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The US economy faces a new threat
  + stars: | 2024-07-10 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
‘The labor market may be turning’To be clear, the jobs market is by no means imploding. Powell highlighted these changes, telling lawmakers that recent indicators “send a pretty clear signal that labor market conditions have cooled considerably” from two years. The current risk is that the Fed is injecting inflation-fighting medicine into an economy that no longer needs it. “A balanced labor market with too restrictive rates from the Fed will not remain balanced for long,” Brusuelas said. “Equally as worrisome for the Fed should be the potential for a sharper deterioration in the labor market and economic activity.
Persons: it’s, , Joe Brusuelas, Mark Zandi, ” Zandi, , Jerome Powell, ” Powell, Jobs, Powell, ” Brusuelas, Ken Kim, Kim, ” Kim, Donald Trump’s, Zandi, Fed Organizations: New, New York CNN, Federal, RSM, , Moody’s, Fed, CNN, KPMG Locations: New York, Russia, Ukraine
Financial experts, however, don't encourage making investment decisions for political reasons as markets tend to react to economic factors that politicians have no control over . Presidential election outcomes don't significantly affect market performance, but many investors still feel nervous about what this year's presidential matchup between President Joe Biden and former President Donald Trump could mean for their money. "We've got a very stable market," Curtis said. That could make your next trip pricierStill, clients visiting Curtis have expressed concerns about the idea of Trump winning the election. Dating back to 1928, the S&P 500 has returned an average 7.5% in presidential election years, compared to an average 8% in nonelection years, according to an analysis in March from J.P. Morgan Private Bank.
Persons: Joe Biden, Donald Trump, Cathy Curtis, Curtis, We've, Biden, Zers, pricier, Trump, Dan Egan, Egan Organizations: Republican, Democrat, Curtis Financial, Financial, CNBC, Nasdaq, Dow Jones, Finance, Trump, Morgan Private Bank, Federal Reserve Locations: Atlanta , Georgia, Oakland , California, J.P
To determine the best books of the 21st century , The New York Times Book Review and The Upshot polled hundreds of literary luminaries. Stephen King Stephen King has written more than 60 books, many of which have been adapted for film and television. Min Jin Lee Min Jin Lee has written two novels: FREE FOOD FOR MILLIONAIRES and PACHINKO, which was one of The Times’s 10 Best Books of 2017. Scott Turow Scott Turow is an attorney and writer best known for legal thrillers like PRESUMED INNOCENT and THE BURDEN OF PROOF. DU BOIS, was one of The Times’s 10 Best Books of 2021.
Persons: Stephen King Stephen King, , Ian McEwan ●, Christine Falls, Benjamin Black ●, Donna Tartt, Gillian Flynn ●, Cormac McCarthy ●, Margaret Atwood ●, Sarah Waters ●, Philip Roth ●, Viet Thanh Nguyen, , Stephen King, Min Jin Lee Min Jin Lee, Anthony Doerr ●, Katherine Boo ●, Colm Tóibín ●, Julie Otsuka ● “, Tara Westover ● “, Matthew Desmond ● “, Marilynne Robinson, Edward P, Jones, Barbara Ehrenreich ●, Phil Klay Karl Ove Knausgaard Karl Ove Knausgaard, Roberto Bolaño ● “, Maggie Nelson ● “, Elena Ferrante ● “, Ben Marcus ● “, Emmanuel Carrère ●, Kazuo Ishiguro ●, Claire Keegan ● “, Peter Handke ●, Denis Johnson ●, Svetlana Alexievich, Bonnie Garmus Bonnie Garmus, Barnes, Nehisi Coates, Barbara Kingsolver ●, Tara Westover, Matt Ridley ●, Harry Potter, Prince, Rowling ●, Dave Eggers ●, Henry David Thoreau, Laura Dassow, Ben Rice ●, Colson Whitehead ●, Timothy Egan Nana Kwame Adjei ‑ Brenyah Nana Kwame Adjei ‑, ZZ Packer, Diana Khoi Nguyen, “ Greenwood, Michael Christie, Solmaz Sharif, Min Jin Lee ● “, George Saunders ● “, Jesmyn Ward, Ted Chiang ●, George Saunders ●, Colson Whitehead, Chimamanda Ngozi, Edwidge Danticat, Aracelis Girmay, Natsuo Kirino, Roberto Bolaño ●, Francisco Goldman ●, Paul Beatty Sarah Jessica Parker Sarah Jessica Parker, Tayari Jones, Sting, Paul Murray ●, Megha Majumdar ●, Anthony Marra ●, Jonathan Franzen ●, Donna Tartt ●, Janika Oza, Patrick Radden Keefe, Sonali Deraniyagala James Patterson James Patterson, Bill Clinton, Dolly Parton, J.D . Barker, Stephen King ● “, Markus Zusak ●, Tara Westover ●, Stieg Larsson, Gillian Flynn, Rowling, Anthony Bourdain ●, Keith Richards, James Fox ●, Dennis Lehane ●, Laura Hillenbrand Elin Hilderbrand Elin Hilderbrand, “ Alice, Oliver, Charles Bock ●, Curtis Sittenfeld, Tim Winton ●, Lily King ● “, Anna Quindlen ●, Lauren Groff ● “, Maggie O'Farrell, Raven Leilani, Erin Morgenstern Annette Gordon ‑ Reed Annette Gordon, Reed, Siddhartha Mukherjee, Annette Gordon, Reed ●, Henrietta, Rebecca Skloot ●, Louis Menand ●, Isabel Wilkerson ●, Hilary, Rebecca Roanhorse Rebecca Roanhorse, Hugo, Ann Leckie ● “, Ted Chiang ● “, Kim Stanley Robinson ●, Stephen Graham Jones ●, Ken Liu ●, Djèlí Clark ●, Louise Erdrich ●, Theodore Sturgeon Marlon James Marlon James, Booker, Maria McCann ● “, Bird, James McBride ●, Alan Hollinghurst ●, Min Jin Lee ●, Skippy, Patrick French Roxane Gay Roxane Gay, Michael Chabon ●, Alicia Erian ●, Bernardine Evaristo, Kiese Laymon, Carmen Maria Machado ●, Zadie Smith, Emma 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Colson Whitehead Nick Hornby Nick Hornby, Michael Chabon, David Kynaston ●, Billy Lynn's, Ben Fountain ●, Richard Russo, Olive Kitteridge, Elizabeth Strout ●, Mark Harris ●, Adrian Nicole LeBlanc ●, Scott Turow Scott Turow, Sam Quinones ● “, Elena Ferrante, Ann Goldstein, , Timothy Snyder ●, Adam Johnson ●, Ann Goldstein ●, Daniel Kahneman ● “, Daniel Alarcón Daniel Alarcón, Oscar Wao, Junot Díaz, Claudia Rankine, Jones ● “, Adrian Nicole LeBlanc ● “, Patrick Radden Keefe Honorée Fanonne Jeffers Honorée Fanonne Jeffers, Victor Luckerson ●, Alice Walker ●, Toni Morrison ●, Toni Morrison ● “, Ibram X, Tiya Miles ●, Isabel Wilkerson Lucy Sante Lucy Sante, Uwe Johnson, Damion Searls, Jeremiah Moss ●, Sigrid Nunez ●, Ian Penman, Mike DeCapite ●, Rachel Kushner ●, Ed Park ●, Svetlana Alexievich Gary Shteyngart Gary Shteyngart, Pitchaya Sudbanthad, Amy Hempel, Amy Hempel ● “, Colm Tóibín, Joseph O’Neill ●, Rachel Cusk ●, Tony Judt ●, Isabel Wilkerson Anand Giridharadas Anand Giridharadas, 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Nix, Nathan Hill, Edmund White ●, Peter Matthiessen ●, Michael Ondaatje ●, Jeanette Winterson Tiya Miles Tiya Miles, Frederick Douglass, David W, Blight, Andrew Sean Greer ●, Michael Pollan ●, Dara Horn ●, Stephen Greenblatt ●, Jami Attenberg Jami Attenberg, Ada Limón ●, Jonathan Franzen, Alison Bechdel, Sloane Crosley, Alexander Chee ●, Patti Smith ●, Morgan Parker ●, Sara Novic Stephen L, Carter Stephen L, Carter, Deirdre McCloskey ●, Mohsin Hamid ●, Virginia Postrel, Umberto, Geraldine Brooks ●, Richard Powers ●, Jane Brox ●, David Bentley Hart, Lesley Nneka Arimah, Sarah Schulman Sarah Schulman, Mattilda Bernstein, Natasha Trethewey ●, Adania Shibli, Ned Blackhawk ●, Stephanie E, Rogers, Martha S, Steven W, Raja Shehadeh ●, Hugh Ryan Elizabeth Hand Elizabeth Hand, Rene Denfeld ●, Henry Darger, John M, MacGregor ● “, Dan Chaon ● “ James Tiptree Jr, Julie Phillips ●, Kelly Link, Morgan Talty ●, Robert Macfarlane ●, William Gibson Dion Graham Dion Graham, Jonathan Eig’s, Colson Whitehead’s CROOK, Omar El Akkad, Wolf, Marlon James ● “, Winfred Rembert, Cixin Liu ● “, Dave Eggers ● “, George Floyd, Robert Samuels, Toluse, Jonathan Eig ●, Jonathan Eig ● “ Washington, Jeremy Denk Jeremy Denk, David Foster Wallace ●, Jeff, Geoff Dyer ●, Hanif Abdurraqib, Elif Batuman, Alex Ross ●, Kate Molleson Morgan Jerkins Morgan Jerkins, Zora Neale Hurston, Haruki Murakami ●, Masha Gessen ●, Safiya Sinclair ● “, Carmen Maria Machado ● “, Imani Perry, Jesmyn Ward Michael Roth Michael Roth, Amy Bloom, Saidiya Hartman, Valeria Luiselli ●, Jon Fosse, Daniel Kahneman ●, Ben Lerner ●, Jennifer Egan Organizations: New York, Argonauts, J.K, Railroad, Corrections, , A.M, Harvard University, OF, Metaphysical, Suns, Ministry, Indians, The New York Times, Hawthorn, Child, Roberto Bolaño ● “, New Yorker, NPR, University of Oklahoma, DU BOIS, PEN, , Yale Law School, THE, Umberto Eco, Beginners, MacArthur Foundation, Wesleyan University, Topeka School Locations: , Brooklyn, Norwegian, Ben Marcus ● “ The, Nantucket, OF MONTICELLO, Monticello, , BROOKLYN, Britain, Jones ● “ Lincoln, Feral, Bangkok, Susanna Clarke ● “ Lincoln, Burma, Texas, Jonathan Eig ● “, “ Austerlitz, Venice, Death, Varanasi, America, Lorraine
New York CNN —LinkedIn co-founder Reid Hoffman is providing significant financial firepower to Smartmatic as the voting technology company fights Fox News and Newsmax over the right-wing networks’ repeated airing of 2020 election lies. A person with knowledge of the matter wouldn’t say exactly how much money Hoffman poured into Smartmatic but told CNN the eight-figure investment surpassed $10 million. Smartmatic is seeking billions of dollars in damages from Fox News, Newsmax and other right-wing figures that falsely accused the company of rigging the 2020 election. The voting technology company’s defamation lawsuit against Fox News is still in the fact-finding “discovery” phase and isn’t expected to go to trial until 2025. Smartmatic is also suing Trump 2020 campaign lawyer Sidney Powell and MyPillow CEO Mike Lindell – two of the most egregious peddlers of election disinformation.
Persons: Reid Hoffman, Hoffman, “ Smartmatic, ” Hoffman, , Donald Trump, Smartmatic, Antonio Mugica, Mugica, Hoffman “, “ doesn’t, Trump, Joe Biden, ” Mugica, Biden, , Sidney Powell, Mike Lindell –, Powell, ” Lindell, Christopher Kachouroff Organizations: New, New York CNN, LinkedIn, Fox, Democratic, The Washington Post, CNN, Trump, Republican, Fox News, Fox Corporation, Delaware Superior Court, America News, Fox News Media, Justice Department Locations: New York, Smartmatic, Delaware Superior, Philippines, Fox, Dominion
CNN —Columbia University announced Monday it has permanently removed three deans from their posts after finding they engaged in “very troubling” text messages that touched on antisemitic tropes. “The incident revealed behavior and sentiments that were not only unprofessional, but also, disturbingly touched on ancient antisemitic tropes,” Shafik said in the Monday statement. However, Columbia signaled that a fourth official involved in the text messages, Josef Sorett, the dean of Columbia College, is staying in power after apologizing and taking responsibility. On Monday Sorett sent a message to Columbia College students apologizing for his actions. Last week, Rep. Virginia Foxx, the Republican chairwoman of the House Education and the Workforce Committee, demanded Columbia hold the three officials accountable and revealed images of the group text exchange.
Persons: Minouche Shafik, disturbingly, ” Shafik, Angela Olinto, , ” “, ” Olinto, Josef Sorett, Monday Sorett, , Virginia Foxx, ” Foxx Organizations: CNN — Columbia University, Columbia, CNN, Columbia College, House Education, Workforce Committee
Americans feeding a group of 10 this holiday weekend will spend an average of $71.22, according to the American Farm Bureau Federation. The American Farm Bureau found the price of two pounds of ground beef will cost an average of $12.77 this year, up 11% from a year ago. As inflation skyrocketed across the economy in 2022, the American Farm Bureau estimated a 17% year-over-year spike in the cost of a Fourth of July cookout. The American Farm Bureau notes that, on an inflation-adjusted basis, this summer’s BBQ bill is 5% lower than the record set in 2022. The cheapest Fourth of July barbecue bill is in the Northeast at $63.54, according to the American Farm Bureau.
Persons: New York CNN —, It’s, grillers Organizations: New, New York CNN, American Farm Bureau Federation, American Farm Bureau, Consumers Locations: New York
Fourth of July gas prices are set for a three-year low
  + stars: | 2024-07-03 | by ( Matt Egan | ) edition.cnn.com   time to read: +1 min
GasBuddy projects the national average price for regular gas will stand at $3.49 a gallon on Independence Day. That’s a penny shy of the price a year ago and down sharply from $4.79 two years ago when oil prices spiked after Russia invaded Ukraine. Adjusted for inflation, US gas prices are almost exactly where they were in July 2018, according to federal data. The drop in gas prices comes despite what’s expected to be strong demand for fuel. Although gas prices are down from April, hurricane season could change that.
Persons: That’s, GasBuddy, what’s, Beryl — Organizations: CNN, Drivers, AAA Locations: Russia, Ukraine, Washington, Oregon, Utah, Colorado, Covid
New York CNN —If you’ve got money in the market, you might own a little piece of Trump Media — without even knowing it. Trump Media (DJT), the owner of conservative social media platform Truth Social, announced its addition to the Russell family on Monday. As a result, countless retail investors will now own a piece of Trump Media. These include the $14 billion iShares Russell 3000 ETF (IWV) and the $2.5 billion Vanguard Russell 3000 ETF (VTHR). LinkedIn co-founder Reid Hoffman, a vocal critic of former President Donald Trump, believes Trump Media is really worth just $40 million.
Persons: you’ve, Russell, Donald Trump, doesn’t, Vanguard Russell, , Sam Stovall, Stovall, ” Stovall, Reid Hoffman, ” Hoffman, Aniket Ullal Organizations: New, New York CNN, Trump Media, Trump Media & Technology, Vanguard, CFRA Research, Microsoft, Nvidia, Apple, Trump, , FTSE Russell’s, P, LinkedIn, CNN, & & Locations: New York
Trump Tower is coming to Saudi Arabia
  + stars: | 2024-07-01 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
New York CNN —The Trump Organization revealed plans Monday to develop a luxury Trump Tower in Saudi Arabia. If completed, it appears the Jeddah tower would be the Trump Organization’s first major project in Saudi Arabia. Dar Global said the project will target the “luxury Saudi Arabian market and international investors.”The new project in Saudi Arabia comes just days after the Trump Organization and Dar Global unveiled a $500 million Trump International hotel complex in Oman. The Trump Organization’s new projects in the Middle East could raise concerns about potential conflicts of interest should former President Donald Trump return to the White House. The family business is run by his sons Donald Trump Jr. and Eric Trump.
Persons: Dar, Arkan, Eric Trump, Donald Trump, Dar Global, Dar Al Arkan, Trump, ” Donald K, Sherman, ” Sherman, , Donald Trump Jr Organizations: New, New York CNN, The Trump Organization, Trump, Dar Global, Trump Organization, Dar, Trump International, The Trump, Citizens, Responsibility, Washington, CNN Locations: New York, Saudi Arabia, Jeddah, Saudi, Oman
Much of the S&P 500’s gains were concentrated in the Magnificent Seven big tech names, while other stocks lagged behind. Coming into this year, Wall Street projected that the Fed would ease rates as many as six times in 2024. What could be in store for the stock market during the second half of 2024? “I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” Buffett told the Journal. Previously, Buffett had said his will stated that more than 99% of his estate was earmarked for philanthropic usage to the Bill & Melinda Gates Foundation and the four charities connected to his family: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.
Persons: there’s, Bell, Kevin Gordon, Charles Schwab, you’ve, It’s, we’re, it’s, I’d, That’s, Warren Buffett, Buffett, Berkshire Hathaway, Melinda Gates, ” Buffett, Susan Thompson Buffett, Howard G, Read, Matt Egan, unstuck, , Michael Gapen Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Nvidia, Federal Reserve, Wall, Fed, Berkshire, Wall Street, Melinda Gates Foundation, Gates, Susan Thompson Buffett Foundation, Sherwood Foundation, Buffett Foundation, NoVo Foundation, Gates Foundation, Bank of America, CNN Locations: New York, America
Martha J. Egan has spent decades rummaging around markets and antique stores across Latin America in search of the rare, carefully crafted devotional pendants called relicarios. Her hunt has led her to amass more than 400 of the objects — pronounced reh-lee-CAR-yos; in English, reliquaries — and to write two books about what she has come to view as an overlooked genre within the body of religious art created during the Spanish colonization of the New World. Of course, “there was not much art in the colonial era that was not religious,” said Ms. Egan, 78, who has a bachelor’s degree in Latin American history. Typically, the pieces (sometimes called medallones or miniaturas) were pendants with painted, carved or printed depictions of favorite saints or the Virgin Mary on both sides, set in metal bezels under glass. Made for people in a range of social and economic classes, some relicarios were plain while others were elaborately decorated; their creators were usually anonymous.
Persons: Martha J, Egan, reliquaries, , Virgin Mary Locations: America
Trump Media stock surges 10% after debate
  + stars: | 2024-06-28 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
CNN —Former President Donald Trump’s social media company is getting a boost after President Joe Biden’s shaky debate performance. Shares of Truth Social owner Trump Media & Technology Group (DJT) rose 4% in early trading Friday as investors bet the debate has boosted Trump’s chances of retaking the White House. Trump is the chairman of Trump Media, and he is the leading shareholder. Trump Media doesn’t really trade on the fundamentals of the underlying company, the stock has ebbed and flowed with the news about Donald Trump, including his criminal conviction and Thursday night’s debate performance. Trump Media is valued at more than $6 billion even though the company makes very little revenue and Truth Social is tiny.
Persons: Donald Trump’s, Joe Biden’s, Trump, , Donald Trump, “ DJT, ” Matthew Tuttle, Tuttle, Biden, aren’t Organizations: CNN, Social, Trump Media & Technology, Trump Media, Trump, Tuttle Capital Management
Economists at Bank of America warned this week that the US housing market is “stuck and we are not convinced it will become unstuck” until 2026 — or later. And mortgage rates may not fall much — even if the Federal Reserve finally delivers long-delayed interest rate cuts. There isn’t a magic fix,” Michael Gapen, head of US economics at Bank of America, told CNN in a phone interview. However, Bank of America expects housing starts — which is a measure of newly constructed homes — to remain flat for the coming years. Divide between haves and have-notsThe forecast for a “stuck” housing market cuts both ways.
Persons: unstuck, , Michael Gapen, “ It’s, , , Dave Liniger, ” Liniger, Liniger, “ Don’t Organizations: New, New York CNN, Bank of America, Federal Reserve, CNN, , ” Bank of America, Gallup Locations: New York, America
Even wealthy Americans are struggling to make ends meet
  + stars: | 2024-06-26 | by ( Matt Egan | ) edition.cnn.com   time to read: +3 min
The survey finds a notable increase over the past year of consumers making $100,000 a year or more who are concerned about making ends meet over the next 12 months. That’s up from 21.3% of Americans in that income bracket concerned about making ends meet a year earlier. Among all consumers, about one in three (34.9%) said they are concerned about making ends meet, up from 28.7% a year earlier. Forty-one percent of those between 18 and 35 years old said they are concerned about making ends meet, compared with just 22% of those over 65. For instance, 32.3% of those making $100,000 to $149,999 said they are concerned about making ends meet in the next seven to 12 months, up from 26.5% a year ago.
Organizations: New, New York CNN, Federal Reserve Bank of Philadelphia, Philly Fed, Transportation Security Administration, TSA Locations: New York
Yet 16 Nobel Prize-winning economists are warning that Trump’s proposals wouldn’t just fail to fix inflation — they would make matters worse. “We the undersigned are deeply concerned about the risks of a second Trump administration for the US economy,” the economists wrote in the Tuesday letter, which was first reported by Axios. The letter, organized by famed economist Joseph Stiglitz, argued there are valid reasons to worry the Trump agenda will “reignite” inflation. Republican presidential candidate former President Donald Trump speaks at the Road to Majority conference in Washington, Saturday, June 22, 2024. Jae C. Hong/Pool/APIn the letter, the 16 Nobel economists expressed concern about the rule of law and stability if Trump wins the White House again.
Persons: Donald Trump, Trump, Axios, Joseph Stiglitz, Trump’s, Manuel Balce Ceneta, Joe Biden, , Stiglitz, , Biden, Jae C, “ Donald Trump, Robert Shiller, Paul Romer, George Akerlof, Janet Yellen, Biden’s, Joe, Donald Trump’s, ” Karoline Leavitt, don’t, Harry Enten, Moody’s Organizations: CNN, Peterson Institute, Oxford Economics, Allianz, Republican, AP Trump, Congressional, Federal Reserve, Trump, World Bank, Biden, ABC, Voters Locations: Washington, China, U.S, Mexico, Nogales, Ariz
But the LinkedIn co-founder is dumbfounded by the size of the social media fortune former President Donald Trump is sitting on. Trump’s conservative social media company, Truth Social owner Trump Media & Technology Group, is valued by Wall Street at a whopping $6 billion — even after a recent plunge in its share price. “That is wildly high,” Hoffman, who is now a director at Microsoft and a venture capital investor, told CNN. Trump’s stake is worth nearly $4 billionHoffman is hardly the first to express disbelief at the valuation of Trump Media. Based on Monday’s share price, Trump’s 114.75 million shares in Trump Media are valued at nearly $4 billion.
Persons: New York CNN — Reid Hoffman, Donald Trump, ” Hoffman, , Elon Musk’s, Hoffman, Trump, Meta, , Jay Ritter, Barry Diller Organizations: New, New York CNN, LinkedIn, Truth Social, Trump Media & Technology Group, Wall, Microsoft, CNN, Trump Media, Nasdaq, Reddit, Meta, Facebook, “ Trump Media, ” Trump Media, Trump, SEC, GameStop, AMC, University of Florida, ” Billionaire, MGM Resorts International, CNBC, White Locations: New York
The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial. If you limit that to election years in which the incumbent president is running for reelection, the average jumps to 12.2%. Yes, but: Market volatility in an election year tends to pick up in October and there are many months left in this cycle with potential surprises to come. “An autumn pullback fits well time wise with potential downside earnings revisions, make-or-break decision time for the Fed, and election uncertainty. The first round of the French election will be held on June 30, with a second round on July 7.
Persons: Goldman Sachs —, Ed Clissold, Ned Davis, they’re, It’s, Goldman Sachs ’ Scott Rubner, , , Mark Hackett, Scott Chronert, Goldman Sachs, Joe Biden, Donald Trump, Jim Reid, There’s, Emmanuel Macron, Katie Nixon, Chris Isidore ., they’ve, Samantha Murphy Kelly, ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, Organizations: London CNN — Traders, Investors, White, Ned, Ned Davis Research, Nasdaq, Citigroup, Goldman, Barclays, Deutsche Bank, UBS, Deutsche, Fed, United, Labour Party, Renaissance, Northern Trust Wealth Management, Alaska Airlines, Alaska —, Southwest —, Southwest, Railway Labor, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC Locations: United States, France, , Alaska, China
CNN —Columbia University says it’s placed three administrators on leave pending a university investigation of a weeks-old incident at an alumni reunion event. The university, which reiterated its commitment to combatting antisemitism, did not share any specifics for the leave. Columbia College Dean Josef Sorett said in a statement to the Spectator that he “deeply regret(s)” his role in the texts. “The Dean of Columbia College informed his team yesterday that three administrators have been placed on leave pending a university investigation of the incident that occurred at the College alumni reunion several weeks ago,” a Columbia spokesperson said in a statement to CNN. Josef Sorett, the dean of Columbia College, said in a statement provided to CNN he was cooperating with the investigation.
Persons: it’s, Columbia College Dean Josef Sorett, , , , Minouche Shafik, Shafik, Representative Virginia Foxx, ” “, ” Foxx, Josef Sorett, ” Sorett, CNN’s Matt Egan, Artemis Moshtaghian Organizations: CNN — Columbia University, Washington Free Beacon, Columbia Spectator, Columbia College, Spectator, CNN, College alumni, Columbia, “ Columbia College, Hamilton, Representative, Education, Workforce, University, Columbia College Board, Visitors, New York Times Locations: Columbia, Israel
Trump Media shares are in free fall
  + stars: | 2024-06-21 | by ( Matt Egan | ) edition.cnn.com   time to read: +3 min
New York CNN —Truth Social owner Trump Media & Technology Group has gone ice-cold. The weeks-long selloff accelerated in recent days as Trump Media announced it received approval from regulators for a move that threatens to water down the holdings of shareholders. The problem is that even after the recent selloff, Trump Media is still valued in the billions of dollars, and yet it generates very little revenue. Not only that, but Truth Social remains a tiny player in social media, dwarfed by Elon Musk’s X (formerly Twitter), Reddit and even Instagram’s Threads. “Today marks another milestone for Truth Social,” Trump Media CEO Devin Nunes said in a statement on Tuesday.
Persons: Donald Trump, , Jay Ritter, Elon Musk’s, Matthew Kennedy, that’s, Kennedy, Devin Nunes, Ritter, Trump Organizations: New, New York CNN, Truth, Trump Media & Technology Group, Trump, Trump Media, University of Florida, Renaissance, GameStop, AMC, Securities and Exchange Commission, ” Trump Media Locations: New York
AI is replacing human tasks faster than you think
  + stars: | 2024-06-20 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
That’s in addition to creative tasks for which some businesses are already relying on ChatGPT and other AI chatbots to assist, including crafting job posts, writing press releases and building marketing campaigns. The findings show companies are increasingly turning to AI to cut costs, boost profits and make their workers more productive. Nearly 60% of all companies (and 84% of large companies) surveyed said that over the past year they have already leaned on software, equipment or technology including AI to automate tasks employees previously did. Bosses are turning to AI for a variety of reasons, including to trim what they are spending on human workers. Human jobs will be replaced — but will be replaced by other humans using AI,” he said.
Persons: ” Duke, John Graham, Duke, , Graham, , Reid Hoffman, ” Hoffman, Janet Yellen, Democratic Sen, Gary Peters, ” Graham Organizations: New, New York CNN — Corporate, Duke University, Federal Reserve Bank of Atlanta, , CNN, Survey, Atlanta Fed, LinkedIn, Democratic, Homeland Security, Government Affairs Committee Locations: New York, That’s, ChatGPT
In CEO meeting, Trump promised more tax cuts
  + stars: | 2024-06-14 | by ( Matt Egan | ) edition.cnn.com   time to read: +1 min
During his meeting on Thursday with CEOs in Washington, Trump told the executives he wants to cut the corporate tax rate to 20%, down from 21% currently, the source said. Trump has previously said that one of his core issues for a second term would be extending the 2017 Tax Cuts and Jobs Act, one of his signature achievements in office. Those tax cuts, widely criticized by Democrats, are set to expire at the end of 2025 and extending them could cost $4.6 trillion, according to the Congressional Budget Office. An even deeper cut to the corporate rate could add to the cost. Trump’s comments on tax cuts were previously reported by The New York Times and other outlets.
Persons: Donald Trump, Trump Organizations: New, New York CNN, CNN, Congressional, Trump, Business Roundtable, The New York Times Locations: New York, Washington, United States
Gas prices today are not cheap – but they are miles away from that point. Of course, gas prices were cheaper during the Covid-19 pandemic because demand was severely low. In part because they are so visible, gas prices play a key psychological role in how people feel about the economy. “But there is more work to be done — the President remains committed to lowering prices at the pump for Americans and maintaining a stable and secure energy supply.”Real gas prices are cheaper than in 2018Many people may wish for the $2 gas prices of last decade. “Inventories are likely headed back to normal levels, which will keep gasoline prices lower throughout the summer driving season.
Persons: New York CNN —, , Patrick De Haan, it’s, “ We’ve, De Haan, Joe Biden’s, Mark Zandi, Angelo Fernández Hernández, That’s, , Rob Thummel, ” Thummel Organizations: New, New York CNN, AAA, Labor Statistics, Federal Reserve, White, Moody’s Analytics, , CNN, Covid, US Energy Information Administration, White House Locations: New York, California, Utah, Washington, Idaho, Arizona, Wisconsin, Nevada, United States, OPEC, Ukraine, Israel, Gaza
New York CNN —Americans are fed up with massive CEO pay packages. Just 13% say companies are doing a good or excellent job at avoiding a major pay gap between CEOs and average employees. For the third year in a row, the vast majority – 66% — say companies are doing a “poor” job here. Politically, the majority of Democrats (96%), independents (83%) and Republicans (67%) agree that it’s important to avoid major pay gaps. The findings show how the issue of CEO pay strikes a chord among many Americans, some of whom are struggling to make ends meet in an increasingly expensive world.
Persons: Gallup, , Nell Minow, Elon Musk, Tesla, , Cynthia Clark, Bernie Sanders, Elizabeth Warren, “ It’s, Bill George, Medtronic, Hock Tan, William Lansing, George, Dave Calhoun, Dodd, Frank, Clark, ” Minow, Minow Organizations: New, New York CNN, Bentley University, Gallup, CNN, ValueEdge Advisors, Associated Press, , Democrats, Sens, Broadcom, Harvard Business School, Boeing, Congress Locations: New York,
Goats work as caddies at this Oregon ranch
  + stars: | 2024-06-11 | by ( Jack Bantock | ) edition.cnn.com   time to read: +7 min
A three-month evaluation process sees potential caddies as young as six months old scouted on their friendliness and physical aptitude. David ZaitzProtecting the rich diversity of flora and fauna across the 140,000-acre ranch is at “the heart of everything” at Silvies, Campbell says. “We figured when we built it that we had the lowest carbon footprint of any modern course,” Campbell added. Not all courses situated within flourishing natural settings are so fortunate – one Arizona club’s run-in with a squadron of pig-like creatures last year cost it upwards of $200,000 in damages. The habitats of such animals are preserved by the Oregon Natural Desert Association, a nonprofit supported by tips from golfers to Silvies’ very-own goat caddies.
Persons: it’s, Dr, Scott Campbell, ” Campbell, , , Seamus Golf –, Chunky, Mulligan, Harry, Charlie, Jack –, Bruce LeGoat, Bruce, Mike LeChevon, , Egan, “ It’s, Campbell, David Zaitz, Dan Hixson, Silvies Organizations: CNN, Venture, Desert Association Locations: Eastern Oregon, Oregon, Silvies, St . Andrews, Scotland, Arizona
“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021. The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage. Schauer isn’t alone among Californians grappling with high hidden costs of homeownership. By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate. Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).
Persons: we’re, That’s, Bankrate, Jeff Ostrowski, , Jennifer Schauer, Schauer, wasn’t, , Schauer isn’t, it’s, you’ll, ” Ostrowski Organizations: New, New York CNN, CNN, P Global, Federal Reserve Locations: New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho
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