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☆ The art market is in a correction as big spenders fade
▼ + stars: | 2024-10-24 | by ( Robert Frank | ) www.cnbc.com time to read: +5 min

The number of wealthy collectors surveyed who plan to purchase art in the next year fell to 43% from over half in 2023. The median spending on art by wealthy collectors remains stable at around $50,000 a year, according to the survey. Higher interest rates also raised the opportunity cost of buying art, since wealthy collectors could earn an easy 5% or more from cash and Treasuries. Just as in the classic-car market, the art market is going through a generational shift that's created a mismatch between supply and demand. According to the survey, the high end of the art market, or works priced at $10 million or more, was the strongest before 2022.

Persons: Andy Warhol, Jean, Michel Basquiat, Wiktor, Robert Frank, Phillips, Bonhams, Paul Donovan, Xers, they're, Donovan, Gen Xers, Gen Organizations: Art Basel, UBS Survey, UBS Global Wealth Management, Art Basel Miami Beach, Dealers, UBS Locations: London, United Kingdom, Christie's, Sotheby's, New York, East, Ukraine, Europe, China

☆ First lawsuit filed against McDonald’s over its E. coli outbreak
▼ + stars: | 2024-10-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —A Colorado man has filed the first lawsuit against McDonald’s relating to its E. coli outbreak linked to Quarter Pounders that, so far, has led to at least 49 illnesses across 10 states, including one death. The lawsuit was filed one day after the US Centers for Disease Control and Prevention issued a food safety alert warning that dozens of people reported eating the Quarter Pounder sandwich at McDonald’s before becoming sick. The lawsuit, a copy of which was posted online by Bloomberg Law, accuses McDonald’s of product liability, negligence and breach of implied warranties. “The McDonald’s E. coli Outbreak will be one of the most significant food poisoning outbreaks this year,” Simon said in a press release. Diced onions and other types of beef patties used at McDonald’s have not been implicated in this outbreak, the FDA said.

Persons: Eric Stelly, Ron Simon, didn’t, Joe Erlinger, ” McDonald’s, Simon, ” Simon, McDonald’s, Taylor Organizations: New, New York CNN, US Centers for Disease Control, Bloomberg Law, Food and Drug Administration, USA, CDC, FDA, Taylor Farms Locations: New York, Greeley , Colorado, Cook County , Illinois, Chicago, McDonald’s, Colorado , Kansas , Utah, Wyoming, Idaho , Iowa , Missouri, Montana , Nebraska , Nevada , New Mexico, Oklahoma, Taylor Farms Colorado

☆ Spirit AeroSystems weighs hundreds more furloughs or layoffs if Boeing strike goes beyond Nov. 25
▼ + stars: | 2024-10-24 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Boeing 737 fuselages on railcars at Spirit AeroSystems' factory in Wichita, Kansas, US, on Monday, July 1, 2024. Spirit AeroSystems is weighing furloughs or layoffs of hundreds more employees if the Boeing machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC Thursday. Further reductions would be in addition to those furloughs, but no decision has been made, said Spirit spokesman Joe Buccino. Spirit's consideration of additional furloughs demonstrates how the lengthy strike is weighing on an already-fragile aerospace supply chain. More than 32,000 Boeing machinists in the Puget Sound area, Oregon and other locations walked off the job on Sept. 13 after turning down an earlier tentative agreement.

Persons: Boeing's machinists, Max, Joe Buccino Organizations: Boeing, CNBC, Airbus, Boeing machinists, Puget Locations: Wichita , Kansas, Seattle, Oregon

☆ Boeing had a tough 24 hours, but with CEO Kelly Ortberg's turnaround plan, analysts remain hopeful
▼ + stars: | 2024-10-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

CEO Kelly Ortberg has vowed to turn around the company and laid out a four-point plan. CEO Kelly Ortberg vowed to "return Boeing to its former legacy" and said the company would focus on changing its culture. However, restoring the traditional defined-benefit pension plan — replaced with a 401(k) in 2014 negotiations — has been a key issue for many on the picket lines. Bank of America analysts estimated that restoring this pension plan would cost up to $400 million annually. Boeing's production has been limited as it faces supply-chain constraints and renewed scrutiny from regulators in the wake of January's Alaska Airlines blowout.

Persons: Kelly Ortberg, —, Manuel Valdes, William Blair, Peter McNally, China's, McNally, Morningstar's Nicolas Owens, Ortberg Organizations: Boeing, Service, CNBC, Wall Street, Labor, Seattle Times, Bank of America, Anderson Economic Group, AP, Alaska Airlines, Airbus Locations: Seattle, Pacific Northwest

☆ Commercial real estate foreclosures jumped almost 50% in September, report says
▼ + stars: | 2024-10-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Commercial real estate foreclosures spiked last month. AdvertisementCommercial real estate foreclosures jumped on a monthly and year-over-year basis in September, according to real estate data and analytics firm ATTOM. Commercial foreclosures saw the biggest year-over-year increase in California, with foreclosures on commercial buildings soaring 238% from the same time last year. In New York, foreclosures rose 48% year-over-year, while in Florida, foreclosures rose 49% year-over-year. Related storiesReal estate experts have been warning of more distress to come for commercial real estate, particularly in the office segment.

Persons: ATTOM, — Organizations: Service, Mortgage, Association, International Monetary Fund Locations: California, ATTOM's, New York, Florida

The president of McDonald’s USA said Wednesday that the company can "restore confidence" as it seeks to minimize the damage from an E. coli outbreak linked to the chain’s Quarter Pounders in multiple states. We took swift action yesterday to remove the Quarter Pounder from our menu. This was swift and decisive action by us,” Joe Erlinger, president of McDonald's USA, said on NBC's “TODAY” show. Customer Aaron Chapa, 22, said he eats at the restaurant a few times a week and consumed a Quarter Pounder over the weekend but never got sick. “I knew it was only the Quarter Pounder that was affected,” said Chapa, who was satisfying his hunger Wednesday with a cheeseburger.

Persons: ” Joe Erlinger, Erlinger, we’ve, It’s, Mike Railey, “ I’ll, ”, Railey, hadn’t, it’s, Aaron Chapa, “, Chapa, “ I’m, Yash Reddy, didn’t, McDonald’s, McDonald's Organizations: McDonald’s USA, McDonald's, Centers for Disease Control, CDC, Nebraska, Guggenheim Partners Locations: McDonald’s, McDonald's USA, Colorado, Denver, Iowa , Kansas , Missouri, Montana , Oregon , Utah , Wisconsin, Wyoming

Sales fell in three out of four U.S. regions, with just the West region seeing a gain. Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September. That represents a 4.3-month supply at the current sales pace. Distressed property sales accounted for only 2% of all transactions in September.”The pressure of still low inventory continues to push prices higher. First-time buyers pulled back again, making up just 26% of September sales.

Persons: ”, Lawrence Yun, ” Yun, Cash, Yun Organizations: National Association of Realtors, Homes Locations: U.S

☆ McDonald’s E. coli outbreak investigation: What we know
▼ + stars: | 2024-10-23 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +9 min

CNN —An E. coli outbreak linked to McDonald’s Quarter Pounders has led to at least 49 illnesses across 10 states, including one death. Diced onions and other types of beef patties used at McDonald’s have not been implicated in this outbreak, the FDA said. E. coli infections can be seriousEscherichia coli, or E. coli, is a common bacteria, but certain types can make you sick. People with E. coli infections may have symptoms including severe stomach cramps, diarrhea, fever and vomiting. A few illnesses, including E. coli infections, are well above federal targets for reducing foodborne illness.

Persons: Sysco, Taylor, “, Burger, Joe Erlinger, Erlinger, ” McDonald’s, Dr, Sanjay Gupta, Listeria, Boar’s, BrucePac, Nadia Kounang, Carma Hassan, Brenda Goodman, Meg Tirrell Organizations: CNN, US Centers for Disease Control, Food and Drug Administration, CDC, FDA, Taylor Farms, Foods, Taco Bell, KFC, Brands, Burger King, Taylor, McDonald’s, USA, CNN Health Locations: – Colorado , Kansas , Utah, Wyoming, Idaho , Iowa , Missouri, Montana , Nebraska , Nevada , New Mexico, Oklahoma, Taylor Farms Colorado, Burger, ’ Colorado, Colorado and Nebraska, Iowa , Kansas , Missouri, Montana , Oregon , Utah , Wisconsin, McDonald’s

☆ Novo Nordisk asks FDA to ban compounding pharmacies from making Ozempic, Wegovy copies
▼ + stars: | 2024-10-23 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Boxes of Ozempic and Wegovy made by Novo Nordisk are seen at a pharmacy. The FDA still has to make a final decision on whether to bar compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy. In a statement, the agency said it is reviewing the petition and will respond directly to Novo Nordisk. The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years. Like Novo Nordisk, Eli Lilly has sued several weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.

Persons: Wegovy, Danish drugmaker, semaglutide, Eli Lilly, Eli Lilly's, compounders Organizations: Novo Nordisk, Tuesday, Food and Drug Administration, FDA, Nordisk Locations: Novo, Danish, U.S

☆ McDonald’s president says its food is safe to eat after E. coli outbreak
▼ + stars: | 2024-10-23 | by ( David Goldman | ) edition.cnn.com time to read: +4 min

New York CNN —A day after an E. coli outbreak tied to Quarter Pounders in the western part of the United States left one dead and 10 hospitalized, McDonald’s entered full damage-control mode. “We are very confident that you can go to McDonald’s and enjoy our classics,” McDonald’s USA President Joe Erlinger said on NBC’s “Today” Wednesday. Most of the illnesses are in Colorado and Nebraska, and most of the people who fell ill ate Quarter Pounders at McDonald’s. “If there has been contaminated product within our supply chain, it’s very likely worked itself through that supply chain already.”McDonald’s (MCD) stock fell more than 5% at Wednesday — its worst day since the March 2020 Covid lockdown. Chipotle’s outbreak is the worst-case scenario for any restaurant chain, and McDonald’s E. coli situation appears to be limited, at least for now, to a supply issue.

Persons: McDonald’s, Joe Erlinger, “, ” Erlinger, ”, Chipotle’s, Chipotle, Brian Niccol, Niccol, we’ll, Morgan Spurlock’s Organizations: New, New York CNN, ”, Centers for Disease Control, US Food and Drug Administration, Starbucks, CDC, American Museum of Tort Locations: New York, United States, McDonald’s, Colorado and Nebraska

Here are six takeaways from Harris’ CNN town hall:Yes, Harris thinks Trump is a fascistHarris was asked Wednesday night if she considers Trump a fascist. “My administration will not be a continuation of the Biden administration,” Harris said. “There was a lot that was done (during the Biden administration), but there’s more to do,” Harris said. The vice president touted her work cracking down on hate crimes and called for new laws to deter future attacks. On Wednesday night, the vice president reprised that appeal – both in what she said and how she said it.

Persons: Kamala Harris, Donald Trump, Republicans –, Trump, Hitler’s, Harris, “ He’s, ” Harris, ’, “, ”, Mark Milley, John Kelly, Liz Cheney, Dick Cheney, Donald Trump’s, Biden, ‘, ’ Harris, CNN’s Anderson Cooper, –, haven’t, Cooper, Harris hadn’t, Yahya Sinwar –, Hitler, Covid, Vladimir Putin, Harris ’, feverishly, “ Dick Cheney, “ doesn’t, what’s, jabbing, hasn’t, fracking, she’s, ” Cooper Organizations: CNN, Republican, Democratic, Republicans, Trump, Joint Chiefs of Staff, White House, Marine, —, Wyoming, Hamas, Democrats, Israel, Capitol, Trump GOP, GOP, wobbly Republicans Locations: Hitler’s Nazi, Pennsylvania, United States, Mexico, Israel, Gaza, America

☆ Popular Restaurants Can Get Killed by a Michelin Star, Food Awards
▼ + stars: | 2024-10-23 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

He then looked at the diverging fortunes of those restaurants that went on to receive a Michelin star — a signifier of excellence in the industry. By 2019, Sands found that restaurants given a Michelin star were more likely to shutter. The publicity created around an award such as a Michelin star drives interest. But he pointed out that even if they ultimately failed, the Michelin restaurants that closed in Sands' research generally had a pretty good run. In many ways, "what to do about growth" is a classic question in any business, including restaurants and hospitality.

Persons: Daniel Sands, Sands, Darren Tristano, Joe Carroll, Anselm, haven't, Carroll doesn't, Danny Meyer, Ryan Sutton, It's, John Gordon, Carroll, Semilla, Emily Stewart Organizations: University College London's School of Management, Michelin, The New York Times, New York Times, New, Square, LO Times, Business Locations: York, New York, Brooklyn, Sands, San Diego, , New York, Philadelphia, Manhattan

☆ Coca-Cola CEO says McDonald's E. coli outbreak won't hurt beverage company's sales
▼ + stars: | 2024-10-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Coca-Cola CEO James Quincey said the company doesn't expect an E. coli outbreak linked to McDonald's to hurt the beverage company's sales. McDonald's is Coke's largest restaurant customer, and the two companies' symbiotic relationship has existed for nearly seven decades. On Tuesday, the Centers for Disease Control and Prevention announced that it has linked an E. coli outbreak in 10 states to McDonald's Quarter Pounder burgers. Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria. The outbreak comes as consumers broadly have been spending less at restaurants, hurting both McDonald's and Coke.

Persons: James Quincey, Quincey, McDonald's, Coke, it's, Joe Erlinger Organizations: Cola, Olympic Committee, China Mengniu Dairy, International Olympic Committee, CNBC, Centers for Disease Control, Prevention, CDC Locations: China, SwissTech, Lausanne, Colorado , Kansas , Utah, Wyoming, McDonald's, Coke

☆ McDonald's explains why it doesn't think its E. coli outbreak will be like Chipotle's in 2015
▼ + stars: | 2024-10-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

McDonald's shared more insights Wednesday into its investigation into a deadly E. coli outbreak. McDonald's said early indicators suggest slivered onions as a likely potential containment, but it couldn't rule out fresh beef. Two ingredients — the slivered onions and fresh beef patties — are being examined as potential sources of contamination. The Chipotle cases involved the handling and preparation of food in restaurants, McDonald's executives said. McDonald's said the slivered onions sold at affected restaurants come from a single supplier and are served raw on the sandwich.

Persons: McDonald's, Chipotle, —, they're, Joe Erlinger, coli, Dominick Organizations: Executives, Service, CDC, NBC, McDonald's, FDA, Business Locations: McDonald's USA

☆ Oil falls more than 1% on higher US crude stocks as market watches Middle East
▼ + stars: | 2024-10-23 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures dropped $1.08, or 1.42%, to close at $74.96 a barrel. U.S. West Texas Intermediate crude futures shed 97 cents, or 1.35%, to settle at $70.77 a barrel. "The large crude oil inventory build this week is offsetting the drop last week. Also pressuring oil prices, the dollar index rose on Wednesday to its highest since late July. The impact of the crude stocks build on prices was countered somewhat by persistent concerns over potential oil supply risk from conflict in the Middle East.

Persons: paring, Andrew Lipow, Antony Blinken's, Blinken, Yeap Jun Rong Organizations: Brent, . West Texas, Energy Information Administration, Lipow Oil Associates, ING Locations: East, Israel, Gaza, Lebanon, Middle, U.S, Milton, Lebanese

☆ CDC told McDonald's about potential E. coli outbreak late last week
▼ + stars: | 2024-10-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

The Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday. As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers. Roughly a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers at this time. The fast-food chain issued a statement on the outbreak Tuesday evening, shortly after the CDC issued its advisory. Over a two-week period, McDonald's typically sells roughly one million Quarter Pounders in the affected region, the company spokespeople said.

Persons: McDonald's, spokespeople, Cesar Pina Organizations: Disease Control, CDC, U.S . Department of Agriculture, U.S . Food, Drug Administration, McDonald's, North Locations: U.S, McDonald's U.S, Colorado , Kansas , Utah , Wyoming

☆ Apple analyst Kuo says company cut iPhone 16 orders by 10 million units
▼ + stars: | 2024-10-23 | by ( Todd Haselton | ) www.cnbc.com time to read: +2 min

"As a result, iPhone 16 production for 2H24 is now estimated at 84 million units," Kuo wrote , noting that his estimate is down from about 88 million units. Kuo said most of the cuts affect the regular iPhone 16 instead of the iPhone 16 Pro models , which have nicer displays and better cameras and have been more popular with consumers. Apple shares fell about 2% on Wednesday after industry supply chain analyst Ming-Chi Kuo said the company has cut orders for the iPhone 16 by about 10 million units for the fourth quarter of this year and the first half of 2025. He estimates production of 45 million units during the first quarter of 2025 and 39 million units during the second quarter, down from 48 million and 41 million, respectively. It is supported by the latest iPhone 16 phones and last year's iPhone 15 models.

Persons: Kuo, Ming, Chi Kuo Organizations: Apple, Apple Intelligence, CNBC, YouTube Locations: 1H25

☆ Here’s why China has been testing its autonomous car technology in the U.S. for years
▼ + stars: | 2024-10-23 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +3 min

Chinese companies are aggressively developing autonomous vehicles. In August, China announced that it had issued 16,000 test licenses for driverless cars and opened up about 20,000 miles of roads nationwide for autonomous vehicle testing. But Chinese autonomous vehicle companies have also quietly been testing their technology on U.S. streets. Michael Dunne, CEO and founder of consulting firm Dunne Insights, told CNBC that China had "carte blanche" when it comes to testing AVs in California. Missy Cummings, a former senior safety advisor to the National Highway Traffic Safety Administration, told CNBC the ban was a good start.

Persons: Didi, WeRide, Michael Dunne, Dunne, Let's, Missy Cummings, Cummings, Marc Veasey, Biden Organizations: Baidu, California Department of Motor Vehicles, CNBC, Apple, U.S, National, Traffic Safety Administration Locations: China, California, Silicon, Texas, U.S, California , Nevada, Utah, United States

☆ German police bust drug ring that delivered pizza – with a side of cocaine
▼ + stars: | 2024-10-23 | by ( Story Associated Press | ) edition.cnn.com time to read: +2 min

AP —German police busted a pizzeria in the western city of Düsseldorf that also delivered a side order of cocaine when customers asked for item number 40 on the menu. When drug squad officers began observing the restaurant they soon discovered why pizza number 40 was so popular, Moltke told reporters on Monday, German news agency dpa reported. The bounty included 1.6 kilograms (3.5 pounds) of cocaine, 400 grams (14 ounces) of cannabis and €268,000 ($289,000) in cash. Police said the restaurant manager, who was released from detention after a few days, soon reopened his business and started selling pizza number 40 with the cocaine side order again. The pizzeria manager was arrested when he tried to flee abroad, and remains in custody.

Persons: Michael Graf von Moltke, Moltke, “, ” Organizations: Polizei, Police Locations: Düsseldorf, Mönchengladbach, Solingen, Germany

☆ Trump tariffs likely to lead to higher U.S. interest rates, head of Institute of International Finance says
▼ + stars: | 2024-10-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

watch nowExtreme tariffs proposed by U.S. presidential candidate Donald Trump would interrupt the path of disinflation and could lead to higher interest rates, according to the head of the Institute of International Finance. "The assumption is you'll have higher inflation, higher interest rates than you would have in the absence of those tariffs," Tim Adams, president and CEO of the IIF financial services industry trade group, told CNBC's Karen Tso on Tuesday. Trump has made universal tariffs a core part of his economic pitch to voters, with suggestions of a 20% tariff on all goods from all countries and a higher 60% rate on Chinese imports. Trump has previously described universal tariffs as drawing a "ring around the country," and denied they would be inflationary. However, analysts have warned that the overall package proposed by Trump, including higher tariffs and curbs on immigration, would place upward pressure on inflation, even if some of the impact could be absorbed in the near-term.

Persons: Donald Trump, Tim Adams, Karen Tso, Adams, Trump, John Micklethwait Organizations: U.S, Institute of International Finance, U.S ., Bloomberg, Trump, Federal Reserve Locations: United States

☆ Apple is reportedly pumping the brakes on Vision Pro production
▼ + stars: | 2024-10-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Apple is cutting Vision Pro production, possibly halting it by year-end, The Information reported. AdvertisementApple is reportedly reducing Vision Pro production, but that doesn't mean it's out of the headset game. Especially if the reports of Apple working on a lower-cost version of the Vision Pro are true. Related stories"This is all heading toward a lower-cost Vision Pro with more features that can scale," Ives said. The Vision Pro was released in February, and few, if any, apps have taken off in popularity.

Persons: William Kerwin, Apple, —, Apple hasn't, Apple didn't, Jacob Bourne, EMARKETER, Tim Cook, it's, Cook, Tim Cook's, Dan Ives, Ives, Kerwin, Ming, Chi Kuo, Apple's, Bourne Organizations: Service, Apple, Business, Wall Street Journal, Vision, Morningstar . Tech, Wedbush Securities, Bloomberg Locations: Luxshare

☆ Cure for America's High Real Estate Prices: Build More Weird Homes
▼ + stars: | 2024-10-23 | by ( Ned Resnikoff | ) www.businessinsider.com time to read: +12 min

Take Los Angeles, where about three-quarters of residential-zoned land in 2021 was zoned exclusively for developing single-family housing. This country needs to build more homes, but there's no reason all those new homes need to look the same. Tokyo has homes in all shapes and sizes: detached single-family homes, attached row houses, small apartment buildings, midsize apartment buildings, and colossal residential high-rises. Allow apartment buildings with one staircase: Making it legal to build more apartment buildings with only one staircase would substantially reduce construction costs and allow for apartment buildings to be built on smaller lots. People who really like single-family homes should still have access to single-family homes.

Persons: —, we'll, homebuilders, Stephen Smith Organizations: sameness, Center for, The New York Times Locations: United States, Levittown , New York, Los Angeles, Connecticut, Levittown, Tokyo, American, Japan, North America

☆ Amazon's AI data center dream runs into the reality of 'zombie' facilities, higher costs, and labor shortages
▼ + stars: | 2024-10-23 | by ( Eugene Kim | ) www.businessinsider.com time to read: +13 min

Electricity and labor headwinds slow Amazon's data center buildout. AdvertisementAmazon is spending heavily on data centers to support booming AI workloads, putting it on pace to build 240 new facilities by 2040, one estimate found. David Cahn, a Sequoia Capital general partner, recently predicted data center delays across the sector. Bernstein Research recently estimated that electricity demand for AI data centers could exceed supply in just two years without action. An Amazon data center in Oregon.

Persons: —, It's, David Cahn, Marc Wulfraat, MWPVL, we've, Bernstein, Amazon's, Matt Garman, JOSH EDELSON, Garman, Manuel Pineda, Pineda, Owens Corning Organizations: Service, Sequoia Capital, Energy, Amazon, Boston Consulting Group, Bernstein Research, Business, Web, San Francisco 49ers, BI, AWS, Uptime Institute, Center, Survey Locations: AMER, Americas, Oregon , Ohio, Northern Virginia, Amazon's Portland, Arizona, Indiana, Pennsylvania, Silicon Valley, Santa Clara , California, Santa Clara, Levi's, City, Santa, Oregon

☆ Why inflation isn't returning to pre-pandemic levels — and 3 trades to capitalize on an overheating economy
▼ + stars: | 2024-10-23 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

The central bank has been aiming to keep the long-run inflation rate at this level to maintain stable prices and a healthy economy. "There is now a higher base inflation rate than there was before COVID for a number of reasons." Related storiesBut there are other factors contributing to an increased long-term inflation rate, many of which Blitz tracked even before the pandemic. AdvertisementChanging demographics in the workplace are also driving increasing debt and higher long-term inflation, according to Blitz. In Blitz's perspective, all of these factors add up to an inflation rate exceeding 2% going forward.

Persons: isn't, Steven Blitz, —, Mark Higgins, Blitz, Bonds Organizations: Service, Fed, stoke, Blitz, Technology, iShares Semiconductor, Index

☆ New Boeing CEO to give clues about company's future, while striking workers vote on new contract
▼ + stars: | 2024-10-22 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +7 min

Now, new CEO Kelly Ortberg has the chance to share his vision for the troubled manufacturer, from a potential strike-ending labor agreement to a slimmed-down future. When he takes the mic for his first earnings call as Boeing’s CEO on Wednesday, more than 32,000 striking machinists will start voting on a new, sweetened contract proposal. “I think it’s going to be a tight vote,” Jon Holden, president of the International Association of Machinists and Aerospace Workers District 751, told CNBC on Tuesday. Narrowing businessesOrtberg, a longtime aerospace veteran who previously ran Rockwell Collins, took the reins at Boeing in early August. Mending ties with workers, stabilizing supply chainThe results of the union vote will come out hours after the earnings call.

Persons: Kelly Ortberg, “, ” Jon Holden, RTX, Neil Mitchill, Collins, Rockwell Collins, Robert " Kelly, Ortberg, ”, Ken Herbert, Julie Su, Holden, ” Holden, Joe Biden, Biden, —, Phil LeBeau Organizations: Boeing, International Association of Machinists, Aerospace Workers, CNBC, GE Aerospace, AFP, Getty, Air Force One, Workers, Puget, Labor, Spirit, Aerospace Industries Association Locations: underperformance, Seattle, South Carolina

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