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☆ Russia's economy is headed into the 'snare of perpetual war' as the Kremlin plans record-high military spending for 2024, think tank says
▼ + stars: | 2023-10-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia's economy is in for the "snare of perpetual war," the Carnegie Endowment said. But spending even more on the military could set up the economy for high inflation and a deteriorating quality of life. "The record defense spending shows that the Kremlin has no intention of ending its war against Ukraine anytime soon: on the contrary. "By staking everything on rising military expenditure, the Kremlin is forcing the economy into the snare of perpetual war." Other experts have warned of trouble brewing ahead for Russia's economy as war continues to rage in Ukraine.

Persons: — Organizations: Carnegie Endowment, Kremlin, Service, Ukraine –, International, Atlantic Council Locations: Russia, Ukraine

☆ India's Wipro reports surprise Q2 revenue drop
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsBENGALURU, Oct 18 (Reuters) - India's fourth-largest IT services provider Wipro (WIPR.NS) reported a surprise drop in second-quarter revenue as clients curtailed spending amid global economic uncertainty and inflationary pressures. The Bengaluru-based company's consolidated revenue from operations declined 0.1% to 225.16 billion rupees ($2.70 billion) for the three months to Sept. 30, from a year earlier, against estimates of a rise to 228.10 billion rupees, according to LSEG data. Last week, industry leader TCS (TCS.NS) blamed an uncertain macro environment for its revenue miss, while India's No. Consolidated net profit at the company fell to 26.46 billion rupees in the quarter, from 26.59 billion rupees a year ago. Analysts had expected a profit of 31.02 billion rupees, as per LSEG data.

Persons: Dado Ruvic, Varun Vyas, Indranil Sarkar, Sonia Cheema Organizations: Wipro, REUTERS, Rights, TCS, Infosys, Consolidated, Thomson Locations: Bengaluru, Indian

☆ Umicore cuts investment target after expanding EV battery materials production
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Companies Umicore SA FollowVolkswagen AG FollowOct 17 (Reuters) - Belgium's Umicore (UMI.BR) said on Tuesday it had lowered its net capital expenditure target for 2026 after expanding its battery materials production facilities to North America, with plans to build a new plant in Canada. Umicore expects total net capital expenditure between 2022 and 2026 to reach 3.8 billion euros ($4.01 billion). The group had previously said it planned to carry out phased investments of around 5 billion euros between 2022-2026. Analysts at brokerage Jefferies said that the difference between both figures does not necessarily mean a drop in overall gross capex spending. Umicore also announced a new target for earnings before interest, taxes, depreciation and amortisation (EBITDA) margins, which they expect to be above 25% from 2026.

Persons: Umicore, Jefferies, Victor Goury, Louise Heavens Organizations: Volkswagen, Thomson Locations: North America, Canada

☆ Instacart IPO banks tout e-grocery shopping potential, but challenges loom
▼ + stars: | 2023-10-16 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsOct 16 (Reuters) - Most Wall Street brokerages, including J.P.Morgan and Goldman Sachs, kicked off coverage on Instacart (CART.O) with a bullish view, betting on the grocery delivery app's growth amid a shift to online shopping. The stock — following a lukewarm debut in September — closed at $25.57 on Friday, below its $30 initial public offering (IPO) price. At least half of Instacart's 20 IPO underwriters have initiated coverage with their top ratings after the quiet period ended. Instacart's slow growth compared to rivals is a top concern, as a reduction in food stamp benefits and a shift back to in-store shopping could limit GTV growth, according to Piper Sandler analyst Alexander Potter. As of Friday, the six brokerages that were not involved in the IPO started coverage with an average rating of "hold", LSEG data showed.

Persons: Eric Cohn, Cheney Orr, Goldman Sachs, —, Baird, Colin Sebastian, Scott Devitt, Justin Post, Piper Sandler, Alexander Potter, Savyata Mishra, Shilpi Majumdar Organizations: Safeway, REUTERS, J.P.Morgan, underwriters, Walmart, Wedbush, BofA Global Research, Thomson Locations: Tucson , Arizona, U.S, Instacart, Bengaluru

☆ Lauren Boebert's campaign spent funds at the bar owned by her 'Beetlejuice' date
▼ + stars: | 2023-10-16 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

Rep. Lauren Boebert's campaign once spent money at a Colorado bar. AdvertisementAdvertisementGOP Rep. Lauren Boebert spent a couple hundred dollars of campaign funds at a Colorado cocktail bar owned by a man identified as her "Beetlejuice" date. Per her recent FEC filings , the Boebert campaign spent $317.48 at Hooch Craft Cocktail Bar on July 31. It is unclear if Boebert herself spent money at the bar or if it was an employee with her campaign. Other news outlets identified the cocktail bar owner as the man who accompanied Boebert to a Denver theater on September 10.

Persons: Lauren Boebert's, —, Lauren Boebert, Boebert Organizations: Service, Politico, Buell Theater, Republican, Democratic, Boebert Locations: Colorado, Denver

☆ Honeywell sees steady demand for business jets over the next decade
▼ + stars: | 2023-10-16 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

A logo of Honeywell is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsOct 15 (Reuters) - Global demand for new business jets is expected to stay strong over the next decade, Honeywell (HON.O) said on Sunday, as the engine maker projected deliveries of about 8,500 new planes through 2033. Private aviation witnessed a surge in newcomers, both in users and buyers, after the COVID-19 pandemic lifted demand for private flying as the wealthy took control of their travel. The flight activity is anticipated to stabilize in 2024 and grow in 2025, according to Honeywell. New users in business aviation have also increased demand by 500 aircraft and 6% more flights over the next 10 years.

Persons: Denis Balibouse, Heath Patrick, Shivansh, Shilpi Majumdar Organizations: Honeywell, European Business Aviation Convention, REUTERS, Global Business Aviation, Private, Bombardier, General Dynamics, Gulfstream, Honeywell Aerospace, Thomson Locations: Geneva, Switzerland, Americas, Bengaluru

☆ As Israeli jets devastate Gaza, air force photos show fighter aircraft armed with what look like unguided 'dumb' bombs
▼ + stars: | 2023-10-16 | by ( Chris Panella | ) www.businessinsider.com time to read: +10 min

But the Israeli Air Force recently published photos of fighter jets armed with what experts said look like unguided bombs. Israeli Air Force personnel "arming and continuing the series of attacks," per an X post on October 12, 2023. Israeli Air ForceIsraeli Air Force aircraft outfitted with bombs. AdvertisementAdvertisementAn Israeli Air Force video posted on Monday also showed fighter jets armed with unguided bombs ahead of footage of airstrikes. The unguided munitions in the photos look noticeably different from those equipped with JDAM kits, which turn unguided munitions into precision weapons.

Persons: —, it's, Israel, Michael Bohnert, Justin Bronk, Bronk, jet's, Momen Faiz, NurPhoto, JDAMs, they're, MAHMUD HAMS, Yoav Gallant Organizations: Israeli Air Force, Service, Attack Munitions, Twitter, Israeli Air Force Israeli Air Force, Rand Corporation, Royal United Services Institute, Royal Norwegian Air Force Academy, US Army Air Force, Israel Defense Forces, Air Force, Boeing, Guardian, ISIS, Hamas, Getty, Israeli Air, Israeli, IDF Locations: Israel, Gaza, Vietnam, Gaza City, AFP

☆ This chart shows how housing affordability has plunged across the US
▼ + stars: | 2023-10-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

US housing affordability has sharply eroded over the last several years. Moody's strategists broke down the repercussions of unaffordability and illustrated it in the chart below. In the last decade, Moody's said, Florida, Idaho, and Nevada saw the steepest declines in affordability, largely fueled by an influx of new residents and housing demand. AdvertisementAdvertisementMeanwhile, extreme weather events, construction inflation, and excessive litigation, Moody's strategists said, have made insurance more expensive. These headwinds to housing market affordability, in Moody's view, will ultimately have negative implications for credit.

Persons: —, Moody's Organizations: Service, National Association of Realtors, Moody's, Insurance, Institute Locations: Moody's, Oregon, Washington , Colorado , Florida , Massachusetts, New York, Hawaii, California, Florida , Idaho, Nevada, Florida, Arizona , California , Colorado, Utah

In turn, higher rates will dampen interest-sensitive expenditure and likely lead to slower growth in oil consumption in 2024. Services are less energy-intensive but more labour-intensive than manufacturing, so the sector’s inflation rate tends to be more persistent and a better indicator of the overall amount of inflationary pressure within the economy. Most rate traders anticipate the central bank will be forced to keep overnight rates higher for longer to squeeze persistent inflation out of the economy. In the short term, the renewed expansion of the U.S. manufacturing and service sectors is supporting oil consumption and prices. In the medium term, however, the higher-for-longer rates needed to bring inflation back to target will likely depress business activity and slow oil consumption growth in 2024.

Persons: Eduardo Munoz, John Kemp, Rod Nickel Organizations: Exxon, REUTERS, Institute, Supply, Federal Reserve, Treasury, Thomson, Reuters Locations: Newport , New Jersey, U.S, United States, Europe, Ukraine

☆ Einride CEO on decision-making and CapEx in a higher rate environment
▼ + stars: | 2023-10-12 | 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 EmailEinride CEO on decision-making and CapEx in a higher rate environmentRobert Falck, Founder and CEO of Einride, discusses how rising rates impact decision-making, hiring, and capital expenditure.

Persons: Robert Falck

☆ Walgreens forecasts weak annual profit as COVID sales shrink
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. Walgreens' lower forecast comes at a time when the company tackles multiple challenges, like persistently weak prescription drug demand, reported walkouts by its pharmacy staff and a shift in focus towards integrated health services. It has also contended with weak sales of its consumer health products due to persistently high inflation. Walgreens announced a planned cost reduction of at least $1 billion and lowered capital expenditure by about $600 million. Excluding items, the company reported earnings of $0.67 per share for the quarter, compared to average analysts' estimate of $0.69 per share, according to LSEG data.

Persons: Andrew Kelly, Tim Wentworth, Khushi Mandowara, Leroy Leo, Pooja Desai Organizations: Walgreens, Walgreens Boots Alliance, Inc, REUTERS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Ireland hikes bank levy to 200 mln euros, revises methodology
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Clodagh Kilcoyne/ File Photo Acquire Licensing RightsDUBLIN, Oct 10 (Reuters) - Ireland will revise how it calculates its levy on banks after announcing plans to raise 200 million euros ($211.7 million) from the measure next year, up from 87 million euros in 2023, Finance Minister Michael McGrath said on Tuesday. The share paid by the remaining three banks is based on the amount of deposit interest retention tax (DIRT) each pay. McGrath told a news conference that the basis of the levy will change to being related to the value of a lender's deposits. Analysts at Davy Stockbrokers had said that an increase to 200 million euros based on the existing DIRT would have had an outsized impact on Permanent TSB (PTSB.I), relative to its larger rivals AIB (AIBG.I) and Bank of Ireland (BIRG.I). Davy estimated that the incremental impact from an increase based on retail or household deposits would be in the range of 2-3% of 2024 profit before tax across all three banks, based on its current forecasts.

Persons: Finance Paschal Donohoe, Michael McGrath, Clodagh, McGrath, Davy Stockbrokers, Davy, Padraic Halpin, William Schomberg, Mark Heinrich Our Organizations: Finance, Public Expenditure, REUTERS, Rights, TSB, AIB, Bank of Ireland, Thomson Locations: Dublin, Ireland, LONDON

☆ A Gen Z worker in Spain spends just 5% of his income each month after years of planning. He explains how he does it and how others can increase their savings.
▼ + stars: | 2023-10-07 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Santiago Puértolas achieved a 95% savings rate on his monthly income after seven years of planning. He spends money only on things that make his life easier or happier. Puértolas, 26, started outlining how to maximize his savings rate over seven years ago during college. Investing in happinessMost of his purchases, he said, are things that make his life easier and make him happy. He added that recent layoffs in his industry and at his past companies led him to accelerate his savings rate to be comfortable earlier.

Persons: Santiago Puértolas, —, he's, Puértolas Organizations: Service Locations: Spanish, —, Spain, Myanmar

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

☆ Gas prices are less of a factor behind consumers switching to EVs, Barclays says
▼ + stars: | 2023-10-06 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The Barclays study focuses on consumers purchasing Tesla EVs rather than other makes. "[I]n previous years, consumers who bought EVs were spending more on gas prior to their purchase than consumers in recent years," Zhu said. "This suggests that new EV buyers are willing to buy an EV even at lower levels of gas expenditure, and that EV demand will stay higher than before even if gas prices decline." "Our U.S. Barclays credit card data show consumers with lower gas expenditures are now more willing to buy EVs than previously," Zhu said. "In recent years, EV buyers were already spending less on gas prior to their EV purchase than EV buyers in previous years."

Persons: Joy Zhu, Tesla, Zhu, — CNBC's Michael Bloom Organizations: Barclays, U.S, EV, Volkswagen, Volvo Locations: Germany

☆ Poland's CD Projekt sells over 3 mln copies of 'Phantom Liberty'
▼ + stars: | 2023-10-05 | by ( Adrianna Ebert | ) www.reuters.com time to read: +2 min

"Phantom Liberty" was released just over a week ago and has been highly rated by players. "Phantom Liberty" is CD Projekt's first major game premiere since the bug-ridden launch of "Cyberpunk 2077" in December 2020, which has now sold 25 million copies. CD Projekt estimates total expenditure on the production of "Phantom Liberty" of around 275 million zlotys ($62.81 million). On Steam platform, which sells digital copies of games for PCs, "Phantom Liberty" is rated "very positive" with 88% of 6,353 user reviews positive. Pointing to the successful release of "Phantom Liberty", CD Projekt CEO Adam Kicinski said he had the peace of mind to plan his next professional step.

Persons: Keanu Reeves, Idris Elba, Adam Kicinski, Kicinski, Adam Badowski, Michal Nowakowski, Adrianna Ebert, Kirsten Donovan Organizations: Steam, Thomson Locations: GDANSK

☆ Asia's edge isn't just cheap labor, whether it's China, India or Japan, KKR says
▼ + stars: | 2023-10-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Now, whether it's China, India or Japan, the region's edge lies in industrial services, KKR's heads of global and Asia macro said in an October note. That investment conclusion comes after a recent trip to Singapore, China and Japan by New York-based Henry H. McVey, chief investment officer of KKR Balance Sheet. "The bid for infrastructure and logistics could accelerate even more meaningfully, we believe, in key markets such as India, China, Indonesia, the Philippines, Vietnam and even Japan," the KKR report said. That includes a $2 billion acquisition of a Mitsubishi-backed real estate manager in spring 2022.watch now"I think there are two big megathemes in Japan," KKR's McVey said in an interview Thursday. The other big trend in Japan, McVey said, is corporate reform that's boosting shareholder returns.

Persons: Henry H, McVey, Frances Lim, KKR's McVey, Fumio, haven't, Warren Buffett, Lim didn't, There's, Nisha Awasthi, Lim Organizations: Visual China, Getty, BEIJING, KKR, Mitsubishi, Hitachi Transport System, Logisteed, Hyatt Regency, Gaw Capital Partners, Wednesday, China Locations: China, Haikou, Hainan, India, Japan, Asia, Singapore, New York, Indonesia, Philippines, Vietnam, Hyatt Regency Tokyo, Gurugram, BlackRock, Mumbai, Pacific, Beijing, Hong Kong, Seoul, Shanghai, Sydney, Tokyo

☆ Disney to offer discounts on children's tickets at theme parks
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid//File Photo Acquire Licensing RightsOct 4 (Reuters) - Walt Disney (DIS.N) said on Wednesday it will offer discounts on ticket prices for children at its theme parks for a limited period as it looks to boost traffic. Disney CEO Bob Iger said in August during the third-quarter earnings conference call that the California-based company had seen "softer performance" at Walt Disney World, a part of its parks business, in Orlando. Although, Iger described the parks as "a tremendous business" and said Walt Disney World was still performing well above pre-pandemic levels. The company last month said it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years. Walt Disney World will also introduce a package offer on Nov. 14 for families with discounted children's tickets for theme parks and dining plans, which can be used from March 3 through June 30 next year.

Persons: Brendan McDermid, Walt Disney, Bob Iger, Iger, Walt, Akash Sriram, Samrhitha, Shinjini Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Disney, Walt Disney, Thomson Locations: New York, U.S, COVID, California, Orlando, Bengaluru

☆ It's time to get bullish on this health tech name, now that it's shed a drag on growth
▼ + stars: | 2023-10-04 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

In the separation , we decided to keep the 173 shares of Veralto we received due to our ownership of 520 shares of Danaher. When we do that, we see a very favorable picture heading into next year and three reasons to be bullish. Veralto management is targeting long-term core growth in the mid-single-digit range on a percentage basis, whereas Danaher management sees ex-Veralto growth at a high-single-digit rate over the long term. So, as it stands we're already looking at a business that stands to see overall growth accelerate. It's also worth noting that our portfolio stands to benefit from any growth in the stand-alone shares of Veralto.

Persons: it's, —, haven't, let's, It's, they're, we'll, Danaher, Jim Cramer's, Jim Cramer, Jim, Pavlo Gonchar Organizations: Washington , D.C, Management, Deutsche Bank, Silicon Valley Bank, Federal Reserve, CNBC, Getty Locations: Veralto, Danaher, Washington ,, Silicon

☆ Another knock-on effect of higher interest rates: fewer stock buybacks
▼ + stars: | 2023-10-04 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Another knock-on effect of higher rates: stock buybacks may be reduced. According to S & P Global, corporate America is sitting on roughly $2.5 trillion in cash. "Two years ago, corporations were getting almost nothing on their cash holdings," said Howard Silverblatt, senior index analyst for S & P Dow Jones Indices. Buybacks decline A few weeks ago, S & P Global released its quarterly report on stock buybacks. The implication: in a higher interest rate environment, corporate America may be more inclined to hold cash as a hedge, which would imply fewer buybacks.

Persons: Howard Silverblatt, Dow, buybacks, Alec Young, MAPSignals, Young, Silverblatt, Cash Organizations: P Global, Dow Jones, Global, Technology, Cash, Cash Kings Apple, Microsoft, Exxon Mobil, Chevron, Cisco, Intel, IBM, Nvidia, Apple Locations: America

☆ Opinion: Why Putin wants a ‘forever war’
▼ + stars: | 2023-10-03 | by ( Sheena Mckenzie | Opinion Mark Galeotti | ) edition.cnn.com time to read: +6 min

CNN —When Westerners talk about the conflict in Ukraine becoming a “forever war,” they tend to mean it as a bad thing. As the forever war becomes the organising principle of “late Putinism,” it excuses — even demands — the tightening grip of repression Putin needs to maintain his control of the nation. From Putin’s point of view, talk of a ‘forever war’ has one final virtue for him — it is demoralising to his enemies. However, from his point of view, talk of a “forever war” has one final virtue for him — it is demoralising to his enemies. No war lasts forever, but peace is still well over the horizon.

Persons: Mark Galeotti, Vladimir Putin, Putin, ” Mark Galeotti, ”, ’, bankrolling, Wagner, Yevgeny Prigozhin, Prigozhin’s Organizations: Mayak Intelligence, University College London, CNN, New Regions, Russian Federation, ” Mark Galeotti Mayak Intelligence, General Locations: Chechnya, Ukraine, Ukraine’s Donetsk, Luhansk, Kherson, Zaporizhzhia, Russia, Ukrainian, Russian, Crimea, Moscow

☆ Putin will not 'make concessions' as Russia appears to be preparing for 'multiple further years' of war in Ukraine, international affairs expert says
▼ + stars: | 2023-10-03 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

This suggests that Moscow is preparing for the war in Ukraine to carry on for years. Observers believe that Russia is hoping Western support for Ukraine will wane. She said that the Russian president was "waiting it out" in the hope that Western support of Ukraine would waver. He has also been unclear about how much he would support Ukraine. "If Trump is reelected, Putin has reason to believe that he could strike a much better deal on Ukraine."

Persons: —, Sergei Shoigu, Shoigu, Nina Khrushcheva, Putin, He's, he's, Donald Trump, Trump, Michael McFaul, Barack Obama, Vladimir Putin Organizations: intel, Observers, Service, UK Ministry of Defence, Russia's Finance Ministry, Ministry of Defence, Russian Defence, Armed Forces, International Affairs, The New School, BBC, Republican Locations: Russia, Moscow, Ukraine, New York City

☆ Japan's business mood improves, capex firm in boost to economic outlook
▼ + stars: | 2023-10-02 | by ( Leika Kihara | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

TOKYO (Reuters) -Japan’s business sentiment improved in the third quarter, a central bank survey showed, suggesting conditions for a durable economic revival are falling into place even as a global slowdown keeps policymakers cautious about the outlook. Big non-manufacturers’ index stood at 27, up from 23, the survey showed, above a median market forecast of 24 and improving for the sixth straight quarter. The survey showed big manufacturers expect conditions to improve three months ahead, though sluggish global demand and signs of weakness in China’s economy cloud the outlook. “The tankan showed Japan is on track for a domestic-demand led growth. But analysts expect a mild contraction in the July-September quarter as sluggish global demand weigh on exports.

Persons: Maki Shiraki, ”, Marcel Thieliant, Yoshimasa Maruyama Organizations: Nissan, Co, Ltd's, EV, REUTERS, Companies, Bank of Japan, Capital Economics, Big, Nikko Securities Locations: TOKYO, Tochigi prefecture, Japan, Asia, U.S

☆ This is 'the most powerful thing in the world' for shrinking the wealth gap, says CEO
▼ + stars: | 2023-10-02 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Brad Gerstner, founder and CEO of private investing firm Altimeter Capital, says the U.S. is increasingly becoming a country of haves and have-nots. "I think in this country, everybody knows the wealth gap is at historic levels," Gerstner said last week at CNBC's Delivering Alpha investor summit. To close the gap, Gerstner says, American policymakers must harness the power of what investing sages have called the 8th wonder of the world. "The most powerful thing we have in the world to shrink the wealth gap is compounding," Gerstner said. "I started building this little snowball at the top of a very long hill.

Persons: Brad Gerstner, Gerstner, Warren Buffett, " Buffett, aren't Buffett Organizations: CNBC's, Alpha, Berkshire Hathaway, Invest Locations: U.S, haves, Invest America

☆ CNBC Daily Open: Oversold in September, bounce in October?
▼ + stars: | 2023-10-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, June 27, 2022. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Auto strikes expandThe United Auto Workers union expanded its strikes Friday, halting work at another Ford plant and an additional GM Plant. And September's jobs report will be released Friday, showing if the jobs market is still tight, as recent data on jobless claims have suggested.

Persons: Europe's, Stellantis, Shawn Fain Organizations: New York Stock Exchange, CNBC, Nasdaq, PCE, U.S, Senate, Auto, United Auto Workers, Labor, Survey Locations: New York, U.S, Russia

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