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☆ McCarthy says House could vote on debt ceiling deal as soon as next week
  + stars: | 2023-05-18 | by ( Christina Wilkie | In | ) www.cnbc.com   time to read: +2 min
Speaker of the House Kevin McCarthy, R-Calif., conducts a news conference with house and senate Republicans on the "debt crisis," on the west plaza of the U.S. Capitol on Wednesday, May 17, 2023. WASHINGTON — House Speaker Kevin McCarthy said Thursday that he is optimistic that congressional negotiators could reach a deal to raise or suspend the debt ceiling in time to hold a House vote on it next week. This week, the White House dispatched two new negotiators to take the lead in the delicate talks, presidential counselor Steve Ricchetti and Office of Management and Budget director Shalanda Young. Despite the bitterly partisan divide in Congress over the debt limit, McCarthy nonetheless heaped praise on the White House team Thursday. Correction: McCarthy spoke about the debt ceiling deal Thursday.
☆ At Cannes, independent film firms optimistic as streamers stumble
  + stars: | 2023-05-17 | by ( Miranda Murray | Thomson Reuters | Speed Editor On The Berlin Hub Who Provides General Coverage On Everything Politics To Energy In Germany | ) www.reuters.com   time to read: +4 min
CANNES, May 17 (Reuters) - Independent film companies facing a market upended by the entry of streaming services are showing some optimism heading into this year's Cannes Film Festival as the Netflix era has begun flattening out and audiences start trickling back into cinemas post-pandemic. Cannes may make headlines for its glitz and glamour, but as the world's largest event for buying and selling movie rights, its importance to the industry is unparalleled. "It's a transitional time on the business side as the traditional business model that independent buyers use sees lessened value," said O'Shea. The similarity among much of the content offered on streaming platforms leaves theatre audiences wanting something different, an unmet appetite that independent companies could fulfil, he said. "Something good is happening, and I'm sure other streaming services will follow suit," Cannes Film Festival director Thierry Fremaux said in an interview with Le Film francais magazine in April.
☆ With a debt ceiling deal on the horizon, Jim Cramer says stay invested, but keep cash in reserve to buy into weakness
  + stars: | 2023-05-17 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
CNBC's Jim Cramer said on Wednesday not to agonize over investments as Washington edges closer to a debt-ceiling deal. As investors saw on Tuesday, news about lawmakers' debt ceiling compromise often breaks after market's close, too late to maximize buying opportunities. To that, Cramer offered advice about how to keep cool and stay ahead of the curve. "Stay invested, but keep a nice chunk of cash to buy more into weakness. Cramer feels the debt-ceiling debacle illustrates why investing is so difficult: investors need to make predictions while ensuring they're ahead of the crowd.
☆ Aces coach Hammon denies mistreating pregnant player
  + stars: | 2023-05-17 | by ( Amy Tennery | ) www.reuters.com   time to read: +2 min
The WNBA suspended Hammon for two games on Tuesday, saying she had violated "Respect in the Workplace" policies. The violation "was related to comments made by Hammon to Hamby in connection with Hamby’s recent pregnancy", the league said in a statement. The league also docked the Aces their 2025 first-round pick for offering "impermissible benefits" related to Hamby's contract extension negotiations. Hammon told reporters that while she did ask about Hamby's pregnancy, she never made derogatory remarks and that their relationship was amicable until she informed the former first-round draft pick that she would be traded. She took the reins in early 2022 after eight years as an assistant coach with the NBA's San Antonio Spurs.
☆ Ikea is redefining its customer experience — starting with raves
  + stars: | 2023-05-16 | by ( Aaron Mok | ) www.businessinsider.com   time to read: +4 min
Marcus Engman, Ikea's creative director, said the raves signal Ikea's strategy to attract customers. Two spectacular raves — one of which got shut down by the police, an Ikea spokesperson told Fast Company. As for Ikea, Engman said there are creative ways to maximize Ikea's space to improve its bottom line. "There are techniques that we use in entertainment that are not used at all in retail," Engman told Fast Company. Engman told Fast Company that Ikea's growth efforts — including raves — may be a way to expand its brand.
☆ Tableau's chief product officer says he's relied on 3 strategies to help his company thrive through more than a decade of economic ups and downs
  + stars: | 2023-05-16 | by ( Meira Gebel | ) www.businessinsider.com   time to read: +5 min
Francois Ajenstat, Tableau's chief product officer, has been with the company for over 12 years. When faced with economic uncertainties, Ajenstat leans on the organization's value propositions. "Change management is hard for people, so you always have to connect people to the why," he told Insider. Ajenstat told Insider how fellow tech leaders can stay out of the red, while meeting their goals. Times of economic uncertainty provide leaders with the opportunity to evaluate operations, Ajenstat told Insider.
☆ Warren Buffett's businesses are battling historic inflation, hefty interest rates, and tighter lending. 5 Berkshire Hathaway CEOs break down why they're thriving despite a brutal economic backdrop.
  + stars: | 2023-05-12 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +8 min
Warren Buffett's Berkshire Hathaway faces inflation, higher interest rates, and tighter credit. Its subsidiaries are also seeing signs that their customers, suppliers, and partners are being pinched by higher prices, steeper interest rates on their debts, and perhaps even reduced access to credit. "You just kind of have to take it," Egan said about some of the higher costs. Moreover, longstanding suppliers who refrained from passing on their higher costs to See's in 2021 have been forced to charge it more. The fast-food chain's franchisees face much higher costs for equipment, building materials, and construction work than they did a few years ago.
☆ Mass event will let hackers test limits of A.I. technology
  + stars: | 2023-05-10 | by ( ) www.cnbc.com   time to read: +6 min
But now its maker, OpenAI, and other major AI providers such as Google and Microsoft, are coordinating with the Biden administration to let thousands of hackers take a shot at testing the limits of their technology. Some are official "red teams" authorized by the companies to "prompt attack" the AI models to discover their vulnerabilities. Chowdhury, now the co-founder of AI accountability nonprofit Humane Intelligence, said it's not just about finding flaws but about figuring out ways to fix them. Building the platform for the testing is another startup called Scale AI, known for its work in assigning humans to help train AI models by labeling data. "Our basic view is that AI systems will need third-party assessments, both before deployment and after deployment.
☆ Wall Street is empowering its employees to build their own tech tools. But who is keeping track of all this stuff?
  + stars: | 2023-05-08 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
A story about training non-tech workers that has nothing to do with ChatGPT? Man Group, a $144 billion investment firm, has a popular training program to get non-tech workers up to speed on coding and data-science. Programs like <develop>, along with the rise of ChatGPT, speak to a wider trend across Wall Street of enabling employees to build their own tools despite not having a background in tech. Empowering people to build their own tools and apps to streamline their work seems great on paper. Read more about how Man Group teaches non-tech workers programming skills that help them save time.
☆ Meet 4 OnlyFans creators who prefer to promote content on Reddit. Here's their advice for using the platform to grow their businesses.
  + stars: | 2023-04-28 | by ( Nhari Djan | ) www.businessinsider.com   time to read: +7 min
OnlyFans creators promote their content on other social-media sites to find new subscribers. To be successful on OnlyFans, creators have to spend a lot of time off the platform. Reddit is one go-to for some creators to promote their OnlyFans pages, five creators told Insider, all of whom asked to be referred to by their online pseudonyms to protect their privacy. Some OnlyFans creators who promote on Reddit described it as a "necessary evil" because of how difficult the platform can be to navigate. Of course, Reddit isn't the only popular acquisition channel for OnlyFans creators.
☆ Vu says grandfather's memory an inspiration after major win at Chevron
  + stars: | 2023-04-24 | by ( ) www.reuters.com   time to read: +2 min
April 23 (Reuters) - Lilia Vu kept the memory of her late grandfather in mind to maintain her composure on Sunday as she collected her maiden major title at the Chevron Championship, the 25-year-old American told reporters. I didn't feel like myself," said Vu, who started the day four strokes back after a disappointing one-over par third round. "I just felt like I was getting angry over every single little thing, and that's usually not how I roll." The win was all the more sweet for Vu after she struggled to keep going during a low point in her career three years ago. I just saw everybody that I've competed with being successful, and I just compared myself all the time," said Vu.
☆ House Republicans unveil their plan to raise the debt ceiling for just one year — and it already faces hurdles from its own party
  + stars: | 2023-04-19 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +5 min
Kevin McCarthy unveiled his bill to raise the debt ceiling on Wednesday. On Wednesday, Speaker of the House Kevin McCarthy released his 320-page bill to raise the debt ceiling by $1.5 trillion, or until March 31, 2024, whichever comes first. And some Republicans don't even want to raise the debt ceiling at all. But McCarthy and Republicans have insisted that a hike to the debt ceiling needs to be accompanied by spending cuts. Earlier on Wednesday, the Problem Solvers Caucus — comprised of moderate Democrats and Republicans — unveiled their own plan to raise the debt ceiling, which included suspending the debt ceiling through December 31, 2023, to allow time to complete next year's budget, allowing for an automatic debt ceiling increase through February 28, 2025.
☆ Lululemon used tiny organisms instead of fossil fuels to make the nylon for its new shirt
  + stars: | 2023-04-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com   time to read: +5 min
Conventionally, nylon is mostly made from ingredients sourced from fossil fuels like coal, natural gas or crude oil. "It's been estimated that 8 to 10 percent of all human-associated nitrous oxide emissions come from this single industrial process" to make adipic acid, Wallace told CNBC. To make the nylon precursor used in the Lululemon shirts, Geno uses biological organisms instead of chemicals from fossil fuels. "Because nylon, like it or not, has a lot of good value," Reddy told CNBC. "Look at those first-generation replacement straws — they didn't work, and everybody's annoyed," Reddy told CNBC.
☆ Asia's growth will outpace both the U.S. and Europe this year, Morgan Stanley says
  + stars: | 2023-04-17 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +3 min
Bloomberg | Bloomberg | Getty ImagesAsia's economic growth will outpace both the U.S. and Europe this year, led by strong domestic demand, according to Morgan Stanley. "The big argument that we've been making ... for Asia, including Japan, to outperform versus U.S. and Europe — is the fact that there is domestic demand strength," Chetan Ahya, chief Asia economist, told CNBC's "Street Signs Asia" on Monday. It's going through a rebound like quite nicely because of reopening, but also for fiscal and monetary policy being supportive." Three other large Asian economies — India, Indonesia and Japan — are also showing robust domestic demand, added the economist. The agency pointed out last week that Asia's domestic demand has so far remained strong despite monetary tightening.
☆ I ditched a big city for a $5,000 fixer-upper with 8 bedrooms in a small town. It's nice to live in a place where people don't treat each other like strangers.
  + stars: | 2023-04-13 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
John Nichols moved to Huntington, West Virginia, in 2021 after growing tired of Chicago. Katie thought that living in West Virginia would be nice because the weather was much warmer than it was in Chicago. In West Virginia, there's no traffic and everyone is friendly — I haven't heard a horn honk since I moved to the state. The Nichols' house in Huntington, West Virginia. I think aspects like these are making West Virginia more popular, especially for people who have had enough of big city life.
☆ Billionaire founder of Paul Mitchell and Patron invests in man-made coral reefs
  + stars: | 2023-04-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com   time to read: +4 min
Coral reefs, often called the "rainforests of the sea," support roughly 25% of all known marine species. And the planet has lost half its coral reefs since the 1950s due in large part to climate change. The annual value of U.S. commercial and recreational fisheries dependent on coral reefs is $200 million. Brosnan has been studying coral reefs for more than 25 years, with a specific focus on the Caribbean. So right now today, we lose more coral reefs in a day than we can restore in a decade."
☆ 4 reasons small businesses shouldn't skip out on advertising in local media
  + stars: | 2023-04-07 | by ( Erica Sweeney | ) www.businessinsider.com   time to read: +8 min
Small businesses that invest in local advertising can connect and engage with their communities. Local advertising is a way small businesses can support and partner with other businesses. Companies can help other small businessesAppearing in local media outlets that have been around for generations and are known and trusted in the community can elevate local businesses, Walker-Smith said. He also said that many local media outlets are also small businesses themselves, so advertising is a way of supporting the business community. Even if small businesses think local advertising is too expensive, Walker-Smith urged company owners to contact local media organizations about what options are available.
☆ Wind and solar power generators wait in yearslong lines to put clean electricity on the grid, then face huge interconnection fees they can't afford
  + stars: | 2023-04-06 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com   time to read: +18 min
The local utility in charge of overseeing the interconnection process told Pine Gate it would be more than $30 million. Pine Gate had to terminate the project because it couldn't afford the new fees, its vice president of regulatory affairs, Brett White, told CNBC. "Those projects ended up withdrawing from the queue or terminating, because they don't pencil anymore," White told CNBC. "There is Texas, and then there's the rest of the country with respects to interconnection," White of Pine Gate told CNBC. And that means getting those engineers out of some of the rote manual data entry and into the actual analysis," White told CNBC.
☆ Leaders like Elon Musk want to pause AI development, but the power of the free market means it's impossible to stop
  + stars: | 2023-04-03 | by ( Emilia David | ) www.businessinsider.com   time to read: +5 min
Elon Musk and other business leaders signed a letter urging a six-month pause in AI development. From the moment the public was allowed to start testing OpenAI's GPT-3 in November, there was no stopping the bullet train of generative AI development. And the power of market forces means that there's no stopping the pace of AI development, even if companies like OpenAI wanted to. The train has left the station, and there's no going backSince November, and arguably even before, generative AI has been the technology on everyone's lips. Even if we wanted to pause AI development, there's not a clear way to enforce itThere's also the problem of enforcement.
☆ Here's the 13-page pitch deck supply-chain-tech startup Tive used to raise a $54 million to keep growing its 'AirTag' for global freight
  + stars: | 2023-04-01 | by ( Emma Cosgrove | ) www.businessinsider.com   time to read: +3 min
Tive makes a tracking device that helps supply chains keep track of their goods as they move. The 8-year-old startup announced a $54 million Series B funding round last year, led by AXA Venture Partners, which brought the company's total funding to $82 million. Tive trackers use cellular networks to broadcast their data faster and more accurately than consumer products. Tive sensors track temperature, whether a shipment has been opened, and whether it's been stored incorrectly. Here's the pitch deck Tive used to raise its $54 million Series B round to get one step closer:TiveTiveTiveTiveTiveTiveTiveTiveTiveTiveTiveTive
☆ With travel nurses making $150 an hour, hospital systems are forced to innovate
  + stars: | 2023-03-28 | by ( Bertha Coombs | ) www.cnbc.com   time to read: +4 min
She set her sights on a job at St. Peter's Health Partners hospital in Albany, New York, and landed a position in the same maternity ward where she was born. Staff shortagesThe pandemic has exacerbated nursing staff shortages and resulted in contract nursing rates surging during successive waves of Covid infections. That amounted to three times the national average for full-time staff nurses. As hospitals have become increasingly reliant on contract nurses, travel nurse expenditures have risen more than 250% since the start of the pandemic. With more than 30,000 registered nurses in its system, nearly 1 in 10 of Trinity's nurses currently work through First Choice.
☆ I'm a SVB employee who lost more than $1 million. Here's the inside story of our struggle to survive.
  + stars: | 2023-03-25 | by ( Darius Rafieyan | Mattathias Schwartz | ) www.businessinsider.com   time to read: +9 min
The best case outcome — which I think is unlikely, given the brand tarnishing — is that we operate as a wholly-owned subsidiary. We spent a whole weekend on the phone, email, chat, any sort of way to get in touch with the VC firms, partners of the VC firms, operating partners, CFOs, anybody we could to try and get them to rally. Originally there was a list of 13 VC firms, which said they were willing to sign a statement saying that they supported us. We spent a whole weekend on the phone, email, chat, any sort of way to get in touch with the VC firms, partners of the VC firms, operating partners, CFOs, anybody we could to try and get them to rally. Whether you've raised $5 million or you've raised $500 million, you have a dedicated person.
☆ SVB collapse is double-whammy for tech startups already navigating brutal market
  + stars: | 2023-03-19 | by ( Ashley Capoot | ) www.cnbc.com   time to read: +11 min
He'd started the process six months earlier during a brutal period for tech stocks and a plunge in venture funding. Investors were just pulling in their horns, the SPAC market had fallen apart, valuations for tech companies were collapsing." In the absence of venture funding, money-losing startups have had to cut their burn rates in order to extend their cash runway. Since the beginning of 2022, roughly 1,500 tech companies have laid off a total of close to 300,000 people, according to the website Layoffs.fyi. Kruze Consulting provides accounting and other back-end services to hundreds of tech startups.
☆ ChatGPT is the Myspace of AI: It's fun, but it's far from taking your white-collar job
  + stars: | 2023-03-18 | by ( Madison Hoff | ) www.businessinsider.com   time to read: +8 min
Despite excitement around ChatGPT and GPT-4, there are concerns about AI tools taking jobs. "Artificial intelligence may have a role in displacing, or at least reducing, the need for less skilled workers," Lee said. Hope Bradford, senior director of digital transformation at Kelly, a staffing and workforce company, told Insider that AI tools help HR professionals screen candidates. Are white-collar workers' jobs at risk of being cut because of AI tools? While people have found success and the pros of AI tools, there's still uncertainty about their future and fears still loom.
☆ Tech shares were the hot play this week but investors should beware the Fed
  + stars: | 2023-03-17 | by ( Patti Domm | In | ) www.cnbc.com   time to read: +4 min
Big cap tech drew in investors in droves this past week, as the market struggled against volatile interest rates and fears of banking sector contagion. The futures market Thursday was pricing in strong odds of a quarter-point rate hike from the Federal Reserve next week. The big cap tech names are benefiting from a flight-to-quality within the sector, since those stocks have strong cash flow and reliable earnings. The 2-year Treasury yield , for instance, rose above 5% last week but this past week it was well below 4%. Tech and growth names have reacted poorly when rates rise, since investors tend to pay a premium for the promise of future earnings growth.
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