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New data found Instagram reels is surging ahead of TikTok in countries like the US, Japan, and Spain. TikTok and Instagram have been competing in short-form video for years. AdvertisementWhen Meta launched its short-form video feature reels on Instagram in 2020, it faced stiff competition from TikTok for people's attention. Today, reels seem to be winning the popularity crown among social-media users, two separate studies published in the past month have found. 37% of Instagram users now use reels daily, and 78% engage with it monthly, Morgan Stanley found based on a March survey of around 2,000 US-based consumers over the age of 16.
Persons: , Morgan Stanley Organizations: Service, Meta, Business Locations: TikTok, Japan, Spain
President Biden’s new student loan repayment plan was hobbled on Monday after two federal judges in Kansas and Missouri issued separate rulings that temporarily blocked some of the plan’s benefits, leaving questions about its fate. That means the Biden administration cannot reduce borrowers’ monthly bills by as much as half starting July 1, as had been scheduled, and it must pause debt forgiveness to SAVE enrollees. The administration has canceled $5.5 billion in debt for more than 414,000 borrowers through the plan, which opened in August. If you’re among the eight million borrowers making payments through SAVE — the Saving on a Valuable Education plan — you probably have many questions. Here’s what we know so far, though the Education Department has yet to release its official guidance.
Persons: Biden’s, Biden Organizations: Republican, Education Department Locations: Kansas, Missouri
But media companies such as Netflix, Disney and Warner Bros. Those competing truths have led media and entertainment companies to concoct a wide array of strategies to combat the growing threat. John Lamparski | Getty ImagesEarlier this year, YouTube Chief Executive Officer Neal Mohan announced that users watch more than 1 billion hours of YouTube content on TV screens each day. Disney has made bespoke YouTube content for its new preschool series "Disney Junior's Ariel," which debuts June 27, to introduce the mermaid character to kids. That's YouTube 2.0."
Persons: Rich Greenfield, it's, Tara Walpert Levy, Nielsen, John Lamparski, Neal Mohan, Michael Nathanson, Kevin Mayer, Disney, Brittany Broski, LightShed's Greenfield, isn't, John Keeble, Mayer, That's, Ariel, Winnie, " Mayer, NBCUniversal, NBCUniversal's, Nathanson, MrBeast, Jimmy Donaldson, Monica Schipper, we've, Broski, David Livingston, incentivizes, Michelle Khare, Gilbert Flores Organizations: Alphabet's YouTube, Hollywood, YouTube, it's, Netflix, Disney, Warner Bros, Getty, Google, Comcast, Media, ExCel, Entertainment, Bloomberg, Amazon, Nickelodeon, HBO, Penske Media Locations: U.S, , York, Hollywood, London, That's, Los Angeles, Brittany, Anaheim , California, AdSense
Read previewAs St. Louis continues its guaranteed basic income pilot, two residents are suing to cut the program's funding. The plaintiffs, Greg Tumlin and Fred Hale, are both St. Louis residents. Adam Layne, the St. Louis city treasurer, previously told BI that St. Louis residents have primarily used their $500 a month to pay bills. BI reached out to the city of St. Louis and St. Louis Guaranteed Income for comment, but the parties did not respond by the time of publication. States like South Dakota, Arizona, and Iowa, Republican politicians have also brought basic income bans to the state legislature.
Persons: , Louis, Greg Tumlin, Fred Hale, Tumlin, Adam Layne, Louis GBI, Joe Biden's, Jack Dorsey, St, Ken Paxton, Attorney Christian D Organizations: Service, Business, ARPA, BI, Texas Supreme, Attorney Locations: Missouri, state's, Louis, St, Texas, Harris, Harris County, Houston, States, South Dakota , Arizona, Iowa
Learn moreA little over a week after the NBA Finals concluded, the NBA Draft is here in preparation for next season. Below, we've compiled everything you need to know about where to watch the NBA Draft, including US and UK options. Keep reading to learn how to tune in live to the NBA Draft, whether you have cable or want to live stream the event. Where to watch the NBA Draft in the USThe NBA Draft is spread across two days: Wednesday and Thursday. How to watch the NBA Draft from anywhereIf you are traveling away from home during the NBA Draft, you can keep up with your subscriptions using a VPN.
Persons: Donovan Clingan, Purdue Center Zach Edey, Zaccharie Risacher, Alex Sarr, LeBron James, Bronny James, There's, ExpressVPN Organizations: Business, NBA, US, Barclays Center, Atlanta Hawks, UConn, Purdue Center, Los Angeles Lakers, ABC, ESPN, MLB, NHL, NFL, UFC, Hulu, Disney Plus, Sling, ESPN2, ESPN3, Sky Sports Locations: Brooklyn, Manhattan
The S&P 500 could crash 48% when the bubble in stocks pops and a recession hits, Paul Dietrich said. The elite strategist pointed to a massively overvalued market and cracks in the economy. AdvertisementThe S&P 500 could be cut in half when the stock-market bubble pops and the US economy sinks into recession, Paul Dietrich says. He attributed that to institutional investors buying the haven asset as they expect a "major correction or stock market crash due to our wildly overvalued stock market and a slowing underling economy." The Wall Street veteran is one of several top forecasters predicting pain for stocks and a recession ahead.
Persons: Paul Dietrich, Dietrich, , Riley Wealth, Warren Organizations: Service, Microsoft, Nvidia, Federal Reserve, Wall
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Amazon CEO, Andy Jassy speaking with CNBC's Jim Cramer on Mad Money in Seattle, WA.
Persons: Jim Cramer, Jim Cramer's, Jim, Andy Jassy, CNBC's Jim Cramer, Mad Organizations: CNBC, Apple, Netflix, Federal Reserve, Web Services, Micron, Jefferies, Walgreens, McCormick, Jim Cramer's Charitable, Amazon Locations: Seattle , WA
Cody Gude was counting the seconds until July when his monthly student loan payment was scheduled to drop to $100 from $200. But then he saw headlines on Monday that major parts of the Saving on a Valuable Education, or SAVE, plan were on pause. The U.S. Department of Justice is expected to appeal the preliminary injunctions, but for now, millions of student loan borrowers are disappointed and angry that they won't see the relief they expected in just a matter of days. Gude's student loan servicer, Nelnet, already updated his monthly bill to reflect the lower amount. (Under SAVE, many borrowers pay just 5% of their discretionary income toward their debt each month instead of the previous 10% requirement, and millions of borrowers have a $0 monthly payment.)
Persons: Joe Biden, Education Secretary Miguel Cardona, Cody Gude, servicer, Gude Organizations: Education Secretary, White House, Valuable Education, Biden, U.S . Department of Justice, Finance, Social Security Workers Locations: Washington , DC, Tampa , Florida, Kansas, Missouri
As a single mom, a big reason I became a teacher was so that I would be on the same schedule as my son. I wanted to spend as much time with my son as possible, but I was also on a budget. After the monthly bills, I didn't have a lot of money left over for extracurriculars or expensive trips during our summer breaks. Courtesy Ashley ArchambaultI took friends up on generous offers to give my son summer vacationsIn order to travel a little farther, I looked again to our loved ones. My son got to fly on a plane, go canoeing on the lake, and camp out in a tent.
Persons: Ashley Archambault, graham Organizations: Service, Business Locations: Vermont
Zumper analyzed median asking rents for apartment listings in the largest 100 U.S. cities by population. Rents have also risen by at least 10% for both one- and two-bedroom apartments in other major metros: Lincoln, Nebraska; Chicago; Buffalo, New York; Madison, Wisconsin; Rochester, New York; and New York City, according to Zumper. What causes rent inflationAt a high level, rent inflation is guided by supply-and-demand dynamics, said Crystal Chen, an analyst who authored the Zumper analysis. Basically, areas with fast-growing rents are seeing demand outstrip the supply of available apartments, while those with falling rents have seen their apartment inventories growing. Rent inflation has fallen substantiallyRent inflation plummeted in the early days of the Covid-19 pandemic.
Persons: Jamie Kelter Davis, Zumper, Crystal Chen, Eric Adams, Fitch, Chen Organizations: Bloomberg, Getty, New, New York City Department of Housing Preservation, Development, Finance, York City Locations: Chicago, U.S, Syracuse , New York, Lincoln , Nebraska, Buffalo , New York, Madison , Wisconsin, Rochester , New York, New York City, Oakland , California, Memphis, Chattanooga , Tennessee, Cincinnati , Ohio, Colorado Springs , Colorado, Irving , Texas, Jacksonville , Florida, Raleigh, Greensboro, Durham , North Carolina, New York, Akron , Ohio, Wichita , Kansas, York
Nvidia’s fall to earthIt looks like another volatile day for Nvidia shareholders. And given the company’s enormous influence on the entire S&P 500, they may not be the only investors facing big swings. It closed Monday down roughly 16 percent from its intraday high on Thursday, shedding more than $550 billion in value — roughly the size of Tesla’s market capitalization — offering the markets a tough reminder that the A.I. Mary Daly, the president of the San Francisco Fed, warned Monday of a slowdown in the labor market hitting the U.S. economy. Another big piece of data comes out on Tuesday: The Conference Board is set to release its monthly consumer confidence index.
Persons: Mary Daly, San Francisco Fed, Organizations: Nvidia, San Francisco
Two federal judges in Kansas and Missouri have temporarily halted significant parts of President Joe Biden's new student loan repayment plan, putting debt relief for millions of Americans in jeopardy. The Monday evening rulings stop the U.S. Department of Education from implementing major provisions of the Saving on a Valuable Education, or SAVE, plan. Until the cases are decided, the Biden administration is prevented from forgiving any more debt under the new income-driven repayment plan and from further reducing borrowers' payments in July, as it planned to. More than 8 million borrowers have enrolled in the SAVE plan since it launched in August. "The Department of Justice will continue to vigorously defend the SAVE Plan," he added.
Persons: Joe Biden's, Biden, Mark Kantrowitz, Education Miguel Cardona, " Cardona Organizations: U.S . Department of Education, Valuable Education, Finance, Republican, Education, Higher, Department, Justice, SAVE Locations: Kansas, Missouri
Locked down and unable to meet neighbors or join community activities, I was now relegated to the couch in a cast. AdvertisementFinding my place in a new community took time, especially during the solitary days early on in the pandemic. How I took charge of making new friendsBefore we moved, we had a large group of friends of all ages. Courtesy Ellen AcconciaI found friends while doing things I cared aboutI love books, and searching for opportunities to help my wider community led me to our local literacy council. AdvertisementI stayed active and found friends who were staying active, tooAfter my ankle healed, I discovered a local gym offering a 30-minute daily workout.
Persons: , Ellen Acconcia, we've, I've, There's, I'm Organizations: Service, Business Locations: North Carolina, Canada, Spain
Container ships are berthed at PSA's Pasir Panjang Terminal in Singapore July 15, 2019. Global port congestion has reached an 18-month high, with 60% of ships waiting at anchor located in Asia, maritime data firm Linerlytica said this month. SEVERE CONGESTIONSingapore, the world's second-largest container port, has seen particularly severe congestion in recent weeks. "The peak season, which traditionally starts in June, was advanced by a full month, causing ocean freight rates to soar." Container freight prices from Asia to the U.S. and Europe have tripled since early 2024.
Persons: Edgar Su, Linerlytica, Yemen's, Jayendu Krishna, Drewry, PortCast, Niki Frank, Dimerco, Jonathan Gold, Judah Levine, Jared Bernstein, Gene Seroka, Peter Sand, Jeslyn Lerh, Lisa Baertlein, Lisa Barrington, Miyoung Kim, Kim Coghill Organizations: REUTERS, Retailers, Ships, Drewry Maritime Advisors, Singapore, Singapore's, Port Authority, Drewry, Keppel, Tuas, Maersk, DHL Global, Asia, Descartes, National Retail Federation, Container, U.S ., of Economic Advisers, U.S, DHL, Thomson Locations: Pasir Panjang, Singapore, SEOUL, SINGAPORE, Asia, Africa, Malaysia's Port Klang, Tanjung Pelepas, Shanghai, Qingdao, China, South Korea, U.S, Europe, U.S . East Coast, U.S . West, of Los Angeles, Los Angeles, Seoul
Monday's district court rulings were different, but both dealt blows to the SAVE plan. AdvertisementEducation Secretary Miguel Cardona condemned the rulings on Monday, saying in a statement that "the Department of Justice will continue to vigorously defend the SAVE Plan." "While we continue to review these rulings, the SAVE plan still means lower monthly payments for millions of borrowers - including more than 4 million borrowers who owe no payments at all, and protections for borrowers facing runaway interest when they are making their monthly payments," he added. "All of this is to ask why: if these parts of the SAVE Plan promised an irreparable harm to plaintiffs, why didn't they move to enjoin the SAVE Plan before they took effect?" He also said that even without allowing student-loan forgiveness, the other provisions, like lower payments and limited interest accrual, will still provide relief to borrowers.
Persons: , Joe Biden's, Daniel Crabtree, John Ross, Miguel Cardona, " Cardona, Crabtree, Missouri's Ross, MOHELA, Biden's, Ross, Cardona, Karine Jean, Pierre Organizations: Service, Business, GOP, Department, Justice, SAVE, Republican, Higher, Education Department, Justice Department, White House Press Locations: Kansas, Missouri, Monday's
But even clients who get through the door can be reluctant to park more assets with Citi, according to a wealth advisor. To understand the extent of Citi Wealth's tech woes and the stakes, Business Insider spoke with 14 current and former employees. Andy Sieg took over Citi Wealth in September after leaving Merrill Wealth Management. Citi Wealth clients are losing their patienceCiti receives 27,000 monthly complaints from wealth customers, according to the audit. Getting bank statements emailed is difficult for Citi private bank clients when it's a matter of checking a box at other major banks.
Persons: , Andy Sieg, Roth, Ernst & Young, EY, Merrill Lynch, Sieg, Morgan Stanley, Kris, Wells, Mike Mayo, Jane Fraser, Shadman Zafar, Alois Pirker Organizations: Service, Revlon, Citi, Business, Ernst, Citi Wealth, Merrill Wealth Management, Morgan, Citigroup, Apple, Microsoft, Bankers, Employees, Work, Fidelity, Advisors
Overall, the share of households with life insurance has "steadily" decreased since the early 1970s, according to the NAIC. That said, even as fewer people buy life insurance, "I do think there's a need for it," he added. What type of life insurance to buyThere are two broad types of life insurance: Term and permanent. Permanent life insurance, such as a whole or universal life policy, is meant to last throughout life. How much life insurance to getLuca Sage | Digitalvision | Getty Images
Persons: Knoll, Shapiro, Scott Shapiro, , Luca Sage Organizations: Planning Center . Insurance, Getty, Illinois Department of Insurance, KPMG, Digitalvision
That's how ignorant I was," the 36-year-old single mom told Business Insider. I'm used to working with beginners. That's when I thought, 'OK, I'm really on to something.'" "The first two years of the membership, it wasn't overwhelming but it definitely wasn't passive. "More than the money, I really want to do that because I want to show people what is possible.
Persons: , Liz Wilcox, Wilcox, I'm, she'd, I've, she's Organizations: Service, Google, Business, Netflix, Black, LAX Locations: Destin , Florida
Summer plans may have just been dashed for federal student loan borrowers hoping to see their payments drop in July. Federal judges in Kansas and Missouri issued rulings on Monday on separate lawsuits aiming to block further implementation of President Joe Biden's Saving on a Valuable Education income-driven repayment plan. Some borrowers have already seen their loans forgiven due to the SAVE plan. "The Department of Justice will continue to vigorously defend the SAVE Plan," Secretary of Education Miguel Cardona said in a statement. Borrowers can continue to enroll in the SAVE plan if they haven't already, according to the Federal Student Aid website, which says it will provide more updates soon.
Persons: Joe Biden's, Biden, Education Miguel Cardona, Cardona Organizations: Department, Justice, SAVE, Education, Republican, Higher, Federal, Aid Locations: Kansas, Missouri
We've put together everything you need to know about how to watch CNN, including how to live stream the channel online ahead of the first presidential debate this week. How to watch CNN in the USCNN is available to live stream through several live TV services in the US, including Max, Sling TV, or DirectTV Stream. Sling TV Subscription For just the essentials without any extra fluff, Sling TV is the streaming service you're looking for. Check price at DirecTVHow to watch CNN in the UKCNN streams in the UK through its CNN live website. The presidential debate will also be available to live stream on CNN.com for US viewers, but for anything else, you usually need a TV provider login to access live CNN coverage through the network's website.
Persons: We've, Jake Tapper, Anderson Cooper, Van Jones, Dana Bash, Wolf Blitzer, Max, CNN Max, VPNs, ExpressVPN, Joe Biden, Donald Trump Organizations: Business, CNN, Max, TV, ESPN, Bravo, FX, Sling, DirecTV, DirecTV Stream, Sky
Here's how bad housing affordability is now
  + stars: | 2024-06-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com   time to read: +4 min
Home prices set another record in April, even as mortgage rates rose and the supply of homes for sale increased. Usually, under those circumstances, prices would weaken, but today's housing market is unlike any other in recent history. The housing cost burden has hit a record, according to a new report from Harvard's Joint Center for Housing Studies. Housing supply was already low before the Covid pandemic hit, because homebuilders had yet to recover from the 2008 financial crisis. Then there was a pandemic-induced run on housing, causing supply to drop to record lows for several years.
Persons: Brian Luke, Dow, HJCH, homebuilders, Homebuilders couldn't, Orphe Divounguy Organizations: Mortgage News, Dow Jones, Harvard's, for Housing Studies
Where to watch Chile vs. Argentina in the USChile vs. Argentina will air on Fox Sports 1 (FS1) on Tuesday at 9 p.m. Check price at FuboWhere to watch Chile vs. Argentina in CanadaChile vs. Argentina live streams on TSN in Canada. Where to watch Chile vs. Argentina in the UKIn the UK, the Chile vs. Argentina match will be available through Premier Sports. Where to watch Chile vs. Argentina in AustraliaChile vs. Argentina will live stream on Optus Sport in Australia, where subscriptions start at $24.99 a month. Where to watch Chile vs. Argentina in BrazilThe Chile vs. Argentina game will stream on Globoplay in Brazil.
Persons: we've, Fubo, VPNs, ExpressVPN Organizations: Business, America, Argentina, Copa America, Canada, Fox Sports, FOX, TSN, Premier Sports, Optus Sport, Mexico Copa, TV Azteca Locations: Chile, Argentina, Peru, Uruguay, Canada, Fubo, Canada Chile, Australia Chile, Australia, Brazil, Mexico, Mexico Copa America
The media company first made a name for itself by distributing high-school sports videos, then producing its own shows and operating its own sports leagues. Rutstein, who worked at Adidas and Reebok before Overtime, said the company distinguishes its merch by focusing on quality. Advertisement"When we first started, I said, we're not going to be a media company that just does merch," Rutstein told Business Insider. Advertisement"Through partnerships, we've been able to expand our audience, of course, to these brands that are either legacy or heritage streetwear brands," Rutstein said. Other brands Overtime has partnered with include BAPE, a Japanese clothing brand; PSD Underwear, which makes underwear and activewear; 7-Eleven, a convenience store chain; and Billionaire Boys Club, a fashion label founded by singer-songwriter Pharrell Williams.
Persons: , Tyler Rutstein, Rutstein, we're, SpongeBob, we've, Pharrell Williams, that's Organizations: Service, Paramount, Business, Adidas, Reebok, Billionaire Boys Locations: merch
Two lawsuits filed by Republican-led states argue that the Biden administration overstepped its authority when it implemented the SAVE (Saving on a Valuable Education) repayment plan. Two parts of the SAVE plan will be on pause until the cases are fully litigated. The Biden administration cannot cancel any more federal student debt for borrowers enrolled in the SAVE plan. Under the plan, borrowers qualify for debt forgiveness once they make at least 10 years of payments. The Biden administration will also be blocked from implementing further provisions of the SAVE plan.
Persons: Biden Organizations: Washington CNN, Republican, SAVE, of Education Locations: Kansas, Missouri
She told Business Insider she worked 16 hours a day some days and often worked weekends. Rodriguez told BI they'd been working hard on a new project just before being let go. AdvertisementWith her new business, Rodriguez thought she needed to stay in New York to meet clients in person. She took a solo trip to GreeceRodriguez decided to attend a friend's birthday party in Greece in June 2021. She'd never visited the country before and decided to take a 10-day solo vacation to Greece around the party.
Persons: , Marissa Rodriguez, Rodriguez, she'd, Chris Burch, Wonder, Sofia Vergara, Renata Black's, Greece Rodriguez, She'd, New York —, couldn't Organizations: Service, New York University, Business, C.Wonder Locations: Puerto Rico, Manhattan, New York, Greece, America, Athens, there's, New York City
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