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Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances. In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound. Meanwhile, states that legalized sports betting saw their residents’ aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling.
Persons: , Scott Baker, Charles Schwab, Baker, “ It’s, ” Baker, “ Rather, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee, ” Candee Organizations: Northwestern University’s Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA’s Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S
Leopatrizi | E+ | Getty ImagesLawmakers want to crack down on "junk fees," but restaurants are trying to stay out of the fight. The Biden administration has broadly targeted so-called junk fees, like an undisclosed service charge for concert tickets or unexpected resort fees when checking out of a hotel. The Biden Administration is attempting to crack down on so-called "junk fees" in retirement accounts with a rule prosed by the U.S. Labor Department. Lobbyists vs. legislatorsOn the state level, restaurants have already had some success in getting excluded from the fight over junk fees. California's SB 478 law would ban so-called "junk fees".
Persons: Birkin, Biden, Joe Biden, Chip Somodevilla, Biden administration's crosshairs, Sean Kennedy, Kennedy, Andres Clavero, Clavero, Galit, Peter Demetri, Tai Huh, Huh, CSHG Organizations: Getty, National Restaurant Association, Federal Trade Commission, White, Biden Administration, U.S . Labor Department, National Women's Law, Cambridge Street Hospitality Group, Health, Restaurant Association, California's Locations: Los Angeles, Chicago, Washington ,, New York, Denver, Asian, Massachusetts, California, , Oakland , California
On a chilly, windy morning in March, Nagisa Landfield’s and Leila Noelliste’s skateboard wheels boomed in unison with the clanking of construction work and semi trucks echoing nearby at a skatepark under the Kosciuszko Bridge in Brooklyn. When an attempt at a trick turned into a fall, they laughed it off alongside their instructor, Liv Collins, and a group of women they were skating with. It was common practice to cheer for one another when they fell just as strongly as when they stuck the landing.
Persons: Nagisa Landfield’s, Leila Noelliste’s, Liv Collins Locations: Brooklyn
A magician rarely reveals his tricks, but in a recent interview, Chan told BI about his simple but unconventional investing strategy. From breathtaking magic to eye-popping returnsAfter missing out on a once-in-a-lifetime opportunity, Chan took a harder route to striking it rich. Around the same time he joined PayPal, he started performing magic shows. AdvertisementFast-forward a few decades to March 2020, when stay-at-home orders threatened to sideline Chan's business. How to invest like a magician — and the company he's nearly all-in onThere's no smoke and mirrors behind Chan's returns.
Persons: , Dan Chan, Chan, Merrill Lynch, David Copperfield, David Blaine, Elon Musk, George Lucas, Paula Abdul, Green, he's, He's, Chan's, Chan doesn't, shouldn't, Jensen Huang, Jensen, I've, Mark Zuckerberg Organizations: Service, Business, PayPal, Costco, Nvidia, Facebook, Google, YouTube Locations: Bay, what's
President Volodymyr Zelensky, always adept at messaging, used his latest Independence Day speech on Saturday to drive home the idea that Ukraine is taking the fight to Russia, even as his troops struggle along the front line at home. He said the video of the speech was filmed near the site where his troops began a cross-border offensive into Russian territory nearly three weeks ago that caught Moscow by surprise. It was prerecorded from what he described as a location along the Psel River, an area frequently targeted by Russian artillery. “Whoever wished misery upon our land shall find it in their own home,” Mr. Zelensky said of the incursion, which has pushed into the Kursk region of southwestern Russia. He called his military’s operation — which has come after two and a half years of Russia’s all-out, and brutal, invasion of Ukraine — a “boomerang for evil.”
Persons: Volodymyr Zelensky, Moscow, ” Mr, Zelensky, Organizations: Russian Locations: Ukraine, Russia, Kursk
Harris called for ending taxes on tips while rolling out a series of populist economic proposals last week, echoing a policy Trump already supported. The vice president pointed to Trump’s opposition to a bipartisan border security and immigration bill, which turned Republicans against the measure. Vice President Kamala Harris gestures as she steps from Air Force Two upon arriving at Joint Base Andrews, Maryland, on August 23, 2024. As the sitting vice president, Harris’s response to an economic calamity or foreign crisis would be closely scrutinized. The spokesperson also said there have been more than 1,000 sign-ups for Students for Harris chapters across the country since the launch of Harris’ campaign.
Persons: Kamala Harris, Donald Trump, Joe Biden, Harris, eyeing, Trump, Robert F, Kennedy Jr, who’s, ” Kennedy, Biden, showdowns, I’m, Hawaii Democratic Sen, Brian Schatz, , ” Harris, , she’s, ‘ We’re, ’ She’s, Ohio Sen, JD Vance, Kamala, mispronounced Harris ’, Harris ’, fumed, he’s, ” Trump, La Capra, Julia Nikhinson, let’s, familiarizing, , Kevin Lamarque, Tulsi Gabbard, Gabbard, Jen O’Malley Dillon, Austin Steele, Quentin Fulks, Tim Walz, Joshua Martin, Rebecca Wright, Pinar Yildirim, Deja Foxx, “ Young, Brian Kemp, Kemp, Vance, Trump’s, ” Vance, Sean Hannity, “ We’re, ” Kemp, “ Kamala Harris, Wisconsin . Ohio Sen, Marco Bello, Walz, ” CNN’s Ted Barrett, Kate Sullivan, Kristen Holmes, Ali Main, Aaron Pellish, Alejandra Jaramillo, Priscilla Alvarez Organizations: CNN, Democratic National Convention, Trump, Democratic, ABC, Hawaii Democratic, Republican, Biden, Social Security, Air Force, Joint Base Andrews, Reuters, Union, Hawaii Rep, United Center, MSNBC, United, Minnesota Gov, Convention, University of Pennsylvania, Facebook, Harris, Georgia Gov, Georgia Republican, Party, GOP, Fox News Locations: Arizona, Trump, Glendale, Hawaii, Chicago, Ohio, Georgia, Nevada, Las Vegas, Mexican, North Carolina , Nevada , Arizona, Wisconsin , Michigan, Pennsylvania, Joint Base Andrews , Maryland, California, Chicago , Illinois, Washington, Asheboro, United States, Wisconsin . Ohio, Kenosha, Kenosha , Wisconsin
Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors' finances. Meanwhile, states that legalized sports betting saw their residents' aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling. Yet there is likely a limit to how much the platforms will seek to restrict their own activities.
Persons: Scott Baker, Charles Schwab, Baker, It's, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee Organizations: Northwestern University's Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA's Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S
So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. “We’re quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range,” he told CNBC on Thursday. Gjaja’s comments came a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. Gjaja said the decision wasn’t taken lightly, especially the cancellation of the upcoming three-row vehicle, which Ford CEO Jim Farley and other executives had been touting as a game changer for several years. He said the Ford, in part, developed the skunkworks team to prove that Ford can compete against the Chinese automakers.
Persons: Marin Gjaja, We’re, , Warren Buffett, Gjaja, Jim Farley, ” Farley, Ford, ” BofA’s John Murphy, John Lawler, Lawler, ” Gjaja, ” There’s, we’ve, ” Ford, Thursday, Organizations: DETROIT, Ford, CNBC, North America, EV, , ICE, Wall Street, GM, General Motors Locations: U.S, Europe, North, California, China,
Chinese scientists have discovered a “brand-new method” of producing large quantities of water using lunar soil brought back from a 2020 expedition, state broadcaster CCTV reported on Thursday. Vials of lunar soil brought back from the moon by China's Chang'e-5 probe in Beijing, on Aug. 26, 2021. China hopes that recent and future lunar expeditions will set the foundations to build the International Lunar Research Station (ILRS), an initiative it is co-leading with Russia. The announcement of the discovery comes at a time when Chinese scientists are already conducting experiments on lunar samples brought back in June by the Chang’e-6 mission. The importance of lunar water goes beyond making permanent human presence viable.
Persons: China’s, , , China's Chang'e, Ren Hui, Bill Nelson, NASA’s Nelson Organizations: Academy of Sciences, Getty, Lunar Research, Russia, NPR Locations: U.S, China, Beijing
Riyadh, Saudi Arabia. The fund's investments in domestic infrastructure and real estate development grew 15% year-on-year to 233 billion riyals, while its foreign investments increased 14% to 586 billion riyals. The days of viewing Saudi Arabia as a mere financial reservoir are ending," Tarik Solomon, chairman emeritus at the American Chamber of Commerce in Saudi Arabia, told CNBC. watch nowSaudi Arabia's recently-updated Investment Law seeks to attract more foreign investment as well — and it's set itself a lofty goal of $100 billion in annual foreign direct investment by 2030. Spurring greater foreign buy-in "should also ease the burden that has recently been placed on the Public Investment Fund to offset the weaker foreign investment into the Kingdom," he added.
Persons: Tarik Solomon, , Solomon, James Swanston, We've, Swanston Organizations: Getty Images, Public Investment Fund, Saudi, American Chamber of Commerce, CNBC, Eastern, Saudi Arabia's, Gulf, Capital Economics Locations: Riyadh, Saudi Arabia, Getty Images Saudi Arabia, Saudi, James Swanston , Middle East, Africa
More than two weeks into Ukraine’s incursion into western Russia, Ukrainian politicians have begun talking about establishing a buffer zone there. But how much farther Ukraine might try to advance into Russia, and how long it plans to stay, is unclear, U.S. officials said. After the first week of fighting, Ukraine claimed to control almost 400 square miles of Russian territory — an area roughly the size of Los Angeles. But American officials are not convinced that Ukraine intends to hold its position in Russia long term. They have not been laying minefields to slow down a counterattack, nor have they constructed barriers to slow down Russian tanks, the officials say.
Persons: Volodymyr Zelensky Locations: Russia, Ukraine, U.S, Los Angeles
But Lucy Guo, the 29-year-old cofounder of data labeling startup Scale AI blurs the line between the two archetypes. Yet this is the persona many have come to know since Guo left Scale AI in 2018. But, midway through the program, they pivoted again, this time to what would eventually become Scale AI. Lucy GuoThe idea of Scale AI came from a suggestion by one of their YC roommates, who proposed creating an "API for humans." Advertisement"The itch to build"After Scale AI, Guo decided to apply her learnings to a new entrepreneurial opportunity: investing.
Persons: , Lucy Guo, Billie Eilish, Charlie XCX, Guo, she's, Adam D'Angelo, Alexandr Wang, Alex, Wang, Guo's, Cruise, Dave Fontenot, Kylie Jenner's lipsticks, Jake Paul's, Passes Organizations: Service, Business, Fry's Electronics, Carnegie Mellon University, Thiel, Facebook, Multicoin, Bond Locations: Miami, Fremont , California, San Francisco, China, hackathons, Quora
A federal court in Louisiana has dealt a serious blow to the Biden administration’s effort to protect communities heavily affected by toxic industrial pollution. Title VI of the 1964 Civil Rights Act allows the E.P.A. to investigate whether state programs that receive federal money are discriminating on the basis of race, color or national origin. But the judge’s ruling effectively means that the federal government is limited to taking action against specific agency decisions that are intentionally discriminatory. That means the state cannot be held liable for actions like allowing several chemical plants, refineries and other industrial operations in minority communities.
Persons: Biden Organizations: U.S, Western, Western District of, Environmental Protection Agency Locations: Louisiana, Western District, Western District of Louisiana
Modi Arrives in Kyiv as Ukraine Pushes Diplomacy
  + stars: | 2024-08-23 | by ( Andrew E. Kramer | ) www.nytimes.com   time to read: 1 min
Prime Minister Narendra Modi of India arrived in Kyiv on Friday, furthering a long diplomatic effort by Ukraine to engage non-Western nations in potential settlement talks in the war with Russia. While many leaders of countries backing Ukraine, including President Biden, have visited Kyiv, Mr. Modi’s trip is the highest-profile wartime visit of a leader of a nation with a neutral stance on the conflict. Ukrainian officials have said that they do not see a mediating role for India, but they portrayed Mr. Modi’s visit as a welcome show of support for their country during the war. The visit is a first by an Indian leader since Ukraine gained independence in 1991. In comments to reporters in Poland before traveling into Ukraine, Mr. Modi said he intended to discuss the war.
Persons: Narendra Modi, Biden, Modi’s, Modi Organizations: India, Mr Locations: Kyiv, Ukraine, Russia, India, Poland
Read previewBrands are increasingly relying on influencers and social media to boost sales. The next highest category was paid social media, at 26%, trailed by email and search-engine marketing. TikTok has placed big bets on social shopping, with its viral Shop feature growing steadily in the US. As for the most impactful marketing trends over the next year, 41% of US merchants said influencer or creator marketing would be the most important. Following that, 35% said customer data to create targeted and personalized marketing messages.
Persons: , Shopify, TikTok Organizations: Service, Business, Social, YouTube Locations: Japan
In this article F Follow your favorite stocks CREATE FREE ACCOUNTA banner advertises the Ford Mustang Mach-E electric vehicle at a Ford dealership on August 21, 2024 in Glendale, California. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. "We're quite convinced that the highest adoption rates for electric vehicles will be in the affordable segment on the lower size-end of the range," he told CNBC on Thursday. Gjaja's comments come a day after the automaker announced updates to its EV strategy that will cost up to $1.9 billion. He said the Ford, in part, developed the "skunkworks" team to prove that Ford can compete against the Chinese automakers.
Persons: Mario Tama, Marin Gjaja, Warren Buffett, Gjaja, Jim Farley, Farley, Ford, BofA's John Murphy, John Lawler, Lawler, There's, we've, Michael Wayland Organizations: Ford, Getty, DETROIT, CNBC, North America, EV, Wall Street, GM, General Motors Locations: Glendale , California, U.S, Europe, North, California, China
Glowimages | Getty ImagesYou may have never heard of National Public Data, yet your personal information may have been compromised in the company's recent massive data breach. National Public Data did not return a request for comment by press time. Can you be affected even if you've never heard of National Public Data? Sites like National Public Data may allow for individuals to opt out of being included in their data collections. Additionally, identity theft monitoring tools will let you know if someone tries to open an account using your personal information.
Persons: James E, Lee, it's, you've, Cliff Steinhauer, Steinhauer, Organizations: Public Data, Jerico Pictures Inc, National, Theft Resource, Finance, Social Security, National Public, Public, National Cybersecurity Alliance, Social Locations: Maine, U.S
A new path to better sleep: Evening exercise breaks
  + stars: | 2024-08-23 | by ( Dana Santas | ) edition.cnn.com   time to read: +9 min
Now, a small efficacy study published July 16 in the journal BMJ Open Sport & Exercise Medicine suggests a simple yet effective strategy to improve sleep duration: incorporating short resistance, or strength training, exercise breaks in the evening. The findings were compelling: The participants slept an average of 27.7 minutes longer when they took regular exercise breaks compared with when they sat uninterrupted. “Our research found that interrupting evening sitting time with short bursts of light intensity exercise improved sleep duration and did not disrupt sleep quality,” Gale added via email. “Adding quick, simple and light resistance exercise breaks to your evening routine could be a simple way to improve your sleep and health,” he said. Better sleep could be just a few short exercise breaks away.
Persons: Dana Santas, Aaron Lockwood, , Jennifer Gale, Gale, ” Gale, Raj Dasgupta, Dasgupta, Organizations: Pain, CNN, US Centers for Disease Control, University of Otago, Huntington Health, CNN’s Locations: United States, New Zealand, California
Wall Street traders think next week's earnings report from Nvidia is likely to give the chip stock another boost, according to one interpretation of options market pricing. A Piper Sandler research note on Thursday from Benson Durham and Melissa Turner said short-term options on Nvidia look expensive, but that high cost is tilted toward options that serve as bets the stock will rise. So, expensive NVDA options in general don't connote very much investor angst heading into the release," the Piper Sandler report said. The market optimism about Nvidia extends beyond the immediate period after the earnings report, according to Piper Sandler. The Piper Sandler researchers did not take a fundamental position on Nvidia's earnings report.
Persons: Piper Sandler, Benson Durham, Melissa Turner Organizations: Nvidia, Apple, Microsoft
That’s made home insurance increasingly unaffordable or even inaccessible – and that’s leaving more people in the same position as the Daneaus. California’s largest insurer, State Farm, requested a 30% rate increase for its homeowner’s line last month. Last year, California Insurance Commissioner Ricardo Lara reached an agreement with insurers with an aim to cover approximately 85% of properties in high-risk areas. “[My insurance plan] wasn’t canceled but my insurance company increased the rates quite a bit,” she said. But he cautioned there’s no guarantee of that, leaving homeowners like the Daneaus grappling with uncertainty.
Persons: Los Angeles CNN —, Michael, Kristy Daneau’s, Kristy, Michael Daneau, Kristy Daneau, That’s, “ We’re, ” Michael, , aren’t, Justin Sullivan, California’s, it’s, ” Michael Daneau, Ricardo Lara, Kristy Daneau's, what’s, Steve Hawks, Woolsey, Angela Wilson, LAEPF, Wilson, Brent Woodworth, there’s, “ I’m, we’ve, CNN’s Camila Bernal, Sarah Moon Organizations: Los Angeles CNN, Gas & Electric, Insurance Information Institute, California Department of Insurance, Farm, State, CNN, FAIR, California FAIR, California, Golden State, The Insurance Institute for Business & Home Safety, Institute for Business & Home Safety, for Business & Home, Los, Emergency Preparedness Foundation Locations: Cohasset, California, Paradise , California, Santa Monica, Malibu
We have to remember, the Fed made one mistake, the transitory" call on inflation, said Quincy Krosby, chief global strategist at LPL Financial. Specifically, the Fed is faced with how quickly and aggressively it should respond now that the inflation rate is waning . "Jay Powell says they don't want to be data point dependent, and I think that makes sense. I don't think you have signs of weakness in the economy. You don't have signs of inflation being controlled, and you don't have any signal for the Fed to switch focus."
Persons: Jerome Powell's, Jackson, Quincy Krosby, Krosby, Richard Clarida, nonfarm payrolls, Powell, Jay Powell, Clarida, we'll, Komal, Kumar, He's Organizations: Federal Reserve, Fed, LPL, CNBC, Sri, Kumar Locations: Jackson Hole , Wyoming
Shopping hauls are so back
  + stars: | 2024-08-17 | by ( Erika Tulfo | ) edition.cnn.com   time to read: +8 min
CNN —Aria Liu, 17, regularly posts shopping haul videos to her YouTube channel, which has 300,000 subscribers. “I don’t know what it is, but when I’m shopping online, money doesn’t feel real.”Liu’s not alone. Shopping hauls have existed for years, if not decades. Aria Liu says that the shopping haul videos she posts on her YouTube channel, “urmomsushi,” are the ones that garner the most views. There’s also a growing body of research that is questioning whether social media can be dangerous, especially for younger users.
Persons: Aria Liu, , , ” Liu’s, Liu It’s, Philippa Ward, Katie Fang, TikTok, Fang, hashtags, Alistair Berg, Matthias Lehner, ” Lehner, Katrina Caspelich, There’s, there’s, ” Caspelich Organizations: CNN, YouTube, Consumer, US Commerce Department, Consumer Financial, University of Gloucestershire, Research, Federal Reserve Bank of New, Centre for Retail Research, Lund University Locations: Federal Reserve Bank of New York, TikTok, Lund , Sweden,
Read previewRevolut has secured a $45 million valuation via a secondary share sale, despite a wider slump in fintech valuations. The London-based neo-bank, which recently secured a banking license in the UK, has signed agreements with institutional investors over a share sale that significantly boosts the company's valuation. That round came at the height of the tech market's COVID-19 boom, and Revolut has not raised primary capital from investors since. This secondary deal allows employees to profit from their stakes in the company and also cements the fintech as Europe's most valuable tech startup ahead of a prospective IPO. Revolut has 45 million customers and offers bank accounts, savings options, and trading in stocks and cryptocurrencies.
Persons: , Revolut, We're, Nik Storonsky, SoftBank, Matt Cooper, Revulot, Cooper, Starling Organizations: Service, D1 Capital Partners, Tiger, Business, Prudential, Authority, Financial Times Locations: London, Europe
The firm owned more than 3 million shares of Nike at the end of June, a stake worth roughly $229 million, the filing disclosed. Dell — Shares climbed 7.1% after JPMorgan added Dell to its focus list, noting the potential for upside after a recent pullback. Tapestry adjusted earnings per share of 92 cents, versus analysts' estimates of 99 cents per share, per LSEG. Berkshire holds 132.9 million shares of Sirius XM versus 36.7 million previously. Earnings per share fell to $4.59 in the fiscal second quarter from $7.98 per share a year ago.
Persons: Bill Ackman's, Warren Buffett, Berkshire Hathaway, Ted Weschler, Todd Combs, Alibaba, FactSet, Robinhood, Yun Li, Samantha Subin, Michelle Fox, Pia Singh, Alex Harring, Sean Conlon, Jesse Pound Organizations: Walmart, Nike, Bill Ackman's Pershing, Capital Management, Berkshire, Dell, JPMorgan, Citi, Cisco Systems, Cisco, Deere, Bros, UBS, Deutsche Bank, Lumentum Holdings, Sirius XM Holdings, Sirius XM, Management
Sakorn Sukkasemsakorn | Istock | Getty ImagesAbout 2.9 billion people may have had their personal information hacked, a new proposed class-action lawsuit alleges. If true, reports suggest all Americans may have had valuable personal information compromised — including full names, current and past addresses, Social Security numbers and information on parents, siblings and other relatives. In 2013, a Yahoo data breach may have hit all the company's accounts, or a total of 3 billion people. "Freezing your credit is the single most important thing you can do when you get a data breach notice," Lee said. While freezing your credit will limit access to your credit reports, it won't block it completely.
Persons: Sakorn, Cliff Steinhauer, James E, Lee, Steinhauer, I'd, haven't, We've, it's, It's Organizations: Istock, Public Data, Jerico Pictures Inc, Jerico, CNBC, National Cybersecurity Alliance, Theft Resource, Social Security, Finance Locations: U.S
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