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☆ TikTok 'finfluencers' accurately called the AI rally, but credibility concerns dog them
▼ + stars: | 2024-08-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +5 min

The team then tracked the prices of the recommended stocks from the day the videos were posted up until June 21, 2024. The most profit that an investor could have generated from a single stock would have been Nvidia, which grew 63.08% in the period surveyed. If a person invested $1,000 in every stock recommended in the one video that got the most bets right, the gains would have amounted to $4,860. On the other hand, putting money into all the stocks recommended in the video that got most bets wrong would have led to a loss of $1,517. "Furthermore, a single period coincident result does not translate to a definitive conclusion of predictability in the long run."

Persons: Dado Ruvic, Let's, —, Gerald Wong, Wong, Jeremy Tan, Jiang Zhang, — Zhang, Tan Organizations: Reuters, Nvidia, Qualcomm, Google, Ginkgo, Holdings, CNBC, Tiger Fund Management, Management, Investor Locations: York, Singapore

☆ Instagram is failing to crack down on hate speech against women politicians as elections near, advocacy group says
▼ + stars: | 2024-08-14 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

The non-profit advocacy is analyzing large internet platforms to see if they're properly monitoring their sites for hate speech. The report on Wednesday was based on an analysis of 560,000 comments on Instagram posts from five Republican and five Democratic women politicians with high levels of engagement. In prior election cycles, Facebook has also been a hub for the spread of misinformation and toxic content directed at political candidates. The CCDH researchers then used Instagram's own content reporting tools to flag the 1,000 offensive comments it manually discovered. The report on Instagram comes a few months after a California federal judge dismissed a lawsuit against CCDH by Elon Musk's X.

Persons: Instagram, Kamala Harris, Harris, who's, Alexandria Ocasio, Jasmine Crockett, Marjorie Taylor Greene, Lauren Boebert, Imran Ahmed, Ahmed, CCDH, Joe Biden, Meta, Cindy Southworth, Meta's, Elon Musk's, Mark Zuckerberg, Stef Knight Organizations: Center, Democratic, Republican, Meta, Google, CCDH, Trump Locations: Alexandria, Cortez, Texas, Georgia, Colorado, New Mexico, California, Musk's

☆ China's Huawei is reportedly set to release new AI chip to challenge Nvidia amid U.S. sanctions
▼ + stars: | 2024-08-14 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

Chinese technology giant Huawei is set to challenge Nvidia with a new artificial intelligence chip amid U.S. sanctions that had sought to curb the Chinese tech giant's technological progress, according to a Wall Street Journal report. U.S. regulators in 2022 had slapped restrictions on Nvidia to stop the firm from selling AI chips, including the H100, in China, citing national security concerns. Huawei has been at the center of U.S. sanctions aimed at securing U.S. networks and supply chains. Huawei was then placed on a U.S. trade blacklist in 2019, which banned U.S. firms from selling technology — including 5G chips — to the Chinese tech giant. In 2020, the U.S. tightened chip restrictions on Huawei, requiring foreign manufacturers using American chipmaking equipment to obtain a license to sell semiconductors to Huawei.

Organizations: Huawei, IFA, Nvidia, Wall, Nvidia's, Baidu, China Mobile, Apple, U.S, Intel, Qualcomm Locations: BERLIN, GERMANY, U.S, China

An Arkansas police officer who was caught on video beating a handcuffed inmate in the back of a patrol car has been fired and his case has been referred to prosecutors, the police chief said. Jonesboro Police Chief Rick Elliott fired Joseph Harris on Friday, a day after he was caught on his patrol car video elbowing and punching the handcuffed man and then slamming the car door on his head after the man choked himself with a seatbelt. He was apprehended by Harris and was being returned to the county jail when the assault occurred, Elliott said. I will gather the facts after the fact.”Coram is being detained at the Craighead County Jail on an escape charge and is wanted for extradition to Mississippi, a jail official said. Harris is a defendant in an ongoing lawsuit filed in June over a man who died in the Craighead County Jail this year.

Persons: Rick Elliott, Joseph Harris, Elliott, Billy Lee Coram, Harris, Coram, hadn’t, Coram “, ”, “, ” Harris, Sonia Hagood, Hagood, Cody Brooks, I’m, Harold Copenhaver, “ I’m, ” Elliott Organizations: Jonesboro Police, YouTube, NAACP Locations: Arkansas, Greene, Craighead, Mississippi

☆ A peak boomer fears she can't retire with $2,000 Social Security payments — and may have to move in with her sons
▼ + stars: | 2024-08-13 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Even though her two sons have moved out, she struggles to secure enough to pay her bills and save for the future. She fears that even when she receives about $2,000 a month in Social Security payments in six years, it will not be nearly enough. Related stories"My career path has finally gotten to be decent pay, but it's not great, and I'm still single," Davenport said. Between child support and an increase in work income, her income ended up slightly above the housing assistance cutoff when her kids were growing up. AdvertisementPreparing for the futureDavenport plans to wait until she's 67 to claim her Social Security benefits, which she anticipates will be about $2,000.

Persons: Becky Davenport, —, Davenport, I'm, it's, she's, hasn't, doesn't, spender, we've, She's, wouldn't Organizations: Service, Business, Social, Alaska Permanent Fund, Security Locations: Alaska, Chugiak, Anchorage, East Coast, New Jersey , Pennsylvania, Kentucky

☆ Millennial and Gen Z retirements might actually be OK while boomers and Gen X could struggle. It's due to how savings have changed over time.
▼ + stars: | 2024-08-13 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Assuming no changes to Social Security benefits, 37% of Gen Z and 44% of millennials could experience retirement shortfalls, coming in below 47% of Gen X and 52% of boomers. One 68-year-old previously told BI that she cannot afford to retire and is living off her Social Security and salary. According to the report, only around 28% of US households would face retirement shortfalls if they retire at 70. "You can delay claiming Social Security and get a bigger benefit and inflation-adjusted benefit."

Persons: —, Gen Xers —, Zers, Gen X, X, Spencer, Morningstar, Xers, Gen Organizations: Service, Financial, Morningstar, Social Security, Business, Consumer, Alliance, Lifetime, Pensions

☆ The 10 most affordable U.S. states for retirement in 2024: Half are in the South
▼ + stars: | 2024-08-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For the second year in a row, West Virginia is the most affordable state for retirement in the U.S., according to financial services company Bankrate's best and worst states for retirement report, which published last month. The state's affordability ranking comes from "a low cost of living, low property taxes and affordable homeowners insurance," the report said. West Virginia is followed by Mississippi and Indiana, rounding out the top three. Here are the 10 most affordable states in the U.S. for retirement, according to Bankrate:The report's data came from a variety of sources, including the Tax Foundation and the Council for Community and Economic Research. 1 most affordable stateOn average, West Virginia's cost of living is 9% lower than the rest of the country, according to RentCafe.

Persons: MoneyGeek Organizations: Tax Foundation, Council for Community, Economic Research, Social Security, West Locations: lounging, West Virginia, U.S, Mississippi, Indiana

☆ Trump, Vance double down on call for presidential influence on Fed policy
▼ + stars: | 2024-08-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Joe Raedle | Getty ImagesThe president has no direct control over interest ratesAs it stands, the president exerts no direct control over interest rates. The Federal Reserve sets interest rates, and it operates independently of the White House. Last month, Trump said that if elected he would "bring interest rates way down." Now, however, Trump has cautioned against the Fed lowering rates shortly before the presidential election in November. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates."

Persons: Donald Trump, Joe Raedle, Brett House, Trump, Fed Trump, Jerome Powell, Trump's, reappoint Powell, Powell, Greg McBride, Wells Fargo Organizations: Federal Reserve, White, Fed, Columbia Business School, Reserve Act, Republican, National Association of Black Journalists, Markets, U.S, Bloomberg Businessweek, Fox Business, Barclays Locations: Lago, Palm Beach , Florida, Chicago

☆ Myanmar: Hundreds of fleeing Rohingya reportedly killed in drone strikes as fears mount of ethnic cleansing
▼ + stars: | 2024-08-12 | by ( Avery Schmitz | Helen Regan | ) edition.cnn.com time to read: +9 min

CNN —Renewed fears of ethnic cleansing against the stateless Rohingya Muslim community are mounting after reports that hundreds of people, including women and children, were killed by drone strikes while fleeing violence in Myanmar’s western Rakhine state last week. Witnesses and Rohingya activists told CNN that a series of drone strikes on August 5 hit civilians fleeing fighting and violence in their villages in Maungdaw, northern Rakhine. The displaced families had been waiting to cross the river to Bangladesh at the time of the attack, they said. Forced recruitment of Rohingya men and boys is stoking religious tensions between the Rohingya Muslim and Rakhine Buddhist communities, the report said. “Ethnic Rohingya and Rakhine civilians are bearing the brunt of the atrocities that the Myanmar military and opposition Arakan Army are committing,” said Elaine Pearson, Asia director at Human Rights Watch.

Persons: Rohingya, “, ”, –, …, Orla Murphy, Hasan, Rehman Asad, Mohammad Elias, Elias, ” Elias, Elaine Pearson Organizations: CNN, Arakan Army, AA, Myanmar, United Nations, International Court of Justice, Free Rohingya Coalition, Resource Management, Sans, MSF, “, ” CNN, Bangladesh’s Border Guard Force, Human Rights, Human Rights Watch Locations: Rakhine, Myanmar, Bangladesh, Ma, Maungdaw, Myanmar’s, Muangdaw, Lwin, Rohingya, Cox’s Bazar, Ukhia, Cox's Bazar, “, Buthidaung, Arakan, Asia

☆ 'Record-breaking backlog' leads to $1.1 billion in improper Social Security payments, report finds
▼ + stars: | 2024-08-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

zimmytws | iStock | Getty ImagesThe Social Security Administration faces a "record-breaking backlog" of open cases, leading to approximately $1.1 billion in projected improper payments to beneficiaries, according to a new report from the Social Security Administration Office of the Inspector General. Of those that were improper payment cases, the average processing time was 698 days, according to a sample evaluated by SSA OIG. Improper payment includes overpayments, where beneficiaries are paid more than they should be, as well as underpayments, where payments to beneficiaries may be erroneously reduced. watch nowIf the pending cases had been resolved immediately, about 528,000 beneficiaries would have been improperly paid about $534 million, the report estimated. After 12 months, that improper payment amount for those beneficiaries rose to about $756 million.

Persons: Paul Van de Water, Van, Water Organizations: iStock, Social Security Administration, Social Security Administration Office, SSA, Budget

☆ Jordan Chiles: Everything to know about the controversy over the gymnast’s bronze medal
▼ + stars: | 2024-08-12 | by ( Chelsea Bailey | ) edition.cnn.com time to read: +7 min

USA gymnast Jordan Chiles was stripped of her first individual Olympic medal after the Romanian gymnastics team challenged her final score. But as the stadium erupted in celebration over Brazil’s Rebeca Andrade’s gold medal, USA Gymnastics Coach Cecile Landi filed an inquiry over Chiles’ difficulty score. Simone Biles and Jordan Chiles playfully bow to Brazil's Rebeca Andrade during the Olympic medal ceremony. They argued the USA Gymnastics inquiry was filed 4 seconds after the one-minute deadline and Chiles’ initial score of 13.666 should be upheld. USA Gymnastics’ appeal is deniedUSA Gymnastics said the Court of Arbitration for Sport has denied its appeal for Chiles to keep her floor exercise bronze medal.

Persons: Jordan Chiles, Chiles, Romania’s Ana Bǎrbosu, Sabrina Maneca, Brazil’s, Cecile Landi, Landi gaped, Biles, Andrade, Simone Biles, Brazil's Rebeca Andrade, Gabriel Bouys, “, Bǎrbosu, Voinea, Ana Bǎrbosu, Mike Blake, Chiles “, ” Chiles, ”, Naomi Baker, Landi, Usain Bolt, he’d, Nesta Carter, CNN’s Jacob Lev, Issy Ronald, Ben Morse, Dan Moriarty, David Close Organizations: CNN, Getty, Federation, Romanian Gymnastics Federation, Sport, US Olympic, Paralympic, Team USA, USA, USA Gymnastics, Swiss Federal Tribunal, Jordan, ” CNN, International Olympic Committee Locations: Romanian, AFP, Romania

☆ Americans who locked in a job, home, and stocks are thriving. Everyone else missed out on their ticket to wealth.
▼ + stars: | 2024-08-12 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +9 min

Did you have a job, own a home, and have significant investments in the stock market? If the answer was yes to all three, then there's a decent chance you're feeling OK about the current state of your finances. But the job market has slowed over the past year. To be sure, not everyone has enough extra cash to invest in the stock market. This is among the reasons a growing share of Americans have dipped their toes into the stock market.

Persons: —, haven't, there's, There's, It's, what's, Roland Hesmondhalgh, he's, Republicans —, Tiffany Bell, didn't, Bell, she's, she'll Organizations: Service, Business, Federal Reserve, University of Michigan, Republicans, Federal Locations: Virginia, Pennsylvania, Houston

☆ China stocks escaped much of the latest sell-off. Signals for whether to buy
▼ + stars: | 2024-08-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The latest global market volatility has reinforced China's status as a distinct market, even if its growth has slowed recently. While U.S. tech stocks plunged and Japanese stocks swung wildly in a historic two days of price action , Chinese stocks suffered less . The investors remained net buyers of Chinese stocks for the third quarter so far as of Aug. 6, the data showed. Finally, the low correlation of the China stock market with the U.S. stock market could provide investors with diversification benefits." Chinese stocks, especially those traded on the mainland, have historically been less correlated to global market moves due to Beijing's capital controls and other restrictions.

Persons: Matt Wacher, William Yuen, Invesco, That's, Steven Sun, Paul Christopher, Morningstar's Wacher, it's, Wacher Organizations: Nasdaq, Nikkei, Morningstar Investment Management, U.S, HSBC, Technology, Shanghai —, Bank of, Federal Reserve, Treasury, HSBC Qianhai Securities, National Bureau, Statistics, Wells, Wells Fargo Investment Institute, Index Locations: Asia, U.S, Shanghai, China, Pacific, EPFR, Hong Kong, Bank of China, Wells Fargo

☆ Disney World is entering its villain era
▼ + stars: | 2024-08-11 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +6 min

Read previewDisney Experiences Chairman Josh D'Amaro unveiled ambitious plans for Walt Disney World, including new attractions and in-park destinations. Advertisement"As we develop the next generation of Disney Experiences, we're always looking for new ways to tell the stories people love," D'Amaro said. Representatives for Walt Disney World did not immediately respond to a request for comment from Business Insider. Disney beyond FloridaD'Amaro also shared details about how other Disney theme parks would expand. AdvertisementAlthough Disney is investing heavily in its domestic theme parks, it also plans to expand Disneyland Paris and Shanghai Disneyland.

Persons: —, Josh D'Amaro, D'Amaro, Araya Doheny, Disney, who've, we're, Joe Burbank, Indiana Jones, Hugh Johnston, Ron DeSantis, Disney hadn't, Florida D'Amaro, James Cameron's Organizations: Service, Walt Disney, Disney, Lucasfilm, Marvel Studios, Business, Walt Disney World, Central Florida . Magic, Magic Kingdom, Orlando Sentinel, Tribune, Getty Images, Pueblo Esperanza, Hollywood Studios, Pixar, Inc, The Central, Florida Gov, Marvel, Disney California, Shanghai Disneyland Locations: Anaheim , California, Central Florida, Florida, Animal Kingdom, Pueblo, Disney, The Central Florida, California, Paris, Shanghai

☆ Russia's GDP growth slowed in Q2 while inflation continued to soar on the back of heavy state spending: report
▼ + stars: | 2024-08-10 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +1 min

Russia's GDP growth slowed to 4% in Q2, while inflation continued to rise. Economists have long been warning that the Russian economy is showing signs of "overheating." Go to newsletter preferences Thanks for signing up! AdvertisementRussia's economic growth slowed to 4% in the second quarter of 2024, down from 5.4% in Q1, AFP reported, citing official data released on Friday. While the Russian economy continues to expand, it marked the lowest quarterly GDP growth result since the beginning of 2023, the report said.

Persons: — Organizations: Service, AFP, Business Locations: Russian

☆ The Trump campaign, citing a Microsoft threat report, says it was hacked and blames 'foreign sources'
▼ + stars: | 2024-08-10 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Read previewThe campaign of former President Donald Trump on Saturday said it had been hacked following Politico's receipt of internal campaign documents from an anonymous email account. This story is available exclusively to Business Insider subscribers. So far, Politico has been unable to pinpoint the identity of the person behind the email account or the individual's reasoning for sending the materials to their outlet. Cheung did not disclose to Business Insider whether the campaign had contacted Microsoft or law enforcement officials. AdvertisementThe report did not identify the presidential campaign that was targeted.

Persons: —, Donald Trump, Ohio Sen, JD Vance, Trump, Steven Cheung, Trump's, Cheung, Robert, Vance, Florida Sen, Marco Rubio Organizations: Service, Politico, Republican National Convention, Business, Democratic, Microsoft, Islamic Revolutionary Guard Corps, Trump Locations: Ohio, United States, Iranian, Florida

☆ Super Hornet fighter jets loaded with supersonic missiles spotted in Middle East ahead of potential Iranian attacks: report
▼ + stars: | 2024-08-10 | by ( Cameron Manley | ) www.businessinsider.com time to read: +1 min

US Navy F/A-18E Super Hornets have arrived in Jordan, The War Zone reported. It comes as part of a US military build-up in the region ahead of potential Iranian attacks on Israel. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS Navy F/A-18E Super Hornets have arrived in Jordan ahead of potential Iranian attacks on Israel, The War Zone reported.

Persons: — Organizations: Hornets, Service, Strike Fighter Squadron, Base, AIM, Air Missiles, Business Locations: Jordan, Israel, Iran

The report, released Thursday by NASA’s Office of Inspector General, calls into question Boeing’s standards and quality control for its part in NASA’s efforts to return astronauts to the moon. But according to the report, Boeing’s quality control systems fall short of NASA’s requirements, and some known deficiencies have gone unaddressed. Now, the report from NASA's inspector general has found that the second stage of the Space Launch System — the part Boeing is responsible for — is significantly over budget. As for Boeing's quality control practices, the NASA inspector general said that from 2021 to 2023, federal oversight officers issued 71 “Corrective Action Requests” to address “deficiencies in quality.”Many of the requests took aim at Boeing’s work at NASA’s Michoud Assembly Facility in Louisiana. “Quality control issues at Michoud are largely due to the lack of a sufficient number of trained and experienced aerospace workers at Boeing,” the report said.

Organizations: NASA’s, Boeing, International Space Station, NASA Locations: Michoud, Louisiana

☆ Iran is targeting the U.S. election with fake news sites and cyber operations, research says
▼ + stars: | 2024-08-09 | by ( ) www.cnbc.com time to read: +3 min

Researchers identified websites that they attributed to the Iranian operation, aimed at voters on the political left and right. The group behind the sites, according to Microsoft, is part of a larger Iranian operation, active since 2020, that operates more than a dozen other fake news sites targeting English-, French-, Spanish- and Arabic-speaking audiences. But researchers say the sites could be used closer to the election. Iran has neither the intention nor plans to launch cyber attacks. The U.S. presidential election is an internal matter in which Iran does not interfere."

Persons: Donald Trump, Kamala Harris Organizations: Microsoft, International League for Women's, Analysis Center, Islamic Revolutionary Guard Corps, Iran's United Nations, Associated Press, U.S, Trump Locations: Iran, Russia, China, Savannah, U.S

☆ Iran steps up influence campaign aimed at US voters with fake news sites, Microsoft says
▼ + stars: | 2024-08-09 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

CNN —Iranian operatives have ramped up their attempts to influence and monitor the US presidential election by creating fake news outlets targeting liberal and conservative voters and by trying to hack an unnamed presidential campaign, Microsoft said in research published late Thursday. Microsoft said it notified the campaign of the hacking attempt, but declined to say publicly which campaign it was. CNN has requested comment from the Trump campaign. The Iranian, Russian and Chinese governments routinely deny allegations of election influence operations. As president, Trump ordered the killing of top Iranian general Qasem Soleimani, and he withdrew from a multilateral deal aimed at curbing Tehran’s nuclear program.

Persons: Donald Trump, ” Clint Watts, ”, Kamala Harris ’, Trump, Joe Biden’s, Russia “, China “, “, Qasem Soleimani Organizations: CNN, Iranian, Microsoft, Islamic Revolutionary Guard Corps, CIA, FBI, National Intelligence, Russian, Ukraine, Service, Department Locations: MAGA, Iran, Savannah , Georgia, Russian, Ukrainian, Trump, Russia, U.S, China

☆ Jobs Report Shows the Labor Market Is in Danger, Recession Possible
▼ + stars: | 2024-08-07 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

The jobs report said the US economy added 114,000 jobs in July, far fewer than the 176,000 jobs that economists expected. The weakness of the jobs report tipped the worry scale and sent markets into meltdown mode. Outside the July jobs report, there were plenty of signs the labor market was cooling off. If that seems confusing, here's the only thing you really need to know: The July jobs report triggered the Sahm rule. Nobody should be losing a ton of sleep over the state of the labor market or over the economy overall.

Persons: it's, Guy Berger, doesn't, Skanda Amarnath, there's, what's, Claudia Sahm, we're, Amarnath, Alí Bustamante, Bustamante, would've, it'll, Jay Powell, Berger, Emily Stewart Organizations: Federal Reserve, Glass, Labor, Survey, New Century Advisors, Worker Power, Economic Security, Roosevelt Institute, Fed, Business

Two special prosecutors said Monday they will file a criminal obstruction of justice charge against a former Kansas police chief who directed warrant searches of a publisher and his newsroom over its retrieval of public information. As of Monday, prosecutors hadn't filed any criminal charges against former Marion Police Chief Gideon Cody. It was not immediately clear if they would be seeking a felony or misdemeanor charge against Cody. The special prosecutors are working with the Colorado Bureau of Investigation, which stepped in at the request of the Kansas Bureau of Investigation. “The findings will be incorporated into charges which will be sought in Marion County District Court,” the report said.

Persons: Marc Bennett, Riley, Barry Wilkerson, hadn't, Gideon Cody, Cody, Marion Mayor David Mayfield, Eric Meyer, Ruth Herbel, Meyer, Phyllis Zorn, Kari Newell, Newell, Zorn, Herbel, Bennett, Wilkerson, Meyer’s, Joan Meyer Organizations: Marion County, Marion Police, Colorado Bureau of Investigation, Kansas Bureau of Investigation, Court, NBC News, Kansas City, Marion Police Department, City Locations: Kansas, Sedgwick County, Riley County, Marion, Marion County

☆ Tech stock sell-off may herald the long-awaited AI reckoning
▼ + stars: | 2024-08-05 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe tech slide follows a dramatic sell-off in Asia, with Japan's main stock market index, the Nikkei 225, ending 12.4% lower and other AI heavyweights such as SoftBank slid hard. By the end of the year, the company expects to spend up to $40 billion on AI research and product development. That's because AI's been touted as a technology as revolutionary as the internet and smartphones by tech luminaries like Bill Gates. If others really start to believe that's the case, it could mark the beginning of the end for the AI rally.

Persons: —, Jensen, Warren Buffett's Berkshire Hathaway, SoftBank, Sundar Pichai, Susan Li, AI's, Bill Gates, Goldman Sachs, Jim Covello, Daron Acemoglu, it's, Blackwell, Elliott, Dan Ives Organizations: Service, Tech, Business, Nvidia, Apple, Microsoft, Nikkei, Google, Big, Investors, Meta, Elliott Management, Financial Times Locations: Asia

Three years ago, JPMorgan Chase became the first bank with a branch in all 48 contiguous states. "We're still at very low single-digit branch share, and we know that in order for us to really optimize our investment in these communities, we need to be at a higher branch share," Roberts said in an interview with CNBC. Wells Fargo and Bank of America closed the highest net number of branches, while JPMorgan was the most active net opener. According to FDIC research collated by KBW, growth in bank branches peaked right before the financial crisis, in 2007. When it comes to prioritizing locations for new branches, Roberts said it's a "balance of art and science."

Persons: JPMorgan Chase, Jamie Dimon, Dimon's, Dimon, Jennifer Roberts, We're, Roberts, Wells, KBW, it's Organizations: JPMorgan, Chase Consumer Banking, CNBC, Midwest, P Global Market Intelligence, Bank of America Locations: Iowa, Minnesota , Nebraska , Missouri , Kansas, Arkansas, U.S, Wells Fargo

☆ China's city dwellers will soon have more pets than toddlers, and there's one way investors can cash in on the trend, Goldman Sachs says
▼ + stars: | 2024-08-05 | by ( Kwan Wei Kevin Tan | Aditi Bharade | ) www.businessinsider.com time to read: +6 min

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

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