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☆ How America's Economy Managed to Avoid Recession, Job Market Disaster
▼ + stars: | 2024-10-27 | by ( Neil Dutta | ) www.businessinsider.com time to read: +9 min

AdvertisementWe're not in a recessionTo determine whether the economy is in recession, it helps to first define the term. Sure, the yearlong payrolls were adjusted down, but the story has largely been the same: This is a cooling but not collapsing labor market. Despite the 50-basis-point interest-rate cut by Chairman Jerome Powell and the rest of the Fed, there's evidence of additional slowing in the labor market. Since the rate cut, I've grown more confident that it will act in the face of weaker employment data. If the labor market deteriorates and the unemployment rate increases, we ought not to rule out another 50-basis-point move.

Persons: We're, —, Jerome Powell, there's, Powell, Stocks Organizations: Federal, National Bureau of Economic Research, Social Security, Conference Locations: America

☆ The US Navy is burning through missiles in the Middle East that it would need in a war with China
▼ + stars: | 2024-10-11 | by ( Jake Epstein | Chris Panella | ) www.businessinsider.com time to read: +9 min

The US Navy has been burning through interceptors fighting in Middle East conflicts, including the valuable SM-3. AdvertisementUS Navy warships have twice been called upon to defend Israel from massive Iranian ballistic missile attacks and have used SM-3 interceptors to defeat the incoming threats. But it's not just the SM-3 that the Navy is using up battling foes in the Middle East. In a short-range engagement, China's missiles wouldn't need to travel as high, and they would likely have shorter flight times and travel at slower speeds. And the number of Tomahawk Land Attack Missiles, long-range cruise missiles designed by RTX, being produced has decreased annually as well.

Persons: —, RTX, Archer Macy, Fitzgerald, Bryan McGrath, it's, Yemen that's, Macy, Navy Carlos Del Toro, Del Toro, Jim Fein, Fein, Sen, Roger Wicker, Wicker, Bryan Clark, Burke, Laura Radspinner, Clark Organizations: US Navy, Service, Navy, Mitsubishi Heavy Industries, Combat, US, Iranian, Getty, Center for Strategic, Studies ' Missile Defense, Pentagon, The Heritage Foundation, Republican, Senate Armed Services Committee, Biden, Hudson Institute, Stout Locations: Middle East, China, Israel, Iran, Iranian, USS, Erie, Yemen, Gulf of Aden, Lake Erie

☆ Bank of America joins growing chorus on Wall Street loving this sector to play China's stimulus
▼ + stars: | 2024-10-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

A major Wall Street strategist is jumping aboard the story that materials stocks could be at the start of a big rally. That theory played out during last week's rally for Chinese stocks. The Materials Select Sector SPDR Fund (XLB) rose 3% last week, though it was down a bit on Monday and Tuesday. XLB 1M mountain This materials fund is up since the Chinese stock rally began. Bank of America isn't the only Wall Street shop that's bullish on materials given the change in China.

Persons: Savita Subramanian, Sherwin, Subramanian, Roth MKM's JC O'Hara Organizations: Bank of America, Linde Locations: China, Freeport, McMoRan

☆ Airbnb's ongoing battle with hotels for travelers has taken a noticeable turn
▼ + stars: | 2024-08-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, Airbnb said its struggles are tied to consumers spending less, but it's also because they're opting for hotels instead . The big storyPlenty of vacancyiStock; Rebecca Zisser/BIAirbnb took a noticeable step back in its ongoing battle with hotels. But Airbnb's struggles are also a product of travelers opting for hotels instead , writes Business Insider's Dan Latu. The death of the so-called millennial lifestyle subsidy — for which Airbnb was a key player — resulted in consumers rethinking things.

Persons: —, Airbnb, it's, let's, Rebecca Zisser, Execs, Airbnb's, Dan Latu, haven't, Jenny Chang, Rodriguez, Bloomberg it's, BI Bank of America isn't, Nicolás Ortega, Nate Silver, Chelsea Jia Feng, Alexander, Tal, Oren Alexander, Musk, Trump, Elon Musk's, Donald Trump, Ron DeSantis, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock Organizations: Service, Apple, Business, Bloomberg, Getty, BI Bank of America, Viking, Israel, BI, Apple Intelligence, Trump, X, Florida Gov, Google Locations: Iran, New York, London

☆ Donald Trump threatens to send Mark Zuckerberg to prison if he is elected
▼ + stars: | 2024-07-10 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +3 min

Read previewDonald Trump doesn't want Mark Zuckerberg to forget about their long-running beef. Advertisement"Last week, the weirdo — he's a weirdo — Mark Zuckerberg came to the White House, kissed my ass all night," Trump said. "'Sir, I'd love to have dinner, sir. I'd love to have dinner. I'd love to bring my lovely wife,'" he said, mimicking the supposed conversation.

Persons: —, Donald Trump doesn't, Mark Zuckerberg, Trump, isn't, Biden, Zuckerberg, Trump's, I'd Organizations: Service, Business, Safeguard, SAVE, Fox News, Facebook, Trump, Capitol, White House, White Locations: Georgia, Washington ,

☆ Why the US isn't facing a stagflation threat even as growth slows, according to BofA
▼ + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Recent stagflationary forecasts are misguided for this year, Bank of America wrote on Thursday. While first-quarter GDP badly missed estimates, the inflation that was seen was driven by strong consumer spending. That separates it from the US's last bout with stagflation, in 2022, when higher prices were caused by a supply shock. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Fear arose in April when first-quarter GDP missed expectations as inflation figures simultaneously surpassed estimates.

Persons: stagflation, —, Bank of America isn't Organizations: Bank of America, Service, Business

☆ Retirees are about to shift money into equity income, boosting these stocks, says Bank of America
▼ + stars: | 2024-02-05 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Money market fund assets had $6 trillion as of Jan. 31, according to the Investment Company Institute . "Retirees have shifted assets to cash for income, but an easing cycle could drive them to equity income funds. AT & T has the highest current dividend yield of those six stocks, at more than 6%. However, Bank of America projects big dividend hikes in the coming years, and the stock is already up 15% in 2024. It is unclear how much of the cash parked in money market funds will flow back into the stock market.

Persons: Savita Subramanian, Ford, Morgan Stanley Organizations: Bank of America, Investment Company Institute, Dow Inc, Simon Property Group, Merck, Simon Property, Ford

☆ US companies aren't feeling great about the economy - but one group is extra pessimistic
▼ + stars: | 2023-10-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Small business owners and CFOs both reported feeling downbeat about the US economy in recent surveys. CFOs are far more optimistic about the prospects for their own companies relative to the wider economy. A historically low number of small business owners said it's a good time to expand operations. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSmall business owners are pessimistic about the state of the US economy.

Persons: it's, —, Ned Davis, CFOs Organizations: Service, Conference Board, Ned Davis Research Small, NDR, Bloomberg, Fed

☆ This energy drink stock can rally more than 20% and overtake Red Bull in the U.S., HSBC says
▼ + stars: | 2023-08-14 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Monster Beverage could be the frontrunner of the global energy drink market, according to HSBC. "We forecast revenue growth for Monster in the US ahead of industry growth, achieved through more targeted marketing and brands." Revenue during this time period from the LatAm and EMEA energy beverage markets should triple from their current levels, he said. "We see room for better occasion-brand package-price-channel segmentation in LatAm, which is where Monster's LatAm bottlers are first in class," the analyst said. According to the note, the energy beverage market is worth over $20 billion in the U.S. and over $70 billion worldwide, and has been among the fastest-growing beverage categories for the past 10 years.

Persons: Carlos Laboy, Laboy, —, Michael Bloom Organizations: Beverage, HSBC, U.S, Bang Energy, America isn't, North America . Revenue, Coke, EMEA, Cola Company Locations: U.S, Canada, America, Europe, East, Africa, North America

SYDNEY, July 6 (Reuters) - Australian Home Minister Clare O'Neil on Thursday called Donald Trump Jr. a "big baby", after the son of the former U.S. president cancelled a planned speaking tour. "Geez, Donald Trump Jr is a bit of sore loser," she said in a series of posts on Twitter that were later deleted. "Donald Trump Jr has been given a visa to come to Australia. Albanese also said the eldest son of former President Donald Trump had not been blocked from entering. The younger Trump has long been a vociferous supporter of his father who is the front-runner in the 2024 Republican presidential nominating contest.

Persons: Clare O'Neil, Donald Trump Jr, Trump, O'Neil, Anthony Albanese, Geez, Donald Trump, didn't, He's, Albanese, Alasdair Pal, Robert Birsel Organizations: SYDNEY, Home, Sunday, Labor, Thomson Locations: Australia, Sydney

☆ Morning Bid: Another one bites the dust
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +3 min

May 1 (Reuters) - A look at the day ahead in U.S. and global markets from Amanda Cooper. Just when you thought it was safe to go back into the banking system, First Republic Bank has folded and U.S. regulators have agreed to sell its assets to JPMorgan. A Reuters poll of economists offers a forecast of 46.7 for the ISM manufacturing index, which would mark an improvement on March's three-year low of 46.3, but it would still be the sixth straight month of contraction. ISM Manufacturing PMIEvents to watch out for on Monday:* U.S. Institute for Supply Management index* S&P Global Manufacturing PMI final index* Three- and six-month Treasury bill auctions. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Mall of America can continue to fight Sears' new owners – who are hoping to keep the retailer's shocking $10-a-year lease
▼ + stars: | 2023-04-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The Supreme Court unanimously decided that the Mall of America can challenge a lease it has with Sears. In 1991, the mall gave Sears a 100-year lease on a three-story location for just $10 per year. Mall of America objected, saying that landlords have a right to "adequate assurance of future performance" by whoever took over Sears' lease. The bankruptcy court overruled the mall's objection. That appeal too was dismissed, which led the mall to petition the Supreme Court.

☆ America needs immigration reform, or it risks of losing an entire generation of tech workers to countries like Canada, the UK, and Japan
▼ + stars: | 2023-03-23 | by ( Emilia David | Paayal Zaveri | ) www.businessinsider.com time to read: +8 min

While the US still attracts talent, workers increasingly go to places like the UK or Canada. With other countries easing immigration for tech workers, the US may find itself lagging. Without change, and fast, experts say this could mean an entire lost generation of tech talent for American tech. "Foreign countries have figured out ways to more aggressively attack top-tier tech talent," Hiba Anver, an immigration attorney with Erickson Immigration Group, told Insider. America's loss is other countries' gainMeanwhile, other countries are making it easier for tech workers like Negandhi and students to immigrate.

☆ Black homeowners pushed out of one Baltimore block show how Wall Street banks failed to lend money they had promised, a Bloomberg investigation shows
▼ + stars: | 2022-12-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Banks promised to invest in Black communities after they were hit by the 2008-2009 financial crisis. The block stands as a glaring reminder of the broken promises made by some of Wall Street's biggest banks to support America's Black homeowners, a recent Bloomberg investigation shows. As of October 2021, according to the US Census Bureau, 45% of Black Americans owned homes, which is nearly 30 points below the rate of white Americans: 74.6%. On Walbrook Avenue, the absence of large lenders has left many locals without a lifeline. After the 2008-2009 financial crisis, several financial institutions made pledges to invest billions of dollars to support Black homeownership.

☆ The Asian nation where 35% of people say they’ll 'never travel' again
▼ + stars: | 2022-12-19 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +7 min

Yet, no country came close to the travel reluctance shown in Japan, where some 35% of respondents said they don't intend to travel again. The survey asked about "any leisure travel" and did not differentiate between domestic or international travel plans, said Lindsey Roeschke, a travel and hospitality analyst at Morning Consult. The number of people who say they'll "never travel" again is nearly six times greater in Japan (35%) than in Germany (6%), according to Morning Consult's "The State of Travel & Hospitality" report. We expect to see a return to the pre-2020 demand for international travel sooner rather than later. The British artist known as Miles Takes told CNBC Travel that "international travel still seems a while away" for him.

☆ Even Elon and Zuck don't have the juice to make an all-in-one 'super app' happen
▼ + stars: | 2022-12-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Mark Zuckerberg and Evan Spiegel harbor super app ambitions; Microsoft reportedly wants to build its take on a super app that would rival Google. At Facebook's parent company Meta, "super app" is a taboo word precisely because it's too abstract, Insider's Kali Hays reported last month. A newcomer super app has a tougher sell accessing this sophisticated, less trusting type of user. Silicon Valley's gatekeepers stand in the way of the super app dreamUS tech firms harboring super app ambitions will need to fend off their own regulators, overseas regulators, and Apple's App Store. As the CPP Investments white paper notes, super apps "can be thought of as operating platforms for mobile devices."

SYRACUSE, N.Y., Oct 27 (Reuters) - President Joe Biden contrasted his economic plan with Republicans' on Thursday in a last-ditch effort days before U.S. midterm elections to convince voters that Democrats are best equipped to battle inflation and create jobs. "The previous president made a string of broken promises in places like Wisconsin, Indiana and Ohio," Biden said. "I would argue it's reckless and irresponsible and will make inflation worse, if they succeed," Biden said. His trip comes at a time when the White House optimism that Democrats could buck history and retain control of one or both houses of Congress has waned. Voters identify rising prices as their biggest concern amid inflation that has hit four-decade highs.

☆ U.S. consumer is soldiering on despite soaring inflation and recession risk, credit card giants say
▼ + stars: | 2022-10-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The company said overall customer spending jumped 21% year over year, driven by growth in goods and services as well as travel and entertainment. "Card member spending remained at near-record levels in the quarter," American Express CEO Stephen Squeri said Friday on an earnings call. "We expected the recovery in travel spending to be a tailwind for us, but the strength of the rebound has exceeded our expectations throughout the year." Bank of America isn't experiencing any slower growth in spending either, despite inflation having reached historic highs. "Analysts might wonder whether the talk of inflation, recession and other factors could [result] in a slower spending growth," Moynihan said Monday during a conference call.

☆ Best Buy, Lyft, and Adobe are hiring more execs from marginalized backgrounds thanks in part to this woman
▼ + stars: | 2022-10-11 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +7 min

To date, nearly 600 companies including Ralph Lauren, Lyft, Best Buy, Adobe, Oracle, and Cisco have signed on. Josh James, the CEO of cloud-software company Domo, is a cofounder of Parity.org and a signatory of Parity.org's gender pledge in 2017 and its race pledge in 2020. Signing the Parity.org gender and race pledges does not hold CEOs accountable to a specific goal or target date. "Imposing a one-size-fits-all deadline or quota would just lead to failure on the part of many companies," Stickney said. Now, the nonprofit is expanding to conduct pay-equity analyses based on race, gender, and age.

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