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☆ A Wharton professor says AI is like an 'intern' who 'lies a little bit' to make their bosses happy
▼ + stars: | 2023-05-20 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

UPenn professor Ethan Mollick compares AI to an "intern" who "lies a little bit," CBS reports. Like interns, AI tools require guidance for their outputs to be useful, according to Mollick. Similar to interns who may overcompensate to get ahead of the curve, Mollick compares AI to an "infinite intern" who "lies a little bit" and, at times, wants to make their bosses "a little happy." But like interns, AI requires guidance for its outputs to be useful. Mollick's thoughts on AI come as generative AI tools like OpenAI's ChatGPT take the world by storm.

☆ How do you solve a problem like AI? Tax it
▼ + stars: | 2023-05-18 | by ( John Foley | ) www.reuters.com time to read: +6 min

The chances of “generative AI” being put back in its box are very small. Goldman Sachs economists estimate that 18% of work could be automated globally, and that 7% of the U.S. workforce might be substituted by AI. Moreover, while AI will create profit windfalls, many countries don’t tax those as effectively as they ought to. But a dollar of saved costs for a company creates only 21 cents in corporate income tax revenue. Capital gains are still taxed below the level of income in most countries.

☆ Gen Z Fast Fashion, Live Shopping, Clothes Addiction Destroying Planet
▼ + stars: | 2023-05-17 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +13 min

The Gen Z paradoxGen Z's economic power is growing faster than other generations, according to Bank of America. In the US, fashion is the preferred category for entertainment spending among Gen Z, outranking dining out, video games, and music. A 2021 McKinsey survey found that 42% of American Gen Zers said they didn't even know what makes clothes sustainable. In addition to pushing people to buy more clothes, the buy-now, think-later model of live shopping also encourages people to buy clothes that are worse for the planet. To solve that problem, she founded Viviene New York in 2022, a Gen Z-led marketing agency that helps sustainable brands connect with Gen Z audiences through social media.

☆ How much you exercise may impact flu and pneumonia risk, study shows
▼ + stars: | 2023-05-16 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +6 min

CNN —It’s time to add to your list of reasons to work out: Getting active could help prevent risk of death from the flu and pneumonia, according to new research. Meeting both recommendations for aerobic and muscle-strengthening activity cut the risk associated with flu or pneumonia death nearly in half, but meeting just the aerobic activity target was associated with a 36% lower risk, according to the study. This study might encourage them that physical activity may be another powerful tool for protecting themselves against influenza and pneumonia death,” he said. Even a little bit of exercise showed benefit in protecting against flu and pneumonia death, the study found. Getting 10 to 149 minutes a week of aerobic physical activity was associated with a 21% decreased risk of flu and pneumonia death, the study showed.

☆ Further restrictions on lending will trigger negative payroll growth, says Wharton's Jeremy Siegel
▼ + stars: | 2023-05-10 | 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 EmailFurther restrictions on lending will trigger negative payroll growth, says Wharton's Jeremy SiegelWharton School Professor Jeremy Siegel joins 'Halftime Report' to discuss the overhanging fear of recession, signs of cooling inflation data, and the impact of the banking crisis on lending.

☆ Here's why Wharton's Jeremy Siegel thinks the bar is 'extremely high' for another Fed rate hike
▼ + stars: | 2023-05-08 | 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 EmailHere's why Wharton's Jeremy Siegel thinks the bar is 'extremely high' for another Fed rate hikeWharton School Professor Jeremy Siegel joins 'Squawk Box' to discuss the stronger-than-expected jobs data, why he believes the Fed is done raising rates for the time being, and more.

☆ The SEC just paid out nearly $279 million to a tipster in its largest-ever award. Here's an inside look at the crazy world of whistleblower lawsuits.
▼ + stars: | 2023-05-08 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +11 min

The regulator announced a nearly $279 million award to a whistleblower on May 5, more than double the previous record of $114 million awarded in October 2020. When whistleblower information leads to settlements, tipsters can earn between 10 and 30 percent of the financial penalties paid by wrongdoers. When whistleblower information leads to settlements, the tipsters can earn a percentage of the financial penalties paid by wrongdoers. The tipster's law firm, Kirby McInerney, worked with state authorities on the investigation after "Tooley's" lawsuit was filed. This means tax-fraud whistleblowers will increasingly look for ways to bring their tips to New York law enforcement to be more involved in the investigation process.

☆ 'Bar is very high' for another Fed rate hike, says Wharton Professor Jeremy Siegel
▼ + stars: | 2023-05-05 | 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 Email'Bar is very high' for another Fed rate hike, says Wharton Professor Jeremy SiegelJeremy Siegel, Professor at Wharton School of Business, joins 'Closing Bell' to talk next steps for the Federal Reserve, the U.S. jobs report, and regional banks.

☆ Meet Kim Posnett, the powerful Goldman Sachs dealmaker who was just named head of the investment bank's TMT unit
▼ + stars: | 2023-05-03 | by ( Reed Alexander | ) www.businessinsider.com time to read: +10 min

Kim Posnett was just named head of Goldman's all-important TMT investment banking group. Posnett, 43, has long been one of the most senior figures at Goldman's investment bank. Posnett was previously the head of Goldman's investment-banking services unit, which acts as a salesforce for the global IB division. The former co-head of Goldman's TMT franchise will become co-chairman of the unit. The former would result in the IB services group, which functions, in effect, as a sales force.

☆ Sales, spins and splits — what are the differences and why do they matter for investors like us?
▼ + stars: | 2023-04-30 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +20 min

Investors may get one share in the spun-out entity for every share of the parent company they owned. What's left of J & J will be focused on pharmaceuticals and medical technologies, which were responsible for over 84% of the company's total 2022 revenue of $94.94 billion. It underscores that once free of the parent company tethers a divested company can chart its own destiny. Those priorities may not have necessarily been wrong when considering J & J as the overall enterprise. We believe J & J and Danaher are poised to deliver two more examples.

☆ What Bed Bath & Beyond, Toys ‘R’ Us and RadioShack have in common
▼ + stars: | 2023-04-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Staples is “a classic ‘category killer,’ like Toys R Us,” Mitt Romney, then Bain & Co.’s managing general partner, said in 1989. Another category killer fell this week, when Bed Bath & Beyond filed for bankruptcy. Once the go-to stop for everything in customers’ homes, Bed Bath & Beyond was brought down by shopping changes, competition and its own missteps. Founded in 1971 as Bed ‘n Bath as a small linen and bath store, the company changed its name to Bed Bath & Beyond in 1987 to reflect its expanded merchandise selection and built larger superstores. It’s somewhat ironic that there is now nostalgia for Bed Bath & Beyond and other once dominant chains that drove mom-and-pops out of business.

☆ Here are the two things Wharton Professor Jeremy Siegel is looking for at next week's Fed meeting
▼ + stars: | 2023-04-28 | 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 EmailHere are the two things Wharton Professor Jeremy Siegel is looking for at next week's Fed meetingWharton School Professor Jeremy Siegel joins 'Squawk Box' to preview Fed's policy meeting next week and what's at stake for markets and investors.

☆ Beer boycott hitting Bud Light: Report says Bud Light pours down after conservative boycott
▼ + stars: | 2023-04-26 | 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 EmailBeer boycott hitting Bud Light: Report says Bud Light pours down after conservative boycottHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Americus Reed, Wharton School of Business, joins the show to discuss the backlash against Bud Light's ad campaign.

☆ An academic used ChatGPT to write a letter of recommendation that helped a student win a prestigious scholarship from Cambridge
▼ + stars: | 2023-04-24 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Matt Huculak, a university librarian, used ChatGPT to help write a letter of recommendation for a student. The "heartfelt" letter may have helped the student win a prestigious scholarship to Cambridge. A screenshot of the ChatGPT-generated reference letter Huculak used as a template of what not to write. After all, writing a reference letter, Huculak said, "is a tremendously difficult task" that he finds "anxiety producing." "I think committees will quickly learn to spot ChatGPT letters," Huculak said.

☆ Tupperware has been struggling for some time. These charts show how
▼ + stars: | 2023-04-23 | by ( Alex Leeds Matthews | ) edition.cnn.com time to read: +5 min

CNN —Tupperware may be on the verge of collapse, but the 77-year-old business’ potential demise isn’t necessarily a harbinger of worsening economic conditions. Some business experts say that’s because Tupperware has failed to adapt to changing consumer behaviors. The Tupperware brand name is so iconic that it’s become shorthand for all food leftover storage. That might be part of the problem, as other brands have emerged to compete against Tupperware, sometimes at lower price points. Tupperware has historically only sold to consumers through “direct sales,” most commonly at “Tupperware parties.” These parties were gatherings where people who enjoyed the product would demo and sell the Tupperware brand to their friends and acquaintances.

Private equity firm Staple Street Capital valued Dominion at $80 million when it purchased a controlling stake in it in 2018. The Fox settlement was nearly 10 times that amount and far outstripped the $226 million average of four pre-election valuations cited in Fox's court papers. Dominion's damages claim in the Fox case was based upon a report it commissioned from an accounting expert, half of which remains under seal. It is difficult to place a dollar value on the U.S. voting-machine industry because Dominion and its competitors all are privately held. While Dominion's report cites dozens of lost clients due to Fox's coverage, the company still has landed recent contract renewals including in California's Republican-majority Kern County.

☆ America’s Inflation Antihero Gets a Makeover
▼ + stars: | 2023-04-21 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

The years have not been kind to Arthur Burns, who led the Federal Reserve from 1970 to 1978 and is often remembered as perhaps the worst chair ever to head America’s central bank. Chris Hughes thinks he deserves another look. Mr. Hughes, 39, is a newly accepted doctoral student focused on central bank history at the Wharton School of the University of Pennsylvania. Mr. Hughes then bought and for four years served as publisher of The New Republic, the liberal magazine. As a person who knows something about reinvention, Mr. Hughes thinks Mr. Burns should get one, too.

☆ Fed's Harker sees more central bank action to quash inflation pressures
▼ + stars: | 2023-04-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

NEW YORK, April 20 (Reuters) - Federal Reserve Bank of Philadelphia President Patrick Harker said Thursday the U.S. central bank will have to do more on the policy front to get still high inflation pressures back down to the 2% target. Fed forecasts from late March projected one more increase after that before holding steady for the year, in a view affirmed by a number of recent policy makers’ comments. In his speech, Harker said the economy remains strong and inflation is coming down, albeit slowly. Harker said the current 3.5% unemployment rate should move up to around 4.4% this year, in a period where growth will be tepid. The bank president also said that last month’s financial sector woes will also weigh on the economy.

☆ DeSantis' 'war' with Disney makes absolutely no sense to me: Wharton School Professor Americus Reed
▼ + stars: | 2023-04-19 | 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 EmailDeSantis' 'war' with Disney makes absolutely no sense to me: Wharton School Professor Americus ReedAmericus Reed, Wharton School of Business professor, and Jim Stewart, NYT columnist, join 'Power Lunch' to discuss their thoughts on the Disney debacle, the logistical tax situation for Disney, and more.

The Federal Reserve has gone too far with its interest rates hikes — creating a difficult upcoming three-to-six months for stocks, Wharton School professor Jeremy Siegel said Wednesday. Siegel said he was bullish on stocks in January. And that's the official forecast of the Fed," Siegel said. It could be more severe than that, which could lead to more decline in earnings," he added. To be sure, Siegel is still bullish on equities for the long term and thinks the markets will tick up in 2024 and 2025.

☆ Treasury yields mixed as investors await key inflation data, Fed minutes
▼ + stars: | 2023-04-12 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury was trading at 3.4374% after rising by less than one basis point. Meanwhile, the yield on the 2-year Treasury was down by close to a basis point to 4.0497%. Investors looked to key inflation data due Tuesday, including the consumer price index report for March and the core inflation rate. The fresh consumer inflation data will be followed by the producer price index on Thursday. The Fed's next interest rate decision in May is likely to be impacted by the fresh inflation figures.

☆ Can Elon create everything? Musk aims to turn Twitter into 'everything' app
▼ + stars: | 2023-04-11 | 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 EmailCan Elon create everything? Musk aims to turn Twitter into 'everything' appHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Joanna Stern, Wall Street Journal personal technology columnist, and Americus Reed, professor at Wharton School of Business, join the show to discuss Elon Musk's attempt to turn Twitter into an 'everything' app.

☆ World Health Day: 5 easy steps to get healthier
▼ + stars: | 2023-04-07 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +6 min

CNN —Wouldn’t it be nice if there were some undiscovered ingredient, and one bite of it would cure all our health concerns? But scientists do know the recipe to better health, and it is a long-term practice of good habits when it comes to sleep, eating, exercise, socialization and stress. In honor of the 75th anniversary of the World Health Organization, here are the factors that add up to better health and what you can do today to improve in these areas. Fortunately, a balanced diet, good sleep, exercise and social support can help with stress reduction. You may be thinking, I am already stretched thin in my day — adding in all these health behaviors will cause stress by itself.

☆ Legal and finance jobs are among the most at risk from AI, while construction and trade jobs face minimal influence, studies suggest
▼ + stars: | 2023-04-04 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

While the studies predicted advances in AI tech could also improve labor productivity and create jobs, they said some industries would likely be more affected than others. The researchers used a benchmark that matched specific work tasks with AI capabilities to calculate the results. They estimated that about 46% of work tasks in the sector could be automated. FinanceBanks are already incorporating AI tech into their day-to-day business operations. The Goldman researchers estimated that about 29% of computing and mathematical tasks in the US and Europe could be automated.

Companies JPMorgan Chase & Co FollowNEW YORK, April 4 (Reuters) - The U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial planning company Frank, of defrauding JPMorgan Chase & Co (JPM.N) into buying the startup for $175 million in 2021. Prosecutors said that when JPMorgan asked for a list of names, Javice paid an unnamed data science professor $18,000 to concoct a sham list of names. JPMorgan shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake" in a Jan. 13 conference call with analysts. In December, JPMorgan sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity.

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