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☆ The U.S. added 600,000 new millionaires last year as AI fueled markets
▼ + stars: | 2024-06-07 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

America's millionaire population grew 7.3% in 2023 to 7.5 million people, according to a report from Capgemini . Their combined fortunes grew to $26.1 trillion, up 7% from 2022. Capgemini defines millionaires as those with investible assets of $1 million or more not including primary residence, collectibles or consumer durables. The number of millionaires worldwide grew 5.1% last year, to 22.8 million, according to the report. Their combined fortunes grew to a record $86.8 trillion.

Persons: Robert Frank, Elias Ghanem, Ghanem Organizations: B2m, Capgemini Research Institute, Financial Services, U.S, Nasdaq Locations: Capgemini, North America, Asia, Pacific, Europe, America, Africa, North, U.S

☆ Washington is waking up to AI’s risks about three years too late
▼ + stars: | 2024-06-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

(Which is ironic, given that one of the priorities of the roadmap is making sure AI doesn’t, like, hijack the American electoral process.) All of that money was able flood in because the notoriously tech-challenged lawmakers in Washington have been largely asleep at the wheel. (European officials, meanwhile, formally adopted the world’s first standalone AI law this spring, a full five years after rules were proposed.) Until recently, AI was a largely academic subject rarely discussed outside of Silicon Valley. ”AI companies have strong financial incentives to avoid effective oversight,” they wrote in an open letter this week.

Persons: CNN Business ’, hasn’t, ”, OpenAI, Brian Fung Organizations: CNN Business, New York CNN, Federal Trade Commission, Justice Department, Big Tech, Antitrust, FTC, Microsoft, Google, Nvidia, Apple Locations: New York, United States, Washington, Silicon Valley

☆ Baby naming is big business, with consultants charging up to $10,000 to find the perfect name
▼ + stars: | 2024-06-07 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +7 min

Now, there are baby naming consultants who rifle through popularity lists, analyze trends, and recommend the right fit for families. There are companies that specialize in baby names, too. AdvertisementCoffield said she knew she could make a living from baby names when she started talking about it on TikTok. She had previously focused on educating women about how to be empowered while giving birth and casually spoke about baby names a few times. The biggest way to build success in the baby naming business is to make sure people find you credible, Coffield said.

Persons: —, influencer Francesca Farago, @francescafarago, ames, earbooks,, ike, ersonal, ake, ince, ure Organizations: Service, Business, Netflix, ust

☆ New York’s governor said congestion pricing would hurt the economy. Businesses disagree
▼ + stars: | 2024-06-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —New York was just a few weeks away from becoming the first American city to adopt congestion pricing, a system designed to alleviate traffic, reduce air pollution and fund public transit. Then, at the last minute, the governor lost her nerve, citing the dubious claim that it would hurt the working class. Many of the businesses that employ the workers Hochul claims to be protecting are disappointed with the decision. The price was supposed to be high enough to discourage drivers, but not so high that businesses would suffer. As the New York Times notes, congestion pricing has been wildly unpopular “in suburban areas of the Hudson Valley and Long Island where Democrats are desperate to make gains” in this election cycle.

Persons: CNN Business ’, Kathy Hochul, she’s, ”, Kathryn Wylde, Hochul’s, Hochul Organizations: CNN Business, New York CNN —, Broadway, Partnership, New, New York, Midtown, Yorkers, New York Times Locations: New York, York, Midtown, New York City, Singapore, London, Stockholm, bodega, Hudson, Long

Mexico City may run out of drinking water by the end of this month. Often, the problem lies in how the water is managed rather than how much is available. Experts predict that the city of 8.8 million people could run out of drinking water this month. But Mexico City is not the first city with a water crisis and it won't be the last. This story is available exclusively to Business Insider subscribers.

Persons: what's Organizations: Service, Business Locations: Mexico

☆ How a pro-Trump media outlet allegedly funneled tens of millions in an illicit money laundering scheme
▼ + stars: | 2024-06-05 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

The sophisticated scheme boosted revenue flowing into the coffers of The Epoch Times, the Justice Department said. In one year, revenue at the Trump-boosting outlet ballooned 410%, jumping from $15 million to about $62 million, the Justice Department added. But, when CNN asked for further comment on Tuesday, The Epoch Times brass chose to stay mum. The indictment said there was an entire group at The Epoch Times that took part in the alleged money laundering scheme. Notably, Tang and Fakkert declined to answer questions about whether they were aware of the alleged scheme.

Persons: Donald Trump’s, Weidong Guan, Guan, MAGA, Gong, Mark Zuckerberg, Trump, ”, “, Department’s, Guan —, John Tang, Jasper Fakkert, Tang, Fakkert, It’s Organizations: New York CNN, Department of Justice, Times, Epoch Times, Justice Department, Trump, Department, Fox News, New York Times, Facebook, NBC News, Epoch, CNN, Outfront, PayPal, Justice Locations: New York, ”, China

☆ How are Trump’s legal bills and the 2024 campaigns being funded? There’s a lot we don’t know
▼ + stars: | 2024-06-05 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

WOLF: How has the drain of his legal problems affected Trump’s campaign war chest? SCHOUTEN: We really don’t have the full picture of legal expenses from campaign finance reports. Senior advisers have told CNN that Trump is paying some of his legal expenses out of pocket, for instance. Bradley Crate, the treasurer of Trump’s campaign, oversees Red Curve. Neither Crate nor the Trump campaign have responded to CNN’s inquiries about the complaint.

Persons: Donald Trump, Fredreka Schouten, Trump, –, Todd Blanche, Stormy Daniels, WOLF, that’s, We’ve, Rhona Graff, Bradley Crate, Joe Biden’s, we’ve, Casey Tolan, David Wright, That’s Organizations: CNN, Trump, House, MAGA Inc, Save, Republican National Committee, America, Federal, Leadership, Trump Organization, New, Legal Center, Curve, Commission, Center, Biden, Republican Locations: New York, Manhattan, York

☆ Modi's weaker-than-expected election win raises questions over his economic and political agenda
▼ + stars: | 2024-06-05 | by ( Sumathi Bala | ) www.cnbc.com time to read: +5 min

Indian Prime Minister Narendra Modi gestures as he arrives at Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. he said, adding Modi will likely have an "uneasy relationship" with its coalition partners. Veteran investor David Roche called the election outcome an exercise of "karma," adding that this was Modi's election to lose. The party suffered some of its high-profile losses here, with political BJP heavyweights like Smriti Irani among others, losing their seats. A 'humbling moment'Going into the election, Modi's popularity endured despite India's economic problems such as high youth unemployment, inflation and income inequality.

Persons: Narendra Modi, Adnan Abidi, Modi, Neelanjan Sircar, We've, Sircar, CNBC's, —, David Roche, Roche, Smriti Irani, overreach, he's, Michael Kugelman, Wilson Organizations: Indian, Bharatiya Janata Party, BJP, Centre for Policy Research, Indian National Congress, Developmental Inclusive Alliance, Independent, South Asia Institute Locations: New Delhi, India, INDIA, Uttar Pradesh, Ayodhya, Faizabad, Maharashtra, Rajasthan

A woman walks past Bombay Stock Exchange (BSE) office in Mumbai, India, 18 July, 2022. Nurphoto | Nurphoto | Getty ImagesIndia stocks tumbled Tuesday in volatile trading, leading Asia markets lower as the country continued vote counting for its 2024 general election. The Nifty rose more than 20% last year, while the Sensex was up nearly 19% in 2023. Japan's Nikkei 225 fell 0.22% to close at 38,837.46, while the broader Topix ended 0.38% down at 2,787.48. Hong Kong's Hang Seng index was 0.12% higher, while the CSI 300 index added 0.75% to close at 3,615.67.

Persons: Narendra Modi Organizations: Bombay Stock Exchange, Nurphoto, Getty, BSE, BJP, Japan's Nikkei, CSI Locations: Mumbai, India, Asia, Australia

☆ Bill Ackman is probably about to get a lot richer. And much louder
▼ + stars: | 2024-06-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The funding announced Monday puts a $10 billion price tag on Pershing Square, which manages about $16 billion worth of assets. The benefit of going public is you get to make money, obviously, so it’s not hard to see why Pershing Square would want to do it. For Ackman, in particular, being at the helm of a publicly traded company could be a particularly jarring shift. Pershing Square officially hung up its activist megaphone in 2022, opting to work with a small group of companies behind the scenes. Many of those followers are the kinds of retail investors Ackman could hope to attract to a publicly traded fund.

Persons: CNN Business ’, Bill Ackman, who’s, Ackman, ”, Lawrence J ., White, “, I’ve, ” White, he’s, I’m, he’ll, —, Elon Musk, Pershing, Musk, ” NYU’s White, Tesla Organizations: CNN Business, New York CNN, Pershing, Securities, Exchange, NYU Stern School of Business, Herbalife, Twitter, Hamas, MIT, Trump, SEC, Bloomberg Locations: New York, Pershing, Israel

India's Prime Minister Narendra Modi flashes victory sign at the Bharatiya Janata Party (BJP) headquarters to celebrate the party's win in country's general election, in New Delhi on June 4, 2024. Completed vote counts by the Election Commission of India showed that Modi's BJP won just 240 seats. India's Parliament has 543 seats, and the party or coalition that wins at least 272 forms the government. Modi's decade-long ruleUnder Modi, India, home to 1.4 billion people, has witnessed robust economic growth. While India has seen robust economic growth under Modi, observers and critics have warned about the country's "democratic decline."

Persons: Narendra Modi, Money Sharma, Modi, Aiyar, CNBC's, Shilan Shah, Shah, Kranthi, Sensex, Samir Kapadia, that's, Malcolm Dorson Organizations: India's, Bharatiya Janata Party, BJP, Afp, Getty, Indian, Modi's BJP, National Democratic Alliance, Developmental Inclusive Alliance, Indian National Congress, Policy Research, Centre, Monitoring, Capital Economics, BSE, WealthMills Securities, Adani, Adani Enterprises, State Bank of India, ICICI Bank, Monetary Fund, India Index, Vogel, Dem, Global, Vogel Group, IMF Locations: New Delhi, India, INDIA, China, Sweden

☆ I'm self-employed, and I've found 6 essential ways to invest in my business
▼ + stars: | 2024-06-04 | by ( Aleenah Ansari | ) www.businessinsider.com time to read: +5 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRunning a freelance writing business has brought many learning curves, and one of my biggest realizations is the importance of investing in myself. After three years of running my business, I have six tools that have been the most valuable. The Libby app for reading and learning on the goEqually important to being a good writer is reading good writing.

Persons: —, I've, it's, haven't, Libby, Rachel Rodgers, Elaine Welteroth, Amanda Montell Organizations: Service, Business, Quickbooks

☆ Biden pulls from Trump’s immigration playbook in election year twist
▼ + stars: | 2024-06-04 | by ( Zachary B. Wolf | Long-Standing Authority | ) edition.cnn.com time to read: +8 min

Read the full story on Biden’s announcement from CNN’s White House team. Trump and Biden remain very far apartIt’s still very true that their rhetoric on immigrants remains very different. “I’ll never refer to immigrants as poisoning the blood of a country,” Biden said at the White House. Expect challengesThe American Civil Liberties Union, which challenged Trump’s border actions when he was president, now plans to challenge Biden. “We continue to work closely with our Mexican neighbors instead of attacking Mexico,” Biden said at the White House, drawing a distinction between his approach and Trump’s.

Persons: Joe Biden, Donald Trump’s, Trump, Biden, Donald Trump, Go Nakamura, Reuters Biden, “, ” Biden, ” Lee Gelernt, CNN’s Rosa Flores, Flores, Richard Cortez, ” Cortez, Priscilla Alvarez, Trump’s, Mexico’s, Harry Enten Organizations: CNN, White, Republicans, CNN’s White House, Trump, Reuters, Republican, American Civil Liberties Union, Immigrants, Rights, CNBC, Biden, Congressional Research Service, Department of Homeland Security Locations: Mexico, Eagle, , Texas, Piedras Negras, Hidalgo , Texas, Springs , California, Hidalgo County, United States, Iran

☆ Is the climate your top issue? Here's a guide to each candidate's stance.
▼ + stars: | 2024-06-04 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

From the protection of lakes and streams to the battle to curb greenhouse gas emissions, many voters in the upcoming US presidential election want to see the federal government play an active role in climate issues. One thing is clear though: the lion's share of voters believe that climate change is real. AdvertisementThe latest quarterly survey from the Yale Program on Climate Change Communication revealed that 72% of Americans believed that climate change was occurring, while only 15% disagreed. Related storiesHere's a look at President Joe Biden and former President Donald Trump's positions on climate — which is poised to be a defining issue for Gen Z and millennial voters this fall. But President Donald Trump withdrew from the plan while in office, blasting it as detrimental to the US economy.

Persons: Joe Biden, Donald Trump's, Gen Z, Biden, Barack Obama, Obama, Donald Trump, Trump Organizations: Service, Business, Yale, GOP, US, Keystone XL, Trump, Alaska National Wildlife, Environmental Protection Agency, Mar, The Washington, of Energy Locations: Paris, Alaska, Michigan

☆ CNBC Daily Open: Nvidia's new chip, GameStop soars
▼ + stars: | 2024-06-03 | by ( Abid Ali | ) www.cnbc.com time to read: 1 min

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTTraders work on the floor of the New York Stock Exchange during morning trading on Feb. 23, 2024 in New York City. Michael M. Santiago | Getty ImagesThis 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. What you need to know todayGet the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. SubscribeThe bottom line

Persons: Michael M Organizations: New York Stock Exchange, Santiago, CNBC Locations: New York City

☆ I finally earned my dream job in the C-suite, but my relationships suffered
▼ + stars: | 2024-06-03 | by ( Jennifer Romolini | ) www.businessinsider.com time to read: +7 min

I'm good at my job, but it comes at a costIt's a site I wouldn't necessarily read myself, but I understand the assignment. AdvertisementIn addition to meetings and managing the day-to-day operations of our site, I'm in charge of an open-blogging, user-generated-content (UGC) platform, a project of which my bosses are especially proud. "Ambition Monster: A Memoir" by Jennifer Romolini is out June 4. Excerpted from Ambition Monster: A Memoir by Jennifer Romolini. Copyright 2024 Jennifer Romolini.

Persons: Tom Hanks, Kate, Jennifer Romolini, There's, I've, I'm, Alex, We've, revel Organizations: Service, Finance, Sports Locations: Silicon

☆ Why we need to know what time it is on the moon
▼ + stars: | 2024-06-01 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

CNN —It’s easy to take the moon for granted as a silvery orb in the night sky, providing a soft light on most evenings. The new system of measurement that NASA and its international partners need to agree on will have to account for the fact that seconds tick by faster on the moon. But it will be crucial for astronauts living in lunar habitats and scooting around in moon buggies who need to know exactly what time it is. We are familyA digital reconstruction of a Bronze Age woman's face is on display at Scotland's Perth Museum and Art Gallery. And now, researchers know what creates their unusual fur pattern: a mutation affecting a gene called KIT, which controls hair color.

Persons: CNN —, Albert Einstein’s, Butch Wilmore, Suni Williams, Joe Skipper, Chris Rynn, Julius Caesar, Gaul, Ari Kankainen, NASA’s Lucy, Ashley Strickland, Katie Hunt Organizations: CNN, NASA, Boeing, Veteran NASA, Perth Museum, Art, Culture, Kinross, CNN Space, Science Locations: North America, Europe, Southern Hemisphere, Culture Perth, Scotland, Indre, France, Finnish, Petäjävesi, Italy

☆ A Thai-American millennial went to Bangkok to find 'real Thai food.' Now, his private supper club has a monthslong waitlist.
▼ + stars: | 2024-06-01 | by ( Parisa Pichitmarn | ) www.businessinsider.com time to read: +9 min

That made me think: If this is 'real' Chinese food, then is there 'real' Thai food too?" Eitharong told Business Insider. His goal was to continue learning more about Thai food. Parisa PichitmarnDespite Eitharong's culturally mixed upbringing, he sticks to authentic Thai food and never fusion. A few people have claimed he's not cooking Thai food because he's American.

Persons: —, Dylan Eitharong, Eitharong, he'd, voraciously, Haawm, Hanuman Aspler, Chiang Mai, Covid, Curry, wouldn't, jee, Randy Travis, Prince, Beyoncé, juan, Dylan, I'm, grandmas, Siradej Donavanik, Vincent Vichit, Vadakan, He's, Parisa Pichitmarn Organizations: Service, Business, Michelin, BI, Food Locations: Florida, Thai, Orlando, Thailand, Bangkok, Onnut, America

☆ Mexico is about to have a woman president. Why hasn’t the US?
▼ + stars: | 2024-06-01 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +6 min

The current front-runner in Mexico’s presidential election, Claudia Sheinbaum, is on the ballot because her party’s popular president, Andrés Manuel López Obrador, must step aside. The Supreme Court has a woman as chief justice in part because justices in Mexico serve 15-year terms. I talked to Debbie Walsh, director of the Center for American Women and Politics at Rutgers, The State University of New Jersey, about obstacles American women face in politics. More elected women are Democrats, which might seem obvious. Walsh does think the US will ultimately elect a woman as president.

Persons: CNN’s Tara John, That’s, Claudia Sheinbaum, Andrés Manuel López Obrador, Debbie Walsh, Donald Trump, Walsh, ” Walsh, it’s, ”, Gretchen Whitmer, “, Hillary Clinton, Kamala Harris, Joe Biden, Biden, Harris, Trump, Nikki Haley, “ She’s Organizations: CNN, CNN International, US Supreme Court, Center for American Women, Rutgers, The State University of New, US, Inter, Parliamentary, Michigan Gov, Democratic, Republican, District of Locations: Mexico, The State University of New Jersey, Georgia, Florida, Vermont, District of Columbia

☆ On the Brazilian Coast, a Tropical Town Beloved by Artists and Makers
▼ + stars: | 2024-05-31 | by ( Nora Walsh | ) www.nytimes.com time to read: +3 min

Sign up here to find us in your inbox once a month, and to receive our weekly T List newsletter. Roughly halfway between São Paulo and Rio de Janeiro, the coastal town of Paraty (population 45,000) isn’t the easiest place to reach. It’s that relative seclusion that keeps the tourist hordes and unbridled development at bay, despite the town’s obvious appeal. African slaves not only worked in the mines but built much of the town’s early infrastructure, such as its roads. At the end of the 19th century, Santos, 190 miles to the south, supplanted Paraty as the country’s primary coffee-exporting port, and the town began to languish.

Persons: São, Luana Assunção, ”, Dom João, “ You’ll Organizations: São Paulo, Free Walker Tours Locations: tlist@nytimes.com, Rio de Janeiro, Paraty, Costa Verde, Ilha Grande, CHEE, Minas Gerais, Santos, “, Rio, Orleans

☆ What rights does Trump lose as a felon? And more of your questions, answered
▼ + stars: | 2024-05-31 | by ( Zachary B. Wolf | Devan Cole | ) edition.cnn.com time to read: +8 min

In New York, where Trump was convicted, there are “collateral consequences” of being convicted of a felony. In Florida, felons lose civil rights, including the ability to hold public office and serve on a jury. Trump is a Florida resident, and Florida defers to New York law on the question of felons voting. In New York, convicted felons cannot obtain a permit to possess a firearm. That’s not at issue in this New York case, and it’s not going to happen when Republicans control the House as they currently do.

Persons: CNN — Donald Trump’s, Trump, Kathy Hochul, Will Trump, Juan Merchan, Merchan, Anthony Guglielmi, “, That’s, it’s, Michael Cohen, Fani Willis, Cy Vance Jr, Manhattan DA Alvin Bragg Organizations: CNN, New, Trump, Republican National Convention, Secret Service, United States Secret Service, Supreme, Security, Sunshine State, Senate, Fulton, National Archives, Manhattan DA Locations: New York, Florida, Milwaukee, United, Canada, Mexico, Australia, China, South Africa, Georgia, Fulton County, Washington , DC

☆ The world is facing an orange juice crisis. The race is now on to find a substitute fruit.
▼ + stars: | 2024-05-30 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +1 min

Orange juice manufacturers face a supply crisis and are considering alternative fruits. Brazil and Florida's orange supplies are declining due to disease and poor weather conditions. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. A report from Fundecitrus and CitrusBR said that the climate crisis and a citrus disease known as greening have caused Brazilian orange farmers to harvest their smallest crop in decades. Brazil is the world's largest orange juice producer and exporter.

Persons: CitrusBR Organizations: Service, Business Locations: Brazil, Fundecitrus, Sao Paulo, Minas Gerais

☆ This Swedish burger chain is pushing customers away from beef
▼ + stars: | 2024-05-30 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

One of Sweden's oldest burger chains wants its customers to stop eating so much red meat. Beef has the largest climate impact of any food, largely because cows burp methane and need vast amounts of land. Since then, Max Burgers has labeled menu items with their carbon footprints and started offering a lot more chicken and plant-based burgers. He added that because Max Burgers is family-owned, it can take more risks than publicly-traded fast food chains worried about their stock price. In 2016, the company quintupled its plant-based options, Török said, including a "green burger" that's been changed several times.

Persons: Max Burgers, Kaj Török, Török, we've, Taco Bell, Burger, Santo, he's Organizations: Service, Business, World Resources Institute Locations: Sweden, Norway, Denmark, Poland, Angeles, Los Angeles, Europe

☆ Investing in Space: The China factor in the U.S. space station race to replace the ISS
▼ + stars: | 2024-05-30 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. I'd be surprised if most Americans know that there are not one, but two crewed space stations in orbit currently. I'd like to think the International Space Station is common knowledge, but is Tiangong? Tiangong, that second space station in orbit, is built and run by the Chinese. Ideally, NASA also gets more than one space station.

Persons: CNBC's Michael Sheetz, I'd, I've, NASA's Organizations: NASA, NASA's, Soyuz Locations: U.S, China

☆ An ex-California official quietly stole over $1.5 million of water in a heist that lasted decades, but mysteries remain
▼ + stars: | 2024-05-30 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

A former California official pleaded guilty to conspiring to steal more than $1.5 million of water, but the decadeslong water heist case still has more questions than answers. The US attorney said Falaschi was responsible for stealing somewhere between $1.5 million and $3.5 million worth of water. Falaschi's plea agreement claims he's responsible for stealing only a fraction of the original $25 million prosecutors accused him of taking in the original indictment. The plea agreement also said Falaschi was one of several people involved in the misconduct and that he was unaware of the full extent of the misconduct. Of the water Falaschi took, the plea agreement said almost all of it was taken to "blend down and reuse drainage water, which helped protect farmland and improve water quality in the San Joaquin River."

Persons: Dennis Falaschi, Falaschi, should've, Robin Hood, he's Organizations: Service, US, Eastern, Eastern District of, Business, Prosecutors, Los Angeles Times, Times Locations: California, Fresno, Merced Counties, Eastern District, Eastern District of California, San Joaquin

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