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However, real estate — specifically the commercial side — may be poised to take off. "This is absolutely the largest generational opportunity to invest in real estate in a long time," Issar said at the conference. "This is a time for investors to step in, move into attractive pricing, move into asset classes like non-core real estate." Investors can bet on a commercial real estate rebound by working with JPMAM's team, or on their own through publicly traded real estate investment trusts (REITs). "That is the modernization of the new direct real estate that is going to be really attractive for investors in the future."
Persons: Goldman Sachs, , Goldman Sachs Goldman Sachs, they're, That's, David Kelly, what's, JPMAM, Kelly, David Lebovitz, Monica Issar, Issar Organizations: JPMorgan Asset Management, Service, Asset Management, Management, JPMorgan Private
The family was shocked and disappointed by the coddling of kids when they returned to the US. She was featured in "The Danish Secret to Happy Kids," a new book that champions Nordic parenting. It was a complete 180 from our experience in Denmark, where the kids understood to be careful. The children set the table and helped themselves from a big dish in the middle. But we're grateful we had the chance to raise our children in Denmark — at least for a while.
Persons: Becca Itkowitz, , I, It's, Max, we'd, Evan, I'd Organizations: Service, Nordic, Business, Denmark — Locations: Denmark, Illinois
Net income rose to about $2.17 billion, or 62 cents a share, from $1.85 billion, or 53 cents a share, a year ago. Profit margins were bolstered by $739 million in automotive regulatory credit revenue during the quarter. Automotive revenue increased 2% to $20 billion from $19.63 billion in the same period a year earlier and is about flat since late 2022. Energy generation and storage revenue soared 52% to $2.38 billion, while services and other revenue, which includes revenue from non-warranty repairs of Tesla vehicles, jumped 29% to $2.79 billion. "Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024," the company said in its earnings deck Wednesday.
Persons: Elon Musk, Tesla, FactSet, Musk, Kelley, Vaibhav Taneja, Li Auto, Donald Trump, Trump, doesn't Organizations: LSEG, Energy, that's, California Public Utilities, Li, Ford, General Motors, Trump, Nasdaq Locations: Los Angeles , California, U.S, Texas, California, Bay, China, Harrisburg , Pennsylvania
I do most of my weekly food shopping at Lidl and then I go to a second grocery store each week. I try to split grocery shopping over two days so the chore doesn't take up one huge block of time. AdvertisementI don't like paying more than I have to for food, which is why I routinely shop at two grocery stores each week. Although shopping at two grocery stores a week seems like a lot, I like getting the best of both worlds. Before visiting my second store I also rewrite my grocery list so it's super clear and only includes what's left to buy.
Persons: , doesn't, Lidl, I've, Elliott Harrell, it's Organizations: Service Locations: Lidl, Dijon, Wegmans
Apple is cutting Vision Pro production, possibly halting it by year-end, The Information reported. AdvertisementApple is reportedly reducing Vision Pro production, but that doesn't mean it's out of the headset game. Especially if the reports of Apple working on a lower-cost version of the Vision Pro are true. Related stories"This is all heading toward a lower-cost Vision Pro with more features that can scale," Ives said. The Vision Pro was released in February, and few, if any, apps have taken off in popularity.
Persons: William Kerwin, Apple, , Apple hasn't, Apple didn't, Jacob Bourne, EMARKETER, Tim Cook, it's, Cook, Tim Cook's, Dan Ives, Ives, Kerwin, Ming, Chi Kuo, Apple's, Bourne Organizations: Service, Apple, Business, Wall Street Journal, Vision, Morningstar . Tech, Wedbush Securities, Bloomberg Locations: Luxshare
Apple CEO Tim Cook introduces the Apple Card during a launch event at the Apple headquarters in Cupertino, California, on March 25, 2019. The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions. Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. "Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service.
Persons: Tim Cook, Goldman Sachs, Apple, Rohit Chopra, Nick Carcaterra, , Hugh Son, Steve Kovach Organizations: Apple, Consumer Financial Protection, Apple Card, Big Tech, CNBC Locations: Cupertino , California
Existing-home sales dropped by 1% last month, reaching their lowest level since October 2010. Homebuyers stayed on the sidelines in anticipation of lower mortgage rates. AdvertisementUS existing-home sales dropped to a nearly 14-year low in September as prospective homebuyers held back in anticipation of lower mortgage rates. AdvertisementAccording to Mortgage News Daily, the average 30-year fixed mortgage rate has climbed by 70 basis points since then, to 6.85% from 6.15%. Related storiesIf this trend continues, those prospective homebuyers holding out for lower mortgage rates will be waiting a while.
Persons: Homebuyers, , Redfin Organizations: Service, National Association of Realtors, Federal Reserve, Mortgage News
Ford CEO Jim Farley says he's been driving the Chinese tech giant Xiaomi's EV for the past six months. AdvertisementFord CEO Jim Farley says he doesn't want to give up the Xiaomi Speed Ultra 7 he's been driving for the past half year. "I don't like talking about the competition so much, but I drive the Xiaomi," Farley said while speaking to the British presenter Robert Llewellyn on "The Fully Charged Podcast." The Chinese tech giant produces three versions of the car: SU7, SU7 Pro, and SU7 Max. Competing with rivals such as Xiaomi will be critical for Ford as it formulates its approach to the EV market.
Persons: Jim Farley, he's, Farley, Xiaomi, , Robert Llewellyn, Llewellyn, I've, SU7 Max, Farley didn't, They're, BI's Matthew Loh, Loh, John Lawler, Jim, Lawler, Ford Organizations: Service, Ford, Business Insider, EV, China, Street, Changan Automobile, Research, Business Locations: British, Shanghai, Chicago, China, Brazil, Thailand
But a top US general warns Moscow still has dangerous forces that haven't been affected by the war. AdvertisementRussia has suffered significant losses in Ukraine, but its military still has dangerous combat forces available that have barely been affected by the conflict, the top US general in Europe warned this week. Cavoli said during the Atlantic Council interview that while Russia's ground forces had suffered severe losses fighting in Ukraine, Moscow had taken notable strides to build them back up. "Now, there's some quality problems, and some of the equipment may not be the newest, but that again is localized to the ground forces," he said. "Russia has a plan to reconstitute that ground force and to deploy it, again, on the borders of NATO."
Persons: haven't, , it's, Christopher Cavoli, Cavoli, Vladimir Putin, they've Organizations: Service, European Command, Atlantic Council, Cavoli, NATO, Russian Defense Ministry Press Service, AP Locations: Russia, Ukraine, Moscow, Europe, Russian, Baltic, China, Alaska
Electricity and labor headwinds slow Amazon's data center buildout. AdvertisementAmazon is spending heavily on data centers to support booming AI workloads, putting it on pace to build 240 new facilities by 2040, one estimate found. David Cahn, a Sequoia Capital general partner, recently predicted data center delays across the sector. Bernstein Research recently estimated that electricity demand for AI data centers could exceed supply in just two years without action. An Amazon data center in Oregon.
Persons: , It's, David Cahn, Marc Wulfraat, MWPVL, we've, Bernstein, Amazon's, Matt Garman, JOSH EDELSON, Garman, Manuel Pineda, Pineda, Owens Corning Organizations: Service, Sequoia Capital, Energy, Amazon, Boston Consulting Group, Bernstein Research, Business, Web, San Francisco 49ers, BI, AWS, Uptime Institute, Center, Survey Locations: AMER, Americas, Oregon , Ohio, Northern Virginia, Amazon's Portland, Arizona, Indiana, Pennsylvania, Silicon Valley, Santa Clara , California, Santa Clara, Levi's, City, Santa, Oregon
But being an Ivy League alum has granted me special access to job fairs and other privileges. Compared to my undergrad education in Mexico, I don't feel that my Ivy League professors' skills fully justified paying three times as much in tuition. The extracurricular aspect: Campus and activitiesAn important part of the Ivy League experience is what's offered outside the classroom. I was once on a date, and that person's interest suddenly and drastically changed when they found out about my Ivy League degree. There's one thing that is guaranteed in your journey through an Ivy League degree: networking.
Persons: , I'm Organizations: Ivy League, Service, Columbia University, Business Locations: Columbia, Mexico, London
The central bank has been aiming to keep the long-run inflation rate at this level to maintain stable prices and a healthy economy. "There is now a higher base inflation rate than there was before COVID for a number of reasons." Related storiesBut there are other factors contributing to an increased long-term inflation rate, many of which Blitz tracked even before the pandemic. AdvertisementChanging demographics in the workplace are also driving increasing debt and higher long-term inflation, according to Blitz. In Blitz's perspective, all of these factors add up to an inflation rate exceeding 2% going forward.
Persons: isn't, Steven Blitz, , Mark Higgins, Blitz, Bonds Organizations: Service, Fed, stoke, Blitz, Technology, iShares Semiconductor, Index
Gold's record rally pauses due to stronger dollar, higher yields
  + stars: | 2024-10-23 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices surged to a record high on Wednesday as the conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets. Gold prices fell over 1% after hitting a record high on Wednesday, as a stronger dollar and a rise in U.S. Treasury yields countered support from safe-haven demand linked to the Nov. 5 U.S. election and Middle East war. Spot gold was down 1% to $2,721.12 per ounce as of 12:25 p.m. EDT (1410 GMT) after hitting a record high of $2,758.37 earlier in the session. However, gold could see the $2,800/oz level by the week's end on safe-haven demand, Haberkorn added. The dollar index rose 0.3% to near a three-month high, making gold less appealing for other currency holders, while U.S. bond yields climbed to a three-month high.
Persons: Bob Haberkorn, Haberkorn, Ole Hansen, Kamala Harris, Donald Trump Organizations: Treasury, Saxo Bank, U.S, Republican, Reuters Locations: U.S
New York CNN —A day after an E. coli outbreak tied to Quarter Pounders in the western part of the United States left one dead and 10 hospitalized, McDonald’s entered full damage-control mode. “We are very confident that you can go to McDonald’s and enjoy our classics,” McDonald’s USA President Joe Erlinger said on NBC’s “Today” Wednesday. Most of the illnesses are in Colorado and Nebraska, and most of the people who fell ill ate Quarter Pounders at McDonald’s. “If there has been contaminated product within our supply chain, it’s very likely worked itself through that supply chain already.”McDonald’s (MCD) stock fell more than 5% at Wednesday — its worst day since the March 2020 Covid lockdown. Chipotle’s outbreak is the worst-case scenario for any restaurant chain, and McDonald’s E. coli situation appears to be limited, at least for now, to a supply issue.
Persons: McDonald’s, Joe Erlinger, , ” Erlinger, , Chipotle’s, Chipotle, Brian Niccol, Niccol, we’ll, Morgan Spurlock’s Organizations: New, New York CNN, , Centers for Disease Control, US Food and Drug Administration, Starbucks, CDC, American Museum of Tort Locations: New York, United States, McDonald’s, Colorado and Nebraska
watch nowQuarterly lossesBoeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes. It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities. Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before. Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September. He is expected to face questions on the call about which units or projects the company will consider shedding.
Persons: David Ryder, Kelly Ortberg, Ortberg, CNBC's Squawk, Brian West, Ted Colbert, we've, LSEG, Rockwell Collins, Max, weren't Organizations: Boeing Co, Bloomberg, Getty, Boeing, KC, International, NASA, CNBC, Alaska Airlines Locations: Renton , Washington, US
An arrest report alleged that Sykes communicated with her 10-year-old daughter on the online gaming platform Roblox and instructed the girl "on various methods to kill the infant." "Sykes instructed the 10-year-old to drown the infant in the bathtub, burn the infant with scalding water, and drop the infant on the floor to kill the infant," the sheriff's office said. On Thursday, the sheriff's office was contacted by Gulf Coast Kids House about a 2-month-old infant who had suffered serious injuries after being dropped on the kitchen floor by the 10-year-old. Morgan Lewis, a spokesperson with the sheriff’s office, said the 2-month-old is expected to survive. The sheriff's office spokesperson said they do not foresee the 10-year-old being charged.
Persons: Tara Alexis Sykes, Sykes, Morgan Lewis, Chip W, Simmons Organizations: Escambia County Sheriff’s, Gulf Coast Kids House, Gulf Coast Kids Locations: Florida, Escambia County
It's a dynamic that has forced many election officials out of the industry, while those who remain have taken in some cases dramatic steps to protect poll workers and voters ahead of Election Day. Some poll workers are also receiving pay bumps as incentives to stay on through a stressful voting period. In interviews, county and state election officials shared details of security plans with NBC News. The county allocated money for so-called panic buttons that would allow election workers to quickly contact authorities in emergencies. They decided to give police radios to election workers instead.
Persons: Donald Trump, , they’re, Stephen Richer, enforcement’s, “ They’re, , Zach Manifold, Daniel Baxter, Aaron Dobson, State Jena Griswold, Griswold, they’ve Organizations: NBC News, Republican, Milwaukee County Sheriff's, State Locations: America, Maricopa County , Arizona, Maricopa County, Cobb County , Georgia, Gwinnett County, Detroit, Milwaukee County , Wisconsin, Colorado
SINGAPORE — Lee Hsien Yang, the youngest son of the founder of modern Singapore, Lee Kuan Yew, said Tuesday that he is now a political refugee from Singapore under the U.N. Refugee Convention. I remain a Singapore citizen and hope that someday it will become safe to return home,” he said. Britain’s high commission in Singapore did not immediately respond to a request for comment. The government said in response that it would consider issues related to the property in due course.
Persons: Lee Hsien Yang, Lee Kuan Yew, Lee, Lee Hsien Loong, ” “, , ChannelNewsAsia, Lee Wei Ling Organizations: Refugee, Guardian Locations: SINGAPORE, Singapore, Britain
An Italian surfer died last week after being impaled by a swordfish while surfing in Indonesia, local media reported. Fabio Giulivi, the mayor of Manfrini’s hometown, Venaria, said the surfer was “tragically” taken from her loved ones in the prime of her life. “The news of her death has left us shocked and makes us feel powerless in the face of the tragedy that took her life so prematurely,” Giulivi wrote in an Instagram post. In August, an Australian man died after he hit his head on a reef while surfing in North Sumatra, Indonesia. Last year, American professional surfer Mikala Jones died after the fin of his surfboard severed an artery in his leg while surfing in Indonesia.
Persons: Giulia Manfrini, , Lahmudin Siregar, Antara, , James Colston, Giulia couldn’t, ” “ Giulia, Fabio Giulivi, ” Giulivi, Mikala Jones Organizations: Disaster Management Agency Locations: Italian, Indonesia, Italy, Islands, Manfrini, London, Venaria, Australian, North Sumatra, American
Companies like Aetna or AARP/UnitedHealthcare are merging their coverage plans, while previous insurers like Mutual of Omaha are leaving the market. AdvertisementWhile beneficiaries with Part A and B Medicare could see premium adjustments, most major changes will occur for people with supplemental Part D and Medicare Advantage plans. Healthpilot found that 10% of Medicare Advantage plans will be at the maximum deductible — up from 5% last year. Most Medicare Advantage beneficiaries will still have prescription drug coverage in the new year, but they may face higher out-of-pocket costs. Baby boomers are already struggling with healthcare costsThese changing Medicare costs come as many low-income baby boomers are struggling to keep up with medical bills.
Persons: , Elizabeth Ayoola, Ayoola, Healthpilot, boomers, Lisa Callejas, Callejas, Betty, Betty —, Betty isn't Organizations: Medicare, Social Security, Service, Insurance, Companies, Aetna, AARP, BI, Healthpilot, Business, Security, Social Locations: Omaha, Mexico, Illinois
Jonah Weinbaum joined a hacker house to work on a neurotech project in summer 2023. Living in the hacker house shifted Weinbaum's career focus from academia to entrepreneurship. AdvertisementThis as-told-to essay is based on a conversation with Jonah Weinbaum, a 19-year-old who moved into a hacker house during the summer of 2023. Living in the hacker house changed the career path I was onBefore this experience, I was confused about what path to take. AdvertisementMy time in the hacker house taught me how to take a problem and investigate it intensely for a short period.
Persons: Jonah Weinbaum, , We'd, I've, I'm Organizations: Service, University of Michigan, Emergent Ventures Locations: Ann Arbor, Michigan, Washington, Canada, Russia, California, Francisco, Texas
South Korea says 1,500 North Korean troops have been sent to aid Russia in its war in Ukraine. They also said that North Korean troops could find themselves little more than cannon fodder. Other experts said North Korean troops would experience the roughest end of Russia's notoriously brutal military hierarchy, which marks some as expendable. "The grim reality is that the North Korean troops will likely simply be cannon fodder for Russia," said Edward Howell, a North Korea expert at the University of Oxford. AdvertisementHoare also pointed to the risk of North Korean troops defecting, which would loom over any deployment.
Persons: , Volodymyr Zelenskyy, Joseph S, Bermudez Jr, Bermudez, Cannon, Kim Jong, National Intelligence Service Bermudez, Edward Howell, Jim Hoare, Hoare, Suspilne, Kim Jong Un, Vladimir Putin, Kristina Kormilitsyna, Howell Organizations: North, Service, Korea's National Intelligence Service, National Intelligence Service, South, Associated Press, CNN, Center for International, Strategic Studies, North Korean, University of Oxford, BI, The Times, DPRK Locations: Korea, Russia, Ukraine, North, North Korea, Pyongyang, Korean, Russian, South Korea, Seoul, Ukrainian, Koreans, Ussuriysk, South, London, Sputnik
A study finds that dorm-style housing could be an efficient path to convert vacant office space. The study comes as office vacancies rise and housing supply remains constrained. The report comes as companies reevaluate their need for office space in the wake of the COVID-19 pandemic. The national office vacancy rate is set to rise to around 20% by the end of this year, according to commercial real estate firm CBRE. The report comes as the number of office spaces set for residential conversions is on the rise, up to 55,000 this year.
Persons: , Wes LeBlanc, Alex Horowitz Organizations: Service, Pew Locations: Denver, Minneapolis, Seattle
Homeowners everywhere are feeling the impact as home insurance premiums skyrocket. Here are the top 13 states where home insurance premiums are expected to increase the most in 2024. As hurricanes become more severe, neighboring states such as Alabama are seeing big increases in insurance prices. Even so-called "climate havens"— typically Midwestern states insulated from severe hurricanes and wildfires — aren't safe from a climate or insurance crisis. Listed below are the 13 states with climate-induced insurance crises and their projected home insurance rate increase in 2024, according to Insurify.
Persons: Hurricanes Milton, Helene, it's, Insurify Organizations: Service, Hurricanes, Hurricanes Milon Locations: Florida , California, Louisiana, Alabama, Vermont
Sam's Club CTO Cheryl Ainoa is leaving following a return-to-office mandate, a company spokesperson confirmed. The company earlier this year required US corporate employees to work at one of three office hubs. AdvertisementA top Sam's Club executive is leaving their role following parent company Walmart's return-to-office mandate. Last week, Sam's Club CEO Chris Nicholas told BI that in-person work is helping the company innovate more quickly. If you are a Walmart or Sam's Club employee who wants to share your perspective, please contact Dominick via email or text/call/Signal at 646.768.4750.
Persons: Cheryl Ainoa, , Walmart's, Cheryl Ainoa —, Chris Nicholas, Ainoa, Dominick Organizations: Sam's, Walmart, Service, Sam's Club, Business, Bloomberg, Amazon Locations: Bentonville , Arkansas, Walmart's Arkansas, New York, Bay, Bentonville, San Jose
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