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Costco is the latest warehouse club to tout its growing popularity with millennial and Gen Z shoppers. Sam's Club has reported similar trends as younger shoppers look to stretch their budgets. AdvertisementOne of the hottest clubs for millennials and Gen Z continues to be the wholesale club. AdvertisementThe news echoes results from Sam's Club, the Walmart-owned club store, where Gen Z membership has grown by 68% in the past two years. Related stories"That generation believes it's cool to save money, and we agree with them," Sam's Club CEO Chris Nicholas told CNBC in June.
Persons: , Gen Z, Gary Millerchip, Millerchip, GoBankingRates, Dominic Wright, Placer.ai, That's, Hottovy, Chris Nicholas, Nicholas, Corey Tarlowe, Jordan, Ford Pinto, TJ, Tarlowe, you'll, Mercedes, Costco's Kirkland, Club's, Mark Organizations: Costco, Sam's, Service, millennials, Analytical Research, Business, Sam's Club, Walmart, CNBC, Jefferies, Price Club, TJ Maxx
Here’s the latest:• Deaths across 5 states: Storm-related deaths have been reported in South Carolina, Georgia, Florida, North Carolina and Virginia. North Carolina has activated 358 guardsmen, while Georgia has more than 300 and Alabama has 43, said Sabrina Singh, Pentagon deputy press secretary. • Severe flooding in North Carolina: Helene “is one of the worst storms in modern history for parts of North Carolina,” Gov. Delivery services were also impacted, with UPS announcing it has suspended service to Florida, North Carolina and Georgia because of the storm. In North Carolina, 290 roads were closed throughout the state, and Gov.
Persons: CNN — Helene, Brian Kemp, Glenn Youngkin, , Sabrina Singh, Biden, Helene, Kamala Harris, Helene “, Roy Cooper, • Helene, Helene –, Keith Turi, , ” Turi, Organizations: CNN, Gov, Tampa ., National Guardsmen, Defense Department, Pentagon, , National Weather Service, Amtrak, UPS, FedEx, Health, National Hurricane Center, Federal Emergency Management Agency Locations: Florida’s Big Bend, South Carolina , Georgia, Florida, North Carolina, Virginia, South Carolina, Saluda County, Anderson County, Georgia, Alamo, Pinellas County, Tampa, Claremont, Charlotte, Craig County , Virginia, Carolina, Alabama, Asheville, Southern, Western North Carolina, Tennessee, Ohio, North Carolina , Florida, Florida , North Carolina, Unicoi, Erwin , Tennessee, Bend
SoftBank founder Masayoshi Son has spent his life putting bold bets on the future of technology. SoftBank, the media-technology conglomerate Son founded two decades prior, was riding high on the glory it attained in the dot-com boom. He was told he was special," Barber told BI. "He wants to be seen as the great modernizer transforming this petrostate into a truly modern economy where technology is at the forefront," Barber told BI. But as previous cycles in Son's life dictate, the flurry of enthusiasm is typically followed by failure.
Persons: Masayoshi Son, Lionel Barber, , Son, Bill Gates, Masa —, Uber, Barber, Vladimir Putin, Barack Obama, — he's, Jack Ma's Alibaba, Wang, he's, Napoleon Bonaparte, Genghis Khan, Qin Shi Huang, Emperor of, Microsoft's Gates, Jordan Strauss, Mitsunori, SoftBank, Rupert Murdoch, Larry Ellison, Jack Welch, Steve Jobs, Masayoshi, Justin Sullivan, Rajeev Misra, Nikesh Arora, Phil McCarten, Abu Dhabi's Mubadala, Mohammed bin Salman, Saudi, Michael Moritz, Kim Jong, Adam Neumann, Donald Trump, Wirecard, Jesus, NurPhoto, He's, Allen Lane Organizations: Service, Financial Times, Kremlin, Yahoo, Popular Electronics, Vision, Deutsche Bank, Google, Reuters, Saudi Arabia's Public Investment Fund, Vision Fund, Valley's, Sequoia Capital, Greensill, Nvidia, Signal Publishers Locations: Tokyo's Roppongi, Japan, Masayoshi, Washington, Wayne, Emperor of China, Kyushu, United States, Riyadh, Berkeley, Las Vegas
Otis Keys II, 41, The Colony, Texas UPS driver grappling with smaller average paychecks despite a new union contract. When Otis Keys II hit top-level pay for his role at UPS in 2019, he expected to start checking items off his financial bucket list. That’s not what happened, even after the Teamsters union he belongs to negotiated a historic new contract last summer. “There’s a lot of guys that actually had to take a hard layoff and sit home.”Primary source of income: Keys drives full time for UPS. A UPS spokesperson said feeder drivers “are the best compensated in the industry” and “their total pay and benefits package is valued at nearly double our competitors’.”Otis Keys II is a feeder truck driver at UPS.
Persons: Otis Keys, Kamala Harris, , , , Keys, he’s, Kara Deniz, ” Otis Keys, ” Keys, “ I’m, that’s, , “ sneakerholic, “ I’ve, Tesla, Elon Musk, Trump, Trump “, Harris Organizations: NBC, UPS, Teamsters, Fort, Texas, The, Utilities, Dallas, Democratic, Trump, Republican Locations: Colony, Texas, The, Dallas, Fort Worth, U.S, Arlington, New York, America, Tx,
Palace of Laeken, Belgium CNN —Pope Francis has pledged to root out the “scourge” of clerical sexual abuse after Belgium’s prime minster urged him in unusually frank terms to take concrete action. Francis was addressing political leaders on Friday at the official residence of the King of Belgium, a country where devastating clerical abuse scandals have erupted in recent years. Before he spoke, both the Belgian king and Prime Minister Alexander de Croo raised the issue in their speeches, the latter speaking directly to the pope, in remarks that underline how the abuse crisis has come to dominate Belgian national attention. “This is the shame, the shame that we must all take in hand today and ask for forgiveness and solve the problem, the shame of abuse, of child abuse,” the pope said. The scandal has loomed large over the pope’s trip, during which Francis was also expected to meet 15 abuse survivors.
Persons: Belgium CNN — Pope Francis, Francis, King, Alexander de Croo, , , King Herod Organizations: Belgium CNN, Belgian Locations: Laeken, Belgium, Luxembourg, Belgian, Flemish
Costco installed ID scanners at more than half of its US warehouses and says the system is working. The company also said members have largely shrugged off the latest increase to the annual fee. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. If you are a Costco worker who wants to share your perspective, please contact Dominick via email or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out.
Persons: Ron Vachris, , they're, Vachris, Gary Millerchip, We've, Dominick Organizations: Costco, Service, Sam's Club, Business
SKIP AHEAD How I tried the DRx Spectralite Faceware Pro | My experience with the Dr. Dennis Gross DRx Spectralite Faceware Pro | Who is the DRx Spectralite Faceware Pro best for? What is the Dr. Dennis Gross DRx Spectralite Faceware Pro? You can wear the Dr. Dennis Gross DRx Spectralite Faceware Pro mask for three minutes a day to target fine lines, discoloration and acne-causing bacteria. In short, yes: Dermatology offices nationwide have been using red light therapy for over a decade, according to experts we spoke to in our guide to red light therapy. Who is the Dr. Dennis Gross Drx Spectralite Faceware Pro best for?
Persons: I’ve, Dennis Gross’s, Dennis Gross, Apple, Ashley Morris, , Solawave, it’s, TikTok Organizations: NBC, University of Wisconsin School of Medicine, Public Health, Therabody’s, Technologies, FDA, Facebook, Twitter Locations: New York
MacKenzie, 67, owns a condo in Puerto Vallarta, Mexico, with his husband, Darin Templeton. AdvertisementMacKenzie said it was important to visit Mexico and become accustomed to the lifestyle before committing to buying a condo there. In fact, they vacationed in Puerto Vallarta multiple times over six years before purchasing a condo in 2017. He said it feels like "there are more gay bars and clubs" in Puerto Vallarta than in Manhattan, adding that Puerto Vallarta is considered a top LGBTQ+ destination in Latin America. A dinner on Bill MacKenzie's terrace in Puerto Vallarta Courtesy of Bill MacKenzieMacKenzie said Puerto Vallarta has an active foreign population, and his condo complex has residents from Canada, Australia, Panama, and more.
Persons: , Bill MacKenzie, MacKenzie, Darin Templeton, Templeton, Nebraska MacKenzie, Templeton —, Bill MacKenzie MacKenzie, Mexico MacKenzie, Mackenzie, Bill Organizations: Service, Business, Social Security Administration, Nebraska, Creighton University, Nebraska — Locations: Mexico, Puerto Vallarta, Omaha, San Diego, Sarpy, Nebraska, Bluffs , Iowa, Omaha . Iowa, California, Florida , Texas, Arizona, Florida, Southern California, Manhattan, America, Canada, Australia, Panama, American
A sign on the exterior of a BNP Paribas SA bank branch in Paris, France, on Friday, Aug. 2, 2024. France's BNP Paribas on Thursday said there are simply too many European lenders for the region to be able to compete with rivals from the U.S. and Asia, calling for the creation of more homegrown heavyweight banking champions. Milan-based UniCredit has ratcheted up the pressure on Frankfurt-based Commerzbank in recent weeks as it seeks to become the biggest investor in Germany's second-largest lender with a 21% stake. UniCredit, which took a 9% stake in Commerzbank earlier this month, appears to have caught German authorities off guard with the potential multibillion-euro merger. Germany's position on UniCredit's swoop has prompted some to accuse Berlin of favoring European banking integration only on its own terms.
Persons: CNBC's Charlotte Reed, Lars Machenil, Germany's Commerzbank, Machenil, Olaf Scholz, Scholz, Berlin Organizations: BNP, SA, Bank of America Financials, Spain's BBVA, Banco Sabadell Locations: Paris, France, U.S, Asia, Europe, Milan, Frankfurt, Germany's
Nvidia might have to look outside of its artificial intelligence empire to acquire some key data center-related technologies, according to Susquehanna Financial Group. Analyst Christopher Rolland said Nvidia has "two glaring holes" for potential acquisition within optical and analog networking. Optical technologies in data centers have a variety of purposes such as supporting network traffic growth, transmitting and receiving optical signals in data centers, and offering cost and power savings while facilitating high-capacity data transmission. Analysts' average price target, per FactSet, suggests potential downside for Lumentum and Coherent given their recent stock run-ups. Rolland holds a positive rating on Nvidia shares with a $160 price target — higher than the average from analysts polled by FactSet, which implies more than 29% potential upside for the chip darling.
Persons: Christopher Rolland, Nvidia, Rolland Organizations: Nvidia, Susquehanna Financial Group, NVIDIA, Lumentum Holdings, Marvell Technology, Marvell, FactSet
OpenAI is said to be closing a funding round that could value the company at as much as $150 billion. "Kushner is betting the ranch on OpenAI and Sam Altman just as Masa Son pledged 40% of his Vision Fund on Yahoo and Jerry Yang. "Second, Sam Altman has proven himself to be one of the greatest tech founders of this generation. Sam Altman has said that AI superintelligence could be a reality within "a few thousand days ." "Everybody wants Sam Altman at the helm, and they're willing to do anything to keep him as the CEO.
Persons: OpenAI, , Sam Altman, ChatGPT, Mira Murati, Bob McGrew, Barret Zoph, Murati's, John Schulman's, Joe Aaron, Aaron, Capital's Josh Kushner, Kushner, Masa Son, Jerry Yang, Jerry Yang wasn't, Jai Das, Goldman Sachs, who's, Altman, they've, Ben Narasin, They're Organizations: Service, Research, Post, Reuters, Nvidia, Apple, Fund, Yahoo, Sapphire Ventures, Venture Locations: Silicon, UAE, OpenAI
It's been a wild 24 hours at OpenAI. Meanwhile, CEO Sam Altman said Thursday the exec departures were unrelated to restructuring talks. AdvertisementIt's been a wild 24 hours at OpenAI, with three high-level execs leaving the company — including CTO Mira Murati — and reports it's restructuring as a for-profit benefit corporation. Speaking at Italian Tech Week Thursday, OpenAI CEO Sam Altman said the executive departures and restructuring talks were unrelated. "I obviously won't pretend it's natural for this one to be so abrupt, but we are not a normal company," he wrote.
Persons: It's, Sam Altman, , Mira Murati —, Sam Altman's, execs, Altman, Elon Musk, Gary Marcus —, Altman —, Sora hasn't, Marcus, Nicolas Miailhe, Miailhe, I've, it's, Mark Chen, Bob McGrew Organizations: Service, Italian Tech, OpenAI, Bloomberg, Reuters, Geometric Intelligence, Future Society Locations:
Costco says it hasn't seen a meaningful drop in sign-ups or renewals after the member fee increase was announced. "We've stayed true to our principles of really trying to help the member and deliver the value," he said. AdvertisementCostco says members have largely shrugged off the latest fee increase. Millerchip also noted that Costco delayed the fee increase by about two years compared with its typical average cycle, due to the impacts on consumers from the pandemic and inflation. For the full fiscal year, membership fees totaled $4.8 billion, representing half the total operating income for the period, and the company expects the benefit from the fee increase to begin showing up in the next six to 12 months.
Persons: hasn't, Gary Millerchip, We've, , Millerchip, There's, we've Organizations: Costco, Service Locations: Canada
The report didn't blow us away, but it still offered plenty of reminders on why Costco investors should stick around. Total revenue in its fiscal 2024 fourth quarter totaled $79.7 billion, missing analysts' expectations of $79.97 billion, according to estimates compiled by LSEG. Costco has succeeded for decades, but the high inflation of recent years has made the company's value-focused ethos really shine. Put it all together, we're increasing our price target on the stock to $950 a share from $875. In the quarter, Costco's membership renewal rate in the U.S. and Canada came in at 92.9%, a tick lower than the 93% rate observed in the third fiscal quarter, while worldwide held constant at 90.5%.
Persons: Gary Millerchip, Ron Vachris, Millerchip, it's, Kirkland, Costco's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Costco, LSEG, Wholesale, Walmart, Club, Amazon, Costco's, Kirkland, Kirkland Signature, Management, U.S, CNBC Locations: Costco's, Yemen, U.S, Canada, Maine, Richmond , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVC investor and SGX on private-public capital market support for start-ups in Southeast AsiaGranite Asia's Jenny Lee and SGX CFO Ng Yao Loong discusses where the next batch of unicorns could come from in Southeast Asia and how private and public capital markets can do more to support their growth.
Persons: Jenny Lee, Ng Yao Loong Locations: Asia, Southeast Asia
"We know there needs to be a continuation of rate cuts," Oden said. "The new debate is the question, is the next one going to be another 50 [basis points], or will it be 25 [basis points]?" Expect market volatility aheadYet the U.S. faces another looming uncertainty with the upcoming November election. Market volatility, which tends to increase in September, will likely continue in October, according to Oden. "Pre- and post-election, we will still see some volatility," Oden said.
Persons: Thomas Barwick, Racquel Oden, Oden, we're, Carolyn McClanahan, McClanahan Organizations: Digitalvision, Federal Reserve, HSBC, CNBC's, Investors, Planning Partners, CNBC FA Locations: U.S, Jacksonville, Fla
"I was sort of raised that you do a hard day's work and you're honest, and things will work out for you — it's a two-way street between you and your employer," he says. After publishing the article about Gen Z's predisposition to take time away, I got a lot of feedback from older generations. Some of it was predictable "the kids these days" complaints lamenting that nobody wants to work nowadays, that work ethic has disappeared, etc. "When you work for yourself, you're working for one of the biggest jerks you've ever worked for," he said. None of the boomers I talked to was in favor of people calling out of work willy-nilly.
Persons: Ron Sherman, Sherman, Gen, youngs, wasn't, Zoomers, who's, they're, It's, millennials, David Johnston, Johnston, You've, he'd, There's, Dave Kotwitz, Kotwitz, Charlie Stuart, He'd, David Vequist, Paul Miola, Miola, boomer, Xers, Chris Woods, they'd, Woods, that's, willy, nilly, it's, you'd, Emily Stewart Organizations: American, Silvis, Business Locations: Wisconsin, Texas, Charlotte , North Carolina
No, it's not really Apple or Microsoft popping up on your screen to tell you your computer has been infected. "Because, who doesn't know Microsoft or Apple as a brand?" Here's what people should know to protect themselves from scams targeting commonly used, trusted tech brands:Never assume any online ad is authenticPeople can be duped in a number of ways. Sometimes simply opening the attachment could infect a consumer's computer with malware. If, for instance, you called a number for "Microsoft" or "Apple" and gave usernames and passwords, change those.
Persons: it's, It's scammers, Cliff Steinhauer, Nati Tal, Bing, Malwarebytes, Jérôme Segura, Segura, Jim Routh, It's, Routh Organizations: National Cybersecurity Alliance, Microsoft, Apple, Guardio Labs, McAfee, PayPal, Norton
The budget airline plans to cut some 340 pilots and flight attendants from its busy Atlanta base, CNBC first reported Wednesday. Southwest was the second-largest operator in Atlanta behind Delta Air Lines, leaving customers will fewer choices out of the world's busiest airport. The airline also left four airports in August as part of a cost-cutting and restructuring plan, including Bellingham International Airport in Washington state, Mexico's Cozumel International Airport, Houston's George Bush Intercontinental Airport, and Syracuse Hancock International Airport in New York. AdvertisementDespite its shrinking network, Southwest is boosting flights where it has an edge. Further changes are likely to be announced at an investor day on Thursday, which will lay out Southwest's future as we know it.
Persons: , Houston's George, Elliott Organizations: Service, CNBC, Business, Bloomberg, Delta Air Lines, Chicago O'Hare, Bellingham International Airport, Houston's George Bush Intercontinental Airport, Syracuse Hancock International Locations: Atlanta, Chicago, Southwest, Bellingham, Washington, Cozumel, New York, Nashville, Hawaii
Even so, the share of people working remotely and hybrid has ticked up in the last year, while those working from an office full-time declined, according to a new report. Another 11% say they work fully remotely, up from 7% in the last year, according to the report. The remaining 62% say they work from a physical office five days a week, down from 66% this time last year. It's "a surprise" to see remote and hybrid work increase slightly in what's shaping up to be "the year of the mandate," says Frank Weishaupt, CEO of Owl Labs. But hybrid workers continue to face challenges in what they want versus what their employers require.
Persons: Frank Weishaupt Organizations: Amazon, Citigroup, Walmart, UPS, Owl Labs
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCapital requirement or value creation? GFT Ventures on AI start-ups' valuation surgeJay Eum, Managing Partner from GFT Ventures talks about the key criteria he is looking for when investing in AI start-ups.
Persons: Jay Eum Organizations: Ventures, GFT Ventures
Read previewWith so many types of Pilates classes out there, I decided to test as many as possible to find which ones worked best for my body. Getting sweatyReformer Pilates classes are popular with those wanting a different type of cardio workout. Gentle doesn't mean ineffectiveA traditional mat Pilates class is based on the classical repertoire of Joseph Pilates. AdvertisementI went during pregnancy and postpartumI went to clinical Pilates classes at a physiotherapist during my pregnancy and after I had my daughter. I prefer Studio PilatesStudio Pilates classes are also based on the teachings of Joseph Pilates.
Persons: , it's, I'd, I'm, Joseph Pilates Organizations: Service, Business
New York CNN —A year ago, Caroline Ellison was preparing to testify against her former boss and ex-boyfriend in one of the biggest fraud trials in US history. Ellison, who ran Alameda, pleaded guilty to seven federal counts of fraud and conspiracy shortly after FTX’s collapse. A jury last year convicted former crypto billionaire Sam Bankman-Fried on multiple counts of federal fraud and conspiracy. Over three days on the stand, Ellison, who is 29, repeatedly reinforced that throughout her years at Alameda, the buck stopped with Bankman-Fried. While sentencing is entirely up to Judge Kaplan’s discretion, legal experts say it’s highly unlikely Ellison will end up in prison.
Persons: CNN Business ’, Caroline Ellison, she’ll, FTX, Ellison, Sam Bankman, Lewis Kaplan, Ellison’s candor, Angela Weiss, “ Sam, , Dennis Kelleher, , Kaplan’s, Jordan Estes, Kramer Levin, Josh Naftalis, Kaplan, Pallas, Ryan Salame, Nishad Singh, Gary Wang Organizations: CNN Business, New York CNN, Alameda Research, Getty, Better, of, New, Bankman Locations: New York, Alameda, Bankman, of New York
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. I didn't spend my 20s and 30s dating around or in multiple relationships, and after my divorce, I wasn't interested in doing much of that, either. Finding out about the infidelity was tough; finding out it was with multiple people was devastating. Related storiesBut throughout all of that, I didn't leave, and I didn't want them to leave, either. I felt like a failure for not wanting to leaveI felt like a failure in a lot of ways.
Persons: , gaslighting Organizations: Service
Read previewNASA's James Webb Space Telescope floored astronomers and spectators across the globe when it released its first full-color images. Even those preliminary snapshots revealed countless stars, galaxies, and fine details that hadn't been seen before. A side-by-side collage of the same area taken by Hubble and the James Webb Space Telescope in its very first image. In the JWST image, you can see galaxies in the background that were invisible to HubbleA few galaxies that are clearly visible in the JWST image, but not the Hubble image. The JWST image also revealed the stellar nurseries created as galaxies mergeThe JWST image shows a region of gas compressed between merging galaxies.
Persons: , James Webb, Webb, Joseph DePasquale, JWST, hadn't, Eric Smith, Hubble, STScI Webb, Mark McCaughrean, McCaughrean, Amber Straughn, Jane Rigby, we've Organizations: Service, Business, NASA, ESA, CSA, Hubble, James Webb Space, Hubble Heritage, European Space Agency Locations: JWST
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