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Figure AI is raising millions from investors like Jeff Bezos and Microsoft for its humanoid robots. The startup's robot, Figure 01, will perform dangerous warehouse jobs amid labor shortages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Figure AI Inc. is raising about $675 million in funding with the help of investors like Jeff Bezos and the Microsoft Corporation, according to a Friday Bloomberg report, citing people familiar with the situation. This story is available exclusively to Business Insider subscribers.
Persons: Jeff Bezos, Organizations: Microsoft, Nvidia, Intel Corp, Service, Microsoft Corporation, Bloomberg, Business
United Airlines , American Airlines and JetBlue Airways are among the carriers that have raised the price to check bags this year. Earlier this week, American Airlines raised its checked bag fees for the first time in more than five years and adopted the two-tiered strategy that United, JetBlue and several budget airlines already have. American Airlines previously charged $30 for either service. Why are airlines raising baggage fees? Airlines have argued that higher costs such as labor and fuel, their biggest expenses, mean they had to raise bag fees.
Persons: Scott Olson, Barry Biffle, Biffle Organizations: O'Hare International, Getty, Getty Images Airlines, United Airlines, American Airlines, JetBlue Airways, United, JetBlue, CNBC, Frontier, Transportation, Airlines Locations: Chicago, North America
“And, of course, South Carolina is in the heart of the Southeast.”Job seekers check-in to a job fair at a Schneider Electric manufacturing facility in Hopkins, South Carolina, in January 2023. “You can reach about twice as many people within an 8-hour drive from South Carolina as you can from Florida,” he said. “The housing market and the manufacturing industry, particularly in South Carolina, saw a major increase in demand,” Von Nessen said. South Carolina home sale activity fell by double-digits in 2022 but has since started to stabilize, he said. “We’re just treating so many more patients that we don’t have capacity,” said Thornton Kirby, CEO of the South Carolina Hospital Association.
Persons: ” Joseph Von Nessen, Darla Moore, ” Von Nessen, , it’s, It’s, Sean Rayford, Barrie Kirk, , Von Nessen, Micah Green, “ We’re, Thornton Kirby, Malcolm Isley, “ We’ve, ” Isley, Arnold Kamler, Inc . Kent, Kent, Kamler, Nikki Haley, , Daniel Slim, Scott Huffmon, Donald Trump, Haley, they’d Organizations: CNN, Palmetto State, of Labor Statistics, University of South, of Business, North, SC Council, Competitiveness, Bureau of Labor Statistics, Labor, Midlands Technical College, Technical College Midlands Technical College, Schneider, Bloomberg, Getty, Census, US Federal Reserve, US News, South Carolina Hospital Association, , Prisma, Health Prisma Health, Greenville Technical College, Health Center for Health, Life Sciences, Kent International, Walmart, Kent, Inc ., Winthrop University, , Charleston City Market, Winthrop’s Center, Public, Research, Palmetto, Republican, Trump, CBS Locations: South Carolina, South, , Carolina, Myrtle Beach , South Carolina, North America, University of South Carolina, West Columbia, United States, Hopkins , South Carolina, Florida, droves, Myrtle Beach, , Manning, New York City, Georgia, Charleston, AFP
Hannah Dixon, a virtual assistant coach, discusses the three worst parts of the profession. AdvertisementThis as-told-to essay is based on a conversation with Hannah Dixon, a 36-year-old virtual assistant coach, recruiter, and founder of The Virtual Excellence Academy, living in Mexico. After "falling" into becoming a virtual assistant 10 years ago, I did the job for years juggling admin, tech, and creative tasks for clients worldwide. While virtual administrative assistant work is a very needed service, it's just one piece of a large and ever-expanding puzzle. Are you a virtual assistant and would like to share your story?
Persons: Hannah Dixon, Dixon, VAs, , It's, who've, upskilling —, it's, I've, Logan Organizations: Service, Virtual Excellence Academy, VAs Locations: Mexico, VAs,
Amazon will pay more than 700 migrant workers roughly $1.9 million to settle claims they suffered human rights abuses as a result of exploitative labor contracts in Saudi Arabia. While they worked at Amazon warehouses, the workers were housed in accommodations that were "overcrowded and dirty, infested with bed bugs and lacking even the most basic facilities," Amnesty wrote. The abuses suffered by workers were so severe that they likely amounted to "human trafficking for the purpose of labor exploitation as defined by international law and standards," Amnesty wrote in the October report. Amazon has disputed regulators' allegations, and it has said it continues to invest in worker safety. WATCH: Amazon's worker safety hazards come under fire from regulators and the DOJ
Persons: Verité, Abdullah Fahad Al, AFMCO, they're Organizations: Amazon, Amnesty, International Consortium of Investigative Journalists, Investigative Journalism, Guardian Locations: Robbinsville , New Jersey, Saudi Arabia
Like many other parents, Jane said she sees her adult children stuck in an economic predicament that isn't of their own making. "Home prices and rent prices and automobile prices — I don't think that they're aligned with wages in a fair, or in a reasonable, way," Jane said. She wants to get her kids through college and see if they're able to find jobs that are decently paid. But that doesn't mean she's immune to the Sunday scaries: "On those Sunday nights and Monday mornings, I really, really regret it. "I'm hopeful for that, but I'm really not really expecting it," she said.
Persons: Jane, she's, — she's, we're, We're, Jane —, , they're, it's, Gen Zers, Younger boomers, I'm Organizations: Pew Research Center, Pew Locations: Texas
Russia's economy can't afford to win or lose the war in Ukraine, one economist says. AdvertisementRussia's economy is completely dominated by its war in Ukraine, so much that Moscow cannot afford either to win or lose the war, according to one European economist. AdvertisementOther areas of Russia's economy are hurting as the war drags on. So it cannot afford to win the war, nor can it afford to lose it. Russia's economy will see significantly more degradation ahead, one London-based think tank recently warned, despite talk of Russia's resilience in the face of Western sanctions.
Persons: That's, Renaud Foucart, , Foucart Organizations: Ukraine, Service, Lancaster University, Kremlin, Russia Locations: Ukraine, Russia, Moscow, China, London
The US economy will see a surge in growth as more people start to take GLP-1 weight loss drugs. "The main reason we see economic upside from healthcare innovation is that poor health imposes significant economic costs," Goldman Sachs said. The more people that take GLP-1 weight loss drugs, the faster the US economy will grow, according to estimates from Goldman Sachs. The bank said in a note on Thursday that US GDP would grow by an extra 1% if 60 million Americans took GLP-1 drugs by 2028. There are several channels through which poor health weighs on economic activity that could diminish if health outcomes improve," Hatzius said.
Persons: Goldman Sachs, , Jan Hatzius, Hatzius, Eli Lilly, Goldman Organizations: Service, Goldman, Novo Nordisk
New York CNN —Retail investors are optimistic about the stock market again despite a backdrop of geopolitical and economic uncertainty. CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, closed at an “extreme greed” reading on Thursday. Unsurprisingly, investors are largely bullish on artificial intelligence-related stocks over the next three months, according to the Schwab survey. The job market has also stayed remarkably strong even as interest rates hover around a 23-year high, helping keep recession worries at bay. About 48% of traders believe the US will likely avoid a recession this year, up from 23% last quarter, according to the Schwab survey.
Persons: Charles Schwab, Schwab, , James Kostulias, stoking, Anna Bahney, , Lawrence Yun, Read, Henri Nestlé, Wegovy, Hanna Ziady, Mark Schneider, ” Read Organizations: CNN Business, Bell, New York CNN, Retail, , Dow Jones, Bureau of Labor Statistics, Federal, National Association of Realtors, NAR Locations: New York, United Kingdom, Japan, Washington, Swiss
United Airlines is raising the price to check bags, becoming the latest carrier this year to hike a fee that generated more than $5 billion for airlines in the first nine months of 2023 alone. A second checked bag will cost $50 at the airport, or $45 in advance, up $5 for both options. Earlier this week, American Airlines raised its fee to check a first bag on domestic flights to $35 if purchased in advance and $40 at the airport. A second checked bag will go up from $40 to $45. JetBlue and Alaska Airlines have also raised bag fees this year.
Persons: United Organizations: Airlines, American Airlines, JetBlue, Alaska Airlines, CNBC PRO Locations: North America
Some diners could be put off eating out when fast-food prices in California go up in the spring. The state is raising the minimum wage for fast-food workers to $20 an hour, prompting restaurants to hike menu prices. California is putting up the minimum wage for fast-food workers to $20 an hour on April 1 — and it could make restaurant prices so unpalatable that people buy more groceries to cook at home instead. The state's current general minimum wage is $16 an hour, compared to the federal minimum wage of $7.25 . But the new statewide legislation, AB 1228, will only create a $20 minimum wage for fast-food workers.
Persons: Jon Tower, Jack, Darin Harris, Jonathan Knowles, , Harris, Matt Clark, Clark Organizations: Citi, Bureau of Labor Statistics Locations: California
And among those that do, less than a third selected any single benefit such as subsidized child care services (11%), child care referrals and consultations (28%); and back up child care (26%), which gives parents access to a daycare center or babysitter when their usual child care arrangements fall through on a given day. Among those, 37% offer access to backup child care, 16% subsidize child care and 10% provide onsite child care. Among respondents who said they were thinking of quitting their jobs, 41% said their compensation was not high enough to cover child care costs, and 30% said they didn’t have adequate child care. An onsite child care center like one from Bright Horizons can provide licensed and trained care providers and well-qualified early education teachers. Other options to ease working parents’ experienceFor many employers, though, an onsite child care center may be tough to swing.
Persons: , Jessica Chang, “ Covid, ” Chang, Mercer, It’s, We’ve, Stephen Kraemer, Kraemer, hadn’t, Carmen Perez, Perez, Seda, Chang Organizations: New, New York CNN, US Department of Labor, US Department of Health, Human Services, Century Foundation, “ Employers, Adecco Group, Bright Locations: New York, United States, California
Who are these overemployed workers? AdvertisementOveremployed workers tend to be male millennials in tech or IT jobsNearly all of the overemployed workers Business Insider has spoken with have been men. "In the IT world, we never really work a full 40 hours a week," a former overemployed worker previously told BI. The typical overemployed worker is making between $100,000 and $500,000 across up to four jobsFor most overemployed workers, job juggling isn't worth the stress unless they're very well compensated. One millennial earned over $500,000 across four non-simultaneous jobs, while another worker earned over $820,000 across three roles.
Persons: , Louis Fed, Zers, Xers, Zer, Xer, overemployment Organizations: Service, Business, of Labor Statistics, WomenTech Network Locations: St
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIs artificial intelligence deflationary? DBS Group's chief economist weighs inTaimur Baig from DBS Group on how the development of artificial intelligence would impact productivity growth, labor market and how policymakers should measures inflation.
Organizations: DBS Group's, DBS Group Locations: Taimur Baig
Treasury yields shot up last year, and investors flocked to allocating to cash which have yielded around 5% or even more. Morgan Stanley Investment Management's Jim Caron believes the 10-year Treasury yield is very likely to hover between 5% and 5.5%. Caron, who is chief investment officer at its Portfolio Solutions Group, explained that historically, 10-year Treasury yields are "usually a good match" for nominal gross domestic product. How rising yields affect stocks But are rising yields bad for stocks, as commonly thought? "If yields are rising because the economy is running hot, and data and labor markets are stronger, the rising yields need not negatively affect stocks."
Persons: Morgan Stanley, Jim Caron, Caron, CNBC's Organizations: Treasury, U.S . Federal, Morgan, Morgan Stanley Investment, Solutions Locations: U.S
Last year, China was surpassed by India as the world’s most populous country. And while some women stop working entirely while raising their children, it makes returning to the workforce incredibly difficult. Women who have children may see a 12% to 17% drop in their wages, the report said, citing research from multiple papers. “Because the current social environment in China is not conducive to women’s childbirth, the time cost and opportunity cost for women to have children are too high,” the report said. The report warned that the falling birthrate could deeply impact economic growth, people’s overall happiness and China’s global standing.
Persons: Organizations: Hong Kong CNN, Research Institute, Communist, Beijing Locations: Hong Kong, China, South Korea, Australia, France, United States, Japan, Communist China, India
Now, some are wondering if the central bank might not cut rates at all in 2024. He expects the central bank to cut rates two to four times this year. Plus, there’s no official indication that the central bank won’t cut rates this year. • If the neutral interest rate, or the rate that maintains full employment and stable inflation, is revised upward closer to 3.5%. The neutral rate should be 2.5%, based on Fed officials’ estimates for the central bank’s key interest rate, inflation and unemployment.
Persons: stoked, Stocks, won’t pare, , Tom Graff, Jerome Powell, Oliver Darcy, , Eddy, Apple’s, Read, Here’s what’s, Chris Isidore Organizations: CNN Business, Bell, New York CNN —, Federal Reserve, Deutsche Bank, Fed, Deutsche Bank economists, ” Apple, Wednesday, Apple Sports, NBA, NHL, MLS, NCAA, NFL, MLB, ESPN, Labor Department, Bureau of Labor Statistics, SAG Locations: New York, America
To maintain its lead and fuel that expansion, Netflix is still hiring, if more slowly than in recent years. Like other US companies, Netflix discloses how much it plans to pay workers it hires on work visas. Netflix may pay employees more than the figures reflected in this data or compensate them in additional ways. While Netflix doesn't give bonuses, it does let employees choose each year how much compensation they want in cash versus stock options. Based on the Department of Labor data, Netflix offered annual base salaries ranging from roughly $72,000 to $1 million yearly, with a median of $184,080, for various roles.
Persons: It's, Read, Reed Hastings Organizations: Netflix, Disney, Business, US Department of Labor's, Foreign Labor, US Department of Labor, Department of Labor
Most companies involved in the world's largest trial of a four-day working week have made the policy permanent, according to a new report. Of the 61 British companies that took part in a six-month pilot in 2022, at least 54 (89%) said the policy was still in place, while 31 firms (51%) said they had permanently switched to a four-day working week. The companies involved were invited to take part in a follow-up study one year on from the world's biggest trial of a shorter working week to date. "Overall results have held and in some cases have even continued to improve," Schor said in a statement. Job satisfaction and sleep problems nudged down a bit, but the bulk of the original improvement remains."
Persons: Juliet Schor, Schor Organizations: Frankfurt Central, Autonomy, Boston College Locations: Frankfurt, Germany
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Disco is backOthers have also started to compare today's market and the 1970s' "Nifty Fifty." AdvertisementJPMorgan's Chief Global Strategist Marko Kolanovic also said in a note on Wednesday that fiscal spending and inflation could resemble the 1970s landscape. Similar to the 1970s, there are currently 3 active geopolitical conflict zones – eastern Europe, Middle East, and South China Sea," Kolanovic said. Kolanovic included in his note the chart below, which shows the correlation between inflation and the performance of the S&P 500.
Persons: , Albert Edwards, Bank of America's Michael Hartnett, Jeffrey Gundlach, Cole Smead, Smead, Sears Roebuck, Alphabet's, Nvidia's, Microsoft's, Jeremy Siegel, David Rosenberg, Merrill Lynch, " Rosenberg, Marko Kolanovic, Kolanovic Organizations: Service, Societe Generale, Bank of America's, Treasury, Nasdaq, DoubleLine, Investments, Business, Morningstar, Microsoft, Nvidia, Xerox Locations: Europe, Middle East, South China
Here’s where the price of rent is dropping in the US
  + stars: | 2024-02-22 | by ( Anna Bahney | )   time to read: +3 min
The national median price of rent for apartments ranging from studios to two-bedroom apartments fell 0.3% year-over-year to in January. Still, prices are over 18% higher than pre-pandemic levels, due to continued strong demand and limited supply in some markets. The national median rent for a two-bedroom apartment was $1,892 in January, down 0.6%, while rent for a one-bedroom was essentially flat at $1,591. Still, even with the uptick, Chicago’s median rent of $1,852 is almost $1,000 less than coastal big cities like New York at $2,844 and Los Angeles at $2,829. But the supply of new multifamily housing is growing, which helps to bring down rental prices, according to the report.
Persons: That’s,, , Danielle Hale, Hale, weren’t Organizations: DC CNN, Kansas, Las Locations: Washington, Chicago, Indianapolis, Kansas City , Missouri, New York, Angeles, Memphis , Tennessee, Atlanta, Austin , Texas, Louis , Missouri, Miami, Phoenix, Las Vegas, Los Angeles, Seattle, Boston
It’s a terrifying prospect that could become a reality for Anna and millions of her peers across Myanmar after the military junta activated a mandatory conscription law for all young men and women. “While wounded and increasingly desperate, the Myanmar military junta remains extremely dangerous,” Tom Andrews, United Nations Special Rapporteur for human rights in Myanmar, said in a statement. “People know for sure that no matter what is written in the conscription law, they will have to go to the front lines. “In Myanmar, young people are not safe anymore,” said Maung Nyein, who also requested to use a pseudonym for safety reasons. “Our villagers won’t join the military forces or leave the country, instead we will join our resistance forces.
Persons: Anna, , , ” Tom Andrews, — “, Aung, , Ting Aung, Zaw Min Tun, Young, Kyaw Naing, Sen, Min Aung Hlaing, Kyaw, doesn’t, ” Anna, he’s, he’ll, Khin Ohmar, Stringer, Maung, Maung Nyein, terrifies, Ko, Maung Aye, he’d Organizations: CNN, Thai Embassy, Getty, Analysts, United Nations, People’s Defense Forces, National Unity Government, United, CNN Defense, Armed Forces, Reuters, Facebook, Foreign Ministry, Myanmar, Mandalay People's Defense Forces, Immigration, International Labour Locations: Myanmar, Myanmar’s, Yangon, AFP, United States, Naypyidaw, Thailand, Rakhine, Mandalay, Shan State, , Shwebo, Sagaing
Unlike most in rich countries, American restaurant servers depend primarily on tips for their income. You might not know “dynamic pricing” by name, but if you’ve ever booked a flight, hotel room, or gone to the movies on a Tuesday, you understand it intrinsically: Dynamic pricing is when the price of goods or services fluctuates based on demand. “When confronted with dynamic pricing, customers react negatively,” a 2022 study said . In late 2023, after 35 years, Bayless decided to try dynamic pricing, raising the dinner menu on weekends from $165 to $185. Nick Kokonas, who cofounded Toast, also uses dynamic pricing at his Chicago restaurants.
Persons: Toast, they’re, Tipping, Michael Lynn, Zachary Brewster, Lynn, L’Oca, , ” Adam Orman, we’ve, haven’t, Crudo, you’ve, Sherri Kimes, Rick Bayless, Bayless, It's, ” Bayless, , Roger Yang, Nick Kokonas, Ari Weinzweig, ” Weinzweig, Yang, Corey Mintz Organizations: National Restaurant Association, Bureau of Labor Statistics, waitstaff, Cornell University, , Michelin Locations: America, Italian, Austin, Angeles, Chicago, Toronto, Ann Arbor , Michigan
Despite homebuilding slowdowns and high mortgage rates, Builders FirstSource CEO Dave Rush told CNBC's Jim Cramer that the demand for housing remains strong. "And what proved to be the point is housing demand is really strong, and the demand for housing and the fact that housing has been underbuilt, kept housing at a relatively stable level." Up 2.56% by close, Builders FirstSource reached a new 52-week high. Builders FirstSource has invested over $100 million in automated technology, he said. "We tailor our business to the professional contractor, 90 plus percent of our business is delivered to the job site," Rush said.
Persons: homebuilding slowdowns, Dave Rush, CNBC's Jim Cramer, Rush, Builders FirstSource, Homebuilders Organizations: Builders
Anthony Aranda, a 23-year-old tourist from Peru, had only two days to visit Paris with his cousin, so getting to the top of the Eiffel Tower featured prominently on his to-do list. But on Thursday, he had to cross it off that list without stepping foot on France’s famed Iron Lady. A labor strike, now in its fourth day, was keeping the tower closed. “We are traveling to London next, so this was our last chance,” Mr. Aranda said in the drizzling rain as he looked up at the wrought-iron monument. The site is so symbolic, in fact, that medals created for the Games will be encrusted with iron from the tower itself.
Persons: Anthony Aranda, Mr, Aranda Organizations: Eiffel, Games Locations: Peru, Paris, London, Spain
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