost of a regular Uber ride.

Persons: New York CNN — Uber, Uber, Dara Khosrowshahi, Camiel Irving Organizations: New, New York CNN, Wednesday, Uber Shuttle, Costco, Lyft Locations: New York, India, Chicago, Pittsburgh, Charlotte, Miami, New York City, Los Angeles, San Francisco, San Diego, Atlanta, Canada

☆ Chuck Schumer and bipartisan group of senators unveil plan to control AI – while investing billions of dollars in it
▼ + stars: | 2024-05-15 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

It also instructs multiple Senate committees to come up with guardrails for AI to address some of its biggest risks, such as AI-enabled discrimination, job displacement and election interference. “Harnessing the potential of AI demands an all-hands-on-deck approach and that’s exactly what our bipartisan AI working group has been leading,” Schumer said Wednesday. “This roadmap represents the most comprehensive and impactful bipartisan recommendations on artificial intelligence ever issued by the legislative branch,” Young said Wednesday. Schumer has described regulating artificial intelligence as a challenge for Congress unlike any other, vowing a swift timeline measured in months, not years. But policy analysts, and some congressional aides, doubt whether Congress can pass significant legislation regulating AI in an election year.

Persons: Chuck Schumer, Schumer, ” Schumer, New Mexico Democratic Sen, Martin Heinrich, Republican Sens, Mike Rounds, Todd Young, ” Young, ” Organizations: CNN, European Union, National Security, Artificial Intelligence, New, New Mexico Democratic, Republican, South, Todd Young of Indiana, EU Locations: New York, New Mexico, South Dakota

☆ High inflation harms older households — and two factors determine who is most at risk, research finds
▼ + stars: | 2024-05-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

This year, Social Security beneficiaries saw a 3.2% increase to their benefits. The Social Security cost-of-living adjustment may also be 3.2% in 2025 based on the latest government inflation data, estimates Mary Johnson, an independent Social Security and Medicare policy analyst. That estimate may change between now and October, when the Social Security Administration announces next year's cost-of-living adjustment, or COLA. The average Social Security COLA has been 2.6% over the past 20 years, according to The Senior Citizens League. Many households tend to cut back on savings and increase withdrawals to try to lift themselves to where they were before inflation picked up.

Persons: Lourdes Balduque, Mary Johnson, Social Security COLA, Laura Quinby, It's, Quinby, Warren Buffett's Organizations: Social, Social Security, Social Security Administration, Senior Citizens League, Center for Retirement Research, Boston College, Center for Retirement, Finance

CNN —The House has passed a major federal aviation bill that aims to improve aviation safety, enhance protections for passengers and airline workers and invest in airport and air travel infrastructure nationwide. The bill renewing the Federal Aviation Administration’s authority for five years will next head to President Joe Biden to be signed into law. Setting a standard for travel creditsUnder the bill, travel credits issued by airlines in lieu of refunds would have to be useable for at least five years. Increasing cockpit voice recordingCommercial aircraft would have to carry 25-hour cockpit voice recorders under the legislation. The cockpit voice recorder is one of the two black boxes and is currently only required to capture two hours of sound from the cockpit.

Persons: Joe Biden, John F, Republican Sen, Josh Hawley of, Democratic Sen, Elizabeth Warren of Organizations: CNN, Federal Aviation, FAA, National Transportation Safety, Reagan National Airport, American Airlines, Delta Air Lines, Department of Transportation, Republican, Democratic, Transportation, Administration, NTSB Locations: Washington, Kennedy, New York City, Josh Hawley of Missouri, Elizabeth Warren of Massachusetts

☆ Americans have been driving these Chinese-built cars for years — and Biden's tariffs likely won't impact them
▼ + stars: | 2024-05-15 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +2 min

Read previewOf the more than 15 million cars sold in the US last year, none wore the badge of a Chinese car brand. With the government's existing 27.5% tariffs on Chinese-made cars and Tuesday's new 100% tariffs on Chinese-made EVs imported to the US, the situation isn't likely to change anytime soon. AdvertisementAccording to Automotive News data, US consumers purchased more than 104,000 Chinese-made vehicles in 2023, up 45% from 2022. Americans bought another 28,000 Chinese-made cars during the first quarter of 2024. Here's a closer look at the Chinese-made cars on sale in the US.

Persons: —, Volvo's, Here's Organizations: Service, EV, SAIC, Business, Buick's, Automotive News, Buick, Lincoln, Volvo, Geely Automotive, Biden Locations: China, Polestar, South Carolina

☆ Live Updates: Inflation Expected to Cool Slightly
▼ + stars: | 2024-05-15 | by ( Ben Casselman | ) www.nytimes.com time to read: +9 min

Housing Inflation Remains Stubbornly High Economists had expected two measures of rental inflation to fade in 2023 and 2024, but that process is taking time to play out. There are two main measures of inflation in America, the Consumer Price Index and the Personal Consumption Expenditures index. Consumer Price Index Inflation Remains Hotter The Consumer Price Index is climbing faster than the Personal Consumption Expenditures index, in large part because it weights housing more heavily. With housing, Consumer Price Index inflation totaled 3.5 percent in March. But the convergence between new and existing rent inflation is taking a lot longer than expected.

Persons: There’s, “ It’s, ”, Mark Zandi, Biden, Zandi, grousing, “, O.E.R, We’re, would’ve, Mark Franceski, I’ve, Ernie Tedeschi, Tedeschi Organizations: New York Times, Federal Reserve, Index, Housing, Zelman, Associates, White House Council, Economic Advisers Locations: America, bam, Europe

☆ A former Bridgewater executive shares his 2 highest-conviction trades right now — and breaks down why the US labor market remains exceptionally strong despite apparent signs of weakness
▼ + stars: | 2024-05-15 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Another common worry among investors is the risk that elevated interest rates pose to the labor market and overall economy. AdvertisementThat difference is that prior cycles have been driven by lending, Elliott said. Lending growth fueled economic expansions and drops in lending led to economic contractions. He said it can act as a hedge against the Fed cutting rates too early with the economy still strong. AdvertisementInvestors can gain exposure to gold through funds like the SPDR Gold Shares (GLD) and the iShares Gold Trust (IAU).

Persons: St, Louis, Bob Elliott, Elliott, Louis Fed, It's Organizations: Service, Unlimited Funds, Bridgewater Associates, Federal Reserve, Treasury, Trust

☆ Amazon's appearance at Upfronts highlights push beyond digital ads and into traditional media
▼ + stars: | 2024-05-15 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

But it's no longer just about digital ad dollars, and Amazon's inaugural presence at this year's Upfronts events is the clearest indication that the e-commerce giant is prepared to take on traditional media. Amazon's Prime Video and other streamers would historically be featured at Newfronts, which is digital media's take on Upfronts. This year, they're projected to spend roughly $18.8 billion on traditional TV ads during Upfronts, an increase of 1% from a year earlier, according to eMarketer. 1 question all of you asked was, 'When are you going to show ads on Prime Video?'" He showed how the business has evolved to include digital video ads on Prime Video.

Persons: they're, Cowen, Alan Moss, we've, Reese Witherspoon, Jake Gyllenhaal, Paul Kotas, We've, Kotas, we're, — CNBC's Lillian Rizzo, Alex Sherman Organizations: Meta, Google, Amazon, Disney, Comcast, Netflix, Google's YouTube, Prime, Revenue, National Football League, CNBC Locations: Amazon, U.S

☆ Inflation Moderated Slightly in April, Offering Some Relief for Consumers
▼ + stars: | 2024-05-15 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

The Consumer Price Index climbed 3.4 percent in April from a year earlier, down from 3.5 percent in March, the Labor Department said on Wednesday. It was the lowest annual increase in core inflation since early 2021. Economists cautioned that one month of encouraging data was far from enough to put those worries to rest. But they said that the data should ease concerns, at least for now, that inflation is re-accelerating. Both overall and core prices rose 0.3 percent from the previous month, down from 0.4 percent in February and March.

Persons: ”, Stephen Stanley Organizations: Labor Department, Federal Reserve, Santander

☆ Everyone's talking about AI, but marketers shouldn't overlook other emerging tech innovations like 5G and robotics
▼ + stars: | 2024-05-15 | by ( Raja Rajamannar | ) www.businessinsider.com time to read: +6 min

Read previewWhen it comes to the trends and technologies shaping marketing today, it's easy to see why AI has dominated the headlines. The rise of generative AI is a watershed moment for marketers, transforming the landscape for creative expression. But it is worth remembering that AI is far from the only emerging technology presenting an outsized opportunity. AdvertisementOne example is the Mastercard Artist Accelerator — a tech- and talent-centered music program geared to helping emerging artists create, collaborate and monetize their work using emerging tech like GenAI and Web3. By embracing change, handling data responsibly and investing in innovation, brand leaders can make emerging tech their stepping stones — not stumbling blocks — as they push the industry forward.

Persons: —, smartly, Raja Rajamannar Organizations: Service, Business, Vision, Mastercard Invest, Mastercard, Design

☆ Biden Will Raise Tariffs on Chinese Electric Vehicles, Chips and Other Goods
▼ + stars: | 2024-05-14 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

President Biden will announce on Tuesday that he is raising tariffs on an array of Chinese imports, including electric vehicles, solar cells, semiconductors and advanced batteries, in what he calls an effort to protect strategic American industries from a new wave of competitors that are unfairly subsidized by Beijing. The president will also officially endorse maintaining tariffs on more than $300 billion worth of Chinese goods that were put in place by President Donald J. Trump. Mr. Biden criticized those tariffs as taxes on American consumers during his 2020 run for the White House. Mr. Biden’s moves are the latest trade-war escalation from a president who initially pledged to repeal at least some of the Trump tariffs but now refuses to cede any ground to his rival in a tough-on-China appeal to swing voters in the industrial Midwest and beyond. They also reflect Mr. Biden’s efforts to build on Mr. Trump’s consensus-defying trade confrontation with China while focusing it on sectors of strategic importance to the United States, like clean energy and semiconductors.

Persons: Biden, Donald J, Trump, Biden’s Organizations: White Locations: Beijing, China, United States

☆ Wholesale prices rose 0.5% in April, more than expected
▼ + stars: | 2024-05-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Wholesale prices jumped more than expected in April, putting up another potential roadblock to interest rate cuts anytime soon. Stripping out volatile food and energy prices, core PPI also increased 0.5% compared to the 0.2% Dow Jones estimate. On a year-over-year basis, wholesale inflation rose 2.2%, also the highest in a year. Core PPI inflation was at 2.4%, the biggest annual move since August 2023. Services prices boosted the wholesale inflation reading, rising 0.6% and accounting for about three-quarters of the headline gain, while the final demand goods index increased 0.4%.

Persons: Dow Jones, Chris Larkin, Morgan Stanley Organizations: Labor Department's Bureau of Labor Statistics, PPI, Reuters . Stock, BLS, Federal Reserve, Commerce, York

☆ Trump has promised an immigration crackdown if reelected. That could backfire on the economy
▼ + stars: | 2024-05-14 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

New York CNN —If voters return former President Donald Trump to the White House, he’s promised to launch an unprecedented crackdown on immigration and even conduct mass deportations. Trump recently told Time that he would aim to deport 15 million to 20 million people, perhaps by using the National Guard. Even though consumer prices are no longer skyrocketing, the cumulative impact of three years of high inflation is painful. “Most Americans view high inflation and high prices as unfair. But immigration remains a major concern for voters in the 2024 election and Trump has made it a centerpiece of his campaign.

Persons: Donald Trump, he’s, Trump, —, Mark Zandi, “ It’s, Joe Brusuelas, ” Brusuelas, You’d, ”, Karoline Leavitt, Joe Biden “, ” Leavitt, “, Joe Biden, Zandi, Trump’s, criminologists, Biden, Jerome Powell, Brusuelas, Goldman Sachs, ” Goldman Sachs, Wendy Edelberg, Edelberg, that’s Organizations: New, New York CNN, White, National Guard, Federal Reserve, CNN, RSM, Trump, Social Security, University of Michigan, Labor Department ., The Hamilton, ”, Hamilton, Security, Congressional, Office, The Hamilton Project, Brookings Institution Locations: New York, China, Covid, Mexico, United States

☆ China drives EV boom this year amid strong demand for hybrid vehicles
▼ + stars: | 2024-05-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Nurphoto | Nurphoto | Getty ImagesElectric vehicle sales have risen sharply this year, led by growth in China and a strong demand for hybrid vehicles in particular, according to a report from Counterpoint Research. Sales of hybrid vehicles, which have both electric motors and combustion engines, vastly outpaced those of full battery-powered alternatives, rising 46% year over year. China extends leadChinese companies have been a huge beneficiary of the rise in demand for electric vehicles, especially firms that sell both BEVs as well as hybrids. According to Counterpoint, EV sales in China jumped 28% in the first quarter of 2023, amid an ongoing price war that has pushed down costs for consumers. But, while overall EV sales in the U.S. rose 2%, those of battery electric vehicles declined by 3% in the quarter.

Persons: BEV, Abhik Mukherjee, Tesla Organizations: Nurphoto, Getty, Counterpoint Research, EV, Geely Holdings, Li Auto, Volkswagen Locations: Lianyungang Port, Jiangsu Province, China, United States, Europe, U.S

☆ Credit card delinquencies rise as more Gen Z cardholders are maxed out, New York Fed research shows
▼ + stars: | 2024-05-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed found. Credit card rates top 20%At the same time, credit cards have become one of the most expensive ways to borrow money. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "With the Fed likely to keep rates higher for longer, credit card rates should remain high for the foreseeable future," Rossman said. What to do if you're in credit card debt

Persons: Bankrate, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, New York Fed Locations: Federal Reserve Bank of New York

☆ Russia's economy can't avoid a crisis forever and it's becoming more vulnerable to shocks, think tank researcher says
▼ + stars: | 2024-05-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewRussia's economy is fragile and policymakers won't be able to stave off a crisis for very long, a think tank researcher argued in a post on Tuesday. AdvertisementRussia's economy has flashed key signs of weaknesses since the West first began imposing sanctions on the nation in 2022. And high interest rates, necessitated by all that inflation, stifle investment in productivity and further distort the economy," Kolyandr said. AdvertisementOther experts have noted that Russia faces a dilemma as it juggles managing its economy and prolonging its war against Ukraine. According to one European economist, the nation has become dependent on war for economic growth, and it can't afford to win or lose the war.

Persons: —, Alexander Kolyandr, Kolyandr, Putin Organizations: Service, Centre for, Kremlin, Business Locations: Russian, Ukraine, Central, Russia, West, Europe

☆ A trade that wins if too-high inflation knocks down this stock market again
▼ + stars: | 2024-05-14 | by ( Nishant Pant | ) www.cnbc.com time to read: +3 min

We'll review a trade that wins if the market pulls back again. Inflation has been stubbornly high for months, and today's hotter-than-expected producer price index report only reinforces that notion. It is prudent to wait for confirmation of the double-top pattern before considering a bearish trade though. The trade setup: SPY 513-512 Bear Put Spread The trade structure I am using here is called a "bear put spread". BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: SPDR Dow, Nishant Pant Organizations: PPI, CPI, SPDR Dow Jones, Average Trust

☆ Tala: 2024 CNBC Disruptor 50
▼ + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

Tala is out to disrupt legacy finance in developing markets by providing loans, credit, insurance and bill pay to consumers who lack access to banks, insurers and lenders, and who lack a financial track record. Last year, Tala increased its total loan volume to $5 billion across nine million people across three continents. That's up from $3.4 billion in credit dispersed to about eight million consumers the year before. The digital lender offers micro-loans between $10 to $500 to consumers and small businesses in emerging markets through its smartphone money app. Tala checks users' phone data and their bill paying activity to create credit scores that determine the loan amount it can offer.

Persons: Tala, Shivani Siroya Locations: Kenya, India, Philippines, Tala

☆ Disney+ will stream Caitlin Clark's WNBA debut in the platform's first live sports event
▼ + stars: | 2024-05-14 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

The WNBA regular season opens Tuesday night with breakout star Caitlin Clark making her debut as point guard for the Indiana Fever. Following Clark's debut at 7:30 pm ET against the Connecticut Sun, Disney+ will stream the Phoenix Mercury vs. Las Vegas Aces matchup. Discovery's exclusive TV rights for NBA games is currently under negotiation. The WNBA's existing media rights deal expires in 2025. "They covet younger fans, and this is how younger fans view their sports these days, it is through streaming," Rishe told CNBC's "Worldwide Exchange" Tuesday.

Persons: Caitlin Clark, Destanni Henderson, Clark, It's, Engelbert, Patrick Rishe, Rishe, CNBC's, Lionel Messi Organizations: Indiana, Atlanta, WNBA, Gainbridge Fieldhouse, Indiana Fever, Disney, Connecticut Sun, Phoenix Mercury, Las Vegas Aces, ESPN, Warner Bros . Discovery, Fox Corp, Warner Bros, NBA, Sports Business, Washington University's Olin Business School, Apple, Major League Soccer, Apple TV Locations: Gainbridge, Indianapolis , Indiana, Iowa

☆ Fed’s Powell is unfazed by the latest hot inflation reading
▼ + stars: | 2024-05-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Tuesday’s wholesale inflation data, which jumped to its highest rate in a year, certainly wasn’t a source of comfort. “I wouldn’t call it hot, I would call it sort of mixed,” Powell said Tuesday, referring to the new wholesale inflation data. Federal Reserve Chair Jerome Powell (center) spoke Tuesday at an event hosted by the Foreign Bankers' Association alongside European Central Bank Governing Council member Klaas Knot. Another troubling sign for US central bankers is consumers’ belief that inflation will move higher in the year ahead, according to two surveys Fed officials monitor closely. That can lead to higher prices.

Persons: Jerome Powell, Powell, Price, ” Powell, ”, Klaas, Michelle Bowman Organizations: New, New York CNN, Foreign Bankers ’ Association, European Central Bank Governing, Federal, Foreign Bankers, Association alongside European Central Bank Governing, Foreign Bankers Amsterdam, ” Locations: New York

☆ Why OpenAI is the first company to be No. 1 on the CNBC Disruptor 50 list two years in a row
▼ + stars: | 2024-05-14 | by ( Julia Boorstin | ) www.cnbc.com time to read: +1 min

Persephone KavallinesIt's a first for the annual CNBC Disruptor 50 list: a company landing at No. Perhaps no surprise, that company is OpenAI. More than any other startup in the 12-year history of the Disruptor 50 list, OpenAI's disruptive impact and potential is unparalleled. In fact, 34 of this year's Disruptor 50 companies describe AI as critically important to more than half of their revenue. Thirteen say that it is generative AI, specifically, that is critically important to the majority of sales.

Persons: It's Organizations: CNBC

☆ What's the killer AI app for consumers? Google finally has a contender.
▼ + stars: | 2024-05-14 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

Read previewSince ChatGPT burst onto the scene in 2022, there's been no real "killer app" to get consumers embracing AI in massive numbers. The internet, possibly the biggest killer app of all, made us all buy smartphones, tablets, and a host of other connected devices. AI killer app contendersAt its IO developer conference on Tuesday, Google showed off some pretty amazing AI killer app contenders. A Google AI model lurking on the phone (and in the cloud) answered correctly. The Google AI agent captured all the dates, times, and other details and automatically loaded them into the user's Google Calendar.

Persons: —, there's, she'd, Warren Buffett, Bill Gates, Sundar Pichai, Sissie Hsiao, DeepMind's Hassabis, Pichai Organizations: Service, Business, Google, Astra, Microsoft Locations: London

The restrictions build on Trump-era measures, and many are likely to appeal to voters in battleground states ahead of the election. But it’s less clear if they are enough to rebuild America’s industrial base in a global race with China to lead in the new economy. The new duties will apply to about $18 billion of annual Chinese imports, the Biden administration said. Biden is at pains to say that he’s being smarter than Trump on China. Trump imposed sweeping trade barriers and has vowed to impose more if he’s re-elected.

Persons: Biden, Donald Trump, Trump, he’s Organizations: China, Trump Locations: China, American, U.S

☆ What Biden’s tariffs on Chinese imports may mean for American jobs, the economy and inflation
▼ + stars: | 2024-05-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Biden’s tariff plan likely won’t move the needle for monetary policy, said Ryan Sweet, chief US economist at Oxford Economics. “Consumers and producers often pay higher prices when tariffs are implemented.”That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately, consumers. Worse, some businesses appeared to take advantage of the trade war by bumping up prices even higher. Container shipping imports from China to Mexico rocketed higher by 60% in January and 34% for the first quarter, Xeneta data shows. “It’s obvious that imports to this extent are not only for domestic purposes in Mexico,” he said.

Persons: Biden, Joe Brusuelas, Donald Trump’s, Trump, —, Ryan Sweet, ” Sweet, Sweet, George W, Bush, Barack Obama, Goldman Sachs, ”, Wells, Nicole Cervi, “ There’s, ” Cervi, Peter Sand, “, Sand, “ It’s Organizations: CNN, RSM US, stoke, Oxford Economics, Biden, Peterson Institute for International Economics, Trump, Federal, “, US International Trade Commission, New, New York Fed, National Bureau of Economic Research, Republican, ramped, Container Locations: China, New York, “, South Korea, Singapore, Taiwan, Vietnam, Wells, Mexico

☆ Trading CPI: How stocks could react to Wednesday’s inflation report
▼ + stars: | 2024-05-14 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Traders at JPMorgan broke down how they expect stocks will react to Wednesday's report, with a focus on core CPI month over month, based on six different scenarios: 40% chance — The reading rises 0.3%-0.35%: This is the most likely outcome, per JPMorgan traders. S & P 500 moves could range between a 0.5% loss and a 1% gain. 10% chance — Core inflation climbs more than 0.4%: The S & P 500 would drop 1.75% to 2.5% under such a hot report, JPMorgan traders think. 7.5% chance — Core CPI gains 0.2%-0.25%: A decline in housing cost increases along with lower core goods prices could make this outcome possible. It would also send the S & P 500 up 1.5% to 2%, JPMorgan traders said.

Persons: Dow Jones, Defensives outperforming Organizations: CPI, Traders, JPMorgan, of Labor Statistics

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