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☆ A millennial left his job to start a consulting business and booked $400k in revenue in the first year. He shares his advice on launching a startup.
▼ + stars: | 2024-09-23 | by ( John Towfighi | ) www.businessinsider.com time to read: +7 min

Read previewMario Vasquez Zuniga, 29, got a taste of entrepreneurship three years before he launched his own business. In 2023, Vasquez Zuniga quit his job and cofounded Collective, a consulting firm, with former colleague Thea Appling. Vasquez Zuniga is a first-generation college graduate who earned his degree from San Francisco State University in 2016. Vasquez Zuniga has another advantage: He's a native Spanish speaker, and he said nearly all of the people he works with are bilingual. Vasquez Zuniga added that setting milestones is also key for new entrepreneurs.

Persons: —, Mario Vasquez Zuniga, Vasquez Zuniga, Thea Appling, " Vasquez Zuniga, who's, undervalue, they've, hasn't Organizations: Service, Lucas Public Affairs, Business, Treasury Department, Bureau of Labor Statistics, San Francisco State University, Small Business Administration, CPA, Sacramento Valley Small Business Development Center, Immigrants Locations: Palmdale , California, Sacramento, El Salvador, Spanish

☆ We finally got a rate cut. Here’s what history says will happen next
▼ + stars: | 2024-09-23 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —So we finally got a rate cut — and a supersized one at that. However, a recession started immediately when the Fed cut rates in July 1990 and just two months after it cut in January 2001. Unemployment rate: generally risesOn average, for those six cycles, the unemployment rate rose by 1.4 percentage points a year after the Fed cut rates. For instance, a year after the Fed cut rates in July 1995, the unemployment rate was unchanged at 5.5%. In the other four instances, the unemployment rate was at least a percentage point higher a year after the Fed cut rates.

Persons: Jerome Powell, it’s, Michelle Bowman Organizations: New, New York CNN, Fed, Consumer Locations: New York, stoke

☆ There's only one new car for sale for less than $20,000
▼ + stars: | 2024-09-23 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +1 min

Nissan announced that the 2025 Versa subcompact sedan will start at $17,190. It will be the cheapest new car on sale in the US and the only one to start under $20,000. The 2025 Versa comes standard with a 122-horsepower four-cylinder engine and a manual transmission. AdvertisementThe cheapest new car for sale in America is about to get more expensive. That's $500 more than before but still cheap enough to claim the title of cheapest new car on the market.

Persons: —, Kia Forte Organizations: Nissan, Service, Mitsubishi, Business Locations: America

☆ South Korea is going big on American manufacturing. The Battery Belt could benefit the most.
▼ + stars: | 2024-09-23 | by ( John Towfighi | ) www.businessinsider.com time to read: +7 min

Read previewSouth Korean companies are investing billions of dollars in the US to take advantage of two big laws meant to boost American manufacturing. A Financial Times analysis of United Nations data found South Korean companies invested $21.5 billion in US projects in 2023, more than any other country. Related storiesAnd South Korean investments span multiple states, mainly in the South. In the past decade, South Korean companies have created about 7,000 jobs in Texas and nearly 8,000 jobs in Indiana. Those provisions have incentivized South Korean companies to divert from China and focus more on the US.

Persons: —, Yeo, South, Biden, South Korea —, " Yeo, Joe Biden's Organizations: Service, United, Business, Samsung, LG, Hyundai, South, Peterson Institute for International Economics, EV, Financial, Kia, SK Hynix, Korea's Ministry of Trade, Industry, Energy, Wall Street, World Bank, Biden Locations: United Nations, South Korea, Taiwan, Southern, China, US, Georgia, South, Texas, Arizona, Indiana, Korea's

☆ The Max-Hulu-Disney+ bundle seems to be off to a strong start
▼ + stars: | 2024-09-23 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Discovery teamed up with Disney to create an anticipated Max-Hulu-Disney+ bundle, which launched in late July for $17 per month. AdvertisementThere were less than 2 million net streaming subscribers additions in the US in Q2, according to Antenna. In August, Hulu's cancellation rate rose to its highest level since January, and Max's churn rate jumped to its highest mark since November. AdvertisementWhen taken in the context of Antenna's other data, it looks like some Hulu and Max customers are canceling their subscriptions so they can subscribe to the Max-Hulu-Disney+ bundle without paying twice. The Max-Hulu-Disney+ bundle is one of several streaming packages that media giants have conjured up.

Persons: —, Max each, Peacock, Max, it's Organizations: Service, Warner Bros, Discovery, Disney, Hulu, Business, Paramount, WBD, Comcast, Netflix, Apple, ESPN

☆ Rate-drop environment could be the key 'reopen the spigot' for IPOs, says Rashaun Williams
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRate-drop environment could be the key 'reopen the spigot' for IPOs, says Rashaun WilliamsRashaun Williams, Value Investment Group founder, joins CNBC's 'Closing Bell' to discuss what rate cuts could mean for venture-backed companies, how he feels about earnings expectations, and more.

Persons: Rashaun Williams Rashaun Williams Organizations: Value Investment Group

☆ Britain's finance minister calls for spending discipline but no return to austerity
▼ + stars: | 2024-09-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Britain's Chancellor of the Exchequer Rachel Reeves speaks on the second day of the annual Labour Party conference in Liverpool, north-west England, on September 23, 2024. Liverpool, ENGLAND — U.K. Finance Minister Rachel Reeves vowed on Monday that Britain will not return to austerity, but said she would make hard choices as she lays out budget proposals next month. "It will be a budget with real ambition ... a budget to deliver the change we promised. A budget to rebuild Britain," she told a crowd of Labour party delegates Monday. Reeves has suggested that taxes are likely to rise at her upcoming Oct. 30 Autumn budget after discovering a £22 billion ($29 billion) "black hole" in the public finances.

Persons: Rachel Reeves, heckles, Keir Starmer, Reeves, Jeremy Hunt Organizations: Labour Party, Finance, Labour, Conservative Party, Conservatives Locations: Liverpool, England, ENGLAND, Britain

☆ Fed's reaction is neutral for rates, positive for equities, strategist says
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's reaction is neutral for rates, positive for equities, strategist saysMohit Kumar, chief economist and strategist for Europe at Jefferies, discusses the Federal Reserve's first rate cut and Chair Jerome Powell's latest messaging.

Persons: Mohit Kumar, Jerome Powell's Organizations: Jefferies, Federal

☆ Microsoft downgraded on fear its AI lead over Amazon and Google is gone
▼ + stars: | 2024-09-23 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Analyst Gil Luria maintained his price target of $475, which is approximately 9% higher than where Microsoft stock closed on Friday. In particular, Amazon Web Services and Google Cloud Platform appear to pose the biggest threats to Microsoft's Azure cloud computing platform. But Amazon Web Services is now adding nearly as much cloud business, while Google Cloud Platform's current acceleration is comparable to that of Azure's last-quarter growth rates. "While Microsoft has discussed its Maia chips, it is years behind Amazon and Google and appears to be using them only to run Azure OpenAI Services workloads. We believe this means Microsoft has been escalating an arms race it may not be able to win."

Persons: D.A, Davidson, Gil Luria, Luria, Maia Organizations: Microsoft, Amazon Web Services, Google, Services, Amazon, OpenAI Locations: OpenAI

☆ Sam Altman is joining forces with design guru Jony Ive and Steve Jobs' widow to build a new AI device company
▼ + stars: | 2024-09-23 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewOpenAI CEO Sam Altman is working on a new AI device startup with former Apple design chief Jony Ive and Laurene Powell Jobs, the widow of the late Apple founder Steve Jobs. Marc Newson, who cofounded LoveFrom with Ive, told The Times that they were still figuring out the product and its release date. Advertisement"I'm interested in this topic, I think it is possible," Altman told The Journal's tech columnist Joanna Stern at the event. Notably, Altman told Stern in October 2023 that he didn't think AI devices would eclipse smartphones. Related storiesFormer Apple employees Imran Chaudhri and Bethany Bongiorno cofounded their own AI startup, Humane in 2019 and launched their first product, the Ai Pin in November.

Persons: —, Sam Altman, Jony, Laurene Powell Jobs, Steve Jobs, Brian Chesky, Altman, Airbnb, Emerson, Powell Jobs, Marc Newson, Joanna Stern, Stern, Imran Chaudhri, Bethany Bongiorno, Zoz Organizations: Service, Apple, The, The New York Times, The Times, Business, Apple Watch, Times, Bloomberg, Humane, Emerson, Business Insider Locations: OpenAI

☆ Apple Intelligence will mark a 'renaissance of growth' for the company, says Wedbush's Dan Ives
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple Intelligence will mark a 'renaissance of growth' for the company, says Wedbush's Dan IvesDan Ives, Wedbush Securities managing director, joins ‘Squawk on the Street' to discuss Apple's iPhone 16 sales, how the company's AI push will impact its stock, and more.

Persons: Wedbush's Dan Ives Dan Ives, Squawk Organizations: Apple Intelligence, Wedbush Securities

The payment was listed as a “speaking engagement.”Trump’s latest disclosure form said Melania Trump was paid by the Log Cabin Republicans for the April fundraiser. The source told CNN that Ric Grenell, former ambassador to Germany and a Trump ally, was the one who made the request on behalf of Melania Trump. One person close to Melania Trump said she has decided “my best and highest use is where I am,” adding that “she’s a priceless, timeless asset” for Donald Trump. A spokesperson for Melania Trump declined to comment in response to CNN’s questions. Melania Trump is not the only Trump family member to get paid while in the political spotlight.

Persons: Washington CNN — Melania Trump, she’s, Donald Trump’s, ”, Melania Trump, Charles Moran, Ric Grenell, Trump, Grenell, Virginia Canter, Canter, “, it’s, Donald Trump, John Paulson, “ She’s, ’ ”, Stephanie Grisham, ” Grisham, Kimberly Guilfoyle, Trump’s, Donald Trump Jr, Bill Clinton, Hillary Clinton, Barack Obama, Joe, Jill Biden, Michelle Obama, Laura Bush, Hunter Biden, CNN’s Fredreka Schouten Organizations: Washington CNN, CNN, Melania, Trump, Republican National Convention, Trump White House, House, White, Secret, Capitol, ”, Politico Locations: Germany, Florida, California, Palm Beach , Florida, Palm Beach, Butler , Pennsylvania, Manhattan

☆ Iran is ready for nuclear talks at UN 'if other parties are willing,' foreign minister says
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: +2 min

Then Iranian Deputy Foreign Minister Abbas Araqchi speaks over the Iran nuclear deal during a press conference in Tehran, Ian on August 9, 2015Iran is ready to start nuclear negotiations on the sidelines of the U.N. General Assembly in New York if "other parties are willing," Foreign Minister Abbas Araqchi said on Monday in a video published on his Telegram channel. Indirect talks between Washington and Tehran to revive the deal have stalled. Iran is still formally part of the deal but has scaled back commitments to honour it due to U.S. sanctions reimposed on the Islamic Republic. We will focus our efforts on starting a new round of talks regarding the nuclear pact," Araqchi said. U.S. President Joe Biden's administration has said the United States is not ready to resume nuclear talks with Iran.

Persons: Abbas Araqchi, Ian, Donald Trump, Araqchi, Antony Blinken, Trump, Joe Biden's Organizations: General Assembly, U.S, Hamas Locations: Iran, Tehran, New York, U.S, Washington, Islamic Republic, Switzerland, Iranian, Israel, Ukraine, United States

☆ Microsoft’s first-mover advantage in AI is fading. Why we’re OK with that
▼ + stars: | 2024-09-23 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Amazon , Meta Platforms and Apple are eating away at Microsoft's once-sizable lead in the heated artificial intelligence arms race, according to D.A. Early investments in ChatGPT creator OpenAI gave Microsoft the first-mover advantage in the AI race. Davidson analysts praised Amazon, Meta, and Apple as their top three. AMZN YTD mountain Amazon YTD In particular, D.A. META YTD mountain Meta Platforms YTD As for Meta, the Club sees potential in how AI helps boost user engagement with its chatbot baked into Facebook, WhatsApp and Instagram.

Persons: Davidson, Jim Cramer, Jim, it's, Gross, OpenAI, Copilot, That's, D.A, Mike Sievert, Jim Cramer's, Adam Gray Organizations: Microsoft, Big Tech, D.A, Apple, Club, Services, AWS, Amazon, Meta, Facebook, Mobile, Apple Intelligence, CNBC, Getty Locations: Microsoft's, Redmond, Washington, D.A, San Francisco, New York City

☆ US proposes ban on smart cars with Chinese and Russian tech
▼ + stars: | 2024-09-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

CNN —The US Commerce Department on Monday will propose a ban on the sale or import of smart vehicles that use specific Chinese or Russian technology because of national security concerns, according to US officials. The rule would not apply to cars already on the road in the US that already have Chinese software installed, a senior administration official told CNN. The software ban would take effect for vehicles for “model year” 2027 and the hardware ban for “model year” 2030, according to the Commerce Department. If millions more smart cars with vulnerable, Chinese-made tech are on US roads, “the risk of disruption and sabotage increases dramatically,” he said. “China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” said Lin Jian, spokesman for China’s Foreign Ministry, in a statement.

Persons: Gina Raimondo, Commerce Department’s, Biden, Raimondo, ” Raimondo, “ We’ve, Jake Sullivan, ”, Lin Jian, CNN’s Shawn Deng Organizations: CNN, US Commerce Department, Commerce Department, Tesla, Commerce, PRC, House, China’s Foreign Ministry, Kaspersky Locations: China, Russia, United States, Europe, Russian

☆ Remote work could become a secret weapon in the battle for top talent
▼ + stars: | 2024-09-23 | by ( Nora Redmond | ) www.businessinsider.com time to read: +5 min

Read previewThe list of companies abandoning remote work is growing. But for some experts, remote work won't die either. "There's a big race for talent out there," she told Business Insider, adding that "attracting talent into a business is hard these days." For others, flexible work has become a game changer and one they can't see themselves looking back on. In contrast, other companies will continue to embrace the advantages of flexible work.

Persons: —, Andy Jassy, PwC, Goldman Sachs, Kate Palmer, Palmer, Daniel Wheatley, Wheatley, Jassy Organizations: Service, Amazon, Big, Business, Citigroup, HSBC, Barclays, JPMorgan, Peninsula, University of Birmingham

☆ Pa. health system agrees to $65 million settlement after hackers leaked nude photos of cancer patients
▼ + stars: | 2024-09-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +4 min

CNN —A Pennsylvania health care system this month agreed to pay $65 million to victims of a February 2023 ransomware attack after hackers posted nude photos of cancer patients online, according to the victims’ lawyers. Eighty percent of the $65-million settlement is set aside for victims whose nude photos were published online. The ransomware attack “was limited to the network supporting one physician practice located in Lackawanna County,” the Lehigh statement continued. A February ransomware attack on a major health insurance billing firm cut off health providers from billions of dollars and put some health clinics on the brink of bankruptcy. A full-scale ransomware attack on a health care provider has many costs aside from potential lawsuits, from rebuilding computer systems to retaining legal counsel, Henderson said.

Persons: Saltz Mongeluzzi, ”, Carter Groome, ” Groome, “, Max Henderson, Henderson Organizations: CNN, Health, Lehigh Valley Health Network, Lehigh, Biden Locations: Pennsylvania, Lehigh, Lackawanna County

☆ The Wrap-Up for Monday September 23
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Wrap-Up for Monday September 23The top headlines that could drive today's trading.

☆ China can't boost its economy because its macro policy is 'too slow and reluctant,' Goldman Sachs says
▼ + stars: | 2024-09-23 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

August economic data shows China's policy moves haven't acted quickly enough, Goldman Sachs says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's economy can't seem to catch a break, and Beijing's policy interventions haven't done much to help. The strategists pointed to weak economic data from last month, with further contracting retail sales and potential labor market pressures. These data points show China's economic policies have been ill-timed, the strategists say.

Persons: haven't, Goldman Sachs, — Organizations: Service, Goldman, Business

☆ Stock market today: Indexes extend gains as investors gear up for fresh economic data
▼ + stars: | 2024-09-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Investors await key economic data this week, including consumer confidence, revised GDP growth, and the PCE Index. Minneapolis Fed President Neel Kashkari defended the recent rate cut and sees more cuts ahead. AdvertisementUS stocks rose on Monday, with the S&P 500 and Dow Jones Industrial Average testing record highs as investors prepare for fresh economic data this week. Investors will get consumer confidence data on Tuesday, another revision to second-quarter GDP growth on Thursday, and fresh inflation data on Friday with the release of the personal consumption expenditures index. The chatter comes just a few days after the Fed cut interest rates by 50 basis points at the end of its policy meeting last Wednesday.

Persons: Dow Jones, Neel Kashkari, —, Kashkari Organizations: Dow, Minneapolis, Service, Dow Jones, Federal, Governors, CNBC, Fed, Here's

☆ Treasury yields nudge higher as investors assess growth outlook
▼ + stars: | 2024-09-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Yields and prices move in opposite directions. One basis point is equivalent to 0.01%. The 10-year Treasury yield was up just over a basis point at 3.745% at 3:41 a.m. U.S. Treasury yields were slightly higher early Monday as investors assessed the growth outlook following the Federal Reserve's jumbo rate cut last week. The 10-year Treasury yield ended last week almost 8 basis points higher after the Fed lowered rates by half a percentage point on Wednesday.

Persons: Jerome Powell, Raphael Bostic, Neel Kashkari, Austan Goolsbee, Adriana Kugler Organizations: U.S, Treasury, Federal Locations: U.S

☆ Political scientist discusses UAE president's official U.S. visit
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPolitical scientist discusses UAE president's official U.S. visitAbdulkhaleq Abdulla, political scientist and author, says there's a need for a "new phase" in the United Arab Emirates' relationship with the United States.

Persons: Abdulkhaleq Abdulla Organizations: UAE president's, United Arab Locations: United Arab Emirates, United States

☆ Stocks making the biggest moves premarket: Intel, Pinterest, Palantir and more
▼ + stars: | 2024-09-23 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

CNBC confirmed on Friday that Qualcomm had recently approached Intel about a takeover. Ciena – The networking software maker added more than 4% after a double upgrade by Citigroup to buy from sell cited an improving landscape in the broader telecommunications/cable industry. The bank sees bookings growth heading into next year. The bank sees an increasing relevance of the platform among users and expects strong revenue growth over the next few years. Palantir – The maker of software platforms to help companies analyze data declined more than 1%.

Persons: Ciena, Morgan Stanley, Palantir, Raymond James, Harlan Sur, —, Samantha Subin, Sarah Min, Pia Singh Organizations: Intel, Apollo Global Management, Bloomberg, CNBC, Qualcomm, Citigroup, Constellation Energy, Microsoft, Deutsche Bank, General Motors, Chevrolet, Micron Technology, JPMorgan Locations: Pennsylvania, The Boise , Idaho

☆ Boeing sweetens labor proposal in 'best and final' offer as strike enters second week
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Boeing on Monday sweetened its contract offer and said it was its "best and final" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week. Boeing's new offer would raise general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match. The labor union, the International Association of Machinists and Aerospace Workers, didn't immediately comment on the offer. The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.

Persons: didn't, group's, Kelly Ortberg, Ron Epstein Organizations: Boeing, International Association of Machinists, Aerospace Workers, Bank of America, CNBC Locations: Renton , Washington, Seattle

☆ TSMC and Samsung in talks with UAE to build chip megafactories, WSJ reports
▼ + stars: | 2024-09-23 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

South Korea-based Samsung Electronics has also been considering investing in building chip manufacturing facilities in the country in the coming years. The Gulf state has been ramping up efforts and investments in developing its domestic tech industry as it works to build its position as a global hub for advanced technology and artificial intelligence. However, the discussions with UAE officials are still in the early stages, the report said. A tug-of-war between the U.S. and China has played out in the region as tech deals speed up and Washington grows increasingly wary over Beijing's influence in the Gulf state. TSMC and Samsung have held discussions with U.S. officials who are worried about potential shipments of advanced AI chips coming from UAE-based plants to China.

Persons: Alex Capri Organizations: Dubai International Financial, Global, Taiwan Semiconductor Manufacturing Co, Samsung Electronics, United, Street, TSMC, South Korean, UAE, U.S, Samsung, National University of, CNBC, Wall Locations: Dubai, United Arab Emirates, Burj, Gulf, Taiwan, South Korea, China, Washington, UAE, The U.S

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