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NEW YORK AP —Michael Bloomberg’s organization Bloomberg Philanthropies is announcing a $600 million gift to the endowments of four historically Black medical schools. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant. The donations will more than double the size of three of the medical schools’ endowments, Bloomberg Philanthropies said. The four historically Black medical schools are still deciding with Bloomberg Philanthropies how the latest gifts to their endowments will be used, said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. Dr. Yolanda Lawson, president of the National Medical Association, said she felt “relief,” when she heard about the gifts to the four medical schools.
Persons: Michael Bloomberg’s, Bloomberg Philanthropies, ” Bloomberg, Charles Drew, Garnesha Ezediaro, Ezediaro, ” Ezediaro, Valerie Montgomery Rice, we’ve, , Ronda Stryker, William Johnston, Denise Smith, Spelman, Smith, MacKenzie Scott’s, ” Smith, Yolanda Lawson, Utibe Organizations: Bloomberg, New, New York City, National Medical Association, Associated Press, Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, Charles, Charles Drew University of Medicine & Science, Xavier University of Louisiana, Johns Hopkins University, Greenwood Initiative, Democratic, United Negro College Fund, Spelman College, Greenleaf Trust, The Century Foundation, David Geffen School of Medicine, UCLA Locations: New York, Tulsa , Oklahoma, Atlanta, Ronda
Kave and fellow American ex-pat Jennifer Crain are the co-founders of Abricot, a cocktail bar in Paris' 10th arrondissement. The bar has a small staff: three hourly employees and three contract employees. A mutual connection virtually introduced Kave and Crain shortly after, and the pair started expanding Crain's idea for a Parisian cocktail bar. They found a location and named their business Abricot, which is French slang for female genitalia. The delays ate up most of the initial investment, Crain says, as Abricot paid rent for over a year before it opened.
Persons: Allison Kave, Kave, she'd, Jennifer Crain, Crain, Abricot Organizations: Abricot, CNBC, Crain, Employees Locations: U.S, Paris, San Francisco, Austin , Texas, Brooklyn , New York, Brooklyn, crowdfunding, France, Europe
Over a million square feet of retail space is empty in vacant chain-drugstore locations across New York City. Aug. 6, 2024An empty Duane Reade, steps from Wall Street, darkens a landmark office building. Scores of chain drugstores that once anchored shopping hubs across New York City remain shuttered even as much of the city’s storefront real estate has bounced back from the Covid-19 pandemic. The result is over a million square feet of prime real estate collecting dust in some of the busiest commercial districts, according to a new analysis of the city’s pharmacy market. And critics say the stores have become neighborhood eyesores that attract illegal activity and detract from nearby businesses.
Persons: Duane Reade, Murray Hill Organizations: Walgreens Locations: New York City, darkens, Murray, Astoria
Monday's global markets sell-off saw Wall Street's "fear gauge" spike to its highest level since 2020, but there are a few stocks that may help investors stabilize their portfolios in these volatile times. Coterra has a beta of 0.23, the lowest on the list of stocks assembled for this screen. While the company's second-quarter adjusted earnings missed Wall Street's estimates, Coterra's production for the period came in ahead of analysts' expectations. Coterra shares also offer investors income, paying a dividend yield of 3.4%. Major Wall Street firms said a recent pullback in shares — which are off 4% in the past week — presented a buying opportunity for investors.
Persons: Coterra, Organizations: Dow Jones, CNBC Pro, CNBC, Energy, Microsoft, LSEG, Wall, Deere, Omnicom Locations: U.S
Since the early summer, videos of a wrestler dressed as a puppy brawling in “lucha libre” matches has been making the rounds on Mexican social media. Wisin, the "puppy luchador" taunts an opponent during a lucha libre event at the Institute of Youth, in Mexico City, on July 25, 2024. Given that lucha libre bouts are mostly dominated by older male fans, he has created a space for kids to enjoy the spectacle. Wisin, the "puppy luchador" hangs on the ropes during a lucha libre event in Mexico City, on July 25, 2024. “I’ve enjoyed lucha libre since I was young, now my son can enjoy it, too,” he said.
Persons: Baha, , , Wisin, Fernando Llano, Simi, Juan Carlos Naviera Torres, Jose Isaac, Torres, clutched, “ I’ve, Mitchelle Magdaleno, Andy Panda ” Organizations: Institute of Youth, Wrestling Locations: Mexico City’s, Mexico, Mexico City
U.S. Vice President Kamala Harris and Republican presidential nominee and former U.S. President Donald Trump. Republican presidential nominee Donald Trump on Monday blamed Vice President Kamala Harris for the stock market's dramatic plunge, months after claiming he deserved credit for the market's then-record upswing. The night before, as Asian markets fell dramatically, the former president wrote, "STOCK MARKETS CRASHING. "THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN," he wrote on Truth Social that month. "To take us back to a time when insurance companies had the power to deny people with preexisting conditions," the vice president said.
Persons: Kamala Harris, Donald Trump, Kamala, Crooked Joe, Trump, Harris, KAMALA DOESN'T, BIDEN, Joe Biden, Mark Zandi, Zandi, Biden, We're, CNBC's Kevin Breuninger Organizations: Republican, Monday, Democratic, Dow Jones Industrial, TRUMP, BIDEN, WIN, CNBC, CBS, Trump Locations: United States, Atlanta, Georgia, America
Behind the scenes, 5G infrastructure is powering live broadcasts worldwide and the moments spectators and athletes capture and post on social media. After the event, it became a hub for YouTubers and other content creators because of its gigabit-speed internet connectivity. In the lead-up to the Games, connectivity infrastructure was embedded in the London Underground light-rail network and the Westfield shopping center in Stratford. 5G technology wasn't adopted at a consumer level until 2019, and Japan's 5G-infrastructure rollout was delayed by the COVID-19 pandemic. In 2022, the 5G technology was fast enough that train riders could watch the opening ceremony on their personal devices.
Persons: , Rolf Werner, Werner, Sandeep Raithatha, Raithatha, That's Organizations: Service, Nokia, Virgin Media O2, 5G, Stratford Halo Virgin Media O2, Games, Stratford, Stratford . Communities, Tokyo, Olympics Locations: Paris, Europe, London, Tokyo, Westfield, Stratford ., Japan, Beijing, China
LONDON — As a global market sell off continues amid fears of a looming U.S. recession, the Federal Reserve may have little room for manoeuvre, investor Cole Smead warned Monday. "The Fed is trying to fight a ghost in some respects. But it's a fiscal problem, and that fiscal problem's not ending," he said. The CBOE Volatility Index, also know as the "VIX" — a measure of expected market volatility — jumped to 41.65, according to LSEG data, hitting its highest level since October 2020, as risk fears returned to the market. "Whoever comes in, be it Kamala Harris or Donald Trump, there's going to be an interest in trying to prop up anything," he said.
Persons: Jerome Powell, William McChesney Martin, Cole Smead, Smead, CNBC's, Jay Powell, Kamala Harris, Donald Trump Organizations: Federal Reserves, Washington , D.C, LONDON, Federal, Smead Capital Management, CNBC, Reuters Locations: Washington ,, U.S, Europe, Asia
Read previewChina's baby bust could see its urban pet population outnumbering the number of toddlers by 2030, investment bank Goldman Sachs wrote in a July 28 report. According to Goldman Sachs' forecasts, China will have more than 70 million urban pets by 2030. AdvertisementThe rise in pet ownership, the bank said, could help push China's pet food market to $12 billion by 2030. People having more pets than babies shouldn't be surprising considering how China is presently grappling with a demographic crisis. China's population shrank again in 2023, with the number of deaths exceeding the number of births by 2.08 million people.
Persons: , Goldman Sachs, Lin Zhang, Zhang, Zheng Mu, Zheng, Cash, haven't, Bihan Chen, Emily Huang, Huang, Ann, Hunter van Kirk Organizations: Service, Business, country's National Bureau of Statistics, University of New, Zhang, National University of Singapore, National Association of Realtors, NAR, Bloomberg Intelligence Locations: China, country's, University of New Hampshire, Europe, East Asia
Prepare for a new high-volatility market regime
  + stars: | 2024-08-05 | by ( Katie Stockton | ) www.cnbc.com   time to read: +8 min
A spike in the VIX of this magnitude has not occurred since 2020, when the COVID-19 related decline in the S & P 500 was maturing. We believe another high-volatility regime is upon us, with the prolonged low-volatility regime that preceded it coming to an abrupt halt. If our long-term trend following measures were to deteriorate behind the S & P 500, we would be more inclined to reduce exposure. A rebound in the S & P 500 (i.e., a VIX pullback) can be used to hedge partial exposure from a top-down perspective. Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only.
Persons: It's, Katie Stockton Organizations: CNBC, NBC UNIVERSAL, Fairlead, CNBC Pro, Securities
Bitcoin dropped on Monday amid the global market meltdown. Crypto has not been spared the carnage as traders eye a growing risk of a US recession. The sell-off in crypto comes as risk assets plunge in a global market rout caused by worries over the state of the US economy. Some market observers have said that the historic market rout could prompt an emergency rate cut from the central bank in the next week. Japan's Nikkei 225 index dropped 12% early Monday in its worst single-day decline since 1987, and markets in South Korea and Europe also plunged.
Persons: Bitcoin, Crypto, , Gracy Chen Organizations: Service, Federal Reserve, Fed, Japan's Nikkei, Bank of America Locations: South Korea, Europe
London CNN —Far-right riots swept Britain over the weekend, with outbreaks of anti-immigrant violence in a number of cities and towns, leaving the new UK government scrambling to control the worst disorder in more than a decade. Throughout Friday, Saturday and Sunday, violent protesters congregated in city and town centers across the UK, many of them apparently intent on clashing with police and causing havoc. The gatherings ostensibly started as anti-immigration marches, organized on social media platforms like X and on WhatsApp and Telegram groups. Violence also took place in Sunderland, Middlesbrough, Stoke-on-Trent and several more cities, mostly across the Midlands and north of England. The man in charge of bringing those offenders to justice was Keir Starmer, then Britain’s Director of Public Prosecutions.
Persons: Keir Starmer, , , Constable Lindsey Butterfield, Owen Humphreys, we’ve, ” Starmer, Christopher Furlong, Nigel Farage, Priti Patel, Diane Abbott, Britain’s, Elon, Tommy Robinson, Joe Mulhall, Robinson, Peter Powell, Musk, , Starmer, underfunding Organizations: London CNN, Labour Party, Protesters, Rotherham, South Yorkshire Police, Middlesbrough, Stoke, Trent, Office, National Police Chiefs ’ Council, , Downing, Police, . Police, Reform, Conservative Party, Farage, Conservative, CNN, Getty, Public Prosecutions, British Ministry of Justice, State, Justice, PA Media Locations: Britain, Southport, England, WhatsApp, Rotherham, Tamworth, Midlands, Middlesbrough, Sunderland, United Kingdom, Manchester, AFP, , British, London, gridlock, Wales, Afghanistan
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq Composite dropped 2.43% and is now in correction territory, having declined more than 10% from its recent high. The unemployment rate rose to 4.3%, the highest since October 2021 when the global economy was still reeling from the Covid-19 pandemic. The stocks had to pass several criteria, including receiving five or more earnings upgrades in the past three months.
Persons: Warren Buffett Organizations: New York Stock Exchange, CNBC, Dow Jones Industrial, Nasdaq, Treasury, Federal, Berkshire Hathaway's, Apple . Berkshire, Exxon, Chevron, CNBC Pro Locations: New York City, Apple ., Berkshire, Guyana, U.S, San Ramon , California, Houston , Texas
Some have called for emergency interest rate cuts this week as a result. The Federal Reserve has only cut rates off-cycle in extreme emergencies, like 9/11 and COVID-19. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Investors are panicking, and they're calling for the nation's central bank to cut interest rates over a month before the Fed's next meeting.
Persons: Organizations: Federal Reserve, Service, Investors, of Labor Statistics, Business
What it means to have a ‘Black job’ in America
  + stars: | 2024-08-04 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +5 min
Still, the discussion comes as Black workers have made significantly positive — and, in many cases, historic — employment advancements. “So, to suggest that immigration is lowering the black employment rate is just not bearing out, based on this superficial look at the facts,” Algernon said. The pandemic recovery and economic expansion since has resulted in wage gains for many workers, and that has included Black workers, she noted. “We talk a lot about the 2-to-1 ratio between Black and White unemployment (the Black unemployment rate typically is twice the White unemployment rate), so, the progress has been marginal in terms of that disparity.”In July, the unemployment rate for White workers was 3.8% (versus 6.3% for Black workers). “For example, according to BLS data, Black workers are just 12.8% of all employed Americans, but 48.4% of postal service workers, 38.1% of nurse assistants, and 36.1% of security guards,” Pollak said.
Persons: Donald Trump, Trump, , Algernon Austin, ” Algernon, there’s, that’s, It’s, Valerie Wilson, ” Wilson, , Julia Pollak, ZipRecruiter, ” Pollak Organizations: CNN, National Association of Black Journalists, Black, Center for Economic, Research, of Labor Statistics, Baby Boomers, BLS
Minneapolis CNN —For 90-plus years, the Parkway Theater has been a fixture in South Minneapolis, gathering generation after generation of patrons in front of its lone movie screen. The Parkway Theater of today is one part revival house cinema, one part performing arts venue, and another part community event space. Parkway Theater owners Ward Johnson (left) and Eddie Landenberger in the theater lobby in Minneapolis on July 8. Moviegoers at a drive-in movie theater in the parking lot of the Rose Bowl in Pasadena, California, on September 3, 2020. Still, cinema operators have to be cautious in their approach, said Kate Markham, administrative coordinator with Art House Convergence, a coalition of independent, community-oriented cinemas.
Persons: David Hancock, Omdia’s, , ” Hancock, “ Young Frankenstein ”, moviegoing, , Ward Johnson, Eddie Landenberger, Christian Meoli, , Ricard Gil, Michael Tullberg, ” Gil, “ Barbie, Ward, Alicia Wallace, ” Johnson, ” Andrew Sherburne, “ We’re, Meoli, there’s, showmen, Bing Guan, , Bill Campbell, showmen ”, Rich Daughtridge, they’ll, ” Campbell, Kate Markham Organizations: Minneapolis CNN —, Parkway, CNN, Omdia, Theater, Cinelounge, Wim, Queen’s University, Disney, El Capitan Theatre, Hollywood, Global Entertainment, Media, Blockbuster, Rose Bowl, Bloomberg, Independent Cinema Alliance, Orpheum, ICA, Art, cineplex Locations: Minneapolis, South Minneapolis, London, California, Canada, Los Angeles , California, , Iowa City , Iowa, That’s, Tiburon , California, Pasadena , California, Covid, Sheridan , Wyoming, Maryland
The Federal Reserve now has egg on its face after it kept interest rates near a quarter-century high earlier this week. By now, there’s ample evidence that the job market, a key driver of the US economy, has lost steam. Here are three reasons to be worried about July’s shockingly weak jobs report — and one silver lining. Consumer demand itself also hasn’t weakened just yet, despite the highest interest rates in more than two decades. Generally, the Fed makes its decision congruent with what’s going on with inflation or the job market.
Persons: , July’s, , , Claudia Sahm, Sahm, Elizabeth Crofoot, Alicia Wallace, Jerome Powell, ” Crofoot, ” Michael Gapen, Matt Egan, weren’t, ” Truist’s Keith Lerner, they’ll, hasn’t, ” Chris Rupkey, Alan Blinder, Paul Krugman Organizations: New, New York CNN, Federal Reserve, Fed, Bloomberg, Bank of America, Dow, Nasdaq, Wall, Investors, Labor, Citigroup, JPMorgan Locations: New York, decelerate, American
1 way to save money on your wedding is to cut the guest count," Shane McMurray, CEO and co-founder of The Wedding Report, recently told CNBC. "What we saw was that the pandemic gave people permission to have a tiny wedding," Miller said. In 2023, the average guest list was 134, The Wedding Report found. Here are ways experts suggest reducing your wedding guest list without cutting ties with family and friends in the process:1. Choosing a more intimate venue with a smaller capacity can help you maintain a solid guest list limit, experts say.
Persons: Victor Dyomin, Shane McMurray, Lauren Miller, Miller, Jessica Bishop, that's, Shannon Tarrant, Tarrant, Bishop, We're, Shannon Underwood, Underwood Organizations: CNBC, Washington , D.C, Finance, Wedding Merchants Business Academy Locations: Washington ,, Baltimore , Maryland, Florida, Orlando , Florida
Fast-food chains removed many popular menu items during the COVID-19 pandemic. In 2020, restaurants streamlined menus to focus on popular items and ease employee workload. AdvertisementThe COVID-19 pandemic brought about many changes in the fast-food industry, including the removal of multiple fan-favorite menu items. In 2020, fast-food restaurants opted for shortened menus that focused more on chains' most popular items to streamline working conditions for their employees. McDonald's and Taco Bell both overhauled their menus during the pandemic, while other chains chose to discontinue a few items due to changing tastes.
Persons: Taco, Organizations: Taco Bell, Service, Business
At 23, Denae McGaha had a choice: She could spend her entire savings moving to New York City, or she could take a teaching job halfway across the world. Within weeks of submitting her application, McGaha landed a job teaching English to kindergarteners. In August 2017, she quit her barista gig and moved to Budapest. Landing a remote job abroadMcGaha's teaching contract included a furnished one-bedroom apartment in Budapest, with a monthly stipend to help cover rent and utilities. In 2021, she was hired as a remote digital marketing strategist at Consumer51, a marketing agency based in Philadelphia.
Persons: Denae McGaha, McGaha, I'd, she's, , hasn't, Ridhwan Rafi Organizations: LinkedIn Locations: New York City, Europe, Whidbey, Washington, New York, Budapest, Hungary, Covid, Budapest's 5th, Instagram, Philadelphia, U.S, Seattle
Tucked between the towering Blue Mountains and azure Caribbean Sea, the White Witch Golf Course is 6,758 yards of green serenity in one of Jamaica's bubbliest resort towns. Rose Hall Developments Rose Hall Great House is the jewel in the estate's crown, a plantation mansion that had fallen into ruin before American businessman John Rollins purchased the 7,000-acre plot in the 1960s and restored the building to its colonial-era opulence. Rose Hall DevelopmentsAnnie supposedly murdered her husband to assume ownership of Rose Hall, which she went on to run with an iron fist. You can’t miss it.”Palmer's ghost is said to roam the fairways of the White Witch golf course on horseback. The White Witch course – which had cost some $8.5 million to build – was forced into contingency planning, but rebounded over the subsequent decade.
Persons: Johnny Cash, Rose, Annie Palmer, , Cash, Cinnamon, ” Cash, Rose Hall, White, John Rollins, Rollins, Edward Burke, Anna Nordqvist, Kevin C, Cox, Usain Bolt, James Bond superfans, Roger Moore, Bond, Baron Samedi, Keith Stein, Stein, it's, Palmer, Baron, James Bond, Annie Mary Paterson, Paterson, John Palmer, Hall, Hall Developments Annie, ” Stein, Takoo, Playtime, , Benjamin Radford, Radford, Rose Hall’s, ” Radford, can’t, , Waddell, James Castello, Herbert G, Geoffrey S, Yates, Rosa Palmer, Kelly, née Paterson, ” Palmer, “ She’s, “ it’s Organizations: CNN, Rose Hall Great House, Rose Hall, Rose, Rose Hall Developments Rose, Great, Jamaica LPGA, White Witch, Hall Developments, Inquirer, Jamaica Archives Locations: Caribbean, Montego Bay, American, Swedish, Toronto, Montego, Haiti, British, , Jamaica, Delaware, Palmyra, Bonavista, Jamaican, , Inverness
It's emblematic of our flexible post-pandemic world, which has allowed remote working arrangements to thrive. Moving forward, the former Zoom CMO believes that developing in-person relationships and a strong company culture can support the effectiveness of remote work. Pelosi said online meetings are more structured than a coffee chat or desk-side discussions in the office. AdvertisementBecause the video meetings are transactional and set up for a specific purpose, they're dealt with swiftly. This could help drive company culture and strengthen relationships in a world overcrowded with online meetings.
Persons: , Janine Pelosi, Pelosi, she's, it's Organizations: Service, Neat, Business, Zoom CMO, BI, Technology Locations: California, Oslo, Norway
As families shop for school supplies, how should they prepare for the spread of viruses and other diseases? Dr. Leana Wen: Historically, respiratory illnesses peak later in the year when the weather gets cooler. CNN: As families shop for school supplies, should they also pick up Covid tests or medications to treat respiratory illnesses? Despite using these and other preventive measures, it’s likely that kids will contract respiratory viruses many times during the school year. Which means adults would also do well to prepare for what happens if we get sick — and take preventive measures accordingly, too.
Persons: CNN — It’s, Leana Wen, Wen, It’s Organizations: CNN, George Washington University, US Centers for Disease Control, CDC, Getty Locations: United States
At the National Association of Black Journalists' annual convention in Chicago on Wednesday, former President Donald Trump said inflation and high interest rates are "destroying our country." The Republican presidential nominee said if elected, he would "bring interest rates way down." The president, however, exerts no direct control over interest rates. The Federal Reserve sets interest rates, and it operates independently of the White House. Once that rate comes down, consumers may see their borrowing costs fall as well.
Persons: Donald Trump, Harris, Kamala Harris Organizations: National Association of Black Journalists, Republican, Federal Reserve, White, Federal, Finance Locations: Chicago , Illinois, U.S, Chicago
It's the culmination of years of fine-tuning over successive Olympic Games — as this timeline shows. The Olympic Games are perhaps the world's best-known sporting competition, broadcast to billions worldwide. Here's how 5G capabilities have progressed at the Olympic Games since 2018, starting with a small trial at the 2018 Winter Olympics in Pyeongchang, South Korea, and expanding to today's Games-wide connectivity experience. The companies jointly developed the 5G network at what organizers called "the most innovative Olympic Games ever." Beijing Winter Olympics 2022China has long been an innovator of mobile technology, and the 2022 Winter Olympics in Beijing proved no exception.
Persons: , Markus Nispel, Mario Reis, Orange, Bertrand Rojat, Rojat Organizations: Paris, Service, Olympic, Extreme Networks, Europe, Olympic Games, today's, KT, Korea Telecom, Sync, Tokyo, Intel, NTT Docomo, Tokyo Games, Olympic Broadcasting Services, Games, Paris Olympic Locations: Paris, Africa, Pyeongchang, South Korea, Tokyo, Beijing, China, Orange
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