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☆ Youngkin Vetoes Measures to Remove Tax Breaks for Confederate Heritage Group
▼ + stars: | 2024-05-17 | by ( Anna Venarchik | ) www.nytimes.com time to read: +1 min

Glenn Youngkin of Virginia vetoed on Friday two bills that would have revoked tax exemptions for the United Daughters of the Confederacy, a century-old organization that has often been at the center of debates over the state’s Confederate past and its racial history. In doing so, Mr. Youngkin sided with fellow Republicans in the legislature who almost unanimously opposed the bills and the efforts by the state’s Democrats to curtail the Commonwealth’s relationship with Confederate heritage organizations. The bills had nearly unanimous Democratic support in both chambers of the legislature. The organization’s property tax exemptions were added to the state code in the 1950s, during segregation and when the Commonwealth maintained a closer relationship with the group. The organization’s Virginia division is also exempt from paying recordation taxes, which are levied when property sales are registered for public record.

Persons: Glenn Youngkin, Youngkin Organizations: Confederacy, Confederate, Democratic, Commonwealth, organization’s Locations: Virginia, organization’s Virginia

☆ Scottie Scheffler climbs PGA Championship leaderboard hours after arrest
▼ + stars: | 2024-05-17 | by ( Brody Miller | ) www.nytimes.com time to read: +6 min

Scheffler faces charges of second-degree assault of a police officer, third-degree criminal mischief, reckless driving and disregarding traffic signals from an officer directing traffic. Scheffler’s arraignment is scheduled for Tuesday at 9 a.m., according to online court records, two days after the PGA Championship is scheduled to end. The PGA of America and Louisville Mayor Craig Greenberg said in separate statements that their primary concern was with Mills’ family. AdvertisementWhen Scheffler stopped the car, an officer opened the door to arrest him, Darlington reported. Scheffler, the defending Masters champion and winner of four of his last five starts, entered Friday tied for 12th place.

Persons: — Scottie Scheffler, Scheffler, ” Scheffler, John Mills, Louisville Mayor Craig Greenberg, Mills, ” Greenberg, “, ”, ESPN’s Jeff Darlington, Scheffler “, Bryan Gillis, Gillis, Darlington, ” John Bradley, ‘ I’m, I’m, Steven Romines, teed, — Ben Burrows, Michael Reaves Organizations: PGA, Golf, Louisville Metro Police, America, Louisville Mayor, ” Police, Louisville Police Department, Louisville Metropolitan Department of Corrections, Louisville, Louisville police Locations: LOUISVILLE, Ky, Louisville, Valhalla

☆ China moves to prop up real estate market
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina moves to prop up real estate marketCNBC's Eunice Yoon joins 'Squawk Box' to report on the recent announcement by China's central bank to boost their slumping property market

Persons: Eunice Yoon Organizations: China

Pro-Palestinian protesters stormed the Institute of Politics building at the University of Chicago on Friday afternoon, overturning furniture, damaging property and confronting the institute’s director, former Senator Heidi Heitkamp. She refused their demand that she leave her office, university officials said, adding that she was the only staff member in the building. In a statement, the protest group on Friday said that it had occupied the building to protest the University of Chicago’s ties to Israel. Bystander video showed protesters climbing through second-floor windows to leave the building as the crowd below cheered. After demonstrators were cleared from the building by the police, other protesters remained outside and in yards nearby, chanting, yelling and pounding drums.

Persons: Heidi Heitkamp Organizations: of Politics, University of Chicago, University of Locations: Israel

☆ This US region is seeing the biggest rent declines as owners struggle to fill vacancies, Redfin says
▼ + stars: | 2024-05-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Metros in the Sun Belt are notching the steepest rent declines in the country, Redfin reported. The pandemic-era demand that led to accelerated construction has since subsided, leading to more vacancies. These declines are happening as rent rises nationwide. AdvertisementThe country's steepest rent declines are happening in metro areas across the Sun Belt as pandemic-era demand spikes subside, Redfin reported Friday. "But the boom is over, and now property owners are struggling to fill vacancies, which is causing rents to fall."

Persons: —, Redfin, Sheharyar Bokhari Organizations: Service, Business Locations: Austin , Texas, Nashville , Tennessee, Jacksonville, Miami, San Diego

☆ 'Quiet wealth' takes on new meaning with super-private deals for mansions, art and classic cars
▼ + stars: | 2024-05-17 | by ( Robert Frank | ) www.cnbc.com time to read: +6 min

While public auction sales are declining in the art world, private sales — done behind closed doors between discreet buyers and sellers — are growing. Classic cars are also seeing a shift to private sales, especially with the most expensive and rare models. But its newly formed RM Sotheby's private sales division has seen its sales more than quadruple over the past four years, according to Shelby Myers, global head of private sales for RM Sotheby's. The rise in private sales for classic cars, art, real estate and other markets is being driven by social media, technology and cooling prices for collectibles. "They're leaving money on the table," said real estate broker Noble Black of Douglas Elliman.

Persons: Robert Frank, Phillips, Christie's, Mark Rothko, Ken Griffin, Ferraris, Shelby Myers, We've, Myers, Patrick Dovigi's, Steve Wynn, Thomas Peterffy —, Douglas, Ernie Carswell, Carswell, He's, Noble Black, Douglas Elliman Organizations: Christie's, CNBC, Sotheby's, Hamptons, Malibu , Bel Air, Beverly Locations: Sotheby's, Christie's, Manhattan, Malibu, Aspen, Palm, Manhattan's Greenwich, Palm Beach, Los Angeles, New York, Eastern, Palm Springs, Malibu ,

☆ China's property sector won't be a wealth creator moving forward, says KraneShares
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's property sector won't be a wealth creator moving forward, says KraneSharesXiaolin Chen, head of international at KraneShares, says China's real estate sector is in need of consolidation.

Persons: KraneShares Xiaolin Chen

☆ Chubb is 'ideal fit' for Warren Buffett's investment style, says Deutsche Bank
▼ + stars: | 2024-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's purchase of a 6.4% stake in Chubb makes perfect sense as the insurer checks all the boxes of the Oracle of Omaha's investment criteria, according to Deutsche Bank. "We believe that Chubb is an ideal fit for Warren Buffett's investment philosophy, characterized by high-quality business with strong [returns on equity], a robust economic moat, a proven track record of compounding returns, and a distinguished management team," Deutsche Bank analyst Cave Montazeri wrote in a note to clients. Buffett's Berkshire Hathaway unveiled a $6.7 billion stake in Zurich-based Chubb in a new regulatory filing, ending months of speculation over the identity of the secret stock pick. Deutsche Bank said Chubb has a disciplined approach to underwriting and capital allocation and, in the near term, should benefit from earned pricing above loss costs, strong investment income and growth in its international operations. CB ALL mountain Chubb Deutsche Bank has a buy rating on Chubb and a 12-month price target of $278, implying a 10% gain from Wednesday's close of $252.97.

Persons: Warren Buffett's, Chubb, Warren, Cave Montazeri, Berkshire Hathaway, Montazeri, — CNBC's Michael Bloom Organizations: Oracle, Deutsche Bank, Berkshire, Securities and Exchange Commission, Chubb Deutsche Bank, ISI, Alleghany Corp Locations: Zurich, U.S, Omaha, Berkshire

☆ The iconic Mirage in Las Vegas is closing after 34 years
▼ + stars: | 2024-05-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —The Mirage Hotel and Casino on the Las Vegas Strip, and its instantly recognizable volcano, is soon shutting down after more than three decades in business. In addition to the volcano, the Mirage was also home to other quintessential Las Vegas features like the Siegfried and Roy’s white tigers show and a Cirque du Soleil show set to Beatles music. MGM Resorts bought the Mirage from Wynn in 2000 and sold it in 2022 for more than $1 billion to Hard Rock International. It’s the second time Hard Rock will have a presence in Las Vegas, with the brand previously owning the now-Virgin Hotel off the Strip. The Hard Rock said it will pay more than $80 million in severance.

Persons: Steve Wynn, Siegfried Organizations: New, New York CNN, Las, luxe, Bellagio, Vegas, MGM Resorts, Wynn, Virgin Hotel, Culinary Workers Union Locations: New York, Casino, Las Vegas, Florida, Treasure

☆ Meet a couple with 5 kids who are barely making it despite working 4 jobs: 'It shocks me that $100k feels like poverty'
▼ + stars: | 2024-05-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

April Schultz, 40, and her husband Kevin, 45, bring in $130,000 a year in gross income combined between their four jobs and side gigs. Still, Schultz said it shocks her that such an income "feels like poverty." "We shouldn't have to have four jobs in one family," Schultz said. She said that while there are job opportunities in her area, most don't pay enough for the area's cost of living. They both anticipate downsizing once their kids have moved out and relocating to a more rural and cheaper place.

Persons: Schultz, Kevin, — Schultz, ALICE —, Stephanie Hoopes, United For ALICE, She's, Louis, she's, there's, We've, they're, they've, hasn't, It's, we've Organizations: Service, Costco, United For, Department of Defense, Scott Air Force Base, Amazon, Netflix, USDA, Aldi, Sam's Locations: California , Arizona, Minnesota, Idaho, Mascoutah , Illinois, St, Illinois, Missouri

I asked a financial planner how I can grow my passive income since I can't work more in a week. It felt like the only way to continue to expand and earn more money would be to introduce passive income streams. But in 2024, I found myself eager to find a few new passive income streams. "Audit what you're already working with and see how you can turn it into a passive income stream." After a month, I was able to bring in $390 in passive income just through those ads.

Persons: —, I've, Jeff Rose, Rose, it's, It's, you've Organizations: Service

☆ China’s Shenzhen metropolis sees fastest growth in millionaires globally
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.

Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S

☆ My family had to stay at 3 different resorts during our 8-day trip to Disney World, and it wasn't worth all the effort
▼ + stars: | 2024-05-16 | by ( Jill Robbins | ) www.businessinsider.com time to read: +6 min

When my family of four went to Disney World for the holidays one year, everything was so booked we had to stay in three different resorts. We've done split stays at Disney World in the past, but this was the first time we stayed at three different hotels on a single visit. Pop Century wasn't my favorite resort, but it definitely has its prosIt's unfair to compare a value resort like Pop Century to villas at deluxe resorts, but Pop Century was my least favorite of the three. Jill RobbinsThis wasn't my first time staying at Animal Kingdom Lodge or Wilderness Lodge, and I'd happily stay in either again. Moving from one resort to another at Disney World was pretty seamlessIt's pretty easy to move between resorts at Disney World.

Persons: —, We've, Jill Robbins, Murphy, I'd, we've, I've Organizations: Service, Disney, Business, Animal, Disney Springs Locations: Animal, unpack

☆ 3 tricks legacy media companies can learn from social-video platforms, per a new Accenture report
▼ + stars: | 2024-05-16 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +5 min

Read previewTraditional media and entertainment companies must undergo "radical levels of reinvention," John Peters, Accenture's lead for media and entertainment clients, told Business Insider. Traditional media companies, like live broadcasting or linear channels, are "seeing viewership migrate away from their platforms," Peters said. Advertisement"They're increasingly moving to social media and social video platforms and video games," Peters said. Here are three things that traditional media companies can learn from social media giants, per the Accenture report. AdvertisementPeters also pointed to events like the annual Academy Awards or live sports as opportunities for media companies to use UGC.

Persons: —, John Peters, Accenture's, Peters, Goldman Sachs, Nikki Mendonca, Mendonca, Elon Organizations: Service, Accenture, Business, Media Industry, Netflix, Hulu, WARC Media, Meta, Media, UGC, Apple, Google, Spotify, Disney Locations: North America, Europe, Asia, America

☆ Haunting photos show a Six Flags in New Orleans that has been abandoned for almost 2 decades
▼ + stars: | 2024-05-16 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

During Hurricane Katrina in August 2005, Six Flags New Orleans was completely flooded. Since then, the park has stood abandoned, save for visits from urban explorers and alligators. A lease was signed in October 2023 to begin redeveloping the land, but work has not started yet. AdvertisementBefore Hurricane Katrina hammered the Gulf Coast in 2005, killing almost 1,400 people and destroying millions of dollars worth of property, there was a Six Flags just outside New Orleans. Almost two decades later, Six Flags New Orleans still sits abandoned, now a time capsule of life before Katrina.

Persons: —, Axios, it's Organizations: Flags, Service, Business Locations: Orleans, New Orleans

☆ An early retiree shares the advice he received in his early 20s that helped him retire at age 48 — and how he invested his money to build a seven-figure portfolio
▼ + stars: | 2024-05-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

It aligned with the life-changing money advice he received from a boss in his early 20s. The stock market: from tech stocks to low-cost index fundsCooper's investment strategy has evolved over the years. AdvertisementTo lower his risk, "I am in the process of transitioning my portfolio to mostly low-cost index funds, which are very popular among the FI community." "They're all paid off and bring in about $65,000 a year in rent," he said, adding that they played an important role in his early retirement. Advertisement"I think the easier route is to invest in low-cost index funds," he said, noting that the playbook is much simpler.

Persons: —, Eric Cooper, I'd, Cooper, Cooper's, Roth Organizations: Service, Business, Roth IRA, FI Locations: Louisville, Egypt

☆ China teases plan to buy unsold homes to fix property crisis. Markets are loving it
▼ + stars: | 2024-05-16 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The index has rallied nearly 30% from its January low, having entered a bull market earlier this month. Longfor Group, the ninth largest homebuilder in China, surged 11%, becoming the top performing stock on the Hang Seng Index. “We think this is a largely symbolic move to show support for the sector with a ‘national team’ for the housing market,” said Citi analysts. “We are cautiously optimistic about the ‘government-led buying on unsold units’ as it’s still being rolled out in more cities, “ said Jeff Zhang, an equity analyst at Morningstar. Nasdaq Golden China Index, which tracks Chinese companies listed on Wall Street, has gained 11% since the start of April.

Persons: ”, “, Jeff Zhang Organizations: Hong Kong CNN, Longfor, China Holdings, National Development, Reform Commission, ’, Citi, ING Group, Morningstar, homebuyers, Communist Party, Nasdaq Locations: China, Hong Kong, Beijing, Hangzhou, Xi’an, Chengdu, Shanghai

☆ Budget-minded homebuyers should look in these 23 cities where down payments are plummeting, even in an unaffordable housing market
▼ + stars: | 2024-05-16 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Affordability remains a headacheHome affordability has taken a huge hit since the pandemic as mortgage rates, property prices, and — by extension — down payments have surged. Mortgage rates have since more than doubled at over 7%, and houses cost over $70,000 more at $332,000. The 30-year fixed mortgage rate is now roughly triple the 2.7% rate it was at in early 2021. The savings rate in the late 2010s was around 6.5% of disposable income, and it spiked early in the pandemic due to a surge of government stimulus. 23 cities where down payments are down meaningfullyAlthough affordability is limited as mortgage rates, home prices, and down payments have risen, there are still dozens of cities where the cost of buying a house is headed lower.

Persons: —, Hannah Jones, Realtor.com, Freddie Mac, they'd, Jones Organizations: Service, Business Locations: Realtor.com

☆ Wayfair to open its first large store, as physical locations make a comeback
▼ + stars: | 2024-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +10 min

Wayfair follows other direct-to-consumer brands that have opened stores, including Warby Parker , Figs , Casper, Glossier and Everlane. In the early 2010s, new store openings largely outpaced closures, until the tide turned in 2017. Jeenah Moon | Bloomberg | Getty ImagesOther privately held direct-to-consumer brands have also expanded into retail stores, including bedding company Brooklinen, furniture store Burrow and apparel brands Everlane and Untuckit. High cost of entryIf direct-to-consumer brands could all open stores and suddenly boost sales and profitability, they'd all be doing it. Courtesy: WayfairSome direct-to-consumer brands have already been burned after they expanded too quickly and demand fell.

Persons: Niraj Shah, Wayfair, Warby Parker, Glossier, They're, Larry Cheng, It's, you'll, Liza Lefkowski, Shah, Coresight, John Mercer, Coresight's, Trina Spear, Spears, King, King of Prussia, Rebecca Fitts, Alvarez, Tolia, Allbirds, Al Drago Organizations: CNBC, Apple iOS, Companies, Walmart, Target, Joss, Discount, TJX, Bloomberg, Getty, Marsal, Washington , D.C Locations: Wilmette , Illinois, Chicago, Casper, Amazon, U.S, Coresight Research's, Burlington, Los Angeles, Philadelphia, King, King of Prussia , Pennsylvania, Georgetown, Washington ,

☆ CNBC Daily Open: Wall Street hits record, 'Thee rate cuts'
▼ + stars: | 2024-05-16 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

The Charging Bull is seen on an empty Wall Street on April 20, 2020 in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street hits record highThe S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. All three major indexes closed at record highs. Asia up, Japan's GDP shrinksAsia-Pacific markets rose on Thursday after Wall Street hit record highs.

Persons: Buffett, Chubb, Warren, Berkshire Hathaway, Seng, Biden, Morgan Stanley Organizations: CNBC, Nasdaq, Dow Jones Industrial, Federal, Tech, Nvidia, Apple, Microsoft, GameStop, AMC, Berkshire, Wall, Nikkei, U.S Locations: New York City, Zurich, Asia, Pacific, China

☆ Stocks making the biggest moves after hours: Chubb, Cisco Systems, Palo Alto Networks and more
▼ + stars: | 2024-05-15 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Chubb became Berkshire's ninth biggest holding at the end of March, according to a new regulatory filing. AST SpaceMobile — Shares rocketed 33%. Cisco Systems — Shares jumped nearly 5% after the IT giant reported fiscal third-quarter adjusted earnings of 88 cents per share on revenues of $12.70 billion. The results topped analysts' estimates for earnings of 82 cents per share on revenues of $12.53 billion, according to LSEG. Palo Alto Networks — The cybersecurity company saw its stock rise 1% after announcing it will buy cloud security software assets from IBM .

Persons: Chubb, Berkshire Hathaway, Riley, Hawkins —, — CNBC's Scott Schnipper Organizations: AST, Cisco Systems —, Riley, Management, Alto Networks, IBM, Palo Alto Locations: Zurich, Los Angeles, Hawkins — The Minnesota, Palo

☆ 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

☆ Warren Buffett’s Berkshire Hathaway reveals insurer Chubb as confidential stock it’s been buying
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Insurer Ace Limited acquired the original Chubb in 2016 for $29.5 billion in cash and stock, and the combined company adopted the Chubb name. His conglomerate Berkshire Hathaway has bought nearly 26 million shares of Zurich-based Chubb for a stake worth $6.7 billion. Warren Buffett finally revealed his secret stock pick in a new regulatory filing, and it's insurer Chubb . Mystery unveiledBerkshire has been keeping this purchase secret for three quarters straight. Berkshire was granted confidential treatment to keep the details of one or more of its stock holdings confidential.

Persons: Warren Buffett, Chubb, Evan Greenberg, Maurice Greenberg Organizations: Berkshire, Ace, American International, Berkshire Hathaway, Alleghany, Chevron, Verizon Locations: Omaha , Nebraska, Zurich, The Omaha, Berkshire, Markel, Omaha

☆ How my family of 6 spent nearly $9,000 on a Disney vacation — and what we'll do differently next time
▼ + stars: | 2024-05-15 | by ( Daryl Austin | ) www.businessinsider.com time to read: +9 min

First off, driving instead of flying saved us a lot of moneyMy family added a road-trip component to our trip. Daryl AustinWe saved money by driving to Disney instead of flying. AdvertisementLastly, we saved money by cutting back on character-dining experiences and sharing most of our mealsOur family split meals at Disneyland when we could. In hindsight, this means we could've saved some serious money on tickets and food costs by cutting out our last two days at Disney. Otherwise, my wife and I will be dreading the next Disney vacation nearly as much as our kids will be eagerly anticipating it.

Persons: —, Daryl Austin, That's, we'd, we've, Dole, would've, could've, Daryl Austin Disney Organizations: Service, Universal Studios, Business, Marriott, Gas, Disney, we've, Disneyland, Minnie Locations: Utah, Southern California, California, Salt Lake City, Los Angeles, Las Vegas, Marriott Anaheim, Disneyland

During the pandemic, mortgage rates reached historic lows. HELOC rates have generally remained between 8.16% and 8.59% this year, depending on the term length of the loan. Check out our current HELOC rates page to see the latest rates. To find out the maximum amount you could borrow with a HELOC, multiply your home's current value by your HELOC lender's maximum CLTV. For example, Boyd says that some HELOC lenders can take 50 days or more to close.

Persons: HELOCs, you'll, Adam Boyd, Boyd, You'll Organizations: Bank, Citizens Locations: U.S

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