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Workers at the construction site of resettlement housing in Huai 'an city, Jiangsu province, China, June 17, 2024. Cfoto | Future Publishing | Getty ImagesAsia-Pacific markets started the day mixed as investors awaited China's one- and five-year loan prime rates. The one-year loan prime rate serves as a benchmark for most corporate and household loans, while the five-year rate serves as a peg for property mortgages. The one-year LPR currently stands at 3.45%, while the five-year LPR is at 3.95%. Japan's Nikkei 225 and the broad-based Topix started the day with losses of 0.28% and 0.12%, respectively.
Persons: Huai, LPR, Korea's Kospi, Topix, Australia's Organizations: Getty, People's Bank of China, Nikkei, Reuters Locations: Jiangsu province, China, Asia, Pacific
The landscape is being supported in large part by fans and donors, who can contribute money through organizations known as "collectives" that facilitate NIL activities. NIL collectives typically raise money from fans and other donors to compensate student-athletes in exchange for meet-and-greets, guest appearances, and autographs. AdvertisementMore changes are coming to disrupt the NIL landscape in college sportsStartups are also trying to disrupt the donor model in college sports. Donors can also see that their money will go straight to the athlete when that athlete chooses the donor's selected school. AdvertisementBut ultimately, bigger changes may be coming to relieve some of the onus on fans and donors.
Persons: , NBA Hall of Famer Charles Barkley, Barkley, Dan Dakich, I've, Janet Moreira, Moreira, Opendorse, Brady Keller, Opendorse's, Keller, Kyle Bjornstad, We've, Bjornstad, doesn't, Tina Provost, hadn't, " Moreira Organizations: Service, NBA Hall of Famer, Business, Auburn University, Caldera Law, Collective, NCAA Locations: Oregon
How companies across the market are deploying AI tools
  + stars: | 2024-06-20 | 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 EmailHow companies across the market are deploying AI toolsCNBC's Steve Kovach joins 'The Exchange' with details from CNBC's latest Technology Executive Council survey on corporate AI spending and how the market is deploying tools for the enterprise.
Persons: Steve Kovach
Kaspersky Internet Security software is seen at the store in Krakow, Poland on December 30, 2021. A spokesperson for the Commerce Department declined to comment, while Kaspersky Lab and the Russian Embassy did not respond to requests for comment. Previously, Kaspersky has said that it is a privately managed company with no ties to the Russian government. The new restrictions on inbound sales of Kaspersky software, which will also bar downloads of software updates, resales and licensing of the product, kick in on Sept. 29, 100 days after publication, to give businesses time to find alternatives. If it only adds the Russian entity, the impact will be largely reputational.
Persons: Biden, Trump, Kaspersky, Donald Trump Organizations: Commerce Department, Russian Embassy, Biden, Department of Homeland Security, Kyiv, U.S, Reuters, Piaggio, Qatar Olympic Committee Locations: Krakow, Poland, United States, U.S, Russian, Moscow, Ukraine, Russia, China, New U.S, Massachusetts, Spain
CNN —Two Pulitzer Prize-winning journalists at The Washington Post went on the record late Wednesday, calling for leadership change at the storied newspaper as questions swirl over the integrity of its new publisher and chief executive, Will Lewis. “Will Lewis needs to step down for the good of The Post and the public,” Higham replied in a comment on Maraniss’ post. “He has lost the newsroom and will never win it back.”Spokespersons for Bezos and The Post did not immediately comment. Inside The Post’s newsroom, morale has plunged as staffers express alarm over Lewis’ conduct and worries over the future direction of the newspaper under his leadership. “Bezos must recruit an accomplished, experienced editor whom journalists admire and trust.”
Persons: Will Lewis, , ” David Maraniss, ” Maraniss, Jeff Bezos, Lewis, ” Scott Higham, Maraniss, “ Will Lewis, ” Higham, , Lewis ’, Robert Winnett, Rupert Murdoch’s, David Folkenflik, ” Lewis, Bezos, ” Bezos, Jeffrey Sonnenfeld, Sonnenfeld, Katharine Graham, Ben Bradlee, Marty Baron, ” Sonnenfeld, “ Bezos Organizations: CNN, The Washington Post, The, New York Times, NPR, Post, Yale School of Management
Stifel raised its price target on Nvidia to $165, implying more than 20% upside. Analyst Andrew Boone also set a price target of $38, corresponding to a nearly 22% increase from Tuesday's close. — Lisa Kailai Han 6:06 a.m.: Stifel raises its price target for shares of Nvidia Stifel raised its price target for Nvidia in a recent note. Roy added that his new price target was also based on his new earnings estimate for the fiscal year 2027. — Lisa Kailai Han 6:06 a.m.: KeyBanc raises Meta Platforms price target Strong ad momentum will drive more gains for Meta Platforms shares, according to KeyBanc.
Persons: Stifel, Piper Sandler, Kumar, Harsh, — Lisa Kailai Han, Andrew Boone, Life360, Boone, Nvidia Stifel, Ruben Roy's, Roy, Lisa Kailai Han, Justin Patterson, Patterson, Meta, Fred Imbert Organizations: CNBC, Nvidia, Devices, AMD, Life360, Automotive, Meta Locations: Tuesday's, Meta
High interest rates hit corporate investment in tech
  + stars: | 2024-06-20 | 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 EmailHigh interest rates hit corporate investment in techAlmost half of companies say their pace of tech spending has slowed over the past year due to high rates, according to a new CNBC survey.
Organizations: CNBC
Many NEETs are listless, struggling through tough economic times, living off loans, and losing hope of retirement or buying a house. Voluntarily idleSome Gen Zers struggle to find a job or stay in work or education, earning the nickname "disconnected youth." But some Zoomer and millennial NEETs are happy to wait out unemployment for the right career path. Advertisement"It reveals how much shame in guilt is built into our every day lives," Pitcher told BI of being a NEET. This gives him faith that things will be OK, he told BI.
Persons: , Zers, Louis, Morgan Pitcher, Pitcher, Leonie, Lukas, James Watts, Gen Zers, Watts, Laurie Cure, Darrin Murriner, Murriner Organizations: Service, International Labour Organization, Business, Gallup, St, Louis Federal Reserve's Institute for Economic Equity Locations: Vancouver
AI is replacing human tasks faster than you think
  + stars: | 2024-06-20 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
That’s in addition to creative tasks for which some businesses are already relying on ChatGPT and other AI chatbots to assist, including crafting job posts, writing press releases and building marketing campaigns. The findings show companies are increasingly turning to AI to cut costs, boost profits and make their workers more productive. Nearly 60% of all companies (and 84% of large companies) surveyed said that over the past year they have already leaned on software, equipment or technology including AI to automate tasks employees previously did. Bosses are turning to AI for a variety of reasons, including to trim what they are spending on human workers. Human jobs will be replaced — but will be replaced by other humans using AI,” he said.
Persons: ” Duke, John Graham, Duke, , Graham, , Reid Hoffman, ” Hoffman, Janet Yellen, Democratic Sen, Gary Peters, ” Graham Organizations: New, New York CNN — Corporate, Duke University, Federal Reserve Bank of Atlanta, , CNN, Survey, Atlanta Fed, LinkedIn, Democratic, Homeland Security, Government Affairs Committee Locations: New York, That’s, ChatGPT
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSupreme Court rejects challenge to tax on foreign corporate investmentsCNBC's Eamon Javers joins 'Squawk on the Street' to report on the latest news.
Persons: Eamon Javers
U.S. stock futures hovered near the flatline Thursday night after the S&P 500 briefly climbed above 5,500 for the first time. Futures tied to the Dow Jones Industrial Average inched lower by 3 points, or 0.01%.S&P 500 futures were unchanged, and Nasdaq 100 futures advanced 0.07%. In Thursday's regular session, the S&P 500 closed 0.25% lower. At its highs of the day, the broad market index was up by as much as 0.34%, reaching 5,505.53. The S&P 500 is tracking for a roughly 0.8% advance, while the Nasdaq is up 0.2%.
Persons: Dow, Jamie Cox Organizations: Dow Jones, Nasdaq, Nvidia, Microsoft, Harris Financial
Among companies spending on AI, roughly four times as many are investing in employee-facing AI projects rather than customer apps, the survey also found. Sixty percent of the select group of companies responding to the survey described generative AI as critically important to their business, and artificial intelligence is the single-largest technology spending budget line item for the next year at 44% of companies. Cleaning up the vast amount of data already stored on a corporate enterprise is a process that could take a few years. "A lot of the spending on gen AI today does feel like it's more about prioritizing spending ... clients are focused on transforming using technology, data and AI, so a lot of what's driving our sales is getting ready for AI. We're seeing a lot of modern platforms being put in place because if you can't access your data, you're not going to be able to take advantage of AI," Sweet said.
Persons: Charles Giancarlo, Julie Sweet, Sweet Organizations: CNBC Technology, CNBC, Accenture
The big storyEmerging markets have been on tenterhooks for the better part of this year as the Federal Reserve has been dangling the prospect of an interest rate cut. Historically, as U.S. interest rates fall, the allure of the mighty dollar fades to the benefit of other currencies. Indeed, unlike most developed economies, India's interest rate regime in 2024 isn't any different from that of 2018. There lies the disconnect between the economy, the stock market, and a single stock. Non-bank lender Akme Fintrade India and engineering firm DEE Development Engineers will debut on the stock market on Wednesday.
Persons: Sumant Sinha, we've, Sinha, It's, Fitch, Rahul Jain, Goldman Sachs, Jake Sullivan, Modi, Narendra Modi, CNBC's Charmaine Jacob, Raamdeo Agrawal, CNBC's Tanvir Gill, Jain Organizations: Bloomberg, Getty, Federal Reserve, India Inc, Nasdaq, Reserve Bank of, U.S, Societe Generale, Goldman, Clean Energy, CNBC, Motilal Oswal Financial Services, of India, Bangladesh, Australia, DEE Development Engineers Locations: Tuticorin, India, Reserve Bank of India, Japan, Britain, Delhi
In a recent Businessolver survey, 52% of CEOs said their workplace culture was toxic. AdvertisementCEOs are having a hard time, tooBusinessolver also found that many corporate chiefs are struggling with their own mental health challenges. Fifty-five percent reported having had mental health issues in the past year, a jump of 24 percentage points. Those challenges haven't necessarily translated to a change in how those with mental health concerns might be perceived inside organizations. AdvertisementBeyond that, the fix could involve looking at what workers say will help their mental health.
Persons: , they're, Rae Shanahan, Shanahan, Gen Zers, Businessolver Organizations: Service, Business,
Investor support for Toyota Motor’s longtime leader, Akio Toyoda, sank to its lowest level since he took the helm as shareholders challenged the extent of control he exerts over the company. According to a filing released on Wednesday, 71.9 percent of shareholders supported renominating Mr. Toyoda as chairman of Toyota’s board. That met the threshold required for re-election, but it was the lowest level of support for him since at least 2010, after Mr. Toyoda’s first full year as chief executive. Ahead of Toyota’s shareholder meeting on Tuesday, The New York Times reported that several big investors planned to vote against Mr. Toyoda’s reappointment. Traditionally in Japan, board members receive nearly unanimous support from shareholders, and Mr. Toyoda, whose grandfather founded the company, has gotten an average approval of more than 96 percent over the past decade.
Persons: Akio Toyoda, Toyoda, Toyoda’s, Toyoda’s reappointment Organizations: Toyota, The New York Times Locations: Japan
New York CNN —Families that lost loved ones in two Boeing 737 Max crashes said on Wednesday that the company committed the “deadliest corporate crime in US history” and asked the Justice Department to fine the company the maximum $24 billion it could face in a criminal trial. The families wrote to the Department of Justice asking for the fine as the US government considers criminal prosecution of Boeing. The letter also asks the Justice Department for an independent corporate monitor to oversee Boeing’s safety measures and to direct it in its efforts to improve its quality. The 2021 deferred prosecution agreement that Boeing reached with the Justice Department was harshly criticized by the family members and some members of Congress at that time. Boeing agreed to pay $2.5 billion, but most of that money - $1.77 billion – was paid to the airlines that owned the grounded planes, money that Boeing had already agreed to pay.
Persons: Max, Dennis Muilenburg, , Paul Cassell, , Dave Calhoun, – CNN’s Evan Perez Organizations: New, New York CNN, Boeing, Justice Department, Department of Justice, The Justice Department, Department, Alaska Airlines, DOJ, Republican, Democratic, FAA Locations: New York, Indonesia, Ethiopia, Alaska
Ron, a 76-year-old based in California, always leaves his ride-hailing driver a 20% tip unless they are a "complete jerk," he told BI. AdvertisementShould Uber and Lyft drivers always get tips? Rob Schlegel, a journalist turned real-estate agent in Las Vegas, tries to always tip his Uber or Lyft driver the highest suggested amount for each ride. The reasons people do or don't tip their Uber and Lyft drivers can be complicated. According to Gridwise data, roughly 30% of US Uber drivers drove at least 25 hours a week in the first quarter of 2024.
Persons: , Valerie, haven't, Rob Schlegel, he's, Uber, Kellie Smith, Smith, it's, Carla Bevins, Bevins, DoorDash, Lillian, Lyft, Caroline, she's, Dee Dee, Carrie, It's, Bryan Organizations: Service, Business, Carnegie Mellon University, Uber, BI, Gridwise Locations: California, Las Vegas, Washington, US, Hampton Roads , Virginia
Millennials are losing their cool
  + stars: | 2024-06-19 | by ( Emily Stewart | ) www.businessinsider.com   time to read: +16 min
Millennials may not be there yet on pants, or at least that's what I, as a millennial, tell myself. The internet is fueling the millennials vs. Gen Z discourse, but underlying it is something deeper: millennials raging against the dying of the light. "It's really beneficial for brands that at least the online discourse has millennials looking to Gen Z for trends. The nature of internet culture, much of which was created by millennials, puts a unique bent on the discourse and how creators and influencers address millennials. Gen Z, be nice to your friendly millennial next door, and vice versa.
Persons: we're, We're, Valeria Penttinen, Julie Erickson, , Erickson, Michael Miraflor, Hannah Grey, Justin Timberlake's, Claire Tassin, Jean Twenge, Gen X, Silents, they're, X, It's, Penttinen, millennials, Harley Block, Joel Steckel, I'm, that's, Devon Price, Price, Twenge, it's, Miraflor, Gwen Stefani, Martha Stewart, Alpha, Gen, They'll Organizations: Northern Illinois University, Morning, New York University, Starbucks, Loyola University Chicago's School, Professional Studies, Sports Illustrated Locations: Toronto, America
But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef & Arpels, and Piaget, is having a moment. "All of this favors the most established brands: Cartier and Van Cleef." Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef.
Persons: , Louis Vuitton, Bernard Arnault's, Van Cleef, Piaget, outperforming LVMH, Saint Laurent, It's, Cartier, Chiara Battistini, it's, Gucci, Arnault, Johann Rupert, Rupert, Richemont, Fflur Roberts, HSBC's Rambourg, Diana —, Tim Graham, Jelena Sokolova, Morningstar, Rambourg, Euromonitor's Roberts, Van, Keith Tsuji, Sokolova, Cleef, Nicolas Bos, — Bos, Nicholas Bos, Jared Siskin, I've, What's, JPMorgan's Battistini, Bos, Porter Organizations: Service, LVMH, Business, Cartier, Gucci, HSBC, Google, JPMorgan, Credit Suisse, Deloitte, Local, Art Basel, McKinsey, Prada Locations: Switzerland, China, Euromonitor, Hong Kong, Macau, Art Basel Hong Kong, Asia
"It was a small little dream that we had to open one cute, quaint, cozy coffee shop and café," owner Elisa Marshall told CNBC. AdvertisementIt was "a lot of sacrifice," Sormonte told CNBC, and "a lot of sweat and tears and love." Marshall told CNBC that they chose the name with the intent to create "the feeling of warmth and home." They struck a deal in 2020 with a private equity firm for "between $10 million and $20 million," CNBC reported. They also do catering and rent their café spaces for events — which together account for about 20% of Maman's yearly revenue, Marshall told CNBC.
Persons: , Elisa Marshall, Maman, Marshall, Benjamin Sormonte, Sormonte Organizations: Service, CNBC, Business, Marshall, New York Magazine Locations: York, Canada, Manhattan, New York, Marshall, Spain, Ibiza, Southern France, Toronto, Sormonte
New York CNN —For all the mistakes and safety problems Boeing has managed under CEO Dave Calhoun’s watch — resulting in a dozen corporate whistleblowers, multiple groundings and a chunk of a plane’s fuselage literally blowing off in midair — virtually no one has held him to account. But when pressed on taking personal responsibility, Calhoun deflected, over and over. “I am proud of every action we have taken,” Calhoun said when pressed by Hawley on how he could possibly be proud of Boeing’s safety culture. “I don’t think the problem’s with the employees, actually, I think the problem’s with you. It’s the C-suite, it’s the management, it’s what you’ve done to this company,” Hawley said.
Persons: CNN Business ’, Dave Calhoun’s, lavishing, Calhoun, Republican Sen, Josh Hawley, Boeing’s machinists, hasn’t, , ” Calhoun, Hawley, ” Hawley, they’re, Democratic Sen, Richard Blumenthal didn’t, you’ve, ” Blumenthal, “ I’m, ” Richard Aboulafia, Chris Isidore, ” Aboulafia, Organizations: CNN Business, New York CNN, Boeing, Airbus, Republican, Democratic, , Federal Aviation Administration, Department, Consultancy Locations: New York
A vast majority of US companies are adopting generative AI tools, according to a new Bain survey. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBusinesses are embracing generative AI at an unusually fast pace. Half were tech companies while the rest were spread across retail and consumer goods, manufacturing, healthcare, and financial services. Here are the highlights:This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Bain, Service, Bain & Company, Business
NextEra Energy stock fell nearly 5% in early trading Tuesday after announcing a plan to sell $2 billion in equity units to finance power projects as electricity demand rises and to pay back debt. The Florida-based power company, which operates the largest portfolio of renewable energy in the U.S., will issue equity units for $50, which will serve as a contract to purchase shares no later than June 1, 2027. The utility sector has gained about 8.5% over the past three months, outpacing the 6.2% gain by the S&P 500. But the utility space has cooled off over the past month, with NextEra falling 5% over that period. About 71% of Wall Street analysts rate NextEra as the equivalent of buy, while 24% have put a hold on the stock and 4.8% have recommended that investors sell.
Persons: NextEra, Goldman Sachs, Goldman, Carly Davenport Organizations: Energy, Energy Capital Holdings, UBS, Wall Street Locations: Florida, U.S
In order to avoid economic catastrophe, he argued, people should save more money and work longer. The current Social Security retirement age is 67, but most Americans depart the workforce earlier than that. For one, many older people cannot work because of a disability or because they need to care for someone else with a disability. And some older workers have heard all the corporate buzzwords and blather before, so they don't buy into management's sloganeering, rendering them "difficult." He's asking people who have not yet retired to work longer than their elders did and to save even more money, without changing the systematic barriers to either.
Persons: Larry Fink, behemoth BlackRock, Fink, Daniel Ross, Ross, he's, Emily Dickens, SHRM's, We've, Stacie Haller, Patrick Button, Button, ResumeBuilder.com, Gen, we've, Mother Jones, Lilly Organizations: Social Security, Lawyers, Society, Human Resources Management, US Chamber of Commerce, Tulane University, IBM, Employment, Commission, Scripps Medical Clinic, Employers Locations: Down, Texas, Austin, San Diego
I've heard people say Gen Z doesn't know how to dress for the workplace. Gen Z fashion is fun and quirky, and we're into self-expression. 40% of Gen Z and millennial consumers say that environmental impact is an extremely or very important factor when purchasing. People in my industry tend to have colorful or eclectic ways of dress, and I don't have a problem with that. AdvertisementIf older generations want to dress in more traditional business attire, it's none of my business.
Persons: , Maya Penn, I've, Penn, It's, We're, Zers, I'm, Z, Gilberto Tadday, there's, haven't, we're Organizations: Service, Business, Fortune, Penn Locations: Atlanta, TEDWomen, Etsy, California
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