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☆ More than half of non-retired US adults expect to rely on Social Security in retirement
▼ + stars: | 2024-11-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

CNN —Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security. More than half of non-retired US adults (53%) overall said they expect they will need to use Social Security to pay for necessary expenses, according to a new survey from Bankrate. Social Security benefits only replace a portion of Americans’ pre-retirement income. Indeed, only 31% of the non-retired adults surveyed said they are not planning to rely on Social Security benefits in retirement, with just 14% saying they will “not (be) at all” reliant on them. Their “normal retirement age” is 67 for the purposes of collecting Social Security benefits.

Persons: That’s, one’s, ’, they’ll, ”, Mark Hamrick, Bankrate —, —, Trump, they’ve, haven’t Organizations: CNN, Social, Security, —, Social Security, Bankrate, Social Security Administration Locations: United States

☆ European tech funding declines for third consecutive year — but the sector is finally stabilizing
▼ + stars: | 2024-11-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Still, Atomico said this shows that European tech funding levels have finally "stabilized" despite worsening global macroeconomic conditions leading to three consecutive years of declines. In the period spanning 2015 to 2024, European startups have bagged $426 billion, dwarfing the sum of investment deployed into tech firms the decade prior. Europe's first $1 trillion tech firm? Atomico said it's optimistic about the next decade in European tech. The VC firm, which was established by Skype co-founder Niklas Zennström, is predicting the entire European tech ecosystem combined could be valued at $8 trillion by 2034, up from around $3 trillion currently.

Persons: Reeves, Oli Scarff, Atomico, Tom Wehmeier, Wehmeier, Europe's, Rachel Reeves, techUK, Niklas Zennström Organizations: Startup Coalition, Getty Images Venture, European Tech, CNBC, VC, Skype, Spotify, Google, Apple, Facebook, Meta, Microsoft, Nvidia, Tesla Locations: British, State, Europe, U.S, China, Atomico, United States

☆ Doubts mount over Britain’s ambitious growth plans — with warnings of further tax rises possible
▼ + stars: | 2024-11-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

A higher economic growth rate could theoretically boost the government's tax take without the need to raise taxes further, because overall revenues would be higher. The OBR now expects U.K. real GDP growth of 1.1% in 2024, followed by expansion of 2% in 2025, before falling to 1.5%. The Labour government did not immediately respond to CNBC's request for comment on further possible tax changes. 'Desperate' growth ratesThe U.K. economy barely grew in the third quarter, eking out a less-than-expected 0.1% expansion, data from the Office for National Statistics showed Friday. We've had 1% growth, or around 1% growth now since the Financial Crisis.

Persons: Rachel Reeves, James Smith, CNBC's, John Grieve, Reeves, Gieve, —, Labour's, ING's Smith, We've Organizations: Treasury, Getty, Labour, Finance, ING, of, CNBC, National Insurance, Office, National Statistics, Gross Locations: London, England

☆ After Democrats lost the working class, union leaders say it's time to 'reconstruct the Democratic Party'
▼ + stars: | 2024-11-18 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Seitz-Wald-Circle-Byline-Template.Jpg | Alex Seitz-Wald | ) www.nbcnews.com time to read: +8 min

But whether they are measured by income or educational attainment, President-elect Donald Trump won working-class voters overall while he made strong gains among nonwhite working-class voters like Hispanics and Asian Americans. As recently as 2012, non-college-educated voters were splitting their votes evenly or even slightly in favor of Democrats. But that has left the party’s leaders, donors, operatives and other decision-makers more removed from the lives of low- and middle-income workers, some labor leaders say. But there is widespread frustration that Trump outflanked Democrats to position himself as a champion of working people, as well as dissatisfaction with Democrats not limited to white or male union members. But that policy was not enough to overcome larger societal forces that have led many working-class voters to doubt Democrats’ commitment to their well-being.

Persons: Joe Biden, Kamala Harris ’, ”, Brent Booker, Booker, ” Booker, Donald Trump, Harris, Barack Obama, Trump, Republican recoiled, “, Jimmy Williams, Liz Schuler, Schuler, ” Sen, Bernie Sanders, Biden, Will Stancil Organizations: Democratic Party, NBC, ’ International Union of, ”, Keystone Pipeline, Trump, Republican, International Union of Painters, Allied, ” Trade, ’, AFL, Democrats, Press, Teamsters, Democratic, International Association of Fire Fighters, International Longshoremen’s Association, United Mine Workers of, National Labor Relations Board Locations: Biden’s, ’ International Union of North America, Trump, China, Pittsburgh, United Mine Workers of America

☆ Daily habits like the 'Power Nine' support a long, healthy life, expert says—whether or not 'Blue Zones' are real
▼ + stars: | 2024-11-18 | by ( Renée Onque | ) www.cnbc.com time to read: +4 min

He deemed them blue zones — a term that first appeared in an academic paper about longevity in Sardinia, Italy published in 2004. I found that the centenarians in the blue zones were missing or dead when the study was conducted. "They were falling in regions that had terrible health, and surprisingly that was the shared characteristic of most blue zones. In the letter they state that Buettner's claims about four of the blue zones, Okinawa, Sardinia, Ikaria and Nicoya, "have been fully validated by strict demographic criteria." Buettner told The New York Times that he frequently visits the blue zones to make sure birth records are accurate.

Persons: Loma, Dan Buettner, Buettner, Saul Justin Newman, Newman, There's, bing, Newman's Organizations: National Geographic, Costa Rica Loma, University College London Centre for Longitudinal Studies, Vox Media, NPR, New York Times, Geographic Locations: Okinawa, Japan, Loma Linda, California, Sardinia, Italy, Japan Ikaria, Greece, Costa Rica, Calif, U.S, Ikaria

☆ 'My life is a million times better': A man who quit his desk job to be an electrician shares his takeaways from the switch
▼ + stars: | 2024-11-17 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

Snyder shares his top 4 takeaways after making the switch from a white to blue collar job. If your Sunday evenings are tainted by the thought of clocking into work the next morning, you're not alone. Snyder, now 43 years old, has been an electrician for the last six years, and he's never looked back. Advertisement"As a union electrician, my life is a million times better," he said. If he's on the hunt for a new job, Snyder doesn't have to apply individually and interview — the union helps facilitate matching available jobs to union members looking for work.

Persons: Dustin Snyder, Snyder, he's, it's, who's, Snyder doesn't, I'm, Christine, cji Organizations: Bureau of Labor Statistics, AFL, Brotherhood of Electrical Workers Locations: Seattle

For Brandon Mintz, it was the text messages and calls that started rolling in from friends and colleagues asking how high bitcoin prices could go. Strategic reserve could set off 'bitcoin space race'Under this idea, the U.S. would establish a “strategic bitcoin reserve,” like the ones it already maintains for gold and oil. A day later, Trump echoed the strategic reserve idea, though did not put a specific figure on it. On Nov. 6, Lummis posted on X in all-caps, “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE,” alongside two American flags. For crypto supporters, a strategic bitcoin reserve would send a signal to markets and countries alike about the digital token’s value.

Persons: Brandon Mintz, Lee Bratcher, Donald Trump’s, Bratcher, ”, Trump’s, ’, Mintz, ” Mintz, they’ve, ‘, Ric Edelman, ” Edelman, JP Richardson, Trump, Nicholas Percoco, ” Percoco, —, Robert F, Kennedy Jr, Human Services —, Sen, Cynthia Lummis, Lummis, David Bailey, Michael Terpin, “, ” Terpin, He’s Organizations: American Blockchain, Republican, Texas Blockchain, NBC News, FBI, Trump, Securities and Exchange Commission, Commodity Futures Trading Commission, Edelman Financial Services, Liberty, Strategic, Bitcoin Conference, Department of Health, Human Services, Social Security, BTC Inc, Bitcoin Locations: Texas, Dallas, Bitcoin, bitcoin, U.S, Nashville

☆ Proud Boys are seeking pardons directly from Trump, bypassing the DOJ and, potentially, Matt Gaetz
▼ + stars: | 2024-11-14 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

The first Proud Boys leaders to seek Capitol riot pardons are instead asking Trump directly. Meanwhile, the Proud Boys want out now, and presidents have the Constitutional power to grant immediate pardons, Biggs attorney Norm Pattis said in a 10-page letter sent to Trump on Wednesday. Two years ago, Biggs and his Proud Boys codefendants had struck a different tone regarding Trump, arguing at trial that he incited the Capitol riot and that the Proud Boys were only following his orders. Advertisement"Mr. President, you are no stranger to prosecutions warped by partisan vendetta," the Biggs pardon letter says. Former Proud Boys chairman Enrique Tarrio will also "explore every possible avenue" toward early release, his lawyer, Nayib Hassan, said in a press statement last week.

Persons: Trump, —, Donald Trump, Joseph Biggs, Matt Gaetz, Tarrio, Gaetz, pic.twitter.com, gGPeTLtWmv, Biggs, Norm Pattis, Pattis, codefendants, Enrique Tarrio, Nayib Hassan, Zachary Rehl, Dominic Pezzola, Prosecutors, Pezzola, Mike Pence Organizations: Boys, Service, Department of Justice, Justice Department, Proud, Manhattan, Trump, Justice, DOJ, Capitol, Proud Boys, Tarrio, Rehl, Capitol Police Locations: Trump, Florida, Afghanistan, Iraq, Washington ,, Philadelphia, Rochester , New York

☆ Inside the Goldman Sachs marketing push that has some execs perplexed
▼ + stars: | 2024-11-14 | by ( Reed Alexander | ) www.businessinsider.com time to read: +14 min

AdvertisementTop Goldman officials denied any plans to cut Carter's department and said she had upgraded Goldman's marketing capabilities. "It sounds like a few people have a quaint understanding of marketing at Goldman Sachs," a Goldman spokesman, Tony Fratto, said. They turned to the consulting giant McKinsey, which recommended Goldman increase its marketing budget and hire a chief marketing officer, these people said. Related storiesAs AT&T's chief brand officer, Carter handled sports sponsorships, advertising, and diversity messaging in a division headed by the telecom giant's global marketing officer, Lori Lee. PATRICK T. FALLON/AFP via Getty ImagesIn recent weeks, Goldman's marketing team has suffered more departures.

Persons: Goldman Sachs, Goldman, Fiona Carter, Carter, David Solomon's, Solomon, Tony Fratto, It's, Goldman dealmaker, —, John Waldron, Lori Lee, Robert De Niro, Katie Holmes, John Rogers, Waldron, Rogers, Fratto, Sean Zanni, Jake Siewert, Maria dal, speechwriting, Dal Pan, Goldman Sachs SAUL LOEB, Matt Gibson, David Solomon, PATRICK T, FALLON, Jason Hill, snagging, There's, Russell Horwitz, Goldman's, Horwitz, " Horwitz, Emmalyse Brownstein, Reed Alexander Organizations: Goldman, Business, Forbes, McKinsey, T's, Hollywood, Tribeca Film, Goldman's New, BI, AFP, Formula One United, Prix, Getty, White Locations: Sachs, Goldman's, Goldman's New York City, Formula One United States, Austin , Texas, York City

☆ Mercer's Olaolu Aganga sees policy risks coming from Trump presidency
▼ + stars: | 2024-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercer's Olaolu Aganga sees policy risks coming from Trump presidencyOlaolu Aganga, Mercer U.S. Chief Investment Officer; Jo Taylor, CEO of the Ontario Teachers’ Pension Plan; and Anne Walsh, CIO of Guggenheim Partners Investment Management, join CNBC’s Delivering Alpha 2024 to discuss where they are putting their money to work, whether changes in national leadership could impact their investment thesis, and more.

Persons: Aganga, Olaolu Aganga, Jo Taylor, Anne Walsh Organizations: Trump, Mercer U.S, Chief, Ontario, Guggenheim Partners Investment Management, CNBC’s Locations: Mercer

☆ The House just voted 'yes' on a bill that would increase Social Security checks for some pensioners
▼ + stars: | 2024-11-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

A bipartisan bill to change Social Security benefit rules for pensioners passed in the House of Representatives on Tuesday, with 327 lawmakers voting to support the measure. The proposal — called the Social Security Fairness Act — would repeal rules that reduce Social Security benefits for individuals who receive pension benefits from state or local governments. It would eliminate the windfall elimination provision, or WEP, that reduces Social Security benefits for individuals who worked in jobs where they did not pay Social Security payroll taxes and now receive pension or disability benefits from those employers. About 3% of all Social Security beneficiaries — about 2.1 million people — were affected by the WEP as of December 2023, according to the Congressional Research Service. As of December, about 1% of all Social Security beneficiaries — or 745,679 individuals — were affected by the GPO, according to the Congressional Research Service.

Persons: Abigail Spanberger, Garret Graves, Graves, They're, they're Organizations: Social Security, Senate, U.S, Social, Congressional Research Service, Finance, GPO Locations: Washington , DC

☆ Meet the Press – November 10, 2024
▼ + stars: | 2024-11-10 | by ( ) www.nbcnews.com time to read: +56 min

ANNOUNCER:From NBC News in Washington, the longest-running show in television history, this is Meet the Press with Kristen Welker. In a Meet the Press interview during his 2016 run, he suggested that his insurgent bid could generate cross-party appeal. AMY WALTER:Yeah, and the other thing that, you know, Democrats have been dining off the anti-Trump coalition now since 2017. RAMESH PONNURU:I think Democrats wildly overestimated the power of the abortion issue to drive candidate choice as opposed to referendum. There would be pressure on the president, President Biden, to not run for reelection.

Persons: KRISTEN WELKER, DONALD TRUMP, PRES, JD VANCE, Donald Trump, KAMALA HARRIS, Kamala Harris, JOE BIDEN, John Barrasso of, Bernie Sanders, Garrett Haake, Amy Walter, Ramesh Ponnuru, María Teresa Kumar, it’s, Kristen Welker, Trump, SEN, TED, JOHN MORENO, JD Vance, MIKE JOHNSON, Biden, they've, NANCY PELOSI, Kamala, DEBBIE DINGELL, RITCHIE TORRES, DAVID AXELROD, ALEXANDRIA OCASIO, unquote, JON FAVREAU, Joe Biden's, JON LOVETT, Joe Biden, “, “ It's, … they're, I'm, Steve Kornacki, STEVE KORNACKI, Kristen, ”, Trump's, That's, You've, Donald Trump's, Harris, Barack Obama, John McCain, it's, Steve, They're, you've, Barrasso, Press . SEN, JOHN BARRASSO, Bill Clinton “, ” Donald Trump, JOHN, We've, He's, we've, that's, Lindsey Graham, He'll, Robert F, Kennedy Jr, Trump hasn't, Susie Wiles, we're, President Trump, John Kennedy, Bobby, Sanders, BERNIE SANDERS, Let's, Nancy Pelosi, I’m, James Carville, JAMES CARVILLE, I've, Sotomayor, Garrett, he's, GARRETT HAAKE, John Barrasso, Paul Ryan's, Amy, AMY WALTER, – KRISTEN WELKER, It's, –, María Teresa, David Noriega, Mario, DAVID NORIEGA, MIREYA ALVAREZ, MARIO ALVAREZ, MARÍA TERESA KUMAR, Ramesh, RAMESH PONNURU, Richard Nixon, Aaron Burr, didn't, he'd, They've, TERESA KUMAR, María, – MARIA TERESA KUMAR, Dobbs, should've, Harris would've, ” KRISTEN WELKER, We'll Organizations: Republicans, Senate, Vermont, NBC, Capitol Hill, National, Press, NBC News, Arizona, Democratic, Republican, REP, Twitter, Trump, Republican Senate, Supreme, White, National Political, Republican Party, Democratic Party, Biden, Senate Republican, Press ., Trump's, United States Senate, Justice Department, Democrat Party, Security, Social Security, FDR, they're, California, Mr, Trump swiped, Democrats, –, Veterans Locations: United States of America, United States, John Barrasso of Wyoming, Washington, American, ALEXANDRIA, CORTEZ, USA, America, California, New York, Wisconsin, Madison , Wisconsin, Milwaukee County, Harris, Arizona, Pennsylvania, Mexico, Vermont, Nancy, Congress, U.S, Texas –, Texas, Philadelphia

☆ Why state governments are tightening their budgets
▼ + stars: | 2024-11-06 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +1 min

Many state governments in the U.S. are working with less room in their budgets. The federal government put over $800 billion to help state governments navigate the pandemic. Virtually every state also increased employee pay for public employees," said Justin Theal, a senior officer at The Pew Charitable Trusts' Fiscal 50 project. Emerging risks, including an aging population, deferred maintenance on infrastructure and more extreme weather threaten state budgets moving forward. Watch the video above to learn more about the fiscal health of state governments.

Persons: Justin Theal, Oliver Giesecke Organizations: Charitable, Stanford University's Hoover Institution Locations: U.S, Connecticut , New Jersey , Illinois , Massachusetts, California

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy U.S. states are in financial troubleTwenty-seven U.S. states lack the cash to repay their debts, according to researchers at Truth in Accounting. The debts relate to public pension systems, which provide lifetime benefits to state and local government employees. About $800 billion in federal aid during the pandemic obfuscated the long-term challenges of states. As that extra aid expires economically powerful states are tightening their budgets. That could lead to tax hikes or cuts to public services like education and transportation.

Organizations: Truth

☆ Dow set to surge more than 1,200 points as Trump is reelected
▼ + stars: | 2024-11-06 | by ( David Goldman | ) edition.cnn.com time to read: +5 min

Markets, in particular, crave certainty, and the clear path forward will allow companies to adjust their business and hiring plans. But stocks may also be reacting to Trump’s victory, in particular. Trump flipped several swing states from President Joe Biden’s 2020 victory, and Republicans also took control of the Senate. So Trump’s victory, at least for now, appears to be keeping those rates somewhat higher. Other so-called Trump trades, including shares of his social media stock, Trump Media & Technology Group, surged Wednesday morning.

Persons: Donald Trump, Trump, Joe Biden’s, refocusing, Sam Stovall, Bitcoin, Crypto, Trump’s, Germany’s DAX, Australia’s, ”, Neil Newman, Hong, ” Daniel Murray Organizations: New, New York CNN —, Dow, Nasdaq, Republicans, Fed, JPMorgan, Democratic, CFRA Research, Gross, Treasury, Trump, Trump Media & Technology Group, CAC, Nikkei, Advisory, EFG Asset Management Locations: New York, Europe, Asia, China, Tokyo, Shanghai

☆ Boeing machinists' bumper pay packet is just the latest win for unionized workers
▼ + stars: | 2024-11-05 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Striking Boeing workers voted in favor of a 38% pay rise. The latest big victory for US labor unions could inspire others despite the tense process. AdvertisementThe machinists' victory is the latest to highlight the power of labor unions in the US. It has been a tense road for the roughly 33,000 unionized Boeing workers who began their strike on September 13. That may only grow more common as workers find inspiration from others' victories, something noted by the president of the Boeing union.

Persons: we've, Joe Biden, —, Gary R, Allen, Julie Su, Brian Bryant Organizations: Boeing, Service, International Association of Machinists, Aerospace Workers, IAM Union, IAM, Territory, machinists, Teamsters, United Auto Workers, National Labor Relations Board, US Locations: Seattle, United States

Unionized Boeing workers on Monday voted to accept a contract proposal, ending a seven-week strike. AdvertisementBoeing union workers approved a labor contract proposal on Monday that will increase pay by 38% over four years and end a seven-week strike. This was after Boeing union leaders endorsed the offer on Thursday. The first was when over 30,000 union workers voted to strike after being displeased with the 25% pay increase they were originally offered. The company's second offer with a 30% pay increase was withdrawn after talks broke down.

Persons: —, Jon Holden, Brandon Bryant, Boeing machinists, Brian Bryant, Kelly Ortberg, Ortberg Organizations: Bank of America, Boeing, Service, International Association of Machinists, Aerospace Workers, IAM, BI Locations: Seattle

After leaving the workforce during the pandemic because she couldn’t find affordable child care, Longenecker said her family has been economizing. But her husband recently got a new job that pays more per hour and with lower health care costs. Her husband’s side gig has been “flourishing,” giving them steady monthly income and a glimpse of a future beyond waiting tables. Her monthly retirement income of around $7,600 is comfortable, but homeowners insurance, utilities and long-term care costs are weighing on her. Keys said Harris has put forth clearer economic policies, like her plan to offer first-time homebuyers $25,000 in downpayment assistance.

Persons: Kamala Harris, Donald Trump, Harris, Stefanie Longenecker, Longenecker, she’s, I’m, they’re, ”, ” Longenecker, Stefany Serna, He’s, “ We’ve, ” Serna, Serna, “, Serna isn’t, Lucy Haverfield, ” Haverfield, Hurricane Milton, Helene, Milton, Trump, “ I’m, Nancy Breland, hasn’t, Breland, “ I’ve, Otis Keys, ” Keys, Keys, Becky Melvin, Trump’s “, multibillionaire Tesla, Elon Musk, —, Melvin Organizations: NBC, Biden, Pa ., Trump, YouTube, ” Times, Social, Social Security, UPS, Teamsters Locations: Palmyra, Pa, Palmyra , Pennsylvania, China, Coral Gables , Florida, Alva , Florida, Hurricane, Florida, Alva, Fla, Canada, Georgia, Dallas, Jacksonville, America, Jacksonville , Florida

☆ Boeing workers vote to accept deal, end strike
▼ + stars: | 2024-11-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —Striking workers at embattled plane maker Boeing voted Monday to accept the company’s most recent offer, ending the costliest strike in the United States in more than 25 years. The International Association of Machinists (IAM) said rank-and-file members voted by 59% to approve the deal. But the deal did not restore the traditional pension plan they lost in 2014 from their previous labor deal. But despite the deep financial problems, Boeing had little choice but to settle the strike and get the workers back on the job. Boeing’s economic impactDespite its problems, Boeing is still a major contributor to the US economy, as it is the largest American exporter.

Persons: Boeing’s, “ I’m, ”, Jon Holden, “, Holden, Kelly Ortberg, Workers ’, It’s, ” Holden, We’ll, they’ve, Ortberg Organizations: New, New York CNN —, Boeing, International Association of Machinists, IAM, ” Boeing, Workers, ” Companies, Research, Anderson Economic Group, Labor, Alaska Airlines Locations: New York, United States, Michigan

☆ Higher taxes will make it harder for Britain to build 'the next Nvidia,' tech execs say
▼ + stars: | 2024-11-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

The lower capital gains tax rate was increased to 18% from 10%, while the higher rate climbed to 24% from 20%. Reeves said the increases will help bring in £2.5 billion ($3.2 billion) of additional capital to the public purses. Still, Reeves said the U.K. would still have the lowest capital gains tax rate of any European G7 economy. watch nowReeves announced that the rate of tax on carried interest, which is charged on capital gains, would rise to 32%, up from 28% currently. She nevertheless urged the government to look seriously at mandating that pension funds diversify their allocation to riskier assets like venture capital — a common ask from VCs to boost the U.K. tech sector.

Persons: Rachel Reeves, Reeves, BADR, Paul Taylor, Taylor, Haakon Overli, Dawn Capital, Overli, Anne Glover, Glover, Clarity, Steve Hare, Sage, Sean Reddington, Reddington Organizations: Labour Party Conference, ACC Liverpool Convention Center, Anadolu, Getty, LONDON, Labour, CGT, National Insurance, Unicorn Council, Nvidia, Dawn, NVIDIA, Amadeus Capital, Wealth, Norway's, Fund Global, Saudi Arabia's Public Investment Fund Locations: Liverpool, British, Britain, VCs

☆ Surge in UK borrowing costs is not a repeat of the 'mini-budget' crisis, economists say
▼ + stars: | 2024-11-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Loading chart...LONDON — U.K. borrowing costs posted two days of gains right after the Labour government unveiled a huge package of borrowing and tax rises in its Wednesday budget — but analysts downplayed the possibility of a second "mini-budget" crisis in the British bond market. The 10-year gilt yield , representing medium-term borrowing costs for the government, was slightly lower on the day at 11:20 a.m. London time. Yields move inversely to prices, so higher yields represent a sell-off in bonds — and an aversion to funding U.K. debt. The incident sent bond yields soaring so rapidly, they threatened to destabilize pension funds. Loading chart..."The market is right to be concerned" about the U.K. fiscal outlook, Mohit Kumar, chief financial economist for Europe at Jefferies, told CNBC.

Persons: Rachel Reeves, Reeves, Liz Truss, BOE, Susannah Streeter, Hargreaves Lansdown, It's, Streeter, CNBC's, Sterling, Mohit Kumar, We've Organizations: LONDON, Labour, Wednesday, Bank of England, Deutsche Bank, Hargreaves, U.S ., Jefferies, CNBC Locations: London

☆ Is this the deal to end Boeing’s crippling 7-week strike?
▼ + stars: | 2024-11-01 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +10 min

New York CNN —More than 30,000 Boeing workers will vote again Monday on whether or not to end a crippling seven-week strike. The deal is not significantly different from an offer rejected by nearly two-thirds of membership just over a week ago. And it happened 10 years ago at Boeing, when about two-thirds of members rejected an offer that ended the pension plan. Despite its many problems, Boeing is a major force in America economy, and it is the largest American exporter. Ending the strike is important for Boeing’s new CEO, Kelly Ortberg, who started in the job just five weeks before the strike began.

Persons: it’s, ”, “, John Deere, “ It’s, Brandon Felton, we’ve, Jon Holden, haven’t, ” Holden, you’ve, ’, hasn’t, Lindsey Wasson, Holden, What’s, Max fuselages, David Ryder, they’ve, Kelly Ortberg, Ortberg, “ Ortberg Organizations: New, New York CNN, Boeing, International Association of Machinists, Labor, ” Union, United Auto Workers, CNN, IAM, ”, Anderson Economic Group, Anderson, Reuters, Alaska Airlines Locations: New York, Michigan, Seattle, America

☆ UK borrowing costs soar day after Labour government unveiled tax-raising budget
▼ + stars: | 2024-10-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

watch nowLONDON — U.K. bond yields spiked sharply Thursday after the ruling Labour Party unveiled a sweeping package of tax hikes and increased borrowing. Yields had already risen on Wednesday shortly after the budget announcement by Finance Minister Rachel Reeves, which contained plans for £40 billion ($52 billion) worth of tax hikes and committed to substantially higher borrowing in the coming years. Despite the big moves this week, the gilt market is remaining relatively stable compared to September 2022, when the U.K. suffered its so-called "mini-budget crisis." Analysts had said ahead of the October 2024 budget that such bond market volatility was unlikely to repeat itself, largely because the U.K. inflation has dropped sharply since the Truss era. Analysts at Goldman Sachs said Thursday it would "reduce the urgency for sequential cuts in the near term."

Persons: Rachel Reeves, We've, Liz Truss, Truss, Reeves, Goldman Sachs, Morgan, Andrew Sheets, BOE, Sterling Organizations: Labour Party, Labour, ING, Budget, Conservative Party, Bank of England, Goldman, CNBC, U.S Locations: London

☆ Florida CFO Jimmy Patronis on the state's push into crypto
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFlorida CFO Jimmy Patronis on the state's push into cryptoFlorida CFO Jimmy Patronis joins 'Squawk Box' to discuss the state's push to invest Florida state pension funds into crypto.

Persons: Jimmy Patronis Locations: Florida

☆ These stocks are likely to gain from the UK’s major budget announcement, analysts say
▼ + stars: | 2024-10-31 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

Investment banks also suggested that stocks that had dipped ahead of the budget are likely to now gain on better-than-expected outcomes. "The U.K. budget was a clear signal that the new govt. Banks Investors in U.K. bank stocks will also be relieved as no new tax measures were applied to lenders specifically. RBC Capital Markets analysts echoed the view, saying the budget "included no major surprises relevant to the wealth sector." Any changes to the rules were a "relatively benign outcome for the sector" and removed an "event risk" for stocks, the investment bank said.

Persons: Roberta Ciaccia, Balfour Beatty, Rachel Reeves, Jefferies, Graham Hunt, Balfour Beatty's, AJB's, Genuity, Canaccord Genuity, Alex Brooks, Brooks Macdonald Organizations: Labour, City, Investment, Infrastructure Civil, U.K . Finance, Jefferies, Rail, Defence, Banks, RBC Capital Markets, AIM, London Stock Exchange's, Ashtead Tech, Aquis, FactSet, RBC, Tatton Asset Management Locations: Transport, Britain, Quilter

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