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The U.S. builds only a little more than one nuclear submarine a year. Photo: U.S. Navy/Zuma PressWhen the Center for Strategic and International Studies simulated a war between the U.S. and China over Taiwan, the wargame ended with Taiwan still free, at grievous cost. The U.S. loses two aircraft carriers and up to 20 destroyers and cruisers; China sees more than 50 major surface warships sunk. As Eric Labs, a navy analyst for the Congressional Budget Office explains, China can replace lost ships far more quickly. In the past two years, its navy has grown by 17 cruisers and destroyers; it would take the U.S. six years to build the same number under current conditions, he said.
Persons: Eric Organizations: U.S . Navy, Zuma, Center for Strategic, International Studies, U.S, Eric Labs, Congressional Locations: U.S, China, Taiwan
It has been predominantly used by life insurers, because they need to boost their investment returns with cheap funding to meet long-term liabilities. They provide the cheap funding to banks and insurers in exchange for collateral to ensure they get their money back. Insurers are entitled to tap FHLB funding. Insurers’ borrowing from FHLBs picked up in 2008 financial crisis, as those that spread themselves thin with aggressive investments scrambled for cash. They did not explain why insurers need FHLB funding to invest in mortgages.
Persons: Sarah Silbiger, Ryan Donovan, CMBS, Lawrence White, White, Graphics JUICING, Cynthia Beaulieu, Cornelius Hurley, Hurley, FHLBs, , Michael Ericson, Jack Dolan, Koh Qui, Greg Roumeliotis, Anna Driver Organizations: REUTERS, Loan, Federal Housing Finance Agency, of Federal Home Loan, FHLBs, FHLB, National Association of Insurance, New York University, MetLife Inc, Equitable Holdings Inc, Corebridge, Brighthouse Financial, MetLife, TIAA, Equitable, Graphics, Wellington Management, Boston University School of Law, Coalition, Silicon Valley Bank, First, American, of, Insurance Coalition, Reuters, Thomson Locations: Washington , U.S, U.S, Boston, Silicon, First Republic, Chicago, New York
105 Democrats voted no or "present" on a resolution that declared "anti-Zionism is antisemitism." Advertisement105 House Democrats on Tuesday declined to vote for a resolution condemning antisemitism, pointing to language that equates it with anti-Zionism. Nadler on Monday introduced his own resolution on anti-Semitism, arguing it goes further in mitigating the problem than the Republican-proposed resolution. Rep. Nadler: "The resolution states that all anti-Zionism is antisemitism. Nonetheless, 95 Democrats voted for the resolution anyway, including Rep. Greg Landsman of Ohio, one of more than two dozen Jewish House members.
Persons: Jerry Nadler, , Nadler, cjTReBocKW, Prem Thakker, David Kustoff, Mark Pocan, Thomas Massie, Rashida, Massie, Greg Landsman, Landsman, Jamaal Bowman, Cori Bush, Gerry Connolly, Raul Grijalva, Pramila, Summer Lee, Alexandria Ocasio, Cortez, Ilhan Omar, Ayanna Pressley, Delia Ramirez, Bonnie Watson Coleman Organizations: Jewish House, Service, Democrats, Democratic, New, Defamation League, Israel, Jewish Voice, Peace, Monday, Republican, Rep, Republicans, House, Republican Rep, Jewish, New York Rep, Missouri Rep, Virginia Rep, Illinois Rep, Arizona Rep, Washington Rep, Pennsylvania Rep, Cortez of New York Rep, Minnesota Rep, Massachusetts, Michigan Rep Locations: New York, Israel, Brooklyn, Tennessee, Wisconsin, Kentucky, Michigan, Ohio, Missouri, Virginia, Chuy García, Alexandria, Cortez of, Minnesota, New Jersey
That's largely because IRA investors are "retail" investors while 401(k) savers often get access to more favorable "institutional" pricing. "Are you able to pay less by staying in your 401(k) plan?" The bottom line: Compare annual 401(k) fees — like investment "expense ratios" and administrative costs — to those of an IRA. And your current employer may not accept rollovers into your 401(k) from a previous employer's plan. Many 401(k) plans may not allow retirees as much flexibility.
Persons: Ellen Lander, Lander, Carolyn McClanahan, Ted Jenkin, Jenkin, you'd Organizations: Investment, IRA, Renaissance, Planning Partners, CNBC's FA, of America, Company, Workers Locations: IRAs, Jacksonville , Florida, CNBC's, Atlanta
Three weeks after OpenAI's board briefly pushed out CEO Sam Altman without providing a specific reason for its decision, former director Reid Hoffman says he's still puzzled by what took place and why. He stepped down from OpenAI's board in March and said he hasn't spoken with any of the board members, though he said he did communicate with Altman. Microsoft CEO Satya Nadella offered to hire Altman, OpenAI president Greg Brockman and their colleagues in a new advanced AI research group. "I do think that we're in a much better place in the world" to have Altman in the CEO seat again, Hoffman said. WATCH: Sam Altman returns as OpenAI CEO and Microsoft secures nonvoting board seat
Persons: Sam Altman, Reid Hoffman, he's, Hoffman, Altman, OpenAI, Ilya Sutskever, Altman wasn't, Helen Toner, Adam Selipsky, Microsoft's, Satya Nadella, Greg Brockman, quickliy, isn't Organizations: LinkedIn, Bloomberg, New York Times, Reuters, Yorker, Microsoft, Benz Locations: San Francisco, Las Vegas
After saying he had not met with Ohtani, Counsell was asked whether anyone in the Cubs front office had. Counsell replied: “I have not.”Japanese pitcher Yoshinobu Yamamoto, another prized free agent, could be sought by the New York Yankees and Mets, who set payroll records this year in their third season under owner Steve Cohen. The Mets' projected final 2023 payroll is about $346 million and their luxury tax roughly $102 million. Political Cartoons View All 1283 Images“I don’t know if anybody can compete with Steve Cohen,” Yankees general manager Brian Cashman said. He's had a lot of success and built an empire which has allowed him to do things like the Mets.
Persons: — Dave Roberts, Shohei, Roberts, Bob Fosse, Ross Atkins, I’m, Craig Counsell, Ohtani, Counsell, , Yoshinobu Yamamoto, Steve Cohen, , Brian Cashman, He's, ” Cashman, Juan Soto, Preller, Mike Shildt, Cashman, Alex Verdugo, Greg Weissert, Chris Devenski, Erick Fedde, he’s, Yamamoto, AP Sports Writers Teresa Walker, Jay Cohen, ___ Organizations: Los Angeles Dodgers, Toronto, ” New Chicago Cubs, Cubs, New York Yankees, Mets, ” Yankees, Padres, New Padres, Soto, Yankees, Boston Red Sox, Tampa, NC Dinos, Chicago White Sox, Associated Press, Cleveland, MLB, Dodger, Dodgers, Orix Buffaloes, Lotte Marines, AP Sports Writers Locations: Tenn, , San Diego, Miami, South Korea, Japan
Luis Alvarez | Digitalvision | Getty ImagesThe U.S. economy inched closer to a so-called "soft landing" after a new batch of labor data, economists said. Why a soft landing is like 'Goldilocks' porridge'Steaming bowl of oatmeal porridge, made with Irish oats, wheat berries and barley. A soft landing is like "'Goldilocks' porridge' for central bankers," Brookings Institution economists wrote recently. How the labor market fits inWhy the job market is already 'back into balance'The latest labor data added to encouraging news about a likely soft landing, economists said. Despite the large monthly decline, job openings are still 25% above their February 2020 level, she added.
Persons: Luis Alvarez, Jason Furman, Obama, Jon Lovette, Julia Pollak, Pollak Organizations: Digitalvision, Federal Reserve, U.S . Department of Labor, Labor, Harvard University, White House Council, Economic Advisers, Getty, Fed, Brookings, American Economic Association
105 Democrats voted no or "present" on a resolution that declared "anti-Zionism is antisemitism." Advertisement105 House Democrats on Tuesday declined to vote for a resolution condemning antisemitism, pointing to language that equates it with anti-Zionism. Nadler on Monday introduced his own resolution on anti-Semitism, arguing it goes further in mitigating the problem than the Republican-proposed resolution. Rep. Nadler: "The resolution states that all anti-Zionism is antisemitism. That's intellectually disingenuous or factually wrong…The authors if they were at all familiar with Jewish history & culture should know about Jewish anti-Zionism that was + is expressly not antisemitic."
Persons: Jerry Nadler, , Nadler, cjTReBocKW, Prem Thakker, David Kustoff, Mark Pocan, Thomas Massie, Rashida, Massie, Greg Landsman, Landsman Organizations: Jewish House, Service, Democrats, Democratic, New, Defamation League, Israel, Jewish Voice, Peace, Monday, Republican, Rep, Republicans, House, Republican Rep, Jewish Locations: New York, Israel, Brooklyn, Tennessee, Wisconsin, Kentucky, Michigan, Ohio
[1/5] A woman sits on a swing attached to a giant sign of McDonald's, outside its themed exhibition in Beijing, China December 4, 2023. One advantage for McDonald’s: its majority partner in the China business, CITIC, provides top-level political cover, said Jason Yu, greater China managing director of market research firm Kantar Worldpanel. McDonald's China, Carlyle Group and CITIC declined to comment. Other consumer-facing U.S. firms, including Starbucks (SBUX.O), Apple (AAPL.O), Coach owner Tapestry (TPR.N) and sportswear giant Nike (NKE.N), have remained similarly dedicated to the China market. Although the McDonald's China menu would be familiar to U.S. consumers, there are nods to local tastes, including taro pie, rather than apple.
Persons: Tingshu Wang, McDonald's, Jason Yu, Kantar, Yu, Carlyle, Wallace, Greg, Euromonitor, Ben Cavender, Casey, Kane Wu, Deborah Sophia, Gerry Doyle Organizations: REUTERS, Rights, Group, Carlyle Group, Starbucks, Apple, Nike, Research, Investment, China Market Research, Casey Hall, Thomson Locations: Beijing, China, U.S, Hong Kong, Macau, Yum China, Russia, Shanghai, Bengaluru
Greg Abel, vice chairman of Berkshire's non-insurance operations, became known as Buffett's heir apparent in 2021 after Munger inadvertently made the revelation . Ajit Jain, Berkshire's vice chairman of insurance operations, had been a top contender for the top job, but Buffett recently revealed that Jain "never wanted to run Berkshire." "All [Munger's passing] does is add to the conversation that what happens when Buffett's gone because this brings it home. Berkshire analysts believe the event won't notably alter Berkshire's transition plans. James Shanahan, Edward Jones' Berkshire analyst, also said he remains confident in the leadership of Berkshire following Munger's passing.
Persons: Charlie Munger, Warren Buffett's, Berkshire Hathaway, Greg Abel, Munger, Ajit Jain, Buffett, Jain, Abel, he's, Buffett's, Bill Stone, Warren Buffett, Catherine Seifert, James Shanahan, Edward Jones, CNBC's Becky Quick, Ted Weschler, Todd Combs Organizations: Oracle, Berkshire, Glenview Trust, CFRA's, MidAmerican Energy, Berkshire Hathaway Energy Locations: Berkshire, Omaha, Glenview, CFRA's Berkshire, Japan
Opinion | Sam Altman, Sugarcoating the Apocalypse
  + stars: | 2023-12-02 | by ( Maureen Dowd | )   time to read: +1 min
My favorite “Twilight Zone” episode is the one where aliens land and, in a sign of their peaceful intentions, give world leaders a book. Government cryptographers work to translate the alien language. They decipher the title — “To Serve Man” — and that’s reassuring, so interplanetary shuttles are set up. But as the cryptographers proceed, they realize — too late — that it’s a cookbook. It was founded in 2015 as a nonprofit to serve man, to keep an eye on galloping A.I.
Persons: , — Sam Altman, Elon Musk, Ilya Sutskever, Greg Brockman —, A.I, Mary Shelley Organizations: San Locations: San Francisco
With the war in Gaza dividing college campuses across the country, Greg Lukianoff believes this difficult moment reveals the depth of the free-speech crisis in higher education. As president of the Foundation for Individual Rights and Expression, a nonprofit organization devoted to protecting speech, Lukianoff has observed up close the dissolution of campus discourse over the past decade. “It’s particularly ugly right now, but things have been bad for a long time,” he says. Lukianoff’s nonpartisan group, known as FIRE, pledges to fight censorship from all directions. This means backing an economics professor at the University of Southern California who has been barred from campus for making anti-Hamas remarks to pro-Palestinian student protesters but also defending chapters of Students for Justice in Palestine against bans at various public universities.
Persons: Greg Lukianoff, Lukianoff, , Organizations: Foundation, Rights, University of Southern, Palestinian, Justice Locations: Gaza, University of Southern California, Palestine
Chicago homeless migrants shelter faces backlash
  + stars: | 2023-12-01 | by ( Eric Cox | )   time to read: +3 min
[1/5] Migrants, without a place to stay upon arrival in the city, seek safe shelter inside the District 12 station of the Chicago Police Department in Chicago, Illinois, U.S. May 17, 2023. REUTERS/Eric Cox/File Photo Acquire Licensing RightsCHICAGO, Dec 1 (Reuters) - Chicago is grappling with local backlash against moving homeless migrants into a new government-run tent encampment as temperatures drop and more migrants continue to arrive. Hundreds of migrants are still sleeping on floors or in tents outside city police stations. Community members in Brighton Park are suing the city to try to stop construction, saying it violates Chicago zoning laws. "In May, Mayor Johnson welcomed migrants to Chicago, saying the city has 'enough room' for them," Eze said in a statement.
Persons: Eric Cox, Ricardo Palacios, Chicago Mayor Brandon Johnson, Johnson, Greg Abbott's, Abbott, Renae Eze, Mayor Johnson, Eze, Ted Hesson, Mary Milliken, Sandra Maler Organizations: Chicago Police Department, REUTERS, Rights, Chicago, O'Hare International, Chicago Mayor, Democrat, Republican, Texas, Democratic, Thomson Locations: Chicago , Illinois, U.S, Chicago, Chicago's Brighton Park, Illinois, Brighton Park, Texas, Mexico, Venezuela, Chicago , New York, Los Angeles, Washington
TikTok Music has launched on Wednesday in Australia, Singapore and Mexico to a small group of users. A federal judge in Montana has blocked a law that would have resulted in a state-wide ban of TikTok starting on Jan. 1, 2024. Before the judge's preliminary ruling, Montana was set to become the first U.S. state to ban the popular video and social media app, which is owned by the China-based tech giant ByteDance. ByteDance sued Montana in May to "prevent the state of Montana from unlawfully banning TikTok," the company said at the time. The lawmakers were concerned that the Chinese Communist Party may be able to access the data of U.S. citizens, and have considered implementing a nation-wide ban on TikTok.
Persons: Donald Molloy, Greg Gianforte, Molloy, General, ByteDance, Shou Zi Chew, TikTok Organizations: Communist Party, Montana, State, Chinese Communist Party, Oracle Locations: Australia, Singapore, Mexico, Montana, TikTok, U.S, China, Texas
Asylum-seeking migrants walk in the Rio Grande river between the floating fence and the river bank as they look for an opening on a concertina wire fence to land on the U.S. soil in Eagle Pass, Texas, U.S. July 24, 2023. REUTERS/Go Nakamura/File Photo Acquire Licensing RightsDec 1 (Reuters) - Texas must remove a 1,000-foot-long (305-meter) floating barrier it placed in the Rio Grande river to deter migrants from illegally crossing the border with Mexico, a U.S. appeals court ruled on Friday in a victory for President Joe Biden's administration. Circuit Court of Appeals in a 2-1 decision declined a request by the Republican-governed state to reverse a federal judge's decision ordering it to move the string of buoys placed in the Rio Grande in July near Eagle Pass, Texas. Judge Don Willett, a Trump appointee, disagreed with his colleagues in the ruling that the portion of the Rio Grande where the buoys were placed was navigable. On Thursday, a federal judge rejected a bid by Texas to block federal immigration authorities from destroying the wire fencing.
Persons: Go Nakamura, Joe Biden's, David Ezra, Greg Abbott, Abbott, Biden, Don Willett, Willett, Donald Trump, Daniel Wiessner, Will Dunham, Alexia Garamfalvi Organizations: REUTERS, Circuit, Appeals, Republican, 5th Circuit, U.S . Army Corps of Engineers, Texas, Democrat, Trump, U.S . Justice, Thomson Locations: Rio Grande, Eagle Pass , Texas, U.S, Texas, Rio, Mexico, New Orleans, Eagle, , Texas, San Antonio, Albany , New York
Tom Werner | Digitalvision | Getty ImagesIf you elected not to participate in your company's 401(k) plan, your employer may have other ideas. The concept of 401(k) plan "reenrollment" has been gaining traction. Most companies, about 85%, direct workers' savings into target-date funds if they're automatically enrolled, according to PSCA data. Workers receive a notification from their employer ahead of reenrollments and have the chance to opt out or reduce their contribution. Employers' hope is that inertia will cause workers to stay in the plan rather than opt out.
Persons: Tom Werner, Digitalvision, reenrollments, Sean Deviney, they're Organizations: of America, Workers, Employers Locations: Fort Lauderdale , Florida, reenrollments
When it was first launched, OpenAI leaders framed it as a "low-key research preview." AdvertisementChatGPT turned one today, and if you're surprised by its impact, you're not alone — so are some OpenAI employees. Today, the term "low-key research preview" has become something of a meme among OpenAI's employees. OpenAI employees have even used the phrase as laptop stickers, per the Atlantic. "The outside world probably thinks we're all joking, but this actually was our 'low-key research preview,'" wrote Fedus.
Persons: ChatGPT, , OpenAI, Google's Bard, Goldman Sachs, Greg Brockman, William Fedus Organizations: Service, UBS, Meta, Bloomberg
Washington CNN —Former President Donald Trump isn’t immune from being held accountable in civil lawsuits related to the January 6, 2021, US Capitol riot in a long-awaited, consequential decision from the federal appeals court in Washington, DC. The decision arises out of lawsuits brought by Capitol Police officers and Democrats in Congress. The district court did find that Trump was protected by presidential immunity from the claim that he failed to stop to the riot, saying that he would be acting in his official presidential powers in that instance. Trump still will be able to contest the facts of the case as the lawsuits move forward. The appeals court said Trump also may be able to make more arguments around immunity before the January 6 lawsuits move into extensive evidence-gathering phases.
Persons: Donald Trump, Sri Srinivasan, , Greg Katsas, Judith Rogers, Trump Organizations: Washington CNN, Capitol, Trump, Capitol Police, Congress, DC, Appeals, Democratic House Locations: Washington ,, Washington, DC
ATLANTA (AP) — The Southeastern Conference is the only league to claim a spot — sometimes two spots — in every College Football Playoff. 1 Georgia in the SEC championship game Saturday. The Pac-12 appears assured of a playoff team in its swan song of a season with No. Should Texas win — and Alabama beat Georgia — the Horns would certainly have a pretty good case for a playoff spot. “I’ll also point candidly to the realities when the SEC teams have entered the College Football Playoff format, our success is unparalleled,” Sankey said.
Persons: , SEC hasn't, Nick Saban, ” Saban, , we’d, FanDuel, Greg Sankey, ” Sankey, we’ve, Kirby Smart, , “ I’ll, ___ Organizations: ATLANTA, Southeastern Conference, College Football, SEC, Alabama, Crimson Tide, Bulldogs, Big, Wolverines, Washington, Florida State, Seminoles, Atlantic Coast Conference, Georgia, Oklahoma State, Texas, Power, eventual, Ohio State, College, AP Locations: Georgia, Atlanta, Michigan, Iowa, Oregon, Louisville, Alabama, Texas
A federal appeals court on Friday ordered the state of Texas to remove a barrier of floating buoys in the Rio Grande installed at the direction of Gov. Greg Abbott to block migrants trying to cross from Mexico, delivering a blow to the state’s efforts to curtail unauthorized immigration. The decision came after months of legal wrangling between Governor Abbott’s office and the federal government. The previous judge had ordered the state to remove the barrier because it was an impediment to navigation on the river and a “threat to human life” for those trying to cross. The appeals court had issued an order temporarily keeping the buoys in place while the complex legal issues were resolved in court.
Persons: Greg Abbott, Abbott’s, Abbott, Biden, Organizations: U.S ., Appeals, Fifth Circuit, Constitution Locations: Texas, Rio, Mexico, New Orleans, U.S
The question of executive immunity in cases of criminal prosecution for a president has never been settled, and Trump’s interpretation of it is far from universally agreed upon. “When a first-term President opts to seek a second term, his campaign to win re-election is not an official presidential act,” wrote Chief Judge Sri Srinivasan of the D.C. “The Office of the Presidency as an institution is agnostic about who will occupy it next. And campaigning to gain that office is not an official act of the office.”A president, Srinavasan wrote in the 67-page opinion, “does not spend every minute of every day exercising official responsibilities. The opinion was joined by Judge Greg Katsas, who was appointed by Trump, and partly by Judge Judith Rogers, who was appointed by former President Bill Clinton.
Persons: Donald Trump’s, , Sri Srinivasan, Srinavasan, , Donald Trump, Srinivasan, Barack Obama, Greg Katsas, Judith Rogers, Bill Clinton, throngs Organizations: Capitol, U.S . Capitol Police, Trump, Appeals, Presidency, Donald Trump View
Why No One Wants to Pay for the Green Transition
  + stars: | 2023-11-30 | by ( Greg Ip | )   time to read: 1 min
Orsted, a Danish developer of wind farms, pulled out of two projects off New Jersey and took a $4 billion charge. Photo: Wayne Parry/Associated PressIn the past few years, Washington and Wall Street started fantasizing that the transition to net-zero carbon emissions could be an economic bonanza. When Wall Street heard green energy, it saw profits. As Ford Motor launched an electric Mustang and pickup truck, its market value topped $100 billion for the first time. With electric vehicle demand falling short of expectations, manufacturers are dialing back production and buying back stock instead.
Persons: Wayne Parry, Biden Organizations: Associated Press, Wall, Ford Motor Locations: Danish, New Jersey, Washington
"Return to the office is dead," Nick Bloom, an economics professor at Stanford University and expert on the work-from-home revolution, wrote this week. The share of paid work-from-home days has been "totally flat" this year, hovering around 28%, said Bloom in an interview with CNBC. "We are three and a half years in, and we're totally stuck," Bloom said of remote work. Why remote work has had staying powerThe initial surge of remote work was spurred by Covid-19 lockdowns and stay-at-home orders. While remote work is the labor market's new normal, there's significant variety from company to company, Pollak said.
Persons: Nick Bloom, Bloom, hasn't, Julia Pollak, Pollak, it's Organizations: Stanford University, Survey, CNBC, Census, Research, Finance, Employers Locations: U.S
Steve Smith | Tetra Images | Getty ImagesHow the tax break worksWestend61 | Westend61 | Getty ImagesThe Inflation Reduction Act, which President Joe Biden signed into law in August 2022, extended and enhanced a prior tax credit available for home efficiency upgrades. The tax credit is worth 30% of the cost of qualifying projects. The combined tax break for these projects is capped at $1,200 a year. Altogether, taxpayers can get a maximum overall credit of $3,200 a year, if they combine projects worth up to $1,200 and $2,000. The IRS published a fact sheet that gives examples of the overall tax break consumers can expect for specific upgrades.
Persons: Steve Smith, Joe Biden, Kara Saul, Rinaldi, Saul Organizations: Westend61, AnnDyl, Environmental Protection Agency, IRS
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRTX CEO Greg Hayes: We see huge demand for Patriot air defense systems in the next few yearsGreg Hayes, RTX CEO, joins 'Closing Bell Overtime' to talk the state of the defense industry, supply chain, turbofan engine recalls and more.
Persons: Greg Hayes Organizations: Patriot
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