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The proposal, which will kick off an ambitious agenda for Barr, plans to fully implement the globally agreed Basel bank capital agreement. BANKING OPPOSITIONThe banking industry is not waiting for details before trying to disrupt the effort, arguing it could hinder economic activity, curb lending, and kill lines of business. The criticism is also emerging among some Republican bank regulators, who appear likely to oppose the plans. Regulators will have to digest numerous and voluminous comments from the banking industry dissecting their plans. And in the meantime, banks are expected to continue hammering that higher capital requirements means a smaller economic role for banks and are not needed.

Persons: Michael Barr, Barr, Michael Barr's, Isaac Boltansky, Spokespeople, Kevin Fromer, Jerome Powell, Powell, Republican Andy Barr, Bill Foster, Tim Scott, Michelle Bowman, Barr's, Morgan Stanley, James Gorman, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Banking, Fed, Federal Deposit Insurance Corporation, Office, FDIC, Financial Services, Financial Services Committee, Republican, Senate, Committee, Regulators, White, Thomson Locations: Basel

☆ Tesla Model 3 vs. Model S: Which EV should you purchase?
▼ + stars: | 2023-07-17 | by ( Kyle Wilson | ) www.businessinsider.com time to read: +3 min

Tesla's Model 3 vs. Model S are two of the company's most popular vehicles. Two of the most popular Tesla models are the Tesla Model 3 and the Tesla Model S, so it wouldn't be surprising if you're interested in Teslas and have wondered about the differences between the two. There are some key differences to consider between the Tesla Model 3 and the Tesla Model S.For starters, the Model 3 was introduced five years after the original Model S. The base Tesla Model 3 costs at least $40,240, which is $48,250 less than the Model S starting price of $88,490. Ultimately, the refreshed Model S is a high-end luxury vehicle with more space and better performance than the Model 3. The Model S also has "ample" room in the "back seat for three kids, and two adults would be relatively comfortable," DeBord said.

Persons: Tesla, Insider's, Matthew DeBord, DeBord Organizations: Morning, Tesla, Model, Plaid, Porsche Locations: Germany, Québec, Canada

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

WASHINGTON, June 21 (Reuters) - U.S. Federal Reserve Chair Jerome Powell on Wednesday said it is critical that banks have high levels of capital, but regulators must be mindful of the tradeoffs in ordering large reserves. Powell told the House Financial Services Committee that the Fed is considering multiple proposals on bank oversight, and struck a balanced tone on new capital requirements, saying healthy cushions are of "central importance," particularly for the largest global banks. We want banks to be able to lend in good and bad times," he said. Powell said the Fed has a "significant number of proposals in the works" on bank oversight, but none have been finalized or brought to the board for a vote yet. He also noted that higher capital requirements do come with tradeoffs, and the Fed will have to strike a balance between higher capital and how it could hinder bank lending.

Persons: Jerome Powell, Powell, Pete Schroeder, Mark Porter, Andrea Ricci Organizations: . Federal, Financial Services Committee, Fed, Thomson

☆ Opinion: Biden is taking a calculated risk on India’s Modi
▼ + stars: | 2023-06-21 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +7 min

Indeed, Biden will likely be accused of hypocrisy for playing down issues of human rights and democracy erosion under Modi, both accusations that Modi claims are false. Indian Prime Minister Narendra Modi and US President Joe Biden meet at the Oval Office, in September 2021. Though Modi’s administration denies it, human rights organizations say discrimination against Muslims has worsened under Modi and his Hindu nationalist Bharatiya Janata Party. Officials say Biden will raise the issue of India’s human rights record and democracy backsliding, but it’s likely they will be downplayed. After all, putting human rights publicly at the heart of relations with Saudi Arabia did little more than open the region’s door to China.

Persons: Frida Ghitis, Narendra Modi, Modi, Joe Biden, Biden, Sarahbeth Maney, Rahul Gandhi, “ Modi, Gandhi, It’s, “, Vladimir Putin, State Anthony Blinken, ” Biden, Facebook Modi – Organizations: CNN, Washington Post, Politics, Indian, Frida Ghitis CNN, United Nations, White House, White, Bharatiya Janata Party, Journalists, Freedom House, State, Twitter, Facebook, Capitol Locations: United States, India, France, South Korea, Washington, Gujarat, Ukraine, China, Australia, Japan, Russia, Saudi Arabia, Pacific, New York

☆ Why investors pumped $100 million into a startup using microbial fungi to turn soil into a crucial tool in the fight against climate change
▼ + stars: | 2023-06-20 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

The startup Loam Bio wants to use fungi to boost soil health and help keep carbon in the ground. But soil carbon is in a sorry state, in part due to current agricultural practices. There are different types of soil carbon; some decompose easily while others can take thousands of years to break down. The soil microbiome could also change to start breaking down the carbon that gets fixed in soil, Bailey added. "The most important thing is that we're really accurately measuring the carbon that we store in the soil," Hudson said.

Persons: Guy Hudson, Chris Sacca's, Hacking, It's, Hudson, Monique, Britt Koskella, Koskella, Andy Bailey, Bailey, we're, Chris Shafto, Dr Brooke Bruning, you've Organizations: Green Tech, Service, Australian, Lowercarbon Capital, Lowercarbon, UC Berkeley, University of Bristol Locations: Australia, Brazil

☆ A.I. human-voice clones are coming for the Amazon, Apple, Google audiobook
▼ + stars: | 2023-06-17 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +14 min

"For many publishers, audiobook production can be a major investment," said Judy Chang, director of product management for Google Play Books. Even with AI voice, there is nominally a voice actor somewhere in the process. What voice actors sayFor some voice actors, the choice is being made to stay away. Kinsella noted that AI voice played a foundational role in the integration of AI into daily life at an earlier point. But he added, "I've yet to find a client who tells me they've chosen an AI voice over hiring me.

Persons: Ciccarell, Ciccarelli, David Ciccarelli, Alexa, Judy Chang, It's, it's, Bret Kinsella, Brad Ziffer, Michele Cobb, Cobb, Siri, OpenAI's ChatGPT, Kinsella, … Siri, ChatGPT, Ziffer, Andrea Collins, Collins, John Kubin, I've, Kubin Organizations: Google, Apple, Audio Publishers Association, Alexa Locations: U.S

☆ Apple Vision Pro: Impressive specs, new way of interacting could help it break the VR curse
▼ + stars: | 2023-06-09 | by ( Kif Leswing | ) www.cnbc.com time to read: +11 min

The Apple Vision Pro is significantly more powerful than nearly all competing products on the market. Huge specsThe new Apple Vision Pro headset is displayed during the Apple Worldwide Developers Conference on June 05, 2023 in Cupertino, California. A new interfaceApple Vision Pro Source: AppleJust as the iPhone did, the Apple Vision Pro introduces a new kind of user interface. Apple Vision Pro Source: AppleEye tracking often uses small sensors to see where the user's gaze is resting. The Apple ecosystemApple CEO Tim Cook stands next to the new Apple Vision Pro headset.

Persons: what's, Inbar, Tipatat Chennavasin, Apple, Justin Sullivan, Avi Greengart, Chennavasin, Jamin Hu, Steve Kovach, Hu, Mac, Tim Cook, Sean Mann, Greengart, Mann Organizations: Apple, Engineers, University of Utah, Nintendo, Microsoft, Meta, Google, Sony, Nvidia, Fund, Superventures, Venture, Apple Vision, Apple Worldwide, Apple Vision Pro, Vision, Getty Locations: Cupertino , California, Apple's, iPhones

☆ Wearing Apple's Vision Pro for 30 minutes put a big red mark on the forehead of WSJ's gadget reviewer
▼ + stars: | 2023-06-07 | by ( Nicholas Carlson | ) www.businessinsider.com time to read: +4 min

Wall Street Journal gadget reviewer Joanna Stern got to try out Apple's new Vision Pro. Stern's video then zooms in, the contrast and lighting shifts, and you see this…WSJ tech reviewer's forehead looks red after she wore an Apple Vision Pro WSJ/Joanna Stern/YouTubeYikes! Apple told Stern any discomfort she encountered after wearing Vision Pro goggles may have been because it only had limited-sized "light seals" at the demonstration space. Apple's Vision Pro is constructed of aluminum alloy and a snazzy single piece of exterior glass, which is why it looks so much nicer than the competition. Apple's new Vision Pro headset was announced on Monday at the company's WWDC conference.

Persons: Joanna Stern, Stern, Apple, Ben Gilbert, Apple It's Organizations: Wall, Apple Vision, Apple

☆ KKR built a new client portal on AWS that helped the PE giant cut costs by 50%. An exec breaks down 3 things he wishes he knew ahead of time.
▼ + stars: | 2023-06-02 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

KKR built a new client portal to replace a legacy one built using vendor tech. KKR had a problem with its client portal. When clients faced issues with the portal, KKR had no visibility into what was causing the problem and could only open a ticket with the vendor, he said. In 2020, KKR embarked on a total rebuild of its client portal, which eventually launched in the summer of 2021. The new portal was built on AWS, where KKR has already moved much of its technology and infrastructure.

Persons: Leo Bogdanov, KKR's, Bogdanov, Serverless, it's, Axel Springer Organizations: KKR, Amazon Web Services, AWS Locations: Axel

☆ Inside a debt ceiling standoff ‘far more dangerous than people will recognize’
▼ + stars: | 2023-05-31 | by ( Jeremy Diamond Lauren Fox Melanie Zanona Phil Mattingly Arlette Saenz Kevin Liptak | Jeremy Diamond | Lauren Fox | ) edition.cnn.com time to read: +17 min

“She’s well respected by both sides,” McCarthy said of the former longtime House Appropriations Committee staffer, according to White House officials. “Asking me about the communication (with the White House) implies there was communication,” one House Democrat said. For the White House negotiators, that meant late nights and early mornings. The White House negotiators left Capitol Hill abruptly and for hours, it was unclear when the conversations would resume. Quietly, White House negotiators had never actually stopped talking to their Republican counterparts.

Persons: Joe Biden, Kevin McCarthy, McCarthy, “, “ You’ve, ” Rep, Patrick McHenry, Biden, Steve Ricchetti, Shalanda Young, Louisa Terrell, ” McCarthy, James S, Alex Wong, Young, Garret Graves, ” Graves, Graves, Tom Cole of, ” Cole, White, Jeff Zients, McHenry, ‘, Chuck Schumer, Hakeem Jeffries, Ricchetti, ”, ” Terrell, Dan Meyer, –, apprised, decamping, ’, Anna Moneymaker, nonstarters, ” McHenry, McHenry –, —, Susan Walsh, businesslike, Biden’s, Eisenhower, Zients, Jose Luis Magana, Young –, Louisianans –, Jim Clyburn, Clyburn, Annie Kuster, ” Kuster, wasn’t, ” Young Organizations: CNN, White, ”, Republican, Legislative, Young, Management, Brady, Capitol, White House, GOP, McCarthy’s, Pennsylvania, Capitol Hill, U.S, Biden, Democrat, Democratic, Republicans, Building, Air Force, West Executive, LSU Tigers, South Carolina Democrat, New Democrat Coalition, Democrats Locations: Irish, Washington , DC, Louisiana, Tom Cole of Oklahoma, McHenry, Hiroshima, Japan, Washington

☆ New Oral History Peers Back at Obama, His Era and the Tradeoffs He Made
▼ + stars: | 2023-05-31 | by ( Peter Baker | ) www.nytimes.com time to read: +1 min

The first tranche of interviews being made available does not include those of the former president, first lady or other major recognizable figures from the Obama era. Instead, it is tightly focused on one issue that the researchers deemed vital to his presidency, a wonk’s feast of policy discussion rather than a broader look at Mr. Obama himself or his overall eight years in power. As he sucked down his favorite Fiji water, Mr. Obama would tease scientists and engineers. We don’t need to look at any more of those.”The focus on climate change in the first set of interviews also highlighted the larger trade-offs Mr. Obama made between competing priorities. At one point as he was expending all of his influence to pass the Affordable Care Act, he ruefully explained his priorities to Mr. Chu.

Persons: Obama, “, ”, I’m, Steven Chu, Steve, we’ve, We’ve, ruefully, Chu Organizations: “ Energy Locations: Fiji

Since the value of a home isn't guaranteed to go up, it's important to build wealth in other ways. Buying a home comes with long-term costs, but it's also a chance to plan for long-term goals. Compare rates On Rocket Mortgage's website Compare rates On AmeriSave Mortgage Corporation's website Compare rates On New American Funding's website1. Property isn't guaranteed to go up in valueIn the past, buying property was viewed as a way to build wealth and a cornerstone of the American dream. This taught me that a condo isn't a guaranteed appreciating asset.

☆ IMF's Gopinath sees 'sizeable' upside inflation risks, says markets too optimistic
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

2 official said on Wednesday she sees sizeable risks that inflation will remain high or accelerate in many emerging markets and urged central banks to keep monetary policies tight. IMF First Deputy Managing Director Gita Gopinath told a conference hosted by the Central Bank of Brazil that markets were probably "too optimistic" about what it would take to bring down inflation in emerging markets. "Despite encouraging signs, I am worried that price pressures seem entrenched in many economies and that upside inflation risks are sizeable," she said in remarks prepared for the event. That was a lesson learned from the high inflation period of the 1970s and it "very much applies today," Gopinath said. But these countries still faced "considerable downside risks" from monetary policy tightening in advanced economies, and conditions may get "significantly worse," she said.

☆ Ted Cruz accused JD Vance of empowering 'the radical Green Movement' by aligning with Democrats on a bill to prevent rail disasters like the East Palestine crash
▼ + stars: | 2023-05-11 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

JD Vance, a Republican senator from Ohio, proposed the Rail Safety Act in March. "All of us were moved by the testimony of the witnesses" from East Palestine, Cruz said. "We cannot undo the psychological, economic, and physical toll of the derailment in East Palestine," Vance noted, but "there will be another East Palestine in this country if we do not pass the Railway Safety Act." "I earnestly hoped that we would reach a bipartisan consensus," Cruz said, but "this bill is overly and needlessly prescriptive." Nonetheless, Cruz doubted the bill would pass the Senate with 60 votes, let alone the House.

☆ How Meta is fighting off Apple's best shot and saving its ad business
▼ + stars: | 2023-05-11 | by ( Lauren Johnson | Lara O'Reilly | ) www.businessinsider.com time to read: +4 min

Meta's AI tools has helped save its ad business, after Apple rolled out its ATT privacy feature. These AI tools have helped Meta regain the trust of some advertisers after ad performance declined. Knowing it would lose the user signals that made its ads business so lucrative, Meta heavily invested in artificial intelligence. "Meta's advantage in AI is its advantage in training data," said Adam Heimlich, CEO of Chalice Custom Algorithms. "Every advertiser who places a Meta tag on their site or app is contributing to Meta's advantage by contributing data.

☆ Leaked Microsoft email instructs managers to give fewer 'exceptional rewards' as it halts raises and cuts the budget for stock awards and bonuses
▼ + stars: | 2023-05-10 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +6 min

Microsoft plans to halt raises and cut its bonus and stock awards budget, according to an internal email. A separate internal email instructs managers to give fewer employees "exceptional rewards." Microsoft sent managers an email about the company's plan to halt raises and cut its bonus and stock awards budget instructing them to give fewer employees exceptional rewards. Microsoft's spokesperson declined to comment on the email to managers but confirmed the news about halting raises and cutting the bonus and stock award budget. Thank you for navigating a more conservative rewards budget coupled with recent workforce reductions and a challenging and dynamic environment this year.

☆ Inflation’s real benefits beat theoretical costs
▼ + stars: | 2023-05-05 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

Yet economic theory has a remarkably hard time identifying the social costs imposed by a rising price level. A more serious charge is the uncertainty that rising prices introduce into financial planning. If the theoretical costs of inflation are elusive, the potential advantages it has to offer are more concrete. U.S. house prices, meanwhile, peaked last year at a full 45% higher in real terms than when Rogoff made his plea. In the end, the practical benefits of inflation will trump its theoretical costs.

☆ The ‘Peace Dividend’ Is Over in Europe. Now Come the Hard Tradeoffs.
▼ + stars: | 2023-05-03 | by ( Patricia Cohen | Liz Alderman | ) www.nytimes.com time to read: +1 min

But the crucial question of how to pay for the momentous shift in national priorities remains. In France, for instance, government spending as a percentage of the economy, at 1.4 trillion euros ($1.54 trillion), is the highest in Europe. Debates over competing priorities are playing out in other capitals across the region — even if the trade-offs are not explicitly mentioned. It was just one in a series of walkouts by public workers who complained that underfunding, double-digit inflation and the pandemic’s aftermath have crippled essential services like health care, transportation and education. Romania, which has been running up its public debt over the years, has pledged to lift military spending this year by 0.5 percent of national output.

☆ Op-ed: Want a stronger economy? Start by teaching personal finance to teachers
▼ + stars: | 2023-04-20 | by ( Rebecca Patterson | Chair Of The Board Of The Council For Economic Education | Former Chief Investment Strategist At Bridgewater Associates | ) www.cnbc.com time to read: +2 min

While U.S. voters are divided on many issues today, there are at least two where they can agree: They want a stronger economy and better education. The good news for policymakers is that there is a simple way to make voters happier on both fronts: They can increase the number of states requiring K-12 financial education. Currently, only half of the states in the U.S. require at least one course in either economics or personal finance for high-school graduation, according to data from the Council for Economic Education. Given that consumption represents some two-thirds of the overall U.S. economy, this frequent absence of financial capability can have significant consequences. Consider a few examples:Research published in the October 2020 Economics of Education Review concluded that "financial education requirements are associated with fewer defaults and higher credit scores among young adults."

☆ If you have just about any cash back or miles-earning Capital One credit card, you can now book and earn bonus rewards through Capital One Travel
▼ + stars: | 2023-04-19 | by ( Jasmin Baron | Sarah Silbert | Read More | ) www.businessinsider.com time to read: +9 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Capital One Savor, Quicksilver, Spark Cash, and Student cardholders can now access the Capital One Travel Portal and earn bonus rewards. Capital One Travel expands access to Savor, Quicksilver, Spark Cash, and Student cardsCapital One Quicksilver Cash Rewards Credit Card Apply now lock icon An icon in the shape of lock. Other cards earn more cash back The Insider’s Take If you want to earn cash back with minimal effort and no annual fee, the Quicksilver Cash Rewards Card is a good option. Quicksilver Cash Rewards Card review External link Arrow An arrow icon, indicating this redirects the user."

Persons: Cash, Alison Wright, it's, Spark Miles, cardholders, Read, Hopper, There's, We're, you'll, Price Organizations: Getty, Venture, Walmart, Service, One, Capital Locations: Wall, Silicon, Capital

☆ Fed Governor Bowman casts doubt on the need for a U.S. digital dollar
▼ + stars: | 2023-04-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Michelle Bowman expressed skepticism over the possibility of a digital U.S. dollar, noting Tuesday the multiple risks such a system could impose. For the past few years, Fed officials have been studying whether to join a handful of other central banks to implement its own type of cryptocurrency. However, she said an interest-bearing Fed digital dollar could provide harmful competition for banks, limiting their ability to lend. Like other Fed officials, Bowman said the looming implementation of the FedNow payments system also will address many of the needs cited by central bank digital currency promoters. Perhaps the CBDC's biggest Fed advocate has since left the central bank: Former Governor Lael Brainard is now director of the National Economic Council.

Her comments were echoed by others who feel the narrative shared by three top central banks of relatively cost-free disinflation rests on shaky ground. Among the Fed, ECB and BoE, only the British central bank projects a recession will be needed to slow inflation - only a mild one at that. U.S. central bank officials have split the difference, projecting a modest one-percentage-point rise in the unemployment rate this year from its near-historic low of 3.5%, and slow, but continued, economic growth. Martins Kazaks, Latvia's central bank chief, said the risk of a recession was still "non-trivial," with a host of factors still putting pressure on prices. For the Fed, different policymakers offer different ideas about the forces that will lower inflation as high interest rates slowly cool demand.

Catherine Mcqueen | Moment | Getty ImagesInflation is gradually falling but remains high, meaning consumers' budgets continue to be stressed by fast-rising prices. "The best defense against inflation is being true to knowing your necessities and accepting the fact that [prices have] increased," said Braxton, a member of CNBC's Financial Advisor Council. Inflation is a measure of how quickly the prices consumers pay for goods and services are rising. When inflation is high — and outpacing wage growth — there are two basic financial adjustments for households to make ends meet: increase income or decrease expenses, Braxton said. Hourly earnings fell 0.7% in the past year after accounting for inflation — meaning consumers' dollar is getting stretched a bit further.

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