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☆ ‘It was huge’: Woman describes hot air balloon unexpectedly landing in neighborhood
▼ + stars: | 2024-07-28 | by ( Jodi Upchurch | ) edition.cnn.com time to read: 1 min

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☆ A Costco gold collector has bought more than $100,000 of coins this year — mostly for flipping
▼ + stars: | 2024-07-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

The real kicker, however, is the company's 2% rewards offer for Executive members, plus an another 2% reward for holders of the Costco credit card. One Costco member told Business Insider says he uses these percentage-point differences to make up to $500 per week buying coins and flipping them to online dealers and to local shops. "For me, gold is gold," he said, "but there's always more demand for Mint." Driving through Texas one day he stopped into a Costco warehouse that happened to have US gold buffalo coins in stock. AdvertisementIn just the past six months, the member has bought more than $110,000 worth of gold, according to credit card transactions reviewed with BI.

Persons: —, it's, there's, he's Organizations: Service, Business, Costco, BI, US, Mint Locations: Swiss, Texas

☆ I never wanted kids. My partner has a son, and it's been unexpectedly great.
▼ + stars: | 2024-07-28 | by ( Alexandra Saville | ) www.businessinsider.com time to read: +5 min

We wanted to be cautious and avoid any potential heartache and confusion for all parties. I quickly formed a bond with my partner's sonHis son and I fell into a surprisingly easy groove. Related storiesI never wanted one and still don't, but what I do want is exactly what we have. It's a similar relationship with my partner's son; I'm as important to him as he feels I am. AdvertisementIt's been a surprise as someone who never wanted kids of my own to get to enjoy a version of the experience.

Persons: —, it's, I've, he's, I'm, It's Organizations: Service

☆ Boeing Starliner officials may know ‘root cause’ of issues with astronaut flight
▼ + stars: | 2024-07-25 | by ( Jackie Wattles | ) edition.cnn.com time to read: +6 min

They then fired the thruster to try out several ways the engines might fire on the way home from space, according to Boeing. Officials said they were able to recreate how the thrusters in space deteriorated during flight with the ground tests. Additional Starliner testingSeparately, engineers may have made headway understanding helium leaks that hampered the first leg of Starliner’s journey. “The key attributes of the flight rationale really are that we understand the helium leaks — we understand the stability of the leaks and how we can manage those, should they get bigger,” Stich said, referring to the possibility that helium leaks affecting the Starliner service module may worsen. NASA and Boeing plan to carry out a review to plan for Starliner’s undocking, which “could be as early as late next week,” according to Stich.

Persons: Mark Nappi, ” Nappi, Boeing’s, Butch Wilmore, Suni Williams, ”, Steve Stich, NASA’s, Still, Butch, Suni, ” Stich, Williams, Wilmore, Stich, Nappi, Starliner’s Organizations: CNN, NASA, Boeing, International Space, Officials, International, Harmony, Station Locations: New Mexico, Starliner, White Sands , New Mexico

☆ My boss and I were good friends. Then I got laid off.
▼ + stars: | 2024-07-25 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +4 min

Read previewThis as-told-to essay is based on a conversation with Angelica Miller, a 31-year-old recruiter from Arizona who was recently laid off. My last boss and I were friends. We became friends instantlyBefore she became my boss, she was my peer. My coworkers and boss have been nothing but kind to me, but I can't help but feel skeptical of their authenticity. I don't have any regrets about being friends with my boss, but I definitely won't do it again.

Persons: —, Angelica Miller, It's, I've, I'd, it's, Miller, Tess Martinelli, tmartinelli@businessinsider.com Organizations: Service, Business Locations: Arizona, California

☆ U.S. Economy Grew at 2.8% Rate in Latest Quarter
▼ + stars: | 2024-07-25 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

Gross domestic product, adjusted for inflation, increased at a 2.8 percent annual rate in the second quarter, the Commerce Department said on Thursday. That was faster than both the 1.4 percent rate recorded in the first quarter, but down from the unexpectedly strong growth in the second half of last year. Consumer spending, the backbone of the U.S. economy, rose at a 2.3 percent annual rate in the second quarter — a solid pace, albeit much slower than in 2021, when businesses were reopening after pandemic-induced closings. Inflation, which picked up unexpectedly at the start of the year, eased in the second quarter. That is something few forecasters considered likely when the Federal Reserve began raising interest rates to combat inflation two years ago.

Organizations: Gross, Commerce Department, Consumer, Federal Reserve Locations: U.S

☆ China to use ultra-long bonds for consumer, trade-in policy support as worries about retail sales slump grow
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

CNBC | Evelyn ChengSHANGHAI — China on Thursday announced its most targeted measures yet for boosting consumption, which has remained lackluster since the Covid-19 pandemic. Authorities announced they would allocate 300 billion Chinese yuan ($41.5 billion) in ultra-long special government bonds to expand an existing trade-in and equipment upgrade policy. He noted how the new policy links Beijing's ultra-long bond program — announced in March — with consumption. The National Development and Reform Commission on Thursday then announced the expanded policy to support consumption. He noted that the 300 billion yuan designation also reflects "a new way of thinking" which can have impact at scale.

Persons: Evelyn Cheng, Zong Liang, —, Zong, Bruce Pang Organizations: CNBC, Thursday, Authorities, National Development, Reform, Ministry of Finance, Bank of, People's Bank of Locations: Evelyn Cheng SHANGHAI, China, People's Bank of China, JLL

☆ China Unexpectedly Cuts Interest Rate as World Markets Sag
▼ + stars: | 2024-07-24 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s central bank on Thursday cut a key interest rate, in Beijing’s second move this week to try to offset a weakening economy and a housing market crisis. The unexpected action came as stock markets fell sharply across most of Asia in early trading, in an echo of Wall Street’s sharp drop the day before. Market indexes were down 1 to 3 percent in Australia, Japan, South Korea and Hong Kong. That could reflect a favorable response by investors to the central bank’s rate move, or a sign of intervention by the Chinese government, which plays an extensive role in the country’s stock markets. As markets opened in China on Thursday, the People’s Bank of China, the central bank, reduced its interest rate for one-year loans to commercial banks to 2.3 percent, from 2.5 percent.

Organizations: People’s Bank of China Locations: Asia, Australia, Japan, South Korea, Hong Kong, Shanghai, Shenzhen, China

☆ A PIP means you've probably already been quiet fired, says management academic
▼ + stars: | 2024-07-24 | by ( Nora Redmond | ) www.businessinsider.com time to read: +4 min

She said she was unexpectedly put on a PIP by her manager several years ago when working in marketing. AdvertisementRymsha explained that many of her former HR business partners hated putting people on them. Quiet firingFor Rymsha, a PIP is an invitation to leave a company. Advertisement"If you get that PIP, you've been quiet fired, probably three to six months ahead of time," she said. Rymsha said often, before a PIP is even issued, employees will gradually see things being taken away from them.

Persons: —, Catherine Rymsha, Rymsha Organizations: Service, Business, University of Massachusetts Locations: Lowell

☆ Macron Rejects French Left’s Pick for Prime Minister
▼ + stars: | 2024-07-23 | by ( Aurelien Breeden | ) www.nytimes.com time to read: +1 min

A coalition of France’s left-wing parties on Tuesday tapped a little-known civil servant to be prime minister, unexpectedly ending weeks of bickering after snap parliamentary elections plunged the country into political gridlock. But President Emmanuel Macron immediately rejected the coalition’s pick, Lucie Castets. The French president alone has the power to appoint the prime minister and the cabinet. His choice must, theoretically, reflect the political balance in Parliament, but there is no constitutionally mandated deadline for him to choose. The left-wing coalition, known as the New Popular Front, said in a statement that it had agreed on Ms. Castets, 37, who has worked at France’s treasury and its anti-money-laundering unit and currently handles financial matters at Paris City Hall.

Persons: France’s, Emmanuel Macron, Lucie Castets, Macron, Castets Organizations: Paris, Paris City Hall

☆ An ultra-swimmer tried to eat as much as a tiger shark and ended up consuming 40,000 calories in a day
▼ + stars: | 2024-07-23 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +5 min

Perhaps eating as much as a tiger shark is where Edgley could gain a lead in the competition. Edgley tried to fast and feed like a tiger sharkRoss Edgley before and after his fasting portion of the tiger shark test for "Shark vs. Ross Edgley." He thought for sure it put him in competition with the tiger shark. Tiger sharks can take 6-pound bitesTiger sharks give a whole new meaning to the term "bite size." Advertisement"That's what's been amazing," he said, "seeing on social media, even kids just going, 'Oh my God, he tried to eat like a tiger shark.

Persons: —, Ross Edgley, Edgley, He's, Nathalie Miles, chowing, Mike Heithaus, Heithaus, it's Organizations: Service, Business Locations: Australia, Great Britain

☆ I've been to 25 countries. Here are 10 mistakes I wish I'd avoided when I first started traveling.
▼ + stars: | 2024-07-22 | by ( Dominique Mills | ) www.businessinsider.com time to read: +5 min

Here are 10 mistakes I wish I'd known to avoid when I first started traveling and tips for a smoother journey. AdvertisementSince then, I've learned that packing light with versatile clothing makes for a more enjoyable trip. Now, I only book essentials and leave room in my itinerary to explore and make last-minute decisions and changes. Now, I always inform my bank of my travel plans to ensure seamless access to my funds while abroad. Walking shoes need to be comfortable, not cuteFashion over function is a mistake I've made many times.

Persons: —, Overpacking, Dominique Mills, I've, it's, I'm, Don't, Dominique Mills Taxis Organizations: Service, American Express, Business

☆ 15 vice presidents who became president themselves
▼ + stars: | 2024-07-22 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

Fifteen former vice presidents have gone on to become president themselves. Some were unexpectedly inaugurated after the president's resignation, assassination, or illness. Others, like Joe Biden, ran for office after their terms as vice president ended. AdvertisementThroughout US history, 15 men who served as vice president have gone on to become president themselves. Some vice presidents had no choice but to assume office due to the death or resignation of their predecessors, like Lyndon B. Johnson after John F. Kennedy's assassination.

Persons: Joe Biden, —, Lyndon, Johnson, John F Organizations: Service, Business

☆ These 2 key metrics will signal whether small, unloved stocks will continue to beat the market, BofA says
▼ + stars: | 2024-07-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The firm is looking at specific levels for the 10-year Treasury yield and manufacturing PMI. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. New research from Bank of America outlined two specific criteria that could serve as signals the rally will continue. AdvertisementMeanwhile, manufacturing PMI fell to 48.5 in June. "The Manufacturing economy is in the second longest downturn in history with 21 months without two straight months of 50+ PMI.

Persons: —, SPW, Russell, Tom Lee Organizations: of America, PMI, Service, Bank of America, Treasury, 6.3ppt, Bank of America Global Research, Federal Reserve, Barclays Locations: outperformance

☆ CrowdStrike outage: What we know 4 days after a software update brought down computer systems around the world
▼ + stars: | 2024-07-22 | by ( Zoe Sottile | ) edition.cnn.com time to read: +7 min

CNN —Four days after a faulty software update from a cybersecurity company unexpectedly brought down computers and technical systems across the world, airlines and some other companies are still experiencing delays and other technical problems. The outage was related to a software update rolled out by CrowdStrike, a major US cybersecurity firm. The issue is specific to Falcon, one of CrowdStrike’s main software products, and is not impacting Mac or Linux operating systems, according to the advisory. US-based carriers American Airlines, United Airlines, Delta Air Lines, Allegiant Airlines, SunCountry and Frontier Airlines all reported issues on Friday. More than 1,200 Delta flights were canceled on Sunday, after the carrier canceled 1,208 flights on Saturday, according to FlightAware.

Persons: ” –, Patrick Anderson, —, CrowdStrike, “, George Kurtz, Kurtz, Crowdstrike, United, Delta, Pete Buttigieg, Ed Bastian, ” Buttigieg, Bastian, it’s, David Kennedy, “ It’s, ” Kennedy, “ There’s, Buttigieg, Brigham, Dana Organizations: CNN, Microsoft, Anderson Economic Group, Fortune, Travelers, Marriott International, American Airlines, United Airlines, Delta Air Lines, Allegiant Airlines, Frontier Airlines, Delta Airlines, Delta, Delta Air, Department, Turkish Airlines, Jetstar, Hong Kong Express, Cebu Pacific, Binary Defense, Mass, Penn Medicine, Mount, Mount Sinai Health, Emory Healthcare, Farber Cancer Institute, New, Memorial Sloan Kettering Cancer Center, Government, Social Security, Department of Motor Vehicles, UPS, FedEx Locations: Delta, FlightAware, Jetstar Japan, Hong, Massachusetts, Pennsylvania, Mount Sinai, New York, Atlanta, Boston, Arizona, Alaska, Washington ,

☆ Bank of America strategist says it's time to get bearish
▼ + stars: | 2024-07-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

As stocks pull back from all-time highs, a top Bank of America strategist warned investors to be cautious, citing a series of economic indicators that have historically signaled the end of a rally. "Historically, whenever the unemployment rate has started to rise, it has never gone down again. The unemployment rate unexpectedly climbed to 4.1% in June , tied for the highest level since October 2021. The strategist added that such conditions typically lead to higher risk premiums and lower asset prices, especially given the current elevated market levels. The Bank of America strategist also expressed concern about consumer confidence, which he described as "collapsing."

Persons: Sebastian Raedler, Raedler, Hani Redha, Redha, Peter Lynch Organizations: Bank of America, . Treasury, University of Michigan, Pine, Investments Locations: U.S

☆ China calls for bolstering tech 'breakthroughs' and achieving the full-year growth target
▼ + stars: | 2024-07-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

China must "adapt to the new round of scientific and technological revolution and industrial transformation," an official English-language communique said. It also said China would "improve the new system for mobilizing resources nationwide to make key technological breakthroughs." The readout affirmed Beijing's commitment to balancing development with ensuring national security, and did not otherwise reveal policy changes. "I would highlight 'innovation and managed markets' as the top two keywords in the Third Plenum," Xu said. Regarding the latest plenary meeting, "we think any market-oriented reform will be measured and carried out insofar as it doesn't compromise national security," Xu said.

Persons: Hector Retamal, Liqian Ren, Tianchen Xu, Xu, Biden Organizations: AFP, Getty, BEIJING —, Communist Party's, Economist Intelligence Unit Locations: Beijing, China, WisdomTree, U.S

Delta Reserve Business Card OverviewAmerican Express issues seven co-branded Delta credit cards, and the Delta SkyMiles® Reserve Business American Express Card is its most premium small-business credit card. Delta Reserve Business Card Annual Fees and Other CostsThe Delta SkyMiles® Reserve Business American Express Card charges a $650 annual fee, and each additional cardholder costs $175. Delta SkyMiles® Platinum Business American Express Card vs. Delta SkyMiles® Reserve Business American Express CardThe Delta SkyMiles® Platinum Business American Express Card is a step down from the Delta SkyMiles® Reserve Business American Express Card, with a $350 annual fee and a 65,000 bonus miles after spending $6,000 in purchases on your new card in your first six months of card membership welcome bonus. Delta SkyMiles® Gold Business American Express Card vs. Delta SkyMiles® Reserve Business American Express CardThe Delta SkyMiles® Gold Business American Express Card is a great introductory business credit card card for Delta-flying business owners who want basic travel comforts, but don't want to pay a hefty annual fee for those benefits. Delta Reserve Business Card Frequently Asked QuestionsCan I earn a sign-up bonus on the Delta SkyMiles Business Reserve card?

Persons: MQD Headstart, stow, it's, Cardholders, cardholders, they're, you'll, you've, Amex, We've Organizations: Delta SkyMiles, Express, Delta Sky Club, SkyMiles, Delta, American Express, Delta Sky, Card, Delta Reserve, Lyft, American, Sky, Sky Club, Reserve, Delta Business Reserve, Business, Air France, KLM, Virgin Atlantic, Express Card, Club, Sky Clubs, JFK, Delta Sky Clubs, Delta Connection, Delta Shuttle, Delta Comfort, American Express Card, TSA, Global, Trip, Baggage, Premium, Amex, Delta American Express, Delta Gold, Delta Platinum Business, Delta Reserve Business, Delta SkyMiles Business Locations: U.S, Caribbean, American, Delta, Atlanta, Seattle, New York, Delta.com, Chevron

☆ This Summer’s Sleeper TV Hit: ‘Your Honor’
▼ + stars: | 2024-07-19 | by ( John Koblin | ) www.nytimes.com time to read: +1 min

Over a decade ago, “Breaking Bad,” the crime drama starring Bryan Cranston, catapulted from a basic cable show with so-so ratings to a big hit after Netflix started streaming it. And now the so-called Netflix effect is providing a boost, most unexpectedly, to “Your Honor,” another show starring Mr. Cranston — turning it into this year’s surprise summer TV hit. The series garnered more than a billion minutes of viewing time for three consecutive weeks, Nielsen said. (The “billion minute” mark is an unofficial Nielsen benchmark for a big hit.) According to preliminary Nielsen data, “Your Honor” will hit that milestone for a fourth consecutive week, and possibly a fifth too.

Persons: Bryan Cranston, ”, Mr, Cranston —, Nielsen Organizations: Netflix, Nielsen Locations: United States

☆ Ron Insana sees political risk rising for investors as the presidential election heats up
▼ + stars: | 2024-07-18 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

The selloff in the Nasdaq on Wednesday, more specifically in semiconductor stocks, has added a relatively new wrinkle to what has been an unexpectedly exceptional year for stocks: political risk. And by that I do not mean the outcome of the 2024 presidential election , per se, but the risk of trial balloons being floated for the next several months leading up to the election. Two news items on Wednesday rocked the chip stocks as the Biden administration is reportedly considering much tighter constraints on chip sales to China . Competing proposals We've already heard of some of the potential policy prescriptions that either a Biden or Trump administration might pursue beginning in 2025. Some may never see the light of day depending, not only on the outcome of the presidential election, but also on the composition of the next Congress.

Persons: Biden, Donald Trump, Trump Organizations: Nasdaq, U.S, Biden, Federal Locations: China, Taiwan, Trump, U.S

☆ Fed Governor Waller sees central bank 'getting closer' to an interest rate cut
▼ + stars: | 2024-07-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Federal Reserve Governor Christopher Waller on Wednesday suggested that interest rate cuts are ahead soon as long as there are no major surprises on inflation and employment. "So, while I don't believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted." Keeping with statements from other policymakers, Waller's sentiments point to an unlikelihood of a rate cut when the Federal Open Market Committee meets later this month, but a stronger likelihood of a move in September. "Given that I believe the first two scenarios have the highest probability of occurring, I believe the time to lower the policy rate is drawing closer," Waller said. Williams noted that inflation data is "all moving in the right direction and doing that pretty consistently" and is "getting us closer to a disinflationary trend that we're looking for."

Persons: Christopher Waller, Waller, John Williams, Williams Organizations: Federal, Kansas City Fed, Market Committee, CNBC, New York Fed, Wall Street, Fed, Traders

Asia-Pacific markets traded mixed on Wednesday with Australia's S&P/ASX 200 reaching an all-time high, while an increase in business optimism among large Japanese manufacturers lifted Japanese stocks. Japan's Nikkei 225 declined 0.43% to close at 41,097.69, while the Topix rose 0.37% to end at 2,915.21. The Taiwan Weighted Index fell 0.77% after a report cited U.S. Republican presidential candidate Donald Trump saying that Taiwan should pay the U.S. for defense. I think, Taiwan should pay us for defense," Trump said in interview with Bloomberg Businessweek in June that was published on Tuesday. On a month-on-month basis, Singapore's non-oil domestic unexpectedly dropped 0.4%, compared with a expectations of a 4.1% growth.

Persons: Australia's, Donald Trump, Trump, Cho Jung, TSMC, Georges Elhedery, Elhedery, Noel Quinn Organizations: Reuters, U.S ., Nikkei, Northern Star Resources, Bellevue, Mining, Newmont Corporation, CSI, Republican, Bloomberg Businessweek, Taiwan, HSBC Holdings, Hong Locations: Asia, Pacific, Gold, Taiwan, Hong Kong

☆ Elhedery named as third HSBC CEO in less than eight years
▼ + stars: | 2024-07-17 | by ( ) edition.cnn.com time to read: +3 min

HSBC has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said Wednesday. While the 160-year-old lender did consider external candidates, it has traditionally appointed its CEO from within. Elhedery’s appointment comes as HSBC (HSBC) tries to shift from restructuring to growth, at a time when helpful interest rate hikes may have peaked and geopolitical tensions simmer. Elhedery began his career in banking as a trader before joining HSBC in 2005. Quinn, who led HSBC for five years, will remain CEO until Elhedery starts in the role.

Persons: Georges Elhedery, Elhedery, Noel Quinn, ”, Matt Britzman, Hargreaves Lansdown, Iain Pyle, Ping, Quinn, Stanley Tsai, might’ve, it’s Organizations: HSBC, abrdn, Greater, China’s Bank of Communications Locations: Lebanon, Hong Kong, Asia, Greater China, China, East, Africa

☆ HSBC appoints Georges Elhedery as group CEO starting Sept. 2
▼ + stars: | 2024-07-17 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

HSBC announced on Wednesday that it has appointed Georges Elhedery as group CEO, starting Sept. 2. Elhedery, who is the current chief financial officer, will replace outgoing head Noel Quinn in September. In late April, HSBC unexpectedly announced that Quinn would depart after nearly five years at the helm. Elhedery's appointment as CEO comes less than two years after he was promoted to chief financial officer in January 2023. HSBC Group Chairman Mark Tucker called Elhedery "an exceptional leader and banker who cares passionately about the Bank, our customers, and our people."

Persons: Georges Elhedery, Elhedery, Noel Quinn, Quinn, Mark Tucker Organizations: HSBC, Bank Locations: United Kingdom

☆ Treasury yields fall as investors digest Powell comments
▼ + stars: | 2024-07-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by over three basis points to 4.1983%. The 2-year Treasury yield was last more than one basis point lower to 4.4404%. U.S. Treasury yields were lower on Tuesday as investors weighed comments from Federal Reserve Chairman Jerome Powell on the outlook for the economy and interest rates. On Monday, Powell said the central bank will not wait until inflation has reached its 2% target rate before cutting interest rates. Powell, however, said the Fed is still looking for "greater confidence" that inflation will return to 2%.

Persons: Jerome Powell, Powell Organizations: Treasury, U.S, Federal, Traders

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