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☆ The lunch rush is dead as Americans live for the weekend
▼ + stars: | 2024-05-19 | by ( J.J. Mccorvey | Haley Messenger | ) www.cnbc.com time to read: +6 min

These signs point to a new normal for Americans' post-pandemic leisure spending, which has stayed resilient despite the higher costs of going out. In 2023, 1.88% of the food and drink transactions Square processed took place between 11 a.m. and noon on Saturdays, up from 1.60% in 2019. Nowhere was the shift toward evening and weekend spending starker than in Boston, one of 23 major cities Square analyzed. There, a 10.1% decline in weekday lunch transactions was more than offset by 10.3% and 1.6% increases in weekend and happy hour transactions, respectively. "I don't really prioritize drinking during the weekdays," Louie said, and his weekend leisure spending "is quite inconsistent."

Persons: That's, Ara Kharazian, Brunch, Kharazian, Sara Senatore, AJ Kurban, Kurban, it's, Soojin Lee, Cornell University's Nolan, Young, They're, Senatore, I'm, Nicholas Louie, Louie Organizations: University of Toronto, ARA, Bank of America, Cornell University's, Cornell University's Nolan School of Hotel Administration, Covid Locations: U.S, workdays, Boston, Brooklyn, Manhattan, York

☆ I ordered the same burger meal at McDonald's and Chili's, and the latter served up better value
▼ + stars: | 2024-05-16 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

I ordered the same burger meal at McDonald's and Chili's Grill & Bar. The Chili's combo also had a bigger, better-tasting burger and was a better value. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe value wars are in full swing, as chain restaurants are trying to lure in customers with meal deals and burgers inspired by fast-food favorites. In April, the chain launched its Big Smasher burger, a dupe of the iconic Big Mac that comes with shredded lettuce, minced onion, and Thousand Island dressing.

Persons: — Organizations: Service, Business

☆ Cohen Holds His Temper in Check During Hours of Cross-Examination
▼ + stars: | 2024-05-16 | by ( Michael Wilson | More About Michael Wilson | ) www.nytimes.com time to read: +1 min

Much has been said about Michael D. Cohen’s composure during his lengthy cross-examination, as if it were a facade that couldn’t be expected to hold much longer. Mr. Cohen, 57, is a central-casting New Yorker, brash and sharp-elbowed. After falling out with Mr. Trump, Mr. Cohen turned his fury on his former boss, once calling him a “Cheeto-dusted cartoon villain” on social media. This week, Mr. Trump’s lawyer, Todd Blanche, has tried to lure that earlier version of the witness into the spotlight, repeatedly goading him about lies he has told. Just minutes before Thursday’s lunch break, Mr. Blanche accused Mr. Cohen once again of an untruth, this time about a call to Mr. Trump’s bodyguard.

Persons: Michael D, ”, Cohen, Donald J, Trump, Trump’s, Todd Blanche, Blanche, Mr

TradeBiden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. Biden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. As president, Trump fixated on the US trade deficit even as some economists argued against reading too much into such figures. He didn't see the fruits of his biggest trade deal, which went into effect in July 2020: the USMCA, a revamped North American trade deal known Experts at Brookings Institution have praised the treaty for growing regional trade. Trump has pledged to kill the Biden administration's new Asian trade talks, which the former president has dubbed "TPP two."

Persons: Biden, Niels Wenstedt, Trump, Katherine Tai, Sen, Elizabeth Warren, Barack Obama Organizations: BSR Agency, Getty, Republican Party, American Free Trade, World Trade Organization, Big Tech, Trump, Bloomberg News, Brookings Institution, TransPacific, US, Biden, Politico Locations: Washington, China, American, Mexico, Beijing

☆ E.U. Investigates Meta Over Addictive Social Media Effects on Children
▼ + stars: | 2024-05-16 | by ( Adam Satariano | ) www.nytimes.com time to read: +1 min

regulators could ultimately fine Meta up to 6 percent of its global revenue, which was $135 billion last year, as well force other product changes. The investigations are part of a growing effort by governments around the world to rein in services like Instagram and TikTok to protect minors. Meta has for years faced criticism that its products and recommendation algorithms are fine-tuned to hook children. In October, three dozen states in the United States sued Meta for using “psychologically manipulative product features” to lure children, in violation of consumer protection laws. People younger than 13 are not supposed to able to sign up for an account, but E.U.

Persons: Meta Organizations: Facebook, European Commission, United, Meta, Digital Services Locations: United States

☆ Grocery prices are finally falling
▼ + stars: | 2024-05-15 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Food shoppers can finally breathe a slight sigh of relief: After years of increases followed by months of plateau, grocery prices fell last month. Grocery prices retreated 0.2% from March to April, adjusted for seasonal swings, according to inflation data released Wednesday by the Bureau of Labor Statistics. But back in February, overall food prices remained flat for the first time since April 2023. Fast food prices jumpWhile grocery prices have been moderating, menu prices remain high, especially at fast food spots. At sit-down restaurants, prices went up 3.4%, while at limited-service restaurants — where you’re served at the counter — prices rose 4.8%.

Persons: Milk, you’re, McDonald’s Organizations: New, New York CNN, Bureau of Labor Statistics Locations: New York, Ukraine, Texas, —, McDonald’s

☆ Money or talent? What's actually driving hedge funds to Abu Dhabi and Dubai
▼ + stars: | 2024-05-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +9 min

Millennium, Brevan Howard, Schonfeld, and ExodusPoint are just a few of the funds that have put roots down in either Abu Dhabi or Dubai. Meanwhile, Bridgewater's Ray Dalio bought a penthouse in Abu Dhabi as he compliments the country's policies. When one US-based hedge fund fundraiser met with Abu Dhabi officials late last year, he didn't expect much to come of it. He lauded everything from the Louvre outpost in Abu Dhabi to the warm weather to the responsiveness from government officials. A Bloomberg story on Abu Dhabi notes that it's fast-tracking country-club admissions for new wealthy immigrants.

Persons: —, Brevan Howard, Schonfeld, Bridgewater's Ray Dalio, Austen Smart, Tighe, Smart, Alan Howard, Greg Coffey, Danny Yong, hoover, Doug Greenig, Morgan, Point72, Steve Cohen, Viking Global's Andreas Halvorsen, keynotes, Howard, Abu Dhabi, Craig Bergstrom, Bobby Jain's, Florin Court's Greenig, Abu, Floring Organizations: Service, United Arab Emirates, titans, Business, Tighe International, Florin Court Capital, Morgan Stanley's, Dubai Financial Services Authority, Abu, Abu Dhabi Investment Authority, Mubadala Investment Company, Corbin Capital, Abu Dhabi Global, Hong Kong, pats, Bloomberg Locations: Dubai, Abu Dhabi, London, New York, Mumbai, UAE, Asia, Switzerland, It's, Gaza, Iran, Palm, Europe, Cayman Islands, Jersey, Miami, San Franciso, Riyadh, Saudi

☆ The US Army says it wants to recruit more psychological warfare 'nerds'
▼ + stars: | 2024-05-12 | by ( Cameron Manley | ) www.businessinsider.com time to read: +5 min

AdvertisementIn late 2021, the Army Special Operations Command leaders and special forces recruiters had a problem: they needed more enlistees for their Psychological Operations groups. Experts in persuasion and influence, psychological warfare, or PsyOp, soldiers don't often fit the stereotypical mold of an Army recruit. US Army via GettyThe video aims to recruit future PsyOps soldiers and show applicants what their jobs will entail." The US Ghost Army deceived the Germans using inflatable tanks, radio deception, disguises, and impersonations. This photo provided by the Ghost Army Legacy Project shows inflatable tanks in March, 1945.

Persons: —, they're, Steve Crowe Organizations: US Army, Service, Army Special Operations Command, Psychological Operations, Army, 8th Psychological Operations, Fort Liberty, Associated Press, US, Getty, Special Forces Recruiting Battalion, US Ghost Army, Ghost Army, National, AP Locations: Fort, Fort Liberty , North Carolina, China, Russia, Ukrainian, Crimea, Russian

☆ Election Updates: Trump returns to the trail as Biden makes a West Coast fund-raising swing.
▼ + stars: | 2024-05-11 | by ( Chris Cameron | ) www.nytimes.com time to read: +5 min

The thinking of party leaders is that Mr. Hernandez would stay in the race if he won the nomination, running interference for Ms. Lake. “They’re not even trying to cover their tracks at this point,” Cody Hannah, a co-chair of the Arizona Green Party, said in an interview on Friday. We know they aren’t genuine Greens.”Efforts to reach Mr. Norton and Mr. Hernandez were not immediately successful. Mr. Hannah, the Green Party’s co-chair, said party members were not familiar with either Mr. Hernandez or Mr. Norton. “These are people who essentially have no connection to our party deciding who’s on our primary ballot,” he said.

Persons: Mike Norton, Arturo Hernandez, —, Norton, Ruben Gallego, Hernandez, Kari Lake, Donald J, Trump, Gallego, Eduardo Heredia, “ They’re, ” Cody Hannah, “, Lake, Kyrsten Sinema, Robert F, Kennedy Jr, circulators, Mr, Joe Lombardo, Hannah, ” Organizations: Arizona Green, U.S . Senate, Republicans, Green Party, Democratic, Green Party of, Arizona Green Party, Greens, Democratic Party, Republican Party, Senate, Green, New York Times, Republican, Federal, Commission Locations: Arizona, Quintana, Green Party of Pima County

☆ 3 reasons why Wall Street is playing Roblox again
▼ + stars: | 2024-05-08 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN —Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists. And it will have to prove to Wall Street there’s more growth up ahead. In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million. Like Fortnite, Roblox is also moving ahead with a“payout to creators” business model. “It’s clear that [Roblox] intends to go after younger gamers in 2024 and 2025,” Ward said.

Persons: ”, Roblox, Matilda Beinat, Lindsey Nicholson, UCG, David Baszucki, Ralph Lauren, Mike Proulx, Forrester, “, ” Proulx, Michael Nagle, ” Beinat, Lewis Ward, ” Ward, Ward Organizations: CNN, Investors, ABI Research, “, Gaming Center, Costco, Brookhaven RP, Nike, Walmart, New York Stock Exchange, Bloomberg, Getty, Apple’s, IDC, Disney, Pixar, Marvel, Star Wars Locations: Asia, Roblox, New York, Fortnite

☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

☆ Apple's iPad ad literally crushes all the things we hold dear — and it's making people sad and mad
▼ + stars: | 2024-05-08 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +3 min

Apple's ad for the new iPad Pro shows various artistic tools being crushed. AdvertisementApple's promotional video for the newly upgraded iPad Pro has struck a discordant tone. Related storiesWhen the press reopens, it's all replaced by the ultrathin iPad Pro. AdvertisementI'll admit, the thinness of that new iPad Pro really is impressive. It's a shame the iPad ad wants to crush it.

Persons: —, Tim Cook, We're, Apple, 8PAjfWa2ZZ, michael, vxLquRFkwU — David Goldfarb, Zooey Deschanel, Siri Organizations: Apple, Service, Bravo, MacBook

☆ Applebee's owner Dine Brands wants to steal fast-food customers with its deals
▼ + stars: | 2024-05-08 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Applebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices. The company reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected. As Applebee's leans into value with a slate of promotions that includes the return of Dollaritas, Dine Brands CEO John Peyton is confident that the chain can beat out the fast-food chains vying for its customers. Applebee's isn't the only casual-dining chain taking aim at McDonald's and the rest of the fast-food category. "It's top of mind for so many people, and it's because they've grown up with Applebee's," Peyton said.

Persons: Dine, Applebee's, John Peyton, Burger, Peyton, Chris Kempczinski, Peyton Manning, Tom Brady, Beyonce Organizations: Dine Brands, CNBC, Peyton, Brinker International

☆ They Put a 65-Foot Hot Dog in Times Square, and It’s a Blast
▼ + stars: | 2024-05-07 | by ( Melena Ryzik | ) www.nytimes.com time to read: +1 min

As the sun set on a cloudy evening in Times Square on Friday, a 65-foot-long frankfurter cantilevered into the sky and spewed out a blast of rainbow confetti. of its bun, drag wrestlers were finishing their match in an elevated boxing ring, practically twerking on the ropes, cheered on by hundreds of spectators. It was the first public event for “Hot Dog in the City,” an installation for Times Square Arts, the largest work that the organization has ever commissioned. The giant wiener was created by Jen Catron and Paul Outlaw, married Brooklyn artists whose métier is often interactive, food-based spectaculars that also question the lore — and lure — of Americana. When they hit upon the hot dog, a national symbol of patriotism and also an emblem of the hard-to-digest truth about mass production and labor, consumerism and marketing, it seemed like a natural match for the setting.

Persons: wiener, Jen Catron, Paul Outlaw Organizations: Times Square Arts, Brooklyn Locations: City

☆ Americans can't stop 'spaving' — here’s how to avoid this financial trap
▼ + stars: | 2024-05-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Spending more to save more is an all-too common pitfall. But spending to save can lead to excessive buying habits and high-interest credit card debt if you aren't careful, according to consumer savings expert Andrea Woroch. ″'Spaving is us justifying our desire to buy more," said Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner. Yet, even as inflation and high interest rates squeeze budgets, consumers continue to fall for these financial traps. "We are just constantly spending more than we can afford and then we experience stress related to our financial health," Klontz said.

Persons: Andrea Woroch, Brad Klontz, Klontz, spaving Organizations: Finance, YMW Advisors, CNBC's Locations: Boulder , Colorado

☆ Howard Schultz wants Starbucks to fix its American business
▼ + stars: | 2024-05-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Former Starbucks CEO Howard Schultz might have left the coffee giant several months ago, but he’s still offering critiques of the company he ran for about 25 years over three stints. The answer does not lie in data, but in the stores,” Schultz wrote. Laxman Narasimhan, Starbucks’ current CEO who Schultz helped pick, reported a “disappointing” quarter in its second-quarter earnings last week. The company experienced a decline in same-store sales for the first time since 2020 and slashed its full-year sales outlook. Narasimhan vowed to turn the business around by including an update to its app and mobile and payment offerings, improving service times and rolling out revamped menu items to lure customers back.

Persons: Howard Schultz, he’s, Schultz, ”, ” Schultz, “, Laxman Narasimhan, Narasimhan Organizations: New, New York CNN, Starbucks, National Labor Relations Board Locations: New York, United States, China

☆ Bitcoin trader loses almost $70 million after sending crypto to wrong online account address
▼ + stars: | 2024-05-05 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Read previewA cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address poisoning" scam. Because blockchains are public, it's easy for scammers to find people's crypto addresses and send out spoof transactions to phish for victims. Related storiesTrezor, another crypto trading platform, recommends double-checking every address before sending a transaction and never copying an address from transaction history when transferring funds to avoid address scams. Sending a small test transaction before making a large transfer is also an effective method of verifying the address, the company says. One study showed that crypto "pig butchering" scams cost investors $75 million from 2020 to 2024.

Persons: — Organizations: Service, Business, Federal Trade Commission, FTC Locations: Bitcoin, scammers

Major corporations often don't want to seem like they're taking one side politically, so they either sponsor both conventions, or neither. Conventions could see new sponsorsThe Democratic and Republican conventions this summer are the first fully in-person conventions since the 2016 election. Democratic convention organizers in April said if corporations had any reluctance to back the RNC, it hasn't hampered Chicago's efforts to lure donors. Microsoft in 2012 contributed over $1.5 million in a mix of in-kind and cash contributions to the Republican convention. JPMorgan donated $200,000 to the 2012 Republican convention and didn't write a check for the 2016 event.

Persons: Donald Trump, Jon Cherry, Rashad Robinson, Robinson, —, Fiserv, Greg Goldner, Trump, Donald Trump's, aren't, they'll, Joe Biden, Trent Morse, Morse, they've, Alison Prange, Reince Priebus, Priebus, it's, Steve Kornacki's, Biden, Nancy Pelosi, Michelle Yeoh, Natalie Edelstein, Michael Sacks, Sacks, J.B . Pritzker, Barack Obama, Alex Hornbrook, There's, Taylor Swift, she's, Mitt Romney, Obama, didn't, General Motors Organizations: Christian Media, The Gaylord, Center, Getty, Republican National Convention, Republican, NBC News, Trump, Fiserv Inc, Democratic, Fiserv, RNC, Resolute Consulting, GOP, Corporations, Fortune, Milwaukee Journal Sentinel, Democrats, White House, Milwaukee, NBC, Wall, Republican National Committee, Wall Street, Biden, TV, Kentucky Derby, Street Journal, Northwestern Mutual, Wisconsin Fortune, Democratic National Convention, WEC Energy Group, Manpower Group, Conventions, Metropolitan Milwaukee Association of Commerce, DNC, Convention, Chicago, Longtime Democratic, Illinois Gov, White, Correspondents, Commission, Facebook, Google, Microsoft, Bank of America, FEC, Meta, Skype, CNBC, JPMorgan Chase, Walmart, JPMorgan, General Motors, General, Motors, Comcast, Press, Trade Locations: Nashville , Tennessee, Milwaukee, Wisconsin, America, Chicago, NBCUniversal, Philadelphia

☆ Talent war between family offices and Wall Street drives up salaries
▼ + stars: | 2024-05-03 | by ( Robert Frank | ) www.cnbc.com time to read: +5 min

"There's a real war for talent within family offices," said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. "If you look back 15 years ago, family offices were where people went to retire and have work-life balance," he said.

Persons: Robert Frank, William Sinclair, Morgan, We've, Trish Botoff, Botoff, Carlyle, Paul Westall, Westall, that's Organizations: Morgan Private Bank Global, Botoff Consulting, KKR, Blackstone, Agreus Locations: U.S

☆ Morgan Stanley's new wealth boss Jed Finn shares his playbook from playing matchmaker with E-Trade clients to getting advisors to teach each other how to use AI
▼ + stars: | 2024-05-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

AdvertisementThe units are combining their outsourced investment services for ultra-high-net-worth wealth clients and institutional customers. The wealth management arm is there to help them pay less taxes on their windfall and manage their fortune. That said, Morgan Stanley has drawn the line in the past at some offerings like health savings accounts. AdvertisementFor Finn, those offerings are a means to an end: converting as many of these clients as possible to become fee-paying wealth management clients. The revenue and margins of the workplace channel and E-Trade, which Morgan Stanley acquired for $13 billion in 2020, are "irrelevant," he said.

Persons: —, Morgan, Jed Finn doesn't, Finn, Andy Saperstein, James Gorman's, Saperstein, Jacques Chappuis, Ben Huneke, Andy Saperstein's, Larry Lettera, Wagner, multibillion, Morgan Stanley, Finn isn't, We're, Jeff McMillan Organizations: Service, McKinsey, bank's, Business, Wall Street, Solium, OpenAI, AIMS

☆ College students desperate for jobs are getting scammed online by criminals posing as tech recruiters
▼ + stars: | 2024-05-01 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +4 min

College students are increasingly targeted by job recruitment scammers, the FTC warned. Scammers use fake listings and pose as recruiters to steal money and identities. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But they can also target a college student's identity or bank information. AdvertisementThe Wall Street Journal recently interviewed students who had encountered scammers during their job hunts.

Persons: —, scammers, Murray Organizations: FTC, Service, Street, Microsoft, Murray Resources Locations: Houston

☆ ‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower
▼ + stars: | 2024-04-25 | by ( Adam Satariano | Paul Mozur | ) www.nytimes.com time to read: 1 min

On a Monday morning last month, tech executives, engineers and sales representatives from Amazon, Google, TikTok and other companies endured a three-hour traffic jam as their cars crawled toward a mammoth conference at an event space in the desert, 50 miles outside Riyadh. The lure: billions of dollars in Saudi money as the kingdom seeks to build a tech industry to complement its oil dominance. To bypass the congestion, frustrated eventgoers drove onto the highway shoulder, kicking up plumes of desert sand as they sped past those following traffic rules. A lucky few took advantage of a special freeway exit dedicated to “V.V.I.P.s” — very, very important people.

Persons: eventgoers Organizations: Amazon, Google Locations: Riyadh

☆ What if no one wants a cheap Tesla?
▼ + stars: | 2024-04-24 | by ( Matt Turner | Hayley Peterson | ) www.businessinsider.com time to read: +6 min

Even at a lower price, say $25,000, it's a very significant purchase — likely one of the most expensive purchases a person will make. AdvertisementSo let's for a second look at why a lower ticket price might not be a panacea for Tesla. There are many other Tesla buyers, of course, but as Tesla introduces lower-cost models in search of different buyers, needs will shift. Musk and Tesla are politicizedAs Tesla looks to lure potential new buyers with a cheaper car, it will have to contend with souring consumer sentiment toward the EV maker. Maybe the pool of buyers for a cheap Tesla will be ginormous.

Persons: —, Tesla, Elon Musk, TSLA, EVs, It's, BYD, Musk, it's Organizations: Service, Business, Tesla, EV, UBS, Infrastructure, Honda Civic, Toyota, Reuters, Bloomberg, Association, Renault, Elon Locations: California, headwinds, China, India

☆ A Gen Z Resistance, Cut Off From Data Plans
▼ + stars: | 2024-04-23 | by ( Hannah Beech | Adam Ferguson | ) www.nytimes.com time to read: 1 min

In the night, the mountain air not quite chill enough to still the insects, young people gathered around a glow. The light attracting them was not a phone screen, that electric lure for people almost everywhere, but a bonfire. Moths courted the flame, sparking when they veered too close, then swooning to their deaths. For months now, these hills of Karenni State in eastern Myanmar have been severed from modern communications. In these resistance strongholds, where people from around the nation have congregated, there is almost no internet, cell service or even electricity.

Persons: strummed Locations: Karenni State, Myanmar

☆ In Coral Fossils, Searching for the First Glow of Bioluminescence
▼ + stars: | 2024-04-23 | by ( Sam Jones | ) www.nytimes.com time to read: +1 min

Bioluminescence is used throughout the animal kingdom, particularly in marine environments, to lure prey, startle predators and even act as camouflage in the surrounding light. “We always say it’s light-limited in the deep sea, but there are a lot of organisms that produce their own light,” said Andrea Quattrini, a zoologist at the Smithsonian National Museum of Natural History in Washington. The dazzling glow of bioluminescence is common in Octocorallia, also known as octocorals, a class of over 3,000 Anthozoa species including sea fans, sea pens and soft corals. The prevalence of bioluminescence in these sessile animals makes a lot of sense, Dr. Quattrini said: “They settle somewhere and they’re there.”How long organisms have been able to emit light is at the center of recent research by Dr. Quattrini and colleagues. Their latest study, published Tuesday in the journal Proceedings of the Royal Society B, resets the timing for the emergence of bioluminescence back to about 540 million years ago, from the existing understanding that it appeared in small marine crustaceans 267 million years ago.

Persons: ”, Andrea Quattrini, Quattrini, “ Organizations: Smithsonian National Museum of, Royal Society Locations: Washington

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